13F-HR 1 u49129e13fvhr.txt FORM 13F UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F Report for the Calendar Year or Quarter Ended: 06/30/2005 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 07/15/05 ---------------------------------- [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 NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS ~~SOLE~~ SHS -------------- -------- -----~~----~~ -------- -------- ---------- -------- ----------- 3 COM CORP COM USD0.01 COM 885535104 1,~~102~~090 ~~309~~300,~~625~~289 SOLE NONE ~~309~~300,~~625~~289 3M CO. COM STK NPV COM 88579Y101 1210,~~984~~434 ~~151~~144,~~525~~311 SOLE NONE ~~151~~144,~~525~~311 ABBOTT LABORATORIES COM NPV COM 002824100 13,~~136~~462 ~~281~~274,~~764~~685 SOLE NONE ~~281~~274,~~764~~685 ABERCROMBIE & FITC CL A USD0.01 CL A 002896207 1,~~503~~841 26,~~254~~797 SOLE NONE 26,~~254~~797 ACCENTURE LTD BERM CLS'A'COM $0.0000225 CL A G1150G111 ~~697~~1,564 2869,~~862~~003 SOLE NONE 2869,~~862~~003 ACE LTD ORD USD0.0416 ORD G0070K103 ~~656~~2,130 1547,~~894~~500 SOLE NONE 1547,~~894~~500 ADC ~~TELECOMMUNICATIONS~~TELECOMM INC COM ~~USD0~~USD 0.20 COM ~~000886101~~000886309 1930 91,~~740~~390 SOLE NONE 91,~~740~~390 ADOBE SYS INC COM USD0.0001 COM 00724F101 32,~~212~~645 4792,~~816~~455 SOLE NONE 4792,~~816~~455 ADVANCED MICRO DEVICES COM US$0.01 COM 007903107 1,~~646~~422 ~~102~~81,~~109~~994 SOLE NONE ~~102~~81,~~109~~994 AES CORP. COM USD0.01 COM 00130H105 12,~~788~~375 ~~109~~145,~~161~~012 SOLE NONE ~~109~~145,~~161~~012 AETNA INC(NEW) COM USD0.001 COM 00817Y108 4,~~513~~568 6055,~~210~~150 SOLE NONE 6055,~~210~~150 AFFILIATED ~~COMPUTR~~COMPUTER CLASS'A'COM USD0.01 CL A 008190100 5,~~448~~239 102,~~334~~523 SOLE NONE 102,~~334~~523 AFLAC INC COM USD0.10 COM 001055102 34,~~796~~305 ~~101~~99,~~884~~480 SOLE NONE ~~101~~99,~~884~~480 AGERE ~~SYSTEM~~SYSTEMS INC COM USD0.01 ~~CLASS'B'~~COM CL00845V308 B2,800 ~~00845V209 166 117~~233,~~212~~364 SOLE NONE ~~117~~233,~~212~~364 AGILENT TECHS INC - COM USD0.01 COM 00846U101 2,~~623~~190 ~~118~~95,~~134~~125 SOLE NONE ~~118~~95,~~134~~125 AIR PRODS. & CHEMS. COM STK US$1 COM 009158106 2,~~702~~516 4241,~~690~~725 SOLE NONE 4241,~~690~~725 ALBERTO CULVER COM USD0.22 COM 013068101 2624 550 SOLE NONE 550 ALBERTSON'S INC COM US$1 COM 013104104 23,~~473~~169 ~~119~~153,~~776~~245 SOLE NONE ~~119~~153,~~776~~245 ALCOA INC COM USD1 COM 013817101 54,~~026~~206 ~~165~~160,~~394~~956 SOLE NONE ~~165~~160,~~394~~956 ALCON INC COM CHF0.20 COM 001382649 3645 407 SOLE NONE 407 ALLERGAN INC COM USD0.01 COM 018490102 1,~~227~~802 1721,~~669~~135 SOLE NONE 1721,~~669~~135 ALLIED CAPITAL CP COM USD0.0001 COM 01903Q108 ~~443~~494 16,982 SOLE NONE 16,982 ALLSTATE CORP COM STK US$0.1 COM 020002101 1011,~~677~~303 ~~197~~189,~~504~~172 SOLE NONE ~~197~~189,~~504~~172 ALLTEL CORP COM US$1 COM 020039103 2,~~336~~653 42,590 SOLE NONE 42,590 ALTERA COM USD0.001 COM 021441100 1,~~447~~586 7380,~~152~~119 SOLE NONE 7380,~~152~~119 ALTRIA GROUP INC COM USD 0.333333 COM 02209S103 3028,~~094~~895 ~~460~~446,~~221~~870 SOLE NONE ~~460~~446,~~221~~870 AMAZON COM INC USD 0.01 COM 023135106 1,~~959~~847 5755,~~177~~816 SOLE NONE 5755,~~177~~816 AMB PROPERTIES COR COM USD0.01 COM 00163T109 4324 ~~1,144~~561 SOLE NONE ~~1,144~~561 AMBAC FINANCIAL GRP COM USD0.01 COM 023139108 21,~~599~~634 3423,~~764~~420 SOLE NONE 3423,~~764~~420 AMDOCS LTD ORD GBP0.01 ~~COM~~ORD G02602103 ~~777~~750 2728,~~342~~390 SOLE NONE 2728,~~342~~390 AMER EAGLE OUTFITT COM USD0.01 COM 02553E106 740 24,164 SOLE NONE 24,164 AMER TOWER CORP CL'A'COM USD0.01 CL A 029912201 2023 1,078 SOLE NONE 1,078 AMERADA HESS CORP COM STK US$1 COM 023551104 1,~~729~~100 1710,~~970~~332 SOLE NONE 1710,~~970~~332 AMEREN CORP. COM USD0.01 COM 023608102 1,~~637~~767 3331,~~403~~961 SOLE NONE 3331,~~403~~961 AMERICAN ELEC POWER INC COM USD6.50 COM 025537101 2,~~673~~809 7876,~~473~~197 SOLE NONE 7876,~~473~~197 AMERICAN EXPRESS COM US $ 0.60 COM 025816109 12,~~747~~640 ~~248~~237,~~138~~451 SOLE NONE ~~248~~237,~~138~~451 AMERICAN INTL GRP COM STKUS$ 2.50 COM 026874107 3235,~~196~~048 ~~581~~603,~~056~~239 SOLE NONE ~~581~~603,~~056~~239 AMERICAN MEDICAL SYSTEMS COM USD0.01 COM 02744M108 ~~509~~611 29,600 SOLE NONE 29,600 ~~AMERICAN POWER CONVERS COM USD0.01 COM 029066107 786 30,059 SOLE NONE 30,059~~

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS ~~SOLE~~ SHS -------------- -------- -----~~----~~ -------- -------- ---------- -------- ----------- AMERICAN POWER CONVERS COM USD0.01 COM 029066107 709 30,059 SOLE NONE 30,059 AMERICAN STANDARD COS COM USD0.01 COM 029712106 1,~~730~~604 3738,~~213~~271 SOLE NONE 3738,~~213~~271 AMERISOURCEBERGEN COM CLASS'A'USD0.01 CL A 03073E105 1,~~179~~642 2023,~~577~~748 SOLE NONE 2023,~~577~~748 AMERITRADE HLDG CO COM USD0.01 COM 03074K100 ~~586~~1,068 57,363 SOLE NONE 57,363 AMGEN INC COM USD0.0001 COM 031162100 1820,~~737~~011 ~~321~~330,~~881~~980 SOLE NONE ~~321~~330,~~881~~980 AMPHENOL CORP CL'A'COM USD0.001 CL A 032095101 370 9,211 SOLE NONE 9,211 AMSOUTH BANCORP COM USD1 COM 032165102 1,~~268~~219 4846,~~878~~897 SOLE NONE 4846,~~878~~897 ANADARKO PETROLEUM COM US$0.10 COM 032511107 6,~~040~~490 79,~~372~~002 SOLE NONE 79,~~372~~002 ANALOG DEVICES COM USD0.16 2/3 COM 032654105 2,~~595~~614 7170,~~815~~063 SOLE NONE 7170,~~815~~063 ANHEUSER-BUSCH COS COM STK US$ 1 COM 035229103 76,~~157~~785 ~~151~~148,~~029~~301 SOLE NONE ~~151~~148,~~029~~301 AON CORP COM US$1.00 COM 037389103 1,~~526~~649 6665,~~821~~870 SOLE NONE 6665,~~821~~870 APACHE CORP COM USD1.25 COM 037411105 6,~~845~~397 ~~111~~99,~~798~~021 SOLE NONE ~~111~~99,~~798~~021 APARTMENT INV&MGMT COM USD0.01 CL'A' CL A 03748R101 ~~863~~776 2318,~~210~~964 SOLE NONE 2318,~~210~~964 APOLLO GROUP INC CLASS'A'COM NPV CL A 037604105 12,~~943~~044 26,~~229~~129 SOLE NONE 26,~~229~~129 APPLE COMPUTER CO COM NPV COM 037833100 6,~~181~~057 ~~148~~164,~~322~~558 SOLE NONE ~~148~~164,~~322~~558 APPLERA CORP COM APP BIOSYSTEMS GRP USD1 COM 038020103 ~~855~~852 43,317 SOLE NONE 43,317 APPLIED ~~MATERILS~~MATERIALS COM USD0.01 COM 038222105 5,~~359~~215 ~~329~~322,~~775~~327 SOLE NONE ~~329~~322,~~775~~327 ARCHER-DANIELS-MIDLAND COM NPV COM 039483102 34,~~690~~225 ~~150~~197,~~142~~617 SOLE NONE ~~150~~197,~~142~~617 ARCHSTONE SMITH TR SBI USD1 SBI 039583109 1,~~042~~180 30,543 SOLE NONE 30,543 ARROW ELECTRONICS COM USD1 COM 042735100 ~~359~~385 14,167 SOLE NONE 14,167 ASHLAND INC COM ~~USD1~~USD 1.00 COM ~~044204105~~044209104 ~~750~~686 11,112 SOLE NONE 11,112 ASIA TIGERS FUND COM USD 0.001 COM 04516T105 ~~819~~853 7170,~~690~~892 SOLE NONE 7170,~~690~~892 ASSOCIATED BANC-CORP COM US$0.10 COM 045487105 ~~394~~434 12,~~624~~932 SOLE NONE 12,~~624~~932 ASSURANT INC COM USD0.01 COM 04621X108 ~~467~~500 13,864 SOLE NONE 13,864 ASTORIA FINANCIAL COM USD0.01 COM 046265104 ~~447~~3,042 17106,~~682~~838 SOLE NONE 17106,~~682~~838 AT&T CORP COM USD1 COM 001957505 67,~~263~~306 ~~334~~383,~~019~~733 SOLE NONE ~~334~~383,~~019~~733 AUTODESK INC COM USD0.01 COM 052769106 1,~~047~~226 35,~~165~~696 SOLE NONE 35,~~165~~696 AUTOLIV INC COM USD0.01 COM 052800109 3,023 69,024 SOLE NONE 69,024 AUTOMATIC DATA PROCESSING COM US$0.1 COM 053015103 54,~~215~~740 ~~116~~112,~~010~~939 SOLE NONE ~~116~~112,~~010~~939 AUTONATION INC COM USD 0.01 COM 05329W102 ~~534~~648 2831,~~185~~594 SOLE NONE 2831,~~185~~594 AUTOZONE INC COM USD0.01 COM 053332102 1,~~137~~226 13,262 SOLE NONE 13,262 AVALONBAY COMMUNI COM USD0.01 COM 053484101 1,~~440~~739 21,527 SOLE NONE 21,527 AVAYA INC COM STK USD 0.01 COM 053499109 ~~282~~555 2466,~~127~~667 SOLE NONE 2466,~~127~~667 AVERY DENNISON CP COM USD1 COM 053611109 1,~~570~~313 2524,~~349~~783 SOLE NONE 2524,~~349~~783 AVNET INC COM US$1.00 COM 053807103 4454 2,406 SOLE NONE 2,406 AVON PRODUCTS INC COM USD0.25 COM 054303102 74,~~125~~558 ~~165~~120,~~931~~416 SOLE NONE ~~165~~120,~~931~~416 BAKER HUGHES INC COM USD1 COM 057224107 23,~~970~~323 6664,~~765~~956 SOLE NONE 6664,~~765~~956 BALL CORP COM NPV COM 058498106 ~~672~~583 16,201 SOLE NONE 16,201 BANK AMERICA CORP COM USD0.01 COM 060505104 42,394 961,310 SOLE NONE 961,310 BANK OF NEW YORK COM US$7.50 COM 064057102 4,156 143,071 SOLE NONE 143,071 BARD C R INC COM US$0.25 COM 067383109 2,238 32,871 SOLE NONE 32,871

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS ~~SOLE~~ SHS -------------- -------- -----~~----~~ -------- -------- ---------- -------- ----------- BANK AMERICA CORP COM USD0.01 COM 060505104 41,888 918,401 SOLE NONE 918,401 BANK OF NEW YORK COM US$7.50 COM 064057102 4,015 139,505 SOLE NONE 139,505 BARD C R INC COM US$0.25 COM 067383109 1,741 26,182 SOLE NONE 26,182 BARR PHARMACEUTICALS COM USD0.01 COM 068306109 ~~657~~656 13,454 SOLE NONE 13,454 BAUSCH & LOMB INC COM USD0.40 COM 071707103 ~~709~~803 9,671 SOLE NONE 9,671 BAXTER INTL INC COM STK US$1 COM 071813109 34,~~968~~226 ~~116~~113,~~761~~903 SOLE NONE ~~116~~113,~~761~~903 BB&T CORP COM USD5 COM 054937107 3,~~641~~356 9383,~~156~~964 SOLE NONE 9383,~~156~~964 BEA SYSTEMS INC COM USD0.001 COM 073325102 ~~534~~567 6764,~~033~~622 SOLE NONE 6764,~~033~~622 BEAR STEARNS COS.COM USD1 COM 073902108 1,~~430~~487 14,310 SOLE NONE 14,310 BECKMAN COULTER COM USD0.10 COM 075811109 ~~564~~540 8,493 SOLE NONE 8,493 BECTON DICKINSON COM USD1 COM 075887109 32,~~001~~623 5149,~~362~~987 SOLE NONE 5149,~~362~~987 BED BATH & BEYOND COM USD0.01 COM 075896100 2,~~003~~233 5453,~~829~~446 SOLE NONE 5453,~~829~~446 BELLSOUTH CORP COM STK US$ 1 COM 079860102 9,~~321~~857 ~~354~~370,~~563~~973 SOLE NONE ~~354~~370,~~563~~973 BERKLEY (WR) CORP COM USD0.20 COM 084423102 1,~~427~~540 2843,~~770~~154 SOLE NONE 2843,~~770~~154 BERKSHIRE HATHAWAY INC-CL A USD5 CL A 084670108 1110,~~223~~688 ~~129~~128 SOLE NONE ~~129~~128 BEST BUY CO INC COM USD0.10 COM 086516101 45,~~782~~279 8877,~~533~~010 SOLE NONE 8877,~~533~~010 BIOGEN IDEC INC COM USD0.0005 COM 09062X103 2,~~394~~862 6983,~~360~~079 SOLE NONE 6983,~~360~~079 BIOMET INC COM NPV COM 090613100 1,~~767~~647 4847,~~689~~573 SOLE NONE 4847,~~689~~573 BJ SERVICES COM USD0.01 COM 055482103 1,~~443~~390 2726,~~809~~486 SOLE NONE 2726,~~809~~486 BLACK & DECKER CP COM USD0.50 COM 091797100 1,~~147~~249 1413,~~527~~896 SOLE NONE 1413,~~527~~896 BLOCK (H&R) COM NPV COM 093671105 56,~~009~~686 99114,~~038~~581 SOLE NONE 99114,~~038~~581 BMC SOFTWARE INC COM US$0.01 COM 055921100 1,~~191~~182 7965,~~373~~838 SOLE NONE 7965,~~373~~838 BOEING CO COM STK US$ 5.00 COM 097023105 9,~~043~~763 ~~154~~147,~~687~~918 SOLE NONE ~~154~~147,~~687~~918 BOSTON PROPERTIES COM USD 0.019 (REIT) COM 101121101 1,~~441~~980 2328,~~926~~290 SOLE NONE 2328,~~926~~290 BOSTON SCIENTIFIC COM USD0.01 COM 101137107 3,~~475~~159 ~~118~~117,~~650~~003 SOLE NONE ~~118~~117,~~650~~003 BOWATER COM USD1 COM 102183100 ~~294~~252 7,797 SOLE NONE 7,797 BRINKER INTL INC COM USD0.10 COM 109641100 ~~782~~865 21,602 SOLE NONE 21,602 BRISTOL MYERS SQUIBB COM STK COM 110122108 98,~~434~~526 ~~370~~341,~~528~~319 SOLE NONE ~~370~~341,~~528~~319 BROADCOM CORP CL A COM USD0.0001 CL A 111320107 12,~~927~~000 6456,~~416~~298 SOLE NONE 6456,~~416~~298 BROWN & BROWN INC COM USD0.10 COM 115236101 ~~662~~645 14,357 SOLE NONE 14,357 BROWN FORMAN DISTILLERS A COM USD0.15 CL A 115637100 2327 416 SOLE NONE 416 BROWN-FORMAN 'B' US$0.15 CL B 115637209 ~~536~~487 98,~~796~~060 SOLE NONE 98,~~796~~060 BRUNSWICK CORP COM USD0.75 COM 117043109 ~~936~~965 1922,~~973~~278 SOLE NONE 1922,~~973~~278 BUNGE LTD COM USD 0.01 COM G16962105 ~~773~~909 14,338 SOLE NONE 14,338 BURLINGTON NTH SANTA FE COM STK USD0.01 COM 12189T104 54,~~824~~108 ~~107~~87,~~996~~263 SOLE NONE ~~107~~87,~~996~~263 BURLINGTON RESOURCES COM STK USD0.01 COM 122014103 65,~~186~~905 ~~123~~106,~~557~~903 SOLE NONE ~~123~~106,~~557~~903 CABLEVISION NY GROUP CLASS A COM USD0.01 CL A 12686C109 12,~~490~~256 5370,~~123~~074 SOLE NONE 5370,~~123~~074 CABOT CORP COM USD1 COM 127055101 ~~673 20,141 SOLE NONE 20,141 CADENCE DESIGN SYSTEMS COM USD0.01 COM 127387108 833 55,744 SOLE NONE 55,744 CAESARS ENTERTAINMENT INC COM USD0.01 COM 127687101~~ 1,~~173~~635 5949,~~275~~546 SOLE NONE 5949,~~275 CAMPBELL SOUP CO CAP STK USD0.0375 CAP 134429109 1,769 60,944 SOLE NONE 60,944~~546

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS ~~SOLE~~ SHS -------------- -------- -----~~----~~ -------- -------- ---------- -------- ----------- CADENCE DESIGN SYSTEMS COM USD0.01 COM 127387108 837 61,240 SOLE NONE 61,240 CAMPBELL SOUP CO CAP STK USD0.0375 CAP 134429109 1,900 61,739 SOLE NONE 61,739 CAPITAL ONE FINANCIAL COM USD0.01 COM 14040H105 2,~~327~~536 31,~~119~~693 SOLE NONE 31,~~119~~693 CARDINAL HEALTH COM NPV COM 14149Y108 6,~~967~~004 ~~124~~104,~~858~~279 SOLE NONE ~~124~~104,~~858~~279 CAREER EDUCATION C COM USD0.01 COM 141665109 ~~697~~714 2019,~~344~~504 SOLE NONE 2019,~~344~~504 CAREMARK RX INC COM USD0.001 COM 141705103 3,~~482~~749 8784,~~529~~200 SOLE NONE 8784,~~529~~200 CARMAX INC COM USD0.50 COM 143130102 5828 1,~~844~~047 SOLE NONE 1,~~844~~047 CARNIVAL CORP COM USD0.01~~(PAIRED~~ ~~STK)~~ COM 143658300 810,~~791~~184 ~~169~~186,~~672~~678 SOLE NONE ~~169~~186,~~672~~678 CATELLUS DEVELOPMT COM USD0.01 COM 149113102 2329 869 SOLE NONE 869 CATERPILLAR INC COM USD1 COM 149123101 69,~~306~~072 6895,~~965~~189 SOLE NONE 6895,~~965~~189 ~~CAVCO INDUSTRIES COM USD0.10 COM 149568107 1 60 SOLE NONE 60~~ CDW CORP COM USD0.01 COM 12512N105 ~~608~~620 10,~~731~~892 SOLE NONE 10,~~731~~892 CELGENE CORP COM USD0.01 COM 151020104 41629 115,~~196~~450 SOLE NONE 115,~~196~~450 CEMEX SA SPON ADR EACH REP 5 CPO ADR 151290889 2125,~~220~~775 ~~585~~608,~~127~~021 SOLE NONE ~~585~~608,~~127~~021 CENDANT CORP COM USD0.01 COM 151313103 34,~~952~~205 ~~192~~187,~~426~~988 SOLE NONE ~~192~~187,~~426~~988 CENTERPOINT ENERGY INC COM NPV COM 15189T107 51,~~716~~940 ~~475~~146,~~178~~888 SOLE NONE ~~475~~146,~~178~~888 CENTEX CORP COM US$0.25 COM 152312104 1,~~300~~551 2221,~~700~~954 SOLE NONE 2221,~~700~~954 CENTURYTEL INC COM US$1 COM 156700106 13,~~360~~001 4186,~~408~~660 SOLE NONE 4186,~~408~~660 CEPHALON INC COM USD0.01 COM 156708109 2,~~168~~767 4669,~~300~~514 SOLE NONE 4669,~~300~~514 CERIDIAN CORP COM USD0.5 COM 156779100 ~~729~~796 4240,~~750~~880 SOLE NONE 4240,~~750~~880 CERTEGY INC COM USD 0.01 COM 156880106 ~~419~~475 12,~~105~~426 SOLE NONE 12,~~105~~426 CH ROBINSON WORLDWIDE INC COM USD0.10 COM 12541W100 ~~586~~662 11,367 SOLE NONE 11,367 CHECK POINT SOFTWARE ORD ILS0.01 ORD 001082411 ~~534~~487 24,555 SOLE NONE 24,555 CHESAPEAKE ENERGY COM USD0.01 COM 165167107 42 1,~~930~~279 56,108 SOLE NONE 156,~~930~~108 CHEVRON ~~TEXACO~~ CORP COM US$ 10.575 COM 166764100 2826,~~115~~256 ~~482~~469,~~167~~530 SOLE NONE ~~482~~469,~~167~~530 CHICAGO MERCANTIL COM USD0.01 CLASS'A' CL A 167760107 65 221 SOLE NONE 221 CHICO'S FAS INC COM USD0.01 COM 168615102 ~~131~~892 426,~~636~~021 SOLE NONE 426,~~636~~021 CHIRON CORP COM US$0.01 COM 170040109 ~~833~~793 2322,~~772~~730 SOLE NONE 2322,~~772~~730 CHOICEPOINT INC COM USD0.10 COM 170388102 ~~859~~857 21,409 SOLE NONE 21,409 CHUBB CORP COM USD1 COM 171232101 2,~~704~~846 3433,~~113~~241 SOLE NONE 3433,~~113~~241 CIENA CORP COM USD0.01 COM 171779101 ~~381~~206 ~~221~~98,~~254~~594 SOLE NONE ~~221~~98,~~254~~594 CIGNA CORP COM USD0.25 COM 125509109 2,~~333~~721 2625,~~120~~425 SOLE NONE 2625,~~120~~425 CINCINNATI FIN CP COM $2 COM 172062101 1,~~788~~703 4143,~~007~~054 SOLE NONE 4143,~~007~~054 CINERGY CORP COM STK US$0.01 COM 172474108 1,~~258~~391 31,038 SOLE NONE 31,038 CINTAS CORP COM NPV COM 172908105 ~~925~~833 2221,~~400~~591 SOLE NONE 2221,~~400~~591 CISCO SYSTEMS COM USD0.001 COM 17275R102 27,~~003~~435 1,~~509~~437,~~412~~913 SOLE NONE 1,~~509~~437,~~412~~913 CIT GROUP INC COM USD0.01 COM 125581108 12,~~834~~006 4846,~~272~~682 SOLE NONE 4846,~~272~~682 CITIGROUP INC COM USD0.01 COM 172967101 55,~~862~~814 1,~~243~~207,~~041~~309 SOLE NONE 1,~~243~~207,~~041~~309 CITIZENS UTILITIES CL B USD0.25 CL B 17453B101 ~~495~~514 38,277 SOLE NONE 38,277 ~~CITRIX SYSTEMS INC COM USD0.001 COM 177376100 427 17,919 SOLE NONE 17,919 CLEAR CHANNEL COMM COM USD0.10 COM 184502102 3,848 111,634 SOLE NONE 111,634~~

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS ~~SOLE~~ SHS -------------- -------- -----~~----~~ -------- -------- ---------- -------- ----------- CITRIX SYSTEMS INC COM USD0.001 COM 177376100 400 18,459 SOLE NONE 18,459 CLEAR CHANNEL COMM COM USD0.10 COM 184502102 3,364 108,772 SOLE NONE 108,772 CLOROX CO COM USD1 COM 189054109 23,~~171~~709 3466,~~462~~562 SOLE NONE 3466,~~462~~562 COACH INC COM USD0.01 COM 189754104 12,~~896~~167 3364,~~489~~566 SOLE NONE 3364,~~489~~566 COCA COLA COM USD0.25 COM 191216100 2219,~~038~~972 ~~528~~478,~~875~~364 SOLE NONE ~~528~~478,~~875~~364 COCA-COLA ENTERPRISES INC COM USD1 COM 191219104 ~~907~~973 44,204 SOLE NONE 44,204 COGNIZANT TECH COM CL'A' USD0.01 CL A 192446102 33960 ~~716~~20,363 SOLE NONE ~~716~~20,363 COLGATE-PALMOLIVE COM STK US$1 COM 194162103 3,~~897~~728 74,703 SOLE NONE 74,703 COLONIAL BANCGROUP COM USD2.50 COM 195493309 ~~265~~285 12,910 SOLE NONE 12,910 COMCAST CORP 'A'SPL COM USD0.01 CL A SPL 20030N200 6,~~427~~353 ~~192~~212,~~199~~106 SOLE NONE ~~192~~212,~~199~~106 COMCAST CORP COM CLS'A' USD0.01 CL A 20030N101 97,~~228~~811 ~~273~~254,~~175~~688 SOLE NONE ~~273~~254,~~175~~688 COMERICA INC COM USD5 COM 200340107 1,~~879~~917 3433,~~111~~171 SOLE NONE 3433,~~111~~171 COMMERCE BANCP INC COM USD1 COM 200519106 ~~980~~915 30,172 SOLE NONE 30,172 COMMERCE BANCSHS COM USD5 COM 200525103 ~~526~~550 10,911 SOLE NONE 10,911 COMPASS BANCSHARES COM US$2 COM 20449H109 1,~~359~~347 29,925 SOLE NONE 29,925 COMPUTER ASSOCIATES INT COM USD0.10 COM 204912109 2,~~117~~054 7874,~~120~~758 SOLE NONE 7874,~~120~~758 COMPUTER SCIENCES COM US$1.00 COM 205363104 1,~~641~~583 3536,~~796~~232 SOLE NONE 3536,~~796~~232 COMVERSE TECH INC COM USD0.10 COM 205862402 ~~806~~830 3135,~~972~~137 SOLE NONE 3135,~~972~~137 CONAGRA FOODS INC COM USD5 COM 205887102 2,~~792~~334 ~~103~~100,~~316~~765 SOLE NONE ~~103~~100,~~316~~765 CONOCOPHILLIPS COM USD0.01 COM 20825C104 14,~~228~~947 ~~131~~259,~~933~~990 SOLE NONE ~~131~~259,~~933~~990 CONSOL ENERGY INC COM USD0.01 COM 20854P109 46 857 SOLE NONE 857 CONSOLIDATED EDISON INC COM USD0.10 COM 209115104 1,~~677~~774 3937,~~765~~870 SOLE NONE 3937,~~765~~870 CONSTELLATION BRD CLASS'A'COM USD0.01 CL A 21036P108 511 17,326 SOLE NONE 17,326 CONSTELLATION ENERGY COM NPV COM 210371100 1,~~419~~488 2725,~~439~~794 SOLE NONE 2725,~~439~~794 CONVERGYS CORP COM NPV COM 212485106 ~~1,388~~359 9225,~~957~~261 SOLE NONE 9225,~~957~~261 COOPER CAMERON CP COM USD0.01 COM 216640102 ~~600~~651 10,484 SOLE NONE 10,484 COOPER INDS COM USD5 CL 'A'(BERMUDA REG) CL A G24182100 1,~~648~~473 23,044 SOLE NONE 23,044 CORNING INC COM USD0.50 COM 219350105 34,~~045~~248 ~~273~~255,~~600~~609 SOLE NONE ~~273~~255,~~600~~609 COSTCO WHSL CORP COM STK USD0.01 COM 22160K105 43,~~049~~981 9188,~~643~~992 SOLE NONE 9188,~~643~~992 COUNTRYWIDE FINANCIAL COM USD0.05 COM 222372104 5,~~000~~786 ~~154~~149,~~022~~848 SOLE NONE ~~154~~149,~~022~~848 COVENTRY HEALTHCARE COM STK USD 0.01 COM 222862104 ~~216~~1,075 315,~~166~~198 SOLE NONE 315,~~166~~198 CRESCENT REAL ESTATES COM USD0.01(REIT) COM 225756105 ~~420~~482 25,684 SOLE NONE 25,684 ~~CSX~~CROWN ~~CORP~~CASTLE ~~COM~~INTER ~~USD1~~- COM ~~126408103 2,992 71,829 SOLE NONE 71,829 CUMMINS INC COM USD2.50 COM 231021106 550 7,818 SOLE NONE 7,818 CVS CORP COM~~ USD0.01 COM ~~126650100~~228227104 ~~3,914~~316 7415,~~377~~573 SOLE NONE 7415,~~377~~573 ~~DANAHER~~CSX CORP COM ~~USD0.01~~USD1 COM ~~235851102~~126408103 4,~~272~~880 79114,~~993~~387 SOLE NONE 79114,~~993~~387 ~~DARDEN~~CUMMINS ~~RESTAURANTS~~INC COM ~~NPV~~USD2.50 COM ~~237194105~~231021106 31,~~372~~338 ~~109~~17,~~914~~939 SOLE NONE ~~109~~17,~~914~~939 ~~DEAN~~CVS ~~FOODS~~CORP CO COM USD0.01 COM ~~242370104~~126650100 35,~~159~~663 92194,~~102~~816 SOLE NONE 92194,~~102~~816 ~~DEERE~~DANAHER &CORP CO COM ~~USD1 COM 244199105 3,453 51,440 SOLE NONE 51,440 DEL MONTE FOODS CO COM USD 0~~USD0.01 COM ~~24522P103~~235851102 26,~~268~~542 ~~209~~124,~~010~~994 SOLE NONE ~~209~~124,~~010~~994 ~~DELL~~DARDEN ~~INC~~RESTAURANTS COM ~~USD0.01~~NPV COM ~~24702R101~~237194105 223,~~396~~154 ~~582~~95,~~915~~620 SOLE NONE ~~582~~95,~~915 DELPHI CORPORATION COM USD0.01 COM 247126105 680 151,842 SOLE NONE 151,842~~620

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS ~~SOLE~~ SHS -------------- -------- -----~~----~~ -------- -------- ---------- -------- ----------- DEAN FOODS CO COM USD0.01 COM 242370104 1,130 32,060 SOLE NONE 32,060 DEERE & CO COM USD1 COM 244199105 3,145 48,028 SOLE NONE 48,028 DEL MONTE FOODS CO COM USD 0.01 COM 24522P103 830 77,086 SOLE NONE 77,086 DELL INC COM USD0.01 COM 24702R101 26,204 664,053 SOLE NONE 664,053 DELPHI CORPORATION COM USD0.01 COM 247126105 678 145,792 SOLE NONE 145,792 DELUXE CORP COM USD1 COM 248019101 ~~777~~104 192,~~481~~551 SOLE NONE 192,~~481~~551 DENTSPLY INTL INC COM U$1 COM 249030107 ~~613~~609 11,271 SOLE NONE 11,271 DEVELOPERS DIVERSI COM NPV COM 251591103 ~~231~~267 5,811 SOLE NONE 5,811 DEVON ENERGY(NEW) COM USD0.10 COM 25179M103 4,~~794~~661 ~~100~~91,~~394~~968 SOLE NONE ~~100~~91,~~394~~968 DIAMOND OFFSHORE DRILLING COM USD0.01 COM 25271C102 ~~436~~467 8,746 SOLE NONE 8,746 DIEBOLD INC COM US$1.25 COM 253651103 ~~641~~527 11,679 SOLE NONE 11,679 DNP SELECT INC FD COM USD0.001 COM 23325P104 ~~106~~556 948,~~896~~104 SOLE NONE 948,~~896~~104 DOLLAR GENERAL CP COM USD0.50 COM 256669102 ~~1,013~~867 4642,~~254~~605 SOLE NONE 4642,~~254~~605 DOLLAR TREE STORES COM USD0.01 COM 256747106 ~~461~~385 16,049 SOLE NONE 16,049 DOMINION RESOURCES (VIR) COM NPV COM 25746U109 3,~~991~~813 5351,~~621~~949 SOLE NONE 5351,~~621~~949 DONNELLEY R.R. & S COM USD1.25 COM 257867101 1,~~034~~219 3235,~~698~~321 SOLE NONE 3235,~~698~~321 DORAL FINANCIAL CP COM USD1 COM 25811P100 1,~~953~~476 89,239 SOLE NONE 89,239 DOVER CORP COM STK US$ 1 COM 260003108 1,~~601~~509 4241,~~362~~469 SOLE NONE 4241,~~362~~469 DOW CHEMICAL CO COM USD2.50 COM 260543103 8,~~944~~438 ~~179~~189,~~417~~486 SOLE NONE ~~179~~189,~~417~~486 DOW JONES & CO INC COM USD1 COM 260561105 ~~759~~616 2017,~~310~~376 SOLE NONE 2017,~~310~~376 DR HORTON INC COM USD0.01 COM 23331A109 12,~~822~~986 6279,~~320~~406 SOLE NONE 6279,~~320~~406 DST SYST INC DEL COM USD0.01 COM 233326107 ~~717~~739 15,~~528~~791 SOLE NONE 15,~~528~~791 DTE ENERGY CO COM NPV COM 233331107 1,~~422~~390 3129,~~266~~721 SOLE NONE 3129,~~266~~721 DU PONT DE NEMOURS COM USD0.30 COM 263534109 97,~~781~~707 ~~190~~179,~~891~~192 SOLE NONE ~~190~~179,~~891~~192 DUKE ENERGY CORP COM USD NPV COM 264399106 45,~~933~~085 ~~176~~171,~~124~~038 SOLE NONE ~~176~~171,~~124~~038 DUKE WEEKS REALTY COM USD0.01 COM 264411505 1,~~003~~081 3334,~~586~~150 SOLE NONE 3334,~~586~~150 DUN & BRADSTREET C COM USD 0.01 COM 26483E100 1,~~603~~608 26,085 SOLE NONE 26,085 E M C CORP MASS COM USD0.01 COM 268648102 56,~~569~~001 ~~452~~437,~~023~~701 SOLE NONE ~~452~~437,~~023~~701 E-TRADE FINL CORP COM USD0.01 COM 269246104 219 15,689 SOLE NONE 15,689 EAGLE MATERIALS COM USD0.01 COM 26969P108 31 4012 SOLE NONE 4012 EAGLE MATERIALS INC COM USD0.01 CL'B' CL B 26969P207 84 9641 SOLE NONE 9641 EASTMAN CHEMICAL COM STK USD0.01 COM 277432100 13,~~452~~232 2458,~~609~~605 SOLE NONE 2458,~~609~~605 EASTMAN KODAK CO COM USD2.50 COM 277461109 1,~~692~~367 5150,~~970~~917 SOLE NONE 5150,~~970~~917 EATON CORP COM USD0.50 COM 278058102 1,~~917~~688 2928,~~308~~173 SOLE NONE 2928,~~308~~173 EBAY INC COM USD0.001 COM 278642103 86,~~775~~920 ~~235~~209,~~520~~622 SOLE NONE ~~235~~209,~~520~~622 ECHOSTAR COMMUNICATIONS CORP A USD0.01 CL A 278762109 45,~~874~~122 ~~166~~169,~~630~~816 SOLE NONE ~~166~~169,~~630~~816 ECOLAB INC COM USD1 COM 278865100 32,~~647~~046 ~~110~~63,~~356~~218 SOLE NONE ~~110~~63,~~356~~218 EDISON INTL COM NPV COM 281020107 2,~~064~~324 5957,~~449~~319 SOLE NONE 5957,449 EDWARDS (A.G.) INC COM USD1 COM 281760108 598 13,359 SOLE NONE 13,359 EL PASO CORP COM USD3 COM 28336L109 4,581 432,974 SOLE NONE 432,974 ELECTRONIC ARTS COM NPV COM 285512109 2,885 55,713 SOLE NONE 55,713 ELECTRONIC DATA SYS COM USD0.01 COM 285661104 1,914 92,607 SOLE NONE 92,607 EMERSON ELECTRIC COM STK US $1 COM 291011104 5,352 82,421 SOLE NONE 82,421 ENERGIZER HLDGS IN COM USD0.01 COM 29266R108 1,747 29,212 SOLE NONE 29,212319

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS ~~SOLE~~ SHS -------------- -------- -----~~----~~ -------- -------- ---------- -------- ----------- EDWARDS (A.G.) INC COM USD1 COM 281760108 603 13,359 SOLE NONE 13,359 EL PASO CORP COM USD3 COM 28336L109 4,954 430,071 SOLE NONE 430,071 ELECTRONIC ARTS COM NPV COM 285512109 3,103 54,820 SOLE NONE 54,820 ELECTRONIC DATA SYS COM USD0.01 COM 285661104 1,644 85,409 SOLE NONE 85,409 EMERSON ELECTRIC COM STK US $1 COM 291011104 4,830 77,127 SOLE NONE 77,127 ENERGIZER HLDGS IN COM USD0.01 COM 29266R108 803 12,909 SOLE NONE 12,909 ENERGY EAST CORP COM USD0.01 COM 29266M109 1,~~059~~238 4042,~~405~~711 SOLE NONE 4042,~~405~~711 ENGLEHARD CORP COM USD1 COM 292845104 ~~554~~527 18,458 SOLE NONE 18,458 ENSCO INT'L INC COM USD0.10 COM 26874Q100 1,~~412~~341 37,498 SOLE NONE 37,498 ENTERGY CORP COM USD0.01 COM 29364G103 3,~~163~~288 4443,~~759~~523 SOLE NONE 4443,~~759~~523 ENTERPRISE PRODS P COM UNITS REP LIM PA COM 293792107 ~~140~~185 56,~~455~~895 SOLE NONE 56,~~455~~895 EOG RESOURCES INC COM USD0.01 COM 26875P101 2,~~462~~796 5049,~~519~~232 SOLE NONE 5049,~~519~~232 EQUIFAX INC COM USD1.25 COM 294429105 1,~~014~~179 33,026 SOLE NONE 33,026 EQUITABLE RESOURCES INC COM NPV COM 294549100 ~~499~~591 8,696 SOLE NONE 8,696 EQUITY OFFICE PROPS COM USD 0.01(REIT) COM 294741103 2,~~127~~623 7079,~~601~~242 SOLE NONE 7079,~~601~~242 EQUITY RESIDENTIAL SBI USD0.01 SBI 29476L107 12,~~490~~045 4655,~~267~~537 SOLE NONE 4655,~~267~~537 ERIE INDEMNITY CO CLASS'A' COM STK NPV CL A 29530P102 4749 902 SOLE NONE 902 ESTEE LAUDER CL A COM USD0.01 CL A 518439104 ~~1,063~~861 2321,~~631~~997 SOLE NONE 2321,~~631~~997 EVEREST RE GROUP COM USD0.01 COM G3223R108 85420 ~~995~~4,520 SOLE NONE ~~995~~4,520 EXELON CORP COM NPV COM 30161N101 57,~~756~~597 ~~125~~147,~~439~~996 SOLE NONE ~~125~~147,~~439~~996 EXPEDITERS INTL WASH COM. US$ 0.01 COM 302130109 1,~~145~~065 21,377 SOLE NONE 21,377 EXPRESS SCRIPTS IN COM USD0.01 COM 302182100 1,~~101~~262 1225,~~622~~244 SOLE NONE 1225,~~622~~244 EXXON MOBIL CORP COM NPV COM 30231G102 8579,~~034~~873 1,~~426~~389,~~746~~827 SOLE NONE 1,~~426~~389,~~746~~827 FAIR ISAAC CORP COM USD0.01 COM 303250104 ~~368~~390 10,693 SOLE NONE 10,693 FAMILY DOLLAR STRS COM USD0.10 COM 307000109 ~~1,132~~997 3738,~~274~~192 SOLE NONE 3738,~~274~~192 FANNIE MAE USD COM NPV COM 313586109 15,~~158~~827 ~~278~~271,~~391~~008 SOLE NONE ~~278~~271,~~391~~008 FASTENAL COM USD0.01 COM 311900104 ~~566~~760 1012,~~243~~400 SOLE NONE 1012,~~243~~400 FED HOME LOAN MTG COM USD0.21 COM 313400301 1312,~~811~~944 ~~218~~198,~~529~~434 SOLE NONE ~~218~~198,~~529~~434 FEDERATED DEPT STORES COM USD0.01 COM 31410H101 5,~~126~~280 8072,~~547~~057 SOLE NONE 8072,~~547~~057 FEDERATED INVESTOR CL'B' NPV CL B 314211103 5458 1,917 SOLE NONE 1,917 FEDEX CORP COM USD0.10 COM 31428X106 54,~~326~~479 5655,~~694~~293 SOLE NONE 5655,~~694~~293 FIDELITY ADV EMERG ASIA COM NPV COM 315920413 2,~~061~~144 122,043 SOLE NONE 122,043 FIDELITY NATL FINL COM USD0.0001 COM 316326107 ~~727~~975 2227,~~057~~329 SOLE NONE 2227,~~057~~329 FIFTH THIRD BANCORP COM NPV COM 316773100 54,~~548~~345 ~~129~~105,~~080~~550 SOLE NONE ~~129~~105,~~080~~550 FIRST DATA CORP COM USD0.01 COM 319963104 611,~~912~~806 ~~175~~294,~~832~~116 SOLE NONE ~~175~~294,~~832~~116 FIRST HORIZON NATIONAL COM USD0.625 COM 320517105 ~~798~~826 19,570 SOLE NONE 19,570 FIRSTENERGY CORP COM USD0.10 COM 337932107 2,~~427~~700 5756,~~851~~120 SOLE NONE 5756,~~851~~120 FISERV INC COM USD0.01 COM 337738108 1,~~507~~587 37,~~860~~005 SOLE NONE 37,860 FISHER SCIENTIFIC COM US$0.01 COM 338032204 332 5,840 SOLE NONE 5,840 FLEXTRONICS INTL ORD USD0.01 ORD 999900002 1,546 128,426 SOLE NONE 128,426 FLUOR CORP COM USD0.01 COM 343412102 978 17,635 SOLE NONE 17,635 FORD MOTOR CO COM STK USD0.01 COM 345370860 3,858 340,508 SOLE NONE 340,508 FOREST CITY ENTS CLASS'A'COM USD0.33 1/3 CL A 345550107 297 4,654 SOLE NONE 4,654 FOREST LABS INC COM US$0.10 COM 345838106 2,802 75,837 SOLE NONE 75,837005

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS ~~SOLE~~ SHS -------------- -------- -----~~----~~ -------- -------- ---------- -------- ----------- FISHER SCIENTIFIC COM US$0.01 COM 338032204 3,977 61,282 SOLE NONE 61,282 FLEXTRONICS INTL ORD USD0.01 ORD 999900002 1,970 149,122 SOLE NONE 149,122 FLUOR CORP COM USD0.01 COM 343412102 1,016 17,635 SOLE NONE 17,635 FORD MOTOR CO COM STK USD0.01 COM 345370860 3,326 324,810 SOLE NONE 324,810 FOREST CITY ENTS CLASS'A'COM USD0.33 1/3 CL A 345550107 330 4,654 SOLE NONE 4,654 FOREST LABS INC COM US$0.10 COM 345838106 3,095 79,666 SOLE NONE 79,666 FORTUNE BRANDS INC COM USD3.125 COM 349631101 47,~~265~~333 5282,~~890~~582 SOLE NONE 5282,~~890~~582 FPL GRP INC COM USD0.01 COM 302571104 2,~~801~~841 6967,~~770~~542 SOLE NONE 6967,~~770~~542 FRANKLIN RESOURCES COM USD0.10 COM 354613101 2,~~319~~536 3332,~~783~~943 SOLE NONE 3332,~~783~~943 FREEPORT-MCMORAN COPPE CLASS 'B' COM CL B 35671D857 12,~~837~~482 4666,~~370~~304 SOLE NONE 4666,~~370~~304 FREESCALE SEMICONDUCTOR CL B USD0.01 CL B 35687M206 ~~879~~748 5035,~~936~~294 SOLE NONE 5035,~~936~~294 GALLAGHER AJ &CO COM USD1 COM 363576109 43214 17,~~505~~876 SOLE NONE 17,~~505~~876 GANNETT CO INC COM USD1 COM 364730101 97,~~461~~217 ~~119~~101,~~638~~463 SOLE NONE ~~119~~101,~~638~~463 GAP INC COM US$0.05 COM 364760108 2,~~805~~476 ~~128~~125,~~423~~352 SOLE NONE ~~128~~125,~~423~~352 GARMIN COM STK USD0.01 COM G37260109 ~~341~~1,919 744,~~370~~896 SOLE NONE 744,~~370~~896 GEN GROWTH PPTYS COM USD0.10 COM 370021107 ~~941~~1,203 2729,~~582~~273 SOLE NONE 2729,~~582~~273 GEN MILLS INC COM STK USD0.1 COM 370334104 3,~~302~~072 6765,~~177~~659 SOLE NONE 6765,~~177~~659 GENENTECH INC COM USD0.02 COM 368710406 46,~~857~~628 8582,~~806~~558 SOLE NONE 8582,~~806~~558 GENERAL DYNAMICS CORP COM USD1 COM 369550108 89,~~160~~476 7686,~~223~~509 SOLE NONE 7686,~~223~~509 GENERAL ELECTRIC COM STK USD0.06 COM 369604103 8075,~~755~~093 2,~~239~~167,~~474~~175 SOLE NONE 2,~~239~~167,~~474~~175 GENERAL MOTORS CORP COM US$ 1 2/3 COM 370442105 23,~~870~~271 9796,~~654~~210 SOLE NONE 9796,~~654~~210 GENTEX CORP COM USD0.06 COM 371901109 ~~416~~443 1324,~~037~~318 SOLE NONE 1324,~~037~~318 GENUINE PARTS CO COM USD1 COM 372460105 1,~~433~~281 3231,~~960~~165 SOLE NONE 3231,~~960~~165 GENWORTH FINANCIAL COM CL'A'USD0.001 CL A 37247D106 439 14,521 SOLE NONE 14,521 GENZYME CORP-GENERAL DIV COM USD0.01 COM 372917104 32,~~687~~743 6445,~~412~~640 SOLE NONE 6445,~~412~~640 GEORGIA PACIFIC CORP COM USD0.80 COM 373298108 5,~~204~~483 ~~146~~172,~~641~~427 SOLE NONE ~~146~~172,~~641~~427 GETTY IMAGES INC COM USD0.01 COM 374276103 27 357 SOLE NONE 357 GILEAD SCIENCES COM USD0.001 COM 375558103 23,~~815~~383 7876,~~639~~913 SOLE NONE 7876,~~639~~913 GILLETTE CO COM USD1 COM 375766102 9,~~790~~373 ~~193~~185,~~937~~133 SOLE NONE ~~193~~185,~~937~~133 GLOBALSANTAFE CORP COM USD0.01 COM G3930E101 1,~~703~~808 4544,~~976~~312 SOLE NONE 4544,~~976~~312 GOLDEN WEST FIN CO COM US$0.10 COM 381317106 4,~~704~~531 7770,~~751~~382 SOLE NONE 7770,~~751~~382 GOLDMAN SACHS GROUP COM USD 0.01 COM 38141G104 87,~~502~~606 7774,~~301~~551 SOLE NONE 7774,~~301~~551 GOODRICH CORP COM STK USD5 COM 382388106 ~~2,464~~938 6422,~~338~~908 SOLE NONE 6422,~~338~~908 GOOGLE INC COM USD0.001 CL'A' CL A 38259P508 ~~630~~ 3,~~490~~856 13,108 SOLE NONE 313,~~490~~108 GRAINGER W.W. INC COM USD0.50 COM 384802104 1,~~465~~240 2322,~~528~~623 SOLE NONE 2322,~~528~~623 GTECH HLDGS CORP COM USD0.01 COM 400518106 3239 1,342 SOLE NONE 1,342 GUIDANT CORP COM NPV COM 401698105 4,~~536~~033 6159,~~385~~927 SOLE NONE 6159,~~385~~927 HALLIBURTON CO COM STK US$ 2.50 COM 406216101 3,777 87,322 SOLE NONE 87,322 HARLEY DAVIDSON COM USD0.01 COM 412822108 7,379 127,758 SOLE NONE 127,758 HARMAN INTL INDS COM USD0.01 COM 413086109 1,522 17,204 SOLE NONE 17,204 HARRAHS ENTERTMT COM USD0.10 COM 413619107 1,085 16,805 SOLE NONE 16,805 HARRIS CORP COM USD1 COM 413875105 653 20,162 SOLE NONE 20,162 HARTFORD FINANCIAL SVCS COM USD0.01 COM 416515104 5,127 74,777 SOLE NONE 74,777 HASBRO INC COM US$0.50 COM 418056107 3,588 175,457 SOLE NONE 175,457 HCA INC COM US$.01 COM 404119109 4,~~770~~035 8984,~~042~~389 SOLE NONE 8984,~~042 HCR MANOR CARE INC COM USD0.01 COM 564055101 315 8,668 SOLE NONE 8,668~~389

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS ~~SOLE~~ SHS -------------- -------- -----~~----~~ -------- -------- ---------- -------- ----------- HARLEY DAVIDSON COM USD0.01 COM 412822108 8,185 165,028 SOLE NONE 165,028 HARMAN INTL INDS COM USD0.01 COM 413086109 1,375 16,905 SOLE NONE 16,905 HARRAHS ENTERTMT COM USD0.10 COM 413619107 2,201 30,541 SOLE NONE 30,541 HARRIS CORP COM USD1 COM 413875105 629 20,162 SOLE NONE 20,162 HARTFORD FINANCIAL SVCS COM USD0.01 COM 416515104 4,977 66,549 SOLE NONE 66,549 HASBRO INC COM US$0.50 COM 418056107 1,125 54,097 SOLE NONE 54,097 HCA INC COM US$.01 COM 404119109 4,453 78,581 SOLE NONE 78,581 HCR MANOR CARE INC COM USD0.01 COM 564055101 344 8,668 SOLE NONE 8,668 HEALTH CARE PROP COM USD1 COM 421915109 6372 2,678 SOLE NONE 2,678 HEALTH MGMT ASSOC CL A USD0.01 CL A 421933102 1,~~289~~377 4952,~~245~~611 SOLE NONE 4952,~~245~~611 HEALTH NET INC CLASS'A'COM USD0.001 CL A 42222G108 ~~775~~725 2318,~~683~~996 SOLE NONE 2318,~~683~~996 HEINZ H.J.CO COM USD0.25 COM 423074103 2,~~637~~476 7169,~~589~~904 SOLE NONE 7169,~~589~~904 HERSHEY CO (THE) COM STK USD1 COM 427866108 1,~~473~~496 24,~~357~~097 SOLE NONE 24,~~357~~097 HEWLETT PACKARD COM STK US$1 COM 428236103 1814,~~990~~231 ~~865~~605,~~539~~300 SOLE NONE ~~865~~605,~~539~~300 HIBERNIA CORP CLASS A NPV CL A 428656102 ~~452~~490 14,~~115~~777 SOLE NONE 14,~~115~~777 HILLENBRAND INDS COM NPV COM 431573104 ~~807~~736 14,556 SOLE NONE 14,556 HILTON HOTELS CORP COM USD2.50 COM 432848109 1,~~644~~699 7371,~~551~~246 SOLE NONE 7371,~~551~~246 HOME DEPOT INC COM USD0.05 COM 437076102 2324,~~174~~016 ~~606~~617,~~025~~390 SOLE NONE ~~606~~617,~~025~~390 HONEYWELL INTL INC COM USD1 COM 438516106 5,~~670~~428 ~~152~~148,~~390~~172 SOLE NONE ~~152~~148,~~390~~172 HORMEL FOODS CORP COM USD0.0586 COM 440452100 ~~107~~101 3,432 SOLE NONE 3,432 HOSPIRA INC COM USD 0.01 COM 441060100 1,~~191~~175 3630,~~915~~132 SOLE NONE 3630,~~915~~132 HOSPITALITY PPTYS COM USD0.01 COM 44106M102 61 1,398 SOLE NONE 1,398 HOST MARRIOTT CORP COM USD1 COM 44107P104 ~~673~~1,374 4078,~~667~~534 SOLE NONE 4078,~~667~~534 HUMANA INC COM US$0.166 COM 444859102 662 16,653 SOLE NONE 16,653 HUNT(JB)~~TRANSPORT~~TRANS COM USD0.01 COM 445658107 ~~109~~96 24,~~486~~972 SOLE NONE 24,~~486~~972 HUNTINGTON BANCSHARES COM NPV COM 446150104 1,~~319~~332 55,198 SOLE NONE 55,198 IAC INTERACTIVECORP COM USD0.01 COM 44919P102 1,~~120~~164 5048,~~286~~470 SOLE NONE 5048,~~286~~470 ILLINOIS TOOL WORKS COM NPV COM 452308109 54,~~131~~435 5755,~~310~~659 SOLE NONE 5755,~~310~~659 IMS HEALTH COM USD0.01 COM 449934108 ~~1,059~~984 4339,~~409~~745 SOLE NONE 4339,~~409~~745 INGERSOLL-RAND CO COM USD2(CL'A' BERMUDA CL A G47769101 84,~~175~~487 ~~102~~62,~~637~~886 SOLE NONE ~~102~~62,~~637~~886 INTEL CORP COM USD0.001 COM 458140100 3436,~~439~~386 1,~~482~~398,~~538~~373 SOLE NONE 1,~~482~~398,~~538~~373 INTERNATIONAL GAME TEC COM USD0.000625 COM 459902102 12,~~805~~248 6779,~~709~~845 SOLE NONE 6779,~~709~~845 INTERNATIONAL PAPER CO COM USD1 COM 460146103 32,~~576~~844 9794,~~202~~143 SOLE NONE 9794,~~202~~143 INTERPUBLIC GRP COM USD0.10 (UK) COM 460690100 1,~~027~~135 8393,~~645~~151 SOLE NONE 8393,~~645~~151 INTL BUSINESS MACH. COM USD0.20 COM 459200101 2922,~~336~~198 ~~321~~299,~~034~~166 SOLE NONE ~~321~~299,~~034~~166 INTL FLAVOUR & FRAGRANCE COM US$.125 COM 459506101 ~~501~~424 1211,~~687~~719 SOLE NONE 1211,~~687~~719 ~~INTL STEEL GRP USD0.01 COM 460377104 359 9,093 SOLE NONE 9,093~~ INTUIT INC - COM USD0.01 COM 461202103 25,~~877~~247 65116,~~741~~305 SOLE NONE 65116,~~741~~305 INVESTORS FNCL SER COM USD0.01 COM 461915100 5039 1,019 SOLE NONE 1,019 INVITROGEN CORP COM USD0.01 COM 46185R100 67 972 SOLE NONE 972 IRON MOUNTAIN INC COM USD0.01 COM 462846106 491 17,020 SOLE NONE 17,020 ISTAR FINANCIAL CLASS A SBI USD0.001 CL A SBI 45031U101 449 10,906 SOLE NONE 10,906 ITT INDUSTRIES INC COM USD1 COM 450911102 1,294 14,337 SOLE NONE 14,337 IVAX CORP COM USD0.10 COM 465823102 664 33,599 SOLE NONE 33,599 J.P. MORGAN CHASE COM USD1 COM 46625H100 30,409 878,869 SOLE NONE 878,869 JABIL CIRCUIT INC COM USD0.001 COM 466313103 1,177 41,264 SOLE NONE 41,264 JANUS CAPITAL GROUP COM USD0.01 COM 47102X105 510 36,567 SOLE NONE 36,567 JDS UNIPHASE CORPORATION COM USD0.001 COM 46612J101 538 321,872 SOLE NONE 321,872

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS ~~SOLE~~ SHS -------------- -------- -----~~----~~ -------- -------- ---------- -------- ----------- ~~JEFFERSON~~INVITROGEN ~~PILOT~~CORP COM ~~USD1~~USD0.2501 COM ~~475070108~~46185R100 ~~1,884~~81 ~~38,409~~972 SOLE NONE ~~38,409~~972 ~~JOHNSON~~IRON &MOUNTAIN ~~JOHNSON~~INC COM ~~STK~~USD0.01 ~~US$ 1~~ COM ~~478160104~~462846106 ~~49,369~~528 ~~735~~17,~~095~~020 SOLE NONE ~~735~~17,~~095~~020 ~~JOHNSON~~ISTAR ~~CONTROLS~~FINANCIAL ~~COM~~CLASS A SBI USD0.16001 ~~2/3~~CL ~~COM~~A ~~478366107~~SBI ~~4,393~~45031U101 78454 10,~~786~~906 SOLE NONE 7810,~~786~~906 ~~JONES~~ITT ~~APPAREL~~INDUSTRIES ~~GRP~~INC COM ~~USD0.01~~USD1 COM ~~480074103~~450911102 51,~~391~~435 ~~160~~14,~~964~~697 SOLE NONE ~~160~~14,~~964~~697 ~~JUNIPER~~IVAX ~~NETWORKS~~CORP COM USD0.~~00001~~10 COM ~~48203R104~~465823102 ~~2,779~~722 ~~125~~33,~~990~~599 SOLE NONE ~~125~~33,~~990~~599 KBJ.P. ~~HOME~~MORGAN CHASE COM USD1 COM ~~48666K109~~46625H100 ~~857~~29,701 7840,~~294~~911 SOLE NONE 7840,~~294~~911 ~~KELLOGG~~JABIL COCIRCUIT INC COM USD0.25001 COM ~~487836108~~466313103 21,~~359~~195 5438,~~512~~895 SOLE NONE 5438,~~512~~895 ~~KERR-MCGEE~~JACOBS ~~COM.~~ENG ~~US$~~GROUP 1COM USD1 COM ~~492386107~~469814107 ~~5,950~~89 751,~~958~~588 SOLE NONE 751,~~958~~588 ~~KEYCORP~~JANUS CAPITAL GROUP COM ~~USD1~~USD0.01 COM ~~493267108~~47102X105 ~~2,730~~778 8451,~~135~~713 SOLE NONE 8451,~~135~~713 ~~KEYSPAN~~JDS ~~CORP~~UNIPHASE CORPORATION COM USD0.01001 COM ~~49337W100~~46612J101 ~~1,075~~421 27276,~~594~~769 SOLE NONE 27276,~~594~~769 ~~KIMBERLY-CLARK~~JEFFERSON ~~CORP~~PILOT COM USD1.25 COM ~~494368103~~475070108 61,~~570~~564 9931,~~955~~020 SOLE NONE 9931,~~955~~020 ~~KIMCO~~JOHNSON ~~REALTY~~& JOHNSON COM ~~USD0.01~~STK US$ 1 COM ~~49446R109~~478160104 145,~~985~~820 36704,~~835~~927 SOLE NONE 36704,~~835~~927 ~~KINDER~~JOHNSON ~~MORGAN~~CONTROLS ~~KANS~~ COM ~~USD5~~USD0.16 2/3 COM ~~49455P101~~478366107 12,~~154~~369 1542,~~250~~061 SOLE NONE 1542,~~250~~061 ~~KINETIC~~JONES ~~CONCEPT~~APPAREL GRP COM USD0.~~001~~01 COM ~~49460W208~~480074103 ~~299~~3,074 599,~~014~~038 SOLE NONE 599,~~014~~038 ~~KLA-TENCOR~~JUNIPER ~~CORP~~NETWORKS COM USD0.~~001~~00001 COM ~~482480100~~48203R104 12,~~752~~814 38111,~~068~~764 SOLE NONE 38111,~~068~~764 ~~KNIGHT-RIDDER~~KB ~~INC~~HOME COM ~~US$0.02~~USD1 ~~1/12~~ COM ~~499040103~~48666K109 1,~~793~~931 2625,~~665~~329 SOLE NONE 2625,~~665~~329 ~~KOHLS~~KELLOGG ~~CORP~~CO COM USD0.0125 COM ~~500255104~~487836108 32,~~350~~361 6453,~~881~~133 SOLE NONE 6453,~~881~~133 ~~KRAFT~~KERR-MCGEE ~~FOOD~~COM ~~INC~~US$1 COM ~~STK~~492386107 ~~NPV CLS'A' CL A 50075N104 2~~3,~~513~~766 7649,~~029~~346 SOLE NONE 7649,~~029~~346 ~~KROGER~~KEYCORP CO COM USD1 COM ~~501044101~~493267108 2,~~238~~721 ~~139~~82,~~593~~090 SOLE NONE ~~139~~82,~~593~~090 LKEYSPAN 3CORP ~~COMMUNICATIONS~~ COM USD0.01 COM ~~502424104~~49337W100 31,~~385~~072 4726,~~668~~328 SOLE NONE 4726,~~668~~328 ~~LAB~~KIMBERLY-CLARK CORP ~~AMER HLDG~~ COM ~~USD0~~USD1.125 COM ~~50540R409~~494368103 46,~~672~~073 9697,~~921~~022 SOLE NONE 9697,~~921~~022 ~~LAFARGE~~KIMCO ~~NORTH~~REALTY ~~AMER~~ COM ~~USD1~~USD0.01 COM ~~505862102~~49446R109 12,~~648~~191 2837,~~202~~191 SOLE NONE 2837,~~202~~191 ~~LAMAR~~KINDER ~~ADVERTISING~~MORGAN ~~CL'A'~~KANS COM ~~USD0.001~~USD5 CLCOM A49455P101 ~~512815101~~1,223 ~~126 3~~14,~~121~~702 SOLE NONE 314,~~121~~702 ~~LEAR~~KINETIC ~~CORP~~CONCEPT COM USD0.01001 COM ~~521865105~~49460W208 ~~411~~1,713 928,~~268~~553 SOLE NONE 928,~~268~~553 ~~LEGG~~KLA-TENCOR ~~MASON~~CORP ~~INC~~ COM USD0.10001 COM ~~524901105~~482480100 1,~~705~~620 2137,~~814~~091 SOLE NONE 2137,~~814~~091 ~~LEGGETT~~KNIGHT-RIDDER ~~& PLATT~~ INC COM US$0.0102 1/12 COM ~~524660107~~499040103 1,~~249~~666 4327,~~261~~154 SOLE NONE 4327,~~261~~154 ~~LEHMAN~~KOHLS ~~BROTHERS~~CORP ~~HLDGS~~ COM USD0.1001 COM ~~524908100~~500255104 43,~~676~~550 4963,~~655~~501 SOLE NONE 4963,~~655~~501 ~~LENNAR~~KRAFT ~~CORP~~FOOD INC COM CLSTK NPV CLS'A'~~USD0.10~~ CL A ~~526057104~~50075N104 12,~~243~~362 2174,~~935~~251 SOLE NONE 2174,~~935~~251 ~~LEUCADIA~~KROGER ~~NATL~~CO ~~CORP~~ COM USD1 COM ~~527288104~~501044101 ~~457~~2,304 13121,~~309~~098 SOLE NONE 13121,~~309~~098 ~~LEVEL~~L 3 COMMUNICATIONS COM USD0.01 COM ~~52729N100~~502424104 ~~155~~3,743 7548,~~368~~878 SOLE NONE 7548,~~368~~878 ~~LEXMARK~~LAB ~~INTL~~CORP ~~INC~~AMER -HLDG ~~CLASS 'A'~~ COM USD0.011 CLCOM A50540R409 ~~529771107 5~~4,~~391~~875 6797,~~416~~686 SOLE NONE 6797,~~416~~686 ~~LIBERTY~~LAFARGE ~~MEDIA~~NORTH ~~CORP~~AMER ~~SER A~~ COM USD1 ~~SER~~COM A505862102 ~~530718105~~560 58,~~037~~969 ~~485,745~~ SOLE NONE ~~485~~8,~~745~~969 ~~LIBERTY~~LAM ~~MEDIA~~RESEARCH ~~INTL~~CORP ~~COM CLASS 'A'USD 0~~USD0.01001 CLCOM A512807108 ~~530719103~~ 1,~~962~~594 4455,~~846~~066 SOLE NONE 4455,~~846~~066 ~~LIBERTY~~LAMAR ~~PROPERTY~~ADVERTISING ~~TRUST~~CL'A'COM ~~SBI~~ USD0.001 ~~SBI~~CL ~~531172104~~A ~~1,083~~512815101 27133 3,~~723~~121 SOLE NONE 273,~~723~~121 ~~LILLY~~LEAR ~~(ELI)~~CORP ~~& CO~~ COM ~~NPV~~USD0.01 COM ~~532457108~~521865105 ~~11,108~~275 ~~213~~7,~~212~~564 SOLE NONE ~~213~~7,~~212~~564 ~~LIMITED~~LEGG ~~BRANDS~~MASON INC COM ~~US$ 0~~USD0.5010 COM ~~532716107~~524901105 ~~891~~2,108 3620,~~669~~244 SOLE NONE 3620,~~669~~244 ~~LINCARE~~LEGGETT ~~HLDGS~~& PLATT INC COM ~~USD0~~US$0.01 COM ~~532791100~~524660107 ~~713~~1,150 1643,~~129~~261 SOLE NONE 1643,~~129~~261 ~~LINCOLN~~LEHMAN ~~NATL~~BROTHERS ~~CORP~~HLDGS COM ~~USD1~~USD0.2510 COM ~~534187109~~524908100 16,~~683~~630 3766,~~285~~776 SOLE NONE 3766,~~285~~776

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS ~~SOLE~~ SHS -------------- -------- -----~~----~~ -------- -------- ---------- -------- ----------- ~~LINEAR~~LENNAR ~~TECHNOLOGY~~CORP COM CL'A'USD0.~~001~~10 ~~COM~~CL ~~535678106~~A 2526057104 1,~~440~~587 6325,~~684~~007 SOLE NONE 6325,~~684~~007 ~~LIZ~~LEUCADIA ~~CLAIBORNE~~NATL CORP COM USD1 COM ~~539320101~~527288104 ~~2,751~~514 6813,~~563~~309 SOLE NONE 6813,~~563~~309 ~~LOCKHEED~~LEVEL ~~MARTIN~~3 COCOMMUNICATIONS COM ~~USD1~~USD0.01 COM ~~539830109~~52729N100 ~~5,006~~153 8175,~~991~~368 SOLE NONE 8175,~~991~~368 ~~LOEWS~~LEXMARK ~~CORP~~INTL ~~COM~~INC ~~US$1~~- CLASS 'A' COM ~~540424108~~USD0.01 2CL A 529771107 4,~~176~~889 2975,~~593~~412 SOLE NONE 2975,~~593~~412 ~~LOWE'S~~LIBERTY ~~COS~~GLOBAL INC COM ~~USD0~~CLASS A USD 0.5001 ~~COM~~CL ~~548661107~~A 8530555101 2,~~403~~056 ~~147~~44,~~194~~119 SOLE NONE ~~147~~44,~~194~~119 ~~LSI~~LIBERTY ~~LOGIC~~MEDIA ~~COM~~CORP ~~STK~~SER ~~NPV~~A COM ~~502161102~~USD1 ~~616~~SER ~~110~~A 530718105 4,~~253~~781 469,232 SOLE NONE ~~110~~469,~~253~~232 ~~LUCENT~~LIBERTY ~~TECHNOLOGIES~~PROPERTY ~~COM~~TRUST ~~US$0~~SBI USD0.01001 ~~COM~~SBI ~~549463107~~531172104 21,~~390~~228 ~~869~~27,~~166~~723 SOLE NONE ~~869~~27,~~166~~723 ~~LYONDELL~~LILLY ~~CHEMICAL~~(ELI) & CO COM ~~USD1~~NPV COM ~~552078107~~532457108 111,~~062~~504 38206,~~039~~499 SOLE NONE 38206,~~039~~499 MLIMITED &BRANDS TINC ~~BANK CORP~~ COM ~~USD0~~US$ 0.50 COM ~~55261F104~~532716107 ~~1,724~~757 1635,~~890~~364 SOLE NONE 1635,~~890~~364 ~~MACERICH~~LINCARE COHLDGS INC COM USD0.01 COM ~~554382101~~532791100 ~~492~~660 916,~~230~~129 SOLE NONE 916,~~230~~129 ~~MANDALAY~~LINCOLN ~~RESORT~~NATL CORP COM ~~USD0~~USD1.~~025~~25 COM ~~562567107~~534187109 ~~105~~ 1,~~493~~733 36,925 SOLE NONE 136,~~493~~925 ~~MANPOWER~~LINEAR ~~INC~~TECHNOLOGY COM USD0.01001 COM ~~56418H100~~535678106 ~~852~~2,278 1962,~~586~~093 SOLE NONE 1962,~~586~~093 ~~MANU~~LIZ ~~LIFE~~CLAIBORNE ~~FINL CORP~~ COM ~~NPV~~USD1 COM ~~56501R106~~539320101 202,570 ~~424~~64,635 SOLE NONE ~~424~~64,635 ~~MARATHON~~LOCKHEED ~~OIL~~MARTIN ~~CORP~~CO COM USD1 COM ~~565849106~~539830109 25,~~945~~121 6278,~~756~~943 SOLE NONE 6278,~~756~~943 ~~MARKEL~~LOEWS CORP COM ~~NPV~~US$1 COM ~~570535104~~540424108 1,~~291~~967 325,~~740~~382 SOLE NONE 325,~~740~~382 ~~MARRIOTT~~LOWE'S ~~INT~~COS ~~CLASS~~INC ACOM ~~USD~~USD0.50 1COM CL548661107 ~~A 571903202 3~~8,~~102~~295 46142,~~393~~472 SOLE NONE 46142,~~393~~472 ~~MARSH~~LSI &LOGIC ~~MCLENNAN~~ COM ~~US$~~STK 1NPV COM ~~571748102~~502161102 ~~3,062~~549 ~~100~~64,~~656~~709 SOLE NONE ~~100~~64,~~656~~709 ~~MARSHALL~~LUCENT &TECHNOLOGIES ~~ILSLEY~~ COM ~~USD1~~US$0.01 COM ~~571834100~~549463107 12,~~412~~434 33836,~~821~~561 SOLE NONE 33836,~~821~~561 ~~MARVELL~~LYONDELL ~~TECH~~CHEMICAL ~~GROUP~~ COM ~~USD0.002~~USD1 COM ~~G5876H105~~552078107 12,~~894~~307 4987,~~402~~323 SOLE NONE 4987,~~402~~323 ~~MASCO~~M & T BANK CORP COM ~~USD1~~USD0.50 COM ~~574599106~~55261F104 61,~~536~~770 ~~188~~16,~~516~~831 SOLE NONE ~~188~~16,~~516~~831 ~~MATTEL~~MACERICH ~~INC~~CO COM ~~USD1~~USD0.01 COM ~~577081102~~554382101 ~~3,373~~633 ~~157~~9,~~993~~444 SOLE NONE ~~157~~9,~~993~~444 ~~MAXIM~~MANPOWER ~~INTEGRATED~~INC COM USD0.~~001~~01 COM ~~57772K101~~56418H100 ~~2,724~~779 6619,~~656~~586 SOLE NONE 6619,~~656~~586 ~~MAY~~MARATHON ~~DEPT~~OIL ~~STORES~~CORP CO COM ~~USD0.50~~USD1 COM ~~577778103~~565849106 3,~~781~~428 ~~102~~64,~~121~~224 SOLE NONE ~~102~~64,~~121~~224 ~~MAYTAG~~MARKEL CORP COM ~~USD1.25~~NPV COM ~~578592107~~570535104 18 1,~~322~~268 3,740 SOLE NONE 13,~~322~~740 ~~MBIA~~MARRIOTT ~~INC~~INT ~~COM~~CLASS ~~US$~~A USD 1 ~~COM~~CL ~~55262C100~~A 2571903202 3,~~170~~104 4145,~~501~~504 SOLE NONE 4145,~~501~~504 ~~MBNA~~MARSH ~~CORP~~& MCLENNAN COM ~~USD0.01~~US$ 1 COM ~~55262L100~~571748102 112,~~789~~719 ~~480~~98,~~197~~165 SOLE NONE ~~480~~98,~~197~~165 ~~MCAFEE~~MARSHALL ~~INC~~& ILSLEY COM ~~USD0.01~~USD1 COM ~~579064106~~571834100 ~~467~~1,368 2030,~~690~~772 SOLE NONE 2030,~~690~~772 ~~MCCORMICK~~MARVELL &TECH COGROUP ~~INC~~ COM ~~N/VTG~~USD0.002 ~~NPV~~COM ~~N/V~~G5876H105 ~~579780206 1~~2,~~183~~063 3454,~~351~~327 SOLE NONE 3454,~~351~~327 ~~MCDONALD'S~~MASCO CORP COM ~~STK~~USD1 ~~NPV~~ COM ~~580135101~~574599106 73,~~747~~700 ~~248~~116,~~794~~495 SOLE NONE ~~248~~116,~~794~~495 ~~MCGRAW-HILL~~MASSEY ~~INC~~ENERGY CORP COM ~~STK~~USD ~~US$~~0.625 1 COM ~~580645109~~576206106 ~~3,324~~176 384,~~098~~679 SOLE NONE 384,~~098~~679 ~~MCI~~MATTEL INC COM ~~NPV~~USD1 COM ~~552691107~~577081102 ~~880~~2,431 35132,~~342~~838 SOLE NONE 35132,~~342~~838 ~~MCKESSON~~MAXIM ~~CORP~~INTEGRATED COM USD0.01001 COM ~~58155Q103~~57772K101 2,~~322~~471 6164,~~516~~643 SOLE NONE 6164,~~516~~643 ~~MEADWESTVACO~~MAY ~~CORP~~DEPT STORES CO COM USD0.0150 COM ~~583334107~~577778103 12,~~339~~413 4260,~~067~~092 SOLE NONE 4260,~~067~~092 ~~MEDCOHEALTH~~MBIA ~~SOLUTI~~INC COM ~~USD0.01~~US$1 COM ~~58405U102~~55262C100 2,~~307~~429 4640,~~540~~954 SOLE NONE 4640,~~540~~954 ~~MEDIMMUNE~~MBNA ~~INC~~CORP COM USD0.01 COM ~~584699102~~55262L100 112,~~357~~408 57474,~~002~~318 SOLE NONE 57474,~~002~~318 ~~MEDTRONIC~~MCAFEE INC COM ~~US$0~~USD0.1001 COM ~~585055106~~579064106 ~~18,468~~573 ~~362~~21,~~478~~885 SOLE NONE ~~362~~21,~~478~~885 ~~MELLON~~MCCORMICK ~~FINL~~& ~~CORP~~CO INC COM ~~USD0.50~~N/VTG ~~COM~~NPV ~~58551A108~~N/V 2579780206 1,~~526~~123 8834,~~499~~351 SOLE NONE 8834,~~499~~351 ~~MERCANTILE~~MCDONALD'S ~~BANKSHS~~CORP COM ~~USD2~~STK NPV COM ~~587405101~~580135101 16,~~406~~517 27234,~~646~~831 SOLE NONE 27234,~~646~~831

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS ~~SOLE~~ SHS -------------- -------- -----~~----~~ -------- -------- ---------- -------- ----------- MCGRAW-HILL INC COM STK US$ 1 COM 580645109 3,277 74,060 SOLE NONE 74,060 MCI INC COM NPV COM 552691107 2,308 89,777 SOLE NONE 89,777 MCKESSON CORP COM USD0.01 COM 58155Q103 2,683 59,908 SOLE NONE 59,908 MEADWESTVACO CORP COM USD0.01 COM 583334107 919 32,789 SOLE NONE 32,789 MEDCOHEALTH SOLUTI COM USD0.01 COM 58405U102 2,603 48,776 SOLE NONE 48,776 MEDIMMUNE INC COM USD0.01 COM 584699102 1,294 48,433 SOLE NONE 48,433 MEDTRONIC INC COM US$0.10 COM 585055106 14,886 287,437 SOLE NONE 287,437 MELLON FINL CORP COM USD0.50 COM 58551A108 2,470 86,098 SOLE NONE 86,098 MERCANTILE BANKSHS COM USD2 COM 587405101 1,425 27,646 SOLE NONE 27,646 MERCK & CO. INC COM USD0.01 COM 589331107 1615,~~498~~624 ~~509~~507,~~682~~266 SOLE NONE ~~509~~507,~~682~~266 MERCURY GENERAL CP COM NPV COM 589400100 ~~339~~334 6,135 SOLE NONE 6,135 MERCURY INTERACTIVE COM USD0.002 COM 589405109 ~~845~~699 1718,~~828~~219 SOLE NONE 1718,~~828~~219 MERRILL LYNCH COM USD1.333 COM 590188108 109,~~240~~324 ~~180~~169,~~912~~495 SOLE NONE ~~180~~169,~~912~~495 METLIFE INC COM USD0.01 COM 59156R108 56,~~604~~277 ~~143,328 SOLE NONE 143,328 METRO GOLDWYN MAYER COM USD0.01 COM 591610100 1,669~~ 139,~~666~~678 SOLE NONE 139,~~666~~678 MGIC INVESTMENT COM USD1 COM 552848103 1,~~053~~101 1716,~~069~~877 SOLE NONE 1716,~~069~~877 MGM MIRAGE INC COM USD0.01 COM 552953101 ~~732~~818 1020,~~339~~678 SOLE NONE 1020,~~339~~678 MICHAELS STORE INC COM USD0.10 COM 594087108 ~~670~~835 1820,~~462~~183 SOLE NONE 1820,~~462~~183 MICROCHIP TECHNLGY COM USD0.001 COM 595017104 1,~~030~~130 3938,~~611~~145 SOLE NONE 3938,~~611~~145 MICRON TECHNOLOGY COM USD0.10 COM 595112103 5,~~147~~085 ~~497~~498,~~811~~031 SOLE NONE ~~497~~498,~~811~~031 MICROSOFT CORP COM USD0.0000125 COM 594918104 60,~~447~~521 2,~~500~~436,~~928~~422 SOLE NONE 2,~~500~~436,~~928~~422 MILLENIUM PHARMACEUTICALS COM USD0.001 COM 599902103 ~~484~~611 5765,~~433~~940 SOLE NONE 5765,~~433~~940 MILLIPORE CORP COM US$1.00 COM 601073109 ~~382~~470 8,~~796~~278 SOLE NONE 8,~~796~~278 MILLS CORP COM USD0.01 COM 601148109 ~~599~~688 11,324 SOLE NONE 11,324 MOHAWK INDS COM USD0.01 COM 608190104 ~~856~~1,542 1018,~~157~~686 SOLE NONE 1018,~~157~~686 MOLEX INC CLASS 'A' USD0.05 CL A 608554200 ~~234~~233 9,923 SOLE NONE 9,923 MOLEX INC COM US$0.05 COM 608554101 ~~123~~122 4,685 SOLE NONE 4,685 MONEYGRAM INTL INC COM USD0.01 COM 60935Y109 5152 2,699 SOLE NONE 2,699 MONSANTO COM USD0.01 COM 61166W101 12,~~246~~575 1940,~~313~~964 SOLE NONE 1940,~~313~~964 MOODYS CORP COM USD 1 COM 615369105 2,~~301~~937 2865,~~461~~326 SOLE NONE 2865,~~461~~326 MORGAN STANLEY COM STK USD0.01 COM 617446448 1314,~~597~~594 ~~237~~278,~~498~~137 SOLE NONE ~~237~~278,~~498~~137 MOTOROLA COM USD3 COM 620076109 8,~~225~~339 ~~549~~456,~~424~~695 SOLE NONE ~~549~~456,~~424~~695 MURPHY OIL CORP COM USD1 COM 626717102 1,~~180~~248 1123,~~951~~902 SOLE NONE 1123,~~951~~902 MYLAN LABS COM US$0.50 COM 628530107 ~~638~~692 35,992 SOLE NONE 35,992 NABORS INDS LTD COM USD0.10(BERMUDA REG) COM G6359F103 ~~541~~497 98,~~146~~203 SOLE NONE 98,~~146~~203 NATIONAL CITY CORP COM USD4 COM 635405103 54,~~333~~201 ~~159~~123,~~189~~110 SOLE NONE ~~159~~123,~~189~~110 NATIONAL SEMICONDUCTOR COM USD0.50 COM 637640103 1,~~583~~849 7683,~~818~~916 SOLE NONE 7683,~~818~~916 ~~NAVTEQ~~NATL ~~CORP~~OILWELL ~~COM~~VARCO ~~STK USD0.001~~ COM ~~63936L100 256 5,911 SOLE NONE 5,911 NCR CORP COM~~ USD0.01 COM ~~62886E108~~637071101 937 27,766 SOLE NONE 27,766 NEENAH PAPER INC COM USD 0.01 COM 640079109 31 910 SOLE NONE 910 NEIMAN-MARCUS GRP COM CLASS B USD0.01 CL B 640204301 87 961 SOLE NONE 961 NETWORK APPLIANCE COM USD0.001 COM 64120L104 1,~~794~~405 6429,~~872~~552 SOLE NONE 6429,~~872~~552 ~~NEW~~NAVTEQ ~~YORK~~CORP ~~COMMTY~~ COM ~~USD0.01 COM 649445103 757 41,688 SOLE NONE 41,688 NEW YORK TIMES CLASS 'A' US$0.10 CL A 650111107 1,622 44,350 SOLE NONE 44,350 NEWELL RUBBERMAID COM~~ STK ~~USD1 COM 651229106 1,077 49,111 SOLE NONE 49,111 NEWFIELD EXPL CO COM~~ USD0.01001 COM ~~651290108~~63936L100 ~~609~~595 816,~~200~~012 SOLE NONE 816,~~200 NEWMONT MINING CORP COM US$1.60 COM 651639106 3,482 82,424 SOLE NONE 82,424~~012

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS ~~SOLE~~ SHS -------------- -------- -----~~----~~ -------- -------- ---------- -------- ----------- NCR CORP COM USD0.01 COM 62886E108 975 27,766 SOLE NONE 27,766 NEENAH PAPER INC COM USD 0.01 COM 640079109 26 835 SOLE NONE 835 NEIMAN-MARCUS GRP COM CLASS B USD0.01 CL B 640204301 93 961 SOLE NONE 961 NETWORK APPLIANCE COM USD0.001 COM 64120L104 1,808 63,939 SOLE NONE 63,939 NEW YORK COMMTY COM USD0.01 COM 649445103 717 39,596 SOLE NONE 39,596 NEW YORK TIMES CLASS 'A' US$0.10 CL A 650111107 1,292 41,484 SOLE NONE 41,484 NEWELL RUBBERMAID COM STK USD1 COM 651229106 1,104 46,304 SOLE NONE 46,304 NEWFIELD EXPL CO COM USD0.01 COM 651290108 2,015 50,514 SOLE NONE 50,514 NEWMONT MINING CORP COM US$1.60 COM 651639106 3,139 80,437 SOLE NONE 80,437 NEWS CORP COM USD0.01 CLASS A CL A 65248E104 4,~~577~~234 ~~270~~261,~~502~~669 SOLE NONE ~~270~~261,~~502~~669 NEWS CORP COM USD0.01 CLASS B CL B 65248E203 ~~1,002~~951 56,~~888~~387 SOLE NONE 56,~~888~~387 NEXTEL ~~COMMNS~~COMMS ~~INC~~ CLASS A COM USD0.001 CL A 65332V103 56,~~749~~293 ~~202~~194,~~293~~764 SOLE NONE ~~202~~194,~~293~~764 NII HOLDINGS INC COM USD0.001 COM 62913F201 87 1,358 SOLE NONE 1,358 NIKE INC CLASS B NPV CL B 654106103 2,~~277~~284 2726,~~330~~375 SOLE NONE 2726,~~330~~375 NISOURCE INC - COM NPV COM 65473P105 6,~~146~~550 ~~269~~264,~~677~~847 SOLE NONE ~~269~~264,~~677~~847 NOBLE CORPORATION COM USD 0.10 COM G65422100 1,~~545~~579 2725,~~478~~674 SOLE NONE 2725,~~478~~674 NORDSTROM INC COM NPV COM 655664100 ~~999~~1,226 18,042 SOLE NONE 18,042 NORFOLK & SOUTHERN CORP COM USD1 COM 655844108 4,~~614~~227 ~~124~~136,~~547~~537 SOLE NONE ~~124~~136,~~547~~537 NORTH FORK BANCORP COM USD2.50 COM 659424105 32,~~975~~165 ~~143~~77,~~301~~075 SOLE NONE ~~143~~77,~~301~~075 NORTHEAST UTILS COM USD5 COM 664397106 ~~439~~475 22,767 SOLE NONE 22,767 NORTHERN TRUST COM USD1.666 COM 665859104 12,~~797~~067 4145,~~367~~347 SOLE NONE 4145,~~367~~347 NORTHROP GRUMMANOM COM USD1 COM 666807102 43,~~940~~773 9168,~~513~~290 SOLE NONE 9168,~~513~~290 NOVELLUS SYS INC COM NPV COM 670008101 ~~693~~591 2523,~~927~~901 SOLE NONE 2523,~~927~~901 NTL INCORPORATED COM USD0.01 COM 62940M104 ~~269~~289 4,219 SOLE NONE 4,219 NUCOR CORP COM US$0.40 COM 670346105 32,~~373~~340 5851,~~601~~299 SOLE NONE 5851,~~601~~299 NVIDIA CORP COM USD0.001 COM 67066G104 3363 12,~~369~~354 SOLE NONE 12,~~369~~354 NVR INC COM USD0.01 COM 62944T105 ~~742~~739 ~~945~~912 SOLE NONE ~~945~~912 OCCIDENTAL PETROLEUM COM USD0.20 COM 674599105 8,~~315~~473 ~~116~~110,~~835~~138 SOLE NONE ~~116~~110,~~835~~138 OFFICE DEPOT INC COM USD0.01 COM 676220106 1,~~723~~483 7764,~~688~~915 SOLE NONE 7764,~~688~~915 OLD REPUBLIC INTL COM USD1 COM 680223104 1,~~799~~283 7750,~~228~~731 SOLE NONE 7750,~~228~~731 OMNICARE INC COM US$1.00 COM 681904108 12,~~423~~008 4047,~~140~~325 SOLE NONE 4047,~~140~~325 OMNICOM GROUP COM US$ 0.15 COM 681919106 3,~~488~~064 3938,~~408~~373 SOLE NONE 3938,~~408~~373 ORACLE CORP COM USD0.01 COM 68389X105 1719,~~788~~449 1,~~425~~473,~~297~~385 SOLE NONE 1,~~425~~473,~~297~~385 OUTBACK STEAKHOUSE COM USD0.01 COM 689899102 ~~491~~486 10,732 SOLE NONE 10,732 PACCAR INC COM USD1 COM 693718108 43,~~679~~446 6450,~~634~~674 SOLE NONE 6450,~~634~~674 PACIFICARE HEALTH COM USD0.01 COM 695112102 ~~585~~872 1012,~~284~~207 SOLE NONE 1012,~~284~~207 PACTIV CORP COM USD0.01 COM 695257105 ~~645~~596 27,607 SOLE NONE 27,607 PALL CORP COM USD0.10 COM 696429307 ~~445~~499 16,421 SOLE NONE 16,421 PARKER-HANNIFIN COM USD0.50 COM 701094104 1,341 22,020 SOLE NONE 22,020 PATTERSON COS INC COM USD0.01 COM 703395103 954 19,100 SOLE NONE 19,100 PATTERSON UTI ENERGY COM USD0.01 COM 703481101 211 8,438 SOLE NONE 8,438 PAYCHEX INC COM USD0.01 COM 704326107 2,447 74,562 SOLE NONE 74,562 PEABODY ENERGY COM USD0.01 COM 704549104 910 20,242 SOLE NONE 20,242 PENNEY J.C. COM USD0.50 COM 708160106 3,108 59,862 SOLE NONE 59,862 PENTAIR INC COM US0.16 2/3 COM 709631105 59 1,521 SOLE NONE 1,521 PEPCO HOLDINGS COM USD 0.01 COM 713291102 1,450 69,103 SOLE NONE 69,103 PEPSI BOTTLING GRP COM USD0.01 COM 713409100 744 26,712 SOLE NONE 26,712 PEPSIAMERICAS INC COM USD0.1 COM 71343P200 65 2,863 SOLE NONE 2,863

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS ~~SOLE~~ SHS -------------- -------- -----~~----~~ -------- -------- ---------- -------- ----------- ~~PEPSICO~~PARKER-HANNIFIN ~~INC~~COM ~~CAP STK US$ 0~~USD0.0150 ~~2/3~~COM ~~CAP~~701094104 ~~713448108~~1,328 21,~~382~~415 ~~403,203~~ SOLE NONE ~~403~~21,~~203~~415 ~~PETSMART~~PARTNERRE ~~INC~~LTD COM ~~USD0.0001~~USD1 COM ~~716768106~~G6852T105 ~~588~~27 ~~20,449~~412 SOLE NONE ~~20,449~~412 ~~PFIZER~~PATTERSON COS INC COM ~~STK US$ 0~~USD0.0501 COM ~~717081103~~703395103 ~~48,397~~861 119,~~842,278~~100 SOLE NONE 119,~~842,278~~100 ~~PG&E~~PATTERSON ~~CORP~~UTI ENERGY COM ~~NPV~~USD0.01 COM ~~69331C108~~703481101 ~~2,688~~235 788,~~816~~438 SOLE NONE 788,~~816~~438 ~~PHELPS~~PAYCHEX ~~DODGE~~INC COM ~~STK US$6~~USD0.2501 COM ~~717265102~~704326107 32,~~041~~366 2972,~~892~~744 SOLE NONE 2972,~~892~~744 ~~PHH~~PEABODY ~~CORP~~ENERGY COM ~~USD 0~~USD0.01 COM ~~693320202~~704549104 ~~211~~1,765 933,~~655~~919 SOLE NONE 933,~~655~~919 ~~PINNACLE~~PENNEY ~~WEST~~J.C. ~~CAPITAL CORP~~ COM ~~NPV~~USD0.50 COM ~~723484101~~708160106 ~~750~~2,572 1748,~~653~~920 SOLE NONE 1748,~~653~~920 ~~PIONEER~~PENTAIR ~~NATURAL~~INC RE COM ~~STK USD0~~US0.0116 2/3 COM ~~723787107~~709631105 ~~809~~115 182,~~932~~683 SOLE NONE 182,~~932~~683 ~~PIPER~~PEPCO ~~JAFFRAY~~HOLDINGS ~~COMP~~ COM ~~USD0~~USD 0.01 COM ~~724078100~~713291102 231,916 ~~623~~80,029 SOLE NONE ~~623~~80,029 ~~PITNEY~~PEPSI ~~BOWES~~BOTTLING ~~INC~~GRP COM ~~USD1~~USD0.01 COM ~~724479100~~713409100 ~~2,276~~764 5026,~~452~~712 SOLE NONE 5026,~~452~~712 ~~PLUM~~PEPSICO ~~CREEK~~INC ~~TMBR~~CAP COSTK ~~COM~~US$ ~~USD0~~0.01 ~~COM~~2/3 ~~729251108~~CAP ~~975~~713448108 2719,~~315~~369 359,150 SOLE NONE 27359,~~315~~150 ~~PMI~~PETSMART ~~GROUP~~ INC COM USD0.010001 COM ~~69344M101~~716768106 ~~1,204~~621 3120,~~681~~449 SOLE NONE 3120,~~681~~449 ~~PNC~~PFIZER ~~FINANCIAL~~INC ~~SERVICES~~COM ~~GROUP~~STK ~~COM~~US$ ~~USD5~~0.05 COM ~~693475105~~717081103 247,~~951~~425 571,~~328~~719,559 SOLE NONE 571,~~328~~719,559 ~~POGO~~PG&E ~~PRODUCING~~CORP CO COM ~~USD1~~NPV COM ~~730448107~~69331C108 ~~482~~4,549 9121,~~790~~175 SOLE NONE 9121,~~790~~175 ~~POPULAR~~PHELPS ~~INC~~DODGE COM ~~USD6~~STK US$6.25 COM ~~733174106~~717265102 ~~891~~2,275 3624,~~647~~598 SOLE NONE 3624,~~647~~598 ~~PPG~~PHH ~~INDS~~CORP ~~INC~~ COM ~~USD1~~USD 0.~~666~~01 COM ~~693506107~~693320202 ~~2,625~~180 366,~~698~~983 SOLE NONE 366,~~698~~983 ~~PPL~~PINNACLE WEST CAPITAL CORP COM ~~USD0.01~~NPV COM ~~69351T106~~723484101 ~~2,039~~785 3717,~~767~~653 SOLE NONE 3717,~~767~~653 ~~PRAXAIR~~PIONEER ~~INC~~NATURAL RE COM STK USD0.01 COM ~~74005P104~~723787107 ~~3,048~~400 639,~~676~~496 SOLE NONE 639,~~676~~496 ~~PRICE~~PIPER TJAFFRAY ~~ROWE~~COMP ~~GROUP~~ COM USD0.2001 COM ~~74144T108~~724078100 ~~2,335~~16 ~~39,329~~532 SOLE NONE ~~39,329~~532 ~~PRIDE~~PITNEY ~~INTL~~BOWES INC ~~NEW~~ COM ~~USD0.01~~USD1 COM ~~74153Q102~~724479100 ~~411~~2,130 1648,~~549~~903 SOLE NONE 1648,~~549~~903 ~~PRINCIPAL~~PLUM ~~FINL~~CREEK GPTMBR CO COM USD0.01 COM ~~74251V102~~729251108 1,~~743~~051 4528,~~294~~951 SOLE NONE 4528,~~294~~951 ~~PROCTER~~PMI &GROUP ~~GAMBLE~~INC COM ~~STK~~USD0.01 COM ~~742718109~~69344M101 311,~~426~~941 ~~592~~49,~~938~~795 SOLE NONE ~~592~~49,~~938~~795 ~~PROGRESS~~PNC ~~ENERGY~~FINANCIAL ~~INC~~SERVICES GROUP COM ~~NPV~~USD5 COM ~~743263105~~693475105 13,~~625~~034 3855,~~743~~719 SOLE NONE 3855,~~743~~719 ~~PROGRESSIVE~~POGO ~~CORP~~PRODUCING ~~OHIO~~CO COM USD1 COM ~~743315103~~730448107 31,~~689~~046 4020,~~208~~138 SOLE NONE 4020,~~208~~138 ~~PROLOGIS~~POPULAR TRINC SHCOM ~~BEN~~USD6 ~~INT~~COM ~~USD0.01~~733174106 ~~SBI~~923 ~~743410102 1~~36,~~079~~647 ~~29,077~~ SOLE NONE 2936,~~077~~647 ~~PROTECTIVE~~PPG ~~LIFE~~INDS CPINC COM ~~USD0~~USD1.50666 COM ~~743674103~~693506107 ~~781~~2,248 1935,~~878~~824 SOLE NONE 1935,~~878~~824 ~~PROVIDIAN~~PPL ~~FINCL~~CORP CP COM USD0.01 COM ~~74406A102~~69351T106 ~~204~~1,984 1133,~~875~~406 SOLE NONE 1133,~~875~~406 ~~PRUDENTIAL~~PRAXAIR ~~FINANCI~~INC COM USD0.01 COM ~~744320102~~74005P104 2,~~505~~886 4361,~~645~~921 SOLE NONE 4361,~~645~~921 ~~PUBLIC~~PRECISION ~~SERVICES~~CASTPARTS ~~& ENTERPRISES~~ COM NPV COM ~~744573106~~740189105 ~~2,416~~443 445,~~417~~686 SOLE NONE 445,~~417~~686 ~~PUBLIC~~PREMCOR ~~STORAGE~~ INC COM USD0.1001 COM ~~74460D109~~74045Q104 ~~1,693~~202 292,~~738~~720 SOLE NONE 292,~~738~~720 ~~PUGET~~PRICE ~~SOUND~~T ~~ENERGY~~ROWE GROUP COM ~~STK~~USD0.20 ~~NPV~~ COM ~~745310102~~74144T108 ~~486~~2,397 2238,~~049~~284 SOLE NONE 2238,~~049~~284 ~~PULTE~~PRIDE ~~HOMES~~INTL INC NEW COM USD0.01 COM ~~745867101~~74153Q102 2,371 3214,~~207~~448 SOLE NONE 3214,~~207~~448 ~~QLOGIC~~PRINCIPAL ~~CORP~~FINL -GP COM USD0.~~001~~01 COM ~~747277101~~74251V102 ~~717~~1,898 1745,~~699~~294 SOLE NONE 1745,~~699~~294 ~~QUALCOMM~~PROCTER ~~INC~~& GAMBLE COM ~~USD0.0001~~STK COM ~~747525103~~742718109 1230,~~681~~289 ~~346~~574,~~200~~196 SOLE NONE ~~346~~574,~~200~~196 ~~QUEST~~PROGRESS ~~DIAGNOSTICS~~ENERGY INC COM ~~USD0.01~~NPV COM ~~74834L100~~743263105 21,~~705~~354 2529,~~730~~935 SOLE NONE 2529,~~730~~935 ~~QUESTAR~~PROGRESSIVE CORP OHIO COM ~~NPV~~USD1 COM ~~748356102~~743315103 ~~122~~3,888 239,~~060~~344 SOLE NONE 239,~~060~~344 ~~QWEST~~PROLOGIS ~~COMMUNICATIONS~~TR ~~COM~~SH BEN INT USD0.01 ~~COM~~SBI ~~749121109~~743410102 1,~~096~~612 ~~296~~40,~~221~~067 SOLE NONE ~~296~~40,~~221~~067 ~~RADIAN~~PROTECTIVE ~~GROUP~~LIFE ~~INC~~CP COM USD0.~~001~~50 COM ~~750236101~~743674103 ~~1,399~~949 2922,~~301~~466 SOLE NONE 2922,~~301~~466

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS ~~SOLE~~ SHS -------------- -------- -----~~----~~ -------- -------- ---------- -------- ----------- ~~RADIOSHACK~~PROVIDIAN ~~CORP~~FINCL -CP COM ~~USD1~~USD0.01 COM ~~750438103~~74406A102 ~~1,321~~217 5312,~~929~~292 SOLE NONE 5312,~~929~~292 ~~RAYTHEON~~PRUDENTIAL COFINANCI COM USD0.01 COM ~~755111507~~744320102 34,~~116~~192 8063,~~513~~837 SOLE NONE 8063,~~513~~837 ~~REGIONS~~PUBLIC ~~FINANCIAL~~SERVICES & ENTERPRISES COM ~~MUSD0.625~~NPV COM ~~7591EP100~~744573106 2,~~549~~866 7847,~~670~~130 SOLE NONE 7847,~~670~~130 ~~RELIANT~~PUBLIC ~~ENERGY~~STORAGE INC COM USD0.~~001~~10 COM ~~75952B105~~74460D109 21 1,~~849~~881 29,738 SOLE NONE 129,~~849~~738 ~~RENAISSANCE~~PUGET RESOUND ~~HLG~~ENERGY COM ~~USD1~~STK NPV COM ~~G7496G103~~745310102 45516 ~~956~~22,049 SOLE NONE ~~956~~22,049 ~~REPUBLIC~~PULTE ~~SERVICES~~HOMES INC COM USD0.01 COM ~~760759100~~745867101 13,~~093~~350 3239,~~650~~765 SOLE NONE 3239,~~650~~765 RJQLOGIC ~~REYNOLDS~~CORP ~~TOBACCO~~- COM USD0.01001 COM ~~761713106~~747277101 ~~3,769~~466 4615,~~763~~081 SOLE NONE 4615,~~763~~081 ~~ROBERT~~QUALCOMM ~~HALF~~INC ~~INTL~~ COM ~~USD 0~~USD0.~~001~~0001 COM ~~770323103~~747525103 110,~~123~~059 41304,~~639~~722 SOLE NONE 41304,~~639~~722 ~~ROCKWELL~~QUEST ~~AUTOMATION~~DIAGNOSTICS ~~INC~~ COM ~~USD1~~USD0.01 COM ~~773903109~~74834L100 12,~~499~~722 2651,~~460~~102 SOLE NONE 2651,~~460~~102 ~~ROCKWELL~~QUESTAR ~~COLLINS~~CORP COM ~~USD~~NPV ~~0.01~~ COM ~~774341101~~748356102 ~~1,444~~263 303,~~338~~988 SOLE NONE 303,~~338~~988 ~~ROHM~~QWEST &COMMUNICATIONS ~~HAAS CO~~ COM ~~US$2~~USD0.5001 COM ~~775371107~~749121109 12,~~595~~820 33759,~~229~~995 SOLE NONE 33759,~~229~~995 ~~ROSS~~RADIAN ~~STORES~~GROUP INC COM USD0.01001 COM ~~778296103~~750236101 ~~697~~1,706 2336,~~926~~124 SOLE NONE 2336,~~926~~124 ~~ROYAL~~RADIOSHACK ~~CARIBBEAN~~CORP - COM ~~USD0.01~~USD1 COM ~~000886286~~750438103 ~~876~~1,246 1953,~~597~~759 SOLE NONE 1953,~~597~~759 ~~RYDER~~RAYTHEON ~~SYSTEM~~CO ~~INC~~ COM USD0.5001 COM ~~783549108~~755111507 243,073 ~~564~~78,544 SOLE NONE ~~564~~78,544 ~~SABRE~~REGENCY ~~HLDS~~CENTERS ~~CORP~~ COM USD0.01 CLCOM ~~'A'~~758849103 CL589 ~~A 785905100 577 26~~10,~~373~~300 SOLE NONE 2610,~~373~~300 ~~SAFECO~~REGIONS ~~CORP~~FINANCIAL COM ~~NPV~~MUSD0.625 COM ~~786429100~~7591EP100 12,~~065~~609 2177,~~864~~002 SOLE NONE 2177,~~864~~002 ~~SAFEWAY~~RELIANT ENERGY INC COM USD0.01001 COM ~~786514208~~75952B105 ~~2,095~~12 ~~113,071~~945 SOLE NONE ~~113,071~~945 ~~SANDISK~~RENAISSANCE ~~CORP~~RE HLG COM USD1 COM G7496G103 47 956 SOLE NONE 956 REPUBLIC SERVICES COM USD0.~~001~~01 COM ~~80004C101~~760759100 581,176 232,~~082~~650 SOLE NONE 232,~~082~~650 ~~SANMINA-SCI~~RJ ~~CORP~~REYNOLDS -TOBACCO COM USD0.01 COM ~~800907107~~761713106 ~~541~~1,451 ~~103~~18,~~664~~420 SOLE NONE ~~103~~18,~~664~~420 ~~SARA~~ROBERT ~~LEE~~HALF ~~CORP~~INTL COM ~~STK~~USD ~~USD1~~0.33001 ~~1/3~~ COM ~~803111103~~770323103 41,~~931~~009 ~~222~~40,~~523~~414 SOLE NONE ~~222~~40,~~523~~414 ~~SBC~~ROCKWELL ~~COMMUNICATIONS~~AUTOMATION INC COM USD1 COM ~~78387G103~~773903109 201,~~306~~241 ~~857~~25,~~161~~484 SOLE NONE ~~857~~25,~~161~~484 ~~SCANA~~ROCKWELL ~~CORP~~COLLINS COM ~~NPV~~USD 0.01 COM ~~80589M102~~774341101 1,~~168~~363 3028,~~571~~589 SOLE NONE 3028,~~571~~589 ~~SCHERING-PLOUGH~~ROHM ~~CORP~~& HAAS CO COM ~~USD0~~US$2.50 COM ~~806605101~~775371107 31,~~558~~473 ~~196~~31,~~037~~794 SOLE NONE ~~196~~31,~~037~~794 ~~SCHLUMBERGER~~ROSS STORES INC COM USD0.01 COM ~~806857108~~778296103 ~~8,126~~692 ~~115~~23,~~289~~926 SOLE NONE ~~115~~23,~~289~~926 ~~SCHWAB~~ROYAL ~~CHARLES~~CARIBBEAN ~~CORP~~ COM USD0.01 COM ~~808513105~~000886286 21,~~803~~203 ~~266~~24,~~719~~867 SOLE NONE ~~266~~24,~~719~~867 ~~SCIENTIFIC~~RYDER ~~ATLANTA~~SYSTEM INC COM USD0.50 COM ~~808655104~~783549108 ~~1,063~~391 3710,~~677~~685 SOLE NONE 3710,~~677~~685 ~~SCRIPPS~~SABRE ~~(E.W)~~HLDS CORP COM USD0.01 ~~CLASS~~CL 'A' CL A ~~811054204~~785905100 ~~607~~543 1227,~~447~~211 SOLE NONE 1227,~~447~~211 ~~SEALED~~SAFECO ~~AIR~~ CORP COM ~~USD0.01~~NPV COM ~~81211K100~~786429100 51,~~423~~117 ~~104~~20,~~403~~560 SOLE NONE ~~104~~20,~~403~~560 ~~SEARS~~SAFEWAY ~~HOLDINGS~~INC ~~CORP~~ COM USD0.01 COM ~~812350106~~786514208 31,~~114~~932 2385,~~381~~527 SOLE NONE 2385,~~381~~527 ~~SEARS~~SANDISK ~~ROEBUCK~~CORP COM ~~812387108 57 1,135 SOLE NONE 1,135 SEI INVESTMENT COM~~ USD0.01001 COM ~~784117103~~80004C101 ~~103~~49 2,~~843~~082 SOLE NONE 2,~~843~~082 ~~SEMPRA~~SANMINA-SCI ~~ENERGY~~CORP - COM ~~NPV~~USD0.01 COM ~~816851109~~800907107 ~~1,411~~617 35112,~~423~~796 SOLE NONE 35112,~~423~~796 ~~SEPRACOR~~SARA ~~INC~~LEE CORP COM ~~USD0~~STK USD1.1033 1/3 COM ~~817315104~~803111103 ~~906~~4,365 15220,~~783~~363 SOLE NONE 15220,~~783~~363 ~~SERENA~~SBC ~~SOFTWARE~~COMMUNICATIONS COM ~~USD0.001~~USD1 COM ~~817492101~~78387G103 ~~349~~15,529 14653,~~691~~845 SOLE NONE 14653,~~691~~845 ~~SERVICE~~SCANA ~~MASTER~~CORP CO COM ~~USD0.01~~NPV COM ~~81760N109~~80589M102 ~~660~~1,306 4830,~~871~~571 SOLE NONE 4830,~~871~~571 ~~SHERWIN~~SCHERING-~~WILLIAMS~~PLOUGH CORP COM ~~STK~~USD0.50 ~~US$ 1~~ COM ~~824348106~~806605101 13,~~765~~714 40194,~~121~~850 SOLE NONE 40194,~~121~~850 ~~SIEBEL~~SCHLUMBERGER ~~SYSTEMS INC -~~ COM USD0.~~001~~01 COM ~~826170102~~806857108 ~~921~~8,511 ~~100~~112,~~905~~073 SOLE NONE ~~100~~112,~~905~~073 ~~SIGMA~~SCHWAB ~~ALDRICH~~CHARLES CORP COM ~~USD1~~USD0.01 COM ~~826552101~~808513105 32,~~708~~971 60263,~~533~~424 SOLE NONE 60263,~~533~~424

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS ~~SOLE~~ SHS -------------- -------- -----~~----~~ -------- -------- ---------- -------- ----------- ~~SIMON~~SCIENTIFIC ~~PROP~~ATLANTA ~~GROUP~~ COM USD0.~~0001~~50 COM ~~828806109~~808655104 1,~~346~~192 2235,~~222~~841 SOLE NONE 2235,~~222~~841 ~~SIRIUS~~SCRIPPS ~~SATELLITE~~(E.W) R COM USD0.~~001~~01 CLASS A COM ~~82966U103~~811054204 ~~1,428~~607 ~~254~~12,~~121~~447 SOLE NONE ~~254~~12,~~121~~447 ~~SLM~~SEAGATE ~~CORP~~TECHNOLOGY ~~SECURITIES~~ COM USD0.2000001 COM ~~78442P106~~G7945J104 ~~4,749~~55 953,~~280~~114 SOLE NONE 953,~~280~~114 ~~SMITH~~SEALED ~~INTL~~AIR ~~INC~~CORP COM ~~STK~~USD0.01 ~~NPV~~ COM ~~832110100~~81211K100 15,~~405~~199 22104,~~391~~426 SOLE NONE 22104,~~391~~426 ~~SMURFIT-STONE~~SEARS ~~CONTAINER~~HOLDINGS CORP COM USD0.01 COM ~~832727101~~812350106 ~~744~~3,373 4822,~~066~~506 SOLE NONE 4822,~~066~~506 ~~SOLECTRON~~SEI ~~CORP.~~INVESTMENT COM USD0.~~001~~01 COM ~~834182107~~784117103 ~~741~~875 ~~213~~23,~~402~~425 SOLE NONE ~~213~~23,~~402~~425 ~~SOUTHERN~~SEMPRA ~~CO.~~ENERGY COM ~~USD5~~NPV COM ~~842587107~~816851109 41,~~293~~325 ~~134~~32,~~876~~064 SOLE NONE ~~134~~32,~~876~~064 ~~SOUTHWEST~~SEPRACOR ~~AIRLINES~~INC COM ~~USD1~~USD0.10 COM ~~844741108~~817315104 ~~1,526~~947 ~~107~~15,~~195~~783 SOLE NONE ~~107~~15,~~195~~783 ~~SOVEREIGN~~SERENA ~~BANCORP~~SOFTWARE COM ~~NPV~~USD0.001 COM ~~845905108~~817492101 ~~1,312~~284 5914,~~228~~691 SOLE NONE 5914,~~228~~691 ~~SPRINT~~SERVICE ~~CORP~~MASTER ~~FON~~CO COM ~~USD2~~USD0.0001 COM ~~852061100~~81760N109 ~~6,589~~655 ~~289~~48,~~638~~871 SOLE NONE ~~289~~48,~~638~~871 ~~SPX~~SHERWIN-WILLIAMS ~~CORP~~ COM ~~USD10~~STK US$ 1 COM ~~784635104~~824348106 ~~526~~2,357 1250,~~153~~044 SOLE NONE 1250,~~153~~044 STSIEBEL ~~PAUL~~SYSTEMS ~~TRAVELERS~~INC - COM ~~NPV~~USD0.001 COM ~~792860108~~826170102 ~~9,832~~902 ~~267~~101,~~676~~333 SOLE NONE ~~267~~101,~~676~~333 ~~ST.~~SIGMA ~~JOE~~ALDRICH ~~COMPANY~~CORP COM ~~NPV~~USD1 COM ~~790148100~~826552101 1,~~305~~209 1921,~~395~~569 SOLE NONE 1921,~~395~~569 ~~ST.JUDE~~SIMON ~~MEDICAL~~PROP GROUP COM USD0.100001 COM ~~790849103~~828806109 21,~~488~~826 6925,~~102~~192 SOLE NONE 6925,~~102~~192 ~~STANLEY~~SIRIUS ~~WORKS~~SATELLITE R COM ~~USD2~~USD0.50001 COM ~~854616109~~82966U103 ~~853~~2,037 18314,~~849~~276 SOLE NONE 18314,~~849~~276 ~~STAPLES~~SLM ~~INC~~CORP SECURITIES COM USD0.~~0006~~20 COM ~~855030102~~78442P106 34,~~041~~656 9691,~~742~~644 SOLE NONE 9691,~~742~~644 ~~STARBUCKS~~SMITH ~~CORP~~INTL INC COM STK NPV COM ~~855244109~~832110100 31,~~855~~379 7421,~~624~~644 SOLE NONE 7421,~~624~~644 ~~STARWOOD~~SMURFIT-STONE ~~HOTELS~~CONTAINER ~~PAIRED~~COM ~~CERTS~~USD0.01 CLCOM B832727101 ~~(REIT)~~433 ~~CL B 85590A203 2,528~~ 42,~~105~~585 SOLE NONE 42,~~105~~585 ~~STATE~~SOLECTRON ~~STREET~~ CORP. COM ~~USD1~~USD0.001 COM ~~857477103~~834182107 ~~2,903~~785 66207,~~396~~192 SOLE NONE 66207,~~396~~192 ~~STORAGE~~SOUTHERN ~~TECHNOLOGY~~CO. COM ~~USD0.10~~USD5 COM ~~862111200~~842587107 ~~434~~4,561 14131,~~095~~563 SOLE NONE 14131,~~095~~563 ~~STRYKER~~SOUTHWEST ~~CORP~~AIRLINES COM ~~USD0.10~~USD1 COM ~~863667101~~844741108 41,~~292~~484 96106,~~214~~554 SOLE NONE 96106,~~214~~554 ~~SUN~~SOVEREIGN ~~MICROSYSTEMS~~BANCORP COM ~~US$0.00067~~NPV COM ~~866810104~~845905108 41,~~439~~323 159,~~098,810~~228 SOLE NONE 159,~~098,810~~228 ~~SUNGARD~~SPDR ~~DATA~~TRUST ~~SYS~~- ~~COM~~UNIT ~~USD0.01~~SER ~~COM~~1 ~~867363103~~NPV ~~8,190~~SER ~~237~~1 78462F103 548 4,~~394~~600 SOLE NONE ~~237~~4,~~394~~600 ~~SUNOCO~~SPRINT ~~INC~~CORP FON COM ~~USD1~~USD2.00 A628 COM ~~86764P109~~852061100 14,~~982~~763 19189,~~147~~842 SOLE NONE 19189,~~147~~842 ~~SUNTRUST~~SPX ~~BANKS~~CORP COM ~~USD1~~USD10 COM ~~867914103~~784635104 ~~5,052~~535 7011,~~098~~626 SOLE NONE 7011,~~098~~626 ~~SUPERVALU~~ST ~~INC~~PAUL TRAVELERS COM ~~USD1~~NPV COM ~~868536103~~792860108 ~~665~~9,879 19249,~~945~~914 SOLE NONE 19249,~~945~~914 ~~SYMANTEC~~ST. ~~CORP~~JOE COMPANY COM ~~USD0.01~~NPV COM ~~871503108~~790148100 1,~~991~~616 9319,~~344~~818 SOLE NONE 9319,~~344~~818 ~~SYMBOL~~ST.JUDE ~~TECHNOLOGIES~~MEDICAL ~~INC~~ COM USD0.0110 COM ~~871508107~~790849103 455,530 3126,~~122~~798 SOLE NONE 3126,~~122~~798 ~~SYNOPSYS~~STANLEY ~~INC~~WORKS COM ~~USD0~~USD2.0150 COM ~~871607107~~854616109 ~~450~~858 2418,~~848~~849 SOLE NONE 2418,~~848~~849 ~~SYNOVUS~~STAPLES ~~FINANCIAL~~INC COM ~~USD1~~USD0.0006 COM ~~87161C105~~855030102 13,~~260~~024 45142,~~220~~016 SOLE NONE 45142,~~220~~016 ~~SYSCO~~STARBUCKS CORP COM ~~USD1~~NPV COM ~~871829107~~855244109 53,~~459~~748 ~~152~~72,~~482~~550 SOLE NONE ~~152~~72,~~482~~550 ~~TARGET~~STARWOOD ~~CORP~~HOTELS ~~COM~~PAIRED ~~USD0.0833~~CERTS ~~COM~~CL ~~87612E106~~B 8(REIT) CL B 85590A203 2,~~671~~375 ~~173~~40,~~348~~550 SOLE NONE ~~173~~40,~~348~~550 ~~TCF~~STATE ~~FINL~~STREET CORP COM ~~USD0.01~~USD1 COM ~~872275102~~857477103 13,~~043~~119 3864,~~403~~644 SOLE NONE 3864,~~403~~644 TDSTORAGE ~~BANKNORTH~~TECHNOLOGY ~~INC~~ COM USD0.0110 COM ~~87235A101~~862111200 ~~524~~512 1614,~~760~~095 SOLE NONE 1614,~~760~~095 ~~TECO~~STRYKER ~~ENERGY~~CORP ~~INC~~ COM ~~USD1~~USD0.10 COM ~~872375100~~863667101 ~~355~~3,375 2270,~~664~~961 SOLE NONE 2270,~~664~~961 ~~TEKTRONIX~~SUN ~~INC~~MICROSYSTEMS COM ~~NPV~~US$0.00067 COM ~~879131100~~866810104 ~~320~~5,562 131,~~046~~491,047 SOLE NONE 131,~~046~~491,047 ~~TELEPH~~SUNGARD & DATA ~~SYST~~SYS COM ~~US0~~USD0.01 COM ~~879433100~~867363103 12,~~192~~810 1479,~~606~~888 SOLE NONE 1479,~~606~~888 ~~TELESP~~SUNOCO ~~CELULAR~~INC ~~PAR~~COM ~~ADR~~USD1 ~~REP~~COM ~~2500~~86764P109 ~~PRF~~1,635 ~~ADR 87952L108 188 31~~14,~~401~~382 SOLE NONE 3114,~~401~~382

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS ~~SOLE~~ SHS -------------- -------- -----~~----~~ -------- -------- ---------- -------- ----------- ~~TELEWEST~~SUNTRUST ~~GLOBAL~~BANKS COM ~~STK~~USD1 ~~USD0.01~~ COM ~~87956T107~~867914103 ~~420~~4,969 2368,~~615~~788 SOLE NONE 2368,~~615~~788 ~~TELLABS~~SUPERVALU INC COM ~~USD0.01~~USD1 COM ~~879664100~~868536103 ~~1,550~~650 ~~212~~19,~~318~~945 SOLE NONE ~~212~~19,~~318~~945 ~~TEMPLE-INLAND~~SYMANTEC ~~INC~~CORP COM ~~USD1~~USD0.01 COM ~~879868107~~871503108 13,~~466~~767 20173,~~208~~268 SOLE NONE 20173,~~208~~268 ~~TENET~~SYMBOL ~~HEALTHCARE~~TECHNOLOGIES INC COM USD0.0501 COM ~~88033G100~~871508107 ~~1,133~~31 983,~~280~~122 SOLE NONE 983,~~280~~122 ~~TERADYNE~~SYNOPSYS INC COM USD0.~~125~~01 COM ~~880770102~~871607107 ~~489~~292 3317,~~512~~493 SOLE NONE 3317,~~512~~493 ~~TEXAS~~SYNOVUS ~~INSTRUMENTS~~FINANCIAL COM USD1 COM ~~882508104~~87161C105 111,~~094~~322 ~~435~~46,~~228~~097 SOLE NONE ~~435~~46,~~228~~097 ~~TEXTRON~~SYSCO ~~INC~~CORP COM ~~USD0.125~~USD1 COM ~~883203101~~871829107 15,~~873~~053 25139,~~100~~624 SOLE NONE 25139,~~100~~624 ~~THE~~TARGET ~~DIRECTV~~CORP ~~GROUP INC~~ COM USD0.010833 COM ~~25459L106~~87612E106 29,~~356~~175 ~~163~~168,~~395~~630 SOLE NONE ~~163~~168,~~395~~630 ~~THERMO~~TCF ~~ELECTRON~~FINL CORP COM ~~STK~~USD0.01 ~~US $1~~ COM ~~883556102~~872275102 ~~712~~1,379 2853,~~167~~300 SOLE NONE 2853,~~167~~300 ~~TIFFANY~~TD &BANKNORTH COINC COM USD0.01 COM ~~886547108~~87235A101 ~~1,519~~488 4316,~~994~~366 SOLE NONE 4316,~~994~~366 ~~TIME~~TECO ~~WARNER~~ENERGY INC COM ~~USD~~USD1 ~~0.01~~ COM ~~887317105~~872375100 ~~14,575~~429 ~~830~~22,~~493~~664 SOLE NONE ~~830~~22,~~493~~664 ~~TJX~~TEKTRONIX ~~COMPANIES~~ INC COM ~~USD1~~NPV COM ~~872540109~~879131100 ~~2,488~~254 ~~101~~10,~~004~~926 SOLE NONE ~~101~~10,~~004~~926 ~~TMP~~TELEPH ~~WORLDWIDE~~& ~~INC~~DATA SYST COM ~~USD0~~US0.~~001~~01 COM ~~611742107~~879433100 ~~925~~503 3312,~~041~~317 SOLE NONE 3312,~~041~~317 ~~TORCHMARK~~TELEPHONE ~~CORP~~& DATA SPEC COM ~~USD1~~USD0.01 COM ~~891027104~~879433860 ~~5,023~~560 9614,~~228~~606 SOLE NONE 9614,~~228~~606 ~~TORONTO-DOMINION~~TELESP ~~COM~~CELULAR ~~NPV~~PAR ~~COM~~ADR ~~891160509~~REP ~~332~~2500 8PRF ADR 87952L108 132 31,~~039~~401 SOLE NONE 831,~~039~~401 ~~TOTAL~~TELEWEST ~~SYSTEM~~GLOBAL ~~SVCS~~ COM STK USD0.1001 COM ~~891906109~~87956T107 20709 ~~785~~31,128 SOLE NONE ~~785~~31,128 ~~TOYS~~TELLABS RINC US COM USD0.1001 COM ~~892335100~~879664100 ~~719~~736 2784,~~922~~544 SOLE NONE 2784,~~922~~544 ~~TRANSATLANTIC~~TEMPLE-INLAND ~~HLDGS~~INC COM USD1 COM ~~893521104~~879868107 ~~101~~791 121,~~527~~303 SOLE NONE 121,~~527~~303 ~~TRANSOCEAN~~TENET ~~INC~~HEALTHCARE COM USD0.0105 COM ~~893817106~~88033G100 31,~~435~~169 6695,~~756~~477 SOLE NONE 6695,~~756~~477 ~~TRI-CONTINENTAL~~TERADYNE CPINC COM USD0.50125 COM ~~895436103~~880770102 ~~648~~416 3634,~~386~~772 SOLE NONE 3634,~~386~~772 ~~TRIAD~~TEXAS ~~HOSPITALS~~INSTRUMENTS COM ~~USD0.01~~USD1 COM ~~89579K109~~882508104 9111,977 1426,~~807~~687 SOLE NONE 1426,~~807~~687 ~~TRIBUNE~~TEXTRON COINC COM ~~NPV~~USD0.125 COM ~~896047107~~883203101 1,~~790~~878 4424,~~886~~755 SOLE NONE 4424,~~886~~755 ~~TRIZEC~~THE ~~PROPERTIES~~DIRECTV GROUP INC COM USD0.01 COM ~~89687P107~~25459L106 ~~790~~2,469 41159,~~571~~298 SOLE NONE 41159,~~571~~298 ~~TXU~~THERMO ~~CORP~~ELECTRON COM ~~NPV~~STK US $1 COM ~~873168108~~883556102 ~~6,210~~696 7725,~~989~~917 SOLE NONE 7725,~~989~~917 ~~TYCO~~TIFFANY ~~INTERNATIONAL~~& CO COM USD0.2001 COM ~~902124106~~886547108 161,~~104~~372 ~~476~~41,~~435~~886 SOLE NONE ~~476~~41,~~435~~886 ~~TYSON~~TIME ~~FOODS~~WARNER INC ~~CLASS A~~ COM ~~USD0~~USD 0.1001 CLCOM A887317105 ~~902494103~~13,471 ~~690 41~~806,~~384~~147 SOLE NONE 41806,~~384~~147 ~~ULTRA~~TJX ~~PETROLEUM~~COMPANIES CPINC COM ~~NPV~~USD1 COM ~~903914109~~872540109 ~~572~~2,410 1198,~~260~~986 SOLE NONE 1198,~~260~~986 ~~UNION~~TMP ~~BANCAL~~WORLDWIDE ~~CORP~~INC COM ~~NPV~~USD0.001 COM ~~908906100~~611742107 ~~328~~923 532,~~349~~175 SOLE NONE 532,~~349~~175 ~~UNION~~TOLL ~~PACIFIC~~BROS ~~CORP~~INC COM ~~US$2~~USD0.5001 COM ~~907818108~~889478103 ~~3,181~~804 457,~~635~~914 SOLE NONE 457,~~635~~914 ~~UNISYS~~TORCHMARK CORP COM ~~USD0.01~~USD1 COM ~~909214108~~891027104 ~~360~~7,015 50134,~~946~~394 SOLE NONE 50134,~~946~~394 ~~UNITED~~TORONTO-DOMINION ~~STATES~~COM ~~STEEL~~NPV ~~COM~~(US ~~USD1~~LINE) COM ~~912909108~~891160509 ~~868~~19 ~~17,065~~426 SOLE NONE ~~17,065~~426 ~~UNITEDGLOBAL~~TOTAL ~~COM~~SYSTEM ~~CLASS'A'~~SVCS COM USD0.0110 CLCOM A891906109 ~~913247508~~19 26785 ~~2,756~~ SOLE NONE ~~2,756~~785 ~~UNITEDHEALTH~~TOYS ~~GROUP~~R US COM USD0.0110 COM ~~91324P102~~892335100 ~~14,728~~782 ~~154~~29,~~414~~549 SOLE NONE ~~154~~29,~~414~~549 ~~UNITRIN~~TRANSATLANTIC ~~INC.~~HLDGS COM ~~USD0.10~~USD1 COM ~~913275103~~893521104 ~~462~~85 101,~~187~~527 SOLE NONE 101,~~187~~527 ~~UNIVERSAL~~TRANSOCEAN ~~HEALTH~~INC ~~S CLASS'B'~~COM USD0.01 CLCOM B893817106 ~~913903100~~3,458 ~~495 9~~64,~~454~~064 SOLE NONE 964,~~454~~064 ~~UNIVISION~~TREEHOUSE ~~COMMUNIC~~FOODS ~~CL'A~~INC COM USD0.01 CLCOM A89469A104 ~~914906102~~183 ~~576 20~~6,~~789~~409 SOLE NONE 206,~~789~~409 ~~UNOCAL~~TRI-CONTINENTAL ~~CORP~~CP COM ~~USD1~~USD0.50 COM ~~915289102~~895436103 ~~3,739~~648 6036,~~603~~386 SOLE NONE 6036,~~603~~386 ~~UNUMPROVIDENT~~TRIAD ~~CORP~~HOSPITALS COM USD0.01 COM ~~91529Y106~~89579K109 ~~3,714~~99 ~~218~~1,~~217~~807 SOLE NONE ~~218~~1,~~217~~807

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS ~~SOLE~~ SHS -------------- -------- -----~~----~~ -------- -------- ---------- -------- ----------- ~~URBAN~~TRIBUNE ~~OUTFITTERS~~CO COM ~~USD0.0001~~NPV COM ~~917047102~~896047107 ~~411~~1,550 844,~~559~~066 SOLE NONE 844,~~559~~066 USTRIZEC ~~BANCORP~~PROPERTIES COM USD0.01 COM ~~902973304~~89687P107 ~~14,802~~831 ~~513~~40,~~593~~384 SOLE NONE ~~513~~40,~~593~~384 ~~UST~~TXU ~~INC~~CORP COM ~~USD0.50~~NPV COM ~~902911106~~873168108 15,~~130~~194 2162,~~849~~513 SOLE NONE 2162,~~849~~513 ~~UTD~~TYCO ~~PARCEL~~INTERNATIONAL ~~SERV - CLASS 'B'~~ COM USD0.0120 CLCOM B902124106 ~~911312106 7~~13,~~902~~492 ~~108~~462,~~634~~052 SOLE NONE ~~108~~462,~~634~~052 ~~UTD~~TYSON ~~TECHNOLOGIES~~FOODS ~~COM~~INC ~~STK~~CLASS ~~USD5~~A COM ~~913017109~~USD0.10 ~~9,814~~CL 96A 902494103 672 37,~~541~~731 SOLE NONE 9637,~~541~~731 VULTRA FPETROLEUM ~~CORP~~CP COM NPV COM ~~918204108~~903914109 ~~2,740~~684 4622,~~336~~520 SOLE NONE 4622,~~336~~520 ~~VALERO~~UNION ~~ENERGY(NEW)~~BANCAL CORP COM ~~USD0.01~~NPV COM ~~91913Y100~~908906100 ~~4,661~~192 632,~~614~~868 SOLE NONE 632,~~614~~868 ~~VALLEY~~UNION ~~NATL~~PACIFIC ~~BANCP~~CORP COM ~~NPV~~US$2.50 COM ~~919794107~~907818108 ~~445~~3,114 1748,~~275~~054 SOLE NONE 1748,~~275~~054 ~~VARIAN~~UNISYS ~~MEDICAL~~CORP ~~SYSTEMS~~ COM ~~USD1~~USD0.01 COM ~~92220P105~~909214108 ~~1,117~~230 3236,~~593~~311 SOLE NONE 3236,~~593~~311 ~~VERISIGN~~UNITED -STATES STEEL COM ~~USD0.001~~USD1 COM ~~92343E102~~912909108 1,~~289~~005 4429,~~922~~240 SOLE NONE 4429,~~922~~240 ~~VERITAS~~UNITEDHEALTH ~~SOFTWARE~~GROUP COM USD0.~~001~~01 COM ~~923436109~~91324P102 114,~~935~~123 83270,~~349~~859 SOLE NONE 83270,~~349~~859 ~~VERIZON~~UNITRIN ~~COMMUNICATIONS~~ INC.COM ~~STK~~ USD0.10 COM ~~92343V104~~913275103 ~~19,969~~500 ~~562~~10,~~510~~187 SOLE NONE ~~562~~10,~~510~~187 ~~VIACOM~~UNIVERSAL ~~INC~~HEALTH ~~CLASS~~S CLASS'B'~~N/V~~ COM ~~US$0~~USD0.01 CL B ~~N/V~~913903100 ~~925524308~~588 109,~~625~~454 ~~305,063~~ SOLE NONE ~~305~~9,~~063~~454 ~~VIAD~~UNIVISION ~~CORP~~COMMUNIC CL'A COM ~~USD1~~USD0.501 ~~COM~~CL ~~92552R406~~A 10914906102 ~~375~~627 22,765 SOLE NONE ~~375~~22,765 ~~VORNADO~~UNOCAL ~~REALTY~~CORP TR COM ~~USD0.04~~USD1 COM ~~929042109~~915289102 13,~~426~~916 2060,~~584~~198 SOLE NONE 2060,~~584~~198 ~~VULCAN~~UNUMPROVIDENT ~~MATERIALS~~CORP COM ~~USD1~~USD0.01 COM ~~929160109~~91529Y106 13,~~870~~260 32177,~~904~~936 SOLE NONE 32177,~~904~~936 ~~WACHOVIA~~URBAN ~~CORP~~OUTFITTERS COM ~~USD3~~USD0.0001 ~~1/3~~ COM ~~929903102~~917047102 ~~15,571~~485 ~~305~~8,~~847~~559 SOLE NONE ~~305~~8,~~847~~559 ~~WAL-MART~~US ~~STORES~~BANCORP COM USD0.1001 COM ~~931142103~~902973304 3216,~~698~~515 ~~652~~565,~~521~~575 SOLE NONE ~~652~~565,~~521~~575 ~~WALGREEN~~UST COINC COM USD0.~~78125~~50 COM ~~931422109~~902911106 81,~~832~~600 ~~198~~35,~~833~~040 SOLE NONE ~~198~~35,~~833~~040 ~~WALT~~UTD ~~DISNEY~~PARCEL COSERV ~~DISNEY~~- CLASS 'B' COM USD0.01 ~~COM~~CL ~~254687106~~B 11911312106 7,~~362~~202 ~~395~~104,~~479~~129 SOLE NONE ~~395~~104,~~479~~129 ~~WASHINGTON~~UTD ~~MUTUAL~~TECHNOLOGIES COM ~~NPV~~USD1 COM ~~939322103~~913017109 711,~~055~~032 ~~178~~214,~~604~~832 SOLE NONE ~~178~~214,~~604~~832 ~~WASHINGTON~~V ~~POST~~F ~~CLASS~~CORP B COM ~~USD1~~NPV CLCOM B918204108 ~~939640108~~2,651 ~~910 1~~46,~~018~~336 SOLE NONE 146,~~018~~336 ~~WASTE~~VALERO ~~MANAGEMENT~~ENERGY(NEW) COM USD0.01 COM ~~94106L109~~91913Y100 34,~~283~~683 ~~113~~59,~~796~~192 SOLE NONE ~~113~~59,~~796~~192 ~~WATERS~~VALLEY ~~CORP~~NATL BANCP COM ~~USD0.01~~NPV COM ~~941848103~~919794107 ~~1,108~~424 3018,~~969~~138 SOLE NONE 3018,~~969~~138 ~~WATSON~~VARIAN ~~PHARMS~~MEDICAL ~~INC~~SYSTEMS COM ~~USD~~USD1 ~~0.0033~~ COM ~~942683103~~92220P105 ~~837~~1,217 2732,~~243~~593 SOLE NONE 2732,~~243~~593 ~~WEATHERFORD~~VERISIGN ~~INTL~~- COM ~~USD1~~USD0.001 ~~(BERMUDA REG)~~ COM ~~G95089101~~92343E102 1,~~473~~487 2551,~~418~~709 SOLE NONE 2551,~~418~~709 ~~WEBMD~~VERIZON ~~CORP~~COMMUNICATIONS COM STK USD0.~~0001~~10 COM ~~94769M105~~92343V104 ~~331~~20,435 38591,~~970~~456 SOLE NONE 38591,~~970~~456 ~~WELLPOINT~~VIACOM INC CLASS 'B'N/V COM ~~USD0~~US$0.01 ~~COM~~CL ~~94973V107~~B 7N/V 925524308 9,~~858~~242 62288,~~688~~646 SOLE NONE 62288,~~688~~646 ~~WELLS~~VIAD ~~FARGO~~CORP ~~& CO~~ COM USD1.5 ~~2/3~~ COM ~~949746101~~92552R406 ~~23,131~~11 ~~386,814~~375 SOLE NONE ~~386,814~~375 ~~WENDYS~~VORNADO ~~INTL~~REALTY ~~INC~~TR COM ~~STK~~USD0.04 ~~NPV~~ COM ~~950590109~~929042109 ~~963~~1,620 2420,~~662~~148 SOLE NONE 2420,~~662~~148 ~~WESCO~~VULCAN ~~FINANCIAL~~MATERIALS CPCOM ~~CAP~~ USD1 ~~CAP~~COM ~~950817106~~929160109 231,986 6130,555 SOLE NONE 6130,555 ~~WESTWOOD~~WACHOVIA ~~ONE~~CORP ~~INC~~ COM ~~USD0.01~~USD3 1/3 COM ~~961815107~~929903102 ~~199~~15,711 9316,~~757~~751 SOLE NONE 9316,~~757~~751 ~~WEYERHAUSER~~WAL-MART COSTORES COM ~~USD1~~USD0.2510 COM ~~962166104~~931142103 230,~~982~~780 43638,~~536~~583 SOLE NONE 43638,~~536~~583 ~~WHIRLPOOL~~WALGREEN ~~CORP~~CO COM ~~USD1~~USD0.78125 COM ~~963320106~~931422109 28,~~189~~727 32189,~~321~~751 SOLE NONE 32189,~~321~~751 ~~WHITE~~WALT ~~MOUNTAINS~~DISNEY ~~INSURANCE~~CO DISNEY COM ~~USD1~~USD0.01 COM ~~198510232~~254687106 ~~688~~9,408 1373,~~131~~615 SOLE NONE 1373,~~131~~615 ~~WHOLE~~WASHINGTON ~~FOODS~~MUTUAL ~~MARKET~~ COM NPV COM ~~966837106~~939322103 16,~~181~~784 11166,~~566~~719 SOLE NONE 11166,~~566~~719 ~~WILLIAMS~~WASHINGTON ~~COS~~POST ~~INC~~CLASS B COM USD1 ~~COM~~CL ~~969457100~~B ~~2,503~~939640108 ~~133~~850 1,~~055~~018 SOLE NONE ~~133~~1,~~055~~018 ~~WILLIAMS-SONOMA~~WASTE INMANAGEMENT COM USD0.01 COM ~~969904101~~94106L109 ~~697~~3,202 18113,~~974~~002 SOLE NONE 18113,~~974~~002

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS ~~SOLE~~ SHS -------------- -------- -----~~----~~ -------- -------- ---------- -------- ----------- WATERS CORP COM USD0.01 COM 941848103 1,112 29,920 SOLE NONE 29,920 WATSON PHARMS INC COM USD 0.0033 COM 942683103 561 18,982 SOLE NONE 18,982 WEATHERFORD INTL COM USD1 (BERMUDA REG) COM G95089101 1,411 24,343 SOLE NONE 24,343 WEBMD CORP COM USD0.0001 COM 94769M105 400 38,970 SOLE NONE 38,970 WELLPOINT COM USD0.01 COM 94973V107 8,055 115,666 SOLE NONE 115,666 WELLS FARGO & CO COM USD1 2/3 COM 949746101 21,871 355,163 SOLE NONE 355,163 WENDYS INTL INC COM STK NPV COM 950590109 1,175 24,662 SOLE NONE 24,662 WESCO FINANCIAL CP CAP USD1 CAP 950817106 22 61 SOLE NONE 61 WESTWOOD ONE INC COM USD0.01 COM 961815107 199 9,757 SOLE NONE 9,757 WEYERHAUSER CO COM USD1.25 COM 962166104 2,681 42,127 SOLE NONE 42,127 WHIRLPOOL CORP COM USD1 COM 963320106 1,291 18,411 SOLE NONE 18,411 WHITE MOUNTAINS INSURANCE COM USD1 COM 198510232 714 1,131 SOLE NONE 1,131 WHOLE FOODS MARKET COM NPV COM 966837106 1,341 11,341 SOLE NONE 11,341 WILLIAMS COS INC COM USD1 COM 969457100 2,528 133,034 SOLE NONE 133,034 WILLIAMS-SONOMA IN COM USD0.01 COM 969904101 772 19,507 SOLE NONE 19,507 WILLIS GROUP HOLDI COM USD0.000115 COM G96655108 2321 637 SOLE NONE 637 WINN DIXIE STORES COM USD1 COM 974280109 7790 82,680 SOLE NONE 82,680 WIRELESS EXCESSORIES COM USD0.001 COM 97652L100 ~~122~~262 43,423 SOLE NONE 43,423 WISCONSIN ENERGY COM USD0.01 COM 976657106 ~~949~~1,102 2628,~~730~~259 SOLE NONE 2628,~~730~~259 WRIGHT MEDICAL GROUP COM USD 0.01 COM 98235T107 ~~384~~427 16,000 SOLE NONE 16,000 WRIGLEY (WILL) JNR COM NPV COM 982526105 1,~~693~~777 25,820 SOLE NONE 25,820 WYETH COM USD0.333 COM 983024100 1011,~~694~~648 ~~253~~261,~~535~~764 SOLE NONE ~~253~~261,~~535~~764 WYNN RESORTS LTD COM USD0.01 COM 983134107 204 4,321 SOLE NONE 4,321 XCEL ENERGY INC COM USD0.01 COM 98389B100 1,~~100~~758 6490,~~018~~058 SOLE NONE 6490,~~018~~058 XEROX CORP COM STK US $ 1.00 COM 984121103 21,~~273~~999 ~~150~~144,~~047~~954 SOLE NONE ~~150~~144,~~047~~954 XILINX INC COM USD0.01 COM 983919101 21,~~023~~657 6964,~~215~~986 SOLE NONE 6964,~~215~~986 XL CAP LTD CLASS'A'COM USD0.01 CL A G98255105 ~~555~~1,868 725,~~672~~099 SOLE NONE 725,~~672~~099 XM SATELLITE RADIO CLASS A COM USD0.01 CL A 983759101 1,~~272~~574 4046,~~212~~749 SOLE NONE 4046,~~212~~749 YAHOO INC COM USD0.001 COM 984332106 7,~~544~~398 ~~222~~213,~~547~~520 SOLE NONE ~~222~~213,~~547~~520 YUM BRANDS INC COM NPV COM 988498101 54,~~256~~356 ~~101~~83,~~451~~631 SOLE NONE ~~101~~83,~~451~~631 ZIMMER HOLDINGS INC COM USD 0.01 COM 98956P102 34,~~765~~015 4852,~~387~~716 SOLE NONE 4852,~~387~~716 ZIONS BANCORP COM NPV COM 989701107 1,~~416~~464 2019,~~521~~908 SOLE NONE 2019,~~521~~908 --------- 2,~~625~~621,~~314~~558

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