13F-HR 1 d13fhr.txt FORM 13-F ------------------------------- | OMB APPROVAL | ------------------------------- | OMB Number: 3235-0006 | | Expires: October 31, 2003 | | Estimated average | | burden hours per | | response: ......... 24.60 | ------------------------------- ------------------------------- | SEC USE ONLY | ------------------------------- | | | | | | ------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F INFORMATION REQUIRED OF INSTITUTIONAL INVESTMENT MANAGERS PURSUANT TO SECTION 13(f) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULES THEREUNDER Report for the Calendar Year of Quarter Ended 30th June, 2003. If amended report check here: |_| DnB ASSET MANAGEMENT (US), INC. -------------------------------------------------------------------------------- Name of Institutional Investment Manager 52 Vanderbilt Ave., 12th Fl. New York NY 10017 -------------------------------------------------------------------------------- Business Address (Street) (City) (State) (Zip) STEFAN L. CARLSSON 212-551-9800 PRESIDENT -------------------------------------------------------------------------------- Name, Phone No., and Title of Person Duly Authorized to Submit This Report. ATTENTION -------------------------------------------------------------------------------- Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). -------------------------------------------------------------------------------- The institutional investment manager submitting this Form and its attachments and the person by whom it is signed represent hereby that all information contained therein is true, correct and complete. It is understood that all required items, statements and schedules are considered integral parts of this Form and that the submission of any amendment represents that all unamended items, statements and schedules remain true, correct and complete as previously submitted. Pursuant to the requirements of Securities Exchange Act of 1934, the undersigned institutional investment manager has caused this report to be signed on its behalf in the City of NEW YORK and State of NY on the 7th day of August, 2003. DnB ASSET MANAGEMENT (US), INC. ------------------------------------------ (Name of Institutional Investment Manager) /s/ STEFAN L. CARLSSON ------------------------------------------ (Manual Signature of Person Duly Authorized to Submit This Report) Name and 13F file numbers of ALL Institutional Investment Managers with respect to which this schedule is filled (other than the one filing this report): (List in alphabetical order). 13F File Numbers will be assigned to Institutional Investment Managers after they file their first report. Name: 13F File No.: Name: 13F File No.: -------------------------------------- -------------------------------------- 1. 6. -------------------------------------- -------------------------------------- 2. 7. -------------------------------------- -------------------------------------- 3. 8. -------------------------------------- -------------------------------------- 4. 9. -------------------------------------- -------------------------------------- 5. 10. -------------------------------------- -------------------------------------- FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 166 Form 13F Information Table Value Total: 3,803,455,760

Item 1 Item 2 Item 3 Item 4 Item 5 Item 6: Investment Discretion Item 7: Managers Voting ~~Discretion~~ Authority ~~Title of Shared~~ Name of Sec ~~Class~~Title of Cusip No Fair Mv SH/PRN Sole Shared Shared Other Sole Shared None Class (a) ~~Shared~~(b) ~~Other~~(c) ~~Sole~~(a) ~~Shared~~(b) ~~None~~(c) ~~-----------------------------------------------------------------------------------------------------------------------------------~~Quotation currency: USD 3M Co ~~Common~~COMMON 88579Y101 1925,~~662~~386,~~651~~488.50 ~~159,470~~196825 SOLE ~~159,470~~196825 Abbott Laboratories ~~Common~~COMMON 002824100 23669,~~469,200~~528.00 ~~586,730~~15300 SOLE ~~586,730~~15300 Adobe Systems Inc ~~Common~~COMMON 00724F101 ~~530~~13,~~742 21~~867,~~400~~068.00 432400 SOLE 21432400 AdvancePCS COMMON 00790K109 35,~~400~~306,662.50 923050 SOLE 923050 Affiliated Computer Services-A ~~Common~~COMMON 008190100 1021,~~393~~975,~~373~~368.58 ~~197,405~~480546 SOLE ~~197,405~~480546 Aflac Inc. ~~Common~~COMMON 001055102 1242,~~217~~593,~~244~~454.75 ~~405,619~~1385153 SOLE ~~405,619~~1385153 Agere Systems Inc ~~A Common 00845V209 24,385 16,934 SOLE 16,934 Agere Systems Inc~~ B ~~Common~~COMMON ~~00845V209~~00845V100 ~~581~~23,~~119~~975.91 ~~415,085~~10424 SOLE ~~415,085~~10424 ~~Agilent Technologies Inc Common 00846U101 4,019,449 223,800 SOLE 223,800~~ Air Prods & Chem ~~Common~~COMMON 009158106 516,~~868~~939,~~934~~020.80 ~~137,285~~407188 SOLE ~~137,285~~407188 ~~Albertson's Inc Common 013104104 4,150,711 186,465 SOLE 186,465~~ ALCOA Inc ~~Common~~COMMON 013817101 826,~~326~~574,~~773~~850.50 ~~365,530~~1042151 SOLE ~~365,530~~1042151 Allstate Corp ~~Common~~COMMON 020002101 10265,~~497,946 283,805 SOLE 283,805 Alltel Corporation Common 020039103 1,060,800 20,800 SOLE 20,800 Ameren Corporation Common 313400301 6,~~236~~,746~~.00 ~~150,030~~7440 SOLE ~~150,030~~7440 American ~~Electric Power Common 025537101 4,824,018 176,510 SOLE 176,510 American~~ Express Co ~~Common~~COMMON 532716107 2452,~~228~~553,~~362~~539.41 ~~685,385~~1256961 SOLE ~~685,385~~1256961 American Intl Group Inc ~~Common~~COMMON 026874107 5795,~~149~~705,~~493~~516.32 ~~987,891~~1734424 SOLE ~~987,891~~1734424 Amgen Inc ~~Common~~COMMON 031162100 2536,~~654~~014,~~280~~186.04 ~~530,705~~546166 SOLE ~~530,705~~546166 Anadarko Petroleum ~~Common~~COMMON 032511107 1217,~~817~~870,~~799~~847.61 ~~267,595~~401863 SOLE ~~267,595~~401863 Analog Devices ~~Common~~COMMON ~~313400301~~023608102 71,~~979~~818,~~503~~439.68 ~~334,290~~52224 SOLE ~~334,290~~52224 Anheuser-Busch Companies Inc. ~~Common~~COMMON 035229103 19539,~~676,536~~598.50 ~~406,540~~10570 SOLE ~~406,540~~10570 AOL Time Warner Inc ~~Common~~COMMON 00184A105 2331,~~660~~406,~~958~~006.64 ~~1,806,180~~1951896 SOLE 11951896 Apache Corp COMMON 037411105 16,~~806~~824,~~180~~581.06 258601 SOLE 258601 Applied Materials ~~Common~~COMMON 038222105 121,~~375~~193,~~398~~940.00 ~~949,762~~75375 SOLE ~~949,762~~75375 AT&T Corp ~~Common~~COMMON 001957109 712,~~580~~223,~~517~~268.75 ~~290,330~~634975 SOLE ~~290,330~~634975 AT&T Wireless services Inc ~~Common~~COMMON 00209A106 518,~~481~~078,~~121~~042.34 ~~970,110~~2201954 SOLE ~~970,110~~2201954 Automatic Data ~~Common~~COMMON 053015103 161,~~657~~544,~~150~~523.90 ~~424,386~~45615 SOLE ~~424,386~~45615 ~~Avery Dennison Corporation Common 053611109 6,739,568 110,340 SOLE 110,340~~ Avon Products ~~Common~~COMMON 054303102 7212,~~005,524~~413.00 ~~130,045~~3415 SOLE ~~130,045~~3415 Baker Hughes Inc. ~~Common~~COMMON 057224107 718,~~200~~942,~~742~~577.47 ~~223,695~~564271 SOLE ~~223,695~~564271 Bank of America ~~Common~~COMMON 060505104 4093,~~315~~077,~~815~~029.29 ~~579,500~~1177743 SOLE ~~579,500~~1177743 Bank of New York ~~Common~~COMMON 064057102 8268,~~872,508~~381.25 ~~370,305~~9335 SOLE ~~370,305~~9335 Bank One Corp ~~Common~~COMMON 06423A103 17462,~~400,906~~147.40 ~~476,085~~12430 SOLE ~~476,085~~12430 ~~Baxter~~Barr ~~International~~Laboratories Inc ~~Common~~COMMON ~~071813109~~068306109 79,~~180~~317,~~740~~375.00 ~~256,455~~142250 SOLE ~~256,455~~142250 ~~Becton~~Baxter ~~Dickinson~~International ~~Common~~Inc ~~075887109~~COMMON 5071813109 15,~~084~~323,~~720~~360.00 ~~165,680~~589360 SOLE ~~165,680~~589360 Bed Bath & Beyond Inc ~~Common~~COMMON 075896100 1673,~~948~~717,~~013~~937.76 ~~490,820~~1898968 SOLE ~~490,820~~1898968 Bellsouth Corp ~~Common~~COMMON 079860102 18485,~~095,548~~464.90 ~~699,480~~18230 SOLE ~~699,480~~18230 ~~Best~~BJ ~~Buy~~Services Co ~~Inc~~COMMON ~~Common~~532716107 ~~086516101 3~~17,~~256~~210,~~507~~668.56 ~~134,845~~460671 SOLE ~~134,845~~460671 ~~Biomet~~Boeing ~~Inc.~~CO ~~Common~~COMMON ~~313400301~~097023105 6288,~~657,574~~631.20 ~~232,295~~8410 SOLE ~~232,295~~8410 ~~Block~~Boston ~~H&R~~Scientific ~~Incorporated~~Corp ~~Common~~COMMON ~~093671105~~101137107 627,~~458~~225,~~130~~793.40 ~~160,650~~445594 SOLE ~~160,650~~445594 ~~Boeing CO Common 97023105 10,650,327 322,835 SOLE 322,835~~ Bristol Myers ~~Common~~COMMON 110122108 1821,~~048~~167,~~550~~959.05 ~~779,635~~779667 SOLE ~~779,635~~779667 ~~Broadcom~~Burlington ~~Corp~~North ~~Common~~COMMON ~~111320107~~12189T104 ~~187~~232,~~497~~212.60 ~~12,450~~8165 SOLE ~~12,450~~8165 Burlington ~~North~~Resources ~~Common~~Inc. ~~12189T104~~COMMON ~~8,134,757~~023608102 ~~312~~218,~~755~~172.45 4035 SOLE ~~312,755~~4035 ~~Burlington~~Cadence ~~Resources~~Design System Inc. ~~Common~~COMMON ~~313400301~~127387108 612,~~544~~181,~~642~~588.92 ~~153,450~~1010082 SOLE ~~153,450~~1010082 Capital One Financial Corp ~~Common~~COMMON 14040H105 577,~~729~~016,~~927~~470.16 ~~192,797~~1566012 SOLE ~~192,797~~1566012 Cardinal Health Inc ~~Common~~COMMON 14149Y108 233,~~468~~353,~~894~~695.10 ~~396,501~~52157 SOLE ~~396~~52157 Carnival Corp COMMON 143658102 54,~~501~~436,694.60 1674460 SOLE 1674460 Caterpillar Inc ~~Common~~COMMON 149123101 7247,~~743,597~~408.70 ~~169,370~~4445 SOLE ~~169~~4445 Celestica Inc. COMMON 884903105 539,~~370~~622.40 34240 SOLE 34240 Cendant Corp ~~Common~~COMMON 151313103 5231,~~075,569~~290.00 ~~484,310~~12625 SOLE ~~484,310~~12625 Charles Schwab Corp ~~Common~~COMMON 808513105 7186,~~943,719~~311.85 ~~732,140~~18465 SOLE ~~732,140~~18465 Chevron Texaco Corp ~~Common~~COMMON 166764100 27784,~~729,805~~814.00 ~~417,115~~10870 SOLE ~~417,115 Chubb Corp Common 171232101 4,555,755 87,275 SOLE 87,275~~10870

Item 1 Item 2 Item 3 Item 4 Item 5 Item 6: Investment Discretion Item 7: Managers Voting ~~Discretion~~ Authority ~~Title of Shared~~ Name of Sec ~~Class~~Title of Cusip No Fair Mv SH/PRN Sole Shared Shared Other Sole Shared None Class (a) ~~Shared~~(b) ~~Other~~(c) ~~Sole~~(a) ~~Shared~~(b) ~~None~~(c) ~~----------------------------------------------------------------------------------------------------------------------------------- Cigna Corp Common 313400301 3,687,847 89,685 SOLE 89,685~~ Cisco Systems Inc ~~Common~~COMMON 17275R102 4935,~~852~~155,~~115~~590.39 ~~3,805,505~~2093841 SOLE ~~3,805,505~~2093841 Citigroup ~~Common~~COMMON 172967101 84163,~~239~~251,~~686~~654.80 ~~2,393,853~~3814291 SOLE ~~2,393,853~~3814291 Clear Channel Communications ~~Common~~COMMON 184502102 1523,~~954~~420,~~116~~305.44 ~~427,839~~552496 SOLE ~~427~~552496 Coach Inc. COMMON 189754104 38,~~839~~249,313.90 768985 SOLE 768985 Coca-Cola Co ~~Common~~COMMON 191216100 35991,~~942,040~~549.65 ~~820,220~~21365 SOLE ~~820,220~~21365 Colgate- Palmolive Co ~~Common~~COMMON 194162103 781,~~642~~318,~~826~~685.20 ~~145,772~~1403256 SOLE ~~145,772~~1403256 Comcast Corp ~~Common~~COMMON 20030N200 1120,~~097~~409,~~393~~526.80 ~~470,827~~676260 SOLE ~~470,827~~676260 Comcast Corp - Special Class A ~~Common~~COMMON 20030N200 1522,~~033~~462,~~328~~814.53 ~~665,486~~774847 SOLE ~~665,486~~774847 ~~Comerica~~Computer ~~Inc~~Sciences ~~Common~~Corporation ~~313400301~~COMMON ~~4,423,452~~205363104 ~~102~~25,~~300 SOLE 102~~322,~~300~~353.60 ~~Conagra~~664280 ~~Foods Inc Common 205887102 7,331,431 293,140~~ SOLE ~~293,140~~664280 ~~Concord~~Conoco ~~EFS~~Phillips ~~Inc~~COMMON ~~Common~~718507106 ~~206197105 6~~23,~~579~~821,~~556 418,015 SOLE 418,015 Consolidated Edison Inc~~231.20 ~~Common~~434694 ~~313400301 6,414,437 149,800~~ SOLE ~~149,800~~434694 Costco Wholesale ~~Common~~COMMON 22160K105 6216,~~326,969~~306.00 ~~225,480~~5910 SOLE ~~225,480~~5910 ~~CVS Corp Common 126650100 5,623,494 225,210 SOLE 225,210 Deere & Co Common 244199105 6,716,337 146,485 SOLE 146,485 Del Monte Foods Co Common 423074103 652,391 84,726 SOLE 84,726~~ Dell Computer Corporation ~~Common~~COMMON 247025109 3319,~~930~~937,~~652~~284.64 ~~1,268,910~~626171 SOLE ~~1,268,910~~626171 Delphi Corp ~~Common~~COMMON 247126105 388,~~184,379~~716.40 ~~395,575~~10280 SOLE ~~395,575~~10280 Dominion Resources Inc/Va ~~Common~~COMMON 25746U109 7239,~~781,801~~084.40 ~~141,745~~3720 SOLE ~~141,745~~3720 ~~Dover Corporation Common 260003108 5,372,439 184,240 SOLE 184,240~~ Dow Chemical Co ~~Common~~COMMON 260543103 12333,~~267,882~~439.20 ~~413,060~~10770 SOLE ~~413,060~~10770 ~~DTE Energy Company Common 313400301 6,501,800 140,125 SOLE 140,125~~ Du Pont ~~Common~~COMMON 263534109 1731,~~526~~886,~~888~~746.08 ~~413,370~~765772 SOLE ~~413,370~~765772 Duke Energy Corp ~~Common~~COMMON 264399106 710,~~404~~208,~~879~~395.05 ~~378,960~~511699 SOLE ~~378,960~~511699 ~~Eastman Kodak Co Common 277461109 7,251,879 206,960 SOLE 206,960~~ El Paso Corp ~~Common~~COMMON 28336L109 280,~~669,334 383,525 SOLE 383,525 Electronic Arts Inc~~921.20 ~~Common~~10015 ~~285512109 552,447 11,100~~ SOLE ~~11,100~~10015 Electronic Data System ~~Common~~COMMON 285661104 43,~~612~~722,~~016~~239.95 ~~250,245~~173531 SOLE ~~250,245~~173531 Eli Lilly and Co ~~Common~~COMMON 532457108 25709,~~097,104~~011.60 ~~395,230~~10280 SOLE ~~395,230~~10280 EMC Corp ~~Common~~COMMON 268648102 7345,~~773,793~~667.05 ~~1,266,090~~33015 SOLE ~~1,266,090~~33015 Emerson Electric ~~Common~~COMMON 291011104 12318,~~105,096~~097.50 ~~238,055~~6225 SOLE ~~238,055~~6225 Entergy Corp ~~Common~~COMMON 29364G103 631,~~458~~333,~~507~~797.04 ~~141,665~~593668 SOLE ~~141,665~~593668 ~~Equity~~Estee ~~Office~~Lauder ~~Properties~~Co's ~~Trust~~Inc. ~~Common~~COMMON ~~294741103~~518439104 557,~~978~~102,~~089~~897.67 ~~239,315~~1703039 SOLE ~~239,315~~1703039 Exelon Corp ~~Common~~COMMON 30161N101 8250,~~411,011~~902.95 ~~159,390~~4195 SOLE ~~159,390~~4195 Exxon Mobil Corp ~~Common~~COMMON 30231G102 95139,~~268~~153,~~627~~225.05 ~~2,726,635~~3875055 SOLE ~~2,726,635~~3875055 Family Dollar Stores ~~Common~~COMMON 307000109 336,~~389~~716,~~219~~399.30 ~~108,594~~962422 SOLE ~~108,594~~962422 Fannie Mae ~~Common~~COMMON 313586109 3288,~~612~~235,~~737~~393.76 ~~506,960~~1308354 SOLE ~~506,960~~1308354 FedEx Corporation ~~Common~~COMMON 31428X106 8267,~~896,689~~659.45 ~~164,085~~4315 SOLE ~~164,085~~4315 Fifth Third Bancorp ~~Common~~COMMON 316773100 201,~~937~~077,~~891~~888.24 ~~357,607~~18772 SOLE ~~357,607~~18772 First Data Corp ~~Common~~COMMON 319963104 2147,~~958~~094,~~627~~695.20 ~~620,125~~1136455 SOLE ~~620,125~~1136455 ~~Fiserv~~FleetBoston ~~Inc~~Finl ~~Common~~COMMON ~~313400301~~339030108 5346,~~233,393~~121.50 ~~154,150~~11650 SOLE ~~154,150~~11650 ~~FleetBoston~~Ford ~~Finl~~Motor ~~Common~~Co ~~339030108~~COMMON ~~10,852,745~~345370860 ~~446~~244,~~615~~967.10 22290 SOLE ~~446,615~~22290 ~~Ford~~Fox ~~Motor~~Entertainment CoGroup ~~Common~~Inc-A ~~345370860~~COMMON 735138T107 8,~~947~~332,~~268~~932.42 ~~854,545~~289539 SOLE ~~854~~289539 Freddie Mac COMMON 023608102 334,~~545~~828.15 ~~Fortune~~6595 ~~Brands~~SOLE 6595 Gannett Co Inc COMMON 364730101 270,371.20 ~~Common~~3520 ~~313400301~~SOLE 53520 General Electric COMMON 369604103 129,~~400~~183,~~276~~352.68 ~~116,110~~4504301 SOLE ~~116~~4504301 General Motors H COMMON 370442832 142,~~110~~959.60 ~~Fox~~11160 ~~Entertainment~~SOLE ~~Group~~11160 ~~Inc-A~~Genzyme ~~Common~~General ~~35138T107~~COMMON ~~272,265~~372917104 1015,~~500~~470,702.52 369582 SOLE 10369582 Gillette Co COMMON 375766102 343,~~500~~769.40 ~~FPL~~10790 SOLE 10790 Goldman Sachs Group Inc. ~~Common~~COMMON ~~302571104~~539830109 6212,~~572,209~~306.25 ~~109,300~~2535 SOLE ~~109,300~~2535 ~~Freddie~~Guidant ~~Mac~~Corporation ~~Common~~COMMON ~~313400301~~401698105 15219,~~359,791~~508.55 ~~260,115~~4945 SOLE ~~260,115~~4945 ~~Gannett~~Halliburton Co COMMON 406216101 222,525.00 9675 SOLE 9675 Harley Davidson Inc. ~~Common~~COMMON ~~364730101~~412822108 91,~~628~~272,~~380~~331.20 ~~134,100~~31920 SOLE ~~134,100~~31920 ~~General~~Hewlett ~~Dynamics~~Packard ~~Common~~COMMON ~~982526105~~428236103 544,~~432~~154,~~082~~197.10 ~~68,440~~2072967 SOLE ~~68,440~~2072967 ~~General~~Home ~~Electric~~Depot ~~Common~~Incorporated ~~369604103~~COMMON ~~105,811,098~~437076102 442,~~345~~859,~~425~~764.00 1294075 SOLE 41294075 IBM COMMON 459200101 42,~~345~~429,~~425~~007.50 ~~General~~514291 ~~Mills~~SOLE ~~Inc~~514291 ~~Common~~Illinois ~~370334104~~Tool ~~7,444,392~~Works ~~158~~COMMON 452308109 223,~~560~~890.00 3400 SOLE ~~158,560~~3400

Item 1 Item 2 Item 3 Item 4 Item 5 Item 6: Investment Discretion Item 7: Managers Voting ~~Discretion~~ Authority ~~Title of Shared~~ Name of Sec ~~Class~~Title of Cusip No Fair Mv SH/PRN Sole Shared Shared Other Sole Shared None Class (a) ~~Shared~~(b) ~~Other~~(c) ~~Sole~~(a) ~~Shared~~(b) ~~None~~(c) ~~-----------------------------------------------------------------------------------------------------------------------------------~~Intel ~~General~~Corporation ~~Motors~~COMMON H458140100 ~~Common 370442832 4~~36,~~572~~679,~~912~~726.81 ~~427,375~~1762601 SOLE ~~427,375~~1762601 ~~Genuine~~Intersil ~~Parts~~Corp Co- ~~Common~~Cl ~~372460105~~A 7COMMON 46069S109 3,~~183~~533,~~638~~674.95 ~~233,235~~132795 SOLE ~~233,235~~132795 ~~Gillette~~Intuit CoInc ~~Common~~COMMON ~~375766102~~461202103 1216,~~592~~167,~~721~~633.80 ~~414,780~~362503 SOLE ~~414,780~~362503 GMJohnson&Johnson ~~Common~~COMMON ~~370442105~~478160104 773,~~779~~205,~~119~~855.80 ~~211,045~~1415974 SOLE ~~211,045~~1415974 ~~Goldman~~JP ~~Sachs~~Morgan ~~Group~~Chase ~~Inc.~~COMMON ~~Common~~46625H100 ~~539830109 6~~60,~~806~~088,~~595~~440.00 ~~99,950~~1758000 SOLE ~~99,950~~1758000 ~~Guidant~~Kimberly ~~Corporation~~Clark ~~Common~~COMMON ~~401698105~~494368103 5290,~~816,767~~419.80 ~~188,550~~5570 SOLE ~~188,550~~5570 ~~Halliburton~~L-3 CoCommunications ~~Common~~Holdings ~~406216101~~COMMON 6502424104 20,~~945~~349,~~900~~318.92 ~~371,240~~467908 SOLE ~~371,240~~467908 ~~Harley~~Lehman ~~Davidson~~Bros Holdings Inc. ~~Common~~COMMON ~~412822108~~539830109 14226,~~892,339~~032.00 ~~322,345~~3400 SOLE ~~322,345~~3400 ~~Hartford~~Liberty ~~Finl~~Media ~~Common~~Corp ~~416515104~~COMMON 535138T107 15,~~643~~406,~~087~~277.88 ~~124,215~~1332723 SOLE ~~124,215~~1332723 ~~HCA~~Linear ~~Inc~~Technology ~~Common~~Corporation ~~404119109~~COMMON ~~9,138,922~~535678106 ~~220~~977,~~215~~260.78 30181 SOLE ~~220,215~~30181 ~~Heinz~~Lockheed ~~(H.J.)~~Martin ~~Co.~~Corp ~~Common~~COMMON ~~423074103~~539830109 6217,~~366,919~~394.90 ~~193,700~~4570 SOLE ~~193,700~~4570 ~~Hewlett~~Lowes ~~Packard~~Cos ~~Common~~Inc ~~428236103~~COMMON ~~21,677,780~~548661107 1374,~~248,720~~094.50 8710 SOLE ~~1,248,720~~8710 ~~Home~~Lucent ~~Depot~~Technologies ~~Incorporated~~Inc ~~Common~~COMMON ~~437076102~~00845V100 20111,~~351,121~~924.05 ~~849,379~~55135 SOLE ~~849,379~~55135 ~~Household~~M&T ~~Intl~~Bank ~~Common~~Corporation ~~441815107~~COMMON ~~5,882,371~~55261F104 ~~211~~35,~~520 SOLE 211~~785,~~520~~667.54 ~~IBM~~424907 ~~Common 459200101 64,050,650 826,460~~ SOLE ~~826,460~~424907 ~~Illinois~~Marsh ~~Tool~~& ~~Works~~Mclennan ~~Common~~COMMON ~~452308109~~571748102 859,~~382~~731,~~831~~369.86 ~~129,245~~1169598 SOLE ~~129,245~~1169598 ~~Ingersoll-Rand~~MBNA ~~Co.~~Corp ACOMMON ~~Common~~55262L100 ~~539830109 5~~263,~~327,168~~563.48 ~~123,715~~12647 SOLE ~~123,715~~12647 ~~Intel~~Mc ~~Corporation~~Graw ~~Common~~Hill ~~458140100~~Cos ~~48,718,530~~Inc ~~3,129,000~~COMMON ~~SOLE~~580645109 3218,~~129,000 International Paper Co~~550.00 ~~Common~~3525 ~~460146103 6,651,293 190,200~~ SOLE ~~190,200~~3525 ~~Interpublic~~McDonald's ~~Group~~Corp ~~Common~~COMMON ~~460690100~~580135101 4352,~~056,800~~960.00 ~~288,125~~16000 SOLE ~~288,125~~16000 ~~Intersil~~McKesson Corp -COMMON Cl58155Q103 ~~A Common 46069S109 790~~60,~~398 56~~165,~~700~~609.50 1683425 SOLE ~~56,700~~1683425 ~~Johnson~~Medtronic ~~Controls~~ Inc ~~Common~~COMMON ~~539830109~~585055106 63,~~269~~613,~~294~~867.92 ~~78,200~~75336 SOLE ~~78,200~~75336 ~~Johnson~~Merck &~~Johnson~~ ~~Common~~Co ~~478160104~~Inc ~~75,603,538~~COMMON 1589331107 47,~~407~~430,~~625~~752.60 783332 SOLE ~~1,407,625~~783332 JPMerrill ~~Morgan~~Lynch ~~Chase~~Co ~~Common~~COMMON ~~46625H100~~590188108 19454,~~480,800~~429.80 ~~811,700~~9735 SOLE ~~811,700~~9735 ~~Keycorp~~Micron ~~Common~~Technology ~~493267108~~Inc 6COMMON 595112103 14,~~037~~887,~~120~~609.52 ~~240,140~~1280104 SOLE ~~240,140~~1280104 ~~Kimberly~~Microsoft ~~Clark~~Corporation ~~Common~~COMMON ~~494368103~~594918104 10137,~~071~~677,~~473~~056.80 ~~212,165~~5369620 SOLE ~~212,165~~5369620 ~~KLA-Tencor~~Morgan ~~Corporation~~Stanley ~~Common~~Com ~~482480100~~COMMON 474407HHT6 1,~~506~~590,~~845~~770.25 ~~127,420~~37211 SOLE ~~127,420~~37211 ~~Kohls~~Motorola ~~Corporation~~Inc ~~Common~~COMMON ~~500255104~~620076109 16262,~~390,105~~106.85 ~~292,942~~27795 SOLE ~~292,942~~27795 ~~Kroger~~National ~~Company~~City ~~Common~~Corp ~~501044101~~COMMON ~~5,666,442~~635405103 ~~366~~219,~~760~~157.00 6700 SOLE ~~366,760~~6700 ~~L-3~~Nortel ~~Communications~~Networks ~~Holdings~~Corp ~~Common~~COMMON ~~502424104~~866796105 6471,~~938,460~~463.20 ~~154,497~~174616 SOLE ~~154,497~~174616 ~~Lehman~~Occidental ~~Bros~~Petroleum ~~Holdings~~Corp ~~Inc.~~COMMON ~~Common~~674599105 ~~539830109 7~~20,~~161~~938,~~377~~487.90 ~~134,385~~624098 SOLE ~~134,385~~624098 ~~Liberty~~Omnicom ~~Media~~Group ~~Corp~~Inc ~~Common~~COMMON ~~35138T107~~681919106 ~~10,216,721~~ 1,~~142~~789,~~810~~703.70 24961 SOLE ~~1,142,810~~24961 ~~Linear~~Oracle ~~Technology~~ Corporation ~~Common~~COMMON ~~535678106~~68389X105 105,~~183~~025,~~704~~824.70 ~~395,945~~418470 SOLE ~~395,945~~418470 ~~Lockheed~~OSI ~~Martin~~Pharmaceuticals ~~Corp~~Inc ~~Common~~COMMON ~~539830109~~896263100 1013,~~070~~042,~~734~~191.40 ~~174,385~~405037 SOLE ~~174,385~~405037 ~~Lowes~~Paychex ~~Cos~~ Inc ~~Common~~COMMON ~~548661107~~704326107 1229,~~513~~656,~~562~~097.06 ~~333,695~~1009054 SOLE ~~333,695~~1009054 ~~Lucent~~Pepsico ~~Technologies~~ Inc ~~Common~~COMMON ~~00845V209~~713448108 2120,~~665~~858,~~523~~351.00 ~~2,115,495~~2715918 SOLE ~~2,115,495~~2715918 ~~M&T~~Pfizer ~~Bank~~Incorporated ~~Corporation~~COMMON ~~Common~~717081103 ~~55261F104 3~~196,~~861~~524,~~807~~336.85 ~~48,668~~5754739 SOLE ~~48,668~~5754739 ~~Marathon~~Polycom ~~Oil~~Incorporated ~~Corp~~COMMON ~~Common~~73172K104 ~~565849106 5~~11,~~345~~114,~~813~~541.90 ~~251,095~~801915 SOLE ~~251,095~~801915 ~~Marriott~~PPG ~~International~~Industries Inc. ~~Common~~COMMON ~~571903202~~693506107 610,~~395~~951,~~680~~721.60 ~~194,575~~215840 SOLE ~~194,575~~215840 ~~Marsh~~Procter & ~~Mclennan~~Gamble ~~Common~~COMMON ~~571748102~~518439104 17116,~~000~~386,~~427~~499.32 ~~367,895~~1305074 SOLE ~~367,895~~1305074 ~~Masco~~Qualcomm ~~Corp.~~Inc ~~Common~~COMMON ~~574599106~~747525103 59,~~437~~368,~~215~~216.00 ~~258,300~~262048 SOLE ~~258,300~~262048 ~~Maxim~~RF ~~integrated~~Micro ~~Products~~Devices ~~Common~~Inc ~~57772K101~~COMMON 6749941100 8,~~593~~130,~~297~~790.00 ~~199,555~~1378100 SOLE ~~199,555~~1378100 ~~May~~SBC ~~Dept~~Communications ~~Stores~~Inc ~~Common~~COMMON ~~577778103~~78387G103 462,~~069~~046,~~873~~182.10 ~~177,105~~2428422 SOLE ~~177,105~~2428422 ~~MBNA~~Schering- Plough Corp ~~Common~~COMMON ~~55262L100~~806605101 929,~~557~~352,~~341~~771.60 ~~502,489~~1578106 SOLE ~~502,489~~1578106 McSchlumberger ~~Graw~~Ltd ~~Hill~~COMMON ~~Cos~~806857108 ~~Inc Common 580645109 8~~16,~~161~~233,~~818~~119.79 ~~135,040~~341247 SOLE ~~135,040~~341247 ~~McDonald's~~Solectron Corp ~~Common~~COMMON ~~580135101~~834182107 975,~~860,417~~155.30 ~~613,210~~20095 SOLE ~~613,210~~20095 ~~McKesson~~Southern ~~Corp~~Co/The ~~Common~~COMMON ~~58155Q103~~842587107 429,~~490~~521,~~900~~015.16 ~~166,145~~947401 SOLE ~~166,145~~947401 ~~Medtronic~~Sun Microsystem Inc ~~Common~~COMMON ~~585055106~~866810104 31213,~~184,335~~411.75 ~~683,867~~45895 SOLE ~~683,867~~45895 ~~Mellon~~Sysco ~~Financial~~Corporation ~~corp~~COMMON ~~Common~~871829107 ~~743263105 6~~66,~~691~~285,~~079~~603.12 ~~256,265~~2206578 SOLE ~~256,265~~2206578 ~~Merck~~Target &Corp. CoCOMMON ~~Inc~~87612E106 ~~Common 589331107 48~~366,~~431,553~~669.60 ~~855,530~~9690 SOLE ~~855,530 Merrill Lynch Co Common 590188108 14,670,141 386,565 SOLE 386,565~~9690

Item 1 Item 2 Item 3 Item 4 Item 5 Item 6: Investment Discretion Item 7: Managers Voting ~~Discretion~~ Authority ~~Title of Shared~~ Name of Sec ~~Class~~Title of Cusip No Fair Mv SH/PRN Sole Shared Shared Other Sole Shared None Class (a) ~~Shared~~(b) ~~Other~~(c) ~~Sole~~(a) ~~Shared~~(b) ~~None~~(c) ~~-----------------------------------------------------------------------------------------------------------------------------------~~Tenet ~~Micron~~Healthcare ~~Technology Inc Common 595112103 2,708,450 278,075 SOLE 278,075 Microsoft~~ Corporation ~~Common~~COMMON ~~594918104~~88033G100 ~~114,479,053~~ 2,~~214~~230,~~295~~182.80 ~~SOLE~~191432 ~~2,214,295 Monsanto Co Common 61166W101 1,645,337 85,472~~ SOLE ~~85,472~~191432 ~~Morgan~~Texas ~~Stanley~~Instruments ~~Com Common 74407HHT6 21,928,258 549,305 SOLE 549,305 Motorola~~ Inc ~~Common~~COMMON ~~620076109~~882508104 9334,~~222,976~~664.00 ~~1,066,240~~19015 SOLE ~~1,066,240~~19015 ~~National~~Thomson ~~City~~ Corp ~~Common~~COMMON ~~635405103~~884903105 61,~~998~~397,~~837~~795.25 ~~256,180~~44445 SOLE ~~256,180~~44445 ~~Newell~~Tribune ~~Rubbermaid~~Co ~~Inc~~COMMON ~~Common~~896047107 ~~651229106 6~~10,~~406~~283,~~606~~408.10 ~~211,230~~212907 SOLE ~~211,230~~212907 ~~Northern~~Trimeris ~~Trust Corporation Common 665859104 6,431,499 183,495 SOLE 183,495 Occidental Petroleum Corp Common 674599105 7,187,324 252,630 SOLE 252,630 Omnicom Group~~ Inc ~~Common~~COMMON ~~681919106~~896263100 145,~~831~~332,~~643~~886.76 ~~229,592~~116898 SOLE ~~229,592~~116898 ~~Oracle~~Tyco ~~Corporation~~International ~~Common~~Ltd ~~68389X105~~COMMON ~~22,409,514~~902124106 221,~~074~~899,~~955~~465.64 ~~SOLE~~1153818 ~~2,074,955 Paychex Inc Common 704326107 10,541,875 377,845~~ SOLE ~~377,845~~1153818 ~~PeopleSoft~~Union ~~Inc~~Pacific ~~Common~~Corp ~~712713106~~COMMON ~~1,855,254~~907818108 ~~101~~219,~~380~~025.50 ~~SOLE~~3775 ~~101,380 Pepsico Inc Common 713448108 38,133,821 903,217~~ SOLE ~~903,217~~3775 ~~Pfizer~~United ~~Incorporated~~Parcel ~~Common~~Service ~~717081103~~- ~~85,388,124~~Cl ~~2,793,200~~B ~~SOLE~~COMMON ~~2,793,200~~31428X106 ~~Pharmacia Corporation (US) Common 71713U102 29~~30,~~819~~717,~~702~~222.90 ~~713,390~~482217 SOLE ~~713,390~~482217 ~~Pitney~~United ~~Bowes~~Technologies ~~Inc~~Corp ~~Common~~COMMON ~~724479100~~913017109 539,~~753~~749,~~059~~087.70 ~~176,150~~561190 SOLE ~~176,150~~561190 ~~PNC~~UnitedHealth ~~Financial Services~~ Group ~~Inc Common 693475105 6,350,783 151,570 SOLE 151,570 PPG Industries Inc Common 693506107 7,189,504 143,360 SOLE 143,360 Praxair~~ Incorporated ~~Common~~COMMON ~~74005P104~~91324P102 6379,~~764,000~~387.50 ~~117,085~~7550 SOLE ~~117,085~~7550 ~~Procter~~US &Bancorp ~~Gamble~~COMMON ~~Common~~902973304 ~~832696405 51~~487,~~375,104 597,802 SOLE 597,802 Progress Energy Inc~~182.50 ~~Common~~19885 ~~743263105 5,757,529 132,815~~ SOLE ~~132,815~~19885 ~~Public~~Veritas ~~Svc~~Software ~~E&G~~Corporation ~~Common~~COMMON ~~744573106~~923436109 4728,~~647,920~~800.16 ~~144,795~~25288 SOLE ~~144,795~~25288 ~~Qualcomm~~Verizon ~~Inc Common 747525103 11,687,558 321,175 SOLE 321,175 Raindance~~ Communications ~~Common~~COMMON ~~75086X106~~92343V104 7459,~~290 23~~951,~~000~~533.80 ~~SOLE~~1519684 ~~23,000 Raytheon Common 755111507 5,017,632 163,175~~ SOLE ~~163,175~~1519684 ~~Safeway~~Viacom Inc ~~Common~~A ~~786514208~~COMMON ~~5,464,021~~925524100 ~~233~~1,~~905 SOLE 233~~467,~~905~~227.50 ~~Sara~~33575 ~~Lee Corporation Common 803111103 8,403,884 373,340~~ SOLE ~~373,340~~33575 ~~SBC~~Viacom ~~Communications~~ Inc ~~Common~~B ~~78387G103~~COMMON ~~35,818,274~~925524308 137,~~321~~688,~~220~~927.42 ~~SOLE~~863237 ~~1,321,220 Schlumberger Ltd Common 806857108 12,024,692 285,690~~ SOLE ~~285,690~~863237 ~~Sears~~Wachovia ~~Roebuck Common 812387108 3,324,978 138,830 SOLE 138,830 Solectron~~ Corp ~~Common~~COMMON ~~834182107~~929903102 2550,~~736,570~~449.00 ~~770,865~~13775 SOLE ~~770,865~~13775 ~~Southern~~Walgreen Co~~/The~~ ~~Common~~COMMON ~~842587107~~9314422109 ~~8,961,871 315,670 SOLE 315,670 Sprint PCS Common 852061506~~ 1,~~271~~178,~~580~~234.40 ~~290,315~~39144 SOLE ~~290,315~~39144 ~~Staples~~Wal-Mart ~~Common~~Stores ~~855030102 5,407,833 295,510 SOLE 295,510 State Street Common 857477103 7,431,450 190,550 SOLE 190,550 Sun Microsystem~~ Inc ~~Common~~COMMON ~~866810104~~931142103 555,~~475~~131,~~637~~863.46 ~~1,760,655~~1027238 SOLE ~~1,760,655~~1027238 ~~Sun~~Walt ~~Trust~~Disney ~~Banks~~Co ~~Common~~COMMON ~~867914103~~254687106 6,~~832~~584,~~392~~946.25 ~~120,035~~333415 SOLE ~~120,035~~333415 ~~Sunguard~~Waste ~~Data~~Management ~~Systems~~Inc ~~Common~~COMMON ~~867363103~~94106L109 5591,~~219,011~~661.15 ~~221,520~~17570 SOLE ~~221,520~~17570 ~~Sysco~~Watson ~~Corporation~~Pharmaceuticals ~~Common~~Inc ~~871829107~~COMMON ~~17,187,937~~942683103 ~~576~~24,~~970 SOLE 576~~861,~~970 Taiwan Semiconductor ADR Common 874039100 262,471 37,230 SOLE 37,230 Target Corp~~824.13 ~~Common~~615849 ~~87612E110 11,152,500 371,750~~ SOLE ~~371,750~~615849 ~~Tenet~~Wells ~~Healthcare~~Fargo ~~Corporation~~Company ~~Common~~COMMON ~~88033G100~~949746101 3854,~~465,107~~028.00 ~~211,287~~16945 SOLE ~~211,287~~16945 ~~Texas~~Williams ~~Instruments~~Cos Inc ~~Common~~COMMON ~~882508104~~969457100 1195,~~569,784~~274.00 ~~770,805~~12060 SOLE ~~770,805~~12060 ~~Thomson~~Wyeth ~~Corp~~COMMON ~~Common~~983024100 ~~884903105 516~~75,~~156 19~~619,~~310~~513.65 ~~SOLE~~1660143 ~~19,310 TJX Companies Incorporated Common 872540109 5,765,622 295,370~~ SOLE ~~295,370~~1660143 ~~Transocean Inc Common G90078109 4~~3,~~383~~803,~~802 188~~455,~~957~~760.19 ~~SOLE 188~~106,~~957 Travelers Property & Casualty Common 89420G109 1~~616,~~244,767~~578 ~~84,967~~Total ~~SOLE~~Quotation ~~84,967~~currency: ~~Travelers Property & Casualty B Common 89420G109 2,557,480 174,572 SOLE 174,572 Tribune Co Common 896047107 7,013,796 154,285 SOLE 154,285 TXU Corp Common 873168108 2,506,015 134,155 SOLE 134,155~~USD

Item 1 Item 2 Item 3 Item 4 Item 5 Item 6: Investment Item 7: Managers Voting Discretion Authority Title of Shared Name of Sec Class Cusip No Fair Mv SH/PRN Sole(a) Shared(b) Other(c) Sole(a) Shared(b) None(c) ----------------------------------------------------------------------------------------------------------------------------------- Tyco International Ltd Common 902124106 14,797,173 866,345 SOLE 866,345 Union Pacific Corp Common 907818108 8,653,610 144,540 SOLE 144,540 United Parcel Service - Cl B Common 31428X106 18,662,849 295,860 SOLE 295,860 United Technologies Corp Common 913017109 11,797,402 190,465 SOLE 190,465 UnitedHealth Group Incorporated Common 91324P102 12,059,487 144,425 SOLE 144,425 Unocal Corporation Common 915289102 6,262,937 204,805 SOLE 204,805 US Bancorp Common 902973304 16,180,037 762,490 SOLE 762,490 Veritas Software Corporation Common 923436109 645,887 41,350 SOLE 41,350 Verizon Communications Common 92343V104 43,263,019 1,116,465 SOLE 1,116,465 Viacom Inc A Common 925524100 1,255,928 30,775 SOLE 30,775 Viacom Inc B Common 925524308 31,381,206 769,902 SOLE 769,902 Wachovia Corp Common 929903102 19,254,713 528,395 SOLE 528,395 Wal-Mart Stores Inc Common 931142103 66,210,530 1,310,840 SOLE 1,310,840 Walgreen Co Common 9314422109 14,354,618 491,765 SOLE 491,765 Walt Disney Co Common 254687106 14,005,070 858,680 SOLE 858,680 Washington Mutual Inc Common 939322103 13,398,848 388,035 SOLE 388,035 Waste Management Inc Common 94106L109 6,843,568 298,585 SOLE 298,585 Wells Fargo Company Common 949746101 30,498,543 650,705 SOLE 650,705 Williams Cos Inc Common 969457100 1,246,941 461,830 SOLE 461,830 Wyeth Common 983024100 19,884,084 531,660 SOLE 531,660 Xilinx Incorporated Common 983919101 4,022,562 195,270 SOLE 195,270 Yum! Brands Inc Common 988498101 5,062,464 209,020 SOLE 209,020 3,087,069,658 104,360,219

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