13F-HR 1 u47921e13fvhr.txt 13F-HR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F Report for the Calendar Year or Quarter Ended: 09/30/2004 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 10/15/04 ---------------------------------- [Signature] [City, State] [Date] REPORT TYPE (CHECK ONLY ONE.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

TITLE VALUE ~~VOTING OF USD~~ NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- ------- ---------- -------- ----------- ~~3COM~~3 COM CORP COM USD0.01 COM 885535104 ~~3528~~1,307 ~~597003~~309,625 SOLE NONE ~~597003~~309,625 3M CO. COM STK NPV COM 88579Y101 ~~8791~~10,709 ~~127270~~133,909 SOLE NONE ~~127270~~133,909 ABBOTT LABORATORIES COM NPV COM 002824100 ~~13978~~13,670 ~~328515~~322,710 SOLE NONE ~~328515~~322,710 ABERCROMBIE & FITC aCL A USD0.01 CL A 002896207 ~~354~~403 ~~12784~~12,784 SOLE NONE ~~12784~~12,784 ACCENTURE LTD BERM CLS'A'COM $0.0000225 CL A G1150G111 64120 ~~2861~~4,434 SOLE NONE ~~2861~~4,434 ACE LTD ORD USD0.0416 COM G0070K103 ~~224~~322 ~~6766~~8,034 SOLE NONE ~~6766~~8,034 ADC TELECOMMUNICATIONS COM USD0.20 COM 000886101 4269 ~~18200~~37,854 SOLE NONE ~~18200~~37,854 ADOBE SYS INC COM USD0.0001 COM 00724F101 ~~1765~~1,928 ~~44812~~38,964 SOLE NONE ~~44812~~38,964 ADVANCED MICRO ~~DEVICESUS~~DEVICES COM US$0.01 COM 007903107 ~~1578~~1,911 ~~141998~~147,038 SOLE NONE ~~141998~~147,038 AES CORP. COM USD0.01 COM 00130H105 ~~1172~~1,134 ~~157947~~113,517 SOLE NONE ~~157947~~113,517 AETNA INC(NEW) COM USD0.001 COM 00817Y108 ~~1534~~3,097 ~~25127~~30,987 SOLE NONE ~~25127~~30,987 AFFILIATED COMPUTR CLASS'A'COM USD0.01 CL A 008190100 ~~827~~3,172 ~~16982~~56,974 SOLE NONE ~~16982~~56,974 AFLAC INC COM USD0.10 COM 001055102 ~~2833~~3,529 ~~87707~~90,001 SOLE NONE ~~87707~~90,001 AGERE SYSTEM INC COM USD0.01 CLASS'B' CL B 00845V209 ~~382~~147 ~~132276~~143,840 SOLE NONE ~~132276~~143,840 AGILENT TECHS INC - COM USD0.01 COM 00846U101 ~~2620~~2,285 ~~118483~~105,952 SOLE NONE ~~118483~~105,952 AIR PRODS. & CHEMS. COM STK US$1 COM 009158106 ~~1695~~2,062 ~~37584~~37,917 SOLE NONE ~~37584~~37,917 ALBERTO CULVER ~~'A'~~ COM ~~013068200~~USD0.22 ~~27 467 SOLE NONE 467 ALBERTO CULVER 'B'~~ COM 013068101 2124 ~~358~~550 SOLE NONE ~~358~~550 ALBERTSON'S ~~INCUS~~INC COM US$1~~.00~~ COM 013104104 ~~2115~~1,542 ~~102821~~64,446 SOLE NONE ~~102821~~64,446 ALCOA ~~INCUSD1~~INC COM USD1 COM 013817101 ~~3608~~5,321 ~~137930~~158,407 SOLE NONE ~~137930~~158,407 ALLERGAN ~~US$~~INC COM USD0.01 COM 018490102 ~~1358~~1,230 ~~17249~~16,947 SOLE NONE ~~17249~~16,947 ALLIED CAPITAL CP COM USD0.0001 COM 01903Q108 95121 ~~3853~~4,946 SOLE NONE ~~3853~~4,946 ALLSTATE CORP COM STK US$0.1 COM 020002101 ~~6666~~8,642 ~~182487~~180,084 SOLE NONE ~~182487~~180,084 ALLTEL CORP COM US$1 COM 020039103 ~~3063~~2,285 ~~66094~~41,608 SOLE NONE ~~66094~~41,608 ALTERA ~~CORP~~COM USD0.001 COM 021441100 ~~1248~~1,140 ~~65940~~58,232 SOLE NONE ~~65940~~58,232 ALTRIA GROUP INC COM USD 0.333333 COM 02209S103 ~~18173~~19,613 ~~414899~~416,940 SOLE NONE ~~414899~~416,940 AMAZON COM INC USD 0.01 COM 023135106 ~~3314~~2,228 ~~68436~~54,531 SOLE NONE ~~68436~~54,531 AMBAC FINANCIAL GRP COM USD0.01 COM 023139108 ~~2171~~2,623 ~~33923~~32,812 SOLE NONE ~~33923~~32,812 AMDOCS LTD ORD GBP0.01 COM G02602103 ~~785~~625 ~~41766~~28,627 SOLE NONE ~~41766~~28,627 AMERADA HESS CORP COM STK US$1 COM 023551104 ~~698~~1,599 ~~13925~~17,970 SOLE NONE ~~13925~~17,970 AMEREN CORP. COM USD0.01 COM 023608102 ~~1866~~2,867 ~~43495~~62,121 SOLE NONE ~~43495~~62,121 AMERICAN ELEC POWER INC COM USD6.50 COM 025537101 ~~2394~~2,627 ~~79794~~82,195 SOLE NONE ~~79794~~82,195 AMERICAN EXPRESS COM US $ 0.60 COM 025816109 ~~9600~~11,514 ~~213043~~223,754 SOLE NONE ~~213043~~223,754 AMERICAN INTL GRP COM STKUS$ 2.50 COM 026874107 ~~31532~~36,368 ~~546474~~534,898 SOLE NONE ~~546474~~534,898 AMERICAN ~~MEDICAL SYSTEMS (AR) COM 02744M108 349 16000 SOLE NONE 16000 AMERICAN~~ POWER CONVERS COM USD0.01 COM 029066107 ~~517~~546 ~~29889~~31,414 SOLE NONE ~~29889~~31,414 AMERICAN STANDARD ~~COMPANIES~~COS COM USD0.01 COM 029712106 ~~852~~1,224 ~~10109~~31,445 SOLE NONE ~~10109~~31,445 AMERISOURCEBERGEN COM CLASS'A'USD0.01 CL A 03073E105 ~~1502~~994 ~~27797~~18,507 SOLE NONE ~~27797 AMERITRADE HLDG CO COM USD0.01 COM 03074K100 671 58675 SOLE NONE 58675~~18,507

TITLE VALUE ~~VOTING OF USD~~ NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- ------- ---------- -------- ----------- AMERITRADE HLDG CO COM USD0.01 COM 03074K100 790 65,800 SOLE NONE 65,800 AMGEN INC COM USD0.0001 COM 031162100 ~~17456~~16,543 ~~270556~~291,194 SOLE NONE ~~270556~~291,194 AMSOUTH BANCORP COM USD1 COM 032165102 ~~993~~1,201 ~~46782~~49,226 SOLE NONE ~~46782~~49,226 ANADARKO PETROLEUM COM US$0.10 COM 032511107 ~~2593~~4,944 ~~62088~~74,508 SOLE NONE ~~62088~~74,508 ANALOG DEVICES COM USD0.16 2/3 COM 032654105 ~~2320~~2,362 ~~61027~~60,908 SOLE NONE ~~61027~~60,908 ANHEUSER-BUSCH COS COM STK US$ 1 COM 035229103 ~~6898~~7,089 ~~139815~~141,918 SOLE NONE ~~139815~~141,918 ANTHEM SOUTHEAST INC COM USD0.01 COM 03674B104 ~~1720~~2,024 ~~24108~~23,192 SOLE NONE ~~24108~~23,192 AON CORP COM US$1.00 COM 037389103 ~~1346~~1,511 ~~64575~~52,575 SOLE NONE ~~64575~~52,575 APACHE CORP COM USD1.25 COM 037411105 ~~3574~~5,191 ~~51549~~103,595 SOLE NONE ~~51549~~103,595 APARTMENT INV&MGMT COM USD0.01 CL'A' CL A 03748R101 ~~595~~696 ~~15118~~20,025 SOLE NONE ~~15118~~20,025 APOLLO GROUP INC CLASS'A'COM NPV CL A 037604105 ~~1280~~1,481 ~~19392~~20,181 SOLE NONE ~~19392~~20,181 APPLE COMPUTER CO COM NPV COM 037833100 ~~1273~~2,404 ~~61453~~62,042 SOLE NONE ~~61453~~62,042 APPLERA CORP~~-APPLIED~~ COM APP BIOSYSTEMS GRP USD1 COM 038020103 ~~876~~824 ~~39256~~43,689 SOLE NONE ~~39256~~43,689 APPLIED MATERILS COM USD0.01 COM 038222105 ~~5050~~5,145 ~~278519~~312,000 SOLE NONE ~~278519~~312,000 ARCHER-DANIELS-MIDLAND COM NPV COM 039483102 ~~3290~~3,578 ~~250966~~210,716 SOLE NONE ~~250966~~210,716 ARCHSTONE SMITH TR SBI USD1 ~~COM~~SBI 039583109 ~~727~~885 ~~27551~~27,983 SOLE NONE ~~27551~~27,983 ARROW ELECTRONICS COM USD1 COM 042735100 ~~242~~297 ~~13134~~13,134 SOLE NONE ~~13134~~13,134 ASHLAND INC COM USD1 COM 044204105 ~~1617~~583 ~~49229~~10,394 SOLE NONE ~~49229~~10,394 ASIA TIGERS ~~FUNDCOM~~FUND COM USD 0.001 COM 04516T105 ~~811~~730 ~~90143~~73,000 SOLE NONE ~~90143~~73,000 ASSOCIATED BANC-CORP COM US$0.10 COM 045487105 ~~319~~405 ~~8416~~12,624 SOLE NONE ~~8416~~12,624 ASTORIA FINANCIAL COM USD0.01 COM 046265104 ~~293~~854 ~~9481~~24,077 SOLE NONE ~~9481~~24,077 AT&T CORP COM USD1 COM 001957505 ~~4323~~2,815 ~~200619~~196,581 SOLE NONE ~~200619~~196,581 AT&T WIRELESS SERV COM USD 0.01 COM 00209A106 ~~5835~~8,109 ~~713321~~548,644 SOLE NONE ~~713321~~548,644 AUTOMATIC DATA PROCESSING COM US$0.1 COM 053015103 ~~4624~~4,606 ~~128977~~111,475 SOLE NONE ~~128977~~111,475 AUTONATION INC COM USD 0.01 COM 05329W102 ~~494~~481 ~~28185~~28,185 SOLE NONE ~~28185~~28,185 AUTOZONE INC COM USD0.01 COM 053332102 ~~2393~~747 ~~26731~~9,668 SOLE NONE ~~26731~~9,668 AVALONBAY COMMUNI COM USD0.01 COM 053484101 ~~682~~897 ~~14571~~14,890 SOLE NONE ~~14571~~14,890 ~~AVERY~~AVAYA ~~DENNISON~~INC ~~USD1~~COM STK USD 0.01 COM ~~053611109~~053499109 ~~917~~162 ~~18159~~11,645 SOLE NONE ~~18159~~11,645 ~~AVON~~AVERY ~~PRODUCTS~~DENNISON ~~USD0.25~~CP COM ~~054303102~~USD1 ~~2542~~COM ~~39374~~053611109 1,388 21,106 SOLE NONE ~~39374~~21,106 ~~BAKER~~AVNET ~~HUGHES~~ INC COM US$1.00 COM ~~057224107~~053807103 ~~1757~~41 ~~59364~~2,406 SOLE NONE ~~59364~~2,406 ~~BALL~~AVON ~~CORP~~PRODUCTS ~~COM~~INC ~~058498106 357 6611 SOLE NONE 6611 BANK AMERICA CORP~~ COM USD0.0125 COM ~~060505104~~054303102 ~~27175~~3,367 ~~348225~~77,079 SOLE NONE ~~348225~~77,079 ~~BANK~~BAKER OFHUGHES ~~NEW~~INC ~~YORK~~COM ~~CO.~~USD1 ~~US$7.50~~ COM ~~064057102~~057224107 ~~3533~~2,642 ~~121358~~60,439 SOLE NONE ~~121358~~60,439 ~~BANK~~BALL ~~ONE~~ CORP ~~USD0.01~~COM NPV COM ~~06423A103~~058498106 ~~7775~~583 ~~201153~~15,578 SOLE NONE ~~201153~~15,578 ~~BANKNORTH~~BANK ~~GROUP~~AMERICA CORP COM USD0.01 COM ~~06646R107~~060505104 ~~661~~41,569 ~~23433~~959,359 SOLE NONE ~~23433~~959,359 ~~BARD~~BANK COF RNEW YORK COM US$07.2550 COM ~~067383109~~064057102 ~~498~~3,716 ~~7014~~127,404 SOLE NONE ~~7014~~127,404 ~~BARR~~BANKNORTH ~~LABORATORIES~~GROUP COM USD0.01 COM ~~068306109~~06646R107 ~~464~~1,014 ~~6802~~28,978 SOLE NONE ~~6802~~28,978 ~~BAUSCH~~BARD &C ~~LOMB~~R ~~US$ 0.40 COM 071707103 436 9875 SOLE NONE 9875 BAXTER INTL~~ INC COM ~~STK~~ US$10.25 COM ~~071813109~~067383109 ~~3060~~1,551 ~~105295~~27,397 SOLE NONE ~~105295 BB&T CORPORATION USD5 COM 054937107 3039 84616 SOLE NONE 84616~~27,397

TITLE VALUE ~~VOTING OF USD~~ NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- ------- ---------- -------- ----------- BARR PHARMACEUTICALS COM USD0.01 COM 068306109 1,272 30,712 SOLE NONE 30,712 BAUSCH & LOMB INC COM USD0.40 COM 071707103 617 9,284 SOLE NONE 9,284 BAXTER INTL INC COM STK US$1 COM 071813109 3,250 101,071 SOLE NONE 101,071 BB&T CORP COM USD5 COM 054937107 3,244 81,745 SOLE NONE 81,745 BEA SYSTEMS INC COM USD0.001 COM 073325102 ~~756~~490 ~~62759~~70,973 SOLE NONE ~~62759~~70,973 BEAR STEARNS COS.COM USD1 COM 073902108 ~~1003~~1,364 ~~13412~~14,179 SOLE NONE ~~13412~~14,179 BECKMAN COULTER COM USD0.10 COM 075811109 ~~382~~477 ~~8386~~8,493 SOLE NONE ~~8386~~8,493 BECTON DICKINSON ~~US$~~COM 1USD1 COM 075887109 ~~1675~~2,401 ~~46360~~46,442 SOLE NONE ~~46360~~46,442 BED BATH & BEYOND COM USD0.01 COM 075896100 ~~1863~~1,816 ~~48690~~48,935 SOLE NONE ~~48690~~48,935 BELLSOUTH CORP COM STK US$ 1 COM 079860102 ~~9322~~10,539 ~~393672~~388,601 SOLE NONE ~~393672~~388,601 BERKLEY (WR) CORP COM USD0.20 COM 084423102 ~~382~~495 ~~11137~~11,740 SOLE NONE ~~11137~~11,740 BERKSHIRE HATHAWAY INC-CL A USD5 CL A 084670108 ~~10125~~10,918 ~~135~~126 SOLE NONE ~~135~~126 BEST BUY CO INC COM USD0.10 COM 086516101 ~~3234~~3,996 ~~68057~~73,669 SOLE NONE ~~68057~~73,669 BIOGEN IDEC INC COM USD0.010005 COM ~~090597105~~09062X103 ~~2473~~3,626 ~~64866~~59,284 SOLE NONE ~~64866~~59,284 BIOMET INC COM NPV COM 090613100 ~~1382~~1,954 ~~41265~~41,681 SOLE NONE ~~41265~~41,681 BJ SERVICES COM USD0.01 COM 055482103 ~~865~~1,238 ~~25321~~23,628 SOLE NONE ~~25321~~23,628 BLACK & DECKER ~~MFG~~CP ~~C/STK~~COM ~~US$0~~USD0.50 COM 091797100 ~~528~~1,183 ~~13031~~15,279 SOLE NONE ~~13031~~15,279 BLOCK (H&R) COM NPV COM 093671105 ~~2836~~3,196 ~~65733~~64,680 SOLE NONE ~~65733~~64,680 BMC SOFTWARE INC COM US$0.01 COM 055921100 ~~2597~~1,309 ~~186442~~82,777 SOLE NONE ~~186442~~82,777 BOEING CO COM STK US$ 5.00 COM 097023105 ~~4518~~7,203 ~~131597~~139,548 SOLE NONE ~~131597~~139,548 BOSTON PROPERTIES COM USD 0.019 (REIT) COM 101121101 ~~493~~735 ~~11351~~13,266 SOLE NONE ~~11351~~13,266 BOSTON SCIENTIFIC ~~COMUSD0~~COM USD0.01~~(SI~~ ~~6/11)(~)~~ COM 101137107 ~~3859~~4,130 ~~60485~~103,943 SOLE NONE ~~60485~~103,943 BOWATER COM USD1 COM 102183100 ~~328~~298 ~~7797~~7,797 SOLE NONE ~~7797~~7,797 BRINKER INTL INC COM USD0.10 COM 109641100 ~~437~~424 ~~13086~~13,601 SOLE NONE ~~13086~~13,601 BRISTOL MYERS SQUIBB COM STK COM 110122108 ~~9552~~7,822 ~~372246~~330,442 SOLE NONE ~~372246~~330,442 BROADCOM CORP CL A COM USD0.0001 CL A 111320107 ~~1704~~1,174 ~~63909~~43,009 SOLE NONE ~~63909~~43,009 BROCADE COMMS SYS - COM USD0.001 COM 111621108 204 ~~3797~~652 SOLE NONE ~~3797~~652 BROWN FORMAN DISTILLERS A COM USD0.15 CL A 115637100 19 416 SOLE NONE 416 BROWN-FORMAN 'B' US$0.15 CL B 115637209 ~~388~~449 ~~4898~~9,796 SOLE NONE ~~4898~~9,796 BRUNSWICK CORP COM USD0.75 COM 117043109 274 5,978 SOLE NONE 5,978 BUNGE LTD COM USD 0.01 COM G16962105 ~~292~~510 ~~10613~~12,751 SOLE NONE ~~10613~~12,751 BURLINGTON NTH SANTA FE COM STK USD0.01 COM 12189T104 ~~4968~~5,382 ~~172090~~140,477 SOLE NONE ~~172090~~140,477 BURLINGTON RESOURCES COM STK USD0.01 COM 122014103 ~~3631~~4,981 ~~75323~~122,084 SOLE NONE ~~75323~~122,084 CABLEVISION NY GROUP CLASS A COM USD0.01 CL A 12686C109 ~~509~~967 ~~28120~~47,703 SOLE NONE ~~28120~~47,703 CABOT CORP ~~US$1.00~~COM USD1 COM 127055101 ~~1028~~680 ~~36066~~17,635 SOLE NONE ~~36066~~17,635 CADENCE DESIGN SYSTEMS ~~USD0.01~~ COM ~~127387108 2241 167255 SOLE NONE 167255 CAMPBELL SOUP CO CAP STK~~ USD0.~~0375 COM 134429109 1324 49981 SOLE NONE 49981 CAPITAL ONE FINANCIAL USD0.~~01 COM ~~14040H105~~127387108 ~~2413~~2,288 ~~42301~~175,492 SOLE NONE ~~42301~~175,492 ~~CARDINAL~~CAESARS ~~HEALTH~~ENTERTAINMENT ~~COM COM 14149Y108 6304 107968 SOLE NONE 107968 CAREER EDUCATION C COM USD0.01 COM 141665109 599 13220 SOLE NONE 13220 CAREMARK RX~~ INC COM USD0.~~001 COM 141705103 870 38514 SOLE NONE 38514 CARMAX INC COM USD0.50 COM 143130102 45 1373 SOLE NONE 1373 CARNIVAL CORP COM USD0.~~01~~(PAIRED~~ ~~STK)~~ COM ~~143658300~~127687101 ~~5918~~933 ~~179937~~55,893 SOLE NONE ~~179937 CATERPILLAR INC US$1.00 COM 149123101 4818 69995 SOLE NONE 69995 CAVCO INDUSTRIES COM USD0.10 COM 149568107 2 82 SOLE NONE 82~~55,893

TITLE VALUE ~~VOTING OF USD~~ NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- ------- ---------- -------- ----------- ~~CDW~~CAMPBELL ~~CORP~~SOUP ~~COM~~CO CAP STK USD0.010375 ~~COM~~CAP ~~12512N105~~134429109 ~~563~~1,367 ~~9770~~51,993 SOLE NONE ~~9770~~51,993 ~~CEMEX~~CAPITAL SAONE ~~SPON~~FINANCIAL ~~ADR~~COM ~~EACH REP 5 CPO ADR 151290889 13095 527010 SOLE NONE 527010 CENDANT CORP~~ USD0.01 COM ~~151313103~~14040H105 ~~3962~~3,088 ~~212009~~41,790 SOLE NONE ~~212009~~41,790 ~~CENTERPOINT~~CARDINAL ~~ENERGY~~HEALTH ~~INC~~ COM NPV COM ~~15189T107~~14149Y108 ~~811~~5,059 ~~88414~~115,588 SOLE NONE ~~88414~~115,588 ~~CENTEX~~CAREER ~~CORP~~EDUCATION ~~US$0~~C COM USD0.2501 COM ~~152312104~~141665109 ~~746~~434 ~~9579~~15,254 SOLE NONE ~~9579~~15,254 ~~CENTURYTEL~~CAREMARK RX INC COM ~~US$1~~USD0.001 COM ~~156700106~~141705103 ~~615~~2,311 ~~18150~~72,067 SOLE NONE ~~18150~~72,067 ~~CEPHALON~~CARMAX INC COM USD0.0150 COM ~~156708109~~143130102 69 ~~1506~~3,217 SOLE NONE ~~1506~~3,217 ~~CERIDIAN~~CARNIVAL CORP COM USD0.501(PAIRED STK) COM ~~156779100~~143658300 ~~599~~8,003 ~~32188~~169,241 SOLE NONE ~~32188~~169,241 ~~CERTEGY~~CATERPILLAR INC COM ~~USD~~USD1 ~~0.01~~ COM ~~156880106~~149123101 ~~382~~5,927 ~~11891~~73,677 SOLE NONE ~~11891~~73,677 CHCAVCO ~~ROBINSON~~INDUSTRIES ~~WORLDWIDE INC~~ COM USD0.10 COM ~~12541W100~~149568107 ~~423~~22 ~~11367~~574 SOLE NONE ~~11367~~574 ~~CHARTER~~CDW ~~ONE~~CORP ~~FINL~~ COM USD0.01 COM ~~160903100~~12512N105 ~~1061~~623 ~~34682~~10,731 SOLE NONE ~~34682~~10,731 ~~CHECK~~CEMEX ~~POINT~~SA ~~SOFTWARE~~SPON ~~ORD~~ADR ~~ILS0.01~~EACH ~~COM~~REP ~~001082411~~5 ~~414~~CPO ~~24555~~ADR 151290889 18,293 651,427 SOLE NONE ~~24555~~651,427 ~~CHEVRON~~CENDANT ~~TEXACO~~ CORP COM ~~US$ 1~~USD0.501 COM ~~166764100~~151313103 ~~18246~~5,004 ~~255364~~231,675 SOLE NONE ~~255364~~231,675 ~~CHIRON~~CENTERPOINT ~~CORP~~ENERGY INC COM ~~US$0.01~~NPV COM ~~170040109~~15189T107 ~~1047~~1,453 ~~20211~~140,256 SOLE NONE ~~20211~~140,256 ~~CHOICEPOINT~~CENTEX ~~INC~~CORP COM ~~USD0~~US$0.1025 COM ~~170388102~~152312104 ~~412~~952 ~~12304~~18,874 SOLE NONE ~~12304~~18,874 ~~CHUBB~~CENTURYTEL ~~CORPUS~~INC COM US$1~~.00~~ COM ~~171232101~~156700106 ~~2143~~2,085 ~~33035~~60,894 SOLE NONE ~~33035~~60,894 ~~CIENA~~CEPHALON ~~CORP.~~INC COM USD0.01 COM ~~171779101~~156708109 ~~403~~72 ~~68794~~1,506 SOLE NONE ~~68794~~1,506 ~~CIGNA~~CERIDIAN CORP ~~US$1~~COM USD0.5 COM ~~125509109~~156779100 ~~1706~~629 ~~38201~~34,176 SOLE NONE ~~38201~~34,176 ~~CINCINNATI~~CERTEGY ~~FIN~~INC CP COM $2USD 0.01 COM ~~172062101~~156880106 ~~1013~~450 ~~25319~~12,105 SOLE NONE ~~25319~~12,105 ~~CINERGY~~CH ~~CORP~~ROBINSON ~~COM~~WORLDWIDE ~~STK~~INC ~~US$0~~COM USD0.0110 COM ~~172474108~~12541W100 ~~971~~527 ~~26450~~11,367 SOLE NONE ~~26450~~11,367 ~~CINTAS~~CHECK ~~CORP~~POINT ~~COM~~SOFTWARE ~~NPV~~ORD ILS0.01 COM ~~172908105~~001082411 ~~775~~417 ~~20951~~24,555 SOLE NONE ~~20951~~24,555 ~~CIRCUIT~~CHEVRON ~~CITY~~TEXACO ~~STORES~~CORP COM US$0 1.5 COM ~~172737108~~166764100 1131,952 ~~1164~~595,675 SOLE NONE ~~1164~~595,675 ~~CISCO~~CHIRON ~~SYSTEMS~~CORP COM US$0.01 COM ~~17275R102~~170040109 ~~28971~~1,030 ~~1478852~~23,309 SOLE NONE ~~1478852~~23,309 ~~CIT~~CHOICEPOINT ~~GROUP~~ INC COM USD0.0110 COM ~~125581108~~170388102 ~~1065~~555 ~~37047~~13,004 SOLE NONE ~~37047~~13,004 ~~CITIGROUP~~CHUBB ~~INC~~CORP COM ~~USD0.01~~USD1 COM ~~172967101~~171232101 ~~50689~~2,090 ~~1113799~~29,743 SOLE NONE ~~1113799~~29,743 ~~CITIZENS~~CIENA ~~UTILITIES~~CORP CLCOM B USD0.2501 CLCOM B171779101 ~~17453B101~~340 ~~1038~~171,632 ~~92610~~ SOLE NONE ~~92610~~171,632 ~~CLEAR~~CIGNA ~~CHANNEL~~CORP ~~COMM~~COM USD0.1025 COM ~~184502102~~125509109 ~~4822~~2,287 ~~125907~~32,846 SOLE NONE ~~125907~~32,846 ~~CLOROX~~CINCINNATI COFIN CP COM ~~USD1~~$2 COM ~~189054109~~172062101 ~~2844~~1,113 ~~62012~~27,007 SOLE NONE ~~62012~~27,007 ~~COACH~~CINERGY ~~INC~~CORP COM ~~USD0~~STK US$0.01 COM ~~189754104~~172474108 ~~713~~1,045 ~~13053~~26,388 SOLE NONE ~~13053~~26,388 ~~COCA~~CINTAS ~~COLA~~CORP ~~USD0.25~~COM NPV COM ~~191216100~~172908105 ~~22212~~942 ~~517036~~22,400 SOLE NONE ~~517036~~22,400 ~~COCA-COLA~~CISCO ~~ENTERPRISES~~SYSTEMS ~~USD1~~COM USD0.001 COM ~~191219104~~17275R102 ~~843~~25,513 ~~44204~~1,409,564 SOLE NONE ~~44204~~1,409,564 ~~COGNIZANT~~CIT ~~TECH~~GROUP INC COM ~~CL'A'~~USD0.01 ~~CL A 192446102 27 732 SOLE NONE 732 COLGATE-PALMOLIVE~~ COM ~~STK~~125581108 ~~US$~~1,378 ~~COM~~36,844 ~~194162103 5749 102871~~ SOLE NONE ~~102871~~36,844 ~~COMCAST~~CITIGROUP ~~CORP~~INC ~~'A'SPL~~ COM USD0.01 CLCOM A172967101 ~~SPL~~50,422 ~~20030N200~~1,142,832 ~~5930 200083~~ SOLE NONE ~~200083~~1,142,832 ~~COMCAST~~CITIZENS ~~CORP~~UTILITIES ~~COM~~CL ~~CLS'A'~~B USD0.0125 CL AB ~~20030N101~~17453B101 ~~8353~~513 ~~271040~~38,277 SOLE NONE ~~271040~~38,277 ~~COMERICA~~CITRIX SYSTEMS INC ~~US$5~~COM USD0.00001 COM ~~200340107~~177376100 ~~1403~~16 ~~30111~~905 SOLE NONE ~~30111~~905 ~~COMMERCE~~CLEAR ~~BANCP~~CHANNEL ~~INC~~COMM COM ~~USD1~~USD0.10 COM ~~200519106~~184502102 ~~103~~3,116 ~~2141~~99,981 SOLE NONE ~~2141~~99,981 ~~COMMERCE~~CLOROX ~~BANCSHS~~CO COM ~~USD5~~USD1 COM ~~200525103~~189054109 ~~452~~1,690 ~~10323~~31,713 SOLE NONE ~~10323~~31,713 ~~COMPASS~~COACH ~~BANCSHARES~~ INC ~~US$2~~COM USD0.01 COM ~~20449H109~~189754104 ~~625~~1,157 ~~18014~~27,270 SOLE NONE ~~18014~~27,270

TITLE VALUE ~~VOTING OF USD~~ NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- ------- ---------- -------- ----------- ~~COMPUTER~~COCA ~~ASSOCIATES~~COLA COM USD0.1025 COM ~~204912109~~191216100 ~~1875~~19,932 ~~71798~~497,680 SOLE NONE ~~71798~~497,680 ~~COMPUTER~~COCA-COLA ~~SCIENCES~~ENTERPRISES INC COM USD1 COM 191219104 835 44,204 SOLE NONE 44,204 COLGATE-PALMOLIVE COM STK US$1 COM 194162103 5,575 123,390 SOLE NONE 123,390 COMCAST CORP 'A' SPL COM USD0.0001 CL A SPL 20030N200 4,799 171,872 SOLE NONE 171,872 COMCAST CORP COM ~~205363104~~CLS ~~1422~~'A' ~~37848~~USD0.01 CL A 20030N101 8,306 294,133 SOLE NONE ~~37848~~294,133 ~~COMVERSE~~COMERICA ~~TECH~~INC COM USD5 COM 200340107 1,842 31,028 SOLE NONE 31,028 COMMERCE BANCP INC COM USD1 COM 200519106 681 12,333 SOLE NONE 12,333 COMMERCE BANCSHS COM USD5 COM 200525103 500 10,392 SOLE NONE 10,392 COMPASS BANCSHARES COM US$2 COM 20449H109 1,014 23,130 SOLE NONE 23,130 COMPUTER ASSOCIATES INT COM USD0.10 COM ~~205862402~~204912109 ~~1009~~2,035 ~~67386~~77,389 SOLE NONE ~~67386~~77,389 ~~CONAGRA~~COMPUTER ~~FOODS~~SCIENCES ~~INC~~COM US$51.00 COM ~~205887102~~205363104 ~~1888~~1,446 ~~88870~~30,701 SOLE NONE ~~88870~~30,701 ~~CONCORD~~COMVERSE ~~EFS~~TECH INC COM USD0.10 COM 205862402 627 33,296 ~~1/3~~SOLE NONE 33,296 CONAGRA FOODS INC COM ~~206197105~~USD5 ~~1754~~COM ~~128320~~205887102 2,375 92,384 SOLE NONE ~~128320~~92,384 CONOCOPHILLIPS ~~C/SK~~COM ~~US$ 1~~USD0.2501 COM 20825C104 ~~4954~~10,930 ~~90477~~131,923 SOLE NONE ~~90477~~131,923 CONSOLIDATED EDISON INC COM USD0.10 COM 209115104 ~~1552~~1,468 ~~38071~~34,920 SOLE NONE ~~38071~~34,920 CONSTELLATION ENERGY COM NPV COM 210371100 ~~1005~~1,093 ~~28080~~27,439 SOLE NONE ~~28080~~27,439 CONVERGYS CORP COM NPV COM 212485106 ~~429~~1,248 ~~23398~~92,957 SOLE NONE ~~23398~~92,957 COOPER CAMERON CP COM USD0.01 COM 216640102 ~~279~~332 ~~6048~~6,048 SOLE NONE ~~6048~~6,048 COOPER INDS COM USD5 CL 'A' (BERMUDA REG) CL A G24182100 ~~692~~1,177 ~~14407~~19,956 SOLE NONE ~~14407~~19,956 CORNING INC COM USD0.50 COM 219350105 ~~2374~~2,290 ~~252044~~206,677 SOLE NONE ~~252044~~206,677 COSTCO WHSL CORP COM STK USD0.01 COM 22160K105 ~~2370~~3,295 ~~76099~~79,386 SOLE NONE ~~76099~~79,386 COUNTRYWIDE FINANCIAL ~~CORP~~COM USD0.05 COM 222372104 ~~3130~~5,388 ~~39984~~136,778 SOLE NONE ~~39984~~136,778 ~~COVENTRY HEALTHCARE COM STK USD 0.01 COM 222862104 1266 24000 SOLE NONE 24000~~ COX COMMUNICATIONS A COM USD1 CL A 224044107 ~~1311~~1,308 ~~41452~~39,470 SOLE NONE ~~41452~~39,470 CRESCENT REAL ESTATES COM USD0.01 (REIT) COM 225756105 64136 ~~4433~~8,628 SOLE NONE ~~4433~~8,628 CSX CORP COM USD1 COM 126408103 ~~1145~~2,595 ~~39145~~78,153 SOLE NONE ~~39145~~78,153 ~~CURTIS WRIGHT CLB COM STK USD CL B 231561408 3 43 SOLE NONE 43~~ CVS CORP COM USD0.01 COM 126650100 ~~4155~~3,224 ~~133763~~76,518 SOLE NONE ~~133763~~76,518 DANAHER CORP COM USD0.01 COM 235851102 ~~1418~~3,797 ~~19197~~74,046 SOLE NONE ~~19197~~74,046 DARDEN RESTAURANTS ~~US$0.01~~COM NPV COM 237194105 ~~1609~~1,871 ~~84683~~80,241 SOLE NONE ~~84683~~80,241 DEAN FOODS CO COM USD0.01 COM 242370104 ~~530~~2,296 ~~17085~~76,489 SOLE NONE ~~17085~~76,489 DEERE & ~~COUS$1.00~~CO COM USD1 COM 244199105 ~~2207~~3,176 ~~41394~~49,206 SOLE NONE ~~41394~~49,206 DEL MONTE FOODS CO COM USD 0.01 COM 24522P103 ~~246~~121 ~~28211~~11,517 SOLE NONE ~~28211~~11,517 DELL INC COM USD0.01 COM 24702R101 ~~15878~~18,818 ~~475100~~528,604 SOLE NONE ~~475100~~528,604 DELPHI CORPORATION COM USD0.01 COM 247126105 ~~1741~~1,086 ~~192430~~116,858 SOLE NONE ~~192430~~116,858 DELUXE CORP COM USD1 COM 248019101 521 12,702 SOLE NONE 12,702 DENTSPLY INTL INC COM U$1 COM 249030107 ~~505~~585 ~~11271~~11,271 SOLE NONE ~~11271~~11,271 DEVON ENERGY(NEW) COM USD0.10 COM 25179M103 ~~3583~~2,484 ~~74359~~34,983 SOLE NONE ~~74359~~34,983 DIAMOND OFFSHORE DRILLING ~~USD0.01~~ COM ~~25271C102 211 11056 SOLE NONE 11056 DIEBOLD INC US$1.25 COM 253651103 592 11679 SOLE NONE 11679 DOLLAR GENERAL~~ USD0.~~50 COM 256669102 830 41487 SOLE NONE 41487 DOLLAR TREE STORES COM USD0.~~01 COM ~~256747106~~25271C102 ~~551~~365 ~~16426~~11,056 SOLE NONE 16426 DOMINION RESOURCES (VIR) COM NPV COM 25746U109 3363 54336 SOLE NONE 54336 DONNELLEY R.R. US$1.25 COM 257867101 383 15411 SOLE NONE 15411 DORAL FINANCIAL CP COM USD1 COM 25811P100 456 9707 SOLE NONE 9707 DOVER CORP COM STK US$ 1 COM 260003108 1356 38328 SOLE NONE 38328 DOW CHEMICAL USD $2.50 COM 260543103 4975 152896 SOLE NONE 152896 DOW JONES & CO US$1.00 COM 260561105 707 14931 SOLE NONE 1493111,056

TITLE VALUE ~~VOTING OF USD~~ NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- ------- ---------- -------- ----------- DRDIEBOLD ~~HORTON~~ INC COM ~~USD0~~US$1.0125 COM ~~23331A109~~253651103 ~~611~~545 ~~18687~~11,679 SOLE NONE ~~18687~~11,679 ~~DST~~DNP ~~SYST~~SELECT INC ~~DEL~~FD COM USD0.01001 COM ~~233326107~~23325P104 ~~596~~111 ~~15861~~9,896 SOLE NONE ~~15861~~9,896 ~~DTE~~DOLLAR ~~ENERGY~~GENERAL COCP COM ~~233331107~~USD0.50 ~~1048~~COM ~~28416~~256669102 943 46,779 SOLE NONE ~~28416~~46,779 DUDOLLAR ~~PONT~~TREE DESTORES ~~NEMOURS~~ COM USD0.3001 COM ~~263534109~~256747106 ~~6705~~443 ~~167581~~16,426 SOLE NONE ~~167581~~16,426 ~~DUKE~~DOMINION ~~ENERGY~~RESOURCES ~~CORP~~(VIR) COM ~~USD~~ NPV COM ~~264399106~~25746U109 ~~3378~~3,593 ~~189690~~55,067 SOLE NONE ~~189690~~55,067 ~~DUKE~~DONNELLEY ~~WEEKS~~R.R. ~~REALTY~~& S COM ~~USD0~~USD1.0125 COM ~~264411505~~257867101 ~~623~~1,156 ~~21350~~36,913 SOLE NONE ~~21350~~36,913 ~~DUN~~DORAL &FINANCIAL ~~BRADSTREET~~CP C COM ~~USD~~USD1 ~~0.01~~ COM ~~26483E100~~25811P100 ~~524~~4,838 ~~12605~~116,654 SOLE NONE ~~12605~~116,654 ~~DYNEGY~~DOVER ~~INC~~CORP ~~CLASS A~~ COM ~~NPV~~STK CLUS$ A1 ~~26816Q101~~COM 7260003108 ~~1859~~1,470 37,830 SOLE NONE ~~1859~~37,830 EDOW MCHEMICAL CCO ~~CORP~~COM ~~MASS USD0~~USD2.0150 COM ~~268648102~~260543103 ~~5790~~7,115 ~~458414~~157,482 SOLE NONE ~~458414~~157,482 ~~EASTMAN~~DOW ~~CHEMICAL~~JONES ~~COM~~& ~~STK~~CO ~~USD0.01~~INC COM ~~277432100~~USD1 ~~1657~~COM ~~49473~~260561105 605 14,901 SOLE NONE ~~49473~~14,901 ~~EASTMAN~~DR ~~KODAK~~HORTON ~~US$2~~INC COM USD0.5001 COM ~~277461109~~23331A109 ~~1045~~1,526 ~~49892~~46,085 SOLE NONE ~~49892~~46,085 ~~EATON~~DST ~~CORP~~SYST INC DEL COM USD0.5001 COM ~~278058102~~233326107 ~~1123~~711 ~~12670~~15,988 SOLE NONE ~~12670~~15,988 ~~EBAY~~DTE ~~INC~~ENERGY CO COM ~~USD0.001~~NPV COM ~~278642103~~233331107 ~~5640~~1,107 ~~105150~~26,243 SOLE NONE ~~105150~~26,243 ~~ECHOSTAR~~DU ~~COMMUNICATIONS~~PONT ~~CORP~~DE ANEMOURS COM USD0.0130 CLCOM A263534109 ~~278762109~~7,400 ~~2351~~172,907 ~~61367~~ SOLE NONE ~~61367~~172,907 ~~ECOLAB~~DUKE ~~INC~~ENERGY ~~US$1.00~~CORP COM ~~278865100~~USD ~~1139~~NPV ~~45092 SOLE NONE 45092 EDISON INTL~~ COM ~~281020107~~264399106 ~~1693~~3,523 ~~88660~~153,895 SOLE NONE ~~88660~~153,895 ~~EDWARDS~~DUKE ~~(A.G.)~~WEEKS ~~INC~~REALTY ~~US$1~~COM USD0.0001 COM ~~281760108~~264411505 ~~513~~744 ~~13359~~22,406 SOLE NONE ~~13359~~22,406 ELDUN ~~PASO~~& ~~CORP~~BRADSTREET ~~US$3~~C COM ~~28336L109~~USD ~~1099~~0.01 ~~150565 SOLE NONE 150565 ELECTRONIC ARTS INC~~ COM ~~285512109~~26483E100 ~~2405~~900 ~~26090~~15,324 SOLE NONE ~~26090~~15,324 ~~ELECTRONIC~~E ~~DATA~~M ~~SYS~~C CORP ~~US$~~MASS 0COM USD0.01 COM ~~285661104~~268648102 ~~1743~~4,405 ~~86310~~381,743 SOLE NONE ~~86310~~381,743 ~~EMERSON~~EAGLE ~~ELECTRIC~~MATERIALS COM ~~STK~~USD0.01 ~~US $1~~ COM ~~291011104~~26969P108 ~~3875~~8 ~~73590~~110 SOLE NONE ~~73590~~110 ~~ENERGIZER~~EAGLE ~~HLDGS~~MATERIALS ININC COM USD0.01 ~~COM~~CL ~~29266R108~~'B' ~~417~~CL ~~11354~~B 26969P207 9 136 SOLE NONE ~~11354~~136 ~~ENERGY~~EASTMAN ~~EAST~~CHEMICAL ~~CORP~~ COM STK USD0.01 COM ~~29266M109~~277432100 ~~329~~2,495 ~~14686~~52,465 SOLE NONE ~~14686~~52,465 ~~ENGLEHARD~~EASTMAN ~~CORP~~KODAK ~~US$1~~CO COM USD2.0050 COM ~~292845104~~277461109 ~~1110~~1,532 ~~40101~~47,552 SOLE NONE ~~40101~~47,552 ~~ENSCO~~EATON ~~INT'L~~CORP COM ~~26874Q100~~USD0.50 ~~598~~COM ~~22292~~278058102 1,506 23,745 SOLE NONE ~~22292~~23,745 ~~ENTERGY~~EBAY ~~US$5~~INC COM ~~29364G103~~USD0.001 ~~4119~~COM ~~76075~~278642103 9,559 103,973 SOLE NONE ~~76075~~103,973 ~~EOG~~ECHOSTAR ~~RESOURCES~~COMMUNICATIONS ~~INC~~CORP ~~COM~~A USD0.01 ~~COM~~CL ~~26875P101~~A ~~698~~278762109 ~~16734~~2,472 79,434 SOLE NONE ~~16734~~79,434 ~~EQUIFAX~~ECOLAB INC ~~US$2.50~~COM USD1 COM ~~294429105~~278865100 ~~472~~2,985 ~~21196~~94,930 SOLE NONE ~~21196~~94,930 ~~EQUITABLE~~EDISON ~~RESOURCES~~INTL ~~INC~~ COM NPV COM ~~294549100~~281020107 ~~357~~1,374 ~~8696~~51,842 SOLE NONE ~~8696~~51,842 ~~EQUITY~~EDWARDS ~~OFFICE~~(A.G.) ~~PROPS~~INC COM ~~USD~~USD1 ~~0.01(REIT)~~ COM ~~294741103~~281760108 ~~1918~~462 ~~69663~~13,359 SOLE NONE ~~69663~~13,359 ~~EQUITY~~EL ~~RESIDENTIAL~~PASO CORP COM ~~29476L107~~USD3 ~~1334~~COM ~~45546~~28336L109 3,689 401,372 SOLE NONE ~~45546~~401,372 ~~ESTEE~~ELECTRONIC ~~LAUDER~~ARTS CLCOM ANPV COM ~~USD0.01~~285512109 CL2,119 A46,086 ~~518439104 544 15951~~ SOLE NONE ~~15951~~46,086 ~~EXELON~~ELECTRONIC ~~CORP~~DATA SYS COM ~~NPV~~USD0.01 COM ~~30161N101~~285661104 ~~3514~~1,545 ~~55335~~79,656 SOLE NONE ~~55335~~79,656 ~~EXPEDITERS~~EMERSON ~~INTL~~ELECTRIC ~~WASH~~ COM. STK US $1 ~~0.01~~ COM ~~302130109~~291011104 ~~481~~4,549 ~~13978~~73,508 SOLE NONE ~~13978~~73,508 ~~EXPRESS~~ENERGIZER ~~SCRIPTS~~HLDGS IN COM USD0.01 COM ~~302182100~~29266R108 ~~722~~1,347 ~~11811~~29,212 SOLE NONE ~~11811~~29,212 ~~EXXON~~ENERGY ~~MOBIL~~EAST CORP ~~CAP~~COM ~~STK~~USD0.01 ~~NPV~~ COM ~~30231G102~~29266M109 ~~48932~~417 ~~1336931~~16,571 SOLE NONE ~~1336931~~16,571 ~~FAIR~~ENGLEHARD ~~ISAAC~~ CORP COM ~~USD0.01~~USD1 COM ~~303250104~~292845104 ~~400~~669 ~~6791~~23,600 SOLE NONE ~~6791~~23,600 ~~FAMILY~~ENSCO ~~DOLLAR~~INT'L ~~STRS~~INC COM USD0.10 COM ~~307000109~~26874Q100 ~~977~~918 ~~24481~~28,089 SOLE NONE ~~24481~~28,089 ~~FANNIE~~ENTERGY ~~MAE~~CORP ~~USD~~ COM ~~NPV~~USD0.01 COM ~~313586109~~29364G103 ~~18168~~2,370 ~~258806~~39,104 SOLE NONE ~~258806~~39,104

TITLE VALUE ~~VOTING OF USD~~ NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- ------- ---------- -------- ----------- ~~FASTENAL~~EOG RESOURCES INC COM USD0.01 COM ~~311900104~~26875P101 ~~402~~1,342 ~~10634~~20,386 SOLE NONE ~~10634~~20,386 ~~FED~~EQUIFAX ~~HOME~~INC ~~LOAN MTG~~ COM ~~USD0~~USD1.2125 COM ~~313400301~~294429105 ~~7684~~583 ~~146773~~22,112 SOLE NONE ~~146773~~22,112 ~~FEDERATED~~EQUITABLE ~~DEPT~~RESOURCES ~~STORES~~INC COM ~~USD0.01~~NPV COM ~~31410H101~~294549100 ~~1633~~472 ~~38984~~8,696 SOLE NONE ~~38984~~8,696 ~~FEDEX~~EQUITY ~~CORP~~OFFICE ~~COMM~~PROPS ~~USD0~~COM USD 0.1001 (REIT) COM ~~31428X106~~294741103 ~~3238~~1,914 ~~50259~~70,236 SOLE NONE ~~50259~~70,236 ~~FIDELITY~~EQUITY ~~ADV~~RESIDENTIAL ~~EMERG~~SBI ~~ASIA~~USD0.01 ~~COM~~SBI ~~NPV~~29476L107 ~~COM~~1,434 ~~315920413~~46,267 ~~2483 198981~~ SOLE NONE ~~198981~~46,267 ~~FIDELITY~~ERIE ~~NATL~~INDEMNITY ~~FINL~~CO ~~COM~~CLASS ~~USD0.0001~~'A' COM ~~316326107~~STK ~~504~~NPV ~~16755~~CL ~~SOLE~~A ~~NONE~~29530P102 ~~16755~~46 ~~FIFTH~~902 ~~THIRD BANCORP COM 316773100 5182 93306~~ SOLE NONE ~~93306~~902 ~~FIRST~~ESTEE ~~DATA~~LAUDER ~~CORP~~CL ~~US$0~~A COM USD0.01 ~~COM~~CL ~~319963104~~A ~~6669~~518439104 ~~166894~~733 17,547 SOLE NONE ~~166894~~17,547 ~~FIRST~~EVEREST ~~HEALTH~~RE GROUP COM USD0.01 COM ~~320960107~~G3223R108 ~~386~~7 ~~14705~~97 SOLE NONE ~~14705~~97 ~~FIRST~~EXELON ~~TENN~~CORP ~~NATL~~COM NPV COM ~~337162101~~30161N101 ~~770~~4,042 ~~18146~~110,160 SOLE NONE ~~18146~~110,160 ~~FIRSTENERGY~~EXPEDITERS ~~CORP~~INTL ~~USD0~~WASH COM.10 US$ 0.01 COM ~~337932107~~302130109 ~~1677~~854 ~~52577~~16,514 SOLE NONE ~~52577~~16,514 ~~FISERV~~EXPRESS ~~INC~~SCRIPTS IN COM USD0.01 COM ~~337738108~~302182100 ~~1198~~841 ~~33007~~12,872 SOLE NONE ~~33007~~12,872 ~~FLEETBOSTON~~EXXON ~~FINANCIAL~~MOBIL CORP COM ~~USD0.01~~NPV COM ~~339030108~~30231G102 ~~6768~~64,847 ~~224467~~1,341,760 SOLE NONE ~~224467~~1,341,760 ~~FLEXTRONICS~~FAIR ~~INTL~~ISAAC ~~ORD~~CORP COM USD0.01 COM ~~999900002~~303250104 ~~1229~~312 ~~86438~~10,693 SOLE NONE ~~86438~~10,693 ~~FLUOR~~FAMILY ~~CORP~~DOLLAR STRS COM ~~NPV~~USD0.10 ~~(W/I)~~ COM ~~343412102~~307000109 ~~436~~894 ~~11679~~32,983 SOLE NONE ~~11679~~32,983 ~~FORD~~FANNIE ~~MOTOR~~MAE COUSD COM ~~STK~~NPV ~~USD0.01~~ COM ~~345370860~~313586109 ~~3158~~16,597 ~~293204~~261,779 SOLE NONE ~~293204~~261,779 ~~FOREST~~FASTENAL ~~LABS~~COM ~~US$0~~USD0.1001 COM ~~345838106~~311900104 ~~4508~~590 ~~87622~~10,243 SOLE NONE ~~87622~~10,243 ~~FORTUNE~~FED ~~BRANDS~~HOME ~~INC~~LOAN MTG COM ~~349631101~~USD0.21 ~~2557~~COM ~~45050~~313400301 10,575 162,087 SOLE NONE ~~45050~~162,087 ~~FOX~~FEDERATED ~~ENTERTAINMENT~~DEPT STORES COM ~~STK~~ USD0.~~01CLASS~~01 ACOM CL31410H101 A2,705 ~~35138T107~~59,532 ~~697 24891~~ SOLE NONE ~~24891~~59,532 ~~FPL~~FEDERATED ~~GROUP~~INVESTOR ~~INC~~CL ~~COM~~'B' ~~USD0.01~~NPV ~~COM~~CL ~~302571104~~B ~~1977~~314211103 ~~31281~~55 1,917 SOLE NONE ~~31281~~1,917 ~~FRANKLIN~~FEDEX ~~RESOURCES~~CORP ~~COMM~~COM ~~STK~~ USD0.10 COM ~~354613101~~31428X106 ~~1239~~4,303 ~~28016~~50,221 SOLE NONE ~~28016~~50,221 ~~FREEPORT-MCMORAN~~FIDELITY ~~COPPE~~ADV ~~CLASS~~EMERG ~~'B'~~ASIA COM CLNPV BCOM ~~35671D857~~315920413 ~~720~~1,737 ~~21762~~121,621 SOLE NONE ~~21762~~121,621 ~~GANNETT~~FIDELITY CONATL ~~INC~~FINL ~~USD1~~COM USD0.0001 COM ~~364730101~~316326107 ~~3507~~850 ~~45222~~22,308 SOLE NONE ~~45222~~22,308 ~~GAP~~FIFTH ~~INC~~THIRD ~~US$0.05~~BANCORP COM ~~364760108~~NPV ~~2117~~COM ~~123654~~316773100 4,706 95,605 SOLE NONE ~~123654~~95,605 ~~GEMSTARTV~~FIRST ~~GUIDE~~DATA ~~INTERNATIONAL~~CORP COM ~~36866W106~~USD0.01 COM 319963104 6,848 ~~1322~~157,424 SOLE NONE ~~1322~~157,424 ~~GEN~~FIRST ~~GROWTH~~HEALTH ~~PPTYS~~GROUP COM USD0.1001 COM ~~370021107~~320960107 ~~532~~237 ~~7426~~14,705 SOLE NONE ~~7426~~14,705 ~~GEN~~FIRST ~~MILLS~~HORIZON ~~INC~~NATIONAL COM ~~STK~~ USD0.1625 COM ~~370334104~~320517105 ~~2873~~849 ~~61034~~19,570 SOLE NONE ~~61034~~19,570 ~~GEN-PROBE~~FIRSTENERGY ~~INC~~CORP COM ~~NPV (S~~USD0.~~I. 1/~~10~~)(AR)(~)~~ COM ~~36866T103~~337932107 142,101 ~~258~~51,154 SOLE NONE ~~258~~51,154 ~~GENENTECH~~FISERV INC COM ~~368710406 3050 38053 SOLE NONE 38053 GENERAL DYNAMICSUS$1~~USD0.0001 COM ~~369550108~~337738108 ~~3921~~1,183 ~~50235~~33,950 SOLE NONE ~~50235~~33,950 ~~GENERAL~~FLEXTRONICS ~~ELECTRIC~~INTL ~~COM~~ORD ~~STK USD~~USD0.1601 COM ~~369604103~~999900002 ~~62844~~1,300 ~~2108139~~98,115 SOLE NONE ~~2108139~~98,115 ~~GENERAL~~FLUOR ~~MOTORS~~ CORP ~~CL'H'~~COM USD0.1001 CLCOM H343412102 ~~370442832~~546 ~~1276~~12,262 ~~89191~~ SOLE NONE ~~89191~~12,262 ~~GENERAL~~FORD ~~MOTORS~~MOTOR ~~CORP~~CO COM ~~US$~~STK 1USD0.01 ~~2/3~~ COM ~~370442105~~345370860 ~~4295~~4,198 ~~104927~~298,773 SOLE NONE ~~104927~~298,773 ~~GENTEX~~FOREST ~~CORP~~LABS INC COM ~~USD0~~US$0.0610 COM ~~371901109~~345838106 ~~454~~3,239 ~~13037~~72,047 SOLE NONE ~~13037~~72,047 ~~GENUINE~~FORTUNE ~~PARTSUS$1~~BRANDS INC COM USD3.00125 COM ~~372460105~~349631101 ~~1040~~3,499 ~~32529~~47,221 SOLE NONE ~~32529~~47,221 ~~GENZYME~~FOX ~~CORP-GENERAL~~ENTERTAINMENT ~~DIV~~COM STK USD0.01 ~~COM~~CLASS ~~372917104~~A ~~1618~~CL ~~34942~~A 35138T107 1,680 60,547 SOLE NONE ~~34942~~60,547 ~~GEORGIA~~FPL ~~PACIFIC~~GROUP ~~CORPORATION~~INC ~~US$~~COM 0USD0.8001 COM ~~373298108~~302571104 ~~1946~~2,149 ~~80274~~31,462 SOLE NONE ~~80274~~31,462 ~~GILEAD~~FRANKLIN ~~SCIENCES~~RESOURCES COM USD0.~~001~~10 COM ~~375558103~~354613101 ~~1853~~1,854 ~~33065~~33,241 SOLE NONE ~~33065~~33,241 ~~GILLETTE~~FREEPORT-MCMORAN COCOPPE ~~US$1.00~~CLASS 'B' COM ~~375766102~~CL ~~5512~~B ~~172364~~35671D857 1,129 27,882 SOLE NONE ~~172364~~27,882

TITLE VALUE ~~VOTING OF USD~~ NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- ------- ---------- -------- ----------- ~~GLOBALSANTAFE~~GANNETT ~~CORP~~CO INC COM ~~USD0.01~~USD1 COM ~~G3930E101~~364730101 ~~911~~6,798 ~~38026~~81,161 SOLE NONE ~~38026~~81,161 ~~GOLDEN~~GAP ~~WEST~~INC ~~FIN~~COM ~~CP C/STK~~ US$0.1005 COM ~~381317106~~364760108 ~~3760~~2,067 ~~42009~~110,809 SOLE NONE ~~42009~~110,809 ~~GOLDMAN~~GEN ~~SACHS~~GROWTH ~~GROUP~~PPTYS COM ~~USD 0~~USD0.0110 COM ~~38141G104~~370021107 ~~3312~~838 ~~39476~~27,028 SOLE NONE ~~39476~~27,028 ~~GOODRICH~~GEN ~~CORP~~MILLS INC COM STK ~~USD5~~USD0.1 COM ~~382388106~~370334104 ~~425~~2,723 ~~17516~~60,654 SOLE NONE ~~17516~~60,654 ~~GRAINGER~~GENENTECH WINC COM USD0.~~W.US$1.00~~02 COM ~~384802104~~368710406 ~~621~~3,724 ~~13051~~71,045 SOLE NONE ~~13051~~71,045 ~~GREENPOINT~~GENERAL ~~FINL~~DYNAMICS CORP COM ~~395384100~~USD1 ~~2514~~COM ~~84198~~369550108 7,384 72,319 SOLE NONE ~~84198~~72,319 ~~GUIDANT~~GENERAL ~~CORP~~ELECTRIC COM ~~401698105~~STK ~~3716~~USD0.06 ~~79318~~COM 369604103 70,082 2,087,007 SOLE NONE ~~79318~~2,087,007 ~~HALLIBURTON~~GENERAL COMOTORS CORP COM ~~STK~~ US$ 1 2~~.50~~/3 COM ~~406216101~~370442105 ~~1831~~3,706 ~~75497~~87,247 SOLE NONE ~~75497~~87,247 ~~HARLEY~~GENTEX ~~DAVIDSON~~CORP ~~INC~~COM USD0.06 COM ~~412822108~~371901109 ~~5789~~458 ~~120095~~13,037 SOLE NONE ~~120095~~13,037 ~~HARRAHS~~GENUINE ~~ENTERTMT~~PARTS CO COM ~~USD0.10~~USD1 COM ~~413619107~~372460105 ~~1014~~1,275 ~~24086~~33,232 SOLE NONE ~~24086~~33,232 ~~HARRIS~~GENZYME ~~CORPUS$1~~CORP-GENERAL DIV COM USD0.0001 COM ~~413875105~~372917104 762,920 ~~2117~~53,662 SOLE NONE ~~2117~~53,662 ~~HARTFORD~~GEORGIA ~~FINANCIAL~~PACIFIC ~~SVCS~~CORP ~~GROUP~~COM ~~INC~~USD0.80 COM ~~416515104~~373298108 ~~2459~~3,896 ~~46716~~108,375 SOLE NONE ~~46716~~108,375 ~~HASBRO~~GILEAD ~~INC~~SCIENCES ~~US$0~~COM USD0.50001 COM ~~418056107~~375558103 ~~627~~2,449 ~~33576~~65,528 SOLE NONE ~~33576~~65,528 ~~HCA~~GILLETTE ~~INC~~CO ~~US$.01~~COM USD1 COM ~~404119109~~375766102 ~~5303~~7,228 ~~143880~~173,162 SOLE NONE ~~143880~~173,162 ~~HCR~~GLOBALSANTAFE ~~MANOR~~CORP ~~CARE INC~~ COM USD0.01 COM ~~564055101~~G3930E101 511,253 ~~1700~~40,867 SOLE NONE ~~1700~~40,867 ~~HEALTH~~GOLDEN ~~MGMT~~WEST ~~ASSOC~~FIN ~~'A'~~CO ~~USD0~~COM US$0.0110 CLCOM A381317106 ~~421933102~~4,114 ~~869~~37,081 ~~39843~~ SOLE NONE ~~39843~~37,081 ~~HEALTH~~GOLDMAN ~~NET~~SACHS ~~INC~~GROUP ~~CLASS'A'~~COM ~~USD0~~USD 0.~~001~~01 CLCOM A38141G104 ~~42222G108~~6,828 ~~564~~73,227 ~~17794~~ SOLE NONE ~~17794~~73,227 ~~HEALTHSOUTH~~GOODRICH CORP COM ~~USD0.01~~STK USD5 COM ~~421924101~~382388106 41,658 ~~1513~~52,868 SOLE NONE ~~1513~~52,868 ~~HEINZ~~GOOGLE ~~H.J.~~INC COM USD0.25001 ~~COM~~CL'A' ~~423074103~~CL ~~2205~~A ~~64311~~38259P508 64 490 SOLE NONE ~~64311~~490 ~~HERSHEY~~GRAINGER ~~FOODSUS$1~~W.00W. INC COM ~~427866108~~USD0.50 ~~974~~COM ~~13405~~384802104 758 13,148 SOLE NONE ~~13405~~13,148 ~~HEWLETT~~GREENPOINT ~~PACKARD~~FINL CORP COM ~~STK~~USD0.01 ~~US$1~~ COM ~~428236103~~395384100 ~~12549~~1,712 ~~648190~~37,015 SOLE NONE ~~648190~~37,015 ~~HIBERNIA~~GTECH HLDGS CORP ~~'A'~~COM ~~NPV~~USD0.01 CL(AR) ACOM ~~428656102~~400518106 ~~111~~22 ~~5468~~856 SOLE NONE ~~5468~~856 ~~HILLENBRAND~~GUIDANT ~~INDS~~CORP COM NPV COM ~~431573104~~401698105 ~~4445~~4,923 ~~78777~~74,547 SOLE NONE ~~78777~~74,547 ~~HILTON~~HALLIBURTON ~~HOTELS~~CO COM STK US$ 2.50 COM ~~432848109~~406216101 ~~953~~2,510 ~~58739~~74,506 SOLE NONE ~~58739~~74,506 ~~HOME~~HARLEY ~~DEPOTUS$0~~DAVIDSON COM USD0.0501 COM ~~437076102~~412822108 ~~16346~~5,581 ~~513223~~93,893 SOLE NONE ~~513223~~93,893 ~~HONEYWELL~~HARMAN INTL ~~INC~~INDS COM ~~USD1~~USD0.01 COM ~~438516106~~413086109 ~~3738~~219 ~~141861~~2,037 SOLE NONE ~~141861~~2,037 ~~HORMEL~~HARRAHS ~~FOODS~~ENTERTMT ~~CORP~~ COM USD0.~~0586~~10 COM ~~440452100~~413619107 21883 ~~916~~16,659 SOLE NONE ~~916~~16,659 ~~HOST~~HARRIS ~~MARRIOTT~~CORP ~~CORPUS$1.00~~COM USD1 COM ~~44107P104~~413875105 ~~404~~92 ~~37613~~1,677 SOLE NONE ~~37613~~1,677 ~~HUNTINGTON~~HARTFORD ~~BANCSHARES~~FINANCIAL ~~NPV~~SVCS COM ~~446150104~~USD0.01 ~~774 39016 SOLE NONE 39016 I2 TECHNOLOGIES INC~~ COM ~~465754109~~416515104 83,391 ~~6620~~54,760 SOLE NONE ~~6620~~54,760 ~~IDEC~~HASBRO ~~PHARMS~~INC COM ~~NPV~~US$0.50 COM ~~449370105~~418056107 ~~884~~3,138 ~~26562~~166,920 SOLE NONE ~~26562~~166,920 ~~ILLINOIS~~HCA ~~TOOL~~INC ~~WORKS~~COM ~~NPV~~US$.01 COM ~~452308109~~404119109 ~~3767~~3,118 ~~56850~~81,727 SOLE NONE ~~56850~~81,727 ~~IMAGISTICS~~HCR ~~INTL~~MANOR INCARE INC COM ~~USD 0~~USD0.01 COM ~~45247T104~~564055101 51 1,700 46 SOLE NONE 461,700 ~~IMS~~ HEALTH ~~COM~~MGMT ASSOC 'A' USD0.01 ~~COM~~CL ~~449934108~~A ~~842~~421933102 ~~39918~~929 45,452 SOLE NONE ~~39918~~45,452 ~~INGERSOLL-RAND~~HEALTH CONET ~~COM~~INC ~~USD2(CL~~CLASS'A'COM ~~BERMUDA~~USD0.001 CL A ~~G47769101~~42222G108 ~~2243~~585 ~~41975~~23,683 SOLE NONE ~~41975~~23,683 ~~INTEL~~HEINZ ~~CORP~~H.J.CO ~~NPV~~COM USD0.25 COM ~~458140100~~423074103 ~~38191~~2,319 ~~1387765~~64,382 SOLE NONE ~~1387765~~64,382 ~~INTERACTIVE~~HENRY SCHEIN CORP COM USD0.01 COM ~~45840Q101~~806407102 ~~1323~~45 ~~39871~~721 SOLE NONE ~~39871~~721 ~~INTERNATIONAL~~HERSHEY ~~GAME~~FOODS ~~TEC~~CORP COM ~~459902102~~USD1 ~~1567 55670 SOLE NONE 55670 INTERNATIONAL PAPER US $1~~ COM ~~460146103~~427866108 ~~3252~~3,624 ~~83339~~77,587 SOLE NONE ~~83339~~77,587

TITLE VALUE ~~VOTING OF USD~~ NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- ------- ---------- -------- ----------- ~~INTERPUBLIC~~HEWLETT ~~GRP~~PACKARD ~~COS~~COM ~~INC~~STK ~~(UK)~~US$1 COM ~~460690100~~428236103 ~~860~~14,932 ~~60914~~796,370 SOLE NONE ~~60914~~796,370 ~~INTL~~HIBERNIA ~~BUSINESS~~CORP ~~MACH.~~'A' ~~COMMON~~NPV ~~USD~~CL ~~0.50~~A ~~COM~~428656102 ~~459200101~~113 ~~30021~~4,297 ~~339869~~ SOLE NONE ~~339869~~4,297 ~~INTL~~HILLENBRAND ~~FLAVOUR~~INDS &COM ~~FRAGRANCE~~NPV ~~US$.125~~ COM ~~459506101~~431573104 ~~354~~933 ~~10703~~18,458 SOLE NONE ~~10703~~18,458 ~~INTUIT~~HILTON ~~INC~~HOTELS -CORP COM ~~USD0~~USD2.0150 COM ~~461202103~~432848109 ~~2302~~1,103 ~~47720~~58,542 SOLE NONE ~~47720~~58,542 ~~IRON~~HOME ~~MOUNTAIN~~DEPOT INC COM USD0.0105 COM ~~462846106~~437076102 ~~386~~22,587 ~~10763~~576,204 SOLE NONE ~~10763~~576,204 ~~ISTAR~~HONEYWELL ~~FINANCIAL~~INTL ~~CLASS~~INC ACOM ~~SBI~~USD1 ~~USD0.001~~COM CL438516106 A5,250 ~~45031U101~~146,413 ~~385 9894~~ SOLE NONE ~~9894~~146,413 ~~ITT~~HORMEL ~~INDUSTRIES~~FOODS ~~INC~~CORP COM ~~USD1~~USD0.0586 COM ~~450911102~~440452100 ~~1200~~934 ~~20054~~34,884 SOLE NONE ~~20054~~34,884 ~~IVAX~~HOSPIRA ~~CORP~~INC COM ~~465823102~~USD ~~519 26480 SOLE NONE 26480 J~~0.P.01 ~~MORGAN CHASE AND CO~~ COM ~~46625H100~~441060100 ~~14859~~1,384 ~~432829~~45,238 SOLE NONE ~~432829~~45,238 ~~JABIL~~HOST ~~CIRCUIT~~MARRIOTT ~~INC~~CORP COM ~~USD0.001~~USD1 COM ~~466313103~~44107P104 ~~850~~590 ~~32611~~42,078 SOLE NONE ~~32611~~42,078 ~~JACOBS~~HUNTINGTON ~~ENG~~BANCSHARES ~~GROUP~~ COM NPV COM ~~469814107~~446150104 ~~262~~1,001 ~~5806~~40,198 SOLE NONE ~~5806~~40,198 ~~JANUS~~IAC ~~CAPITAL~~INTERACTIVECORP ~~GROUP~~COM ~~INC~~ USD0.01 COM ~~47102X105~~44919P102 ~~511~~940 ~~36567~~42,707 SOLE NONE ~~36567~~42,707 ~~JDS~~ILLINOIS ~~UNIPHASE~~TOOL ~~CORPORATION~~WORKS COM ~~USD0.001~~NPV COM ~~46612J101~~452308109 ~~775~~4,836 ~~215291~~51,908 SOLE NONE ~~215291~~51,908 ~~JEFFERSON~~IMS ~~PILOT~~HEALTH ~~USD1~~COM USD0.2501 COM ~~475070108~~449934108 ~~2681~~1,017 ~~60416~~42,506 SOLE NONE ~~60416~~42,506 ~~JOHN~~INGERSOLL-RAND ~~HANCOCK~~CO ~~FINAN~~ COM ~~USD0.01~~USD2(CL'A' ~~COM~~BERMUDA ~~41014S106~~CL ~~2286~~A ~~67633~~G47769101 4,279 62,950 SOLE NONE ~~67633~~62,950 ~~JOHNSON~~INTEL &CORP ~~JOHNSON~~ COM ~~STK~~USD0.001 ~~US$ 1~~ COM ~~478160104~~458140100 ~~33796~~28,004 ~~682475~~1,395,993 SOLE NONE ~~682475~~1,395,993 ~~JOHNSON~~INTERNATIONAL ~~CONTROLS~~GAME TEC COM ~~478366107~~USD0.000625 ~~1564~~COM ~~16532~~459902102 2,346 65,259 SOLE NONE ~~16532~~65,259 ~~JONES~~INTERNATIONAL ~~APPAREL~~PAPER ~~GRP~~CO ~~USD~~COM ~~0.01~~USD1 COM ~~480074103~~460146103 ~~533~~3,427 ~~17808~~84,811 SOLE NONE ~~17808~~84,811 ~~JUNIPER~~INTERPUBLIC ~~NETWORKS~~GRP COM ~~48203R104~~USD0.10 ~~1005~~COM ~~66974~~460690100 738 69,702 SOLE NONE ~~66974~~69,702 ~~KAUFMAN~~INTL &BUSINESS ~~BROAD~~MACH. ~~HOME~~COM ~~US$1~~USD0.20 COM ~~48666K109~~459200101 ~~426~~26,782 ~~7143~~312,361 SOLE NONE ~~7143~~312,361 ~~KELLOGG~~INTL COFLAVOUR & FRAGRANCE COM US$0.25125 COM ~~487836108~~459506101 ~~1612~~530 ~~48350~~13,862 SOLE NONE ~~48350~~13,862 ~~KERR~~INTUIT INC -~~MCGEE~~ COM USD0.01 ~~US$ 1~~ COM ~~492386107~~461202103 ~~2187~~1,420 ~~48993~~31,277 SOLE NONE ~~48993~~31,277 ~~KEYCORP~~INVITROGEN CORP COM ~~USD1~~USD0.01 COM ~~493267108~~46185R100 ~~1914~~16 ~~74836~~282 SOLE NONE ~~74836~~282 ~~KEYSPAN~~IRON ~~ENERGY~~MOUNTAIN ~~USD5~~INC COM ~~49337W100~~USD0.01 ~~919 26194 SOLE NONE 26194 KIMBERLY-CLARK~~ COM ~~494368103~~462846106 ~~6245~~576 ~~121694~~17,020 SOLE NONE ~~121694~~17,020 ~~KIMCO~~ISTAR ~~REALTY~~FINANCIAL ~~COM~~CLASS A SBI USD0.01001 ~~COM~~CL ~~49446R109~~A ~~628~~SBI ~~15323~~45031U101 450 10,906 SOLE NONE ~~15323~~10,906 ~~KINDER~~ITT ~~MORGAN~~INDUSTRIES ~~KANS~~INC COM ~~USD5~~USD1 COM ~~49455P101~~450911102 ~~819~~973 ~~15165~~12,164 SOLE NONE ~~15165~~12,164 ~~KLA-TENCOR~~IVAX CORP COM USD0.10 COM ~~482480100~~465823102 ~~1654~~631 ~~32049~~32,957 SOLE NONE ~~32049~~32,957 ~~KNIGHT-RIDDER~~J.P. ~~INC~~MORGAN CHASE COM ~~US$0.02~~USD1 ~~1/12~~ COM ~~499040103~~46625H100 ~~799~~28,516 ~~11982~~717,755 SOLE NONE ~~11982~~717,755 ~~KOHL~~JABIL "SCIRCUIT ~~CORP~~INC COM USD0.001 COM ~~500255104~~466313103 ~~3041~~889 ~~56846~~38,640 SOLE NONE ~~56846~~38,640 ~~KRAFT~~JANUS ~~FOOD~~CAPITAL ~~INC~~GROUP COM ~~STK~~USD0.01 ~~NPV~~COM ~~CLS'A'~~47102X105 CL498 A36,567 ~~50075N104 2522 85496~~ SOLE NONE ~~85496~~36,567 ~~KROGER~~JDS $1UNIPHASE ~~COMM~~CORPORATION ~~STK~~COM USD0.001 COM ~~501044101~~46612J101 ~~3657~~1,085 ~~204657~~321,821 SOLE NONE ~~204657~~321,821 LJEFFERSON 3PILOT ~~COMMUNICATIONS~~ COM ~~USD0~~USD1.0125 COM ~~502424104~~475070108 ~~558~~1,657 ~~12909~~33,360 SOLE NONE ~~12909~~33,360 ~~LAB~~JOHNSON ~~CORP~~& ~~AMER~~JOHNSON ~~HLDG~~ COM ~~USD0.~~STK US$ 1 COM ~~50540R409~~478160104 ~~671~~39,228 ~~23390~~696,389 SOLE NONE ~~23390~~696,389 ~~LAFARGE~~JOHNSON ~~CORP~~CONTROLS ~~USD1~~COM USD0.16 2/3 COM ~~505862102~~478366107 204,332 ~~585~~76,246 SOLE NONE ~~585~~76,246 ~~LEAR~~JONES ~~CORP~~APPAREL GRP COM USD0.01 COM ~~521865105~~480074103 ~~459~~3,216 ~~8718~~89,837 SOLE NONE ~~8718~~89,837 ~~LEGG~~JUNIPER ~~MASON~~NETWORKS ~~INC~~ COM USD0.1000001 COM ~~524901105~~48203R104 ~~711~~2,247 ~~9845~~95,203 SOLE NONE ~~9845~~95,203 ~~LEGGETT~~KB &HOME ~~PLATT~~COM ~~INC~~USD1 ~~US$0.01~~ COM ~~524660107~~48666K109 ~~581~~604 ~~26851~~7,143 SOLE NONE ~~26851~~7,143 ~~LEHMAN~~KELLOGG ~~BROTHERS~~CO ~~CMN~~COM ~~SHS~~USD0.25 COM ~~524908100~~487836108 ~~3340~~2,061 ~~48350~~48,312 SOLE NONE ~~48350~~48,312

TITLE VALUE ~~VOTING OF USD~~ NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- ------- ---------- -------- ----------- ~~LENNAR~~KERR-MCGEE ~~CORP~~ COM ~~CL'A'USD0~~.10 CLUS$ A1 ~~526057104~~COM ~~616~~492386107 ~~7918~~4,116 71,898 SOLE NONE ~~7918~~71,898 ~~LEVEL~~KEYCORP 3COM ~~COMMUNICATIONS~~USD1 COM ~~52729N100~~493267108 ~~361~~2,383 ~~66630~~75,413 SOLE NONE ~~66630~~75,413 ~~LEXMARK~~KEYSPAN ~~INTL~~CORP ~~INC - CLASS 'A'~~ COM USD0.01 CLCOM A49337W100 ~~529771107~~1,082 ~~2644~~27,594 ~~41957~~ SOLE NONE ~~41957~~27,594 ~~LIBERTY~~KIMBERLY-CLARK ~~MEDIA~~ CORP ~~SER A~~ COM USD1.25 ~~SER~~COM A494368103 ~~530718105~~6,105 ~~4070~~94,525 ~~408250~~ SOLE NONE ~~408250~~94,525 ~~LIBERTY~~KIMCO ~~PROPERTY~~REALTY ~~TRUST~~COM ~~SBI~~ USD0.~~001~~01 ~~SBI~~COM ~~531172104~~49446R109 ~~604~~1,287 ~~16343~~25,087 SOLE NONE ~~16343~~25,087 ~~LILLY~~KINDER ~~(ELI)~~MORGAN KANS COM ~~STK~~USD5 ~~NPV~~ COM ~~532457108~~49455P101 ~~11082~~958 ~~186566~~15,250 SOLE NONE ~~186566~~15,250 ~~LIMITED~~KLA-TENCOR ~~BRANDS~~CORP ~~INC~~ COM ~~STK US$ 0~~USD0.50001 COM ~~532716107~~482480100 ~~1405~~1,356 ~~93159~~32,687 SOLE NONE ~~93159~~32,687 ~~LINCARE~~KNIGHT-RIDDER ~~HLDGS~~ INC COM ~~USD0~~US$0.0102 1/12 COM ~~532791100~~499040103 ~~635~~970 ~~17349~~14,815 SOLE NONE ~~17349~~14,815 ~~LINCOLN~~KOHLS ~~NATL~~ CORP COM ~~USD1~~USD0.2501 COM ~~534187109~~500255104 ~~1054~~2,747 ~~29798~~57,013 SOLE NONE ~~29798~~57,013 ~~LINEAR~~KRAFT ~~TECHNOLOGY~~FOOD ~~CORP~~INC COM ~~535678106~~STK ~~1946~~NPV ~~54172~~CLS'A' CL A 50075N104 2,109 66,489 SOLE NONE ~~54172~~66,489 ~~LIZ~~KROGER ~~CLAIBORNEUS$1.00~~CO COM ~~539320101~~USD1 ~~2321~~COM ~~68154~~501044101 3,083 198,630 SOLE NONE ~~68154~~198,630 ~~LOCKHEED~~L ~~MARTIN~~3 COCOMMUNICATIONS COM USD0.01 COM ~~539830109~~502424104 ~~3402~~2,621 ~~73725~~39,123 SOLE NONE ~~73725~~39,123 ~~LOEWS~~LAB CORP ~~US$~~AMER HLDG COM USD0.1 COM ~~540424108~~50540R409 ~~2766~~2,956 ~~68506~~67,621 SOLE NONE ~~68506~~67,621 ~~LOWES~~LAFARGE ~~COS~~NORTH ~~INC.~~AMER ~~US$0.50~~COM USD1 COM ~~548661107~~505862102 ~~7618~~1,322 ~~146773~~28,202 SOLE NONE ~~146773~~28,202 ~~LSI~~LAMAR ~~LOGIC~~ADVERTISING CL'A'COM ~~STK~~USD0.001 ~~NPV~~CL ~~COM~~A ~~502161102~~512815101 ~~562~~130 ~~62466~~3,121 SOLE NONE ~~62466~~3,121 ~~LUCENT~~LEAR ~~TECHNOLOGIES~~CORP COM ~~US$0~~USD0.01 COM ~~549463107~~521865105 ~~1577~~484 ~~730063~~8,883 SOLE NONE ~~730063~~8,883 MLEGG &MASON TINC ~~BANK CORP~~ COM USD0.5010 COM ~~55261F104~~524901105 ~~1364~~1,120 ~~15628~~21,016 SOLE NONE ~~15628~~21,016 ~~MANPOWER~~LEGGETT & PLATT INC COM ~~56418H100~~US$0.01 ~~384~~COM ~~10358~~524660107 905 32,206 SOLE NONE ~~10358~~32,206 ~~MARATHON~~LEHMAN ~~OIL~~BROTHERS ~~CORP~~HLDGS COM ~~USD1~~USD0.10 COM ~~565849106~~524908100 ~~1739~~3,855 ~~61011~~48,351 SOLE NONE ~~61011~~48,351 ~~MARRIOTT~~LENNAR ~~INT~~CORP ~~CLASS~~COM CL'A'USD0.10 ~~USD 1~~ CL A ~~571903202~~526057104 ~~1831~~858 ~~42555~~18,033 SOLE NONE ~~42555~~18,033 ~~MARSH~~LEVEL &3 ~~MCLENNAN~~COMMUNICATIONS COM ~~US$~~USD0.01 1 COM ~~571748102~~52729N100 ~~5755~~195 ~~120875~~75,368 SOLE NONE ~~120875~~75,368 ~~MARSHALL~~LEXMARK &INTL ~~ILSLEY~~INC - CLASS 'A' COM ~~571834100~~USD0.01 ~~961~~CL ~~30484~~A 529771107 2,690 32,022 SOLE NONE ~~30484~~32,022 ~~MASCO~~LIBERTY MEDIA CORP ~~US$1.00~~SER A COM ~~574599106~~USD1 ~~3725~~SER ~~152185~~A ~~SOLE~~530718105 ~~NONE~~4,632 ~~152185~~531,143 ~~MATTEL~~SOLE ~~INC~~NONE ~~COM~~531,143 ~~577081102~~LIBERTY ~~3139~~MEDIA ~~165555~~INTL ~~SOLE~~COM ~~NONE~~CLASS ~~165555~~'A'USD ~~MAXIM INTEGRATED PROD~~0.01 ~~COM~~CL ~~57772K101~~A ~~2172~~530719103 ~~55142~~1,115 33,426 SOLE NONE ~~55142~~33,426 ~~MAY~~LIBERTY ~~DEPT~~PROPERTY ~~STORES~~TRUST ~~US$0~~SBI USD0.5001 ~~COM~~SBI ~~577778103~~531172104 ~~1771~~684 ~~71899~~17,166 SOLE NONE ~~71899~~17,166 ~~MAYTAG~~LILLY ~~CORP~~(ELI) ~~US$1.25~~& CO COM ~~578592107~~NPV ~~629~~COM ~~25173~~532457108 11,162 185,872 SOLE NONE ~~25173~~185,872 ~~MBIA~~LIMITED BRANDS INC COM STK US$1 0.50 COM ~~55262C100~~532716107 ~~2124~~2,304 ~~38641~~103,360 SOLE NONE ~~38641~~103,360 ~~MBNA~~LINCARE ~~CORP~~HLDGS INC COM USD0.01 COM ~~55262L100~~532791100 ~~6534~~842 ~~286559~~28,343 SOLE NONE ~~286559~~28,343 ~~MCCORMICK~~LINCOLN &NATL COCORP ~~INC~~ COM ~~N/VTG~~USD1.25 ~~NPV~~ COM ~~579780206~~534187109 ~~461~~1,469 ~~16804~~31,262 SOLE NONE ~~16804~~31,262 ~~MCDONALD'S~~LINEAR ~~CORP~~TECHNOLOGY COM ~~STK~~USD0.001 ~~NPV~~ COM ~~580135101~~535678106 ~~5987~~1,924 ~~254339~~53,104 SOLE NONE ~~254339~~53,104 ~~MCGRAW-HILL~~LIZ ~~INC~~CLAIBORNE COM ~~STK~~USD1 ~~US$ 1~~ COM ~~580645109~~539320101 ~~2661~~2,586 ~~42826~~68,563 SOLE NONE ~~42826~~68,563 ~~MCKESSON~~LOCKHEED ~~CORPORATION~~MARTIN ~~USD0.01~~CO COM ~~58155Q103~~USD1 ~~2134~~COM ~~64101~~539830109 4,148 74,357 SOLE NONE ~~64101~~74,357 ~~MEADWESTVACO~~LOEWS CORP COM ~~USD0.01~~US$1 COM ~~583334107~~540424108 ~~915~~1,881 ~~35880~~32,157 SOLE NONE ~~35880~~32,157 ~~MEDCOHEALTH~~LOWE'S ~~SOLUTI~~COS INC COM USD0.0150 COM ~~58405U102~~548661107 ~~1506~~7,971 ~~58076~~146,665 SOLE NONE ~~58076~~146,665 ~~MEDIMMUNE~~LSI ~~INC~~LOGIC COM ~~584699102~~STK ~~1403~~NPV ~~42481~~COM 502161102 435 100,951 SOLE NONE ~~42481~~100,951 ~~MEDTRONIC~~LUCENT ~~INC~~TECHNOLOGIES COM US$0.1001 COM ~~585055106~~549463107 ~~10867~~2,240 ~~231617~~706,651 SOLE NONE ~~231617~~706,651 ~~MELLON~~M ~~FINL~~& T BANK CORP COM USD0.50 COM ~~58551A108~~55261F104 ~~2226~~1,522 ~~73861~~15,903 SOLE NONE ~~73861 MERCANTILE BANKSHS COM USD2 COM 587405101 532 13292 SOLE NONE 13292~~15,903

TITLE VALUE ~~VOTING OF USD~~ NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- ------- ---------- -------- ----------- ~~MERCK~~MANDALAY &RESORT COCOM USD0.025 ~~COMMON NPV~~ COM ~~589331107~~562567107 ~~24318~~102 ~~480398~~1,493 SOLE NONE ~~480398~~1,493 ~~MERCURY~~MANPOWER ~~GENERAL~~INC CP COM ~~NPV~~USD0.01 COM ~~589400100~~56418H100 21531 ~~475~~11,942 SOLE NONE ~~475~~11,942 ~~MERCURY~~MANU ~~INTERACTIVE~~LIFE FINL CORP COM ~~589405109~~NPV ~~549~~COM ~~12047~~56501R106 55 1,254 SOLE NONE ~~12047~~1,254 ~~MERRILL~~MARATHON ~~LYNCH~~OIL ~~US$1.33~~CORP COM ~~590188108~~USD1 ~~8661~~COM ~~161802~~565849106 2,129 51,572 SOLE NONE ~~161802~~51,572 ~~METLIFE~~MARRIOTT ~~INC~~INT ~~COM~~CLASS ~~59156R108~~A ~~5775~~USD ~~205899~~1 CL A 571903202 2,225 42,825 SOLE NONE ~~205899~~42,825 ~~MGIC~~MARSH ~~INVESTMENT~~& MCLENNAN COM ~~552848103~~US$ ~~890~~1 ~~17093~~COM 571748102 5,493 120,039 SOLE NONE ~~17093~~120,039 ~~MGM~~MARSHALL ~~MIRAGE~~& ~~INC~~ILSLEY COM ~~USD0.01~~USD1 COM ~~552953101~~571834100 ~~394~~1,377 ~~10782~~34,175 SOLE NONE ~~10782~~34,175 ~~MICHAELS~~MARVELL ~~STORE~~TECH ~~INC~~GROUP COM USD0.10002 COM ~~594087108~~G5876H105 ~~356~~464 ~~8724~~17,740 SOLE NONE ~~8724~~17,740 ~~MICROCHIP~~MASCO ~~TECHNOLOGY~~CORP COM ~~USD0.001~~USD1 COM ~~595017104~~574599106 ~~728~~6,402 ~~30403~~185,417 SOLE NONE ~~30403~~185,417 ~~MICRON~~MATTEL ~~TECHNOLOGY~~INC ~~US$0.10~~COM USD1 COM ~~595112103~~577081102 ~~1963~~2,797 ~~146240~~154,250 SOLE NONE ~~146240~~154,250 ~~MICROSOFT~~MAXIM ~~CORP~~INTEGRATED ~~US$0~~COM USD0.~~000025~~001 COM ~~594918104~~57772K101 ~~60014~~2,339 ~~2158783~~55,314 SOLE NONE ~~2158783~~55,314 ~~MILLENIUM~~MAY ~~PHARMACEUTICALS~~DEPT STORES CO COM ~~599902103~~USD0.50 ~~783~~COM ~~50694~~577778103 2,970 115,884 SOLE NONE ~~50694~~115,884 ~~MILLIPORE~~MAYTAG CORP ~~US$1~~COM USD1.0025 COM ~~601073109~~578592107 ~~379~~198 ~~8235~~10,784 SOLE NONE ~~8235~~10,784 ~~MINDSPEED~~MBIA ~~TECH~~ INC COM ~~USD0.01~~US$1 ~~(ar)~~ COM ~~602682106~~55262C100 42,280 ~~788~~39,175 SOLE NONE ~~788~~39,175 ~~MIRANT~~MBNA CORP- COM USD0.01 COM ~~604675108~~55262L100 310,165 ~~5311~~403,357 SOLE NONE ~~5311~~403,357 ~~MOHAWK~~MCAFEE ~~INDS~~INC COM USD0.01 COM ~~608190104~~579064106 ~~677~~330 ~~9495~~16,400 SOLE NONE ~~9495~~16,400 ~~MOLEX~~MCCORMICK ~~INC~~& ~~US$0.05~~CO INC COM ~~608554101~~N/VTG ~~155~~NPV ~~5411~~N/V ~~SOLE~~579780206 ~~NONE~~733 ~~5411~~21,351 ~~MOLEX~~SOLE ~~INC~~NONE ~~CLASS~~21,351 MCDONALD'A'S ~~USD0.05~~CORP CLCOM ASTK ~~608554200~~NPV ~~313~~COM ~~12775~~580135101 7,277 259,599 SOLE NONE ~~12775~~259,599 ~~MONSANTO~~MCGRAW-HILL INC COM ~~USD0.01~~STK US$ 1 COM ~~61166W101~~580645109 ~~125~~2,764 ~~5233~~34,690 SOLE NONE ~~5233~~34,690 ~~MOODYS~~MCKESSON ~~CORP~~CORPORATION USD0.01 COM ~~USD~~58155Q103 1,278 ~~COM~~49,810 ~~615369105 1745 31737~~ SOLE NONE ~~31737~~49,810 ~~MORGAN~~MEADWESTVACO ~~STANLEY~~CORP COM ~~STK~~ USD0.01 COM ~~617446448~~583334107 ~~11428~~1,115 ~~226483~~34,965 SOLE NONE ~~226483~~34,965 ~~MOTOROLA~~MEDCOHEALTH ~~ORD~~SOLUTI $3COM USD0.01 COM ~~620076109~~58405U102 ~~8072~~1,507 ~~675452~~48,765 SOLE NONE ~~675452~~48,765 ~~MURPHY~~MEDIMMUNE ~~OIL~~INC ~~CORP~~ COM ~~626717102~~584699102 ~~718~~986 ~~12227~~41,606 SOLE NONE ~~12227~~41,606 ~~MYLAN~~MEDTRONIC ~~LABS~~INC US$0.~~50 (S.I.9/~~10~~/03)(CA)(~)~~ COM ~~628530107~~585055106 ~~1847~~15,714 ~~47780~~302,766 SOLE NONE ~~47780~~302,766 ~~NABORS~~MELLON ~~INDS~~FINL ~~LTD~~CORP COM USD0.~~10(BERMUDA~~50 ~~REG)~~ COM ~~G6359F103~~58551A108 ~~152~~2,071 ~~4074~~74,796 SOLE NONE ~~4074~~74,796 ~~NASDAQ~~MERCANTILE ~~100~~BANKSHS ~~TRUST - UNIT SER1 SER 1 631100104 2594 80000 SOLE NONE 80000 NATIONAL CITY CORP~~ COM ~~USD4(NEW)~~USD2 COM ~~635405103~~587405101 ~~5097~~666 ~~173023~~13,890 SOLE NONE ~~173023~~13,890 ~~NATIONAL~~MERCK ~~SEMICONDUCTOR~~& ~~US$ 0~~CO.50 COMMON NPV COM ~~637640103~~589331107 ~~1556~~14,263 ~~48203~~432,197 SOLE NONE ~~48203~~432,197 ~~NATL~~MERCURY ~~COMMERCE~~GENERAL ~~FINC~~CP COM ~~USD2~~NPV COM ~~63545P104~~589400100 ~~759~~25 ~~30518~~475 SOLE NONE ~~30518~~475 ~~NCR~~MERCURY INTERACTIVE CORP COM ~~62886E108~~589405109 ~~507~~534 ~~16007~~15,308 SOLE NONE ~~16007~~15,308 ~~NETWORK~~MERRILL ~~APPLIANCE~~LYNCH ~~INC~~US$1.33 COM ~~64120L104~~590188108 ~~1126~~9,166 ~~54840~~184,354 SOLE NONE ~~54840~~184,354 ~~NETWORK~~METLIFE ~~ASSOCIATES~~INC COM ~~USD0.01~~59156R108 ~~COM~~6,961 ~~640938106~~180,103 ~~226 16400~~ SOLE NONE ~~16400~~180,103 ~~NEW~~METRO ~~YORK~~GOLDWYN ~~COMMTY~~MAYE COM USD0.01 COM ~~649445103~~591610100 ~~635~~1,438 ~~20161~~124,319 SOLE NONE ~~20161~~124,319 ~~NEW~~MGIC ~~YORK~~INVESTMENT ~~TIMES~~COM ~~CLASS~~552848103 ~~'A'~~1,028 ~~US$0.10~~15,446 ~~CL A 650111107 1290 29682~~ SOLE NONE ~~29682~~15,446 ~~NEWELL~~MGM ~~RUBBERMAID~~MIRAGE ~~COM~~INC ~~STK USD1~~ COM ~~651229106 1033 47664 SOLE NONE 47664 NEWMONT MINING CORPORATION US$1~~USD0.6001 COM ~~651639106~~552953101 ~~2770~~513 ~~70874~~10,339 SOLE NONE ~~70874~~10,339 ~~NEXTEL~~MICHAELS ~~COMMNS~~STORE INC ~~CLASS A~~ COM USD0.~~001~~10 CLCOM A594087108 ~~65332V103~~547 ~~4111~~9,231 ~~208597~~ SOLE NONE ~~208597~~9,231 ~~NIKE~~MICROCHIP ~~INC~~TECHNLGY ~~'B'~~COM ~~NPV~~USD0.001 CLCOM B595017104 ~~654106103~~1,015 ~~1889~~37,819 ~~31051~~ SOLE NONE ~~31051~~37,819 ~~NISOURCE~~MICRON ~~INC~~TECHNOLOGY -US$0.10 COM ~~NPV~~595112103 ~~COM~~5,146 ~~65473P105~~427,744 ~~4054 202919~~ SOLE NONE ~~202919~~427,744

TITLE VALUE ~~VOTING OF USD~~ NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- ------- ---------- -------- ----------- ~~NOBLE~~MICROSOFT ~~CORPORATION~~CORP ~~COM USD~~ US$0.10000025 COM ~~G65422100~~594918104 ~~727~~58,348 ~~21377~~2,110,238 SOLE NONE ~~21377~~2,110,238 ~~NORDSTROM~~MILLENIUM ~~INC~~PHARMACEUTICALS ~~NPV~~COM USD0.001 COM ~~655664100~~599902103 ~~431~~793 ~~17387~~58,043 SOLE NONE ~~17387~~58,043 ~~NORFOLK~~MILLIPORE ~~& SOUTHERN~~ CORP US $01.3300 COM ~~655844108~~601073109 ~~1392~~394 ~~75238~~8,235 SOLE NONE ~~75238~~8,235 ~~NORTH~~MOHAWK ~~FORK~~INDS ~~BANCORP~~ COM ~~USD2~~USD0.5001 COM ~~659424105~~608190104 ~~806~~1,501 ~~23194~~18,901 SOLE NONE ~~23194~~18,901 ~~NORTHEAST~~MOLEX ~~UTILS~~INC US$0.05 COM ~~664397106~~608554101 ~~413~~140 ~~23034~~4,685 SOLE NONE ~~23034~~4,685 ~~NORTHERN~~MOLEX ~~TRUST~~INC ~~COM~~CLASS ~~665859104~~'A' ~~1603~~USD0.05 ~~37860~~CL ~~SOLE~~A ~~NONE~~608554200 ~~37860~~261 ~~NORTHROP~~9,923 ~~GRUMMANOM CORP COM 666807102 2487 28849~~ SOLE NONE ~~28849~~9,923 ~~NOVELLUS~~MONEYGRAM ~~SYS~~INTL INC COM ~~NPV~~USD0.01 COM ~~670008101~~60935Y109 ~~855~~68 ~~25453~~3,958 SOLE NONE ~~25453~~3,958 ~~NUCOR~~MONSANTO ~~CORPUS$0~~COM USD0.4001 COM ~~670346105~~61166W101 ~~1126~~193 ~~24532~~5,304 SOLE NONE ~~24532~~5,304 ~~NVR~~MOODYS ~~INC~~CORP COM ~~USD0.01~~USD 1 COM ~~62944T105~~615369105 ~~461~~1,866 ~~989~~25,472 SOLE NONE ~~989~~25,472 ~~OCCIDENTAL~~MORGAN ~~PETROLEUM~~STANLEY COM ~~674599105~~STK ~~2173~~USD0.01 ~~61685~~COM 617446448 10,766 218,369 SOLE NONE ~~61685~~218,369 ~~OFFICE~~MOTOROLA ~~DEPOT~~ORD $3 COM ~~676220106~~620076109 ~~1006~~9,240 ~~71627~~512,208 SOLE NONE ~~71627~~512,208 ~~OLD~~MURPHY ~~REPUBLIC~~OIL ~~INTL~~CORP COM ~~680223104~~USD1 ~~1538~~COM ~~46475~~626717102 1,037 11,951 SOLE NONE ~~46475~~11,951 ~~OMNICARE~~MYLAN ~~INC~~LABS US$10.0050 COM ~~681904108~~628530107 ~~501~~1,089 ~~13890~~60,486 SOLE NONE ~~13890~~60,486 ~~OMNICOM~~NABORS ~~GROUP~~INDS LTD COM ~~US$ 0~~USD0.1510(BERMUDA REG) COM ~~681919106~~G6359F103 ~~4539~~91 ~~63172~~1,917 SOLE NONE ~~63172~~1,917 ~~ORACLE~~NATIONAL ~~SYSTEMS~~CITY ~~NPV~~CORP COM ~~68389X105~~USD4 ~~13507~~COM ~~1200588~~635405103 5,563 144,037 SOLE NONE ~~1200588~~144,037 ~~OUTBACK~~NATIONAL ~~STEAKHOUSE~~SEMICONDUCTOR ~~COM~~US$ ~~USD0~~0.0150 COM ~~689899102~~637640103 ~~381~~1,891 ~~10068~~122,104 SOLE NONE ~~10068~~122,104 ~~OXFORD~~NATL ~~HEALTH~~COMMERCE ~~PLANS~~FINC INCOM USD2 COM ~~691471106~~63545P104 ~~1002~~1,047 ~~24256~~30,607 SOLE NONE ~~24256~~30,607 PNCR PCORP ~~& L RES INC~~ COM ~~69351T106~~62886E108 ~~1106~~701 ~~27001~~14,143 SOLE NONE ~~27001~~14,143 ~~PACCAR~~NETWORK APPLIANCE INC COM ~~693718108~~64120L104 ~~1993~~1,183 ~~26793~~51,338 SOLE NONE ~~26793~~51,338 ~~PACTIV~~NEW ~~CORP~~YORK COMMTY COM USD0.01 COM ~~695257105~~649445103 ~~491~~989 ~~24214~~48,138 SOLE NONE ~~24214~~48,138 ~~PALL~~NEW ~~CORP~~YORK TIMES CLASS 'A' US$0.2510 ~~COM~~CL ~~696429307~~A ~~368~~650111107 ~~16421~~1,274 32,575 SOLE NONE ~~16421~~32,575 ~~PARK~~NEWELL ~~PLACE~~RUBBERMAID ~~ENTERTA~~ COM ~~USD0.01~~STK ~~COM~~USD1 ~~700690100 309 34247 SOLE NONE 34247 PARKER-HANNIFINNPV~~ COM ~~701094104~~651229106 ~~906~~1,007 ~~20279~~50,258 SOLE NONE ~~20279~~50,258 ~~PATTERSON~~NEWMONT ~~DENTAL~~MINING ~~COM~~CORPORATION ~~USD0~~US$1.0160 COM ~~703412106~~651639106 ~~566~~3,276 ~~9835~~71,963 SOLE NONE ~~9835~~71,963 ~~PATTERSON~~NEXTEL ~~UTI~~COMMNS ~~ENERGY~~INC CLASS A COM USD0.01001 ~~COM~~CL ~~703481101~~A 4265332V103 ~~1565~~5,422 227,420 SOLE NONE ~~1565~~227,420 ~~PAYCHEX~~NIKE INC. ~~COM~~'B' ~~704326107~~NPV ~~2190~~CL ~~64216~~B ~~SOLE~~654106103 ~~NONE~~1,726 ~~64216~~21,901 ~~PENNEY J.C. COM 708160106 811 37936~~ SOLE NONE ~~37936~~21,901 ~~PEOPLESOFT~~NISOURCE INC ~~(CA)(~)~~- COM ~~712713106~~NPV ~~915~~COM ~~50074~~65473P105 5,705 271,520 SOLE NONE ~~50074~~271,520 ~~PEPCO~~NOBLE ~~HOLDINGS~~CORPORATION COM USD 0.0110 COM ~~713291102~~G65422100 ~~405~~1,027 ~~23443~~22,853 SOLE NONE ~~23443~~22,853 ~~PEPSI~~NORDSTROM ~~BOTTLING~~INC ~~GRP~~NPV COM ~~USD0.01~~655664100 ~~COM~~667 ~~713409100~~17,432 ~~552 26827~~ SOLE NONE ~~26827~~17,432 ~~PEPSICO~~NORFOLK ~~INC~~& ~~CAP~~SOUTHERN ~~STK~~CORP US$ $0.0133 ~~2/3~~ COM ~~713448108~~655844108 ~~18285~~4,720 ~~398980~~158,722 SOLE NONE ~~398980~~158,722 ~~PETSMART~~NORTH ~~INC~~FORK BANCORP COM ~~USD0~~USD2.~~0001~~50 COM ~~716768106~~659424105 ~~432~~2,507 ~~18959~~56,404 SOLE NONE ~~18959~~56,404 ~~PFIZER~~NORTHEAST ~~INC~~UTILS COM ~~STK~~664397106 ~~US$~~423 ~~0.05~~21,817 SOLE NONE 21,817 NORTHERN TRUST COM ~~717081103~~665859104 ~~52771~~1,557 ~~1737046~~38,155 SOLE NONE ~~1737046~~38,155 ~~PG&E~~NORTHROP GRUMMANOM CORP COM ~~69331C108~~666807102 ~~1659~~3,807 ~~69416~~71,385 SOLE NONE ~~69416~~71,385 ~~PHELPS~~NOVELLUS ~~DODGE~~SYS INC COM ~~STK~~NPV ~~US$6.25~~ COM ~~717265102~~670008101 ~~1375~~750 ~~29370~~28,137 SOLE NONE ~~29370~~28,137 ~~PINNACLE~~NTL ~~WEST~~INCORPORATED ~~CAPITAL~~COM ~~CORP~~USD0.01 COM ~~723484101~~62940M104 ~~435~~113 ~~12243~~1,820 SOLE NONE ~~12243~~1,820 ~~PITNEY~~NUCOR ~~BOWES~~CORP ~~'A' STK~~ US$0.40 2COM CL670346105 A3,648 ~~724479100~~39,930 ~~1690 44102~~ SOLE NONE ~~44102~~39,930 ~~PLUM~~NVIDIA ~~CREEK~~CORP ~~TMBR CO~~ COM USD0.01001 COM ~~729251108~~67066G104 ~~573~~35 ~~22521~~2,400 SOLE NONE ~~22521~~2,400

TITLE VALUE ~~VOTING OF USD~~ NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- --------- ---------- -------- ----------- ~~PMI~~NVR ~~GROUP~~INC COM ~~69344M101 423 12545 SOLE NONE 12545 PNC FINANCIAL SERVICES GROUP US$5~~USD0.0001 COM ~~693475105~~62944T105 ~~2349~~521 ~~49372~~945 SOLE NONE ~~49372~~945 ~~POGO~~OCCIDENTAL ~~PRODUCING~~PETROLEUM CO COM ~~USD1~~674599105 ~~COM~~4,778 ~~730448107~~85,430 ~~443 9790~~ SOLE NONE ~~9790~~85,430 ~~POPULAR~~OFFICE ~~INC~~DEPOT COM ~~USD6~~676220106 ~~COM~~912 ~~733174106~~60,684 ~~693 17406~~ SOLE NONE ~~17406~~60,684 ~~PPG~~OLD ~~INDS~~REPUBLIC INTL COM ~~693506107~~680223104 ~~1677~~1,533 ~~32121~~61,228 SOLE NONE ~~32121~~61,228 ~~PRAXAIR~~OMNICARE INC ~~COM USD0~~US$1.0100 COM ~~74005P104~~681904108 ~~1753~~1,118 ~~28290~~39,433 SOLE NONE ~~28290~~39,433 ~~PRICE~~OMNICOM ~~T ROWE~~ GROUP COM ~~USD0~~US$ 0.2015 COM ~~74144T108~~681919106 ~~726~~2,340 ~~17579~~32,028 SOLE NONE ~~17579~~32,028 ~~PRIDE~~ORACLE ~~INTL~~SYSTEMS ~~INC~~NPV ~~NEW~~ COM ~~USD0.01~~68389X105 ~~COM~~16,484 ~~74153Q102~~1,461,314 ~~53 3100~~ SOLE NONE ~~3100~~1,461,314 ~~PRINCIPAL~~OUTBACK ~~FINL~~STEAKHOUSE GP COM USD0.01 COM ~~74251V102~~689899102 ~~1440~~446 ~~46468~~10,732 SOLE NONE ~~46468~~10,732 ~~PROCTER~~P P & ~~GAMBLE~~L ~~COM~~RES ~~STK~~INC ~~NPV~~ COM ~~742718109~~69351T106 ~~25761~~1,312 ~~277541~~27,814 SOLE NONE ~~277541~~27,814 ~~PROGRESS~~PACCAR ~~ENERGY~~ INC COM ~~NPV~~693718108 ~~COM~~5,399 ~~743263105~~78,113 ~~1785 40139~~ SOLE NONE ~~40139~~78,113 ~~PROGRESSIVE~~PACTIV CORP ~~OHIO~~COM ~~US$1~~USD0.0001 COM ~~743315103~~695257105 ~~2868~~625 ~~41503~~26,888 SOLE NONE ~~41503~~26,888 ~~PROLOGIS~~PALL TRCORP SHUS$0.25 ~~BEN~~COM ~~INT~~696429307 ~~SBI~~402 ~~743410102~~16,421 ~~856 28287~~ SOLE NONE ~~28287~~16,421 ~~PROVIDIAN~~PARKER-HANNIFIN ~~FINCL~~NPV ~~CP US$1~~ COM ~~74406A102~~701094104 511,126 ~~4337~~19,131 SOLE NONE ~~4337~~19,131 ~~PRUDENTIAL~~PATTERSON ~~FINANCI~~COS INC COM USD0.01 COM ~~744320102~~703395103 ~~1146~~731 ~~30680~~9,550 SOLE NONE ~~30680~~9,550 ~~PUBLIC~~PATTERSON ~~SERVICES~~UTI &ENERGY ~~ENTERPRISES~~COM USD0.01 COM ~~744573106~~703481101 ~~2105~~161 ~~50122~~8,438 SOLE NONE ~~50122~~8,438 ~~PUBLIC~~PAYCHEX ~~STORAGE~~ INC ~~COM USD0~~.10 COM ~~74460D109~~704326107 ~~473~~1,967 ~~12053~~65,248 SOLE NONE ~~12053~~65,248 ~~PUGET~~PENNEY ~~SOUND~~J.C. ~~ENERGY~~ COM ~~STK~~708160106 ~~NPV~~1,512 ~~COM~~42,852 ~~745310102 533 23783~~ SOLE NONE ~~23783~~42,852 ~~PULTE~~PEOPLESOFT ~~CORP~~INC COM ~~745867101~~712713106 ~~603~~2,483 ~~8872~~118,257 SOLE NONE ~~8872~~118,257 ~~QLOGIC~~PEPCO ~~CORP~~HOLDINGS - COM ~~USD0~~USD 0.~~001~~01 COM ~~747277101~~713291102 ~~708~~977 ~~15058~~49,103 SOLE NONE ~~15058~~49,103 ~~QUALCOMM~~PEPSI ~~INC~~BOTTLING GRP COM ~~747525103~~USD0.01 ~~5562~~COM ~~133480~~713409100 725 26,712 SOLE NONE ~~133480~~26,712 ~~QUEST~~PEPSIAMERICAS ~~DIAGNOSTICS~~INC COM USD0.011 COM ~~74834L100~~71343P200 ~~731~~20 ~~12051~~1,066 SOLE NONE ~~12051~~1,066 ~~QWEST~~PEPSICO ~~COMMUNICATIONS~~INC ~~COM~~CAP ~~USD0~~STK US$ 0.01 ~~COM~~2/3 ~~749121109~~CAP ~~929~~713448108 ~~273104~~18,971 389,949 SOLE NONE ~~273104~~389,949 ~~RADIAN~~PETSMART ~~GROUP~~ INC COM USD0.~~001~~0001 COM ~~750236101~~716768106 ~~559~~581 ~~12581~~20,449 SOLE NONE ~~12581~~20,449 ~~RADIOSHACK~~PFIZER ~~CORP~~INC - COM ~~USD1~~STK US$ 0.05 COM ~~750438103~~717081103 ~~686~~52,860 ~~24144~~1,727,449 SOLE NONE ~~24144~~1,727,449 ~~RAYTHEON~~PG&E COCORP COM ~~USD0.01~~69331C108 ~~COM~~2,019 ~~755111507~~66,417 ~~1967 70250~~ SOLE NONE ~~70250~~66,417 ~~REGIONS~~PHELPS ~~FINANCIAL~~DODGE ~~CORP~~COM STK US$ 06.~~625~~25 COM ~~758940100~~717265102 ~~1014~~2,379 ~~29608~~25,846 SOLE NONE ~~29608~~25,846 ~~RELIANT~~PINNACLE ~~RESOURCES~~WEST ~~COM~~CAPITAL ~~USD0.001~~CORP COM ~~75952B105~~723484101 24508 ~~4772~~12,243 SOLE NONE ~~4772~~12,243 ~~REPUBLIC~~PIONEER ~~SERVICES~~NATURAL RE COM STK USD0.01 COM ~~760759100~~723787107 ~~468~~510 ~~20669~~14,798 SOLE NONE ~~20669~~14,798 RJPIPER ~~REYNOLDS~~JAFFRAY ~~TOBACCO~~COMP COM USD0.01 COM ~~76182K105~~724078100 ~~461~~31 ~~11670~~776 SOLE NONE ~~11670~~776 ~~ROBERT~~PITNEY ~~HALF~~BOWES ~~INTL~~'A' ~~USD~~STK ~~0.001~~US$ ~~COM~~2 ~~770323103~~CL ~~499~~A ~~25578~~724479100 2,014 45,664 SOLE NONE ~~25578~~45,664 ~~ROCKWELL~~PLUM ~~AUTOMATION~~CREEK ~~INC~~TMBR CO COM ~~USD1~~USD0.01 COM ~~773903109~~729251108 ~~717~~821 ~~27328~~23,447 SOLE NONE ~~27328~~23,447 ~~ROCKWELL~~PMI ~~COLLINS~~GROUP COM ~~USD~~69344M101 ~~0.01~~1,020 ~~COM~~25,126 ~~774341101 632 25028~~ SOLE NONE ~~25028~~25,126 ~~ROHM~~PNC &FINANCIAL ~~HAASUS~~SERVICES GROUP US$25.5000 COM ~~775371107~~693475105 ~~919~~2,721 ~~27480~~50,303 SOLE NONE ~~27480~~50,303 ~~ROSS~~POGO ~~STORES~~PRODUCING ~~INC~~CO COM ~~USD0.01~~USD1 COM ~~778296103~~730448107 ~~533~~465 ~~11479~~9,790 SOLE NONE ~~11479~~9,790 ~~ROUSE~~POPULAR COINC ~~(REIT)~~COM USD6 COM ~~779273101~~733174106 ~~570~~916 ~~13668~~34,812 SOLE NONE ~~13668~~34,812 ~~ROYAL~~PPG ~~CARIBBEAN~~INDS COM ~~USD0.01~~693506107 ~~COM~~1,921 ~~000886286~~31,353 ~~529 18821~~ SOLE NONE ~~18821~~31,353 ~~SABRE~~PRAXAIR ~~HLDS~~INC ~~CORP~~ COM USD0.01 ~~CL 'A' CL A 785905100 515 23986 SOLE NONE 23986 SAFECO CORP~~ COM ~~786429100~~74005P104 ~~671~~2,440 ~~18968~~57,088 SOLE NONE ~~18968~~57,088

TITLE VALUE ~~VOTING OF USD~~ NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- ------- ---------- -------- ----------- ~~SAFEWAY~~PRICE ~~INC~~T ROWE GROUP COM USD0.0120 COM ~~786514208~~74144T108 ~~3461~~1,378 ~~150884~~27,050 SOLE NONE ~~150884~~27,050 ~~SANMINA-SCI~~PRIDE ~~CORP~~INTL -INC NEW COM USD0.01 COM ~~800907107~~74153Q102 ~~786~~143 ~~81416~~7,227 SOLE NONE ~~81416~~7,227 ~~SARA~~PRINCIPAL ~~LEE~~FINL ~~CORP~~GP COM ~~STK USD1~~USD0.3301 ~~1/3~~ COM ~~803111103~~74251V102 ~~5864~~1,645 ~~319403~~45,724 SOLE NONE ~~319403~~45,724 ~~SBC~~PROCTER ~~COMMUNS~~& ~~INC.~~GAMBLE COM ~~78387G103~~STK ~~16078~~COM ~~722601~~742718109 31,920 589,793 SOLE NONE ~~722601~~589,793 ~~SCANA~~PROGRESS ~~CORP~~ENERGY INC COM NPV COM ~~80589M102~~743263105 ~~454~~1,763 ~~13265~~41,634 SOLE NONE ~~13265~~41,634 ~~SCHERING-PLOUGH~~PROGRESSIVE CPCORP ~~COM~~OHIO ~~STK~~ US$ 1.00 COM ~~806605101~~743315103 ~~2957~~3,005 ~~194016~~35,463 SOLE NONE ~~194016~~35,463 ~~SCHLUMBERGER~~PROLOGIS ~~'A'~~TR ~~STOCK~~SH ~~US$~~BEN ~~.01~~INT CLSBI A743410102 ~~806857108~~975 ~~4747~~27,672 ~~98069~~ SOLE NONE ~~98069~~27,672 ~~SCHWAB~~PROVIDIAN ~~CHARLES~~FINCL ~~CORP~~CP NEUS$1 COM ~~808513105~~74406A102 ~~2523~~180 ~~211835~~11,596 SOLE NONE ~~211835~~11,596 ~~SCIENTIFIC-ATLANTA~~PRUDENTIAL ~~US$0~~FINANCI COM USD0.5001 COM ~~808655104~~744320102 ~~763~~1,325 ~~24505~~28,163 SOLE NONE ~~24505~~28,163 ~~SCRIPPS~~PUBLIC ~~(E.W)~~SERVICES ~~COM~~& ~~STK~~ENTERPRISES ~~$US1~~COM ~~'A'~~744573106 CL2,200 A51,642 ~~811054204 521 6123~~ SOLE NONE ~~6123~~51,642 ~~SEALED~~PUBLIC ~~AIR~~STORAGE ~~CORP~~INC COM USD0.0110 COM ~~81211K100~~74460D109 ~~1127~~643 ~~23856~~12,978 SOLE NONE ~~23856~~12,978 ~~SEARS~~PUGET ~~ROEBUCK~~SOUND ENERGY COM ~~812387108~~STK ~~2875~~NPV ~~65743~~COM 745310102 501 22,049 SOLE NONE ~~65743~~22,049 ~~SEI~~PULTE ~~INVESTMENT~~HOMES INC COM USD0.01 COM ~~784117103~~745867101 721,646 ~~2212~~26,813 SOLE NONE ~~2212~~26,813 ~~SEMPRA~~QLOGIC ~~ENERGY~~ CORP - COM ~~816851109~~USD0.001 ~~902 30710 SOLE NONE 30710 SERVICE MASTER CO~~ COM ~~81760N109~~747277101 ~~462~~546 ~~45067~~18,362 SOLE NONE ~~45067~~18,362 ~~SHERWIN-WILLIAMS~~QUALCOMM ~~COM~~INC ~~STK US$ 1~~ COM ~~824348106~~747525103 ~~1659~~11,354 ~~56403~~290,834 SOLE NONE ~~56403~~290,834 ~~SIEBEL~~QUEST ~~SYSTEMS~~DIAGNOSTICS ~~INC -~~ COM USD0.~~001~~01 COM ~~826170102~~74834L100 ~~867~~2,222 ~~88879~~25,183 SOLE NONE ~~88879~~25,183 ~~SIGMA-ALDRICHUS$1.00~~QUESTAR CORP COM ~~826552101~~NPV ~~500~~COM ~~9589~~748356102 71 1,553 SOLE NONE ~~9589~~1,553 ~~SIMON~~QWEST ~~PROP~~COMMUNICATIONS ~~GROUP~~COM USD0.~~0001~~01 COM ~~828806109~~749121109 ~~968~~971 ~~22220~~291,673 SOLE NONE ~~22220~~291,673 ~~SLM~~RADIAN ~~CORP~~GROUP ~~SECURITIES~~INC COM USD0.20001 COM ~~78442P106~~750236101 ~~3349~~1,142 ~~85949~~24,708 SOLE NONE ~~85949~~24,708 ~~SMITH~~RADIOSHACK ~~INTL~~CORP ~~INC~~- COM ~~STK~~USD1 ~~NPV~~ COM ~~832110100~~750438103 ~~598~~1,264 ~~16610~~44,148 SOLE NONE ~~16610~~44,148 ~~SMUCKER(JM)~~RAYTHEON CO COM USD0.~~001~~01 COM ~~832696405~~755111507 32,669 7970,272 SOLE NONE 7970,272 ~~SMURFIT-STONE~~REGIONS ~~CONTAINER~~FINANCIAL COM ~~832727101~~MUSD0.625 ~~413~~COM ~~27636~~7591EP100 2,395 72,445 SOLE NONE ~~27636~~72,445 ~~SOLECTRON~~RELIANT ~~CORP~~ENERGY INC USD0.001 COM ~~834182107~~75952B105 ~~701~~17 ~~119774~~1,849 SOLE NONE ~~119774~~1,849 ~~SOUTHERN~~REPUBLIC COSERVICES COM USD0.01 COM ~~842587107~~760759100 ~~3507~~624 ~~119497~~20,974 SOLE NONE ~~119497~~20,974 ~~SOUTHTRUST~~RJ ~~CORP~~REYNOLDS TOBACCO COM ~~844730101~~USD0.01 ~~1738~~COM ~~59190~~761713106 857 12,598 SOLE NONE ~~59190~~12,598 ~~SOUTHWEST~~ROBERT ~~AIRLINES~~HALF ~~US$1~~INTL USD 0.001 COM ~~844741108~~770323103 ~~1852~~805 ~~104629~~31,249 SOLE NONE ~~104629~~31,249 ~~SOVEREIGN~~ROCKWELL ~~BANCORP~~AUTOMATION INC COM ~~NPV~~USD1 COM ~~845905108~~773903109 ~~858~~1,017 ~~46261~~26,273 SOLE NONE ~~46261~~26,273 ~~SPDR~~ROCKWELL ~~TRUST~~COLLINS -COM ~~UNIT~~USD ~~SER~~0.01 1COM ~~NPV~~774341101 ~~SER~~ 1,089 ~~78462F103~~29,331 ~~42306 423275~~ SOLE NONE ~~423275~~29,331 ~~SPRINT~~ROHM ~~CORP~~& ~~FON~~HAAS ~~GROUP USD2~~US$2.50 COM ~~852061100~~775371107 ~~2737~~1,311 ~~181252~~30,504 SOLE NONE ~~181252~~30,504 ~~SPRINT~~ROSS ~~PCS~~STORES ~~GROUP~~INC COM ~~USD1~~USD0.01 ~~PCS~~COM ~~SER~~778296103 ~~852061506~~561 ~~665~~23,926 ~~116059~~ SOLE NONE ~~116059~~23,926 ~~SPX~~ROUSE ~~CORP~~CO (REIT) COM ~~784635104~~779273101 ~~459~~1,103 ~~10131~~16,489 SOLE NONE ~~10131~~16,489 STROYAL ~~PAUL~~CARIBBEAN ~~COS~~COM ~~US$1~~USD0.5001 COM ~~792860108~~000886286 ~~2790~~1,246 ~~75353~~28,574 SOLE NONE ~~75353~~28,574 ~~ST.~~SABRE ~~JOE~~HLDS ~~PAPER~~CORP COM ~~790148100 273 8497 SOLE NONE 8497 ST~~USD0.~~JUDE~~01 ~~MEDICAL~~CL ~~US$0.10~~'A' ~~COM~~CL ~~790849103~~A ~~1707~~785905100 ~~31747~~647 26,373 SOLE NONE ~~31747~~26,373 ~~STANLEY~~SAFECO ~~WORKS~~CORP ~~US$2.50~~ COM ~~854616109~~786429100 ~~349~~1,019 ~~11818~~22,317 SOLE NONE ~~11818~~22,317 ~~STAPLES~~SAFEWAY INC COM ~~855030102~~USD0.01 ~~1964~~COM ~~82401~~786514208 1,997 103,428 SOLE NONE ~~82401~~103,428 ~~STARBUCKS~~SANDISK CORP COM ~~NPV~~USD0.001 COM ~~855244109~~80004C101 ~~1822~~12 ~~63260~~412 SOLE NONE ~~63260~~412 ~~STARWOOD~~SANMINA-SCI ~~HOTELS~~CORP ~~PAIRED~~- ~~CERTS~~COM BUSD0.01 ~~(REIT)~~COM ~~CTF~~800907107 B754 ~~85590A203~~106,977 ~~1250 35915~~ SOLE NONE ~~35915~~106,977

TITLE VALUE ~~VOTING OF USD~~ NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- ------- ---------- -------- ----------- ~~STATE~~SARA ~~STREET~~LEE CORP ~~US$1~~COM STK USD1.0033 1/3 COM ~~857477103~~803111103 ~~2579~~3,008 ~~57320~~131,577 SOLE NONE ~~57320~~131,577 ~~STORAGE~~SBC ~~TECHNOLOGY~~COMMUNS ~~CORP~~INC. COM ~~862111200~~78387G103 ~~340~~20,548 ~~14095~~791,812 SOLE NONE ~~14095~~791,812 ~~STRYKER~~SCANA CORP COM ~~USD0.10~~NPV COM ~~863667101~~80589M102 ~~2251~~732 ~~29885~~19,599 SOLE NONE ~~29885~~19,599 ~~SUN~~SCHERING-PLOUGH ~~MICROSYSTEMS~~CP COM STK US$~~0.00067~~ 1 COM ~~866810104~~806605101 ~~3265~~3,701 ~~986322~~194,198 SOLE NONE ~~986322~~194,198 ~~SUNGARD~~SCHLUMBERGER ~~DATA~~'A' ~~SYS~~STOCK ~~COM~~US$ ~~USD0~~.01 ~~COM~~CL ~~867363103~~A ~~1242~~806857108 ~~47203~~6,700 99,545 SOLE NONE ~~47203~~99,545 ~~SUNOCO~~SCHWAB ~~INC~~CHARLES ~~COM~~CORP ~~USD1~~NE COM ~~86764P109~~808513105 ~~461~~1,968 ~~11474~~214,120 SOLE NONE ~~11474~~214,120 ~~SUNTRUST~~SCIENTIFIC-ATLANTA ~~BANKS~~ US$10.0050 COM ~~867914103~~808655104 ~~2879~~869 ~~47683~~33,507 SOLE NONE ~~47683~~33,507 ~~SUPER~~SCRIPPS ~~VALU~~(E.W) ~~STORES~~COM STK $US1 'A' ~~STOCK US$1~~ CL A ~~868536103~~811054204 ~~616~~617 ~~25802~~12,921 SOLE NONE ~~25802~~12,921 ~~SYMANTEC~~SEALED AIR CORP COM USD0.01 COM ~~871503108~~81211K100 ~~1187~~4,263 ~~18785~~91,979 SOLE NONE ~~18785~~91,979 ~~SYNOPSYS~~SEARS ~~INC~~ROEBUCK COM ~~USD0.01~~812387108 ~~COM~~2,097 ~~871607107~~52,618 ~~718 23234~~ SOLE NONE ~~23234~~52,618 ~~SYNOVUS~~SEI ~~FINANCIAL~~INVESTMENT COM ~~87161C105 1110 44425 SOLE NONE 44425 SYSCO CORP US$1~~USD0.0001 COM ~~871829107~~784117103 ~~3678~~96 ~~112449~~2,843 SOLE NONE ~~112449~~2,843 ~~TARGET~~SEMPRA ENERGY CORP COM ~~STK~~816851109 ~~US$~~1,146 ~~0.1667~~31,658 ~~COM 87612E106 7155 190141~~ SOLE NONE ~~190141~~31,658 ~~TCF~~SERENA ~~FINL~~SOFTWARE ~~CORP~~ COM USD0.01001 COM ~~872275102~~817492101 ~~564~~246 ~~11758~~14,691 SOLE NONE ~~11758~~14,691 ~~TECO~~SERVICE ~~ENERGY~~MASTER CO COM ~~872375100~~81760N109 ~~313~~605 ~~22664~~47,057 SOLE NONE ~~22664~~47,057 ~~TEKTRONIX~~SHERWIN-WILLIAMS ~~INCNPV~~COM STK US$ 1 COM ~~879131100~~824348106 ~~364~~1,137 ~~14725~~25,865 SOLE NONE ~~14725~~25,865 ~~TELEPH~~SIEBEL &SYSTEMS ~~DATA~~INC ~~SYST~~- COM ~~US0~~USD0.01001 COM ~~879433100~~826170102 ~~404~~726 ~~7145~~96,238 SOLE NONE ~~7145~~96,238 ~~TELESP~~SIGMA-ALDRICH ~~CELULAR~~US$1.00 ~~PAR~~COM ~~ADR~~826552101 ~~REP~~1,590 ~~2500~~27,406 ~~PRF (ar) ADR 87952L108 109 24000~~ SOLE NONE ~~24000~~27,406 ~~TELLABS~~SIMON ~~INC~~PROP ~~NPV~~GROUP USD0.0001 COM ~~879664100~~828806109 ~~1485~~1,192 ~~217925~~22,222 SOLE NONE ~~217925~~22,222 ~~TEMPLE-INLAND~~SLM CORP SECURITIES COM ~~879868107~~USD0.20 ~~462~~COM ~~9518~~78442P106 3,684 82,601 SOLE NONE ~~9518~~82,601 ~~TENET~~SMITH ~~HEALTHCARE~~INTL INC COM STK ~~USD0.075~~NPV COM ~~88033G100~~832110100 ~~1180~~1,200 ~~81470~~19,755 SOLE NONE ~~81470~~19,755 ~~TERADYNE~~SMURFIT-STONE ~~INC~~CONTAINER ~~US$12.50~~ COM ~~880770102~~832727101 ~~732~~788 ~~39354~~40,686 SOLE NONE ~~39354~~40,686 ~~TEXAS~~SOLECTRON ~~GENCO HLDGS COM USD0~~CORP.~~001(ar)(~)~~ COM ~~882443104~~834182107 20931 ~~857~~188,102 SOLE NONE ~~857~~188,102 ~~TEXAS~~SOUTHERN ~~INSTRUMENTS US$1~~CO.00 COM ~~882508104~~842587107 ~~7833~~3,595 ~~343551~~119,921 SOLE NONE ~~343551~~119,921 ~~TEXTRON~~SOUTHTRUST CORP COM ~~883203101~~844730101 ~~910~~2,458 ~~23068~~59,007 SOLE NONE ~~23068~~59,007 ~~THERMO~~SOUTHWEST ~~ELECTRON~~AIRLINES ~~COM STK~~ US $1 COM ~~883556102~~844741108 ~~501~~1,492 ~~23066~~109,522 SOLE NONE ~~23066~~109,522 ~~TIFFANY~~SOVEREIGN &BANCORP CO COM ~~USD0.01~~NPV COM ~~886547108~~845905108 ~~839~~1,017 ~~22463~~46,607 SOLE NONE ~~22463~~46,607 ~~TIME~~SPRINT ~~WARNER~~FON ~~INC~~CORPORATION ~~COM USD 0~~USD2.0100 COM ~~887317105~~852061100 ~~12134~~5,134 ~~803062~~255,036 SOLE NONE ~~803062~~255,036 ~~TJX~~SPX ~~COMPANIES~~CORP ~~INC~~ COM ~~USD1~~784635104 ~~COM~~430 ~~872540109~~12,153 ~~1934 99607~~ SOLE NONE ~~99607~~12,153 ~~TORCHMARK~~ST ~~CORP~~PAUL ~~COM~~TRAVELERS ~~891027104~~COS ~~2126 52304 SOLE NONE 52304 TOYS R~~ US US$01.1050 COM ~~892335100~~792860108 ~~352~~8,278 ~~29229~~250,403 SOLE NONE ~~29229~~250,403 ~~TRANSATLANTIC~~ST. ~~HLDGS~~JOE PAPER COM ~~893521104~~790148100 ~~161~~406 ~~2257~~8,497 SOLE NONE ~~2257~~8,497 ~~TRANSOCEAN~~ST.JUDE ~~INC~~MEDICAL US$0.10 COM ~~893817106~~790849103 ~~1455~~2,260 ~~72743~~30,031 SOLE NONE ~~72743~~30,031 ~~TRAVELERS~~STANLEY ~~PROP~~WORKS ~~CAS~~US$2.50 COM C854616109 ~~"A'USD0.01~~532 CL12,502 ~~A 89420G109 1381 86948~~ SOLE NONE ~~86948~~12,502 ~~TRAVELERS~~STAPLES ~~PROP~~INC ~~CAS~~ COM ~~CL'B'U$.01~~855030102 CL2,488 B83,433 ~~89420G406 1799 113282~~ SOLE NONE ~~113282~~83,433 ~~TRI-CONTINENTAL~~STARBUCKS CPCORP COM ~~$0.50~~NPV COM ~~895436103~~855244109 ~~832~~2,950 ~~55592~~64,894 SOLE NONE ~~55592~~64,894 ~~TRIBUNE~~STARWOOD COHOTELS ~~COM~~PAIRED ~~NPV~~CERTS ~~COM~~B ~~896047107~~(REIT) ~~1781~~CTF ~~38803~~B 85590A203 1,737 37,414 SOLE NONE ~~38803~~37,414 ~~TRIZEC~~STATE ~~PROPERTIES~~STREET ~~COM~~CORP ~~USD0~~US$1.0100 COM ~~89687P107~~857477103 712,473 ~~5800~~57,905 SOLE NONE ~~5800~~57,905 ~~TXU~~STORAGE ~~CORP~~TECHNOLOGY COM ~~(TEXAS~~USD0.10 ~~UTILITIES)~~ COM ~~873168108~~862111200 ~~1314~~356 ~~55763~~14,095 SOLE NONE ~~55763~~14,095

TITLE VALUE ~~VOTING OF USD~~ NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- --------- ---------- -------- ----------- ~~TYCO~~STRYKER ~~INTERNATIONAL~~CORP COM USD0.2010 COM ~~902124106~~863667101 ~~9305~~2,938 ~~455439~~61,107 SOLE NONE ~~455439~~61,107 ~~TYSON~~SUN ~~FOODS~~MICROSYSTEMS ~~INC~~COM ~~CLASS~~US$0.00067 ACOM CL866810104 A5,427 ~~902494103~~1,343,249 ~~458 32399~~ SOLE NONE ~~32399~~1,343,249 ~~UNION~~SUNGARD ~~BANCAL~~DATA ~~CORP~~SYS COM ~~NPV~~USD0.01 COM ~~908906100~~867363103 835,516 ~~1670~~232,049 SOLE NONE ~~1670~~232,049 ~~UNION~~SUNOCO ~~PACIFIC~~INC ~~CORP~~ COM ~~US$2.50~~USD1 COM ~~907818108~~86764P109 ~~3847~~884 ~~66137~~11,944 SOLE NONE ~~66137~~11,944 ~~UNION~~SUNTRUST ~~PLANTERS~~BANKS US$1.00 COM ~~908068109~~867914103 ~~926~~3,673 ~~29254~~52,160 SOLE NONE ~~29254~~52,160 ~~UNISYS~~SUPER ~~CORP~~VALU STORES 'A' STOCK US$~~0.01~~1 ~~COM~~CL ~~909214108~~A ~~637~~868536103 ~~47050~~932 33,835 SOLE NONE ~~47050~~33,835 ~~UNITEDHEALTH~~SYMANTEC ~~GROUP~~CORP ~~INC~~COM ~~US$0~~USD0.01 COM ~~91324P102~~871503108 ~~5142~~2,509 ~~102188~~45,727 SOLE NONE ~~102188~~45,727 ~~UNITRIN~~SYMBOL TECHNOLOGIES INC. ~~US$0~~COM USD0.1001 COM ~~913275103~~871508107 ~~342~~39 ~~11241~~3,122 SOLE NONE ~~11241~~3,122 ~~UNIVERSAL~~SYNOPSYS ~~HEALTH~~INC ~~S CLASS'B'~~COM USD0.01 CLCOM B871607107 ~~913903100~~1,128 ~~468~~71,569 ~~9454~~ SOLE NONE ~~9454~~71,569 ~~UNIVISION~~SYNOVUS ~~COMMUNIC~~FINANCIAL ~~CL'A~~ COM ~~USD0.01~~87161C105 CL1,174 A44,883 ~~914906102 501 15705~~ SOLE NONE ~~15705~~44,883 ~~UNOCAL~~SYSCO CORP US$1.00 COM ~~915289102~~871829107 ~~2440~~3,448 ~~77396~~115,227 SOLE NONE ~~77396~~115,227 ~~UNUMPROVIDENT~~TARGET CORP COM ~~USD0~~STK US$ 0.011667 COM ~~91529Y106~~87612E106 ~~764~~7,012 ~~51712~~154,972 SOLE NONE ~~51712~~154,972 USTCF ~~BANCORP~~FINL CORP COM USD0.01 COM ~~902973304~~872275102 ~~10473~~729 ~~436550~~24,051 SOLE NONE ~~436550~~24,051 ~~UST~~TECO ~~INC~~ENERGY COM ~~902911106~~872375100 ~~769~~307 ~~21849~~22,664 SOLE NONE ~~21849~~22,664 ~~UTD~~TEKTRONIX ~~PARCEL~~INC ~~SERV~~NPV ~~- CLASS 'B'~~ COM ~~USD0.01~~879131100 CL434 B13,046 ~~911312106 4566 71565~~ SOLE NONE ~~71565~~13,046 ~~UTD~~TELEPH ~~TECHNOLOGIES~~& ~~COM~~DATA ~~STK~~SYST ~~USD5~~COM US0.01 COM ~~913017109~~879433100 ~~9709~~1,009 ~~125633~~11,993 SOLE NONE ~~125633~~11,993 VTELESP FCELULAR ~~CORP~~PAR ~~NPV~~ADR ~~COM~~REP ~~918204108~~2500 ~~576~~PRF ~~14811~~ADR 87952L108 131 21,400 SOLE NONE ~~14811~~21,400 ~~VALERO~~TELEWEST ~~ENERGY(NEW)~~GLOBAL COM STK USD0.01 COM ~~91913Y100~~87956T107 ~~602~~51 ~~15735~~4,365 SOLE NONE ~~15735~~4,365 ~~VALLEY~~TELLABS ~~NATL~~INC ~~BANCP COM~~ NPV COM ~~919794107~~879664100 ~~458 16453 SOLE NONE 16453 VARIAN ASSOCIATESUS$~~1~~.00~~,365 ~~COM~~148,539 ~~92220P105 574 9988~~ SOLE NONE ~~9988~~148,539 ~~VERISIGN~~ TEMPLE-INLAND COM ~~USD0.001~~879868107 ~~COM~~620 ~~92343E102~~9,236 ~~495 36777~~ SOLE NONE ~~36777~~9,236 ~~VERITAS~~TENET ~~SOFTWARE~~HEALTHCARE COM ~~923436109 2714 86092 SOLE NONE 86092 VERIZON COMMUNICATIONS COM~~ STK USD0.10075 COM ~~92343V104~~88033G100 ~~18188~~1,040 ~~560679~~96,402 SOLE NONE ~~560679~~96,402 ~~VIACOM~~TERADYNE INC ~~CLASS 'B'N/V COM~~ US$012.0150 CLCOM B880770102 ~~N/V925524308~~1,084 ~~10819~~80,891 ~~282487~~ SOLE NONE ~~282487~~80,891 ~~VIAD~~TEXAS ~~CORP~~GENCO HLDGS COM ~~USD1~~USD0.50001 COM ~~92552R109~~882443104 ~~133~~12 ~~5555~~249 SOLE NONE ~~5555~~249 ~~VISTEON~~TEXAS ~~CORP~~INSTRUMENTS ~~COM USD~~ US$1.00 COM ~~92839U107~~882508104 107,705 ~~1566~~362,087 SOLE NONE ~~1566~~362,087 ~~VORNADO~~TEXTRON ~~REALTY TR~~ COM ~~USD0.04~~883203101 ~~COM~~1,429 ~~929042109~~22,242 ~~616 12819~~ SOLE NONE ~~12819~~22,242 ~~VULCAN~~THE ~~MATERIALS~~DIRECTV ~~US$1.00~~GROUP INC COM ~~929160109~~25459L106 ~~716~~2,703 ~~17951~~153,675 SOLE NONE ~~17951~~153,675 ~~WACHOVIA~~THERMO ~~CORP~~ELECTRON COM STK US$3 $1/3 COM ~~929903102~~883556102 ~~11185~~747 ~~271540~~27,653 SOLE NONE ~~271540~~27,653 ~~WAL-MART~~TIFFANY ~~STORES~~& ~~US$0~~CO COM USD0.1001 COM ~~931142103~~886547108 ~~37635~~1,035 ~~673862~~33,678 SOLE NONE ~~673862~~33,678 ~~WALGREEN~~TIME COWARNER ~~US$~~INC COM USD 0.~~15625~~01 COM ~~931422109~~887317105 ~~5247~~11,708 ~~171239~~725,430 SOLE NONE ~~171239~~725,430 ~~WALT~~TJX ~~DISNEY~~COMPANIES ~~HOLDING~~INC ~~COMPANY~~COM USD1 COM ~~254687106~~872540109 ~~6887~~2,028 ~~341465~~92,007 SOLE NONE ~~341465~~92,007 ~~WASHINGTON~~TORCHMARK ~~MUT~~CORP ~~INC~~ COM ~~939322103~~891027104 ~~9038~~2,233 ~~229578~~41,998 SOLE NONE ~~229578~~41,998 ~~WASHINGTON~~TOTAL ~~POST~~SYSTEM ~~'B'~~SVCS ~~US$1~~COM USD0.0010 CLCOM B891906109 ~~939640108~~20 61785 92 SOLE NONE 92785 ~~WASTE~~TOYS ~~MANAGEMENT~~R ~~COM~~US ~~USD0~~US$0.0110 COM ~~94106L109~~892335100 ~~2663~~495 ~~101764~~27,922 SOLE NONE ~~101764~~27,922 ~~WATERS~~TRANSATLANTIC ~~CORPORATION~~HLDGS ~~USD0.01~~ COM ~~941848103~~893521104 ~~585~~83 ~~21310~~1,527 SOLE NONE ~~21310~~1,527 ~~WATSON~~TRANSOCEAN ~~PHARMS~~ INC ~~USD 0.0033~~ COM ~~942683103~~893817106 ~~582~~2,106 ~~13965~~58,850 SOLE NONE ~~13965~~58,850 ~~WEATHERFORD~~TRI-CONTINENTAL ~~INTL~~CP COM ~~USD1~~$0.50 ~~(BERMUDA REG)~~ COM ~~G95089101~~895436103 ~~865~~593 ~~22884~~35,674 SOLE NONE ~~22884~~35,674 ~~WEBMD~~TRIAD ~~CORP~~HOSPITALS COM USD0.~~0001~~01 COM ~~94769M105~~89579K109 ~~349~~62 ~~38970~~1,807 SOLE NONE ~~38970~~1,807

TITLE VALUE ~~VOTING OF USD~~ NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- ------- ---------- -------- ----------- ~~WELLPOINT~~TRIBUNE ~~HEALTH~~CO COM ~~USD0.01~~NPV COM ~~94973H108~~896047107 ~~2565~~1,604 ~~33271~~38,989 SOLE NONE ~~33271~~38,989 ~~WELLS~~TXU ~~FARGO~~CORP &COM CO(TEXAS UTILITIES) COM ~~USD1~~873168108 2/3,452 72,036 SOLE NONE 72,036 TYCO INTERNATIONAL COM ~~949746101~~USD0.20 ~~19347~~COM ~~375664~~902124106 13,058 425,884 SOLE NONE ~~375664~~425,884 ~~WENDYS~~TYSON ~~INTL~~FOODS INC CLASS A COM ~~STK~~USD0.10 ~~NPV~~CL ~~COM~~A ~~950590109~~902494103 ~~810~~678 ~~25067~~42,348 SOLE NONE ~~25067~~42,348 ~~WESCO~~UNION ~~FINANCIAL~~BANCAL CPCORP ~~CAP~~COM ~~USD1~~NPV ~~CAP~~COM ~~950817106~~908906100 21321 615,419 SOLE NONE 615,419 ~~WEYERHAUSER~~UNION PACIFIC CORP COM ~~962166104~~US$2.50 ~~2257~~COM ~~38607~~907818108 2,337 39,881 SOLE NONE ~~38607~~39,881 ~~WHIRLPOOL~~UNISYS CORP US$10.0001 COM ~~963320106~~909214108 ~~1826~~559 ~~26942~~54,142 SOLE NONE ~~26942~~54,142 ~~WHITE~~UNITED ~~MOUNTAINS~~STATES ~~INSURANCE~~STEEL COM USD1 COM ~~198510232~~912909108 ~~449~~60 ~~1131~~1,598 SOLE NONE ~~1131~~1,598 ~~WHOLE~~UNITEDHEALTH ~~FOODS~~GROUP ~~MARKET~~INC US$0.01 COM ~~NPV~~91324P102 10,510 142,532 SOLE NONE 142,532 UNITRIN INC. US$0.10 COM ~~966837106~~913275103 ~~435~~423 ~~7873~~10,187 SOLE NONE ~~7873~~10,187 ~~WILLIAMS~~UNIVERSAL ~~COS~~HEALTH ~~INC~~S CLASS'B'COM ~~USD1~~USD0.01 ~~COM~~CL ~~969457100~~B ~~746~~913903100 ~~79141~~411 9,454 SOLE NONE ~~79141~~9,454 ~~WILLIAMS-SONOMA~~UNIVISION INCOMMUNIC CL'A COM USD0.01 ~~COM~~CL ~~969904101~~A ~~512~~914906102 ~~18974~~588 18,613 SOLE NONE ~~18974~~18,613 ~~WINN~~UNOCAL ~~DIXIE~~CORP ~~STORES~~US$1.00 COM ~~974280109~~915289102 ~~357~~2,556 ~~37018~~59,446 SOLE NONE ~~37018~~59,446 ~~WIRELESS~~UNUMPROVIDENT ~~EXCESSORIES~~CORP ~~GROUP~~COM ~~INC~~USD0.01 COM ~~97652L100~~91529Y106 111,615 ~~43423~~102,944 SOLE NONE ~~43423~~102,944 ~~WISCONSIN~~US ~~ENERGY~~BANCORP ~~CORP~~COM USD0.01 COM ~~976657106~~902973304 ~~570~~12,631 ~~18656~~437,061 SOLE NONE ~~18656~~437,061 ~~WRIGHT~~UST ~~MEDICAL~~INC ~~GROUP~~ COM ~~USD~~902911106 0880 21,849 SOLE NONE 21,849 UTD PARCEL SERV - CLASS 'B' COM USD0.01~~(AR)~~ ~~COM~~CL ~~98235T107~~B ~~404~~911312106 ~~16000~~6,965 91,740 SOLE NONE ~~16000~~91,740 ~~WRIGLEY~~UTD ~~W.M.~~TECHNOLOGIES COM ~~982526105~~STK ~~1176~~USD5 ~~21266~~COM 913017109 9,307 99,673 SOLE NONE ~~21266~~99,673 ~~WYETH~~V ~~USD~~F ~~0.333~~CORP NPV COM ~~983024100~~918204108 ~~11430~~1,920 ~~247935~~38,837 SOLE NONE ~~247935~~38,837 ~~XCEL~~VALERO ENERGY(NEW) ~~INC~~ COM USD0.01 COM ~~98389B100~~91913Y100 ~~1132~~2,111 ~~73205~~26,324 SOLE NONE ~~73205~~26,324 ~~XEROX~~VALLEY ~~CORP~~NATL BANCP COM ~~STK~~NPV USCOM $919794107 441 17,275 SOLE NONE 17,275 VARIAN ASSOCIATES US$1.00 COM ~~984121103~~92220P105 ~~1264~~798 ~~123175~~23,080 SOLE NONE ~~123175~~23,080 ~~XILINX~~VERISIGN ~~INC~~- COM ~~983919101~~USD0.001 ~~1627~~COM ~~57219~~92343E102 957 48,126 SOLE NONE ~~57219~~48,126 XLVERITAS ~~CAP~~SOFTWARE ~~LTD~~COM 923436109 1,250 70,221 SOLE NONE 70,221 VERIZON COMMUNICATIONS COM STK USD0.10 COM 92343V104 19,842 503,852 SOLE NONE 503,852 VIACOM INC CLASS 'AB'N/V COM ~~USD0~~US$0.01 CL AB ~~G98255105~~N/V ~~379~~925524308 ~~4899~~9,246 275,500 SOLE NONE ~~4899~~275,500 ~~YAHOO~~VIAD ~~INC~~CORP COM ~~984332106~~USD1.5 ~~3838~~COM ~~108452~~92552R406 23 989 SOLE NONE ~~108452~~989 ~~YUM~~VORNADO ~~BRANDS~~REALTY ~~INC~~TR COM USD0.04 COM ~~988498101~~929042109 ~~2996~~1,189 ~~101163~~18,966 SOLE NONE ~~101163~~18,966 ~~ZIMMER~~VULCAN ~~HOLDINGS~~MATERIALS ~~INC~~US$1.00 COM ~~USD~~929160109 1,144 22,452 SOLE NONE 22,452 WACHOVIA CORP US$3 1/3 COM 929903102 12,928 275,351 SOLE NONE 275,351 WAL-MART STORES US$0.0110 COM ~~98956P102~~931142103 ~~2635~~33,731 ~~47820~~634,034 SOLE NONE ~~47820~~634,034 ~~ZIONS~~WALGREEN ~~BANCORP~~CO US$0.15625 COM ~~NPV~~931422109 6,285 175,425 SOLE NONE 175,425 WALT DISNEY HOLDING COMPANY COM ~~989701107~~254687106 ~~712~~7,873 ~~12708~~349,152 SOLE NONE ~~12708~~349,152 ~~TOTAL~~WASHINGTON MUT INC COM 939322103 9,841 251,821 SOLE NONE 251,821 WASHINGTON POST 'B' US$1.00 CL B 939640108 312 339 SOLE NONE 339 WASTE MANAGEMENT COM USD0.01 COM 94106L109 2,~~002~~756 100,~~487~~815 SOLE NONE 100,815 WATERS CORPORATION USD0.01 COM 941848103 1,873 42,477 SOLE NONE 42,477

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