13F-HR 1 u48282e13fvhr.txt 13F-HR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F Report for the Calendar Year or Quarter Ended: 12/31/2004 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 01/27/05 ---------------------------------- [Signature] [City, State] [Date] REPORT TYPE (CHECK ONLY ONE.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- -------- ---------- -------- ----------- 3 COM CORP COM USD0.01 COM 885535104 1,~~307~~291 309,625 SOLE NONE 309,625 3M CO. COM STK NPV COM 88579Y101 1012,~~709~~471 ~~133~~151,~~909~~956 SOLE NONE ~~133~~151,~~909~~956 ABBOTT LABORATORIES COM NPV COM 002824100 13,~~670~~173 ~~322~~282,~~710~~384 SOLE NONE ~~322~~282,~~710~~384 ABERCROMBIE & FITC CL A USD0.01 CL A 002896207 ~~403~~1,233 1226,~~784~~254 SOLE NONE 1226,~~784~~254 ACCENTURE LTD BERM CLS'A'COM $0.0000225 CL A G1150G111 ~~120~~779 428,~~434~~862 SOLE NONE 428,~~434~~862 ACE LTD ORD USD0.0416 COM G0070K103 ~~322~~599 814,~~034~~023 SOLE NONE 814,~~034~~023 ADC TELECOMMUNICATIONS COM USD0.20 COM 000886101 6990 3733,~~854~~643 SOLE NONE 3733,~~854~~643 ADOBE SYS INC COM USD0.0001 COM 00724F101 12,~~928~~935 3846,~~964~~788 SOLE NONE 3846,~~964~~788 ADVANCED MICRO DEVICES COM US$0.01 COM 007903107 12,~~911~~254 ~~147~~102,~~038~~349 SOLE NONE ~~147~~102,~~038~~349 AES CORP. COM USD0.01 COM 00130H105 1,~~134~~446 ~~113~~105,~~517~~777 SOLE NONE ~~113~~105,~~517~~777 AETNA INC(NEW) COM USD0.001 COM 00817Y108 3,~~097~~769 30,~~987~~210 SOLE NONE 30,~~987~~210 AFFILIATED COMPUTR CLASS'A'COM USD0.01 CL A 008190100 36,~~172~~159 56102,~~974~~334 SOLE NONE 56102,~~974~~334 AFLAC INC COM USD0.10 COM 001055102 34,~~529~~059 90101,~~001~~884 SOLE NONE 90101,~~001~~884 AGERE SYSTEM INC COM USD0.01 CLASS'B' CL B 00845V209 ~~147~~140 ~~143~~103,~~840~~617 SOLE NONE ~~143~~103,~~840~~617 AGILENT TECHS INC - COM USD0.01 COM 00846U101 2,~~285~~731 ~~105~~113,~~952~~302 SOLE NONE ~~105~~113,~~952~~302 AIR PRODS. & CHEMS. COM STK US$1 COM 009158106 2,~~062~~475 3742,~~917~~690 SOLE NONE 3742,~~917~~690 ALBERTO CULVER COM USD0.22 COM 013068101 2427 550 SOLE NONE 550 ALBERTSON'S INC COM US$1 COM 013104104 12,~~542~~860 64119,~~446~~776 SOLE NONE 64119,~~446~~776 ALCOA INC COM USD1 COM 013817101 5,~~321~~165 ~~158~~164,~~407~~401 SOLE NONE ~~158~~164,~~407~~401 ALLERGAN INC COM USD0.01 COM 018490102 1,~~230~~432 1617,~~947~~669 SOLE NONE 1617,~~947~~669 ALLIED CAPITAL CP COM USD0.0001 COM 01903Q108 ~~121~~439 416,~~946~~982 SOLE NONE 416,~~946~~982 ALLSTATE CORP COM STK US$0.1 COM 020002101 810,~~642~~158 ~~180~~196,~~084~~406 SOLE NONE ~~180~~196,~~084~~406 ALLTEL CORP COM US$1 COM 020039103 2,~~285~~503 4142,~~608~~590 SOLE NONE 4142,~~608~~590 ALTERA COM USD0.001 COM 021441100 1,~~140~~490 5871,~~232~~965 SOLE NONE 5871,~~232~~965 ALTRIA GROUP INC COM USD 0.333333 COM 02209S103 1928,~~613~~118 ~~416~~460,~~940~~197 SOLE NONE ~~416~~460,~~940~~197 AMAZON COM INC USD 0.01 COM 023135106 2,~~228~~483 5456,~~531~~062 SOLE NONE 5456,~~531~~062 AMB PROPERTIES COR COM USD0.01 COM 00163T109 46 1,144 SOLE NONE 1,144 AMBAC FINANCIAL GRP COM USD0.01 COM 023139108 2,~~623~~831 3234,~~812~~471 SOLE NONE 3234,~~812~~471 AMDOCS LTD ORD GBP0.01 COM G02602103 ~~625~~751 28,627 SOLE NONE 28,627 AMERADA HESS CORP COM STK US$1 COM 023551104 1,~~599~~480 17,970 SOLE NONE 17,970 AMEREN CORP. COM USD0.01 COM 023608102 21,~~867~~675 6233,~~121~~403 SOLE NONE 6233,~~121~~403 AMERICAN ELEC POWER INC COM USD6.50 COM 025537101 2,~~627~~695 8278,~~195~~473 SOLE NONE 8278,~~195~~473 AMERICAN EXPRESS COM US $ 0.60 COM 025816109 1114,~~514~~012 ~~223~~248,~~754~~564 SOLE NONE ~~223~~248,~~754~~564 AMERICAN INTL GRP COM STKUS$ 2.50 COM 026874107 3638,~~368~~185 ~~534~~581,~~898~~468 SOLE NONE ~~534~~581,~~898~~468 AMERICAN ~~POWER~~MEDICAL ~~CONVERS~~SYSTEMS COM USD0.01 COM ~~029066107~~02744M108 ~~546~~669 3116,~~414~~000 SOLE NONE 3116,~~414~~000 AMERICAN ~~STANDARD~~POWER ~~COS~~CONVERS COM USD0.01 COM ~~029712106~~029066107 ~~1,224~~661 3130,~~445~~901 SOLE NONE 3130,~~445~~901 ~~AMERISOURCEBERGEN~~AMERICAN STANDARD COS COM ~~CLASS'A'~~USD0.01 CLCOM A029712106 ~~03073E105~~1,656 ~~994 18~~40,~~507~~075 SOLE NONE 1840,~~507~~075

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- -------- ---------- -------- ----------- AMERISOURCEBERGEN COM CLASS'A'USD0.01 CL A 03073E105 1,086 18,507 SOLE NONE 18,507 AMERITRADE HLDG CO COM USD0.01 COM 03074K100 ~~790~~834 6558,~~800~~675 SOLE NONE 6558,~~800~~675 AMGEN INC COM USD0.0001 COM 031162100 1620,~~543~~674 ~~291~~322,~~194~~269 SOLE NONE ~~291~~322,~~194~~269 AMSOUTH BANCORP COM USD1 COM 032165102 1,~~201~~266 4948,~~226~~878 SOLE NONE 4948,~~226~~878 ANADARKO PETROLEUM COM US$0.10 COM 032511107 45,~~944~~144 7479,~~508~~372 SOLE NONE 7479,~~508~~372 ANALOG DEVICES COM USD0.16 2/3 COM 032654105 2,~~362~~693 6072,~~908~~928 SOLE NONE 6072,~~908~~928 ANHEUSER-BUSCH COS COM STK US$ 1 COM 035229103 7,~~089~~699 ~~141~~151,~~918~~764 SOLE NONE ~~141~~151,~~918~~764 ~~ANTHEM SOUTHEAST INC COM USD0.01 COM 03674B104 2,024 23,192 SOLE NONE 23,192~~ AON CORP COM US$1.00 COM 037389103 1,~~511~~594 5266,~~575~~821 SOLE NONE 5266,~~575~~821 APACHE CORP COM USD1.25 COM 037411105 5,~~191~~589 ~~103~~110,~~595~~521 SOLE NONE ~~103~~110,~~595~~521 APARTMENT INV&MGMT COM USD0.01 CL'A' CL A 03748R101 ~~696~~895 2023,~~025~~210 SOLE NONE 2023,~~025~~210 APOLLO GROUP INC CLASS'A'COM NPV CL A 037604105 12,~~481~~062 2025,~~181~~547 SOLE NONE 2025,~~181~~547 APPLE COMPUTER CO COM NPV COM 037833100 24,~~404~~719 6273,~~042~~272 SOLE NONE 6273,~~042~~272 APPLERA CORP COM APP BIOSYSTEMS GRP USD1 COM 038020103 ~~824~~906 43,~~689~~317 SOLE NONE 43,~~689~~317 APPLIED MATERILS COM USD0.01 COM 038222105 5,~~145~~639 ~~312~~329,~~000~~775 SOLE NONE ~~312~~329,~~000~~775 ARCHER-DANIELS-MIDLAND COM NPV COM 039483102 3,~~578~~368 ~~210~~150,~~716~~943 SOLE NONE ~~210~~150,~~716~~943 ARCHSTONE SMITH TR SBI USD1 SBI 039583109 ~~885~~1,214 2731,~~983~~702 SOLE NONE 2731,~~983~~702 ARROW ELECTRONICS COM USD1 COM 042735100 ~~297~~344 1314,~~134~~167 SOLE NONE 1314,~~134~~167 ASHLAND INC COM USD1 COM 044204105 ~~583~~607 10,394 SOLE NONE 10,394 ASIA TIGERS FUND COM USD 0.001 COM 04516T105 ~~730~~847 73,000 SOLE NONE 73,000 ASSOCIATED BANC-CORP COM US$0.10 COM 045487105 ~~405~~419 12,624 SOLE NONE 12,624 ASSURANT INC COM USD0.01 COM 04621X108 424 13,864 SOLE NONE 13,864 ASTORIA FINANCIAL COM USD0.01 COM 046265104 ~~854~~449 2411,~~077~~237 SOLE NONE 2411,~~077~~237 AT&T CORP COM USD1 COM 001957505 26,~~815~~528 ~~196~~342,~~581~~496 SOLE NONE ~~196~~342,~~581~~496 ~~AT&T~~AUTODESK ~~WIRELESS~~INC ~~SERV~~ COM ~~USD 0~~USD0.01 COM ~~00209A106~~052769106 81,~~109~~234 ~~548~~32,~~644~~523 SOLE NONE ~~548~~32,~~644~~523 AUTOMATIC DATA PROCESSING COM US$0.1 COM 053015103 45,~~606~~145 ~~111~~116,~~475~~010 SOLE NONE ~~111~~116,~~475~~010 AUTONATION INC COM USD 0.01 COM 05329W102 ~~481~~541 28,185 SOLE NONE 28,185 AUTOZONE INC COM USD0.01 COM 053332102 ~~747~~1,153 912,~~668~~632 SOLE NONE 912,~~668~~632 AVALONBAY COMMUNI COM USD0.01 COM 053484101 ~~897~~1,621 1421,~~890~~527 SOLE NONE 1421,~~890~~527 AVAYA INC COM STK USD 0.01 COM 053499109 ~~162~~257 1114,~~645~~944 SOLE NONE 1114,~~645~~944 AVERY DENNISON CP COM USD1 COM 053611109 1,~~388~~593 2126,~~106~~556 SOLE NONE 2126,~~106~~556 AVNET INC COM US$1.00 COM 053807103 4144 2,406 SOLE NONE 2,406 AVON PRODUCTS INC COM USD0.25 COM 054303102 36,~~367~~422 77165,~~079~~931 SOLE NONE 77165,~~079~~931 BAKER HUGHES INC COM USD1 COM 057224107 2,~~642~~849 6066,~~439~~765 SOLE NONE 6066,~~439~~765 BALL CORP COM NPV COM 058498106 ~~583~~713 1516,~~578~~201 SOLE NONE 1516,~~578~~201 BANK AMERICA CORP COM USD0.01 COM 060505104 4145,~~569~~350 ~~959~~965,~~359~~104 SOLE NONE ~~959~~965,~~359~~104 BANK OF NEW YORK COM US$7.50 COM 064057102 34,~~716~~781 ~~127~~143,~~404~~071 SOLE NONE ~~127~~143,~~404~~071 BANKNORTH GROUP COM USD0.01 COM 06646R107 1,~~014~~252 2834,~~978~~215 SOLE NONE 2834,~~978 BARD C R INC COM US$0.25 COM 067383109 1,551 27,397 SOLE NONE 27,397~~215

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- -------- ---------- -------- ----------- BARD C R INC COM US$0.25 COM 067383109 2,103 32,871 SOLE NONE 32,871 BARR PHARMACEUTICALS COM USD0.01 COM 068306109 ~~1,272~~613 3013,~~712~~454 SOLE NONE 3013,~~712~~454 BAUSCH & LOMB INC COM USD0.40 COM 071707103 ~~617~~623 9,~~284~~671 SOLE NONE 9,~~284~~671 BAXTER INTL INC COM STK US$1 COM 071813109 34,~~250~~012 ~~101~~116,~~071~~142 SOLE NONE ~~101~~116,~~071~~142 BB&T CORP COM USD5 COM 054937107 3,~~244~~853 8191,~~745~~640 SOLE NONE 8191,~~745~~640 BEA SYSTEMS INC COM USD0.001 COM 073325102 ~~490~~594 7067,~~973~~033 SOLE NONE 7067,~~973~~033 BEAR STEARNS COS.COM USD1 COM 073902108 1,~~364~~464 14,~~179~~310 SOLE NONE 14,~~179~~310 BECKMAN COULTER COM USD0.10 COM 075811109 ~~477~~569 8,493 SOLE NONE 8,493 BECTON DICKINSON COM USD1 COM 075887109 2,~~401~~917 4651,~~442~~362 SOLE NONE 4651,~~442~~362 BED BATH & BEYOND COM USD0.01 COM 075896100 12,~~816~~184 4854,~~935~~829 SOLE NONE 4854,~~935~~829 BELLSOUTH CORP COM STK US$ 1 COM 079860102 109,~~539~~853 ~~388~~354,~~601~~563 SOLE NONE ~~388~~354,~~601~~563 BERKLEY (WR) CORP COM USD0.20 COM 084423102 ~~495~~1,357 1128,~~740~~770 SOLE NONE 1128,~~740~~770 BERKSHIRE HATHAWAY INC-CL A USD5 CL A 084670108 1011,~~918~~339 ~~126~~129 SOLE NONE ~~126~~129 BEST BUY CO INC COM USD0.10 COM 086516101 35,~~996~~223 7387,~~669~~897 SOLE NONE 7387,~~669~~897 BIOGEN IDEC INC COM USD0.0005 COM 09062X103 34,~~626~~554 5968,~~284~~369 SOLE NONE 5968,~~284~~369 BIOMET INC COM NPV COM 090613100 12,~~954~~113 4148,~~681~~689 SOLE NONE 4148,~~681~~689 BJ SERVICES COM USD0.01 COM 055482103 1,~~238~~294 2327,~~628~~809 SOLE NONE 2327,~~628~~809 BLACK & DECKER CP COM USD0.50 COM 091797100 1,~~183~~313 1514,~~279~~869 SOLE NONE 1514,~~279~~869 BLOCK (H&R) COM NPV COM 093671105 34,~~196~~853 6499,~~680~~038 SOLE NONE 6499,~~680~~038 BMC SOFTWARE INC COM US$0.01 COM 055921100 1,~~309~~500 8280,~~777~~625 SOLE NONE 8280,~~777~~625 BOEING CO COM STK US$ 5.00 COM 097023105 78,~~203~~008 ~~139~~154,~~548~~687 SOLE NONE ~~139~~154,~~548~~687 BOSTON PROPERTIES COM USD 0.019 (REIT) COM 101121101 ~~735~~1,521 1323,~~266~~512 SOLE NONE 1323,~~266~~512 BOSTON SCIENTIFIC COM USD0.01 COM 101137107 4,~~130~~218 ~~103~~118,~~943~~650 SOLE NONE ~~103~~118,~~943~~650 BOWATER COM USD1 COM 102183100 ~~298~~343 7,797 SOLE NONE 7,797 BRINKER INTL INC COM USD0.10 COM 109641100 ~~424~~799 1322,~~601~~793 SOLE NONE 1322,~~601~~793 BRISTOL MYERS SQUIBB COM STK COM 110122108 79,~~822~~493 ~~330~~370,~~442~~528 SOLE NONE ~~330~~370,~~442~~528 BROADCOM CORP CL A COM USD0.0001 CL A 111320107 1,~~174~~947 4360,~~009~~309 SOLE NONE 4360,~~009~~309 ~~BROCADE~~BROWN ~~COMMS~~& ~~SYS~~BROWN -INC COM USD0.~~001~~10 COM ~~111621108~~115236101 4545 ~~652~~12,520 SOLE NONE ~~652~~12,520 BROWN FORMAN DISTILLERS A COM USD0.15 CL A 115637100 1921 416 SOLE NONE 416 BROWN-FORMAN 'B' US$0.15 CL B 115637209 ~~449~~477 9,796 SOLE NONE 9,796 BRUNSWICK CORP COM USD0.75 COM 117043109 ~~274~~973 519,~~978~~653 SOLE NONE 519,~~978~~653 BUNGE LTD COM USD 0.01 COM G16962105 ~~510~~817 1214,~~751~~338 SOLE NONE 1214,~~751~~338 BURLINGTON NTH SANTA FE COM STK USD0.01 COM 12189T104 5,~~382~~128 ~~140~~108,~~477~~382 SOLE NONE ~~140~~108,~~477~~382 BURLINGTON RESOURCES COM STK USD0.01 COM 122014103 45,~~981~~367 ~~122~~123,~~084~~384 SOLE NONE ~~122~~123,~~084~~384 CABLEVISION NY GROUP CLASS A COM USD0.01 CL A 12686C109 ~~967~~1,240 4749,~~703~~803 SOLE NONE 4749,~~703~~803 CABOT CORP COM USD1 COM 127055101 ~~680~~779 1720,~~635~~141 SOLE NONE 1720,~~635~~141 CADENCE DESIGN SYSTEMS COM USD0.01 COM 127387108 ~~2,288~~795 ~~175~~57,~~492~~556 SOLE NONE ~~175~~57,~~492 CAESARS ENTERTAINMENT INC COM USD0.01 COM 127687101 933 55,893 SOLE NONE 55,893~~556

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- -------- ---------- -------- ----------- CAESARS ENTERTAINMENT INC COM USD0.01 COM 127687101 1,194 59,275 SOLE NONE 59,275 CAMPBELL SOUP CO CAP STK USD0.0375 CAP 134429109 1,~~367~~846 5161,~~993~~762 SOLE NONE 5161,~~993~~762 CAPITAL ONE FINANCIAL COM USD0.01 COM 14040H105 32,~~088~~621 4131,~~790~~119 SOLE NONE 4131,~~790~~119 CARDINAL HEALTH COM NPV COM 14149Y108 57,~~059~~226 ~~115~~124,~~588~~271 SOLE NONE ~~115~~124,~~588~~271 CAREER EDUCATION C COM USD0.01 COM 141665109 ~~434~~785 1519,~~254~~614 SOLE NONE 1519,~~254~~614 CAREMARK RX INC COM USD0.001 COM 141705103 23,~~311~~167 7280,~~067~~318 SOLE NONE 7280,~~067~~318 CARMAX INC COM USD0.50 COM 143130102 69 32,~~217~~209 SOLE NONE 32,~~217~~209 CARNIVAL CORP COM USD0.01(PAIRED STK) COM 143658300 89,~~003~~710 ~~169~~168,~~241~~499 SOLE NONE ~~169~~168,~~241~~499 CATERPILLAR INC COM USD1 COM 149123101 56,~~927~~725 7368,~~677~~965 SOLE NONE 7368,~~677~~965 CAVCO INDUSTRIES COM USD0.10 COM 149568107 221 ~~574~~30 SOLE NONE ~~574~~30 CDW CORP COM USD0.01 COM 12512N105 ~~623~~712 10,731 SOLE NONE 10,731 CEMEX SA SPON ADR EACH REP 5 CPO ADR 151290889 1820,~~293~~079 ~~651~~549,~~427~~927 SOLE NONE ~~651~~549,~~427~~927 CENDANT CORP COM USD0.01 COM 151313103 54,~~004~~518 ~~231~~193,~~675~~255 SOLE NONE ~~231~~193,~~675~~255 CENTERPOINT ENERGY INC COM NPV COM 15189T107 15,~~453~~370 ~~140~~475,~~256~~178 SOLE NONE ~~140~~475,~~256~~178 CENTEX CORP COM US$0.25 COM 152312104 ~~952~~1,343 1822,~~874~~544 SOLE NONE 1822,~~874~~544 CENTURYTEL INC COM US$1 COM 156700106 21,~~085~~447 6040,~~894~~799 SOLE NONE 6040,~~894~~799 CEPHALON INC COM USD0.01 COM 156708109 722,356 146,~~506~~300 SOLE NONE 146,~~506~~300 CERIDIAN CORP COM USD0.5 COM 156779100 ~~629~~781 3442,~~176~~750 SOLE NONE 3442,~~176~~750 CERTEGY INC COM USD 0.01 COM 156880106 ~~450~~430 12,105 SOLE NONE 12,105 CH ROBINSON WORLDWIDE INC COM USD0.10 COM 12541W100 ~~527~~631 11,367 SOLE NONE 11,367 CHECK POINT SOFTWARE ORD ILS0.01 COM 001082411 ~~417~~605 24,555 SOLE NONE 24,555 CHEVRON TEXACO CORP COM US$ 1.5 COM 166764100 3125,~~952~~480 ~~595~~485,~~675~~239 SOLE NONE ~~595~~485,~~675~~239 CHIRON CORP COM US$0.01 COM 170040109 ~~1,030~~792 23,~~309~~772 SOLE NONE 23,~~309~~772 CHOICEPOINT INC COM USD0.10 COM 170388102 ~~555~~985 1321,~~004~~409 SOLE NONE 1321,~~004~~409 CHUBB CORP COM USD1 COM 171232101 2,~~090~~623 2934,~~743~~113 SOLE NONE 2934,~~743~~113 CIENA CORP COM USD0.01 COM 171779101 ~~340~~701 ~~171~~209,~~632~~925 SOLE NONE ~~171~~209,~~632~~925 CIGNA CORP COM USD0.25 COM 125509109 2,~~287~~158 3226,~~846~~451 SOLE NONE 3226,~~846~~451 CINCINNATI FIN CP COM $2 COM 172062101 1,~~113~~815 2741,007 SOLE NONE 2741,007 CINERGY CORP COM STK US$0.01 COM 172474108 1,~~045~~292 2631,~~388~~038 SOLE NONE 2631,~~388~~038 CINTAS CORP COM NPV COM 172908105 ~~942~~982 22,400 SOLE NONE 22,400 CISCO SYSTEMS COM USD0.001 COM 17275R102 2529,~~513~~543 1,~~409~~529,~~564~~138 SOLE NONE 1,~~409~~529,~~564~~138 CIT GROUP INC COM USD0.01 COM 125581108 12,~~378~~201 3648,~~844~~037 SOLE NONE 3648,~~844~~037 CITIGROUP INC COM USD0.01 COM 172967101 5059,~~422~~903 1,~~142~~243,~~832~~309 SOLE NONE 1,~~142~~243,~~832~~309 CITIZENS UTILITIES CL B USD0.25 CL B 17453B101 ~~513~~528 38,277 SOLE NONE 38,277 CITRIX SYSTEMS INC COM USD0.001 COM 177376100 16420 ~~905~~17,179 SOLE NONE ~~905~~17,179 CLEAR CHANNEL COMM COM USD0.10 COM 184502102 3,~~116~~757 99112,~~981~~185 SOLE NONE 99112,~~981~~185 CLOROX CO COM USD1 COM 189054109 12,~~690~~091 3135,~~713~~484 SOLE NONE 3135,~~713 COACH INC COM USD0.01 COM 189754104 1,157 27,270 SOLE NONE 27,270~~484

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- -------- ---------- -------- ----------- COACH INC COM USD0.01 COM 189754104 1,839 32,606 SOLE NONE 32,606 COCA COLA COM USD0.25 COM 191216100 1922,~~932~~040 ~~497~~529,~~680~~300 SOLE NONE ~~497~~529,~~680~~300 COCA-COLA ENTERPRISES INC COM USD1 COM 191219104 ~~835~~922 44,204 SOLE NONE 44,204 COLGATE-PALMOLIVE COM STK US$1 COM 194162103 53,~~575~~822 ~~123~~74,~~390~~703 SOLE NONE ~~123~~74,~~390~~703 COLONIAL BANCGROUP COM USD2.50 COM 195493309 274 12,910 SOLE NONE 12,910 COMCAST CORP 'A' SPL COM USD0.01 CL A SPL 20030N200 46,~~799~~247 ~~171~~190,~~872~~238 SOLE NONE ~~171~~190,~~872~~238 COMCAST CORP COM CLS 'A' USD0.01 CL A 20030N101 89,~~306~~077 ~~294~~272,~~133~~746 SOLE NONE ~~294~~272,~~133~~746 COMERICA INC COM USD5 COM 200340107 12,~~842~~081 3134,~~028~~111 SOLE NONE 3134,~~028~~111 COMMERCE BANCP INC COM USD1 COM 200519106 ~~681~~972 1215,~~333~~086 SOLE NONE 1215,~~333~~086 COMMERCE BANCSHS COM USD5 COM 200525103 ~~500~~548 10,~~392~~911 SOLE NONE 10,~~392~~911 COMPASS BANCSHARES COM US$2 COM 20449H109 1,~~014~~456 2329,~~130~~925 SOLE NONE 2329,~~130~~925 COMPUTER ASSOCIATES INT COM USD0.10 COM 204912109 2,~~035~~457 7779,~~389~~108 SOLE NONE 7779,~~389~~108 COMPUTER SCIENCES COM US$1.00 COM 205363104 1,~~446~~982 3035,~~701~~163 SOLE NONE 3035,~~701~~163 COMVERSE TECH INC COM USD0.10 COM 205862402 ~~627~~782 3331,~~296~~972 SOLE NONE 3331,~~296~~972 CONAGRA FOODS INC COM USD5 COM 205887102 23,~~375~~043 92103,~~384~~316 SOLE NONE 92103,~~384~~316 CONOCOPHILLIPS COM USD0.01 COM 20825C104 1011,~~930~~474 ~~131~~132,~~923~~141 SOLE NONE ~~131~~132,~~923~~141 CONSOLIDATED EDISON INC COM USD0.10 COM 209115104 12,~~468~~036 3446,~~920~~532 SOLE NONE 3446,~~920~~532 CONSTELLATION ENERGY COM NPV COM 210371100 1,~~093~~199 27,439 SOLE NONE 27,439 CONVERGYS CORP COM NPV COM 212485106 1,~~248~~393 92,957 SOLE NONE 92,957 COOPER CAMERON CP COM USD0.01 COM 216640102 ~~332~~564 610,~~048~~484 SOLE NONE 610,~~048~~484 COOPER INDS COM USD5 CL 'A' (BERMUDA REG) CL A G24182100 1,~~177~~598 1923,~~956~~532 SOLE NONE 1923,~~956~~532 CORNING INC COM USD0.50 COM 219350105 23,~~290~~165 ~~206~~268,~~677~~919 SOLE NONE ~~206~~268,~~677~~919 COSTCO WHSL CORP COM STK USD0.01 COM 22160K105 34,~~295~~436 7991,~~386~~643 SOLE NONE 7991,~~386~~643 COUNTRYWIDE FINANCIAL COM USD0.05 COM 222372104 5,~~388~~590 ~~136~~151,~~778~~038 SOLE NONE ~~136~~151,~~778~~038 COX COMMUNICATIONS A COM USD1 CL A 224044107 1,~~308~~651 3947,~~470~~498 SOLE NONE 3947,~~470~~498 CRESCENT REAL ESTATES COM USD0.01 (REIT) COM 225756105 ~~136~~398 821,~~628~~800 SOLE NONE 821,~~628~~800 CSX CORP COM USD1 COM 126408103 2,~~595~~879 7871,~~153~~829 SOLE NONE 7871,~~153~~829 CUMMINS INC COM USD2.50 COM 231021106 627 7,480 SOLE NONE 7,480 CVS CORP COM USD0.01 COM 126650100 3,~~224~~380 7674,~~518~~996 SOLE NONE 7674,~~518~~996 DANAHER CORP COM USD0.01 COM 235851102 34,~~797~~592 7479,~~046~~993 SOLE NONE 7479,~~046~~993 DARDEN RESTAURANTS COM NPV COM 237194105 13,~~871~~049 80109,~~241~~914 SOLE NONE 80109,~~241~~914 DEAN FOODS CO COM USD0.01 COM 242370104 23,~~296~~009 7691,~~489~~331 SOLE NONE 7691,~~489~~331 DEERE & CO COM USD1 COM 244199105 3,~~176~~827 4951,~~206~~440 SOLE NONE 4951,~~206~~440 DEL MONTE FOODS CO COM USD 0.01 COM 24522P103 ~~121~~2,303 11209,~~517~~010 SOLE NONE 11209,~~517~~010 DELL INC COM USD0.01 COM 24702R101 1824,~~818~~642 ~~528~~584,~~604~~774 SOLE NONE ~~528~~584,~~604~~774 DELPHI CORPORATION COM USD0.01 COM 247126105 1,~~086~~343 ~~116~~148,~~858~~849 SOLE NONE ~~116~~148,~~858~~849 DELUXE CORP COM USD1 COM 248019101 ~~521~~701 1218,~~702~~767 SOLE NONE 1218,702 DENTSPLY INTL INC COM U$1 COM 249030107 585 11,271 SOLE NONE 11,271 DEVON ENERGY(NEW) COM USD0.10 COM 25179M103 2,484 34,983 SOLE NONE 34,983 DIAMOND OFFSHORE DRILLING COM USD0.01 COM 25271C102 365 11,056 SOLE NONE 11,056767

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- -------- ---------- -------- ----------- DENTSPLY INTL INC COM U$1 COM 249030107 633 11,271 SOLE NONE 11,271 DEVELOPERS DIVERSI COM NPV COM 251591103 231 5,208 SOLE NONE 5,208 DEVON ENERGY(NEW) COM USD0.10 A223 COM 25179M103 3,869 99,416 SOLE NONE 99,416 DIAMOND OFFSHORE DRILLING COM USD0.01 COM 25271C102 350 8,746 SOLE NONE 8,746 DIEBOLD INC COM US$1.25 COM 253651103 ~~545~~651 11,679 SOLE NONE 11,679 DNP SELECT INC FD COM USD0.001 COM 23325P104 ~~111~~118 9,896 SOLE NONE 9,896 DOLLAR GENERAL CP COM USD0.50 COM 256669102 ~~943~~961 46,~~779~~254 SOLE NONE 46,~~779~~254 DOLLAR TREE STORES COM USD0.01 COM 256747106 ~~443~~473 16,426 SOLE NONE 16,426 DOMINION RESOURCES (VIR) COM NPV COM 25746U109 3,~~593~~632 5553,~~067~~621 SOLE NONE 5553,~~067~~621 DONNELLEY R.R. & S COM USD1.25 COM 257867101 1,~~156~~154 3632,~~913~~698 SOLE NONE 3632,~~913~~698 DORAL FINANCIAL CP COM USD1 COM 25811P100 4,~~838~~395 ~~116~~89,~~654~~239 SOLE NONE ~~116~~89,~~654~~239 DOVER CORP COM STK US$ 1 COM 260003108 1,~~470~~777 3742,~~830~~362 SOLE NONE 3742,~~830~~362 DOW CHEMICAL CO COM USD2.50 COM 260543103 78,~~115~~883 ~~157~~179,~~482~~417 SOLE NONE ~~157~~179,~~482~~417 DOW JONES & CO INC COM USD1 COM 260561105 ~~605~~875 1420,~~901~~310 SOLE NONE 1420,~~901~~310 DR HORTON INC COM USD0.01 COM 23331A109 1,~~526~~858 46,085 SOLE NONE 46,085 DST SYST INC DEL COM USD0.01 COM 233326107 ~~711~~809 15,~~988~~528 SOLE NONE 15,~~988~~528 DTE ENERGY CO COM NPV COM 233331107 1,~~107~~379 2631,~~243~~978 SOLE NONE 2631,~~243~~978 DU PONT DE NEMOURS COM USD0.30 COM 263534109 79,~~400~~363 ~~172~~190,~~907~~891 SOLE NONE ~~172~~190,~~907~~891 DUKE ENERGY CORP COM USD NPV COM 264399106 34,~~523~~461 ~~153~~176,~~895~~124 SOLE NONE ~~153~~176,~~895~~124 DUKE WEEKS REALTY COM USD0.01 COM 264411505 ~~744~~1,147 2233,~~406~~586 SOLE NONE 2233,~~406~~586 DUN & BRADSTREET C COM USD 0.01 COM 26483E100 ~~900~~1,516 1525,~~324~~414 SOLE NONE 1525,~~324~~414 E M C CORP MASS COM USD0.01 COM 268648102 46,~~405~~711 ~~381~~451,~~743~~289 SOLE NONE ~~381~~451,~~743~~289 EAGLE MATERIALS COM USD0.01 COM 26969P108 83 ~~110~~40 SOLE NONE ~~110~~40 EAGLE MATERIALS INC COM USD0.01 CL 'B' CL B 26969P207 911 136 SOLE NONE 136 EASTMAN CHEMICAL COM STK USD0.01 COM 277432100 21,~~495~~421 5224,~~465~~609 SOLE NONE 5224,~~465~~609 EASTMAN KODAK CO COM USD2.50 COM 277461109 1,~~532~~726 4753,~~552~~523 SOLE NONE 4753,~~552~~523 EATON CORP COM USD0.50 COM 278058102 12,~~506~~182 2330,~~745~~154 SOLE NONE 2330,~~745~~154 EBAY INC COM USD0.001 COM 278642103 913,~~559~~610 ~~103~~116,~~973~~983 SOLE NONE ~~103~~116,~~973~~983 ECHOSTAR COMMUNICATIONS CORP A USD0.01 CL A 278762109 25,~~472~~541 79166,~~434~~637 SOLE NONE 79166,~~434~~637 ECOLAB INC COM USD1 COM 278865100 23,~~985~~695 94105,~~930~~185 SOLE NONE 94105,~~930~~185 EDISON INTL COM NPV COM 281020107 1,~~374~~954 5160,~~842~~993 SOLE NONE 5160,~~842~~993 EDWARDS (A.G.) INC COM USD1 COM 281760108 ~~462~~577 13,359 SOLE NONE 13,359 EL PASO CORP COM USD3 COM 28336L109 34,~~689~~413 ~~401~~424,~~372~~359 SOLE NONE ~~401~~424,~~372~~359 ELECTRONIC ARTS COM NPV COM 285512109 23,~~119~~317 4653,~~086~~775 SOLE NONE 4653,~~086~~775 ELECTRONIC DATA SYS COM USD0.01 COM 285661104 12,~~545~~152 7993,~~656~~151 SOLE NONE 7993,~~656~~151 EMERSON ELECTRIC COM STK US $1 COM 291011104 45,~~549~~778 7382,~~508~~421 SOLE NONE 7382,~~508~~421 ~~ENERGIZER~~EMP ~~HLDGS~~ICA INSOC ~~COM~~CONTRO ~~USD0.01~~SPON ~~COM~~ADR ~~29266R108~~(CV) ~~1,347~~ADR ~~29,212~~292448107 ~~SOLE NONE 29~~1,~~212~~662 ~~ENERGY EAST CORP COM USD0.01 COM 29266M109 417 16~~718,~~571~~000 SOLE NONE 16718,571 ENGLEHARD CORP COM USD1 COM 292845104 669 23,600 SOLE NONE 23,600 ENSCO INT'L INC COM USD0.10 COM 26874Q100 918 28,089 SOLE NONE 28,089 ENTERGY CORP COM USD0.01 COM 29364G103 2,370 39,104 SOLE NONE 39,104000

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- -------- ---------- -------- ----------- ENCORE ACQUISITION COM USD0.01 COM 29255W100 814 23,320 SOLE NONE 23,320 ENERGIZER HLDGS IN COM USD0.01 COM 29266R108 1,452 29,212 SOLE NONE 29,212 ENERGY EAST CORP COM USD0.01 COM 29266M109 1,049 39,318 SOLE NONE 39,318 ENGLEHARD CORP COM USD1 COM 292845104 566 18,458 SOLE NONE 18,458 ENSCO INT'L INC COM USD0.10 COM 26874Q100 1,181 37,210 SOLE NONE 37,210 ENTERGY CORP COM USD0.01 COM 29364G103 3,025 44,759 SOLE NONE 44,759 ENTERPRISE PRODS P COM UNITS REP LIM PA COM 293792107 141 5,455 SOLE NONE 5,455 EOG RESOURCES INC COM USD0.01 COM 26875P101 1,~~342~~704 2023,~~386~~883 SOLE NONE 2023,~~386~~883 EQUIFAX INC COM USD1.25 COM 294429105 ~~583~~902 2232,~~112~~106 SOLE NONE 2232,~~112~~106 EQUITABLE RESOURCES INC COM NPV COM 294549100 ~~472~~527 8,696 SOLE NONE 8,696 EQUITY OFFICE PROPS COM USD 0.01 (REIT) COM 294741103 12,~~914~~093 7071,~~236~~877 SOLE NONE 7071,~~236~~877 EQUITY RESIDENTIAL SBI USD0.01 SBI 29476L107 1,~~434~~674 46,267 SOLE NONE 46,267 ERIE INDEMNITY CO CLASS 'A' COM STK NPV CL A 29530P102 4647 902 SOLE NONE 902 ESTEE LAUDER CL A COM USD0.01 CL A 518439104 ~~733~~1,122 1724,~~547~~524 SOLE NONE 1724,~~547~~524 EVEREST RE GROUP COM USD0.01 COM G3223R108 79 97 SOLE NONE 97 EXELON CORP COM NPV COM 30161N101 45,~~042~~528 ~~110~~125,~~160~~439 SOLE NONE ~~110~~125,~~160~~439 EXPEDITERS INTL WASH COM. US$ 0.01 COM 302130109 ~~854~~1,150 1620,~~514~~571 SOLE NONE 1620,~~514~~571 EXPRESS SCRIPTS IN COM USD0.01 COM 302182100 ~~841~~965 12,~~872~~622 SOLE NONE 12,~~872~~622 EXXON MOBIL CORP COM NPV COM 30231G102 6473,~~847~~363 1,~~341~~431,~~760~~185 SOLE NONE 1,~~341~~431,~~760~~185 FAIR ISAAC CORP COM USD0.01 COM 303250104 ~~312~~392 10,693 SOLE NONE 10,693 FAMILY DOLLAR STRS COM USD0.10 COM 307000109 ~~894~~1,164 3237,~~983~~274 SOLE NONE 3237,~~983~~274 FANNIE MAE USD COM NPV COM 313586109 1619,~~597~~864 ~~261~~278,~~779~~954 SOLE NONE ~~261~~278,~~779~~954 FASTENAL COM USD0.01 COM 311900104 ~~590~~631 10,243 SOLE NONE 10,243 FED HOME LOAN MTG COM USD0.21 COM 313400301 1016,~~575~~106 ~~162~~218,~~087~~529 SOLE NONE ~~162~~218,~~087~~529 FEDERATED DEPT STORES COM USD0.01 COM 31410H101 24,~~705~~655 5980,~~532~~547 SOLE NONE 5980,~~532~~547 FEDERATED INVESTOR CL 'B' NPV CL B 314211103 5558 1,917 SOLE NONE 1,917 FEDEX CORP COM USD0.10 COM 31428X106 45,~~303~~584 5056,~~221~~694 SOLE NONE 5056,~~221~~694 FIDELITY ADV EMERG ASIA COM NPV COM 315920413 1,~~737~~930 121,621 SOLE NONE 121,621 FIDELITY NATL FINL COM USD0.0001 COM 316326107 ~~850~~1,007 22,~~308~~057 SOLE NONE 22,~~308~~057 FIFTH THIRD BANCORP COM NPV COM 316773100 46,~~706~~105 95129,~~605~~080 SOLE NONE 95129,~~605~~080 FIRST DATA CORP COM USD0.01 COM 319963104 67,~~848~~497 ~~157~~176,~~424~~239 SOLE NONE ~~157~~176,~~424~~239 FIRST HEALTH GROUP COM USD0.01 COM 320960107 ~~237~~275 14,705 SOLE NONE 14,705 FIRST HORIZON NATIONAL COM USD0.625 COM 320517105 ~~849~~844 19,570 SOLE NONE 19,570 FIRSTENERGY CORP COM USD0.10 COM 337932107 2,~~101~~307 5158,~~154~~378 SOLE NONE 5158,~~154~~378 FISERV INC COM USD0.01 COM 337738108 1,~~183~~522 3337,~~950~~860 SOLE NONE 3337,~~950~~860 ~~FLEXTRONICS~~FISHER ~~INTL~~SCIENTIFIC ~~ORD USD0.01~~ COM ~~999900002 1,300 98,115 SOLE NONE 98,115 FLUOR CORP COM USD0.01 COM 343412102 546 12,262 SOLE NONE 12,262 FORD MOTOR CO COM STK USD0.01 COM 345370860 4,198 298,773 SOLE NONE 298,773 FOREST LABS INC COM~~ US$0.1001 COM ~~345838106~~338032204 ~~3,239~~267 724,~~047~~287 SOLE NONE 724,~~047~~287 ~~FORTUNE~~FLEXTRONICS ~~BRANDS~~INTL ~~INC~~ORD ~~COM USD3.125 COM 349631101 3,499 47,221 SOLE NONE 47,221 FOX ENTERTAINMENT COM STK~~ USD0.01 ~~CLASS A CL A 35138T107 1,680 60,547 SOLE NONE 60,547 FPL GROUP INC~~ COM ~~USD0.01~~999900002 ~~COM 302571104 2,149 31,462 SOLE NONE 31,462 FRANKLIN RESOURCES COM USD0.10 COM 354613101~~ 1,~~854~~733 33125,~~241~~407 SOLE NONE 33125,~~241 FREEPORT-MCMORAN COPPE CLASS 'B' COM CL B 35671D857 1,129 27,882 SOLE NONE 27,882~~407

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- -------- ---------- -------- ----------- FLUOR CORP COM USD0.01 COM 343412102 961 17,635 SOLE NONE 17,635 FORD MOTOR CO COM STK USD0.01 COM 345370860 4,960 338,765 SOLE NONE 338,765 FOREST CITY ENTS CLASS'A'COM USD0.33 1/3 CL A 345550107 268 4,654 SOLE NONE 4,654 FOREST LABS INC COM US$0.10 COM 345838106 3,402 75,837 SOLE NONE 75,837 FORTUNE BRANDS INC COM USD3.125 COM 349631101 4,082 52,890 SOLE NONE 52,890 FOX ENTERTAINMENT COM STK USD0.01CLASS A CL A 35138T107 2,005 64,136 SOLE NONE 64,136 FPL GROUP INC COM USD0.01 COM 302571104 2,608 34,885 SOLE NONE 34,885 FRANKLIN RESOURCES COM USD0.10 COM 354613101 2,353 33,783 SOLE NONE 33,783 FREEPORT-MCMORAN COPPE CLASS 'B' COM CL B 35671D857 1,773 46,370 SOLE NONE 46,370 FREESCALE SEMICONDUCTOR COM USD0.01 CL B CL B 35687M206 1,099 59,845 SOLE NONE 59,845 GANNETT CO INC COM USD1 COM 364730101 69,~~798~~837 81120,~~161~~408 SOLE NONE 81120,~~161~~408 GAP INC COM US$0.05 COM 364760108 2,~~067~~691 ~~110~~127,~~809~~392 SOLE NONE ~~110~~127,~~809~~392 GARMIN COM STK USD0.01 COM G37260109 448 7,370 SOLE NONE 7,370 GEN GROWTH PPTYS COM USD0.10 COM 370021107 ~~838~~977 27,028 SOLE NONE 27,028 GEN MILLS INC COM STK USD0.1 COM 370334104 23,~~723~~339 6067,~~654~~177 SOLE NONE 6067,~~654~~177 GENENTECH INC COM USD0.02 COM 368710406 34,~~724~~605 7184,~~045~~583 SOLE NONE 7184,~~045~~583 GENERAL DYNAMICS CORP COM USD1 COM 369550108 7,~~384~~973 7276,~~319~~223 SOLE NONE 7276,~~319~~223 GENERAL ELECTRIC COM STK USD0.06 COM 369604103 7081,~~082~~871 2,~~087~~243,~~007~~041 SOLE NONE 2,~~087~~243,~~007~~041 GENERAL MOTORS CORP COM US$ 1 2/3 COM 370442105 3,~~706~~912 8797,~~247~~654 SOLE NONE 8797,~~247~~654 GENTEX CORP COM USD0.06 COM 371901109 ~~458~~483 13,037 SOLE NONE 13,037 GENUINE PARTS CO COM USD1 COM 372460105 1,~~275~~452 3332,~~232~~960 SOLE NONE 3332,~~232~~960 GENZYME CORP-GENERAL DIV COM USD0.01 COM 372917104 23,~~920~~740 5364,~~662~~412 SOLE NONE 5364,~~662~~412 GEORGIA PACIFIC CORP COM USD0.80 COM 373298108 35,~~896~~428 ~~108~~144,~~375~~824 SOLE NONE ~~108~~144,~~375~~824 GILEAD SCIENCES COM USD0.001 COM 375558103 2,~~449~~752 6578,~~528~~639 SOLE NONE 6578,~~528~~639 GILLETTE CO COM USD1 COM 375766102 78,~~228~~710 ~~173~~194,~~162~~507 SOLE NONE ~~173~~194,~~162~~507 GLOBALSANTAFE CORP COM USD0.01 COM G3930E101 1,~~253~~522 4045,~~867~~976 SOLE NONE 4045,~~867~~976 GOLDEN WEST FIN CO COM US$0.10 COM 381317106 4,~~114~~794 3778,~~081~~047 SOLE NONE 3778,~~081~~047 GOLDMAN SACHS GROUP COM USD 0.01 COM 38141G104 68,~~828~~042 7377,~~227~~301 SOLE NONE 7377,~~227~~301 GOODRICH CORP COM STK USD5 COM 382388106 12,~~658~~100 5264,~~868~~338 SOLE NONE 5264,~~868~~338 GOOGLE INC COM USD0.001 CL'A' CL A 38259P508 64672 ~~490~~3,485 SOLE NONE ~~490~~3,485 GRAINGER W.W. INC COM USD0.50 COM 384802104 ~~758 13,148 SOLE NONE 13,148 GREENPOINT FINL CORP COM USD0.01 COM 395384100~~ 1,~~712~~567 3723,~~015~~528 SOLE NONE 3723,~~015~~528 GTECH HLDGS CORP COM USD0.01 (AR) COM 400518106 22 856 SOLE NONE 856 GUIDANT CORP COM NPV COM 401698105 4,~~923~~426 7461,~~547~~385 SOLE NONE 7461,~~547~~385 HALLIBURTON CO COM STK US$ 2.50 COM 406216101 23,~~510~~377 7486,~~506~~050 SOLE NONE 7486,~~506~~050 HARLEY DAVIDSON COM USD0.01 COM 412822108 57,~~581~~779 93128,~~893~~048 SOLE NONE 93128,~~893~~048 HARMAN INTL INDS COM USD0.01 COM 413086109 ~~219~~ 2,~~037~~119 16,688 SOLE NONE 216,~~037~~688 HARRAHS ENTERTMT COM USD0.10 COM 413619107 ~~883~~1,114 16,659 SOLE NONE 16,659 HARRIS CORP COM USD1 COM 413875105 92 1,677 SOLE NONE 1,677 HARTFORD FINANCIAL SVCS COM USD0.01 COM 416515104 3,391 54,760 SOLE NONE 54,760 HASBRO INC COM US$0.50 COM 418056107 3,138 166,920 SOLE NONE 166,920 HCA INC COM US$.01 COM 404119109 3,118 81,727 SOLE NONE 81,727 HCR MANOR CARE INC COM USD0.01 COM 564055101 51 1,700 SOLE NONE 1,700 HEALTH MGMT ASSOC 'A' USD0.01 CL A 421933102 929 45,452 SOLE NONE 45,452 HEALTH NET INC CLASS'A'COM USD0.001 CL A 42222G108 585 23,683 SOLE NONE 23,683 HEINZ H.J.CO COM USD0.25 COM 423074103 2,319 64,382 SOLE NONE 64,382 HENRY SCHEIN CORP COM USD0.01 COM 806407102 45 721 SOLE NONE 721 HERSHEY FOODS CORP COM USD1 COM 427866108 3,624 77,587 SOLE NONE 77,587

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- -------- ---------- -------- ----------- ~~HEWLETT~~HARRIS ~~PACKARD~~CORP COM ~~STK~~USD1 ~~US$1~~ COM ~~428236103~~413875105 ~~14,932~~623 ~~796~~10,~~370~~081 SOLE NONE ~~796~~10,~~370~~081 ~~HIBERNIA~~HARTFORD ~~CORP~~FINANCIAL ~~'A'~~SVCS ~~NPV~~COM CLUSD0.01 ACOM ~~428656102~~416515104 ~~113~~5,076 473,~~297~~236 SOLE NONE 473,~~297~~236 ~~HILLENBRAND~~HASBRO ~~INDS~~INC COM ~~NPV~~US$0.50 COM ~~431573104~~418056107 ~~933~~3,400 18175,~~458~~457 SOLE NONE 18175,~~458~~457 ~~HILTON~~HCA ~~HOTELS~~INC ~~CORP~~ COM ~~USD2~~US$.5001 COM ~~432848109~~404119109 13,~~103~~608 5890,~~542~~295 SOLE NONE 5890,~~542~~295 ~~HOME~~HCR ~~DEPOT~~MANOR CARE INC COM USD0.0501 COM ~~437076102~~564055101 ~~22,587~~307 ~~576~~8,~~204~~668 SOLE NONE ~~576~~8,~~204~~668 ~~HONEYWELL~~HEALTH ~~INTL~~CARE ~~INC~~PROP COM USD1 COM ~~438516106~~421915109 ~~5,250~~74 ~~146~~2,~~413~~678 SOLE NONE ~~146~~2,~~413~~678 ~~HORMEL~~HEALTH ~~FOODS~~MGMT ~~CORP~~ASSOC ~~COM~~'A' USD0.~~0586~~01 ~~COM~~CL ~~440452100~~A ~~934~~421933102 341,~~884~~104 48,592 SOLE NONE 3448,~~884~~592 ~~HOSPIRA~~HEALTH NET INC CLASS'A'COM ~~USD 0~~USD0.01001 ~~COM~~CL ~~441060100~~A ~~1,384~~42222G108 45684 23,~~238~~683 SOLE NONE 4523,~~238~~683 ~~HOST~~HEINZ ~~MARRIOTT~~H.J.CO ~~CORP~~ COM ~~USD1~~USD0.25 COM ~~44107P104~~423074103 ~~590~~2,791 4271,~~078~~589 SOLE NONE 4271,~~078~~589 ~~HUNTINGTON~~HERSHEY ~~BANCSHARES~~FOODS CORP COM ~~NPV~~USD1 COM ~~446150104~~427866108 1,~~001~~353 4024,~~198~~357 SOLE NONE 4024,~~198~~357 ~~IAC~~HEWLETT ~~INTERACTIVECORP~~PACKARD COM ~~USD0.01~~STK US$1 COM ~~44919P102~~428236103 ~~940~~18,186 42867,~~707~~254 SOLE NONE 42867,~~707~~254 ~~ILLINOIS~~HIBERNIA ~~TOOL~~CORP ~~WORKS~~'A' ~~COM~~ NPV ~~COM~~CL ~~452308109~~A ~~4,836~~428656102 51417 14,~~908~~115 SOLE NONE 5114,~~908~~115 ~~IMS~~HILLENBRAND ~~HEALTH~~INDS COM ~~USD0.01~~NPV COM ~~449934108~~431573104 ~~1,017~~808 4214,~~506~~556 SOLE NONE 4214,~~506~~556 ~~INGERSOLL-RAND~~HILTON COHOTELS CORP COM USD2~~(CL'A'~~.50 ~~BERMUDA~~COM CL432848109 ~~A G47769101 4~~1,~~279~~512 6266,~~950~~469 SOLE NONE 6266,~~950~~469 ~~INTEL~~HOME ~~CORP~~DEPOT INC COM USD0.~~001~~05 COM ~~458140100~~437076102 2825,~~004~~948 1607,~~395,993~~121 SOLE NONE 1607,~~395,993~~121 ~~INTERNATIONAL~~HONEYWELL ~~GAME~~INTL ~~TEC~~INC COM ~~USD0.000625~~USD1 COM ~~459902102~~438516106 25,~~346~~412 65152,~~259~~844 SOLE NONE 65152,~~259~~844 ~~INTERNATIONAL~~HORMEL ~~PAPER~~FOODS COCORP COM ~~USD1~~USD0.0586 COM ~~460146103~~440452100 108 3,~~427~~432 ~~84,811~~ SOLE NONE 843,~~811~~432 ~~INTERPUBLIC~~HOSPIRA ~~GRP~~INC COM ~~USD0~~USD 0.1001 COM ~~460690100~~441060100 ~~738~~1,261 6937,~~702~~630 SOLE NONE 6937,~~702~~630 ~~INTL~~HOST ~~BUSINESS~~MARRIOTT ~~MACH.~~CORP COM ~~USD0.20~~USD1 COM ~~459200101~~44107P104 ~~26,782~~704 ~~312~~40,~~361~~667 SOLE NONE ~~312~~40,~~361~~667 ~~INTL~~HUNT(JB)TRANSPORT ~~FLAVOUR & FRAGRANCE~~ COM ~~US$~~USD0.~~125~~01 COM ~~459506101~~445658107 ~~530~~111 132,~~862~~486 SOLE NONE 132,~~862~~486 ~~INTUIT~~HUNTINGTON ~~INC~~BANCSHARES - COM ~~USD0.01~~NPV COM ~~461202103~~446150104 1,~~420~~366 3155,~~277~~198 SOLE NONE 3155,~~277~~198 ~~INVITROGEN~~IAC ~~CORP~~INTERACTIVECORP COM USD0.01 COM ~~46185R100~~44919P102 161,468 ~~282~~53,167 SOLE NONE ~~282~~53,167 ~~IRON~~ILLINOIS ~~MOUNTAIN~~TOOL ~~INC~~WORKS COM ~~USD0.01~~NPV COM ~~462846106~~452308109 ~~576~~5,311 1757,~~020~~310 SOLE NONE 1757,~~020~~310 ~~ISTAR~~IMS ~~FINANCIAL~~HEALTH ~~CLASS~~COM ~~A SBI~~ USD0.~~001~~01 CLCOM A449934108 ~~SBI~~1,008 ~~45031U101 450 10~~43,~~906~~409 SOLE NONE 1043,~~906~~409 ~~ITT~~INGERSOLL-RAND ~~INDUSTRIES~~CO ~~INC~~ COM ~~USD1~~USD2(CL'A' ~~COM~~BERMUDA ~~450911102~~CL ~~973~~A 12G47769101 8,~~164~~242 102,637 SOLE NONE 12102,~~164~~637 ~~IVAX~~INTEL CORP COM USD0.10001 COM ~~465823102~~458140100 ~~631~~34,739 321,~~957~~485,200 SOLE NONE 321,~~957~~485,200 ~~J.P.~~INTERNATIONAL ~~MORGAN~~GAME ~~CHASE~~TEC COM ~~USD1~~USD0.000625 COM ~~46625H100~~459902102 282,~~516~~311 ~~717~~67,~~755~~230 SOLE NONE ~~717~~67,~~755~~230 ~~JABIL~~INTERNATIONAL ~~CIRCUIT~~PAPER ~~INC~~CO COM ~~USD0.001~~USD1 COM ~~466313103~~460146103 ~~889~~4,082 3897,~~640~~202 SOLE NONE 3897,~~640~~202 ~~JANUS~~INTERPUBLIC ~~CAPITAL~~GRP ~~GROUP~~ COM USD0.0110 (UK) COM ~~47102X105~~460690100 ~~498~~971 3672,~~567~~429 SOLE NONE 3672,~~567~~429 ~~JDS~~INTL ~~UNIPHASE~~BUSINESS ~~CORPORATION~~MACH. COM USD0.~~001~~20 COM ~~46612J101~~459200101 131,~~085~~902 ~~321~~323,~~821~~614 SOLE NONE ~~321~~323,~~821~~614 ~~JEFFERSON~~INTL ~~PILOT~~FLAVOUR & FRAGRANCE COM ~~USD1~~US$.25125 COM ~~475070108~~459506101 ~~1,657~~570 3313,~~360~~313 SOLE NONE 3313,~~360~~313 ~~JOHNSON~~INTL &STEEL ~~JOHNSON~~GROUP COM ~~STK~~USD0.01 ~~US$ 1~~ COM ~~478160104~~460377104 ~~39,228~~369 ~~696~~9,~~389~~093 SOLE NONE ~~696~~9,~~389~~093 ~~JOHNSON~~INTUIT ~~CONTROLS~~INC - COM USD0.1601 ~~2/3~~ COM ~~478366107~~461202103 42,~~332~~844 7664,~~246~~632 SOLE NONE 7664,~~246~~632 ~~JONES~~INVITROGEN ~~APPAREL~~CORP ~~GRP~~ COM USD0.01 COM ~~480074103~~46185R100 ~~3,216~~45 ~~89,837~~674 SOLE NONE ~~89,837~~674 ~~JUNIPER~~IRON ~~NETWORKS~~MOUNTAIN INC COM USD0.~~00001~~01 COM ~~48203R104~~462846106 ~~2,247~~519 9517,~~203~~020 SOLE NONE 9517,~~203~~020 KBISTAR ~~HOME~~FINANCIAL ~~COM~~CLASS ~~USD1~~A ~~COM~~SBI ~~48666K109~~USD0.001 ~~604~~CL 7A SBI 45031U101 494 10,~~143~~906 SOLE NONE 710,~~143~~906 ~~KELLOGG~~ITT COINDUSTRIES INC COM ~~USD0.25~~USD1 COM ~~487836108~~450911102 21,~~061~~211 4814,~~312~~337 SOLE NONE 4814,~~312~~337

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- -------- ---------- -------- ----------- ~~KERR-MCGEE~~IVAX CORP COM USD0.10 ~~US$ 1~~ COM ~~492386107~~465823102 ~~4,116~~532 7133,~~898~~599 SOLE NONE 7133,~~898~~599 ~~KEYCORP~~J.P. MORGAN CHASE COM USD1 COM ~~493267108~~46625H100 234,~~383~~349 75880,~~413~~520 SOLE NONE 75880,~~413~~520 ~~KEYSPAN~~JABIL ~~CORP~~CIRCUIT INC COM USD0.01001 COM ~~49337W100~~466313103 ~~1,082~~977 2738,~~594~~207 SOLE NONE 2738,~~594~~207 ~~KIMBERLY-CLARK~~JANUS ~~CORP~~CAPITAL GROUP COM ~~USD1~~USD0.2501 COM ~~494368103~~47102X105 ~~6,105~~615 9436,~~525~~567 SOLE NONE 9436,~~525~~567 ~~KIMCO~~JDS ~~REALTY~~UNIPHASE CORPORATION COM USD0.01001 COM ~~49446R109~~46612J101 1,~~287~~038 25327,~~087~~579 SOLE NONE 25327,~~087~~579 ~~KINDER~~JEFFERSON ~~MORGAN~~PILOT ~~KANS~~ COM ~~USD5~~USD1.25 COM ~~49455P101~~475070108 ~~958~~1,996 1538,~~250~~409 SOLE NONE 1538,~~250~~409 ~~KLA-TENCOR~~JOHNSON ~~CORP~~& JOHNSON COM ~~USD0.001~~STK US$ 1 COM ~~482480100~~478160104 146,~~356~~691 32736,~~687~~217 SOLE NONE 32736,~~687~~217 ~~KNIGHT-RIDDER~~JOHNSON ~~INC~~CONTROLS COM ~~US$0~~USD0.0216 12/123 COM ~~499040103~~478366107 ~~970~~5,074 1479,~~815~~985 SOLE NONE 1479,~~815~~985 ~~KOHLS~~JONES ~~CORP~~APPAREL GRP COM USD0.01 COM ~~500255104~~480074103 25,~~747~~809 57158,~~013~~840 SOLE NONE 57158,~~013~~840 ~~KRAFT~~JUNIPER ~~FOOD~~NETWORKS ~~INC~~ COM ~~STK~~USD0.00001 ~~NPV~~COM ~~CLS'A'~~48203R104 ~~CL A 50075N104 2~~3,~~109~~083 66113,~~489~~392 SOLE NONE 66113,~~489~~392 ~~KROGER~~KB COHOME COM USD1 COM ~~501044101~~48666K109 ~~3,083~~746 ~~198~~7,~~630~~143 SOLE NONE ~~198~~7,~~630~~143 LKELLOGG 3CO ~~COMMUNICATIONS~~ COM USD0.0125 COM ~~502424104~~487836108 2,~~621~~435 3954,~~123~~512 SOLE NONE 3954,~~123~~512 ~~LAB~~KERR-MCGEE ~~CORP AMER HLDG~~ COM ~~USD0~~. US$ 1 COM ~~50540R409~~492386107 24,~~956~~408 6776,~~621~~270 SOLE NONE 6776,~~621~~270 ~~LAFARGE~~KEYCORP ~~NORTH AMER~~ COM USD1 COM ~~505862102~~493267108 12,~~322~~852 2884,~~202~~135 SOLE NONE 2884,~~202~~135 ~~LAMAR~~KEYSPAN ~~ADVERTISING~~CORP ~~CL'A'~~COM USD0.~~001~~01 CLCOM A49337W100 ~~512815101~~1,089 ~~130 3~~27,~~121~~594 SOLE NONE 327,~~121~~594 ~~LEAR~~KIMBERLY-CLARK CORP COM ~~USD0~~USD1.0125 COM ~~521865105~~494368103 ~~484~~6,600 8100,~~883~~295 SOLE NONE 8100,~~883~~295 ~~LEGG~~KIMCO ~~MASON~~REALTY ~~INC~~ COM USD0.1001 COM ~~524901105~~49446R109 12,~~120~~136 2136,~~016~~835 SOLE NONE 2136,~~016~~835 ~~LEGGETT~~KINDER &MORGAN ~~PLATT~~KANS ~~INC~~ COM ~~US$0.01~~USD5 COM ~~524660107~~49455P101 ~~905~~1,115 3215,~~206~~250 SOLE NONE 3215,~~206~~250 ~~LEHMAN~~KINETIC ~~BROTHERS~~CONCEPT ~~HLDGS~~ COM USD0.10001 COM ~~524908100~~49460W208 ~~3,855~~384 485,~~351~~014 SOLE NONE 485,~~351~~014 ~~LENNAR~~KLA-TENCOR CORP COM ~~CL'A'~~USD0.10001 CLCOM A482480100 ~~526057104~~1,881 ~~858 18~~40,~~033~~387 SOLE NONE 1840,~~033~~387 ~~LEVEL~~KMART 3HOLDING ~~COMMUNICATIONS~~CORP COM USD0.01 COM ~~52729N100~~498780105 ~~195~~999 7510,~~368~~091 SOLE NONE 7510,~~368~~091 ~~LEXMARK~~KNIGHT-RIDDER ~~INTL~~ INC ~~- CLASS 'A'~~ COM ~~USD0~~US$0.0102 CL1/12 ACOM ~~529771107~~499040103 21,~~690~~320 3219,~~022~~719 SOLE NONE 3219,~~022~~719 ~~LIBERTY~~KOHLS ~~MEDIA~~ CORP ~~SER~~COM AUSD0.01 COM ~~USD1~~500255104 ~~SER A 530718105 4~~3,~~632~~190 ~~531~~64,~~143~~881 SOLE NONE ~~531~~64,~~143~~881 ~~LIBERTY~~KRAFT ~~MEDIA~~FOOD ~~INTL~~INC COM ~~CLASS~~STK NPV CLS'A'~~USD~~ ~~0.01~~ CL A ~~530719103~~50075N104 12,~~115~~737 3376,~~426~~858 SOLE NONE 3376,~~426~~858 ~~LIBERTY~~KROGER ~~PROPERTY~~CO ~~TRUST~~COM ~~SBI~~USD1 ~~USD0.001~~COM ~~SBI~~501044101 ~~531172104~~2,500 ~~684 17~~142,~~166~~554 SOLE NONE 17142,~~166~~554 ~~LILLY~~L ~~(ELI)~~3 &COMMUNICATIONS CO COM ~~NPV~~USD0.01 COM ~~532457108~~502424104 113,~~162~~491 ~~185~~47,~~872~~668 SOLE NONE ~~185~~47,~~872~~668 ~~LIMITED~~LAB ~~BRANDS~~CORP ~~INC~~AMER HLDG COM ~~STK US$ 0~~USD0.501 COM ~~532716107~~50540R409 24,~~304~~947 ~~103~~99,~~360~~294 SOLE NONE ~~103~~99,~~360~~294 ~~LINCARE~~LAFARGE ~~HLDGS~~NORTH ~~INC~~AMER COM ~~USD0.01~~USD1 COM ~~532791100~~505862102 ~~842~~1,447 28,~~343~~202 SOLE NONE 28,~~343~~202 ~~LINCOLN~~LAMAR ~~NATL~~ADVERTISING ~~CORP~~ CL'A'COM ~~USD1~~USD0.25001 ~~COM~~CL ~~534187109~~A ~~1,469~~512815101 31134 3,~~262~~121 SOLE NONE 313,~~262~~121 ~~LINEAR~~LEAR ~~TECHNOLOGY~~CORP COM USD0.~~001~~01 COM ~~535678106~~521865105 ~~1,924~~565 539,~~104~~268 SOLE NONE 539,~~104~~268 ~~LIZ~~LEGG ~~CLAIBORNE~~MASON INC COM ~~USD1~~USD0.10 COM ~~539320101~~524901105 21,~~586~~781 6824,~~563~~304 SOLE NONE 6824,~~563~~304 ~~LOCKHEED~~LEGGETT ~~MARTIN~~& COPLATT INC COM ~~USD1~~US$0.01 COM ~~539830109~~524660107 41,~~148~~230 7443,~~357~~261 SOLE NONE 7443,~~357~~261 ~~LOEWS~~LEHMAN ~~CORP~~BROTHERS HLDGS COM ~~US$1~~USD0.10 COM ~~540424108~~524908100 14,~~881~~261 3248,~~157~~707 SOLE NONE 3248,~~157~~707 ~~LOWE'S~~LENNAR ~~COS~~CORP ~~INC~~ COM CL'A'USD0.5010 ~~COM~~CL ~~548661107~~A 7526057104 1,~~971~~197 ~~146~~21,~~665~~123 SOLE NONE ~~146~~21,~~665~~123 ~~LSI~~LEUCADIA ~~LOGIC~~NATL CORP COM ~~STK~~USD1 ~~NPV~~ COM ~~502161102~~527288104 ~~435~~616 ~~100~~8,~~951~~873 SOLE NONE ~~100~~8,~~951~~873 ~~LUCENT~~LEVEL ~~TECHNOLOGIES~~3 COMMUNICATIONS COM ~~US$0~~USD0.01 COM ~~549463107~~52729N100 ~~2,240~~255 ~~706~~75,~~651~~368 SOLE NONE ~~706~~75,~~651~~368 MLEXMARK &INTL TINC ~~BANK~~- ~~CORP~~CLASS 'A' COM USD0.5001 ~~COM~~CL ~~55261F104~~A 1529771107 5,~~522~~762 1567,~~903~~783 SOLE NONE 1567,~~903~~783

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- -------- ---------- -------- ----------- ~~MANDALAY~~LIBERTY ~~RESORT~~MEDIA ~~COM~~CORP ~~USD0.025~~SER A COM ~~562567107~~USD1 ~~102~~SER 1A 530718105 5,~~493~~278 480,653 SOLE NONE 1480,~~493~~653 ~~MANPOWER~~LIBERTY ~~INC~~MEDIA INTL COM ~~USD0~~CLASS 'A'USD 0.01 ~~COM~~CL ~~56418H100~~A ~~531~~530719103 112,~~942~~059 44,543 SOLE NONE 1144,~~942~~543 ~~MANU~~LIBERTY ~~LIFE~~PROPERTY ~~FINL~~TRUST ~~CORP~~SBI ~~COM~~USD0.001 ~~NPV~~SBI ~~COM~~531172104 ~~56501R106 55~~ 1,~~254~~198 27,723 SOLE NONE 127,~~254~~723 ~~MARATHON~~LILLY ~~OIL~~(ELI) ~~CORP~~& CO COM ~~USD1~~NPV COM ~~565849106~~532457108 212,~~129~~098 51213,~~572~~182 SOLE NONE 51213,~~572~~182 ~~MARRIOTT~~LIMITED ~~INT~~BRANDS ~~CLASS~~INC ACOM ~~USD~~US$ 10.50 CLCOM A532716107 ~~571903202~~744 232,~~225~~300 ~~42,825~~ SOLE NONE 4232,~~825~~300 ~~MARSH~~LINCARE &HLDGS ~~MCLENNAN~~INC COM ~~US$~~USD0.01 1 COM ~~571748102~~532791100 ~~5,493~~688 ~~120~~16,~~039~~129 SOLE NONE ~~120~~16,~~039~~129 ~~MARSHALL~~LINCOLN &NATL ~~ILSLEY~~CORP COM USD1.25 COM ~~571834100~~534187109 1,~~377~~740 3437,~~175~~285 SOLE NONE 3437,~~175~~285 ~~MARVELL~~LINEAR ~~TECH~~TECHNOLOGY ~~GROUP~~ COM USD0.~~002~~001 COM ~~G5876H105~~535678106 ~~464~~2,492 1764,~~740~~288 SOLE NONE 1764,~~740~~288 ~~MASCO~~LIZ ~~CORP~~CLAIBORNE COM USD1 COM ~~574599106~~539320101 62,~~402~~894 ~~185~~68,~~417~~563 SOLE NONE ~~185~~68,~~417~~563 ~~MATTEL~~LOCKHEED ~~INC~~MARTIN CO COM USD1 COM ~~577081102~~539830109 24,~~797~~592 ~~154~~82,~~250~~662 SOLE NONE ~~154~~82,~~250~~662 ~~MAXIM~~LOEWS ~~INTEGRATED~~CORP COM ~~USD0.001~~US$1 COM ~~57772K101~~540424108 2,~~339~~098 5529,~~314~~844 SOLE NONE 5529,~~314~~844 ~~MAY~~LOWE'S ~~DEPT~~COS ~~STORES~~INC CO COM USD0.50 COM ~~577778103~~548661107 28,~~970~~477 ~~115~~147,~~884~~194 SOLE NONE ~~115~~147,~~884~~194 ~~MAYTAG~~LSI ~~CORP~~LOGIC COM ~~USD1.25~~STK NPV COM ~~578592107~~502161102 ~~198~~620 10113,~~784~~223 SOLE NONE 10113,~~784~~223 ~~MBIA~~LUCENT ~~INC~~TECHNOLOGIES COM US$10.01 COM ~~55262C100~~549463107 23,~~280~~201 39851,~~175~~400 SOLE NONE 39851,~~175~~400 ~~MBNA~~LYONDELL ~~CORP~~CHEMICAL COM ~~USD0.01~~USD1 COM ~~55262L100~~552078107 101,~~165~~100 ~~403~~38,~~357~~039 SOLE NONE ~~403~~38,~~357~~039 ~~MCAFEE~~M ~~INC~~& T BANK CORP COM USD0.0150 COM ~~579064106~~55261F104 ~~330~~1,840 1617,~~400~~058 SOLE NONE 1617,~~400~~058 ~~MCCORMICK~~MACERICH & CO ~~INC~~ COM ~~N/VTG~~USD0.01 ~~NPV~~COM ~~N/V~~554382101 ~~579780206~~580 ~~733 21~~9,~~351~~230 SOLE NONE 219,~~351~~230 ~~MCDONALD'S~~MANDALAY ~~CORP~~RESORT COM ~~STK~~USD0.025 ~~NPV~~ COM ~~580135101~~562567107 ~~7,277~~105 ~~259~~1,~~599~~493 SOLE NONE ~~259~~1,~~599~~493 ~~MCGRAW-HILL~~MANPOWER INC COM ~~STK~~USD0.01 ~~US$ 1~~ COM ~~580645109~~56418H100 ~~2,764~~831 3417,~~690~~206 SOLE NONE 3417,~~690~~206 ~~MCKESSON~~MANU ~~CORPORATION~~LIFE ~~USD0.01~~FINL CORP COM ~~58155Q103~~NPV ~~1,278~~COM ~~49,810~~56501R106 30 652 SOLE NONE ~~49,810~~652 ~~MEADWESTVACO~~MARATHON OIL CORP COM ~~USD0.01~~USD1 COM ~~583334107~~565849106 12,~~115~~360 3462,~~965~~756 SOLE NONE 3462,~~965~~756 ~~MEDCOHEALTH~~MARKEL ~~SOLUTI~~CORP COM ~~USD0.01~~NPV COM ~~58405U102~~570535104 1,~~507~~288 483,~~765~~538 SOLE NONE 483,~~765~~538 ~~MEDIMMUNE~~MARRIOTT ~~INC~~INT ~~COM~~CLASS ~~584699102~~A ~~986~~USD 411 CL A 571903202 2,~~606~~940 46,676 SOLE NONE 4146,~~606~~676 ~~MEDTRONIC~~MARSH ~~INC~~& MCLENNAN COM US$~~0.10~~ 1 COM ~~585055106~~571748102 153,~~714~~312 ~~302~~100,~~766~~656 SOLE NONE ~~302~~100,~~766~~656 ~~MELLON~~MARSHALL ~~FINL~~& ~~CORP~~ILSLEY COM ~~USD0.50~~USD1 COM ~~58551A108~~571834100 21,~~071~~495 7433,~~796~~821 SOLE NONE 7433,~~796~~821 ~~MERCANTILE~~MARVELL ~~BANKSHS~~TECH GROUP COM ~~USD2~~USD0.002 COM ~~587405101~~G5876H105 ~~666~~1,585 1344,~~890~~696 SOLE NONE 1344,~~890~~696 ~~MERCK~~MASCO &CORP ~~CO.~~COM ~~COMMON~~USD1 ~~NPV~~ COM ~~589331107~~574599106 146,~~263~~904 ~~432~~189,~~197~~002 SOLE NONE ~~432~~189,~~197~~002 ~~MERCURY~~MATTEL ~~GENERAL~~INC CP COM ~~NPV~~USD1 COM ~~589400100~~577081102 253,112 ~~475~~159,680 SOLE NONE ~~475~~159,680 ~~MERCURY~~MAXIM ~~INTERACTIVE~~INTEGRATED ~~CORP~~COM USD0.001 COM ~~589405109~~57772K101 ~~534~~2,873 1567,~~308~~786 SOLE NONE 1567,~~308~~786 ~~MERRILL~~MAY ~~LYNCH~~DEPT ~~US$1~~STORES CO COM USD0.3350 COM ~~590188108~~577778103 93,~~166~~016 ~~184~~102,~~354~~581 SOLE NONE ~~184~~102,~~354~~581 ~~METLIFE~~MAYTAG ~~INC~~CORP COM ~~59156R108~~USD1.25 ~~6,961~~COM ~~180~~578592107 28 1,~~103~~322 SOLE NONE ~~180~~1,~~103~~322 ~~METRO~~MBIA ~~GOLDWYN~~INC ~~MAYE~~ COM ~~USD0.01~~US$1 COM ~~591610100~~55262C100 12,~~438~~646 ~~124~~41,~~319~~814 SOLE NONE ~~124~~41,~~319~~814 ~~MGIC~~MBNA ~~INVESTMENT~~CORP COM ~~552848103~~USD0.01 1COM 55262L100 13,~~028~~537 15480,~~446~~197 SOLE NONE 15480,~~446~~197 ~~MGM~~MCAFEE ~~MIRAGE~~ INC COM USD0.01 COM ~~552953101~~579064106 ~~513~~599 1020,~~339~~690 SOLE NONE 1020,~~339~~690 ~~MICHAELS~~MCCORMICK ~~STORE~~& CO INC COM ~~USD0.10~~N/VTG ~~COM~~NPV ~~594087108~~N/V ~~547~~579780206 91,~~231~~326 34,351 SOLE NONE 934,~~231~~351 ~~MICROCHIP~~MCDONALD'S ~~TECHNLGY~~CORP COM ~~USD0.001~~STK NPV COM ~~595017104~~580135101 17,~~015~~976 37248,~~819~~794 SOLE NONE 37248,~~819~~794 ~~MICRON~~MCGRAW-HILL ~~TECHNOLOGY~~INC COM STK US$~~0.10~~ 1 COM ~~595112103~~580645109 53,~~146~~480 ~~427~~38,~~744~~021 SOLE NONE ~~427~~38,~~744~~021

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- -------- ---------- -------- ----------- ~~MICROSOFT~~MCI ~~CORP~~INC ~~US$0.000025~~COM NPV COM ~~594918104~~552691107 ~~58,348~~684 233,~~110,238~~921 SOLE NONE 233,~~110,238~~921 ~~MILLENIUM~~MCKESSON ~~PHARMACEUTICALS~~CORPORATION ~~COM~~ USD0.~~001~~01 COM ~~599902103~~58155Q103 ~~793~~1,857 5859,~~043~~023 SOLE NONE 5859,~~043~~023 ~~MILLIPORE~~MEADWESTVACO CORP ~~US$1~~COM USD0.0001 COM ~~601073109~~583334107 ~~394~~1,407 841,~~235~~521 SOLE NONE 841,~~235~~521 ~~MOHAWK~~MEDCOHEALTH ~~INDS~~SOLUTI COM USD0.01 COM ~~608190104~~58405U102 1,~~501~~947 1846,~~901~~809 SOLE NONE 1846,~~901~~809 ~~MOLEX~~MEDIMMUNE INC ~~US$0.05~~ COM ~~608554101~~584699102 ~~140~~1,536 456,~~685~~665 SOLE NONE 456,~~685~~665 ~~MOLEX~~MEDTRONIC INC ~~CLASS 'A' USD0~~US$0.0510 CLCOM A585055106 ~~608554200~~18,058 ~~261 9~~363,~~923~~552 SOLE NONE 9363,~~923~~552 ~~MONEYGRAM~~MELLON ~~INTL~~FINL ~~INC~~CORP COM USD0.0150 COM ~~60935Y109~~58551A108 682,753 388,~~958~~499 SOLE NONE 388,~~958~~499 ~~MONSANTO~~MERCANTILE BANKSHS COM ~~USD0.01~~USD2 COM ~~61166W101~~587405101 ~~193~~1,384 526,~~304~~514 SOLE NONE 526,~~304~~514 ~~MOODYS~~MERCK ~~CORP~~& ~~COM~~CO. ~~USD~~COMMON 1NPV COM ~~615369105~~589331107 116,~~866~~392 25510,~~472~~016 SOLE NONE 25510,~~472~~016 ~~MORGAN~~MERCURY ~~STANLEY~~GENERAL CP COM ~~STK~~NPV ~~USD0.01~~ COM ~~617446448~~589400100 ~~10,766~~337 ~~218~~5,~~369~~617 SOLE NONE ~~218~~5,~~369~~617 ~~MOTOROLA~~MERCURY ~~ORD~~INTERACTIVE $3CORP COM ~~620076109~~589405109 ~~9,240~~657 ~~512~~14,~~208~~414 SOLE NONE ~~512~~14,~~208~~414 ~~MURPHY~~MERRILL ~~OIL~~LYNCH ~~CORP~~US$1.33 COM ~~USD1~~590188108 ~~COM 626717102 1~~10,~~037~~813 11180,~~951~~912 SOLE NONE 11180,~~951~~912 ~~MYLAN~~METLIFE ~~LABS~~INC ~~US$0.50~~ COM ~~628530107~~59156R108 15,~~089~~806 60143,~~486~~328 SOLE NONE 60143,~~486~~328 ~~NABORS~~METRO ~~INDS~~GOLDWYN ~~LTD~~MAYE COM USD0.~~10(BERMUDA~~01 ~~REG)~~ COM ~~G6359F103~~591610100 91 1,~~917~~659 139,666 SOLE NONE 139,666 MGIC INVESTMENT COM 552848103 1,~~917~~156 ~~NATIONAL~~16,769 ~~CITY~~SOLE ~~CORP~~NONE 16,769 MGM MIRAGE INC COM ~~USD4~~USD0.01 COM ~~635405103~~552953101 ~~5,563~~752 ~~144~~10,~~037~~339 SOLE NONE ~~144~~10,~~037~~339 ~~NATIONAL~~MICHAELS ~~SEMICONDUCTOR~~STORE ~~US$~~INC 0COM USD0.5010 COM ~~637640103~~594087108 ~~1,891~~553 ~~122~~18,~~104~~462 SOLE NONE ~~122~~18,~~104~~462 ~~NATL~~MICROCHIP ~~COMMERCE~~TECHNLGY ~~FINC~~ COM ~~USD2~~USD0.001 COM ~~63545P104~~595017104 1,~~047~~018 3038,~~607~~300 SOLE NONE 3038,~~607~~300 ~~NCR~~MICRON ~~CORP~~TECHNOLOGY US$0.10 COM ~~62886E108~~595112103 ~~701~~5,964 14482,~~143~~907 SOLE NONE 14482,~~143~~907 ~~NETWORK~~MICROSOFT ~~APPLIANCE~~CORP ~~INC~~US$0.000025 COM ~~64120L104~~594918104 167,~~183~~153 512,~~338~~513,200 SOLE NONE 512,~~338~~513,200 ~~NEW~~MILLENIUM ~~YORK~~PHARMACEUTICALS ~~COMMTY~~ COM USD0.01001 COM ~~649445103~~599902103 ~~989~~653 4853,~~138~~792 SOLE NONE 4853,~~138~~792 ~~NEW~~MILLIPORE ~~YORK~~CORP ~~TIMES CLASS 'A'~~ US$01.1000 CLCOM A601073109 ~~650111107~~438 18,~~274~~796 ~~32,575~~ SOLE NONE 328,~~575~~796 ~~NEWELL~~MILLS ~~RUBBERMAID~~CORP COM ~~STK~~USD0.01 ~~USD1~~ COM ~~651229106~~601148109 ~~1,007~~722 5011,~~258~~324 SOLE NONE 5011,~~258~~324 ~~NEWMONT~~MOHAWK ~~MINING~~INDS ~~CORPORATION~~COM ~~US$1~~USD0.6001 COM ~~651639106~~608190104 ~~3,276~~927 7110,~~963~~157 SOLE NONE 7110,~~963~~157 ~~NEXTEL~~MOLEX ~~COMMNS~~ INC ~~CLASS~~US$0.05 A COM ~~USD0.001~~608554101 CL141 ~~A 65332V103 5~~4,~~422~~685 ~~227,420~~ SOLE NONE ~~227~~4,~~420~~685 ~~NIKE~~MOLEX INC CLASS 'BA' ~~NPV~~USD0.05 CL BA ~~654106103~~608554200 ~~1,726~~264 219,~~901~~923 SOLE NONE 219,~~901~~923 ~~NISOURCE~~MONEYGRAM INTL INC - COM ~~NPV~~USD0.01 COM ~~65473P105~~60935Y109 ~~5,705~~84 ~~271~~3,~~520~~958 SOLE NONE ~~271~~3,~~520~~958 ~~NOBLE~~MONSANTO ~~CORPORATION~~ COM ~~USD 0~~USD0.1001 COM ~~G65422100~~61166W101 ~~1,027~~770 2213,~~853~~860 SOLE NONE 2213,~~853~~860 ~~NORDSTROM~~MOODYS ~~INC~~CORP ~~NPV~~COM USD 1 COM ~~655664100~~615369105 ~~667~~2,574 1729,~~432~~634 SOLE NONE 1729,~~432~~634 ~~NORFOLK~~MORGAN &STANLEY ~~SOUTHERN~~COM ~~CORP~~STK ~~US $0~~USD0.3301 COM ~~655844108~~617446448 413,~~720~~217 ~~158~~238,~~722~~058 SOLE NONE ~~158~~238,~~722~~058 ~~NORTH~~MOTOROLA ~~FORK~~ORD ~~BANCORP~~$3 COM ~~USD2.50~~620076109 ~~COM 659424105 2~~9,~~507~~470 56550,~~404~~595 SOLE NONE 56550,~~404~~595 ~~NORTHEAST~~MURPHY ~~UTILS~~OIL CORP COM ~~664397106~~USD1 ~~423 21,817 SOLE NONE 21,817 NORTHERN TRUST~~ COM ~~665859104~~626717102 ~~1,557~~961 3811,~~155~~951 SOLE NONE 3811,~~155~~951 ~~NORTHROP~~MYLAN ~~GRUMMANOM~~LABS ~~CORP~~US$0.50 COM ~~666807102~~628530107 ~~3,807~~654 7137,~~385~~005 SOLE NONE 7137,~~385~~005 ~~NOVELLUS~~NABORS ~~SYS~~INDS ~~INC~~LTD COM ~~NPV~~USD0.10(BERMUDA REG) COM ~~670008101~~G6359F103 ~~750~~352 286,~~137~~865 SOLE NONE 286,~~137~~865 ~~NTL~~NATIONAL ~~INCORPORATED~~CITY CORP COM ~~USD0.01~~USD4(NEW) COM ~~62940M104~~635405103 ~~113~~5,978 1159,~~820~~189 SOLE NONE 1159,~~820~~189 ~~NUCOR~~NATIONAL ~~CORP~~SEMICONDUCTOR US$ 0.4050 COM ~~670346105~~637640103 31,~~648~~361 3975,~~930~~827 SOLE NONE 3975,~~930~~827 ~~NVIDIA~~NAVTEQ CORP COM STK USD0.001 COM ~~67066G104~~63936L100 35274 25,~~400~~911 SOLE NONE 25,~~400~~911

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- --------- ---------- -------- ----------- ~~NVR~~NCR CORP COM 62886E108 979 14,143 SOLE NONE 14,143 NEENAH PAPER INC COM ~~USD0~~USD 0.01 COM ~~62944T105~~640079109 ~~521~~41 ~~945~~1,247 SOLE NONE ~~945~~1,247 ~~OCCIDENTAL~~NETWORK ~~PETROLEUM~~APPLIANCE INC COM ~~674599105~~64120L104 42,~~778~~141 8564,~~430~~439 SOLE NONE 8564,~~430~~439 ~~OFFICE~~NEW ~~DEPOT~~YORK COMMTY COM ~~676220106~~USD0.01 ~~912~~COM 60649445103 822 39,~~684~~968 SOLE NONE 6039,~~684~~968 ~~OLD~~NEW ~~REPUBLIC~~YORK ~~INTL~~TIMES ~~COM~~CLASS ~~680223104~~'A' US$0.10 CL A 650111107 1,~~533~~787 6143,~~228~~801 SOLE NONE 6143,~~228~~801 ~~OMNICARE~~NEWELL ~~INC~~RUBBERMAID ~~US$1.00~~COM STK USD1 COM ~~681904108~~651229106 1,~~118~~188 3949,~~433~~111 SOLE NONE 3949,~~433~~111 ~~OMNICOM~~NEWFIELD ~~GROUP~~EXPL CO COM ~~US$ 0~~USD0.1501 COM ~~681919106~~651290108 ~~2,340~~484 328,~~028~~200 SOLE NONE 328,~~028~~200 ~~ORACLE~~NEWMONT ~~SYSTEMS~~MINING ~~NPV~~CORPORATION US$1.60 COM ~~68389X105~~651639106 163,~~484~~634 181,~~461,314~~838 SOLE NONE 181,~~461,314~~838 ~~OUTBACK~~NEWS ~~STEAKHOUSE~~CORP COM USD0.01 ~~COM~~CL ~~689899102~~A ~~446~~CL 10A 65248E104 2,~~732~~984 159,898 SOLE NONE 10159,~~732~~898 PNEWS PCORP &COM LUSD0.01 ~~RES~~CL'B' ~~INC~~CL ~~COM~~B ~~69351T106~~65248E203 1,~~312~~069 2755,~~814~~678 SOLE NONE 2755,~~814~~678 ~~PACCAR~~NEXTEL COMMNS INC CLASS A COM ~~693718108~~USD0.001 5CL A 65332V103 6,~~399~~076 78202,~~113~~472 SOLE NONE 78202,~~113~~472 ~~PACTIV~~NIKE ~~CORP~~INC ~~COM~~'B' ~~USD0.01~~NPV ~~COM~~CL ~~695257105~~B ~~625~~654106103 262,~~888~~492 27,482 SOLE NONE 2627,~~888~~482 ~~PALL~~NISOURCE ~~CORP~~INC ~~US$0.25~~- COM ~~696429307~~NPV ~~402~~COM 1665473P105 6,~~421~~056 265,848 SOLE NONE 16265,~~421~~848 ~~PARKER-HANNIFIN~~NOBLE ~~NPV~~CORPORATION COM ~~701094104~~USD 0.10 COM G65422100 1,~~126~~319 1926,~~131~~525 SOLE NONE 1926,~~131~~525 ~~PATTERSON~~NORDSTROM ~~COS~~ INC ~~COM~~NPV ~~USD0.01~~ COM ~~703395103~~655664100 ~~731~~843 918,~~550~~042 SOLE NONE 918,~~550~~042 ~~PATTERSON~~NORFOLK ~~UTI~~& ~~ENERGY~~SOUTHERN ~~COM~~CORP ~~USD0~~US $0.0133 COM ~~703481101~~655844108 ~~161~~4,579 8126,~~438~~514 SOLE NONE 8126,~~438~~514 ~~PAYCHEX~~NORTH ~~INC~~FORK BANCORP COM USD2.50 COM ~~704326107~~659424105 14,~~967~~134 65143,~~248~~301 SOLE NONE 65143,~~248~~301 ~~PENNEY~~NORTHEAST ~~J.C.~~UTILS COM ~~708160106~~664397106 ~~1,512~~411 4221,~~852~~817 SOLE NONE 4221,~~852~~817 ~~PEOPLESOFT~~NORTHERN ~~INC~~TRUST COM ~~712713106~~665859104 2,~~483~~035 ~~118~~41,~~257~~898 SOLE NONE ~~118~~41,~~257~~898 ~~PEPCO~~NORTHROP ~~HOLDINGS~~GRUMMANOM ~~COM~~CORP ~~USD 0.01~~ COM ~~713291102~~666807102 ~~977~~5,018 4992,~~103~~306 SOLE NONE 4992,~~103~~306 ~~PEPSI~~NOVELLUS ~~BOTTLING~~SYS ~~GRP~~INC COM ~~USD0.01~~NPV COM ~~713409100~~670008101 ~~725~~758 2627,~~712~~170 SOLE NONE 2627,~~712~~170 ~~PEPSIAMERICAS~~NTL ~~INC~~INCORPORATED COM USD0.101 COM ~~71343P200~~62940M104 20171 12,~~066~~348 SOLE NONE 12,~~066~~348 ~~PEPSICO~~NUCOR ~~INC~~CORP ~~CAP STK~~ US$ 0.0140 ~~2/3~~COM ~~CAP~~670346105 ~~713448108 18~~3,~~971~~002 ~~389~~57,~~949~~358 SOLE NONE ~~389~~57,~~949~~358 ~~PETSMART~~NVIDIA ~~INC~~CORP COM USD0.~~0001~~001 COM ~~716768106~~67066G104 ~~581~~22 ~~20,449~~942 SOLE NONE ~~20,449~~942 ~~PFIZER~~NVR INC COM ~~STK US$ 0~~USD0.0501 COM ~~717081103~~62944T105 ~~52,860 1,~~727~~,449~~ 945 SOLE NONE ~~1,727,449~~945 ~~PG&E~~OCCIDENTAL ~~CORP~~PETROLEUM COM ~~69331C108~~674599105 26,~~019~~710 66114,~~417~~979 SOLE NONE 66114,~~417~~979 ~~PHELPS~~OFFICE ~~DODGE~~DEPOT COM ~~STK~~676220106 ~~US$6.25 COM 717265102 2~~1,~~379~~349 2577,~~846~~729 SOLE NONE 2577,~~846~~729 ~~PINNACLE~~OLD ~~WEST~~REPUBLIC ~~CAPITAL~~INTL ~~CORP~~ COM ~~723484101~~680223104 ~~508~~1,954 1277,~~243~~228 SOLE NONE 1277,~~243~~228 ~~PIONEER~~OMNICARE ~~NATURAL~~INC ~~RE COM STK USD0~~US$1.0100 COM ~~723787107~~681904108 ~~510~~1,390 1440,~~798~~140 SOLE NONE 1440,~~798~~140 ~~PIPER~~OMNICOM ~~JAFFRAY~~GROUP ~~COMP~~ COM ~~USD0~~US$ 0.0115 COM ~~724078100~~681919106 313,302 ~~776~~39,163 SOLE NONE ~~776~~39,163 ~~PITNEY~~ORACLE ~~BOWES~~SYSTEMS ~~'A'~~NPV ~~STK~~COM ~~US$~~68389X105 ~~2 CL A 724479100 2~~19,~~014~~545 451,~~664~~424,577 SOLE NONE 451,~~664~~424,577 ~~PLUM~~OUTBACK ~~CREEK~~STEAKHOUSE ~~TMBR CO~~ COM USD0.01 COM ~~729251108~~689899102 ~~821~~491 2310,~~447~~732 SOLE NONE 2310,~~447~~732 ~~PMI~~P ~~GROUP~~P & L RES INC COM ~~69344M101~~69351T106 12,~~020~~022 2537,~~126~~949 SOLE NONE 2537,~~126~~949 ~~PNC~~PACCAR ~~FINANCIAL~~INC ~~SERVICES GROUP US$5.00~~ COM ~~693475105~~693718108 25,~~721~~112 5063,~~303~~525 SOLE NONE 5063,~~303~~525 ~~POGO~~PACIFICARE ~~PRODUCING~~HEALTH CO COM ~~USD1~~USD0.01 COM ~~730448107~~695112102 ~~465~~540 9,~~790~~553 SOLE NONE 9,~~790~~553 ~~POPULAR~~PACTIV ~~INC~~CORP COM ~~USD6~~USD0.01 COM ~~733174106~~695257105 ~~916~~658 3426,~~812~~013 SOLE NONE 3426,~~812~~013 ~~PPG~~PALL ~~INDS~~CORP ~~COM 693506107 1,921 31,353 SOLE NONE 31,353 PRAXAIR INC COM USD0~~US$0.0125 COM ~~74005P104~~696429307 ~~2,440~~475 5716,~~088~~421 SOLE NONE 5716,~~088~~421

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- -------- ---------- -------- ----------- ~~PRICE~~PARKER-HANNIFIN TNPV ~~ROWE GROUP~~ COM ~~USD0.20~~701094104 ~~COM 74144T108~~ 1,~~378~~643 2721,~~050~~689 SOLE NONE 2721,~~050~~689 ~~PRIDE~~PATTERSON ~~INTL~~COS INC ~~NEW~~ COM USD0.01 COM ~~74153Q102~~703395103 ~~143~~829 719,~~227~~100 SOLE NONE 719,~~227~~100 ~~PRINCIPAL~~PATTERSON ~~FINL~~UTI GPENERGY COM USD0.01 COM ~~74251V102~~703481101 ~~1,645~~164 458,~~724~~438 SOLE NONE 458,~~724~~438 ~~PROCTER~~PAYCHEX &INC. ~~GAMBLE~~ COM ~~STK~~704326107 ~~COM 742718109 31~~2,~~920~~541 ~~589~~74,~~793~~562 SOLE NONE ~~589~~74,~~793~~562 ~~PROGRESS~~PEABODY ENERGY ~~INC~~COR COM ~~NPV~~USD0.01 COM ~~743263105~~704549104 ~~1,763~~748 419,~~634~~245 SOLE NONE 419,~~634~~245 ~~PROGRESSIVE~~PENNEY ~~CORP OHIO US$1~~J.00C. COM ~~743315103~~708160106 32,~~005~~413 3558,~~463~~292 SOLE NONE 3558,~~463~~292 ~~PROLOGIS~~PENTAIR TRINC SHCOM ~~BEN~~US0.16 ~~INT~~2/3 ~~SBI~~COM ~~743410102~~709631105 ~~975~~40 ~~27,672~~908 SOLE NONE ~~27,672~~908 ~~PROVIDIAN~~PEOPLESOFT ~~FINCL~~INC(assented-do CPnot ~~US$1~~sell)(~) COM ~~74406A102~~712713106 ~~180~~465 1117,~~596~~555 SOLE NONE 1117,~~596~~555 ~~PRUDENTIAL~~PEPCO ~~FINANCI~~HOLDINGS COM ~~USD0~~USD 0.01 COM ~~744320102~~713291102 1,~~325~~473 2869,~~163~~103 SOLE NONE 2869,~~163~~103 ~~PUBLIC~~PEPSI ~~SERVICES~~BOTTLING &GRP ~~ENTERPRISES~~COM USD0.01 COM ~~744573106~~713409100 ~~2,200~~722 5126,~~642~~712 SOLE NONE 5126,~~642~~712 ~~PUBLIC~~PEPSIAMERICAS ~~STORAGE~~ INC COM USD0.101 COM ~~74460D109~~71343P200 ~~643~~61 122,~~978~~863 SOLE NONE 122,~~978~~863 ~~PUGET~~PEPSICO ~~SOUND~~INC ~~ENERGY~~CAP ~~COM~~ STK ~~NPV~~US$ ~~COM~~0.01 ~~745310102~~2/3 ~~501~~CAP 22713448108 21,~~049~~065 403,541 SOLE NONE 22403,~~049~~541 ~~PULTE~~PETSMART ~~HOMES~~ INC COM USD0.010001 COM ~~745867101~~716768106 ~~1,646~~727 2620,~~813~~449 SOLE NONE 2620,~~813~~449 ~~QLOGIC~~PFIZER ~~CORP~~INC - COM ~~USD0~~STK US$ 0.~~001~~05 COM ~~747277101~~717081103 ~~546~~49,624 181,~~362~~845,460 SOLE NONE 181,~~362~~845,460 ~~QUALCOMM~~PG&E ~~INC~~CORP COM ~~747525103~~69331C108 112,~~354~~552 ~~290~~76,~~834~~669 SOLE NONE ~~290~~76,~~834~~669 ~~QUEST~~PHELPS ~~DIAGNOSTICS~~DODGE COM ~~USD0~~STK US$6.0125 COM ~~74834L100~~717265102 2,~~222~~976 2530,~~183~~081 SOLE NONE 2530,~~183~~081 ~~QUESTAR~~PINNACLE ~~CORP~~WEST ~~COM~~CAPITAL ~~NPV~~CORP COM ~~748356102~~723484101 71784 117,~~553~~653 SOLE NONE 117,~~553~~653 ~~QWEST~~PIONEER ~~COMMUNICATIONS~~NATURAL RE COM STK USD0.01 COM ~~749121109~~723787107 ~~971~~638 ~~291~~18,~~673~~189 SOLE NONE ~~291~~18,~~673~~189 ~~RADIAN~~PIPER ~~GROUP~~JAFFRAY ~~INC~~COMP COM USD0.~~001~~01 COM ~~750236101~~724078100 ~~1,142~~33 ~~24,708~~689 SOLE NONE ~~24,708~~689 ~~RADIOSHACK~~PITNEY ~~CORP~~BOWES -'A' ~~COM~~STK ~~USD1~~US$ ~~COM~~2 ~~750438103~~CL 1A 724479100 2,~~264~~404 4451,~~148~~935 SOLE NONE 4451,~~148~~935 ~~RAYTHEON~~PLUM CREEK TMBR CO COM USD0.01 COM ~~755111507~~729251108 21,~~669~~050 7027,~~272~~315 SOLE NONE 7027,~~272~~315 ~~REGIONS~~PMI ~~FINANCIAL~~GROUP COM ~~MUSD0.625~~69344M101 ~~COM 7591EP100 2~~1,~~395~~323 7231,~~445~~681 SOLE NONE 7231,~~445~~681 ~~RELIANT~~PNC ~~ENERGY~~FINANCIAL ~~INC~~SERVICES ~~USD0~~GROUP US$5.~~001~~00 COM ~~75952B105~~693475105 173,293 157,~~849~~328 SOLE NONE 157,~~849~~328 ~~REPUBLIC~~POGO ~~SERVICES~~PRODUCING CO COM ~~USD0.01~~USD1 COM ~~760759100~~730448107 ~~624~~475 209,~~974~~790 SOLE NONE 209,~~974~~790 RJPOPULAR ~~REYNOLDS~~INC ~~TOBACCO~~ COM ~~USD0.01~~USD6 COM ~~761713106~~733174106 ~~857~~1,004 1234,~~598~~812 SOLE NONE 1234,~~598~~812 ~~ROBERT~~PPG ~~HALF~~INDS ~~INTL USD 0.001~~ COM ~~770323103~~693506107 ~~805~~2,501 3136,~~249~~698 SOLE NONE 3136,~~249~~698 ~~ROCKWELL~~PRAXAIR ~~AUTOMATION~~ INC COM ~~USD1~~USD0.01 COM ~~773903109~~74005P104 12,~~017~~811 2663,~~273~~676 SOLE NONE 2663,~~273~~676 ~~ROCKWELL~~PRICE ~~COLLINS~~T ~~COM~~ROWE ~~USD~~GROUP 0COM USD0.0120 COM ~~774341101~~74144T108 12,~~089~~393 2938,~~331~~476 SOLE NONE 2938,~~331~~476 ~~ROHM~~PRIDE &INTL ~~HAAS~~INC ~~US$2~~NEW COM USD0.5001 COM ~~775371107~~74153Q102 ~~1,311~~340 3016,~~504~~549 SOLE NONE 3016,~~504~~549 ~~ROSS~~PRINCIPAL ~~STORES~~FINL ~~INC~~GP COM USD0.01 COM ~~778296103~~74251V102 ~~561~~1,872 2345,~~926~~724 SOLE NONE 2345,~~926~~724 ~~ROUSE~~PROCTER CO& ~~(REIT)~~GAMBLE COM ~~779273101~~STK 1COM 742718109 32,~~103~~827 16595,~~489~~994 SOLE NONE 16595,~~489~~994 ~~ROYAL~~PROGRESS ~~CARIBBEAN~~ENERGY INC COM ~~USD0.01~~NPV COM ~~000886286~~743263105 1,~~246~~832 2840,~~574~~495 SOLE NONE 2840,~~574~~495 ~~SABRE~~PROGRESSIVE ~~HLDS~~ CORP ~~COM~~OHIO ~~USD0~~US$1.0100 CLCOM ~~'A'~~743315103 CL3,411 ~~A 785905100 647 26~~40,~~373~~208 SOLE NONE 2640,~~373~~208 ~~SAFECO~~PROLOGIS ~~CORP~~TR ~~COM~~SH ~~786429100~~BEN INT SBI 743410102 1,~~019~~199 2227,~~317~~672 SOLE NONE 2227,~~317~~672 ~~SAFEWAY~~PROTECTIVE ~~INC~~LIFE CP COM USD0.0150 COM ~~786514208~~743674103 ~~1,997~~849 ~~103~~19,~~428~~878 SOLE NONE ~~103~~19,~~428~~878 ~~SANDISK~~PROVIDIAN ~~CORP~~FINCL ~~COM~~CP ~~USD0.001~~US$1 COM ~~80004C101~~74406A102 208 12,623 ~~412~~ SOLE NONE ~~412~~12,623 ~~SANMINA-SCI~~PRUDENTIAL ~~CORP~~FINANCI - COM USD0.01 COM ~~800907107~~744320102 ~~754~~2,296 ~~106~~41,~~977~~783 SOLE NONE ~~106~~41,~~977~~783

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- -------- ---------- -------- ----------- ~~SARA~~PUBLIC ~~LEE~~SERVICES ~~CORP~~& ~~COM~~ENTERPRISES ~~STK USD1.33 1/3~~ COM ~~803111103~~744573106 32,~~008~~317 ~~131~~44,~~577~~762 SOLE NONE ~~131~~44,~~577~~762 ~~SBC~~PUBLIC ~~COMMUNS~~STORAGE INC COM USD0.10 COM ~~78387G103~~74460D109 201,~~548~~679 ~~791~~30,~~812~~116 SOLE NONE ~~791~~30,~~812~~116 ~~SCANA~~PUGET ~~CORP~~SOUND ENERGY COM STK NPV COM ~~80589M102~~745310102 ~~732~~545 1922,~~599~~049 SOLE NONE 1922,~~599~~049 ~~SCHERING-PLOUGH~~PULTE CPHOMES INC COM ~~STK~~USD0.01 ~~US$ 1~~ COM ~~806605101~~745867101 32,~~701~~116 ~~194~~33,~~198~~163 SOLE NONE ~~194~~33,~~198~~163 ~~SCHLUMBERGER~~QLOGIC ~~'A'~~CORP ~~STOCK~~- ~~US$~~COM USD0.01001 CLCOM A747277101 ~~806857108~~650 617,~~700~~699 ~~99,545~~ SOLE NONE 9917,~~545~~699 ~~SCHWAB~~QUALCOMM ~~CHARLES~~INC ~~CORP NE~~ COM ~~808513105~~747525103 114,~~968~~644 ~~214~~345,~~120~~389 SOLE NONE ~~214~~345,~~120~~389 ~~SCIENTIFIC-ATLANTA~~QUEST ~~US$0~~DIAGNOSTICS COM USD0.5001 COM ~~808655104~~74834L100 ~~869~~2,383 3324,~~507~~944 SOLE NONE 3324,~~507~~944 ~~SCRIPPS~~QUESTAR ~~(E.W)~~CORP COM ~~STK~~NPV ~~$US1~~COM ~~'A'~~748356102 CL105 ~~A 811054204 617 12~~2,~~921~~060 SOLE NONE 122,~~921~~060 ~~SEALED~~QWEST ~~AIR~~COMMUNICATIONS ~~CORP~~ COM USD0.01 COM ~~81211K100~~749121109 41,~~263~~324 91298,~~979~~208 SOLE NONE 91298,~~979~~208 ~~SEARS~~RADIAN ~~ROEBUCK~~GROUP INC COM ~~812387108~~USD0.001 2COM 750236101 1,~~097~~560 5229,~~618~~301 SOLE NONE 5229,~~618~~301 ~~SEI~~RADIOSHACK ~~INVESTMENT~~CORP - COM ~~USD0.01~~USD1 COM ~~784117103~~750438103 961,717 252,~~843~~216 SOLE NONE 252,~~843~~216 ~~SEMPRA~~RAYTHEON ~~ENERGY~~CO ~~CORP~~COM USD0.01 COM ~~816851109~~755111507 13,~~146~~152 3181,~~658~~180 SOLE NONE 3181,~~658~~180 ~~SERENA~~REGIONS ~~SOFTWARE~~FINANCIAL COM ~~USD0~~MUSD0.~~001~~625 COM ~~817492101~~7591EP100 ~~246~~2,811 1478,~~691~~993 SOLE NONE 1478,~~691~~993 ~~SERVICE~~RELIANT ~~MASTER~~ENERGY COINC USD0.001 COM ~~81760N109~~75952B105 ~~605~~25 471,~~057~~849 SOLE NONE 471,~~057~~849 ~~SHERWIN-WILLIAMS~~REPUBLIC SERVICES COM ~~STK~~USD0.01 ~~US$ 1~~ COM ~~824348106~~760759100 1,~~137~~095 2532,~~865~~650 SOLE NONE 2532,~~865~~650 ~~SIEBEL~~RJ ~~SYSTEMS~~REYNOLDS ~~INC~~TOBACCO - COM USD0.~~001~~01 COM ~~826170102~~761713106 ~~726~~3,676 9646,~~238~~763 SOLE NONE 9646,~~238~~763 ~~SIGMA-ALDRICH~~ROBERT ~~US$1~~HALF INTL USD 0.00001 COM ~~826552101~~770323103 1,~~590~~225 2741,~~406~~639 SOLE NONE 2741,~~406~~639 ~~SIMON~~ROCKWELL ~~PROP~~AUTOMATION ~~GROUP~~INC ~~USD0.0001~~COM USD1 COM ~~828806109~~773903109 1,~~192~~271 2225,~~222~~653 SOLE NONE 2225,~~222~~653 ~~SLM~~ROCKWELL ~~CORP~~COLLINS ~~SECURITIES~~ COM ~~USD0~~USD 0.2001 COM ~~78442P106~~774341101 31,~~684~~150 8229,~~601~~153 SOLE NONE 8229,~~601~~153 ~~SMITH~~ROHM ~~INTL~~& ~~INC~~HAAS ~~COM~~US$2.50 ~~STK NPV~~ COM ~~832110100~~775371107 1,~~200~~470 1933,~~755~~229 SOLE NONE 1933,~~755~~229 ~~SMURFIT-STONE~~ROSS ~~CONTAINER~~STORES INC COM ~~832727101~~USD0.01 ~~788~~COM 40778296103 691 23,~~686~~926 SOLE NONE 4023,~~686~~926 ~~SOLECTRON~~ROYAL ~~CORP~~CARIBBEAN COM USD0.01 COM ~~834182107~~000886286 ~~931~~1,067 ~~188~~19,~~102~~597 SOLE NONE ~~188~~19,~~102~~597 ~~SOUTHERN~~SABRE ~~CO.~~HLDS CORP COM ~~842587107~~USD0.01 ~~3,595~~CL ~~119~~'A' CL A 785905100 584 26,~~921~~373 SOLE NONE ~~119~~26,~~921~~373 ~~SOUTHTRUST~~SAFECO CORP COM ~~844730101~~786429100 21,~~458~~142 5921,~~007~~864 SOLE NONE 5921,~~007~~864 ~~SOUTHWEST~~SAFEWAY ~~AIRLINES~~INC ~~US$1~~COM USD0.01 COM ~~844741108~~786514208 12,~~492~~232 ~~109~~113,~~522~~071 SOLE NONE ~~109~~113,~~522~~071 ~~SOVEREIGN~~SANDISK ~~BANCORP~~CORP COM ~~NPV~~USD0.001 COM ~~845905108~~80004C101 ~~1,017~~10 ~~46,607~~412 SOLE NONE ~~46,607~~412 ~~SPRINT~~SANMINA-SCI ~~FON~~CORP ~~CORPORATION~~- ~~USD2~~COM USD0.0001 COM ~~852061100~~800907107 ~~5,134~~897 ~~255~~105,~~036~~869 SOLE NONE ~~255~~105,~~036~~869 ~~SPX~~SARA LEE CORP COM ~~784635104~~STK ~~430~~USD1.33 121/3 COM 803111103 5,~~153~~372 222,523 SOLE NONE 12222,~~153~~523 STSBC ~~PAUL~~COMMUNS ~~TRAVELERS COS US$1~~INC.50 COM ~~792860108~~78387G103 822,~~278~~122 ~~250~~858,~~403~~447 SOLE NONE ~~250~~858,~~403~~447 ~~ST.~~SCANA ~~JOE~~CORP ~~PAPER~~COM NPV COM ~~790148100~~80589M102 ~~406~~1,204 830,~~497~~571 SOLE NONE 830,~~497~~571 ~~ST.JUDE~~SCHERING-PLOUGH ~~MEDICAL~~CP COM STK US$~~0.10~~1 COM ~~790849103~~806605101 24,~~260~~093 30196,~~031~~037 SOLE NONE 30196,~~031~~037 ~~STANLEY~~SCHLUMBERGER ~~WORKS~~'A' STOCK US$2.5001 ~~COM~~CL ~~854616109~~A ~~532~~806857108 127,~~502~~719 115,289 SOLE NONE 12115,~~502~~289 ~~STAPLES~~SCHWAB ~~INC~~CHARLES CORP NE COM ~~855030102~~808513105 23,~~488~~165 83264,~~433~~658 SOLE NONE 83264,~~433~~658 ~~STARBUCKS~~SCIENTIFIC-ATLANTA ~~CORP~~US$0.50 COM ~~NPV~~808655104 ~~COM 855244109 2~~1,~~950~~244 6437,~~894~~677 SOLE NONE 6437,~~894~~677 ~~STARWOOD~~SCRIPPS ~~HOTELS~~(E.W) ~~PAIRED~~COM ~~CERTS~~STK B$US1 ~~(REIT)~~'A' ~~CTF~~CL BA ~~85590A203~~811054204 ~~1,737~~601 3712,~~414~~447 SOLE NONE 3712,~~414~~447 ~~STATE~~SEALED ~~STREET~~AIR CORP ~~US$1~~COM USD0.0001 COM ~~857477103~~81211K100 25,~~473~~562 57104,~~905~~403 SOLE NONE 57104,~~905~~403 ~~STORAGE~~SEARS ~~TECHNOLOGY~~ROEBUCK COM ~~USD0.10~~812387108 ~~COM~~2,189 ~~862111200 356 14~~42,~~095~~899 SOLE NONE 1442,~~095~~899

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- --------- ---------- -------- ----------- ~~STRYKER~~SEI ~~CORP~~INVESTMENT COM USD0.1001 COM ~~863667101~~784117103 119 2,~~938~~843 ~~61,107~~ SOLE NONE 612,~~107~~843 ~~SUN~~SEMPRA ~~MICROSYSTEMS~~ENERGY ~~COM~~CORP ~~US$0.00067~~ COM ~~866810104~~816851109 51,~~427~~284 134,~~343,249~~994 SOLE NONE 134,~~343,249~~994 ~~SUNGARD~~SEPRACOR ~~DATA~~INC ~~SYS~~ COM USD0.0110 COM ~~867363103~~817315104 ~~5,516~~903 ~~232~~15,~~049~~204 SOLE NONE ~~232~~15,~~049~~204 ~~SUNOCO~~SERENA ~~INC~~SOFTWARE COM ~~USD1~~USD0.001 COM ~~86764P109~~817492101 ~~884~~317 1114,~~944~~691 SOLE NONE 1114,~~944~~691 ~~SUNTRUST~~SERVICE ~~BANKS~~MASTER ~~US$1.00~~CO COM ~~867914103~~81760N109 ~~3,673~~674 5248,~~160~~871 SOLE NONE 5248,~~160~~871 ~~SUPER~~SHERWIN-WILLIAMS ~~VALU~~COM ~~STORES~~STK ~~'A' STOCK~~ US$1 CLCOM A824348106 ~~868536103~~1,810 ~~932 33~~40,~~835~~564 SOLE NONE 3340,~~835~~564 ~~SYMANTEC~~SIEBEL ~~CORP~~SYSTEMS INC - COM USD0.01001 COM ~~871503108~~826170102 21,~~509~~122 45106,~~727~~989 SOLE NONE 45106,~~727~~989 ~~SYMBOL~~SIGMA-ALDRICH ~~TECHNOLOGIES INC COM USD0~~US$1.0100 COM ~~871508107~~826552101 39 3,~~122~~660 60,533 SOLE NONE 360,~~122~~533 ~~SYNOPSYS~~SIMON ~~INC~~PROP ~~COM~~GROUP USD0.010001 COM ~~871607107~~828806109 1,~~128~~437 7122,~~569~~222 SOLE NONE 7122,~~569~~222 ~~SYNOVUS~~SIRIUS ~~FINANCIAL~~SATELLITE R COM ~~87161C105~~USD0.001 COM 82966U103 1,~~174~~829 44240,~~883~~053 SOLE NONE 44240,~~883~~053 ~~SYSCO~~SLM CORP ~~US$1~~SECURITIES COM USD0.0020 COM ~~871829107~~78442P106 35,~~448~~124 ~~115~~95,~~227~~980 SOLE NONE ~~115~~95,~~227~~980 ~~TARGET~~SMITH ~~CORP~~INTL INC COM STK ~~US$~~NPV ~~0.1667~~ COM ~~87612E106~~832110100 71,~~012~~236 ~~154~~22,~~972~~723 SOLE NONE ~~154~~22,~~972~~723 ~~TCF~~SMURFIT-STONE ~~FINL~~CONTAINER ~~CORP~~ COM ~~USD0.01~~832727101 ~~COM~~821 ~~872275102 729 24~~43,~~051~~966 SOLE NONE 2443,~~051~~966 ~~TECO~~SOLECTRON ~~ENERGY~~CORP. COM ~~872375100~~834182107 ~~307~~1,060 22198,~~664~~792 SOLE NONE 22198,~~664~~792 ~~TEKTRONIX~~SOUTHERN ~~INC~~CO. ~~NPV~~ COM ~~879131100~~842587107 ~~434~~4,521 13134,~~046~~876 SOLE NONE 13134,~~046~~876 ~~TELEPH~~SOUTHWEST &AIRLINES ~~DATA~~US$1 ~~SYST~~ COM ~~US0.01~~844741108 ~~COM 879433100~~ 1,~~009~~763 11108,~~993~~310 SOLE NONE 11108,~~993~~310 ~~TELESP~~SOVEREIGN ~~CELULAR~~BANCORP ~~PAR~~COM ~~ADR~~NPV ~~REP~~COM ~~2500~~845905108 ~~PRF~~1,409 ~~ADR 87952L108 131 21~~62,~~400~~479 SOLE NONE 2162,~~400~~479 ~~TELEWEST~~SPRINT ~~GLOBAL~~FON ~~COM~~CORPORATION ~~STK USD0~~USD2.0100 COM ~~87956T107~~852061100 517,260 4292,~~365~~134 SOLE NONE 4292,~~365~~134 ~~TELLABS~~SPX ~~INC~~CORP ~~NPV~~ COM ~~879664100~~784635104 ~~1,365~~487 ~~148~~12,~~539~~153 SOLE NONE ~~148~~12,~~539~~153 ~~TEMPLE-INLAND~~ST ~~COM~~PAUL ~~879868107~~TRAVELERS ~~620~~COS ~~9,236~~US$1.50 ~~SOLE~~COM ~~NONE~~792860108 9,~~236~~772 ~~TENET~~263,616 ~~HEALTHCARE~~SOLE ~~COM~~NONE ~~STK~~263,616 ~~USD0~~ST.~~075~~ JOE PAPER COM ~~88033G100~~790148100 1,~~040~~270 9619,~~402~~783 SOLE NONE 9619,~~402~~783 ~~TERADYNE~~ST.JUDE ~~INC~~MEDICAL US$120.5010 COM ~~880770102~~790849103 12,~~084~~897 8069,~~891~~102 SOLE NONE 8069,~~891~~102 ~~TEXAS~~STANLEY ~~GENCO~~WORKS ~~HLDGS COM USD0~~US$2.~~001~~50 COM ~~882443104~~854616109 12891 ~~249~~18,191 SOLE NONE ~~249~~18,191 ~~TEXAS~~STAPLES ~~INSTRUMENTS~~INC ~~US$1.00~~ COM ~~882508104~~855030102 73,~~705~~261 ~~362~~96,~~087~~742 SOLE NONE ~~362~~96,~~087~~742 ~~TEXTRON~~STARBUCKS CORP COM ~~883203101~~NPV 1COM 855244109 4,~~429~~645 2274,~~242~~491 SOLE NONE 2274,~~242~~491 ~~THE~~STARWOOD ~~DIRECTV~~HOTELS ~~GROUP~~PAIRED ~~INC~~CERTS ~~COM~~B ~~25459L106~~(REIT) CTF B 85590A203 2,~~703~~441 ~~153~~41,~~675~~804 SOLE NONE ~~153~~41,~~675~~804 ~~THERMO~~STATE ~~ELECTRON~~STREET ~~COM~~CORP ~~STK~~ US $1.00 COM ~~883556102~~857477103 ~~747~~3,261 2766,~~653~~396 SOLE NONE 2766,~~653~~396 ~~TIFFANY~~STORAGE &TECHNOLOGY CO COM USD0.0110 COM ~~886547108~~862111200 ~~1,035~~446 3314,~~678~~095 SOLE NONE 3314,~~678~~095 ~~TIME~~STRYKER ~~WARNER~~CORP ~~INC~~ COM ~~USD 0~~USD0.0110 COM ~~887317105~~863667101 114,~~708~~631 ~~725~~95,~~430~~971 SOLE NONE ~~725~~95,~~430~~971 ~~TJX~~SUN ~~COMPANIES~~MICROSYSTEMS ~~INC~~ COM ~~USD1~~US$0.00067 COM ~~872540109~~866810104 25,~~028~~916 921,~~007~~097,577 SOLE NONE 921,~~007~~097,577 ~~TORCHMARK~~SUNGARD ~~CORP~~DATA SYS COM ~~891027104~~USD0.01 2COM 867363103 6,~~233~~725 41237,~~998~~394 SOLE NONE 41237,~~998~~394 ~~TOTAL~~SUNOCO ~~SYSTEM~~INC ~~SVCS~~ COM ~~USD0.10~~USD1 COM ~~891906109~~86764P109 201,586 ~~785~~19,416 SOLE NONE ~~785~~19,416 ~~TOYS~~SUNTRUST RBANKS US US$01.1000 COM ~~892335100~~867914103 ~~495~~5,163 2769,~~922~~884 SOLE NONE 2769,~~922~~884 ~~TRANSATLANTIC~~SUPER ~~HLDGS~~VALU ~~COM~~STORES ~~893521104~~'A' 83STOCK US$1 CL A 868536103 689 19,~~527~~945 SOLE NONE 119,~~527~~945 ~~TRANSOCEAN~~SYMANTEC ~~INC~~CORP COM ~~893817106~~USD0.01 COM 871503108 2,~~106~~321 5890,~~850~~115 SOLE NONE 5890,~~850~~115 ~~TRI-CONTINENTAL~~SYMBOL CPTECHNOLOGIES INC COM $0USD0.5001 COM ~~895436103~~871508107 ~~593~~54 353,~~674~~122 SOLE NONE 353,~~674~~122 ~~TRIAD~~SYNOPSYS ~~HOSPITALS~~INC COM USD0.01 COM ~~89579K109~~871607107 62486 124,~~807~~848 SOLE NONE 124,~~807~~848

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- -------- -------- ---------- -------- ----------- ~~TRIBUNE~~SYNOVUS COFINANCIAL COM ~~NPV~~87161C105 ~~COM 896047107~~ 1,~~604~~292 3845,~~989~~220 SOLE NONE 3845,~~989~~220 ~~TXU~~SYSCO CORP ~~COM~~US$1.00 ~~(TEXAS UTILITIES)~~ COM ~~873168108~~871829107 35,~~452~~838 72152,~~036~~957 SOLE NONE 72152,~~036~~957 ~~TYCO~~TARGET ~~INTERNATIONAL~~CORP COM ~~USD0~~STK US$ 0.201667 COM ~~902124106~~87612E106 139,~~058~~020 ~~425~~173,~~884~~688 SOLE NONE ~~425~~173,~~884~~688 ~~TYSON~~TCF ~~FOODS~~FINL ~~INC~~CORP ~~CLASS A~~ COM USD0.1001 CLCOM A872275102 ~~902494103~~1,234 ~~678 42~~38,~~348~~403 SOLE NONE 4238,~~348~~403 ~~UNION~~TECO ~~BANCAL~~ENERGY ~~CORP~~ COM ~~NPV~~872375100 ~~COM~~348 ~~908906100 321 5~~22,~~419~~664 SOLE NONE 522,~~419~~664 ~~UNION~~TEKTRONIX ~~PACIFIC~~INC ~~CORP~~NPV COM ~~US$2.50~~879131100 ~~COM~~394 ~~907818108 2~~13,~~337~~046 ~~39,881~~ SOLE NONE 3913,~~881~~046 ~~UNISYS~~TELEPH ~~CORP~~& ~~US$0~~DATA SYST COM US0.01 COM ~~909214108~~879433100 ~~559~~874 5411,~~142~~361 SOLE NONE 5411,~~142~~361 ~~UNITED~~TELESP ~~STATES~~CELULAR ~~STEEL~~PAR ~~COM~~ADR ~~USD1~~REP ~~COM~~2500 ~~912909108~~PRF 60ADR 187952L108 196 28,~~598~~901 SOLE NONE 128,~~598~~901 ~~UNITEDHEALTH~~TELEWEST ~~GROUP~~GLOBAL ~~INC~~COM ~~US$0~~STK USD0.01 COM ~~91324P102~~87956T107 ~~10,510~~415 ~~142~~23,~~532~~615 SOLE NONE ~~142~~23,~~532~~615 ~~UNITRIN~~TELLABS INC. ~~US$0.10~~NPV COM ~~913275103~~879664100 ~~423~~1,840 10214,~~187~~256 SOLE NONE 10214,~~187~~256 ~~UNIVERSAL~~TEMPLE-INLAND ~~HEALTH S CLASS'B'~~COM ~~USD0.01~~879868107 CL1,349 ~~B 913903100 411 9~~19,~~454~~716 SOLE NONE 919,~~454~~716 ~~UNIVISION~~TENET ~~COMMUNIC~~HEALTHCARE ~~CL'A~~ COM STK USD0.01075 CLCOM A88033G100 ~~914906102~~1,108 ~~588 18~~100,~~613~~884 SOLE NONE 18100,~~613~~884 ~~UNOCAL~~TERADYNE ~~CORP~~INC US$112.0050 COM ~~915289102~~880770102 ~~2,556~~572 5933,~~446~~512 SOLE NONE 5933,~~446~~512 ~~UNUMPROVIDENT~~TEXAS ~~CORP~~GENCO HLDGS COM USD0.01001 COM ~~91529Y106~~882443104 ~~1,615~~12 ~~102,944~~249 SOLE NONE ~~102,944~~249 USTEXAS ~~BANCORP~~INSTRUMENTS ~~COM USD0~~US$1.0100 COM ~~902973304~~882508104 1210,~~631~~686 ~~437~~434,~~061~~055 SOLE NONE ~~437~~434,~~061~~055 ~~UST~~TEXTRON ~~INC~~ COM ~~902911106~~883203101 ~~880~~1,868 2125,~~849~~318 SOLE NONE 2125,~~849~~318 ~~UTD~~THE ~~PARCEL~~DIRECTV ~~SERV~~GROUP -INC ~~CLASS 'B'~~ COM ~~USD0.01~~25459L106 ~~CL B 911312106 6~~2,~~965~~782 91166,~~740~~198 SOLE NONE 91166,~~740~~198 ~~UTD~~THERMO ~~TECHNOLOGIES~~ELECTRON COM STK ~~USD5~~US $1 COM ~~913017109~~883556102 ~~9,307~~850 9928,~~673~~167 SOLE NONE 9928,~~673~~167 VTIFFANY F& ~~CORP~~CO ~~NPV~~COM USD0.01 COM ~~918204108~~886547108 1,~~920~~426 3844,~~837~~596 SOLE NONE 3844,~~837~~596 ~~VALERO~~TIME ~~ENERGY(NEW)~~WARNER INC COM ~~USD0~~USD 0.01 COM ~~91913Y100~~887317105 216,~~111~~161 26830,~~324~~892 SOLE NONE 26830,~~324~~892 ~~VALLEY~~TJX ~~NATL~~COMPANIES ~~BANCP~~INC COM ~~NPV~~USD1 COM ~~919794107~~872540109 ~~441~~2,549 17101,~~275~~432 SOLE NONE 17101,~~275~~432 ~~VARIAN~~TMP ~~ASSOCIATES~~WORLDWIDE ~~US$1.00~~INC COM ~~92220P105 798 23,080 SOLE NONE 23,080 VERISIGN - COM~~ USD0.001 COM ~~92343E102~~611742107 ~~957~~1,084 4832,~~126~~227 SOLE NONE 4832,~~126~~227 ~~VERITAS~~TORCHMARK ~~SOFTWARE~~CORP COM ~~923436109~~891027104 15,~~250~~299 7092,~~221~~738 SOLE NONE 7092,~~221~~738 ~~VERIZON~~TOTAL ~~COMMUNICATIONS~~SYSTEM SVCS COM ~~STK~~ USD0.10 COM ~~92343V104~~891906109 19~~,842~~ ~~503,852~~785 SOLE NONE ~~503,852~~785 ~~VIACOM~~TOYS ~~INC~~R ~~CLASS~~US ~~'B'N/V COM~~ US$0.0110 CLCOM B892335100 ~~N/V~~572 ~~925524308~~27,922 9SOLE NONE 27,~~246~~922 ~~275~~TRANSATLANTIC HLDGS COM 893521104 94 1,~~500~~527 SOLE NONE ~~275~~1,~~500~~527 ~~VIAD~~TRANSOCEAN ~~CORP~~INC COM ~~USD1.5~~893817106 ~~COM~~2,810 ~~92552R406~~66,288 ~~23 989~~ SOLE NONE ~~989~~66,288 ~~VORNADO~~TRI-CONTINENTAL ~~REALTY~~CP TR COM ~~USD0~~$0.0450 COM ~~929042109~~895436103 ~~1,189~~652 1835,~~966~~674 SOLE NONE 1835,~~966~~674 ~~VULCAN~~TRIAD ~~MATERIALS~~HOSPITALS ~~US$1~~COM USD0.0001 COM ~~929160109~~89579K109 67 1,~~144~~807 ~~22,452~~ SOLE NONE 221,~~452~~807 ~~WACHOVIA~~TRIBUNE ~~CORP~~CO ~~US$3~~COM ~~1/3~~NPV COM ~~929903102~~896047107 121,~~928~~904 ~~275~~45,~~351~~179 SOLE NONE ~~275~~45,~~351~~179 ~~WAL-MART~~TRIZEC ~~STORES~~PROPERTIES ~~US$0~~COM USD0.1001 COM ~~931142103~~89687P107 ~~33,731~~760 ~~634~~40,~~034~~165 SOLE NONE ~~634~~40,~~034~~165 ~~WALGREEN~~TXU COCORP ~~US$0.15625~~COM (TEXAS UTILITIES) COM ~~931422109~~873168108 65,~~285~~056 ~~175~~78,~~425~~318 SOLE NONE ~~175~~78,~~425~~318 ~~WALT~~TYCO ~~DISNEY~~INTERNATIONAL ~~HOLDING~~COM ~~COMPANY~~USD0.20 COM ~~254687106~~902124106 717,~~873~~021 ~~349~~476,~~152~~244 SOLE NONE ~~349~~476,~~152~~244 ~~WASHINGTON~~TYSON ~~MUT~~FOODS INC CLASS A COM ~~939322103~~USD0.10 ~~9,841~~CL ~~251~~A 902494103 783 42,~~821~~551 SOLE NONE ~~251~~42,~~821~~551 ~~WASHINGTON~~ULTRA ~~POST~~PETROLEUM ~~'B'~~CP ~~US$1.00~~COM CLNPV BCOM ~~939640108~~903914109 ~~312~~542 ~~339~~11,260 SOLE NONE ~~339~~11,260 ~~WASTE~~UNION ~~MANAGEMENT~~BANCAL CORP COM ~~USD0.01~~NPV COM ~~94106L109~~908906100 ~~2,756~~345 ~~100~~5,~~815~~349 SOLE NONE ~~100~~5,~~815~~349 ~~WATERS~~UNION ~~CORPORATION~~PACIFIC ~~USD0~~CORP COM US$2.0150 COM ~~941848103~~907818108 13,~~873~~087 4245,~~477~~900 SOLE NONE 4245,~~477~~900

TITLE VALUE NO. OF INVESTMENT OTHER VOTING SOLE NAME OF ISSUER OF CLASS CUSIP USD 000S SHS DISCRETION MANAGERS SHS -------------- -------- --------- ---------- -------- ---------- -------- ----------- ~~WATSON~~UNISYS ~~PHARMS~~CORP ~~INC COM USD~~ US$0.~~0033~~01 COM ~~942683103~~909214108 ~~411~~537 1352,~~965~~733 SOLE NONE 1352,~~965~~733 ~~WEATHERFORD~~UNITED ~~INTL~~STATES STEEL COM USD1 ~~(BERMUDA~~COM ~~REG)~~912909108 817 15,936 SOLE NONE 15,936 UNITEDHEALTH GROUP INC US$0.01 COM ~~G95089101~~91324P102 113,~~233~~603 24154,~~164~~525 SOLE NONE 24154,~~164~~525 ~~WEBMD~~UNITRIN ~~CORP~~INC. ~~COM USD0~~US$0.~~0001~~10 COM ~~94769M105~~913275103 ~~271~~463 3810,~~970~~187 SOLE NONE 3810,~~970~~187 ~~WELLPOINT~~UNIVERSAL HEALTH S CLASS'B'COM USD0.01 ~~COM~~CL ~~94973H108~~B ~~3,651~~913903100 34421 9,~~743~~454 SOLE NONE 349,~~743~~454 ~~WELLS~~UNIVISION ~~FARGO~~COMMUNIC &CL'A CO COM ~~USD1~~USD0.01 ~~2/3~~CL ~~COM~~A ~~949746101~~914906102 ~~21,280~~545 ~~356~~18,~~864~~613 SOLE NONE ~~356~~18,~~864~~613 ~~WENDYS~~UNOCAL ~~INTL~~CORP ~~INC~~US$1.00 COM ~~STK~~915289102 ~~NPV~~2,620 60,603 SOLE NONE 60,603 UNUMPROVIDENT CORP COM ~~950590109~~USD0.01 ~~573~~COM 1791529Y106 3,~~067~~902 217,500 SOLE NONE 17217,~~067~~500 ~~WESCO~~URBAN ~~FINANCIAL~~OUTFITTERS CPCOM ~~CAP~~USD0.0001 ~~USD1~~COM ~~CAP~~917047102 ~~950817106~~380 218,559 61 SOLE NONE 618,559 ~~WESTWOOD~~US ~~ONE~~BANCORP ~~INC~~ COM USD0.01 COM ~~961815107~~902973304 ~~193~~16,091 9513,~~757~~765 SOLE NONE 9513,~~757~~765 ~~WEYERHAUSER~~UST INC COM ~~962166104~~902911106 21,~~596~~051 3921,~~046~~849 SOLE NONE 3921,~~046~~849 ~~WHIRLPOOL~~UTD ~~CORP~~PARCEL ~~US$1.00~~SERV - CLASS 'B' COM ~~963320106~~USD0.01 1CL B 911312106 9,~~836~~284 30108,~~556~~634 SOLE NONE 30108,~~556~~634 ~~WHITE~~UTD ~~MOUNTAINS~~TECHNOLOGIES ~~INSURANCE~~ COM ~~USD1~~STK USD5 COM ~~198510232~~913017109 ~~595~~9,978 196,~~131~~541 SOLE NONE 196,~~131~~541 ~~WHOLE~~V ~~FOODS~~F ~~MARKET~~CORP ~~COM~~ NPV COM ~~966837106~~918204108 ~~822~~2,566 946,~~582~~336 SOLE NONE 946,~~582~~336 ~~WILLIAMS~~VALERO ~~COS~~ENERGY(NEW) ~~INC~~ COM ~~USD1~~USD0.01 COM ~~969457100~~91913Y100 2,~~078~~364 ~~171~~52,~~695~~065 SOLE NONE ~~171~~52,~~695~~065 ~~WILLIAMS-SONOMA~~VALLEY INNATL BANCP COM ~~USD0.01~~NPV COM ~~969904101~~919794107 ~~712~~478 1817,~~974~~275 SOLE NONE 1817,~~974~~275 ~~WINN~~VARIAN ~~DIXIE~~ASSOCIATES ~~STORES~~US$1.00 COM ~~USD1~~92220P105 1,409 32,593 SOLE NONE 32,593 VERISIGN - COM ~~974280109~~USD0.001 ~~255~~COM 8292343E102 1,~~680~~509 44,922 SOLE NONE 8244,~~680~~922 ~~WIRELESS~~VERITAS ~~EXCESSORIES~~SOFTWARE ~~GROUP INC~~ COM ~~97652L100~~923436109 672,411 4384,~~423~~447 SOLE NONE 4384,~~423~~447 ~~WISCONSIN~~VERIZON ~~ENERGY~~COMMUNICATIONS ~~CORP~~COM STK USD0.10 COM ~~976657106~~92343V104 ~~577~~22,769 18562,~~099~~051 SOLE NONE 18562,~~099~~051 ~~WRIGHT~~VIACOM ~~MEDICAL~~INC ~~GROUP~~CLASS 'B'N/V COM ~~USD~~ US$0.01 ~~COM~~CL ~~98235T107~~B ~~402~~N/V 16925524308 11,~~000~~138 306,062 SOLE NONE 16306,~~000~~062 ~~WRIGLEY~~VIAD WCORP COM USD1.M5 COM 92552R406 11 375 SOLE NONE 375 VORNADO REALTY TR COM USD0.04 COM ~~982526105~~929042109 1,~~366~~609 21,~~575~~133 SOLE NONE 21,~~575~~133 ~~WYETH~~VULCAN ~~USD~~MATERIALS 0US$1.~~333~~00 COM ~~983024100~~929160109 101,~~871~~797 ~~290~~32,~~671~~904 SOLE NONE ~~290~~32,~~671~~904 ~~XCEL~~WACHOVIA ~~ENERGY~~CORP ~~INC~~US$3 1/3 COM ~~USD0~~929903102 16,171 307,429 SOLE NONE 307,429 WAL-MART STORES US$0.0110 COM ~~98389B100~~931142103 134,~~100~~756 63658,~~509~~004 SOLE NONE 63658,~~509~~004 ~~XEROX~~WALGREEN ~~CORP~~CO US$0.15625 COM ~~STK~~931422109 US7,646 $199,267 ~~1.00~~SOLE NONE 199,267 WALT DISNEY HOLDING COMPANY COM ~~984121103~~254687106 110,~~744~~994 ~~123~~395,~~880~~479 SOLE NONE ~~123~~395,~~880~~479 ~~XILINX~~WASHINGTON MUT INC COM ~~983919101~~939322103 17,~~517~~565 56178,~~203~~924 SOLE NONE 56178,~~203~~924 XLWASHINGTON ~~CAP~~POST ~~LTD CLASS~~'AB'~~COM~~ ~~USD0~~US$1.0100 CL AB ~~G98255105~~939640108 ~~363~~1,021 41,~~901~~039 SOLE NONE 41,~~901~~039 XMWASTE ~~SATELLITE~~MANAGEMENT ~~RADIO CLASS A~~ COM USD0.01 CLCOM A94106L109 ~~983759101~~3,426 ~~141 4~~114,~~545~~423 SOLE NONE 4114,~~545~~423 ~~YAHOO~~WATERS ~~INC~~CORPORATION USD0.01 COM ~~984332106~~941848103 81,~~111~~440 ~~239~~30,~~193~~785 SOLE NONE ~~239~~30,~~193~~785 ~~YUM~~WATSON ~~BRANDS~~PHARMS INC COM USD 0.0033 COM ~~988498101~~942683103 ~~2,936~~894 7227,~~203~~243 SOLE NONE 7227,~~203~~243 ~~ZIMMER~~WEATHERFORD ~~HOLDINGS~~INTL ~~INC~~ COM ~~USD~~USD1 ~~0.01~~(BERMUDA REG) COM ~~98956P102~~G95089101 31,~~288~~263 4124,~~601~~628 SOLE NONE 4124,~~601~~628 ~~ZIONS~~WEBMD ~~BANCORP~~CORP COM ~~NPV~~USD0.0001 COM ~~989701107~~94769M105 ~~861~~318 1438,~~098~~970 SOLE NONE 1438,~~098~~970 ~~---------~~WELLPOINT INC USD0.01 COM 94973V107 7,306 63,532 SOLE NONE 63,532 WELLS FARGO & CO COM USD1 2/3 COM 949746101 24,~~257~~117 388,~~944~~038 SOLE NONE 388,038

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