13F-HR 1 d56654_13f-hr.txt FORM 13F-HR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F-HR Form 13F COVER PAGE Report for the Calendar Year of Quarter Ended: June 30, 2003 Check here if Amendment |_|; Amendment Number: This Amendment (Check only one.): |_| is a restatement. |_| adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Vector Capital Management, LLC Address: 383 Main Avenue Norwalk, CT 06851 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: John McCleary Title: Controller Phone: (203) 840-3634 Signature, Place, and Date of Signing: /s/ John McCleary Norwalk, Connecticut August 13, 2003 ----------------------- -------------------- --------------- [Signature] [City, State] [Date] Report Type (Check only one.): |X| 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) |_| 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) |_| 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 --------- Form 13F Information Table Entry Total: 345 --------- Form 13F Information Table Value Total: $ 112,199 --------- (thousands) List of Other Included Managers: None FORM 13F INFORMATION TABLE

TITLE OF VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ -------- --------- -------- -------- --- ---- ------- -------- ------ -------- ------ ABBOTT LABORATORIES common 002824100 188 5,000 SH Sole 5,000 ACE LTD-ORD common G0070K103 165 5,700 SH Sole 5,700 ADOBE SYSTEMS INC common 00724F101 33 1,085 SH Sole 1,085 ADVANCED FIBRE COMMUNICATIONS INC common 00754A105 86 5,700 SH Sole 5,700 AFFILIATED COMPUTER SERVICES INC-CL A common 008190100 93 2,100 SH Sole 2,100 ALBERTO CULVER COMPANY CL B common 013068101 143 2,900 SH Sole 2,900 ALCOA INC common 013817101 880 45,400 SH Sole 45,400 ALLERGAN INC common 018490102 84 1,230 SH Sole 1,230 ALTRIA GROUP INC common 02209S103 1,441 48,100 SH Sole 48,100 AMERADA HESS CORP common 023551104 173 3,900 SH Sole 3,900 AMERICAN CAPITAL STRATEGIES LTD common 024937104 18 820 SH Sole 820 AMERICAN EXPRESS COMPANY common 025816109 834 25,100 SH Sole 25,100 AMERICAN INTERNATIONAL GROUP INC common 026874107 687 13,900 SH Sole 13,900 AMERISOURCEBERGEN CORP common 03073E105 84 1,600 SH Sole 1,600 AMSURG CORP common 03232P405 134 5,300 SH Sole 5,300 ANALOG DEVICES INC common 032654105 586 21,300 SH Sole 21,300 APPLERA CORP COM APPLIED BIOSYSTEMS GROUP common 038020103 93 5,900 SH Sole 5,900 ASTORIA FINANCIAL CORP common 046265104 84 3,600 SH Sole 3,600 ASTRAZENECA PLC SPONSORED ADR common 046353108 144 4,200 SH Sole 4,200 AUTOZONE INC common 053332102 728 10,600 SH Sole 10,600 AVENTIS SPONSORED ADR common 053561106 141 3,200 SH Sole 3,200 AVERY DENNISON CORP common 053611109 141 2,400 SH Sole 2,400 BAKER HUGHES INC common 057224107 578 19,300 SH Sole 19,300 BANK OF AMER CORP common 060505104 361 5,400 SH Sole 5,400 BANK OF NEW YORK CO INC common 064057102 724 35,300 SH Sole 35,300 BANKNORTH GROUP INC NEW common 06646R107 79 3,600 SH Sole 3,600 BAUSCH & LOMB INC common 071707103 19 590 SH Sole 590 BB&T CORP common 054937107 625 19,900 SH Sole 19,900 BECTON DICKINSON & CO common 075887109 248 7,200 SH Sole 7,200 BED BATH & BEYOND INC common 075896100 397 11,500 SH Sole 11,500 BELLSOUTH CORP common 079860102 364 16,800 SH Sole 16,800 BEMIS CO INC common 081437105 55 1,300 SH Sole 1,300 BEST BUY COMPANY INC common 086516101 8 300 SH Sole 300 BIOGEN INC common 090597105 355 11,838 SH Sole 11,838 BIOMET INC common 090613100 379 12,370 SH Sole 12,370 BISYS GROUP INC common 055472104 33 2,000 SH Sole 2,000 BLACK & DECKER CORP common 091797100 791 22,700 SH Sole 22,700 BMC SOFTWARE INC common 055921100 56 3,700 SH Sole 3,700 BOEING CO common 097023105 1,005 40,100 SH Sole 40,100 BOISE CASCADE CORP common 097383103 435 19,900 SH Sole 19,900 BOSTON PROPERTIES INC common 101121101 42 1,100 SH Sole 1,100 BOSTON SCIENTIFIC CORP common 101137107 135 3,300 SH Sole 3,300 BP P L C SPONSORED ADR (FRM BP AMOCO PLC) common 055622104 139 3,600 SH Sole 3,600 BURLINGTON NORTHERN SANTA FE CORP common 12189T104 187 7,500 SH Sole 7,500 CABOT OIL & GAS CORP common 127097103 2 100 SH Sole 100 CAPITAL ONE FINANCIAL CORP common 14040H105 255 8,500 SH Sole 8,500 CARDINAL HEALTH INC common 14149Y108 91 1,600 SH Sole 1,600 CAREER EDUCATION CORP common 141665109 34 700 SH Sole 700 CAREMARK RX INC common 141705103 98 5,400 SH Sole 5,400 CARNIVAL CORP-CL A common 143658102 501 20,800 SH Sole 20,800 CDW COMPUTER CENTERS INC common 125129106 135 3,300 SH Sole 3,300 CENTURYTEL INC common 156700106 141 5,100 SH Sole 5,100 CHEESECAKE FACTORY INC common 163072101 129 4,000 SH Sole 4,000 CHELSEA PPTY GROUP INC common 163421100 82 2,200 SH Sole 2,200 CHIRON CORP common 170040109 1,174 31,300 SH Sole 31,300 CHUBB CORP common 171232101 496 11,200 SH Sole 11,200 CHURCH & DWIGHT CO INC common 171340102 39 1,300 SH Sole 1,300 CINCINNATI FINANCIAL CORP common 172062101 153 4,356 SH Sole 4,356 CINTAS CORP common 172908105 1,306 39,683 SH Sole 39,683 CLEAR CHANNEL COMMUNICATIONS INC common 184502102 933 27,500 SH Sole 27,500 COCA COLA ENTERPRISES INC common 191219104 94 5,020 SH Sole 5,020 COCA-COLA FEMSA SA DE CV SPONSORED ADR REPSTG 10 L SHS common 191241108 22 1,300 SH Sole 1,300 COGNOS INC common 19244C109 116 5,100 SH Sole 5,100 COHERENT INC common 192479103 2 100 SH Sole 100 COLGATE PALMOLIVE CO common 194162103 17 310 SH Sole 310 COMPANHIA VALE DO RIO DOCE SPONSORED ADR common 204412209 84 3,100 SH Sole 3,100 COOPER CAMERON CORP common 216640102 114 2,300 SH Sole 2,300 COOPER INDUSTRIES LTD CL A common G24182100 371 10,400 SH Sole 10,400 CORINTHIAN COLLEGES INC common 218868107 55 1,400 SH Sole 1,400 COSTCO WHOLESALE CORP-NEW common 22160K105 75 2,503 SH Sole 2,503 COX RADIO INC-CL A common 224051102 118 5,700 SH Sole 5,700 CULLEN FROST BANKERS INC common 229899109 122 4,000 SH Sole 4,000 CVS CORP common 126650100 723 30,300 SH Sole 30,300 CYMER INC common 232572107 102 4,300 SH Sole 4,300 DAIMLERCHRYSLER A.G. COM common D1668R123 94 3,200 SH Sole 3,200 DARDEN RESTAURANTS INC common 237194105 978 54,800 SH Sole 54,800 DEERE & CO common 244199105 357 9,100 SH Sole 9,100 DEVELOPERS DIVERSIFIED REALTY CORP common 251591103 34 1,400 SH Sole 1,400 DEVON ENERGY CORPORATION NEW common 25179M103 125 2,590 SH Sole 2,590 DIAMOND OFFSHORE DRILLING INC common 25271C102 116 6,000 SH Sole 6,000 DIEBOLD INC common 253651103 92 2,700 SH Sole 2,700 DOW CHEMICAL CO common 260543103 155 5,600 SH Sole 5,600 DRS TECHNOLOGIES INC common 23330X100 18 700 SH Sole 700 DST SYSTEMS INC-DEL common 233326107 24 900 SH Sole 900 E I DU PONT DE NEMOURS & CO common 263534109 120 3,080 SH Sole 3,080 EAST WEST BANCORP INC common 27579R104 130 4,224 SH Sole 4,224 EASTMAN CHEMICAL CO common 277432100 583 20,100 SH Sole 20,100 EASTMAN KODAK CO common 277461109 459 15,500 SH Sole 15,500 EATON VANCE CORP-NON VTG common 278265103 123 4,600 SH Sole 4,600 EBAY INC common 278642103 571 6,700 SH Sole 6,700 ELI LILLY & CO common 532457108 234 4,100 SH Sole 4,100 EMERSON ELECTRIC CO common 291011104 821 18,100 SH Sole 18,100 EMMIS COMMUNICATIONS CORP-CL A common 291525103 59 3,500 SH Sole 3,500 EMULEX CORP NEW common 292475209 27 1,400 SH Sole 1,400 ENSCO INTERNATIONAL INC common 26874Q100 61 2,400 SH Sole 2,400 ENZON PHARMACEUTICALS INC FORMERLY ENZON INC common 293904108 0 23 SH Sole 23 EOG RES INC common 26875P101 340 8,600 SH Sole 8,600 EQUIFAX INC common 294429105 47 2,350 SH Sole 2,350 ESTEE LAUDER COMPANIES INC CL A common 518439104 21 700 SH Sole 700 ETHAN ALLEN INTERIORS INC common 297602104 129 4,400 SH Sole 4,400 EXPRESS SCRIPTS INC COMMON common 302182100 139 2,500 SH Sole 2,500 EXXON MOBIL CORP common 30231G102 1,195 34,200 SH Sole 34,200 FIFTH THIRD BANCORP common 316773100 1,053 21,000 SH Sole 21,000 FIRST VIRGINIA BANKS INC common 337477103 141 3,600 SH Sole 3,600 FISERV INC common 337738108 635 20,181 SH Sole 20,181 FOUR SEASONS HOTELS INC LIMITED VOTING SHARES common 35100E104 133 4,900 SH Sole 4,900 FRANKLIN RESOURCES INC common 354613101 151 4,600 SH Sole 4,600 FURNITURE BRANDS INTERNATIONAL INC common 360921100 92 4,700 SH Sole 4,700 GALLAGHER ARTHUR J & CO common 363576109 91 3,700 SH Sole 3,700 GENERAL DYNAMICS CORP common 369550108 83 1,500 SH Sole 1,500 GENERAL ELECTRIC CO common 369604103 500 19,600 SH Sole 19,600 GENERAL MOTORS CORP COM common 370442105 51 1,530 SH Sole 1,530 GENTEX CORP common 371901109 74 2,927 SH Sole 2,927 GILLETTE CO common 375766102 1,176 38,000 SH Sole 38,000 GLAXOSMITHKLINE PLC SPONSORED ADR(FRM GLAXO WELL) common 37733W105 141 4,000 SH Sole 4,000 GOLDMAN SACHS GROUP INC common 38141G104 436 6,400 SH Sole 6,400 GRANITE CONSTRUCTION INC common 387328107 14 900 SH Sole 900 GREAT LAKES CHEMICAL CORP common 390568103 255 11,500 SH Sole 11,500 HALLIBURTON CO common 406216101 655 31,600 SH Sole 31,600 HANCOCK JOHN FINL SVCS INC common 41014S106 397 14,300 SH Sole 14,300 HARTFORD FINANCIAL SERVICES GROUP INC common 416515104 946 26,800 SH Sole 26,800 HCA INC (FRM HCA-HEALTHCARE COMPANY) common 404119109 171 4,140 SH Sole 4,140 HEALTH CARE PROPERTY INVS INC common 421915109 33 1,000 SH Sole 1,000 HEALTHCARE REALTY TRUST common 421946104 37 1,500 SH Sole 1,500 HERMAN MILLER INC common 600544100 101 6,300 SH Sole 6,300 HEWLETT PACKARD CO common 428236103 463 29,800 SH Sole 29,800 HIBERNIA CORP-CL A VOTING SHS common 428656102 53 3,100 SH Sole 3,100 HILB ROGAL & HAMILTON CO common 431294107 128 4,100 SH Sole 4,100 HONEYWELL INTL INC common 438516106 709 33,200 SH Sole 33,200 HOSPITALITY PROPERTIES TRUST SBI common 44106M102 67 2,200 SH Sole 2,200 IDEXX LABORATORIES CORP common 45168D104 143 4,100 SH Sole 4,100 ILLINOIS TOOL WORKS INC common 452308109 62 1,070 SH Sole 1,070 INTEL CORP common 458140100 918 56,400 SH Sole 56,400 INTERNATIONAL PAPER CO common 460146103 1,065 31,500 SH Sole 31,500 INTUIT INC common 461202103 885 23,800 SH Sole 23,800 J C PENNEY CO INC common 708160106 487 24,800 SH Sole 24,800 JOHN H HARLAND CO common 412693103 66 2,700 SH Sole 2,700 JOHNSON CONTROLS INC common 478366107 311 4,300 SH Sole 4,300 JONES APPAREL GROUP INC common 480074103 170 6,200 SH Sole 6,200 KB HOME common 48666K109 364 8,000 SH Sole 8,000 KEYCORP NEW common 493267108 1,329 58,900 SH Sole 58,900 KIMBERLY CLARK CORP common 494368103 873 19,200 SH Sole 19,200 KLA-TENCOR CORP common 482480100 553 15,390 SH Sole 15,390 KNIGHT TRANSPORTATION INC common 499064103 110 5,578 SH Sole 5,578 KNIGHT-RIDDER INC common 499040103 83 1,420 SH Sole 1,420 KONINKLIJKE PHILIPS ELECTRS N V SPONSORED ADR NEW 2000 common 500472303 90 5,800 SH Sole 5,800 KRAFT FOODS INC CL A common 50075N104 141 5,000 SH Sole 5,000 L-3 COMMUNICATIONS HLDINGS INC common 502424104 52 1,300 SH Sole 1,300 LEGGETT & PLATT INC common 524660107 645 35,300 SH Sole 35,300 LINCARE HOLDINGS INC common 532791100 12 400 SH Sole 400 LINCOLN NATIONAL CORP-IND common 534187109 893 31,900 SH Sole 31,900 LINEAR TECHNOLOGY CORP common 535678106 511 16,560 SH Sole 16,560 LINENS N THINGS INC common 535679104 102 5,000 SH Sole 5,000 LOEWS CORP common 540424108 1,271 31,900 SH Sole 31,900 MAGNA INTERNATIONAL INC CL-A SUBORDINATE VOTING SHARES common 559222401 52 1,000 SH Sole 1,000 MANOR CARE INC NEW common 564055101 102 5,300 SH Sole 5,300 MAXIM INTEGRATED PRODUCTS INC common 57772K101 319 8,820 SH Sole 8,820 MAY DEPARTMENT STORES CO common 577778103 26 1,330 SH Sole 1,330 MAYTAG CORP common 578592107 251 13,200 SH Sole 13,200 MCKESSON CORP common 58155Q103 187 7,500 SH Sole 7,500 MEDIMMUNE INC common 584699102 473 14,400 SH Sole 14,400 MEDTRONIC INC common 585055106 911 20,200 SH Sole 20,200 MERCURY COMPUTER SYSTEMS INC common 589378108 63 2,300 SH Sole 2,300 MERCURY INTERACTIVE CORP common 589405109 890 30,000 SH Sole 30,000 MEREDITH CORP common 589433101 74 1,930 SH Sole 1,930 MERRILL LYNCH & CO INC common 590188108 329 9,300 SH Sole 9,300 METLIFE INC common 59156R108 42 1,600 SH Sole 1,600 MICROCHIP TECHNOLOGY INC common 595017104 80 4,000 SH Sole 4,000 MICROSOFT CORP common 594918104 215 8,900 SH Sole 8,900 MOBILE TELESYSTEMS OJSC SPONSORED ADR common 607409109 95 2,300 SH Sole 2,300 MOLEX INC common 608554101 102 4,735 SH Sole 4,735 MORGAN STANLEY common 617446448 215 5,600 SH Sole 5,600 NATIONAL SEMICONDUCTOR CORP common 637640103 150 8,800 SH Sole 8,800 NAVISTAR INTERNATIONAL CORP NEW common 63934E108 121 4,900 SH Sole 4,900 NCR CORP NEW common 62886E108 72 3,900 SH Sole 3,900 NEW YORK TIMES CO-CL A common 650111107 397 9,200 SH Sole 9,200 NIKE INC-CL B common 654106103 159 3,100 SH Sole 3,100 NIPPON TELEGRAPH & TELEPHONE CORP-SPONSORED ADR common 654624105 36 2,100 SH Sole 2,100 NOBLE CORP NEW common G65422100 1,442 45,900 SH Sole 45,900 NOBLE ENERGY INC common 655044105 89 2,600 SH Sole 2,600 NORDSTROM INC common 655664100 601 37,100 SH Sole 37,100 NORFOLK SOUTHERN CORP common 655844108 89 4,780 SH Sole 4,780 NORTH FORK BANCORPORATION INC DEL common 659424105 383 13,000 SH Sole 13,000 NORTHERN TRUST CORP common 665859104 3 100 SH Sole 100 NOVARTIS AG-SPONSORED ADR common 66987V109 145 3,900 SH Sole 3,900 NOVELLUS SYSTEMS INC common 670008101 641 23,520 SH Sole 23,520 NUCOR CORP common 670346105 218 5,700 SH Sole 5,700 OMNICOM GROUP INC common 681919106 92 1,700 SH Sole 1,700 PAN PACIFIC RETAIL PROPERTIES INC common 69806L104 45 1,200 SH Sole 1,200 PANERA BREAD CO CL A common 69840W108 98 3,200 SH Sole 3,200 PARKER HANNIFIN CORP common 701094104 77 2,000 SH Sole 2,000 PAYCHEX INC common 704326107 138 5,020 SH Sole 5,020 PENN NATIONAL GAMING INC common 707569109 73 4,112 SH Sole 4,112 PEOPLESOFT INC common 712713106 488 31,900 SH Sole 31,900 PFIZER INC common 717081103 271 8,700 SH Sole 8,700 PHARMACIA CORP common 71713U102 377 8,700 SH Sole 8,700 PHELPS DODGE CORP common 717265102 231 7,100 SH Sole 7,100 PIER 1 IMPORTS INC common 720279108 105 6,600 SH Sole 6,600 PIONEER NATURAL RESOURCES CO common 723787107 143 5,700 SH Sole 5,700 PLUM CREEK TIMBER CO INC COM common 729251108 725 33,600 SH Sole 33,600 PNC FINANCIAL SVCS GROUP INC common 693475105 284 6,700 SH Sole 6,700 POGO PRODUCING CO common 730448107 32 800 SH Sole 800 POTASH CORP OF SASKATCHEWAN INC common 73755L107 129 2,100 SH Sole 2,100 PPG INDUSTRIES INC common 693506107 514 11,400 SH Sole 11,400 PRICE T ROWE GROUP INC common 74144T108 157 5,781 SH Sole 5,781 PRUDENTIAL FINANCIAL INC common 744320102 427 14,600 SH Sole 14,600 PUBLIC STORAGE INC common 74460D109 103 3,400 SH Sole 3,400 QUALCOMM INC common 747525103 148 4,100 SH Sole 4,100 R R DONNELLEY & SONS CO common 257867101 27 1,500 SH Sole 1,500 REYNOLDS R J TOB HOLDINGS INC common 76182K105 1,242 38,500 SH Sole 38,500 ROPER INDUSTRIES INC NEW common 776696106 78 2,700 SH Sole 2,700 ROSS STORES INC common 778296103 145 4,000 SH Sole 4,000 ROWAN COMPANIES INC common 779382100 372 18,900 SH Sole 18,900 RYDER SYSTEM INC common 783549108 459 22,400 SH Sole 22,400 SABRE HOLDINGS CORP CL A common 785905100 361 22,700 SH Sole 22,700 SAFEWAY INC common 786514208 392 20,700 SH Sole 20,700 SAP AKTIENGESELLSCHAFT SPONSORED ADR common 803054204 80 4,200 SH Sole 4,200 SARA LEE CORP common 803111103 29 1,540 SH Sole 1,540 SBC COMMUNICATIONS INC common 78387G103 387 19,300 SH Sole 19,300 SCHLUMBERGER LTD common 806857108 1,007 26,500 SH Sole 26,500 SELECTIVE INSURANCE GROUP INC common 816300107 61 2,500 SH Sole 2,500 SENSIENT TECHNOLOGIES CORP common 81725T100 54 2,700 SH Sole 2,700 SHERWIN WILLIAMS CO common 824348106 197 7,470 SH Sole 7,470 SICOR INC common 825846108 87 5,230 SH Sole 5,230 SIMON PROPERTY GROUP INC common 828806109 46 1,280 SH Sole 1,280 SNAP-ON INC common 833034101 537 21,700 SH Sole 21,700 SONY CORP-ADR NEW common 835699307 144 4,100 SH Sole 4,100 ST PAUL COMPANIES INC common 792860108 522 16,400 SH Sole 16,400 STANDARD & POORS DEPOSITARY RECEIPTS (SPDRS) (BOOK ENTRY) common 78462F103 20,312 239,700 SH Sole 239,700 STANDARD PACIFIC CORP NEW common 85375C101 3 100 SH Sole 100 STANLEY WORKS common 854616109 1,000 41,700 SH Sole 41,700 STAPLES INC common 855030102 341 18,589 SH Sole 18,589 STARWOOD HOTELS & RESORTS WORLDWIDE INC common 85590A203 504 21,200 SH Sole 21,200 STERICYCLE INC common 858912108 60 1,600 SH Sole 1,600 STERIS CORP common 859152100 31 1,200 SH Sole 1,200 STRYKER CORP common 863667101 364 5,300 SH Sole 5,300 SUNTRUST BANKS INC common 867914103 242 4,600 SH Sole 4,600 SWIFT TRANSPORTATION CO INC common 870756103 1 65 SH Sole 65 SYMANTEC CORP common 871503108 98 2,500 SH Sole 2,500 SYNOPSYS INC common 871607107 72 1,700 SH Sole 1,700 SYNOVUS FINANCIAL CORP common 87161C105 74 4,160 SH Sole 4,160 SYSCO CORP common 871829107 488 19,200 SH Sole 19,200 TECHNE CORP common 878377100 124 6,000 SH Sole 6,000 TELEFLEX INC common 879369106 43 1,200 SH Sole 1,200 TELEFONICA SA SPONSORED ADR REPSTG 3 ORD SHS common 879382208 109 3,900 SH Sole 3,900 TEMPLE INLAND INC common 879868107 591 15,800 SH Sole 15,800 TEXAS INSTRUMENTS INC common 882508104 593 36,200 SH Sole 36,200 TEXTRON INC common 883203101 442 16,100 SH Sole 16,100 THE PEPSI BOTTLING GROUP INC common 713409100 1,018 56,800 SH Sole 56,800 TIDEWATER INC common 886423102 138 4,800 SH Sole 4,800 TIFFANY & CO NEW common 886547108 900 36,000 SH Sole 36,000 TJX COMPANIES INC NEW common 872540109 19 1,100 SH Sole 1,100 TOO INC common 890333107 73 4,400 SH Sole 4,400 TRANSOCEAN INC. common G90078109 609 29,800 SH Sole 29,800 UNION PACIFIC CORP common 907818108 73 1,330 SH Sole 1,330 UNITED PARCEL SVC INC CL B common 911312106 51 900 SH Sole 900 UNITED TECHNOLOGIES CORP common 913017109 693 12,000 SH Sole 12,000 UNIVISION COMMUNICATIONS INC CL A common 914906102 319 13,000 SH Sole 13,000 US BANCORP DEL COM NEW common 902973304 940 49,500 SH Sole 49,500 VERIZON COMMUNICATIONS common 92343V104 311 8,800 SH Sole 8,800 VIACOM INC-CL B common 925524308 1,008 27,600 SH Sole 27,600 VODAFONE GROUP PLC NEW SPONSORED ADR common 92857W100 89 4,900 SH Sole 4,900 W W GRAINGER INC common 384802104 82 1,900 SH Sole 1,900 WACHOVIA CORP 2ND NEW COM common 929903102 101 2,950 SH Sole 2,950 WALGREEN CO common 931422109 3 100 SH Sole 100 WAL-MART STORES INC common 931142103 5 100 SH Sole 100 WALT DISNEY CO HOLDING CO common 254687106 426 25,000 SH Sole 25,000 WASTE CONNECTIONS INC common 941053100 28 800 SH Sole 800 WASTE MANAGEMENT INC DEL common 94106L109 127 6,000 SH Sole 6,000 WEBSENSE INC common 947684106 18 1,200 SH Sole 1,200 WEBSTER FINANCIAL CORP common 947890109 70 2,000 SH Sole 2,000 WELLS FARGO & CO-NEW common 949746101 158 3,510 SH Sole 3,510 WERNER ENTERPRISES INC common 950755108 102 5,298 SH Sole 5,298 WESTERN GAS RESOURCES INC common 958259103 94 2,900 SH Sole 2,900 WESTWOOD ONE INC common 961815107 28 900 SH Sole 900 WEYERHAEUSER CO common 962166104 77 1,600 SH Sole 1,600 WHIRLPOOL CORP common 963320106 554 11,300 SH Sole 11,300 WHOLE FOODS MARKET INC common 966837106 100 1,800 SH Sole 1,800 WILLIAMS SONOMA INC common 969904101 98 4,500 SH Sole 4,500 WYETH COM common 983024100 11 300 SH Sole 300 XILINX INC common 983919101 124 5,310 SH Sole 5,310 ZIMMER HOLDINGS INC common 98956P102 224 4,600 SH Sole 4,600 102,556 3,135,828

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