UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 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: BP p.l.c.
Address: 1 St James's Square
London SW1Y 4PD
England
Form 13F File Number: 28-05353
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: Dr. Byron E. Grote
Title: Chief Financial Officer and Executive Director
Phone: 020 7496 4263
Signature, Place, and Date of Signing:
/s/ Byron Grote London, UK 1 May 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).)
List of Other Managers Reporting for this Manager:
Form 13F File Number Name
28-________________ _______________
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 2
-----------
Form 13F Information Table Entry Total: 323
-----------
Form 13F Information Table Value Total: $ 1,048,590
-----------
(thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
No. Form 13F File Number Name
01 28-05357 BP Investment Management Limited
02 28-00312 BP Corporation North America Inc.
BP P.L.C.
FORM 13F INFORMATION TABLE
MARCH 31, 2003
TITLE MARKET
OF VALUE SHARES/ SH/ INVESTMENT OTHER VOTING AUTHORITY
ISSUER CLASS CUSIP ($000) PRN AMT PRN DISCRETION MANAGERS SOLE SHARED NONE
1ST DATA CPUSD0.01 COM 319963104 3,738 101,000 SH DEFINED 01 101,000
3M COM 604059105 6,502 50,000 SH DEFINED 01 50,000
5TH 3RD BANCO NPV COM 316773100 3,460 69,000 SH DEFINED 01 69,000
ABBOTT LABS COM 002824100 6,657 177,000 SH DEFINED 01 177,000
ADOBE SYSTEMS COM 00724F101 1,233 40,000 SH DEFINED 01 40,000
AFLAC$0.10 COM 001055102 2,035 63,500 SH DEFINED 01 63,500
AIR PROD&CHEM COM 009158106 1,657 40,000 SH DEFINED 01 40,000
ALBERTSON'S COM 013104104 660 35,000 SH DEFINED 01 35,000
ALCOA INC COM 013817101 2,035 105,000 SH DEFINED 01 105,000
ALLOS THERAPEUTICS COM 019777101 177 44,172 SH DEFINED 02 44,172
ALLSTATE CORP$0.01 COM 020002101 2,488 75,000 SH DEFINED 01 75,000
ALLTEL COM 020039103 1,790 40,000 SH DEFINED 01 40,000
ALTERA CP COM 021441100 542 40,000 SH DEFINED 01 40,000
ALTRIA GRP INC COM 718154107 6,741 225,000 SH DEFINED 01 225,000
AMAZON COM COM 023135106 1,041 40,000 SH DEFINED 01 40,000
AMBAC FIN COM 023139108 505 10,000 SH DEFINED 01 10,000
AMER EXPRS COM 025816109 4,984 150,000 SH DEFINED 01 150,000
AMER INT GR COM 026874107 15,127 305,905 SH DEFINED 01 305,905
AMER MOV ADR20 ADR 02364W105 802 60,000 SH DEFINED 01 60,000
AMER MOV ADR20 ADR 02364W204 1,305 100,000 SH DEFINED 01 100,000
AMEREN$0.01 COM 023608102 1,367 35,000 SH DEFINED 01 35,000
AMGEN$0.0001 COM 031162100 9,093 158,000 SH DEFINED 01 158,000
AMSOUTH BNCP COM 032165102 895 45,000 SH DEFINED 01 45,000
ANADARKO PET COM 032511107 1,365 30,000 SH DEFINED 01 30,000
ANALOG$0.166 COM 032654105 1,100 40,000 SH DEFINED 01 40,000
ANHEUSER COM 035229103 4,792 102,800 SH DEFINED 01 102,800
AOL TIME WARNER COM 00184A105 5,104 470,000 SH DEFINED 01 470,000
APACHE CORP$1.25 COM 037411105 1,297 21,000 SH DEFINED 01 21,000
APP MATERIAL COM 038222105 2,554 203,000 SH DEFINED 01 203,000
APPLE COM NPV COM 037833100 566 40,000 SH DEFINED 01 40,000
APPLERA BIOSYS COM 693325102 317 20,000 SH DEFINED 01 20,000
ARGLNT TECH COM 00846U101 502 38,140 SH DEFINED 01 38,140
AT&T CORP COM 001957505 1,343 82,909 SH DEFINED 01 82,909
AT&T WIRELESS COM 00209A106 2,244 340,000 SH DEFINED 01 340,000
AT&T-LIB MED CORP COM 530718105 3,028 311,200 SH DEFINED 01 311,200
AUTO DATA$0.10 COM 053015103 2,001 65,000 SH DEFINED 01 65,000
AVON PRODS COM 054303102 1,712 30,000 SH DEFINED 01 30,000
BAKER HUGHES$1 COM 057224107 1,497 50,000 SH DEFINED 01 50,000
BANK ONE CP COM 06423A103 5,557 160,500 SH DEFINED 01 160,500
BAXTER INTL COM 071813109 1,603 86,000 SH DEFINED 01 86,000
BB&T CP USD5 COM 054937107 1,886 60,000 SH DEFINED 01 60,000
BEA SYSTEM$0.001 COM 073325102 611 60,000 SH DEFINED 01 60,000
BECTON DICK$1 COM 075887109 861 25,000 SH DEFINED 01 25,000
BELLSOUTH COM 079860102 4,551 210,000 SH DEFINED 01 210,000
BERKSHIRE HATH'A' COM 084670108 9,570 150 SH DEFINED 01 150
BEST BUY$0.10 COM 086516101 1,011 37,500 SH DEFINED 01 37,500
BIOGEN COM 090597105 419 14,000 SH DEFINED 01 14,000
BK NEWYORK$7.50 COM 064057102 1,742 85,000 SH DEFINED 01 85,000
BK OF AMER USD.01 COM 060505104 2,700 190,000 SH DEFINED 01 190,000
BLACK&DECKER$0.50 COM 091797100 697 20,000 SH DEFINED 01 20,000
BLOCK(H&R)NPV COM 093671105 1,067 25,000 SH DEFINED 01 25,000
BMC SOFTWARE COM 055921100 679 45,000 SH DEFINED 01 45,000
BOEING COM 097023105 2,205 88,000 SH DEFINED 01 88,000
BOSTON SCIEN $0.01 COM 101137107 1,834 45,000 SH DEFINED 01 45,000
BROADCOM COM 111320107 259 21,000 SH DEFINED 01 21,000
BRSTL-MYER SQ!0.10 COM 110122108 4,564 216,000 SH DEFINED 01 216,000
BURLINGTN RES$0.01 COM 122014103 1,431 30,000 SH DEFINED 01 30,000
BURLINGTON N. NPV COM 12189T104 1,195 48,000 SH DEFINED 01 48,000
CAP1 FINL COM 14040H105 750 25,000 SH DEFINED 01 25,000
CARDINAL HLTH NPV COM 14149Y108 3,561 62,500 SH DEFINED 01 62,500
CARNIVAL COM 143658102 1,567 65,000 SH DEFINED 01 65,000
CARSO GBL SPN.ADR ADR 14574P107 1,309 640,000 SH DEFINED 01 640,000
CATERPILLAR COM 149123101 2,927 59,500 SH DEFINED 01 59,500
CEMX ADR 5 CPO ADR 151290889 2,442 140,000 SH DEFINED 01 140,000
CENDANT$0.01 COM 151313103 1,524 120,000 SH DEFINED 01 120,000
CERIDIAN COM 15677T106 419 30,000 SH DEFINED 01 30,000
CHEVRONTEXACO COM 166751107 8,084 125,050 SH DEFINED 01 125,050
CHUBB CORP!1 COM 171232101 886 20,000 SH DEFINED 01 20,000
CIENA CP$0.01 COM 171779101 218 50,000 SH DEFINED 01 50,000
CIGNA CP COM 125509109 777 17,000 SH DEFINED 01 17,000
CINERGY$0.01 COM 172474108 740 22,000 SH DEFINED 01 22,000
CISCO SYSTEMS COM 17275R102 10,773 830,000 SH DEFINED 01 830,000
CITIGROUP USD0.01 COM 172967101 19,281 559,669 SH DEFINED 01 559,669
CITRIX SYS COM 177376100 395 30,000 SH DEFINED 01 30,000
CLEAR CHANNL COM 184502102 2,374 70,000 SH DEFINED 01 70,000
COCA COLA!0.25 COM 191216100 10,363 256,000 SH DEFINED 01 256,000
COCA-COLA ENT$1 COM 191219104 748 40,000 SH DEFINED 01 40,000
COLGATE-PALMOLIVE COM 194162103 4,524 83,100 SH DEFINED 01 83,100
COMCAST CORP(NEW) COM 20030N200 3,574 130,000 SH DEFINED 01 130,000
COMCAST'A' COM 20030N101 4,120 144,105 SH DEFINED 01 144,105
COMERICA$5 COM 200340107 833 22,000 SH DEFINED 01 22,000
COMP SCIENCES$1 COM 205363104 651 20,000 SH DEFINED 01 20,000
COMVERSE TEC COM 205862402 339 30,000 SH DEFINED 01 30,000
CONOCOPHILLIPS COM 718507106 3,756 70,077 SH DEFINED 01 70,077
CONSL EDISON!0.10 COM 209115104 2,308 60,000 SH DEFINED 01 60,000
CORNING$0.50 COM 219350105 438 75,000 SH DEFINED 01 75,000
COSTCO WHLESLE COM 22160K105 1,862 62,000 SH DEFINED 01 62,000
COX COMM'A'$1 COM 224044107 933 30,000 SH DEFINED 01 30,000
CSX CORP COM 126408103 970 34,000 SH DEFINED 01 34,000
CVS CORP COM 126650100 1,431 60,000 SH DEFINED 01 60,000
DARDEN RESTCSN COM 237194105 357 20,000 SH DEFINED 01 20,000
DEERE&CO!1 COM 244199105 1,374 35,000 SH DEFINED 01 35,000
DELL COMPUTER!0.01 COM 247025109 8,056 295,000 SH DEFINED 01 295,000
DEVON ENERGY COM 25179M103 964 20,000 SH DEFINED 01 20,000
DLP AUTO SYSM COM 247126105 410 60,000 SH DEFINED 01 60,000
DOLLAR GEN!0.50 COM 256669102 565 46,250 SH DEFINED 01 46,250
DOMINION RES(VIRG) COM 257470104 3,045 55,000 SH DEFINED 01 55,000
DOW CHEM COM 260543103 3,313 120,000 SH DEFINED 01 120,000
DTE ENRGY COM 233331107 734 19,000 SH DEFINED 01 19,000
DU PONTC/TUSD0.30 COM 263534109 5,246 135,000 SH DEFINED 01 135,000
DUKE ENGY NPV COM 264399106 1,309 90,000 SH DEFINED 01 90,000
EATON CORP COM 278058102 839 12,000 SH DEFINED 01 12,000
EBAY IUSD0.01 COM 278642103 2,218 26,000 SH DEFINED 01 26,000
ECOLAB$1 COM 278865100 740 15,000 SH DEFINED 01 15,000
ELE DTA SYS$0.01 COM 285661104 528 30,000 SH DEFINED 01 30,000
ELEC ARTS COM 285512109 880 15,000 SH DEFINED 01 15,000
EMC CORP$0.01 COM 268648102 1,735 240,000 SH DEFINED 01 240,000
EMERSON ELEC$1 COM 291011104 2,267 50,000 SH DEFINED 01 50,000
ENGELHARD COM 292845104 643 30,000 SH DEFINED 01 30,000
EQTY OFCE USD0.01 COM 294741103 1,273 50,000 SH DEFINED 01 50,000
EXELON CP NPV COM 30161N101 2,016 40,000 SH DEFINED 01 40,000
EXULT INC. COM 302284104 40,442 5,517,392 SH SOLE 5,517,392
EXXON MOB COM 30231G102 28,309 810,000 SH DEFINED 01 810,000
FANNIE MAE COM 313586109 7,450 114,000 SH DEFINED 01 114,000
FED DEPT US$0.01 COM 31410H101 560 20,000 SH DEFINED 01 20,000
FEDEX CORP COM 31428X106 1,542 28,000 SH DEFINED 01 28,000
FIRST ENERGY USD.1 COM 337932107 945 30,000 SH DEFINED 01 30,000
FLEET BSTN FINL COM 339030108 2,603 109,000 SH DEFINED 01 109,000
FLUOR COM 343861100 674 20,000 SH DEFINED 01 20,000
FOM ECON ADR ADR 344419106 998 30,000 SH DEFINED 01 30,000
FORD MTR COM 345370860 1,520 202,097 SH DEFINED 01 202,097
FOREST LABS COM 345838106 540 10,000 SH DEFINED 01 10,000
FOX ENT GRP'A' COM 35138T107 933 35,000 SH DEFINED 01 35,000
FPL GR$0.01 COM 302571104 1,591 27,000 SH DEFINED 01 27,000
FRANKLIN RES COM 354613101 658 20,000 SH DEFINED 01 20,000
FRED MAC USD0.21 COM 313400301 3,478 65,500 SH DEFINED 01 65,500
GANNETT CO$1 COM 364730101 3,127 44,400 SH DEFINED 01 44,400
GAP INC$0.05 COM 364760108 1,232 85,000 SH DEFINED 01 85,000
GEN ELEC COM 369604103 27,922 1,095,000 SH DEFINED 01 1,095,000
GEN MOT 'H'USD0.10 COM 370442832 616 55,000 SH DEFINED 01 55,000
GEN MOTORS COM 370442105 1,765 52,500 SH DEFINED 01 52,500
GENERAL MLS$0.1 COM 370334104 2,733 60,000 SH DEFINED 01 60,000
GILLETTE CO$1 COM 375766102 3,589 116,000 SH DEFINED 01 116,000
GLBSANFE CORP COM G3930E101 962 46,600 SH DEFINED 01 46,600
GLD SACHS COM 38141G104 783 11,500 SH DEFINED 01 11,500
GOLDEN WEST$0.10 COM 381317106 1,079 15,000 SH DEFINED 01 15,000
GPO CARSO SPN.ADR ADR 400485207 475 100,000 SH DEFINED 01 100,000
GRAINGER$0.50 COM 384802104 644 15,000 SH DEFINED 01 15,000
GRUPO TELE SP GDR GDR 40049J206 1,132 45,000 SH DEFINED 01 45,000
GUIDNT CRP NPV COM 401698105 1,014 28,000 SH DEFINED 01 28,000
HARLEY DAVID$0.01 COM 412822108 1,727 43,500 SH DEFINED 01 43,500
HARRAHS ENT$0.10 COM 413619107 411 11,500 SH DEFINED 01 11,500
HARTFORD FINL USD COM 416515104 1,390 39,400 SH DEFINED 01 39,400
HCA INC COM 404119109 2,999 72,500 SH DEFINED 01 72,500
HEINZ(HJ) COM 423074103 1,095 37,500 SH DEFINED 01 37,500
HELL TELECOM ADS COM 423325307 131 27,778 SH DEFINED 01 27,778
HERSHEY FOODS$1 COM 427866108 627 10,000 SH DEFINED 01 10,000
HEWLETT-PKARD$0.01 COM 428236103 5,287 340,000 SH DEFINED 01 340,000
HILTON HOTELS$2.50 COM 432848109 581 50,000 SH DEFINED 01 50,000
HNYWELL INTL COM 438516106 1,816 85,000 SH DEFINED 01 85,000
HOME DEPOT$0.05 COM 437076102 6,358 261,000 SH DEFINED 01 261,000
HSEHLD INTL COM 441815107 86,014 3,041,500 SH DEFINED 01 3,041,500
IBM COM 459200101 14,510 185,000 SH DEFINED 01 185,000
ILL TOOL NPV COM 452308109 2,326 40,000 SH DEFINED 01 40,000
INDIA FUND COM 454089103 3,174 309,637 SH DEFINED 01 309,637
INGRSL-RND'A' COM G4776G101 1,081 28,000 SH DEFINED 01 28,000
INT PAPER !1 COM 460146103 2,028 60,000 SH DEFINED 01 60,000
INTEL COM 458140100 12,861 790,000 SH DEFINED 01 790,000
INTERPUB$0.10 COM 460690100 186 20,000 SH DEFINED 01 20,000
INTUIT 0.01 COM 461202103 751 20,200 SH DEFINED 01 20,200
IONA TECH ADR ADR 46206P109 135 65,000 SH DEFINED 01 65,000
ITT INDUST COM 450911102 1,068 20,000 SH DEFINED 01 20,000
J HANCOCK FIN SER COM 410145106 1,111 40,000 SH DEFINED 01 40,000
JANUS CAP GRP INC COM 860831106 228 20,000 SH DEFINED 01 20,000
JDS UNIPHASE CRP COM 46612J101 307 107,700 SH DEFINED 01 107,700
JOHNSN CNTL$0.1666 COM 478366107 1,449 20,000 SH DEFINED 01 20,000
JOHNSN&JOHNSN COM 478160104 18,958 327,600 SH DEFINED 01 327,600
JP MORGAN CHASE (CS) COM 46625H100 13,325 562,007 SH DEFINED 01 562,007
KELLOGG$0.25 COM 487836108 1,303 42,500 SH DEFINED 01 42,500
KERR-MCGEE$1 COM 492386107 1,218 30,000 SH DEFINED 01 30,000
KEYCORP$1 COM 493267108 1,184 52,500 SH DEFINED 01 52,500
KIMBERLY CLK ADR ADR 494368204 391 34,000 SH DEFINED 01 34,000
KIMBERLY-CL$1.25 COM 494368103 2,637 58,000 SH DEFINED 01 58,000
KLA TENCOR COM 482480100 970 27,000 SH DEFINED 01 27,000
KOHLS CORP COM 500255104 2,037 36,000 SH DEFINED 01 36,000
KRFT FDS INC'A' COM 50075N104 1,974 70,000 SH DEFINED 01 70,000
KROGER$1 COM 501044101 1,052 80,000 SH DEFINED 01 80,000
LASON SYS$0.01 COM 51808R107 0 1,824 SH DEFINED 01 1,824
LEHMAN BROS$0.10 COM 524908100 1,848 32,000 SH DEFINED 01 32,000
LEXMARK INTL'A'$ COM 529771107 1,339 20,000 SH DEFINED 01 20,000
LILLY ELI COM 532457108 7,001 122,500 SH DEFINED 01 122,500
LINCOLN NATL COM 534187109 560 20,000 SH DEFINED 01 20,000
LINEAR TECH NPV COM 535678106 926 30,000 SH DEFINED 01 30,000
LOCK MARTIN COM 539830109 2,615 55,000 SH DEFINED 01 55,000
LOWE'S COS$0.50 COM 548661107 4,245 104,000 SH DEFINED 01 104,000
LSI LOGIC COM 502161102 158 35,000 SH DEFINED 01 35,000
LTD INC COM 532716107 644 50,000 SH DEFINED 01 50,000
M.B.N.A.$0.01 COM 55262L100 2,032 135,000 SH DEFINED 01 135,000
MANULIFE FINL CORP COM (ARCO) COM 56501R106 57,645 2,408,906 SH SOLE 2,408,906
MARATHON OIL COM 565849106 719 30,000 SH DEFINED 01 30,000
MARRIOTT INT'A' COM 571903202 1,272 40,000 SH DEFINED 01 40,000
MARSH&MCLN COM 571748102 3,496 82,000 SH DEFINED 01 82,000
MASCO CORPN$1 COM 574599106 1,490 80,000 SH DEFINED 01 80,000
MATAV RT ADS COM 576561104 839 50,000 SH DEFINED 01 50,000
MATTEL INC$1 COM 577081102 900 40,000 SH DEFINED 01 40,000
MAXIM INTER USD COM 57772K101 1,336 37,000 SH DEFINED 01 37,000
MBIA INC COM 55262C100 580 15,000 SH DEFINED 01 15,000
MCDONALD'S COM 580135101 2,097 145,000 SH DEFINED 01 145,000
MCGRAW HILL$1 COM 580645109 1,279 23,000 SH DEFINED 01 23,000
MCKESSON CORP COM 58155Q103 997 40,000 SH DEFINED 01 40,000
MEADWESTVACO COM 583334107 456 20,000 SH DEFINED 01 20,000
MEDIMMUNE COM 584699102 1,559 47,500 SH DEFINED 01 47,500
MEDTRONIC INC$0.10 COM 585055106 6,181 137,000 SH DEFINED 01 137,000
MELLON FINL COM 58551A108 946 44,500 SH DEFINED 01 44,500
MERANT COM 587336108 931 99,000 SH DEFINED 01 99,000
MERCK&CO NPV COM 589331107 14,298 261,000 SH DEFINED 01 261,000
MERRIL LYNCH COM 590188108 3,168 89,500 SH DEFINED 01 89,500
METLIFE INC COM 59156R108 1,715 65,000 SH DEFINED 01 65,000
MGN STN COM 617446448 4,660 121,500 SH DEFINED 01 121,500
MICRON TECH COM 595112103 733 90,000 SH DEFINED 01 90,000
MICROSOFT COM 594918104 30,020 1,240,000 SH DEFINED 01 1,240,000
MILLNUM PHARM COM 599902103 275 35,000 SH DEFINED 01 35,000
MOLEX COM 608554101 752 35,000 SH DEFINED 01 35,000
MOODYS COM 615369105 1,965 42,500 SH DEFINED 01 42,500
MOTOROLA COM 620076109 2,106 255,000 SH DEFINED 01 255,000
N.FORK BANC COM 659424105 1,045 35,500 SH DEFINED 01 35,500
NAT CITY CORP COM 635405103 1,810 65,000 SH DEFINED 01 65,000
NAT SEMICON$0.50 COM 637640103 341 20,000 SH DEFINED 01 20,000
NATUZZI ADR ADR 456478106 1,463 181,340 SH DEFINED 01 181,340
NEWELL RUBBERMAID COM 651229106 1,134 40,000 SH DEFINED 01 40,000
NEWMONT$1.60 COM 651639106 1,373 52,500 SH DEFINED 01 52,500
NEXTL COMM INC COM 65332V103 1,138 85,000 SH DEFINED 01 85,000
NIKE'B'NPV COM 654106103 1,285 25,000 SH DEFINED 01 25,000
NORFOLK S.$1 COM 655844108 928 50,000 SH DEFINED 01 50,000
NRTHN TST COM 665859104 776 25,500 SH DEFINED 01 25,500
NRTHROP GRUM COM 666807102 1,802 21,000 SH DEFINED 01 21,000
NY TIMES COM 650111107 1,489 34,500 SH DEFINED 01 34,500
OMNICOM!0.50 COM 681919106 1,441 26,600 SH DEFINED 01 26,600
ORACLE CP$0.01 COM 68389X105 6,672 615,000 SH DEFINED 01 615,000
ORBOTECH COM M75253100 696 62,500 SH DEFINED 01 62,500
PAYCHEX COM 704326107 1,511 55,000 SH DEFINED 01 55,000
PENNEY(JC)CO$0.50 COM 708160106 687 35,000 SH DEFINED 01 35,000
PEOPLESFT 0.01 COM 712713106 536 35,000 SH DEFINED 01 35,000
PEPSICO CAP STK$ COM 713448108 8,196 204,900 SH DEFINED 01 204,900
PER PERSER ADR144A ADR 715680104 1,807 205,300 SH DEFINED 01 205,300
PFIZER COM 717081103 21,033 675,000 SH DEFINED 01 675,000
PHMRMC CRPRTN COM 71713U102 6,978 161,150 SH DEFINED 01 161,150
PHOENIX COS INC NEW COM 71902E109 737 101,817 SH SOLE 101,817
PITNEY BOWES COM 724479100 798 25,000 SH DEFINED 01 25,000
PPG INDS$1 2/3 COM 693506107 902 20,000 SH DEFINED 01 20,000
PPL CP COM 69351T106 1,050 29,500 SH DEFINED 01 29,500
PRAXAIR$0.01 COM 74005P104 845 15,000 SH DEFINED 01 15,000
PRGRSS ENRGY COM 743263105 1,566 40,000 SH DEFINED 01 40,000
PRINCIPAL FINANCIAL GROUP IN COM 74251V102 281 10,354 SH SOLE 10,354
PRKM SFW GDR RGS GDR 743394207 511 35,000 SH DEFINED 01 35,000
PROCTR&GMBLE COM 742718109 13,536 152,000 SH DEFINED 01 152,000
PRUDENT FINANCIAL COM 744320102 585 20,000 SH DEFINED 01 20,000
PUBLIC SERV NPV COM 744573106 917 25,000 SH DEFINED 01 25,000
QUALCOMM COM 747525103 3,245 90,000 SH DEFINED 01 90,000
RAYTHEON CO COM 755111507 1,418 50,000 SH DEFINED 01 50,000
RCHTR GEDN GDR'RS' GDR 368467304 4,536 72,000 SH DEFINED 01 72,000
RCKWLL CLLNS COM 774341101 551 30,000 SH DEFINED 01 30,000
ROC TAIWN SHS BEN COM 749651105 813 220,284 SH DEFINED 01 220,284
ROCKWELL AUTO COM 773903109 621 30,000 SH DEFINED 01 30,000
ROHM&HAAS COM 775371107 447 15,000 SH DEFINED 01 15,000
SAFEWAY INC$0.01 COM 786514208 852 45,000 SH DEFINED 01 45,000
SANMINA CORP COM 800907107 404 100,000 SH DEFINED 01 100,000
SARA LEE COM 803111103 2,150 115,000 SH DEFINED 01 115,000
SBC COMM$1 COM 78387G103 7,222 360,000 SH DEFINED 01 360,000
SCHERING-PLOUGH COM 806605101 2,443 137,000 SH DEFINED 01 137,000
SCHLMBGR!1 COM 806857108 2,281 60,000 SH DEFINED 01 60,000
SCHWAB CHARL$0.01 COM 808513105 939 130,000 SH DEFINED 01 130,000
SEARS ROE!0.75 COM 812387108 966 40,000 SH DEFINED 01 40,000
SIEBEL SYS$0.001 COM 826170102 481 60,000 SH DEFINED 01 60,000
SIGMA ALDRICH$1 COM 826552101 667 15,000 SH DEFINED 01 15,000
SIMON PROP COM 828806109 932 26,000 SH DEFINED 01 26,000
SLM CORP COM 78442P106 2,662 24,000 SH DEFINED 01 24,000
SOLECTRON 0.001 COM 834182107 385 127,550 SH DEFINED 01 127,550
SOUTHERN CO$5 COM 842587107 4,607 162,000 SH DEFINED 01 162,000
SPRINT CR(PCS GRP) COM 852061506 436 100,000 SH DEFINED 01 100,000
SPRINT$2.50 COM 852061100 1,175 100,000 SH DEFINED 01 100,000
SPX COM 784635104 290 8,500 SH DEFINED 01 8,500
ST PAUL COS NPV COM 792860108 1,113 35,000 SH DEFINED 01 35,000
STAPLES USD COM 855030102 1,393 76,000 SH DEFINED 01 76,000
STARBUCK NPV COM 855244109 824 32,000 SH DEFINED 01 32,000
STARWD HOTELS'B' COM 85590A203 690 29,000 SH DEFINED 01 29,000
STATE ST CP$1 COM 857477103 1,139 36,000 SH DEFINED 01 36,000
STET HELL TEL ADR ADR 859823106 461 57,737 SH DEFINED 01 57,737
STRYKER CORP$0.10 COM 863667101 1,030 15,000 SH DEFINED 01 15,000
SUN MICRO COM 866810104 1,271 390,000 SH DEFINED 01 390,000
SW AIR$1 COM 844741108 1,292 90,000 SH DEFINED 01 90,000
SYNOVUS FNCL COM 87161C105 930 52,000 SH DEFINED 01 52,000
SYSCO CORP$1 COM 871829107 2,562 100,700 SH DEFINED 01 100,700
TARGET CP COM 87612E106 2,692 92,000 SH DEFINED 01 92,000
TCF FINCL COM 872275102 801 20,000 SH DEFINED 01 20,000
TEFNDS MEX ADR ADR 879403707 3,962 135,000 SH DEFINED 01 135,000
TELE MEX ADS COM 879403780 669 22,500 SH DEFINED 01 22,500
TEMPLE-INLAND$1 COM 879868107 374 10,000 SH DEFINED 01 10,000
TENET HLTH COM 88033G103 919 55,000 SH DEFINED 01 55,000
TERADYNE COM 880770102 233 20,000 SH DEFINED 01 20,000
TEXAS INSTS$1 COM 882508104 3,438 210,000 SH DEFINED 01 210,000
TEXTRON INC$0.125 COM 883203101 824 30,000 SH DEFINED 01 30,000
THERASENSE INC COM 883381105 774 115,865 SH DEFINED 02 115,865
TJX CO!1 COM 872540109 1,056 60,000 SH DEFINED 01 60,000
TRANSOCN INC COM G90078109 818 40,000 SH DEFINED 01 40,000
TRAV PROP CAS'B' COM 89420G406 1,468 104,037 SH DEFINED 01 104,037
TRAV PRP CAS'A' COM 89420G109 211 15,000 SH DEFINED 01 15,000
TRIBUNE(DEL)NPV COM 896047107 1,913 42,500 SH DEFINED 01 42,500
TYCO INT LD COM 902124106 2,894 225,000 SH DEFINED 01 225,000
UNION PAC CORP COM 907818108 1,623 29,500 SH DEFINED 01 29,500
UNISYS CP COM 909214108 278 30,000 SH DEFINED 01 30,000
UNITEDHEALTH GRP COM 910581107 4,538 49,500 SH DEFINED 01 49,500
UPS'B' COM 911312106 2,023 35,500 SH DEFINED 01 35,500
US BANCORP COM 917292104 3,796 200,000 SH DEFINED 01 200,000
UST INC(DEL)$0.50 COM 902911106 966 35,000 SH DEFINED 01 35,000
UTD TECH COM 913017109 4,334 75,000 SH DEFINED 01 75,000
VERITAS SFTWRE NPV COM 923436109 615 35,000 SH DEFINED 01 35,000
VERIZON COMM COM 92343V104 10,580 299,300 SH DEFINED 01 299,300
VIACOM N.VTG'B' COM 925524308 7,140 195,500 SH DEFINED 01 195,500
VIVND UNI ADR ADR 92851S204 150 11,200 SH DEFINED 01 11,200
W.DISNEY HDS DIS COM 254687106 3,608 212,000 SH DEFINED 01 212,000
WACHOVIA CRP USD COM 337358105 6,030 177,000 SH DEFINED 01 177,000
WAL MART STRS$0.10 COM 931142103 19,771 380,000 SH DEFINED 01 380,000
WALGREEN COM 931422109 3,532 119,800 SH DEFINED 01 119,800
WASH MUT COM 939322103 3,774 107,000 SH DEFINED 01 107,000
WASTE MGMT COM 94106L109 2,012 95,000 SH DEFINED 01 95,000
WELLPOINT$0.01 COM 94973H108 1,190 15,500 SH DEFINED 01 15,500
WELLS FARGO COM 949746101 9,088 202,000 SH DEFINED 01 202,000
WEYERHAEUSER$1.25 COM 962166104 2,352 49,168 SH DEFINED 01 49,168
WYETH COM 983024100 6,051 160,000 SH DEFINED 01 160,000
X1LINX$0.01 COM 983919101 936 40,000 SH DEFINED 01 40,000
YAHOO INC COM 984332106 1,201 50,000 SH DEFINED 01 50,000
ZIMMER HOLDINGS COM 98956P102 973 20,000 SH DEFINED 01 20,000
TOTAL 1,048,590