UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 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: 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 2nd February 2005
------------------ ------------------ ------------------
[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: 1
------------
Form 13F Information Table Entry Total: 384
------------
Form 13F Information Table Value Total: $ 1,197,244
------------
(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
BP P.L.C.
FORM 13F INFORMATION TABLE
DECEMBER 31, 2004
TITLE
OF VALUE SHARES SH/ INVESTMENT VOTING AUTHORITY
ISSUER CLASS CUSIP (x$1000) /PRN AMT PRN DISCRETION MANAGERS SOLE SHARED NONE
3M COM 88579Y101 6566 80000 SH DEFINED 01 80000
ABBOTT LABORATORIES COM 002824100 8164 175000 SH DEFINED 01 175000
ACCENTURE COM G1150G111 405 15000 SH DEFINED 01 15000
ACE LTD COM G0070K103 1283 30000 SH DEFINED 01 30000
ADOBE SYS COM 00724F101 1882 30000 SH DEFINED 01 30000
AES CORP COM 00130H105 820 60000 SH DEFINED 01 60000
AETNA COM 00817Y108 2246 18000 SH DEFINED 01 18000
AFFILIATED COMPUTER SERVICES COM 008190100 843 14000 SH DEFINED 01 14000
AFLAC COM 001055102 2092 52500 SH DEFINED 01 52500
AGILENT TECHNOLOGIES COM 00846U101 1205 50000 SH DEFINED 01 50000
AIR PRODUCTS & CHEMS COM 009158106 1449 25000 SH DEFINED 01 25000
ALBERTSONS COM 013104104 836 35000 SH DEFINED 01 35000
ALCOA COM 013817101 2765 88000 SH DEFINED 01 88000
ALLEGHENY ENERGY COM 017361106 788 40000 SH DEFINED 01 40000
ALLEGHENY TECHNOLOGIES COM 01741R102 217 10000 SH DEFINED 01 10000
ALLOS THERAPEUTICS COM STK USD COM 019777101 106 44172 SH SOLE 44172
ALLSTATE COM 020002101 4396 85000 SH DEFINED 01 85000
ALLTEL COM 020039103 1939 33000 SH DEFINED 01 33000
ALTERA COM 021441100 828 40000 SH DEFINED 01 40000
ALTRIA COM 02209S103 13137 215000 SH DEFINED 01 215000
AMBAC FINANCIAL GRP COM 023139108 821 10000 SH DEFINED 01 10000
AMER ELEC POWER COM 025537101 1374 40000 SH DEFINED 01 40000
AMEREN COM 023608102 1003 20000 SH DEFINED 01 20000
AMERICA MOVIL A ADR ADR 02364W204 5222 100000 SH DEFINED 01 100000
AMERICA MOVIL L ADR ADR 02364W105 3298 63000 SH DEFINED 01 63000
AMERICAN EXPRESS COM 025816109 9019 160000 SH DEFINED 01 160000
AMERICAN INTL GROUP COM 026874107 17534 267000 SH DEFINED 01 267000
AMERICAN POWER CONVERSION COM 029066107 428 20000 SH DEFINED 01 20000
AMGEN COM 031162100 9719 151500 SH DEFINED 01 151500
AMSOUTH BANCORP COM 032165102 907 35000 SH DEFINED 01 35000
ANADARKO PETROLEUM COM 032511107 1620 25000 SH DEFINED 01 25000
ANALOG DEVICES COM 032654105 1477 40000 SH DEFINED 01 40000
ANHEUSER BUSCH COM $US1 COM 035229103 5323 104920 SH DEFINED 01 104920
APACHE COM 037411105 2124 42000 SH DEFINED 01 42000
APPLE COMPUTER COM 037833100 3220 50000 SH DEFINED 01 50000
APPLERA CORP-APPLIED BIOSYS COM 038020103 418 20000 SH DEFINED 01 20000
APPLIED MATERIALS COM 038222105 3129 183000 SH DEFINED 01 183000
APPOLLO COM 037604105 1533 19000 SH DEFINED 01 19000
ARACRUZ CELLULOSA - ADR ADR 038496204 377 10000 SH DEFINED 01 10000
AT & T COMCAST ' A ' COM 20030N101 6656 200000 SH DEFINED 01 200000
AT & T CORP COM 001957505 1580 82909 SH DEFINED 01 82909
AUTO DATA PROCESS COM 053015103 2705 61000 SH DEFINED 01 61000
AUTODESK COM 052769106 949 25000 SH DEFINED 01 25000
AVAYA COM COM 053499109 1032 60000 SH DEFINED 01 60000
AVON PRODUCTS COM 054303102 1935 50000 SH DEFINED 01 50000
BAKBONE SOFTWARE ICOM NPV COM 057101107 81 87949 SH SOLE 87949
BAKER HUGHES COM 057224107 2240 52500 SH DEFINED 01 52500
BANCO ITAU ADR ADR 059602201 714 9500 SH DEFINED 01 9500
BANK OF AMERICA COM 060505104 20441 435000 SH DEFINED 01 435000
BANK OF NEW YORK COM COM 064057102 2674 80000 SH DEFINED 01 80000
BAXTER INTERNATIONAL COM 071813109 2159 62500 SH DEFINED 01 62500
BB&T COM 054937107 2103 50000 SH DEFINED 01 50000
BECTON DICKINSON COM 075887109 1420 25000 SH DEFINED 01 25000
BED BATH & BEYOND COM 075896100 1593 40000 SH DEFINED 01 40000
BELLSOUTH COM 079860102 5141 185000 SH DEFINED 01 185000
BEST BUY COM 086516101 2822 47500 SH DEFINED 01 47500
BIOGEN IDEC PHARMACEUTICAL COM 09062X103 2498 37500 SH DEFINED 01 37500
BLACK & DECKER COM COM 091797100 1987 22500 SH DEFINED 01 22500
BMC SOFTWARE COM 055921100 428 23000 SH DEFINED 01 23000
BOEING COM 097023105 4297 83000 SH DEFINED 01 83000
BOSTON SCIENTIFIC COM 101137107 3306 93000 SH DEFINED 01 93000
BRADESCO - ADR ADR 059460303 338 13500 SH DEFINED 01 13500
BRAZIL TELECOM COM 105530109 477 12500 SH DEFINED 01 12500
BRISTOL MYERS SQUIBB COM 110122108 5124 200000 SH DEFINED 01 200000
BROADCOM CL A COM 111320107 1033 32000 SH DEFINED 01 32000
BURLINGTON NTH SANTA COM 12189T104 2886 61000 SH DEFINED 01 61000
BURLINGTON RESOURCES COM 122014103 2610 60000 SH DEFINED 01 60000
BUTTERFIELD FD MGR THAI EURO COM 335020905 1227 67500 SH DEFINED 01 67500
CALPINE COM 131347106 158 40000 SH DEFINED 01 40000
CAPITAL ONE COM 14040H105 2189 26000 SH DEFINED 01 26000
CARDINAL HEALTH COM 14149Y108 2617 45000 SH DEFINED 01 45000
CAREMARK COM 141705103 1774 45000 SH DEFINED 01 45000
CARNIVAL CORP COM 143658300 3746 65000 SH DEFINED 01 65000
CARSO GLB TEL ADR (2 ORD) ADR 14574P101 570 160000 SH DEFINED 01 160000
CATERPILLAR COM 149123101 3364 34500 SH DEFINED 01 34500
CEMEX ADR PART CER(5 CPO) ADR 151290889 4735 130000 SH DEFINED 01 130000
CEMIG ADR ADR 204409601 491 20000 SH DEFINED 01 20000
CENDANT COM 151313103 2782 119000 SH DEFINED 01 119000
CENTERPOINT ENERGY COM 15189T107 859 76000 SH DEFINED 01 76000
CHEVRON TEXACO COM 166764100 11552 220000 SH DEFINED 01 220000
CHIRON COM 170040109 800 24000 SH DEFINED 01 24000
CHUBB COM 171232101 1538 20000 SH DEFINED 01 20000
CIA SIDERURGICA NACL - SP ADR ADR 20440W105 382 20000 SH DEFINED 01 20000
CIENA COM 171779101 167 50000 SH DEFINED 01 50000
CIGNA COM 125509109 2202 27000 SH DEFINED 01 27000
CINERGY COM 172474108 916 22000 SH DEFINED 01 22000
CINTAS COM 172908105 702 16000 SH DEFINED 01 16000
CISCO SYS COM 17275R102 13800 715000 SH DEFINED 01 715000
CITIGRP COM 172967101 28892 599669 SH DEFINED 01 599669
CITIZENS COMMUNICATIONS COM 17453B101 731 53000 SH DEFINED 01 53000
CITRIX COM 177376100 491 20000 SH DEFINED 01 20000
CLEAR CHANNEL COMM COM 184502102 1842 55000 SH DEFINED 01 55000
COCA COLA COM 191216100 10408 250000 SH DEFINED 01 250000
COCA COLA ENTERPRISES COM 191219104 990 47500 SH DEFINED 01 47500
COHN & STEERS ETF COM 464287564 4771 35000 SH DEFINED 01 35000
COLGATE-PALMOLIVE COM 194162103 2865 56000 SH DEFINED 01 56000
COMERICA COM 200340107 1342 22000 SH DEFINED 01 22000
COMP ASSOC INTL COM 204912109 1895 61000 SH DEFINED 01 61000
COMPANHIA DE VALE RIODOCE ADR ADR 204412209 1741 60000 SH DEFINED 01 60000
COMPUTER SCIENCES COM 205363104 1691 30000 SH DEFINED 01 30000
COMVERSE TECHNOLGY COM 205862402 489 20000 SH DEFINED 01 20000
CONAGRA COM 205887102 1414 48000 SH DEFINED 01 48000
CONOCOPHILLIPS COM 20825C104 6955 80100 SH DEFINED 01 80100
CONS EDISON NY COM COM 209115104 875 20000 SH DEFINED 01 20000
CORNING COM 219350105 1589 135000 SH DEFINED 01 135000
COSTCO WHOLESALE COM 22160K105 2178 45000 SH DEFINED 01 45000
COUNTRYWIDE FINANCIAL COM 222372104 2221 60000 SH DEFINED 01 60000
CSX COM 126408103 962 24000 SH DEFINED 01 24000
CUMMINS ENGINE COM 231021106 419 5000 SH DEFINED 01 5000
CVS COM 126650100 2254 50000 SH DEFINED 01 50000
DANAHER COM 235851102 1493 26000 SH DEFINED 01 26000
DEERE & CO COM 244199105 1934 26000 SH DEFINED 01 26000
DELL INC COM 24702R101 10704 254000 SH DEFINED 01 254000
DELPHI AUTO SYSTEMS COM 247126105 541 60000 SH DEFINED 01 60000
DEVON ENERGY COM 25179M103 2530 65000 SH DEFINED 01 65000
DISNEY(WALT) COM 254687106 6533 235000 SH DEFINED 01 235000
DOLLAR GENERAL COM COM 256669102 1246 60000 SH DEFINED 01 60000
DOMINION RESOURCES COM 25746U109 1761 26000 SH DEFINED 01 26000
DOVER CORP COM 260003108 839 20000 SH DEFINED 01 20000
DOW CHEMICAL COM 260543103 4783 96600 SH DEFINED 01 96600
DSL.NET INC COM STK USD0.0005 COM 262506108 378 1717021 SH SOLE 1717021
DTE ENERGY COM 233331107 604 14000 SH DEFINED 01 14000
DU PONT (EI) DE NEMOURS COM 263534109 5150 105000 SH DEFINED 01 105000
DUKE ENERGY COM 264399106 2419 95500 SH DEFINED 01 95500
EASTMAN KODAK COM 277461109 968 30000 SH DEFINED 01 30000
EATON CORP COM 278058102 2098 29000 SH DEFINED 01 29000
EBAY COM 278642103 7674 66000 SH DEFINED 01 66000
ECOLAB INC COM 278865100 1405 40000 SH DEFINED 01 40000
EDISON INTERNATIONAL COM 281020107 1169 36500 SH DEFINED 01 36500
EL PASO COM 28336L109 780 75000 SH DEFINED 01 75000
ELECTRONIC ARTS COM 285512109 1850 30000 SH DEFINED 01 30000
ELECTRONIC DATA SYST COM COM 285661104 1201 52000 SH DEFINED 01 52000
EMC COM 268648102 3866 260000 SH DEFINED 01 260000
EMERSON ELEC COM 291011104 2804 40000 SH DEFINED 01 40000
ENGELHARD COM 292845104 460 15000 SH DEFINED 01 15000
ENTERGY COM 29364G103 2366 35000 SH DEFINED 01 35000
EOG RESOURCES COM 26875P101 1427 20000 SH DEFINED 01 20000
EXELON COM 30161N101 3526 80000 SH DEFINED 01 80000
EXPRESS SCRIPTS COM 302182100 612 8000 SH DEFINED 01 8000
EXXON MOBIL COM 30231G102 35369 690000 SH DEFINED 01 690000
FANNIE MAE COM 313586109 6231 87500 SH DEFINED 01 87500
FEDERATED DEPT STORES COM 31410H101 1156 20000 SH DEFINED 01 20000
FEDEX COM 31428X106 3201 32500 SH DEFINED 01 32500
FIFTH THIRD BANCORP COM 316773100 2600 55000 SH DEFINED 01 55000
FIRST DATA COM 319963104 3786 89000 SH DEFINED 01 89000
FIRST ENERGY COM 337932107 1343 34000 SH DEFINED 01 34000
FISERV COM 337738108 1206 30000 SH DEFINED 01 30000
FLUOR COM 343412102 491 9000 SH DEFINED 01 9000
FOMENTO MEXACDR(1B2DB2DL) ADR 344419106 2104 40000 SH DEFINED 01 40000
FORD MOTOR (NEW) COM 345370860 2489 170000 SH DEFINED 01 170000
FOREST LABS COM 345838106 2243 50000 SH DEFINED 01 50000
FPL GROUP COM 302571104 1495 20000 SH DEFINED 01 20000
FRANKLIN RESOURCES COM 354613101 2159 31000 SH DEFINED 01 31000
FREDDIE MAC COM 313400301 4827 65500 SH DEFINED 01 65500
FREEPORT MCMORAN COPPER COM 35671D857 1185 31000 SH DEFINED 01 31000
FREESCALE SEMI CONDUCTOR COM 35687M206 753 41000 SH DEFINED 01 41000
GANNETT COM 364730101 3268 40000 SH DEFINED 01 40000
GAP COM 364760108 2218 105000 SH DEFINED 01 105000
GEDEON RICHTER GDR GDR 368467205 2728 22000 SH DEFINED 01 22000
GENERAL DYNAMICS COM 369550108 2092 20000 SH DEFINED 01 20000
GENERAL ELECTRIC COM 369604103 39968 1095000 SH DEFINED 01 1095000
GENERAL MILLS COM 370334104 2486 50000 SH DEFINED 01 50000
GENERAL MOTORS COM COM 370442105 1903 47500 SH DEFINED 01 47500
GENUINE PARTS COM 372460105 573 13000 SH DEFINED 01 13000
GENZYME COM 372917104 1452 25000 SH DEFINED 01 25000
GEORGIA PACIFIC COM 373298108 1349 36000 SH DEFINED 01 36000
GERDAU - ADR ADR 373737105 180 10000 SH DEFINED 01 10000
GILEAD SCIENCES COM 375558103 1540 44000 SH DEFINED 01 44000
GILLETTE COM 375766102 4478 100000 SH DEFINED 01 100000
GOLDEN WEST FINL COM 381317106 2457 40000 SH DEFINED 01 40000
GOLDMAN SACHS COM 38141G104 5826 56000 SH DEFINED 01 56000
GPO CARSO ADR (2 A1) ADR 400485207 1077 100000 SH DEFINED 01 100000
GPO TELE GDR (2 PTG CERT) GDR 40049J206 2723 45000 SH DEFINED 01 45000
GRAINGER WW INC COM 384802104 633 9500 SH DEFINED 01 9500
GUIDANT SHS COM 401698105 2307 32000 SH DEFINED 01 32000
H & R BLOCK COM 093671105 882 18000 SH DEFINED 01 18000
HALLIBURTON COM 406216101 2551 65000 SH DEFINED 01 65000
HARLEY DAVIDSON COM 412822108 2339 38500 SH DEFINED 01 38500
HARRAH'S ENTERTAINMENT COM 413619107 769 11500 SH DEFINED 01 11500
HARTFORD FINL SERV COM 416515104 2079 30000 SH DEFINED 01 30000
HASBRO COM 418056107 388 20000 SH DEFINED 01 20000
HCA COM 404119109 2378 59500 SH DEFINED 01 59500
HEALTH MANAGEMENT ASSOCIATES COM 421933102 682 30000 SH DEFINED 01 30000
HEINZ (HJ) COM 423074103 2047 52500 SH DEFINED 01 52500
HELLENIC TELE ADR (OTE) ADR 423325307 244 27778 SH DEFINED 01 27778
HERSHEY COM 427866108 1555 28000 SH DEFINED 01 28000
HEWLETT PACKARD COM 428236103 6438 307000 SH DEFINED 01 307000
HILTON HOTELS COM 432848109 1137 50000 SH DEFINED 01 50000
HOME DEPOT COM 437076102 10258 240000 SH DEFINED 01 240000
HONEYWELL INTL COM $US1 COM 438516106 2921 82500 SH DEFINED 01 82500
HOSPIRA COM 441060100 553 16500 SH DEFINED 01 16500
ILLINOIS TOOL WKS COM 452308109 3197 34500 SH DEFINED 01 34500
IMS HEALTH COM 449934108 696 30000 SH DEFINED 01 30000
INGERSOLL RAND CL A COM G4776G101 1526 19000 SH DEFINED 01 19000
INTEL COM 458140100 15613 667500 SH DEFINED 01 667500
INTERNATIONAL PAPER COM 460146103 1764 42000 SH DEFINED 01 42000
INTL BUSINESS MACHN COM 459200101 17104 173500 SH DEFINED 01 173500
INTUIT COM 461202103 880 20000 SH DEFINED 01 20000
IONA TECH ADR (1 ORD) ADR 46206P109 328 65000 SH DEFINED 01 65000
ITT INDUSTRIES COM 450911102 1689 20000 SH DEFINED 01 20000
JABIL CIRCUIT COM 466313103 767 30000 SH DEFINED 01 30000
JC PENNEY COM 708160106 1076 26000 SH DEFINED 01 26000
JDS UNIPHASE COM 46612J101 444 140000 SH DEFINED 01 140000
JOHNSON & JOHNSON COM 478160104 19343 305000 SH DEFINED 01 305000
JOHNSON CONTROLS COM 478366107 1903 30000 SH DEFINED 01 30000
JP MORGAN CHASE COM COM 46625H100 13962 357900 SH DEFINED 01 357900
KB HOME COM 48666K109 522 5000 SH DEFINED 01 5000
KELLOGG COM 487836108 2233 50000 SH DEFINED 01 50000
KERR MCGEE COM 492386107 867 15000 SH DEFINED 01 15000
KEYCORP COM 493267108 1526 45000 SH DEFINED 01 45000
KIMBERLY CLARK COM COM 494368103 3159 48000 SH DEFINED 01 48000
KLA TENCOR COM 482480100 978 21000 SH DEFINED 01 21000
KOHLS COM 500255104 1721 35000 SH DEFINED 01 35000
KROGER COM 501044101 1351 77000 SH DEFINED 01 77000
LEHMAN BROS HDG COM 524908100 3149 36000 SH DEFINED 01 36000
LEXMARK INTERNATIONAL COM 529771107 1275 15000 SH DEFINED 01 15000
LILLY(ELI) & CO COM 532457108 6526 115000 SH DEFINED 01 115000
LIMITED COM 532716107 1151 50000 SH DEFINED 01 50000
LINCOLN NATIONAL COM COM 534187109 934 20000 SH DEFINED 01 20000
LINEAR TECHNOLOGY COM 535678106 1357 35000 SH DEFINED 01 35000
LOCKHEED MARTIN COM COM 539830109 2944 53000 SH DEFINED 01 53000
LOWES COM 548661107 6047 105000 SH DEFINED 01 105000
LSI LOGIC COM 502161102 247 45000 SH DEFINED 01 45000
LUCENT TECH COM 549463107 1579 420000 SH DEFINED 01 420000
M&T BANK COM 55261F104 1618 15000 SH DEFINED 01 15000
MARATHON OIL COM 565849106 1316 35000 SH DEFINED 01 35000
MARRIOTT INTERNATIONAL COM 571903202 2519 40000 SH DEFINED 01 40000
MARSHALL & ISLEY COM 571834100 1326 30000 SH DEFINED 01 30000
MASCO COM 574599106 1644 45000 SH DEFINED 01 45000
MATTEL COM 577081102 780 40000 SH DEFINED 01 40000
MAXIM INTEGRATED COM 57772K101 1399 33000 SH DEFINED 01 33000
MBIA INC COM 55262C100 949 15000 SH DEFINED 01 15000
MBNA COM 55262L100 4369 155000 SH DEFINED 01 155000
McCORMICK COM 579780206 579 15000 SH DEFINED 01 15000
MCDONALDS COM 580135101 4649 145000 SH DEFINED 01 145000
MCGRAW HILL COM 580645109 2105 23000 SH DEFINED 01 23000
MCKESSON COM 58155Q103 1101 35000 SH DEFINED 01 35000
MEADWESTVACO COM 583334107 1017 30000 SH DEFINED 01 30000
MEDCO COM 58405U102 1165 28000 SH DEFINED 01 28000
MEDIMMUNE COM 584699102 664 24500 SH DEFINED 01 24500
MEDTRONIC COM 585055106 6109 123000 SH DEFINED 01 123000
MELLON FINANCIAL COM 58551A108 1322 42500 SH DEFINED 01 42500
MERCK COM 589331107 7312 227500 SH DEFINED 01 227500
MERCURY INTERACTIVE COM 589405109 524 11500 SH DEFINED 01 11500
MERRILL LYNCH COM 590188108 5409 90500 SH DEFINED 01 90500
MET LIFE COM 59156R108 3123 77100 SH DEFINED 01 77100
MICRON TECHNOLOGY COM 595112103 766 62000 SH DEFINED 01 62000
MICROSOFT COM 594918104 29715 1112500 SH DEFINED 01 1112500
MOLEX COM 608554101 600 20000 SH DEFINED 01 20000
MONSANTO COM 61166W101 1528 27500 SH DEFINED 01 27500
MONSTER WORLDWIDE COM 611742107 437 13000 SH DEFINED 01 13000
MOODY'S COM COM 615369105 2823 32500 SH DEFINED 01 32500
MORGAN ST DEAN WIT COM 617446448 6218 112000 SH DEFINED 01 112000
MOTOROLA COM 620076109 4257 247500 SH DEFINED 01 247500
MYLAN LABORATORIES COM 628530107 530 30000 SH DEFINED 01 30000
NATIONAL CITY CORP COM 635405103 2441 65000 SH DEFINED 01 65000
NATL SEMICONDUCTOR COM 637640103 898 50000 SH DEFINED 01 50000
NATUZZI ADR (1 ORD) ADR 63905A101 1968 181340 SH DEFINED 01 181340
NETWORK APPL COM 64120L104 1495 45000 SH DEFINED 01 45000
NEW YORK TIMES A COM 650111107 592 14500 SH DEFINED 01 14500
NEWELL RUBBERMAID COM 651229106 726 30000 SH DEFINED 01 30000
NEWMONT MINING COM 651639106 2887 65000 SH DEFINED 01 65000
NEWS CORP - ORD COM 65248E104 5856 305000 SH DEFINED 01 305000
NEXTEL COMMS CL A COM 65332V103 3390 113000 SH DEFINED 01 113000
NIKE B COM 654106103 2267 25000 SH DEFINED 01 25000
NOBLE CORP COM G65422100 1368 27500 SH DEFINED 01 27500
NORFOLK SOUTHERN COM 655844108 1448 40000 SH DEFINED 01 40000
NORTH FORK BANCORP COM 659424105 2835 98250 SH DEFINED 01 98250
NORTHERN TRUST COM 665859104 1457 30000 SH DEFINED 01 30000
NORTHROP GRUMMAN COM 666807102 1957 36000 SH DEFINED 01 36000
NOVELL COM 670006105 243 36000 SH DEFINED 01 36000
NOVELLUS SYSTEMS COM 670008101 418 15000 SH DEFINED 01 15000
NUCOR COM 670346105 1309 25000 SH DEFINED 01 25000
OCCIDENTAL PETROLEUM COM 674599105 1576 27000 SH DEFINED 01 27000
OMNICOM GRP COM 681919106 2538 30100 SH DEFINED 01 30100
ORACLE COM 68389X105 7203 525000 SH DEFINED 01 525000
ORBOTECH COM COM M75253100 1323 62500 SH DEFINED 01 62500
P G & E COM 69331C108 2163 65000 SH DEFINED 01 65000
PARKER HANNIFIN COM 701094104 757 10000 SH DEFINED 01 10000
PAYCHEX COM 704326107 1482 43500 SH DEFINED 01 43500
PEPSICO CAP COM 713448108 10565 202400 SH DEFINED 01 202400
PETROBAS 'A' - ADR ADR 71654V408 2387 60000 SH DEFINED 01 60000
PFIZER COM 717081103 20969 779800 SH DEFINED 01 779800
PHELPS DODGE COM COM 717265102 989 10000 SH DEFINED 01 10000
PHOENIX COMPANIES COM 71902E109 1269 101817 SH SOLE 101817
PITNEY BOWES COM 724479100 1157 25000 SH DEFINED 01 25000
PIXELWORKS INC COM STK USD0.01 COM 72581M107 189 16625 SH SOLE 16625
PPG INDUSTRIES COM 693506107 1363 20000 SH DEFINED 01 20000
PPL COM 69351T106 1066 20000 SH DEFINED 01 20000
PRAXAIR COM 74005P104 1457 33000 SH DEFINED 01 33000
PRINCIPAL FINANCIAL GROUP COM 74251V102 1433 35000 SH DEFINED 01 35000
PROCTER & GAMBLE COM 742718109 15973 290000 SH DEFINED 01 290000
PROGRESS ENERGY COM 743263105 905 20000 SH DEFINED 01 20000
PROGRESSIVE CORP COM 743315103 1951 23000 SH DEFINED 01 23000
PROKOM SOFT GDR REGS COM 743394207 823 35000 SH DEFINED 01 35000
PRUDENTIAL FINANCIAL COM 744320102 4122 75000 SH DEFINED 01 75000
PUBLIC SERVICE ENT COM 744573106 1786 34500 SH DEFINED 01 34500
PULTE HOME COM 745867101 829 13000 SH DEFINED 01 13000
QLOGIC COM 747277101 367 10000 SH DEFINED 01 10000
QUALCOMM COM 747525103 7420 175000 SH DEFINED 01 175000
QUEST DIAGNOSTICS COM 74834L100 1003 10500 SH DEFINED 01 10500
QWEST COMMS INTL COM 749121109 888 200000 SH DEFINED 01 200000
RAYTHEON COM 755111507 1942 50000 SH DEFINED 01 50000
ROBERT HALF COM 770323103 559 19000 SH DEFINED 01 19000
ROC TAIWAN FUND SBI COM 874037104 651 132882 SH DEFINED 01 132882
ROCKWELL AUTOMATION COM 773903109 991 20000 SH DEFINED 01 20000
ROCKWELL COLLINS COM 774341101 789 20000 SH DEFINED 01 20000
ROHM & HAAS COM 775371107 1548 35000 SH DEFINED 01 35000
RR DONNELLEY & SONS COM 257867101 1182 33500 SH DEFINED 01 33500
SAFEWAY COM 786514208 888 45000 SH DEFINED 01 45000
SANMINA-SCI CORPORATION COM 800907107 466 55000 SH DEFINED 01 55000
SARA LEE COM 803111103 1811 75000 SH DEFINED 01 75000
SBC COMMUNICATIONS COM 78387G103 8633 335000 SH DEFINED 01 335000
SCHERING PLOUGH COM 806605101 2861 137000 SH DEFINED 01 137000
SCHLUMBERGER COM 806857108 4017 60000 SH DEFINED 01 60000
SCHWAB (CHARLES) COM 808513105 1615 135000 SH DEFINED 01 135000
SEARS ROEBUCK COM 812387108 1097 21500 SH DEFINED 01 21500
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