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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001131065-10-000002.txt : 20100513
<SEC-HEADER>0001131065-10-000002.hdr.sgml : 20100513
<ACCEPTANCE-DATETIME>20100513083207
ACCESSION NUMBER:		0001131065-10-000002
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100331
FILED AS OF DATE:		20100513
DATE AS OF CHANGE:		20100513
EFFECTIVENESS DATE:		20100513

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STANDARD LIFE INVESTMENTS (USA) LTD
		CENTRAL INDEX KEY:			0001131065
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-06065
		FILM NUMBER:		10826572

	BUSINESS ADDRESS:	
		STREET 1:		1 BEACON STREET
		STREET 2:		34TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02108
		BUSINESS PHONE:		617-720-7922

	MAIL ADDRESS:	
		STREET 1:		1 BEACON STREET
		STREET 2:		34TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	STANDARD LIFE INVESTMENTS
		DATE OF NAME CHANGE:	20010103
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>sli-13fq110.txt
<TEXT>
Form 13F Holding Report
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON DC 20549

FORM 13F

FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: 03/31/10

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: Standard Life Investments (USA) Limited
Address: 1 Beacon Street 34th Floor
         Boston, MA 02108

13F File Number:  28-06065

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 : Eric Rose
Title: Compliance Manager
Phone: 617-720-7922

Signature, Place, and Date of Signing:

Eric Rose, Boston 05/13/10

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:

I AM SIGNING THIS REPORT AS REQUIRED BY SECURITIES EXCHANGE
ACT 1934
<PAGE>
FORM 13F SUMMARY PAGE


Report Summary:

Number of Other Included Managers: 0

Form 13F Information Table Entry Total: 1

Form 13F Information Table Value Total: 10837606

List of Other Included Managers:
NONE
<PAGE>
<TABLE>
                               <C>                                            <C>
                                               FORM 13F INFORMATION TABLE
                                                          VALUE    SHARES/  SH/ PUT/ INVSTMT OTHER        VOTING AUTHORITY
NAME OF ISSUER                 TITLE OF CLASS   CUSIP     (x$1000) PRN AMT  PRN CALL DSCRETN MANAGERS     SOLE     SHARED   NONE
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
ABB Ltd.                       Equity Foreign   000375204    15622   715300 SH       SOLE                   715300
Aflac Inc                      Common StockUSD  001055102     1444    26592 SH       SOLE                    26592
AGCO Corp                      Equity U.S. Equ  001084102      398    11100 SH       SOLE                                      11100
AES Corporation, (The)         Equity U.S. Equ  00130H105      430    39113 SH       SOLE                    39113
AMAG Pharmaceuticals Inc       Common StockUSD  00163U106    45656  1306500 SH       SOLE                  1306500
AT&T Inc.                      Equity U.S. Equ  00206R102    20313   786056 SH       SOLE                   786056
Abbott Laboratories            Equity U.S. Equ  002824100    14596   277062 SH       SOLE                   277062
Millicom International Cellula Common StockUSD  003870570      247     2766 SH       SOLE                                       2766
ACE Ltd                        Common StockCHF  00443287       423     8091 SH       SOLE                     8091
Activision Blizzard Inc        Common StockUSD  00507V109    75888  6300398 SH       SOLE                  6300398
Adobe Systems Incorporated     Equity U.S. Equ  00724F101    80190  2266872 SH       SOLE                  2266872
Aecom Technology Corporation   Equity U.S. Equ  00766T100    13218   465900 SH       SOLE                   465900
Advanced Micro Devices Inc.    Equity U.S. Equ  007903107      326    35139 SH       SOLE                    35139
Aetna Inc.                     Equity U.S. Equ  00817Y108    11251   320477 SH       SOLE                   320477
Agilent Technologies Inc.      Equity U.S. Equ  00846U101      700    20354 SH       SOLE                    20354
Air Products & Chemicals Inc.  Equity U.S. Equ  009158106    12860   173903 SH       SOLE                   173903
Akamai Technologies Inc        Common StockUSD  00971T101      287     9132 SH       SOLE                     9132
Aseana Properties Ltd          Common StockUSD  00B1RZDJ4     6713 15000000 SH       SOLE                 15000000
BH Global Ltd                  Hedge FundUSD    00B2QQPS       124    11000 SH       SOLE                    11000
Alberto-Culver Company         Equity U.S. Equ  013078100    20784   794775 SH       SOLE                   794775
Alcoa Inc.                     Equity U.S. Equ  013817101      828    58121 SH       SOLE                    58121
Allegheny Energy Inc.          Equity U.S. Equ  017361106      206     8968 SH       SOLE                     8968
Allegheny Technologies Inc.    Equity U.S. Equ  01741R102      296     5477 SH       SOLE                     5477
Allegiant Travel Co            Common StockUSD  01748X102     6726   116229 SH       SOLE                   116229
Allergan Inc/United States     Common StockUSD  018490102     1113    17034 SH       SOLE                    17034
Allstate Corporation, (The)    Equity U.S. Equ  020002101      982    30384 SH       SOLE                    30384
ALPHA BANK                     Equity Foreign   02071M101     1286   549700 SH       SOLE                                     549700
Altera Corporation             Equity U.S. Equ  021441100      414    17056 SH       SOLE                    17056
Altria Group Inc.              Equity U.S. Equ  02209S103     7802   380225 SH       SOLE                   380225
Amazon.com, Inc.               Equity U.S. Equ  023135106    11356    83648 SH       SOLE                    83648
Ameren Corporation             Equity U.S. Equ  023608102      355    13603 SH       SOLE                    13603
America Movil SAB de CV        ADRUSD           02364W105    15212   302300 SH       SOLE                   302300
American Electric Power Co.Inc Equity U.S. Equ  025537101     2932    85767 SH       SOLE                    85767
American Express Company       Equity U.S. Equ  025816109     2829    68589 SH       SOLE                    68589
American International Group I Common StockUSD  026874784      272     7963 SH       SOLE                     7963
American Tower Corporation     Equity U.S. Equ  029912201      961    22571 SH       SOLE                    22571
AmerisourceBergen Corporation  Equity U.S. Equ  03073E105      478    16547 SH       SOLE                    16547
Ameriprise Financial Inc.      Equity U.S. Equ  03076C106      689    15196 SH       SOLE                    15196
AMETEK, Inc.                   Equity U.S. Equ  031100100     6105   147250 SH       SOLE                   147250
Amgen Inc.                     Equity U.S. Equ  031162100    58626   980723 SH       SOLE                   980723
Amphenol Corporation           Equity U.S. Equ  032095101      700    16597 SH       SOLE                    16597
Anadarko Petroleum Corporation Equity U.S. Equ  032511107   117078  1607220 SH       SOLE                  1607220
Analog Devices Inc.            Equity U.S. Equ  032654105      490    17010 SH       SOLE                    17010
Anheuser-Bush Inbev            Equity Foreign   03524A108     4258    84400 SH       SOLE                    84400
Annaly Capital Management Inc  REITUSD.01       035710409      237    13800 SH       SOLE                    13800
Ansys Inc                      Equity U.S. Equ  03662Q105      371     8600 SH       SOLE                                       8600
Aon Corporation                Equity U.S. Equ  037389103      649    15190 SH       SOLE                    15190
Apache Corporation             Equity U.S. Equ  037411105     8829    86979 SH       SOLE                    86979
Apollo Group, Inc.             Equity U.S. Equ  037604105      494     8064 SH       SOLE                     8064
Apple Inc.                     Equity U.S. Equ  037833100   351467  1495988 SH       SOLE                  1495988
Applied Materials Inc.         Equity U.S. Equ  038222105     3552   263734 SH       SOLE                   263734
AptarGroup, Inc.               Equity U.S. Equ  038336103      331     8400 SH       SOLE                                       8400
Archer-Daniels-Midland Co      Common StockUSD  039483102     1045    36165 SH       SOLE                    36165
Assurant Inc                   Equity U.S. Equ  04621X108     1170    34044 SH       SOLE                    34044
Autodesk Inc.                  Equity U.S. Equ  052769106      380    12927 SH       SOLE                    12927
Automatic Data Processing Inc. Equity U.S. Equ  053015103     1580    35528 SH       SOLE                    35528
AutoZone Inc.                  Equity U.S. Equ  053332102      355     2052 SH       SOLE                     2052
AvalonBay Communities Inc.     Equity U.S. Equ  053484101     7900    91472 SH       SOLE                    91472
Avery Dennison Corporation     Equity U.S. Equ  053611109      227     6233 SH       SOLE                     6233
Avon Products Inc.             Equity U.S. Equ  054303102      829    24504 SH       SOLE                    24504
BB&T Corporation               Equity U.S. Equ  054937107     5492   169578 SH       SOLE                   169578
BJ Services Company            Equity U.S. Equ  055482103      359    16773 SH       SOLE                    16773
BP PLC                         Equity Foreign   055622104     9080   159100 SH       SOLE                                     159100
BNP Paribas                    Equity Foreign   05565A202     3834   100500 SH       SOLE                                     100500
BMC Software Inc.              Equity U.S. Equ  055921100      402    10585 SH       SOLE                    10585
Baker Hughes Incorporated      Equity U.S. Equ  057224107      822    17532 SH       SOLE                    17532
Ball Corporation               Equity U.S. Equ  058498106      297     5556 SH       SOLE                     5556
Bally Technologies Inc         Common StockUSD  05874B107    67171  1656490 SH       SOLE                  1656490
Banco Bradesco SA              ADRUSD0          059460303    17769   963600 SH       SOLE                   963600
Banco Bilbao Vizcaya Arg S.A.  Equity Foreign   05946K101    15460  1129300 SH       SOLE                                    1129300
Banco Santander SA             Equity Foreign   05964H105    23261  1752900 SH       SOLE                                    1752900
Bank of America Corporation    Equity U.S. Equ  060505104   202662 11363757 SH       SOLE                 11363757
Bank of New York Mellon Corp/T Common StockUSD  064058100    21344   691064 SH       SOLE                   691064
CR Bard Inc                    Common StockUSD  067383109      480     5543 SH       SOLE                     5543
Baxter International Inc.      Equity U.S. Equ  071813109     2019    34689 SH       SOLE                    34689
Bayer AG                       Equity Foreign   072730302     6572    97150 SH       SOLE                                      97150
Beckman Coulter, Inc.          Equity U.S. Equ  075811109      423     6733 SH       SOLE                     6733
Becton, Dickinson and Company  Equity U.S. Equ  075887109     7298    92697 SH       SOLE                    92697
Bed Bath & Beyond Inc.         Equity U.S. Equ  075896100      654    14950 SH       SOLE                    14950
Berkshire Hathaway Inc         Common StockUSD  084670108     2682       22 SH       SOLE                       22
Berkshire Hathaway Inc         Equity U.S. Equ  084670702     5464    67227 SH       SOLE                    67227
Best Buy Co. Inc.              Equity U.S. Equ  086516101      889    20880 SH       SOLE                    20880
BHP Billiton Limited           Equity Foreign   088606108    24289   302400 SH       SOLE                   302400
Biogen Idec Inc.               Equity U.S. Equ  09062X103      897    15631 SH       SOLE                    15631
H&R Block Inc.                 Equity U.S. Equ  093671105      360    20220 SH       SOLE                    20220
Boeing Company, (The)          Equity U.S. Equ  097023105     3122    43010 SH       SOLE                    43010
Boston Properties, Inc.        Equity U.S. Equ  101121101    31204   413687 SH       SOLE                   413687
Boston Scientific Corporation  Equity U.S. Equ  101137107      612    84844 SH       SOLE                    84844
Brinker International Inc      Equity U.S. Equ  109641100      482    25000 SH       SOLE                    25000
Bristol-Myers Squibb Company   Equity U.S. Equ  110122108     2606    97593 SH       SOLE                    97593
Broadcom Corporation           Equity U.S. Equ  111320107      808    24347 SH       SOLE                    24347
Brookfield Properties Corp     Common StockCAD  112900105    11836   770100 SH       SOLE                   770100
Brown-Forman Corporation       Equity U.S. Equ  115637209      325     5471 SH       SOLE                     5471
Burger King Holdings Inc       Common StockUSD  121208201    40851  1920163 SH       SOLE                  1920163
CBS Corporation                Equity U.S. Equ  124857202      536    38433 SH       SOLE                    38433
CF Industries Holdings Inc.    Equity U.S. Equ  125269100      415     4553 SH       SOLE                                       4553
CH Robinson Worldwide Inc      Equity U.S. Equ  12541W209      522     9354 SH       SOLE                     9354
CIGNA Corporation              Equity U.S. Equ  125509109     4323   118171 SH       SOLE                   118171
CME Group Inc                  Equity U.S. Equ  12572Q105    53608   169517 SH       SOLE                   169517
CMS Energy Corporation         Equity U.S. Equ  125896100     3590   232131 SH       SOLE                   232131
CNX Gas Corp                   Common StockUSD  12618H309      955    25112 SH       SOLE                    25112
CSX Corporation                Equity U.S. Equ  126408103   178201  3500654 SH       SOLE                  3500654
CVS/Caremark Corp              Equity U.S. Equ  126650100   108806  2975279 SH       SOLE                  2975279
CA Inc                         Equity U.S. Equ  12673P105     2567   109370 SH       SOLE                   109370
Cameron International Corp.    Equity U.S. Equ  13342B105      592    13816 SH       SOLE                    13816
Campbell Soup Company          Equity U.S. Equ  134429109      453    12798 SH       SOLE                    12798
Capital One Financial Corp.    Equity U.S. Equ  14040H105     1078    26051 SH       SOLE                    26051
Cardinal Health Inc.           Equity U.S. Equ  14149Y108      743    20609 SH       SOLE                    20609
CareFusion Corporation         Equity U.S. Equ  14170T101      269    10191 SH       SOLE                    10191
Carnival Corporation           Equity Foreign   143658300      988    25410 SH       SOLE                    25410
Caterpillar Inc.               Equity U.S. Equ  149123101     2230    35481 SH       SOLE                    35481
Celgene Corporation            Equity U.S. Equ  151020104    94552  1526860 SH       SOLE                  1526860
Cemex SAB de CV                ADRUSD           151290889     2926   286410 SH       SOLE                                     286410
CenterPoint Energy, Inc.       Equity U.S. Equ  15189T107      287    20044 SH       SOLE                    20044
CenturyTel, Inc.               Equity U.S. Equ  156700106      594    16758 SH       SOLE                    16758
Cephalon, Inc.                 Equity U.S. Equ  156708109      534     7882 SH       SOLE                     7882
Chesapeake Energy Corporation  Equity U.S. Equ  165167107      849    35917 SH       SOLE                    35917
Chevron Corporation            Equity U.S. Equ  166764100   136697  1802256 SH       SOLE                  1802256
Chubb Corporation, (The)       Equity U.S. Equ  171232101      996    19204 SH       SOLE                    19204
Cimarex Energy Company         Equity U.S. Equ  171798101      433     7300 SH       SOLE                                       7300
Cincinnati Financial Corp.     Equity U.S. Equ  172062101      255     8801 SH       SOLE                     8801
Cisco Systems Inc.             Equity U.S. Equ  17275R102   156337  6005094 SH       SOLE                  6005094
Citigroup Inc.                 Equity U.S. Equ  172967101   105116 25924508 SH       SOLE                 25924508
Citrix Systems Inc.            Equity U.S. Equ  177376100    26415   556216 SH       SOLE                   556216
City National Corp/CA          Common StockUSD  178566105      301     5573 SH       SOLE                     5573
Clean Harbors Inc              Equity U.S. Equ  184496107      222     4000 SH       SOLE                                       4000
Cliffs Natural Resources Inc.  Equity U.S. Equ  18683K101     6941    97823 SH       SOLE                    97823
Clorox Company, (The)          Equity U.S. Equ  189054109      517     8054 SH       SOLE                     8054
Coach Inc.                     Equity U.S. Equ  189754104      727    18406 SH       SOLE                    18406
Coca-Cola Company, (The)       Equity U.S. Equ  191216100    35517   645602 SH       SOLE                   645602
Coca-Cola Enterprises Inc.     Equity U.S. Equ  191219104    16198   585597 SH       SOLE                   585597
Cognizant Technology Solutions Common StockUSD  192446102    77366  1517580 SH       SOLE                  1517580
Colgate-Palmolive Company      Equity U.S. Equ  194162103     3447    40422 SH       SOLE                    40422
Collective Brands Inc          Equity U.S. Equ  19421W100      282    12400 SH       SOLE                                      12400
Comcast Corporation            Equity U.S. Equ  20030N101    12306   653645 SH       SOLE                   653645
Comcast Corporation            Equity U.S. Equ  20030N200      783    43614 SH       SOLE                    43614
Comerica Incorporated          Equity U.S. Equ  200340107     4801   126199 SH       SOLE                   126199
Commercial International Bank  GDREGP10         201712205     2340   200000 SH       SOLE                                     200000
Community Health Systems Inc   Equity U.S. Equ  203668108      432    11687 SH       SOLE                    11687
Cia Siderurgica Nacional SA    ADRUSD0          20440W105     1237    31000 SH       SOLE                                      31000
Cia de Bebidas das Americas    ADRUSD0          20441W203    12476   136000 SH       SOLE                   136000
Compass Group PLC              Equity Foreign   20449X203    21882  2752450 SH       SOLE                                    2752450
Computer Sciences Corporation  Equity U.S. Equ  205363104      483     8860 SH       SOLE                     8860
Compuware Corporation          Equity U.S. Equ  205638109      109    13067 SH       SOLE                    13067
ConAgra Foods Inc.             Equity U.S. Equ  205887102      655    26123 SH       SOLE                    26123
ConocoPhillips                 Equity U.S. Equ  20825C104     4656    90976 SH       SOLE                    90976
Consol Energy Inc              Common StockUSD  20854P109      490    11492 SH       SOLE                    11492
Consolidated Edison Inc.       Equity U.S. Equ  209115104      700    15713 SH       SOLE                    15713
Constellation Energy Group Inc Equity U.S. Equ  210371100      390    11120 SH       SOLE                    11120
Corning Incorporated           Equity U.S. Equ  219350105    31168  1541570 SH       SOLE                  1541570
Corrections Corp of America    Common StockUSD  22025Y407     3762   189581 SH       SOLE                   189581
Costco Wholesale Corporation   Equity U.S. Equ  22160K105     1506    25218 SH       SOLE                    25218
Covance Inc.                   Equity U.S. Equ  222816100    13291   216500 SH       SOLE                   216500
Covanta Holding Corp           Common StockUSD  22282E102     3237   194372 SH       SOLE                   194372
Coventry Health Care, Inc.     Equity U.S. Equ  222862104      227     9175 SH       SOLE                     9175
Credit Suisse Group            Equity Foreign   225401108     2333    45400 SH       SOLE                    45400
Crown Castle International Cor Common StockUSD  228227104      274     7172 SH       SOLE                     7172
Cummins Inc.                   Equity U.S. Equ  231021106    45654   737112 SH       SOLE                   737112
DR Horton Inc                  Common StockUSD  23331A109     5009   397347 SH       SOLE                   397347
DTE Energy Company             Equity U.S. Equ  233331107      427     9596 SH       SOLE                     9596
Danaher Corporation            Equity U.S. Equ  235851102     7124    89149 SH       SOLE                    89149
Danone                         Equity Foreign   23636T100     2337   195600 SH       SOLE                                     195600
Darden Restaurants Inc         Common StockUSD  237194105      359     8066 SH       SOLE                     8066
DaVita Inc                     Equity U.S. Equ  23918K108      393     6192 SH       SOLE                     6192
Dean Foods Company             Equity U.S. Equ  242370104      432    27590 SH       SOLE                    27590
Deere & Company                Equity U.S. Equ  244199105    66494  1118735 SH       SOLE                  1118735
Del Monte Foods Co             Common StockUSD  24522P103    26495  1812873 SH       SOLE                  1812873
Dell Inc.                      Equity U.S. Equ  24702R101     1580   105187 SH       SOLE                   105187
Delta Air Lines Inc            Common StockUSD  247361702    62016  4247638 SH       SOLE                  4247638
DENTSPLY International Inc     Common StockUSD  249030107     5576   159862 SH       SOLE                   159862
Deutsche Telekom AG            Equity Foreign   251566105     3038   225000 SH       SOLE                   225000
Devon Energy Corporation       Equity U.S. Equ  25179M103     1653    25652 SH       SOLE                    25652
Diamond Offshore Drilling Inc  Common StockUSD  25271C102      370     4165 SH       SOLE                     4165
Dick's Sporting Goods Inc.     Equity U.S. Equ  253393102      211     8100 SH       SOLE                     8100
Digital Realty Trust Inc       REITUSD.01       253868103    27608   509186 SH       SOLE                   509186
Walt Disney Company, (The)     Equity U.S. Equ  254687106   175011  5012582 SH       SOLE                  5012582
Discover Financial Services    Equity U.S. Equ  254709108      449    30137 SH       SOLE                    30137
Discovery Communications Inc   Common StockUSD  25470F104      431    12742 SH       SOLE                    12742
DIRECTV                        Equity U.S. Equ  25490A101     1839    54392 SH       SOLE                    54392
Dolby Laboratories Inc         Common StockUSD  25659T107    65836  1122911 SH       SOLE                  1122911
Dominion Resources Inc/VA      Common StockUSD  25746U109     1416    34425 SH       SOLE                    34425
Donaldson Company Inc.         Equity U.S. Equ  257651109      415     9200 SH       SOLE                     9200
RR Donnelley & Sons Co         Common StockUSD  257867101      268    12564 SH       SOLE                    12564
Dover Corporation              Equity U.S. Equ  260003108      471    10061 SH       SOLE                    10061
Dow Chemical Company, (The)    Equity U.S. Equ  260543103     7298   246814 SH       SOLE                   246814
Dr Pepper Snapple Group Inc    Equity U.S. Equ  26138E109      529    15032 SH       SOLE                    15032
EI du Pont de Nemours & Co     Common StockUSD  263534109     1938    52021 SH       SOLE                    52021
Duke Energy Corporation        Equity U.S. Equ  26441C105     1194    73137 SH       SOLE                    73137
Dun & Bradstreet Corp          Common StockUSD  26483E100      235     3157 SH       SOLE                     3157
Dynegy Inc                     Common StockUSD  26817G102     5172  4121310 SH       SOLE                  4121310
EMC Corporation                Equity U.S. Equ  268648102     2112   117057 SH       SOLE                   117057
EOG Resources Inc.             Equity U.S. Equ  26875P101     7586    81621 SH       SOLE                    81621
EQT Corporation                Equity U.S. Equ  26884L109      321     7822 SH       SOLE                     7822
E*TRADE Financial Corp.        Equity U.S. Equ  269246104       84    50958 SH       SOLE                    50958
Eastman Chemical Company       Equity U.S. Equ  277432100      236     3714 SH       SOLE                     3714
Eaton Corporation              Equity U.S. Equ  278058102      710     9374 SH       SOLE                     9374
eBay Inc.                      Equity U.S. Equ  278642103     1842    68314 SH       SOLE                    68314
Ecolab Inc.                    Equity U.S. Equ  278865100      596    13546 SH       SOLE                    13546
Edison International           Equity U.S. Equ  281020107      642    18802 SH       SOLE                    18802
El Paso Corporation            Equity U.S. Equ  28336L109      431    39796 SH       SOLE                    39796
Elan Corp PLC                  ADRUSD           284131208     4034   532943 SH       SOLE                   532943
Electronic Arts Inc.           Equity U.S. Equ  285512109     2623   140586 SH       SOLE                   140586
Emerson Electric Co.           Equity U.S. Equ  291011104    28829   572774 SH       SOLE                   572774
Empresa Nacional de Electricid ADRUSD0          29244T101     6409   136500 SH       SOLE                                     136500
Energizer Holdings Inc         Equity U.S. Equ  29266R108      428     6822 SH       SOLE                     6822
Entergy Corporation            Equity U.S. Equ  29364G103      908    11161 SH       SOLE                    11161
Equifax Inc.                   Equity U.S. Equ  294429105      271     7575 SH       SOLE                     7575
Equinix Inc                    Common StockUSD  29444U502    17360   178322 SH       SOLE                   178322
Equity Residential             REITUSD.01       29476L107    11661   297783 SH       SOLE                   297783
Exelon Corporation             Equity U.S. Equ  30161N101     6188   141245 SH       SOLE                   141245
Expedia, Inc                   Equity U.S. Equ  30212P105      341    13668 SH       SOLE                    13668
Expeditors International of Wa Common StockUSD  302130109     4513   122225 SH       SOLE                   122225
Express Scripts Inc.           Equity U.S. Equ  302182100     1611    15829 SH       SOLE                    15829
Exxon Mobil Corporation        Equity U.S. Equ  30231G102   287903  4297585 SH       SOLE                  4297585
Flir Systems Inc               Equity U.S. Equ  302445101    47773  1694382 SH       SOLE                  1694382
FMC Technologies Inc           Equity U.S. Equ  30249U101      841    13015 SH       SOLE                    13015
FPL Group Inc.                 Equity U.S. Equ  302571104     3075    63615 SH       SOLE                    63615
Fair, Isaac, Inc.              Equity U.S. Equ  303250104      261    10300 SH       SOLE                                      10300
Family Dollar Stores Inc       Common StockUSD  307000109      301     8234 SH       SOLE                     8234
Fastenal Co                    Equity U.S. Equ  311900104      389     8100 SH       SOLE                     8100
Federal Home Loan Mortgage Cor Common StockUSD  313400301       25    20000 SH       SOLE                    20000
Federal National Mortgage Asso Common StockUSD  313586109       31    30000 SH       SOLE                    30000
FedEx Corporation              Equity U.S. Equ  31428X106     1683    18016 SH       SOLE                    18016
Fidelity National Information  Common StockUSD  31620M106      452    19296 SH       SOLE                    19296
Fifth Third Bancorp            Equity U.S. Equ  316773100    53449  3935908 SH       SOLE                  3935908
First Horizon National Corp.   Equity U.S. Equ  320517105      176    12522 SH       SOLE                    12522
First Solar Inc                Equity U.S. Equ  336433107      384     3125 SH       SOLE                     3125
Fiserv Inc.                    Equity U.S. Equ  337738108     1059    20877 SH       SOLE                    20877
FirstEnergy Corp.              Equity U.S. Equ  337932107      668    17096 SH       SOLE                    17096
Fluor Corporation              Equity U.S. Equ  343412102      467    10042 SH       SOLE                    10042
Ford Motor Company             Equity U.S. Equ  345370860     2386   189861 SH       SOLE                   189861
Forest Laboratories, Inc       Equity U.S. Equ  345838106      532    16989 SH       SOLE                    16989
Fortune Brands Inc.            Equity U.S. Equ  349631101     3266    67326 SH       SOLE                    67326
Franklin Resources Inc.        Equity U.S. Equ  354613101     1007     9077 SH       SOLE                     9077
Freeport-McMoRan Copper & Gold Common StockUSD  35671D857    18957   226993 SH       SOLE                   226993
Frontier Communications Corp   Common StockUSD  35906A108      114    15362 SH       SOLE                    15362
GKN PLC                        Equity Foreign   361755606     5230  2355800 SH       SOLE                                    2355800
Gannett Co. Inc.               Equity U.S. Equ  364730101      185    11249 SH       SOLE                    11249
Gap Inc/The                    Common StockUSD  364760108     1783    77138 SH       SOLE                    77138
Gazprom OAO                    ADRUSD           368287207    21045   896676 SH       SOLE                   896676
Gen-Probe Incorporated         Equity U.S. Equ  36866T103      370     7400 SH       SOLE                                       7400
General Dynamics Corporation   Equity U.S. Equ  369550108    12937   167582 SH       SOLE                   167582
General Electric Company       Equity U.S. Equ  369604103   106265  5841144 SH       SOLE                  5841144
General Mills Inc.             Equity U.S. Equ  370334104    71865  1015051 SH       SOLE                  1015051
Genuine Parts Company          Equity U.S. Equ  372460105      360     8507 SH       SOLE                     8507
Genworth Financial Inc.        Equity U.S. Equ  37247D106    47842  2609315 SH       SOLE                  2609315
Genzyme Corporation            Equity U.S. Equ  372917104      770    14867 SH       SOLE                    14867
Gilead Sciences, Inc.          Equity U.S. Equ  375558103    14900   327599 SH       SOLE                   327599
Goldman Sachs Group, Inc. (The Equity U.S. Equ  38141G104   131018   768081 SH       SOLE                   768081
Goodrich Corporation           Equity U.S. Equ  382388106   115896  1642873 SH       SOLE                  1642873
Google Inc.                    Equity U.S. Equ  38259P508   147000   259184 SH       SOLE                   259184
WW Grainger Inc                Common StockUSD  384802104      415     3841 SH       SOLE                     3841
Guess? Inc                     Equity U.S. Equ  401617105    23951   509771 SH       SOLE                   509771
HCC Insurance Holdings Inc     Equity U.S. Equ  404132102      704    25500 SH       SOLE                                      25500
HCP Inc                        REITUSD1         40414L109      546    16560 SH       SOLE                    16560
HSBC Holdings PLC              Equity Foreign   404280406     8014   158100 SH       SOLE                                     158100
Halliburton Company            Equity U.S. Equ  406216101     2076    68920 SH       SOLE                    68920
Harley-Davidson Inc.           Equity U.S. Equ  412822108      401    14281 SH       SOLE                    14281
Harris Corp                    Equity U.S. Equ  413875105      330     6953 SH       SOLE                     6953
Hartford Financial Services Gr Common StockUSD  416515104      912    32103 SH       SOLE                    32103
Hasbro Inc.                    Equity U.S. Equ  418056107      308     8028 SH       SOLE                     8028
HJ Heinz Co                    Common StockUSD  423074103      820    17997 SH       SOLE                    17997
Helmerich & Payne Inc          Equity U.S. Equ  423452101      365     9577 SH       SOLE                                       9577
Hershey Co/The                 Common StockUSD  427866108      410     9566 SH       SOLE                     9566
Hess Corporation               Equity U.S. Equ  42809H107    69995  1119291 SH       SOLE                  1119291
Hewlett-Packard Company        Equity U.S. Equ  428236103   237064  4459477 SH       SOLE                  4459477
Home Depot Inc., (The)         Equity U.S. Equ  437076102   103490  3198113 SH       SOLE                  3198113
Honeywell International Inc.   Equity U.S. Equ  438516106     1961    43325 SH       SOLE                    43325
Hospira Inc.                   Equity U.S. Equ  441060100      539     9507 SH       SOLE                     9507
Host Hotels & Resorts Inc      REITUSD.01       44107P104    13294   907178 SH       SOLE                   907178
Hudson City Bancorp Inc        Equity U.S. Equ  443683107      410    28942 SH       SOLE                    28942
Humana Inc.                    Equity U.S. Equ  444859102      469    10023 SH       SOLE                    10023
Huntington Bancshares Inc/OH   Common StockUSD  446150104      209    38651 SH       SOLE                    38651
ITT Corporation                Equity U.S. Equ  450911102     7908   147516 SH       SOLE                   147516
ICON PLC                       ADRUSD           45103T107      458    17344 SH       SOLE                    17344
Illinois Tool Works Inc.       Equity U.S. Equ  452308109     1169    24685 SH       SOLE                    24685
Illumina Inc                   Equity U.S. Equ  452327109     3096    79600 SH       SOLE                                      79600
Intel Corporation              Equity U.S. Equ  458140100    24546  1101313 SH       SOLE                  1101313
IntercontinentalExchange Inc   Equity U.S. Equ  45865V100    54083   481981 SH       SOLE                   481981
International Business Machine Common StockUSD  459200101    35735   278624 SH       SOLE                   278624
International Flavors & Fragra Common StockUSD  459506101      239     5014 SH       SOLE                     5014
International Game Technology  Equity U.S. Equ  459902102      318    17237 SH       SOLE                    17237
International Paper Company    Equity U.S. Equ  460146103      592    24052 SH       SOLE                    24052
International Power PLC        Equity Foreign   46018M104     6249   128500 SH       SOLE                                     128500
Interpublic Group of Cos Inc   Common StockUSD  460690100      241    28976 SH       SOLE                    28976
Intuit Inc.                    Equity U.S. Equ  461202103      611    17790 SH       SOLE                    17790
Intuitive Surgical, Inc.       Equity U.S. Equ  46120E602      792     2276 SH       SOLE                     2276
Iridium Communications Inc     Common StockUSD  46269C102    19755  2426903 SH       SOLE                  2426903
Iron Mountain Inc              Equity U.S. Equ  462846106      303    11064 SH       SOLE                    11064
iShares MSCI EAFE Index Fund   ETPUSD           464287465    44739   799196 SH       SOLE                   799196
Itau Unibanco Holding SA       ADRUSD0          465562106    11323   514895 SH       SOLE                   514895
Itron Inc                      Equity U.S. Equ  465741106    58394   804938 SH       SOLE                   804938
JPMorgan Chase & Co.           Common StockUSD  46625H100   223047  4983018 SH       SOLE                  4983018
MMC Norilsk Nickel             ADRUSD           46626D108     7524   408020 SH       SOLE                   408020
Jacobs Engineering Group Inc.  Equity U.S. Equ  469814107     3583    79288 SH       SOLE                    79288
Johnson & Johnson              Equity U.S. Equ  478160104   155622  2386405 SH       SOLE                  2386405
Johnson Controls Inc.          Equity U.S. Equ  478366107     1259    38173 SH       SOLE                    38173
Juniper Networks Inc.          Equity U.S. Equ  48203R104      914    29786 SH       SOLE                    29786
KLA-Tencor Corporation         Equity U.S. Equ  482480100    37638  1217096 SH       SOLE                  1217096
KB Home                        Common StockUSD  48666K109      586    34942 SH       SOLE                    34942
Kellogg Company                Equity U.S. Equ  487836108    14883   278544 SH       SOLE                   278544
Kennametal Inc                 Equity U.S. Equ  489170100      250     8900 SH       SOLE                                       8900
KeyCorp                        Equity U.S. Equ  493267108      367    47336 SH       SOLE                    47336
Kimberly-Clark Corporation     Equity U.S. Equ  494368103     2296    36505 SH       SOLE                    36505
Kimco Realty Corporation       Equity U.S. Equ  49446R109     6547   418496 SH       SOLE                   418496
King Pharmaceuticals Inc.      Equity U.S. Equ  495582108      189    16068 SH       SOLE                    16068
Kohl's Corporation             Equity U.S. Equ  500255104     6023   109953 SH       SOLE                   109953
Kraft Foods Inc.               Equity U.S. Equ  50075N104    10830   358087 SH       SOLE                   358087
Kroger Co/The                  Common StockUSD  501044101    16831   776711 SH       SOLE                   776711
LSI Corporation                Equity U.S. Equ  502161102      203    33088 SH       SOLE                    33088
L-3 Communications Holdings In Common StockUSD  502424104      599     6548 SH       SOLE                     6548
Laboratory Corp. of Amer Hldgs Equity U.S. Equ  50540R409      473     6239 SH       SOLE                     6239
Las Vegas Sands Corp           Common StockUSD  517834107    12201   576626 SH       SOLE                   576626
The Estee Lauder Companies Inc Equity U.S. Equ  518439104      454     6998 SH       SOLE                     6998
Lear Corp                      Common StockUSD  521865204    78438   989445 SH       SOLE                   989445
Legg Mason Inc                 Equity U.S. Equ  524901105      275     9609 SH       SOLE                     9609
Leucadia National Corp         Equity U.S. Equ  527288104      270    10874 SH       SOLE                    10874
Level 3 Communications Inc     Common StockUSD  52729N100       43    26681 SH       SOLE                    26681
Liberty Media Corp - Interacti Tracking StkUSD  53071M104      258    16825 SH       SOLE                    16825
Life Technologies Corporation  Equity U.S. Equ  53217V109      498     9529 SH       SOLE                     9529
Eli Lilly and Company          Equity U.S. Equ  532457108     4822   133120 SH       SOLE                   133120
Ltd Brands Inc                 Common StockUSD  532716107      442    17958 SH       SOLE                    17958
Lincoln National Corporation   Equity U.S. Equ  534187109      916    29824 SH       SOLE                    29824
Linear Technology Corporation  Equity U.S. Equ  535678106     2759    97651 SH       SOLE                    97651
Lockheed Martin Corporation    Equity U.S. Equ  539830109     1619    19457 SH       SOLE                    19457
Loews Corporation              Equity U.S. Equ  540424108      827    22189 SH       SOLE                    22189
Lorillard Inc                  Equity U.S. Equ  544147101    46207   614244 SH       SOLE                   614244
Lowe's Cos Inc                 Common StockUSD  548661107     8280   341576 SH       SOLE                   341576
M&T Bank Corporation           Equity U.S. Equ  55261F104      872    10995 SH       SOLE                    10995
MEMC Electronic Materials Inc  Equity U.S. Equ  552715104      179    11702 SH       SOLE                    11702
Macerich Co/The                REITUSD.01       554382101      404    10550 SH       SOLE                    10550
Mack-Cali Realty Corp          REITUSD.01       554489104     6286   178367 SH       SOLE                   178367
Macy's Inc                     Equity U.S. Equ  55616P104    36351  1669018 SH       SOLE                  1669018
Magna International Inc        Common StockCAD  559222401     3526    57000 SH       SOLE                    57000
Marathon Oil Corp              Equity U.S. Equ  565849106     1290    40749 SH       SOLE                    40749
Marsh & McLennan Cos Inc       Common StockUSD  571748102      725    29674 SH       SOLE                    29674
Marshall & Ilsley Corporation  Equity U.S. Equ  571837103      228    28274 SH       SOLE                    28274
Marriott International Inc/DE  Common StockUSD  571903202    25001   793176 SH       SOLE                   793176
Masco Corporation              Equity U.S. Equ  574599106      334    21544 SH       SOLE                    21544
Massey Energy Company          Equity U.S. Equ  576206106      295     5648 SH       SOLE                                       5648
Mastercard Inc                 Equity U.S. Equ  57636Q104   119400   470126 SH       SOLE                   470126
Mattel Inc.                    Equity U.S. Equ  577081102      455    19983 SH       SOLE                    19983
McAfee Inc.                    Equity U.S. Equ  579064106      360     8983 SH       SOLE                     8983
McCormick & Company Inc.       Equity U.S. Equ  579780206      850    22166 SH       SOLE                    22166
McDermott International Inc    Common StockUSD  580037109     4728   175484 SH       SOLE                   175484
McDonald's Corporation         Equity U.S. Equ  580135101    17673   264888 SH       SOLE                   264888
McGraw-Hill Cos. Inc. (The)    Equity U.S. Equ  580645109      644    18073 SH       SOLE                    18073
McKesson Corporation           Equity U.S. Equ  58155Q103      986    14993 SH       SOLE                    14993
Mead Johnson Nutrition Company Equity U.S. Equ  582839106   105485  2027951 SH       SOLE                  2027951
MeadWestvaco Corp              Equity U.S. Equ  583334107      262    10273 SH       SOLE                    10273
Medco Health Solutions Inc     Common StockUSD  58405U102     1718    26606 SH       SOLE                    26606
Medicis Pharmaceutical Corp.   Equity U.S. Equ  584690309      259    10300 SH       SOLE                    10300
Medivation Inc                 Common StockUSD  58501N101     6449   613930 SH       SOLE                   613930
Medtronic Inc.                 Equity U.S. Equ  585055106    24755   549725 SH       SOLE                   549725
Merck & Co., Inc.              Equity U.S. Equ  58933Y105   189398  5072125 SH       SOLE                  5072125
Meredith Corporation           Equity U.S. Equ  589433101      446    12974 SH       SOLE                    12974
MetLife Inc.                   Equity U.S. Equ  59156R108    93361  2154612 SH       SOLE                  2154612
MetroPCS Communications, Inc.  Equity U.S. Equ  591708102      107    15125 SH       SOLE                    15125
Microsoft Corporation          Equity U.S. Equ  594918104   282718  9659439 SH       SOLE                  9659439
Microchip Technology Inc.      Equity U.S. Equ  595017104      308    10944 SH       SOLE                    10944
Micron Technology Inc.         Equity U.S. Equ  595112103      498    48105 SH       SOLE                    48105
Millipore Corporation          Equity U.S. Equ  601073109      326     3088 SH       SOLE                     3088
Mindray Medical International  ADRUSD.001       602675100    40631  1114700 SH       SOLE                  1114700
Molson Coors Brewing Company   Equity U.S. Equ  60871R209    47039  1118494 SH       SOLE                  1118494
Monsanto Company               Equity U.S. Equ  61166W101     2577    36090 SH       SOLE                    36090
Moody's Corporation            Equity U.S. Equ  615369105      364    12240 SH       SOLE                    12240
Morgan Stanley                 Equity U.S. Equ  617446448    44101  1504908 SH       SOLE                  1504908
The Mosaic Company             Equity U.S. Equ  61945A107     6172   101570 SH       SOLE                   101570
Motorola Inc.                  Equity U.S. Equ  620076109    17201  2448559 SH       SOLE                  2448559
Murphy Oil Corporation         Equity U.S. Equ  626717102      604    10742 SH       SOLE                    10742
Mylan Inc/PA                   Common StockUSD  628530107      392    17233 SH       SOLE                    17233
Nrg Energy Inc.                Equity U.S. Equ  629377508      306    14630 SH       SOLE                    14630
NYSE Euronext                  Equity U.S. Equ  629491101      451    15226 SH       SOLE                    15226
National Oilwell Varco, Inc.   Equity U.S. Equ  637071101      956    23587 SH       SOLE                    23587
National Semiconductor Corp    Common StockUSD  637640103    36526  2526898 SH       SOLE                  2526898
Nationwide Health Properties I REITUSD.1        638620104     8628   245322 SH       SOLE                   245322
Nestle S.A.                    Equity Foreign   641069406     6164   120500 SH       SOLE                                     120500
NetApp Inc                     Equity U.S. Equ  64110D104    45035  1383351 SH       SOLE                  1383351
New Oriental Education & Techn ADRUSD.01        647581107    30819   360376 SH       SOLE                   360376
New York Community Bancorp Inc Equity U.S. Equ  649445103      469    28325 SH       SOLE                    28325
Newell Rubbermaid Inc          Common StockUSD  651229106      947    62297 SH       SOLE                    62297
Newmont Mng Corp               Equity U.S. Equ  651639106     1425    27984 SH       SOLE                    27984
News Corporation Ltd, (The)    Equity U.S. Equ  65248E104    77933  5409976 SH       SOLE                  5409976
News Corp                      Common StockUSD  65248E203      266    15681 SH       SOLE                    15681
NIKE Inc.                      Equity U.S. Equ  654106103     1982    26952 SH       SOLE                    26952
Nisource Inc                   Equity U.S. Equ  65473P105      260    16417 SH       SOLE                    16417
Noble Energy Inc.              Equity U.S. Equ  655044105     1118    15313 SH       SOLE                    15313
Nordstrom Inc                  Equity U.S. Equ  655664100     7910   193535 SH       SOLE                   193535
Norfolk Southern Corporation   Equity U.S. Equ  655844108    17521   313415 SH       SOLE                   313415
Northeast Utilities            Equity U.S. Equ  664397106      290    10499 SH       SOLE                    10499
Northern Trust Corporation     Equity U.S. Equ  665859104     1079    19526 SH       SOLE                    19526
Northrop Grumman Corporation   Equity U.S. Equ  666807102     1149    17533 SH       SOLE                    17533
Novartis AG                    Equity Foreign   66987V109     3132    57900 SH       SOLE                                      57900
NovaTek OAO                    GDRUSD           669888109      333     4579 SH       SOLE                                       4579
Novell Inc                     Equity U.S. Equ  670006105       67    11146 SH       SOLE                    11146
Nucor Corporation              Equity U.S. Equ  670346105      827    18240 SH       SOLE                    18240
NVIDIA Corporation             Equity U.S. Equ  67066G104      557    32017 SH       SOLE                    32017
Tatneft                        ADRUSD           670831205     3495   111666 SH       SOLE                   111666
Occidental Petroleum Corp      Equity U.S. Equ  674599105    93327  1103715 SH       SOLE                  1103715
Lukoil OAO                     ADRRUB.025       677862104    11235   198150 SH       SOLE                   198150
Polyus Gold Co                 ADRUSD           678129107     2585   100372 SH       SOLE                   100372
Omnicom Group Inc.             Equity U.S. Equ  681919106     4283   110345 SH       SOLE                   110345
ON Semiconductor Corp          Common StockUSD  682189105    44891  5611335 SH       SOLE                  5611335
Vimpel-Communications          ADRUSD           68370R109     3686   200500 SH       SOLE                                     200500
Oracle Corporation             Equity U.S. Equ  68389X105    17584   684072 SH       SOLE                   684072
Orascom Construction Industrie GDRUSD           68554N106     5927   124498 SH       SOLE                                     124498
Orascom Telecom Holding SAE    GDRUSD           68554W205     1164   227427 SH       SOLE                   227427
Orbital Sciences Corp          Common StockUSD  685564106    24058  1265192 SH       SOLE                  1265192
Ormat Technologies, Inc        Equity U.S. Equ  686688102     3764   133923 SH       SOLE                   133923
Owens-Illinois Inc             Common StockUSD  690768403      302     8497 SH       SOLE                     8497
Pg&E Corporation               Equity U.S. Equ  69331C108    32771   772378 SH       SOLE                   772378
PNC Financial Services Group I Common StockUSD  693475105     1767    29593 SH       SOLE                    29593
Ppg Industries Inc             Equity U.S. Equ  693506107      619     9455 SH       SOLE                     9455
PPL Corporation                Equity U.S. Equ  69351T106      583    21059 SH       SOLE                    21059
PACCAR Inc.                    Equity U.S. Equ  693718108     4388   101243 SH       SOLE                   101243
Pall Corporation               Equity U.S. Equ  696429307      289     7149 SH       SOLE                     7149
Parker Hannifin Corporation    Equity U.S. Equ  701094104      595     9199 SH       SOLE                     9199
Patterson Cos Inc              Common StockUSD  703395103     3111   100204 SH       SOLE                   100204
Paychex Inc.                   Equity U.S. Equ  704326107      593    19320 SH       SOLE                    19320
Peabody Energy Corporation     Equity U.S. Equ  704549104      695    15207 SH       SOLE                    15207
JC Penney Co Inc               Common StockUSD  708160106      400    12427 SH       SOLE                    12427
People's United Financial Inc  Common StockUSD  712704105      340    21730 SH       SOLE                    21730
Pepco Holdings Inc             Equity U.S. Equ  713291102      207    12082 SH       SOLE                    12082
PepsiCo Inc/NC                 Common StockUSD  713448108   239400  3617775 SH       SOLE                  3617775
Petroleo Brasileiro SA         ADRUSD           71654V101    23960   604820 SH       SOLE                   604820
Petroleo Brasileiro SA         ADRUSD           71654V408    19940   448000 SH       SOLE                   448000
Pfizer Inc.                    Equity U.S. Equ  717081103   206992 12066524 SH       SOLE                 12066524
Philip Morris Intl. Inc.       Equity U.S. Equ  718172109    33664   645377 SH       SOLE                   645377
Pinnacle West Capital Corp     Common StockUSD  723484101      211     5582 SH       SOLE                     5582
Pioneer Natural Resources Co   Equity U.S. Equ  723787107      384     6817 SH       SOLE                     6817
Pitney Bowes Inc               Equity U.S. Equ  724479100      295    12066 SH       SOLE                    12066
Plum Creek Timber Co Inc       REITUSD.01       729251108      351     9019 SH       SOLE                     9019
Polycom, Inc.                  Equity U.S. Equ  73172K104    81167  2653379 SH       SOLE                  2653379
Popular Inc                    Common StockUSD  733174106       70    24145 SH       SOLE                    24145
Potash Corp of Saskatchewan In Common StockCAD  73755L107    38579   323106 SH       SOLE                   323106
Praxair Inc.                   Equity U.S. Equ  74005P104    14498   174678 SH       SOLE                   174678
Precision Castparts Corp       Equity U.S. Equ  740189105    30565   241085 SH       SOLE                   241085
T. Rowe Price Group Inc.       Equity U.S. Equ  74144T108      803    14608 SH       SOLE                    14608
priceline.com Inc              Common StockUSD  741503403   122852   481689 SH       SOLE                   481689
Pride International Inc        Common StockUSD  74153Q102    51408  1706497 SH       SOLE                  1706497
Principal Financial Group Inc  Common StockUSD  74251V102      551    18851 SH       SOLE                    18851
Procter & Gamble Company, The  Equity U.S. Equ  742718109   197443  3120426 SH       SOLE                  3120426
Progress Energy, Inc.          Equity U.S. Equ  743263105      631    16028 SH       SOLE                    16028
Progressive Corporation        Equity U.S. Equ  743315103      734    38485 SH       SOLE                    38485
ProLogis                       REITUSD.01       743410102    11806   894078 SH       SOLE                   894078
Protective Life Corp           Equity U.S. Equ  743674103      330    15011 SH       SOLE                    15011
Prudential Financial Inc.      Equity U.S. Equ  744320102    12176   201287 SH       SOLE                   201287
Psychiatric Solutions Inc      Common StockUSD  74439H108    31906  1069953 SH       SOLE                  1069953
Public Service Enterprise Grou Common StockUSD  744573106      839    28420 SH       SOLE                    28420
Public Storage                 REITUSD.1        74460D109    21219   230585 SH       SOLE                   230585
Pulte Group Inc.               Equity U.S. Equ  745867101      224    19969 SH       SOLE                    19969
QUALCOMM Incorporated          Equity U.S. Equ  747525103   127717  3042262 SH       SOLE                  3042262
Quest Diagnostics Incorporated Equity U.S. Equ  74834L100     1040    17839 SH       SOLE                    17839
Questar Corporation            Equity U.S. Equ  748356102      441    10221 SH       SOLE                    10221
Qwest Communications Intl Inc. Equity U.S. Equ  749121109    79037 15126654 SH       SOLE                 15126654
Range Resources Corporation    Equity U.S. Equ  75281A109      422     8991 SH       SOLE                     8991
Raymond  James Financial Inc.  Equity U.S. Equ  754730109     3597   134500 SH       SOLE                                     134500
Raytheon Company               Equity U.S. Equ  755111507     1246    21819 SH       SOLE                    21819
Regions Financial Corporation  Equity U.S. Equ  7591EP100      526    66972 SH       SOLE                    66972
Reinsurance Group of America I Common StockUSD  759351604    13787   262551 SH       SOLE                   262551
Republic Services Inc          Equity U.S. Equ  760759100    57684  1987074 SH       SOLE                  1987074
Reynolds American Inc.         Equity U.S. Equ  761713106      566    10488 SH       SOLE                    10488
Robert Half International Inc. Equity U.S. Equ  770323103      273     8993 SH       SOLE                     8993
Roche Holdings AG              Equity Foreign   771195104    16366   403200 SH       SOLE                                     403200
Rockwell Automation Inc/DE     Common StockUSD  773903109    33985   603119 SH       SOLE                   603119
Rockwell Collins Inc.          Equity U.S. Equ  774341101      547     8733 SH       SOLE                     8733
Roper Industries Inc.          Equity U.S. Equ  776696106      613    10592 SH       SOLE                    10592
Ross Stores Inc                Equity U.S. Equ  778296103      361     6763 SH       SOLE                     6763
Royal Dutch Shell PLC          Equity Foreign   780259206     4572    79020 SH       SOLE                                      79020
SL Green Realty Corp           REITUSD.01       78440X101     9624   167981 SH       SOLE                   167981
SLM Corporation                Equity U.S. Equ  78442P106      359    28683 SH       SOLE                    28683
SPDR S&P 500 ETF Trust         Equity U.S. Equ  78462F103   102081   872490 SH       SOLE                   872490
SPX Corp                       Equity U.S. Equ  784635104     5585    84216 SH       SOLE                    84216
Safeway Inc.                   Equity U.S. Equ  786514208      577    23222 SH       SOLE                    23222
St. Jude Medical, Inc.         Equity U.S. Equ  790849103      771    18766 SH       SOLE                    18766
Saks Inc                       Common StockUSD  79377W108      116    13498 SH       SOLE                    13498
Salesforce.com Inc             Equity U.S. Equ  79466L302      433     5819 SH       SOLE                     5819
Sandisk Corp.                  Equity U.S. Equ  80004C101      470    13592 SH       SOLE                    13592
Sara Lee Corporation           Equity U.S. Equ  803111103      554    39752 SH       SOLE                    39752
SCANA Corp                     Equity U.S. Equ  80589M102      262     6977 SH       SOLE                     6977
Schlumberger Ltd               Common StockUSD  806857108   115857  1825670 SH       SOLE                  1825670
Charles Schwab Corporation The Equity U.S. Equ  808513105     6946   371645 SH       SOLE                   371645
Scripps Networks Interactive I Common StockUSD  811065101      463    10431 SH       SOLE                    10431
Sears Holdings Corp            Common StockUSD  812350106      326     3007 SH       SOLE                     3007
Utilities Select Sector SPDR   Equity U.S. Equ  81369Y886     4001   134900 SH       SOLE                                     134900
Sempra Energy                  Equity U.S. Equ  816851109      698    14001 SH       SOLE                    14001
SGS SA                         Equity Foreign   818800104     1800   130550 SH       SOLE                                     130550
Sherwin-Williams Co/The        Common StockUSD  824348106      415     6135 SH       SOLE                     6135
Siemens AG                     Equity Foreign   826197501    16405   164100 SH       SOLE                                     164100
Sigma-Aldrich Corp             Common StockUSD  826552101      838    15612 SH       SOLE                    15612
Simon Property Group, Inc.     Equity U.S. Equ  828806109    23082   275145 SH       SOLE                   275145
Sirius XM Radio Inc            Common StockUSD  82967N108       42    47907 SH       SOLE                    47907
Smith International Inc.       Equity U.S. Equ  832110100      585    13660 SH       SOLE                    13660
JM Smucker Co/The              Common StockUSD  832696405      405     6719 SH       SOLE                     6719
Sotheby's Holdings             Equity U.S. Equ  835898107    85366  2744426 SH       SOLE                  2744426
Southern Company               Equity U.S. Equ  842587107     1534    46242 SH       SOLE                    46242
Southern Copper Corp           Common StockUSD  84265V105     6942   219114 SH       SOLE                   219114
Southwest Airls Co             Equity U.S. Equ  844741108      570    43120 SH       SOLE                    43120
Southwestern Energy Company    Equity U.S. Equ  845467109      972    23871 SH       SOLE                    23871
Spectra Energy Corporation     Equity U.S. Equ  847560109     1829    81210 SH       SOLE                    81210
Sprint Nextel Corporation      Equity U.S. Equ  852061100      619   162805 SH       SOLE                   162805
Stanley Black & Decker Inc.    Equity U.S. Equ  854502101   131553  2291471 SH       SOLE                  2291471
Staples Inc                    Equity U.S. Equ  855030102     8323   355560 SH       SOLE                   355560
Starbucks Corp                 Equity U.S. Equ  855244109     1023    42117 SH       SOLE                    42117
Starwood Hotels & Resorts Worl Common StockUSD  85590A401    22542   483574 SH       SOLE                   483574
State Street Corporation       Equity U.S. Equ  857477103    46971  1039671 SH       SOLE                  1039671
Statoil A.S.A.                 Equity Foreign   85771P102     7272   311700 SH       SOLE                                     311700
Stericycle Inc                 Equity U.S. Equ  858912108      530     9718 SH       SOLE                                       9718
Sterlite Industries India Ltd  ADRUSD           859737207      373    20000 SH       SOLE                                      20000
Stryker Corporation            Equity U.S. Equ  863667101    34756   607516 SH       SOLE                   607516
Sunoco, Inc.                   Equity U.S. Equ  86764P109      204     6887 SH       SOLE                     6887
Suntrust Banks Inc             Equity U.S. Equ  867914103      756    28230 SH       SOLE                    28230
Supervalu Inc                  Equity U.S. Equ  868536103      200    12003 SH       SOLE                    12003
Surgutneftegaz                 ADRUSD           868861105     2924   526800 SH       SOLE                                     526800
Surgutneftegaz                 ADRUSD           868861204     4500   453200 SH       SOLE                                     453200
Sybase Inc.                    Equity U.S. Equ  871130100     1739    37300 SH       SOLE                    37300
Symantec Corporation           Equity U.S. Equ  871503108      774    45752 SH       SOLE                    45752
Symetra Financial Corp         Common StockUSD  87151Q106     9231   701444 SH       SOLE                   701444
Synthes Inc                    Common StockCHF  87162M409      256     2052 SH       SOLE                     2052
Sysco Corporation              Equity U.S. Equ  871829107      983    33336 SH       SOLE                    33336
TD Ameritrade Holding Corp     Equity U.S. Equ  87236Y108      412    21593 SH       SOLE                    21593
TECO Energy, Inc.              Equity U.S. Equ  872375100      215    13513 SH       SOLE                    13513
TJX Cos Inc                    Common StockUSD  872540109     1146    26948 SH       SOLE                    26948
Tanger Factory Outlet Centers  REITUSD.01       875465106     1369    31722 SH       SOLE                    31722
Target Corporation             Equity U.S. Equ  87612E106    46179   878006 SH       SOLE                   878006
Telefonica S.A.                Equity Foreign   879382208    18422   259100 SH       SOLE                                     259100
Telefonos de Mexico SAB de CV  ADRUSD           879403780     4085   262000 SH       SOLE                   262000
Telephone and Data Systems     Equity U.S. Equ  879433100      889    26264 SH       SOLE                    26264
Tellabs Inc.                   Equity U.S. Equ  879664100       93    12302 SH       SOLE                    12302
Telmex Internacional SAB de CV ADRUSD           879690105     5055   262000 SH       SOLE                   262000
Tenet Healthcare Corporation   Equity U.S. Equ  88033G100       79    13860 SH       SOLE                                      13860
Teradata Corp                  Common StockUSD  88076W103      283     9800 SH       SOLE                     9800
Tesco PLC                      Equity Foreign   881575302     6502   328400 SH       SOLE                                     328400
Teva Pharmaceutical Industries ADRUSD           881624209    27005   427971 SH       SOLE                   427971
Texas Instruments Incorporated Equity U.S. Equ  882508104     9376   383161 SH       SOLE                   383161
Textron Inc                    Equity U.S. Equ  883203101      347    16373 SH       SOLE                    16373
Thermo Fisher Scientific Inc   Equity U.S. Equ  883556102     1198    23291 SH       SOLE                    23291
Thoratec Corp                  Equity U.S. Equ  885175307      304     9100 SH       SOLE                                       9100
3M Company                     Equity U.S. Equ  88579Y101     4489    53710 SH       SOLE                    53710
Tiffany & Co                   Equity U.S. Equ  886547108      354     7451 SH       SOLE                     7451
Time Warner Inc.               Equity U.S. Equ  887317303     2284    73052 SH       SOLE                    73052
Time Warner Cable Inc          Common StockUSD  88732J207   107118  2008988 SH       SOLE                  2008988
Torchmark Corporation          Equity U.S. Equ  891027104      265     4955 SH       SOLE                     4955
Total S.A.                     Equity Foreign   89151E109     2663    45900 SH       SOLE                                      45900
Total Systems Services Inc     Equity U.S. Equ  891906109      157    10021 SH       SOLE                    10021
Toyota Motor Corporation       Equity Foreign   892331307     3868    48100 SH       SOLE                                      48100
Travelers Cos Inc/The          Common StockUSD  89417E109     1569    29085 SH       SOLE                    29085
Tupperware Brands Corp         Common StockUSD  899896104    82028  1700947 SH       SOLE                  1700947
Tyson Foods, Inc.              Equity U.S. Equ  902494103      328    17107 SH       SOLE                    17107
UDR Inc                        REITUSD.01       902653104      986    55907 SH       SOLE                    55907
US Bancorp                     Common StockUSD  902973304    23019   889501 SH       SOLE                   889501
Union Pacific Corp             Common StockUSD  907818108     2124    28967 SH       SOLE                    28967
United Parcel Service, Inc.    Equity U.S. Equ  911312106    17749   275559 SH       SOLE                   275559
United States Steel Corp       Equity U.S. Equ  912909108    55570   874373 SH       SOLE                   874373
United Technologies Corp.      Equity U.S. Equ  913017109    35051   476160 SH       SOLE                   476160
UnitedHealth Group Inc         Common StockUSD  91324P102    45405  1389795 SH       SOLE                  1389795
Unum Group                     Equity U.S. Equ  91529Y106      472    19092 SH       SOLE                    19092
Uralkali                       GDRUSD           91688E206      882    42000 SH       SOLE                    42000
Urban Outfitters Inc.          Equity U.S. Equ  917047102    45962  1207935 SH       SOLE                  1207935
Usinas Siderurgicas de Minas G ADRUSD           917302200     2032    59000 SH       SOLE                                      59000
VF Corp                        Common StockUSD  918204108    49575   618337 SH       SOLE                   618337
Valero Energy Corporation      Equity U.S. Equ  91913Y100      601    30510 SH       SOLE                    30510
Valspar Corporation            Equity U.S. Equ  920355104      652    22103 SH       SOLE                                      22103
Varian Medical Systems, Inc.   Equity U.S. Equ  92220P105      418     7542 SH       SOLE                     7542
Ventas Inc                     REITUSD.25       92276F100      437     9215 SH       SOLE                     9215
VeriSign Inc.                  Equity U.S. Equ  92343E102      255     9795 SH       SOLE                     9795
Verizon Communications Inc.    Equity U.S. Equ  92343V104    63664  2052112 SH       SOLE                  2052112
Vertex Pharmaceuticals Inc     Common StockUSD  92532F100    39701   971762 SH       SOLE                   971762
Viacom Inc.                    Equity U.S. Equ  92553P201     1128    32821 SH       SOLE                    32821
Virgin Media Inc               Common StockUSD  92769L101    29511  1707734 SH       SOLE                  1707734
Visa Inc                       Equity U.S. Equ  92826C839    20721   227554 SH       SOLE                   227554
Vodafone Group PLC             Equity Foreign   92857W209     2068    88700 SH       SOLE                    88700
Vornado Realty Trust           REITUSD.04       929042109    40399   533671 SH       SOLE                   533671
Vulcan Matls Co                Equity U.S. Equ  929160109      326     6905 SH       SOLE                     6905
Wal-Mart Stores Inc.           Equity U.S. Equ  931142103   119486  2148691 SH       SOLE                  2148691
Walgreen Co.                   Equity U.S. Equ  931422109     9757   263061 SH       SOLE                   263061
Walter Energy Inc              Common StockUSD  93317Q105    74458   806518 SH       SOLE                   806518
Washington Post Co/The         Common StockUSD  939640108      224      503 SH       SOLE                      503
Waste Mgmt Inc                 Equity U.S. Equ  94106L109      951    27631 SH       SOLE                    27631
Waters Corporation             Equity U.S. Equ  941848103      389     5764 SH       SOLE                     5764
Watson Pharmaceuticals Inc     Common StockUSD  942683103      272     6515 SH       SOLE                     6515
WellPoint, Inc.                Equity U.S. Equ  94973V107    22752   353379 SH       SOLE                   353379
Wells Fargo & Company          Equity U.S. Equ  949746101   191839  6167967 SH       SOLE                  6167967
Wendy's/Arby's Group Inc       Common StockUSD  950587105       56    11184 SH       SOLE                    11184
Wesco International Inc        Equity U.S. Equ  95082P105     5186   149400 SH       SOLE                                     149400
Western Digital Corporation    Equity U.S. Equ  958102105      503    12912 SH       SOLE                    12912
Western Union Co/The           Common StockUSD  959802109      939    55386 SH       SOLE                    55386
Weyerhaeuser Company           Equity U.S. Equ  962166104      539    11905 SH       SOLE                    11905
Whirlpool Corp                 Equity U.S. Equ  963320106      392     4491 SH       SOLE                     4491
Whole Foods Market Inc         Equity U.S. Equ  966837106      335     9274 SH       SOLE                     9274
Williams Cos Inc/The           Common StockUSD  969457100      769    33309 SH       SOLE                    33309
Windstream Corp                Equity U.S. Equ  97381W104      159    14621 SH       SOLE                    14621
Wisconsin Energy Corporation   Equity U.S. Equ  976657106      851    17221 SH       SOLE                    17221
Wyndham Worldwide Corporation  Equity U.S. Equ  98310W108      230     8937 SH       SOLE                     8937
Wynn Resorts, Limited          Equity U.S. Equ  983134107      335     4419 SH       SOLE                     4419
XTO Energy Inc.                Equity U.S. Equ  98385X106     1947    41275 SH       SOLE                    41275
Xcel Energy Inc.               Equity U.S. Equ  98389B100     2628   123962 SH       SOLE                   123962
Xilinx Inc.                    Equity U.S. Equ  983919101      437    17130 SH       SOLE                    17130
Xerox Corporation              Equity U.S. Equ  984121103      735    75462 SH       SOLE                    75462
Yahoo! Inc                     Common StockUSD  984332106     1201    72662 SH       SOLE                    72662
Yum! Brands Inc                Common StockUSD  988498101     1008    26294 SH       SOLE                    26294
Zimmer Holdings Inc.           Equity U.S. Equ  98956P102     1306    22060 SH       SOLE                    22060
Zurich Financial Services AG   Equity Foreign   98982M107    22469   881150 SH       SOLE                                     881150
Daimler AG                     Equity Foreign   D1668R123     2891    61500 SH       SOLE                                      61500
Arch Capital Group Ltd         Common StockUSD  G0450A105    18175   238458 SH       SOLE                   238458
Bunge Ltd                      Common StockUSD  G16962105     3531    57252 SH       SOLE                    57252
Cooper Industries PLC          Common StockUSD  G24140108      208     4342 SH       SOLE                     4342
Invesco Ltd                    Common StockUSD  G491BT         224    10250 SH       SOLE                    10250
Invesco Ltd                    Common StockUSD  G491BT108      305    13905 SH       SOLE                    13905
Lazard Ltd                     Ltd PartUSD.01   G54050104    42399  1186829 SH       SOLE                  1186829
Seagate Technology             Common StockUSD  G7945J104      228    12491 SH       SOLE                    12491
Transocean Ltd                 Equity Foreign   H8817H100    40267   466141 SH       SOLE                   466141
Tyco International Ltd.        Equity Foreign   H89128104      242     6319 SH       SOLE                                       6319
ASML Holding N.V.              Equity Foreign   N07059186     3558   100500 SH       SOLE                   100500
Goldenport Holdings Inc        Common StockUSD  Y27499105     2338  1529736 SH       SOLE                  1529736
</TABLE>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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