13F-HR/A 1 fandc31dec05restate.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 31 December 2005 Check here if Amendment [ X ]; Amendment Number: 1 This Amendment (Check only one.): [ X ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: F&C Asset Management plc Address: 80 George Street, Edinburgh EH2 3BU Scotland, UK Form 13F File Number: 028-11312 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 Mackay Title: Head of Audit, Risk and Compliance Phone: 44 131 465 1000 Signature, Place, and Date of Signing: /s/ Eric Mackay Edinburgh, UK Feb 2, 2006 ------------------------- ------------------------ -------------- [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: None Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: None Form 13F Information Table Entry Total: 687 Form 13F Information Table Value Total: $8,134,145 (thousands) List of Other Included Managers: None 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.
FORM 13F INFORMATION TABLE Name of Reporting Manager: F&C Asset Management plc Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8 Title of CUSIP Value Amount and Investment Other Voting Authority Name of Issuer Class Number ($1,000) Type of Security Discretion Managers (Shares) Shares or Principal SH/ PUT/ Amount PRN CALL Sole Shared None AFLAC INC COM USD0.10 001055102 3,247 69,940 SH sole n/a 69,940 ABBOTT LABORATORIES COM STK NPV 002824100 3,785 96,000 SH sole n/a 96,000 ADVANCED MICRO DEVICES USD0.01 007903107 3,516 114,900 SH sole n/a 114,900 AIR PRODUCTS & COM USD1 009158106 4,415 74,630 SH sole n/a 74,630 CHEMICALS INC AIRGAS INC USD0.01 COM 009363102 13,901 422,530 SH sole n/a 422,530 ALBERTO CULVER USD0.22 013068101 676 14,780 SH sole n/a 14,780 ALBERTSONS INC USD1 COM 013104104 679 31,820 SH sole n/a 31,820 ALCOA INC COM STK USD1 013817101 1,146 38,760 SH sole n/a 38,760 ALERIS INTERNATIONAL USD0.10 014477103 1,458 45,300 SH sole n/a 45,300 INC ALEXANDER & BALDWIN INC NPV 014482103 1,248 23,000 SH sole n/a 23,000 ALLEGHANY CORPORATION USD1 017175100 11,041 38,893 SH sole n/a 38,893 ALLERGAN INC USD0.01 018490102 17,202 159,339 SH sole n/a 159,339 ALLOS THERAPEUTICS COM 019777101 54 25,064 SH sole n/a 25,064 ALLSTATE CORPORATION USD0.01 020002101 64,208 1,187,502 SH sole n/a 1,187,502 ALLTEL CORP COM STK USD1 020039103 12,759 202,370 SH sole n/a 202,370 AMERADA HESS CORP COM USD1 023551104 1,791 14,120 SH sole n/a 14,120 AMERICAN CAPITAL COM USD0.01 024937104 11,637 321,360 SH sole n/a 321,360 STRATEGIES AMERICAN ELECTRIC USD6.50 COM 025537101 4,462 120,310 SH sole n/a 120,310 POWER INC AMERICAN EQUITY USD1 025676206 6,524 500,000 SH sole n/a 500,000 INVESTMENT HLD AMERICAN EXPRESS CO COM USD0.20 025816109 5,937 115,376 SH sole n/a 115,376 AMERICAN INTERNATIONAL COM STK 026874107 78,581 1,151,797 SH sole n/a 1,151,797 GROUP USD2.50 AMERICAN POWER COM USD0.01 029066107 5,249 238,600 SH sole n/a 238,600 CONVERSION AMERICAN STANDARD COS USD0.01 029712106 11,153 279,287 SH sole n/a 279,287 INC AMERICAN TOWER USD0.01 029912201 1,100 40,600 SH sole n/a 40,600 CORPORATION AMGEN INC COM 031162100 6,086 77,170 SH sole n/a 77,170 AMSOUTH BANCORPORATION USD1 032165102 778 29,680 SH sole n/a 29,680 ANADARKO PETROLEUM CORP USD0.10 032511107 27,561 290,920 SH sole n/a 290,920 ANALOG DEVICES INC. COM STK 032654105 2,242 62,520 SH sole n/a 62,520 USD0.1666 ANDREW CORPORATION COM USD0.01 034425108 10,989 1,024,240 SH sole n/a 1,024,240 ANHEUSER-BUSCH COS INC. COM STK USD1 035229103 1,671 38,900 SH sole n/a 38,900 APACHE CORP USD1.25 037411105 1,081 15,780 SH sole n/a 15,780 APOLLO GROUP NPV CLASS A 037604105 630 10,420 SH sole n/a 10,420 APPLE COMPUTER COMPANY COM NPV 037833100 48,536 675,135 SH sole n/a 675,135 APPLERA CORP APPLIED USD0.01 038020103 838 31,550 SH sole n/a 31,550 BIOSYS APPLIED MATERIALS INC COM USD0.01 038222105 20,964 1,168,554 SH sole n/a 1,168,554 ARCHER-DANIELS-MIDLAND COM STK NPV 039483102 10,845 439,852 SH sole n/a 439,852 CO ARCHSTONE SMITH TR USD0.01 039583109 46,338 1,106,190 SH sole n/a 1,106,190 ARDEN REALTY USD0.01 COM 039793104 22,796 508,500 SH sole n/a 508,500 INCORPORATED STK ARENA PHARMACEUTICALS USD0.0001 040047102 468 32,950 SH sole n/a 32,950 AUTODESK INC USD0.01 052769106 2,628 61,200 SH sole n/a 61,200 PAGE TOTAL: 470,218 AUTOLIV INC USD1 052800109 3,392 74,720 SH sole n/a 74,720 AUTOMATIC DATA STOCK USD0.10 053015103 2,428 52,895 SH sole n/a 52,895 PROCESSING INC COM AVOCENT CORPORATION USD0.001 053893103 10,696 393,390 SH sole n/a 393,390 AVON PRODUCTS INC USD 0.25 COM 054303102 751 26,314 SH sole n/a 26,314 BB&T CORPORATION COM USD5 054937107 808 19,270 SH sole n/a 19,270 BJ SERVICES USD0.10 COM 055482103 1,140 31,100 SH sole n/a 31,100 BP SPONS PLC ARD REP 6 055622104 6,638 103,370 SH sole n/a 103,370 ORD USD0.25 BMC SOFTWARE INCORPORATED 055921100 13,465 657,376 SH sole n/a 657,376 COM USD0.01 BAKER HUGHES INC COM STK USD1 057224107 1,375 22,630 SH sole n/a 22,630 BALDOR ELECTRIC CO USD0.10 057741100 8,884 346,350 SH sole n/a 346,350 BALL CORP COM NPV 058498106 830 20,890 SH sole n/a 20,890 BANK OF AMERICA CORP COM STOCK 060505104 97,591 2,116,350 SH sole n/a 2,116,350 USD 0.01 BANK OF NEW YORK CO INC COM STK 064057102 1,091 34,260 SH sole n/a 34,260 USD7.50 BARD C.R. INC USD0.25 067383109 699 10,602 SH sole n/a 10,602 BAUSCH & LOMB INC COM USD0.40 071707103 19,355 285,320 SH sole n/a 285,320 BAXTER INTERNATIONAL COM STK 071813109 6,596 175,180 SH sole n/a 175,180 USD1.00 BEA SYSTEMS INC USD0.001 073325102 14,297 1,520,967 SH sole n/a 1,520,967 BEAR STEARNS COMPANIES COM USD1 073902108 23,765 205,712 SH sole n/a 205,712 INC BECTON DICKINSON & CO USD1 COM 075887109 14,102 234,774 SH sole n/a 234,774 BED BATH & BEYOND USD0.01 075896100 2,974 82,280 SH sole n/a 82,280 BELLSOUTH CORP COM STK USD1 079860102 2,633 97,170 SH sole n/a 97,170 BERKSHIRE HATHAWAY INC USD5 CNV 084670108 4,077 46 SH sole n/a 46 CLASS A COM U BEST BUY COMPANY INC USD0.1 086516101 66,251 1,524,561 SH sole n/a 1,524,561 BIOMET INC NPV 090613100 923 25,250 SH sole n/a 25,250 H&R BLOCK INC NPV 093671105 704 28,660 SH sole n/a 28,660 BOEING CO COM STK USD5 097023105 54,293 773,379 SH sole n/a 773,379 BOSTON PROPERTIES USD0.01 COM 101121101 45,684 616,270 SH sole n/a 616,270 INCORPORATED STK BOSTON SCIENTIFIC USD0.01 COM 101137107 873 35,630 SH sole n/a 35,630 STK BOYD GAMING CORP USD0.01 103304101 810 17,000 SH sole n/a 17,000 BRISTOL-MYERS SQUIBB CO COM STK 110122108 7,466 324,930 SH sole n/a 324,930 USD0.10 BROADCOM CORP A 111320107 5,196 110,200 SH sole n/a 110,200 BRUNSWICK CORP USD0.75 117043109 867 21,320 SH sole n/a 21,320 BURLINGTON RESOURCES USD0.01 122014103 17,885 207,499 SH sole n/a 207,499 INC COM CBL & ASSOCIATES USD0.01 COM 124830100 10,986 278,050 SH sole n/a 278,050 PROPERTIES IN STK CBS CORPORATION USD0.001 124857202 5,296 207,690 SH sole n/a 207,690 CLASS B CIGNA CORP COM USD0.25 125509109 20,796 186,288 SH sole n/a 186,288 CIT GROUP INC COM COM 125581108 22,691 438,483 SH sole n/a 438,483 CMS ENERGY CORP USD0.01 125896100 21,562 1,486,644 SH sole n/a 1,486,644 CSX CORPORATION USD1 126408103 943 18,580 SH sole n/a 18,580 CVS CORP USD0.01 126650100 30,626 1,159,940 SH sole n/a 1,159,940 CADENCE DESIGN SYSTEMS USD 0.01 127387108 1,590 94,000 SH sole n/a 94,000 INC CAMBRIDGE DISPLAY USD0.01 132193103 1,669 196,378 SH sole n/a 196,378 TECHNOLOGY CAMDEN PROPERTY TRUST USD0.01 SHS 133131102 18,621 321,500 SH sole n/a 321,500 BEN INT COM STK CAMPBELL SOUP CO COM 134429109 458 15,400 SH sole n/a 15,400 CANADIAN NAT RAILWAY CO COM 136375102 5,182 55,650 SH sole n/a 55,650 CAREMARK RX INC USD0.001 COM 141705103 22,725 438,793 SH sole n/a 438,793 CARNIVAL CORP USD0.01 143658300 13,756 257,319 SH sole n/a 257,319 PAIRED STOCK CARRAMERICA REALTY CORP USD0.01 COM 144418100 7,307 211,000 SH sole n/a 211,000 STK CATERPILLAR INC COM STK USD1 149123101 2,280 39,460 SH sole n/a 39,460 CELGENE CORP USD0.01 151020104 1,214 18,740 SH sole n/a 18,740 PAGE TOTAL: 626,240 CEMEX S A SPON ADR 5 151290889 567 9,563 SH sole n/a 9,563 ORD CENDANT CORPORATION USD0.01 151313103 23,440 1,359,620 SH sole n/a 1,359,620 CENTERPOINT PROPERTIES USD0.001 COM 151895109 27,353 552,800 SH sole n/a 552,800 TRUST STK CENTEX CORP COM STK 152312104 909 12,710 SH sole n/a 12,710 USD0.25 CERNER CORPORATION COM USD0.01 156782104 791 8,700 SH sole n/a 8,700 CHECKERS DRIVE-IN USD0.001 COM 162809305 15,113 996,960 SH sole n/a 996,960 RESTAURANT THE CHEESECAKE FACTORY USD0.01 163072101 2,712 72,700 SH sole n/a 72,700 CHEROKEE INTERNATIONAL USD0.001 164450108 4,196 910,360 SH sole n/a 910,360 CORP CHEVRON CORPORATION USD0.75 166764100 37,965 669,003 SH sole n/a 669,003 CHICAGO MERCANTILE USD0.01 167760107 5,451 14,833 SH sole n/a 14,833 EXCHANGE CHICOS FAS INC USD0.01 168615102 4,802 109,315 SH sole n/a 109,315 CHUBB CORP COM STK USD1 171232101 26,201 268,323 SH sole n/a 268,323 CITIGROUP INC COM COM 172967101 64,377 1,327,355 SH sole n/a 1,327,355 CLEAR CHANNEL COM STK 184502102 27,431 872,456 SH sole n/a 872,456 COMMUNICATIONS USD0.10 COACH INC USD0.01 189754104 13,006 390,140 SH sole n/a 390,140 THE COCA-COLA COMPANY USD0.25 ORD 191216100 27,692 686,975 SH sole n/a 686,975 SHS COEUR D ALENE MINES COM 192108108 2,000 500,000 SH sole n/a 500,000 CORP IDA COM COGNIZANT TECHNOLOGY USD0.01 192446102 6,139 122,123 SH sole n/a 122,123 CLASS A COMMON STOCK COLGATE-PALMOLIVE CO COM STK USD1 194162103 1,678 30,590 SH sole n/a 30,590 COMERICA INC COM STK USD5 200340107 845 14,880 SH sole n/a 14,880 COMMERCE BANCORP INC USD1 200519106 328 9,520 SH sole n/a 9,520 COMMERCE BANCSHARES USD5 200525103 646 12,395 SH sole n/a 12,395 COMMUNITY HEALTH SYS COM 203668108 9,237 241,053 SH sole n/a 241,053 INC NEW COM COMPANHIA ENERGETICA SP ADR N-V 204409601 394 10,700 SH sole n/a 10,700 DE MINA PFD COMPANIA VALE DO RIO SPON 204412100 12,836 354,105 SH sole n/a 354,105 DOCE ADR-EACH REPR 1 PREF SHS COMPANHIA VALE DO RIO SPON ADR PFD 204412100 2,496 69,138 SH sole n/a 69,138 DOCE COMPANIA VALE DO RIO NPV ADR REPR 204412209 22,545 548,018 SH sole n/a 548,018 DOCE 1 COM COMPANHIA VALE DO RIO SPONSORED 204412209 11,873 288,951 SH sole n/a 288,951 DOCE ADR COMPANIA CERVECERIAS SAADS-EACH 1 204429104 401 15,900 SH sole n/a 15,900 UNIDAS CNV INTO 5 COM STK COMPANIA CERVECERIAS SPONSORED ADR 204429104 563 22,348 SH sole n/a 22,348 UNIDAS CIA DE MINAS ADR EACH REP 204448104 5,274 186,400 SH sole n/a 186,400 BUENAVENTUEA 1 COM PEN4 TELECOMUNICACIONES DE ADS REP 4 A 204449300 938 106,674 SH sole n/a 106,674 CHILE SHARES COMPUTER ASSOCIATES COM STK 204912109 12,921 458,401 SH sole n/a 458,401 INTERN INC USD0.10 COMPUWARE CORP USD0.01 205638109 10,288 1,146,994 SH sole n/a 1,146,994 CONAGRA FOODS INC COM STK USD5 205887102 3,674 181,180 SH sole n/a 181,180 CONNS INC USD0.01 208242107 20,333 551,480 SH sole n/a 551,480 CONSTELLATION ENERGY NPV 210371100 1,121 19,470 SH sole n/a 19,470 CORNING INC COM STK USD1 219350105 8,284 421,342 SH sole n/a 421,342 CORTEX PHARMA USD0.001 220524300 433 190,000 SH sole n/a 190,000 COUNTRYWIDE FINANCIAL USD0.05 ORD 222372104 20,920 611,880 SH sole n/a 611,880 CORP SHS COUSINS PROPERTIES INC COM STK USD1 222795106 35,507 1,254,770 SH sole n/a 1,254,770 COVENTRY HEALTH CARE USD0.01 222862104 759 13,330 SH sole n/a 13,330 INC COX RADIO INC COM STK 224051102 7,490 531,910 SH sole n/a 531,910 USD0.33 CLASS A CROWN CASTLE INTL CORP USD0.01 228227104 15,581 579,310 SH sole n/a 579,310 DST SYSTEMS INC DEL USD0.01 233326107 792 13,220 SH sole n/a 13,220 DARDEN RESTAURANTS INC NPV 237194105 13,138 337,989 SH sole n/a 337,989 DEAN FOODS CO USD0.01 242370104 4,732 125,680 SH sole n/a 125,680 DEERE & CO COM STK USD1 244199105 4,106 60,290 SH sole n/a 60,290 DENBURY RESOURCES INC USD0.001 247916208 12,204 535,780 SH sole n/a 535,780 DEVELOPERS DIVERSIFIED NPV 251591103 21,864 465,000 SH sole n/a 465,000 REALTY NPV PAGE TOTAL: 554,347 DIEBOLD INC USD1.25 253651103 508 13,370 SH sole n/a 13,370 DISNEY WALT CO COM STK USD 254687106 14,363 599,180 SH sole n/a 599,180 0.01 DISTRIBUCION & SERVICIO ADR (EACH 254753106 3,692 191,390 SH sole n/a 191,390 REP 15 ORD SHARES) DISTRIBUCION Y SPONSORED ADR 254753106 536 27,853 SH sole n/a 27,853 SERVICIO D&S DR REDDYS LABS EACH 256135203 650 30,100 SH sole n/a 30,100 REPRESENTS1/2 INR5 ADR DOLLAR GENERAL CORP USD0.5 256669102 5,935 311,200 SH sole n/a 311,200 DOLLAR THRIFTY USD0.01 256743105 14,973 415,140 SH sole n/a 415,140 AUTOMOTIVE GP RR DONNELLEY & SONS CO USD1.25 257867101 1,417 41,410 SH sole n/a 41,410 DOVER CORP COM 260003108 2,023 50,000 SH sole n/a 50,000 DOW CHEMICALS COM 260543103 10,316 235,420 SH sole n/a 235,420 DU PONT DE NEMOURS USD0.30 COM 263534109 1,932 45,450 SH sole n/a 45,450 DUKE ENERGY CORPORATION COM STK NPV 264399106 35,216 1,283,869 SH sole n/a 1,283,869 EGL INC USD0.001 COM 268484102 11,705 311,549 SH sole n/a 311,549 EMC CORPORATION USD0.01 268648102 45,577 3,348,131 SH sole n/a 3,348,131 EASTGROUP PROPERTIES USD0.0001 277276101 15,079 333,900 SH sole n/a 333,900 EASTMAN KODAK CO COM STK 277461109 634 27,100 SH sole n/a 27,100 USD2.50 EBAY INC USD0.001 COM 278642103 19,001 439,645 SH sole n/a 439,645 ECOLAB INC COM STK USD1 278865100 842 23,220 SH sole n/a 23,220 EDISON INTERNATIONAL NPV 281020107 1,311 30,060 SH sole n/a 30,060 ELAN CORPORATION PLC ADR-EACH CNV 284131208 18,702 1,342,577 SH sole n/a 1,342,577 INTO 1 ORDEUR0.05 ELECTRONIC ARTS INC NPV 285512109 868 16,600 SH sole n/a 16,600 EMDEON CORP USD0.0001 290849108 548 64,810 SH sole n/a 64,810 EMERSON ELECTRIC CO COM STK USD1 291011104 32,114 429,918 SH sole n/a 429,918 ENCANA CORP COM 292505104 15,229 289,860 SH sole n/a 289,860 EQUIFAX INC COM USD1.25 294429105 800 21,030 SH sole n/a 21,030 EQUITY OFFICE USD 0.01 COM 294741103 14,762 486,710 SH sole n/a 486,710 PROPERTIES TRUST STK EXPRESS SCRIPTS USD0.01 302182100 19,612 234,030 SH sole n/a 234,030 FPL GROUP INC COM STK 302571104 1,122 27,000 SH sole n/a 27,000 USD0.01 FAMILY DOLLAR STORES USD0.10 307000109 1,399 56,450 SH sole n/a 56,450 FREDDIE MAC COM USD0.21 313400301 26,388 403,810 SH sole n/a 403,810 FEDERAL NATIONAL MORT NPV 313586109 5,325 109,102 SH sole n/a 109,102 ASSOC FEDERAL REALTY INV USD0.01 313747206 20,105 331,500 SH sole n/a 331,500 F5 NETWORKS INC NPV 315616102 835 14,600 SH sole n/a 14,600 FIFTH THIRD BANCORP NPV COM 316773100 1,335 35,390 SH sole n/a 35,390 FIRST AMERICAN CORP USD1 318522307 689 15,220 SH sole n/a 15,220 FIRST DATA CORP COM STK 319963104 1,408 32,734 SH sole n/a 32,734 USD0.01 FIRST HORIZON NATIONAL USD0.625 320517105 706 18,360 SH sole n/a 18,360 CORP FISERV INC COM STK 337738108 900 20,810 SH sole n/a 20,810 USD0.01 FIRSTENERGY CORP USD0.1 337932107 2,674 54,580 SH sole n/a 54,580 FISHER SCIENTIFIC INTL USD 0.01 338032204 9,684 156,591 SH sole n/a 156,591 FLORIDA ROCKS USD0.10 341140101 564 11,500 SH sole n/a 11,500 FLUOR CORPORATION USD0.01 343412102 1,305 16,900 SH sole n/a 16,900 FORD MOTOR COMPANY USD0.01 COM 345370860 656 84,910 SH sole n/a 84,910 STOCK FORD CAPITAL TRUST 6.5% 345395206 220 8,000 PRN sole n/a 8,000 15/01/2032 CNV PRF FOREST LABORATORIES INC COM USD0.1 345838106 820 20,160 SH sole n/a 20,160 FOREST OIL CORPORATION COM STK 346091705 6,525 143,190 SH sole n/a 143,190 USDO.01 FORTUNE BRANDS INC USD3.125 349631101 907 11,630 SH sole n/a 11,630 FRANKLIN RESOURCES USD0.10 COM 354613101 12,454 132,470 SH sole n/a 132,470 INCORPORAT FREDS INC NPV CLASS A 356108100 17,770 1,092,468 SH sole n/a 1,092,468 FRIEDMAN BILLINGS USD0.01 358434108 127 12,870 SH sole n/a 12,870 RAMSAY A PAGE TOTAL: 402,262 GANNETT COMPANY USD1 COM 364730101 5,729 94,590 SH sole n/a 94,590 INCORPORATED GAP INC USD0.05 364760108 10,059 570,245 SH sole n/a 570,245 GENERAL DYNAMICS COM USD1 369550108 2,201 19,300 SH sole n/a 19,300 COPORATION GENERAL ELECTRIC USD0.06 369604103 107,195 3,058,757 SH sole n/a 3,058,757 GENERAL GROWTH USD0.10 COM 370021107 26,979 574,140 SH sole n/a 574,140 PROPERTIES STK GENERAL MILLS INC COM STK 370334104 64,610 1,310,018 SH sole n/a 1,310,018 USD0.1 GENERAL MOTORS CORP COMMON STOCK 370442105 653 33,640 SH sole n/a 33,640 USD1.667 GENESEE & WYOMING INC USD0.01 CL A 371559105 15,198 404,790 SH sole n/a 404,790 COM GENUINE PARTS CO USD1 372460105 1,948 44,350 SH sole n/a 44,350 GENZYME CORP USD0.01 372917104 862 12,180 SH sole n/a 12,180 GETTY IMAGES USD0.01 374276103 6,124 68,605 SH sole n/a 68,605 GILEAD SCIENCES INC USD0.001 375558103 42,487 808,303 SH sole n/a 808,303 GOLDCORP INC NEW COM 380956409 648 25,000 SH sole n/a 25,000 GOLDEN WEST FINANCIAL USD0.10 381317106 711 10,780 SH sole n/a 10,780 CORP GOODRICH CORPORATION USD5 COM 382388106 9,985 242,990 SH sole n/a 242,990 GRAINGER W.W INC USD0.50 COM 384802104 15,357 215,998 SH sole n/a 215,998 GTECH HOLDINGS USD0.01 400518106 1,656 52,160 SH sole n/a 52,160 GUIDANT CORP COM STK NPV 401698105 1,327 20,500 SH sole n/a 20,500 HCA INC USD0.01 COM 404119109 1,110 21,980 SH sole n/a 21,980 HCC INSURANCE HOLDINGS USD1 404132102 14,901 502,084 SH sole n/a 502,084 INC HAIN CELESTIAL GROUP USD0.01 405217100 2,116 100,000 SH sole n/a 100,000 HALLIBURTON CO COM STK 406216101 14,297 230,749 SH sole n/a 230,749 USD2.50 HARLEY DAVIDSON USD0.01 COM 412822108 693 13,460 SH sole n/a 13,460 HARMAN INTERNATIONAL USD0.01 413086109 12,357 126,424 SH sole n/a 126,424 HARRAHS ENTERTAINMENT USD0.10 413619107 1,074 15,061 SH sole n/a 15,061 HARTFORD FINANCIAL USD0.01 COM 416515104 18,060 210,321 SH sole n/a 210,321 SERVICES STK HARVARD BIOSCIENCE INC COM USD0.01 416906105 7,083 1,591,568 SH sole n/a 1,591,568 HASBRO INC COM USD0.50 418056107 16,678 826,801 SH sole n/a 826,801 HJ HEINZ CO USD0.25 423074103 981 29,090 SH sole n/a 29,090 JACK HENRY & USD0.O1 426281101 7,686 402,630 SH sole n/a 402,630 ASSOCIATES INC HEWLETT PACKARD CO COM USD0.01 428236103 81,528 2,848,634 SH sole n/a 2,848,634 HILLENBRAND INDUSTRIES NPV 431573104 1,066 21,570 SH sole n/a 21,570 INC HOME DEPOT INC COM STK 437076102 5,963 147,310 SH sole n/a 147,310 USD0.05 HONEYWELL INTL INC COM STK 438516106 7,654 205,528 SH sole n/a 205,528 USD1.00 HOVNANIAN ENTERPRISES USD0.01 442487203 824 16,600 SH sole n/a 16,600 INC CLASS A HUDSON CITY BANCORP USD0.01 443683107 821 67,700 SH sole n/a 67,700 JB HUNT TRANSPORT USD0.01 445658107 1,619 71,500 SH sole n/a 71,500 SERVICES INC HUNTINGTON BANCSHARES NPV 446150104 705 29,670 SH sole n/a 29,670 INC IMS HEALTH INC USD0.01 COM 449934108 1,128 45,270 SH sole n/a 45,270 ITT INDUSTRIES INC USD1 450911102 33,469 325,535 SH sole n/a 325,535 ILLINOIS TOOL WORKS INC COM STK NPV 452308109 24,426 277,597 SH sole n/a 277,597 IMPERIAL TOBACCO ADR REP 2 453142101 7,774 128,520 SH sole n/a 128,520 ORD GBP0.10 INFOSYS TECHNOLOGIES ADR EACH REP 456788108 35,986 445,098 SH sole n/a 445,098 LTD 1 INR5 INTEL CORP COM STK 458140100 99,267 3,977,006 SH sole n/a 3,977,006 USD0.001 INTL BUSINESS MACHINES CAP STK 459200101 38,940 473,922 SH sole n/a 473,922 CORP USD0.50 INTERNATIONAL GAME USD0.000625 459902102 871 28,290 SH sole n/a 28,290 TECHNOLOGY INTERNATIONAL PAPER CO COM USD1 460146103 5,719 170,210 SH sole n/a 170,210 INTERPUBLIC GROUP USD0.10 COM 460690100 572 59,230 SH sole n/a 59,230 INTUIT INC USD 0.01 461202103 1,014 19,020 SH sole n/a 19,020 ISHARES INC MCSI TAIWAN 464286731 250 20,005 SH sole n/a 20,005 INDEX FUND PAGE TOTAL: 760,362 ISHARES MSCI MALAYSIA MALAYSIAN 464286830 454 66,573 SH sole n/a 66,573 INDEX ISHARES S&P500 INDEX EXCHANGE 464287200 81,073 650,300 SH sole n/a 650,300 FUND TRADED FUND ISHARES MSCI EM MKTS NPV 464287234 31,964 362,200 SH sole n/a 362,200 TRUST ISHARES TR RUSSELL 464287655 993 14,910 SH sole n/a 14,910 2000 JACOBS ENGINEERING USD1 469814107 842 12,400 SH sole n/a 12,400 GROUP INC JARDEN CORP USD0.01 471109108 12,278 407,239 SH sole n/a 407,239 JOHNSON & JOHNSON USD1 478160104 103,303 1,719,432 SH sole n/a 1,719,432 JOY GLOBAL INC USD1 481165108 18,487 462,180 SH sole n/a 462,180 KLA TENCOR CORPORATION USD0.001 COM 482480100 19,497 395,246 SH sole n/a 395,246 KLA-TENCOR CORP COM 482480100 4,947 100,290 SH sole n/a 100,290 KELLOGG COMPANY USD0.25 487836108 2,818 65,180 SH sole n/a 65,180 KERR MCGEE CORP USD1 492386107 989 10,890 SH sole n/a 10,890 KEYCORP USD1 COM 493267108 12,819 389,297 SH sole n/a 389,297 KIMBERLEY CLARK CORP COM STK 494368103 14,582 244,510 SH sole n/a 244,510 USD1.25 KING PHARMACEUTICALS NPV COM 495582108 15,215 899,972 SH sole n/a 899,972 INC KINROSS GOLD CORP COM NO PAR 496902404 1,071 100,000 SH sole n/a 100,000 KIRBY CORP COM STK 497266106 15,464 296,430 SH sole n/a 296,430 USD0.10 KNIGHT RIDDER INC USD0.02 1/12 499040103 751 11,870 SH sole n/a 11,870 COM KOHLS CORPORATION COM USD0.01 500255104 1,094 22,510 SH sole n/a 22,510 LKQ CORPORATION USD0.01 501889208 16,195 467,790 SH sole n/a 467,790 LSI LOGIC CORP USD0.01 502161102 1,330 166,320 SH sole n/a 166,320 L3 COMMUNICATIONS COM USD0.01 502424104 837 11,260 SH sole n/a 11,260 LAFARGE NORTH AMERICA COM USD1 505862102 523 9,510 SH sole n/a 9,510 INC LAM RESEARCH USD0.001 512807108 14,259 399,629 SH sole n/a 399,629 LAMAR ADVERTISING CO CLASS A 512815101 13,483 292,280 SH sole n/a 292,280 SHARES OF USD0.001 ESTEE LAUDER COMPANIES USD0.01 518439104 495 14,780 SH sole n/a 14,780 INC LAUREATE EDUCATION INC USD0.01 518613104 7,639 145,480 SH sole n/a 145,480 LEAR CORP USD0.01 521865105 460 16,170 SH sole n/a 16,170 LEGG MASON INC USD0.10 524901105 9,473 79,150 SH sole n/a 79,150 LEHMAN BROTHERS USD0.10 524908100 25,447 198,542 SH sole n/a 198,542 HOLDINGS INC LENNAR CORP USD0.10 526057104 11,431 187,485 SH sole n/a 187,485 CLASS A LEUCADIA NATIONAL CORP COM STK USD1 527288104 775 16,320 SH sole n/a 16,320 LEXMARK INTERNATIONAL USD0.01 529771107 582 12,980 SH sole n/a 12,980 INC CLASS A COM STK LIBERTY MEDIA CORP USD0.01 530718105 20,698 2,630,764 SH sole n/a 2,630,764 CLASS A LILLY ELI & CO. COM STK NPV 532457108 3,807 67,260 SH sole n/a 67,260 LINCOLN NATIONAL CORP COM NPV 534187109 14,488 273,256 SH sole n/a 273,256 LINEAR TECHNOLOGY COM NPV 535678106 1,512 41,910 SH sole n/a 41,910 LITHIA MOTORS INC NPV CLASS A 536797103 16,168 514,440 SH sole n/a 514,440 COM STK LOCKHEED MARTIN NPV 539830109 51,802 814,224 SH sole n/a 814,224 CORPORATION LOEWS CORP CAROLINA GR USD0.01 540424207 1,823 41,440 SH sole n/a 41,440 LOWES COS INC USD0.50 548661107 10,214 153,220 SH sole n/a 153,220 LUCENT TECHNOLOGIES INC COM STK 549463107 2,860 1,075,280 SH sole n/a 1,075,280 USD0.01 LYONDELL CHEMICAL USD1 552078107 643 26,966 SH sole n/a 26,966 MDU RESOURCES GROUP INC USD1 552690109 864 26,400 SH sole n/a 26,400 MCI INC USD 0.010 552691107 10,007 507,343 SH sole n/a 507,343 MGIC INVESTMENT USD1 552848103 1,863 28,310 SH sole n/a 28,310 CORPORATION MAC GRAY CORP USD0.01 554153106 451 38,700 SH sole n/a 38,700 MACERICH COMPANY USD0.01 COM 554382101 27,293 406,510 SH sole n/a 406,510 STK MACK CALI REALTY USD0.01 554489104 6,195 143,400 SH sole n/a 143,400 CORPORATION MAGUIRE PROPERTIES USD0.01 COM 559775101 11,448 370,500 SH sole n/a 370,500 PAGE TOTAL: 623,705 MANOR CARE INC USD0.01 564055101 781 19,650 SH sole n/a 19,650 MARATHON OIL GROUP COM STK USD1 565849106 3,384 55,510 SH sole n/a 55,510 MARSH & MCLENNAN COS USD1.00 COM 571748102 956 30,090 SH sole n/a 30,090 INC STK MARRIOTT INTERNATIONAL USD0.01 571903202 12,911 192,790 SH sole n/a 192,790 NEW A CLASS A MARTIN MARIETTS USD0.01 573284106 7,846 102,280 SH sole n/a 102,280 MATERIALS MASCO CORP USD1 COM 574599106 11,094 367,524 SH sole n/a 367,524 MASISA SA ADR EACH REP 574800108 4,965 525,000 SH sole n/a 525,000 50 COM S MATTEL INC USD1 577081102 5,273 333,320 SH sole n/a 333,320 MCAFEE INC COM USD0.01 579064106 30,401 1,120,878 SH sole n/a 1,120,878 MCDONALDS CORP COM STK 580135101 22,775 675,445 SH sole n/a 675,445 USD0.01 MCGRAW-HILL COMPANIES USD1 580645109 21,205 410,706 SH sole n/a 410,706 INC MEADWESTVACO CORP COM USD0.01 583334107 11,533 411,525 SH sole n/a 411,525 MEDIMMUNE INC USD0.01 584699102 886 25,300 SH sole n/a 25,300 MEDTRONIC INC COM STK 585055106 11,999 208,430 SH sole n/a 208,430 USD0.10 MENTOR GRAPHICS CORP CP NPV COM 587200106 11,195 1,082,840 SH sole n/a 1,082,840 MERCANTILE BANKSHARES USD2 COM STK 587405101 7,991 141,590 SH sole n/a 141,590 CORP MERCK & CO INC COM STK NPV 589331107 20,681 650,299 SH sole n/a 650,299 MERRILL LYNCH & CO INC USD1.333 590188108 4,224 62,360 SH sole n/a 62,360 MICHAELS STORES INC COM USD0.10 594087108 14,717 416,207 SH sole n/a 416,207 MICROSOFT CORP COM STK 594918104 161,405 6,172,275 SH sole n/a 6,172,275 USD0.00005 MICROCHIP TECHNOLOGY USD0.001 595017104 891 27,700 SH sole n/a 27,700 MIDLAND COMPANY NPV 597486109 11,490 318,830 SH sole n/a 318,830 MOBILE TELESYSTEMS ADR REP 20 607409109 21,304 608,699 SH sole n/a 608,699 MOHAWK INDUSTRIES INC USD0.01 COM 608190104 735 8,450 SH sole n/a 8,450 MONSTER WORLDWIDE INC USD0.001 611742107 3,890 95,300 SH sole n/a 95,300 MOODYS CORPORATION USD0.01 COM 615369105 18,883 307,435 SH sole n/a 307,435 MORGAN STANLEY USD0.01 617446448 5,114 90,145 SH sole n/a 90,145 MOTOROLA INC COM STK USD3 620076109 81,037 3,590,292 SH sole n/a 3,590,292 MUELLER INDUSTRIES COM USD0.01 624756102 12,977 473,340 SH sole n/a 473,340 MURPHY OIL CORP USD1 COM STK 626717102 896 16,600 SH sole n/a 16,600 NATIONAL AUSTRALIA BK 7.875% 632525309 3,313 83,700 PRN sole n/a 83,700 19/03/2007 EXEC USD25 NATIONAL CITY CORP USD4 635405103 1,055 31,430 SH sole n/a 31,430 NATIONAL OILWELL VARCO USD0.01 637071101 1,023 16,310 SH sole n/a 16,310 NATIONAL SEMICONDUCTOR USD0.50 637640103 14,544 559,891 SH sole n/a 559,891 CORP NEW RIV COM 648468205 1,816 35,000 SH sole n/a 35,000 PHARMACEUTICALS INC NEW YORK COMMUNITY USD0.01 649445103 1,670 101,100 SH sole n/a 101,100 BANCORP NEW YORK TIMES CO USD0.10 650111107 588 22,240 SH sole n/a 22,240 CLASS A NEWELL RUBBERMAID INC USD1 651229106 18,915 795,550 SH sole n/a 795,550 NEWMONT MINING USD1.60 COM 651639106 841 15,740 SH sole n/a 15,740 CORPORATION STK NOKIA OYJ ADR REP 1 654902204 7,536 411,830 SH sole n/a 411,830 EUR0.06 NORDSTROM INC NPV 655664100 49,130 1,313,649 SH sole n/a 1,313,649 NORFOLK SOUTHERN CORP USD1 655844108 2,425 54,100 SH sole n/a 54,100 NORTH FORK BANCORP USD0.01 659424105 1,110 40,580 SH sole n/a 40,580 NORTHEAST UTILITIES COM STK USD5 664397106 641 32,570 SH sole n/a 32,570 NORTHROP GRUMMAN CORP USD1 COM STK 666807102 15,055 250,464 SH sole n/a 250,464 OCCIDENTAL PETROLEUM USD0.20 COM 674599105 61,173 766,257 SH sole n/a 766,257 CORP OFFICE DEPOT INC USD0.01 676220106 1,027 32,710 SH sole n/a 32,710 OLD REPUBLIC INTL CORP COM USD1 680223104 12,165 463,309 SH sole n/a 463,309 OMNICOM GROUP USD0.15 COM 681919106 17,100 200,928 SH sole n/a 200,928 STK PHH CORPORATION NPV 693320202 671 23,960 SH sole n/a 23,960 PAGE TOTAL: 735,238 PNC FINANCIAL SERVICES USD5 693475105 1,160 18,760 SH sole n/a 18,760 PACCAR INC COM USD1 693718108 1,029 14,870 SH sole n/a 14,870 PACTIV CORPORATION USD0.01 695257105 684 31,070 SH sole n/a 31,070 PALM HARBOUR HOMES USD0.01 696639103 7,968 423,820 SH sole n/a 423,820 PALM HARBOR HOMES COM 696639103 1,028 54,680 SH sole n/a 54,680 PAYCHEX INC USD0.01 704326107 4,563 119,695 SH sole n/a 119,695 J.C. PENNEY CO INC USD0.5 708160106 17,169 308,886 SH sole n/a 308,886 PENNSYLVANIA REAL EST USD1 709102107 12,220 327,100 SH sole n/a 327,100 INV TST PEOPLES BANK NPV 710198102 1,582 50,940 SH sole n/a 50,940 PEPSICO INC CAP STK 713448108 47,816 809,636 SH sole n/a 809,636 USD0.016666 PERKINELMER INC COM 714046109 6,624 281,500 SH sole n/a 281,500 TELEKOMUNIKASI IDR500 SER B 715684106 322 13,500 SH sole n/a 13,500 INDONESIA ADR REPR 20 PERVASIVE SOFTWARE INC USD0.001 715710109 6,446 1,471,609 SH sole n/a 1,471,609 PETSMART INC USD0.0001 716768106 870 33,900 SH sole n/a 33,900 PFIZER INC COM STK 717081103 120,901 5,186,462 SH sole n/a 5,186,462 USD0.05 PHELPS DODGE CORP USD6.25 COM 717265102 17,374 120,814 SH sole n/a 120,814 STK PINNACLE WEST CAPITAL NPV 723484101 1,539 37,220 SH sole n/a 37,220 PIONEER NATURAL USD0.01 723787107 918 17,910 SH sole n/a 17,910 RESOURCES POGO PRODUCING CO USD1 730448107 613 12,300 SH sole n/a 12,300 PRECISION CASTPARTS NPV 740189105 37,990 733,516 SH sole n/a 733,516 PRICE COMMUNICATIONS USD0.01 741437305 8,744 588,132 SH sole n/a 588,132 CORP PROCTER & GAMBLE COM NPV 742718109 96,647 1,669,787 SH sole n/a 1,669,787 PROGRESS ENERGY NPV COM 743263105 249 5,670 SH sole n/a 5,670 INCORPORATED PROGRESSIVE CORP USD1 743315103 1,168 10,000 SH sole n/a 10,000 PROLOGIS SBI USD0.01 743410102 66,860 1,431,086 SH sole n/a 1,431,086 PRUDENTIAL FINANCIAL USD0.01 COM 744320102 46,257 632,053 SH sole n/a 632,053 INC PUBLIC SERVICE COM STK NPV 744573106 1,661 25,570 SH sole n/a 25,570 ENTERPRISE GROU QUALCOMM INC COM USD0.0001 747525103 22,221 515,827 SH sole n/a 515,827 QWEST COMMUNICATIONS USD0.01 749121109 1,004 177,670 SH sole n/a 177,670 INTL RADIAN GROUP INC USD0.001 750236101 41,008 700,203 SH sole n/a 700,203 RAYTHEON COMPANY USD0.01 COM 755111507 15,625 389,240 SH sole n/a 389,240 REGENCY CENTERS USD0.01 COM 758849103 29,589 501,940 SH sole n/a 501,940 REGIS CORPORATION COM USD0.05 758932107 10,042 260,360 SH sole n/a 260,360 REPUBLIC SERVICES INC ORD USD0.01 760759100 16,832 448,300 SH sole n/a 448,300 REYNOLDS & REYNOLDS CLASS A COM 761695105 10,488 373,740 SH sole n/a 373,740 NPV REYNOLDS AMERICAN INC USD0.0001 761713106 21,199 222,430 SH sole n/a 222,430 ROBERT HALF INTL INC USD0.001 770323103 10,314 272,260 SH sole n/a 272,260 ROCKWELL AUTOMATION INC USD1 773903109 841 14,220 SH sole n/a 14,220 ROCKWELL COLLINS I USD0.01 774341101 735 15,820 SH sole n/a 15,820 ROHM & HAAS COMPANY COM USD2.50 775371107 13,987 288,947 SH sole n/a 288,947 ROPER INDUSTRIES INC COM STK 776696106 14,328 362,730 SH sole n/a 362,730 USD0.01 ROYAL BK CDA MONTREAL COM 780087102 8,974 99,130 SH sole n/a 99,130 QUE RYDER SYSTEM INC USD0.50 783549108 1,761 42,940 SH sole n/a 42,940 SCP POOL CORPORATION COMMON STOCK 784028102 13,950 374,795 SH sole n/a 374,795 USD0.001 SPX CORPORATION USD10 COM 784635104 664 14,500 SH sole n/a 14,500 SABRE GROUP HOLDINGS CLASS A 785905100 1,941 80,520 SH sole n/a 80,520 INC COMMON USD0.01 SAFECO CORP COM 786429100 14,085 249,286 SH sole n/a 249,286 SAFEWAY INC USD0.01 786514208 807 34,120 SH sole n/a 34,120 ST JUDE MEDICAL INC USD0.1 COM 790849103 9,391 187,075 SH sole n/a 187,075 SANMINA CORP COM USD0.01 800907107 555 130,330 SH sole n/a 130,330 PAGE TOTAL: 770,743 SARA LEE CORPORATION USD0.01 COM 803111103 909 48,110 SH sole n/a 48,110 HENRY SCHEIN INC USD0.01 806407102 688 15,770 SH sole n/a 15,770 SCHERING-PLOUGH USD0.5 COM 806605101 4,187 200,810 SH sole n/a 200,810 STK SCHLUMBERGER COM STK 806857108 19,374 199,425 SH sole n/a 199,425 USD0.01 SCHWAB CHARLES CORP USD0.01 COM 808513105 2,167 147,740 SH sole n/a 147,740 SCIENTIFIC ATLANTA USD0.50 COM 808655104 1,003 23,290 SH sole n/a 23,290 SEARS HOLDINGS USD0.01 812350106 806 6,980 SH sole n/a 6,980 SEMPRA ENERGY COM 816851109 339 7,560 SH sole n/a 7,560 SERVICE CORPORATION USD1 817565104 549 67,080 SH sole n/a 67,080 SHERWIN WILLIAMS USD1 824348106 1,753 38,600 SH sole n/a 38,600 SHINHAN FINANCIAL GROUP KRW5000 ADR 824596100 2,804 34,400 SH sole n/a 34,400 SIGMA ALDRICH CORP USD1 826552101 687 10,850 SH sole n/a 10,850 SILICONWARE PRECISION SPONSD ADR 827084864 669 96,693 SH sole n/a 96,693 INDS L SPL SIMON PROPERTY GROUP USD0.0001 828806109 66,657 869,850 SH sole n/a 869,850 INC COM STK SMITH INTERNATIONAL INC USD1 COM 832110100 993 26,750 SH sole n/a 26,750 SOURCECORP NPV COM 836167106 10,933 455,970 SH sole n/a 455,970 SOUTH FINANCIAL USD1 837841105 1,350 49,031 SH sole n/a 49,031 SOUTHERN COMPANY USD5 COM 842587107 2,406 69,690 SH sole n/a 69,690 SOUTHWEST AIRLINES CO COM STK USD1 844741108 2,292 139,530 SH sole n/a 139,530 SOUTHWESTERN ENERGY CO COM STK 845467109 4,029 112,100 SH sole n/a 112,100 USD2.50 SPRINT NEXTEL CORP USD2 852061100 58,427 2,501,168 SH sole n/a 2,501,168 STANLEY WORKS USD2.50 COM 854616109 32,478 676,239 SH sole n/a 676,239 STAPLES INC USD0.0006 855030102 45,502 2,003,633 SH sole n/a 2,003,633 STARBUCKS CORP NPV COM 855244109 14,613 487,255 SH sole n/a 487,255 STATE STREET COM USD1 857477103 853 15,390 SH sole n/a 15,390 CORPORATION STRYKER CORP USD0.10 863667101 1,358 30,570 SH sole n/a 30,570 SUN MICROSYSTEMS INC COM STK 866810104 1,035 247,080 SH sole n/a 247,080 USD0.00067 SUNCOR ENERGY INC COM 867229106 3,606 49,190 SH sole n/a 49,190 SUNPOWER CORP USD0.001 867652109 2,396 70,500 SH sole n/a 70,500 CLASS A SUNTRUST BANK INC USD 1 867914103 1,349 18,540 SH sole n/a 18,540 SYMANTEC CORPORATION USD0.01 871503108 1,331 76,058 SH sole n/a 76,058 SYSCO CORP COM STK USD1 871829107 1,070 34,450 SH sole n/a 34,450 TCF FINANCIAL USD0.01 872275102 1,802 66,400 SH sole n/a 66,400 TECO ENERGY INC USD1 872375100 712 41,420 SH sole n/a 41,420 TJX COS INC USD1 872540109 1,102 47,450 SH sole n/a 47,450 TNS CORP USD0.001 872960109 12,630 658,480 SH sole n/a 658,480 TXU CORPORATION COM NPV 873168108 2,912 58,010 SH sole n/a 58,010 TAIWAN SEMICONDUCTOR ADR (EACH 874039100 7,651 772,099 SH sole n/a 772,099 REP 5 ORD SHARES) TECH DATA CORPORATION USD0.0015 878237106 1,750 44,170 SH sole n/a 44,170 TELEFONOS DE MEXICO SA NPV ADR 879403780 2,838 115,000 SH sole n/a 115,000 DE CV CNV20 SER L TELEPHONE & DATA COM USD0.01 879433100 293 8,120 SH sole n/a 8,120 SYSTEMS INC TELEPH AND DATA SYST USD0.01 879433860 270 7,790 SH sole n/a 7,790 SPECIAL COM TELLABS INC COM USD0.01 879664100 778 71,350 SH sole n/a 71,350 TEVA PHARMACEUTICAL ADR-EACH CNV 881624209 46,674 1,085,185 SH sole n/a 1,085,185 INDUSTRIES INTO 1 ORD TEXAS INSTRUMENTS INC USD1 882508104 26,560 828,191 SH sole n/a 828,191 TEXTRON INC USD0.125 883203101 1,351 17,550 SH sole n/a 17,550 THERMO ELECTRON CORP USD1 883556102 271 9,000 SH sole n/a 9,000 TIFFANY & CO USD0.01 886547108 16,074 419,830 SH sole n/a 419,830 TIME WARNER INC USD0.01 887317105 3,540 202,960 SH sole n/a 202,960 TORCHMARK CORP COM USD1 891027104 822 14,780 SH sole n/a 14,780 PAGE TOTAL: 416,643 TRI CONTINENTAL CORP USD0.50 895436103 659 35,480 SH sole n/a 35,480 TRIBUNE CO USD0.01 896047107 853 28,200 SH sole n/a 28,200 TRIMBLE NAVIGATION LTD NPV 896239100 852 24,000 SH sole n/a 24,000 TYCO INTERNATIONAL USD0.20 STK 902124106 5,596 193,900 SH sole n/a 193,900 COM UST INC COM STK 902911106 7,694 188,430 SH sole n/a 188,430 USD0.50 US BANCORP USD1.25 902973304 23,147 774,542 SH sole n/a 774,542 URS CORP USD0.01 903236107 786 20,900 SH sole n/a 20,900 UNION PACIFIC CORP COM STK 907818108 802 9,960 SH sole n/a 9,960 USD2.50 UNITED MICRO ADR 910873207 110 35,400 SH sole n/a 35,400 ELECTRONICS UNITED PARCEL SERVICES AM INC USD0.1 911312106 2,227 29,630 SH sole n/a 29,630 UNITED TECHNOLOGIES USD5 913017109 15,101 270,236 SH sole n/a 270,236 CORP COM UNIVERSAL HEALTH USD0.01 913903100 1,005 21,500 SH sole n/a 21,500 SERVICES URBAN OUTFITTERS INC USD0.0001 917047102 2,757 108,925 SH sole n/a 108,925 VF CORP NPV 918204108 787 14,220 SH sole n/a 14,220 VORNADO REALTY TRUST USD0.04 COM 929042109 50,203 601,450 SH sole n/a 601,450 STK VULCAN MATERIALS CO USD1 929160109 583 8,600 SH sole n/a 8,600 WACHOVIA CORPORATION USD3.333 929903102 32,409 613,576 SH sole n/a 613,576 WALMART STORES INC COM STOCK 931142103 28,795 615,523 SH sole n/a 615,523 USD0.10 WALGREEN CO COM STK 931422109 2,654 59,960 SH sole n/a 59,960 USD007812 WASHINGTON MUTUAL INC NPV COM 939322103 20,280 466,201 SH sole n/a 466,201 WATERS CORPORATION COM USD0.01 941848103 1,445 38,250 SH sole n/a 38,250 WELLS FARGO & COMPANY USD 1 2/3 949746101 26,002 413,858 SH sole n/a 413,858 COMMON WENDYS INTERNATIONAL USD0.10 COM 950590109 1,365 24,710 SH sole n/a 24,710 INCORPOR WERNER ENTERPRISES INC USD0.01 950755108 10,070 511,180 SH sole n/a 511,180 WEYERHAEUSER CO COM STK 962166104 12,550 189,174 SH sole n/a 189,174 USD1.25 WHIRLPOOL CORP COM USD1 963320106 2,637 31,480 SH sole n/a 31,480 WHOLE FOODS MARKET NPV 966837106 9,386 121,275 SH sole n/a 121,275 WINNEBAGO INDUSTRIES USD0.5 974637100 894 26,860 SH sole n/a 26,860 WYETH USD0.333 COM 983024100 64,393 1,398,770 SH sole n/a 1,398,770 XM SATELLITE RADIO USD0.01 983759101 3,244 118,900 SH sole n/a 118,900 HOLDINGS CLASS A XILINX INC USD0.01 983919101 1,429 56,690 SH sole n/a 56,690 XEROX CORP COM STK USD1 984121103 1,169 79,800 SH sole n/a 79,800 YAHOO! INC USD0.00017 984332106 12,791 326,460 SH sole n/a 326,460 YUM! BRANDS INC NPV 988498101 841 17,930 SH sole n/a 17,930 ZIONS BANCORPORATION NPV 989701107 27,937 369,727 SH sole n/a 369,727 DUN & BRADSTREET CORP USD0.01 26483E100 1,740 25,980 SH sole n/a 25,980 VERISIGN INC USD0.001 92343E102 1,664 76,000 SH sole n/a 76,000 AMERISOURCEBERGEN USD0.01 COM 03073E105 880 21,260 SH sole n/a 21,260 CLASS A NEWS CORP INC CL A USD0.01 65248E104 20,934 1,346,268 SH sole n/a 1,346,268 AMERICAN EAGLE USD0.01 02553E106 9,661 421,255 SH sole n/a 421,255 OUTFITTERS BRE PROPERTIES USD0.01 05564E106 22,031 484,400 SH sole n/a 484,400 INCORPORATED CLASS A COM STK TARGET CORP COM 87612E106 30,201 549,500 SH sole n/a 549,500 UNIBANCO-UNIAO DE GDR REP PFD 90458E107 7,554 119,061 SH sole n/a 119,061 BANCOS BRA UT NEWS CORPORATION USD0.01 65248E203 866 52,140 SH sole n/a 52,140 AES CORPORATION COMMON STOCK 00130H105 629 39,720 SH sole n/a 39,720 USD0.01 AMB PROPERTIES USD0.01 COM 00163T109 31,524 641,120 SH sole n/a 641,120 CORPORATION STK AT&T INC USD1 00206R102 25,637 1,046,973 SH sole n/a 1,046,973 ACTUANT CORPORATION USD0.20 00508X203 15,094 270,560 SH sole n/a 270,560 CLASS A ADOBE SYSTEMS USD0.0001 COM 00724F101 6,448 174,460 SH sole n/a 174,460 INCORPORATED AETNA INC NEW COM USD0.01 00817Y108 59,745 633,777 SH sole n/a 633,777 PAGE TOTAL: 608,060 ALLIANT TECHSYSTEMS 2.75% 018804AH7 4,742 5,510,000 PRN sole n/a 5,510,000 15/02/2024 CNV ALLIED CAPITAL USD0.0001 COM 01903Q108 11,661 397,150 SH sole n/a 397,150 CORPORATION ALTRIA GROUP INC USD0.333333 02209S103 88,044 1,178,399 SH sole n/a 1,178,399 COM ALZA CORPORATION 0% 02261WAB5 5,271 7,960,000 PRN sole n/a 7,960,000 28/07/2020 CNV SUB USD AMERICA MOVIL SA ADR EACH REP 02364W105 8,981 306,948 SH sole n/a 306,948 20 SHS'L'NPV AMERICAN FINANCIAL USD0.001 02607P305 1,328 110,680 SH sole n/a 110,680 REALTY TST AMERICAN TOWER 3% 029912AR3 6,726 5,800,000 PRN sole n/a 5,800,000 15/08/2012 CNV AMERICAS CAR-MART INC USD0.01 03062T105 14,357 869,260 SH sole n/a 869,260 AMERITRADE HOLDING CORP USD0.01 03074K100 5,307 221,110 SH sole n/a 221,110 AMERIPRISE FINANCIAL USD0.01 03076C106 895 21,818 SH sole n/a 21,818 INC AMGEN INC 0% 031162AL4 8,946 14,910,000 PRN sole n/a 14,910,000 01/03/2032 CNV ANDREW CORPORATION 3.25% 034425AB4 6,177 7,669,400 PRN sole n/a 7,669,400 15/08/2013 REGS CNV TATNEFT ADR SPON ORD 03737P306 849 12,750 SH sole n/a 12,750 RUB0.10 LDN QUOTE AON CORP 3.5% 037389AT0 5,410 3,920,000 PRN sole n/a 3,920,000 15/11/2012 CNV REGS APOLLO INVESTMENT CORP NPV 03761U106 12,819 714,970 SH sole n/a 714,970 ARMOR HOLDINGS 2% 042260AC3 4,746 6,000,000 PRN sole n/a 6,000,000 01/11/2024 CNV ASSURANT INC USD0.01 04621X108 12,439 286,103 SH sole n/a 286,103 AUTONATION INC USD0.01 05329W102 12,466 573,670 SH sole n/a 573,670 BANKUNITED FINANCIAL USD0.01 COM 06652B103 16,175 608,770 SH sole n/a 608,770 CORP CLASS A BEMA GOLD CORP COM 08135F107 337 100,000 SH sole n/a 100,000 BEST BUY 2.25% 086516AF8 8,220 9,620,000 PRN sole n/a 9,620,000 15/01/2022 CNV BD REGS BIG 5 SPORTING GOODS USD0.01 08915P101 10,920 498,860 SH sole n/a 498,860 CORP BIOGEN IDEC INC USD0.0005 09062X103 9,386 207,280 SH sole n/a 207,280 BRAZIL TELECOM SA ADR EACH REP 10553M101 968 75,000 SH sole n/a 75,000 3000 PREF SHS BURLINGTON NORTH SANTA USD0.01 COM 12189T104 31,079 438,877 SH sole n/a 438,877 FE COR CB RICHARD ELLIS GROUP USD0.01 INC A 12497T101 4,417 75,050 SH sole n/a 75,050 CNA SURETY CORPORATION COM STK NPV 12612L108 8,401 576,640 SH sole n/a 576,640 CSX CORPORATION 0% CNV 126408GA5 4,662 5,860,000 PRN sole n/a 5,860,000 30/10/2021 USD CADENCE DESIGN 0% 127387AB4 8,323 9,220,000 PRN sole n/a 9,220,000 15/08/2023 CNV CAPITAL ONE FINANCIAL USD0.01 14040H105 5,114 59,193 SH sole n/a 59,193 CORP CAPITALSOURCE INC USD0.01 COM 14055X102 13,318 594,550 SH sole n/a 594,550 CAPITALSOURCE INC COM 14055X102 1,587 71,340 SH sole n/a 71,340 CARDINAL HEALTH NPV 14149Y108 1,622 23,590 SH sole n/a 23,590 CCE SPINCO INC USD0.01 14985W109 982 74,958 SH sole n/a 74,958 CENTERPOINT ENERGY INC NPV 15189T107 13,166 1,024,945 SH sole n/a 1,024,945 CHUNGHWA TELECOM ADR EACH 17133Q205 2,307 125,764 SH sole n/a 125,764 REPR 10 ORD TWD10 CISCO SYSTEMS COM STK NPV 17275R102 36,292 2,119,856 SH sole n/a 2,119,856 CITIZENS COMMUNICATIONS COM USD0.25 17453B101 16,378 1,339,366 SH sole n/a 1,339,366 CLASS B COLEY PHARMACEUTICAL USD0.01 19388P106 409 27,000 SH sole n/a 27,000 GROUP COMCAST CORPORATION CLASS A COM 20030N101 2,351 90,690 SH sole n/a 90,690 USD1 ORD SHS COMCAST CORPORATION SPL A COM 20030N200 962 37,440 SH sole n/a 37,440 USD1 ORD SHS CIA BRAZILIERA DE ADR-REP1000 20440T201 32,675 993,161 SH sole n/a 993,161 DISTRIBUICAO(PAO DE PRF ACUCAR) CIA SANEAMENTO BASICO SPONS ADR 20441A102 7,170 425,000 SH sole n/a 425,000 SAOPAUL EACH REPR 250 COM COMPANHIA DE BEBIDAS SPONSORED ADR 20441W104 819 25,040 SH sole n/a 25,040 DAS AME COMPANHIA DE BEBIDAS SPON ADR PFD 20441W203 4,751 125,200 SH sole n/a 125,200 DAS AME * COMPASS BANCSHARES USD2 20449H109 777 16,110 SH sole n/a 16,110 CONOCOPHILLIPS USD1.25 COM 20825C104 32,713 562,422 SH sole n/a 562,422 COSTCO WHOLESALE USD0.01 22160K105 14,619 295,502 SH sole n/a 295,502 CORPORATION D R HORTON INC USD0.01 23331A109 870 24,350 SH sole n/a 24,350 DADE BEHRING HOLDINGS USD0.01 23342J206 24,218 592,260 SH sole n/a 592,260 INC PAGE TOTAL: 527,154 DELL INC COM USD0.01 24702R101 40,907 1,366,045 SH sole n/a 1,366,045 DEVON ENERGY USD0.10 25179M103 37,633 601,744 SH sole n/a 601,744 CORPORATION DIAGEO PLC ADR EACH REP 25243Q205 3,288 56,400 SH sole n/a 56,400 4 ORD DIAMOND OFFSHORE USD0.01 25271C102 22,522 323,812 SH sole n/a 323,812 DRILLING DIRECTV GROUP INC USD 0.01 25459L106 13,385 948,599 SH sole n/a 948,599 DB WALT DISNEY HLDG 2.125% 254687AU0 14,623 17,940,000 PRN sole n/a 17,940,000 15/04/2023 CNV SNR NTS DISCOVERY HOLDING CO USD0.01 A 25468Y107 249 16,439 SH sole n/a 16,439 DOMINION RESOURCES VIR COM NPV 25746U109 2,707 35,060 SH sole n/a 35,060 DB DOMINION RESOURCES 2.125% 25746UAT6 2,266 2,720,000 PRN sole n/a 2,720,000 15/12/2023 CNV ENSCO INTERNATIONAL INC COM USD0.10 26874Q100 701 15,800 SH sole n/a 15,800 EOG RESOURCES INC COM USD0.01 26875P101 1,149 15,660 SH sole n/a 15,660 EL PASO CORPORATION USD3 28336L109 972 79,900 SH sole n/a 79,900 EMBRATEL PARTICIPACOES SP ADR PFD 29081N209 196 13,400 SH sole n/a 13,400 S A NEW EMPRESA NACIONAL DE SPONSORED ADR 29244T101 284 9,297 SH sole n/a 9,297 ELCTRCID ENERSIS SA SPONS ADR 29274F104 11,395 1,037,100 SH sole n/a 1,037,100 REP 50 COM NPV ENTERGY CORP COM STK 29364G103 6,902 100,532 SH sole n/a 100,532 USD0.01 EQUITY RESIDENTIAL USD0.01 SHS 29476L107 15,175 387,900 SH sole n/a 387,900 OF BENEFICIAL INT EVERGREEN SOLAR INC USD0.01 30033R108 3,332 312,900 SH sole n/a 312,900 EXELON CORPORATION NPV COM 30161N101 3,692 69,470 SH sole n/a 69,470 EXXON MOBIL CORP NPV 30231G102 168,208 2,994,905 SH sole n/a 2,994,905 DB FAIR ISAAC CORP 1.5% 303250AD6 6,025 6,640,000 PRN sole n/a 6,640,000 15/08/2023 CNV FEDERATED DEPARTMENT COM USD0.01 31410H101 3,309 49,891 SH sole n/a 49,891 STORE FEDEX CORPORATION USD 0.10 COM 31428X106 3,262 31,550 SH sole n/a 31,550 FIRSTCITY FINANCIAL USD0.01 33761X107 8,115 704,040 SH sole n/a 704,040 DB FISHER SCIENTIFIC 3.25% 338032AX3 9,927 12,300,000 PRN sole n/a 12,300,000 01/03/2024 CNV FOUNDRY NETWORKS INC COM USD0.0001 35063R100 599 43,400 SH sole n/a 43,400 FREEPORT-MCMORAN USD0.10 35671D857 18,731 348,256 SH sole n/a 348,256 COPPER&GOLD CLASS B COM FRONTEER DEV GROUP INC COM 35903Q106 1,207 337,100 SH sole n/a 337,100 GENERAL MILLS 0% 28/10/2022 370334AU8 5,145 10,650,000 PRN sole n/a 10,650,000 GENESIS HEALTHCARE CORP COM USD0.01 37184D101 8,729 239,025 SH sole n/a 239,025 GENWORTH FINANCIAL INC USD0.001 37247D106 11,294 326,601 SH sole n/a 326,601 CLASS A GOLDMAN SACHS GROUP INC USD0.01 38141G104 57,222 448,377 SH sole n/a 448,377 GOOGLE INC USD0.001 38259P508 32,003 77,140 SH sole n/a 77,140 CLASS A GRANT PRIDECO INC COM 38821G101 20,176 457,910 SH sole n/a 457,910 GRUPO TELEVISA SA SPON ADR REP 40049J206 38,652 480,150 SH sole n/a 480,150 20 ORD PTG CERTS HARVEST NATURAL USD0.01 COM 41754V103 8,000 901,160 SH sole n/a 901,160 RESOURCES INC DO HEALTH MANAGEMENT 1.5% 421933AF9 6,068 7,995,000 PRN sole n/a 7,995,000 ASSOC 01/08/2023 CNV HOST MARRIOTT USD1 COM STK 44107P104 9,380 495,000 SH sole n/a 495,000 CORPORATION HUB INTERNATIONAL LTD NPV 44332P101 12,104 469,130 SH sole n/a 469,130 ISTAR FINANCIAL USD0.001 45031U101 507 14,220 SH sole n/a 14,220 ICICI BANK ADR REP 2 45104G104 29,730 1,032,440 SH sole n/a 1,032,440 ORD INR10 SPON INCYTE CORP USD0.001 45337C102 160 30,000 SH sole n/a 30,000 DB INTERNATIONAL PAPER 0% 460146BM4 3,446 7,080,000 PRN sole n/a 7,080,000 CO 20/06/2021 CNV USD1000 INVITROGEN CORP USD0.01 46185R100 12,599 189,060 SH sole n/a 189,060 DBINVITROGEN CORP 2.25% 46185RAD2 5,310 6,820,000 PRN sole n/a 6,820,000 15/12/2006 CNV IONA TECHNOLOGIES PLC ADS REP 1 46206P109 1,465 496,652 SH sole n/a 496,652 ORD EUR0.0025 JUNIPER NETWORKS INC USD0.00001 48203R104 5,381 241,305 SH sole n/a 241,305 COM STK KB HOME USD1 48666K109 22,438 308,850 SH sole n/a 308,850 KEYSPAN CORPORATION USD0.01 49337W100 853 23,904 SH sole n/a 23,904 KILROY REALTY USD0.01 COM 49427F108 27,700 447,500 SH sole n/a 447,500 CORPORATION STK PAGE TOTAL: 719,123 KIMCO REALTY USD0.01 COM 49446R109 34,614 1,079,000 SH sole n/a 1,079,000 CORPORATION STK KINDER MORGAN USD5 49455P101 839 9,120 SH sole n/a 9,120 KONGZHONG CORP ADR EACH REP 50047P104 135 10,800 SH sole n/a 10,800 40 ORD KOOKMIN BANK KRW5000 ORD 50049M109 7,961 106,560 SH sole n/a 106,560 SP ADR EA REP1 KRAFT FOODS NPV COM STK 50075N104 653 23,190 SH sole n/a 23,190 INCORPORATED CLS A LA QUINTA CORP USD0.01 50419U202 2,498 224,200 SH sole n/a 224,200 DB LEAR CORPORATION 0% 521865AG0 5,830 16,400,000 PRN sole n/a 16,400,000 20/02/2022 SR CNV NT USD DB LIBERTY MEDIA CORP 3.25% SR DEB 530715AR2 7,773 12,840,000 PRN sole n/a 12,840,000 15/03/2031 USD DB LIBERTY MEDIA 0.75% 530718AF2 11,115 13,380,000 PRN sole n/a 13,380,000 30/03/2023 CNV REGS LIFEPOINT HOSPITALS INC USD0.01 53219L109 11,450 305,323 SH sole n/a 305,323 DB LOWES COMPANIES 0.861% 548661CG0 5,475 5,835,000 PRN sole n/a 5,835,000 19/10/2021 CNV MBIA INCORPORATED USD1 USD1 55262C100 15,635 259,903 SH sole n/a 259,903 MBNA CORPORATION COM USD0.01 55262L100 7,037 259,190 SH sole n/a 259,190 MANPOWER INC USD0.01 56418H100 2,836 60,984 SH sole n/a 60,984 MANULIFE FINL CORP COM 56501R106 23,809 348,850 SH sole n/a 348,850 DB MASCO CORP 0% 574599BB1 13,819 37,900,000 PRN sole n/a 37,900,000 20/07/2031 CNV MAXIM INTERGRATED USD0.001 57772K101 973 26,860 SH sole n/a 26,860 PRODUCTS MCKESSON CORP COM USD 0.01 58155Q103 15,758 305,568 SH sole n/a 305,568 MEDCO HEALTH SOLUTIONS USD0.01 58405U102 42,123 754,976 SH sole n/a 754,976 DB MEDTRONICS 1.25% 585055AD8 9,548 11,910,000 PRN sole n/a 11,910,000 15/09/2021 B CNV DB MERCURY INTERACTIVE 0% 589405AD1 6,786 8,500,000 PRN sole n/a 8,500,000 01/05/2008 CNV REGS DB MERRILL LYNCH & CO 0% 590188W46 27,017 31,750,000 PRN sole n/a 31,750,000 13/03/2032 CNV METLIFE INCORPORATED USD0.01 COM 59156R108 20,236 412,996 SH sole n/a 412,996 MOLSON COORS BREWING USD0.01 60871R209 712 10,630 SH sole n/a 10,630 MONSANTO CO USD0.01 COM 61166W101 29,965 387,063 SH sole n/a 387,063 NTL INC USD0.01 COM 62940M104 13,554 199,094 SH sole n/a 199,094 NVR INC COM USD0.01 62944T105 951 1,355 SH sole n/a 1,355 NEUSTAR INC USD.001 64126X201 954 31,280 SH sole n/a 31,280 CLASS A NVIDIA CORP USD0.001 67066G104 406 11,100 SH sole n/a 11,100 DB OMNICOM GROUP 0% 681919AR7 6,075 8,250,000 PRN sole n/a 8,250,000 15/06/2033 REGS CNV VIMPEL COMMUNICATIONS SPON ADR 4 68370R109 36,422 823,492 SH sole n/a 823,492 REP 3 ORD RUB ORACLE SYSTEMS COM STK 68389X105 9,860 807,206 SH sole n/a 807,206 CORPORATION USD0.01 PG&E CORP NPV 69331C108 24,943 671,966 SH sole n/a 671,966 PMI GROUP USD0.01 69344M101 19,641 478,338 SH sole n/a 478,338 DB PMI GROUP INC 2.5% 69344MAE1 3,424 4,130,000 PRN sole n/a 4,130,000 15/07/2021 SR CV DB USD PAN PACIFIC RETAIL PROP USD0.01 69806L104 23,077 345,000 SH sole n/a 345,000 PANACOS USD0.01 69811Q106 194 28,000 SH sole n/a 28,000 PHARMACEUTICALS INC PETROLEO BRASILEIRO SA SPONSORED 71654V101 941 14,621 SH sole n/a 14,621 PETRO ADR PETROLEO BRASILEIRO SA SPONSORED 71654V408 16,727 235,023 SH sole n/a 235,023 PETRO ADR POTASH CORP OF NPV COM STK 73755L107 13,493 145,323 SH sole n/a 145,323 SASKATCHEWAN US LISTING PRAXAIR INC COM USD0.01 74005P104 2,343 44,241 SH sole n/a 44,241 T ROWE PRICE USD.20 74144T108 3,927 54,525 SH sole n/a 54,525 PRIDE INTL INC DEL COM 74153Q102 1,680 54,640 SH sole n/a 54,640 PSYCHIATRIC SOLUTIONS USD0.01 74439H108 846 14,400 SH sole n/a 14,400 PUBLIC STORAGE USD0.10 COM 74460D109 601 8,870 SH sole n/a 8,870 INCORPORATED STK RECKSON ASSOCIATES USD0.01 COM 75621K106 17,832 495,600 SH sole n/a 495,600 REALTY CORP STK REGIONS FINANCIAL USD0.625 7591EP100 962 28,150 SH sole n/a 28,150 SK TELECOM CO LTD SPN ADR REP 78440P108 11,120 548,900 SH sole n/a 548,900 1/9 OF SHR KRW500 SL GREEN REALTY USD0.01 COM 78440X101 28,952 379,000 SH sole n/a 379,000 CORPORATION STK SLM CORP USD0.20 78442P106 9,046 164,220 SH sole n/a 164,220 PAGE TOTAL: 552,567 SPDR TRUST NPV UNIT 78462F103 78,260 628,586 SH sole n/a 628,586 SERIES 1 SRI/SURGICAL EXPRESS COM USD0.001 78464W104 2,234 372,306 SH sole n/a 372,306 INC SANDISK CORP USD0.001 80004C101 4,701 74,825 SH sole n/a 74,825 SAXON CAPITAL INC USD0.01 80556T106 9,389 828,740 SH sole n/a 828,740 SCANA CORP NEW NPV 80589M102 723 18,360 SH sole n/a 18,360 DBSCHLUMBERGER 1.5% 806857AC2 9,497 9,183,000 PRN sole n/a 9,183,000 01/06/2023 SEALED AIR CORP USD0.1 81211K100 767 13,660 SH sole n/a 13,660 SHURGARD STORAGE USD0.001 CL 82567D104 16,718 294,800 SH sole n/a 294,800 A COM STARWOOD HOTELS&RESORTS USD0.01 85590A203 1,097 17,180 SH sole n/a 17,180 CLASS B STEREOTAXIS INC USD0.001 COM 85916J102 387 45,000 SH sole n/a 45,000 STK SUNOCO INC USD1 86764P109 1,751 22,600 SH sole n/a 22,600 SUNRISE SENIOR LIVING COM 86768K106 825 24,500 SH sole n/a 24,500 INC SUNTECH POWER ADR ADR ADDED 86800C104 1,307 48,000 SH sole n/a 48,000 SYNOVUS FINANCIAL CORP USD1 87161C105 751 27,800 SH sole n/a 27,800 DB TJX XOS INCORPORATED 0% 872540AL3 4,689 7,640,000 PRN sole n/a 7,640,000 13/02/2021 CNV NTS USD1000 TELESP TEL SAO PAULO ADR NPV 87929A102 1,795 87,800 SH sole n/a 87,800 TELESP CELULAR ADR 87952L108 5,040 1,333,808 SH sole n/a 1,333,808 PARTICIPACOES TELUS CORP NON-VTG SHS 87971M202 24,591 527,130 SH sole n/a 527,130 3M COMPANY USD0.01 COM 88579Y101 5,376 69,370 SH sole n/a 69,370 TELECELULAR SUL ADR 88706P106 9,338 369,663 SH sole n/a 369,663 PARTICIPACOES TRIAD HOSPITALS INC. USD0.01 COM 89579K109 1,325 33,770 SH sole n/a 33,770 TYCO INTERNATIONAL 2.75% 902118BF4 7,398 7,625,000 PRN sole n/a 7,625,000 15/01/2018 CNV BD REGS UNITED HEALTHCARE GROUP COM STK 91324P102 44,424 715,004 SH sole n/a 715,004 USD0.01 UNIVERSAL TRUCKLOAD NPV 91388P105 9,124 396,700 SH sole n/a 396,700 SERVICES UNIVERSAL HEALTH 0.426% 913903AL4 4,602 9,820,000 PRN sole n/a 9,820,000 SERVICES 23/06/2020 CNV BOND DB UTSTARCOM 0.875% 918076AB6 6,851 10,400,000 PRN sole n/a 10,400,000 01/03/08 CNV VAIL RESORTS INC COM STK 91879Q109 7,599 230,080 SH sole n/a 230,080 USD0.01 VALEANT USD0.01 91911X104 828 45,770 SH sole n/a 45,770 PHARMACEUTICALS INTL VALERO ENERGY USD0.01 91913Y100 2,309 44,750 SH sole n/a 44,750 VERIZON COMMUNICATIONS COM 92343V104 1,978 65,710 SH sole n/a 65,710 VIACOM INC USD0.001 92553P201 11,075 285,265 SH sole n/a 285,265 CLASS B NON VOTING DB WASTE CONNECTIONS FRN 941053AE0 9,563 10,860,000 PRN sole n/a 10,860,000 01/05/2022 WASTE MANAGEMENT INC COM STOCK 94106L109 1,024 33,750 SH sole n/a 33,750 USD0.01 WEBEX COMMUNICATIONS USD0.001 94767L109 552 25,500 SH sole n/a 25,500 WELLPOINT INC USD0.01 COM 94973V107 24,334 304,973 SH sole n/a 304,973 DB WYETH FRN 983024AD2 8,033 9,500,000 PRN sole n/a 9,500,000 15/01/2024 CNV XTO ENERGY INC USD0.01 98385X106 4,268 97,130 SH sole n/a 97,130 XCEL ENERGY INC USD2.5 98389B100 1,872 101,430 SH sole n/a 101,430 ZIMMER HOLDINGS INC USD0.01 COM 98956P102 7,850 116,394 SH sole n/a 116,394 ACE LTD ORD G0070K103 3,884 72,700 SH sole n/a 72,700 ACCENTURE CL A G1150G111 7,968 276,100 SH sole n/a 276,100 CREDICORP LTD COM COM G2519Y108 501 22,000 SH sole n/a 22,000 NABORS INDUSTRIES LTD SHS NEW G6359F103 14,000 184,840 SH sole n/a 184,840 TRANSOCEAN INC ORD G90078109 592 8,500 SH sole n/a 8,500 ALCON COM H01301102 2,577 19,740 SH sole n/a 19,740 MILLICOM INTL CELLULAR SHS NEW L6388F110 2,094 78,125 SH sole n/a 78,125 S A CHECK POINT SOFTWARE COM M22465104 1,623 80,898 SH sole n/a 80,898 TECH LT ORD PAGE TOTAL: 367,483 GRAND TOTAL: 8,134,145