UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31, 2003
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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: The St. Paul Companies, Inc.
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Address: 385 Washington Street
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St. Paul, MN 55102-1396
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Form 13F File Number: 28-62
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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: Bruce Backberg
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Title: Corporate Secretary
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Phone: (651) 310-7916
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Signature, Place, and Date of Signing:
/s/ Bruce Backberg, St. Paul, Minnesota, February 13, 2003
------------------------- -------------------- -----------------
[Signature] [City, State] [Date]
Report Type (Check only one.):
/X/ 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.)
/ / 13F NOTICE. (Check here if no holdings reported are in this report,
and all holdings are reported by other reporting manager(s).)
/ / 13F COMBINATION REPORT. (Check here if a portion of the holdings for this
reporting manager are reported in this report and a portion are reported by
other reporting manager(s).)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name
28-
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[Repeat as necessary.]
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934.
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 1
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Form 13F Information Table Entry Total: 375
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Form 13F Information Table Value Total: 737,629
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(thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column headings
and list entries.]
No. Form 13F File Number Name
01 28-29 ST. PAUL FIRE AND MARINE INSURANCE COMPANY
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[Repeat as necessary.]
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------- --------------- --------- -------- ---------------------- ------------ ---------- -----------------------
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------- --------------- --------- -------- --------- ----- ------ ------------ ---------- ------- ---------- ----
ABBOTT LABORATORIES COMM 002824100 679 14,571 SH SHARED 14,571
ABBOTT LABORATORIES COMM 002824100 3,924 84,200 SH SOLE 84,200
AFFYMETRIX INC COMM 00826T108 59 2,400 SH SOLE 2,400
ALCAN ALUM LTD COMM 013716105 737 15,707 SH SHARED 15,707
ALCAN ALUM LTD COMM 013716105 3,859 82,200 SH SOLE 82,200
ALCOA INC COMM 013817101 134 3,520 SH SOLE 3,520
ALLIED WASTE COMM 019589308 181 13,020 SH SOLE 13,020
ALLSTATE CORP COMM 020002101 184 4,280 SH SOLE 4,280
ALTRIA GROUP COMM 02209S103 545 10,020 SH SOLE 10,020
AMBAC FINL INC COMM 023139108 675 9,725 SH SHARED 9,725
AMBAC FINL INC COMM 023139108 4,795 69,100 SH SOLE 69,100
AMERADA HESS CORP. COMM 023551104 62 1,160 SH SOLE 1,160
AMERICAN EXPRESS COMPANY COMM 025816109 748 15,500 SH SHARED 15,500
AMERICAN EXPRESS COMPANY COMM 025816109 5,769 119,610 SH SOLE 119,610
AMERICAN INTERNATIONAL
GROUP INC COMM 026874107 508 7,657 SH SHARED 7,657
AMERICAN INTERNATIONAL
GROUP INC COMM 026874107 5,762 86,937 SH SOLE 86,937
AMERICREDIT CORP. COMM 03060R101 68 4,260 SH SOLE 4,260
AMGEN INC COMM 031162100 651 10,530 SH SHARED 10,530
AMGEN INC COMM 031162100 6,676 108,050 SH SOLE 108,050
ANALOG DEVICES, INC. COMM 032654105 69 1,510 SH SOLE 1,510
ANHEUSER BUSCH COS. INC. COMM 035229103 136 2,590 SH SOLE 2,590
ANNALY MORTGAGE
MANAGEMENT COMM 035710409 63 3,420 SH SOLE 3,420
ANTHEM, INC. COMM 03674B104 737 9,825 SH SHARED 9,825
ANTHEM, INC. COMM 03674B104 4,103 54,710 SH SOLE 54,710
APACHE CORP COMM 037411105 841 10,368 SH SHARED 10,368
APACHE CORP COMM 037411105 6,271 77,320 SH SOLE 77,320
APRIA HEALTHCARE GROUP COMM 037933108 62 2,190 SH SOLE 2,190
APPLIED MATERIALS, INC. COMM 038222105 229 10,200 SH SOLE 10,200
ARVINMERITOR INC COMM 043353101 73 3,020 SH SOLE 3,020
AUTOLIV INC COMM 052800109 148 3,930 SH SOLE 3,930
AUTOMATIC DATA PROCESSING COMM 053015103 143 3,600 SH SOLE 3,600
AVID TECHNOLOGY INC. COMM 05367P100 115 2,400 SH SOLE 2,400
AVNET, INC. COMM 053807103 66 3,040 SH SOLE 3,040
AVOCENT CORP COMM 053893103 76 2,090 SH SOLE 2,090
AVON PRODUCTS COMM 054303102 739 10,950 SH SHARED 10,950
AVON PRODUCTS COMM 054303102 3,435 50,900 SH SOLE 50,900
BP AMOCO PLC (ADR) COMM 055622104 1,379 27,952 SH SOLE 27,952
BAKER HUGHES INC COMM 057224107 339 10,530 SH SOLE 10,530
BANK OF AMERICA CORP COMM 060505104 729 9,060 SH SOLE 9,060
BANK HAWAII CORP COMM 062540109 76 1,800 SH SOLE 1,800
BANK ONE CORP COMM 06423A103 324 7,110 SH SOLE 7,110
BARNES & NOBLE, INC. COMM 067774109 61 1,850 SH SOLE 1,850
BARR LABORATORIES INC. COMM 068306109 725 9,417 SH SHARED 9,417
BARR LABORATORIES INC. COMM 068306109 4,425 57,500 SH SOLE 57,500
BAXTER INTERNATIONAL INC. COMM 071813109 192 6,300 SH SOLE 6,300
BECKMAN COULTER INC COMM 075811109 233 4,590 SH SOLE 4,590
BELL SOUTH CORP COMM 079860102 317 11,190 SH SOLE 11,190
BERKSHIRE HATHAWAY A COMM 084670108 169 2 SH SOLE 2
BIO RAD LABS INC COMM 090572207 323 5,600 SH SOLE 5,600
BOEING COMPANY COMM 097023105 309 7,330 SH SOLE 7,330
BOSTON SCIENTIFIC CORP. COMM 101137107 690 18,775 SH SHARED 18,775
BOSTON SCIENTIFIC CORP. COMM 101137107 4,874 132,580 SH SOLE 132,580
BROADCOM CORP COMM 111320107 106 3,123 SH SHARED 3,123
BROADCOM CORP COMM 111320107 1,225 36,000 SH SOLE 36,000
CANADIAN PACIFIC
RAILROAD LTD COMM 13645T100 225 8,010 SH SOLE 8,010
CAP ONE FIN COMM 14040H105 56 920 SH SOLE 920
CAREER EDUCATION CORP COMM 141665109 379 9,404 SH SHARED 9,404
CAREER EDUCATION CORP COMM 141665109 2,471 61,400 SH SOLE 61,400
CARNIVAL CRUISE LINES INC COMM 143658300 463 11,660 SH SOLE 11,660
CENTERPOINT ENERGY INC COMM 15189T107 47 4,830 SH SOLE 4,830
CENTEX CORP COMM 152312104 270 2,510 SH SOLE 2,510
CEPHALON INC COMM 156708109 119 2,450 SH SOLE 2,450
CHARTER ONE FINANCIAL COMM 160903100 64 1,860 SH SOLE 1,860
CHECKFREE CORP COMM 162813109 59 2,130 SH SOLE 2,130
CHEVRONTEXACO CORP COMM 166764100 948 10,970 SH SHARED 10,970
CHEVRONTEXACO CORP COMM 166764100 8,479 98,150 SH SOLE 98,150
CISCO SYSTEMS INC. COMM 17275R102 1,134 46,821 SH SHARED 46,821
CISCO SYSTEMS INC. COMM 17275R102 8,533 352,170 SH SOLE 352,170
CITIGROUP INC COMM 172967101 902 18,573 SH SHARED 18,573
CITIGROUP INC COMM 172967101 15,299 315,185 SH SOLE 315,185
COCA COLA CO COMM 191216100 583 11,483 SH SHARED 11,483
COCA COLA CO COMM 191216100 6,512 128,325 SH SOLE 128,325
COMCAST CORPORATION (A) COMM 20030N101 714 21,770 SH SHARED 21,770
COMCAST CORPORATION (A) COMM 20030N101 6,423 195,868 SH SOLE 195,868
COMPUTER SCIENCES CORP COMM 205363104 738 16,680 SH SHARED 16,680
COMPUTER SCIENCES CORP COMM 205363104 4,402 99,520 SH SOLE 99,520
CONOCOPHILLIPS COMM 20825C104 272 4,150 SH SOLE 4,150
CONSOL ENERGY INC COMM 20854P109 61 2,360 SH SOLE 2,360
CORNING INC. COMM 219350105 452 43,360 SH SOLE 43,360
COSTCO WHOLESALE CORP COMM 22160K105 811 21,820 SH SHARED 21,820
COSTCO WHOLESALE CORP COMM 22160K105 4,852 130,500 SH SOLE 130,500
COUNTRYWIDE FINANCIAL COMM 222372104 648 8,537 SH SHARED 8,537
COUNTRYWIDE FINANCIAL COMM 222372104 3,813 50,266 SH SOLE 50,266
CROWN HOLDINGS INC COMM 228368106 70 7,690 SH SOLE 7,690
CUMMINS INC COMM 231021106 180 3,670 SH SOLE 3,670
CYMER INC. COMM 232572107 60 1,300 SH SOLE 1,300
CYTEC INDS INC COMM 232820100 113 2,940 SH SOLE 2,940
DANAHER CORP COMM 235851102 679 7,405 SH SHARED 7,405
DANAHER CORP COMM 235851102 4,294 46,800 SH SOLE 46,800
DARDEN RESTAURANTS INC. COMM 237194105 153 7,280 SH SOLE 7,280
DELL COMPUTER CORP COMM 24702R101 549 16,159 SH SHARED 16,159
DELL COMPUTER CORP COMM 24702R101 6,794 199,940 SH SOLE 199,940
DELPHI AUTOMOTIVE COMM 247126105 200 19,600 SH SOLE 19,600
DELTA AIR LINES COMM 247361108 197 16,710 SH SOLE 16,710
DEVON ENERGY CORP. COMM 25179M103 465 8,120 SH SOLE 8,120
DISNEY, WALT CO. COMM 254687106 591 25,343 SH SHARED 25,343
DISNEY, WALT CO. COMM 254687106 4,884 209,360 SH SOLE 209,360
DOVER CORP COMM 260003108 574 14,446 SH SHARED 14,446
DOVER CORP COMM 260003108 3,534 88,900 SH SOLE 88,900
DOW JONES INDUSTRIAL
AVERAGE COMM 260994009 0 - SH SOLE -
DU PONT E I DE NEMOURS
AND CO. COMM 263534109 274 5,980 SH SOLE 5,980
EMC CORP COMM 268648102 189 14,610 SH SOLE 14,610
EASTMAN CHEMICAL CO. COMM 277432100 327 8,270 SH SOLE 8,270
EASTMAN KODAK CO. COMM 277461109 63 2,450 SH SOLE 2,450
EBAY COMM 278642103 182 2,810 SH SOLE 2,810
EBIX.COM INC COMM 278715107 20 1,598 SH SHARED 1,598
EDISON INTERNATIONAL COMM 281020107 553 25,209 SH SHARED 25,209
EDISON INTERNATIONAL COMM 281020107 2,447 111,600 SH SOLE 111,600
EDWARDS LIFESCIENCES CORP COMM 28176E108 174 5,790 SH SOLE 5,790
ELECTRONIC DATA SYSTEMS COMM 285661104 448 18,250 SH SOLE 18,250
EMULEX CORP COMM 292475209 125 4,680 SH SOLE 4,680
ENDO PHARMACEUTICALS
HLDGS COMM 29264F205 56 2,870 SH SOLE 2,870
L M ERICSSON COMM 294821608 461 26,054 SH SHARED 26,054
L M ERICSSON COMM 294821608 2,650 149,700 SH SOLE 149,700
EXELON CORPORATION COMM 30161N101 625 9,417 SH SHARED 9,417
EXELON CORPORATION COMM 30161N101 3,995 60,200 SH SOLE 60,200
EXPRESS SCRIPTS INC COMM 302182100 261 3,930 SH SOLE 3,930
EXXON MOBIL CORP COMM 30231G102 712 17,355 SH SHARED 17,355
EXXON MOBIL CORP COMM 30231G102 12,496 304,770 SH SOLE 304,770
FREDDIE MAC COMM 313400301 619 10,610 SH SHARED 10,610
FREDDIE MAC COMM 313400301 3,553 60,930 SH SOLE 60,930
(R) FEDERAL NATIONAL
MORTGAGE COMM 313586109 431 5,741 SH SHARED 5,741
(R) FEDERAL NATIONAL
MORTGAGE COMM 313586109 8 101 SH SHARED 101
(R) FEDERAL NATIONAL
MORTGAGE COMM 313586109 4,123 54,930 SH SOLE 54,930
FDX CORP COMM 31428X106 505 7,480 SH SOLE 7,480
FIFTH THIRD BANCORP COMM 316773100 206 3,480 SH SOLE 3,480
FIRST DATA CORPORATION COMM 319963104 123 2,990 SH SOLE 2,990
FIRST TENNESSEE NATIONAL COMM 337162101 356 8,070 SH SOLE 8,070
FLAGSTAR BANCORP INC COMM 337930101 142 6,630 SH SOLE 6,630
FISHER SCIENTIFIC INTL.
INC. COMM 338032204 559 13,510 SH SOLE 13,510
FLEETBOSTON FINANCIAL COMM 339030108 277 6,350 SH SOLE 6,350
FORD MOTOR CO COMM 345370860 394 24,600 SH SOLE 24,600
FORTUNE BRAND INC. COMM 349631101 346 4,840 SH SOLE 4,840
FRANKLIN RESOURCES COMM 354613101 603 11,583 SH SHARED 11,583
FRANKLIN RESOURCES COMM 354613101 4,571 87,800 SH SOLE 87,800
GENERAL DYNAMICS COMM 369550108 601 6,651 SH SHARED 6,651
GENERAL DYNAMICS COMM 369550108 4,339 48,000 SH SOLE 48,000
GENERAL ELECTRIC CO. COMM 369604103 808 26,089 SH SHARED 26,089
GENERAL ELECTRIC CO. COMM 369604103 12,528 404,374 SH SOLE 404,374
GENERAL MILLS INC COMM 370334104 366 8,080 SH SOLE 8,080
GENERAL MOTORS COMM 370442105 770 14,420 SH SOLE 14,420
GETTY IMAGES INC COMM 374276103 84 1,680 SH SOLE 1,680
GILLETTE CO. COMM 375766102 133 3,620 SH SOLE 3,620
GLAXOSMITHKLINE PLC-ADR COMM 37733W105 584 12,535 SH SHARED 12,535
GLAXOSMITHKLINE PLC-ADR COMM 37733W105 3,436 73,700 SH SOLE 73,700
GOLDCORP INC COMM 380956409 52 3,290 SH SOLE 3,290
GOLDEN WEST FINANCIAL
CORP. COMM 381317106 121 1,170 SH SOLE 1,170
GOLDMAN SACHS GROUP COMM 38141G104 788 7,986 SH SHARED 7,986
GOLDMAN SACHS GROUP COMM 38141G104 5,412 54,820 SH SOLE 54,820
GUIDANT CORP. COMM 401698105 930 15,450 SH SHARED 15,450
GUIDANT CORP. COMM 401698105 5,117 85,000 SH SOLE 85,000
HALLIBURTON CO. COMM 406216101 379 14,570 SH SOLE 14,570
HARLEY-DAVIDSON COMM 412822108 595 12,512 SH SHARED 12,512
HARLEY-DAVIDSON COMM 412822108 4,278 90,000 SH SOLE 90,000
HARTFORD FINANCIAL
SERVICES GROUP COMM 416515104 95 1,610 SH SOLE 1,610
HASBRO COMM 418056107 673 31,625 SH SHARED 31,625
HASBRO COMM 418056107 3,139 147,500 SH SOLE 147,500
HERSHEY FOODS CORP COMM 427866108 621 8,060 SH SOLE 8,060
HEWLETT-PACKARD COMM 428236103 552 24,040 SH SOLE 24,040
HOME DEPOT INC COMM 437076102 740 20,837 SH SHARED 20,837
HOME DEPOT INC COMM 437076102 6,957 196,014 SH SOLE 196,014
HONEYWELL INTERNATIONAL COMM 438516106 71 2,120 SH SOLE 2,120
HOVNANIAN ENTRPRS INC
-CL A COMM 442487203 380 4,370 SH SOLE 4,370
HUNT (JB) TRANSPORT
SERVICES COMM 445658107 93 3,430 SH SOLE 3,430
ICOS CORP. COMM 449295104 135 3,270 SH SOLE 3,270
IKON OFFICE SOLUTIONS COMM 451713101 80 6,760 SH SOLE 6,760
INAMED CORP COMM 453235103 55 1,155 SH SOLE 1,155
INCO LTD. COMM 453258402 895 22,479 SH SHARED 22,479
INCO LTD. COMM 453258402 4,113 103,300 SH SOLE 103,300
INDYMAC BANCORP COMM 456607100 362 12,150 SH SOLE 12,150
INTEGRATED CIRCUIT
SYSTEMS INC COMM 45811K208 59 2,060 SH SOLE 2,060
INTEL CORP COMM 458140100 1,037 32,362 SH SHARED 32,362
INTEL CORP COMM 458140100 10,984 342,700 SH SOLE 342,700
INTERACTIVE CORP COMM 45840Q101 267 7,877 SH SHARED 7,877
INTERACTIVE CORP COMM 45840Q101 1,374 40,500 SH SOLE 40,500
INTERNATIONAL BUSINESS
MACHINES CORP CAP COMM 459200101 3,927 42,370 SH SOLE 42,370
JP MORGAN CHASE & CO COMM 46625H100 701 19,098 SH SHARED 19,098
JP MORGAN CHASE & CO COMM 46625H100 5,079 138,270 SH SOLE 138,270
JOHNSON & JOHNSON COMM 478160104 721 13,964 SH SHARED 13,964
JOHNSON & JOHNSON COMM 478160104 10,707 207,262 SH SOLE 207,262
JOHNSON CONTROL COMM 478366107 4,993 43,000 SH SOLE 43,000
KAUFMAN & BROAD HOME CORP COMM 48666K109 268 3,690 SH SOLE 3,690
KEY ENERGY SERVICES INC COMM 492914106 90 8,770 SH SOLE 8,770
KINDER MORGAN INC COMM 49455P101 536 9,067 SH SHARED 9,067
KINDER MORGAN INC COMM 49455P101 3,233 54,700 SH SOLE 54,700
KROGER CO COMM 501044101 648 35,000 SH SOLE 35,000
LSI LOGIC CORP. COMM 502161102 56 6,270 SH SOLE 6,270
L THREE COMM HOLDINGS COMM 502424104 695 13,524 SH SHARED 13,524
L THREE COMM HOLDINGS COMM 502424104 3,775 73,500 SH SOLE 73,500
LEAR SEATING COMM 521865105 668 10,895 SH SHARED 10,895
LEHMAN BROS COMM 524908100 682 8,836 SH SHARED 8,836
LEHMAN BROS COMM 524908100 4,594 59,486 SH SOLE 59,486
LENNAR CORP. COMM 526057104 359 3,740 SH SOLE 3,740
LEXMARK INTL COMM 529771107 695 8,836 SH SHARED 8,836
LEXMARK INTL COMM 529771107 4,891 62,200 SH SOLE 62,200
LIBERTY MEDIA CORP CL A COMM 530718105 498 41,845 SH SHARED 41,845
LIBERTY MEDIA CORP CL A COMM 530718105 3,805 320,000 SH SOLE 320,000
LILLY, ELI & CO COMM 532457108 468 6,660 SH SOLE 6,660
LINCARE HOLDINGS INC COMM 532791100 86 2,850 SH SOLE 2,850
LOCKHEED MARTIN CORP. COMM 539830109 444 8,630 SH SOLE 8,630
LOWE'S COMPANIES INC. COMM 548661107 582 10,500 SH SOLE 10,500
MBIA CORP COMM 55262C100 556 9,391 SH SHARED 9,391
MBIA CORP COMM 55262C100 2,618 44,200 SH SOLE 44,200
MBNA CORP COMM 55262L100 739 29,721 SH SHARED 29,721
MBNA CORP COMM 55262L100 6,539 263,140 SH SOLE 263,140
MEMC ELECTRONIC MATERIALS COMM 552715104 78 8,160 SH SOLE 8,160
MGIC INVESTMENT CORP. COMM 552848103 64 1,120 SH SOLE 1,120
MACROMEDIA INC. COMM 556100105 76 4,300 SH SOLE 4,300
MAGNA INTERNATIONAL COMM 559222401 509 6,360 SH SHARED 6,360
MAGNA INTERNATIONAL COMM 559222401 3,978 49,700 SH SOLE 49,700
MARVEL ENTERPRISES CL (A) COMM 57383M108 59 2,030 SH SOLE 2,030
MATTEL INC COMM 577081102 431 22,359 SH SHARED 22,359
MATTEL INC COMM 577081102 1,439 74,670 SH SOLE 74,670
MAYTAG CORP. COMM 578592107 51 1,820 SH SOLE 1,820
MCDONALDS CORP COMM 580135101 693 27,908 SH SHARED 27,908
MCDONALDS CORP COMM 580135101 4,860 195,740 SH SOLE 195,740
MCKESSON HBOC INC COMM 58155Q103 561 17,450 SH SOLE 17,450
MEDIMMUNE INC COMM 584699102 178 7,030 SH SOLE 7,030
MEDTRONIC INC COMM 585055106 356 7,320 SH SOLE 7,320
MERCK AND CO INC COMM 589331107 2,943 63,710 SH SOLE 63,710
MERRILL LYNCH & CO. COMM 590188108 460 7,850 SH SOLE 7,850
MICROSOFT CORP COMM 594918104 1,672 61,075 SH SHARED 61,075
MICROSOFT CORP COMM 594918104 19,407 709,064 SH SOLE 709,064
MORGAN STANLEY COMM 617446448 454 7,847 SH SHARED 7,847
MORGAN STANLEY COMM 617446448 2,961 51,160 SH SOLE 51,160
MOTOROLA INC COMM 620076109 108 7,690 SH SOLE 7,690
NBTY INC COMM 628782104 66 2,440 SH SOLE 2,440
NEWELL RUBBERMAID COMM 651229106 357 15,690 SH SOLE 15,690
NEWMONT MINING CORP COMM 651639106 339 6,980 SH SOLE 6,980
NEWS CORP LTD COMM 652487703 330 9,140 SH SOLE 9,140
NEXTEL COMMS - A COMM 65332V103 826 29,444 SH SHARED 29,444
NEXTEL COMMS - A COMM 65332V103 5,276 188,010 SH SOLE 188,010
NICOR INC COMM 654086107 82 2,400 SH SOLE 2,400
NIKE INC CLASS B COMM 654106103 109 1,590 SH SOLE 1,590
NIPPON TELEGRAPH & TELE
ADR COMM 654624105 127 5,170 SH SOLE 5,170
NOKIA CORP ADR COMM 654902204 267 15,682 SH SHARED 15,682
NOKIA CORP ADR COMM 654902204 2,941 173,000 SH SOLE 173,000
NORTHEAST UTILITIES COMM 664397106 257 12,720 SH SOLE 12,720
NORTHROP GRUMMAN CORP COMM 666807102 473 4,943 SH SHARED 4,943
NORTHROP GRUMMAN CORP COMM 666807102 2,151 22,500 SH SOLE 22,500
OMNICOM GROUP INC. COMM 681919106 667 7,641 SH SHARED 7,641
OMNICOM GROUP INC. COMM 681919106 3,781 43,300 SH SOLE 43,300
ORACLE CORPORATION COMM 68389X105 603 45,614 SH SHARED 45,614
ORACLE CORPORATION COMM 68389X105 4,890 369,600 SH SOLE 369,600
ORBITZ INC-CLASS A COMM 68556Y100 117 5,000 SH SOLE 5,000
OWENS ILLINOIS INC. COMM 690768403 145 12,200 SH SOLE 12,200
PACIFIC GAS & ELECTRIC
CO. COMM 69331C108 91 3,280 SH SOLE 3,280
PNC FINANCIAL SERVICES
GROUP COMM 693475105 186 3,390 SH SOLE 3,390
PACIFICARE HEALTH
SYSTEMS, INC COMM 695112102 164 2,420 SH SOLE 2,420
PEABODY ENERGY CORP COMM 704549104 494 11,840 SH SOLE 11,840
PEPSICO INC COMM 713448108 759 16,290 SH SHARED 16,290
PEPSICO INC COMM 713448108 7,573 162,441 SH SOLE 162,441
(R) PETROCORP INC. COMM 71645N101 11,035 1,639,624 SH SHARED 1,639,624
PFIZER INC COMM 717081103 853 24,136 SH SHARED 24,136
PFIZER INC COMM 717081103 10,872 307,736 SH SOLE 307,736
PHELPS DODGE CO COMM 717265102 156 2,050 SH SOLE 2,050
PIER 1 IMPORTS INC COMM 720279108 60 2,730 SH SOLE 2,730
PIONEER NATURAL RESOURCES COMM 723787107 97 3,030 SH SOLE 3,030
POGO PRODUCING CO COMM 730448107 125 2,590 SH SOLE 2,590
POLARIS INDS INC COMM 731068102 60 680 SH SOLE 680
POLYCOM, INC. COMM 73172K104 70 3,570 SH SOLE 3,570
PROCTER AND GAMBLE COMM 742718109 885 8,856 SH SHARED 8,856
PROCTER AND GAMBLE COMM 742718109 7,568 75,770 SH SOLE 75,770
PROGRESSIVE CORP. COMM 743315103 141 1,690 SH SOLE 1,690
PROTECTIVE LIFE COMM 743674103 564 16,667 SH SHARED 16,667
PRUDENTIAL FINANCIAL INC COMM 744320102 276 6,610 SH SOLE 6,610
QUALCOMM INC COMM 747525103 222 4,110 SH SOLE 4,110
RADIAN GROUP INC. COMM 750236101 575 11,789 SH SHARED 11,789
RADIAN GROUP INC. COMM 750236101 2,672 54,800 SH SOLE 54,800
RALCORP HOLDINGS INC. COMM 751028101 512 16,312 SH SHARED 16,312
RALCORP HOLDINGS INC. COMM 751028101 1,822 58,100 SH SOLE 58,100
RAYTHEON CO. COMM 755111507 286 9,510 SH SOLE 9,510
RJ REYNOLDS TOBACCO
HOLDINGS COMM 76182K105 879 15,119 SH SHARED 15,119
RJ REYNOLDS TOBACCO
HOLDINGS COMM 76182K105 6,321 108,700 SH SOLE 108,700
ROYAL DUTCH PETROLEUM CO
(ADR) COMM 780257804 257 4,900 SH SOLE 4,900
RYLAND GROUP INC COMM 783764103 469 5,290 SH SOLE 5,290
SBC COMMUNICATIONS INC COMM 78387G103 517 19,830 SH SOLE 19,830
SLM CORP COMM 78442P106 211 5,610 SH SOLE 5,610
SPX CORPORATION COMM 784635104 122 2,070 SH SOLE 2,070
SAFEWAY INC. COMM 786514208 257 11,740 SH SOLE 11,740
ST. JUDE MEDICAL INC. COMM 790849103 771 12,562 SH SHARED 12,562
ST. JUDE MEDICAL INC. COMM 790849103 4,479 73,000 SH SOLE 73,000
SANMINA CORP. COMM 800907107 160 12,670 SH SOLE 12,670
SAP AG - ADR COMM 803054204 541 13,024 SH SHARED 13,024
SAP AG - ADR COMM 803054204 3,853 92,700 SH SOLE 92,700
SARA LEE CORP COMM 803111103 107 4,950 SH SOLE 4,950
SCHERING PLOUGH CORP COMM 806605101 167 9,590 SH SOLE 9,590
SCHLUMBERGER LTD COMM 806857108 134 2,450 SH SOLE 2,450
SEALED AIR CORP COMM 81211K100 142 2,620 SH SOLE 2,620
SEARS, ROEBUCK AND CO COMM 812387108 149 3,280 SH SOLE 3,280
SELECT COMFORT COMMON
STOCK COMM 81616X103 12,571 564,121 SH SHARED 564,121
SEMPRA ENERGY COMM 816851109 94 3,140 SH SOLE 3,140
SOLECTRON CORP COMM 834182107 160 27,070 SH SOLE 27,070
SPRINT CORP (FON) COMM 852061100 102 6,210 SH SOLE 6,210
SPRINT CORP (PCS) COMM 852061506 95 16,820 SH SOLE 16,820
STATION CASINOS INC COMM 857689103 90 2,930 SH SOLE 2,930
STEEL CITY PRODUCTS INC. COMM 858064108 0 81 SH SHARED 81
STORAGE TECHNOLOGY CORP. COMM 862111200 47 1,830 SH SOLE 1,830
TAIWAN SEMICONDUCTOR LTD
(ADR) COMM 874039100 602 58,750 SH SHARED 58,750
TAIWAN SEMICONDUCTOR LTD
(ADR) COMM 874039100 3,512 343,000 SH SOLE 343,000
TARGET CORP COMM 87612E106 212 5,520 SH SOLE 5,520
TEKTRONIX INC COMM 879131100 173 5,480 SH SOLE 5,480
TELLABS INC COMM 879664100 138 16,420 SH SOLE 16,420
TEVA PHARMACEUTICAL
INDUSTRIES (ADR) COMM 881624209 666 11,740 SH SHARED 11,740
TEVA PHARMACEUTICAL
INDUSTRIES (ADR) COMM 881624209 3,987 70,300 SH SOLE 70,300
TEXAS INSTRUMENT COMM 882508104 88 3,010 SH SOLE 3,010
3M COMPANY COMM 88579Y101 346 4,070 SH SOLE 4,070
TIMBERLAND CO. CL A COMM 887100105 52 1,000 SH SOLE 1,000
TIME WARNER COMM 887317105 402 22,370 SH SOLE 22,370
(R) TRANSCEND SERVICES
INC COMM 893929208 830 200,000 SH SHARED 200,000
TRINITY INDUSTRIES INC COMM 896522109 61 1,970 SH SOLE 1,970
TYCO INTERNATIONAL LTD. COMM 902124106 392 14,780 SH SOLE 14,780
TYSON FOODS A COMM 902494103 126 9,540 SH SOLE 9,540
UCBH HOLDINGS INC COMM 90262T308 45 1,160 SH SOLE 1,160
UST INC. COMM 902911106 60 1,670 SH SOLE 1,670
US BANCORP - NEW COMM 902973304 674 22,648 SH SHARED 22,648
US BANCORP - NEW COMM 902973304 5,228 175,560 SH SOLE 175,560
UNION PACIFIC CORP COMM 907818108 331 4,770 SH SOLE 4,770
UNITED PARCEL SERVICE COMM 911312106 297 3,980 SH SOLE 3,980
UNITED TECHNOLOGIES CORP COMM 913017109 825 8,705 SH SHARED 8,705
UNITED TECHNOLOGIES CORP COMM 913017109 6,392 67,450 SH SOLE 67,450
UNITEDHEALTHCARE GROUP COMM 91324P102 924 15,882 SH SHARED 15,882
UNITEDHEALTHCARE GROUP COMM 91324P102 5,818 100,000 SH SOLE 100,000
UNIVERSAL HEALTH SERVICES
INC CL B COMM 913903100 138 2,560 SH SOLE 2,560
VF CORP COMM 918204108 397 9,176 SH SHARED 9,176
VF CORP COMM 918204108 3,502 81,000 SH SOLE 81,000
VALEANT PHARMACEUTICALS
INTERNATIONAL COMM 91911X104 139 5,530 SH SOLE 5,530
VALERO ENERGY CORP COMM 91913Y100 390 8,410 SH SOLE 8,410
VARIAN MEDICAL SYSTEM INC COMM 92220P105 487 7,054 SH SHARED 7,054
VARIAN MEDICAL SYSTEM INC COMM 92220P105 2,467 35,700 SH SOLE 35,700
VERIZON COMMUNICATIONS COMM 92343V104 585 16,690 SH SOLE 16,690
VIACOM INC. CL B COMM 925524308 192 4,330 SH SOLE 4,330
VODAPHONE AIRTOUCH PLC -
SP (ADR) COMM 92857W100 762 30,426 SH SHARED 30,426
VODAPHONE AIRTOUCH PLC -
SP (ADR) COMM 92857W100 4,089 163,300 SH SOLE 163,300
WKI HLDG CO INC COMM 929293991 100 8,041 SH SHARED 8,041
WACHOVIA CORP - NEW COMM 929903102 577 12,375 SH SHARED 12,375
WACHOVIA CORP - NEW COMM 929903102 3,748 80,450 SH SOLE 80,450
WAL-MART STORES INC COMM 931142103 680 12,818 SH SHARED 12,818
WAL-MART STORES INC COMM 931142103 10,378 195,628 SH SOLE 195,628
WALGREEN CO COMM 931422109 133 3,650 SH SOLE 3,650
WASHINGTON MUTUAL INC COMM 939322103 219 5,450 SH SOLE 5,450
WASTE MANAGEMENT INC. COMM 94106L109 255 8,620 SH SOLE 8,620
WEBMED CORP COMM 94769M105 86 9,620 SH SOLE 9,620
WEIGHT WATCHERS INTL INC COMM 948626106 460 12,000 SH SHARED 12,000
WEIGHT WATCHERS INTL INC COMM 948626106 3,568 93,000 SH SOLE 93,000
WELLPOINT HEALTH
NETWORKS INC. COMM 94973H108 70 720 SH SOLE 720
WELLS FARGO & CO COMM 949746101 837 14,205 SH SHARED 14,205
WELLS FARGO & CO COMM 949746101 6,562 111,420 SH SOLE 111,420
WESTWOOD ONE INC COMM 961815107 352 10,283 SH SHARED 10,283
WESTWOOD ONE INC COMM 961815107 1,095 32,000 SH SOLE 32,000
WILLIAMS COMPANIES COMM 969457100 90 9,140 SH SOLE 9,140
WYETH CORP COMM 983024100 331 7,800 SH SOLE 7,800
XEROX CORP COMM 984121103 76 5,540 SH SOLE 5,540
ZIMMER HOLDINGS INC COMM 98956P102 628 8,924 SH SHARED 8,924
ZIMMER HOLDINGS INC COMM 98956P102 4,668 66,300 SH SOLE 66,300
ZIONS BANCORP COMM 989701107 350 5,700 SH SOLE 5,700
DAIMLERCHRYSLER COMM D1668R123 182 3,940 SH SOLE 3,940
ACE LTD COMM G0070K103 513 12,375 SH SHARED 12,375
ACE LTD COMM G0070K103 2,775 67,000 SH SOLE 67,000
AMDOCS LTD COMM G02602103 423 18,826 SH SHARED 18,826
AMDOCS LTD COMM G02602103 2,909 129,400 SH SOLE 129,400
EVEREST RE GROUP LTD COMM G3223R108 697 8,236 SH SHARED 8,236
EVEREST RE GROUP LTD COMM G3223R108 4,416 52,200 SH SOLE 52,200
INGERSOLL-RAND CO COMM G4776G101 731 10,770 SH SHARED 10,770
INGERSOLL-RAND CO COMM G4776G101 4,589 67,600 SH SOLE 67,600
NOBLE DRILLING COMM G65422100 548 15,326 SH SHARED 15,326
NOBLE DRILLING COMM G65422100 3,145 87,900 SH SOLE 87,900
PLATINUM UNDERWRITERS
HOLDING COMM G7127P100 135,000 6,000,000 SH SHARED 6 ,000,000
RENAISSANCERE HOLDINGS
LTD COMM G7496G103 - - SH SHARED -
SEAGATE TECHNOLOGY
HOLDINGS COMM G7945J104 571 30,229 SH SHARED 30,229
SEAGATE TECHNOLOGY
HOLDINGS COMM G7945J104 3,977 210,400 SH SOLE 210,400
XL CAPITAL LTD - CLASS A COMM G98255105 80 1,030 SH SOLE 1,030
ROYAL CARIBBEAN CRUISES
LTD. COMM V7780T103 2,331 67,000 SH SOLE 67,000
FLEXTRONICS INTERNATIONAL
LTD COMM Y2573F102 636 42,955 SH SHARED 42,955
FLEXTRONICS INTERNATIONAL
LTD COMM Y2573F102 4,157 280,900 SH SOLE 280,900