-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BDHxHZ5+nKcHT6dbjappHO0qg2WtvprCmjILcoRvcv6q+DIzWOR29nXjvZ6rIn0a f+r2zQLxdQIPt6OZ2rL2AA== 0000909012-05-000671.txt : 20050812 0000909012-05-000671.hdr.sgml : 20050812 20050812141815 ACCESSION NUMBER: 0000909012-05-000671 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050630 FILED AS OF DATE: 20050812 DATE AS OF CHANGE: 20050812 EFFECTIVENESS DATE: 20050812 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Laffer Investments CENTRAL INDEX KEY: 0001307878 IRS NUMBER: 200536838 STATE OF INCORPORATION: TN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-10975 FILM NUMBER: 051020740 BUSINESS ADDRESS: STREET 1: 2908 POSTON AVENUE STREET 2: SUITE 101 CITY: NASHVILLE STATE: TN ZIP: 37203 BUSINESS PHONE: 6153203989 MAIL ADDRESS: STREET 1: 2908 POSTON AVENUE STREET 2: SUITE 101 CITY: NASHVILLE STATE: TN ZIP: 37203 13F-HR 1 t301993.txt LAFFER INVESTMENTS, INC. -- 6/30/05 13F-HR FORM 13F HOLDINGS REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON DC 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: June 30, 2005 Check here if Amendment [ ]; Amendment Number: This Amendment: [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Laffer Investments, Inc. Address: 2908 Poston Avenue Suite 101 Nashville, TN 37203 Form 13F File Number: 28- 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: Arthur B. Laffer, Jr. Title: Chief Executive Officer Phone: 615-320-3989 Signature City State and Date of Signing: Arthur B. Laffer, Jr. Nashville TN 06/30/05 - ------------------------------ ----------------------- --------------- Signature City State Date Report Type: [X] 13F HOLDINGS REPORT [ ] 13F NOTICE [ ] 13F COMBINATION REPORT FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: Form 13F Information Table Value Total: $335,607,470.79 List of Other Included Managers: NONE
13F HOLDINGS REPORT AS OF DATE: 06/30/05 INVESTMENT ISSUER TITLE OF CUSIP MKT SHARES/ DISCRETION OTHER VOTING AUTHORITY NAME CLASS NUMBER VAL PRINC AMT SOLE(A) SHARED MNGRS SOLE SHARED NONE 21ST CENTY INS GROUP Common Stock 90130N103 -19,292.00 -1,300 -1,300 - ALL -1,300 0 0 3M CO Common Stock 88579Y101 2,356,980.00 32,600 32,600 - ALL 32,600 0 0 A D C TELECOMMUNICAT Common Stock 000886309 189,224.85 8,692 8,692 - ALL 8,692 0 0 ABBOTT LABS Common Stock 002824100 142,129.00 2,900 2,900 - ALL 2,900 0 0 ACE CASH EXPRESS INC Common Stock 004403101 46,008.00 1,800 1,800 - ALL 1,800 0 0 ADOBE SYS INC Common Stock 00724F101 829,293.12 28,976 28,976 - ALL 28,976 0 0 ADVANCED MICRO DEVIC Common Stock 007903107 245,274.30 14,145 14,145 - ALL 14,145 0 0 AFFILIATED COMPUTER Common Stock 008190100 219,730.00 4,300 4,300 - ALL 4,300 0 0 AFLAC INC Common Stock 001055102 2,350,104.00 54,300 54,300 - ALL 54,300 0 0 AGILENT TECHNOLOGIES Common Stock 00846U101 362,979.36 15,768 15,768 - ALL 15,768 0 0 ALLERGAN INC Common Stock 018490102 34,096.00 400 400 - ALL 400 0 0 ALTERA CORP Common Stock 021441100 263,784.38 13,309 13,309 - ALL 13,309 0 0 ALTRIA GROUP INC Common Stock 02209S103 1,254,404.00 19,400 19,400 - ALL 19,400 0 0 AMERADA HESS CORP Common Stock 023551104 -21,302.00 -200 -200 - ALL -200 0 0 AMERICAN EXPRESS CO Common Stock 025816109 8,032,194.08 150,896 150,896 - ALL 150,896 0 0 AMSOUTH BANCORPORATI Common Stock 032165102 2,058,316.00 79,166 79,166 - ALL 79,166 0 0 ANALOG DEVICES INC Common Stock 032654105 458,838.38 12,298 12,298 - ALL 12,298 0 0 APPLE COMPUTER INC Common Stock 037833100 493,254.00 13,400 13,400 - ALL 13,400 0 0 APPLIED MATERIALS IN Common Stock 038222105 1,393,098.00 86,100 86,100 - ALL 86,100 0 0 APPLIED MICRO CIRCUI Common Stock 03822W109 80,975.36 31,631 31,631 - ALL 31,631 0 0 ARCHER DANIELS MIDLA Common Stock 039483102 1,212,246.00 56,700 56,700 - ALL 56,700 0 0 AUTODESK INC Common Stock 052769106 2,288,629.56 66,588 66,588 - ALL 66,588 0 0 AUTOMATIC DATA PROCE Common Stock 053015103 277,002.00 6,600 6,600 - ALL 6,600 0 0 AUTONATION INC Common Stock 05329W102 135,432.00 6,600 6,600 - ALL 6,600 0 0 AUTOZONE INC Common Stock 053332102 203,412.00 2,200 2,200 - ALL 2,200 0 0 AVERY DENNISON CORP Common Stock 053611109 471,344.00 8,900 8,900 - ALL 8,900 0 0 AVON PRODS INC Common Stock 054303102 2,081,750.00 55,000 55,000 - ALL 55,000 0 0 BANK AMER CORP Common Stock 060505104 11,453,537.59 251,119 251,119 - ALL 251,119 0 0 BANK GRANITE FALLS N Common Stock 062401104 47,850.00 2,500 2,500 - ALL 2,500 0 0 BANK HAWAII CORP Common Stock 062540109 -20,300.00 -400 -400 - ALL -400 0 0 BAUSCH & LOMB INC Common Stock 071707103 962,800.00 11,600 11,600 - ALL 11,600 0 0 BB&T CORP Common Stock 054937107 2,660,563.08 66,564 66,564 - ALL 66,564 0 0 BEAR STEARNS COS INC Common Stock 073902108 1,964,466.00 18,900 18,900 - ALL 18,900 0 0 BED BATH & BEYOND IN Common Stock 075896100 338,418.00 8,100 8,100 - ALL 8,100 0 0 BMC SOFTWARE INC Common Stock 055921100 201,237.45 11,211 11,211 - ALL 11,211 0 0 BRIGGS & STRATTON CO Common Stock 109043109 41,544.00 1,200 1,200 - ALL 1,200 0 0 BRISTOL MYERS SQUIBB Common Stock 110122108 92,426.00 3,700 3,700 - ALL 3,700 0 0 BROADCOM CORP Common Stock 111320107 356,484.89 10,039 10,039 - ALL 10,039 0 0 BROWN FORMAN DST 'B' Common Stock 115637209 1,735,564.76 28,706 28,706 - ALL 28,706 0 0 BRUNSWICK CORP Common Stock 117043109 1,165,308.00 26,900 26,900 - ALL 26,900 0 0 CAMBREX CORP Common Stock 132011107 -15,240.00 -800 -800 - ALL -800 0 0 CAPITAL ONE FINL COR Common Stock 14040H105 3,303,932.94 41,294 41,294 - ALL 41,294 0 0 CAREMARK RX INC Common Stock 141705103 503,076.00 11,300 11,300 - ALL 11,300 0 0 CARNIVAL CORP Common Stock 143658300 4,572,708.30 83,826 83,826 - ALL 83,826 0 0 CENTEX CORP Common Stock 152312104 233,211.00 3,300 3,300 - ALL 3,300 0 0 CENTRAL PAC FINL COR Common Stock 154760102 -17,800.00 -500 -500 - ALL -500 0 0 CHEVRONTEXACO CORP Common Stock 166764100 -16,776.00 -300 -300 - ALL -300 0 0 CIENA CORP Common Stock 171779101 95,797.24 45,836 45,836 - ALL 45,836 0 0 CIRCUIT CITY STORE I Common Stock 172737108 92,345.89 5,341 5,341 - ALL 5,341 0 0 CISCO SYS INC Common Stock 17275R102 3,267,676.23 170,993 170,993 - ALL 170,993 0 0 CITIGROUP INC Common Stock 172967101 6,412,101.00 138,700 138,700 - ALL 138,700 0 0 CITRIX SYS INC Common Stock 177376100 361,267.14 16,679 16,679 - ALL 16,679 0 0 COCA COLA CO Common Stock 191216100 1,086,001.00 26,012 26,012 - ALL 26,012 0 0 COCA COLA ENTERPRISE Common Stock 191219104 1,980,107.64 89,964 89,964 - ALL 89,964 0 0 COMERICA INC Common Stock 200340107 219,640.00 3,800 3,800 - ALL 3,800 0 0 COMMSCOPE INC Common Stock 203372107 55,712.00 3,200 3,200 - ALL 3,200 0 0 COMPASS BANCSHARES I Common Stock 20449H109 1,422,000.00 31,600 31,600 - ALL 31,600 0 0 COMPUTER ASSOC INTL Common Stock 204912109 2,110,711.32 76,809 76,809 - ALL 76,809 0 0 COMPUTER SCIENCES CO Common Stock 205363104 425,769.10 9,743 9,743 - ALL 9,743 0 0 COMPUWARE CORP Common Stock 205638109 273,148.10 37,990 37,990 - ALL 37,990 0 0 COMVERSE TECHNOLOGY Common Stock 205862402 94,316.20 3,988 3,988 - ALL 3,988 0 0 CONVERGYS CORP Common Stock 212485106 21,330.00 1,500 1,500 - ALL 1,500 0 0 COOPER INDS LTD Common Stock G24182100 1,692,583.20 26,488 26,488 - ALL 26,488 0 0 CORPORATE EXECUTIVE Common Stock 21988R102 -23,499.00 -300 -300 - ALL -300 0 0 COUNTRYWIDE FIN CORP Common Stock 222372104 3,481,618.14 90,174 90,174 - ALL 90,174 0 0 CREE INC Common Stock 225447101 50,940.00 2,000 2,000 - ALL 2,000 0 0 CROMPTON CORP Common Stock 227116100 -19,810.00 -1,400 -1,400 - ALL -1,400 0 0 CV THERAPEUTICS INC Common Stock 126667104 -20,178.00 -900 -900 - ALL -900 0 0 DANAHER CORP Common Stock 235851102 2,093,600.00 40,000 40,000 - ALL 40,000 0 0 DARDEN RESTAURANTS I Common Stock 237194105 75,854.00 2,300 2,300 - ALL 2,300 0 0 DELL INC Common Stock 24702R101 2,783,519.01 70,451 70,451 - ALL 70,451 0 0 DISNEY WALT PRODTNS Common Stock 254687106 941,732.00 37,400 37,400 - ALL 37,400 0 0 DOLLAR GEN CORP Common Stock 256669102 1,626,764.00 79,900 79,900 - ALL 79,900 0 0 DOVER CORP Common Stock 260003108 1,487,942.00 40,900 40,900 - ALL 40,900 0 0 DRUGSTORE COM INC Common Stock 262241102 80,898.00 19,400 19,400 - ALL 19,400 0 0 E-TRADE FINL GRP Common Stock 269246104 260,675.67 18,633 18,633 - ALL 18,633 0 0 EASTMAN CHEM CO Common Stock 277432100 1,125,060.00 20,400 20,400 - ALL 20,400 0 0 EATON CORP Common Stock 278058102 1,832,940.00 30,600 30,600 - ALL 30,600 0 0 EBAY INC Common Stock 278642103 2,441,881.74 73,974 73,974 - ALL 73,974 0 0 ELECTRO RENT CORP Common Stock 285218103 -18,902.00 -1,300 -1,300 - ALL -1,300 0 0 ELECTRONIC ARTS Common Stock 285512109 1,868,130.00 33,000 33,000 - ALL 33,000 0 0 ELECTRONIC DATA SYS Common Stock 285661104 127,050.00 6,600 6,600 - ALL 6,600 0 0 ELI LILLY & CO Common Stock 532457108 128,133.00 2,300 2,300 - ALL 2,300 0 0 ELLIS PERRY INTL INC Common Stock 288853104 51,458.00 2,200 2,200 - ALL 2,200 0 0 EXPRESS SCRIPTS INC Common Stock 302182100 159,936.00 3,200 3,200 - ALL 3,200 0 0 FARO TECHNOLOGIES IN Common Stock 311642102 46,342.00 1,700 1,700 - ALL 1,700 0 0 FEDEX CORP Common Stock 31428X106 469,858.00 5,800 5,800 - ALL 5,800 0 0 FIRST BANCORP N C Common Stock 318910106 42,047.00 1,900 1,900 - ALL 1,900 0 0 FIRST CASH FINL SVCS Common Stock 31942D107 38,466.00 1,800 1,800 - ALL 1,800 0 0 FIRST CHARTER CORP Common Stock 319439105 43,940.00 2,000 2,000 - ALL 2,000 0 0 FIRST DATA CORP Common Stock 319963104 1,617,642.00 40,300 40,300 - ALL 40,300 0 0 FIRST HORIZON NATL C Common Stock 320517105 1,359,304.20 32,211 32,211 - ALL 32,211 0 0 FISERV INC Common Stock 337738108 98,785.00 2,300 2,300 - ALL 2,300 0 0 FOREST LABS INC Common Stock 345838106 34,965.00 900 900 - ALL 900 0 0 FRANKLIN RES INC Common Stock 354613101 953,320.32 12,384 12,384 - ALL 12,384 0 0 FREDDIE MAC Common Stock 313400301 4,742,221.00 72,700 72,700 - ALL 72,700 0 0 FREEPORT-MCMORAN COP Common Stock 35671D857 429,174.72 11,463 11,463 - ALL 11,463 0 0 FREESCALE SEMICONDUC Common Stock 35687M206 184,266.00 8,700 8,700 - ALL 8,700 0 0 G B & T BANCSHARES I Common Stock 361462104 47,520.00 2,000 2,000 - ALL 2,000 0 0 GAP INC Common Stock 364760108 1,501,513.50 76,026 76,026 - ALL 76,026 0 0 GENERAL ELEC CO Common Stock 369604103 218,295.00 6,300 6,300 - ALL 6,300 0 0 GENUINE PARTS CO Common Stock 372460105 1,793,373.05 43,645 43,645 - ALL 43,645 0 0 GILEAD SCIENCES INC Common Stock 375558103 334,324.00 7,600 7,600 - ALL 7,600 0 0 GOLDEN WEST FINL DEL Common Stock 381317106 987,202.92 15,334 15,334 - ALL 15,334 0 0 GOLDMAN SACHS GROUP Common Stock 38141G104 306,060.00 3,000 3,000 - ALL 3,000 0 0 GUIDANT CORP Common Stock 401698105 390,340.00 5,800 5,800 - ALL 5,800 0 0 HANDLEMAN CO DEL Common Stock 410252100 42,926.00 2,600 2,600 - ALL 2,600 0 0 HARLEY DAVIDSON INC Common Stock 412822108 1,850,080.00 37,300 37,300 - ALL 37,300 0 0 HCA INC. Common Stock 404119109 850,050.00 15,000 15,000 - ALL 15,000 0 0 HEALTH MGMT ASSOC IN Common Stock 421933102 264,418.00 10,100 10,100 - ALL 10,100 0 0 HILTON HOTELS CORP Common Stock 432848109 465,480.45 19,517 19,517 - ALL 19,517 0 0 HOME DEPOT INC Common Stock 437076102 11,277,576.80 289,912 289,912 - ALL 289,912 0 0 HUNTINGTON BANCSHARE Common Stock 446150104 1,250,452.00 51,800 51,800 - ALL 51,800 0 0 ILLINOIS TOOL WKS IN Common Stock 452308109 1,203,168.00 15,100 15,100 - ALL 15,100 0 0 IMMUNOMEDICS INC Common Stock 452907108 -9,747.00 -5,700 -5,700 - ALL -5,700 0 0 IMS HEALTH INC Common Stock 449934108 131,281.00 5,300 5,300 - ALL 5,300 0 0 INGERSOLL-RAND COMPA Common Stock G4776G101 2,650,010.35 37,141 37,141 - ALL 37,141 0 0 INTEL CORP Common Stock 458140100 5,645,221.44 216,624 216,624 - ALL 216,624 0 0 INTUIT Common Stock 461202103 679,085.94 15,054 15,054 - ALL 15,054 0 0 IS MSCI AUSTRIA Common Stock 464286202 2,442,182.00 101,800 101,800 - ALL 101,800 0 0 IS MSCI BELGIUM Common Stock 464286301 2,179,710.00 121,500 121,500 - ALL 121,500 0 0 IS MSCI FRANCE Common Stock 464286707 2,226,104.00 92,600 92,600 - ALL 92,600 0 0 IS MSCI GERMAN Common Stock 464286806 2,226,370.00 125,500 125,500 - ALL 125,500 0 0 IS MSCI ITALY Common Stock 464286855 2,211,774.00 89,800 89,800 - ALL 89,800 0 0 IS MSCI MEXICO Common Stock 464286822 2,407,412.00 88,900 88,900 - ALL 88,900 0 0 IS MSCI SPAIN Common Stock 464286764 2,192,630.00 64,300 64,300 - ALL 64,300 0 0 IS S&P500 Common Stock 464287200 7,229,977.00 60,700 60,700 - ALL 60,700 0 0 ISHARES FTSE/XINHUA Common Stock 464287184 2,267,267.00 39,700 39,700 - ALL 39,700 0 0 ITT INDS INC IND Common Stock 450911102 126,919.00 1,300 1,300 - ALL 1,300 0 0 JABIL CIRCUIT INC Common Stock 466313103 244,180.58 7,946 7,946 - ALL 7,946 0 0 JANUS CAP GROUP INC Common Stock 47102X105 1,259,103.68 83,717 83,717 - ALL 83,717 0 0 JDS UNIPHASE CORP Common Stock 46612J101 87,450.16 57,533 57,533 - ALL 57,533 0 0 JEFFERSON PILOT CORP Common Stock 475070108 1,346,214.00 26,700 26,700 - ALL 26,700 0 0 JOHNSON & JOHNSON Common Stock 478160104 338,000.00 5,200 5,200 - ALL 5,200 0 0 KERR MCGEE CORP Common Stock 492386107 -19,306.43 -253 -253 - ALL -253 0 0 KEYCORP Common Stock 493267108 1,776,840.00 53,600 53,600 - ALL 53,600 0 0 KING PHARMACEUTICALS Common Stock 495582108 6,252.00 600 600 - ALL 600 0 0 KITE RLTY GROUP TR Common Stock 49803T102 46,500.00 3,100 3,100 - ALL 3,100 0 0 KLA-TENCOR CORP Common Stock 482480100 454,480.00 10,400 10,400 - ALL 10,400 0 0 LABORATORY CORP AMER Common Stock 50540R409 179,640.00 3,600 3,600 - ALL 3,600 0 0 LEHMAN BROS HLDGS IN Common Stock 524908100 3,435,088.00 34,600 34,600 - ALL 34,600 0 0 LEXMARK INTL INC. Common Stock 529771107 305,219.64 4,708 4,708 - ALL 4,708 0 0 LIMITED BRANDS INC Common Stock 532716107 289,170.00 13,500 13,500 - ALL 13,500 0 0 LINEAR TECHNOLOGY CO Common Stock 535678106 658,218.60 17,940 17,940 - ALL 17,940 0 0 LOWES COS INC Common Stock 548661107 6,533,914.16 112,228 112,228 - ALL 112,228 0 0 LSI LOGIC CORP Common Stock 502161102 214,618.71 25,279 25,279 - ALL 25,279 0 0 LUCENT TECHNOLOGIES Common Stock 549463107 360,761.43 123,973 123,973 - ALL 123,973 0 0 MANOR CARE INC NEW Common Stock 564055101 154,947.00 3,900 3,900 - ALL 3,900 0 0 MARSHALL & ILSLEY CO Common Stock 571834100 2,056,968.20 46,276 46,276 - ALL 46,276 0 0 MAXIM INTEGRATED PRO Common Stock 57772K101 715,711.51 18,731 18,731 - ALL 18,731 0 0 MBNA CORP Common Stock 55262L100 3,311,856.00 126,600 126,600 - ALL 126,600 0 0 MCDONALDS CORP Common Stock 580135101 599,400.00 21,600 21,600 - ALL 21,600 0 0 MEDCO HEALTH SOLUTIO Common Stock 58405U102 320,160.00 6,000 6,000 - ALL 6,000 0 0 MERCK & CO INC Common Stock 589331107 123,200.00 4,000 4,000 - ALL 4,000 0 0 MERCURY INTERACTIVE Common Stock 589405109 295,448.72 7,702 7,702 - ALL 7,702 0 0 MERGE TECHNOLOGIES I Common Stock 589981109 45,000.00 2,400 2,400 - ALL 2,400 0 0 MERRILL LYNCH & CO Common Stock 590188108 4,675,850.00 85,000 85,000 - ALL 85,000 0 0 MGIC INVT CORP WIS Common Stock 552848103 1,487,016.00 22,800 22,800 - ALL 22,800 0 0 MICROSOFT CORP Common Stock 594918104 5,563,017.36 223,954 223,954 - ALL 223,954 0 0 MILLIPORE CORP Common Stock 601073109 805,566.00 14,200 14,200 - ALL 14,200 0 0 MOLSON COORS BREWING Common Stock 60871R209 102,176.00 1,648 1,648 - ALL 1,648 0 0 MOODYS CORP Common Stock 615369105 1,708,480.00 38,000 38,000 - ALL 38,000 0 0 MORGAN STANLEY Common Stock 617446448 351,549.00 6,700 6,700 - ALL 6,700 0 0 MOTOROLA INC Common Stock 620076109 5,913,829.68 323,868 323,868 - ALL 323,868 0 0 MYLAN LABS INC Common Stock 628530107 9,620.00 500 500 - ALL 500 0 0 NATIONAL SEMICONDUCT Common Stock 637640103 304,696.93 13,831 13,831 - ALL 13,831 0 0 NETWORK APPLIANCE IN Common Stock 64120L104 197,890.00 7,000 7,000 - ALL 7,000 0 0 NEWMONT MNG CORP HLD Common Stock 651639106 2,049,075.00 52,500 52,500 - ALL 52,500 0 0 NEXTEL COMMUNICATION Common Stock 65332V103 1,076,504.58 33,318 33,318 - ALL 33,318 0 0 NGP CAP RES CO Common Stock 62912R107 -17,916.00 -1,200 -1,200 - ALL -1,200 0 0 NIKE INC Common Stock 654106103 3,048,320.00 35,200 35,200 - ALL 35,200 0 0 NORDSTROM INC Common Stock 655664100 285,474.00 4,200 4,200 - ALL 4,200 0 0 NOVELL INC Common Stock 670006105 132,072.40 21,302 21,302 - ALL 21,302 0 0 NOVELLUS SYS INC Common Stock 670008101 111,195.00 4,500 4,500 - ALL 4,500 0 0 NVIDIA CORP Common Stock 67066G104 262,016.32 9,806 9,806 - ALL 9,806 0 0 OFFICE DEPOT INC Common Stock 676220106 137,040.00 6,000 6,000 - ALL 6,000 0 0 OFFICEMAX INC DEL Common Stock 67622P101 65,494.00 2,200 2,200 - ALL 2,200 0 0 ORACLE SYSTEMS CORP Common Stock 68389X105 1,939,542.00 146,935 146,935 - ALL 146,935 0 0 OXFORD INDS INC Common Stock 691497309 55,965.00 1,300 1,300 - ALL 1,300 0 0 PACCAR INC Common Stock 693718108 1,645,600.00 24,200 24,200 - ALL 24,200 0 0 PALL CORP Common Stock 696429307 1,223,508.00 40,300 40,300 - ALL 40,300 0 0 PALMSOURCE INC Common Stock 697154102 40,800.00 4,800 4,800 - ALL 4,800 0 0 PARAMETRIC TECHNOLOG Common Stock 699173100 239,990.08 37,616 37,616 - ALL 37,616 0 0 PARKER HANNIFIN CORP Common Stock 701094104 1,525,446.00 24,600 24,600 - ALL 24,600 0 0 PAYCHEX INC Common Stock 704326107 146,430.00 4,500 4,500 - ALL 4,500 0 0 PFIZER INC Common Stock 717081103 388,878.00 14,100 14,100 - ALL 14,100 0 0 PFIZER INC Common Stock 717081103 -19,306.00 -700 -700 - ALL -700 0 0 PHELPS DODGE CORP Common Stock 717265102 423,557.50 4,579 4,579 - ALL 4,579 0 0 PITNEY BOWES INC Common Stock 724479100 857,935.00 19,700 19,700 - ALL 19,700 0 0 PMA CAP CORP Common Stock 693419202 -16,777.00 -1,900 -1,900 - ALL -1,900 0 0 PMC-SIERRA INC Common Stock 69344F106 117,184.80 12,560 12,560 - ALL 12,560 0 0 PPG INDS INC Common Stock 693506107 241,123.92 3,842 3,842 - ALL 3,842 0 0 PRINCIPAL FINANCIAL Common Stock 74251V102 730,400.80 17,432 17,432 - ALL 17,432 0 0 PROLOGIS TR Common Stock 743410102 1,840,899.52 45,748 45,748 - ALL 45,748 0 0 PROVIDIAN FINL CORP Common Stock 74406A102 241,531.00 13,700 13,700 - ALL 13,700 0 0 QLOGIC CORP Common Stock 747277101 182,750.40 5,920 5,920 - ALL 5,920 0 0 QUALCOMM INC Common Stock 747525103 2,484,101.53 75,253 75,253 - ALL 75,253 0 0 QUEST DIAGNOSTICS IN Common Stock 74834L100 245,042.00 4,600 4,600 - ALL 4,600 0 0 RADIOSHACK CORP Common Stock 750438103 118,167.00 5,100 5,100 - ALL 5,100 0 0 RAYTHEON CO Common Stock 755111507 262,299.60 6,705 6,705 - ALL 6,705 0 0 REGIONS FINL CORP Common Stock 7591EP100 838,326.72 24,744 24,744 - ALL 24,744 0 0 REYNOLDS AMERICAN IN Common Stock 761713106 269,102.00 3,415 3,415 - ALL 3,415 0 0 RF MICRODEVICES INC Common Stock 749941100 46,155.00 8,500 8,500 - ALL 8,500 0 0 ROCKWELL AUTOMATION Common Stock 773903109 1,994,869.34 40,954 40,954 - ALL 40,954 0 0 ROCKWELL COLLINS INC Common Stock 774341101 400,512.00 8,400 8,400 - ALL 8,400 0 0 RYDER SYS INC Common Stock 783549108 1,279,902.00 34,970 34,970 - ALL 34,970 0 0 S&P500 SPRD Common Stock 78462F103 22,668,036.00 190,200 190,200 - ALL 190,200 0 0 SABRE GROUP HLDGS IN Common Stock 785905100 131,670.00 6,600 6,600 - ALL 6,600 0 0 SANMINA SCI CORP Common Stock 800907107 129,277.98 23,634 23,634 - ALL 23,634 0 0 SCHERING PLOUGH CORP Common Stock 806605101 55,274.00 2,900 2,900 - ALL 2,900 0 0 SCHERING PLOUGH CORP Common Stock 806605101 -19,060.00 -1,000 -1,000 - ALL -1,000 0 0 SCHWAB CHARLES CP NE Common Stock 808513105 899,083.68 79,706 79,706 - ALL 79,706 0 0 SCIENTIFIC ATLANTA Common Stock 808655104 1,622,478.09 48,767 48,767 - ALL 48,767 0 0 SEMPRA ENERGY Common Stock 816851109 185,895.00 4,500 4,500 - ALL 4,500 0 0 SHERWIN WILLIAMS CO Common Stock 824348106 1,384,446.00 29,400 29,400 - ALL 29,400 0 0 SIEBEL SYS INC Common Stock 826170102 321,290.00 36,100 36,100 - ALL 36,100 0 0 SIGMA ALDRICH CORP Common Stock 826552101 1,098,384.00 19,600 19,600 - ALL 19,600 0 0 SIMON PPTY GROUP INC Common Stock 828806109 2,846,319.85 39,265 39,265 - 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