UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 2003
If amended report check here:
Institutional Investment Manager Filing This Report:
Name: The St. Paul Companies, Inc.
Address: 385 Washington Street
St. Paul, MN 55102-1396
13F File Number: 28-62
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
Title: Corporate Secretary
Phone: (651) 310-7916
Signature, Place and Date of signing:
/s/ Bruce Backberg, St. Paul, Minnesota, May 9, 2003
Report Type (Check only one.):
[ X ] 13F HOLDINGS REPORT
[ ] 13F NOTICE
[ ] 13F COMBINATION REPORT
List of Other Managers Reporting for this Manager:
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
Form 13F Information Table Entry Total: 292
Form 13F Information Table Value Total: $840,060
List of Other Included Managers:
No. 13F Filing Number Name
01 28-29 ST. PAUL FIRE AND MARINE INSURANCE COMPANY
FORM 13F INFORMATION TABLE
NAME OF ISSUER TITLE CUSIP VALUE SHARES SH/ PUT/ INVESTMT OTHER VOTING AUTHORITY
OF CLASS (X$1000) PRN/AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
AGCO CORP COMM 001084102 1,610 100,000 SH SHARED 100,000
AGCO CORP COMM 001084102 3,634 225,700 SH SOLE 225,700
AOL TIME WARNER INC COMM 00184A105 295 27,140 SH SOLE 27,140
AMERICAN TELEPHONE &
TELEGRAPH CO. COMM 001957505 31 1,920 SH SOLE 1,920
AT&T WIRELESS COMM 00209A106 3,432 520,000 SH SHARED 520,000
AT&T WIRELESS COMM 00209A106 2,178 330,000 SH SOLE 330,000
ABBOTT LABORATORIES COMM 002824100 4,137 110,000 SH SHARED 110,000
ABBOTT LABORATORIES COMM 002824100 264 7,010 SH SOLE 7,010
AETNA LIFE & CASUALTY COMM 00817Y108 4,684 95,000 SH SHARED 95,000
AETNA LIFE & CASUALTY COMM 00817Y108 4,545 92,200 SH SOLE 92,200
ALBERTO-CULVER CO. COMM 013068101 3,844 78,000 SH SHARED 78,000
ALBERTO-CULVER CO. COMM 013068101 5,017 101,810 SH SOLE 101,810
ALCOA INC COMM 013817101 102 5,280 SH SOLE 5,280
ALLSTATE CORP COMM 020002101 141 4,240 SH SOLE 4,240
ALTRIA GROUP COMM 02209S103 303 10,120 SH SOLE 10,120
AMBAC FINL INC COMM 023139108 273 5,400 SH SOLE 5,400
AMERADA HESS CORP. COMM 023551104 91 2,050 SH SOLE 2,050
AMERICAN EXPRESS COMPANY COMM 025816109 3,855 116,000 SH SHARED 116,000
AMERICAN EXPRESS COMPANY COMM 025816109 5,066 152,440 SH SOLE 152,440
AMERICAN INTERNATIONAL
GROUP, INC. COMM 026874107 2,437 49,290 SH SHARED 49,290
AMERICAN INTERNATIONAL
GROUP, INC. COMM 026874107 6,420 129,837 SH SOLE 129,837
AMERICAN POWER CONVERSION COMM 029066107 2,323 163,100 SH SOLE 163,100
AMGEN INC COMM 031162100 4,184 72,700 SH SHARED 72,700
AMGEN INC COMM 031162100 7,160 124,410 SH SOLE 124,410
ANADARKO PETROLEUM CO COMM 032511107 308 6,780 SH SOLE 6,780
ANALOG DEVICES, INC. COMM 032654105 3,438 125,000 SH SHARED 125,000
ANALOG DEVICES, INC. COMM 032654105 2,893 105,200 SH SOLE 105,200
ANHEUSER BUSCH COS. INC. COMM 035229103 4,261 91,410 SH SOLE 91,410
APACHE CORP COMM 037411105 3,581 58,000 SH SHARED 58,000
APACHE CORP COMM 037411105 5,049 81,780 SH SOLE 81,780
APOGENT TECHNOLOGIES INC COMM 03760A101 142 9,710 SH SOLE 9,710
APPLIED MATERIALS, INC. COMM 038222105 129 10,280 SH SOLE 10,280
AUTODESK INC COMM 052769106 99 6,490 SH SOLE 6,490
AUTOLIV INC COMM 052800109 93 4,650 SH SOLE 4,650
AUTOMATIC DATA PROCESSING COMM 053015103 111 3,600 SH SOLE 3,600
AVON PRODUCTS COMM 054303102 3,081 54,000 SH SHARED 54,000
BB&T CORP COMM 054937107 91 2,910 SH SOLE 2,910
BP AMOCO PLC (ADR) COMM 055622104 1,079 27,952 SH SOLE 27,952
BALL CORP COMM 058498106 3,899 70,000 SH SHARED 70,000
BALL CORP COMM 058498106 4,790 86,000 SH SOLE 86,000
BANK OF AMERICA CORP COMM 060505104 4,846 72,500 SH SHARED 72,500
BANK OF AMERICA CORP COMM 060505104 8,479 126,860 SH SOLE 126,860
BANK OF NEW YORK CO., INC. COMM 064057102 98 4,760 SH SOLE 4,760
BANK ONE CORP. COMM 06423A103 246 7,110 SH SOLE 7,110
BAXTER INTERNATIONAL INC. COMM 071813109 67 3,580 SH SOLE 3,580
BEAR STEARNS COMPANIES INC COMM 073902108 218 3,330 SH SOLE 3,330
BELL SOUTH CORP. COMM 079860102 242 11,190 SH SOLE 11,190
BERKSHIRE HATHAWAY A COMM 084670108 2,105 33 SH SHARED 33
BERKSHIRE HATHAWAY A COMM 084670108 3,637 54 SH SOLE 54
BEST BUY CO INC COMM 086516101 2,967 110,000 SH SHARED 110,000
BEST BUY CO INC COMM 086516101 2,341 86,800 SH SOLE 86,800
BLOCK H & R COMM 093671105 275 6,450 SH SOLE 6,450
BOEING COMPANY COMM 097023105 131 5,220 SH SOLE 5,220
BOSTON SCIENTIFIC CORP. COMM 101137107 3,709 91,000 SH SHARED 91,000
BOSTON SCIENTIFIC CORP. COMM 101137107 4,198 103,000 SH SOLE 103,000
BURLINGTON RESOURCES INC. COMM 122014103 102 2,130 SH SOLE 2,130
CARDINAL HEALTH INC. COMM 14149Y108 59 1,030 SH SOLE 1,030
CARNIVAL CRUISE LINES INC COMM 143658300 328 13,600 SH SOLE 13,600
CHARLES RIVER LABORATORIES INC COMM 159864107 203 7,970 SH SOLE 7,970
CHEVRONTEXACO CORP COMM 166764100 3,739 57,830 SH SOLE 57,830
CISCO SYSTEMS INC. COMM 17275R102 3,872 298,300 SH SHARED 298,300
CISCO SYSTEMS INC. COMM 17275R102 4,369 336,570 SH SOLE 336,570
CITIGROUP INC COMM 172967101 8,809 255,705 SH SOLE 255,705
CLEAR CHANNEL COMM 184502102 1,889 55,700 SH SHARED 55,700
CLEAR CHANNEL COMM 184502102 4,290 126,470 SH SOLE 126,470
COACH COMM 189754104 57 1,500 SH SOLE 1,500
COCA COLA CO COMM 191216100 2,225 54,955 SH SOLE 54,955
COLGATE POLMOLIVE CO COMM 194162103 82 1,510 SH SOLE 1,510
COMCAST CORPORATION (A) COMM 20030N101 3,819 133,580 SH SHARED 133,580
COMCAST CORPORATION (A) COMM 20030N101 4,558 159,418 SH SOLE 159,418
COMERICA INC COMM 200340107 41 1,080 SH SOLE 1,080
COMPUTER ASSOCIATES INTL, INC. COMM 204912109 87 6,380 SH SOLE 6,380
CONOCOPHILLIPS COMM 20825C104 329 6,140 SH SOLE 6,140
DANAHER CORP COMM 235851102 4,406 67,000 SH SOLE 67,000
DELL COMPUTER CORP COMM 247025109 4,312 157,900 SH SHARED 157,900
DELL COMPUTER CORP COMM 247025109 7,943 290,860 SH SOLE 290,860
DENTSPLY INTERNATIONAL INC COMM 249030107 58 1,660 SH SOLE 1,660
DEVON ENERGY CORP. COMM 25179M103 90 1,870 SH SOLE 1,870
DIAL CORP COMM 25247D101 126 6,490 SH SOLE 6,490
DISNEY, WALT CO. COMM 254687106 1,787 105,000 SH SOLE 105,000
DOMINION RESOURCES INC. COMM 25746U109 102 1,840 SH SOLE 1,840
DU PONT E I DE NEMOURS AND CO. COMM 263534109 232 5,980 SH SOLE 5,980
EMC CORP COMM 268648102 115 15,910 SH SOLE 15,910
EASTMAN KODAK CO. COMM 277461109 235 7,950 SH SOLE 7,950
EBAY COMM 278642103 122 1,430 SH SOLE 1,430
EBIX.COM INC COMM 278715107 5 1,598 SH SHARED 1,598
ECOLAB INC COMM 278865100 3,601 73,001 SH SOLE 73,001
ELECTRONIC ARTS COMM 285512109 308 5,250 SH SOLE 5,250
ELECTRONIC DATA SYSTEMS COMM 285661104 105 5,980 SH SOLE 5,980
EMERSON ELECTRIC COMPANY COMM 291011104 115 2,530 SH SOLE 2,530
EXXON MOBIL CORP COMM 30231G102 5,873 168,036 SH SHARED 168,036
EXXON MOBIL CORP COMM 30231G102 12,515 358,070 SH SOLE 358,070
FAMILY DOLLAR COMM 307000109 46 1,500 SH SOLE 1,500
FED HOME LOAN MTG CO COMM 313400301 3,441 64,800 SH SHARED 64,800
FED HOME LOAN MTG CO COMM 313400301 4,354 81,990 SH SOLE 81,990
(R) FEDERAL NATIONAL MORTGAGE COMM 313586109 7 101 SH SHARED 101
(R) FEDERAL NATIONAL MORTGAGE COMM 313586109 3,797 58,100 SH SHARED 58,100
(R) FEDERAL NATIONAL MORTGAGE COMM 313586109 6,027 92,220 SH SOLE 92,220
FIFTH THIRD BANCORP COMM 316773100 179 3,560 SH SOLE 3,560
FIRST DATA CORPORATION COMM 319963104 174 4,710 SH SOLE 4,710
FLEETBOSTON FINANCIAL COMM 339030108 152 6,350 SH SOLE 6,350
FOREST LABS, INC. COMM 345838106 115 2,140 SH SOLE 2,140
GANNETT CO. COMM 364730101 113 1,600 SH SOLE 1,600
GENENTECH COMM 368710406 2,412 68,900 SH SHARED 68,900
GENENTECH COMM 368710406 3,878 110,780 SH SOLE 110,780
GENERAL DYNAMICS COMM 369550108 139 2,520 SH SOLE 2,520
GENERAL ELECTRIC CO. COMM 369604103 4,246 166,500 SH SHARED 166,500
GENERAL ELECTRIC CO. COMM 369604103 14,020 549,814 SH SOLE 549,814
GILLETTE CO. COMM 375766102 105 3,400 SH SOLE 3,400
GOLDMAN SACHS GROUP COMM 38141G104 2,667 39,170 SH SOLE 39,170
GUIDANT CORP. COMM 401698105 3,873 107,000 SH SHARED 107,000
GUIDANT CORP. COMM 401698105 3,338 92,200 SH SOLE 92,200
HCA INC COM COMM 404119109 3,136 75,830 SH SOLE 75,830
JOHN HANCOCK FINANCIAL COMM 41014S106 235 8,460 SH SOLE 8,460
HARTFORD FINANCIAL
SERVICES GROUP COMM 416515104 135 3,830 SH SOLE 3,830
HASBRO COMM 418056107 3,306 238,000 SH SHARED 238,000
HASBRO COMM 418056107 2,177 156,700 SH SOLE 156,700
HERSHEY FOODS CORP COMM 427866108 3,697 59,000 SH SHARED 59,000
HERSHEY FOODS CORP COMM 427866108 3,897 62,200 SH SOLE 62,200
HEWLETT-PACKARD COMM 428236103 4,090 263,000 SH SHARED 263,000
HEWLETT-PACKARD COMM 428236103 3,664 235,640 SH SOLE 235,640
HIGHWOODS PROPERTIES INC COMM 431284108 41 2,030 SH SOLE 2,030
HOME DEPOT, INC. COMM 437076102 4,421 181,500 SH SHARED 181,500
HOME DEPOT, INC. COMM 437076102 5,961 244,684 SH SOLE 244,684
IMS HEALTH INC COMM 449934108 308 19,700 SH SOLE 19,700
ISTAR FINANCIAL INC COMM 45031U101 93 3,200 SH SOLE 3,200
ILLINOIS TOOL WORKS INC COMM 452308109 108 1,860 SH SOLE 1,860
INCO LTD. COMM 453258402 2,886 155,000 SH SHARED 155,000
INDEPENDENCE COMNTY BANK CORP COMM 453414104 95 3,580 SH SOLE 3,580
INTEL CORP COMM 458140100 2,720 167,060 SH SHARED 167,060
INTEL CORP COMM 458140100 6,037 370,840 SH SOLE 370,840
INTERNATIONAL BUSINESS
MACHINES CORP CAP COMM 459200101 3,741 47,700 SH SHARED 47,700
INTERNATIONAL BUSINESS
MACHINES CORP CAP COMM 459200101 7,572 96,540 SH SOLE 96,540
INTUIT INC COMM 461202103 119 3,210 SH SOLE 3,210
IRON MTN INC PA COMM 462846106 55 1,450 SH SOLE 1,450
JP MORGAN CHASE & CO COMM 46625H100 391 16,510 SH SOLE 16,510
JOHNSON & JOHNSON COMM 478160104 4,971 85,900 SH SHARED 85,900
JOHNSON & JOHNSON COMM 478160104 13,037 225,282 SH SOLE 225,282
JONES APPAREL COMM 480074103 247 8,990 SH SOLE 8,990
KLA-TENCOR CORP COMM 482480100 38 1,060 SH SOLE 1,060
KT CORP - ADR COMM 48268K101 1,717 100,000 SH SHARED 100,000
KT CORP - ADR COMM 48268K101 137 8,000 SH SOLE 8,000
KIMBERLY-CLARK CORP COMM 494368103 47 1,040 SH SOLE 1,040
KINDER MORGAN INC. COMM 49455P101 3,150 70,000 SH SHARED 70,000
KINDER MORGAN INC. COMM 49455P101 4,037 89,700 SH SOLE 89,700
KINDER MORGAN MANAGMENT LLC COMM 49455U100 1,648 50,940 SH SHARED 50,940
KOHL'S CORP. COMM 500255104 117 2,060 SH SOLE 2,060
L THREE COMM HOLDINGS COMM 502424104 4,017 100,000 SH SHARED 100,000
L THREE COMM HOLDINGS COMM 502424104 4,158 103,500 SH SOLE 103,500
LEHMAN BROS COMM 524908100 1,906 33,000 SH SHARED 33,000
LEHMAN BROS COMM 524908100 2,633 45,600 SH SOLE 45,600
LEXMARK INTL COMM 529771107 3,615 54,000 SH SHARED 54,000
LEXMARK INTL COMM 529771107 3,927 58,650 SH SOLE 58,650
LIBERTY MEDIA CORP CL A COMM 530718105 3,948 405,800 SH SHARED 405,800
LIBERTY MEDIA CORP CL A COMM 530718105 3,865 397,200 SH SOLE 397,200
LILLY, ELI & CO COMM 532457108 386 6,750 SH SOLE 6,750
LINEAR TECHNOLOGY CORP COMM 535678106 64 2,080 SH SOLE 2,080
LOCKHEED MARTIN CORP. COMM 539830109 2,433 51,160 SH SOLE 51,160
LOWE'S COMPANIES INC. COMM 548661107 2,245 55,000 SH SHARED 55,000
M & T BANCORP COMM 55261F104 3,850 49,000 SH SHARED 49,000
M & T BANCORP COMM 55261F104 4,872 62,000 SH SOLE 62,000
MBNA CORP. COMM 55262L100 295 19,630 SH SOLE 19,630
MGM GRAND INC. COMM 552953101 57 1,960 SH SOLE 1,960
MARSH & MCLENNAN COS INC COMM 571748102 143 3,360 SH SOLE 3,360
MARSHALL & ILSLEY CORP COMM 571834100 123 4,800 SH SOLE 4,800
MATTEL, INC. COMM 577081102 4,410 196,000 SH SHARED 196,000
MATTEL, INC. COMM 577081102 5,533 245,900 SH SOLE 245,900
MCDONALDS CORP COMM 580135101 114 7,910 SH SOLE 7,910
MCKESSON HBOC INC COMM 58155Q103 44 1,770 SH SOLE 1,770
MEDIA GENERAL INC. CL A COMM 584404107 64 1,300 SH SOLE 1,300
MEDTRONIC INC COMM 585055106 3,894 86,300 SH SHARED 86,300
MEDTRONIC INC COMM 585055106 5,967 132,244 SH SOLE 132,244
MELLON FINANCIAL CORP COMM 58551A108 55 2,580 SH SOLE 2,580
MERCK AND CO INC COMM 589331107 2,082 38,000 SH SHARED 38,000
MERCK AND CO INC COMM 589331107 6,199 113,160 SH SOLE 113,160
MEREDITH CORP COMM 589433101 157 4,100 SH SOLE 4,100
MERRILL LYNCH & CO. COMM 590188108 278 7,850 SH SOLE 7,850
METLIFE INC COMM 59156R108 203 7,680 SH SOLE 7,680
MICROSOFT CORP COMM 594918104 6,182 255,360 SH SHARED 255,360
MICROSOFT CORP COMM 594918104 15,537 641,764 SH SOLE 641,764
MILLS CORP COMM 601148109 161 5,150 SH SOLE 5,150
MORGAN STANLEY COMM 617446448 355 9,250 SH SOLE 9,250
MOTOROLA INC COMM 620076109 162 19,660 SH SOLE 19,660
MURPHY OIL COMM 626717102 206 4,660 SH SOLE 4,660
NATIONAL CITY CORP COMM 635405103 105 3,760 SH SOLE 3,760
NEXTEL COMMS - A COMM 65332V103 3,642 272,000 SH SHARED 272,000
NEXTEL COMMS - A COMM 65332V103 5,145 384,270 SH SOLE 384,270
NIPPON TELEGRAPH & TELE ADR COMM 654624105 188 11,060 SH SOLE 11,060
NOKIA CORP ADR COMM 654902204 462 33,000 SH SOLE 33,000
NORFOLK SOUTHERN CORP. COMM 655844108 86 4,650 SH SOLE 4,650
NORTHROP GRUMMAN CORP COMM 666807102 92 1,070 SH SOLE 1,070
NOVELLUS SYSTEMS INC COMM 670008101 92 3,360 SH SOLE 3,360
NUCOR CORP COMM 670346105 3,565 93,400 SH SOLE 93,400
OCCIDENTAL PETROLEUM CORP COMM 674599105 483 16,130 SH SOLE 16,130
ORACLE CORPORATION COMM 68389X105 433 39,950 SH SOLE 39,950
OVERTURE SERVICES COMM 69039R100 102 6,740 SH SOLE 6,740
PEABODY ENERGY CORP COMM 704549104 411 14,730 SH SOLE 14,730
PEPSI BOTTLING GROUP COMM 713409100 1,076 60,000 SH SHARED 60,000
PEPSI BOTTLING GROUP COMM 713409100 1,350 75,300 SH SOLE 75,300
PEPSICO INC COMM 713448108 4,004 100,100 SH SHARED 100,100
PEPSICO INC COMM 713448108 7,243 181,071 SH SOLE 181,071
(R) PETROCORP INC. COMM 71645N101 9,451 1,731,000 SH SHARED 1,731,000
PFIZER INC COMM 717081103 2,102 67,450 SH SHARED 67,450
PFIZER INC COMM 717081103 10,608 340,440 SH SOLE 340,440
PHARMACIA CORP. COMM 71713U102 2,702 62,400 SH SHARED 62,400
PHARMACIA CORP. COMM 71713U102 4,656 107,540 SH SOLE 107,540
PITNEY BOWES INC COMM 724479100 491 15,380 SH SOLE 15,380
POLARIS INDS INC COMM 731068102 249 5,000 SH SOLE 5,000
POPULAR INC COMM 733174106 495 14,550 SH SOLE 14,550
PROCTER AND GAMBLE COMM 742718109 4,007 45,000 SH SHARED 45,000
PROCTER AND GAMBLE COMM 742718109 7,174 80,560 SH SOLE 80,560
PROTECTIVE LIFE COMM 743674103 76 2,660 SH SOLE 2,660
PRUDENTIAL FINANCIAL INC COMM 744320102 3,554 121,500 SH SHARED 121,500
PRUDENTIAL FINANCIAL INC COMM 744320102 3,784 129,380 SH SOLE 129,380
PUBLIC STORAGE INC COMM 74460D109 22 710 SH SOLE 710
QUALCOMM INC COMM 747525103 1,836 51,000 SH SHARED 51,000
QUALCOMM INC COMM 747525103 1,447 40,200 SH SOLE 40,200
RAMBUS INC. COMM 750917106 78 5,900 SH SOLE 5,900
RALCORP HOLDINGS INC. COMM 751028101 2,581 99,100 SH SHARED 99,100
RALCORP HOLDINGS INC. COMM 751028101 1,654 63,500 SH SOLE 63,500
REYNOLDS & REYNOLDS CO. COMM 761695105 201 7,940 SH SOLE 7,940
ROYAL DUTCH PETROLEUM CO. COMM 780257804 408 10,020 SH SOLE 10,020
SBC COMMUNICATIONS INC COMM 78387G103 404 20,160 SH SOLE 20,160
SLM CORP COMM 78442P106 103 930 SH SOLE 930
SARA LEE CORP. COMM 803111103 259 13,860 SH SOLE 13,860
SCHERING PLOUGH CORP COMM 806605101 53 2,990 SH SOLE 2,990
SCHLUMBERGER LTD COMM 806857108 139 3,670 SH SOLE 3,670
EW SCRIPPS CO COMM 811054204 43 570 SH SOLE 570
SELECT COMFORT COMMON STOCK COMM 81616X103 32,045 4,886,022 SH SHARED 4,886,022
SIGMA-ALDRICH COMM 826552101 3,820 85,860 SH SOLE 85,860
JM SMUCKER CO/THE COMM 832696405 80 2,280 SH SOLE 2,280
SMURFIT STONE COMM 832727101 186 14,000 SH SOLE 14,000
SOLECTRON CORP. COMM 834182107 25 8,290 SH SOLE 8,290
SOUTHERN COMPANY COMM 842587107 2,489 87,500 SH SHARED 87,500
SOUTHERN COMPANY COMM 842587107 4,354 153,100 SH SOLE 153,100
SPRINT CORP (FON) COMM 852061100 146 12,400 SH SOLE 12,400
SUNTRUST BANKS INC COMM 867914103 97 1,840 SH SOLE 1,840
SYMANTEC CORP COMM 871503108 1,763 45,000 SH SHARED 45,000
SYSCO CORP COMM 871829107 102 4,000 SH SOLE 4,000
TEPPCO PARTNERS COMM 872384102 381 12,040 SH SOLE 12,040
TAIWAN SEMICONDUCTOR
LTD (ADR) COMM 874039100 75 10,950 SH SOLE 10,950
TARGET CORP COMM 87612E106 3,645 124,560 SH SOLE 124,560
TELLABS INC COMM 879664100 44 7,670 SH SOLE 7,670
TEMPLE-INLAND INC COMM 879868107 99 2,660 SH SOLE 2,660
TEVA PHARMACEUTICAL
INDUSTRIES ADR COMM 881624209 3,457 83,000 SH SHARED 83,000
TEVA PHARMACEUTICAL
INDUSTRIES ADR COMM 881624209 2,245 53,900 SH SOLE 53,900
TEXAS INSTRUMENT COMM 882508104 3,125 190,900 SH SOLE 190,900
3M COMPANY COMM 88579Y101 4,304 33,100 SH SHARED 33,100
3M COMPANY COMM 88579Y101 7,448 57,280 SH SOLE 57,280
TOYS R US, INC. COMM 892335100 45 5,430 SH SOLE 5,430
TRAVELERS PROPERTY
CASUALTY (B) COMM 89420G406 85 6,010 SH SOLE 6,010
TYCO INTERNATIONAL LTD. COMM 902124106 162 12,590 SH SOLE 12,590
US BANCORP - NEW COMM 902973304 228 12,010 SH SOLE 12,010
UNION PACIFIC CORP COMM 907818108 237 4,310 SH SOLE 4,310
UNION PLANTERS COMM 908068109 92 3,500 SH SOLE 3,500
UNITED PARCEL SERVICE COMM 911312106 389 6,820 SH SOLE 6,820
UNITED TECHNOLOGIES CORP COMM 913017109 3,657 63,300 SH SHARED 63,300
UNITED TECHNOLOGIES CORP COMM 913017109 4,209 72,850 SH SOLE 72,850
UNITEDHEALTHCARE GROUP COMM 91324P102 4,308 47,000 SH SHARED 47,000
UNITEDHEALTHCARE GROUP COMM 91324P102 4,980 54,330 SH SOLE 54,330
UNOCAL CORP COMM 915289102 215 8,160 SH SOLE 8,160
VERIZON COMMUNICATIONS COMM 92343V104 3,312 93,680 SH SOLE 93,680
VIACOM INC. CL B COMM 925524308 2,009 55,000 SH SHARED 55,000
VIACOM INC. CL B COMM 925524308 3,493 95,640 SH SOLE 95,640
VIAD CORP. COMM 92552R109 71 3,310 SH SOLE 3,310
WACHOVIA CORP - NEW COMM 929903102 287 8,420 SH SOLE 8,420
WAL-MART STORES INC COMM 931142103 4,266 82,000 SH SHARED 82,000
WAL-MART STORES INC COMM 931142103 15,625 300,308 SH SOLE 300,308
WALGREEN CO. COMM 931422109 2,056 69,730 SH SOLE 69,730
WASHINGTON MUTUAL INC COMM 939322103 206 5,850 SH SOLE 5,850
WASHINGTON POST COMM 939640108 238 350 SH SOLE 350
WASTE MANAGEMENT INC. COMM 94106L109 78 3,700 SH SOLE 3,700
WEIGHT WATCHERS INTL INC COMM 948626106 3,224 70,000 SH SHARED 70,000
WEIGHT WATCHERS INTL INC COMM 948626106 3,870 84,040 SH SOLE 84,040
WELLS FARGO & CO COMM 949746101 4,274 95,000 SH SHARED 95,000
WELLS FARGO & CO COMM 949746101 7,388 164,210 SH SOLE 164,210
WM WRIGLEY JR CO COMM 982526105 62 1,100 SH SOLE 1,100
WYETH CORP COMM 983024100 4,160 110,000 SH SHARED 110,000
WYETH CORP COMM 983024100 4,195 110,910 SH SOLE 110,910
YAHOO! COMM 984332106 328 13,640 SH SOLE 13,640
ZIMMER HOLDINGS INC COMM 98956P102 4,620 95,000 SH SHARED 95,000
ZIMMER HOLDINGS INC COMM 98956P102 5,062 104,100 SH SOLE 104,100
ACE LTD COMM G0070K103 252 8,720 SH SOLE 8,720
AMDOCS LTD COMM G02602103 2,656 200,000 SH SHARED 200,000
EVEREST RE GROUP LTD COMM G3223R108 4,577 80,000 SH SHARED 80,000
EVEREST RE GROUP LTD COMM G3223R108 3,942 68,900 SH SOLE 68,900
IPC HOLDINGS LTD COMM G4933P101 95 3,170 SH SOLE 3,170
WILLIS GROUP HOLDINGS LTD COMM G96655108 4,155 150,000 SH SHARED 150,000
ROYAL CARIBBEAN CRUISES LTD. COMM V7780T103 111 7,360 SH SOLE 7,360
FLEXTRONICS INTERNATIONAL LTD COMM Y2573F102 24 2,800 SH SOLE 2,800
TEEKAY SHIPPING COMM Y8564W103 232 5,970 SH SOLE 5,970
PLATINUM UNDERWRITERS HOLDING COMM G7127P100 130,809 6,000,000 SH SHARED 6,000,000