,&,W990-PF Return of Private Foundation OMB No ,sas-0os2 or …990s.foundationcenter.org/.../223589110_200412_990PF.pdf · 2017. 6. 20. · ,&,W990-PF Return of Private Foundation

,&,W990-PF Return of Private Foundation OMB No ,sas-0os2 or Section 4947(a)(1) Nonexempt Charitable Trust

Department of the Treasury Treated as a Private Foundation 2004

Internal Revenue Service Note : The organization ma be able to use a co of this return to sags state re porting requirements

For calendar vear 2004. or tax vear beainnina . and ending

A Employer identification number

22-3589110 Use the IRS label.

MICHAEL P BERGERON FOUNDATION INC Otherwise,

Number and street (or P 0 box number if mail is not delivered to street address) print

B Telephone number (see page 10 of the instructions)

Room/suite 973-850-8739 C If exemption application is pending, check here 1 I

D 1 . Foreign organizations, check here

2. Foreign organizations meeting the

85% test, check here and attach computation 1

E If pnvate foundation status was terminated

under section 507(b)(7 )(A), check here

F If the foundation is in a 60-month termination

under section 507(b)(1)(B), check here

or type . 4 9 GLEN RIDGE DRIVE See Specific

City or town, state, and ZIP code Instructions . LONG VALLEY NJ 08753 H Check type of organization : U Section 501(c)(3) exempt private foundation

Section 4947 ( a )( 1 ) nonexempt charitable trust Other taxable rivate foundation I Fair market value of all assets at end J Accounting method . U Cash H Accrual

of year (from Part II, cot . (c), 11 Other (specify) line 16 1$ 1 , 767 , 268 Part I, column d must be on cash basis

Partt Analysis of Revenue and Expenses (The (a) Revenue and

total of amounts in columns (b), (c), & (d) may not necessanl expenses per (b) Net investment I (c) Adjusted net books income income

OaA 1(j14ss~a1O48 Iq~~tNms Ilowances P1V~1 LlJll`i

b Less . Cost'bY gb~ds 41d h schedule)

11o 6 e e k1tTh sch dule) 177 166

13 Compensation of officers, directors, trustees, etc m 14 Other employee salanes and wages i 15 Pension plans, employee benefits

16a Legal fees (attach schedule) . . . b Accounting fees (attach schedule) STMT 1 1

t c Other professional fees (aft. schedule) STMT 2 8 , 599 17 Interest 18 Taxes (aft schedule) (see pg 14 of the instr ) STMT 3 606 c~ t 19 Depreciation (att . schedule) 8 depletion . . ,

n v 20 Occupancy . . 21 Travel, conferences, and meetings

a E 22 Printing and publications n x 23 Other exps (att sch ) d p

24 Total operating and administrative expenses . n Add lines 13 through 23 . . . 10 , 969

25 Contributions, gifts, grants paid 117 ' 300

e S 26 Total ex penses and disbursements . Add lines 24 and 25 128 ( 269

27 Subtract line 26 from line 12 : a Excess of revenue over expenses and disbursement 48 9 897 b Net investment income (if negative, enter -0-) c Adjusted net income if negative, enter-0-

For Privacy Act and Paperwork Reduction Act Notice, see the instructions. DAA

167,679

Form 990-PF (2004)

G Check all that a I : I

Name of organization

equal the amounts in column a see page 11 of the instr

1 Contributions, gifts, grants, etc , received (attach schedule)

2 Check 1 FRI if the foundation is not required to attach Sch B

3 Interest on savings and temporary cash investments 8 , 664 4 Dividends and interest from secunties 41 , 17 3 5a Gross rents

R b (Net rental income or (loss ) . . ) 6a Net gain/(loss) from sale of assets not on In 10 127 , 329 b Gross sales puce for all assets on line 6a 1 , 7 9 9 , 0 3 3 A Part IV, line 2)

8 MfM6S0JtVrLWtal gal

8,664

127,32

177,166

8,599

9,487

4

(d) Disbursements for charitable

purposes cash basis only)

0

0

117 300 0 117 300

0

n sso-PF (20041 MICHAEL P BERGERON FOUNDATION, INC 22-3589110 Attached schedules and amounts in the description column ~~ `? Balance Sheets should be for end-of-year amounts only (See instructions )

I Cash-non-interest-bearing

2 Savings and temporary cash investments 3 Accounts receivable 1

Less allowance for doubtful accounts 1 . . . 4 Pledges receivable 1

Less allowance for doubtful accounts 1 5 Grants receivable 6 Recervables due from officers, directors, trustees, and other

disqualified persons (attach schedule) (see page 15 of the instructions)

7 Other notes and loans receivable 11111 Less : allowance for doubtful accounts 1

8 Inventories for sale or use . 9 Prepaid expenses and deferred charges . ,

10a Investments-1.1 S and state government obligations (attach schedule) STMT 4

b Investments-corporate stock (attach schedule) SEE STMT S

c Investments-corporate bonds (attach schedule) SEE STMT

11 Investments-land, buildings, and equipment : basil . . Less : accumulated depreciation 1

12 Investments-mortgage loans , 13 Investments-other (attach schedule) SEE , STATEMENT 7. 14 Land, buildings, and equipment : basis 1

Less' accumulated depreciation 1 15 Other assets (descnbe 1 ) 16 Total assets (to be completed by all filers-see page 16 of

the instructions Also, see page 1, item I 17 Accounts payable and accrued expenses 18 Grants payable . . � � , 19 Deferred revenue 20 Loans from officers, directors, trustees, and other disqualified persons . . 21 Mortgages and other notes payable (att . schedule) . 22 Other liabilities (describe 10,

L i a b I I I t I e

Total liabilities add lines 17 through 22 Organizations that follow SFAS 117, check here 1 U and complete lines 24 through 26 and lines 30 and 31 .

Unrestricted Temporarily restricted Permanently restricted Organizations that do not follow SFAS 117, check here 1 D . and complete lines 27 through 31 .

Capital stock, trust principal, or current funds Paid-in or capital surplus, or land, bldg , and equipment fund Retained earnings, accumulated income, endowment, or other funds Total net assets or fund balances (see page 17 of the instructions) . . . . . . Total liabilities and net assets/fund balances (see page 17 of the instructions)

N e t

A 24

25 i 26 s 0 r F 27 d 28

29 B

30 a c 31 e s 1,583 .8631 1,632,760

Part Ill Analysis of Changes in Net Assets or Fund Balances

1,583,863 48,897

Fort� 990-PF (zooa) DAA

s s e t S

e innin of ear End of ear a Book Value b Book Value c Fair Market Value

-12 , 518 57 722 57 , 722 48 , 541 50 , 055 50 , 055

288 , 422 1 , 005 , 818 938 , 620 1 , 079 , 023 229 314 563 703 557 , 766

24 286 22 660 22 702

1,583,8631 1,632,7601 1,767,268

1,583,8631 1,632,760

1,583,8631 1,632,760

1 Total net assets or fund balances at beginning of year-Part II, column (a), line 30 (must agree moth end-0f-year figure reported on prior years return)

2 Enter amount from Part I, line 27a 3 Other increases not included in line 2 (itemize) 10 , 4 Add lines 1, 2, and 3 5 Decreases not included in line 2 (itemize) 10- 6 Total net assets or fund balances at end of vear (line 4 minus line 5)-Part II, column (b). line 30 . . . . .

1,632,760

Fo9m 990-PF (2004) MICHAEL P BERGERON FOUNDATION, INC 22-3589110 Page 3

(a) List and describe the kind(s) of properly sold (e g , real estate, 2-story brick warehouse, or common stock, 200 shs MLC Co )

la SEE WORKSHEET b

d e

(e) Gross sales price

a b c d e Complete only for assets

(I) F M V as of 12137/69

a b c

n 12/31/69 (I) Gams (Col (h) gain minus

(k) Excess of col (Q col . (k), but not less than -0-) or over col 0), if any Losses (from col (h))

(j) Adjusted basis as of 12/31/69

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Depreciation allowed (or allowable)

(b) How acquired (c) Date acquired (d) Date sold P-Purchase I (mo , day, yr ) I (mo , day, yr )

(g) Cost or other basis I (h) Gain or (loss) plus expense of sale (e) plus (fl minus (g)

2 Capital gain net income or (net capital loss) If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7 ~ 2 127 , 329

3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6) If gain, also enter m Part I, line 8, column (c) (see pages 13 and 17 of the instructions). If (loss ) , enter -0- in Part I, line 8 ~ s 26 1 920 PV Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income

(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income )

If section 4940(d)(2) applies, leave this part blank

Was the organization liable for the section 4942 tax on the distnbutable amount of any year m the base penod?a Yes X No If "Y es," the organization does not qualify under section 4940(e) . Do not complete this part.

1 Enter the appropriate amount in each column for each year; see page 18 of the instructions before making any entries .

a b c do n Base period years Adjusted qualifying distributions Net value of nonchantable-use assets D~stnbuti ratio

Calendar ear or tax ear beginning in col b divided b col c

2003 182 , 960 1 , 644 , 834 0 .111233 2002 175 , 054 1 , 808 , 727 0 .096783 200 210 , 229 2 , 084 , 842 0 .100837 2000 59 , 034 , 2 , 193 , 6991 0 .026911 1999 2 , 018 , 6661

2 Total of line 1, column (d) . . 2 0 . 3357 64 3 Average distribution ratio for the 5-year base penod-divide the total on line 2 by 5, or by

the number of years the foundation has been m existence if less than 5 years 3 0 .083941

4 Enter the net value of noncharitable-use assets for 2004 from Part X, line 5 1 4 1 1 ,629,455

5 Multiply line 4 by line 3 s 136 , 778

' 6 Enter 1% of net investment income (1% of Part I, line 27b) . . 6 1 , 677

7 Add lines 5 and 6 . . . . . ~ 7 I 138 ,455

8 Enter qualifying distributions from Part XI I, line 4 1 8 1 117 , 300 If line 8 is equal to or greater than line 7, check the box in Part VI, line 1 b, and complete that part using a 1 % tax rate See the Part VI instructions on page 18 .

Fort� 990-PF (ZOOa)

Fo9m99o-PF(200a) MICHAEL P BERGERON FOUNDATION, INC 22-3589110 Page a Excise Tax Based on Investment Income Section 4940(a), 4940 (b), 4940 (e), or 4948-see page 18 of the instructions

1a Exempt operating foundations described in section 4940(d)(2), check herd and enter "N/A" on line 1 . Date of ruling letter : . (attach copy of ruling letter if necessary-see instructions)

b Domestic organizations that meet the section 4940(e) requirements in Part V, check 1 3 , 354 here 1 0 and enter 1 % of Part I, line 27b

C All other domestic organizations enter 2% of line 27b Exempt foreign organizations enter 4% of Part I, line 12, col (b)

2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only . Others enter -0-) 2 0 3 Add lines 1 and 2 3 3 , 354 4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) . . . . . . 4 5 Tax based on investment income . Subtract line 4 from line 3 . If zero or less, enter -0- 5 3 , 3 54 6 Credits/Payments. a 2004 estimated tax payments and 2003 overpayment credited to 2004 . . . . 6a 142

b Exempt foreign organizations-tax withheld at source 6b c Tax paid moth application for extension of time to file (Form 8868) 6c rJ d Backup withholding erroneously withheld . . 6d 7 Total credits and payments . Add lines 6a through 6d 7 5 , 142

S Enter any penalty for underpayment of estimated tax. Check here ~ if Form 2220 is attached . . . . . 8 12

9 Tax due . If the total of lines 5 and 8 is more than line 7, enter amount owed .1 9 10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid . . 1 10 1 , 77 6 11 Enter the amount of line 10 to be . Credited to 2005 estimated tax 1 1,77 6 ~ . Refunded 1 11

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Paft VII-A Statements Regarding Activities 1a During the tax year, did the organization attempt to influence any national, state, or local legislation or did Yes No

it participate or intervene m any political campaign? . . . . . . 1a X b Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page

19 of the instructions for definition)? . . . . . . 1b X If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials published or distributed by the organization in connection with the activities .

c Did the organization file Form 1120-POL for this year? 1 c X d Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year :

(1) On the organization . 1 $ (2) On organization managers . 1 $ e Enter the reimbursement (if any) paid by the organization during the year for political expenditure tax imposed

on organization managers.t $ 2 Has the organization engaged m any activities that have not previously been reported to the IRS . . . . . 2 X

If "Yes," attach a detailed description of the activities 3 Has the organization made any changes, not previously reported to the IRS, in its governing instrument, articles

of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes 3 X 4a Did the organization have unrelated business gross income of $1,000 or more during the year? 4a X

b If "Yes," has it filed a tax return on Form 990-T for this year? . N/A 4b 5 Was there a liquidation, termination, dissolution, or substantial contraction during the year? 5 X

If "Yes," attach the statement required by General Instruction T 6 Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either :

By language in the governing instrument, or By state legislation that effectively amends the governing instrument so that no mandatory directions that conflict with the state law remain in the governing instruments 6 X

7 Did the organization have at least $5,000 m assets at any time during the years If -Yes," complete Part II, col (c), and Part XV 7 X

8a Enter the states to which the foundation reports or with which it is registered (see page 19 of the instructions) 1 NJ , . . . . .

b If the answer is "Yes" to line 7, has the organization furnished a copy of Form 990-PF to the Attorney General (or designate) of each state as required by General Instruction G? If "No," att . explanation 8b X

9 Is the organization claiming status as a private operating foundation within the meaning of section 49420(3) or 49420(5) for calendar year 2004 or the taxable year beginning in 2004 (see instructions for Part XIV on page 25)? If "Yes," complete Part XIV 9 X

10 Did any persons become substantial contributors during the tax year? If "Yes,' attach a schedule listing then names 8 addresses . . . . . . . . . . . .

10

11 Did the organization comply with the public inspection requirements for its annual returns and exemption application? 11 X Web site address t N/A . . . . . .

12 The books are in care oft LESIiNER F'RANCHINO & CO r L Telephone no . t 973-539-1800 Located at 1 MORRISTOWN, ~NJ ~ ZIP+4 1 07960

13 Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 -Check here 1 D and enter the amount of tax-exempt interest received or accrued during the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 13 ~ .

Fog 990-PF (zooa)

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Pg 8

=orm 990-Pf(2004) MICHAEL P BERGERON FOUNDATION, INC 22-3589110 Page : PW# VHwB Statements Regarding Activities for Which Form 4720 Ma Be Required

File Form 4720 if any item is checked in the "Yes" column, unless an exception applies . Yes No 1a During the year did the organization (either directly or indirectly) :

(1) Engage in the sale or exchange, or leasing of property moth a disqualified person? . ~ Yes X No (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person? Yes X No (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? . . . , . . Yes X No (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? Yes X No (5) Transfer any income or assets to a disqualified person (or make any of either available

for the benefit or use of a disqualified person) . , , . . . . ~ Yes ~X No (6) Agree to pay money or property to a government official? (Exception . Check "No" .

if the organization agreed to make a grant to or to employ the official for a period after termination of government service, if terminating within 90 days ) . . . . ~ Yes X~ No

b If any answer is "Yes" to 1a(1)-(6), did any of the acts fad to qualify under the exceptions described in Regulations section 53 4941(d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions)? N/A 1 b Organizations relying on a current notice regarding disaster assistance check here . ,

c Did the organization engage in a prior year in any of the acts described in 1a, other than excepted acts, that were not corrected before the first day of the tax year beginning in 2004 1c X

2 Taxes on failure to distribute income (section 4942) (does not apply for years the organization was a private operating foundation defined in section 49420(3) or 4942Q)(5)) :

a At the end of tax year 2004, did the organization have any undistributed income (lines 6d and 6e, Part XIII) for tax year(s) beginning before 2004 ? . . . . . . Yes No If "Yes," list the years 1 20 , 20 , 20 , 20

b Are there any years listed in 2a for which the organization is not applying the provisions of section 4942(a)(2) (relating to incorrect valuation of assets) to the year's undistributed income? (If applying section 4942(a)(2) to all years listed, answer "No" and attach statement-see page 20 of the instructions ) N/A 2b

c If the provisions of section 4942(a)(2) are being applied to any of the years listed m 2a, list the years here . . . . . .

. 1 20 , 20 , 20 , 20

3a Did the organization hold more than a 2% direct or indirect interest in any business enterprise at any time during the year? . . . . . . ~ Yes X No

b If "Yes," did it have excess business holdings in 2004 as a result of (1) any purchase by the organization or disqualified persons after May 26, 1969 ; (2) the lapse of the 5-year period (or longer period approved by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3) the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine if the organization had excess business holdings m 2004 .) N/A 3b

4a Did the organization invest during the year any amount in a manner that would jeopardize its charitable purposes . . . 4a X b Did the organization make any investment in a prior year (but after December 31, 1969) that could jeopardize its charitable

purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2004? . . . 4b X 5a During the year did the organization pay or incur any amount to :

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ~ Yes X No (2) Influence the outcome of any specific public election (see section 4955) ; or to carry

on, directly or indirectly, any voter registration drive? Yes X No . . . (3) Provide a grant to an individual for travel, study, or other similar purposes? , . . . . . . . . Yes BX No (4) Provide a grant to an organization other than a charitable, etc., organization described

in section 509(a)(1), (2), or (3), or section 4940(d)(2)? ~ Yes ~X No (5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals? , . . . . ~ Yes X~ No b If any answer is "Yes" to 5a(1)-(5), did any of the transactions fail to qualify under the exceptions described in

Regulations section 53.4945 or in a current notice regarding disaster assistance (see page 20 of the instructions) N/A 5b Organizations relying on a current notice regarding disaster assistance check here

c If the answer is "Yes" to question 5a(4), does the organization claim exemption from the tax because it maintained expenditure responsibility for the grant? . . . N/A E] Yes 11 No If "Yes," attach the statement required by Regulations section 53.4945-5(d)

6a Did the organization, during the year, receive any funds, directly or indirectly, to pay premiums on a personal benefit contract? . . El Yes X No

b Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract? 6b X If you answered "Yes" to 6b, also file Form 8870 .

Form 990-PF (zooa)

Pad IX -A Summary of Direct Charitable Activities

N/A

2

4

Form 990-PF (2004) DAA

Form 990-PF (2004) MICHAEL P BERGERON FOUNDATION, INC 22-3589110 Page 6 Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees, and Contractors

1 List all officers, directors, trustees, foundation managers and their compensation see page 20 of the instructions) . (b) Title, and average (c l Compensation (d) Contrib to e Expense account,

(a) Name and address hours per week (I# not paid, enter Pjans and de( geed ( other allowances devoted to position -0- com ensation

SEE STATEMENT 8

. .

2 Compensation of five highest-paid employees (other than those included on line 1-see page 21 of the instructions) . If none, enter "NONE."

(b) Title and average (d) Contributions to (a) Name and address of each employee paid more than $50,000 hours per week (c) Compensation employee benefit (e) Expense account,

devoted to position plans and deferred other allowances compensation

NONE

3 Five highest-paid independent contractors for professional services-(see page 21 of the instructions) . If none, enter "NONE."

(a) Name and address of each person paid more than $50,000 (b) Type of service NONE

List the foundation's four largest direct chantable activities during the tax year . Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc I Expenses

Form 990-Pf:(2004) MICHAEL P BERGERON FOUNDATION, INC 22-3589110 Page 7 Part K-B Summary of Program-Related Investments (see page 22 of the instructions)

investments made by the foundation during the tax year on lines 1 and 2 Describe the two

N/A

2

All other program-related investments See page 22 of the instructions

3

Total . Add lines 1 through 3 dart X Minimum Investment Return (All domestic foundations must complete this part . Foreign foundations,

see page 22 of the instructions . Fair market value of assets not used (or held for use) directly in carrying out charitable, etc., purposes : Average monthly fair market value of securities Average of monthly cash balances Fair market value of all other assets (see page 22 of the instructions) Total (add lines 1a, b, and c) Reduction claimed for blockage or other factors reported on lines 1a and 1c (attach detailed explanation) 1e Acquisition indebtedness applicable to line 1 assets Subtract line 2 from line 1d Cash deemed held for charitable activities . Enter 1 1/2% of line 3 (for greater amount, see page 23 of the instructions) Net value of noncharitable-use assets. Subtract line 4 from line 3 . Enter here and on Part V, line 4 Minimum investment return . Enter 5% of line 5

la 1 , 583 , 437 70 , 832

1c Ild 1 , 654 , 269

2 s 1 , 654 , 269

a 24 , 814 s 1,629,455 5

6

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Pg 10

a b c d e

2 3 4

Pad XI Distributable Amount (see page 23 of the instructions) (Section 4942Q)(3) and (j)(5) private operating foundations and certain foreign organizations check here and do not complete this art .

1 Minimum investment return from Part X, line 6 . . . 1 81 , 473 2a Tax on investment income for 2004 from Part VI, line 5 2a 3 , 354 b Income tax for 2004 . (This does not include the tax from Part VI .) . . 2b c Add lines 2a and 2b 2c 3 , 354 3 Distnbutable amount before adjustments . Subtract line 2c from line 1 3 78 , 119 4 Recoveries of amounts treated as qualifying distributions 4 5 Add lines 3 and 4 5 7 8 , 119 6 Deduction from distributable amount (see page 23 of the instructions) . . . 6 7 Distributable amount as adjusted . Subtract line 6 from line 5 Enter here and on Part XI II,

pine 1 7 78 , 119

Part XI I Qualifying Distributions (see page 23 of the instructions)

1 Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes : a Expenses, contributions, gifts, etc.-total from Part I, column (d), line 26 . . 1a 117 b Program-related investments-total from Part IX-13 1b 2 Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc .,

purposes . . . . . . . . . . . . . . . . . . . . . 3 Amounts set aside for specific charitable projects that satisfy the . a Suitability test (prior IRS approval required) 3a b Cash distribution test (attach the required schedule) 3b 4 Qualifying distributions. Add lines 1a through 3b . Enter here and on Part V, line 8, and Part XIII, line 4 4 117 5 Organizations that qualify under section 4940(e) for the reduced rate of tax on net investment

income . Enter 1 % of Part I, line 27b (see page 24 of the instructions) 5 0 6 Adjusted qualifying distributions . Subtract line 5 from line 4 ~ 6 ~ 117 , 300

Note : The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for the section 4940(e) reduction of tax in those years

Form 990-PF (2ooa)

DAA

Fo9rrn~990-PF (2004) MICHAEL P BERGERON FOUNDATION, INC 22-3589110 Page 8

dart XFII Undistributed Income (see page 24 of the instructions)

(a) (b) (c) (d) 1 Distributable amount for 2004 from Part XI, Corpus nears poor to 2003 2003 2004

line 7 78 119 2 Undistributed income, if any, as of the end of 2003 : a Enter amount for 2003 only 81 , 7 52 b Total for prior years: 20 ,20 , 20

3 Excess distributions carryover, if any, to 2004 . a From 1999 b From 2000 c From 2001 d From 2002 e From 2003 . . . 89 , 47 8 f Total of lines 3a through e . . 89 , 478 . ..

4 Qualifying distributions for 2004 from Part XII,line 4:1$ 117,300

a Applied to 2003, but not more than line 2a . . . 8-1 , 752

b Applied to undistributed income of prior years (Election required-see page 24 of the instructions)

c Treated as distributions out of corpus (Election required-see page 24 of the instructions)

d Applied to 2004 distnbutable amount 35 548 e Remaining amount distributed out of corpus

5 Excess distributions carryover applied to 2004 42,571 . . 42,571 (If an amount appears in column (d), the same amount must be shown in column (a).)

6 Enter the net total of each column as indicated below :

a Corpus . Add lines 3f, 4c, and 4e . Subtract line s 46 , 907 b Prior years' undistributed income Subtract

line 4b from line 2b c Enter the amount of prior years' undistributed

income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed

d Subtract line 6c from line 6b . Taxable amount-see page 25 of the instructions

e Undistributed income for 2003 . Subtract line 4a from line 2a Taxable amount-see page 25 of the instructions

f Undistributed income for 2004 . Subtract lines 4d and 5 from line 1 . This amount must be distributed in 2005 0

7 Amounts treated as distributions out of corpus to satisfy requirements imposed by T section 170(b)(1)(E) or 4942(8)(3) (see page 25 of the instructions)

8 Excess distributions carryover from 1999 not applied on line 5 or line 7 (see page 25 of the instructions)

9 Excess distributions carryover to 2005 . Subtract lines 7 and 8 from line 6a 46 C 907

10 Analysis of line 9. . a Excess from 2000 b Excess from 2001 . c Excess from 2002 d Excess from 2003 . . 4 6, 9071

Fort� 990-PF (zooa)

Fo9rm'12 9o-PF(2004) MICHAEL P BERGERON FOUNDATION, INC 22-3589110

2a Enter the lesser of the adjusted net

income from Part I or the minimum

investment return from Part X for each

year listed

b 85% of line 2a

c Qualifying distributions from Part XII, . .

line 4 for each year listed

d Amounts included in line 2c not used directly

for active conduct of exempt activities

e Qualifying distributions made directly

for active conduct of exempt activities

Subtract line 2d from line 2c

3 Complete 3a, b, or c for the .

alternative test relied upon'

a "Assets" alternative test-enter :

(1) Value of all assets

(2) Value of assets qualifying under

section 49420)(3)(B)(i)

b "Endowment" alternative test-enter 2/3

of minimum investment return shown in

Part X, line 6 for each year listed

c "Support" alternative test-enter:

(1) Total support other than gross

investment income (interest,

dividends, rents, payments

on securities loans (section

512(a)(5)), or royalties)

(2) Support from general public

and 5 or more exempt

organizations as provided in

section 4942(j)(3)(B)(iii)

(3) Largest amount of support from

an exempt organization

(4) Gross investment income . . . . . . . .

(e) Total

b The form in which applications should be submitted and information and materials they should include: N/A

c Any submission deadlines: N/A

d Any restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other factors : N/A

oar Form 990-PF (2004)

1a If the foundation has received a ruling or determination letter that it is a private operating foundation, and the ruling is effective for 2004, enter the date of the ruling . . 1

b Check box to indicate whether the organization is a private operating foundation described in section ~ ~ 4942(1)(3) or

Par! Xlt Supplementary Information (Complete this part only if the organization had $5,000 or more in assets at any time during the year-see page 26 of the instructions .)

1 Information Regarding Foundation Managers : a List any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation

before the close of any tax year (but only if they have contributed more than $5,000) . (See section 507(d)(2) ) EDMOND J . BERGERON

b List any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the ownership of a partnership or other entity) of which the foundation has a 10% or greater interest . N/A

2 Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc ., Programs : Check here 1 N if the organization only makes contributions to preselected charitable organizations and does not accept unsolicited requests for funds . If the organization makes gifts, grants, etc (see page 26 of the instructions) to individuals or organizations under other conditions, complete items 2a, b, c, and d .

a The name, address, and telephone number of the person to whom applications should be addressed' N/A

DAA

Fo9m 99o-PF (2004) MICHAEL P BERGERON FOUNDATION, INC 22-3589110 Page 10 Part .)CV,. . . Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment If recipient is an individual, Foundation

Recipient I show any relationship to I status of I Purpose of grant orl Amount any foundation manager recipient contnbuiion

Name and address (home or business) or substantial contributor

a Paid during the year SEE STATEMENT 9

117,300

1111- 3a 1 117,300 b Approved for future payment N/A

1 3b Form 990-PF (zooa)

Form 990-PF (2004) MICHAEL P BERGERON FOUNDATION, INC 22-3589110 Page 11

a Business code

a b c d e f g Fees and contracts from government agencies

2 Membership dues and assessments 3 Interest on sarongs and temporary cash investments 4 Dividends and interest from securities 5 Net rental income or (loss) from real estate: . .

a Debt-financed property b Not debt-financed property

6 Net rental income or (loss) from personal property 7 Other investment income 8 Gam or (loss) from sales of assets other than inventory 9 Net income or (loss) from special events 10 Gross profit or (loss) from sales of inventory 11 Other revenue : a

b

18 I 127,32

DAA

Enter gross amounts unless otherwise indicated .

1 Program service revenue .

ss income Excluded b sec 512, 513, or 51 (e) Related or exempt

b Sc d function income Amount xc usio Amount (See page 26 of

code the instructions 1

14 8 , 664 14 41,173

c d e

12 Subtotal . Add columns (b), (d), and (e) 0 . . . . . . . 177 ,166 0 13 Total . Add line 12, columns (b), (d), and (e) 13 177,166 See worksheet in line 13 instructions on page 26 to verify calculations .) Pan XVI "B Relationshi p of Activities to the Accomp lishment of Exem pt Purposes

Line No Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to

. the accomplishment of the organization's exempt purposes (other than by providing funds for such purposes) . (See a e 27 of the instructions

N/A

Fog 990-PF (zooa)

P9 1

Form 990-PF (2004) MICHAEL P BERGERON FOUNDATION, INC 22-3589110 Page 12

Patt 7Vq Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Or anizations

1 Did the organization directly or indirectly engage in any of the following with any other organization described in section Yes No 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?

a Transfers from the reporting organization to a noncharitable exempt organization of : (1) Cash . . . . . . . . . . . . . . , . . la( l ) X (2) Other assets . . . . . � . . � . . . . . . la( 2) X

b Other transactions : (1) Sales of assets to a noncharitable exempt organization 1b 1 X

(2) Purchases of assets from a noncharitable exempt organization . . . . . . . . . . . . . 1b 2 X (3) Rental of facilities, equipment, or other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1b M X

(4) Reimbursement arrangements . . . . . . . . . . . . . . . . . . . . . . . . . 1b 4 X

(5) Loans or loan guarantees . . . . . . . . . . . . . . . . . . . � , . . � . . . . . . . . . . . . . . . 1b 5 X

(6) Performance of services or membership or fundraising solicitations . . . . . . . . . . 1b 6 X

c Sharing of facilities, equipment, mailing lists, other assets, or paid employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1c X

d If we answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value of the goods, other assets, or services given by the reporting organization . If the organization received less than fair market value in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services

2a Is the organization directly or indirectly affiliated with, or related to, one or more tax-exempt organizations described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527? . . . . . . . ~ Yes 59 No

b If "Yes ." complete the following schedule .

N/A

Under pen belief, it is

i ~ 4 Si na

n P U r

H p 8 s a p e

e I a O d r n

e

y s

DAA

ry, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and and complete Dgclarationpf preparer (otherAan taxpayer or fi~~~^'°^^'- ~ °°°a ̂ ^ °" '^'^^^°"^^ ^' ~°-1 ̂ "°^°"°" - °^"" ~^^°'°a^

Preparers'

* sinature

Firm's name (or yours If

self-employed), address,

and ZIP code

LESHNER, FRANCHINO 19 CATTANO AVE

of

and endin 2004

Employer Identification Number

22-3589110 (b) How acquired (C) Date acquired (d) Date sold

P-Purchase (mo , day, yr ) (mo , day, yr ) D-Donation

P P P P P P P

(g) Cost or other basis plus expense of sale

251,500 1,014,618

151,717 113,683 15,572 27,326 97,288

1

Dm lete onl y for assets showing gain in column h and owned b the foundation on 12/31/69

(i) F M V as of 12/31/69 (j) AdJ usted basis (k) Excess of col (i) as of12/31/69 over col 0), if any

(I) Gams (Col (hl gain minus cof (k), but not less than -0-) or

Losses (from col (h))

27,816 80,943 -11,942 4,998 -177

-1,560 7,785

19,466

1

Pg 16

Capital Gains an Form 990-PF

For calendar vear 2004, or tax vea Name

MICHAEL P BERGERON FOUNDATION, INC (e) List and describe the kind(s) of property sold, e g real estate,

2-story brick warehouse, or common stock, 00 sfis MLC Co

GS #001-45061-8 SCHEDULE ATTACHED (2) GS #001-45061-8 SCHEDULE ATTACHED (3) GS #040-05266-4 SCHEDULE ATTACHED (a) GS #040-05267-2 SCHEDULE ATTACHED (5) GS #040-05270-6 SCHEDULE ATTACHED (s) GS #040-05273-0 SCHEDULE ATTACHED

GS #040-05274-8 SCHEDULE ATTACHED ray CAPITAL GAIN DISTRIBUTIONS

11 12 13 14

(8) Gross sales price (f) De reat~on allowed ~r allaowable)

279 , 316 2 1 , 095 , 561 3 139 , 775 a 118 , 681 5 15 , 395 s 25 , 766

105 , 073 a1 19,466

10 11 12

ax on investment income

Jh Gain or (loss) e~plus (f) minus (g)

27,816 80,943 -11,942 4,998 -177

-1,560 7,785

19,466

io

Statement 5 - Form 990-PF, Part II, Line 10b - Corporate Stock Investments

Beginning End of of Year Year

14, 317 $ 14,571 20,978 12,609 17,401 7,060 19,730 23,747 23,194 15,137 14, 634 16,330 22,488 20, 907 11,132 16,829

110,337 20,347 13,547

220,553

Description

ABBOTT LABORATOIES $ AMER INTL GROUP INC AUTOMATIC DATA PROCESSING INC CISCO SYSTEMS INC CITIGROUP INC DELL COMPUTER CORP FD HMN LN MTG CORP GENERAL ELECTRIC CO INTL BUSINESS MACHS MBNA CORP MEDTRONIC INC NORTHERN TRUST CORP PFIZER INC WAL MART STORES INC LINEAR TECH CORP EMERSON ELECTRIC CO GS REAL ESTATE SWCS FUND PEPSICO INC COCA COLA CO GS MIDCAP VALUE FND

1-5

22-3589110 Federal Statements Page

Statement 1 - Form 990-PF, Part I, Line 16b - Accounting Fees

Net Adjusted Charitable Description Total Investment Net Purpose

LESHNER FRANCHINO & CO $ 1,770 $ 888 $ $ TOTAL $ 1,770 $ 888 $ 0 $ 0

Statement 2 - Form 990-PF, Part I, Line 16c - Other Professional Fees


INVESTMENT & BANKING FEES $ 8,599 $ 8,599 $ $ TOTAL $ 8,599 $ 8,599 $ 0 $ 0

Statement 3 - Form 990-PF, Part I, Line 18 - Taxes


EXISE TAXES $ 600 $ $ $ TOTAL $ 600 $ 0 $ 0 $ 0

Statement 4 - Form 990-PF. Part II, Line 10a - US and State Government Investments

Beginning End of Basis of Fair Market Description of Year Year Valuation Value

FED NATL NTG ASSN $ 288,422 $ COST $ TOTAL $ 288,422 $ 0 $ 0

Basis of Fair Market Valuation Value COST $ COST COST COST COST COST COST COST COST COST COST COST COST COST COST COST COST COST COST COST

Federal Statements Page 2 22-3589110

Statement 5 - Form 990-PF, Part II, Line 10b - Corporate Stock Investments (continued)

Beginning End of Basis of Fair Market of Year Year Valuation Value

$ 17,982 $ COST $ 11,838 COST 11,802 COST 101,938 COST 226,410 COST

189,055 COST 260,975 135,586 COST 147,036 145,338 COST 163,353 116,197 COST 127,739 147,603 COST 151,545 204,841 COST 228,375

$ 1,005,818 $ 938,620 $ 1,079,023

Description MICROSOFT INC FIRST DATA CORP TARGET CORP GS SMALL CAP VAL FD GS STRATEGIC GWTH FD GS #001-45061-8 SCHEDULE ATTACHED GS #040-05266-4 SCHEDULE ATTACHED GS #040-05267-2 SCHEDULE ATTACHED GS #040-05270-6 SCHEDULE ATTACHED GS #040-05273-0 SCHEDULE ATTACHED GS #040-05274-8 SCHEDULE ATTACHED

TOTAL

Statement 6 - Form 990-PF, Part II, Line 10c - Corporate Bond Investments

Fair Market Value

Beginning End of Basis of of Year Year Valuation

$ 121,851 $ COST 107,463 COST

563,703 COST $ 229,314 $ 563,703

Description

GS HIGH YIELD BD FD KIMBERLY CLARK CORP GS #001-45061-8 SCHEDULE ATTACHED

TOTAL

Statement 7 - Form 990-PF, Part II, Line 13 - Other Investments

Beginning End of Basis of of Year Year Valuation

$ 24,286 $ COST 974 COST

2,792 COST 7,207 COST 4,835 COST 1,484 COST 5,368 COST

$ 24,286 $ 22,660

Description GS INST LIQ ASST FED PORT GS #001-45061-8 SCHEDULE ATTACHED GS #040-05266-4 SCHEDULE ATTACHED GS #040-05267-2 SCHEDULE ATTACHED GS #040-05270-6 SCHEDULE ATTACHED GS #040-05273-0 SCHEDULE ATTACHED GS #040-05274-8 SCHEDULE ATTACHED

TOTAL

5-7

S

557,766 $ 557,766

Fair Market Value

S 974

2,799 7,219 4,841 1,490 5,379

$ 22,702

Address Relationship Status Purpose AMERICAN CANCER SOCIETY PO BOX 102454

ATLANTA GA 30368 EXEMPT AMERICAN HEART ASSOCIATIO 7272 GREENVILLE AVE

DALLAS TX 75231 EXEMPT AMERICAN LIVER FOUNDATION 4545 E . SHEA BLVD, SUITE

PHOENIX AZ 85028 EXEMPT ARIZONA FOUNDATION FOR WO 201 N CENTRAL, SUITE CC5

PHOENIX AZ 85073 EXEMPT ARIZONA KIDNEY FOUNDATION 4203 E INDIAN SCHOOL RD,

PHOENIX AZ 85018 EXEMPT ARIZONA SCIENCE CENTER 600 E . WASHINGTON

PHOENIX AZ 85004 EXEMPT BODY POSITIVE INC 1144 E MCDOWELL RD, #200

PHOENIX AZ 85006 EXEMPT CENTER AGAINST ABUSE/CHIL 77 EAST THOMAS RD, SUITE

PHOENIX AZ 85012 EXEMPT CHILD HELP USA INC 15757 N 78TH ST

SCOTTSDALE AZ 85260 EXEMPT CHILDRENS MIRACLE NETWORK 4525 SOUTH 2500 EAST

SALT LAKE CITY UT 84117 EXEMPT CHURCH OF THE ASSUMPTION

EXEMPT 346 W 17TH ST

GENERAL PURPOSE CONTRIBUTION








EXEMPT DOCTORS WITHOUT BORDERS

EXEMPT FIGHT NIGHT FOUNDATION 2425 EAST CAMELBACK, SUIT

PHOENIX AZ 85016 EXEMPT FRANCISCON RENEWAL CENTER 5802 E . LINCOLN DR

SCOTTSDALE AZ 85253 EXEMPT FRIENDS CHARITABLE FUND 6530 N . SCOTTSDALE RD, SU

SCOTTSDALE AZ 85253 EXEMPT

9

22-3589110 Federal Statements

Statement 9 - Form 990-PF, Part XV - Grants and Contributions Paid During the Year

Name Address

COVENENT HOUSE NEW YORK NY 10011

CRISIS NURSERY

CROHNS & COLITUS FDTN OF PHOENIX AZ 85015

CYSTIC FIBROSIS FDTN

EXEMPT

EXEMPT 1815 W . MISSOURI AVE, SUI

EXEMPT







HIV & AIDS RESEARCH


NATIONAL CHILD ABUSE



Page 5

Amount

300

2,500

5,000

3,000

3,500

1,500

2,000

2,000

1,500

1,000

5,000

1,000

2,000

500

1,000

1,000

3,000

2,500

1,000

Statement 9 - Form 990-PF, Part XV - Grants and Contributions Paid During the Year (continued)

Name Address Address Relationship Status

GETHSEMINY LUTHERAN CHURC EXEMPT

HILDALE PARK PRESBETERIAN EXEMPT

HOMEBASE YOUTH SERVICES I 931 E DEVONSHIRE PHOENIX AZ 85014 EXEMPT

HOSPICE OF THE VALLEY 1510 E FLOWER ST PHOENIX AZ 85014 EXEMPT

IAN ANDERSON FDTN PO BOX 26717 SCOTTSDALE AZ 85255 EXEMPT

IN JESUS NAME MINISTRIES PO BOX 350 STRASBURG VA 22657 EXEMPT

INSTITUTE FOR PREVENTION EXEMPT

MARY QUEEN OF THE UNIV SH EXEMPT

MISSION OF MERCY MOBILE C EXEMPT

MUSCULAR DYSTROPHY ASSOC EXEMPT

NANA'S CHILDREN MENTAL HE 7107 N . BLACK CANYON HWY, PHOENIX AZ 85021 EXEMPT

NATIONAL HEADACHE FDTN 820 N ORLEANS, STE 217 CHICAGO IL 60610 EXEMPT

NOTRE DAME OF MT CARMEL 75 RIDGEDALE AVE CEDAR KNOLLS NJ 07927 EXEMPT

ORBIS INTL 520 8TH AVE, 11TH FL NEW YORK NY 10018 EXEMPT

PHOENIX CHILDRENS HOSPITA 1919 E THOMAS RD PHOENIX AZ 85016 EXEMPT

PHOENIX THEATER 100 E MCDOWELL PHOENIX AZ 85004 EXEMPT

RAPHAELS LIFE HOUSE 231 COURT ST ELIZABETH NJ 07201 EXEMPT

RONALD MCDONALD HOUSE ONE KROC DR OAK BROOK IL 60523 EXEMPT

SISTERS OF THE SORROWFUL EXEMPT






OUR LADY OF PEACE CHURCH














9

22-3589110 Federal Statements

ose

Page 6

Amount

1,500

1,000

2,000

1,200

1,000

8,000

3,000

1,000

1,000

500

25,000

3,000

10,000

1,000

1,000

2,000

2,500

1,500

1,000

ment based on the onor year's tax .

c Credit for Federal tax paid on fuels (see instructions) . . I Sc I d Total . Add lines 5a through 5c , , 6 Subtract line 5d from line 4 . If the result is less than $500, do not complete or file this form . The corporation

does not owe the penalty 7 Enter the tax shown on the corporation's 2003 income tax return (see instructions) Caution: If the tax Is zero

or the tax year was for less than 12 months, skip this line and enter the amount from line 6 on line B

Sd

490

8 Enter the smaller of line 6 or line 7 If the corporation is

9 Installment due dates. Enter in columns (a) through (d) 1

15th day of the 4th (Form 990-PF filers : Use 5th month),

6th, 9th, and 12th months of the corporation's tax year

Exception. If one of your installment due dates is

September 15, 2004, see the instructions

10 Required Installments . If the box on line 1 and/or line 2

above is checked, enter the amounts from Schedule A, line

38 If the box on line 3 (but not 1 or 2) is checked, see

instructions for the amounts to enter If none of these boxe

are checked, enter 25% of line 8 above in each column

11 Estimated tax paid or credited for each period (see

instructions) For column (a) only, enter the amount

from line 77 on line 75

Complete lines 12 through 18 of one column before

going to the next column .

12 Enter amount, if any, from line 18 of the preceding column

13 Add lines 11 and 12 . . . ,

14 Add amounts on lines 16 and 17 of the preceding column

15 Subtract line 14 from line 13 If zero or less, enter -0-

16 If the amount on line 15 is zero, subtract line 13 from line

14 Otherwise, enter-0-

17 Underpayment . If line 15 is less than or equal to line 10,

subtract line 15 from line 10 Then go to line 12 of the next

column Otherwise, go to line 18

18 Overpayment. If line 10 is less than line 15, subtract line

5/17/04 1 6/15/04 1 9/15/04 1 12/15/04

0 121

11

227

0

121

142 19 0

0 104

0 1041 123

70 from line 15 Then go to line 12 of the next column , , 1 18

Go to Part III on page 2 to figure the penalty. Do not go to Part III if there are no entries on line 17-no penalty is owed . For Paperwork Reduction Act Notice, see separate instructions. Form 2220 (2004) DAA

P924 FORM 990-PF

FoR� 2220 Underpayment of Estimated Tax by Corporations OMB No ,sas-0,az 1 See separate instructions .

Department of the Treasury 2004

Intemai Revenue Service 1 Attach to the corporation's tax return . Name Employer identification number

MICHAEL P BERGERON FOUNDATION, INC I22-3589110 Note : In most cases, the corporation is not required to file Form 2220 (see Part I below for exceptions) because the IRS will figure any penalty owed and bill the corporation . Even if Form 2220 is not required, the corporation may still use it to figure the penalty. In such a case, enter the amount from page 2, line 38 on the estimated tax penalty line of the corporation's income tax return, but do not attach Form 2220 . Part f Reasons for Filing- Check the boxes below that apply . If any boxes are checked, and line 6, below, is $500

or more the corporation must file Form 2220 even if it does not owe a penalty . 1 The corporation is using the adjusted seasonal installment method 2 HThe corporation is using the annualized income installment method .

4 Total tax (see instructions)

5a Personal holding company tax (Schedule PH (Form 1120), line 26) included on line 4 . . . . . 5a b Look-back interest included on line 4 under section 460(b)(2) for completed long-term

contracts or section 167(8) for deprecation under the income forecast method 5b

4 I 3,354

6 I 3,354

10

red to skip line 7, enter the amount from line 6

123 123 123

142

19 -1 191

104

490

Part !I) Figuring the Penalty

38 Penalty. Add columns (a) through (e) of line 37. Enter the total here and on Form 1120, line 33, Form 1120-A, line 29 ; ss I$ 12

DAA

Pg 25

Form2220('2004) MICHAEL P BERGERON FOUNDATION, INC 22-3589110 Page 2

19 Enter the date of payment or the 15th day of the 3rd month after the close of the tax year, whichever is earlier (see instructions). (Form 990-PF and Form 990-T filers : Use 5th month instead of 3rd month .) 19 SEE WO SHEET

20 Number of days from due date of installment on line 9 to the date shown on line 19 20

21 Number of days on line 20 after 4/15/2004 and before 7/1/2004 21

22 Underpayment on line 17 x Number of days on line 2 1 x 5% 22 366

23 Number of days online 20 after 6/30/2004 and before 10/1/2004 23

24 Underpayment on line 17 x Number of days on line 23 x 4% 24 366

25 Number of days on line 20 after 9/3012004 and before 1/1/2005 25

26 Underpayment online 17 x Number of days online 25 x 5% 26 366


28 Underpayment on line 17 x Number of days on line 27 x 5% 28 365


30 Underpayment online 17 x Number of days online 29 x '% 30 365

31 Number of days online 20 after 6/30/2005 and before 10/1/2005 31

32 Underpayment on line 17 x Number of days on line 3 1 x '% 365

33 Number of days online 20 after 9/30/2005 and before 1/1/2006

34 Underpayment online 17 x Number of days online 33 x '%

r3 365

35 Number of days online 20 after 12/31/2005 and before 2/16/2006

36 Underpayment on line 17 x Number of days on line 35 x '% 36 365

37 Add lines 22, 24, 26, 28, 30, 32, 34, and 36 37

*For underpayments paid after March 31, 2005 : For lines 30, 32, 34, and 36, use the penalty interest rate for each calendar quarter, which the IRS will determine during the first month in the preceding quarter . These rates are published quarterly in an IRS News Release and in a revenue ruling in the Internal Revenue Bulletin . To obtain this information on the Internet, access the IRS website at www.irs .gov. You can also call 1-800-829-1040 to get interest rate information .

Fog 2220 (2004)

QTR FROM TO UNDERPAYMENT #DAYS RATE PENALTY --- ---------- ---------- -------------- ----- ------- ------------- 2 6/15/04 6/30/04 104 15 5 .00 0 2 6/30/04 9/30/04 104 92 4 .00 1 2 9/30/04 3/31/05 104 182 5 .00 3 2 3/31/05 5/15/05 104 45 6 .00 1 3 9/15/04 9/30/04 123 15 4 .00 0 3 9/30/04 3/31/05 123 182 5 .00 3 3 3/31/05 5/15/05 123 45 6 .00 1 4 12/15/04 3/31/05 121 106 5 .00 2 4 3/31/05 5/15/05 121 45 6 .00 1

--- ---------- ---------- -------------- ----- ------- -------------TOTAL PENALTY 12

Pg 26

Form 2220 Worksheet 2004 Form 2220

For calendar ear 2004, or tax ear beginning , and ending Name Employer Identification Number

MICHAEL P BERGERON FOUNDATION INC 22-3589110 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter

Due date of estimated payment 5/17/04 6/15/04 9/15/04 12/15/04 Amount of underpayment 104 123 121

Prior year overpayment applied 142

1st Payment 2nd Payment 3rd Payment 4th Payment 5th Payment Date of payment Amount of payment

f Period Covering ~ AccouN Number: Account Name:

Dec 104 to Dec 3104 001-45061-8 MICHAEL PBERGERONFDN, INC. HOLDINGS

CASH AND CASH EQUIVALENTS Quantity Market Price Market Value / Unit Cost Adjusted Cusp / Unrealized geld to Maturity/ Estimated Accrued income Original Cost Gain (Loss) Current Yield Annual Income

1 .0000

1 .21

1 .21

TOTAL CASH AND CASH EQUIVALENTS

972 .66 11 .98 973 .87

II I II I I II I III 111111111 II I II I II I II I II I I 111 Page A 4 of 26

MONEY MARKET FUNDS

GOLDMAN SACHS INSTITUTIONAL LI 972 .66 ASSETS FEDERAL PORTFOLIO (IlA UNITS)

TOTAL MONEY MARKET FUNDS

DIVIDENDSIINTEREST EARNED BUT NOT YET PAID

U S DOLLAR

TOTAL DIVIDENDS/INTEREST EARNED BUT NOT YET PAID

972 .66 1 .0000 972 .66

972 .68 972 .66

0 .00 1 .2300 11 .96

11 .98

Period Coverlng~ Account Number: Account Name'

Dec 104 to Dec 3104 001-45061-8 MICHAEL P BERGERONFDN, INC HOLDINGS

Quantity Market Price Market Value / Unit Cusp Adjusted Cost / Unrealized Yield to Maturity Eitimated Accrued Income Original Cost Cain (Lass) in Percentage Annual Income

45,871 .104 10.0700 481,922 .02 10 .1964 487,720 .38 (5,798 .36)

11,659 .909 8.2200 95,844 .45 8 .2318 95,982 .38 (137 .91)

557,768.47 563,702.74 (5,936.27)

563,702 .74 (5,936 .27)

EQUITY MUTUAL FUNDS

GOLDMAN SACHS REAL ESTATE CLASS A (GRFAX)

GOLDMAN SACHS SMALL CAP VALUE CLASS A (GSSMX)

TOTAL EQUITY MUTUAL FUNDS

2.1631 3,035.30

, 0.0562 , 87 .88

1 .1891 3,103.16

92,510 .57 47,751 .11

98,484 .08 24,189.12

189,054 .63 71,920 .23

8,115.771 17 .2900 140,321 .68 11 .4063

2,827.588 42 .6700 120,653.18 34.1224

260,974 .86

11111111111111111111111111111111111111111111111111111 Page A 5 of 26

FIXED INCOME

FIXED INCOME MUTUAL FUNDS

GOLDMAN SACHS CORE FIXED INC A MUTUAL FUND CLASS A

. .. . . . . GOLDMAN SACHS HIGH YIELD A MUTUAL FUND CLASS A

TOTAL FIXED INCOME MUTUAL FUNDS

TOTAL FUtED INCOME

EQUITIES

557,766.47

Quantity Market Price Market Value / Unit Cost Accrued Income

Cusp Basis Unrealized Gain (Loss)

18,284 .24

8,103 .64

24,387.88

24,387.88

Dividend Estimated Yield Annual Income

II I II I I II I III 1111111111111111111111111111111111111 Page A 6 of 26

Period Covering: Account Number Account Name:

Dec 104 to Dec 3104 001-45061-8 MICHAEL PBERGERONFDN, INC. HOLDING

EQUITIES Quantity Market Price Market Value/ Unit Cost Cost Basis Unrealized Dividend Estimated Accrued Income Gain (Loss) Yield Annual Income

TOTAL EQUITIES 260,974.86 189,054.63 71,920 .23 1 .1891 3,103.16

SUMMARY OF HOLDINGS Market Value Percentage Adjusted Cost/** Unrealized Estimated

of Purlfuliu Original Cusp Gain (Loss) Annual Income

TOTAL CASH AND CASH EQUIVALENTS 973.87 0 .72 972 .66 11 .96

TOTAL FIXED INCOME 557,766 .47 88 .04 563,702 .74 (5,936 .27) 24,387 .88

TOTAL EQUITIES 260,974 .86 31 .84 189,054 .63 77,920.23 3,103 .18

TOTAL ACCOUNT 819,775.20 100.00 753,730 .03 65,983.96 27,503 .00

" Original Cost is price paid by purchaser adjusted for annual original issue discount payments andlor return of capital adjustments, I( applicable. Adjusted Cost reflects adjustments to Original Cost for accretion and/or amortization .

Period Covering. Account Number: Account Name:

Dec 104 to Dec 3104 040-OS266-4 GMS DRESDNER LC GROWTH HOLDINGS-

CASH AND CASH EQUIVALENTS Quantify Market Price Market Value/ Unit Cost Adjusted Cost / Unrealized Yield to Maturity/ Estimated Accrued Income Original Cost Gain (Loss) Cur-rent Yield Annual Income

1 .0800 36 .59

36 .59 2,799 .09 2,791 .93 TOTAL CASH AND CASH EQUIVALENTS

11111111111111111111111111111111111111111 Page BSof22

BASE CURRENCY

U S DOLLAR (596.25)

TOTAL BASE CURRENCY

MONEY MARKET FUNDS

GOLDMAN SACHS INSTITUTIONAL LI 3,388.18 ASSETS FEDERAL PORTFOLIO (ILA ADMINISTRATION UNITS)



U S DOLLAR

TOTAL DIVIDENDSIINTEREST EARNED BUT NOT YET PAID

(596.25) (598.25) 0 .00

(596 .25)

1 .0000 3,388.18 1 .0000 3,388.18 0.00

3,388.78 3,388.18

7.1s

7 .16

36 .59

Period Covering: Account Number: Accoun! Name "

Dec 104 to Dec 3104 040-05266-4 CMS DRESDNER LC GROWTH HOLDINGS

111111111111111111111111111111111111111111 Page B 6 of 22

Quantity Market Price Market Value / Unit Cost Cost Basis Unrealized Dividend Estimated EQUITIES i Accrued Income Gain (Loss) Yield Annual Income

COMMON STOCKS

ABBOTT LABORATORIES 79 .00 46.6500 3,685.35 43.9461 3,408.54 276.81 2.2294 82.16 CMN (ABn

ADVANCED MICRO DEVICES INC 76 .00 22.0200 1,673.52 23.1726 1,761 .12 (87.60) CMN (AMD)

AETNA INC 22 .00 124.7500 2,744 .50 94 .0718 2,069.58 674 .92 0.0321 0 .88 CMN (AET)

ALCAN INC. 31 .00 49.0400 1,520 .24 50 .7719 1,573.93 (53 .69) 1 .2235 18 .60 CMN (AL)

AMGEN INC 28 .00 64 .1500 1,196 .20 63 .8000 1,788.40 9.80 CMN (AMGN)

APACHE CORP . 47.00 50 .5700 2,376 .79 51 .2830 2,410.30 (33 .51) 0 .6328 15 .04 CMN (APA)

APPLE COMPUTER INC 41 .00 64 .4000 2,640 .40 44 .7851 1,836 .19 804 .21 CMN (AAPL)

. . BED BATH 8 BEYOND INC 51 .00 39 .8300 2,031 .33 43.2412 2,205 .30 (173 .97) CMN (BBBI)

BIOGEN IDEC INC 40.00 66.8100 2,664 .40 60.0360 2,401 .44 262 .96 CMN (BIIB)

BROADCOM CORP CL A 61 .00 32 .2800 1,969 .08 27.9331 1,703 .92 265.16 CMN CLASS A (BRCM)

CARNIVAL CORPORATION 88 .00 57.6300 5,071 .44 48.2231 4,243 .63 827.81 0.8676 44.00 CMN (CCL)

EQUITIES Quantity Market Price Market Value/ Unit Cost Cost Basis Unrealized Accrued bicume Gain (Loss)

COMMON STOCKS (Continued)

CISCO SYSTEMS, INC . 114 .00 19 .3200 2,202 .48 25 .2919 2,883 .28 (680.80) CMN (CSCO)

CITIGROUP INCORPORATED 31 .00 48.1800 1,493 .58 47 .1971 1,463 .11 30.47 CMN (C)

COACH INC 33.00 56.4000 1,861 .20 43 .0830 1,421 .74 439.46 CMN (COH)

DANAHER CORPORATION (DELAWARE) 40.00 57.4100 2,296.40 47.5707 1,902.83 393.57 CMN (DHR) 0.60

DELL INC 82.00 42.1400 3,455.48 34.4579 2,825.55 629.93 CMN (DELL)

EBAY INC . 20.00 116.3400 2,326.80 103.9130 2,078.26 248.54 CMN (EBAY)

ELAN CORP PLC (ADR) 86.00 27.2500 2,343.50 27.1960 2,338.86 4.64 ADR CMN (ELN)

FEDEX CORP 32.00 98.4900 3,151 .68 86.1437 2,756.60 395.08 CMN (FDX) 2.24

FRANKLIN RESOURCES INC 31 .00 69.6500 2,159.15 58.4490 1,811 .92 347.23 CMN (BEN) 3.10

GENERAL ELECTRIC CO 143.00 36.5000 5,219.50 33.1300 4,737.59 481 .91 31 .46 CMN (GE)

GILEAD SCIENCES 102.00 34.9900 3,568.98 34.0628 3,474.41 94 .57 CMN (GILD)

0.2843 8 .96

0.4882 10 .54

2.1918 114 .40

III IIIIIII I) I I II III II II I I I ( II IIIIIIIII III Page B 7 of 22

Period Covering Account Number: Account Name:

Dec 104 to Dec 3104 040-05266-4 GMS DItESDNER LC GROWTH HOLDINGS-


3 .3209 49.60

0 .1045 2 .40

Period Covering: AccountNumber: Account Name.

Dec 1 04 to Dec 31 04 040-05266-4 GMSDRESDNER LC GROWTH


Quantity Market Price Market Value / Unit Cost Cost Basis Unrealized Accrued Income Gain (Loss)


GILLETTE CO CMN (G)

.... . . . . . . . . .. . . . ... . . ..... . . . . . . . . . . . ..... . . . . . .. . . . . . . . ..... . . . . . . .. . . . . . . GOLDEN WEST FINANCIAL CORP CMN (GDW)

.... . . . . . . . . . .. . .. . . . . . . . . .. . . . . . . . . . . . .... . . . . . . .. . . . . . . . GOOGLE, ING. CMN CLASS A (GOOG)

. ... . . .. . . . . .. . . . . .. . . . . ... . . . . . .. . . . . . . ... . . . . . . . . . . . . . . ..... . . . . . ... . . . . . . MARVELL TECHNOLOGY GROUP LTD CMN (MRVL)

.... . . ... . . . .. . . . . .. . . . .... . . . . . .. . . . . . .... . . . . . . . . . . . . . . ..... . . . . . .... . . . . . MEDTRONIC INC CMN (MDT)

.... . . .. . . . . I . . . . ... . . .... . . . . . . .. . . . . ..... . . . . . . . . . . . . . . .... . . . . . . . . . . . . . . . MERRILL LYNCH GO INC CMN (MER)

... . . . . . . . . ... . . ... . . . ... . . . . .... . . . . . ... . . . . . . .. . . . . . . .... . . . . . . . . . . . . . . . . . METLIFE INC CMN (MET)

.. . . . .. . . . . ... . . ... . . . ... . . . . .... . . . . . ... . . . . . . .. . . . . . . .... . . . . . . . .. . . . . . . . . MICROSOFT CORPORATION CMN (MSFT)

. . . . ... . . .... . . . ... . . . .. . . . . . ... . . . . . ... . . . . . .... . . . . . ... .. . . . . . . . .. . . . . . . . . NEWS CORPORATION, INC. CMN CLASS A (NWSA)

. . . . ... . . .... . . . .. . . . . .. . . . . . .... . . . . . .. . . . . . .... . . . . . ..... . . . . . . . .. . . . . . . . . NIKE CLASS B CMN CLASS B (NKE)

. . . . ... . . .... . . . .. . . . . .. . . . . . .. . . . . . . . .. . . . . . .... . . . . . ..... . . . . . . ... . . . . . . . . NOVARTIS AG ADR SPONSORED ADR CMN (NVS)

80 .00 59.7700 4,781 .60 57.9249 4,633.99 147.61 1 .0708 5`1 .20

..... . . . . . . ... . . . . . .... . . . . . .. . . . . ... . . . . .. . . . .. . . . . .. . . . . .. . . . ... . . .. . . . ... . . .. . . . .. . . . .. . . ... . . . .. . . . . . . .... . . .. . . . . .. . . . ... . . .. . . . . .. . . . . .. . . . . . . . . . .. . . .... . . ... . . . . .. . . . . . . ... . . . ... . . . . . . .... . . .... . . . . . .. . . . . . . . . .... . . . . . .... . . . . . . . . . . . . .. . . . . . .... . . . . . .. . . ... . . . ... . . . . .. . . . . .. . . ... . . .. . . . . . . .. . 66 .00 40.5100 2,673.66 36.8977 2,435.25 238.41 '1 .1355 30.36

... . . . . . . .. . . I . . . . . . ... . . . . ... . . . . . .. . . . . .. . . . .. . . . . . . . . . ... . . . ... . . .. . . . .. . . . .. . . ... . . . .. . . ... . . ... . . . . . . .... . . .. . . . . .. . . . .. . . . .. . . . ... . . . ... . . .. . . . . ... . . ... . . . .. . . . . . .. . . . . . .... . . . ... . . . . . .... . . . ... . . . . . . .. . . . . . . . . .. . . . . . . . ... . . . . . . .. . . . . . .. . . . . . .. . . . . . . ... . . ... . . . ... . . . . . . . . . ... . . .. . . . .. . ... . . .. . 132.00 26.7200 3,527.04 27.8857 3,680.91 (153 .87) 1 .1976 42 .24

Page B 8 of 22

EQUITIES

HOLDINGS-

45 .00 44 .7800 2,015.10 41 .7529 1,878.88 136.22 1 .4515 29 .25

..... . . . . . .... . . . . . . . ... . . . . .. . . . . . .. . . . . . . . . . ... . . . .. . . . . .. . . . . .. . . ... . . ... . . .. . . . .. . . . .. . . ... . . ... . . . . . . .... . . ... . . . .. . . . .. . . . .. . . . ... . . . ... . . . . . . . . . .. . . . .. . . . .. . . . . . .... . . . . ... . . . . .. . . . . . . ... . . . . ... . . . . . ... . . . . . . . .. . . . . . . . ... . . . . . . . . . . . . . .. . . . . . ... . . . . . . .. . . ... . . . ... . . . . . . . . . . .. . . ... . . .. . . . . . . .. . 36 .00 61 .4200 2,211 .12 57.6922 2,076.92 134.20 0 .6513 14 .40

.. .. . . . . . . .... . . . . . . . ... . . . . . . . . . . . . . . . . . . . ... . . . .. . . . . .. . . . . .. . . ... . . . .. . . .. . . . .. . . . .. . . ... . . . .. . . . . . . . ... . . ... . . . .. . . . .. . . . .. . . . . .. . . . ... . . . . . . . . . .. . . ... . . . .. . . . . . .... . . . . ... . . . . .. . . . . . . . .. . . . .... . . . . . .. . . . . . . . . .... . . . . . .. . . . . . . . . . . . . . . ... . . . . .... . . . . . .. . . ... . . . .... . . . .. . . . . .. . . ... . . .. . . . . . . .. . 10 .00 192.7900 1 .927.90 175.4090 1,754 .09 173.81

.. . .. . . . . . .... . . . . . . . ... . . . . . . . . . . . .. . . . . . . . . . ... . . . .. . . . . .. . . . . .. . . ... . . . .. . . .. . . . .. . . . .. . . . ... . . .. . . . . . . . ... . . .... . . ... . . ... . . .. . . . . . . . . . . .. . . . . .. . . . .. . . . ... . . ... . . . . .... . . . . . .. . . . . .. . . . . . . . ... . . .... . . . . . ..... . . . . . .... . . . . . ..... . . . . . .. . . . . ... . . . . . ... . . . . . .. . . . ... . . ..... . . .. . . . . .. . . . ... . ... . . .. . ... 95 .00 35.4700 3,369.65 28.7209 2,728.49 641 .16

. . ... . . . . . .... . . . . . . . ... . . . . . . . . . . . .. . . . . .. . . . ... . . . .. . . . . .. . . . .. . . . .. . . . .. . . .. . . . .. . . . .. . . . ... . . .. . . . . . . . ... . . .... . . ... . . ... . . ... . . . . . . . . . .. . . . . .. . . ... . . . ... . . ... . . . . .... . . . . . .. . . . . . . . . . . . . . ... . . . . .. . . . . . ..... . . . . . .... . . . . . ..... . . . . . ... . . . .... . . . . ... . . . . . .. . . . ... . . . .... . . .. . . . . .. . . . ... . ... . . .. . ... 67 .00 49.6700 3,327.89 49.5000 3,316.50 11 .39 0.6745 22.45

..... . . . . . .... . . . . . . .... . . . . . . . . . . . .. . . . . .. . . . ... . . . .. . . . ... . . . . .. . . .. . . . ... . . .. . . . .. . . . .. . . .... . . .. . . . . . . . . .. . . ... . . . .. . . . ... . . .. . . . . .. . . . . .. . . . . . . . . . .. . . . ... . . .. . . . . . .... . . . . . .. . . . . . . . . . . . . . ... . . . ... . . . . . ..... . . . . . .... . . . . . .... . . . . . . .. . . . . .... . . . .... . . . . . .. . . . ... . . ..... . . .. . . . . .. . . . ... . ... . . .. . ...

.. . . . . . . ... . . . . . . . . .... . . . .... . . . .... . . . ... . . ... . . . . . . . . . ... . . . ... . . .. . . . .. . . ... . . ... . . ... . . ... . . .. . . .. . . . .... . . .. . . . . .. . . ... . . . .. . . . ... . . .... . . .. . . . . .. . . . ... . . . .. . . . . . .. . . . . ..... . . . ... . . . . . .... . . . ... . . . . .... . . . . . . . . .. . . . . . . . .. . . . . . . . .. . . . . . .. . . . . . . . . . . . . . ... . . ... . . . ... 126.00 18 .6600 2,351 .16 16.4385 2,071 .25 279.91

.... . . . . .. . . . . . . . . . .... . . . . ... . . . . ... . . . . .. . . . .. . . . . .. . . .... . . . ... . . .. . . . ... . . .. . . ... . . . .. . . ... . . ... . .. . . . .... . . .. . . . . .. . . . .. . . . .. . . . ... . . . ... . . .. . . . . ... . . ... . . . .. . . . . . .. . . . . . .... . . . ... . . . . . .... . . . .. . . . . . . ... . . . . . . . . .... . . . . . .. . . . . . . . .. . . . . . .. . . . . . .. . . . . . . ... . . ... . . . ... 40.00 90.6900 3,627 .60 73.8847 2,955.39 672.21 0 .8821

10.00

... . . . . . .. . . . . . . . . . . .. . . . . . ... . . . . ... . . . . .. . . . .. . . . . . . . . . ... . . . ... . . ... . . ... . . .. . . ... . . . .. . . ... . . ... . . . . . . .... . . .. . . . . .. . . . .. . . . .. . . . . .. . . . ... . . . . . . . . ... . . .... . . .. . . . . . ... . . . . .... . . . . .. . . . . . . .... . . ... . . . . . . .. . . . . . . . . .... . . . . . .... . . . . . . . . . . . . .. . . . . . .... . . . . . .. . . . ... . . ... 50 .00 50.5400 2,527.00 45.2184 2,260.92 266.08 1 .3138

. . . . . ... . . .. . . ... . ... . . .. .

32 .00

33.20

Period Covering Account Number : Account Name:

Dec 1 04 to Dec 31 04 040-05266-4 GMSDRESDNER LC GROWTH

Dividend Estimated Yield Annualincome

Quantity Market Price Market Value/ Unit Cost Cost Basis Unrealized Accrued hicome Gain (Loss) EQUITIES

III 1111111111111111111111111111111111 Page B 9 of 22

HOLDINGS-


ORACLE CORPORATION 241 .00 13 .7200 3,306 .52 14 .4700 3,487 .27 (180.75) CMN(ORCL)

. . . ... . . . .. .. . . . ... . . . .. . . . . . . . . . . . .. . . . . . . . . .. .. . I . . . . ... . . . . . . . . . . .. . . . . . . .. . .. . . . . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . .... . . . . . . ... . . ... . . ... . . . ... . . . . . . . ... . . . . . . . .... . . . . . . . .. . . . .. . . . ... . . . . . . ... . . . .. . . . ... . . ... . . . .. . . . . . . . . . . ... . . .. . . . . . .. . . . . .. . . . . .. . . . . .. . . . . . ..... . . . . . . . .. . . . . . .... . . . . . . .. . . . . ..... . . . . . . . .. . . . . . . ... . . . . . . . .. . . . ... . . . .. . . ... . . . . . . . . . .. . . .. . . .. . . .. . . ... .. PEPSICO INC 37 .00 52.2000 1,931 .40 46 .2600 1,71 '1 .62 219 .78 1 .7625 34.04 CMN (PEP) 10 .58

. . . . . . . . ... . . .... . . . . ... . . .... . . . . . .. . . . . . . . .. . . . . . .. . .. . . . . . . . . .... . . . . . . . . ..... . . . ... . . . . . ... .. . . . ... . . . . . .. . . . . . . . . . . . .. . . ... . . ... . . ... . . . .. . . . . .. . . ... . . . .. . . . .. . . ... . . .... . . .. . . . .. . . . .. . . ... . . . .. . . . ... . . .. . . . . ... . . . ... . . ... . . . . . . . . . . .. . . . . .. . . . ... . . . .... . . . . ... . . . . . . . . .. .. . . . . . .. . . . . . . ... . . . . . ... . . . . . . . . ... . . . . . ... . . . . .... . . . . . .. . . . ... . . . . . . . . . . . .. . . ... . . .. . . . . . . .. . .. PFIZER INC . 101 .00 26.8900 2,715 .89 36A100 3,647 .11 (931 .22) 2.5288 68.68 CMN (PFE)

. ... . . .... . . . .. . . . . . ... . . . ... . . . . .... . . . . . ... . . . . . . .. . .. . . . . . .. . . . . . . . . . . .. ... . . . . . . . . . . . . . . .. . . . . . .. . . . . .... . . . . ... . . . ... . . . .. . . .... . . . . . . . ... . . . .. . . . .. . . . .. . . . .. . . . .. . . . .. . . . . .. . . .. . . .... . . .. . . ... . . . .. . . . .. . . . ... . . . . .. . . . . .. . . . ... . . . ... . . . .. . . . . .. . . . . . . . . . . . .. . . . . . . . . ... . . . . . . ... . . . . . . . . . . . . . ..... . . . . . .. . . . . . . . . . ... . . . . . . . . . . . ..... . . .. . . . ... . . ... . . . .. . . .. . . ... . ... . . .. . .. . PROCTER & GAMBLE CO 81 .00 55.0800 4,461 .48 50 .8698 4,120.45 341 .03 1 .8155 81 .00 CMN (PG)

. . .. . . . ... . . . .... . . . .... . . ... . . . . .... . . . . . .... . . . . . .. . .. . . . . . . . . ... . . . . . . . . ... . . . . . .. . . . I . . . .. . . . . . .. I . . . . ... . . . . . .. . . . . ... . . .. . . . ... . . .. . . . . .. . . . ... . . .. . . . . .. . . .. . . . ... . . .. . . . . .. . . ... . . ... . . .. . . . ... . . ... . . . .. . . . ... . . . ... . . . .. . . . . .. . . . .... . . .... . . ... . . . . .. . . . . ... . . . . . . . . . . . . . . . . ..... . . . . . . . . . . . ..... . . . . . .. . . . . . . . . . ... . . . . . . . . . . . ..... . . .. . . . ... . . .... . . .. . . .. . . . .. . ... . . .. . . . . PULTE HOMES INC 25.00 63.8000 1,595 .00 63 .5508 1,588 .77 6 .23 0 .3`135 5.00 CMN (PHMI) 1 .25

... . I . .. . . . . .. . . . . . .. . . . ... . . . . . .. . . . . . .... . . . . . ... .. .. . . . . . .. ... . . . . . ...... . . . . . ... . . . . . .... . . . . . .. . . . . . .. . . . . . ... . . . .... . . . . . . . .. . . . . . . . . . ... . . ... . . ... . . ... . . . .. . . .. . . . . .. . . . ... . . .. . . ... . . . .. . . ... . . . .. . . ... . . . ... . . . . . . . . . . .. . . . ... . . ... . . . . .. . . . . .. . . . . .. . . . . . .. . . . . . . . . .... . . . . . ... . . . . . . . . . . . . . ... . . . . . . . .. .. . . . . . ..... . . . . .. . . . . . ... . . . . .. . . .... . . .. . . . . .. . . .. . . .. . . ... . . .. . .. . QUALCOMM INC 67 .00 42.4000 2,840 .80 42 .1245 2,822.34 '18 .46 0 .6604 18.76 CMN(QCOM) 4 .69

.... . . .. . . . . . . . . . . . .. . . . . .. . . . . . .. . . . . . .... . . . . . .... ... . . . . . .... . . . . . ... .... . . . . . .. . . . . . . .... . . . . . .. . . . . ... . . . . .... . . . ... . . . . . . . ... . . . . . . . . ... . . .... . . .. . . ... . . . .. . . . .. . . . .. . . . ... . . .. . . . ... . . .. . . .... . . .. . . . ... . . .... . . . ... . . . .. . . . ... . . . .... . . .. . . . . .. . . . . . . . . . . . ... . . . . . . . . . . . . . . . . ..... . . . . . . . . . . . ..... . . . . . .. . ... . . . . . . .. . . . . . . . . . . . . .... . . ... . . ... . . . ... . . .. . . ... . . .. . ... . . .. . . . . SAP AKnENGESELLSCHAFT 34 .00 44 .2100 1,503.14 42.8709 1,457.61 45 .53 0 .4207 6 .32 (SPON ADR) (SAP)

.. . . . . .. . . . . .. . . . . ... . . . ... . . . . . .. . . . . . .. . . . . . . . ... . . . . . . . .... . . . . . . . . .. .... . . . . .... . . . . . ... . . . . . ... . . . . ... . . . . . ... . . . .. . . . .. . . ... . . . .. . . .... . . . . . . . ... . . . .. . . . ... . . .. . . . ... . . .. . . . . .. . . .. . . . .. . . . . . . . . . .. . . .. . . . . .. . . . . .. . . . . . .. . . ... . . . .. . . . . . . . . . . . .. . . . ... . . . . ... . . . . . . . . .... . . . . . .. . . . . . . . .. . . . . . .. . . . . . . . . . . .. . . . . . .... . . . .... . . . . . .. . . . . . .. . .... . . . .. . . . . .. . . . . . ... . ... . .... . .. . SCHERING PLOUGH CORP 9500 20.8800 1,983.60 19 .3348 1,836.81 146.79 1 .0536 20 .90 CMN (SGP)

. . . ... . . . . ... . . . .... . . . .. . . . . ... . . . . .... . . . . . ..... . . . . . . . . . . . . . . . . . .. ... . . . . . . . . .. . . . . .. ... . . . . . .. . . . . ... . . . . .... . . . . ... . ... . . . .. . . . .. . . . .. . . . . .. . . .. . . .... . . . .. . . . . . . . ... . . . .. . . .... . . .. . . ... . . . .. . . . .. . . . . . . . . .... . . ... . . . . .. . . . . . . . . . ... . . . . .. . . . ... . . . . . . . . . .... . . . . . . .... . . . . . ..... . . . . . .. . . . . ... .. . . . . . ... . . . . . . ... .. . . . . . . . . . . . . . ... . . . . .. . . .. . . . . . . . . . . .. . . .. . . .. . . .. . ... . . .. . . SMITH INTERNATIONAL INC 27.00 54 .4100 1,469.07 54,9763 1,484 .36 (15 .29) CMN (SII)

. . . . . ... . . . ... . . . . ... . . ... . . . . .. .. . . . . . . . . . . . . . . .. . . . . . . . . .... . . . . . . . . .. . .. . . . . . ... . . . . . . .. . . . . . .... . . . . ... . . . . . .. . . . . .. . . . ... . . .. . . . . .. . . . ... . . . . . . . . .. . . . . . . . . ... . . . I . . . ... . . ... . . ... . . . . . . ... . . . .. . . . I .. . . .. . . . . .. . . . . .. . . . . ... . . .. . . . . .. . . . . . . . . . . . .. . . . ... . . . . ... . . . . . . . . ... . . . . . . .. . . . . . . . .. . . . . . .. . . . . . . . . . . .. . . . . . ... . . . . .... . . . . . ... . . . . . . . .... . . . .. . . . . .. . . . . . ... . ... . . . .. . .. . ST JUDE MEDICAL INC 44 .00 41 .9300 1,844.92 33.8034 1,487.35 357.57 CMN (STJ)

. . . ... . . . . . .. . . . ... . . . . . . . . . . .. . . . . . .... . . . . . ..... . . . . . .... . . . . . . . . .... . . . . . . . . . . . . . . . ..... . . . . . .. . . . . .. . . . . . .... . . . . . .. . . .. . . . . .. . . ... . . . .. . . . ... . . .. . . . . .. . . ... . . ... . . ... . . . .. . . .... . . .. . . ... . . . .. . . ... . . . . . . . . ... . . . ... . . . ... . . . . . . . . . ... . . . ... . . . ... . . . . . . . . . .... . . . . . . .. .. . . . . . .. .. . . . . . . .. . . . . ... . . . . . . . ... . . . . . . ..... . . . . . . . . . . . . . ... . . . . .. . . .. . . . . . . . . . .. . . .. . . .. . . .. . ... . . .. . . STARBUCKS CORP . 36.00 62 .3600 2,244.96 39.5633 1,424 .28 820.68 CMN (SBUX)

SYMANTEC CORP 80.00 25.7600 2,060.80 24.4796 1,958.37 102.43 CMN (SYMC)

. . . . ... . . .... . . . I ... . . . . .. . . . . . ..... . . . . . ... . . . . . . ... .. . . . . . .... . . . . . ... .. . . . . . . . . . . .. . . . . . . . .. . . . . . .. . . . . . .. . . . . . . ... . . .... . . .. . . . . .. . . . .... . . ... . . . .. . . . ... . . .. . . . . .. . . .. . . .... . . .. . . ... . . .. . . . . . . . . .. . . . ... . . . .. . . . . .. . . .. . . . . .. . . . .... . . ... . . . . .. . . . . . ... . . . . . .. . . . . . . . . . . . . . . . .... . . . . . .... . . . . . .. . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . .. . . . . .. . . . .. . . . . .. . . ... . . .. . . .. . . .. . ... . . . .. . . TARGET CORP 37.00 51 .9300 1,921 .41 50.8657 1,882.03 39.38 0.6162 11 .84 CMN (TGT)

. . . ... . . . .. . . . . .. . . . . . .... . . . . . .. . . . . . .... . . . . . ..... . .. . . . . . . . . . . . . . . .. . . . . . .... . . .... . . . . . .. . . . . . . . ... . . . . . . . . . . . .. . . . . . .. . . . . .. . . . ... . . ... . . . . . . . . . ... . . .. . . . ... . . ... . . . .. . . .. . . . . . . .. . . ... . . .. . . ... . . . . . . . . ... . . . ... . . ... . . . ... . . ... . . . . . . . . . . .. . . . . . . . . . . . .... . . . . . . .... . . . . . .. . . . . . . ... . . . . . .... . . . . . . ... . . . . . . .... . . . . . .. . . . . . .. .. . . . ... . . . .. . . . . .. . . .. . . . ... . ... . . . . . .. . . . ... . . TEXAS INSTRUMENTS INC . 59.00 24 .6200 1,452.58 24 .4000 1,439 .60 12.98 0.4062 5.90 CMN (FXN)

. . . ... . . . .. .. . . ... .. . . .... . . . . ... . . . . . .... . . . . . . .... . I . . . . . . .. . . . . . . . .. . . . . . .... . . . . ... . . . . .. . . . . . . . . .. . . . . . . . . . . . ... . . . . .. . . . . .. . . . ... . . ... . . . . .. . . . . .. . . ... . . . .. . . ... . . . .. . . ... . . . .. . . .. . . . .. . . . . . . . ... . . . . . . . . ... . . . .. . . . .. . . . . .. . . . .... . . ... . . . ... . . . . .. . . . . . . ... . . . . . . .. . . . . . . .... . . . . . . . .. . . . . . ... . . . . . . ... . . . . . . . ... . . . . . . . . . . . ..... . . .... . . ... . . . . . . . . .. . . . .. . ... . . .. . ... . . . .. . . TRANSOCEANINC . 57 .00 42 .3900 2,416.23 39.0053 2,223 .30 192 .93 CMN (RIG)

. . ... . . . .. . . . . . .. . . . . . .. . . . . .... . . . . . . . . . . . . . . . .. . . . . . . . . .... . . . . . ..... . . . . . . . . . . . ... . . . . ... . . . . . . .... . . . .... . . . . . .. . . . . .. . . . . .. . . . .. . . . . .. . . . . .. . . . . .. . . . . . . . . ... . . .. . . . ... . . . . . . .... . . . . . . .. . . . .. . . .. . . . . .. . . ... . . . . .. . . . .. . . . .... . . .. . . . . . . . . . . . .. . . . . . . . . . . . .... . . . . . . .... . . . . . .. . . . . . .... . . . . . ... . . . . . . . .. . . . . . . . .. . . . . . . ... . . . . . .. . . . . . .. . . . . .. . . .... . . .. . . ... . ... . . .. . . .. . . . .. . . . TYCO INTERNATIONAL LTD . 54 .00 35 .7400 1,929.96 30.7191 1,658 .83 271 .13 0.1399 2.70 CMN (TYC) 5.40

. . .. . . .... . . . ... I . . . ... . . . . . .. . . . . . .... . . . . . .... . . . . . . . . . . . .. . . . . . .. . . . . . . ... . . . .... . . . . . . . . . . . . .. .. . . . . . . . . . . . ..... . . .... . . ... . . . . . . . . ... . . . . .. . . . ... . . . .. . . .. . . . . .. . . ... . . . .. . . ... . . . .. . . .. . . ... . . ... . . . .. . . . .. . . . . .. . . ... . . . .. . . . . . .. . . .... . . ... .. . . . .. . . . . . . .. . . . . . . . .. . . . . . . ... . . . . . .. . . . . . . .... . . . . . .... . . . . . . .... . . . . . . . . . . . . .... . . . . .. . . . ... . . . .. . . . ... . . . . . .. . . . ... . . .. . . .. . . .. UNITED PARCEL SERVICE, INC . 38 .00 85 .4600 3,247 .48 74 .9521 2,848 .18 399 .30 1 .3106 42.56 CLASS B COMMON STOCK (UPS) 9.80

. ... . . .... . . ..... . . . ... . . . . . .. . . . . . .... . . . . . . .... . . . . . . . . . . . . . . . . . .. . . . . . . ... . . . . ... . . . . . . . . . . . . .... . . . . . . . . . . . .... . . . . ... . . .... . . . . . . . ... . . . .... . . .... . . .. . . .. .. . . . . . . . ... . . .. . . ... . . . .. . . .. . . . .. . . . .. . . . . .. . . .. . . . . . . . . ... . . . . .. . . . . .. . . . ... . . ..... . . . . .. . . . . . ... . . . . .. . . . . . . . . . . .. . . . . . . .. . . . . . . .. . . . . . . . . . . . . . . . . . .. . . . . . ... . . . . . ... . . . . . . . . . . . .. . . .... . . .. . . .. . . ... . . .. . . .. . . ... . .. UNITED TECHNOLOGIES CORP 20 .00 103 .3500 2 .067 .00 94 .8540 1,897 .08 169 .92 1 .3546 28.00 CMN (UTX)

... . . .. . . . I . .. . . . . . .. . . . . ..... . . . . . . . . . . . . . ... . . . . . . . . I .. . . . . . . .... . . . . . . . . . . . . .. . . . . . .... . . . . . .. . .. . . . ... . . . . . .. . . . . . . . . . . . .. . . . ... . . ... . . . . .. . . . . .. . . . .. . . . .. . . . ... . . .. . . . .. . . . .. . . . ... . . .. . . . . . . .. . . . . ... . . .. . . . .... . . .. . . . ... . . . ... . . . .. . . . . .. . . . . . ... . . . ..... . . . . .. . . . . . . . . .. . . . . . .... . . . . . .... . . . . . . . . . . . . . . . .. ... . . . ... . . . . . ... . . . . .... . . ... . . . .. . . . .. . . . .. . . .. . . ... . . .. . . . . . . ... VERISIGN INC 43 .00 33.6000 1,444 .80 32 .5130 1,398 .06 46 .74 CMN (VRSN)

... . . . . . . . . . .. . . . . . ... . . . ..... . . . . . ... . . . . . . ... . . . . . . . .... . . . . . . ... . . . . . . . . . . . . ... . . . . . . . . . . . . ... . . . . . ... . . . . . .. . . . . . .. . . . . .. . . . ... . . ... . . . . .. . . . . .. . . . ... . . .. . . . ... . . .. . . . .. . . . .. . . . ... . . .. . . .. . . . .. . . . ... . . . .. . . . ... . . .. . . . . .. . . . .... . . .. . . . . .. . . . . . .. . . . . . .... . . . . .. . . . . . . . . ... . . . . .... . . . . . .... . . . . . . . . . . . . . . . .... . . . . . . . . . . . . ... . . . . .... . . .. . . . . . . . . . .. . . . . . . . .. . . . .. . . ... . . .. . ... VIACOM INC CL B COMMON 40.00 38.3900 1,455 .60 41 .8450 1,673.80 (218.20) 0,6595 9.60 CMN CLASS B (VIAB) 2 .80

.. . . . .. . . . . ... . . . . . .. . . . . .. . . . . . . . .. . . . . . . . ... . . . . . . . . .. . . . . . . . .. . . . . . . ... . . . . . .. . . . . . .. . . . . . . . .. . . . . . .. . . . . . . ... . . . . . . . . . . ... . . . ... . . .. . . . . . . . . . . ... . . ... . . ... . . ... . . . .. . . ... . . . .. . . ... . . . .. . . . . . ... . . . . .. . . ... . . . ... . . . .. . . . ... . . .... . . . . . . . . . .. . . . . . .. . . . . .. . . . . . ... . . . . . . . .. .. . . . . . . . . . . . . . . .. . . . . . . ... . . . . . ... .. . . . . . .... . . . .. .. . . . . . . . . . . . .. . . . . .. . . ... . . ... . . .. . . .. . . ... . . .. . . .. . WACHOVIA CORP 37.00 52.6000 1,946 .20 47 .8668 1,771 .07 176 .13 3.008 59 .20 CMN (WI3)

. . . ... . . . .. . . . . . .. .. . . . .... . . . . . .. . . . . ... .. . . . . . .. . . . .. . . . . . .. . .. . . . . . . . . . . . ..... . . . . .. . . . . . .. . . . . . . . . . . . . . . .. . . . . . . ... . . .... . . . .. . . . ... . . .... . . .... . . . . . . . ... . . . . . . . . ... . . .. . . .... . . .. . . ... . ... . . .. . . . .. . . . ... . . . . . . . . . ... . . .. . . . . .. . . . . .. . . . . ... . . . ... . . . . . .. . . . . . . . . . . . . . . ..... . . . ... . . . . . . . ... . . . . . . . . . . . . . . .. . .. . . . . . . . . . . . ..... . . . . . . . . . . . .. . . .... . . .. . . . ... . ... . . WAL MART STORES INC 43.00 52.8200 2,271 .26 53.9686 2,320.65 (49 .39) 0 .9845 22 .36 CMN (WMT) 6 .76

11111111111111111111111111 1111 Page B 10 of 22

~erf.d C.verfng- Account Number: AccountName:

Dee 104 to Dec 31 04 040-05266-4 GMSDRESDNER LC GROWTH IE[OLDMGS-

EQUITIES Quantity Market Price Market Value I Unit Cost Cost Basis Unrealized Dividend Estimated Accrued Income Gain (Loss) Yield Annual Income


111111111111111111111111111111111111111111111111 Page B 11 of 22

Period Covering. Account Number: Account Name: Dec 1 04 to Dec 31 04 040-05266-4 GMSDRESDNER LC GROWTH HOLDINGS

EQUITIES Quantity Market Price Market Value / Unit Cost Cost Basis Unrealized Dividend Estimated Accrued Income Gain (Loss) rield Annual Income


WALGREEN CO 100.00 38.3700 3,837.00 36.0978 3,609.78 227.22 0.5473 21 .00 CMN (WAG)

. .... . .. . . . . . .. . . .... . . . ... . . . .. . . .. . . . . .... . . . . . . . . . . . . . . ... . . . . . . . . . . . . . . . . .. ... . . . . . . . . . . . . . . ..... . . . . . . . . . . . .. . . . . .. . . . ... . . . .. . . . . .. . . . . .. . . .. . . ... . . ... . . ... . . . .. . . .. . . ... . . . . . . . . .. . . . . . . . ... . . . .... . . .. . . . ... . . . ... . . . ... . . . .. . . . ... . . . . ... . . . . . .. . . . . .. . . . . . .. . . . . . .... . . . . .. . . . . . .. . .. . . . . . .... . . . . . ..... . . . . . .... . . . . ... . . . . . . . . . . ... . . ... . . ... . . . . . . . . .. . . .. . . .. . . .. . . .. . . YAH001 INC 117.00 37.6800 4,408.56 25 .2150 2,950.15 1,458.41 CMN (YHOO)

TOTAL COMMON STOCKS 146,947.38 135,585.96 11,361 .42 1.1352 1,039.54 88 .68

TOTAL EQUITLES 146,947.38 135,585.96 11,361 .42 1.1352 1,039.54 88.68

Market Value Percentage Adjusted Cost Unrealized Estimated SUMMARY OF HOLDINGS ofPor(rolio Original Cost Gain (Loss) Annual Income

TOTAL CASH AND CASH EQUIVALENTS 2,799.09 1.87 2,791 .93 36 .59

TOTAL EQUITIES 147,036 .06 98.13 135,585.96 11,361 .42 1,039.54

Period Covering AccountNumber- Account Name:

Dec 1 04 to Dec 31 04 040-05266-4 GMSDRESDNER LC GROWTH HOLDING9

11111111111111111 Ili 1111111111111111111111111111111111111 Page B 12 of 22

SUMMARY OF HOLDINGS Market Value Percentage Adjusted Costl** Unrealized Fitimated Of Portfolio Original Cost Gain (Loss) AnnualIncome

TOTALACCOUNT 149,835.15 100.00 138,377.89 11 .361 .42 1,076.13

" Original Cost Is price paid by purchaser adjusted for annual original issue disoount payments and/or return of capital adjustments, If applicable. Adjusted Cost reflects adjustments to Original Cost for accreUon and/or amortization .

Pe"io.rcove,.i.g Account Number: Account Nome:

Dee 1 04 to Dee 31 04 040-05273-0 GMS GSLC CONCENTRATED GROWTH

CASH AND CASH EQUIVALENTS Quantity Market Price

1.0000

1,489 .76 1,484.37 15.74 TOTAL CASH AND CASH EQUIVALENTS

111111111111111111111 IN III 1111111111111 Page E 5 of 16

BASE CURRENCY

U 3 DOLLAR 27 .00

TOTAL BASE CURRENCY

MONEY MARKET FUNDS

GOLDMAN SACHS INSTITUTIONAL LI 1,457 .37 ASSETS FEDERAL PORTFOLIO (ILA ADMINISTRATION UNITS)



U 8 DOLLAR


HOLDINGS-

Market Value I Unit Cost Adjusted Cost / Unrealized Yield to Maturity / Estimated AccruedIncome Original Cost Gain (Loss) Cur-rent Yield Annual Income

27.00 27.00 0.00

27.00

1,457.37 1 .0000 1,457 .37 0.00 1 .0800 15.74

1,457.37 1,457.37 15.74

5 .39

5 .39

Perioic.vering. Account Number. AccountName:

Dec 1 04 to Dec 31 04 040-05273-0 GMS GSLC CONCENTRATED GROWTH HOLDINGS -

11111111111111111111111111111111111111111 Page E 6 of 16

Quantity Market Price Market Value / Unit Cost Cost Basis Unrealized Dividend Eximated EQUITEES AccruedIncome Gain (Loss) Yield Annual Income

COMMON STOCKS

CABLEVISION SYSTEMS CORP 220.00 24 .9000 5,478.00 26 .2700 5,779.40 (301 .40) CABLEVISION NY GROUP COM (CVC)

. . . .... . . .. . . . . ... . . . . .. . . . . ... . . . . . .... . . . . . .. . . . . . . . .. . . . . . ... . . . . . . . .... . . . . . . . ... . . . . . I ... . . . . . .. . . . . . .. . . . . ... . . . . .... . . .... . . . .. . . . . .. . . .. . . . ... . . .. . . . ... . . .. . . . .. . . . . . . .... . . . .. . . . ... . . .. . . . ... . . .. . . .... . . ... . . . .. . . . ... . . . . ... . . . . . . . . . . . .. . . . . . . . . . . ... . . . . .. . . . . . ... . . . . . ... . . . . . . . . .. . . . . . . . . .... . . .. . .. . . . . . ... . . . ... .. . . . . . .. . . . . ... . . ... . . .... . . .. . . .. . . .. . . .. . . . . . . . .. CAREMARK RX INC 135.00 39 .4300 5,323.05 31 .8458 4,299.18 1,023.87 CMN (CMX)

I ... . . . .... . . .... . . . . ... . . . . . .... . . . . . ... . . . . . . ... . . . . . ..... . . . . . . . .... . . . . . .... . . . . . . . . . . . . . ... . . . .. .. . . . . ... . . . . .. . . . . ... . . .... . . .. . . . ... . . .. . . . ... . . .. . . . .. . . . .. . . .. . . . . .. . . . ... . . .. . . ... . . . .. . . . ... . . .. . . . . .. . . ... . . . . . . . . . . .... . . . ... . . . . .. . . . . ... . . ... . . . . . ... . . . . ... . . . . . ... . . . . . . . . .. . . . . . . . . . . . . . . . . ... . . . . .. . . . . . . .... . . . . .. . . . . .. . . . . . . . . .. . . . . . . ... . . .. . . ... . . .. . .. CARNIVAL CORPORATION 15 .00 57 .6300 864.45 58 .1013 871 .52 (7.07) 0.8676 7.50 CMN (CCL)

. . . ... . . ... . . . ... . . . .... . . . .... . . . . . .... . . . . . .. . . . . . . ... . . . . . .. . . . . . . . . ... . . . . . . . .... . . . . . .... . . . . . ... . . . . .... . . .... . . . .... . . .... . . . ... . . . .. . . ... . . . .. . . ... . . . .. . . ... . . .. . . . . . . . ... . . . .. . . . . .. . . .. . . . . .. . . ... . . . . . . . ... . . .. . . . . .. . . . . . .. . . . . . .. . . . . .. . . . . . .. . . . . .. . . . . . . .. . . . . .... . . . . . . . . . . . . . . ..... . . . . . . . . . . . . . . .... . . . . ... . . . . . . ... . . . . ... . . . ... . . . . . . . . .. . . . . . . ... . . .. . . ... . . .. . .. CENDANT CORPORATION 330.00 23 .3800 7,715.40 23 .0011 7,590.37 125.03 1.5398 118.80 CMN (CD)

. . . .. . . . .. . . . ... . . . . .... . . .... . . . . . . .. . I . . ..... . . . . .. . . . . . . . . .. . . . . . . . . .. . . . . . . . ... . . . . . . . .. . . . . . . . .. . . . . .. . . . . ... . . . . . .. . . . . .. . . . . .. . . . . ... . . . . . . ... . . . . . . . ... . . . . . . . .. . . . .. . . .. . . . . . . . . .... . . .. . . ..... . . . . . . .. . . . . . . . . ... . . . ... . . . .... . . .... . . . . ... . . . . .. . . . ... . . . . .. . . . . . . .. . . . . . .... . . . . . . . . .. . . . . . . . . .... . . .. . .. . . . . . .. . . . . ... .. . . . . . ... . . . ... . . ... . . .. . . . ... . . .. . . .. . ... . . . . . . . .. CHARLES SCHWAB CORPORATION 385.00 11 .9600 4,604.60 12 .8829 4,959.91 (355.31) 0.6689 30.80 CMN (SCH)

. .... . . ... . . . .. . . . . . . . . . . . ... . . . . .... . . . . . ... . . . . . ... . . . . . ..... . . . . . .... . . . . . . . . .. . . . . . .. .. . . . . . . .... . . . ... . . . . ... . . . . .. . . . .... . . . ... . . . .. . . . . . . . . .. . . . .. . . ... . . . .. . . ... . . ... . . .. . . . ... . . .. . . . ... . . ... . . . . . . . .. . . . . .. . . . ... . . . ... . . . ... . . . . .... . . ..... . . . .. . . . .... . . . .. . . . . . .. .. . . . . . .. . . . . . . . . . ... . . . . . . . .. . . . . . ..... . . . . . . . . . . . .. . .. . . . . . . . . . . . .. . . ... . . ... . . .... . ... . . . . . .. . . .... . .. . CISCO SYSTEMS, INC. 170.00 19.3200 3.284 .40 27.8600 4,736.20 (1,451 .80) CMN (CSCO)

..... . . .. . . . ... . . . ... . . . . ... . . . . . ... . . . . .. .. . . . . . ... . . . . . . .. . . . . . . . . . . . . . . . . . ..... . . . . . .... . . . . . ... . . . . ... . . . ... . . . . .... . . .... . . . . .. . . . ... . . . .. . . ... . . . .. . . .. . . . ... . . .. . . ... . . ... . . . ... . . .. . . ... . . . .. . . . . .. . . .. . . . . .. . . ... . . . . . . . . . . .. . . . . . .. . . . . .. .. . . . ... . . . .. . . . . . .. . . . . ..... . . . . . . . . . . . . . . ..... . . . . . .... . . . . . .. .. . . . . . .. . . . . . .. . .. . . . . . . . . . . . .. . . .. . . . ... . . ... . . .. . . . . . . .. . . .... . .. . CLEAR CHANNEL COMMUNICATIONS 145.00 33.4900 4,856.05 45.6348 6,617.05 (1,761 .00) 1 .4930 72.50 CMN (CCU) 18 .13

.. . . . . .. . . .... . . . ... . . . .... . . . .. .. . . . . . ..... . . . . .. . . . . . . .... . . . . . .... . . . . . . . . .. . . . . . . . . . . . . . . . . ... . . . . . . . . . . . .. . . . . . .. . . . . .. . . . . . .. . . . . .. . . . ... . . .. . . . ... . . .. . . ... . . . .. . . .. . . ... . . . . . . . . . .. . . .. . . . . .. . . .... . . .. . . . .. . . . .. . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . .. . . . . .. . . . . . . . . . . . ... .. . . .... . . . . . . .. ... . . . . . . . ... . . . . . . .. . . . . . . ... . . . . . .. . . . . . . . .. . . . . .. . . .. . . . .. . . . .. . . ... . . .. . . .. . . .. .. . .. . COMCAST CORPORATION '100.00 32.8400 3,284.00 29.3514 2,935.14 348.86 CMN CLASS A NON VOTING (CMCSK)

.. . . .... . . ... . . . . .. . . . . ... . . . . .... . . . . . .. . . . . . .... . . . . . ..... . . . . . ... . . . . . . . . . .. . . . . . . ... . . . . . .. ... . . . ... . . . . . .. . . . . . . . . . . . .. . . . . . .. . . . . .. . . ... . . . .. . . ... . . ... . . .. . . . ... . . . . . . .. . . . . . . . . . .. . . . . . . . . ... . . .. . . . ... . . ... . . . .. . . . ... . . . . ... . . . . .. . . . . ... . . . . . . . . . . . .. . . . ... . . . . . .. . . . . . .... . . . . . ... .. . . . . . .... . . . . . . ... . . . . . . .. . . . . .... . . . . . . . ... . . . .... . . .. . . .... . . ... . . ... . .. . . .. . . .... . .. . CROWN CASTLE INTL CORP 130.00 16.6400 2,163.20 12.4980 1,624.74 538.46 COMMON STOCK (CC[)

.. . . . . .. . . .... . . . ... . . . . .... . . .. .. . . . . . ..... . . . . . . . . . . . . . . .. . . . . . . ... . . . . . . . . ..... . . . . . ... . . . . . . .. . . . . . .. . . . . ... . . . . .... . . .... . . . ... . . . .. . . . . .. . . .. . . . ... . . .. . . .... . . .. . . .. . . . ... . . .... . . .. . . ... . . . .. . . .. .. . . .. . . . ... . . .. . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . .. . . . . .. . . . . . . . . . . . .... . . . .... . . . . . . . . .... . . . . . . .... . . . . . .. . . . . . .... . . . . . .. . . . . . . . .. . . . . ... . . .. . . . .. . . . .. . . ... . . .. . . .. . . .. . . . .. . DELL INC 100.00 42.1400 4,214.00 34 .7000 3,470.00 744.00 CMN (DELL)

.. . . . ... . . .. . . . . . . . . . . . ... . . . . .. .. . . . . . .... . . . . ... . . . . . . . ... . . . . . .... . . . . . . . . ... . . . . . . .. . . . . . . . ... . . . . . . . . . . . .. . . . . . ... . . . .. . . . . . .. . . . . .. . . . ... . . .. . . . .. . . . .. . . ... . . . .. . . .. . . ... . . . ... . . . .. . . .. . . . . .. . . .... . . .. . . . ... . . .. . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . .. . . . . .. . . . . . . . . . . . .... . . . .. .. . . . . . . .. ... . . . . . . . ... . . . . . . .. . . . . . . ... . . . . . .. . . . . . . . . . . . . . ... . . .. . . . ... . . .. . . ... . . .. . . .. . . .... . . . ERAY INC. 20.00 116.3400 2,326.80 67.9200 1,358.40 968.40 CMN (EBAY)

PIrf.iCovering. AccouniNumber- AccountName.

Dec 1 04 to Dec 31 04 040-05273-0 GMS GS LC CONCENTRATED GROWTH HOLDINGS-

111111111111111111111111111111 IN III III Page E 7 of 16

EQUITIES Quantity Market Price Market Value / unit cost Cost Basis Unrealized Dividend Estimated Accrued Income Gain (Loss) Yield Annual Income


ECHOSTAR COMMUNICATIONS CORP 85 .00 33.2500 2,826.25 36 .9700 3,142.45 (316 .20) CIL A CLASS A (DISH)

. ... . . . . . . . . . .. . . . . . .... . . . .... . . . . . .. . . . . . . . ... . . . . . . . .... . . . . . . .. .. . . . . . . . . .... . . . . ... . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . . . . . . .. . . . ... . . .. . . . . .. . . . . .. . . . .. . . .... . . .. . . . . .. . . ... . . . .. . . . ... . . .. . . .. . . . .. . . . ... . . . .. . . .. . . . . .. . . . ... . . ... . . . . . . . . . ... . . . . . . . . . . . .. . . . . . . . . . . . . . ... . . . . . . . .. . . . . . . . . .... . . . . . . . . . . . . . . . .. . . . . . .... . . . . . .. . . . . . .. . . . . .. . . . . . . . . . ... . . . . . . .. . . ... . . .. . . . . . . .. ENTRAVISION COMMUNICATIONS CP 55 .00 8.3500 459.25 11 .1000 610.50 (151 .25) CMN CLASS A (EVC)

. ... . . . . . . . . . .. . . . . . .... . . . .... . . . . . . . . . . . . . . .. . . . . . . . . .... . . . . . ..... . . . . . .. . .. . . . . . .... . . . . . . . . . . . .. . . . . .. . . . . ... . . . . .. . . . . ... . . .... . . .. . . . ... . . .... . . . .. . . ... . . . . . . . . ... . . ... . . ... . . ... . . . .. . . .. . . ... . . . .. . . . ... . . . . . . . ... . . .... . . ... . . . .. . . . . ... . . . . . . . . . . ... . . . ... . . . . . . .... . . . . . . . .. . . . . . . . . .. . . . . . . . .. . . . . . .. ... . . . . . ... . . . . . ... . . . . . . . . . . . .. . . . . .. . . ... . . . . . . . .. . . ... . ... . . .. . ... FAMILY DOLLAR STORES INC 75 .00 31 .2300 2,342.25 35 .6300 2,672.25 (330.00) 1 .0887 25.50 CMN (FDO) 6.38

. ... I . . .. . . . . .... . . . .... . . . . . .. . .. . . .... . . . . . ..... . . . . . . . . . . . . . . . . . .. . . . . . . . . . ... . . I . . .. . . . . . .. . . . . .... . . . .. . . . . .. . . . . . ... . . . . ... .. . . .. . . . . .. . . ... . . . .. . . . .. . . . .. . . . ... . . .. . . . . .. . . ... . . .. . . ... . . . ... . . .. . . ... . . . .. . . . . . . . . . . ... . . .. . . I . .. ... . . ... . . . .... . . . ... . . . . . . .. ... . . . . . .... . . . . . . . . .. . . . . . . . .. . . . . . . ... . . . . . . .. . . . . . ... . . . .... . . . ... . . . .. . . . ... . . .. . .... . . .. . . .. . . .. . .. FANNIE MAE COMMON STOCK 75 .00 71 .2100 5,340.75 79 .2000 5,940.00 (599.25) 2.9209 '156.00 CMN (FNM)

. . ... . . ... . . . . .... . . . . .. . . . . . ..... . . .... . . . . . . . ... . . . . . . . . . . . . . . . . . .... . . . . . . . ... . . . . . ... . . . . .. .. . . . ... . . . .. . . . . .. . . . . . .... . . ... . . . . . . . . .... . . .. . . . . .. . . . ... . . .. . . . ... . . ... . . . .. . . ... . . . . . . . . .. . . ... . . .. . . . . .. . . .. . . . ... . . .. . . . . . . . . . . . .. . . ... . . . .. ... . . ... . . . . . ... . . . . .. . .. . . . . . .. . . . . . . . . . . . . . . . . . .... . . . . . . . . . . . . . . ... . . . . . ... . . . . . ... . . . . . . . . . . .. . . . .. . . . . .. . . ... . . .. . . .. . . .. . . .. . .. FIRST DATA CORPORATION 135.00 42 .5400 5,742.90 39 .8861 5,384.63 358.27 0.1881 10.80 CMN (FDC) 2.70

. . ... . . ... . . . ..... . . . . .. . . . . . ..... . . . ... . . . . . . . ... . . . . . . . . . . . . . . . . . ... . . . . . . . . . . . . . . . . .. . . . . . .... . . .... . . . .. . . . . .. . . . . . .... . . .... . . . .. . . .... . . .. . . . . .. . . . ... . . .. . . . ... . . ... . . . .. . . .... . . . . . . ... . . ... . . .. . . . . .. . . ... . . ... . . .. . . . . . . . . . . . .. . . .... . . .. ... . . .... . . . .... . . . . .. ... . . . . . .. . . . . . . . . . . . . . . . . . .... . . . . . . . . . . . . . . ... . . . . . ... . . . . . ... . . . . . . . . . ... . . . ... . . ... . . ... . ... . . .. . . .. . . .. . .. FREDDIE MAC 90 .00 73 .7000 6,633.00 64 .7494 5,827.45 805.55 1.6282 108.00 CMN (FRE)

. . . .. . . ... . . . . . ... . . . . . . .. . . . ..... . . . . . ... . . . . . . .... . . . . . . . .. . . . . . . ..... . . . . . . . . . . . . . . ... . . . . .... . . .... . . . ... . . . .. . . . . . .... . . . ... . . . .. . . .. .. . . .. . . . . .. . . . ... . . .. . . . ... . . ... . . . .. . . .... . . . . . . . .. . . ... . . .. . . . . . . . . ... . . ... . . .. . . . . . .. . . . . .. . . . ... . . .. . .. . . . ... . . . . ... . . . . .. ... . . . . . .. . . . . . . . . . . . . . . . . . .... . . . . . . . . . . . . . . ... . . . . . .... . . . . ... . . . . . . . . . . ... . . ... . . . .. . . .. . . ... . . .. . . .. . . .. . .. GOOGLE, INC. 14 .00 1192 .7900 2,699.06 146.9829 2,057.76 641.30 CMN CLASS A (GOOG)

. . . .. . . .... . . . . . .. . . . . . ... . . . . .... . . . . . ... . . . . . . ..... . . . . . .... . . . . . ..... . . . . . . . . .. . . . . . .... . . . . . . . . . . . .. . . .... . . ..... . . . . .. . . . . .. . . . .. . . . . .. . . . .. . . . .. . . . . .. . . . .. . . . . . . . . ... . . . . . . . . ... . . .. . . . .. . . .. . . ... . . . . . . . . ... . . .. . . ..... . . ... . . . .. . . . . .. . . . . . .. . . . . .. . . . . . .. . . . . . . . .. . . . . . ..... . . . . . .... . . . . . . .... . . . . . ... . . . . . . .. . . . . . . ... . . . . . .... . . . ... . . . .. . . . ... . . ... . . .. . . ... . . . . . .. . . .. . . . HARRAHS ENTMT INC 100.00 66 .8900 6,689.00 51 .4340 5,143.40 1,545.60 1.9734 132.00 CMN (HET)

. . ... . . .... . . . . ... . . . . . . . . . . . ..... . . .. . .. . . . . . . . ..... . . . . . .... . . . . . ..... . . . . . . . . .. . . . . ..... . . .. . . . . . . ... . . .... . . . .... . . . . .. . . . . .. . . . .. . . . . .. . . . ... . . .... . . .. . . ... . . . . . . . . ... . . . . . . . . ... . . .. . . . .. . . .. . . ... . . . . .. . . ... . . . . . . ..... . . . ... . . .. . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . .. .. . . . . . . ... . . . . . ... . . . . . . . . ... . . . . . .... . . . . .. . . . . . . . .. . . . . . .... . . . . . . .. . . . ... . . ... . . ... . ... . .. . ... . ... . . LINEAR TECHNOLOGY CORP 40.00 38 .7600 1,550.40 36.7450 1,469.80 80.60 0.8256 12.80 CMN (LLTC)

. . . .. . . .... . . . . ... . . . . . ... . . . . .. .. . . . . . ... . . . . . . ..... . . . . . .... . . . . . . .... . . . . . . . . .... . . ... .. . . . . . . . . . . ... . . .... . . . .... . . . . .. . . . . .. . . . ... . . . .. . . . ... . . .... . . .. . . . ... . . . . . . . . ... . . . . . . . ... . . ... . . .. . . . . . . ... . . . . . . . . .. . . . . . . . . . .. . . . . .. . . . .. . . . . . . . . . . . ... . . . . . . . . . . .. . . . . . . . .. . . . . . . . . .. . . . . . ... . . . . . . . . ... . . . . . ... . . . . . . .. . . . . . . ... . . . . . . ... . . . ... . . . .. . . . .. . . ... . . ... . ... . . . . . ... . .. . . . LOWES COMPANIES INC 50.00 57 .5900 2,879.50 52 .5736 2,628.68 250.82 0.2778 8.00 CMN (LOW)

. . . .. . . . . . . . . . . . ... . . . . ... . . . . . . .. . . . . . .... . . . . . .. . .. . . . . . . . . .. . . . . . . . ... . . . . . . . .... . . . . . ... . . . . .. . . . . .. . . . . . . . . . . . .. . . . . . . . . . . ... . . .... . . .. . . . . .. . . . . ... . . . . . . . ... . . .. . . . ... . . ... . . . .. . . . ... . ... . . . . . . . .. . . .. . . . ... . . .. . . . . .. . . . . .. . . . .. . . . . .. . . . . ... . . . . .. . . . . ... . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . .. . . . . . .. . . . . . ... .. . . . . . . . . . . . . ... . . . ... . . ... . . . .. . . . ... . . .. . . .. . . . . .... . .. . MBNA CORPORATION 55.00 28 .1900 1,550.45 25.5291 1,404.10 146.35 1.7027 26 .40 CMN (KRB) 6.60

Period'Covering.- Account Number: Account Name:

Dec 1 04 to Dec 31 04 040-05273-0 GMS GSLC CONCENTRATED GROWTH

Dividend Fitimated Yield Annual Income EQUITEES


MCGRAW HILL COMPANIES INC CMN (MHP)

. . ... . . ... . . . . . .. . . . . .. . . . . . .. . . . . . . ... . . . . . .. . . . . . .. .. . . . . . ..... . . . . . ... . . . . . . MICROSOFT CORPORATION CMN(MSFT)

. . .... . . .. . . . . . .. . . . . . .. .. . . .... . . . . . . . . . . . . .... . . . . . . . . . . . . . . . .. . . . . . .... . . . . . MOODYSCORP CMN(MCO)

. . . ... . . .. . .. . . .. . . . . . .... . . ..... . . . . . . . . . . . ..... . . . . . . . . . . . . . . .. . . . . . .... . .. . . PEPSICO INC CMN (PEP)

. . . ... . . . .... . . ... . . . . .... . . ..... . . . . . .. . . . . ..... . . . . . ... . . . . . . .. . . . . . .... ... . . PFIZER INC. CMN (PFE)

. . . .... . . .... . . ... . . . . .... . . . .... . . . . . .. . . . . .. ... . . . . . ... . . . . . . .. . . . . . . . . . ... . . QUALCOMM INC CMN(QCOM)

. . . ... . . . .... . . ... . . . . .... . . . .. .. . . . . . .. . . . . ..... . . . . . .... . . . . . . . . . . . . . .... . . SABRE GROUP HOLDINGS CLASS A COMMON STOCK (TSG)

. . . .... . . .... . . ... . . . . .... . . . . ... . . . . . .. . . . . . .... . . . . I .... . . . . . .... . . . . . . . ... . . SCRIPPS CO E.W . CL A (NEW) CMN CLASS A (SSP)

. . . .... . . .... . . ... . . . . . ... . . . . . .. . . . . . .... . . . . . .. . . . . . . ... . . . . . ..... . . . . . . . . . . . STARWOOD HOTELS & RESORTS WORLDWIDE INC (HOT)

. . . .... . . .... . . ... . . . . . ... . . . . . ... . . . . .... . . . . . .. . . . . . . . .. . . . . . . .... . . . . . . . . ... TIME WARNER INC. CMN (TWX)

.. . . ... . . .. .. . . ..... . . . . . . . . . . . .... . . . .... . . . . . ... . . . . . . . .. . . . . . . ... . . . . . . . . ... TYCO INTERNATIONAL LTD. CMN (TYC)


67.00 91 .5400 6,133 .18 77.0972 5,165.51 967.67 1 .3109 8OA0

. . . . . . . . .. . . . . . .... . . . . ... . . . . . ... . . . .. . . . . . . . . . ... . . . . . . . . ... . . .. . . . . .. . . . .. . . . .. . . ... . . . .. . . . .. . . ... . . . . . .. . . . ... . . . ... . . . . . . . .... . . . .. . . . .. . . . . . ... . . . .. . . . . . .. . . . . .. . . . . . .... . . . . . . .... . . . . . .. . . . . . . . ... . . . . . ... . . . . . .. . . . . . .... . . . . . .... . . . . . . . . . . . . .. . . . .. . . . .. . . . .. . . . .. . . .. . . .. . . ... . . .. . 245.00 26.7200 6,546 .40 28.1345 6,892.95 (346 .55) 1 .1976 78 .40

. . .. . . . . .. . . . . . . ... . . . . . .. . . . . . ... . . . .... . . . . . . . ... . . . .. . . . . .. . . ... . . . .. . . . ... . . .. . . . .. . . . .. . . . .. . . . .. . . . . . ... . . . . . . . . . ... . . . . . . . . .. . . .... . . ... . . . . . .. . . . .. . . . . . ... . . . .. . . . . . . . . . . . . . . . . . .. . . . . . .... . . . . . .... . . . . . . . . . . . . .. . .. . . . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . .. . . .. . . . ... . . .. . . .. . . . .. . . .. . . .. . 25 .00 86.8500 2,171 .25 61 .0500 1,526 .25 645 .00 0 .3454 7 .50

. . .. . . . . .... . . . . . .. . . . . . .. . . . . . ... . . . .... . . . .. . . . .. . . . .. . . . . .. . . ... . . . .. .. . ... . . .. . . . ... . . .. . . . .. . . . .. . . .. . . ... . . . .. . . . ... . . ... . . . .. . . . . .. . . ... . . . . . .. . . . . .. .. . . .... . . .... . . . . . . . . .. . . . . . .. .. . . . . ... . . . . . . .... . . . . . . . . . . . .. . .. . . . . . .. . . . . . . . .. . . . . . .. . . . . ... . . . .. . . ... . . . .. . . .. . . ... . . .. . . .. . . .. . 100.00 52.2000 5,220 .00 46 .5400 4,654 .00 566 .00 1 .7625 92.00

23 .00

. . ... . . . .... . . . . . .. . . . . . .. . . . . . . ... . . . .... . . ... . . .. . . . .... . . .. . . . ... . . .... . . .. . . ... . . . .. . . .. . . . ... . . .. . . .. . . . .. . . . ... . . . .. . I .... . . .. . . . . .. . . . . ... . . . ... . . . .. .. . . . ... . . ..... . . . . . .... . . . . . .... . . . . . . .. . . . . . . . .. . . . . . .... . . . .... . . . . . .... . . . . . .. . . . . . ... . . . .... . . .. . . ... . . . .. . . ... . .... . ... . . .. . ... 180 .00 26 .8900 4,840 .20 36 .4500 6,561 .00 (1,720.80) 2 .5288 122 .40

. . .. . . . . . .... . I . . .. . . . . . ..... . . . ... . . . .... . . ... . . ... . . .... . . ... . . ... . . .. .. . . . . . . ... . . . .. . . .. . . . ... . . .. . . ... . . ... . . .... . . .. . . . ... . . .. . . . . . . . . . . ... . . . . .. . . . .... . . . . . . . . . . ... . . . . . .... . . . . . . .... . . . . . .... . . . . . .. . . . . . .... . . . . . .. . . . . . . ... . . . . . .. . . . . . .... . . ... . . .. . . .... . . . . . . ... . . ... . ... . . .. . ... 210.00 42 .4000 8,904 .00 29 .1029 6 .111 .61 2,792 .39 0 .6604 58.80

14 .70

. . ... . . . . . ... . . . . .... . . ..... . . . . . . . . . . . .. . . . .. . . . .. . . . . .. . . .... . . . . . . . . ... . . . . . . ... . . . . . . .... . . .. . . .. . . ... . . . .. . . . ... . . .. . . . . .. . . ... . . . . . . . . . . .. . . . . .. . . . . . .. . . . . . . . . . . . .. . . . . . . . . ... . . . . . ... . . . . . .... . . . . . ..... . . . . .. . . . . . ... . . . . . . .. . . . . ... . . . . . ... . . . . ... . . . . . . .... . . .. . . ... . ... . . .. . . .. . . .. 39 .00 22 .1600 864 .24 20 .7333 808 .60 55.64 1 .3538 11 .70

. . ... . . . . . ... . . . . . ... . . . . . . .. . . . . . . . . . . . .. . . . ... . . .. . . . . .. . . . ... . . . . . . . . ... . . .. . . . .. . . . .. . ..... . .. . . ... . . .. . . . .. . . . ... . . ... . . . .. . . ... . . . . .. . . . . .... . . . . . . . . . ... . . . . .. . . . . ... . . . . . . . .... . . . . . ... . . . . . . .. . . . . . ..... . . . . . . . . . . . ..... . . . . . .. .. . . .... . . . . . .. . . . . . .. . . . . . . . . .. . . .. . . ... . . .. . . .. . . ... . . . 30 .00 48 .2800 1,448 .40 46 .8850 1,406 .55 41 .85 0.8285 12.00

. . .... . . . . . .. . . . . . .... . . . . . .. . . . . . .. . . . . .. . . . ... . . ... . . . .. . . . . .. . . . . . . . . . .. . . .. . . . ... . . .. . . .... . . . . . ... . . .. . . . .. . . . . .. . . ... . . . .. . . ... . . . . ... . . . .... . . . .. . . . . ... . . . . .. . . . . .... . . . . . . . ... . . . . . ... . . . . . . .. . . . . . . .. .. . . . . . . . . . . . ..... . . . . . .... . . . .... . . . . . . . . . . . .. . . .. . . . . .. . . .. . . . ... . . . . . .. . . . .. . . . 35 .00 58 .4000 2,044 .00 37 .4091 1,309.32 734 .68 1 .4384 29.40

29.40

. . . ... . . . . . .... . . . .... . . . . . .. .. . . . ... . . . .. . . . . .. . . ... . . . . . . . . . . .. . . .. . . . . .. . . .. . . . . .. . . ... . . . .. . . .. . . ... . . .. . . .. . . . . . . . . . ... . . . . . . . ... . . . .... . . . . ... . . ... . . . . ... . . . ... . . . . . ... . . . . . . . . . . . . . . . . ... . . . . . . ... . . . . . .. . . . . . .. .. . . . . . .. . . . . . .. .. . . . . . . . . . . . .. . . . . .. . . ... . . . .. . . ... . . ... . . . . . .. . . . ... . . 170 .00 19 .4500 3,306.50 18.5002 3,145.03 161 .47

. . . . . . . . . . . . .... . . . . . . . . . . . ..... . . .... . . . .. . . . .. . . . ... . . . ... . . . .. . . .. . . . . .. . . ... . . . .. . . . .. . . . .. . . ... . ... . . . . . . .... . . . .. . . .... . . ... . . . .. . . . . .. . . . . . .. . . . ... . . . . ... . . . ... . . . . . .. . . . . . . . . . . . . . . . . ... . . . . . . ... . . . . . .. . . . . . .... . . . . . ... . . . . . . . . . . . . . .. .. . . . .... . . .. . . .... . . .. . . . ... . . .. . . .. . . .. . . .. . . 40.00 35.7400 1,429.60 36.1670 1,446.68 (17 .08) 0.1399 2 .00

4.00

1111111111111111111111111111111111111111 Page E 8 of 16

HOLDINGS-

Period Covenng- Account Number . Account Name:

Dec 1 04 to Dec 31 04 040-05273-0 GMS GS LC CONCENTRATED GROWTH



40.00 69.1900 2,767 .60 57 .3100 2,292.40 475 .20 1 .3586 37.60

... . . . . . . . .... . . . . ... . . . . .. . . . . ... . . .. . . . ... . . .. . . . . .. . . ... . . ... . . .. . . . . .. . . .. . . . ... . . .. . . . . .. . . .... . . .. . . ... . . . .. . . . ... . . .. . . . . .. . . . . . .. . . . ... . . . ... . . . .. . . . . .. . . . . .. . . . . . .. . . . . . . . . . . . . . . .... . . . . . . .. . . . . . . . .. . . . . . . . .. . . . . . . . . .. . . . . . .... . . . . . ... . . . . . . . . ... . . . . . . . . .. . . .. . . ... . . .. . . ... . . . . 50.00 37.6800 1,884 .00 24 .1080 1,205.40 678 .60

1511,415.63 147,603 .26 3,812.37 1 .2666 1,331 .50 129.61

147,603 .26 3,812.37 1 .2666 1,331 .50 151,415.63 129.81 TOTAL EQUITIES

1111111111111111111111111111111111111111111111111111 Page E 9 of 16

EQUITIES


UNIVISION COMMUNICATIONS, INC . CLASS A (UVN)

. ... . . ... . . . . . . . . . .. . . .... . . . . . .. . . . . . .... . . . . . ... . . . . . . . . ... . VIACOM INC CL B COMMON CMN CLASS B (VIAB)

. . .. . . . .. . . . . .. . . . . ... . . . . . . . . . . ..... . . .... . . . . . ..... . . . . . . .. . . WAL MART STORES INC CMN M"

. . . .. . . ... . . . ... . . . ... . . . . . . . . . . ..... . . . . .. . . . . . . .... ... . . . . . . WESTWOOD ONE INC CMN (WON)

. . . .. . . .... . . ... . . . ... . . . . .. . . . . ..... . . . . .. . . . . . . .... ... . . . . . . WM WRIGLEY JR CO DEL CMN (WWY)

. . .. . . ... . . . . .. . . . . .. . . . . .. . . . . . .... . . . . ... . . . . . ..... . . . . . . . .. YAHOOI INC CMN (YHOO)

TOTAL COMMON STOCKS

HOLDINGS-

240 .00 29.2700 7,024.80 37.5100 9,002 .40 (1,977.60)

.. . . . . . . . . .. . . . . .... . . . .... . . . .. . . . . . . . . ... . . . . . . . ... . . . . . . .... . . . . . . . .... . . . . . ... . . . . . . . .... . . . . . . . ... . . . . . . . .. . . . . .. . . . ... . . . .. . . . ... . . . . .. . . . . .. . . . . .. . . . . .. . . . .. . . . . ..... . . . . . . ... . . . . . .. . . . . . ... . . . . . . .. . . . . . . . . . . . . . . . . . .. . . . . . . . .. . . . . . ..... . . . . .. . . .. . . . .. . . . ... . . .. . . . .. . . . . . . .. . . ... . 235 .00 36.3900 8,551 .65 41 .7684 9,815.58 (1,263.93) 0 .6595 56 .40

16.45

.. . . . . . . . . ... . . . . . ... . . . . .. . . . . .. . . . .. . . ... . . . .. . . . ... . . .. . . ... . . . . . . . . ... . . . . . . . .. . . . . . . . . .. . . . . . . . ... . . . . . . . .... . . ... . . . .. . . . ... . . .... . . . ... . . . .. . . . . .. . . . . .. . . . ... . . . ..... . . . . . .... . . . . . .. . . . . . .... . . . . . ... . . . . . . . . . . . . . . . . ... . . . . . . .. . . . . . . . ... . . . . .. . . .. . . . .. . . . ... . ... . . . .. . . .. . . .. . . . .. . 65.00 52.8200 3,433.30 54 .0569 3,513.70 (80 .40) 0 .9845 33 .80

8 .45

.. . . . . . . . . ... . . . . . . .. . . . . . . . . . . ... . . .. . . . ... . . .. . . . . .. . . .. . . . . .. . . .. . . . . .. . . ... . . . .. . . .. . . . . .. . . ... . . . .. . . ... . . . .. . . . ... . . .. . . . . .. . . . . ... . . . ... . . . .. . . . . . . . . . . .. . . . ... . . . . . .. . . . . . . . . . . . . . . ... . . . . . . . . . . . . . ..... . . . . . .... . . . . . . . ... . . . . . .. . . . . . . . .. . . . . . . . . . .. . . ... . . . .. . . . .. . . .. . . ... . . ... . .. . 75.00 26.9300 2,019 .75 29 .6447 2,223.35 (203 .60)

... . . . . . . . .... . . . . . ... . . . . . . . . . ... . . ... . . . .. . . ... . . . .. . . ... . . . .. . . ... . . . .. . . ... . . . .. . . ... . . . .. . . . ... . . .. . . ... . . . .. . . . . .. . . ... . . . . . . . . . . .. . . . . .. . . . .... . . .... . . .. . . . . .. . . . . . ... . . . . . . . ... . . . . . ... . . . . . .... . . . . . .. . .. . . . . .. . . . . . . . . ... . . . . .... . . . . . . .... . . ... . . .. . . . .. . . . ... . . . . . . ... . . .. . . .. . . ..

Perid Covering AccouniNumber* Account Name,

Dec 1 04 to Dec 31 04 040-05273-0 GMS GS LC CONCENTRATED GROWTH

Unrealized Fstimated Gain (Loss) Annual Income

Market Value Percentage Adjusted Costl** of Por(folio Original Cost SUMMARY OF HOLDINGS

TOTAL CASH AND CASH EQUIVALENTS 1,489.76 0 .97 1,484 .37 15.74

TOTAL EQUITIES 151,545 .44 99 .03 147,603 .26 3,812.37 1,331 .50

TOTALACCOUNT 153,035.20 100.00 149,087 .63 3,812 .37 1,347.24

** Original Cost is price paid by purchaser adjusted for annual original Issue discount payments and/or return of capital adjustments, If applicable . Adjusted Cost reflects adjustments to Original Cost for accrebon andfor amortization .

11111111111111111111111111111111111111111 Page EJO of 16

HOLDINGS -

Pe~.d Cbverftig- Account Number.* Account Name .

Dec 104 to Dec3104 040-05274-8 GMSGSLCSTRATEGIC VALUE HOLDINGS

CASH AND CASH EQUIVALENTS Quantity Market Price Market Value / unit cost Adjusted Cost Unrealized Yield to Maturity / Estimated Accruedhiconie Original Cost Gain (Loss) Current Yield Annual Income

1 .0800 82.72

82.72 5,379 .48 5,368.35 TOTAL CASH AND CASH EQUIVALENTS

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BASE CURRENCY

U S DOLLAR (2,290 .57)

TOTAL BASE CURRENCY

MONEY MARKET FUNDS



DIVIDENDS/INTEREST EARNED BUT NOT YET PAID

U S DOLLAR

TOTAL DIVIDENDWINTEREST EARNED BUT NOT YET PAID

(2,290.57) (2,290 .57) 0.00

(2,290.57)

1 .0000 7,658.92 1 .0000 7,658.92 0.00

7,658.92 7,658.92

11 .13

11 .113

82.72

Period Covering: Account Number: Account Name,

Dec 1 04 to Dec 31 04 040-05274-8 GMSGSLCSTRATEGIC VALUE

Market Value / Unit Cost Cost Basis Unrealized Dividend Estinuited Accrued Income Gain (Loss) Yield Annual Income

Quantity Market Price EQUITIES

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COMMON STOCKS

ACTIVISION INC (NEW) 200.00 20 .1800 4 .036.00 12 .6744 2,534 .88 1,501A2 CMN (ATVI)

. . ... . . . I . . . ..... . . .... . . . . . ... . . . . . . . . . . . . . ..... . . . . . . ... . . . . . . . . ... . . . . . . . . . .. . . . . . .. . . . . . . .. .. . . . . . ... . . . .. . . . ... . . . .. . . . .. . . . . .. . . . .... . . . . .. . . ... . . ... . . .. . . . ... . . .. . . . ... . . .. . . . . .. . . . .. . . . .. . . . .. . . . . . . . . . ... . . .. . . ... . . . ... . . . .. . . . . . .. . . . . .. . . . . . . . . . . . .. . . . . . .. .. . . . . . .. . . . . . .. . . . . . . . ... .. . . . . . . . . . . . . . . . . . .. . . . . . .... . . . .... . . . . . . . . . . ... . . .. . . . . .. . . ... . . ... . .. . . .. . . .. . ... ALTRIA GROUP INC 95.00 61 .1000 5,804 .50 53 .9851 5,128 .58 675.92 4 .T791 277 .40 CMN (MO) 69.35

. . . ... . . . . . . . . ... . . . ... . . . . . . ... . . . . . . .. .. . . . . . .. . . . . . . . . . .. . . . . . . .... . . . . . . . . . . . . . . . ..... . . . . . .. . . . . . ... . . . .. . . . . .. . . . ... . . ... . . . . . . . . . ... . . . . .. . . ... . . ... . . .. . . . ... . . ... . . ... . . .. . . . . . . . . . ... . . .. . . . ... . . . . . . . . .. . . . .. . . . ... . . . ... . . ... . . . . .. . . . . ... . . . . .. . . . . .. . . . . . .... . . . . . .. . . . . . . ... . . . . . . . . ... .. . . . . . .... . . . . . .... . . . .... . . . . ... . . . . . .. . . . ... . . ... . . . .. . . . ... . . .. . .. . . .. . . .. . . .. AMER INTL GROUP INC 35.00 65.6700 2,298 .45 63 .9757 2,239 .15 59.30 0.4568 10.50 CMN (AIG)

. . .. . . . ... . . .... . . . .. . . . . . .. .. . . . . . .. . . . . . . . ... .. . . . . . .... . . . . . . . ... . . . . . . . . .... . . . . ... . . . . . ... . . . . . . ... . . . . . . . ..... . . ... . . . .. . . . ... . . .... . . . .... . . .. . . ... . . . .. . . ... . . . .. . . ... . . . .. . . . ... . . ... . . . .. . . ... . . . . . . . . ... . . . . . . ... . . . . .. . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . . . ... . . . . . .. . . . . . . . ..... . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . ... . . . . . . .. . . .... . . . .. . . . . .. . . .. . . . .. . ... . . .. . . .. . .. . AUTOLIV INC 70.00 48 .3000 3,381 .00 43 .9451 3,076 .16 304 .84 1 .6563 56.00 CMN (ALV)

. . . .. . . . . .. . . . . . . . . . . . .. . . . . . . . .. . . . . . ..... . . . . . .. . . . . . . . . . . .. . . . . . . . . . . . . . . . . . .. . . . . . . . . .. . . . . ..... . . .... . . .. . . . . . . . . .... . . . ... . . . .. . . . . . . . . . . . .. . . .. . . . .. . . . .. . . . ... . . .. . . ... . . . ... . . . .. . . . .. . . . .. . . . . .. . . ... . . ... . . .. . . . . . . . . . . ... . . . ... . . ... .. . . . . .. . . . ... . . . . ... . . . . . . ... . . . . . .. . . . . . . . . .... . . . . . . .. .. . . . . . .. ... . . . . .. . . . . . .. . . . . . .... . . ... . . . . . . . . ... . . .. . . ... . .. . . ... . . . . . .. . AVON PRODUCTS INC. 65 .00 38.7000 2,515 .50 31 .8900 2,072 .85 442 .65 1 .4470 36 .40 CMN (AVP)

. ... . . .. . . . . .. . . . . .. . . . . . ... .. . . . . . . . . . . . .. . .. . . . . . . . . .. . . . . . . . .. . . . . . . . . . . . .. . . . . .... . . . . . . . . . . . . . .... . . .... . . ... . . . . . . . . .... . . .. . . . . .. . . . . . .. . . . ... . . .. . . .... . . .. . . . ... . . .. . . ... . . . ... . . . .. . . . .. . . . .. . . . . .. . . ... . . ... . . .. . . . . . . . . . . ... . . . ... . . ... .. . . . ... . . . .... . . . ... . . . . . . ... . . . . .. . . . . . . . . . .. . .. . . . . . .. .. . . . . . ..... . . . . .. . . . . . ... . . . . .... . . ... . . . . . . . . .... . . . . . . .. . ... . ... . . .. . . .. . BANK NEW YORK INC 125 .00 33.4200 4 .177 .50 30.3893 3,798.66 378 .84 2.3938 100.00 CMN (BK)

... . . .. . . .... . . . ... . . . .... . . . . . . ... . . . . . .. . . . . . . . . . . .. . . . . . ..... . . . . . .... . . . . . . . ... . . . . . . . .. . . . . . .. . . . . . . . . . . ... . . . . .. . . .. . . . . . . . . . .... . . . . .. . . . ... . . .. . . ... . . . . . . . . .. . . . .. . . ... . . . . .. . . . ... . . .. . . . ... . . ... . . . .. . . ... . . ... . . . ... . . ... . . . . ... . . . .. . . . . . .. . . . . .. . . . . . .. . . . . . . . ... . . . . .... . . . . . ..... . . . . . . . . . . . . . . . . . .. . . . . . .... . . . . ... . . . . . .. . . . . .. . . . . .. . . ... . . . .. . . ... . .. . . ... . .. . . ... . BANK OF AMERICA CORP 200 .00 46.9900 9,398 .00 40 .9229 8,184 .58 1 .213 .42 3 .8306 360.00 CMN (BAC)

. . . . ... . . .. . . . . .. . . . . . ... . . . . . .. ... . . . . .... . . . . . .... . . . . . .. ... . . . . . . ... . . . . . . . . .... . . . . . . .... . . . . . .. . . . . .. . . . ... . . . ... . . . .. . . . . .. . . .... . . . .... . . ... . . . .. . . .. . . . . .. . . . I . . . ... . . .. . . .. . . . . . ... . . . . . . . ... . . . .. . . . ... . . . . . . ... . . . ... . . . .. . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . .. ... . . . . . . . . . . . . . ...... . . . . . .. .. . . . . . . .. .. . . . . . .. . . . . . . ... . . . . . . . . . . ... . . .... . . ... . . ... . . .. . . .. . ... . ... . . ... . BAXTER INTERNATIONAL INC 95 .00 34 .5400 3,281 .30 31 .0900 2,953.55 327 .75 1 .6850 55 .29 CMN (BAX) 55 .29

. . . .... . .. . . . . .. . . . . . .. . . . . . . .. ... . . . . . . I . . . . . . . ... . . . . . . . . .. . . . . . . . .. . . . . . . . . . .... . . . . . .... . . . . . .. . . . . .. . . . ... . . . .... . . .. . . . ... . . ..... . . .... . . ... . . . .. . . .. . . . . .. . . ... . . ... . . .. . . . . . . . . . .... . . .. . . . .. . . . .. . . . ... . . .. . . . ... . . ... . . . .. . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . .. . . . . . . . .. . . . . . . . . . . . . . ...... . . . . . . . . . . . . . . . .. .. . . . . . .... . . . . ... . . . . . .. . . . . .. . . . . .. . . ... . . . .. . . .. . . .. . . .. . . ... . ... . BEAR STEARNS COMPANIES INC 35.00 102 .3100 3,580.85 79.9703 2,798.96 781 .89 0.9774 35.00 CMN (BSC)

. . . .. . . . ... . . . ... . . ..... . . . . . .... . . . . . .... . . . .. . .. . . . . . . . .... . . . . . . ... . . . . . . . . . ... . . . . .. .. . . . . . .... . . . . ... . . ... . . . . . . . . . ... . . ... . . . .. . . . . . .. . . . . .. . . . .. . . . .. . . ... . . . .. . . ... . . . .. . . .. .. . . ... . . . .. . . ... . . . .. . . .... . . .. . . ... . . . . . . . . . . .. . . . . .. . . . . .. . . . . . .. . . . . ... . . . . .. . . . . . .... . . . . . .. . . . . . ... .. . . . . . . . . .. .. . . . . . .. . .. . . . . . . . . . . . ... . . . . . ... . . . ... . . . ... . . . .. . . . .. . . . .. . . . . . .. . . .. . . ... . . BURLINGTON RESOURCES INC 210.00 43 .5000 9,135.00 28.1923 5,920.39 3,214.61 0.7816 71 .40 CMN (BR) 17 .65

. . . . . . . ... . . . ... . . . .... . . . . . . . . . . . . . . ... . . . . . .... . . . . . . . . .. . . . . . . . . .. . . . I . . . . .... . . . . . .... . . . . . .... . . . ... . . . .. . . . . .. . . . ... . . . ... . . . .. . . . . . . . . . . ... . . ... . . ... . . . .. . . ... . . .. . . . .. . . . .. .. . . .. . . .... . . .. . . . ... . . .. . . . ... . . .. . . . . .. . . . . ... . . . ... . . . ... . . . .... . . . ... . . . .... . . . . . .. . . . . . .... . . . . . .. . . . . . . . . .. . . . . . . . . . . .. . . . . . . . .. . . . . ... . . . . . . ... . . ... . . . . .. . . .... . . ... . . ... . .. . . .. . . .. . . .. . . . CDWCORP 25.00 66 .3500 1 .658.75 69.2336 1,480.84 177.91 0.5426 9.00 CMN (CDWC)

HOLDINGS

Period Covering Account Number Account Name:

Dee 1 04 to Dec 31 04 040-05274-8 GMSGSLCSTRATEGIC VALUE

Market Value I Unit Cost Cost Basis Unrealized Dividend Estimated Accrued Income Gain (Loss) Yield Annualincome


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CHEVRONTEXACO CORP 200.00 52 .5100 10,502.00 49 .8152 9,963 .03 538 .97 3 .0470 320 .00 CMN (CVX)

. . ... . . . .. . . . . . ... . . . . . . .. . . . . . .... . . . . . .. . . . . . .. .. . . . . . ..... . . . . . . . . . . . . . . .. . . . . . .... . . . . . .. . . . . . ... . . . ... . . . . .... . . . .... . . .... . . ... . . . . ... . . . .. . . . . .. . . .. . . .... . . .. . . . . .. . . .. . . . . .. . . . .. . . . .. . . .. . . ... . . . .. . . .. . . . . .. . . .. . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . .. . . . . . . . .. . . . . . . . . . . . . . . ..... . . . . . .... . . . . . ... . . . . . . . . . . . . . .. . . . . . ... . . . . .... . . ... . . . ... . . ... . . . .. . . . .. . . .. . . .. . . .. . . .. CITIGROUP INCORPORATED 240.00 48,1800 11,563 .20 49 .3483 11,843 .60 (280.40) 3 .3209 384 .00 CMN (C)

... . . .... . . . .. .. . . . . ... . . . . . . ... . . . . . ... .. . . .... . . . . . . . . .. . . . . . . .. . . . . . . .... . . . . . . . . . . . . . ... . . . . . . . . . . . . .. . . . . . . . . . . . .... . . . . . . . . . .. . . . . .. . . . . . .. . . . ... . . .. . . .. . . . . .. . . ... . . . .. . . . .. . . . .. . . . .. . . . .. . . . . . . . ... . . . . . . ... . . . .. . . . . .. . . . .. . . . . . .. . . . .. . . . . . ... . . . . . . . . . . . . .... . . . . . . . .. . . . . . .. . . . . . . . . . I .. . . . . . .. . . . . . . . . . . . . . . .. . . . . . .. . . . . . .... . . ... . . . .. . . . ... . . ... . . ... . . .. . . . . . ... . .. . COUNTRYWIDE FINANCIAL CORP 74.00 37 .0100 2,738.74 27 .6288 2,044 .53 694 .21 1 .0808 29.60 CMN (CFC)

.. . . . .. . . . . . .... . . . ... . . . . . . ... . . . . . . .. . . . . . ... . . . . . . ... . . . . . ... . . . . . ..... . . . . . .... . . . . . .. . . . . . . ... . . . ... . . . . ... . . . . ... . . . ... . . . .... . . ... . . . . ... . . . .. . . ... . . .. . . . ... . . . .. . . . . .. . . .. . . . . .. . . ... . ... . . .. . . ... . . . .. . . ... . . . . . . . . . ... . . ... . . . ... . . . . . I ., . . ..... . . .. . . . . . . .... . . . . . ... . . . . . . . . . . . . . .. . . . . . ... . . . . .... . . ... . . . .. . . . ... . . ... . . . .. . . .. . . .. . . .. . ... EATON CORP 50.00 72.3600 3,618.00 60.2364 3,011 .82 606A8 1 .4925 54 .00 CMN (ETN)

.. . . . .. . . . . . .... . . . . ... . . . . . ... . . . . . . .. . . . . . ... . . . . . . ..... . . . . .. . . . . . ..... . . . . . I ... . . . . . .. . . . . . . ... . . . .... . . . ... . . . . ... . . . ... . . . .... . . . ... . . . .... . . .. . . . .. . . .. . . . .... . . .. . . . . .. . . .. . . . . .. . . ... . ... . . .. . . ... . . . .. . . ... . . . .. . . . . .. . . . ... . . . ... . . . . .. . . . . .... . . . .... . . . . . .. . .. . . . . . ... . . . ..... . . . . . . . . . . . . . . . . . .. . . . . . .... . . . ... . . . .... . . . . . .. . . . . . . . . . . . .. . . ... . . . .. . . ... . . .. . . .. . . .. . . .. . ENTERGY CORPORATION 70.00 67.5900 4,731 .30 57.1730 4,002.11 729 .19 2.6631 126 .00 CMN (ETR)

. . . . ... . . . . .. . . . . . ... . . . . . ... . . . . . ... . . . . . ... . . . . . ..... . . . . . .. . . . . . . ... . . . . . . . . . . . . . . ..... . . . . . . . . . . . .. . . . . . .. . . . . .. .. . . . .. . . . . .. . . . . . .. . . . . ... . . . . . . . ... . . ... . . .. . . . . .. . . . ... . . .. . . . . I . . . .. . . .. . . . .. . . . .. . . ... . . . .. . . ... . . . .. . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . . .... . . . . . . . . . . . . . . .. . . . . . . . . . ... . . . . . .. .. . . . ... . . . . . . .. . . . . . . . . . . . ..... . . . ... . . .... . . . . . . . . ... . . . . . ... . ... . ... . . .. . . EOG RESOURCES INC 45.00 71 .3600 3.211 .20 68.8689 3,099.10 112 .10 0.3363 10 .80 CMN (EOG)

. . . . . .. . . . . .. . . . . . ... . . . . . ... . . . . . ... . . . . .... . . . . . ... .. . . . . . .. . . . . . . ... . . . . . . . . . . . . . . .. ... . . . . . .. . . . . ... . . . . ... . . . .... . . . ... . . . ... . . . . .. . . . . . .. . . . . . . . ... . . . .. . . ... . . . . . . . . . .. . . . . . . . . ... . . . . . ... . . ... . . .. . . . ... . . .. . . . ... . . . ... . . . .. . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . . . . .. . . . . . . . . .. . . . . ..... . . . . . . . .. . . . . . ..... . . . . . .. . . . . ... . . . . .... . . . . . .. . . . . .. . . . . . .. . . .. . . . . .. . . .. . . ... . ... . ... . . . . . EVEREST RE GROUP LTD 20.00 89.5600 1,791 .20 85.0785 1,701 .57 89 .63 0.4355 7 .80 CMN (RE)

. . . ... . . . .... . . . .... . . . . . ... . . . . . . .. . . . . . . . . . . . ... .. . . . . . . . .. . . . . . ... . . . . . . . .... . . . . . .. . . . . . .... . . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . .. . . . ... . . . . . .. . . . . .. . . .. . . .. . . . . .. . . .... . . .. . . . ... . . ... . . ... . . .. . . .. . . . ... . . .. . . . . .. . . .. . . . . .. . . . ... . . . .... . . . ... . . . . .. . . . . ... . . . . . .. . . . . . . . . .... . . . .. .. . . . . . . . . . . . . . . . . . .. . . . . . .... . . . . . .. . . . . . . . . . . . .. .. . . . .... . . .... . ... . . . .... . .. . . ... . ... . .. . . . .. . . FIRST DATA CORPORATION 70.00 42.5400 2.9T7 .80 42.2127 2,954.89 22 .91 0.1881 5 .60 CMN (FDC) 1 .40

. . .... . . . .... . . . . . .. . . . . . .... . . . . . .. . . . . . ... . . . . . . .. . . . . . . . . . . . . . . ... . . . . . . . . ... . . . . . .... . . . . .. .. . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . .. . . ... . ... . . . .. . . . ... . . . ... . . .. . . . ... . . . . . . .. . . . .. . . . .. . . ... . . . .. . . .... . . .. . . . . . . . . . . . .. . . . . .. . . . . ... . . . . . . . . . . . ..... . . . . . . . .. . . . . . .. . . . . . . . . . ... . . . . . ... . . . . ... . . . . . . .. . . . . . . . . . . . ..... . . . ... . . .... . . . . . . . . ... . . . . . ... . . .. . ... . . .. . . FIRSTENERGY CORP 85 .00 39.5100 3,358.35 37.6476 3,200.05 158.30 3.7965 127.50 CMN (FE)

. . ... . . . . .. . . . . ..... . . . . . . . . . . . ..... . . I . . . . . . . . ..... . . . . . . ... . . . . . .. . . . . . . . . .. . . . . . . . .. . . . . . .. . . . . . . ... . . . ... . . . . ... . . . . .. . . . . ... . . .... . . . . . .. . . . . .. . . .. . . .. . . . . .. . . ... . . . .. . . .... . . .. . . . ... . . .. . . .. . . . ... . . .. . . . ... . . . . . . . . .. . . . ... . . .... . . . .... . . . ... . . . ... . . . . . . .. . . . . . . . . ... . . . ... . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . . . . ... . . .... . . . . ... . . . . . .. . . . . ... . . ... . . . ... . . .. . . .. . . .. . . .. . . ... . . FOX ENTERTAINMENT GROUP INC. 105 .00 31 .2600 3,282 .30 30.9735 3,252.22 30 .08 CMN CLASS A (FOX)

. . .. . . . ... . . . . . .. . . . . . .... . . . . .... . . . . . ... . . . . . .. . . . . . . . . .... . . . . ... . . . . . . . . . . . . . . ..... . . . . .. . . . . . . ... . . . .. . . . . .... . . . . ... . . ... . . . . .. . . . . ..... . . ... . . ... . . . . . . . ... . . . . . . . . .. . . .. . . . . .. . . .. . . . .. . . . . . . . ... . . . . . . . ... . . .. . . ..... . . .. . . . . ... . . . . .. . . . . ... . . . . .. . . . . . . ... . . . . . ... . . . . . . .. . . . . . . . . .... . . . . . .... . . . . . .. . . . . . . ... . . . .... . . . . ... . . . . . . . . . . . .. . . .... . . ... . . ... . . .. . . .. . ... . . .. . .. FREDDIE MAC 55 .00 73.7000 4,053.50 64 .7495 3,561 .22 492.28 1 .6282 66.00 CMN (FRE)

HOLDINGS-

Pe;iod Covering- AccountNumber. Account Name :

Dee 1 04 to Dee 31 04 040-05274-8 GMSGSLCSTRATEGIC VALUE HOLDINGS

EQUITIES Quantity Market Price Market Value / Unit Cost Cost Basis Unrealized Dividend Estimated Accruedincome Gain (Loss) rield Annual Income


GENERAL DYNAMICS CORP. 25 .00 104 .6000 2,615 .00 95.9724 2,399 .31 215 .69 1 .3767 CMN (GD)

. . . . .. . . . . I . . . . . . . . . . . . .. . . . . .. . . . . . ... . . . . .. .. . . . . . ..... . . . . . .... . . . . . ... .. . . . . . . .. . . . . . . . ... . . . . . . . . . . . . .. . . . . . . . . . . . . . . .. . . ... . . . .. . . .... . . .. . . . .. . . . .. . . .. . . . . .. . . . . . . ... . . . . . . . ... . . . . . . . ... . . . . . . . . ... . . .. . . . ... . . ... . . . . ... . . . ... . . . ... . . . . ... . . . .... . . . ... . . . ..... . . . . . .. . . . . . .... . . . . . . ... . . . . . .. .. . . . . . .. . . . . . ..... . . . . . ... . . . . . . .. . . . ... . . .. . . . GENERAL MILLS INC 35 .00 49 .7100 1,739 .85 45.3569 1 .587.49 152 .36 2 .4945 CMN (GIS)

. . . . . . . . . ... . . . . .. . . . .... . . . . .. . . . . . .. . . . . . .... . . . . . .. . . . . . . . . . . . . . . . . . .. ... . . . . . .... . . . . . ... . . . . .... . . . . ... . . . . . . . . . . . . . ... . . .. . . . . .. . . .. . . . . .. . . ... . . ... . . . . . . .... . . . . . . .. . . . .. . . . .. . . . . . . . . ... . . . . . . . . .. . . . .. . . ... . . . .. . . . . ... . . . . ... . . . .. . . . . . . . . . . . ... . . . . ... . . . ..... . . . . . . . . . . . ..... . . . . . .... . . . . . .. . . . . . . ... . . . . . ..... . . . . . . . . . . . . . ... . . . .. . . . .. . . . GOLDEN WEST FINANCIAL CORP 30 .00 61 .4200 1,842 .60 53.5500 1,606 .50 236 .10 0.6513 CMN (GDW)

. . . . . . . . . ... . . . ... . . . . ... . . . ... . . . . . .. . . . . . ... . . . . . ... . . . . . . . . . . . . . . . . . .. ... . . . . . .... . . . . . ... . . . . .... . . . . ... . . . . .. . . . . . . . ... . . .. . . . . .. . . .. . . . . .. . . .... . ... . . . . . . . ... . . . . . . ... . . .. . . . ... . . . . . . . ... . . . . . . . . ... . . .. . . . ... . . ... . . . . .... . . ... . . . .... . . . ... . . . .... . . . ... . . . . . ... . . . . . .. . . . . . . ... . . . . . .... . . . . . .... . . . . . . . . . . . . . . ... . . . . . .... . . . . ... . . . .. . . . .. . . . HARRAHS ENTMT INC 40 .00 66 .8900 2,675 .60 51 .4340 2,057 .36 618 .24 1 .9734 CMN (HET)

. . . .. . . . . ... . . . ... . . ..... . . .... . . . . .. . . . . . ... . . . . . ... . . . . . . . . . . . . . . . . . .. . .. . . . . . .... . . . . . .. . . . . . .... . . . . ... . . . . .. . . . . . ..... . . .. . . . ... . . .. .. . . .. . . . .. . . ... . . . . . . . ... . . . . . . ... . . .. . . . ... . . . . . . . ... . . .. . . . . ... . . .. . . .... . . ... . . . . .... . . ... . . . ... . . . . ... . . . ..... . . .... . . . . . ... . . . . ... . . . . .. .. . . . . . . . .. . . . . . ..... . . . . . ... . . . . . . ... . . . . .... . . . . . .. . . . ... . . .. . . . HEWLETT PACKARD CO . 110 .00 20 .9700 2,306 .70 19.2466 2,117.13 189 .57 1 .5260 CMN (HPQ) 4 .80

. . . .. . . . . .. . . . .... . . ..... . . ... . . . . . . .. . . I . . . . . . . . ..... . . . . . . . .. . . . . . . . . .. . . . . . . . . ... . . . . . . .. . . . . . .... . . .. ... . . . . .. . . . . . . ... . . . .. . . . ... . . . . . . . . .. . . ... . ... . . .. . . . ... . . . . . . ... . . ... . . . .. . . . .. . . . .. . . . .. . . ..... . . .. . . ... . . . .. . . . . .... . . . ... . . . .. . . . . . ... . . . ... . . . . ... . . . ..... . . . . . . . . . . . ..... . . . . . .... . . . . . .. . . . . . .... . . . . . ..... . . . . . . ... . . . . ... . . . .. . . . .. . . . HOME DEPOT INC 95 .00 42.7400 4 .060 .30 35.9737 3 .417.50 642 .80 0.7955 CMN (HD)

. . . .. . . .... . . . .... . . ..... . . ... . . . . . . .. . . . . . . . . . . . ..... . . . . . . ... . . . . . .. . .. . .. . . . . . .. .. . . . . . .. . . . . . .... . . ..... . . . . .. . . . . . . ... . . . .. . . . ... . . .. . . . . .. . . ... . .... . .. . . . ... . . . . . . . .. . . . .. . . ... . . . . . . . . .. . . . .. . . . . ... . . . . . . ... . . . ... . . . .... . . . ... . . . .. . . . . . ... . . . ... . . . . ... . . . .... . . . . . . . . . . . . . .... . . . . . .... . . . . . .. . . . . . .... . . . . . ..... . . . . . ... . . . . .... . . . .. . . . .. . . . JPMORGAN CHASE & CO 204.00 39.0100 7,958 .04 39.9177 8,143.22 (185 .18) 3 .4863 CMN (JPM)

. . . .. . . . ... . . . ... . . . ..... . . ... . . . . . . .. . . . . .. . . . . . ..... . . . . . .. .. . . . . . ..... . .. . . . . . .. . . . . . . . .. . . . . . .. .. . . ..... . . . . .. . . . . . .... . . . .. . . . ... . . .. . . . . .. . . ... . . .. . . . . . . . .... . . . . . ... . . ... . . ... . . . . . . . . .. . . . .. . . .. .. . . . . . . . ... . . . .. . . . . .... . . . ... . . . .. . . . . . . . . . . . ... . . . . .. . . . . ..... . . . . . . . . . . . . .... . . . . . .... . . . . . ... . . . . . . . . . . . . . ..... . . . . . .... . . . . ... . . . ... . . .. . . . KEYCORP 125 .00 33 .9000 4,237 .50 30.6625 3,832 .81 404 .69 3 .6578 CMN (KEY)

. . ... . . ... . . . . ... . . . ... . . . . ... . . . .. ... . . . ... . . . . . .... . . . . . . .... . . . . . ..... . . . . . . . . .. . . . . . . . .. . . . . . .... . . . ... . . . . . .. . . . . . .... . . . .. . . . ... . . .. . . . . .. . . ... . ... . . .. . . . ... . . .. . . . .. . . ... . . ... . . . . . . . ... . . . .. . . . ... . . . . . . . ... . . . .. . . . . . ... . . . .. . . . . .. . . . . . .. . . . . .. . . . . . ... . . . .... . . . . . . . . . . . . ..... . . . . . .... . . . . . .... . . . . . .. . . . . . . .... . . . . . .... . . . . . .. . . . ... . . .. . . . KRAFT FOODS INC 50 .00 35.6100 1,780 .50 29.9076 1,495 .38 285 .12 2 .3027 CMN CLASS A (KFT) 10 .25

. .... . . ... . . . . .. . . . . ... . . . . .. . . . . ..... . . .... . . . . . ... . . . . . . . .... . . . . . ..... . . . . . . . . . . . . . . . . . .. . . . . . .... . . .... . . . . ... . . . . . .... . . . .. . . .... . . . . . . . . .. . . .. . . ... . . .. . . .... . . .. . . .. . . . ... . . ... . . . .. . . ... . . . .. . . .... . . . . . . . ... . . . .. . . . . ... . . . . .. . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . ... . . . . . . .. . . . . . ..... . . . . . ... . . . . . ... . . . . . .... . . . . . ..... . . . . .. . . . . . . .... . . ... . . ... . . . LAMAR ADVERTISING CO 56 .00 42.7800 2 .395 .68 37.3200 2,089.92 305.76 CMN CLASS A (LAMR)

36 .00

. . . .. . . . .. . 43 .40

. . . .. . . .. . . 12 .00

. . . ... . ... . 52 .80

. . . ... . ... . 35.20

. . . .. . . .. . . 32 .30

. . . .. . . .. . . 277 .44

. . . .. . . ... . 1155 .00

. . . .. . . ... . 41 .00

111111111111111111111111111111111111111111 Page F 8 of 21

. ... . . . ... . . . . .. . . . . .. . . . . . .. . . . . .... . . . . ... . . . . . .... . . . . . . .... . . . . . ..... . . . . . . . . . . . . . . . . . .. . . . . . .... . . ..... . . . . .. . . . . . . . .. . . . .. . . . ... . . . . . . . . .. . . ... . . .. . . . . . . . .... . . . . . ... . . . .. . . . .. . . . . . . . . .. . . . .. . . . . ... . . . . . . .... . . ... . . . . ... . . . ... . . . ... . . . . . . . . . . ... .. . . .. . . . . ..... . . . . . . . . . . . ..... . . . . . .... . . . . . ... . . . . . . .. . . . . . ..... . . . . . ... . . . . . . .. . . . .. . . . .. . . . .. . . . .. . . ... . . .. . . .. . . .. . . ... . M&T BANK CORPORATION 20 .00 107.8400 2,156 .80 93.0425 1,860 .85 295 .95 1 .4837 32 .00 CMN (MTB)

Pe~od Covering: AccountNumber: Account Name:

Dec 1 04 to Dec 31 04 040-05274-8 GMS GSLCSTRATEGIC VALUE


Quantity Market Price Market Value / unit cost Cost Basis Unrealized Accrued Income Gain (Loss) EQUITIES


MASCO CORPORATION CIAN (MAS)

. . ... . . ... . . . . ... . . . ... . . . .... . . . . . . ... . . . . . . ... . . . . . . .. .. . . . . MEDIMMUNE INC CMN (MEDI)

. . ... . . . . . . . . . . .. . . . . .. . . . .... . . . . . . . . . . . . . . . ... . . . . . . . . .. .. . MERRILL LYNCH CO INC CMN (MER)

. . .. . . .... . . . . ... . . . ... . . ..... . . . . . .... . . . . . ... . . . . . . . .... . . . . METLIFE INC CMN (MET)

. . .. . . . . .. . . . . . .. . . . ... . . ..... . . . . . .... . . . . . . .... . . . . . . . . . ... . MICROSOFT CORPORATION CMN (MSFT)

. ... . . .... . . ... . . . . .. . . . . .. . . . . . . . . . . . . . . ..... . . . . . .. . . . . . . . . . NATIL SEMICONDUCTOR CORP CMN (NSM)

... . ... . . . . ... . . .... . . . ... . . . . . . .... . . . . . .. . .. . . . . . . ... . . . . . . . NORTEL NETWORKS CORP CMN (ND

.... . . .. . . . . .. . . . . . .. . . . . .. . . . . . . . . . . . . . . ..... . . . . . .. .. . . . . . . . PACKAGING CORP OF AMERICA COMMON STOCK (PKG)

.. . . ... . . . . ... . . .... . . . . .. . . . . . . .... . . . . . .. .. . . . . . . . . .. . . . . . . . PARTNERRE LTD BERMUDA CMN (PRE)

. . . .. . . . . .. . . . . . . . . . . . .. . . . . . .... . . . . . ..... . . . . . ... . . . . . . . . . .. PFIZER INC. CMN (PFE)

. . . .. . . . . .... . . . . . . . . . ... . . . . ... . . . . . . ..... . . . . . .... . . . . . . . . .. PNC FINANCIAL SERVICES GROUP CMN (PNC)

11111111111111111111111111111111111111111111111111111111 Page F 9 of 21

HOLDINGS-

140.00 36 .5300 5 .114.20 29.1289 4,078.05 1 .036.15 1 .9710 100.80

. . . . . . . ... . . . . . . .. . . . . . . . . . . . . . ... . . . . . . . . . . . .. . . . . .. . . . ... . . . . . . . ... . . . ... . . . .. . . ... . . . .. . . . . . . . . . .. . . . .. . . . .. . . . . .. . . . ... . . .. . . . .. . . . . . . . ... . . . . . . . . . .. . . . . . . . . . . . .. . . . ... . . . .... . . ... . . . ..... . . . . . .... . . . . . .. . . . . . . . . . .. . . . ..... . . . . . . ... . . . . . ..... . . . . . .... . . .. . .. . . . . .. . . ... . . . .. . . . ... . . . . . . .. . . ... . . .. . . .. . . 90.00 27.1100 2,439.90 24 .2781 2J85.03 254 .87

.. . . . . . .... . . I . . .. . . . . . .. .. . . . . . .. . . . . . .. . . . . .. . . . . . . . . . . ... . . .. . . ... . . . . ... . . .. . . . ... . . ..... . . . . . . .. . . . .. . . . .. .. . . ... . . . .. . . .. . . . ... . . .. . . . .. . . . ... . . I .. . . . . . .. . . . . .. . . . . . . .. . . .... . . .. ... . . . . . .... . . . . . ..... . . . . . ... . . . . . . .. . . . . . . . . . . . . . . . .... . . . . . .... . . . . . ... . . . .. . . . .. . . . . . . . . . .. . . . . . . ... . . .. . . .. . . .. . . 55.00 59 .7700 3,287.35 59.7000 3,283.50 3.85 1 .0708 35 .20

. . . . . . . ... . . . . . . .. . . . . . . . . . . . . . ... . . .... . . . . . .. . . . . .. . . .... . . .. . . . ... . . . ... . . . .. . . ... . . I .. . . . . . . . . ... . . . .. . . . .. . . . . .. . . . ... . . .. . . . .. . . . .. . . ... . . . .. . . . . .. . . . . . . . . . . . .. . . . . .. . . . . .. . . . ... . . . ..... . . . . . .... . . . . . .. . . . . . . . . . .. . . . ..... . . . . . .... . . . . . ..... . . . . . .... . . . . . .. . . . . .. . . ... . . . .. . . . ... . . .. . . .. . . ... . ... . . .. . . 45.00 40.5100 1,822.95 33.5300 1,508.85 314 .10 1 .1355 20.70

.. . . . . . ... . . . . . . .. . . . . . .. . . . . . . . .. . . . . . .. . . . . .. . . . . .. . . . .... . . . . . . ... . . . ... . . . .. . . .... . . .. .. . . . . . . . ... . . . . . . . .... . . ... . . . .. . . ... . . ... . . .. . . ... . . . ... . . . .. .. . . . .. . . . . .. . . . . .. . . . . ... . . .... . . . . . .. . . . . . .. .. . . . . . ..... . . . . . .... . . . . . .. . . . . . . . . . . . . . . . . . .. . . . . . . . .. . . . . . ... . . . . . . . ... . . . . . . . . .... . . . . . ... . . .. . . .. . . .. . . 185 .00 26.7200 4,943.20 26 .9127 4,978 .85 (35.65) 1 .1976 59.20

. . . . . ... . . . . . .... . . . .... . . . . . .... . . . .... . . .. .. . . . . .. . . . .. . . . ... . . ... . . . . . . . . ... . . . .. . . . . .. . . . ... . . .. . . I .. . . . ... . . . . . . . . ... . . . . . . . .. . . . . . . . ... . . . . . . . . . ... . . . . .. . . . . . .. . . . ... . . .... . . . .. . . . . .... . . . . . . .. . . . . . . ... . . . . . . . .. .. . . . ..... . . . . . .... . . . . . .... . . . . . . .... . . . . . .. . . . ... . . .. . . . ... . . ... . . . .. . . .. . . .. . ... . . .. . .. 45 .00 17.9500 807.75 15.5398 699 .29 108.46 0.4457 3 .60

0.90

. . . . ... . . . . . . .. . . . . . .. . . . . . . . .. . . . . . . . . . . . .. . . . . . .. . . . . .. . . ... . . . .. . . . . .. . . . ... . . I . . . . .... . . .... . . .. . . ... . . . .. . . . . .. . . ... . . . .. . . ... . . . .. . . .. . . . ... . . .... . . . . ... . . .... . . . .. . . . . ... . . . . . . . . . . .. . . . . . . . . . . . . . . ..... . . . . . .... . . . . . .. . . . . . . . . .. . . . . . .... . . . . . . . .. . . . . . ..... . . . .. . . . .. . . .... . . .. . . . ... . . .. . . .. . ... . ... . .. 890 .00 3.4700 3,088.30 4 .6648 4,151 .69 (1 .063.39)

. . . . . ... . . . . . ... . . . . .... . . . . . .. . . . . . .. . . . . ... . . . . ... . . . .. . . . ... . . .. . . . . . . . . . ... . . . . . . . . . .. . . .... . . .. . . . .. . . . .. . . . . . . . . . ... . . . . . . . .. . . . .. . . .. . . . . . . . . . .... . . . . .. . . . . ... . . ... . . . ... . . . . . . . . . . .. . . . . . . . . . . . . . . . . ... . . . . . . ... . . . . . ..... . . . . . .... . . . . . .. .. . . . . . . .. . . . . . . . .. . . . ... . . .. . . . ... . . ... . . ... . . .. . . .. . ... . . .. . .. 120.00 23.5500 2,826.00 24 .1273 2,895 .28 (69.28) 2.5478 72.00

18.00

. . . . . .. . . . . . ... . . . . . . . . . . . . . ... . . . . .. . . . . ... . . . . . . . . . . ... . . .. . . . . .. . . . . .. . . ... . . . .. . . .... . . . .. . . . . .. . . .. . . . . .. . . . ... . . .. . . . ... . . .. . . . ... . . .. . . . ... . . ... . . . . .... . . .... . . . .. . . . . .. . . . . .. . . . . I .. . . . . . .... . . . . . .. . . . . . . . . .. . . . . . .... . . . . . .... . . . . . ... .. . . . . . .... . . . . . .. . . . . . .. . . . ... . . . . . . . . .. . . .. . . ... . . .. . . .. . . .. . .. . 35 .00 61 .9400 2,167 .90 58 .7000 2,054 .50 113 .40 2.1472 46.55

. .... . . . . . ... . . . . . ... . . . . . ... . . . . ... . . . . .... . . . . .. . . .... . . . . . . . .... . . ... . . . .. . . . .. . . . .. . . . . . . . . . .... . . . . . . ... . . . ... . . . .. . . ... . . . .. . . ... . .... . . .. . . . . .. . . . . . .. . . . . .. . . . . .. . . . .... . . .... . . ... .. . . . . . . . . . . . ... .. . . . . . .... . . . . . ..... . . . . . .. . . . . . . . .. . . . . . . . . . . . . . . . .... . . . . . .. . . . .. . . . . . . . . . .. . . .. . . .. . . ... . . .. . . . . . .. . 140.00 26.8900 3,764 .60 29 .0582 4,068 .15 (303.55) 2.5288 95.20

. .. . . . . . . . ..... . . . . .. . . . . . . .... . . . .. . . .... . . . . . . . . . . .. . . . .. . . . ... . . . . .. . . ... . . . .. . . .... . . . .. . . . . .. . . .. . . . . .. . . . ... . . .. . . . ... . . .. . . . .. . . . .. . . .... . . .. . . . . . ... . . . ... . . . . . . . . . . .. . . . . .. . . . . ... . . . . . .. .. . . . . . ..... . . . . . ... . . . . . ... . . . . . . ... . . . . . ..... . . . . . .... . . . . . .... . . . ... . . . .. . . ... . . . .. . . . .. . . ... . .. . . .. . . .. . ... 20 .00 57.4400 1,148 .80 51 .9955 1,039 .91 '108 .89 3.4819 40.00

Pe~.d Cvering Account Number. Account Name:

Dec 1 04 to Dec 31 04 040-05274-8 GMSGSLCSTRATEGIC VALUE

Dividend Fitimated Yield Annual Income

Quantity Market Price Market Value / Unit Cost Cost Basis Unrealized AccruedIncome Gain (Loss) EQUITIES


PPL CORPORATION CMN (PPL)

. . .... . . ..... . . . . . . . . . . . .. . . . . . . . . . . . . . . ..... . . .... . . . . . . . . ... . . . PROCTER & GAMBLE CO CMN (PG)

. . . ... . . . . . .. . . . . . .. . . . . ... . . . . . . . . . . . . . ..... . . . . . . . . . . . . . . ..... REGIONS FINANCIAL CORPORATION CMN (RF)

. . . . .. . . I . . .. . . . . . .. . . . . ..... . . . . . .. . . . . .. . .. . . . . . .... . . . . . ..... RENAISSANCE RE HOLDINGS LTD CNIN (RNR)

. . . ... . . . . . .. . . . . . .. . . . . .... . . . . . . .. . . . . ..... . . . . . .. . . . . . . . ..... ROHM AND HAAS CO CMN (ROH)

. . . ... . . . . . .. . . . . . .. . . . . ... . . . . . . . . . . . . . ..... . . . . . .. . . . . . . . .... . . SOUTHWEST AIRLINES CO CMN (LUV)

. . .... . . . .. .. . . . . . .. . . . . ... . . . . . . . . . . . . . ..... . . ... . . . . . . . . . ... . . SPRINT CORP FON CMN (FON)

. . . ... . . . . . .. . . . . . .. . . . . ... . . . . . . . .. . . . . ... .. . . . . . ... . . . . . . . .... TIME WARNER INC. CMN (TWX)

. . . ... . . . . . .. . . . . . .. . . . . .... . . . . . . .. . . . . . . . .. . . . . . .... . . . . . . .... TYCO INTERNATIONAL LTD . CMN (TYC)

. . . ... . . . . . .. . . . . . .. . . . . ..... . . . . . .. . . . . . . . .. . . . . . .... . . . . . . .... UNITED TECHNOLOGIES CORP CMN (UTX)

. . . ... . . . . . .. . . . . . .. . . . . ..... . . . . . .. . . . . .. . .. . . . . . ... . . . . . . . . ... VIACOM INC CL B COMMON CMN CLASS B (VIAB)

53 .00 35 .5900 1,886.27 30 .4194 1,612 .23 274 .04 3 .7482 70.70

. . .. . . . . ..... . . . . . . . . . . . ... . . . . .. .. . . .... . . . . . . . . ... . . . ... . . ... . . . .. . . .... . . . .. . . ... . . . . . . ... . . ... . . ... . ... . . . .. . . .. . . . . .. . . .... . . .. . . . . . . . . . . ... . . . ... . . ... . . . . .. . . . . .. .. . . . . . . . . . . . . . . . ... . . . . .... . . . . . ..... . . . . . ... . . . . . ... . . . . . ... . . . . . . .. . . . . . .. .. . . .... . . . . . . . ... . . . .. . . .. . . . .. . . .. . . .. . . ... . .. 45 .00 52 .0800 2,343.60 50.9158 2,291 .21 52.39 1 .3825 32.40

. . . . . . . . .... . . . . . . . . . . . . ... . . . . .... . . .... . . . . . . . . ... . . . ... . . . .. . . . .. . . .... . . . .. . . ... . . . .. . ... . . . .. . . ... . . .. . . . .. . . ... . . . .. . . . ... . . ... . . . . .. . . . . .. . . . ... . . ... . . . . ... . . . ..... . . . . . .. . . . . . . . ... . . . . . . .. . . . . . .. . .. . . . . . . ... . . . . . .. . . . . . .... . . . . . . 65 .00 44 .2300 2,874 .95 39.8071 2,587 .46 287.49

. . . . . . . . ..... . . . . .. . . . . . ... . . . . .... . . .... . . . .. . . . ... . . . ... . . ... . . . .. . . .... . . . .. . . ... . . . . . . ... . . ... . . ... . ... . . . .. . . ... . . . .. . . .... . . ... . . . . . . . . . . .. . . . .. . . . ... . . . . ... . . . .... . . . . . . . . . . . . . . . ... . . . . . ... . . . . . .. ... . . . . . .... . . . . ... . . . . . .... . . . . . . 105 .00 16 .2800 1,709.40 14.8545 1,559 .72 149.68

0.47

. . . . . . . . .... . . . . . .. . . . . . ... . . . . .... . . . ... . . . . . . . . . .. . . . . .. . . ... . . . .. . . .... . . . .. . . ... . . . .. . ... . . ... . . . .. . . .. . . . .. . . ... . . . .. . . . ... . . ... . . . . . . . . . . .. . . . .. . . . ... . . . . ... . . . ..... . . . . . . . . . . . . . . ... . . . . . . .. . . . . . ..... . . . . . .... . . . . . .. . . . . . .... . . . . . . 235 .00 24 .8500 5,839.75 17.6964 4,158 .66 1,681 .09

. . . . . . . . ..... . . . . . . . . . . . ... . . . . .... . . ..... . . . . . . . ... . . . ... . . . .. . . . .. . . . ... . . . .. . . . .. . . . .. . . ... . . . . . . .... . ... . . .. . . . .. . . . .. . . . ... . . . .. . . . . .. . . . . .. . . . ... . . .... . . . ... . . . ..... . . . . . .. . . . . . . . .... . . . . . .. . . . . . .. . .. . . . . . . ... . . . . . .. . . . . . . ... . . . . . . 350 .00 19 .4500 6,807.50 18.8804 6,608.15 199.35

. . . . . . . . ..... . . . . . .. . . . . .... . . . .... . . . .... . . .. . . . . .. . . . . .. . . . .. . . . . . . . . ... . . . .. . . . ... . . .. . . ... . . . . . . . ... . ... . . .. . . . .. . . . .. . . . ... . . . ... . . . .. . . . . .. . . . . .. . . .... . . . ... . . . . .... . . . . . .. . . . . . . . .... . . . . . .. . . . . . .. . .. . . . . . . ... . . . . . ... . . . . . ... . . . . . . 235 .00 35 .7400 8,398.90 28.6876 6,741 .59 1,657.31

23.50

. . .. . . . . ..... . . . . . .. . . . . .... . . . .... . . . .... . . .. . . . . .. . . . . .. . . . .. . . . . . . . . . ... . . .. . . . ... . . .. . . ... . . . . . . . ... . ... . . .. . . . .. . . . .. . . . ... . . . ... . . . .. . . . . .. . . . . .. . . . ... . . . ... . . . . . ... . . . . . .. . . . . . . . .... . . . . . . . . . . . . . . . .. . . . . . . ... . . . . . ... . . . . . . .. . . . . . . 35 .00 103 .3500 3,617.25 105.00114 3,675.05 (57 .80)

. . ... . . . . . . ... . . . . ... . . . ..... . . . . . . . . . . ... . . ... . . . .. . . . . . . . . . ... . . . .. . . . ... . . ... . . ... . . .. . . . .. . . . .. . . . .. . . .. . . .. . . . ... . . ... . . . .. . . . .... . . .... . ... . . . . . . . . . ... . . . ... . . . . . .. . . . . . ... . . . . . . . . ... . . . . . .. . . . . . . . ... . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . 75.00 363900 2,729.25 41 .5256 3,114 .42 (385 .17)

5 .25

... . . . . . . . ... . . .. . . ... . . . . . . .. . . ... . . ... . . 0.1399 11 .75

. .. . . .. . . . . .. . . .. . . . ... . . . . . ... . ... . . ... . . 11 .3546 49.00

. .. . . .. . . . . .. . . ... . . ... . . . . . ... . .... . ... . . 0.6595 18 .00

III 111111111 11111 Page FJO of 21

HOLDINGS

105 .00 53 .2800 5,594 .40 45 .6757 4,795 .95 798.45 3 .0781 172 .20 43 .05

... . . . . . .. . . . . . .. . . . . .. . . . . .. . . . ... . . . . .. . . . .. . . . . .. . . .. . . . . . . . . . .. . . . .. . . .. . . ... . . . .. . . .. . . . .. . . . .. . . . ... . . ... . . . .. . . . ... . . . .... . . .. . . . . .. . . . . . . . . . . . .. . . . . . .... . . . . . ..... . . . . . ... . . . .. . .. . . . . . . .. . . . . . . . .... . . . . . . . . . . . . .... . . . . . .. . . . . ... . . . .. . . ... . . . . . . . ... . . ... . . .. . . . . . . .. . . .. 70 .00 55 .0800 3,855.60 49 .5614 3,469 .30 386.30 1 .8155 70.00

. .. . . . . . .. . . . . . .... . . ... . . . . . . . . . ... . . .... . . ... . . . .. . . ... . . . . . . . . ... . . . . . . ... . . .. . . . .. . . ... . . ... . . .. . . . . .. . . ... . . . .. . . . . .. . . . . ... . . . .. . . . .. . . . . . . . . . . . .. . . . . . .. . . . . . . . . . . .. . . . . . ... . . . . . . .. .. . . . . . . ... . . . . .... . . . . . .. . . . . . . ... . . . . . .. . . . . .... . . .. . . .... . . . .. . . .. . . . .. . . .. . . .. . . ... . ..

.... . . . . . . ... . . . .. . . ... . . . . . . .. . . ... . . ... . . 2 .2609 65.00

.... . . . . . . ... . . . .. . . ... . . .. . . .. . . .. . . ... . .. 0.1106 1 .89

.... . . . . . . ... . . . .. . . ... . . .. . . .. . . .. . . ... . .. 2.0121 117.50

. ... . . . . . . . ... . . .. . . ... . . .. . . .. . . ... . . .. . . .

P.~.d Covering: AccountNumber : Account Name:

Dec 1 04 to Dec 31 04 040-OS274-8 GMSGSLCSTRATEGIC VALUE HOLDINGS

Dividend Eilimated Yield Annual Income

Cost Basis Unrealized Gain (Loss)

Quantity Market Price Market Value / Unit Cost AccruedIncome

2,869.95 1,446.90 0.2455 10 .60

... . . . ... . . . . . .. . . . . . . . .. . . . . . .. . . . . . .. . . . . . . . . .... . . . . . . ... . . . . . . . . ... . . . . .... . . . . ... . . ... . . ... . . .. . . . ... . .. . . . ... . . . . . ... . ... . 1,976.70 287.65 1 .7610 39.88

... . . .... . . . . . .. . . . . . . . . . . . . . . .. . . . . . .. . . . . . . . . . ... . . . . . . ... . . . . . . . . ... . . . . .... . . . . ... . . ... . . ... . . .. . . . ... . . ... . .... . . .. . ... . ... . 3.427.57 66 .68 2.5113 87 .75

199,261 .27 22,745.01 2.0401 4,079 .35

4,316.85 10.8300

. . . ... . . . ... . . .. . . . ... . . .. .. . . . . . . . . ... . . ... . . . .. . . . 2,264.35 35.9400

10 .31

. . . .. . . . ... . . .. . . . ... . . .... . . . . . . . . . .. . . ... . . . .. . . . 3,494 .25 76.1682

222,006 .28 260A2

265.00 16 .2900

. . . . . . .. . . . . . . ... . . . . . .. . . . . . .. . . . . .... . . . .. . . ... . . . . . . . . ... . . .... . . . 55.00 41 .1700

. . . . . . .. . . . . . . ... . . . . . .. . . . . . .. . . . . .... . . . . . . . ... . . . . . . . . . .. . . .... . . . 45.00 77 .6500

(26 .72) 6 .2273 144 .00

. . . ..... . . . . . .. .. . . . . . . . . .. . . . . . .. . . . . ... . . . .. . . .. . . . ... . . ... . . ... . . .. . . . .. . . .. . . .. 320 .50 6 .1644 139.50

I . . . . .... . . . . . . . . . . . . . . . . . ... . . . . .. . . . . ... . . . .. . . .. . . . . .. . . ... . . . .. . . .. . . . .. . . ... . .. 213 .50 5 .6481 85.40

507.28 6.0601 368.90

60.00 38 .5400 2,312 .40 38 .9853 2,339 .12

. . . . ... . . . ... . . . . ... . I . . . ... . . ... . . . .. . . .. . . . . .. . . . . .. . . ... . . . . . . . . ... . ... . . .. . . . ... . . .... . . . . . . ..... . . . . . . . . .. . . .... . . ... . . . .. . . . . ... . . .. . . . . .. . . . . . . .. . . . .. . . . . . .. . . . . . . ... . . . . . ... 50.00 45.2600 2,263 .00 38 .8500 1,942 .50

. . . . ... . . . . ... . . . .... . . . . ... . . ... . . . .. . . ... . . . .. . . . . .. . . ... . . . . . . . . ... . . . . . . .. . . . . .. . . . . .. . . . . . . . .... . . . . . . . . .. . . . ... . . ... . . . .. . . . . ... . . .. . . . . .. . . . . . ... . . . .. . . . . . .. . . . . . .... . . . . . ... 35.00 43 .2000 1,512 .00 37 .1000 1,298 .50

21 .35

6,087.40 5,580 .12 21 .35

23,252 .29 2 .1589 4,448.25 228,093.68 281 .77

204,841 .39 TOTAL EQUITIES

1111111111111111111111111111111111111111111111 Page F I I of 21

EQUITEES


WILLIAMS COMPANIES INC . (THE) CMN (WMB)

. .. . ..... . . .... . . .. . . . ... . . . . . .. . . . . . .... . . . . . . .... . . . . . .. . . . . . WILLIS GROUP HOLDINGS LTD CMN (WSH)

. .. . . .... . . .... . . .. . . . ... . . . . . .. . . . . . ... . . . . . . . . ... . . . . . . . . . . XL CAPITAL LTD CL A CMN CLASS A (XL)

TOTAL COMMON STOCKS

OTHER

APARTMENT INVT & MGMT CO CL A CMN CLASS A (AIV)

. .. . . .... . . . ... . . .. . . . . .. . . . . . .. .. . . . . . . .. . . . . . . . .. . . . . . . . . ... ISTAR FINL INC CMN (SFI)

. .. . . . ... . . . ... . . ... . . . . . . . . . . .... . . . . . . .. . . . . . . . ... . . . . . . . ... LIBERTY PROPERTY TRUST SBI CMN (LRY)

TOTAL OTHER

Estimated Annual Inconse

Market Value Percentage Adjusted Cost / * * Unrealized ofPor(folio Original Cost Gain (Loss) SUMMARY OF HOLDINGS

1111111111111111111111111111111111111111 Page F 12 of 21

,r,4.d Covering: AccountNumber: Account Nante:

Dec 1 04 to Dec 31 04 040-05274-8 GMSGSLCSTRATEGIC VALUE HOLDINGS

TOTAL CASH AND CASH EQUIVALENTS 5,379AB 2 .30 5,368.35 82.72

TOTAL EQUITIES 228,375.45 97.70 204,841 .39 23,252 .29 4,448.25

TOTALACCOUNT 233,754 .93 100.00 210,209.74 23,252.29 4,530.96

** Original Cost Is price paid by purchaser adjusted for annual original Issue discount payments and/or return of capital adjustments, If applicable . Adjusted Cost reflects adjustments to Original Cost for accretion and/or amortization .

Pehod Covering. Account Number. Account Name:

Dec 104 to Dec3104 040-05267-2 GMSBOSTON CO INTERNATIONAL EQUITY HOLDINGS

CASH AND CASH EQUIVALENTS Quantity Market Price Market Yalue Unit Cost Adjusted Cost Unrealized Yield to Maturity / Estimated AccruedIncome Original Cost Gain (Loss) Current rield Annual Income

1 .0800 87.63

87.63 7,219 .22 7,206.96 TOTAL CASH AND CASH EQUIVALENTS

1111111111111111111111111111111111111111111111 Page C 5 of 35

BASE CURRENCY

U 8 DOLLAR (907.07)

TOTAL BASE CURRENCY

MONEY MARKET FUNDS

GOLDMAN SACHS INSTITUTIONAL LI ASSETS FEDERAL PORTFOLIO (ILA ADMINISTRATION UNITS)



U S DOLLAR

TOTAL DIVIDENDWINTEREST EARNED BUT NOT YET PAID

(907.07) (907 .07) 0 .00

(907 .07)

1 .0000 8, 114 .03 1 .0000 8,114 .03 0 .00

8,114.03 8,114 .03

12.26

12.26

67.63

Per~.d Covering : AccouniNumber . Account Name.

Dec 1 04 to Dec 31 04 040-05267-2 GMS BOSTON CO INTERNATIONAL EQUITY

EQUITIES Quantity Market Price Market Value / Unit Cost Accrued Income

Dividend Eitimated Yield Annualincome

Cost Basis Unrealized Gain (Loss)

COMMON STOCKS

ABN AMRO HLDS N.V . SPONS ADR SPONSORED ADR CNIN (ABN)

. . .. . . ... . . . .... . . . ... . . . .... . . . . . .. . . . . . .. . . . . . . ... . . . . . . . . . ... . . . . . ..... . .. . . . . . .. . . AEGON N V AMER REG ADR CMN (AEG)

. . .. . . ... . . . .... . . .... . . . .... . . . . . .. . . . . . .. . . . . . . ... . . . . . . . . .... . . . . . ..... ... . . . . . ... . AKTIEBOLAGET ELECTROLUX ADR SPONSORED CIL B (ELUX)

. . .. . . .... . . . ... . . . ... . . . .... . . . . . .. . . . . . ... . . . . . ... . . . . . . . . . ... . . . . . . .... ... . . . . . ... . ALPS ELECTRIC LTD ADR ADR CMN (APELY)

. . .. . . ... . . . .... . . .... . . . .... . . . . . .. . . . . . .. . . . . . . ... . . . . . . . . .... . . . . . . .. .. ... . . . . . . ... AMCOR LTD ADIR (NEW) ADR CNIN (AMCR)

. . .. . . .... . . . ... . . . .... . . .... . . . . . .. . . . . . .... . . . . . .. . . . . . . . . .. .. . . . . . . . . ... .. . . . . . . ... ANGLO AMERICAN PLC ADIR (UK) ADR CNIN (AAUK)

. . ... . . ... . . . . .. . . . . ... . . .. . . . . . . .. . . . . . .... . . . . . ..... . . . . . . . . . . .. . . . . . .. . ... . . . . . . .. BAA PLC SPONSORED ADIR SPONSORED ADR CMN (BAAPY)

. . ... . . ... . . . . .. . . . . ... . . . . .. . . . . . .... . . . .... . . . . . ..... . . . . . . . . .... . . . . . .. . .... . . . . . . . BAE SYSTEMS PLC SPONSORED ADR CMN (BAESY)

. . ... . . . .. . . . . . . . . . . . .. . . . . .. . . . . . ..... . . . ... . . . . . . .. .. . . . . . . . . .... . . . . . . . . . .... . . . . . .

99 .00 22.7600 2,253 .24 20 .2417 2,003 .93 249 .31 3 .7522 84.55

. .. . . . . . .. . . I . .. . . . . . .. . . . ... . . ... . . . .. . . . ... . . . . . . ... . . ... . . . .. . . . .. . . ... . . . .. . . . ... . . . . . . . . ... . . .. . . . . .. . . ... . . . .. . . ... . . . .... . . . ... . . . .. . . . . . .. . . . . .... . . . .. . . . . ... . . . . .... . . . . . .. . . . . . . . . . . .. . . . . . .. ... . . . . . ... . . . ... .. . . . . . . . . . . . . . . ... . . . .. . . . ... . . . . . . . .. . . . .. . . .. . . .. . . .. . ... 70 .00 23.7900 1,665 .30 20 .9013 1,463 .09 202 .21 2 .2825 38.01

. . ... . . . .. . . . . .. . . . . . .. . . . ... . . ... . . . .. . . . . ... . . . . . . .. . . . .. . . . .. . . . .. . . .... . . .. . . . .... . . . . . . . . .. . . ... . . . .. . . ... . . . .. . . . ... . . . . ... . . .... . . ... . . . . .... . . . .... . . ... . . . ... .. . . . ... . . . . . ..... . . . . . . . . .. . . . . . . . .. . . . . . . ... . . . . . .. . . . . . . . . .. . . . . .... . . . . . . . . ... . . .. . . . .. . . . . . . ... . .. . . . .. . .. 125 .00 11 .2120 1 .401 .50 9.5000 1,187 .50 214 .00 2 .9433 41 .25

. . ... . . . ... . . . .. . .. . . ... . . . .. . . .... . . . . .. . . . .. . . .. . . ... . . . . . . . ... . . . . . . . ... . . . . . . . . ... . . .. . . . . .. . . . ... . . .. . . . ... . . ... . . . .. . . . . ... . . . ... . . .... . . . . . .. . . . . ... . . . ... . . . .... . . . . . . . . . . . . .... . . . . . . . . .. . . . . . . . .. . . . . . . . .. . . . . . ..... . . . . . .. . . . . . .... . . .. . . . ... . . .. . . . ... . . . . . ... . ... . . .. . .. 88 .00 17.7020 1,557 .78 12 .2500 1,078 .00 479 .78 3 .7679 58.70

BANK FUKUOKA LTD 34 .00 ADR CMN (BFKAY)

. . . ... . . ... .. . . .. . . . . ... . . . . .. . . . . . . ... . . . . . . . . . . . . . . .... . . . . . . . . . .. . . . . . . . . . ... . . . . . .... . . . . . ..... . . . ... . . . ... BANK OF EAST ASIA LTD SPON ADR 169.00 SPONSORED ADIR CMN (BKEAY)

. . . ... . . .. . . . . . . . . . .. . . . . . .. . . . . . .... . . . . . .. . . . . . . . ... . . . . . . . . . .. . . . . . . . . . ... . . . . . . ... . . . . . . . ... . . . . .. . . . ... BANK OF IRELAND SPON ADIR 64 .00 SPONSORED ADR CNIN (IRE)

III I il 11111 IN 11111111111111111111 Page C 6 of 35

HOLDINGS-

46 .00 26.6000 1,223.60 24.3415 1,119.71 103.89 1 .6805 20 .56

... . . . . ... . . . ... . . . . . .. . . .. . . . ... . . .... . . .. . . . ... . . .. . . ... . . . .. . . ... . . . .. . . . I . . . . .. . . . . .. . . .. . . . . .. . . . ... . . . . . . . ... . . . . . . . . . .. . . . . . . . . . . . .. . . ... . . . . . ... . . . . .. . . . ... . . . . . . . . . . . . .. . . . . . . . . .... . . . . . . .... . . . . . . . . . . . . . ... . . . . . .... . . . . . .... . . . ... . . . .. . . ... . . . .. . . .. . . . .. . . .. . . .. . . . . . 101 .00 13.7100 1 .384.71 11 .3386 1,145.20 239.51 3 .0635 42 .42

. .. . . . .... . . . ... . . . . ... . . .. . . . ... . . . ... . . .. . . . . .. . . .. . . ... . . . .. . . . .. . . . .. . . ... . . . .. . . . . .. . . ... . . . . . . . . . .. . . . . . . . ... . . . .. . . . . .. . . . . . . . . . . . .. . . . . . . . . . . ... . . . . .. . . . .... . . . . . . . . . . . ... .. . . . . . . . . . . . . . . . .... . . . . . .. . . . . . . ... . . . . . . ... . . . . . . .... . . . ... . . .. . . ... . . . .. . . ... . . .. . . .. . . .. . . . . . 39 .00 46.1300 1,799 .07 38 .5923 1,505.10 293 .91

... . . . .... . . . ... . . . . . .. . . .. . . . . .. . . . ... . . .. . . . . .. . . .. . . ... . . . .. . . . .. . . . .. . . . ... . . .. . . . . .. . . . ... . . . . . . . . ... . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . .. . . . . . .. . . . . . . . . . . . ..... . . . . . . . . .. .. . . . . . .. . . . . . ... . . . . . . .. . . . . . . . . .. .. . . . . ... . . . . .. . . ... . . ... . . .. . . . .. . . ... . . . . . .. . . .. . 51 .00 29.8040 1,520 .00 27 .8604 1,420.88 99 .12 0 .6107 9.28

. .. . . . . . .. . . . . .. . . . . . .. . . ... . . . .. . . . . .. . . ... . . . .. . . .. . . ... . . . ... . . ... . . .. . . . ... . . ... . . . .. . . . .... . . .. . . . ... . . .. . . . ... . . .. . . . . ... . . . . .. . . . . .. . . . . . .. . . . . ... . . . . . . . . . . .. . . . . . .... . . . . . .. . . . . . . . . .... . . . . . ..... . . . . . ... . . . ..... . . . . . .... . . . . . .. . . . . .. . . ... . . ... . . ... . . .. . . . .. . . . . . ... . .. .

. . . . . . ... . . . ... . . ... . . .. . . . .. . . . . . . . .... . . . . . . ... . . . . . . . . . .. . . ... . . . .. . . . ... . . .. . . . ... . . .. . . . . .. . . . . ... . . . ... . . . ... . . . . . .. . . . . . .. . . . ... . . . . . . . . . - . .. ------------------------- 65.8730 2,239.68 43 .0550 1,463 .87 775.81 0.5920 13.26

. . .. . . . ... . . . ... . . .. . . ... . . ... . . .. . . . ... . . ... . . ... . . ... . . . .. . . .... . . ... . . . .. . . ... . . . . . . . . .. . . . . . . . . . . .. . . . . .. . . . . ... . . . . . . . . . . . .. . . . . .. . . . . . .. . . . . . ... . . . . . . .... . . . . . . . ... . . . . . .... . . . . . . . . . . . . ..... . . . . . .... . . . . ... . . ... . . . .. . . ... . . . .. . . .. . . .. . . .. . . .. . . . 3 .1070 525.08 3.5000 591 .50 (66.42) 3.2185 16.90

. . .. . . . . .. . . . ... . . .. . . . ... . . .. . . .... . . .. . . ... . . . .. . . . ... . . ... . . . .. . . . ... . . . . . . . ... . . . . . . . .... . . ... . . . .... . . . ... . . . .. . . . . . .. . . . . ... . . . . . . . . . . ... . . . . . . .. . . . . . . .... . . . . . . . . . . . . . . . . ... . . . . . ... . . . . . . .... . . . . . .. . . . . . .. . . . ... . . .. . . . ... . . .. . . ... . ... . ... . ... . . 66 .7400 4,271 .36 57.2564 3,664 .41 606.95 3.0836 131 .71

61 .45

III IIIIIII III I III III I I III Page C 7 of 35

Per~.d Covering. Account Number. AccouniName:

Dec 1 04 to Dec 31 04 040-05267-2 GMSBOSTON CO INTERNATIONAL EQUITY HOLDMGS-

EQUITIES Quantity Market Price Market Value I Unit Cost Cost Basis Unrealized Dividend Estimated Accrued Income Gain (Loss) Yield Annualincome


BARCLAYS PLCAMER DEP SHS 30.00 45 .6800 1,370 .40 37 .2773 IJ18.32 252.08 3.4063 46.68 ADR CMN (BCS)

I . . .. . . . . .... . . . . . .. . . . . . . .... . . . . . . .. . . . . . . ... . . . . . . .. . . . . . . . . .. . . . . . .... . . . . . .. . . . . . ... . . . ... . . . . .... . . . . . .. . . . .. . . . .. . . . . .. . . . . ... . . I . . . . . .. . . .. . . . . .. . . . . .. . . .... . I .. . . . ... . . .. . . .. . . . .. . . . .. . . . .. . . .. . . . .. . . . . .. . . . . . . I . . . . .. . . . . .. . . . . ... . . ... . . . . .... . . . . . . .. . . . . . . . .... . . . . . . . . . . . . . . ... .. . . . . . . . . . . . . . . .. . . . . . .. . . . . .. . . . . . ... . . . .. . . . . . . . . . . ... . . . . . . .. . .. . . . .. . . .. . . BENETTON GROUP SPA ADR (NEW) 36.00 26.7600 963.36 23,1950 835.02 128 .34 2.5075 24 .16 REPRESENTS TWO ORD SHARES (BNG)

. . . . ... . . ... . . . . . . ... . . . . .... . . . . . .... . . . . . .. . . . . . ..... . . . . . . . .. . . . . . . . . .. . . . . . ... . . . . ... . . . . . I ... . . . .. . . . . . . . . . . . . . .. . . . ... . . . .. . . . . .. . . . .. . . . .... . . .. . . . . .. . . . I . . . . .. . . . . .. . . .. . . . .. . . . .. . . ... . . . . ... . . . . . . . . . .. . . . . .. . . . . I . . . . .... . . . ... . . . .. . . . . ... .. . . . . . .... . . . . . .... . . . . . . . .. . . . . . . .... . . . . . . . . . . . . . .. .. . . . . . . . . . . ... . . . . . .. . . . ... . . .... . . .... . . .. . . .. . . .. . . .. . . . .. . . BNP PARIBAS 87.00 36 .2240 3J51 .49 31 .6448 2,753 .10 398.39 1 .7944 56 .55 SPONSORED ADR CMN (BNPQY)

I . . . . . . . . . . .. . . . . . .... . . . . . ..... . . . ... . . . . . ..... . . . . . .... . . . . . .. ... . . . . . .. . . . . .... . . . . . . .. . . . . .. . . . . . . . . . . . .... . . . .. . . . . .. . . . .. . . . ... . . . .. . . . ... . . . . . . . . ... . . .... . . .. . . ... . . . .. . . . .. . . . .. . . .. . . . ... . . .. . .... . . . . . . . . . .. . . . ... . . . .... . . ... . . . . .. . . . . . . . . . . .. .. . . . . . . .... . . . . . .. . . . . . . . . .... . . . . . .... . . . . . .. . . . . . .. ... . . . . . . . . . . ... . . . . . . . . . . ... . . .... . . ... . . ... . . .. . . .. . ... . . ... . . BOC GROUP PLC SPON ADR 39.00 38 .1900 1,489.41 31 .8990 1,244 .06 245.35 3.8073 56 .71 SPONSORED ADR CMN (BOX)

. . ... . . . . .. .. . . . . I .. . . . . .. . . . . . ... .. . . . . . .. .. . . . . . .. . . . . . . . . . . . . . . . . . .. . . . . . . . .. . . . . . ... . . . . . ... . . . . . .. . . . ... . . . . . .. . . . . . . . . . . ... . . ... . . . .. . . . ... . . ... . . . . . . . . ... . . . .. . . . . .. . . ... . . . .. . . . .. . . .. . . . .. . . ... . . . . . . ... . . ... . . . . ... . . . ... . . .... . . . ... . . . ... . . . . . . . . . . ... . . . . . . . .. . . . . . . . .. . . . . . . . . . ... . . . . . ... . . . . . ... . . . . . . . ... . . . . . . . . . . ... . . . . . .. . . . ... . . ... . . . .... . ... . . .. . . .. . ... . . ... . . BOOTS GROUP PLC 52 .00 25 .1700 1 .308.84 24 .8788 1,293 .70 15.14 4 .1518 54 .34 ADR CMN (BOOYY)

. . .. . . . . .. . . . . . ... . . . . .... . . . . ... .. . . . . ... . . . . . ..... . . . . . .... . . . . . ..... . . . . . .... . . . .... . . . . . . .... . I . ... . . . . ... I . . . . . . . . . . ... . . ... . . . ... . . ... . . . .. . . ... . . . .. . . . .. . . . .. . . .. . . . ... . . . . . .. . . . . .. . . . . .. . . . .... . . . ... . . . . . . . . . ..... . . . . . .... . . . . . ... . . . . . . . . .. . . . . . . ..... . . . . .. . . . . . . . ... . . . . . .. . . . ... . . . . . ... . . ... . . . ... . . . .... . .. . . .. . . .. . . .. . . . .. . . BT GROUP PLC 50 .00 39 .5300 1,976.50 33 .5064 1,675 .32 301 .18 3 .8654 76.40 ADR CMN (BT) 35.88

. . ... . . . . . . .. . . ..... . . .... . . . . . ..... . . . . . . . . . . . . . ... . . . . . . . . . . . . . . . . ... . . . . . .... . . . . . .. . . . . . .. . . . . . . ... . . .... . . . . . .. . . . . . . . . . .... . . ... . . . .. . . . ... . . .. . . . . .. . . ..... . . .. . . . ... . . .. . . . . .. . . ... . . .. . . . .. . . ... . . . . . . ... . . ... . . . .... . . .... . . .... . . . .. . . . . ... . . . . . . . . . . .. . . . . . . . . . .. . . . . . . .. . . . . . . . . . ... . . . . . .. . . . . . . .. . . . . . . ..... . . . . .. . . . .... . . . . .. . . . ... . . . ... . . . ... . .... . . .. . . . . . .. . . . .. . . . BUNZL PLC SPONS ADR 43 .00 42.9100 1,845.13 39,6400 1,704 .52 140.61 2 .5425 46.91 SPONSORED ADR CMN (BNL) 18.47

. ... . . . ... . . . . . .. . . . . . .. . . . . . . . .... . . . .... . . . . . .... . . . . . . .... . . . . . .. .. . . . . . . .. . . . . ..... . . . . . . . . . . . .... . . . . . . . . . ..... . . . . .. . . ... . . . . .. . . . ... . . ... . . . .. . . . ... . . .. . . . . .. . . . ... . . . . . . . . .. . . . . . . . .. . . . .. . . ... . . . .. . . .. . . ... . . . .. . . . . . ... . . . .. . . . . . . . . . . . .. I . .... . . . . ... . . . . . .. .. . . . . . . ... . . . . . . .... . . . . . .... . . . . . . . . . . . . . . ... . . . . . .. . . . . .. . . . . . ... . . . .. . . . . . . . . . . . .. . . .. . . . ... . .. . . .. . . .. . . .. CANON INC ADR 51 .00 54 .2600 2,767.26 49 .2145 2,509 .94 257 .32 0 .6340 17.54 ADR CMN (CAJ)

.... . . ... . . . . . I .. . . . ... . . . . . ... . . . . . . . .. . . . . . . . .. . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . .. . . . . . . ... . . . . . .. . . . . .. . . . . . .. . . . . . ... . . . .. . . . . .. . . .... . . . .. . . . ... . . . .. . . . .. . . . ... . . ... . . . .. . . . .. . . . . . . . ... . .... . . .. . . . ... . ... . . . . . . . . .. . . . . .. . . . . ... . . . . .. . . ..... . . . . . . . . .. . . . . . . . . . .. . . . . . .... . . . . . . . . . . . . . . . .. . . . . . . . .. . . . . . ..... . . . . . . . . . . . .. . . . . . .. . . . . .. . . . . .. . . ..... . . . . . . .. . . ... . ... . . .. . ... CENTRICA PLC 20 .00 45.3580 907.16 37 .1840 743 .68 163 .48 SPONSORED ADR CMN (CPYYY)

.. . . . . . . . . . . ..... . . .... . . . . . .. . . . . . . . . . . . . . . . .... . . . . . . ... . . . . . . . ... . . . . . .... . . . . . .. . . . . . .... . . . . ... . . . ... . . . . . .. . . . . . ... . . . .. . . . . .. . . ... . . . . . . . . . ... . . ... . . ... . . . .. . . . .. . . . . .. . . ... . . . .. . . .. . . .... . . .. . . ... . .... . . . . . . . . .. . . . . .. . . . . ... . . .... . . ... .. . . .. . . . . ... . . . . . . .. . . . . . . . . .. . . . . . . . .. . . . . . . . . .. . . . . . . ... . . . . . .... . . . . . . . . . . . . .. . . . . . .. . . . . .. . . . . .. . . ..... . . . . . . ... . .. . . ... . . .. . . .. CHINA MOBILE HONG KONG LTD 66 .00 17.1600 1,132 .56 16 .9894 1,121 .30 11 .26 1 .4918 16.90 SPONSORED ADR CMN (CHL)

.... . . ... . . . . . ... . . . ... . . . . . ... . . . . . . . .. . . . . . . . .. . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . .. . . . . . . . .. . . . . . .. . . . . . . . . . . . .. . . . . . . .. . . . .. . . . . . . . . . ... . . . .. . . . . .. . . . .. . . . .. . . . ... . . ... . . . . . . . . .. . . . . . . . ... . . . .. . . .. . . . . .. . . .. . . .. . . . . .. . . . . . .. . . . . .. . . . . .. . . . .. .. . . . .. . . . . .... . . . . . .... . . . . . ... . . . . . . . .... . . . . . ..... . . . . . . . . . . . . . . .. . . . . . .. .. . . .. . . . . . .... . . ... . . . . . . . . . . .. . . .. . . . .. . . .. . . .. . . .. . . .. CITIC PACIFIC LIMITED 30.00 14.2160 426 .48 12.2820 368 .46 58 .02 4 .2276 18.03 SPONSORED ADR CMN (CTPCY)


Unit Cost Cost Basis Unrealized Gain (Loss)


111111111111111111111111 1111111 Page C 8 of 35

Period Coveing. Account Number : AccountName-

Dec 1 04 to Dec 31 04 040-05267-2 GMS BOSTON CO INTERNATIONAL EQUITY

EQUITIES Quantity Market Price Market Value / Accrued Income

HOLDINGS-

COCA COLA FEMSA SA SPON ADR 51 .00 23 .7600 1,211 .76 24.6608 1,257 .70 (45.94) 1 .0269 12.44 SPONSORED ADR CMN (KOF)

. ... . . . . . . . . . . .. . . . . . I . . . . . . . ... . . . . . .... . . . . ... . . . . . . ... . . . . .. . . . . . . . .. . . . . . . . . ... . . . . . ... . . . . . ... . . . . .. . . . . .... . . . . . .. . . . . ... . . ... . . . .. . . . . .. . . .... . . . . . . .. . . . . . . . . ... . . .. . . . .. . . . ... . . .. . . . .. . . . .. . . . . .. . . .. . . ... . . . ... . . . . . . . . . . .. . . . . .. . . . . . .. . . . . . .... . . . . ... . . . .. . . . . . . .. . . . . . . . . . . . . . . . . . .. . . . . . . . .. . . . . . ... . . . . . ... . . . . ... . . . . . . ... . . . ... . . . .. . . . ... . . ... . .... . . . . . .. . . . .. . . .. DANSKE BK A/S 30.00 30.6530 919 .59 22.0197 660 .59 259 .00 2.4239 22.29 ADR CMN (DNSKY)

. . ... . . . .. . . . . .. .. . . . .. .. . . . . . .. . . . . . . . . . . . . . . .... . . . . . . . . . . . . ..... . . . . . .... . . . . . . . ... . . . . . ... . . . . ... . . . .... . . .. ... . . . . . . . . . . ... . . .... . . .... . . . . . . . . .. . . . .. . . .... . . . . . . .. . . . .. . . .. . . . . .. . . ... . . . .. . . ... . . . . . . . ... . . ... . . .... . . . ... . . . ... . . . . ... . . . .... . . . . . .. . . . . . .. . . . . . . . . . . . .... . . . . . . ... . . . . . . ... . . . . . . . . . . . . . ..... . . . . .. . . . . . .... . . . . . . . . . . . ... . . .. . . . . .. . . . ... . . .. . . .. . ... . . ... . .. DBS GROUP HOLDINGS SPON ADR 76 .00 39 .4510 2,998 .28 37.0613 2,816 .66 181 .62 1 .6045 48.11 SPONSORED ADR CMN (OBSDY)

. ... . . . .. . . . . . .. . . . . .. . . . . . . .... . . . . . .... . . . . ... . . . . . .... . . . . . .. . . . . . . ... . . . . . . . . ... . . . . . ... . . . . . .. . . . . . . . . . . . .... . . . . . .. . . . .... . . .. . . . . .. . . . . .. . . ... . . . .. . . ... . . . .. . . ... . . .. . . . .. . . . ... . . .. . . . ... . . .. . . . . .. . . .. . . . .. . . . ... . . . . . . . . . . .. . . . . .. . . . . . . . . . . . .... . . . . ... . . ... . . . . . . .. . . . . . . .. . . . . . . . . . .. . . . . . . . .. . . . . . ... . . . . . ... . . . . . .. . . . . . .... . ... . . .. . . . ... . . .. . . ... . . . . . . .. . . ... . ... DEUTSCHE BANK AG 23.00 89.0100 2,047 .23 77.0235 1,771 .54 275 .69 CMN (DB)

. .. . . . . . . . .. . . . . .. . . . . . . .... . . . . . .... . . . . ... . . . . . .... . . . . . .. . . . . . . . . . . .. . . . . . .... . . . . .. . . . . . . ... . . . . .. . . . . ..... . . . . .. . . . . .. . . . .. . . . . .. . . . . .. . . . .. . . . . . . . ... . . . . . . . ... . . ... . . .. . . . ... . . .. . . . . .. . . .. . . . ... . . .. . . . ... . . ... . . . . .. . . . . .. . . . . . . . . . . . .. . . . . . .... . . . . ... . . . ... . . . . . ... . . . . . . . .. . . . . . . . .. . . . . . . . .. . . . . . .... . . . . ... . . . . . ... . . . . . ... . . .... . . . . . . . . ... . . .. . . ... . . . . . . .. . . ... . ... DEUTSCHE LUFTHANSA AG 158.00 14.6650 2,317 .07 13.2054 2,086 .46 230 .61 SPONSORED ADR CMN (DLAKY)

... . . .... . . .... . . . .... . . . . . .. . . . . . . ... . . . . . .... . . . . . . . . . . . . . . ... . . . . . .... . . . . . ..... . . . . . .. . . . . . . ... . . . . .. . . . . . .. . . . . . ... . . . ... . . . .. . . . . ... . . ... . . . .. . . .... . . .. . . . ... . . .. . . ... . . .. . . . ... . . . .. . . .. . . . ... . . ... . . ... . . .. . . . . .. . . . . .. . . . . . .. . . . ... . . ..... . . . . . .. . . . . ... . . . . . . . . . . . . ... . . . . . .... . . . . . . .... . . . . . ... . . . . .... . . . . . ... . . . . .... . . . . . .... . . ... . . . . . . . . ... . . . .. . ... . . . .. . . .. . . .. . ... . DIAGEO PLC SPON ADR (NEW) 35.00 57.8800 2,025 .80 53.1123 1,858 .93 166 .87 3.4364 69.61 SPONSORED ADR CMN (DIED)

. .. . . .. . . . . .. . . . . . .. . . . . ..... . . . . . .. . . . . . . . .. . . . . . .. . . . . . . . .. . . . . . .... . . . . . . . . .. . . . . . .... . . . . . .... . . . ... . . . . ... . . . . . . . . . . . . .. . . . ... . . ... . . . . .. . . . ... . . .. . . . ... . . ... . . . .. . . . . . . ... . . . .. . . ... . . . . . . .... . . .. . . . ... . . . . . . . .... . . .... . . . ... . . . .. . . . . .. . . . . . . . . . . . . . . .. . . . . .. . . . . . ... . . . . . . . . . . . . . . . . ... . . . . ... . . . . . . .. . . . . . . . . . . . . . . .. . .. . . . . .. . . . . . .. . . .... . . ... . . . .. . . .. . . .... . .. . . .. . . .. . . DSM N.V. SPON ADR 36.00 16.1820 582.55 11 1 .6269 418.57 163 .98 2.23711 13 .03 SPONSORED ADR CNIN (DSMKY)

... . . .. . . . . .. . . . . . . . . . . . ..... . . . . . ... . . . . . . .. . . . . . ... . . . . . . .. . . . . . . . . . . . . . . . . . ..... . . . . . . . . . . . ..... . . . ... . . . . ... . . . . . .. . . . . .. . . . ... . . . .... . . ... . . . .. . . ... . . ... . . ... . . . .. . . .. . . . .. . . . .. . . . ... . . .. . . .... . . . .. . . ... . . . . . . .... . . .... . . . .... . . .... . . ... . . . . . . . . . . . . . .. . . . . . . . . . . . ... . . . . . . . . . . . . . . . . .... . . . . . . .. . . . . .... . . . . . . .. . . . . .. ... . . . . . . . . . . . .. . . . ... . . ... . . . . . . . .. . . . ... . ... . .. . . .. . . EON AG 18 .00 91 .0000 1,638.00 65.3900 1,177.02 460.98 2.0473 33 .53 SPONSORED ADR CMN (EON)

. . . . . . . . . . . .. . . . . . . . . . . . .... . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . I .. . . . . . .... . . . . . . . . .. . . . . . .... . . . . . .... . . . .. . . . . ... . . . . .. . . . . . . . .. . . . ... . . ... . . . . . . . . .... . . .. . . ... . . . .. . . . .. . . . . . . ... . . . . . . . ... . . . . . . . ... . . . .. . . ... . . . .. . . .... . . . .. . . . . ... . . . . .. . . . . .. . . . . . . ... . . . . . .. . . .... . . . . . .. . . . . . .... . . . . . .. . .. . . . . . .... . . . . . .. . . . . . .... . . . . ... . . . . . .... . . . . .. . . . .. . . . . .. . . . . .. . . .. . . ... . ... . ... . . .. . . ENDESA,SA. 112 .00 23 .2700 2,608.24 19.0308 2,131 .45 474.79 3.1629 82 .43 AMERICAN DEPOSITORY SHARES (ELE) 40 .25

. . .... . . ... .. . . .... . . ..... . . . . ..... . . . . . .... . . . . ... . . . . . ... .. . . . . . . . . . . . . . . ..... . . . . . ... . . . . ... . . . . . . . . . . . . .. . . . . . .... . . . . .. . . . .. . . . . .. . . . . .. . . .... . . .. . . . .. . . . .. . . . ... . . .. . . .. . . . ... . . .. . . . . .. . . .. . . . ... . . ... . . ... . . .. . . . . . . . . . . . ... . . . .. . . . . ... . . . . . .... . . . ... . . . .. . . . . . . . .. . . . . . .. . . . . . . . .. ... . . . . . . . .. . . . . ... . . . . . .... . . . . ... . . . . . .. .. . . . ... . . . .. . . . . .. . . . . .. . . .. . . ... . ... . ... . . .. . . ENERGIAS DE PORTUGAL SA 15 .00 30 .2300 453.45 29.3133 439.70 13.75 5.9577 27 .02 SPONSORED ADR CMN (EDP)

. . . ... . . ... .. . . . ... . . . . ... . . . . . .... . . . . . .... . . . . ... . . . . . ... . . . . . . . . . . . . . . . . ..... . . . . . . .. . . . . .... . . . . . . . . . . . .. . . . . . .... . . . . ... . . ... . . . .. . . . . . . . . . ... . . . . . . . .. . . . . . . . . ... . . .. . . .. . . . ... . . ... . . . . . . . .. . . . ... . . ... . . ... . . .... . . . .. . . . . ... . . . . . . . . . . .. . . . . . . ... . . . . ... . . .... . . . . . .. . . . . . .... . . . . . . . . .. . . . . . .... . . . . . .. . . . . . . ... . . . . ... . . . . . .. .. . . . . ... . . ... . . . .. . . . . .. . . .. . . ... . . . . . . . . .. . . ENI SPA SPON ADR 17 .00 1125 .8400 2,139.28 94.7600 1,6110.92 528.36 2.6192 56 .03 SPONSORED ADR CMN (E)

Period Covering. AccouniNumber. Account Name:

Dee 1 04 to Dee 31 04 040-OS267-2 GMSBOSTONCO INTERNATIONAL EQUITY HOLDINGS


Quantity Market Price Market Value / Unit Cost Cost Basis Unrealized AccruedIncome Gain (Loss) EQUITIES


FORTIS (NQ N.V. SPONSORED ADR CMN (FORSY)

. ... . . . .. . . . . ... . . . . .. . . . . . .. . . . . . . ... . . . . ... . . . . . .... . . . . . . . . ..... . . . . . . . . ... FRANCE TELECOM SA SPON ADR SPONSORED ADR CMN (FTE)

. ... . .... . . . .... . . ... . . . ..... . . . . . .. . . . . . ... . . . . . . . . . . . . . . .. . .. . . . . . . . . . . . .. FUJI HEAVY IND LTD ADR ADR CMN (FUJHY)

. ... . . ... . . . . ... . . . ... . . . . . .. . . . . . .... . . . . ... . . . . . ... . . . . . . . . . .... . . . . . . . . . ... FUJI PHOTO ADR NEW FOR I ORD AOR CMN (FWIY)

. .. . . .. . . . . ... . . . . . . . . . . .. .. . . . . . . . . . . . . ... . . . . .... . . . . . . . . ..... . . . . . . . . .. .. . . FUNAI ELECTRIC CO., LTD . ADR CMN (FUAIY)

.. . . .. . . . .. .. . . .... . . . . ... . . . . . . ... . . . .... . . . . . .. . . . . . . . ..... . . . . . . . . .... . . . . . GKN PLC SPONSORED ADR CMN (GKNLY)

.. . . .. . . . .. .. . . .... . . . . ... . . . . . . ... . . . .... . . . . . . . . . . . . . . ..... . . . . . . . . .... . . . . . GLAXOSMITHKLINE PLC SPONSORED ADR CMN (GSK)

. . . ... . . ..... . . ... . . . .... . . . . . .. .. . . . .... . . . .... . . . . . . .. ... . . . . . . . . . . .. .. . . . . . HACHIJUNI BANK LTD ADR CMN (HACBY)

. . .. . . . . .. . . . . .. . . . .... . . . . . .. . . . . . . ... . . . . .. . . . . . . .. .. . .. . . . . . . . . . ... . . . . . . . . HEINEKEN N V (ADR) UNSPONS ADR CMN (HINKY)

. . . .. . . . .. . . . . . . . . . . . ... . . . . .... . . . . . .. . . . . . .. .. . . . . . ..... . . . . . . . . . ... . . . . . . . HONDA MTR LTD (AMER SHS) ADR CMN (HMC)

. . .. . . . ... . . . . .. . . . . ... . . . . . .. . . . ..... . . . . .. . . . . . ... .. . . . . . . .. .. . . . . . . . . . J SAINSBURY PLC SPONSORED ADR CMN (JSAIY)

1111111111111111111111111111111111111111111111111111111111 Page C 9 of 35

78.00 27.6610 2,157 .56 22 .7809 1,776 .91 380 .65 2 .9645 63.96

. . .. . . . . . ... . . . . . ... . . . . .. . . . . . .. . . . . . . . . . ... . . . . . . . . ... . . ... . . ... . . . . . . ... . . . ... . . . .. . . ... . . . .. . . ... . . . .. . . .... . . .. . . . . .. . . .. . . . . .. . . . ... . . . . ... . . .... . . . .. . . . ... . . . . . . . . . . ... . . . . .. . . . . . .... . . . . . .. . . . . . .. . .. . . . . . . . . . . . . . . . . .. . . . . . . .. . . . . . . .... . . . . . . . . . . . ... . . .. . . . . .. . . ... . . ... . .. . . .. . . .. . ... . 63 .00 33.0800 2,084 .04 23 .8319 1,501 .41 582 .63 0 .89`18 18.59

. ... . . . . . . . . . . . .... . . . .... . . . . ... . . . . .. . . ... I . . .. . . . .... . . . . . . ... . . . .. . . . ... . . .. . . . ... . . .. I . . ... . 11 .1 .1' . . . .. . . . . .. . . . . ... . . .. . . . . .. . . . . . . . . . . . .. . . . . .. . . . . . . .. .. . . . . . . . . . . . . . . .. . . . . . . . . .... . . . . . .... . . . . . . . . . . . . ..... . . . . . ... . . . .. . . .... . . .. . . . ... . ... . . . . . .. . . . . . ... . 32 .00 48.7950 1,561 .44 49.5400 1,585.28 (23 .84) 1 .4838 23A7

. ... . . . . . ... . . . .. ... . . . .. . . . . . . .. . . . . .. . . . .. . . . . . . . . . ... . . ... . . .. . . . . . . . ... . . . .. . . . . .. . . . .. . . ... . . ... . . . .. . . ... . . . .. . . . ... . . .. . . . ... . . .... . . . .... . . ... . . . . . . . . ... . . . . ... . . .... . . . . ... . . . . . ... .. . . . ... . . . . . ..... . . . . . .... . . . . . . .... . . . . . .... . . . . . .. . . . . . .... . . . ... . . . . . . . .... . . .. . . ... . ... . ... . . . . . .. . . 71 .00 36.9800 2,625 .58 32.2144 2,287.22 338.36 0 .5138 13 .49

.. . . . . . ... . . . . . .... . . . .... . . ..... . . . ... . . .. . . . . .. . . .... . . . . . . . .. . . . .. . . ... . . . . . . . . . .. . . . .. . . . .. . . . .. . . . . .. . . .. . . . ... . . ... . . ... . . ... . . . .. . . . . . ... . . . .. . . . ... . . ... . . . . .... . . ... . . . . ... . . . . . . .. . . . . . . ... . . . . . ..... . . . . . ... . . . . . . .... . . . . . . .. . . . . . . ... . . . . . .... . . . .. . . . .. . . . ... . . . .. . ... . . .. . . .. . . .. . . .. . . 86.00 24 .8270 2,135.12 25.8263 2,221 .06 (85 .94) 0 .2296 4 .90

. . . . . .. . . . . . .... . . . . .. . . . . . .. . . . . . .. . . . ... . . ... . . . .. . . . . .. . . ... . . .. . . . .. . . .... . . ... . . . .. . . ... . . ... . . ... . . . .. . . ... . . . .. . . . ... . . . . . . . . ... . . . . .. . . . . ... . . ... . . . .. . . . . . . . . . . ... . . . ... . . . . . .... . . . . . . .. . . . . ..... . . . . . .... . . . . . . . . .. . . . . . .... . . . . . ..... . . . . . . . . . . . .. . . .... . . .. . . . . .. . . .. . . ... . ... . ... . ... . . 402.00 4 .5410 1,825.48 4.6720 1,878 .13 (52.65) 3.9859 72.76

. . . . . . .. . . . . . .... . . . . . . . . . . . .. . . . . . . . . . . ... . . .. . . . . .. . . . . .. . . .. . . . .. . . ... . . .. .. . . ... . . . .. . . ... . . ... . . .... . . .. . . . .. . . . .. . . . ... . . . . . . . . ... . . . . .. . . . . ... . . ... . . . .. . . . . . . . . . . . .. . . . . .. . . . . . . .... . . . . . .. . . . . ..... . . . . . . .. . . . . . . . . . .. . . . . . .... . . . . . .... . . . . . . . . . . . . ... . . ... . . ... . . . .. . . .. . . ... . ... . ... . . .. . . 66.00 47 .3900 3,127.74 44.3736 2,928 .66 199.08 3.2475 101 .57

26.29

. . . . . . . . . . . .... . . . . . .. . . . . ... . . . . . . . . . ... . . . . . . . . ... . . . ... . . .. . . .. . . . .. . . . ... . . . ... . . . .. . . .. . . .... . . .. . . . ... . . ... . . ... . . .. . . . . . . . . . .... . . .... . . . ... . . . .. . . . ... . . . . .. . . . .... . . .... . . . . . .... I . . . . . . . . . . . ..... . . . . . .... . . . . . . .... . . . . . .... . . . . . .. . . . . . . . . . . . . . . .. . . ... . . . .. . . . . .. . . .. . . .. . . ... . ... . ... . . 24.00 70 .2640 1,686.34 54.0100 1 .296 .24 390.10 0.7870 Q.27

. . .. . . . . . .... . . . . . . .. . . . .. .. . . . .. .. . . .. . . . ... . . ... . . . . . . . . .... . . . . . ... . . . . . . . . .... . . .. . . . ... . . . . . . . ... . . .. . . . . .. . . ... . . . .. . . ... . . . .. . . . . . . . . . . . .. . . . . .. . . . ... . . . .. . . . . ... . . . . .. . . . . . .. .. . . . . . . ... . . . . . .. . . . . . . . . . . . . . . . . . .. . . . . . . . .. . . . . . . . ... . . . . . .. . . . . . . ... . . . . . . . ... . . ... . . ... . . . . . ... . .. . ... ... 53 .00 33.3420 1,767 .13 31 .5840 1,673 .95 93.18 0.8758 15.48

. . .... . . . . ... . . . . . .... . . . ... . . . .. .. . . ... . . ... . . ... . . . ... . . . .. . . .. . . ... . . . . . . . . ... . . .... . . .. . . .. . . . . .. . . ... . . . .. . . . .. . . . .. . . . ... . . ... . . . . . . . . . . ... . . . . . . . . . .. . . . . ... . . .... . . . .. . . . . . . . .. . . . . . .... . . . . . .. . . . . . . . . . . . . . . . . . .... . . . . . . . . . . . . . . . .. . . . . . .... . . . . ... . . . . . . . . .. . . . ... . ... . . .. . ... . ... . ... . .. 136 .00 26 .0600 3,544 .16 21 .3892 2,908 .93 635.23 0.7521 26.66

.. .. . . . .... . . . . . . . . . . . .. . . . . .. . . . . .. . . . .. . . . ... . . . . . . . . ... . . . . . ... . . . .. . . . . ... . . .. . . . .. . . . . . . ... . . .. . . . . .. . . ... . . . .. . . . .. . . .. . . . . . . . . . . . .. . . . . .. . . . ... . . . ... . . . ... . . . . . . . . . . ... .. . . . . . ... . . . . . ... . . . . . . . . . . . . . . . . . .. . . . . . . . .. . . . . . . .... . . . . . . . . . . . . .... . . . . . . . ... . . ... . . ... . . . . . .. . . .. . . .. . . .. 58 .00 20.7730 1,204 .83 24 .6578 1,430 .15 (225.32)


Unit Cost Cost Basis Unrealized Gain (Loss)


KAO CORP 12.00 255.6850 3,068.22 212.7333 2,552.80 515.42 1 .1628 35.68 SPONSORED ADR CMN (KCRPY)

. .. . . . ... . . . . . .. . . . . . .. . . . . .... . . . . . . .... . . . . . ... . . . . . . . . . . . . . . . . . . ... . . . . . . . .. . . . . ... . . . . .. . . . . . .. . . . . . .. . . . . .... . . . .... . . .. . . . . . . . . . .... . . . ... . . ... . . . . . . . ... . . . . .. . . . ... . . ... . . . .. . . . ... . . .. . . .. . . ... . . . . . . . .. . . . . . . . . . .. . . . . ... . . .. . . . . .. . . . . ... . . . . . . . . . . ... . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . . . . . .. . . . . . . ... . . . . . .... . . . . . . . . . . . . .. . . . . . .. . . . . .. . . . .. . . . .. . . . ... . . .. . . . . . .. . . . .. . . .. KONINKLIJKE PHILIPS ELECTRS NV 70.00 26.5000 1,855.00 27.7373 1,941 .61 (86.61) 1 .4113 26.18 ADR CMN (PHG)

. .. . . .... . . . . . .. . . . . . . . . . . ... . . . . . . . . . . . . . . . . .. . . . . . . . . .... . . . . . . ... . . . . . . . .. . . . . ... . . . .... . . . . . .. . . . . . . . . . . . .. . . . . . .. . . . . .. . . . ... . . .. . . . . . ... . . . .. . . . ... . . .. . . . . . . . . . ... . . . .. . . . ... . I ... . . . .. . . . . . ... . . . .. . . .. . . . . .. . . . ... . . . ... . . . .. . . . ... . . . .... . . . . .. . . .... . . . . . . .... . . . . . . . . .. . . . . . . ... . . . . . ..... . . . . . .. . . . . . . . .. . . . . . . ... . . . . . .. . . . . . . . . . . . .. . . ... . . ... . . ... . . .. . . .. . . .. . . ... . ... KOREA ELECTRIC POWER CRP 97.00 13.2400 1,284.28 10 .1400 983 .58 300.70 2 .8248 36.28 ADR (KEP)

... . . ... . . . . .... . . . ... . . . . . .. . . . . . . . .. . . . . . ..... . . . . . . . . .... . . . . . ... . . . . .. . . . . . . . .. . . . . . ... . . . . .... . . . . .. . . . .... . . . . . . . . . . . .. . . .... . . ... . . . . .. . . . . . I . . .... . . .. . . . . .. . . ... . . . . . . . . . .. . . . .. . . . ... . .. . . .. . . . ... . . .. . . . ... . . ... . . . . .. . . . . .. . . ... . . . ... . . . . . ... . . ... . . I . . . . .. . . . . . . . . . ... . . . . . .... . . . . . ..... . . . . . .. . . . . . . . .. . . . . . .... . . . .... . . . . . . . . . . . .. . . .. . . . ... . . .. . . ... . ... . . .. . . .. . . .. . KT CORPORATION 45.00 21 .8100 981 .45 19.3162 869.23 112 .22 4 .3054 42.26 SPONSORED ADR CMN (KTC)

... . . .... . I . . ... . . . ... . . . . . .. . . . . . . .. . . . . . . . ... . . . . . . . . .... . . . . . ... . . . . .. . .. . . . . ... . . . . .... . . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . .. . . .... . . .... . . . .. . . . . .. . . . ... . . ... . . . .. . . . ... . . . .. . . . ... . . ... . . . .. . . . . . ... . . . .. . . .. . . . ... . . .... . . . ... . . . .. . . . ... . . . .... . . . . .. . . . .... . . . . . .... . . . . . . . . .. . . . . . . ... . . . . . . . . .. . . . . . ... . . . . . . .. . . . . . .... . . . . . .. . . . . . . . . . . . .. . . .. . . . ... . . ... . . .. . . .. . . .. . . ... . ... LLOYDS TSB GROUP PLC 43.00 36.7900 1,581 .97 33 .6935 1,448 .82 133.15 6 .6350 104 .96 SPONSORED ADR CMN (LYG)

. . . . . . . . . . . ..... . . .... . . . . ... . . . . . . ... . . . . . ..... . . . . . . . . . . . . . . . . . .. . . . . . .... . . . . . .. . . . . . . . . . . . ..... . . . . .. . . . .. .. . . . . . . . . . . ... . . .... . . . I . . . . . .. . . . ... . . .... . . .. . . . ... . . ... . . . . . . . . ... . . . .. . . . .. . . .. . . .. . . . ... . . .. . . . ... . . ... . . . . .. . . . ... . . .. . . . . ... . . . . . ... . . ... . . . . . . . . . . . . . . . . . .... . . . . . .... . . . . . .. ... . . . . . . . . . . . . . . .. . . . . . .... . . . .. .. . . . . . . . . . . ... . . .. . . . ... . . .. . . ... . . .. . . .. . . .. . . .. . MARKS AND SPENCER P.L.C . 16.00 39.5120 632.19 30.4000 486.40 145 .79 3 .2142 20.32 SPONSORED ADR CMN (MAKSY) 9.70

... . . .... . . .. ... . . .... . . . . . .. . . . . . . ... . . . . . ..... . . . . . . . . .. . . . . . . . .. . . . . . .. . . . . . . . .. . . . . . ... . . . . .... . . . . .. . . . . . .. . . . . . . . . . . . .. . . . ... . . ... . . . . .. . . . . .. . . . . .. . . .. . . . . .. . . . ... . . . .. . . . ... . . .. . . . ... . .. . . ... . . ... . . .. . . . ... . . ... . . . . ... . . . .. . . .... . . . .... . . . ... . . ..... . . . . . .. .. . . . . . . . . .. . . . . . . ... . . . . . . . . .. . . . . . .. . . . . . . . .. . . . . . . ... . . . . . .. . . . . . .. . . . . .. . . ... . . . .. . . . .. . . ... . . . . . .. . . . ... ... MINEBEA CO LTD SPON ADR 631 .00 8 .7240 5,504 .84 9.5950 6,054.46 (549.62) 1 .2265 67.52 (NEW) (MNBEY)

. . . . .. . . . . . ... . . . . . . . . . . .. . . . . . . . . .. . . . . . . ... . . . . . . . . .... . . . . . .. ... . . . . .. . .. . . ..... . . . ... . . . . . ... . . . . ... . . . .... . . . .. .. . . . ... . . . .. . . . . .. . . . . . . . . . .... . . ... . . ... . . .... . . .. . . . ... . . ... . . . . . . . ... . . ... . . .. . . ... . . . .. . . .. . . . . .. . . . . . . . . . ... . . . . . . . . . .. . . . . . ... . . . .. . . . . . . . .. . . . . . . . . .... . . . . . . . . . . . . . . ... . . . . . . . . . . . . . . . .... . . . . . . . . . . . .... . . . . ... . . . ... . . . . . . . ... . . . .. . ... . . ... . ... . . . . . . .. . NATIONAL AUSTRALIA BANK LIMITE 27.00 112 .0800 3,026.16 107.8300 2,911 .41 114 .75 5 .3988 163 .38 SPONSORED ADR (NEW) (NAB)

. . . . . .. . . . . . .. . . . . .. . . . . .. . . . .... . . .... . . ... . . . . . . . . .. . . . . .. . . . . .. . . ... . . . .. . . . . .. . . .. . . .. . . . .. . . . . . . . ... . . . . . . . . ... . . .... . . .. . . . . .. . . . .... . . . . . . . . . .... . . . . . ... . . . . . . 68 .00 27 .6190 1,878 .09 19.7279 1,341 .50 NEDCOR LTD

SPONSORED ADR CMN (NDCRY)

. . . ... . . . .... . . . . .. . . . . . .. . . . . . . . . . . . . . . ..... . . . . . . .. .... . . . . . .... . NESTLE SA SPONSORED ADR (REP 1/20 CHF 10 REGD SHS) (NSRGY)

. . . ... . . . . . ..... 90 .23

... . . . ... . . . . .... . . . .. . . . . . . . . . . I . . . . .. . . . .... . . .. . . . . .. . . . .. . . . .. . . . . .. . . ... . . . .. . . . .. . . .. . . . .. . . ... . . . .. . . .. . . . . .. . . . . . . . . . ... . . . . . . . . . .. . . . . . .. . . . . .. . . . . . . . .. . . 41 .00 65 .4080 2,681 .73 63.2073 2,591 .50

Page CIO of 35

Period Covering.- Account Number. Account Name:

Dee 1 04 to Dec 31 04 040-05267-2 GMS BOSTON CO INTERNATIONAL EQUITY

EQUITIES Quantity Market Price Market Value / Accruedincome

HOLDINGS,

536 .59 . ... . . ... . . .. . . . . .. . . .. . . .. . . ... . . .. . . .. . . 0.4272 8 .02

. .. . . . .. . . ... . . . . . . . ... . . .. . . ... . . . . . . . . 1 .7857 47 .89

IIIIIIIIIII III 1111111111111111111111111111 Page C I I of 35

P,~.d Covenng. Account Number. AccounfName.

Dec 1 04 to Dec 31 04 040-05267-2 GMS BOSTON CO INTERNATIONAL EQUITY HOLDINGS

EQUITEES Quantity Market Price Market Value / Unit Cost Cost Basis Unrealized Dividend Estimated Accrued Income Gain (Loss) Yield Annual Income


NIPPON TELEG & TEL SPON ADR 127 .00 22.5500 2,863 .85 211 .5732 2,739 .80 1124 .05 1 .0244 29.34 SPONSORED ADR CMN (I ADR = 1/200 COMMON SHS) (NTT)

. . . .. . . . . .. . . . . . .. . . . ... . . . . ... . . . . . ... . . . .. ... . . . . . . . . . . . . . . . . ... . . . . . . . . . . . . . . ... . . . . . . . . . . . . . . .... . . . . . ... . . . . . ... . . . ... . . .. . . . ... . . ..... . . .. . . . ... . . .. . . . ... . . .. . . . .. . . . . . . .. . . . . .. . . .. . . ... . . . .. . . .. .. . . ... . . . . .. . . . . .. . . . . . . . . . ... . . . ... . . . .. . . . . . ... . . . . . . .. . . . . . . . . . . . . . . ... . . . . . . .. . . . . . .... . . . . . .. . . . . . ..... . . . . . .. .. . . . . . .. . . . . . .. . . . . .. . . .. . . . . .. . . . ... . . .. . . .. . . ... . . .. . . .. NOKIA CORP SPON ADR 78 .00 15.6700 1,222.26 18.7278 1,460 .77 (238 .51) SPONSORED ADR CMN (NOK)

. . ... . . . . .. . . . .... . . . ... . . . .... . . . . . . . . . . . ..... . . . . . . ... . . . . . .... . . . . . .. . . . . . . . ... . . . . . . ... . . . . . .. . . . . . . . .. . . . . . ... . . . . ... . . . .. . . .. . . . . .. . . . . . . . . . ... . . . . . . . .. . . . . . . . . .. . . . .. . . .. . . . .. . . . .. . . .. . . . .. . . . .. . . . . .. . . . . . . . . . ... . . . ... . . . .. . . . . . . . . . . ... . . . . .. . . . . . ... . . . . . . .. ... . . . . ... . . . . . ... . . . . . . .. . . . . . .. . . . . . .... . . . . . . . . . . . . . . . .... . . . . . . . . . . .. . . .. . . . . .. . . . .. . . . .. . . .. . . ... . . ... . ... NOVARTIS AG ADR 53 .00 50.5400 2,678.62 46 .4781 2,463 .34 215 .28 1 .3138 35.19 SPONSORED ADR CMN (NVS)

..... . . ... . . . .... . . . .. . . . . .. . . . . . . ... . . . . ... . . . . . .... . . . . . . .... . . . . . . . . . . . . . . .. .. . . . . . . .. . . . . . . . .. . . . . . .. . . . . . .... . . . . . . . . . ... . . . . . . . ... . . . . ... . . .. . . . . .. . . .. . . . . .. . . . I . . ... . .... . .. . . . ... . . . . . . . .. . . . . . . . . . . .. . . .... . . .. . . . . . .. . . . . .. . . . . .. . . . ... . . . . ... . . . . ... . . . . . .... . . . . . . .. . . . . . . .. . . . . . . . ... . . . . . . . . . . . .... . . . . . . . ... . . . . . .. . . . . . . . .. . . . ... . . .. . . . .. . . . . . . . . ... . . .. . . .. . . ... . . .. . OLYMPUS CORPORATION 124.00 21 .3230 2,644.05 19.1592 2,375.74 268.31 SPONSORED ADR CMN (OCPNY)

. .... . . . ... . . ..... . . .... . . .... . . . . . .. . . . . . ... . . . . . . . . . . . . . . . . ... . . . . .... . . . . . ..... . . . . . .. . . . . . . . .. . . . . . . ... . . . . . .. . . . . . I . . . . ... . . .. . . . ... . . . ... . . ... . . . .. . . ... . . . .. . . . .. . . ... . ... . . . .. . . .. . . . . . . . . .. . . . . . .. . . .. . . . . .. . . .... . . . ... . . . .. . . . . . . . . . . ... . . . ... . . . . . .. . . . . . . ... . . . . . . .... . . . . . .. . . . . . . ... . . . . . . . . . . . . .... . . . . . . . . . . . . . . ... . . . . . . .. . . . ... . . .. . . . ... . . . .. . . ... . . .. . . ... . ... . . .. . PETROLEO BRASILEIRO SA PETROBR 31 .00 39.7800 1,233.18 32.3858 1,003 .96 229 .22 0.7793 9.61 SPONSORED ADR CMN (PBR)

.. . . . . .. . . . . . .. . . . . .. . . . . . .. . . . . . .. . . . . .... . . . . . . .. . . . . . . . ... . . . I .... . . . . . . . ... . . . . . I ... . . . . . .. .. . . . . . . .. . . . . ... . I . . . . .. . . ... . . . .. . . . ... . . . ... . . . .. . . . .. . . . .. . . . .. . . . .. . . .. . . .. . . ... . . ... . . . .. . . .. I . . . .. . . . ... . . . .. . . . . .. . . . . . . . . . .... . . .... . . ... . . . . .. . . . . ..... . . . . . . . . . . . . . . .. . . . . . ... . . . . . . ... . I . . .... . . . . . .. . . . . . . . . ... . . . . . . .. . . . . . ... . . . .. . . ... . . . ... . . . .. . . ... . ... . . . .. . . .. . . .. . . POSCO 7.00 44 .5300 311 .71 35.3800 247.66 64.05 2.5982 8 .10 SPONSORED ADIR CMN (PKX)

.. . . . . . ... . . . .. . . . . . . . . . . . .. . . . . . ... . . . ..... . . . . . ... . . . . . . ... . . . . . ... . . . . . . . . .. . . . . . .... . . . . . ..... . . . . . .. . . . . ..... . . . . . . . . . .. . . . . . . . . ... . . . ... . . . .. . . . ... . . .. . . . ... . . .. . . .. . . .. . . ... . . ... . . . .. . . ... . . . .. . . . ... . . . ... . . . .. . . . . . . . . . . ... . . . ... . . ... . . . . ... . . . ..... . . . . . . . . . . . . . . .. . . . . . .... . . . . . ... . . . . .. .. . . . . . .. . . . . . . . . .... . . . . . .. . . . . . .... . . ... . . .. . . . .. . . . . .. . . ... . ... . . ... . . .. . . .. . . REPSOL YPF SA AOR 84 .00 26 .1000 2,192.40 20.9004 1,755.63 436.77 2.1762 47 .71 SPONSORED ADR CMN (REP)

.. . . . ... . . . .... . . .... . . .... . . . .. . . . . . . . .. . . . . . .... . . . . . . . .. . . . . .. . . . . . . . ... . . . . . . . . . . . . . . . ... . . . . . .... . . . . . .. . . . . . . ... . . .. . . . ... . . .. . . . . . .. . . . ... . . ... . . ... . . ... . . ... . . . . . .. . . ... . . . .. . . . ... . . .. . . . .. . . . ... . . . . . . . . . ... . . ... . . . ... . . . . ... . . . .. . . . . . . . . . . . .. . . . . . .... . . . . . ..... . . . . . . . . . . . ... .. . . . . . . . . . . . ..... . . . . . . ... . . . . . ... . . . . . . . . . . . . ... . . .. . . . ... . . ... . . . .. . . . . . . ... . . .. . . .. . . . REXAM PLC 21 .00 45 .5000 955.50 40 .9205 859.33 96.17 3 .3319 31 .84 ADIR CMN (REXMY)

. . . . .. . . . ... . . . . .. . . . . ... . . . . . . . . . . . ... . . . . . . .. . . . . . . . . .. . .. . . . . .. . . . . . ..... . . . . . .... . . . . . .. . . . . . . . .. . . . . . ..... . . . . . . . . . . ... . . . . . . .... . . .... . . ... . . . .. . . ... . . .. . . . .. . . . ... . . .. . . . . . . . ... . . . . . . ... . . . .. . . . . .. . . .... . . ... . . . . . . . . . . .. . . . ... . . .... . . . .. . . . . ... . . . . . . .. . . . . . . . . .. . . . . . .... . . . . ... . . . . . .... . . . . ... . . . . . . . . .. . . . . . . . .. . . . . . .... . . ..... . .. . . ..... . . ... . . ... . . . . . .... . . .. . . .. . . . RIO TINTO PLC SPON ADR 26 .00 119 .2100 3,099 .46 100 .7935 2,620 .63 478 .83 2 .2146 68.64 SPONSORED ADR CMN (RTP)

. . . . .. . . . ... . . . . .. . . . . . .. . . . . .. . . . . . .... . . . . . . . . . . . . . . . .. . . . . . . . .. . . . . . ... .. . . . . . .... . . . . . ... . . . . . . .. . . . . . . .... . . . . . . . . . . ... . . .. . . . ... . . . . .. . . ... . . . .. . . .... . . . .. . .... . . .. . . .. . . .. . . . ... . . .. . . ... . . . .. . . . . .. . . .... . . . .. . . . . . . . . . . .. . . . ... . . .... . . . ... . . . . ... . . . . . .. . . . . . . . . .. . . . . . .... . . . . . .. . . . . . . ... . . . . . .. . . . . . . . . .. . . . . . . . .. . . . . . ... . . . .... . . .. . . .... . . . . . . . . .. . . .. . . .. . . . ... . . .. . .. ROYAL DUTCH PETROLEUM COMPANY 26 .00 57 .3800 1,491 .88 47 .9723 1,247 .28 244 .60 2 .7640 41 .24 NY REGISTRY SHARES (RD)

Per~od Covedng. Account Number : Account Name :

Dec 1 04 to Dec 31 04 040-05267-2 GMS BOSTON CO INTERNATIONAL EQUITY HOLDING9

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Quantity Market Price Market Value / Unit Cost Cost Basis Unrealized Dividend Estimated EQUITIES AccruedIncome Gain (Loss) Yield Annual Income


SAN PAOLO IMI S P A 21 .00 28.6700 602.07 27.3438 574 .22 27.85 2 .3997 14 .45 SPONSORED ADR CMN (IMI)

.. . . . .. . . . ... . . .... . . ... . . . . ... . . . . . . . . ... . . . . . . . .. . . . . . . . . .. . . . . . . . . . . . . . . . . . ... . . . . . . .. . . . . . ..... . . . . .. . . . . ... . . .. .. . . . ... . . . . . . . . ... . . ... . . . .. . . . ... . . ... . . . .. . . . ... . . . . . . ... . . ... . . ... . . . . . . . . .. . . . . ... . . . .. . . ... . . . .. . . . . . . . . .... . . . .. . . . ... . . . . .. . . . . . ... . . . . . ... . . . . . ..... . . . . . . . . . . . . . . .. . . . . . .... . . . . . . .... . . . . . .... . . . . . .. . . . . . . . . . . . .. . . . ... . . .. . . . . . . . . ... . I .. . . . .. . . . . . .. . . SANOR AVENTIS 56.00 40 .0500 2,242.80 32.3893 1,813.80 429.00 1 .2809 28 .73 SPONSORED ADR CMN (SNY)

... . . . . . . .. . . . .. . . .... . . . ... ... . . . . . .. . . . . . . . .. . . . . . . . . . .. . . . . . . . .. . . . . . . ... . . . . . . . . . . . . . .. ... . . . . .. . . . . ... . . . . .. . . ... . . . . . . . . ... . . ... . . . . . . . . .. . . . .. . . . . . . . . ... . . . . . . ... . . ... . . ... . . . . . . . . .... . . ... . . . .. . . .... . . .. . . . . . . . . . ... . . . .. . . . ... . . . . .. . . . . . ... . . . . . . .. . . . . . . . ... . . . . . . . . . . . . . . .. . . . . . .... . . . . . . . ... . . . . . . ... . . . . . .. . . . . . . . . . . . .. . . .... . . .. . . . . . . . . ... . . .. . . ... . . . . . .. . . SCOTTISH POWER PLC SPONSORED 27.00 31 .1600 841 .32 30.7885 831 .29 10 .03 4 .7272 39 .77 ADR FINAL INSTALL (SPI)

... . . . . . . . .. . . . . .. . . . .... . . .... ... . . . . . .. . . . . . . . .. . . . . . . . . .. . . . . . . . . . . . . . . . . . .. .. . . . . . .. . . . . . . . ... . . . . .. . . . . ... . . .. .. . . . ... . . . . . . . . ... . . ... . . . .. . . . . .. . . . .. . . . . . . . . ... . . . . . . . .. . . ... . . .... . . . . . . . ... . . . . ... . . .. . . .... . . ... . . . . . . . . . ... . . .. . . . . .. . . . . . . . . . . . ... . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . .. . . . . . . .. . . . . . . . . . ... . . . . . . .. . . . . . .. . . . . . . . . . . . .. . . . ... . . ... . . . . . . . ... . . .. . . ... . .. . . .. . . SEKISUI HOMES LM 185.00 11 .6520 2,155.62 10.2588 1,897.88 257.74 1 .1329 24 .42 SPONSORED ADR CMN (SKHSY)

.. . . . .. . . . . .. . . .... . . .... . . . .... . . . . . . . ... . . . . . . ... . . . . . . . . .. . . . . . . . .. . . . . . . . . .. . . . . . . . . . . . . . . .. ... . . . . .. . . . . ... . . .. .. . . . ... . . . . . . . .... . . ... . . . .. . . . . .. . . ... . . . . . . . . . .. . . . . . . . .. . . ... . . .... . . . . . . . .... . . . ... . . .. . . . ... . . ... . . . . . . . . . ... . . ... . . ... . . . . .. . . . . . ... . . . . . . .. . . . . . . . . .. . . . . . . . . . . . . . . .. . . . . . .... . . . . . . . . .. . . . . . . . .. . . . . . .. . . . . . .. . . . ... . . . .. . . . .. . . . . .. . . ... . ... . . .. . . .. . . .. . . SHELL TRNS&TRADNG PLC NY SHS 51 .00 51 .4000 2,621 .40 40.0800 2,044.08 577 .32 3.3171 86 .95 (NEW)REPSTG 6 ORD SHS (SC)

... . . . . . . . . .. . . .... . . ... . . . . .... .. . . . . . . .. . . . . . . ... . . . . . . . . .. . . . . . . . .. . . . . . . . . ... . . . . . . .. . . . . . .. ... . . . . . . . . . . . .. . . .. .. . . . .... . . .. . . . ... . . ... . . . .. . . . . .. . . . .. . . . . . . . . .... . . . . . ... . . .. . . . . ... . . . . . . . . ... . . . ... . . .. . . . ... . . ... . . . . . . . . . ... . . ... . . . .. . . . . . . . . . . . ..... . . . . . . . . . . . . . . .. . . . . . .. . . . . . . . .... . . . . . . . . . . . . . . . ..... . . . . .. . . . . . ... . . . . ... . . . .. . . . ... . . ... . . . . . . . ... . . .. . . ... . .. . . .. . . SHISEIDO CO ., LTD. 112.00 14 .4820 1,621 .98 112.4500 1,394.40 227 .58 1 .1463 18 .59 SPONSORED ADR CMN (SSDOY)

.. . . . . . . . .... . . .... . . ... . . . . .. .. . . . . . . .... . . . . . .... . . . . . . . ... . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . ... . . . . .. . . . . . .. . . . . .. . . . ... . . . . . . . . ... . . .... . . ... . . . .. . . . .. . . . . .. . . .... . . . . . . .. . . . . . . . . ... . . . . . . . . ... . . . ... . . .. . . . ... . . ... . . . . .. . . . ... . . ... . . . .. . . . . . ... . . . ..... . . . . . . . . . . . . . . .. . . . . . ... . . . . . . .... . . . . . . .. . . . . . . . ..... . . . . . . . . . . . ... . . . . .... . . .. . . . . .. . . .... . . . . . . .... . ... . . .. . . . . . ... . SUMITOMO MITSUI FINL GROUP INC 406.00 7 .2700 2,951 .62 6.6146 2,685.54 266 .08 0.5915 17 .46 ADR (SMFJY)

.. . . . . . . . . . .. . . . ... . . .... . . . .... . . . . . . . . .. . . . . . . ... . . . . . . . . ... . . . . . . . . .. . . . . . . .... . . . . . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . . . . . .... . . .. . . . . .. . . . ... . . .... . . . . . . . ... . . . .. . . . ... . . .. . . .. . . . . . . . . . .. . . . .. . . . . .. . . . . .. . . .. . . . . .. . . . ... . . . .. . . . . .. . . .... . . ... . . . . .... . . . .... . . . . . .. . . . . . . . .. . . . . . .... . . . . . ..... . . . . . ... . . . . . . .. ... . . . . . ... . . . ... . . . . .... . . ... . . . .. . . . .... . . .. . . ... . ... . . .. . . .. . . ... SWISS REINSURANCE SPON ADR 28.00 71 .3220 1,997 .02 60 .4875 1,693 .65 303 .37 1 .0235 20.44 SPONSORED ADR CMN (SWCEY)

.. . . . . . . . .... . . . ... . . .... . . . .... .. . . . . . . .. . . . . . . ... . . . . . . . . .... . . . . . . .... . . . . ..... . . . . . . . . . . . . . .. . . . . . .. . . . . .. . . . . . . . . . .... . . .. . . . ... . . . ... . . . ... . . . . . . . .... . . ... . . . .. . . .. . . ... . . . .. . . . ... . . .. . . . . .. . . . . .. . . . . . . .. . . . .... . . ... . . . .. . . . ... . . ... . . . . .... . . . . . .. . . . . . .. . . . . . . . .. . . . . . .. .. . . . . . . .... . . . . . .... . . . . . . . . .. . . . . . .... . . . .... . . . ... . . ... . . . . . . . . . ... . . .. . . .. . . .. . . . . . . .. . . . .. TDK CORPORATION (ADR) 15.00 74 .2400 1,113 .60 72 .3607 1 .085 .41 28 .19 0 .6856 7.63 ADR CMN (TDK)

... . . .. . . . . .. . . . . .. . . . .... . . . . . .... . . . . . ... .. . . . . . .. . . . . . . . . .... . . . . . .... . .. . . . .... . . . . . .... . . . . . .. .. . . . ... . . . .. . . . . . . . . . . . .. . . ... . . . .. . . . . . .. . . . ... . . ... . . ... . . . . . . . .. . . .. . . . .. . . . .. . . . .. . . ... . . . .. . . . . . . . . ... . . . . .. . . . . .. . . . ... . . ... . . . .. . . . ... . . . . . . . . . . . . .. . . . . . . .. . . . . . . ..... . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . .... . . . . .. . . . .... . . . . . . . . .. . . .. . . . . .. . . ... . . ... . . . . . .. . . ... . . .. TELECOMUNICACOES BRASILEIRAS 32.00 32 .1800 1,029 .76 31 .4056 1,004 .98 24 .78 3 .2287 33.25 S.A. ADR (TELEBRAS HOLDRS) (TBH)

... . . .. . . . . .. . . . . .. . . . .... . . . . . .... . . . . . .. ... . . . . . ... . . . . . . ..... . . . . . .... . . . . . . .... . . . . . .... . . . . . ... . . . . ... . . . .. . . . . . . . . . . . .. . . ... . . . .. . . . . . .. . . . ... . . ... . . . . . . . ... . . .. . . ... . . ... . . ... . . . .. . . .. . . . ... . . . . . . .... . . . ... . . . .. . . . ... . . ... . . . .. . . . .... . . . . . . . . . . . ... . . . . . .. .. . . . . ..... . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . .... . . . . . .. . . . . ... . . . . . . . . . . .. . . . . . . . .. . . . .. . . . .. . . . . . ... . . . . . .. TELEFONOS DE MEXICO SA 32 .00 38.3200 1,226 .24 35 .6500 1,140 .80 85.44 3 .0663 37.60 SPONSORED ADR'S REP SR L SHRS

Period Covering. Account Number. Account Nome.-

Dee 1 04 to Dec 31 04 040-05267-2 GMS BOSTON CO INTERNATIONAL EQUITY HOLDINGS

1111111111111111111111111111111111111111 Page C 13 of 35

Quantity Market Price Market Value / Unit Cost Cost Basis Unrealized Dividend Fstimated EQUITIES AccruedInconie Gaits (Loss) Yield Annual Income


THOMSONSA 59.00 26 .5500 1,566.45 20.5503 1,212.47 353 .98 1 .1827 18 .53 SPONSORED ADR CMN (TMS)

. . ... . . . . I . . . . ... . . . .. . . . . . . .. . . . . . . . .. . . . . . . . . .. .. . . . . . . .... . . . . . ... . . . . . . . ... . . . ... . . . . .... . . . . . ... . . . . ... . . . . ... . . . .... . . ... . . . . . . . . . ... . . ... . . . .. . . . ... . . .... . . . . . . . .. . . . .. . . .. . . . . . . . . .. . . . .. . . . .. . . . ... . . .. . . . . .. . . ... . . . . .. . . . ... . . .... . . ..... . . ... . . . . . . .. . . . . . . . . . . . . . . ..... . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . .. . . . . . . . .. . . . . . .. . . . . . .. . . ... . . . . . . . .... . . .. . . ... . . .. . . .. . . . ... . . TOTAL SA 24 .00 109.8400 2,636.16 90 .9900 2,183 .76 452 .40 2 .1713 57.24 SPONSORED ADR CMN (TOT)

. . .... . . . . . . . . . .. . . . . .. . . . . . .. . . . . . . . .. . . . . . . . . ..... . . . . . .... . . . . . ... . . . . . . . . ... . . . ... . . . .... . . . . . . .... . . . ... . . . . ... . . . . .. . . .... . . . .. . . . . .. . . . ... . . .. . . . . . . . . . . ... . . .. . . . .. . . . . . . ... . . . . . . . . .. . . . .. . . .. . . . . .. . . .... . . . . . . . .... . . ... . . . .. . . .... . . . . . .. . . . ... . . . . . ..... . . . . . . . . . . . . . . .. . . . . . .... . . . . . . .... . . . . . .. . . . . . . . ..... . . . . . . . . . . . .. ... . . ... . . ... . . .. . . .. . ... . . ... . . .. . .. . . . . .. . TOYOTA MOTOR CORPORATION 23.00 81 .8700 1,883.01 68.8000 1,582.40 300 .61 SPON ADR (TM)

. . ... . . . .. . . . . ... . . ... . . . . . . .. . . . . . .... . . . . . . . ... . . . . . . . . .... . . . . . .. . . . . . . . . .. . . . . .. . . . . . .... . . . . . .. . . . . . ... . . . ... . . . . .... . . .. . . . . . . . . . ... . . . ... . . . .. . . .... . . .... . . . . . . . ... . . .. . . .. . . . . .. . . .. . . . .. . . . .. . . . ... . . .. . . . . .. . I ... . . . . .. . . . ... . . .. .. . . . .... . . ... . . . . . . ... . . . . . . .. . . . . . . .... . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . .. ... . . . . .. . . . . . .. . . . . . .. . . ... . . . . . . . .... . . .. . .... . . .. . . .. . . . .. . .. UBS AG 22 .00 83.8400 1,844 .48 72 .7300 1,600 .06 244 .42 2 .3891 44.07 GMN ISIN.CH0012032030 (UBS)

. . ... . . . . . . . . . ... . . .... . . . . . .. . . . . . . ... . . . . . . . . .. . . . . . . . . .... . . . . . ... . . . . . . . ... . . . .... . . . . ... . . . . . . .... . . . ... . . . . ... . . .. .. . . ... . . . . .. . . . . .. . . . ... . . .. . . . . .. . . . . ... . . .. . . . .. . . . . . . ... . . . . . . . ... . . . .. . . .. . . . . .. . . .... . . . . . . . .... . . ... . . . .. . . . ... . . . . . .. . . . . .. . . . . . . .... . . . . . .. . . . . . . . .. . . . . . .... . . . . . ..... . . . . . ... . . . . . . . . . .. . . . . . . . . . . . .. ... . . ... . . ... . . ... . . . .. . . ... . . ... . . . . . .. . . . . .. . . UNILEVER PLC (NEW) 42 .00 39.5200 1,659 .84 34 .9160 1,466 .47 193 .37 3 .1933 53.00 SPONSORED ADR CMN (UL)

. ... . . . ... . . .... . . . ... . . . . . ... . . . . . .... . . . . . ..... . . . . . . . . . . .. . . . . . .. . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . .. . . . . . .. . . . . ... . . . . ... . . . .. . . . . . . . . ..... . . .. . . . . .. . . .... . . .... . . . . . . ... . . . .. . . .. . . . . .. . . .. . . ... . . . .. . . . ... . . .. . . . . .. . . ... . . . . .. . . . ... . . ... . . . . .... . . ... . . . . . . ... . . . . . . .. . . . . . ..... . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . .... . . . . . .. . . . . . .. .. . . . .. . . ... . . . .. . . .... . . .. . . ... . . .. . . .. . . .... . . UNITED MICROELECTRONICS CORPOR 370 .00 3.5300 1,306 .10 4 .3460 1,608 .01 (301 .91) SPONSORED ADR CMN (UMC)

.... . . .. . . . . .. . . . . .. . . . . . ... . . . . . . .. . . . . . . .. .. . . . . . . . . .... . . . . . ..... . . . . . . ... . . . . ... . . . ... . . . . . . .... . . . . . . . . . . . .. . . . . . . . . . . . .. . . .... . . ... . . . .. . . . .... . . ... . . . .. . . . . .. . . .. . . . .. . . . .. . . . . . . . .. . . .. . . . ... . . ... . . . .. . . . ... . . .. . . . . . . . . . ... . . . . . . . . . ... . . . . . . . . . . . . ... . . . . . .... . . . . . ... . . . . . . .. . . . . . . .... . . . . .... . . . . . .. . .. . . . . . . ... . . . . ... . . . . .. . . . .. . . . .. . . ... . . . . . . . .. . . . ... . ... . . ... . .. UNITED OVERSEAS 13K LTD SPD ADR 117 .00 16.9080 1,978 .24 16 .7717 1,962 .29 15 .95 3 .3061 65.40 SPONSORED ADR CMN (UOVEY)

. ... . . ... . . . ... . . . . . . . . . . .... . . . . . . . . . . . . . . . ..... . . . . . .... . . . . . . .... . . . . . . . .. . . . . . .. . . . . .. . . . . . . . . .. . . . . . . . . . . . .. . . . . . .. . . . . .. . . . . .. . . .... . . . .. . . . . .. . . . ... . . .. . . . . .. . . ... . . ... . . .. . . . . .. . . .. . . ... . . . .. . . . ... . . .. . . . . .. . . ... . . . . . . . . . ... . . ... . . . . .... . . .... . . . . . ..... . . . . . . . . . . . . .... . . . . . .. . . . . . . . .... . . . . . . . . . . . . . . . ..... . . . . .. . . . . . .... . . . .. . . . ... . . .. . . .... . . .. . . ... . . .. . . .. . . . ... . . UPM KYMMENE CORP SPON ADR 109.00 22.3200 2,432 .88 19 .1957 2,092 .33 340 .65 SPONSORED ADR CMN (UPM)

.. . . . . . . . . . . .. . . . ... . . . . . .. . . . . . I ... . . . . . ..... . . . . . . . . . . . . . . . . . .. . . . . . . ... .. . . . .... . . . . ... . . . . . . ... . . . . . . . . . . . ... . . . . .. . . . . ... . . .... . . .. . . . . . . . . .... . . . . . . . . . .. . . . ... . . .. . . ... . . . .. . . .... . . .. . . .. . . ... . . . .. . . . ... . . ... . . . .. . . . . .. . . ... . . . .. . . . . . .. . . . . . . . . . . . . .... . . . . . .. .. . . . . . .. . . . . . . . .. . . . . . ..... . . . . . ... . . . . . . . . ... . . . . . . .. . . . . ... . . . . . .. . . ... . . ... . . .. . . . . .. . . .. . . . ... . ... . . .. . ... VALEO SPONS ADR 132 .00 20.9320 2,763 .02 18 .6315 2,459 .36 303 .66 4 .4334 122 .50 SPONSORED ADR CMN (VLEEY)

.. . . . .. . . . . ... . . ... . . . . . ... . . . . . .... . . . . . .. ... . . . . . .... . . . . . . .... . . . . . .... . . . . . ... . . . . ... . . . . . . .. . . . . . .... . . . .... . . . ... . . .... . . . . . . . . ... . . . ... . . .. . . . . .. . . . .... . . . .. . . . .. . . .. . . ... . . . .. . . ... . . . . . . ... . . . . .. . . ... . . . .. . . . ... . . . ... . . .. . . . ... . . . . ... . . . ... . . . . . ... . . . . . ... . . . . . ..... . . . . .. . . . . . . . . .. . . . . . . .. . . . . . . ... .. . . . . . . . . .. . . . . .. . . . . . .... . . .. . . ... . . . .. . . . .. . . . .. . . .. . . ... . . . . . . .. . VODAFONE GROUP PLC 20 .00 27.3800 547 .60 21 .5370 430 .74 116 .86 1 .3514 7 .40 SPONSORED ADR CMN (VOID) 8 .86

.. . . . . . . . . . .. . . . ... . . . . .. . . . . .... . . . . . ..... . . . . . .. .. . . . . . . . . . . . . . . .... ... . . .... . . . .... . . . . . .... . . . . . .. . . . . .. . . . . .. . . . . ... . . .... . . ... . . . .. . . . ... . . . .. . . . . .. . . . . . . . .. . . . .. . . . .. . . . .. . . . .. . . .. . . .... . . .. . . . ... . . ... . . . .. . . . . .. . . . .. . . . .. . . . . . .. . . . . . . . . . . . . .... . . . . . .. .. . . . . . ... . . . . .... . . . . . ..... . . . . . .... . . . . . . .... . . . . . ... . . . . ... . . . . . .. . . .. . . . ... . . .. . . . . .. . . .. . . ... . . ... . . .. . . .. VOLKSWAGON A G ADR(SPONS) 258 .00 9.0660 2,339 .03 9 .7341 2 .511 .41 (172.38) 2 .1619 50.57 SPONSORED ADR CMN (VLKAY)

11111111111111111111111111111111111111111111111111 Page C 14 of 35

Period Covering: AccountNumber: Account Narne

'Dec 104 f0Dec3104 040-05267-2 GMS BOSTON CO 17VTERIVA TIONAL EQUITY HOLDINGS

EQUITIES Quantity Market Price Market Value / Unit Cost Cost Basis Unrealized Dividend Eitimated Accruedhicome Gain (Loss) Yield Annualincome


WOLTERS KLUWER SPONSORED ADR 78.00 20 .0760 1,565 .93 1,306 .49 259 .44 2 .4258 37.99 SPONSORED ADR CMN WrKWY)

.. . . .... . . . ... . . .... . . . .... . . . .. .. . . . . . . . . . . . . .... . . . . . .... . . . . . .... . . . . . . .. . . . . . .... . . . . . . ... . . . . . . . . .. . . . . . . . . . . . ... . . . .. . . .... . . . . . . . . . .. . . . ... . . .. . . .... . . .. . . . ... . . .. . . .. . . ... . . . . . . . ... . . . . . . . ... . . . . . . . . . .. . . ... . . . .. . . . . . . . . . . ... . . .... . . . . ... . . . . . . . . . . . .. .. . . . . . . . . . . . . .... . . . ... . . . . . . ... . . . . . . . . .. . . . . . . ..... . . . ... . . . . . .. . . . . . ... . . . .. . . . ... . . .. . . . ... . . .. . . ... . . ... . . . . . .. ZURICH FINANCIAL SERVICES 72.00 16 .6740 1,200 .53 14 .9000 1,072 .80 127 .73 SPONSORED ADR CMN (ZFSVY)

TOTAL COMMON STOCKS 163,152.12 145,338.18 17,813 .94 2 .2169 3,199.32 200.90

TOTAL EQUITIES 163,152 .12 145,338.18 17,813 .94 2 .2189 3,199.32 200.90

SUMMARY OF HOLDINGS Market Value Percentage Adjusted Cost / ** Unrealized Estimated

of Portfolio Original Cost Gain (Loss) Annual Income

TOTAL CASH AND CASH EQUIVALENTS 7,219 .22 4.23 7,206.96 87.63

TOTAL EQUITIES 163,353 .02 95 .77 145,338.18 17,813 .94 3,199.32

Period Covering- AccountNumber: Account Name,

Dec 1 04 to Dec 31 04 040-05267-2 GMSBOSTON CO INTERNATIONAL EQUITY HOLDINGS

1111111111111111111111111111111111111111111111111 Page C 15 of 35

Market Value Percentage Adjusted Cost / ** Unrealized Estimated SUMMARY OF HOLDINGS of Portfolio Original Cost Gain (Loss) Annual Income

TOTAL ACCOUNT 170,572.24 100.00 152,545.14 17,813 .94 3,286.96

** Original Cost Is price paid by purchaser adjusted for annual original Issue discount payments and/or return of capital adjustments, If applicable. Adjusted Cost reflects adjustments to Original Cost for accretion and/or amortization.

PerfoiCovering- Account Number. Account Name-

Pec 1 04 to Dec 31 04 040-05270-6 GMSJFL INTL EQUITY HOLDINGS-

CASH AND CASH EQUWALENTS Quantity Market Price Market Value / Unit Cost Adjusted cost Unrealized Yield to Maturity Estimated AccruedIncome Original Cost Gain (Loss) Current Yield Annual Income

1 .0000

6 .08

6 .08

TOTAL CASH AND CASH EQUIVALENTS

4,834.83 52.22 4,840 .91

III 11111111111111111111111111111111111 Page D 5 of 19

MONEY MARKET FUNDS




U S DOLLAR


4,834 .83 1 .0000 4,834 .83

4,834 .83 4,834.83

0.00 1 .0800 52 .22

52 .22

PerfodCovering- Account Number. Account Name:

Dec 1 04 to Dec 31 04 040-05270-6 GMSJFL INTL EQUITY

Market Value / Unit Cost Cost Basis Unrealized Accruedhiconte Gain (Loss)


COMMON STOCKS

AIR LIQUIDE ADR 116.00 36.9720 4,288.75 31 .1619 3,614 .78 673 .97 ADR CMN (AIQUY)

... . . ... . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . . . . . .... . . . . . . . . . . . . . ... . . . . . . . . . . . . . . ..... . . . . .. . . . . . . ... . . . ... . . . . . .. . . . . . . . . . . ... . . . ... . . ..... . . ... . . ... . . . . . . ... . . .. . . .. . . . ... . . .. . . . ... . . .. . . . .. . . . .. . . . . .. . . .. . . . ... . . .. . . . . . . . . . . ... . . .. . . . . ... . . . . . . . .... . . ... . . . . .. .. . . . . . .. . . . . . .... . . . . . ..... . . . . . .... . . . . . ..... . . . . .. . . . . ALLIANZ AKTIENGESELLSCHAFT 169 .00 13 .2900 2,246 .01 14 .0012 2,366 .20 (120.19) ADR CMN (AZ)

... . . .. . . . . . .. . . . . .. . . . . . . . . . . . ..... . . . . . . . . . . . . .... . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . ..... . . . . . .. . . . . . . ... . . . . . . . . . . . .. . . . . . .. . . . ... . . . ... . . ..... . . ... . . ... . . . . . . . .. . . .. . . ... . . . .. . . .. . . . . .. . . .. . . . ... . . ... . . . .. . . .. . . . . .. . . .... . . . . . . . . . .. . . ... . . . . . . .... . . . .... . . . .... . . . . . . . . . . . .. . . . . . .. .. . . . . . . .... . . . . . .. .. . . . . . . .... . . . . .. . . . . BANCO SANTANDER CENTRAL 357 .00 12 .3700 4,4`16.09 12 .0605 4,305.59 110 .50 HISPANO SA SPON ADR (STD)

... . . .. . . .. .. . . . . . .. . . . . . . . . . . . .. . . . . . . . .. . . . . . .... . . . . ... . . . . . .... . . . . . . . ... . . . . . I . . . . . . . . .. . . . . . .... . . . .... . . . . ... . . . . .. . . . ... . . . ... . . . .. . . . . .. . . . .... . .. . . .... . . .. . . .. . . ... . . ... . . . ... . . .. . . .... . . .. . . . ... . . . I . . . ... . . .. . . . . . . . . . . ... . . ... . . . . . . .. . . . . . .. . . . . ... . . . . .... . . . .... . . . . . .... . . . . . ..... . . . . . .... . . . . . ..... . . . . .. . . . . BANK OF NOVA SCOTIA 59.00 33 .8500 1,997 .15 25 .4917 1,504 .01 493 .14 CMN (BNS)

... . . .. . . .. . .. . . . . .. . . . . ... . . . . .... . . . . . . . . . . . . ..... . . . . . . . . . . . ..... . . . . . . . . . . . . . . ..... . . . . . .. . . . . . .... . . . . . . . . . . . .. . . . . . . . . . . ... . . . ... . . .... . . . .. . . . ... . . . . . . ... I . .. . . ... . . ... . . .. . . . ... . . .. . . . ... . . ... . . . .. . . ... . . ... . . .... . . . .. . . . ... . . .... . . . . . .... . . . .... . . ..... . . . . . . . . . . . .. . . . . . . . .. . . . . . . .... . . . . . . . .. . . . . . . .... . . . . . . . . . . BP PLC 41 .00 58 .4000 2,394 .40 48 .9680 2,007 .69 386 .71 SPONSORED ADR CMN (BP)

.. . . . .. . . .... . . . .... . . . ... . . . . ... . . . . . .... . . . . . ... . . . . .... . . . . . ... . . . . .... ... . . . . . .. . . . . . . . .. . . . . . .... . . . .... . . . . ... . . . . .. . . . ... . . . ... . . . ... . . . . . . . . .... . .. . . .. . . . ... . . .. . . ... . . ... . . .... . . .. . . .... . . .. . . . ... . . .. . . .... . . ... . . . . . . . . . ... . . .. . . . . . . . .. . . . . . .. . . . . .... . . . .... . . . I ... . . . . . .... . . . . . ..... . . . . . .... . . . . . .... . . . . ... . . . . CADBURY SCHWEPPES P.L .C. ADR 77 .00 37 .7000 2,902 .90 30 .3600 2,337 .72 565 .18 ADR CMN (CSG)

. . . ... . . .. . .. . . ... . . . . ... . . . .... . . . . . . .. . . . . ..... . . . . . .. . . . . ..... . . . . . .. .. . . . . . . .... . . . . . ... . . . . . . .. . . . . . . . . . . . ... . . . . .... . . .. . . . I . . . . . . ... . . . ... . . .... . ... . . .. . . . .. . . . .. . . .. . . ... . . . .. . . . ... . . .. . . . ... . . ... . . ... . . ... . . . .. . . . . .. . . . ... . . . . . . . . . ..... . . . . . . . . . . . .. . . . . . . . .. . . .... . . . . . . ... . . . . . . .. . . . . . . . . .... . . . . . .. . . . . . .... . . . . COCA COLA AMATIL LTD (ADR) 281 .00 12 .7460 3.581 .63 10 .0640 2,827 .97 753 .66 SPONSORED ADR CMN (CCLAY)

: . . ... . . . . . .. . . ... . . . . .. . . . . .... . . . . . . ... . . . . .... . . . . . .. . . . . ..... . . . . . .... . . . . . . . I .. . . . . . .... . . . . . .. . . . . . .... . . .... . . . . ... . . ... . . . . .. . . . . .. . . . . .. . . .... . ... . . .. . . . .. . . . .. . . .. . . ... . . . .. . . . . .. . . .. . . . . I . . . . .. . . . .. . . .... . . .. . . . . .. . . . .... . . . . . . . . ... .. . . . . . . . . . . I ... . . . . .... . . . I ... . . . . . .... . . . . . .... . . . . . . .... . . . . . ... . . . . . ... . . . . DEUTSCHE BANK AG 29 .00 89 .0100 2.581 .29 80.6955 2,340 .17 241 .12 CMN (DB)

1 .3605 58.35

. . . . ... . . . . . . . ... . . . . . . . ... . . .. . . ... . . . . . .. . 1 .0760 24 .17

2 .9578 105.94

. . . .. . . . .. . . . . . .. . . . . . . . . . . . ... . . . . .. .. . . . . . ..... . . . . . . . . . . . .... . . . . . . . . . . . . . . . ... . . . . . . . .. . . . . . . ... . . . . .. . . . . . .. I . . . . ... . . . .. . . . . .. . . . ... . . . .... . . .. . . ... . . ... . . ... . . ... . . . . . ... . . . . . . . . ... . . . . . . . ... . . . .. . . . ... . . . . . . . ... . . . ... . . ... . . . . . . . . . . ..... . . . . .. . . . . . .. . . . . . . . . . . . ... . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . .. .. . . . . . .. . . . . ..... . . . . . . I . . . . .. . . ... . . . .. . . . .. . . . . . .. . . .. . ... . ... . . DIAGEO PLC SPON ADR (NEW) 74 .00 57 .8800 4,283 .12 53.1551 3,933 .48 349 .64 3 .4364 147.19 SPONSORED ADR CMN (DEO)

. . ... . . ... . . . . . .. . . . . .. . . . . . .. . . . . . .... . . . . . ... . . . . .. .. . . . . . .. . . . . . .. .. . . . . . . . . ... . . . . . . . . . . . . . . .... . . . . .. . . . . . .. . . . . . ... . . . .. . . . . .. . . . ... . . . .... . . .. . . ... . . . .. . . .. . . . .. . . . . . . ... . . . . . . . . ... . . . . . . ..... . . .. . . ... . . . . . . . . ... . . . ... . . .. . . . . .. . . . . . ... .. . . . . .. . . . . ... . . . . .. . . . . . .. . . . . . .... . . . . . . . ... . . . . . .... . . . . . ..... . . . . . . . . . . . .... . . . . . .. . . . . . .. . . ... . . . .. . . . . . . .. . .. . . .. . . .. . ... . . ERICSSON (LM) TEL CO 48-00 31 .4900 1,511 .52 26.3200 1,263 .36 248 .16 ADR CMN (ERICY)

. . ... . . . .. . . . . . .. . . . . . . . . . . . .. . . . . . .... . . . . . .. . . . . . .. .. . . . . . .... . . . . . . . . . . . . . . . ... . . . . . . . .. . . . . . . . .. . . . . . . . . . . . ... . . . . ... . . . .. . . . . . . . . . . ... . . . ... . . ... . . ... . . .. . . ... . . ... . I . . . . ... I . . .. . . . ... . . . . . . . ... . . ... . . ... . . .. . . . . .. . . . . .. . . ... . . . . . . . . . . . .. .. . . . . . . . . . . . .. . . . . . . . . . . . ..... . . . . . .. . . . . . . . .. .. . . . . . . .. . . . . . . . .. . . . . . ... . . . . .... . . . . . . . . . . . .. . . . .. . . . .. . . . . .. . . .. . . ... . .. . . ... . .. . . ESSILOR INTERNATIONAL SA 101 .00 39 .1800 3,957 .18 31 .6677 3,198 .44 758 .74 ADR CMN (ESLOY)

Page D 6 of 19

HOLDINGS'


2 .6354 11638

. . . . . ... . . . ... . . . .. . . ... . . . . . . . ... . . .. . . ... . . . . . .. . 2 .6883 53 .69

2 .7842 66 .67

2 .3581 68 .45

Period Covering - Account Number. Account Name:


Market Value I Unit Cost Cost Basis Unrealized Dividend Estimated AccruedIncoine Gain (Loss) Yield Annual Income


11111111111111 il 11111111111111111111111111 Page D 7 of 19


FRESENIUS MEDICAL CARE AG ADR 154 .00 26 .8000 4,127.20 23.3927 3,602 .47 524.73 1 .2201 50 .36 SPONSORED ADR CMN (FMS)

. . .... . . . . . . . . . .. . . . . . ... . . . ..... . . . . . .... . . . . . ... . . . . . . . .... . . . . . . . ... . . . . . . . . ... . . . . . ... . . . . . ... . . . .. . . . . . . . . . . . .. . . . . . .. . . . . .. . . . .. . . . ... . . . . . . . . .... . . . . . ..... . . . . . . ... . . . . . . . . . .. . . ... . . . .. . . .. . . . ... . . . .. . . . .. . . . ... . . . . ... . . .. . . . .. . . . . . .. . . . . ... . . ... . . . . . .. . . . . . . . . . . . . . .... . . . . . .... . . . . . . . . .. . . . . . . ... . . . . . ..... . . . . .. . . . . . .... . . . . ... . . ... . . . .. . . . . ... . . . . . . .. . . .. . . ... . .. . . GLAXOSMITHKLINE PLC 67.00 47 .3900 3,175 .13 44.1900 2,960.73 214.40 3.2475 103.11 SPONSORED ADR CMN (GSK) 24 .47

. . .. . . . ... . . . . ... . . . . . . . . . . . ..... . . . . . ... . . . . .. . . . . . . . . .... . . . . . ..... . . . . . . . . .. . . . . . .... . . . . . .. . . . . .. . . . . .. . . . . ... . . . . . . . . . . . .. . . ... . . . .. . . . . .. . . .... . . .. . . .. .. . . . . . . . .. . . . .. . . . .... . . .. . . . ... . . .. . . . ... . . .. . . . . .. . . ... . . . . . .. . . . . . . . . .. . . . ... . . . . .... . . .. . . . . ... . . . . .. . . . . . . . . ... . . . . . . .... . . . . . . .... . . . . . .... . . . . . ... . . . . . ... . . . . . .. . . . . . ... . . . .. . . . . .. . . . . ... . . . . . ... . . .. . . .. . . .. . . GROUPE DANONE SPONS ADR 149.00 18 .4400 2,747.56 17.2799 2,574 .71 172.85 SPONSORED ADR CMN (DA)

I .. . . . . . . . . . .. . . . . . ... . . . . .. ... . . . . . ... . . . . . ..... . . . . . .. . . . . . . . . . . ... . . . . . . . .... . . . . ... . . . . . ... . . . .. . . . . . .. . . . . .. . . . . . .. . . . . .. . . .... . . ... . . . . . . . . . ... . . . . . . . ... . . .. . . . .. . . . . . . . . . .. . . . ... . . .. . . ... . . . .. . . . .. . . . .. . . . ... . . . . . .. . . .. . . . . .. . . . . .. . . . . . .. . . . ... . . . . ... . . . . . .. . . . . . . . .. . . . . . .. .. . .. . . . . . .. . . . . . . . .. . . . . . . . ... . . . . . . . I . . . ..... . . . ... . . .. . . . . . . . . . . .. . . .. . . ... . ... . ... . . . . . HEINEKEN N V (ADR) 100.00 33 .3420 3,334 .20 31 .5600 3,156.00 178 .20 0.8758 29 .20 LINSPONS ADR CMN (HINKY)

. . .. . . . ... . . . .... . . . ... . . . . . ... . . . . . . . .. . . . . . . . .. . . . . . . . . .. . . . . . . . ..... . . . . . . . . . . . . . . ... .. . . . . . . . . . . . .. . . . . .. . . . . I .. . . . . .. . . . . ... . . .. . . . . .. . . . . .. . . .... . . .. . . .. .. . . .. . . . .. . . . .. . . ..... . . .. . . . ... . . .. . . . ... . . .. . . . ... . . . .. . . . . . .. . . . . . . . . .. . . . . ... . . . . ... . . .. . . . . ... . . . . . . . . . . . . . . .... . . . . . .... . . . . . . .... . . . . . . ... . . . . . .... . . . . ... . . . . . .. .. . . . .... . . ... . . . .. . . . . ... . . .. . . .. . . .. . . .. . . .. . . HSBC HOLDINGS PLC SPONS ADR 57.00 85 .1400 4,852.98 78.8300 4,493 .31 359.67 3.6411 176.70 SPONSORED ADR CMN (HBC) 37.05

. . ... . . ... . . . . ... . . . . . . . . . . . ..... . . . . . .... . I . . . .. . . . . . . . . .... . . . . . ..... . . . . . . . . . . . . . . ... .. . . . . . .. . . . . .. . . . . .. . . . . ... . . . . . . . . . . ... . . .. . . . . .. . . . . .. . . .... . . . . . . .... . . I . . . . ... . . .. . . . .... . . .. . . . ... . . .. . . . . .. . . .. . . . ... . . . ... . . . . ... . . .. . . . ... . . . ... . . . . ... . . ... . . . . .... . . . . . .. . . . . . . ... . . . . . .... . . . . . . . . .. . . . . . . ... . . . . . ..... . . . . .. . . . . . ..... . . . ... . . ... . . . .. . . . . ... . . .. . . .. . . .. . . .. . . .. . . ING GROEP N.V . SPONS ADR 148 .00 30 .2500 4,477.00 26.5816 3,934 .08 642.92 3.1240 139.86 SPONSORED ADR CMN (ING)

. . .. . . ... I . . . .... . . .... . . . . . .. . . . . . . . . . I . . . . . . I .. . . . . . . . .. . . . . . . . . ... . . . . . . . I . .. . . . . . .. . . . . . . .. . . . . . ... . . . ... . . ..... . . . ... . . . ... . . . . . . . . . .. . . . ... . . .. . . . ... . . .. . . . . .. . . ... . . ... . . ... . . . . .. . . . .. . . . . . . . ... . . . .. . . . .. . . . .. . . . . .... . . .. . . . ... . . . ... . . . ... . . . . . . . . . . .. . . . . . .. .. . . . . . ... . . . . . . . .. . . . . . . . ..... . . . . . ... . . . . . . .. . . . . . .... . . . . ... . . . . . .. . . . . .. . . . ... . . .... . . .. . . .. . . .. . . ... . ... . . KAO CORP 9.00 255 .6850 2,301 .17 213.0000 1,917 .00 384A7 1 .1628 26 .76 SPONSORED ADR CMN (KCRPY)

.... I . . . . . . . .. . . . . .. . . . . . .... . . . . . . .. . . . . . . . .. . . . . . .. . .. . . . . . . . ..... . . . . . . . . . . . . . . . . ... . . . . . .. . . . . ... . . . . .. . . . . . . . . . . ... . . . ... . . . .. . . ... . . . . .. . . . . .. . . ... . . ... . . .... . . .. . . ... . . . .. . . . . .. . . . .. . . . .. . . ... . . . . . . . ... . . . . . . . . . . .. . . . ... . . .. . . . . . . . . . . . .. . . . . .. . . . . . .. . . . . .. . . . . . . . . .. . . . . . .... . . . . . . . . .. . . . . . . . . . . . . . . . . ... . . . . . . . . . . . .... . . . . . .. . . . . .. . . . .. . . . . .. . . .... . . .. . . . . . .. . . ... . .. KONINKLIJKE AHOLD NV 183 .00 7.7700 1,421 .91 8 .6000 1,573 .80 (151 .89) SPONSORED ADR NEW (AHO)

I . . . . . . . .. . . . . . . . . . . . ..... . . . . . .... . . . . . ... . . . . . . . .... . . . . . . . ... . . . . . . . . ... . . . . . . .. . . . . . .. . . . . . ... . . . .. . . . . .. . . . . . ... . . . .. . . . . . . . . ... . . . . ... . . . .. . . . ... . . .. . . . ... . . .. . . . .. . . . .. . . . . . . . . . .. . . . .. . . ... . . . . . . . ... . . . . .. . . . . .. . . . . .. . . . . . . . . . .. . . . . ... . . . . . . . . . . .. . . . . . . . .. . . . . . .. . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . .... . . . . . . . . . . . ... . . .. . . . . ... . . ... . . .. . . .. . ... . . .. . .. KYOCERA CORP ADR 44 .00 76 .9800 3,387.12 73.5082 3,234 .36 152.76 0.6625 22.44 ADR CMN (KYO)

.. . . ... . . . . ... . . . . .. . . . . . .. . . . . . . . . ... . . . . . . .. . . . . . .. . . . . . . . . . . ..... . . . . . . . .. I . . . . .... . . . . . . . . . . . . ... . . . . .. . . . . .. . . . . . .. . . . . .. . . . . .. . . .. . . . . . .. . . . ... . . ... . . ... . . .. . . . . .. . . .. . . . ... . . . . .. . . .. . . . ... . . .. . . . . .. . . ... . . . . . . . . . . .. . . ... . . . .. . . . . .. . . . . . .. . . . ... . . . . ... . . . ... . . . . . . . ... . . . . . .... . . . . . . . ... . . . . . . ... . . . . . .... . . . . . . . . . . . . ... . . . . . ... . . . ... . . . . . . . . . .. . . ... . . ... . . . . . .. . . .. . ... UOREAL CO (ADR) 230 .00 15.1830 3,492 .09 16 .4159 3,775 .65 (283.56) 0 .7838 27.37 ADR CMN (LORLY)

HOLDING9

Period Covering- AccouniNumber- Account Name:



Quantity Market Price Market Value/ Unit Cost Cost Basis Unrealized Accrued Income Gain (Loss) EQUITIES

III 11111111111111111111111111111111 Page D 8 of 19

HOLDINGS'


LUXOTTICA GROUP ADS(SPONSORED) 213.00 20.3900 4,343 .07 16.7488 3.567.50 775 .57 0 .9`122 39 .62 REPRESENT THE RIGHT TO RECEIVE ONE ORDINARY SHARES (LUX)

.... . . . ... . . . .... . . . . . .. . . . . .... . . . . . . . . . . . . ..... . . . . . .... . . . . . ... . . . . . . . . .. . . . . . ... . . . . . .. . . . . . . ... . . . . .. . . . .... I . . . .. . . . . ... . . . ... . . .... . . . .... . . .. . . . . .. . . .. . . . ... . . .. . . . . .. . . .. . . . . .. . . .. . . . .. . . . .. . . .... . . .. . . ... . . . .. . . . . .. . . . ... . . . ... . . . ..... . . . ... . . . .. .. . . . . . . . .. . . . . . .. . . . . . . ... . . . . . . . . .. . . . . . . . .. . . . . . . ... . . . .... . . . . . .. . . . . . .... . . . . ... . . .. . . .. .. . . .. . . .. . . ... . ... . . . . . .. . MANULIFE FINANCIAL CORP 5`1 .00 46.2000 2,356 .20 35.9749 1,834.72 521 .48 1 .7403 41 .00 CMN (MFC)

... . . . ... . . . . . . . . . . . . . . . . . .. . . . . . . ... . . . . . ... . . . . . . . . . . . . . . . . .. . . . . . .... . . . . . ..... . . . . . . . . . . . . ... . . . .. . . . . ... . . . . ... . . . .. . . . . . .. . . . .. . . . . . . . . . . . .. . . ... . . ... . . ... . . . .. . . ... . . . .. . . . ... . . .. . . ... . . .. . . . .. . . . .. . . . . . . . ... . . . . .. . . . .. . . . . . . . . . . . .. . . . . . .. . . . . ... . . . . . ... . . . . . . .... . . . . . . . . . . . . . . .... . . . . . . .... . . . . . .. . . . . . . . . . . . .... . . . . . . . . . . . . ... . . . .. . . .. . . . . .. . . .. . . .. . . ... . .. . . . .. . NATIONAL AUSTRALIA BANK LIMITE 3100 112.0800 3,474 .48 114.7381 3,556 .88 (82.40) 5 .3988 187.58 SPONSORED ADR (NEW) (NAB)

. . . . . . . . . . . . .. . . . . . .. . . . . .... . . . . . . . . . . . ... . . . . . .... . . . . . .... . . . . . . . . . . . . . . . .. . . . . . ... . . . . .. .. . . . . . . . . . . . .. . . . . .. . . . . . .. . . . . . .. . . . . .. . . . . .. . . . .... . . . . . . .... . . .. . . . .. . . . .. . . . ... . I ... . .... . . .. . . ... . . . . . . ... . . . .. . . ... . . . . . . . . . . .. . . . ... . . . . ... . . . . . . . . . . . .. . . . . . .... . . . . . ..... . . . . .. . . . . . . . . .. . . . . . . . . .. . . . . . . ... . . . . . . . . . . . ... . . . . . . . . . . . . . .. . . .... . . .. . . . .. . . .. . . .. . ... . ... . . .. . . NESTLE SA SPONSORED ADR 61 .00 65.4080 3,989 .89 66.9972 4,086 .83 (96.94) 1 .7857 71 .25 (REP 1/20 CHF 10 REGD SHS) (NSRGY)

.. . . . . . . . . . . .. . . . . . .... . . . .... . . . . . ... . . . . . ... . . . . . .. .. . . . . . ..... . . . . . .... . . . . . .... . . . . ... . . . . . .... . . . ... . . . ... . . . . . ... . . ... . . . . ... . . . .. . . . . . .. . . . ... . . ... . . ... . . ... . . ... . . .... . . .. . . . .. . . . .. . . .. . . . .. . . . .. . . ... . . . . . . . ... . . . ... . . . .. . . . . . . . . . . . .. . . . . . .. . . . . ..... . . . ... . . . . . . . . .. . . . . . . . .. . . . . . . .... . . . . . . ... . . . . . ... . . . . .. . . . . ..... . . . . . . . . . . . ... . . . .. . . ... . . . . . . . .. . . ... . ... . ... . . .. . NEXENING 46.00 40.6500 1,869 .90 37.7550 1,736 .73 133 .17 0 .7823 14 .63 CMN (NXY) 4 .60

. . . . ... . . .. ... . . . . . . . . . . . .... . . . . . .. . . . . . .... . . . . . . .. .. . . . . . .... . . . . . .. . . . . . . . . .. . . . . . ... . . . . .. .. . . . . . . . . . . . .. . . . ... . . . . . .. . . . . . .. . . . . .. . . . . .. . . . ... . . . .. . . ... . . . . . . . .... . . .. . . . ... . . ... . . ... . . . . . . .. . . . . . . . . .. . . . .. . . ... . . . . . .. . . . .. . . . . .. . . . . ... . . . . . . . . . . . .. . . . . . ... . . . . . . ..... . . . ... . . . . . . . . ... . . . . . . . .. . . . . . .... . . . . .. . . . . . .. . . . . . . . .. . . . . . .. . . . ... . . .. . . . . .. . . .. . . .. . ... . . .. . . ... . NOVARTIS AG ADR 83.00 50.5400 4J94 .82 47.0100 3,901 .83 292 .99 1 .3138 55 .11 SPONSORED ADR CMN (NVS)

. . . . . . . . . . . . .. . . . . I .... . . . .... . . . . . .. . . . . . . ... . . . . . .. .. . . . . . ..... . . . . . . .. . . . . . . ... . . . I .... . . . . . .. . . . . . . . . . . . .. . . . . . ... . . . .. . . . . . .. . . . . .. . . . . . . . . . . ... . . ... . . ... . . .. . . . ... . . ... . . . .. . . . .. . . . .. . . .. . . . .. . . . .. . . ... . . . . . . . ... . . . .... . . .. . . . . . . . . . . . .. . . . . . .. . . . . .... . . . . ... . . . . . . . . .. . . . . . ... . . . . . . . .... . . . . . .... . . . . . .. . . . . . .. . . . . .... . . . . . . .. . . . . .. . . . . .. . . ... . . . .. . . .. . . .. . . ... . .. . . ... . NOVO NORDISK AIS AOR 61 .00 54 .2600 3,309 .86 40.6218 2,477.93 831.93 0.9602 31 .78 ADR CMN (NVO)

. . . . ... . . . I ... . . . . . . . . . . . ... . . . . . ... . . . . . .... . . . . . . .. . . . . . . . .. . . . . . . ... . . . . . . . ... . . . . . .. . . . . ..... . . . . .. . . . . ... . . . ... . . . . . .. . . . . . . . . . . ... . . . . .. . . . ... . . . . . . .... . . . . . . . ... . . . .. . . . .. . . . .. . . ... . . . . . . ... . . . .. . . .. . . . ... . . ... . . . . . . . . . ... . . . ... . . . . ... . . . . .. . . . . ... . . . . . .. . . . . . . . ... . . . . . ... . . . . . . . . .. . . . . . . . . . . . . . . ..... . . . . .. . . . . ... . . . . . . ... . . . . . .. . . .... . . .. . . . ... . ... . . . . . ... . ... . ... . . REED ELSEVIER PLC 127 .00 37.1000 4,711 .70 35.2925 4,482,15 229 .55 2 .3235 109.47 SPONSORED ADR CMN (RUK)

. . . ... . . . .. . . . . . .... . . . .... . . . . . ... . . . . . . .. . . . . . .... . . . . . ..... . . . . . .. . . . . . . . .. . . . . . . . .. . . . . . ... . . . . ... . . . ... . . . . .. . . . . ..... . . . ... . . . ... . . . ... . . . .. . . . . .. . . ... . . . .. . . ... . . . .. . . . .. . . . . .. . ... . . . .. . . .. . . ... . . . .. . . .... . . .. . . . . .. . . . ... . . . ... . . . .... . . . . ... . . . .... . . . . . . . . . . . . . . .. . . . . . .... . . . . . ..... . . . . . .... . . . . . .. . . . . . ... . . . ..... . . . . . ... . . . . .... . . .. . . . ... . . ... . . ... . .. . . .. . . ... . .... . ROCHE HOLDING AG 34 .00 1 15.1170 3,913 .98 101 .1000 3,437.40 476.58 0.9330 36.52 ADR B SHS(NOM CHF 100) VAL 224 .184 (RHHBY)

. . . . ... . . .... . . . . . .. . . . . . . . . . . . . ... . . . . . ... . . . . . . . . . . . . . . . . .. . . . . . . ... . . . . . . . ... . . . . . . . . . . . ... .. . . . . .. . . . . ... . . . ... . . . . . .. . . . . . . . . . . . .. . . . . .. . . . ... . . . .. . . ... . . . . . . . ... . . . .. . . . ... . . .. . . .... . . . . . ... . . . .. . . ... . . . .. . . ... . . . . . . . . . ... . . . ... . . . . ... . . . . .. . . . . . .. . . . . . .. . . . . . . . .... . . . . ... . . . . . . . . .. . . . . . . . . .. . . . . ..... . . . . .. . . . . . .. . . . . . . ... . . . . . .. . . . .. . . . .. . . . ... . . .. . . . . . ... . ... . . ... . ROYAL DUTCH PETROLEUM COMPANY 76.00 57.3800 4,360 .88 47.8700 3,638 .12 722 .76 2 .7640 120.54 NY REGISTRY SHARES (RD)

SANOR AVENTIS 82 .00 40.0500 3,284 .10 36.9590 3,030.64 253.46 '1 .2809 42 .07 SPONSORED ADR CMN (SNY)

. . . . .. . . . . .. . . . . .. . . . . . .. . . . ... . . . . . .. . . . . . . . . . . . . . . .. . . . . . .. . . . . . . . .. ... . . . . . . . . ... . . . . . . .. . . . . . .. . . . . . . . .. . . . . . . . . . . . . . ... . . ... . . . .. . . . . . . . . .. . . .. . . . ... . . . . . . . ... . . . . . . .... . . . . . . ... . . .. . . . .. . . . .. . . .... . . . . . . . ... . . . ... . . . ... . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . . . .. . . . . I . ... . . . . . . .... . . . . ... . . . . . ... . . . . . . ... . . . . . . .. . . . . . .... . . . .. . . . . .. . . . ... . . .. . . . .. . . ... . . . . . ... . . ... SAP AKTIENGESELLSCHAIFT 47 .00 44.2100 2,077 .87 41 .7200 1,960.84 1 11 7.03 0.4207 8.74 (SPON ADR) (SAP)

. . . . .. . . . . . . . . . . . . . . .. . . .. . . . . . . . . . . . ... . . . . . . ... . . . . . . .. . . . . . .. . . . . . . . ... . . . . . . .. . . . . .... . . . .. . . . . . .... . . . . . .. . . . .. . . . .. . . .. . . . . .. . . ... . . . .. . . .. . . ... . . . . .... . . . . ... . . . . . . . . . . . . . . . . .. . . . . . . . . ... . . . .. . . . .... . . . .. . . . . ... . . . . ... . . . .... . . . .. . . . . .... . . . . . . ... . . . . . ... . . . . . . . .. . . . . . .. . . . . . ... . . . . . . ... . . . . . . .. . . . . . . .... . . .. . . . . .. . . . ... . . .. . . .... . . .. . . . . . .. . . . . .. SMITH & NEPHEW PLC 56 .00 51 .7600 2,898 .56 48 .6966 2,727.01 171 .55 ADR CMN (SNN)

.. . . .. . . . . ... . . . . .. . . . . .. . . . . .. . . . . . .. . . . . . .... . . . . . ..... . . . . . .... . . . . . .. . .. . . . . . . ... . . . . . ... . . . . . ... . . . . . ... . . . . .... . . . . . .. . . . . .. . . .. . . ... . . . .. . . . .. . . . .. . . ... . . . .. . . ... . . . .. . . .. . . . . .. . . .. . . .... . . . . . . . ... . . .. . . . . .. . . . . .. . . . . .. . . . ... . . . ... . . . . . ... . . . . .. . . . . .. . . . . . . .. . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . .... . . . . ... . . . . . ..... . . . . . ... . . . . . . .. . . ... . . . .. . . . . .. . . . .. . . . .. . . .. . . .. . . . ... . . . SONY CORPORATION 85 .00 38.9600 3,311 .60 41 .5300 3,530 .05 (218 .45) ADR CMN (SNE)

. . . . .. . . . . ... . . . . . . . . . .. . . . ... . . . . . .. . . . . . .. . . . . . . . ..... . . . . . .... . . . . . ... .. . . . . . . ... . . . . . ... . . . . . ... . . . . . .... . . . . .. . . . . . . .. . . . . .. . . .. . . .... . . ... . . ... . . .. . . ... . . . .. . . ... . . . .. . . ... . . . .. . . .. . . . ... . . .. . . . . .. . . ... . . . .. . . . . . . . . . . . .. . . . ... . . . . ... . . . . .. . . . . . .. . . . ... . . . . . .. . . . . . . . . . . . . . . ..... . . . . . . . .. . . . . ... . . . . . . .. . . . . . . .. . . . . . .... . . . . . .. . . . ... . . ... . . . . . . . . .. . . . .. . . ... . .. . . . ... . . . TOTAL SA 31 .00 109 .8400 3,405 .04 91 .7745 2,845 .01 560 .03 2 .1713 73.94 SPONSORED ADR CMN (TOT)

.. . . .. . . . . ... . . . . .. . . . . .. . . . . I . . . . . . .. . . . . . .... . . . . . . .... . . . . . .... . . . . . ... .. . . . . . . ... . . . . . ... . . . . . ... . . . . . ..... . . . . . . . . . . . .. . . . . .. . . .. . . . ... . . ... . . ... . . .. . . . .. . . . .. . . . .. . . . .. . . ... . . . .. . . .. . . . ... . . ... . . . .. . . ... . . . .... . . . . . . . . . .. . . . . .. . . . . ... . . . . . . . . . . . .. . . . . .. . . . . . ..... . . . . . . . . . . . ... .. . . . . . .... . . . . . .. . . . . . . ... . . . . . ... . . . . . . .. . . . . . .. . . . . .. . . . ... . . . . . . . . .. . . . . . . ... . ... . . ... . . . UNILEVER PLC (NEW) 58.00 39 .5200 2,292 .16 39 .4738 2,289 .48 2 .68 3 . 11 933 73.20 SPONSORED ADR CMN (UL)

.. . . ... . . . ... . . . . .. . . . . .. . . . I . . . .. . . .. . . . . . .... . . . . . . .... . . . . . .... . . . . . ... .. . . . . . . ... . . . . . .... . . . . . . . . . . . . . .... . . . .. . . . . . . .. . . . . .. . . .. . . .... . . ... . . ... . . ... . . ... . . .. . . ... . . . .. . . ... . . . .. . . .... . . .. . . ... . . . .. . . . .. . . . .... . . . .. . . . . .. . . . . .. . . . . . .. . . . . . . . . . . . .. . . . . .. . . . . . ..... . . . . . .. . . . . . . . I . . . . . . .... . . . . . .. . . . . . .... . . . . . .... . . . . . .. . . . . . .. . . . . .. . . . ... . . . .. . . . .. . . . . . . ... . ... . . . .. . . . VODAFONE GROUP PLC 152 .00 27 .3800 4,161 .76 26 .0464 3 .959 .05 202 .71 1 .3514 56.24 SPONSORED ADR CMN (VOD) 53.85

.. . . ... . . . . ... . . . ... . . . .. . . . . . . . . . . . ... . . . . .... . . . . . . ... . . . . . . ... . . . . . ... .. . . . . . . . . . . . . . . . . ... . . . . . . . . . . . . . ... . . . . . .. . . . . ... . . . .. . . ... . . . .. . . . ... . . .. . . ... . . ... . . .. . . . ... . . ... . . ... . . .. . . . ... . . .. . . . ... . . . . . . ... . . ..... . . .. . . . . .. . . . . .. . . . . . .. . . . . . .. . . . . ... . . . .. . . . . . . . . .. . . . . . .. . . . . . . . .. . . . . . . . . . . . . . . .. . . . . . .... . . . . . .... . . . . . . .. . . . . . .. . . . .. . . . . ... . . ... . . ... . . . . . . ... . ... . . .. . . . WPP GROUP PLC ADR 40.00 54 .6700 2,186.80 55 .3300 2,213 .20 (26.40) 1 .1505 25 .16 SPONSORED ADR CMN (WPPGY)

TOTAL COMMON STOCKS 127,619.07 116,196.89 11,422 .18 2.0180 2,203.46 119.97

116,196.89 11,422 .18 2 .0180 2,203A6 127,619 .07 1 19 .97 TOTAL EQUITIES

11111111111111111111111111 111 Page D 9 of 19

Period Covenng. Account Number: AccounfName: Dec'I 04 to Dec 31 04 040-05270-6 GMSJFL INTL EQUITY HOLDINGS

Quantity Market Price Market Value / unit cost Cost Basis Unrealized Dividend Estimated EQUITIES Accruedinconte Gain (Loss) Yield Annual Income


61 fO 0 1 a al7Pd III 11111111111111111111111111111111111111

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gt,Eoz,z OvZZOU 69*96VUL SE'96

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LONG TERM,4,',~-'A-`~- ~-X ~~YRUPW7,~- A" S GOLDMAN SA. . . COCA COLA CO 200.000 11/12/02 01/05/04 9,978.73 8,960.00 1,018.73 GOLDMAN SA . . . COCA COLA CO 100.000 11/25/02 01/05/04 4,989.36 4,587.00 402.36 GOLDMAN SA . . . FD HMN LN MTG CORP 150.000 10/04/99 01/05/04 8,816.03 7,717.03 1,099.00 GOLDMAN SA . . . FD HMN LN MTG CORP 220.000 11/19199 01/05/04 12,930.17 12,012.69 917.48 GOLDMAN SA . . LINEAR TECHNOLOG . . . 140.000 02/03/00 01/05/04 5,974.76 6,922.13 -947.37 GOLDMAN SA . . . LINEAR TECHNOLOG . . . 100.000 07/23/01 01/05/04 4,267.69 4,210.00 57.69 GOLDMAN SA. . . MBNA CORP 277.000 11/19/99 01/05104 6,929.08 5,092.57 1,836.51 GOLDMAN SA. . . MBNA CORP 450.000 03/07/01 01/05/04 11,256.63 10,044.88 1,211 .75 GOLDMAN SA. . . ABBOTTLABORATO . .. 55.000 10/01/99 01/22/04 2,355.39 2,055.35 300.04 GOLDMAN SA. . . ABBOTT LABORATO . .. 320.000 11/19/99 01/22/04 13,704.12 12,261 .40 1,442.72 GOLDMAN SA. . . AMER INTL GROUP I . . . 40.000 10/01/99 01/22/04 2,767.91 2,252.30 515.61 GOLDMAN SA- AMER INTL GROUP I . . . 165.000 11/19/99 01/22/04 11,417 .61 12,318 .21 -900.60 GOLDMAN SA. . . AUTOMATIC DATA P . . . 200.000 10/01/99 01/22/04 8,293.82 8,812.25 -518.43 GOLDMAN SA. . . AUTOMATIC DATA P . . . 240.000 11/19/99 01/22/04 9,952.59 12,165.45 -2,212.86 GOLDMAN SA . . . CISCO SYSTEMS INC 170.000 03/07/01 01/22/04 4,757.61 4,009.28 748.33 GOLDMAN SA . . . CISCO SYSTEMS INC 500.000 07/23/01 01/22/04 13,992.99 8,600.00 5,392.99 GOLDMAN SA- CITIGROUP INC 200 .000 10/01/99 01/22/04 10,028.22 6,143.62 3,884.60 GOLDMAN SA. . . CITIGROUP INC 280 .000 11/19/99 01/22/04 14,039.52 11,257.09 2,782.43 GOLDMAN SA. . . DELL COMPUTER CO . . . 190 .000 03/07/01 01/22/04 6,506.07 4,374.09 2,131 .98 GOLDMAN SA- DELL COMPUTER CO . . . 100 .000 04/01/02 01/22/04 3,424.25 2,686.00 738.25 GOLDMAN SA. . . EMERSON ELECTRIC .. . 300.000 07/23/01 01/22/04 19,610.96 16,828.62 2,782.34 GOLDMAN SA . . . FEDERAL NATL MTG . . . 3,000.000 11/19/99 01/22/04 304,404.00 288,421 .88 15,982.12 GOLDMAN SA . . . GENERAL ELECTRIC . . . 300.000 10/01199 01/22/04 9,962.81 11,829.63 -1,866 .82 GOLDMAN SA . . . GENERAL ELECTRIC . . . 255.000 11/19/99 01/22/04 8,468.38 11,917.05 -3,448.67 GOLDMAN SA . . . GS HIGH YIELD BD FD 3,690.040 12/03/99 01/22/04 30,000.00 33,837.67 -3,837.67-GOLDMAN SA. . . GS MID CAP VALUE . . . 8,179.614 04/04/02 01/22/04 240,480.65 213,651 .51 26,829.14 GOLDMAN SA. . . GS MID CAP VALUE . . . 52.040 12/12/02 01/22/04 1,529.98 1,184.44 345.54 GOLDMAN SA- GS MID CAP VALUE . . . 187.459 12/12/02 01/22/04 5,511 .29 4,266.56 1,244.73 GOLDMAN SA. . . IBM 225.000 11/19/99 01/22/04 21,732.69 23,193.71 -1,461.02 GOLDMAN SA. . . KIMBERLY CLARK C . . . 1,000-000 01/17/01 01/22/04 113,924.00 107,463.00 6,461.00 GOLDMAN SA. . . MEDTRONIC INC 75.000 10/01/99 01/22/04 3,638.08 2,523.42 1,114.66 GOLDMAN SA . . . MEDTRONIC INC 305.000 11/19/99 01/22/04 14,794.84 12,110.21 2,684.63 GOLDMAN SA . . . MICROSOFT CORP 200.000 02/06/02 01/22/04 5,545.72 6,478.14 -932.42 GOLDMAN SA . . . MICROSOFT CORP 200.000 04/01/02 01/22/04 5,545.72 6,051 .00 -505.28 GOLDMAN SA . . . MICROSOFT CORP 200.000 12/19/02 01/22/04 5,545.72 5,452.59 93.13 GOLDMAN SA. .. NORTHERN TRUST CO 100.000 10/04/99 01/22/04 5,001 .24 4,285.75 715.49 GOLDMAN SA. .. NORTHERN TRUST CO 240.000 11/19/99 01/22/04 12,002.98 12,043.80 -40.82 GOLDMAN SA. .. PEPSICO INC 200.000 12/28/01 01/22/04 9,211 .51 9,928.30 -716.79 GOLDMAN SA. .. PEPSICO INC 200.000 04/01/02 01/22/04 9,211 .51 10,419.16 -1,207.65 GOLDMAN SA. .. PFIZER INC 250.000 10/01/99 01/22/04 8,973.92 9,421 .41 -447.49 GOLDMAN SA- PFIZER INC 100.000 08/08/02 01/22/04 3,589.57 3,177.50 412.07 GOLDMAN SA. .. PFIZER INC 200.000 11/12/02 01/22/04 7,179.14 6,808.00 371 .14 GOLDMAN SA. .. PFIZER INC 100.000 12119/02 01/22/04 3,589.57 3,081 .51 508.06

-,If 0 Ll 0 - Capital Gains

'06/05 01/01/04 Through 12/31/04

Pagi Account Security Shares Bought Sold Gross Proceeds Cost Basis Realized Gain/. . .

rM, `~~-M'-l 142-HIPME4 Z: ,24 Me M-4 GOLDMAN SA . . . FIRST DATA CORP 300 .000 08/19/03 01/22/04 11,808.16 11,838.21 -30.05 GOLDMAN SA . . . GS MID CAP VALUE . . . 52.616 12/11/03 01/22/04 1,546.91 1,450.61 96.30 GOLDMAN SA . . . GS STRATEGIC GWT . . . 29,634.792 08/19/03 01/22/04 254,562.86 226,409.81 28,153.05 GOLDMAN SA . . . TARGET CORP 300.000 08/19/03 01/22/04 11,398.32 11,801 .85 -403.53

TOTAL SHORT T . . . 279,316.25 251,500.48 27,815.77

Capital Gains 01/01/04 Through 12131/04

Shares Bought Sold Gross Proceeds 50 .000 10/01/99 01/22/04 2,637.24 205.000 11/19/99 01/22/04 10,812.66 100.000 04/01/02 01/221/04 5,274.47

1,336.728 01/17/01 09/09/04 21,000.00 370.462 08/19/03 09/09/04 15,000.00

1,478.410 01/17/01 12/20/04 25,000.00 1,095,561 .20

Pagi '06/05 Account Security

GOLDMAN SA . . . WAL MART STORES I . . . GOLDMAN SA . . . WAL MART STORES I . . . GOLDMAN SA . . . WAL MART STORES I . . . GOLDMAN SA . . . GS REAL ESTATE SE . . . GOLDMAN SA . . . GS SMALL CAP VAL . . . GOLDMAN SA. . . GS REAL ESTATE SE . . .

TOTAL LONG TE. . .

Cost Basis Realized Gain/. . . 2,427.16 210.08 12,215.95 -1,403.29 6,264.00 -989.53

14,436.66 6,563.34 12,451 .23 2,548.77 15,966.83 9,033.17

1,014,618.03 80,943.17

I

i6

. . I

OVERALLTOTAL 1,374,877.45 1,266,118 .51 108,758.94

W-

Realized GaInsfLosses

Symbol CUSIP Description Trade Date Date Sold I QtY Cost(Base) Proceeds (Base) Gain/Loss (Base) Days Held Gain Type

Covered

MMM 88579YI01 3M CO CMN 23-Jan-2OD4 29-Jul-2004 4 327.600 327.87 0.27 187 Short-Term

MMM 88579YI01 3M CO CIVIN 23-Jan-2004 29-Jul-2004 1 81 .900 81.96 0.06 187 Short-Term MMM 88579YI01 3M CO CIVIN 23-Jan-2004 09-Aug-2004 3 245.700 238.63 -7 .07 198 Short-Term

MMM 88579Y101 3M CO CMN 23-Jan-2004 09-Aug-20041 2 163.800 159.08 -4 .72 1981short-Term

MMM 88579YI01 3M CO CMN 23-Jan-2004 li-Aug-2004 1 81.900 79.02 -2 .88 200IShort-Term

MMM 88579Y101 3MCOCMN 23-Jan-2004 11-Aug-2004 4 327.600 316.11 -11 .49 200 Short-Term

MMM 88579YI01 3M CO CMN 23-Jan-2004 II-Aug-2004 1 81.900 79.02 -2 .88 200 Short-Term

MMM 88579YI01 3M CO CIVIN 23-Jan-2004 27-Sep-2004 9 737.100 700.54 -36.56 247 Short-Term

MMM 88579YI01 3M CO CMN' 08-Apr-2004 06-Oct-2004 4 328.910 319.82 -9 .09 181 Short-Term

MMM 88579YiOl 3M CO CMN 20-Apr-2004 06-Oct-2004 3 253.920 239.86 -14.06 169 Short-Term

MMM 88579Y101 3M CO CMN' 09-Jun-2004 06-Oct-2004 4 343.980 319.82 -24.16 119.Short-Term

MMM 88579Y101 3M CO CMN 18-Jun-2004 06-Oct-2004 4 347.980 319.81 -28.17 110 Short-Term

MMM 88579YI01 3M CO CIVIN 23-Jan-2004 06-Oct-2004 9 737.100 719.58 -17.52 256 Short-Tenn

MMM 88579Y101 3M CO CMN 22-Mar-2004 06-Oct-2004 7 556.710 559.68 2.97 197 Short-Term

ACN W150G111 ACCENTURE LTD CMN CLASS 23-Jan-2004 03-Jun-2004 10 241.100 253.10 12 .00 131 Short-Term A

ACN G1150G111 ACCENTURE LTD CMN CLASS 23-Jan-2004 15-Nov-2004 2 48.220 50.39 2.17 297 Short-Term A

ACN G1150Gill ACCENTURE LTD CMN CLASS 23-Jan-2004 15-Nov-2004 12 289.320 302.39 13 .07 297 Short-Term A

ACN G1150G111 ACCENTURE LTD CIVIN CLASS 23-Jan-2004 13-Dec-2004 331 795.6301 877.1 61 .53 325 Short-Term A I

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Symbol CUSIP Description Trade Date Date Sold I Qty Cost (Base) Proceeds (Base) Gain/Loss (Base) Days Held Gain Type

Covered

BHl 057224107 BAKER HUGHES INC CMN 23-Jan-2004 I O-Jun-2004 17 611.150 587.80 -23.35 138 Short-Term

BHI 057224107 BAKER HUGHES INC CMN 23-Jan-20~ 03-Aug-2004 6 215.700 244.40 28.79 192 Short-Term

BHI 057224107 BAKER HUGHES INC CMN 23-Jan-2004 09-Aug-2004 7 251.650 276.21 24.56 198 Short-Term

BHI 057224107 BAKER HUGHES INC CMN 23-Jan-20041 1 9-Oct-2004 14 503.300 587.70 84.40 269 Short-Term

BIIB 09062X103 BIOGEN IDEC INC CMN 31-Mar-2004 19-Aug-2004 1 55.400 59.26 3.86 140 Short-Term

BIIB 09062X103 BIOGEN IDEC INC CMN 31-Mar-2004 1 9-Aug-2004 6 332.410 355.61 23.20 140 Short-Term

BIIB 09062X103 BIOGEN IDEC INC CMN 14-Apr-2004 19-Aug-2004 5 284.210 296.34 12.13 127 Short-Tenn

BJS 055482103 BJ SERVICES CO. CMN 23-Jan-2004 19-Nov-2004 6 240.060 292.19 52.13 301 Shod-Term

BJS 055482103 BJ SERVICES CO. CMN 23-Jan-2004 19-Nov-2004 11 440.110 535.68 95.57 301 Short-Term

BJS 055482103 BJ SERVICES CO. CMN 23-Jan-2004 08-Dec-2004 25 1,000.250 1.176.22 '175.97 320 Short-Term

BJS 055482103 BJ SERVICES CO. CMN 06-May-2004 08-Dec-2004 6 258.590 282.29 23.70 216 Short-Term

BSX 101137107 BOSTON SCIENTIFIC CORP. 23-Jan-2004 26-Feb-2004 13 501.930 533.23 31.36 34 Short-Term COMMON STOCK

BSX 101137107 BOSTON SCIENTIFIC CORP . 23-Jan-2004 03-May-2004 9 347.490 364.76 17.26 100 Short-Term COMMON STOCK I

BSX 101137107 BOSTON SCIENTIFIC CORP . 23-Jan-2004 14-May-2004 8 308.880 315.99 7.11 111 Shod-Term COMMON STOCK

BSX 101137107 BOSTON SCIENTIFIC CORP . 23-Jan-2004 28-May-2004 18 694.980 800.08 105.10 125 Short-Term COMMON STOCK

BSX 101137107 BOSTON SCIENTIFIC CORP . 23-Jan-2004 03-Jun-20D4 5 193.050 221.02 27.97 131 Short-Term COMMON STOCK

BSX 101137107 BOSTON SCIENTIFIC CORP . 23-Jan-2004 20-Jul-2004 579.150 519.46 -59.69 178 Short-Term COMMONSTOCK

CAH 14149Y108 CARDINAL HEALTH INC CMN 23-Jan-2004 1 0-Feb-2004 12 759.240 772.76 13.52 18 Short-Term

CECO 141665109 CAREER EDUCATION CORP 19-Apr-2004 24-Aug-2004 4 251.810 122.03 -129.78 127 Short-Term CMN

CECO 141665109 CAREER EDUCATION CORP 19-Apr-2004 24-Aug-2004 4 251.800 '122.03 -129.77 127 Short-Tenn CMN I I

CECO 141665109 CAREER EDUCATION CORP 19-Apr-20]04 27-Aug-2004 4 251 .810 123.12 -128.69 130 Short-Term CMN

CECO 141665109 CAREER EDUCATION CORP 20-May-2004 27-Aug-2004 41 248.900 123AI -125.79 99 Short-Term 1CMN

4 4 ph 'NP 41 Y Z

Symbol CUSIP Description Trade Date Date Sold I City Cost(Base) Proceeds (Base) GainfLoss (Base) Days Hold Gain Type Covered

CECO 141665109 CAREER EDUCATION CORP 20-May-2004 27-Aug-2004 1 62.230 30 .77 -31 .46 99 Short-Term CMN

CECO 141665109- CAREER EDUCATION CORP 15-Jun-2004 07-Sep-2004 4 274.240 '138 .94 -135 .30 84 Short-Term CMN I

CECO 141665109 CAREER EDUCATION CORP 15-Jul-2004 07-Sep4004 8 354.000 277.88 -76.12 54 Short-Term

I CMN CECO 141665109 CAREER EDUCATION CORP 20-May-2004 07-Sep-2004 1 62 .220 34.73 -27.49 110 Short-Term

CMN CCL 143658300 CARNIVAL CORPORATION 25-Feb-2004 20-May-2004 6 272.100 241 .91 -30.19 84 Short-Term

CMN CCL 143658300 CARNIVAL CORPORATION 25-Feb-2004 20-May-2004 3 136.050 120.95 -15.10 841Short-Term

CMN CCL 143658300 CARNIVAL CORPORATION 23-Mar-20D4 16-Jun-2004 7 296.510 305.72 9.21 84 Short-Term

CMN CCL 143658300 CARNIVAL CORPORATION 08-Apr-2004 16-Jun-2004 6 272.960 262.05 -10.91 69 Short-Term

CMN CCL 143658300 CARNIVAL CORPORATION 25-Feb-2004 16-Jun-2004 1 45.350 43.67 -1 .68 111 Short-Term

CMN CSCO 1727SR102 CISCO SYSTEMS, INC. CMN 23-Jan-2004 21-Sep4004 37 1,002.330 722.59 -279 .74 241 Short-Term

CSCO 17275RI02 CISCO SYSTEMS, INC. CMN 23-Jan-2004 28-Sep-2004 25 677.250 449.73 -227 .52 248 Short-Term

CSCO 17275RI02 CISCO SYSTEMS, INC. CMN 23-Jan-2004 19-Oct-2004 33 893.970 629.29 -264 .68 269 Short-Term CSCO 17275R102 CISCO SYSTEMS, INC. CMN 23-Jan-2004 15-Nov-20D4 22 595.980 428.76 -167 .22 297 Short-Term

CSCO 17275RI02 CISCO SYSTEMS, INC. CMN 23-Jan-2004 09-Dec-2004 13 352.170 254.40 -97.77 321 Short-Term

C 172967101 CITIGROUP INCORPORATED 23-Jan-2004 22-Mar-2004 11 553.960 545.74 -8 .22 59 Short-Term CMN

C 172967101 CITIGROUP INCORPORATED 23-Jan-2004 29-Oct-2004 6 302.160 265.55 -36.61 279 Short-Term CMN

C 172967101 CITIGROUP INCORPORATED 23-Jan-2004 23-Nov-2004 10 503.600 450.42 -53A8 305 Short-Term CMN

C 172967101 CITIGROUP INCORPORATED 14-Jun-2004 06-Dec-2004 9 420.120 4`15 .54 -4 .58 '175 Short-Tenn 1CMN

C 1721967101 ICITIGROUP INCORPORATED 23-Jan-2004 06-Dec-2004 2 100.720 92.34 -8 .381 318iShort-Term CMN

KO 1 191216100 1COCA-COLA CO CMN 23-Jan-2004 23-Mar-20041 71 349.9301 337.041 -12.891 60ISh

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Symbol CUSIP Description Trade Date Date Sold I City Cosl(Base) Proceeds (Base) Gain/Loss (Base) Days Held Gain Type

Covered

LLY 532457108 ELI LILLY & CO CMN 23-Jan-2004 28-Jul-2004 5 345.750 316.74 -29.01 186 Short-Term

LLY 532457108 ELI LILLY & CO CMN 23-Jan-2004 27-Aug-2004 12 829.800 772.23 -57.57 216 Short-Term

FNM 313586109 FANNIE MAE COMMON STOCK 23-Jan-2004 04-Oct-2004 13 1.012 .700 846.94 -165 .76 254 Short-Term CMN

FNM 313586109 FANNIE MAE COMMON STOCK 23-Jan-2OD4 06-Oct-2004 6 467.400 401 .57 -65.83 256 Short-Term CMN

FNM 313586109 FANNIE MAE COMMON STOCK 23-Jan-2004 20-Oct-2004 12 934.800 803.62 -131 .18 270 Short-Term CMN

FITB 316773100 FIFTH THIRD BANCORP CMN 31 -Mar-2004 09-Sep-2004 a 442.880 383.99 -58.89 161 Short-Term

FITB 316773100 FIFTH THIRD BANCORP CMN 31-Mar-20D4 07-Oct-2004 5 276.800 251 .09 -25.71 189 Short-Term

FITI3 316T73100 FIFTH THIRD BANCORP CMN 13-Jul-2004 07-Oct-2004 14 747.600 703.06 -44.54 86 Short-Term

BEN 354613iOl FRANKLIN RESOURCES INC 23-Jan-2004 01-Apr-2004 6 352.560 337.82 -14.74 69 Short-Term CMN

DNA 368710406 GENENTECH INC. CMN 23-Jan-2004 09-Jul-2004 8 384.520 409.67 25.15 167 Short-Term

DNA 368710406 GENENTECH INC. CIVIN 23-Jan-2004 13-Jul-2004 5 240.330 262.74 22 .41 171 Short-Term

DNA 368710406 GENENTECHINC.CMN 23-Jan-2004 15-Jul-2004 6 288.390 316.10 27 .71 173 Short-Term

DNA 368710406 GENENTECHINC.CMN 23-Jan-2004 28-Jul-2004 9 432.580 440.97 8.39 186 Short-Term

DNA 368710406 GENENTECH INC. CMN 23-Jan-2004 07-Oct-2004 10 480.650 478.75 -1 .90 257 Short-Term

GE 369604103 GENERAL ELECTRIC CO CIVIN 23-Jan-2004 22-Mar-2004 35 1,159.550 1,028.96 -130 .59 59 Short-Term

GE 369604103 GENERAL ELECTRIC CO CMN 23-Jan-2004 08-Jun-2004 23 761.990 719.88 -42.11 1361Short-Term

GE 369604103 GENERAL ELECTRIC CO CMN 23-Jan-2004 i 9-Oct-2004 20 662.600 676.98 14 .38 269 Short-Term

GILD 375558103 GILEAD SCIENCES CMN 23-Jan-2004 07-Jul-2004 7 458.710 466.46 7.75 165 Short-Term

GDT 401698105 GUIDANT CORPORATION CMN 09-Feb-2004 07-Jun-2004 9 547.380 487.74 -59.64 118 Short-Term

GDT 401698105 GUIDANT CORPORATION CMN 09-Feb-2004 07-Jun-2004 3 182.460 162.59 -19.87 118 Shod-Tenn

GDT 401698105 GUIDANT CORPORATION CMN 1 8-Feb-2004 07-Jun-2004, 3 193.160 162.58 -30.58 109 Short-Term

GDT 401698105 GUIDANT CORPORATION CMN I 8-Feb-2004 07-Jun-2004 4 257.550 216.78 -40.77 109 Short-Term

GDT 401698105 GUIDANT CORPORATION CMN 10-Mar-20D4 07-Jun-2004 3 213.550 162.58 88 Short-Term

GDT 401698105 GUIDANT CORPORATION CMN 22-Mar-20D4 16-Jun-2004 5 303.370 285.04 -18.33 85 Short-Term

GDT 401698105 GUIDANT CORPORATION CMN 1 0-Mar-2004 16-Jun-2004 3 213.540 171.02 -42.52 97 Short-Tenn

HDI 412822108 1HARLEY-DAVIDSON INC CIVIN 23-Jan-2004 29-Jan-2004 8, 384.160, 396.80 1 12.64 6 Short-Term

HPQ 428236103 JHEWLETT-PACKARD CO. CIVIN 23-Jan-20041 17-Feb-20041 201 504.2001 470.341 -33.86 25 Short-Term

HPQ 428236103 JHEWLETT-PACKARD CO. CMN 23-Jan-20041 01-Mar-20041 401 1,008.4001 914.041 -94.361 381Short-Term

Symbol CUSIP Description Trade Date Date Sold I Qty Cost(Base) Proceeds (Base) Gain/Loss (Bass) Days Held Gain Type

Covered

HON 438516106 HONEYWELL INTL INC CIVIN 25-Aug-2OD4 20-Oct-2004 19 683.430 648.88 -34.55 56 Short-Term

HON 4385`16106 HONEYWELL INTL INC CMN 25-Aug-2004 2D-Oct-2004 7 255.150 239.06 -16.09 56 Short-Term

HON 438516`106 HONEYWELL INTL INC CIVIN 27-Aug-2004 20-Oct-2004 9 328.160 307.36 -20.80 54 Short-Term

HON 438516106 HONEYWELL INTL INC CIVIN 04-Oct-2004 20-Oct-2004 15 550350 512.27 -38.08 16 Short-Term

IR G4776G101 INGERSOLL-RAND COMPANY 23-Jan-2004 03-Aug-2004 6 428.340 4`10 .10 -18.24 192 Short-Term CMN CLASS A

IR G4776G101 INGERSOLL-RAND COMPANY' 24-Mar-2004 09-Aug-2004 1 65 .440 63.46 -1 .98 137 Short-Term CIVIN CLASS A

IR G4T76G101 INGERSOLL-RAND COMPANY 24-Mar-2004 09-Aug-2004 5 327.230 317.35 -9-88 137 Short-Tenn CIVIN CLASS A I

IR G4776G101 INGERSOLL-RAND COMPANY 26-May-2004 09-Aug-2004 5 326.800 317.35 -9 .45 75 Short-Term CMN CLASS A

IR G4776G101 INGERSOLL-RAND COMPANY 23-Jan-2004 09-Aug-2004 5 356.950 317.35 -39.60 198 Short-Term CMN CLASS A

IR G4776G101 INGERSOLL-RAND COMPANY 09-Jun-2004 30-Sep-2004 5 342.650 338.12 -4 .53 113 Short-Term CMN CLASS A

IR G4776G101 INGERSOLL-RAND COMPANY 17-Jun-2004 3D-Sep-2004 5 340.620 338.12 -2 .50 105 Short-Term CIVIN CLASS A I

INTC 458140100 INTEL CORP CMN 23-Jan-2004 23-Mar-2004 15 472.950 392.83 -80A2 60 Short-Term

INTC 458140100 INTEL CORP CIVIN 23-Jan-2004 25-Mar-2004 20 630.600 549.17 -81.43 62 Short-Term

INTC 458140100 INTEL CORP CIVIN 23-Jan-2004 i4-Oct-2004 40 1 .261 .200 821.98 -439.22 264 Short-Term

INTC 458`140100 INTEL CORP CMN 23-Jan-2004 20-Oct-20041 17 536.010 363.79 -172.22 270,Short-Term

INTC 458140100 INTEL CORP CIVIN 23-Jan-2004 29-Oct-2004 22 693.660 490.36 -203.30 279 Short-Term - INTC 458140100 INTEL CORP CIVIN 23-Jan-2004 04-Nov-2004 16 504.480 362.23 -142.25 286 Short-Term

INTC -

458140100 INTEL CORP CIVIN 23-Jan-2004 11-Nov-2004 76 2,396.280 1,753.28 -643.00 293 Short-Term

INTC 458140100 INTEL CORP CIVIN 02-Jun-2004 11-Nov-2004 13 367.120 299.90 -67.22 162 Short-Tenn

IGT 459902102 INTL GAME TECHNOLOGY 26-Mar-2004 05-Oct-2004 26 1 .165 .780 874.58 -291.20 192 Short-Term CMN

IGT 459902102 INTL GAME TECHNOLOGY 08-Apr-2004 05-Oct-2004 9 405.040 302.74 -102.30 180 Short-Term CIVIN

iq 9 414.750 302.74 -112.01 169 Short-Term 459902102 INTL GAME TECHNOLOGY 19-Apr-2004 05-Oct-2004 C Cl IVIN

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Symbol CUSIP Description Trade Date Date Sold I QtY Cost (Base) Proceeds (Base) GaInfl-oss (Base) Days Held Gain Type

I Covered

MSFT 594918104 MICROSOFT CORPORATION 23-Jan-2004 22-Nov-2004 16 453.600 425.43 -28.17 304 Short-Term CMN

MOT 620076109 MOTOROLA INC CMN 21-Sep-2004 05-Nov-2004 14 247.750 240.29 -7.46 45 Short-Term

MOT 620076109 MOTOROLA INC CMN 21 -Sep-2004 05-Nov-2004 . 9 159.270 154.47 -4.80 45.Short-Term


MOT 620076`109 MOTOROLA INC CMN 04-Oct-2004 08-Nov-2004 14 265.860 238.09 -27.77 35 Short-Tenn

MOT 620076109 MOTOROLA INC CMN 27-Sep-2004 08-Nov-2004 13 230.550 221.08 -9.47 42 Short-Tenn


NKE 654106103 NIKE CLASS-B CMN CLASS B 23-Jan-2004 19-Nov-2004 5 348.150 413.49 65. 41 301 Short-Term

NOK 654902204 NOKIA CORP SPON ADR 23-Jan-2004 03-May-2004 69 1,454.520 962.18 -492 .34 100 Short-Term SPONSORED ADR CMN I

NOVL 670006105 NOVELL INC CMN 23-Jan-2004 12-Nov-2004 81 1,013.310 578.73 -434 .58 294 Short-Term

ORCL 68389XI05 ORACLE CORPORATION CMN 23-Jon-2004 18-Jun-2004 38 649.860 425.21 -124 .65 146 Short-Term

ORCL 68389XI05 ORACLE CORPORATION CMN 23-Jon-2004 12-Nov-2004 32 463.040 422.71 -40.33 294 Short-Term

PAYX 704326107 PAYCHEX INC CMN 24-Mar-2004 19-Jul-2004 15 511.570 459.28 -52.29 116 Short-Term

PAYX 704326`107 PAYCHEX INC CMIN 12-Apr-2004 i9-Jul-2004 1 38.550 30 .61 -7.94 98 Short-Term

PAYX 704326107 PAYCHEX INC CMN 12-Apr-2004 21-Jul-2004. 14 539.670 420.13 -119 .54 100 Short-Term

PEP 713448108 PEPSICO INC CMN 23-Jan-2004 15-Nov-2004 8 370.080 414.87 44.79 297 Short-Term

PEP 713448108 PEPSICO INC CMN 23-Jan-2004 1 O-Dec-2004 9 416.340 458.52 42A8 322 Short-Term

PFE 717081103 PFIZER INC. CMN 23-Jan-2004 11-Feb-2004 8 288.880 303.58 14 .70 19 Short-Tenn

PFE 7`17081103 PFIZER INC. CMN 23-Jan-2004 19-Jut-2004 29 1,047.190 930.58 -116 .61 177.Short-Tean

PFE 717081103 PFIZER INC. CMN 23-Jan-2004 28-Jul-2004 8 288.880 252.15 -36.73 186 Short-Term

PFE 7`17081103 PFIZER INC. CMN 23-Jan-2004 07-Oct-2004 42 1,516.620 1,243.17 -273.49 257 Short-Term

PFE 7`17081103 PFIZER INC. CMN 23-Jan-2004 1 8-Oct-2004 54 1,949.940 1,563.86 -386 .08 268 Short-Term

PFE 717081103 PFIZER INC. CMN 23-Jan-2004 29-Oct-2004 11 397.210 316.94 -80.27 279 Short-Term

PFE 717081103 PFIZER INC. CMN 23-Jan-2004 05-Nov-2004 13 469.430 375.04 -94.39 287 Short-Term

PFE 717081103 IPFIZER INC. CMN 23-Jan-2004 09-Dec-2004 23 830.530 630.71 -199 .82 321 Short-Term

PFE 7`17081103 PFIZER INC CMN 23-Jan-2004 28-Deo-2004, 22 794.420 592.22 -202 .20 340 Short-Term

PG 742718109 PROCTER & GAMBLE CO CMN 23-Jan-2004 05-Nov-20041 6 294.300 320.34 26 .04 287 Short-Tenn

742718109 PROCTER & GAMBLE CO CM~t 23,Jan-2004 05-Nov-20041 9 441.450 480.51 39 .06 287 Short-Term

756577102 RED HAT, INC. CMN 23-Jan-2004 15-Jut-20041 19, 387.220, 294.63 -92.59 173 Short-Term

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jrOOZ-Inr-6o trooz-uur-cz JAVHOS113S3E)N31i)4V dVS irOZIPSOCOO IrOOZ-AON-CO 1700Z-Juw-vz NV40 dHOD 003-4VS OU6ZV99L i?OOZ-AON-CO tpooz-jnr-s~ NV40 dUO0 003AVS OUMP99L VOOZ-deS-OC tooz-jev4-vz NWO dHOO 003=[VS 0OW1799L Vooz-des-oc vooz-uer-cz NVIO dUO3 033AVS 0OWUM VOOZ-BnV-OZ tooz-uemz NWO d8O3 003AVS OOL6Zf?99L t,OOZ-qe:I-OZ VOOZ-UBMZ NV40 dMOO 003:IVS 0U6ZI?99L

PGJGA03

Alo I Plos elva ele(] OPBAJL uolldliasea dism

9tF,9ct? 00VOLip

09VLZ9 Ot,6'EVE OEL'OV9

W76 066'99 tlo*zzc OLO'69Z cv,09C lognec 119'M OCZ17Z ~

(GS813) SPOODOM (asell) 1903 loquiAS

Symbol CUSIP Description Trade Date Date Sold I City Cost (Base) Proceeds (Base) Gain/Loss (Base) Days Held Gain Type

Covered

TRB 896047107 TRIBUNE CO NEW CIVIN 01-Apr-2004 22-Jul-2004 5 252.210 214.71 -37.50 1`11 Short-Term

TRB 896047107 TRIBUNE CO NEW CIVIN 01-Apr-2004 29-Jul-2004 10 504.410 428.42 -75.99 118 Short-Term

TYC 902124106 TYCO INTERNATIONAL LTD. 04-Aug-2004 01-Nov-2004 2 63.000 63.06 0.06 89 Short-Term CIVIN

TYC 902124106 TYCO INTERNATIONAL LTD. 28-Jul-2004 01-Nov-2004 8 248.310 252.24 3.93 96 Short-Term CMN I

TYC 902124106 TYCO INTERNATIONAL LTD. 28-Jul-2004 01 -Nov-2004 15 465.580 472.95 7.37 96 Short-Term CMN

TYC 902124106 TYCO INTERNATIONAL LTD. 04-Aug-2004 30-Nov-2004 5 157.500 169.49 '11 .99 118 Short-Term CMN

TYC 902124106 TYCO INTERNATIONAL LTD. 04-Aug-2004 30-Nov-2004 1 31.500 33 .90 2.40 118 Short-Term CMN

TYC 902124106 TYCO INTERNATIONAL LTD. 06-Aug-2004 30-Nov-2004 3 90.530 101.69 11.16 116 Short-Term CMN

UTX 913017109 UNITED TECHNOLOGIES 23-Jan-2004 31-Mar-2004 5 468.950 430.85 -38.10 68 Short-Term CORPCMN

UTX 9130`17109 UNITED TECHNOLOGIES 23-Jan-2004 07-Apr-2004 41 375.160 362.59 -12.57 74 Short-Term CORPCMN I

UTX 9`13017109 UNITED TECHNOLOGIES 234an-2004 13-Apr-2004 4 375.160 353.99 -21.17 80 Short-Term CORPCMN

UTX 913017109 UNITED TECHNOLOGIES 23-Jan-2004 04-May-2004 6 562.740 518.71 -".03 101 Short-Term CORPCMN

UTX 913017109 UNITED TECHNOLOGIES 23-Jan-2004 20-Jul-2004 6 562.740 540.39 -22.35 178 Short-Term CORPCMN

VRTS 923436109 VERITAS SOFTWARE 23-Jan-2004 03-Aug-2004 241 918.720 440.86 -477.86 192 Short-Term CORPORATION CMN

VRTS 923436109 VERITAS SOFTWARE 23-Jan-2004 25-Aug-2004 12 459.360 217.67 -241 .69 214 Short-Term CORPORATION CMN

VRTS 923436109 VERITAS SOFTWARE 23-Jan-2004 31-Aug-2004 15 574.200 250.94 -323.26 220 Short-Term CORPORATION CMN

VRTS 923436109 VERITAS SOFTWARE 03-May-2004 21-Sep-2004 15 390.450 261 .29 -12916 141 Sho arm CORPORATION CMN

41 Short-Term VRTS 923436109 VERITAS SOFTWARE 23-Jan-2004 21-Sep-2004 201 765.600 348.39 -417.211 PORPORATION CMN

Symbol CUSIP Description Trade Date Date Sold I City Cost(Base) Proceeds (Base) GaInli-oss (Base) Days Held Gain Type

Covered

VIAB 925524308 VIACOM INC CL-B COMMON 23-Jan-2004 27-Aug-2004 12 511.680 414.38 -97.30 216 Short-Term CMN CLASS B

VIAB 925524308 VIACOM INC CL-B COMMON 23-Jan-2004 28-Sep-2004 20 852.800 653.81 -198.99 248 Short-Term CMN CLASS B I

VOD 92857WI00 VODAFONE GROUP PLC 23-Jan-2004 25-Feb-2004 30 797.700 777.23 -20.47 33 Short-Term SPONSORED ADR CMN

VOD 92857WI00 VODAFONE GROUP PLC 23-Jan-2004 11-Mar-2004 15 398.850 359.53 -39.32 48 hort-Term SPONSORED ADR CMN

VOD 92857WI00 VODAFONE GROUP PLC 23-Jan-2004 22-Mar-2004 10 265.900 235.49 -30.41 59 Short-Term SPONSORED ADR CMN

VOD 92857W100 VODAFONE GROUP PLC 23-Jan-2004 25-Mar-2004 29 771.110 682.92 -88.19 62 Short-Tenn SPONSORED ADR CMN

WB 929903102 WACHOVIA CORP CMN 11-Mar-2004 06-Dec-2004 a 388.160 416.76 28.60 270 Short-Term WMT 931142103 WAL MART STORES INC CMN 23-Jan-2004 18-Jun-2004 7 379.050 389.68 10.63 146 Short-Term

WMT 931142103 WAL MART STORES INC CMN 23-Jan-2004 15-Nov-2004 9 487.350 520.29 32.94 297 Short-Term WMT 931142103 WAL MART STORES INC CMW- 23-Jan-2004 19-Nov-2004 14 758.100 774.24 16.14 301 Short-Term

WMT 931142103 WAL MART STORES INC CMN 23-Jan-2004 23-Dec-2004 9 487.350 473.29 -14.06 335 Short-Term

WAG 931422109 WALGREEN CO CMN 23-Jen-2004 04-Mar-2004 10 348.300 348.76 0.46 41 Short-Term

WAG 931422109 WALGREEN CO CMN 23-Jan-2004 10-Mar-2004 8 278.640 276.04 -2.60 47 Short-Term

WAG 931422109 WALGREEN CO CMN 23-Jan-20a 08-Apr-2004 13 452.790 428.99 -23.80 75 Short-Term

WAG 931422109 WALGREEN CO CMN 23-Jan-2004 20-May-2004 10 348.300 337.31 -10.99 117 Short-Term

0367413104 WELLPOINT, INC. COMMON 10-Jun-2004 26-Oct-2004 5 455.640 385.85 -69.79 138 Short-Term STOCK

03674BI04 WELLPOINT, INC. COMMON ID-Jun-2004 26-Oct-2004 2 182.250 154.33 -27.92 138 Short-Term STOCK

03674BI04 WELLPOINT, INC. COMMON 10-Jun-2004 27-Oct-2004 1 91.130 80.82 -10.31 139 Short-Term STOCK I

03674BI04 WELLPOINT, INC. COMMON 15-Jun-2004 27-Oct-2004 3 269.010 242.47 -26.54 134 Short-Term STOCK I I

03674BI04 WELLPOINT. INC. COMMON 14-Jul-2004 27-Oct-2004 5 458.640 404A1 -54.53 105 Short-Term STOCK

WSH G96655108 WILLIS GROUP HOLDINGS LTD 23-Feb-2004 23-Jul-2004 20 765.630 666.38 -99.25 150 Short-Term CMN

WYE 983024100 WYETH CMN 23-Jan-2004 Or>-May-20041 91 373.320 351 .911 -21.41 103 Short-Term

g ~y

z9"i.V6, i. &- ZE*gtL'6E Mv7/4,151 UUGI-)J04S C&C WOE 1. 603K 099*01.z 6 vooz-oaa-t.o t?OOZ-Uur-cz NV40 ONI IOOHVA OVUM OOHA UjjGI-ljo4s 90C 179*1,tl~ 69*9LC 090'VEZ 01, VOOZ-AON-VZ 1700Z-Uumz NV40 ONI IOOHVA OVUM OOHA UIJGI-IJ04S 90C oc*gz W9L 00*90 z trOOZ-AON-trZ trooz-uemz NWO ONI IOOHVA 90l,ZCCN6 OOHA twgi-IJ04S L6Z LZIII,~ 1,910C Ot?Z*LGL 9 VOOZ-AON-91, i?ooz-uor-cz NWO ONI IOOHVA 90VEM6 OOHA UJJOI.-IJ04S 991, of?'9c 170'M 099*9LZ 01, vooz-loo-gl, vooz-Aevq-co NWO dUO0 AOH3N3 OIX 90MOC96 O.LX, tLual-lioqs 9% 6VIrg 9VOCIF 0901FLC V1, tooz-)00-9 ~ Noz-jdv-c ~ NWO dMOD AE)M3N3 OJLX 901,X99CO6 Oix UUGI-)JO4S LOI, 14,91, CL'914 069'M 9 VOOZ-Inr-6Z VOOZ-jdV-e L NWO dHOO AE)U3N3 OIX 90MOC96 oix uuGI-IJ04S SOZ C9, L V 91,799 089,C99 91, trOOZ-AON-CO irom-er-a NWO H-L3AM 001,VZOE86 3AM twGI-IJ04S LLZ LLIPI.- 99,99C ONTLE 6 VOOZ-)DO-LZ llooz-uemz NWO H.L3AM 001,VZOE96 3AM u'Jgi-IJ04S 9LZ IPL*CL- 8C*KL MUL 61, tlooz-130-9z trooz-uLr-Ez NV43 H-L3AM 001,VZOE86 3AM u'JGI-IJ04S ZU OL*Otr- 99*6tpZ 109C'06Z L jjooz-BnV-co Itooz-uBMz NV43 H.L3,kM 001,VZOE86 I 3AM uL'91-IJ04S LCI, irL*Lg- Mi'M LI, ItOOZ-unr-6o -liooz-uBr-cz--, NV40 H.L3AAA OOL'vZOC96 I 3AM

PBJGA03 edAjL ulef) PIGH sAe(] (ases) sso-jiulBe (GS89) BPBBDOJd (GS813)1603 Alt) I PIOS elva 1 GIOU QPeJI uoildijosea dism loqwAS

Realized GainalLosses

Symbol CUSIP Description Trade Date Date Sold Qly Cost(Base) Proceeds (Base) Gain/Loss (Base) Days Held Gain Type

Covered

ABN 000937102 ABN AMRO HLDS N.V. SPONS 26-Jan-2004 29-Jan-2004 16 390.400 382.13 -8 .27 3 Short-Term ADR SPONSORED ADR CMN

ABN 000937102 ABN AMRO HLDS N.V. SPONS 26-Jan-2004 I 0-Sep-2004 6 146.400 131.27 -15.13 227 Short-Term ADR SPONSORED ADR CMN I

ABN 000937102 ABN AMIRO HLDS N.V. SPONS 26-Jan-2004 20-Dec-2004 4 97.606 103.51 5.91 329 Short-Term ADR SPONSORED ADR CMN

AEG 007924103 AEGON N V AMER REG ADR 124ul-2004 14-Dec-2004 7 83.680 95.01 11 .33 155 Short-Term CMN

AEG 007924103 AEGON N V AMER REG ADR 12-Jul-2004 15-Dec-2004 38 454.270 514.32 60.05 156 Short-Term CMN I

AEG 007924103 AEGON N V AMER REG ADR 12-Jul-2004 20-Dec-2004 9 107.590 121.58 13.99 161 Short-Term CMN

ELUXY 010198208 AKTIEBOLAGET ELECTROLUX 05-May-2004 I D-Sep-2004 8 329.080 305.75 -23.33 128 Short-Term

ADR SPONSORED CL B

ELUXY 010198208 AKTIEBOLAGET ELECTROLUX 14-May-2004 24-Nov-2004 4 151.560 171 .30 19.74 194 Short-Term ADR SPONSORED CL B

ELUXY 010198208 AKTIEBOLAGET ELECTROLUX 05-May-2004 24-Nov-2004 3 123.400 128.48 5.08 203 Short-Term

ADR SPONSORED CL B I ELUXY 010198208 AKTIEBOLAGET ELECTROLUX 14-May-2004 26-Nov-2004 4 151 .560 175.83 24.27 196 Short-Term

ADR SPONSORED CL B

ELUXY 010198208 AKTIEBOLAGff ELECTROLUX 09-Jun-2004 02-Dec-2004 7 277.620 303.54 25.92 176 Short-Term

ADR SPONSORED CL B I ELUXY 010198208 AKTIEBOLAGET ELECTROLUX 14-May-2004 02-Dec-2004 21 75 .7801 86 .731 10.95 202 Short-Term

ADR SPONSORED CL B

Symbol CUSIP Description Trade Date Date Sold Qty Cost (Base) Proceeds (Base) GaInfLoss (Base) Days Held Gain Type

Covered

ELUXY 010198208 AKFIEBOLAGET ELECTROLUX 09-Jun-2004 20-Dec-2004 3 118.980 130.82 11.84 194 Short-Term ADR SPONSORED CL B

AKZOY 010199305 AKZO NOBEL N.V SPONSORED 26-Jan-2004 10-Sep-2004 6 248.040 207.47 -40.57 227 Short-Term ADR SPONSORED ADR CMN I

AKZOY 010199305 AKZO NOBEL N.V SPONSORED 26-Jan-2004 20-Oct-2004 17 702.780 623.80 -78.98 267 Short-Term ADR SPONSORED ADR CIVIN

AKZOY 010199305 AKZO NOBEL N.V SPONSORED 26-Jan-2004 02-Nov-2004 3 124.020 114.14 -9 .88 281 Short-Term ADR SPONSORED ADR CIVIN

AKZOY 010199305 AKZO NOBEL N.V SPONSORED 26-Jan-2004 03-Nov-2004 2 82.680 76 .74 -5 .94 282 Short-Term ADR SPONSORED ADR CIVIN



AKZOY 010199305 AKZO NOBEL N.V SPONSORED 26-Jan-20R 02-Dec-2004 13 537.420 540.27 2.85 311 Short-Term ADR SPONSORED ADR CMN

AED 019121201 ALLIED DOMECQ PLC 26-Jan-2004 26-Feb-2004 19 607.620 634.89 27 .27 31 Short-Term SPONSORED ADR CIVIN

AED 019121201 ALLIED DOMECQ PLC 26-Jan-2004 11-Mar-2004 19 607.620 614.97 7.35 45 Short-Term SPONSORED ADR CMN

AED 019121201 ALLIED DOMECQ PLC 26-Jan-2004 26-Mar-2004 11 351.780 353.08 1 .30 60 Short-Term SPONSORED ADR CIVIN

AED 019121201 ALLIED DOMECQ PLC 26-Jan-2004 20-Apr-2004 9 287.820 304.04 16 .22 84 Short-Term SPONSORED ADR CMN

AED 019121201 ALLIED DOMECQ PLC 26-Jan-2004 30-Apr-2004 6 191.880 189.96 -1 .92 94 Short-Term SPONSORED ADR CIVIN

AED 019121201 ALLIED DOMECQ PLC 26-Jan-2004 24-Jun-2004 10 319.800 343.98 24 .18 149 Short-Term SPONSORED ADR CIVIN

AED 019121201 ALLIED DOMECQ PLC 26-Jan-2004 24-Aug-2004 17 543.660 639.68 -3 .98 210 Short-Term SPONSORED ADR CMN

APELY 021090204 ALPS ELECTRIC LTD ADR ADR 03-Feb-2004 10-Sep4004 11 299.370 263.99 -35.38 219 Short-Term ICIVIN

APELY 021090204 JALPS ELECTRIC LTD ADR ADR r-5-9FFe2004 24-Nov-2004 71 190.510 201.94 11 .43 296 Short-Term CIVIN

~~dqg, tk ~,= ~nv-g


Covered

APELY 021090204 ALPS ELECTRIC LTD ADR ADR 03-Feb-2004 29-Nov-2004 9 244.950 260.58 15.63 300 Short-Term CIVIN

APELY 021090204 ALPS ELECTRIC LTD ADR ADR 03-Feb-2004 02-Dec-2004 8 217.730 234.50 16.77 303 Short-Term CIVIN

APELY 021090204 ALPS ELECTRIC LTD ADR ADR 02-Mar-2004 20-Dec-2004 1 27.200 29.00 1.80 293 Short-Term CIVIN

APELY 021090204 ALPS ELECTRIC LTD ADR ADR 03-Feb-2004 20-Dec-2004 4 108.860 115.99 7.13 321 Short-Term CMN

AAUK 03485P102 ANGLO AMERICAN PLC ADR 24-Jun-2004 1 O-Sep~2004 10 209.390 227.49 18.10 78 Shorl-Term (UK) ADR CMN

AAUK 03485PI02 ANGLO AMERICAN PLC ADR 24-Jun-2004 20-Dec-2004 6 125.630 139.91 14.28 1179 Shod-Term (UK) ADR CIVIN

ARLOY 03937T108 ARCELOR SPONSORED ADR 27-May-2004 1 O-Sep4004 5 82.450 89.24 6.79 106 Short-Term CIVIN

ARLOY 03937T108 ARCELOR SPONSORED ADR 27-May-2004 29-Sep~2004 21 346.290 379.49 33.20 125 Short-Term CIVIN

ARLOY 03937T108 ARCELOR SPONSORED ADR 27-May-2004 23-Dec-2004 17 280.330 383.00 102.67 210 Short-Term CIVIN

0535611106 AVENTIS SPONS ADR 26-Jan-2OD4 02-Feb-2004 12 899.510 936.99 37.48 7 Short-Term SPONSORED ADR CIVIN

053561106 AVENTIS SPONS ADR 26-Jan-2004 04-Mar-2004 7 524.710 526.66 1 .95 38 Short-Term SPONSORED ADR CMN

053561106 AVENTIS SPONS ADR 26-Jan-2004 11-Mar-2004 12 899.500 918.18 18 .68 45 Short-Term SPONSORED ADR CMN

0535611106 AVENTIS SPONS ADR 26-Jan-2004 19-Mar-2004 10 749.590 782.85 33.26 53 Short-Term SPONSORED ADR CMN__ _

BAAPY 055181-206 BAA PLC SPONSORED ADR 26-Jan-2004 10-Sep-2004 16 152.000 160.79 8.79 227 Short-Term SPONSORED ADR CIVIN

BAAPY 0551181-206 BAA PLC SPONSORED ADR 26-Jan-2004 20-Dec-2004 12 114.000 135.59 21 .59 329 Short-Term SPONSORED ADR CIVIN

BAESY 05523141107 BAE SYSTEMS PLC 26-Jan-2004 10-Sep-2004 14 171 .500 219.79 48.29 227 Short-Term SPONSORED ADR CIVIN

BAESY 05523RI07 BAE SYSTEMS PLC 26-Jan-2004 17-Nov-2004 17 208.250 313.63 105.38 296 Short-Term SPONSORED ADR CIVIN

"5

Symbol CUSIP Description Trade Date Date Sold I Qty Cost(Base) Proceeds (Base) Gain/Loss (Base) Days Held Gain Type

Covered

BAESY 05523R107 BAE SYSTEMS PLC 26-Jan-2004 20-Dec-2004 8 98.000 144.79 46.79 329 Short-Term

SPONSORED ADR CIVIN

BFKAY 062215207 BANK FUKUOKA LTD ADR CIVIN 27-Jan-2004 19-Mar-2004 10 417.000 488.83 71 .83 52 Short-Term

BFKAY 062215207 BANK FUKUOKA LTD ADR CIVIN 27-Jan-2004 03-Jun-20041 10 417.000 502.67 85.67 127,Short-Term

BFKAY 062215207 BANK FUKUOKA LTD ADR CIVIN 27-Jan-2004 10-Sep~2004 5 208.500 256.99 48.49 226 Short-Term

BFKAY 062215207 BANK FUKUOKA LTD ADR CIVIN 27-Jan-2004 20-Dec-2004 3 125.100 178.79 53.69 328 Short-Term

BKEAY 061874103 BANK OF EAST ASIA LTD 26-Jan-2004 20-Dec-2004 37 129.500 115.43 -14.07 329 Short-Term

SPON ADR SPONSORED ADR CMN

IRE 46267Q`103 BANK OF IRELAND SPON ADR 26-Jan-2004 03-Sep-2004 16 940.800 860.03 -80.77 220 Short-Term

SPONSORED ADR CIVIN

IRE 46267QI03 BANK OF IRELAND SPON ADR 26-Jan-2004 1 O-Sep-2004 9 529.200 498.85 -30.35 227 Short-Term SPONSORED ADR CMN

IRE 46267QI03 BANK OF IRELAND SPON ADR 26-Jan-2004 20-Sep-2004 4 235.200 219.09 -16.11 237 Short-Term

SPONSORED ADR CIVIN

IRE 46267C1103 BANK OF IRELAND SPON ADR 26-Jan-2004 20-Dec-2004 6 352.800 385.49 32.69 329 Short-Term

SPONSORED ADR CIVIN

BCS 0673811204 BARCLAYS PLC,AMER DEP 26-Jan-2004 1 0-Sep-2004 7 264.380 270.96 6 .50 227 Short-Term

SHS ADR CIVIN

13CS 0673BE204 BARCLAYS PLC,AMER DEP 26-Jan-2004 12-Ocl-2004 13 490.990 521 .71 30 .72 259 Short-Term

SHS ADR CIVIN

BCS 0673BE204 BARCLAYS PLC.AMER DEP 26-Jan-2004 13-Oct-2004 11 415.460 442.20 26.74 260 Short-Term

SHS ADR CIVIN

BCS 06738E204 BARCLAYS PLC.AMER DEP 26-Jan-2004 20-Dec-2004 2 75 .540 89 .55 14 .01 329 Short-Term

SHS ADR CMN

BNG 081795403 BENETTON GROUP SPA ADR 24-Feb-2004 1D-Sep-2004 4 90 .600 92 .15 1 .55 198 Short-Term

(NEW) REPRESENTS TWO ORD SHARES

BNG 081795403 BENETTON GROUP SPA ADR 24-Feb-2004 29-Sep-2004 9 203.850 216.71 12 .86 o - arm

(NEW) REPRESENTS TWO ORD SHARES

BNG 081795403 jBENETTON GROUP SPA ADR 24-Feb-2004 20-Dec-20041 41 90.600 100.03 9 .43 300 Short-Term

(NEW) REPRESENTS TWO ORD SHARES I I

37,

Symbol CUSIP Description Trade Date Date Sold I City Cost(Base) Proceeds (Base) Gain/Loss (Base) Days Hold Gain Type

Covered

I3NPQY 05565A202 BNP PARIBAS SPONSORED 26-Jan-2004 1 O-Sep-2OD4 13 419.900 412.09 -7.81 227 Short-Term ADR CIVIN

I3NPQY 05565A202 BNP PARIBAS SPONSORED 26-Jan-2004 20-Dec-2004 8 258.400 282.79 24.39 329 Short-Term ADR CMN I

BOX 055617609 BOC GROUP PLC SPON ADR 26-Jan-2004 27-May-2004 6 191 .390 197.63 6.24 121 Shod-Tenn SPONSORED ADR CIVIN I

BOX 055617609 BOC GROUP PLC SPON ADR 26-Jan-2004 ID-Sep-2004 5 159.490 160.19 0.70 227 Short-Term SPONSORED ADR CIVIN

BOX 055617609 BOC GROUP PLC SPON ADR 26-Jan-2004 2D-Dec-2004 3 95.700 111.17 15.47 329 Short-Term SPONSORED ADR CMN

BT 05577E101 BT GROUP PLC ADR CIVIN 26-Jan-2004 12-Jul-2004 9 301 .310 329.42 28 .11 167 Short-Term

BT 05577EI01 BT GROUP PLC ADR CIVIN 26,Jan-2004 13-Jul-2004 2 66.960 72.20 5.24 168 Short-Term

BT 05577EI01 BT GROUP PLC ADR CIVIN 26-Jan-2004 10-Sep-20D4 4 133.920 134.23 0.31 227 Short-Term

BT 05577E101 BT GROUP PLC ADR CIVIN 26-Jan-2004 20-Dec-2004 5 167.390 199.99 32 . 329 Short-Term

BUH 12007QIOO BUHRMANN N V SPONS ADR 26-Jan-2004 I 8-Feb-2004 33 318.830 372.07 53 .24 23 Short-Term SPONSORED ADR CIVIN I

BUH 12007QIOO BUHRMANN N V SPONS ADR 26-Jan-2004 14-Apr-20D4 24 231.880 226.07 -5 .81 781Short-Term SPONSORED ADR CIVIN

BNL 1207383D7 BUNZL PLC SPONS ADR 26-Jan-2OD4 10-Sep-2004 6 237.840 236.57 -1 .27 227 Short-Terrn SPONSORED ADR CMN

BNL '120738307 BUNZL PLC SPONS ADR 26-Jan-2004 20-Dec-2004 4 158.56 171.95 13 .39 329 Short-Term SPONSORED ADR CIVIN

CSG 127209302 CADBURY SCHWEPPES P.L.C . 26-Jan-2004 20-Feb-2004 '17 512.870 581.21 68 .34 25 Short-Term ADR ADR CIVIN

-§hort CSG 127209302 CADBURY SCHWEPPES P.L.C . 26-Jan-2004 23-Apr-2004 12 362.020 399.84 37 .82 87 -Term ADR ADR CIVIN

CSG 127209302 CADBURY SCHWEPPES P.L.C . 26-Jan-2004 10-Sep-2004 6 181.010 195.29 14 .28 227 Short-Term ADR ADR CIVIN

CSG 127209302 CADBURY SCHWEPPES P.L .C . 26-Jan-2004 04-Nov-2004 21 633.540 704.81 71 .27 283 Short-Term ADR ADR CMN

CSG 127209302 CADBURY SCHWEPPES P.L .C . 26-Jan-2004 12-Nov-2004 10 301.690 342.93 41 .24 291 Short-Term ADR ADR CMN I

CSG 127209302 ICADBURY SCHWEPPES P.L .C . I 26-Jan-2004 24-Nov-2004 12 362.020 426.17 64.15 3031Short-Term ADR ADR CIVIN

Symbol CUSIP Description Trade Date Date Sold Qty Cost (Base) Proceeds (Base) GaIn/Loss (Base) Days Held Gain Type

Covered

CSG 127209302 CADBURY SCHWEPPES P.L .C . 26-Jan-2004 26-Nov-2004 10 301 .690 361 .05 59.36 305 Short-Term ADR ADR CMN

CA.) 138006309 CANON INC ADR ADR CIVIN 26-Jan-2004 08-Mar-2004 11 545.370 551 .18 5.81 42 Short-Term

CAJ 138006309 CANON INC ADR ADR CMN 26-Jan-2004 26-May-20041 12 594.950 594.26 -0.69 120,Short-Term

CAJ 138006309 CANON INC ADR ADR. CMN 26-Jan-2004 10-Sep~2004 7 347.050 331 .02 -16.03 227 Short-Term 2 2 6 n 4

CAJ 138006309 CANON INC ADR ADR CMN 26-Jan-2004 20-Dec-2004 5 247.900 259.84 11 .94 329 Short-Term 2 4 2 6 a n

156391<201 CENTRICA PLC SPONSORED 27-Jan-2004 I D-Aug-2004 11 406.410 486.47 80.06 195 Short-Tenn n 2 4 2 7 a ADR

15639K201 CENTRICA PLC SPONSORED 27-Jan-2004 10-Sep-2004 3 110.840 132.29 21 .45 226 Short-Term 2 4 2 7 a n ADR

Jan_2 CHL 1694IM109 CHINA MOBILE HONG KONG 26-Jan-2004 1 0-Sep-2004 7 122.870 104.43 -18.44 227 Short-Term 2 j j LTD SPONSORED ADR CIVIN

04

CHL 1694IM109 CHINA MOBILE HONG KONG 26-Jan-2004 20-Deo-2004 7 122.870 120.95 -1 .92 329 Short-Term a

6

-j

LTD SPONSORED ADR CMN

-j 0 0 0 0 0 CTPCY 17304KI02 CITIC PACIFIC LIMITED 24 dA2O 4 20-Dec-2004 7 85.970 97.99 12.02 118 Short-Term SPONSORED ADR CMN

KOF 191241`108 COCA COLA FEMSA SA SPON 26-Jan-2004 I 0-Sep-2004 7 173.880 14l.60 -32.28 227 Short-Term 0 0 0 0 g 0 ADR SPONSORED ADR CIVIN

KOF 191241108 COCA COLA FEMSA SA SPON 26-Jan-2004 2D-Dec-2004 5 124.200 116.24 -7.96 329 Short-Term ADR SPONSORED ADR CIVIN

DNSKY 236363107 DANSKE BK A/S ADR CMN 26-Jan-2004 1 D-Sep-2004 12 288.000 304.19 '16.19 227 Short-Term

DNSKY 236363107 DANSKE BK A/S ADR CMN 26-Jan-2004 01-Oct-2004 28 672.000 730.70 58.70 248 Short-Term

DNSKY 236363107 DANSKE BK A/S ADR CMN `12-Mar-2004 01-Oct-2004 121 281.890 313.16 31 .27 202 Short-Term

DNSKY 236363107 DANSKE BK A/S ADR CIVIN 12-Mar-2004 17-Nov-2004 11 258.400 321.90 63.50 250IShort-Term

DNSKY 236363107 DANSKE BK A/S ADR CMN 12-Mar-2004 14-Dec-2004 2 46.980 59.32 12.34 277 Short-Term

DNSKY 236363107 DANSKE BK AIS ADR CMN 15-ApF2004 14-Dec-2004 9 199.870 266.94 67.07 243 Short-Term

DBSDY 23304YI00 DBS GROUP HOLDINGS SPON 26-Jan-2004 20-Jul-2004 19 714.400 677.79 -36.61 175 Short-Term

ADR SPONSORED ADR CIVIN

DBSDY 23304YI00 DBS GROUP HOLDINGS SPON 26-Jan-2004 1 O-Sep-2004 10 376.000 381 .51 5.51 227 Short-Term

ADR SPONSORED ADR CIVIN

DBSDY 23304Y100 DBS GROUP HOLDINGS SPON 26-Jan-2004 20-Dec-2004 9 338.400 355.041 16.641 3291Short-Term

JADR SPONSORED ADR CMN

D18190898 IDEUTSCHE BANK AG CIVIN 26-Jan-2004 09-Mar-2004 3 241.350 269.771 28.421 Short-Ten-n-~

2, i"MI

J 'I ET-0

NV43 LLUBI-IJ04S 9LI, V9*09 L9'91.9 OCLISIF L tpooZ-InfOZ trooz-ue"z MOV (13110S.NOdS-E)V NO*3 C01,09L89Z N03

NV90 LLUGI-VoLls 991, c9,9z OL'ZZZ OLV9% 8 170OZ-Inr-Ci, trooz-uor-gz H(3V 03HOSNOdS 9V NO-3 C01,09L89Z N03

NV40 WJOI-IJ04S L91, LV61, 96'6K 09EMI, z Vooz-Inni. f7ooz-uer-gz HQV 03UOSNOdS SV NO*3 C01,09L99Z N03

NINO UIJGI-IJ0qSj6Ll, 96*0 0VC6C OVE76C 9 Vooz-Aevj-gz vooz-uer-gz MCIV (33UOSNOdS E)V NOA COLOBL99Z N03

NINO LLuokljoqs C9 BZ'6 OL V96 1, G tOOZ-jdV-6 1, IPOOZ-ULfl9z HGV (33HOSNOdS E)V NO'3 C01,09L99Z N03

NINO LLuoklio4s ZZ V171, MUt, OCL*Lgt, L V00Z-qG=I-L 1, 1700Z-Uer-gz MGV (33MOSNOdS E)V NO'3 C01,09LB9Z N03

NHO HOV 03110SNOdS UU01-130LIS 91,C 99*96 GYRIV OZ6*CCC LZ trooz-3G(I-EZ trooz-qe=j-Zi, kJ0V NOdS'A'N VYSG ZOZHZECCZ ANINSO

NW3 MOV (13UOSNOdS ULJGI-Iio4s UE 89,0Z 60*96 MIQ 9 vooz-080-oz tooZ-qe=j-Zi, UOV NOdS *A*N WSO ZOZHZCCEZ OWSO

NWO MOV 0380SNOdS UU91-PoLls 01,z 6L'0, GV96 01W86 a tooZ-d9S-0i, t?ooz-qe=j-zi, HGV NOdS WN V4S(3 ZOZHZCCCZ A)IWSa

NYID UGV 03MOSNOdS UDGI-PoLls 1.01, 69*91.- 9VZ6C 014*90t, cc tooz-ABIN-jz Vooz-CIGA-ZI, NOV NOdS'A'N HSCI Z0ZHZCCCZ A)INSO

NV40 MOV 03M0SNOdS LLuOl-IJ04S 1,6Z K,01, 1,97LI, ORT91, c vooz-oaa-oz lrooz-juv4-vo (M3N) M(3V NOdS Old 030VIO SOZIOEI?ZgZ 030

NWO U(3V (13HOSNOdS UU81-POLIS 691. LV9l,- 66TGZ 09tp'OLZ 9 tooZ-d9S-0 i, lrooz-juvq-vo (M3N) HCIV NOdS Old 030VICI 90Z[)CtZgZ 03a

NV40 HOV (13HOSNOdS LLUGI-IJOLIS ME CC*OL- U161, OZ1,79Z lpl, IFOOZ-300-OZ tOOZ-uBr-LZ E)V VSNVHjjnl 3Hosimo vouggm Am"a

NINO klaV (33HOSNOdS LMI-POLIS 1,9Z oc,99z- I.V989 OWEL6 Z9 1170OZ-AON-CO I?00Z-u8r-LZ E)V VSNVHjjni 3HOS.Ln3O VOU991,9Z A)rvlQ

NV43 H(IV C13UOSNOdS UUGI-Poqs 9zz 99T61.- 6VOCC ogz,tpzg oz tpooZ-deS-0 i, V00Z-usr-LZ E)V VSNVHjAni ElHosima vouggi. Ax"a

LW81-POLIS 6ZC 1,6'01, MLLI, 006,09 1, z trooz-38(3-OZ 1700Z-Uer-9z NWO E)V NNVEI 3Hosin3U 969061,91.a sa

UU81-PoLls cze K'ZC 69*IiCt, osz zotp 9 VOOZ-08(3-K Vooz-uer-9z NV40 E)V NNVEI 3Hos.Ln3C] 969061,81,C! Ela

u'JGI-IJ04S LZZ L(TZt, CZ*6LZ 0093ze t? Woz-clas-oi, Vooz-uer-9z NV40 E)VANVI3 31-losinao 969061,91.0 Eia

tLugkIJ04S C6 ZVE 1, ZVGCC MIZE t, VOOZ-AV-6Z tooz-uer-9z NV43 E)V NNVEI 31-losinaa 96906LOW Ela

PBJGA03

edA.L uleE) pie" sAea (0989) 990-1/ulBE) (GsBG) SPGGDOJd (8908))S03 A t) i Pios eiBa aiea opuji uolidijosea d1sno loqwAS


Covered

EON 268780103 E ON AG SPONSORED ADR 26-Jan-2004 10-Sep-2004 3 196.170 213.14 16 .97 227 Short-Term CIVIN

EON 268780103 E.ON AG SPONSORED ADR 26-Jan-2004 20-Dec-2004 2 130.780 176.31 45.53 329 Short-Term CIVIN

EON 268780103 E.ON AG SPONSORED ADR 26-Jan-2004 23-Dec-2004 5 326.950 450.01 123.06 332 Short-Tenn CMN

ESALY 282579309 EISAI CO LTD SPONS ADR 26-Jan-2004 25-Mar-2004 15 399.750 397.18 -2 .57 59 Short-Term SPONSORED ADR CIVIN

ESALY 282579309 EISAI CO LTD SPONS ADR 26-Jan-2004 24-Jun-2004 9 239.850 271 .79 31 .94 149 Short-Term SPONSORED ADR CMN

ESALY 282579309 EISAI CO LTD SPONS ADR 26-Jan-2004 04-Aug-2004 21 559.650 593.29 33.64 190 Short-Term SPONSORED ADR CIVIN

ESALY 282579309 EISAI CO LTD SPONS ADR 26-Jan-2004 05-Aug-2004 14 373.100 394.14 21 .04 191 Short-Term SPONSORED ADR CMN

ESALY 282579309 EISAI CO LTD SPONS ADR 26-Jan-2004 10-Aug-2004 11 293.150 303.95 10.80 196 Short-Term SPONSORED ADR CMN

ESALY 282579309 EISAI CO LTD SPONS ADR 26-Jan-2004 10-Aug-2004 3 79.950 82.78 2.83 196 hort-Term SPONSORED ADR CMN I I

ESALY 282579309 EISAI CO LTD SPONS ADR 26-Jan-2004 11-Aug-2004 15 399.750 411.95 12.20 197 Short-Term SPONSORED ADR CMN

ESALY 282579309 EISAI CO LTD SPONS ADR 09-Mar-2004 11 -Aug-2004 6 157.330 164.78 7.45 154 Short-Term SPONSORED ADR CIVIN

ESALY 282579309 EISAII CO LTD SPONS ADR 09-Mar-2004 12-Aug-2004 12 314.650 335.56 20.91 155 Short-Term SPONSORED ADR CIVIN I

ELE 29258NI07 ENDESA . S.A. AMERICAN 26-Jan-2004 10-Sep-2004 15 285.460 286.64 1.18 227 Short-Term DEPOSITORY SHARES I

ELE 29258NI07 ENDESA, S.A. AMERICAN 26-Jan-2004 20-Dec-2004 10 190.310 224.99 34.68 329 Short-Term DEPOSITORY SHARES

EDP 268353109 ENERGIAS DE PORTUGAL SA 26-Jan-2004 04-Mar-2004 20 524.340 570.73 46.39 38 Short-Term SPONSORED ADR CIVIN

EDP 68353109 ENERGIAS DE PORTUGAL SA 26-Jan-2004 06-May-2004 15 393.250 419.82 26.57 100 S o arm SPONSORED ADR CMN

EDP 268353109 ENERGIAS DE PORTUGAL SA i 26-Jan-2004i 20-JUI-2004 19 498.120 553.67 55.551 175 Short-Term ,SPONSORED ADR CMN

We,

7 '7 77 'T -~-7 111~11-17-71i-- -T,71 1

NWO MOV (13UOSNOdS M(3V %T9 U14Z L I?00Z-A0N-9Z tooz-Aevq-gz NOdS VS W003131 30NVd=l SMOLLM MA

NV40 MGV 0380SNOdS )JGV UUGI-Iioqs W 69*9 99'6Z 06Z*CZ trOOZ-AON-VZ Vooz-Aev4-Lo NOdS VS V4003131 3ONVd=l GWOMSC 3.U

NV40 MOV 03HOSNOdS HGV UU8I:)J04S 6L~ 96,C9 69'99Z 0WZCZ % tOOZ-AON-ZO irooz-ALV4-Lo NOdS VS V4003131 EIDNVd=l SOMLLM MA

NVIO H(IV (13HOSNOdS WV UUGI-Iioqs M LVOIF OZ*99Z OCELLZ 6 IVOOZ~ON-M I?ooz-jdV-6Z NOdS VS V4003131 30NVH=f GOMMSE 31=1

NINO UGV 03HOSNOdSdaV twgi-IJ04S M VOT L 0'6% OLL'96 V IFOOZ-130-LZ Vooz-jdV-6Z NOdS VS V4003131 3ONVM=l 9MOLLM 3.U

NINO NOV (13HOSNOdS HaV UH,9i-)jo4s M Voc LIF'OZE OOC*06Z Z~ Vooz-130-9Z tooz-jdV-6Z NOdS VS IN003131 30NVU=l 9WOMSE 31A

NWO mov a3liOSNOdS MOV LwGi-IJ04S 9% 09,9 W9M OWOM v Vooz-100-9Z tooz-jdv-n NOdS VS W0031EII 3ONVH=l 90MLLM WA

NV40 UOV (13UOSNOdS MOV LLUGI-IJ04S 6K ZLT~- 0SWIF ozo*ogir 9~ tpooz-des-o ~ tooz-jdv-v~ NOdS VS IN003131 RIONV8=1 SMOLME 31A

NW3 lJGV (13kfOSNOdS HGV UUOI-IJ04S so 991F 09'6Lir 0Z0*9Llr % I?OOZ-1n"o tOOZ-jdV-n NOdS VS VY003131 3ONVH=l SMOLLM 31A

NINO HaV (13HOSNOdS UGV UU81-POW L8 98TV CV999 UZ,999 zz t?OOZ-1n"o j?0OZ-AV-z~ NOdS VS V40031EII 30NV8=1 9MOLLWE 31J

NV40 1:10V LW81-IJ04S RE CTOL ct?*99V 006'99C L~ tlooz-080-oz I?OOZ-Uefl9z C13'dOSNOdS'A*N ClN) SI.LkJ0=l 60Er9G6K ASHO.A

NV40 UGV UUBI-IJ04S LZZ cz*09t? COL*9Ltr V t7ooZ-daS-% t7ooz-uer-gz (1380SNOdS'A'N (IN) Sli)JO=l 6ocr9g6VE AsHo:l

NINO HaV WJDI-t'OqS 9L~ 09,9ce ooz*cgc 9~ Vooz-lnr-cz tooz-uer-gz 03'd0SNOdS *A*N CIN) SIIHO=l 60Cr9G6tC ASNO-4

NVYO MOV twai-)Ioqs 9~ L6*QC 009*9LI4 99 tooZ-qa=j-c~ t?ooz-uer-gz a3MOSN0dS *A*N (IN) S1180A 6=996K ASHOA

NV43 MOV 03UOSNOdS tLuOl-IJ04S 6ZC C6*99 01,0Z OZ9'69 z Vooz-300-oz Vooz-uer-9z UGV NOdS Vd'S IN3 90MI499Z 3

NWO IJGV 03UOSNOdS ulial-lio4s M oc*9 zg*tloz OMM z t?OOZ-unnz t?OOZ-Uer-gz MOV NOdS Yd S IN3 90MtPL99Z 3

NINO 8CIV (13MOSNOdS UUGI-Iioqs M 91?*GZ 90,0K 009*14C Z~ i7ooZ-Inr-6z tooz-uLr-gz vs ivimlwd 30 SVIE)U3NB 6MCGE99Z d(33

POJOA03

adAj . ulef) PIGH sAea (eses) ego-1/ules (GS88) sPGG30Jd (.gsL.B) Isoo A)b i Pios 9)ea I wa epoij. uolldljoso(] dism loqwAS

~ WL


Covered

FTE 35177QI05 FRANCE TELECOM SA SPON 07-May-2004 26-Nov-2004 3 69.870 92.03 22.16 203 Short-Term ADR SPONSORED ADR CMN

FTE 35177Q105 FRANCE TELECOM SA SPON 25-May-2004 02-Dec-2004 2 46.440 64.26 17.82 191 Short-Term ADR SPONSORED ADR CMN I

FTE 35177QI05 FRANCE TELECOM SA SPON 20-Jul-2004 02-Dec-2004 4 100.370 128.53 28.16 135 Short-Term ADR SPONSORED ADR CMN

FTE 35177QI05 FRANCE TELECOM SA SPON 21-Jul-2004 02-Dec-2004 10 248.820 321 .31 72.49 134 Short-Term ADR SPONSORED ADR CMN

FTE 35177QI05 FRANCE TELECOM SA SPON 21-Jul-2004 14-Dec-2004 3 74.650 98 .31 23.66 146 Short-Term ADR SPONSORED ADR CMN

FTE 351770105 FRANCE TELECOM SA SPON 21-Jul-2004 15-Dec-2004 1 24.880 32 .91 8.03 147 Short-Term ADR SPONSORED ADR CMN

FTE 351770105 FRANCE TELECOM SA SPON 23-Jul-2004 15-Deo-2004 2 47.850 65 .82 17.97 14i Short-Term ADR SPONSORED ADR CMN

FTE 35177QI05 FRANCE TELECOM SA SPON 23-Jul-2004 16-Dec-2004 1 23 .920 32 .48 8.56 146 Short-Term ADR SPONSORED ADR CMN

FTE 351IT70105 FRANCE TELECOM SA SPON 23-Jul-2004 20-Dec-2004 7 167.470 222.38 54.91 150 Short-Term ADR SPONSORED ADR CMN

FUJHY 359556206 FUJI HEAVY IND LTD ADR ADR 27-Jan-2004 1 O-Sep-2004 4 198.160 202.99 4.83 226 Short-Term CMN

FUJHY 359556206 FUJI HEAVY IND LTD ADR ADR 27-Jan-2004 20-Dec-2004 3 148.620 141 .74 -6.88 328 Short-Term CMN

FUJIY 359586302 FUJI PHOTO ADR NEW FOR 1 26-Jan-2004 1 O-Sep-2004 13 420.290 415.66 -4.43 227 Short-Term ORDADRCMN

FUJIY 359586302 FUJI PHOTO ADR NEW FOR 1 26-Jan-2004 08-Oct-2004 15 484.950 511 .84 26.89 255 Short-Term ORDADRCMN

FUJIY 359586302 FUJI PHOTO ADR NEW FOR I 26-Jan-2004 17-Nov-2004 14 452.620 488.85 36.23 296 Short-Term ORDADRCMN

FUJIY 359586302 FUJI PHOTO ADR NEW FOR 1 26-Jan-200~ 20-Deo-2004 6 193.980 207.35 13.37 329 Short-Term ORDADRCMN

36076N201 FUNAI ELECTRIC CO ., LTD. 03-Feb-2004 07-Jul-2004 14 373.310 411.52 38 .21 hort-Term ADR CMN

36076N201 FUNAI ELECTRIC CO ., LTD. 03-Feb-2004 12-Aug-2004 9 239.990 258.08 18 .09 190 Short-Tenn ADR CMN

ZIP Mom-

7~77'1-MR M&I i4


Covered

FUAIY 36076N201 FUNAI ELECTRIC CO ., LTD. 03-Feb-2004 10-Sep-2004 5 133.320 136.24 2.92 219 Shod-Tenn ADR CIVIN

GKNLY 361755606 GKN PLC SPONSORED ADR 27-Jan-2004 10-Sep-2004 55 263.460 219.99 -43.47 226 Short-Term CIVIN

GKNLY 361755606 GKN PLC SPONSORED ADR 27-Jan-2004 20-Dec-2004 37 177.240 168.34 -8 .90 328 Shod-Tenn

I CIVIN GSK 37733WI05 GLAXOSMITHKLINE PLC 26-Jan-2004 10-Sep-2004 9 407.340 375.29 -32.05 227 Short-Term

SPONSORED ADR CIVIN GSK 37733WI05 GLAXOSMITHKLINE PLC 26-Jan-2004 20-Dec-2004 6 271.560 278.87 7.31 329 Short-Tenn

SPONSORED ADR CIVIN HACBY 404508202 HACHIJUNI BANK LTD ADR 27-Jan-2004 06-Aug-2004 2 108.020 122.92 14 .90 191 Short-Term

CIVIN HACBY 404508202 HACHIJUNI BANK LTD ADR 27-Jan-2004 09-Aug-2004 2 108.020 124.69 16 .67 194, Short-Term

CMN HACBY 404508202 HACHIJUNI BANK LTD ADR 27-Jan-2004 10-Sep-2004 3 162.030 193.19 31 .16 226 Short-Term

CIVIN HACBY 404508202 HACHIJUNI BANK LTD ADR 27-Jan-2004 13-Oct-2004 1 54.010 62.47 8.46 259 Short-Term

CMN HACBY 404508202 HACHIJUNI BANK LTD ADR 27-Jan-2004 14-Oct-2004 1 54.010 62.20 8.19 260 Short-Term

CMN HACBY 404508202 HACHIJUNI BANK LTD ADR 27-Jan-2004 25-Oct-2004 2 108.020 124.43 16 .41 271 Short-Term

CMN HACBY 404508202 HACHIJUNI BANK LTD ADR 27-Jan-2004 02-Nov-2004 1 54.010 63.19 9.18 280 Shod-Tenn

CIVIN HACBY 404508202 HACHIJUNI BANK LTD ADR 27-Jan-2004 20-Dec-2004 2 108.020 133.59 25 .57 328 Shod-Tenn

CMN HINKY 423012202 HEINEKEN N V (ADR) 26-Jan-2004 01-Mar-2004 7 274.050 298.09 24 .04 35 Short-Term

UNSPONS ADR CIVIN I HINKY 423012202 HEINEKEN N V (ADR) 26-Jan-2004 02-Mar-2004 6 234.900 251.58 16.68 361Short-Term

WNSPONS ADR CIVIN I I HINKY 423012202 1HEINEKEN N V (ADR) 26-Jan-2004 28-Apr-2004 13 508.950 530.121 21 .17 921Shod-Term

UNSPONS ADR CIVIN I I


Covered

OTE 423325307 HELLENIC TELECOM 26-Jan-2004 03-May-2004 44 338.250 314.74 -23.51 97 Short-Term ORGANIZATION S.A. ADS EACH REP 1/2 OF 1 SHS GRD750

OTE 423325307 HELLENIC TELECOM 26-Jan-2004 10-Sep-2004 25 192.180 159.99 -32.19 227 Short-Teffn ORGANIZATION S.A. ADS EACH REP 1/2 OF I SHS GRD750

OTE 423325307 HELLENIC TELECOM 26-Jan-2004 01-Oct-2004 75 576.550 498.72 -77.83 248 Short-Term ORGANIZATION S.A. ADS EACH REP 1/2 OF 1 SHS GRD750

OTE 423325307 HELLENIC TELECOM 26-Jan-2004 17-Nov-2004 18 138.370 146.54 8.17 296 Short-Term ORGANIZATION S.A. ADS EACH REP 1/2 OF I SHS GRD750 I

OTE 423325307 HELLENIC TELECOM 26-Jan-2004 18-Nov-2004 61 46.120 48.66 2.54 297 Short-Tenn ORGANIZATION S.A. ADS EACH REP 1/2 OF I SHS GRD750

OTE 423325307 HELLENIC TELECOM 26-Jan-2004 19-Nov-2004 43 330.560 353.34 22.78 298 Short-Term ORGANIZATION S.A. ADS EACH REP 1/2 OF I SHS GRD750

OTE 423325307 HELLENIC TELECOM 26-Jan-2004 17-Dec-2004 54 415.130 469.82 54.69 326 Short-Term ORGANIZATION S.A . ADS EACH REP 1/2 OF 1 SHS GRD750

HIVIC 438128308 HONDA MTR LTD (AMER SHS) 26-Jan-2004 03-Jun-2004 51 106.950 107.75 0.80 1281Short-Term ADR CIVIN

HIVIC 438128308 HONDA MTR LTD (AMER SHS) 26-Jan-2004 04-Jun-2004 8 171.110 177.15 6.04 129 Shod-Term ADR CIVIN

Hmc 438128308 HONDA MTR LTD (AMER SHS) 26-Jan-2004 13-Sep-2004 8 171.110 200.56 29.45 230 Short-Term ADR CMN I I I

HMC 438128308 HONDA MTR LTD (AMER SHS) 26-Jan-2004 14-Sep-2004 9 192.5001 227.841 35.34 231 Short-Term ADR CIVIN

,~j NEEL

Symbol CUSIP Description Trade Date Date Sold I Qty Cost (Base) Proceeds (Base) GaIn/Loss (Base) Days Held Gain Type

Covered

HMC 438128308 HONDA MTR LTD (AMER SHS) 26-Jan-2004 15-Sep4004 6 128.340 150.52 22.18 232 Short-Term ADR CMN

HIVIC 438128308 HONDA MTR LTD (AMER SHS) 26-Jan-2004 16-Sep-2004 2 42.780 50.18 7.40 233 Short-Term ADR CIVIN I

HIVIC 438128308 HONDA MTR LTD (AMER SHS) 26-Jan-2004 22-Sep-2004 11 235.280 271.87 36.59 239 Short-Term ADR CIVIN

HIVIC 438128308 HONDA MTR [TD (AMER SHS) 26-Jan-2004 24-Sep-2004 30 641.680 741.09 99 .41 241 Shod-Tenn ADR CIVIN

HMC 438128308 HONDA MTR LTD (AMER SHS) 26-Jan-2004 12-Oct-2004 2 42.780 48.93 6.15 259 Short-Term ADRCMN

HIVIC 438128308 HONDA MTR LTD (AMER SHS) 26-Jan-2004 13-Oct-2004 1 21 .390 24.18 2.79 260 Short-Term ADRCMN I

HIVIC 438128308 HONDA MTR [TD (AMER SHS) 26-Jan-2004 14-Oct-2004 8 171 .110 192.02 20 .91 261 Short-Term ADR CMN

HMC 438128308 HONDA MTR LTD (AMER SHS) 26-Jan-2004 15-Oct-2004 8 171 .110 192.10 20.99 262 Shod-Term ADR CMN

HMC 438128308 HONDA MTR LTD (AMER SHS) 26-Jan-2004 20-Dec-2004 12 256.670 302.51 45.84 329 Short-Term ADRCMN

JSAIY 466249208 J SAINSBURY PLC 26-Jan-2004 I 0-Sep-2004 7 172.600 141 .74 -30.86 227 Short-Term SPONSORED ADR CIVIN

JSAJY 466249208 J SAINSBURY PLC 26-Jan-2004 20-Dec-2004 6 147.950 124.79 -23.16 329 Short-Term SPONSORED ADR CMN

KCRPY 485537302 KAO CORP SPONSORED ADR 26-Jan-2004 10-May-2004 3 637.500 675.02 37 .52 104 Short-Term CMN

KCRPY 485537302 KAO CORP SPONSORED ADR 26-Jan-2004 13-Jul-2004 2 425.000 497.95 72 .95 168 Short-Term CMN I

KCRPY 485537302 KAO CORP SPONSORED ADR 26-Jan-2004 IG-Sep-2004 1 212.500 240.99 28 .49 227 Short-Term CMN

KCRPY 485537302 KAO CORP SPONSORED ADR 26-Jan-2004 20-Dec-2004 1 212.500 241 .59 29.09 329 Short-Term CMN

PHG 500472303 KONINKLIJKE PHILIPS 26-Jan-2004 20-Dec-2004 7 216.8`10 180.73 -36.08 329 Short-Term ELECTRS NV ADR CIVIN

KEP 500631106 KOREA ELECTRIC POWER 26-Jan-2004 1 O-Sep-2004 13 131.820 137.92 6.10 227 Short-Term CRPADR

7,77-27,77" -, 7, 77

Symbol CUSIP Description Trade Date Date Sold I City Cost(Base) Proceeds (Base) GaInfLoss (Base) Days Held Gain Type Covered

KEP 500631106 KOREA ELECTRIC POWER 26-Jan-2004 20-Doo-2004 8 81.120 109.83 28.71 329 Short-Term CRP ADR

KTC 48268K101 KT CORPORATION 18-Mar-2004 10-Sep-2004 7 135.210 127.88 -7 .33 175 Short-Term SPONSORED ADR CIVIN

KTC 48268KI01 KT CORPORATION 1 8-Mar-20041 20-Dec-2004 4 77.260 89.07 11 .81 277 Short-Term I SPONSORED ADR CIVIN

LYG 539439109 LLOYDS TSB GROUP PLC 26-Jan-2OD4 10-Sep-2004 4 138.720 124.87 -13.85 227 Short-Terin SPONSORED ADR CIVIN

LYG 539439109 LLOYDS TSB GROUP PLC 26-Jan-2004 20-Dec-2004 4 138.720 145.03 6.31 329 Short-Term SPONSORED ADR CIVIN

MAKSY 570912105 MARKS AND SPENCER P.L.C. 26-Jan-2004 01-Jun-2004 25 760.000 1,004.61 244.61 126 Sbort-Term SPONSORED ADR CIVIN

MAKSY 570912105 MARKS AND PENCER P.L.C. 26-Jan-2004 24-Jun-2004 10 304.000 387.76 83.76 149 Short-Term SPONSORED ADR CIVIN I

MAKSY 570912105 MARKS AND SPENCER P.L.C. 26-Jan-2004 07-Jul-2004 8 243.200 329.34 86.14 162 Shod-Tenn SPONSORED ADR CMN

MAKSY 570912105 MARKS AND SPENCER P.L.C. 26-Jan-2004 20-Dec-2004 3 91.200 120.44 29.24 329 Short-Term SPONSORED ADR CIVIN

MNBEY 602725301 MINEBEA CO LTD SPON ADR 27-Jan-2004 10-Sep-2004 75 747.750 652.48 -95.27 226 Short-Term (NEW)

MNBEY 602725301 MINEBEA CO LTD SPON ADR 27-Jan-2004 2D-Dec-2004 58 578.260 490.08 -88.18 328 Short-Term (NEW) I

MTRJY 553768300 MTR CORP ITTD SPONSORED 27-Jan-2004 i 3-Feb-2004 47 786.7801 763.66 -23.12 17 Short-Term ADRCMN

MTRJY 553768300 MTR CORP LTD SPONSORED 27-Jan-2004 07-Jul-2004 13 217.620 191.77 -25.85 161 Short-Term ADRCMN

MTRJY 553768300 MTR CORP LTD SPONSORED 27-Jan-2004 02-Sep-2004 24 401.760 368.72 -33.04 218 Shod-Term ADR CIVIN

MTRJY 553768300 MTR CORP LTD SPONSORED 27-Jan-2004 03-Sep-2004 121 200.880 183.98 -16.90 219 Short-Term I ADR CIVIN I I

I NAB 6325254011 INATIONAL AUSTRALIA BANK 26-Jan-2004 I O-Sep-20041 31 343.950 280.49 -63.46 22 LIMITE SPONSORED ADR (NEW)

Symbol CUSIP Description Trade Date Date Sold Qty Cost(Base) Proceeds (Base) Gain/Loss (Base) Days Held Gain Type Covered

NAB 632525408 NATIONAL AUSTRALIA BANK 26-Jan-2004 20-Dec-2004 2 229.300 216.47 -12 .83 329 Short-Term LIMITE SPONSORED ADR (NEW)

NDCRY 6397513103 NEDCOR LTD SPONSORED 27-Jan-2004 1 O-Sep-2004 12 234.030 209.99 -24 .04 226 Short-Term ADR CIVIN I I

NDCRY 63975PI03 NEDCORLTI)SPONSORED 27-Jan-2004 03-Nov-2004 2 39.010 43.79 4 .78 281 Short-Term ADR CMN

NDCRY 63975PI03 NEDCORLTDSPONSORED 27-Jan-2004 04-Nov-2004 9 175.520 196 .34 20.82 282 Short-Term ADR CMN

NDCRY 63975PI03 NEDCOR LTD SPONSORED 27-Jan-2004 20-Dec-2004 6 117.020 155 .99 38.97 328 Short-Term ADR CMN

NSRGY 641069406 NESTLE SA SPONSORED ADR 26-Jan-2004 03-Feb-2004 8 528.800 529.97 1 .17 8 Short-Term (REP 1/20 CHF 10 REGD SHS) I -

NSRGY 641069406 NESTLE SA SPONSORED ADR 26-Jan-2004 04-Feb-2004 7 462.700 469.41 6.71 9 Short-Term (REP 1/20 CHF 10 REGO SHS)

NSRGY 641069406 NESTLE SA SPONSORED ADR 26-Jan-2004 13-Feb-2004 5 330.500 342 .03 11 .53 18 Short-Term (REP 1/20 CHF 10 REGD SHS) I

NSRGY 641069406 NESTLE SA SPONSORED ADR 26-Jan-2004 29-Apr-2004 6 396 .600 384 .17 -12.43 93 Short-Term (REP 1/20 CHF 10 REGD SHS) I

NSRGY 64`1069406 NESTLE SA SPONSORED ADR 26-Jan-2004 26-May-2004 4 264 .400 257 .03 -7.37 120 Short-Term (REP WO CHF 10 REGD SHS)

NSRGY 641069406 NESTLE SA SPONSORED ADR 26-Jan-2004 1 O-Sep-2004 41 264 .400 239 .79 -24.61 227 Short-Term (REP 1/20 CHF 10 REGD SHS)

NSRGY 641069406 NESTLE SA SPONSORED ADR 26-Jan-2004 20-Deo-2004 3 198 .300 192 .74 -5 .56 329 Short-Term (REP 1/20 CHF 10 REGD SHS)

NTT 654624105 NIPPON TELEG & TEL SPON 26-Jan-2004 26-Mar-2004 30 703 .390 803 .08 99.69 60 Short-Term ADR SPONSORED ADR CIVIN (I ADR = 1/200 COMMON SHS) I I

NTT 654624105 NIPPON TELEG & TEL SPON 26-Jen-2004 16-Jul-2004 72 1,688 .150 1,852.15 164 .00 171 Short-Term ADR SPONSORED ADR CMN (1 ADR = 1/200 COMMON SHS)

NTT 654624105 INIPPON TELEG & TEL SPON 02-Sep-2004 20-Dec-2004 31 64 .870 65.72 0 .85 109 Short-Term ADR SPONSORED ADR CMN (1 ADR = 1/200 COMMON SHS) I I

NINO MOV a3l:IOSNOdS VS ULJOI-110W 69 ZZ'o o9z'Ut? 6C tooz-jdV-90 tooz-uer-gz Sd9S INOOE1131 ivonim0d ZMELUCL ld

NV40 lJGV 03UOSNOdS (M3N) twel-liot4s 99 99,0C V0196 09tF,oZ6 % tooz-jdv-oz _ IrOOZ-q9=1-C~ HGV *SNOdS vs iogomld 009SZ991L kon3d

NV40 NOV 031:10SNOdS (M3N) ULIGI-Voqs 9 69'9Z 9EUVIP 06 VC6 Vt? Z9 170oz-q9=1_91. tooZ-qe:j-CI, HGV *SNOdS,ys io3omd 0099MIL kon3d

NVYO MOV 03UOSNOdS HGOU13d

UUGI-IJ04S,LZZ 91?* V91% 00V991. 9 tooz-des-oI. i?ooz-uBr-gz VS OUB-11SVUS 031OU1.3d 901PAVSM )JGd NINO )JOV 031AOSNOdS

LLUOI-IJ04S RE trg* I, VV91?Z ooc*vcz -9 trooz-3oa-oz trooz-uBr-gz MaV-E)V SIIUVAON 6UAL9699 SAN NV40 110V 03HOSNOdS

LLUOi-IJ04S LZZ We 99Uc ozo*gzc L j,00Z-&S-o~ trooz-uer-gz ltl(]V-E)V SIIUVAON 60LAL9699 SAN

NWO UUV 03MOSNOdS UUGI-Iio4s M 96*6V 06*179C 09914C 9 tooz-ABvy-vz tooz-uBr-gz UGV-E)V SIIUVAON 6MAL9699 SAN

NWO lJGV U3HOSNOdS UUGI-IJ04S LI, L9*9 9 V099 0917'ello 91. t7ooZ-qq=j-ZI. tooz-UB"Z HGV-SV SllHVA0N 601,AL9699 SAN

NVIO U0V (33MOSNOdS HOV (13MOSNOdS

tLual-1104S Coz CL*96 W*6" 099,09C 9 tooZ-A0N-V0 t7ooz-uer-9z SV OUGAH ASMON 9091,C9999 AHN, NV43 )JQV (13MOSNOdS

UGV (33MOSNOdS LLU91-1104S 9t?Z UTU W699 OZE'gzg 6 t,00Z-d8S-6Z IFOOZ-UB"Z SV OUGAH MSMON 9091,C9999 AHN

NWO HGV 031:10SNOdS HOV C13UOSNOdS

Wiai-IJOqs trg gt?*LL WOLZ 096*09Z t? trooz-JeWoc tpooz-uBr-gz SV OUGAH ASHON SOM9999 AHN NINO HOV 03HOSNOdS

LLUGI-IJ04S 6ZE 99'0t- VVLOI, ozI'gt?L L kooz-ooa-oz tpooz-uBr-gz WIV NOdS dHOO VIMON I?OZZ061PS9 MON

NINO NOV 03HOSNOdS UUBI-IJ049 LZZ I.Z*99- U'991, OZ6*CgZ ZI, tooZ-doS-oI. 1700z-uBr-9z W3V NOdS dHOO VDION VOZZ0099 NON

NWO UGV (13MOSNOdS LLUOI-Votls 91. 9614 MCGE 099'ecc 9~ tooZ-q9:j-CI. i7ooz-uBfl9z UGV NOdS dMOO VDION POZZ06K9 NON

(SIAS NOINWOO 00Z/I, = mav NV40 MCIV (13UOSNOdS I:IaV

UIJGI-Iioqs 9M K*o Metp 0917'etp z irooz-oaa-oz vooz-des-Co NOdS 131 T 93131 NOddlN 9MIZ9099 JIN POJOA03

edA.L uleC) Pl8H SAR(l (OSO13) SSO-UUIBE) (OSUG) SPO930Jd (OSO13) IS03 Alt) Plos GIBCI OIL-(] OPBJ.L uolldliosea dism joqLuAS

Symbol CUSIP Description Trade Date Date Sold i Qty Cost(Base) Proceeds (Base) Gain[Loss (Base) Days Held Gain Type Covered

PT 737273102 PORTUGAL TELECOM SGPS 26-Jan-2004 20-Apr-2004 13 139.750 142.21 2.46 84 Short-Term SA SPONSORED ADR CMN

PT 737273102 PORTUGAL TELECOM SGPS 26-Jan-2004 21-Apr-2004 28 301 .000 302.45 1.45 85 Short-Tenn SA SPONSORED ADR CMN

PKX 693483109 POSCO SPONSORED ADR 26-Jan-2004 10-Sep-2004 3 '106 .140 120.02 13.88 227 Short-Term CMN

PKX 693483109 POSCO SPONSORED ADR 26-Jan-2004 20-Dec-2004 2 70.760 88.25 17.49 329 Short-Term CMN



PKX 693483109 POSCO SPONSORED ADR 26-Jan-2004 28-Dec-20R 2 70.760 91.40 20.64 337 Short-Term CMN

REP 76026T205 REPSOL YPF SA - ADR 26-Jan-2004 I O-Sep-2OD4 9 183.420 188.63 5.21 227 Short-Term SPONSORED ADR CMN

REP 76026T205 REPSOL YPF SA - ADR 26-Jan.2004 20-Dec-2004 9 183.420 225.44 42.02 329 Short-Term SPONSORED ADR CMN

REXMY 761655406 REXAM PLC ADR CMN 26-Jan-2004 05-Apr-2004 8 306.000 319.30 13.30 69 Short-Term REXMY 761655406 REXAM PLC ADR CMN 26-Jan-2004 1 O-Jun-2004 10 382.500 407.46 24.96 135 Short-Term REXMY 761655406 REXAM PLC ADR CMN 26-Jan-2004 20-Dec-20D4 4 153.000 180.99 27.99 329 Short-Term RTP 767204100 RIO TINTO PLC-SPON ADR 26-Jan-2004 10-Aug-2004 6 650.380 615.07 -35.31 196 Short-Tenn

SPONSORED ADR CMN I RTP 767204100 RIO TINTO PLC-SPON ADR 26-Jan-2004 10-Sep-2004 3 325.190 294.62 -30.57 227 Short-Term

SPONSORED ADR CMN RTP 767204100 RIO TINTO PLC-SPON ADR 26-Jan-2004 12-Oct-2004 1 108.400 107.96 -0.44 259 -§hort-Term

SPONSORED ADR CMN RTP 767204100 RIO TINTO PLC-SPON ADR 26-Jan-2004 21-Oct-2004 2 216.790 213.60 -3 .19 268 Shod-Term

SPONSORED ADR CMN RTP 767204100 RIO TINTO PLC-SPON ADR 26-Jan-2004 25-Oct-2004 2 216.800 214.331 -2 .47 2721Short-Term

SPONSORED ADR CMN I RTP 767204100 RIO TINTO PLC-SPON ADR 26-Jan-2004 20-Dec-2004 2 216.790 230.431 13 .64 329JShor~

SPONSORED ADR CMN

2 N

--j


Covered

RD 780257804 ROYAL DUTCH PETROLEUM 26-Jan-2004 10-Sep~2004 4 191.800 206.99 15.19 227 Short-Term COMPANY NY REGISTRY SHARES

RD 780257804 ROYAL DUTCH PETROLEUM 26-Jan-2OD4 20-Dec-2004 2 95.900 112.51 16.61 329 Short-Term COMPANY NY REGISTRY SHARES I

191241991 RTS/COCA-COLA FEMSA S.A. 26-Jan-2004 03-Sep-2004 19 0.000 0.00 0.00 220 [Short-Term DE C. EXP09/01/2004

191241991 RTS/COCA-COLA FEMSA S.A. 31-Mar-2004 03-Sep-2004 3 0.000 0.00 0.00 155 Short-Term DE C. EXP09/01/2004

879521-132 RTS/TELESP CELULAR 26-Jan-2004 07-Dec-2004 1 0.000 1 .63 1 .63 316 Short-Term PARTICIPACO EXP12/10/2004

879521-132 RTSfTELESP CELULAR 30-Mar-2004 07-Dec-2004 2 0.000 3.25 3.25 252 Short-Term PARTICIPACO EXP12/10/2004

87952LI32 RTS/TELESP CELULAR 25-May-2004 07-Dec-2004 1 0.000 1 .63 1 .63 196 Short-Term PARTICIPACO EXP12/10/2004

IMI 799175104 SAN PAOLO,-IMI S P A 26-Jan-2004 20-Dec-2004 4 109.370 108.63 -0 .74 329 Short-Term SPONSORED ADR CMN

SNY 80105NI05 SANOFI-AVENTIS SPONSORED 27-Apr-2004 1 O-Sep-2004 6 184.310 208.37 24.06 136 Short-Term ADR CMN

SNY 80105NI05 SANOFI-AVENTIS SPONSORED 27-Apr-2004 20-Dec-2004 5 153.590 194.09 40.50 237 Short-Term ADR CMN

STOSY 803021609 SANTOS LTD SPONSORED 26-Jan-2004 07-May-2004 17 348.500 313.26 -35.24 101 short-Term ADR SPONSORED ADR CMN CLASS Y

STOSY 803021609 SANTOS LTD SPONSORED 26-Jan-2004 02-Jun-2004 16 328.000 310.58 -17.42 127 Short-Term ADR SPONSORED ADR CMN CLASS Y

STOSY 803021609 SANTOS LTD SPONSORED 26-Jan-2004 25-Jun-2004 22 451 .000 436.50 -14.50 150 Short-Term ADR SPONSORED ADR CMN CLASS Y

STOSY 803021609 SANTOS LTD SPONSORED 26-Jan-2004, 21-Jul-20041 41 82 .000 85.05 3.05 176 Short-Tenn ADR SPONSORED ADR CMN CLASS Y

Symbol CUSIP Description Trade Date Date Sold I QtY Cost (Base) Proceeds (Base) Gain/Loss (Base) Days Held Gain Type

Covered

STOSY 803021609 SANTOS LTD SPONSORED 04-Mar-2004 21-Jul-2004 12 217.320 255.14 37 .82 138 Short-Term ADR SPONSORED ADR CIVIN CLASS Y

STOSY 803021609 SANTOS LTD SPONSORED 29-Mar-2004 24-Aug-2004 12 220.510 227.22 6.71 147 Short-Term ADR SPONSORED ADR CIVIN CLASS Y

STOSY 803021609 SANTOS LTD SPONSORED 04-Mar-2004 24-Aug-2004 13 235.430 246.16 10.73 172 Shod-Tenn ADR SPONSORED ADR CIVIN CLASS Y

SHR 806585204 SCHERING AG SPONSORED 12-Feb-2004 30-Apr-2004 415.570 412.91 -2.66 77 Short-Term ADR CIVIN

SHR 806585204 SCHERING AG SPONSORED 12-Feb-2004 04-May-2004 6 311.670 321.06 9.39 81 Short-Term ADR CIVIN



SHR 806585204 SCHERING AG SPONSORED 24-Feb-2004 24,Jun-2004 5 247.210 285.02 37.81 120 Short-Term ADR CIVIN I I

SHR 806585204 SCHERING AG SPONSORED 24-Feb-2004 20-Jul-2OD4 5 247.220 289.74 42.52 146 Short-Term ADR CMN

SHR 806585204 SCHERING AG SPONSORED 24-Feb-2004 20-Sep-2004 5 247.210 295.77 48.56 208 Short-Term ADR CIVIN

SHR 806585204 SCHERING AG SPONSORED 09-Mar-20D4 20-Sep-20D4 7 355.610 414.08 58.47 194 Short-Term ADR CIVIN

SSEZY 81012K309 SCOTTISH & SOUTHERN ENER 27-May-2004 1 O-Sep-2004 13 169.870 174.19 4.32 106 Short-Term ADR SPONSORED ADR CIVIN I I

SSEZY 810121<309 SCOTTISH & SOUTHERN ENER 27-May-2004 12-Oct-2004 64 836.290 894.07 57.78 138 Shod-Term ADR SPONSORED ADR CIVIN

SSEZY 810121<309 SCOTTISH & SOUTHERN ENER 27-May-2004 04-Nov-2004 41 535.750 624.82 89.07 161 Short-Term ,ADR SPONSORED ADR CIVIN

SKHSY 816078307 SEKISUI HOMES LTD 26-Jan-2004 19-Mar-20D4 45 459.000 483.91 24.91 53 Short-Term SPONSORED ADR CIVIN

SKHSY 816078307 SEKISUI HOMES LTD 26-Jan-2004 1 O-Sep-2004 26 265.2001 259.99 -5.21 227, Short-Term SPONSORED ADR CIVIN

7

Ago".


Covered

SKHSY 816078307 SEKISUI HOMES LTD 26-Jan-2004 20-Dec-2004 17 173.400 184.44 11 .04 329 Short-Term SPONSORED ADR CMN

SC 822703609 SHELL TRNS&TRADNG PLC NY 26-Jan-2004 29-Apr-2004 10 400.800 422.70 21.90 93 Short-Term SHS (NEW)REPSTG 6 ORD SHS

SC 822703609 SHELL TRNS&TRADNG PLC NY 26-Jan-2004 1 O-Sep-2004 7 280.560 314.29 33 .73 227 Short-Term SHS (NEW)REPSTG 6 ORD SHS

SC 822703609 SHELL TRNS&TRADNG PLC NY 26-Jan-2004 20-Dec-2004 4 160.320 202.15 41.83 329 Short-Tenn SHS (NEW)REPSTG 6 ORD SHS

SKLKY 824631105 SHINSEI BANK LTD TOKYO 07-Oct-2OD4 24-Nov-2004 35 426.410 467.23 40.82 48 Short-Term SPONSORED ADR CIVIN

SSDOY 824841407 SHISEIDO CO., LTD. 26-Jan-2004 10-Sep-2004 22 273.900 285.99 12.09 227 Short-Term SPONSORED ADR CIVIN

SSDOY 824841407 SHISEIDO CO., LTD. 26-Jan-2004 17-Nov-2004 10 '124 .500 134.20 9.70 296 Short-Term SPONSORED ADR CIVIN

SSDOY 824841407 SHISEIDO CO ., LTD. 26-Jan-2004 1 B-Nov-2004 20 249.000 268.86 19.86 297 Short-Term SPONSORED ADR CIVIN

SSDOY 824841407 SHISEIDO CO., LTD. 26-Jan-2004 03-Dec-2004 34 423.300 474.33 51.03 312 Short-Term SPONSORED ADR CIVIN

SSDOY 824841407 SHISEIDO CO ., LTD. 26-Jan-2004 20-Dec-2004 10 124.500 139.49 14.99 329 Short-Term SPONSORED ADR CIVIN

STO 85771PI02 STATOIL ASA SPONSORED 26-Jan-2004 01-Mar-2004 29 327.990 361 .38 33.39 35 Short-Term ADR CIVIN

STO 8577113102 STATOIL ASA SPONSORED 26-Jan-2004 23-Mar-2004 43 486.330 511 .38 25.05 57 Short-Term ADR CIVIN

SMFJY 86562MI00 SUMITOMO MITSUI FINL 24-Sep-2004 20-Dec-2004 37 210.520 251 .59 41.07 87 Short-Term GROUP INC ADR

SWRAY 870794302 SWIRE PACIFIC LTD SPON 26-Jan-2004 13-Feb-2004 112 806.400 756.30 -50.10 18 Short-Term ADR SPONSORED ADR CIVIN CLASS A

SWRAY 870794302 SWIRE PACIFIC LTD SPON 26-Jan-2004 20,Jul-2004 48 345.600 311 .16 -34.44 175 Short-Term ADR SPONSORED ADR CMN -CLASS A

7, F-7 "g 7 r 7-77- IMM M M

a=ld DISd3b UCIV SNOdS'V*S S30OVdIDIIHVd

UUGI-IJ04S 69Z 017' 1, 9917 WYE 1, tloozloo-z 1, tooz-uLr-gz uvin-133 31S3(]MON3131 60l,MI?Z6L9 SUHS

I US d3ll SMIV 03HOSNOdS LWGI-IJOqS LZZ GGIC1. 0097irl, ir l7ooz-claS-0i, tooz-uaflgz VS ODIX3V4 30 SONO=13131 01ILCOML9 xvu

(SMG'10H S"8313-L) HCIVYS SV81311SVdG

UIJOI-IJ04S 6ZC 91?*GZ- 99'C6 0ZV6 1, 1, c f7ooz-oo(l-oz vooz-ue"Z SBOOVOINnNO03-131 90CLOM9 H81

(s,da-IOH SVU83-131) MOV

. V*S SV'dl3llS"g

UU91-POLIS LZZ ZE'99- Weel, 099'96 1, 9 Vooz-des-o i, tooz-uer-9z S303VOINnV4003131 90CL9Z6Lg HER SHS

MO 9 d3U SCIV 1, GNVIV3Z "81-POLIS1691, MCI, 91,*01?9 ot,9,09 V WOOZ-jn"i, i7ooz-uer-9z M3N :JO dNOO V4033131 90MM9 LZN

SHS ONO 9 d3M SUV 1, CINVIV3Z

LLUOI-IJ04S 6 1, 1, CER- EO*BLC 09L'At, 171. tooZ-AaV4-qZ trooz-uer-gz M3N =10 dUO3 W003131 90ZOLULS LZN SHS

GUO 9 d3M SCIV 1. (INVW3Z UU81-11011S 69 91,1P BLIGIV 0091" 91, FOOZ-jdV-90 lrooz-UB"Z MEIN =10 dMOO V400313i G0Z9LZ6L9 LZNI

NV40)A(IV UU81-IJOLIS 9trl. 08*0Z 99,01,C 098*68Z I? VooZ-unr-jZ IFOOZ-Uer-9z (dGV) NOI-LVMOdHOO >101 GOV1,9CUO Mal

NWO NOV tLual-IJOLIS KI, 6TOZ 90,009 09L*6LG 9 tOOZ-unr-6o tooz-uefl9z (MCIV) NOIIVHOdHOO MG-L 901?LGEZL9 Mal

NV40 UCIV LLuel-VOLIS 9c 99,0- V9*909 06Z'L09 L vooz-vvzo itrooz-UL.1-9z (HOV) NOI.LVHOdMOO ACII 9014SCUO >101

NV40 WV (13UOSNOdS NOV LWGI-)jo4s 991, 66'Irl, 69*LOZ 009761, c Koz-30(1-oz tooZ-unr-Ll, NOdS 30N"nSN1311 SSIMS GOZL99OL9 MOMS

NINO WIV (33MOSNOdS MCIV LLUBI-VOLIS go LVOV 6VOCZ 009*99Z I? tooz-&S-oi, tooZ-unr-Ll, NOdS 30NvNnSN13H SSIMS GOUGOOLO A33MS

v SSVIO NWO NOV (13HOSNOdS MCIV

LWOI-IJ04S UZ 1.0,17V __166'69t? 0001709 OL tOOZ-BnV-LZ - trooz-uemz NOdS (I.I. I 01=11OVd 3MIMS ZM76LOLO AVHMS

P8JGA03

(esee)ss (OSUG) SPaG30Jd (esee)IS03 Alt) I Plas MUG G)B(I epejjL uoildijosea dism loqwAS edA.L uluE) pis" sAL ollules I I

7777


Covered

87924W109 TELENORDESTE CELULAR 30-Mar-2004 12-Oct-2004 1 2.390 4.88 2.49 195 Short-Term PARTICIPACOES S.A. SPONS ADR REPSTG PFD

TIVIS 885118109 THOMSON SA SPONSORED 26-Jan-2004 10-Sep-2004 22 476.490 416.89 -59.60 227 Short-Term

I ADR CMN I TMS 885`118109 THOMSON SA SPONSORED 26-Jan-2004 01-Oct-2004 30 649.750 628.34 -21 .41 248 Short-Term

ADR CIVIN I TMS 885118109 THOMSON SA SPONSORED 26-Jan-2004 05-Oct-2004 18 389.850 387.51 -2 .34 252 Short-Term

ADR CIVIN TIVIS 885118109 THOMSON SA SPONSORED 26-Jan-2004 04-Nov-2004 34 736.390 773.61 37 .22 283 Short-Term

ADRCMN I TMS 885118109 THOMSON SA SPONSORED 26-Jan-2004 14-Dec-2004 30 649.750 765.22 115.47 323 Short-Tenn

ADR CMN TMS 885118109 THOMSON SA SPONSORED 26-Jan-2004 20-Dec-2004 5 108.290 127.69 19 .40 329 Short-Term

ADR CIVIN TSU 88706PI06 TIM PARTICIPACOES SA 12-Oct-2004 29-Oct-2004 3 0.000 41 .81 41 .81 17 Short-Term

SPONSORED ADR LNKD TO PFD STK I

TOT 89151EI09 TOTAL SA SPONSORED AOR 26-Jan-2OD4 03-Jun-2004 5 454.950 475.16 20.21 128 Short-Term CIVIN

TOT 89151EI09- TOTAL SA SPONSORED ADR 26-Jan-2004 10-Sep-2004 2 161.980 200.27 18.29 227 Short-Tenn CMN

TOT 89151EI09 TOTAL SA SPONSORED ADR 26-Jan-2004 20-Dec-2004 2 181.980 212.97 30.99 329 Short-Term CIVIN

TM 892331307 TOYOTA MOTOR 26-Jan-2004 03-May-2004 5 344.000 366.95 22.95 97 Short-Term CORPORATION SPON ADR I

TM 892331307 TOYOTA MOTOR 26-Jan-2004 23-Jun-2004 5 344.000 401 .79 57.79 148 Short-Term CORPORATION SPON ADR

TM 89233`1307 TOYOTA MOTOR 26-Jan-2004 1 O-Sep-2004 3 206.400 232.28 25.88 227 Short-Term CORPORATION SPON ADR

TM 89233`1307 TOYOTA MOTOR 26-Jan-2004 20-Dec-2OD4 2 137.600 155.21 17.61 3291Short-Term CORPORATION SPON ADR

UBS H8920M855 USS AG CIVIN -

26-Jan-2004 03-Feb-2654 10 727.300 726.61 -0.69 Thort-Term

ISIN :CH0012032030

ME

MY. W-4, 4,

Symbol CUSIP Description Trade Date Date Sold Qty Cost(Base) Proceeds (Base) GainfLoss (Base) Days Held Gain Type Covered

UBS H8920M855 UBS AG CMN 26-Jan-2004 12-Feb-2004 6 436.380 465.78 29.40 17 Short-Term ISIN :CH0012032030

UBS H892OM855 UBS AG CMN 26-Jan-2004 17-Mar-2004 9 654.570 665.58 11 .01 51 Short-Term ISIN .CH0012032030

UBS H8920M855 UBS AG CMN 26-Jan-2004 24-May-2004 4 290.920 286.50 -4 .42 118 Short-Term ISIN :CH00112032030

UBS H8920M855 UBS AG CMN 26-Jan-2004 1 O-Sep-2004 2 145.466 141.49 -3 .97 227 Short-Term ISIN :CH0012032030

UBS H8920MB55 UBS AG CMN 26-Jan-2004 20-Dec-2004 2 145.460 166.83 21 .37 329 Short-Tenn ISIN :CH0012032030 I

UL 904767704 UNILEVER PLC (NEW) 30-Jul-2004 20-Dec-2004 4 143.150 154.43 11 .28 143 Short-Term SPONSORED ADR CMN

UMC 910873207 UNITED MICROELECTRONICS 26-Jan-2004 13-Feb-2004 22 119.240 115.011 -4 .23 18 Short-Term CORPOR SPONSORED ADR CMN

LIMC 910873207 UNITED MICROELECTRONICS 26-Jan-20014 17-Feb-2004 44 238.480 233.81 -4 .67 22 Short-Term CORPORSPONSOREDADR CMN

UMC 910873207 UNITED MICROELECTRONICS 26-Jan-2004 10-Sep-200 32 162.150 118.71 -43.44 227 Short-Term CORPORSPONSOREDADR CMN

UPM 915436109 UPM-KYMMENE CORP SPON 26-Jan-2004 03-May-2004 114 263.760 254.98 -8 .78 97 Short-Term ADR SPONSORED ADIR CMN

UPM 915436109 UPM-KYMMENE CORP SPON 26-Jan-2004 1 O-Sep-2004 15 282.600 281 .54 -1 .06 227 Short-Term ADR SPONSORED ADR CMN

UPM 915436109 UPM-KYMMENE CORP SPON 26-Jan-2004 20-Dec-2004 10 188.400 221 .09 32.69 329 Short-Term ADR SPONSORED ADR CMN

VLEEY 919134304 VALEO SPONS ADR 25-Aug-2004 20-Dec-2004 11 219.450 214.49 -4 .96 117 Short-Term SPONSORED ADR CMN

VOD 92657WI00 VODAFONE GROUP PLC 09-Aug-2004 20-Dec-2004 5 107.680 134.79 27 .11 133 Short-Term SPONSORED ADIR CMN

VLKAY 928662303 VOLKSWAG6-N A G 26-Jan-2004 I O-Sep~2004 36 374.400 287.99 -86.41 227 Short-Term ADR(SPONS) SPONSORED ADRCMN I I I

Symbol CUSIP Description Trade Date Date Sold Qty Cost (Base) Proceeds (Base) Gain/Loss (Base) Days Held Gain Type

Covered

VILKAY 928662303 VOLKSWAGON A G 26-Jan-2004 20-Deo-2004 23 239.200 202.39 -36.81 329 Short-Term ADR(SPONS) SPONSORED ADR CIVIN

WTKWY 977874205 WOLTERS KLUWER 26-Jan-2004 13-Feb-2004 29 485.750 530.18 44.43 18 Short-Term SPONSORED ADR SPONSORED ADR CMN

WTKWY 977874205 WOLTERS KLUWER 26-Jan-2004 07-Jul-2004 20 335.000 363.58 28.58 162 Short-Term SPONSORED ADR SPONSORED ADR CMN

WTKWY 977874205 WOLTERS KLUWER 26-Jan-2004 10-Sep-2004 9 150.750 150.74 -0.01 227 Short-Term SPONSORED ADR SPONSORED ADR CMN

WTKWY 9T7874205 WOLTERS KLUWER 26-Jan-2004 20-Dec-2004 8 134.000 158.79 24.79 329 Short-Term SPONSORED ADR SPONSORED ADR CMN

YARIY 984851204 YARA INTERNATIONAL ASA 26-Jan-2004 13-Apr-2004 15 101 .400 105.91 4.51 77 §7h-ort-Term SPONSORED ADR CMN

ZFSVY 98982MI07 ZURICH FINANCIAL SERVICES 26-Jan-2004 13-Feb-2004 33 491 .700 501.64 9.94 18 Short-Term SPONSORED ADR CIVIN

ZFSVY 98982M107 ZURICH FINANCIAL SERVICES 26-Jan-2004 02-Mar-2004 32 476.800 511.67 34.87 36 Short-Term

I SPONSORED ADR CIVIN ZFSVY 98982M107 ZURICH FINANCIAL SERVICES 26-Jan-2004 09-Mar-2004 32 476.800 539.75 62.95 431Short-Term

SPONSORED ADR CIVIN

ZFSVY 98982M107 ZURICH FINANCIAL SERVICES 26-Jan-2004 10-Sep-2004 9 134.100 128.24 -5 .86 227 Shod-Term SPONSORED ADR CMN

ZFSVY 98982M107 ZURICH FINANCIAL SERVICES 26-Jan-2004 20-Dec-2004 71 104.300 113.74 9.44 329 Shod-Term SPONSORE ADR CMN

i I it ;, etz -WA 118,680.51 4pg97.63

Realized GaInsfLosses


Covered

AIQUY 009126202 AIR LIQUIDE ADR ADR CIVIN 23-Jan-2004 26-Jul-2004 6 186.970 190 .25 3.28 184 Short-Term

AZ 018805101 ALLIANZ 23-Jan-2004 09-Dec-2004 47 658.060 58948 -68.58 321 Short-Tenn AKTIENGESELLSCHAFT ADR CIVIN

BP 055622`104 BP PLC SPONSORED ADR 23-Jan-2004 13-Feb-2004 7 342.780 336 .03 -6.75 21 Short-Term CIVIN

BP 055622104 BP PLC SPONSORED ADR 23-Jan-2004 23-Mar-2004 5 244.840 244 .35 -0 .49 60 Short-Term CIVIN

BP 055622104 BP PLC SPONSORED ADR 23-Jan-2004 26-Apr-2004 8 391 .750 424 .10 32.35 93 Short-Term

CIVIN

CSG 127209302 CADBURY SCHWEPPES P.L .C . 23-Jan-2004 27-Jul-2004 6 182.160 196 .57 14 .41 185 Short-Term ADR ADR CIVIN

CSG 1127209302 CADBURY SCHWEPPES P.L .C . 23-Jan-2004 29-JuI-20R 3 91 .080 98 .95 7 .87 187 Short-Term

ADR ADR CIVIN

CSG 127209302 CADBURY SCHWEPPES P.L .C. 23-Jan-2004 13-Oct-2004 4 121 .440 124 .97 3 .53 263 Short-Term

ADR ADR CIVIN

CAD 995500543 CANADIAN DOLLAR 13-Feb-2004 13-Feb-2004 4 .82 3 .630 3 .59 -0 .04 0 Ordinary

CAD 995500543 CANADIAN DOLLAR 08-Mar-2004 08-Mar-2004 3.91 2 .990 2 .96 -0 .03 0 Ordinary

CAD 995500543 CANADIAN DOLLAR 02-Apr-2OD4 02-Apr-2004 4.67 3 .410 3.38 -0 .03 0 Ordinary

CAD 995500543 CANADIAN DOLLAR 13-May-2004 13-May-2004 5.89 4 .320 4 .28 -0 .04 0 Ordinary

CAD 995500543 CANADIAN DOLLAR 08-Jun-2004 08-Jun-2004 3.91 2930 2.91 -0 .02 0 Ordinary

ICAD 995500543 CANADIAN DOLLAR 01-Jul-2004 01-Jul-2004 . 15.041 11.320[- 11.21 -0 .11 0 Ordinary

FC -AD 995500543 CANADIAN DOLLAR 12-Aug-2004 --f2--A-ug-20041 10.391 7 .8001 7 .941 0 .141 O .Ordinary

;C 'I AM


Covered

CAD 995500543 CANADIAN DOLLAR 08-Sep-2004 08-Sep-2004 3.91 3030 3.07 004 0 Ordinary

CAD 995500543 CANADIAN DOLLAR 01-Oct-2004 01-Oct-2004 15 .04 11 .910 12.15 0.24 0 Ordinary

CAD 995500543 CANADIAN DOLLAR 12-Nov-2004 12-Nov-2004 10.39 8.710 8.36 -0.35 0 Ordinary

CAD 995500543 CANADIAN DOLLAR 08-Dec-2004 08-Dec-2004 3.91 3.210 3.20 -0.01 0 Ordinary

CAD 995500543 CANADIAN DOLLAR 31 -Dec-2004 31-Dec-2004 16.05 13.360 12.83 -0.53 0 Ordinary

CCLAY 191085208 COCA COLA AMATIL LTD (ADR) 27-Jan-2004 21-Jul-2004 21 211.340 217.90 6.56 175 Short-Term SPONSORED ADR CMN

CCLAY 191085208 COCA COLA AMATIL LTD (ADR) 27-Jan-2004 26-Jul-2004 20 201.280 199.60 -1 .68 180 Short-Term SPONSORED ADR CMN

CCLAY 191085208 COCA COLA AMATIL LTD (ADR) 27-Jan-2004 28-Jul-2004 9 90.580 87.94 -2.64 182 Short-Term SPONSORED ADR CMN

CCLAY 191085208 COCA COLA AMATIL LTD (ADR) 27-Jan-2004 09-Nov-2004 12 120.770 134.67 13.90 287 Short-Term SPONSORED ADR CMN


CCLAY 191085208 COCA COLA AMATIL LTD (ADR) 27-Jan-2004 15-Nov-2004 7 70.450 78.62 8.17 293 Shod-Term SPONSORED ADR CMN I


DB D18190898 DEUTSCHE BANK AG CIVIN 23-Jan-2004 25-Mar-2004 2 161 .390 162.90 1.51 62 Short-Term

DB D18190898 DEUTSCHE BANK AG CIVIN 23-Jan-2004 27-Apr-2004 4 322.780 343.25 20.47 94 Short-Tenn

DB D18`190898 DEUTSCHE BANK AG CIVIN 23-Jan-2004 12-Nov-2004 2 161 .390 165.8`1 4.42 294 Shod-Tenn

DB D18190898 DEUTSCHE BANK AG CMN 23-Jan-2004 15-Nov-2004 1 60.700 81 .97 1 .27 297 Shod-Tenn

DB D18190898 DEUTSCHE BANK AG CMN 23-Jan-2004 17-Nov-2004 4 322.780 336.05 13 .27 299 Short-Term

DB D18190898 DEUTSCHE BANK AG CIVIN 23-Jan-2004 24-Nov-2004 3 242.090 255.19 13 .10 306 Shod-Term

GSK 37733WI05 GLAXOSMITHKLINE PLC 23-Jan-2004 02-Jun-2004 2 88.380 82.72 -5 .66 130 Short-Term SPONSORED ADR CMN

GSK 37733W105 GLAXOSMITHKLINE PLC 23-Jan-2004 03-Jun-2004 17 751 .230 717.50 -33.73 131 Short-Term SPONSORED ADR CIVIN

GSK 37733W105 GLAXOSMITHKLINE PLC 23-Jan-2004 30-Jul-2004 7 309.330 287.03 -22.30 188 Short-Term SPONSORED ADR CMN

AHO 500467303 KONINKLIJRE AHOLD W 23-Jan-2004 24-Nov-2OD4 15 129.000 112.33 -16.67 306 Short-Term SPONSORED ADR NEW

2'

Symbol CUSIP Description Trade Date Date Sold city Cost(Base) Proceeds (Base) GaInfl-oss (Base) Days Held Gain Type

Covered

AHO 500467303 KONINKLIJKE MOLD NV 23-Jan-2004 26-Nov-2004 41 352.600 308.25 -44.35 308 Shod-Term SPONSORED ADR NEW

AHO 500467303 KONINKLIJKE MOLD NV 23-Jan-2004 29-Nov-2004 16 137.600 120.38 -17.22 311 Short-Term SPONSORED ADR NEW

AHO 500467303 KONINKLIJKE AHOLD NV 23-Jan-2004 06-Dec-2004 25 215.000 188.05 -26.95 318 Short-Term SPONSORED ADR NEW

AHO 500467303 KONINKLIJKE MOLD NV 23-Jan-2004 07-Dec-2004 10 86.000 75.06 -10.94 319 Short-Term SPONSORED ADR NEW


AHO 500467303 KONINKLIJKE MOLD NV 23-Jan-2004 09-Dec-2004 19 163.400 140.94 -22.46 321 Short-Term SPONSORED ADR NE

AHO 50D467303 KONINKLIJKE MOLD NV 23-Jan-2004 I O-Dec-2004 10 86.000 74.06 -11.94 322 Short-Term SPONSORED ADR NEW


LUX 5506811202 LUXOTTICA GROUP 23-Jan-2004 07-Jul-2004 6 100.490 103.57 3.08 165 Short-Term ADS(SPONSORED) REPRESENT THE RIGHT TO RECEIVE ONE ORDINARY SHARES

LUX 5506811202 LUXOTTICA GROUP 23-Jan-2004 08-Jul-2004 2 33.500 34 .98 1.48 166 Short-Term ADS(SPONSORED) REPRESENT THE RIGHT TO RECEIVE ONE ORDINARY SHARES

LUX 5506BR202 LUXOTTICA GROUP 23-Jan-2004 09-Jul-2004 6 100.490 104.98 4.49 167 Short-Term ADS(SPONSORED) REPRESENT THE RIGHT TO RECEIVE ONE ORDINARY SHARES

LUX 5506811202 LUXOTTICA 6ROUP 23-Jan-2004 19-Jul-2004 5 83.740 87 .29 3.55 177 Shod-Tenn ADS(SPONSORED) REPRESENT THE RIGHT TO RECEIVE ONE ORDINARY SHARES

j.


Covered

NAB 632525408 NATIONAL AUSTRALIA BANK 23-Jan-2004 28-May-2004 1 114.740 106.93 -7.81 125 Short-Term LIMITE SPONSORED ADR (NEW)

NAB 632525408 NATIONAL AUSTRALIA BANK 23-Jan-2004 01-Jun-2004 2 229.480 2`12 .72 -16.76 129 Short-Term LIMITE SPONSORED ADR (NEW)

NSRGY 641069406 NESTLE SA SPONSORED ADR 23-Jan-2004 25-Mar-2004 3 201.300 186.94 -14.36 62 Short-Term (REP 1/20 CHF 10 REGD SHS)

NSRGY 641069406 NESTLE SA SPONSORED ADR 23-Jan-2004 03-May-2004 2 134.200 127.25 -6.95 100 Short-Tenn (REP 1120 CHF 10 REGD SHS)

NSRGY 641069406 NESTLE SA SPONSORED ADR 23-Jan-2004 04-May-2004 3 201.300 195.88 -542 101 Short-Term (REP 1/20 CHF ̀10 REGD SHS)

NSRGY 641069406 NESTLE SA SPONSORED ADR 23-Jan-2004 05-May-2004 2 134.200 132.13 -2 .07 102 Short-Term (REP 1/20 CHF 10 REGD SHS) I I

NSRGY 641069406 NESTLE SA SPONSORED ADR 23-Jan-2004 06-May-2004 4 268.400 261.72 -6.68 103 Short-Term (REP 1/20 CHF 10 REGD SHS)

NVS 6698TV109 NOVARTIS AG-ADR 23-Jan-2004 27-Aug-2004 4 188.040 182.55 -5.49 216 Short-Term SPONSORED ADR CIVIN

NVS 6698TV109 NOVARTIS AG-ADR 23-Jan-2004 18-Oct-2004 6 282.060 277.31 -4.75 268 Short-Term SPONSORED ADR CMN

NVS 6698TV109 NOVARTIS AG-ADR 23-Jan-2004 19-Oct-2004 6 282.060 281 .18 -0.68 269 Short-Term SPONSORED ADR CMN I

NVS 66987V109 NOVARTIS AG-ADR 23-Jan-2004 20-Oct-2004 2 94.020 94 .09 0.07 270 Short-Term SPONSORED ADR CMN

NVO 670100205 NOVO-NORDISK A/S ADR ADR 26-Jan-2004 02-Jun-2004 12 487.460 560.25 72.79 127 Short-Term CMN

NVO 670100205 NOVO-NORDISK AtS ADR ADR 26-Jan-20D4 03-Jun-2004 6 243.730 280.02 36.29 128 Short-Term CMN

NVO 670100205 NOVO-NORDISK AIS ADR ADR 26-Jan-2004 03-Sep-2004 3 121 .870 159.60 37 .73 220 Short-Term GIVIN I I I I I

NVO 70100205 NOVO-NORDISK A/S ADR ADR 26-Jan-2004 08-Sep-2004 2 81 .240 106.62 25 .38 225 Short-Term CIVIN

NVO 670`100205 NOVO-NORDISK A/S ADR ADR 26-Jan-2004 09-Sep-2004 3 121 .870 160.63 38.76 226 Short-Term CMN

Symbol CUSIP Description Trade Date Data Sold I City Cost (Base) Proceeds (Base) Gain/Loss (Base) Days Held Gain Type Covered

RUK 758205108 REED ELSEVIER PLC 23-Jan-2004 08-Jul-2004 6 210.140 224.54 14 .40 166 Shod-Term SPONSORED ADR CMN

RHHBY 771195104 ROCHE HOLDING AG ADR B 23-Jan-2004 09-Feb-2004 5 505.500 520.97 15 .47 17 Short-Term SHS(NOM CHF 100) VAL 224.184

RHHBY 771195104 ROCHE HOLDING AG ADR B 23-Jan-2004 25-May-2004 3 303.300 313.35 10 .05 122 Short-Term SHS(NOM CHF 100) VAL 224.184

RHHBY 771195104 ROCHE HOLDING AG ADR B 23-Jan-2004 06-Aug-2004 2 202.200 194.18 -8 .02 195 Short-Term SHS(NOM CHIF 100) VAL 224.184

RHHBY 771195104 ROCHE HOLDING AG ADR B 23-Jan-20041 13-Aug-2004 4 404.400 386.01 -18.39 202 Shod-Term SHS(NOM CHF 100) VAL 224.184

RHHBY 771195104 ROCHE HOLDING AG ADR B 23-Jan-2004 27-Sep-2004 3 303.300 306.57 3.27 247 Short-Term SHS(NOM CHF 100) VAL 224.184

SNY 80105NI05 SANOFI-AVENTIS SPONSORED 23-Jan-2004 28-May-2004 2 73.920 66.38 -7 .54 125 Short-Term ADRCMN

SNY 80105N105 SANOFI-AVENTIS SPONSORED 23-Jan-2004 OWun-2004 5 184.800 162.73 -22.07 129 Short-Term ADR CMN I I

SNY 80105N105 SANOFI-AVENTIS SPONSORED 23-Jan-2004 03-Jun-2004 6 221.760 195.28 -26.48 131 Short-Term ADRCMN

SNY 80105N105 SANOFI-AVENTIS SPONSORED 23-Jan-2004 03-Jun-2004 5 184.800 164.38 -20.42 131 Short-Term ADRCMN

SNY 80105N105 SANOFI-AVENTIS SPONSORED 23-Jan-2004 04-Jun-2004 5 184.800 165.41 -19.39 132 Short-Term ADR CMN

TOT 89151E109 TOTAL SA SPONSORED ADR 23-Jan-2004 02-Feb-2004 8 734.190 710.27 -23.92 10 Short-Term CMN

TOT 89151EI09 TOTAL SA SPONSORED ADR 23-Jan-2004 30-Apr-2004 1 91.770 92.40 0.63 97 Short-Term CMN

UL 904767704 UNILEVER PLC (NEW) 23-Jan-2004 08-Dec-2004 5 197.370 187.75 -9 .62 320 Short-Term SPONSORED ADR CMN I

UL 904767704 UNILEVER PLC (NEW) 23-Jan-2004 13-Dec-2004 7 276.320 265.09 -11 .23 325 Short-Term SPONSORED ADR CMN

ISM


Covered

UL 904767704 UNILEVER PLC (NEW) 23-Jan-2004 14-Dec-2004 7 276.320 266.20 -10.12 326 Short-Term SPONSORED ADR CMN

WPPGY 929309300 WPP GROUP PLC ADR 23-Jan-2004 12-Nov-2004 5 276.650 272.08 -4.57 294 Short-Term SPONSORED ADR CMN I

WPPGY 929309300 WPP GROUP PLC ADR 23-Jan-2004 15-Nov-2004 2 110.660 107.25 -3.41 297 Sho - erm SPONSORED ADR CMN

WPPGY 929309300 WPP GROUP PLC ADR 23-Jan-2004 19-Nov-2004 4 221 .320 218.48 -2.84 301 Short-Term

TOTAL SPONSORED ADR CMN

15,395.07 -177 .27

Realized GainsfLosses

`7 2,


Covered

INTC 458140100 INTEL CORP CMN 26-Jan-2004 09-Dec-2004 45 1,434A50 1,02552 -40863 318 Short-Term INTU 461202103 INTUIT INC CMN 26-Jan-2004 29-Jan-2004 10 485.690 492.73 7.04 3 Short-Term INTU 461202103 INTUIT INC CMN 264an-2004 09-Mar-2004 15 728.540 651.94 -76.60 43 Short-Tenn L 530718105 LIBERTY MEDIA CORP NEW 26-Jan-2004 1 8-Mar-2004 80 961.600 887.96 -73.64 52 Short-Term

CMN SERIES A L 530718105 LIBERTY MEDIA CORP NEW 26-Jan-2004 19-Mar-2004 80 961.600 888.55 -73.05 53 Short-Term

CMN SERIES A L 530718105 LIBERTY MEDIA CORP NEW 26-Jan-2004 1 9-Mar-2004 25 300.500 278.48 -22.02 53 Short-Term

CMN SERIES A L 530718105 LIBERTY MEDIA CORP NEW 26-Jan-2004 19-Mar-2004 25 300.500 277.81 -22.69 53 Short-Term

CMN SERIES A L 530718105 LIBERTY MEDIA CORP NEW 26-Jan-2004 27-May-2004 130 1,562.600 1,406.56 -156.04 121 Short-Term

CMN SERIES A MSFT 594918104 MICROSOFT i5ORPORATION 26-Jan-2004 05-Feb-2004 25 711 .750 675.21 -36.54 10 Short-Term

CMN PEP 713448108 PEPSICO INC CIAN 26-Jan-2004 05-Mar-2004 51 232.700 260.70 28.00 39 Short-Term PEP 713448108 PEPSICO INC CMN 26-Jan-2004 05-Apr-2004 201 930.800 1,077.97 147.17 69 Short-Term PEP 713448108 PEPSICO INC CMN 26-Jan-2004 13-May-2004 10 465.400 529.95 64.55 107 Shod-Term TSG 785905100 SABRE GROUP HOLDINGS 05-Feb-2004 16-Sep-2004 15 31 1 .000 353.24 42.24 223 Short-Term

CLASS A COMMON STOCK TSG 785905100 SABRE GROUP HOLDINGS 05-Feb-2004 16-Nov-2004 21 435.400 472.20 36.80 285 Shod-Term

CLASS A COMMON STOCK TXN 882508104 TEXAS INSTRUMENTS INC. 26-Jan-2004 19-Mar-2004 60 1.691 .200 1,681 .00 -210.20 53 Short-Term

CMN I WWY 982526105 WM WRIGLEY JR CO DEL CMN 26-Jan-20041 15-Nov-2004 5 286.550 340.63 54.08 294 Short-Term WYE 983024100 WYETH CMN 26-Jan-2004 27-May-2004 40 1,654.000 1,427.96 -226.04 121 Short-Term WYE 983024100 WYETH CMN 26-Jan-2004 15-Jul-2004 60 2,481 .000 2,111 .52 -369.48 170 Short-Tenn

FOTAL ~77, ~3, t a~ 1 25,765 .75 -1,560.37

NWO *ONI tLUG-L-IJ04S L~ 96*C9 06*OLL 096'90L 99 1700z-qoA-ZL t?ooz-ugr-gz 'S301A)13S SS3131JIM I'RIV 9OLV60ZOO

V SSV-13 NWO U"al-PoLls 917 ZOU ~LIFL~ 069*E9 -9 tOOZ-AC)N-90 VOOZ-dGS-~Z (M3N) V--10 dMOO IONEIHdVYV M96=0 HdV

NINO S3[NVdWOO UUGI-tjoqs 9% K3- Z6'99Z 09Z'LOZ 9 Vo0zloo-2 1,00Z-ABW-6~ ONVONVIS NV3lH3V4V 90MMO asy

NINO S31NVdIN0O UIJGI-1104SIVGL 90 . Z- OC'617Z 09C39Z L Vo0zloo-oz VCOZ-ABV4-6~ (IMV(3NVIS NVOIU3V4V 9UMM (ISV

NWO S31NVdWOO UIJGI-IJ04S L9Z OZ*09- qq,zoq,~ oqq*zqq,~ st, tooz-130-oz trooz-uer-9z GIMINVIS NVOII131NV 9UMM asy

NWO S31NVdWOO tLUGI-)JO4S LL OV14 oo*%V~ 00610V~ U tpooz-jdv-c t?OOZ-Uer-gz (MONVIS NVOlH3V4V 90ML6ZO asy

UIJGI-)JOqS M 99,017 WM4 corml oz tooz-Bnv-co tooz-uer-gz NV40 ONI dnow) IINI '83INV LUMM DIV

ULIBI-IJ04S ZU oc3t, 89*ZCL COZ169 % VooZ-AeVj-qZ tooz-uer-9z NWO ONI dno)jE) UNI M3WV MWOM DIV

LLuBi-t'04S VU 6V~ 66*9VC 009'SK 9 VOOZ-AeW-% irooz-ueflgz NWO ONI dnouE) IiNl U3WV LO ~VMZO DIV

UU811104S trtz MOLL W069 0061P 9 t,00Z-A0N-0S IOOZ-jdV-oe NWO ONI VN13V MALMO 13V

uu0l-V0qS 60C 98*996 go,zgc,z 00Z'96V~ oz IFOOZ-AON-OC IrOOZ-uL"Z NWO ONI VN13V SOLW900 13V

u1jol-1104S 176Z C916C C6'960'~ 00 M tooZ-A0N-G ~ 1700Z-Uor-9z NINO ONI VN13V GUALWOO jav

twai-)Ioqs OV 99'1?ZZ 96'ZZ6 00V969 U iOOZ-BnV-VZ tpooz-uer-gz NWO ONI VN13V MALMO 13V

ULJOI-IJ04S C% CL76 EVUS 00COZIP se VOOZ-1n"o tooz-ULI(19Z NWO (M3N) ON[ NOISIALLOV ZOZOC6VOO LAIV

Wiai-)Joqs ZU L9'9U LVL6tr 009*09C oc MOZ-unr-LO trooz-uer-gz NINO (M3N) ONI NOISIALLOV ZOZOEM0 buv v

UUGI-Iioqs M 99'eir- zwzoc,~ oovqvc,~ 99 VOOZ-AeW-VZ trooz-ueflgz SSV-13 NV40 all 3unIN300V MDOM9 NOV

paimoo

adAi ulef) PIGH sAeCj (eses) 690-1jules (8988) SPGG30Jd (osee)lso3 Alb I plos O)ea e)ea opejjL uondliose(i dism

sessolmulue pezilsom

Symbol CUSIP Description Trade Date Date Sold Qty Cost(Base) Proceeds (Base) GaInfLoss (Base) Days Held Gain Type

I Covered

DELL 24702R101 DELL INC CMN 26-Jan-2004 13-Feb-2004 40 1,388.000 1.389 .31 1.31 18 Short-Terin DTV 254591-106 DIRECTV GROUP INC CMN 26-Jan-2004 17-Jun-2004 10 171.900 169.97 -1 .93 142 Short-Term DTV 25459LI06 DIRECTV GROUP INC CMN 26-Jan-2004 17-Jun-2004 10 171.900 170.18 -1 .72 142 Short-Term DTV 25459LI06 DIRECTV GROUP INC CMN 26-Jan-2004 18-Jun-2004 15 257.650 255.14 -2.71 143,short-Term DTV 25459LI06 DIRECTV GROUP INC CMN 26-Jan-2004 18-Jun-2004 10 171.900 170.89 -1 .01 1431Short-Term DTV 26459LI06 DIRECTV GROUP INC CMN 26--Jan-2004 22-Jun-2004 25 429.750 411 .74 -18 01 1471S hort-Term ETN 278058102 EATON CORP CMN 26-Jan-2004 25-Oct-2004 25 1,537.380 1,548AS 10.80 272 Short-Term EXC 30161NI01 EXELON CORP CMN 26-Jan-2004 28-May-2004 30 966.480 998.32 31.84 122 Short-Term EXC 30161N101 EXELON CORP CMN 26-Jan-2004, 12-Aug-2004 15 483.240 545.98 62.74 198 Short-Term EXC 30161NI01 EXELON CORP CMN 26-Jan-20041 24-Aug-2004 15 483.240 541 .86 58.62 210 Short-Term EXC 3016INI01 EXELON CORP CMN 26-Jan-2004 26-Aug-2004 15 483.240 94-4 .09 60.85 212 Short-Term EXC 3016IN101 EXELON CORP CMN 26-Jan-2004 10-Sep-2004 15 483.240 563.75 80.51 227.Short-Term XOM 30231G102 EXXON MOBIL CORPORATION 26-Jan-2004 30-Jun-2004 145 5.953.700 6,433.93 480.23 155 Short-Term

CMN HPQ 428236103 HEWLETT-PACKARD CO . CMN 26-Jan-2004 07-Apr-2004 15 388.950 342.10 -46.85 71 Short-Term HPQ 428236103 HEWLETT-PACKARD CO. CIAN 26-Jan-2004 I G-Jul-2004 10 259.300 198.79 -60.51 171 Short-Term HPQ 428236103 HEWLETT-PACKARD CO . CMN 26-Jan-2004 22-Oct-2004 50 1,296.500 905.17 -391.33 269 Short-Term ICST 458iiK208 INTEGRATED CIRCUIT 07-Apr-2004 10-Sep-2004 40 1 .053.410 920.77 -132.64 156 Short-Term

SYSTEMS INC CMN IBM 459200101 INTL BUSINESS MACHINES 26-Jan-2004 08-Jul-2004 5 494.350 422.84 -71.51 163 Short-Term

CORPCMN IBM 459200101 INTL BUSINESS MACHINES 26-Jan-2004 02-Aug-2004 10 988.700 867.73 -120.97 188 Short-Term

CORPCMN JCP 708160106 J.C . PENNEY CO INC (HLDNG 26-Jan-2004 12-Mar-2004 70 1,852.200 2,223.64 371.44 46 Short-Term

CO)CMN JNJ 478160104 JOHNSON & JOHNSON CMN 26-Jan-2004 12-Nov-2004 10 532.400 604.65 72.25 291 Short-Term JNJ 478160104 JOHNSON & JOHNSON CMN 23-Mar-2004 09-Dec-2004 15 744.320 914.65 170.33 261 Short-Term

JNJ 478160104 JOHNSON & JOHNSON CMN 26-Jan-2004 09-Dec-20041 15 798.600 914.66 116.06 318 Short-Term LAMR 512815101 LAMAR ADVERTISING Co CMN 26-Jan-2004 17-Sep~2004 15 559.800 629.98 70.18 234 Short-Term

ICLASS A I LAMR 512815101 ILAMAR ADVERTISING CO CMN 26-Jan-2004 01-Oct-2004 4 149.280 168.10 18.821 248 Short-Term

CLASS A

-0, 7 7 3

Symbol CLISIP Description Trade Date Date Sold I Qly Cost (Base) Proceeds (Base) GainfLoss (Base) Days Held Gain Type

I Covered

IR 512815101 LAMAR ADVERTISING CO CMN 26-Jan-2004 04-Oct-2004 5 186.600 211.12 24.52 251 Short-Term CLASS A

524908100 LEHMAN BROTHERS 26-Jan-2004 20-May-2004 10 849.400 738.68 -110 .72 114 Short-Term HOLDINGS INC CMN

55261F104 M&T BANK CORPORATION 26-Jan-2004 30-Jun-2004 10 930.430 866.78 -63.65 155 Short-Term CMN

55261FI04 M&T BANK CORPORATION 26-Jan-2004 08-Dec-2004 5 465.210 520.74 55.53 317 Short-Term CMN

r 59156R108 METLIFE INC CMN 26-Jan-2004 28-May-2004 15 502.950 531.25 28.30 122 Short-Term 4 61166W101 MONSANTO COMPANY CIAN 26-Jan-2004 09-Dec-2004 25 735.250 1,200.80 465.55 318 Shod-Term 4 61166WI01 MONSANTO COMPANY CMN 26-Jan-2004 1 O-Dec-2004 30 882.300 1,500.32 618.02 319 Short-Term 4 61166WI01 MONSANTO COMPANY CMN 28-Jun-2004 1 O-Dec-2004 45 1,627.970 2,250.48 622.51 165 Short-Term 4 61166WI01 MONSANTO COMPANY CMN 07-Jul-2004 1 O-Dec-2004 12 441 .660 600.13 158.47 156 Short-Term q 61166WI01 MONSANTO COMPANY CMN 07-Jul-2004 13-Deo-2004 3 110.420 151.74 41.32 159 Short-Term D 617446448 MORGAN STANLEY CIAN 26-Jan-2004 20-May-2004 20 1 .182 .600 1,041 .70 -140.90 114 Short-Term

674599105 OCCIDENTAL PETROLEUM 26-Jan-2004 05-Feb-2004 55 2,447.260 2.381 .33 -65.93 10 Short-Term CORP CMN

717081103 PFIZER INC. CMN 26-Jan-2004 07-Oct-2004 40 1,458.000 1,194.48 -263 .52 254 Short-Term 74005PI04 PRAXAIR INC CMN 26-Jan-2004 05-Feb-2004 20 710.000 710.08 0.08 10 Short-Term 74005PI04 PRAXAIR INC CMN 26-Jan-2004 17-May-2004 60 2,130.000 2.105 .27 -24.73 111 Shod-Tenn 742718109 PROCTER & GAMBLE CO CMN 26-Jan-2004 05-Oct-2004 10 495.610 541 .21 45.60 252 Shod-Tenn 7446OD109 PUBLIC STORAGE INC CMN 26-Jan-2004 27-Jan-2004 20 930.000 937.96 7.96 1 Short-Term

t G7496GIO3 RENAISSANCE RE HOLDINGS 26-Jan-2004 23-Mar-2004 25 1,272.890 1,319.41 46.52 57 Short-Term LTD CMN

t G7496GIO3 RENAISSANCE RE HOLDINGS 26-Jan-2004 30-Nov-2004 14 712.820 711 .29 -1 .53 309 Short-Tenn LTD CMN

t G7496GIO3 RENAISSANCE RE HOLDINGS 26-Jan-2OD4 01-Dec-2004 6 305.500 299.71 -5.79 310 Short-Term LTD CMN

760759100 REPUBLIC SERVICES INC CMN 26-Jan-2004 28-Apr-20041 20 511.400 561 .80 50.40 92 Short-Term 760759100 REPUBLIC SERVICES INC CMN 26-Jan-2004 29-Apr-2004 35 894.950 1 .037 .59 142.64 93 Short-Term

902973304 1U.S . BANCORP CIAN 26-Jan-2004 23-Jun-2004 20 560.000 564.58 4.58 148 Short-Term 902973304 U.S . BANCORP CMN 26-Jan-2004 30-Jun-2004 25 700.000 679.50 -20.50 155 Short-Term

I j90j297j33D4 U.S. BANCORP CMN 26-Jan-2004 16-Jul-2004 65 1 .820 .000 1,820.76 0.76 171 Short-Term 71 77 7 77 ~77 7',

_IV,, -


Covered

UTX 9130`17109 UNITED TECHNOLOGIES 26-Jan-2004 06-Feb-2004 30 2,823.600 2,830.19 6.59 11 Short-Term CORP CMN

Vz 92343V'104 VERIZON COMMUNICATIONS 26-Jan-2004 28-May-2004 20 749.800 690.91 -58.89 122 Short-Term CIVIN

Vz 92343V104 VERIZON COMMUNICATIONS 26-Jan-2004 17-Jun-2004 45 1,687.050 1 .611 .32 -75.73 142 Short-Term CIVIN

Vz 92343V104 VERIZON COMMUNICATIONS 26-Jan-2004 21-Jun-2004 60 2,249.400 2,138.32 -111 .08 146 Short-Term CIVIN

WB 929903102 WACHOVIA CORP CIVIN 26-Jan-2004 30-Jan-2004 20 933.400 922.36 -11.04 4 Short-Term

WB 929903102 WACHOVIA CORP CIVIN 26-Jan-2004 12-Mar-2004, 10 466.700 480.56 13 .88 46,Short-Term

WB 929903102 WACHOVIA CORP CIVIN 26-Jan-2004 23-Mar-2004 20 933.400 926.73 -6 .67 57 Short-Term

WFC; 949746101 WELLS FARGO & CO (NEW) 26-Jan-2004 30-Mar-2004 75 4,290.000 4,262.61 -27.39 64 Short-Term CMN

WYE 983024100 WYETH CMN 26-Jan-2004 08-Mar-2004 35 1,447.250 1,394.69 -52.56 42 Short-Term

XRX 984121103 XEROX CORPORATION CIVIN 07-Apr-2004 17-Aug-2004 70 1,033.540 928.46 -105 .08 132 Short-Term

XL G98255105 XL CAPITAL LTD CL-A CMN 26-Jan-2004 30-Nov-2004 15 1,185.3001 1,124.40 -60.90 309 ICLASS A

ITOTAL I 1 105,073.10 7,785.091

All other corporations (including Form 990-C filers) must use Form 7004 to request an extension of time to file income tax returns .

Partnerships, REMICs, and trusts must use Form 8736 to request an extension of time to file Form 1065, 1066, or 1041 . Electronic Filing (e-file). Form 8868 can be filed electronically if you want a 3-month automatic extension of time to file one of the returns noted below (6 months for corporate Form 990-T filers) . However, you cannot file it electronically if you want the additional

(not automatic) 3-month extension, instead you must submit the fully completed signed page 2 (Part 11) of Form 8868 . For more details on the electronic filina of this form . visit www.irs .aov/efile . Type or print File by the due date for filing your return See instructions .

22-3589110 MICHAEL P BERGERON FOUNDATION, INC Number, street, and room or suite no . If a P.O. box, see instructions . 49 GLEN RIDGE DRIVE City, town or post office, state, and ZIP code . For a foreign address, see instructions . LONG VALLEY NJ 08753

DAA

Pg 2

Fprm 8068 Application for Extension of TimeTo File an (Re~ December 2004) Exempt Organization Return OMB No. 1545-1709

Department of the Treasury 10, File a separate application for each return . Internal Revenue Service

If you are filing for an Automatic 3-Month Extension, complete only Part I and check this box . . . . . . . . . . . . . . . If you are filing for an Additional (not automatic) 3-Month Extension, complete only Part 11 (on page 2 of this form).

Do not complete Part 11 unless you have already been granted an automatic 3-month extension on a previously filed Form 8868 .

pad I Automatic 3-Month Extension of Time- Only submit original (no copies needed)

Form 990-T corporations requesting an automatic 6-month extension-check this box and complete Part I only . . . . . . . . . . . . . . . . . . . . . . . . . .

Name of Exempt Organization Employer identification number

Check type of return to be filed (file a separate application for each return) : Form 990 Form 990-T (corporation) Form 4720 Form 990-BL Form 990-T (sec . 401 (a) or 408(a) trust) Form 5227 Form 990-EZ Form 990-T (trust other than above) Form 6069 Form 990-PF Form 1041-A Form 8870

The books are in the care of 10- LESHNER FPANCHINO & CO, LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Telephone No . 00, . 9 * 73 5

* 3

' 9-1800 FAXNo . 110- 973-539-8110 . . . . . . . . . . . . . . .

If the organization does not have an office or place of business in the United States, check this box . . . . . . . . . . . . . If this is for a Group Return, enter the organization's four digit Group Exemption Number (GEN) . If this

is for the whole group, check this box 00- [] . If it is for part of the group, check this box110, 11 and attach a list with the names and EINs of all members the extension will cover . I I request an automatic 3-month (6-months for a Form 990-T corporation) extension of time until 8 / 15 / 0 5

to file the exempt organization return for the organization named above . The extension is for the organization's return for: 10- F~" calendar year 2 0 0 4 or 10, M tax year beginning . , and ending

2 If this tax year is for less than 12 months, check reason, 11 Initial return El Final return 11 Change in accounting period

3a If this application is for Form 990-BL, 990-PF, 990-T, 4720, or 6069, enter the tentative tax, less any nonrefundable credits . See instructions $ 5,142 . . . . . . . . . . . . . . . . . . . . . . . . . . . .

b If this application is for Form 990-PF or 990-T, enter any refundable credits and estimated tax payments made . Include any prior year overpayment allowed as a credit

. . . * -- * . . . . . . . . $ 142

c Balance Due. Subtract line 3b from line 3a. Include your payment with this form, or, if required, deposit with FTD coupon or, if required, by using EFTPS (Electronic Federal Tax Payment System) . See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,000

Caution. If you are going to make an electronic fund withdrawal with this Form 8868, see Form 8453-EO and Form 8879-EO for payment instructions . For Privacy Act and Paperwork Reduction Act Notice, see Instructions . Form 8868 (Rev 12-2004)

Documents

,&,W990-PF Return of Private Foundation OMB No ,sas-0os2 or …990s.foundationcenter.org/.../223589110_200412_990PF.pdf · 2017. 6. 20. · ,&,W990-PF Return of Private Foundation