UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549
                                
                            Form 13F
                                
                       Form 13F COVER PAGE
                                
Report for the Calendar Year or Quarter Ended: June 30, 2005

Check here if Amendment [X ]; Amendment Number: _1___
This Amendment (Check only one.): [X ] is a restatement.
                                  [  ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:    BP p.l.c.
Address: 1 St James's Square
         London SW1Y 4PD
         England

Form 13F File Number:  28-05353

The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person
signing the report is authorized to submit it, that all
information contained herein is true, correct and complete, and
that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of
this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:  Dr. Byron E. Grote
Title: Chief Financial Officer and Executive Director
Phone: 020 7496 4263

Signature, Place, and Date of Signing:

/s/ Byron Grote      London, UK            6th September 2005
------------------   ------------------    ------------------
[Signature]          [City,State]          [Date]

Report Type (Check only one.):

[X] 13F HOLDINGS REPORT. (Check here if all holdings of this
reporting manager are reported in this report.)

[ ] 13F NOTICE. (Check here if no holdings reported are in this
report, and all holdings are reported by other reporting
manager(s).)

[ ] 13F COMBINATION REPORT. (Check here if a portion of the
holdings for this reporting manager are reported in this report
and a portion are reported by other reporting manager(s).)

List of Other Managers Reporting for this Manager:

Form 13F File Number               Name

28-________________                _______________



                      Form 13F SUMMARY PAGE
                                
                                
Report Summary:

Number of Other Included Managers:            1
                                          ------------

Form 13F Information Table Entry Total:      396
                                          ------------

Form 13F Information Table Value Total:   $ 1,178,450
                                          ------------
                                          (thousands)

List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file
number(s) of all institutional investment managers with respect
to which this report is filed, other than the manager filing this
report.

No.  Form 13F File Number          Name
01   28-05357                 BP Investment Management Limited








BP P.L.C.
FORM 13F INFORMATION TABLE
JUNE 30, 2005

                               TITLE
                                OF                   VALUE       SHARES     SH/   INVESTMENT               VOTING AUTHORITY
            ISSUER             CLASS     CUSIP      (x$1000)    /PRN AMT    PRN   DISCRETION    MANAGERS      SOLE     SHARED   NONE
                                                                                                  
3M                              COM  88579Y101            5784        80000  SH     DEFINED        01             80000
ABBOTT LABORATORIES             COM  002824100            8577       175000  SH     DEFINED        01            175000
ACE LTD                         COM  G0070K103            1637        36500  SH     DEFINED        01             36500
ADOBE SYS                       COM  00724F101            1717        60000  SH     DEFINED        01             60000
ADVANCED MICRO DEVICES          COM  007903107            1023        59000  SH     DEFINED        01             59000
AES CORP                        COM  00130H105            1245        76000  SH     DEFINED        01             76000
AETNA                           COM  00817Y108            2982        36000  SH     DEFINED        01             36000
AFFILIATED COMPUTER SERVICES    COM  008190100             715        14000  SH     DEFINED        01             14000
AFLAC                           COM  001055102            2272        52500  SH     DEFINED        01             52500
AGILENT TECHNOLOGIES            COM  00846U101            1381        60000  SH     DEFINED        01             60000
AIR PRODUCTS & CHEMS            COM  009158106            1809        30000  SH     DEFINED        01             30000
ALBERTSONS                      COM  013104104             724        35000  SH     DEFINED        01             35000
ALCOA                           COM  013817101            2299        88000  SH     DEFINED        01             88000
ALLEGHENY ENERGY                COM  017361106            1009        40000  SH     DEFINED        01             40000
ALLEGHENY TECHNOLOGIES          COM  01741R102             221        10000  SH     DEFINED        01             10000
ALLOS THERAPEUTICS COM STK      COM  019777101              96        44172  SH      SOLE                         44172
ALLSTATE                        COM  020002101            4780        80000  SH     DEFINED        01             80000
ALLTEL                          COM  020039103            2055        33000  SH     DEFINED        01             33000
ALTERA                          COM  021441100             991        50000  SH     DEFINED        01             50000
ALTRIA                          COM  02209S103           13902       215000  SH     DEFINED        01            215000
AMBAC FINANCIAL GRP             COM  023139108             802        11500  SH     DEFINED        01             11500
AMBEV ADR                       ADR  20441W203             247         8000  SH     DEFINED        01              8000
AMER ELEC POWER                 COM  025537101            1475        40000  SH     DEFINED        01             40000
AMEREN                          COM  023608102            1106        20000  SH     DEFINED        01             20000
AMERICA MOVIL A ADR             ADR  02364W204            5965       100000  SH     DEFINED        01            100000
AMERICA MOVIL L ADR             ADR  02364W105            3219        54000  SH     DEFINED        01             54000
AMERICAN EXPRESS                COM  025816109            8517       160000  SH     DEFINED        01            160000
AMERICAN INTL GROUP             COM  026874107           17081       294000  SH     DEFINED        01            294000
AMERICAN POWER CONVERSION       COM  029066107             472        20000  SH     DEFINED        01             20000
AMERICAN STANDARD               COM  029712106             922        22000  SH     DEFINED        01             22000
AMGEN                           COM  031162100            9160       151500  SH     DEFINED        01            151500
AMSOUTH BANCORP                 COM  032165102             910        35000  SH     DEFINED        01             35000
ANADARKO PETROLEUM              COM  032511107            2054        25000  SH     DEFINED        01             25000
ANALOG DEVICES                  COM  032654105            1492        40000  SH     DEFINED        01             40000
ANHEUSER BUSCH COM $US1         COM  035229103            3660        80000  SH     DEFINED        01             80000
APACHE                          COM  037411105            2132        33000  SH     DEFINED        01             33000
APPLE COMPUTER                  COM  037833100            3276        89000  SH     DEFINED        01             89000
APPLERA CORP-APPLIED BIOSYS     COM  038020103             393        20000  SH     DEFINED        01             20000
APPLIED MATERIALS               COM  038222105            2783       172000  SH     DEFINED        01            172000
APPOLLO                         COM  037604105            1486        19000  SH     DEFINED        01             19000
ARACRUZ CELLULOSA - ADR         ADR  038496204             348        10000  SH     DEFINED        01             10000
AT & T COMCAST ' A '            COM  20030N101            7061       230000  SH     DEFINED        01            230000
AT & T CORP                     COM  001957505            1579        82909  SH     DEFINED        01             82909
AUTO DATA PROCESS               COM  053015103            2560        61000  SH     DEFINED        01             61000
AUTODESK                        COM  052769106             859        25000  SH     DEFINED        01             25000
AVAYA COM                       COM  053499109             582        70000  SH     DEFINED        01             70000
AVON PRODUCTS                   COM  054303102            2271        60000  SH     DEFINED        01             60000
BAKBONE SOFTWARE                COM  057101107             119        87949  SH      SOLE                         87949
BAKER HUGHES                    COM  057224107            2686        52500  SH     DEFINED        01             52500
BANCO ITAU ADR                  ADR  059602201             509         5500  SH     DEFINED        01              5500
BANK OF AMERICA                 COM  060505104           19840       435000  SH     DEFINED        01            435000
BANK OF NEW YORK COM            COM  064057102            2302        80000  SH     DEFINED        01             80000
BAXTER INTERNATIONAL            COM  071813109            2319        62500  SH     DEFINED        01             62500
BB&T                            COM  054937107            1999        50000  SH     DEFINED        01             50000
BECTON DICKINSON                COM  075887109            1312        25000  SH     DEFINED        01             25000
BED BATH & BEYOND               COM  075896100            1253        30000  SH     DEFINED        01             30000
BELLSOUTH                       COM  079860102            5181       195000  SH     DEFINED        01            195000
BEST BUY                        COM  086516101            3085        45000  SH     DEFINED        01             45000
BIOGEN IDEC PHARMACEUTICAL      COM  09062X103            1171        34000  SH     DEFINED        01             34000
BJ SERVICES                     COM  055482103            1417        27000  SH     DEFINED        01             27000
BLACK & DECKER COM              COM  091797100            1348        15000  SH     DEFINED        01             15000
BLACKBAUD INC COM STK           COM  09227Q100             189        13985  SH      SOLE                         13985
BMC SOFTWARE                    COM  055921100             413        23000  SH     DEFINED        01             23000
BOEING                          COM  097023105            5676        86000  SH     DEFINED        01             86000
BOSTON SCIENTIFIC               COM  101137107            2700       100000  SH     DEFINED        01            100000
BRADESCO - ADR                  ADR  059460303             867        24500  SH     DEFINED        01             24500
BRAZIL TELECOM ADR              ADR  105530109             451        12500  SH     DEFINED        01             12500
BRISTOL MYERS SQUIBB            COM  110122108            4996       200000  SH     DEFINED        01            200000
BROADCOM CL A                   COM  111320107            1136        32000  SH     DEFINED        01             32000
BURLINGTON NTH SANTA            COM  12189T104            1836        39000  SH     DEFINED        01             39000
BURLINGTON RESOURCES            COM  122014103            2210        40000  SH     DEFINED        01             40000
BUTTERFIELD FD MGR THAI EURO    COM  335020905            1259        67500  SH     DEFINED        01             67500
CALPINE                         COM  131347106             136        40000  SH     DEFINED        01             40000
CAPITAL ONE                     COM  14040H105            2720        34000  SH     DEFINED        01             34000
CARDINAL HEALTH                 COM  14149Y108            2591        45000  SH     DEFINED        01             45000
CAREMARK                        COM  141705103            2003        45000  SH     DEFINED        01             45000
CARNIVAL CORP                   COM  143658300            3546        65000  SH     DEFINED        01             65000
CARSO GLB TEL ADR (2 ORD)       ADR  14574P101             608       160000  SH     DEFINED        01            160000
CATERPILLAR                     COM  149123101            3288        34500  SH     DEFINED        01             34500
CEMEX ADR PART CER(5 CPO)       ADR  151290889            5730       135086  SH     DEFINED        01            135086
CEMIG ADR                       ADR  204409601             319        10000  SH     DEFINED        01             10000
CENDANT                         COM  151313103            2438       109000  SH     DEFINED        01            109000
CENTERPOINT ENERGY              COM  15189T107            1004        76000  SH     DEFINED        01             76000
CENTEX                          COM  152312104             353         5000  SH     DEFINED        01              5000
CHEVRON CORPORATION             COM  166764100           12302       220000  SH     DEFINED        01            220000
CHIRON                          COM  170040109             523        15000  SH     DEFINED        01             15000
CHUBB                           COM  171232101            1712        20000  SH     DEFINED        01             20000
CIENA                           COM  171779101             105        50000  SH     DEFINED        01             50000
CIGNA                           COM  125509109            2890        27000  SH     DEFINED        01             27000
CINERGY                         COM  172474108             986        22000  SH     DEFINED        01             22000
CINTAS                          COM  172908105             811        21000  SH     DEFINED        01             21000
CISCO SYS                       COM  17275R102           12746       667000  SH     DEFINED        01            667000
CITIGRP                         COM  172967101           27723       599669  SH     DEFINED        01            599669
CITIZENS COMMUNICATIONS         COM  17453B101             712        53000  SH     DEFINED        01             53000
CITRIX                          COM  177376100             433        20000  SH     DEFINED        01             20000
CLEAR CHANNEL COMM              COM  184502102            1701        55000  SH     DEFINED        01             55000
COCA COLA                       COM  191216100           10438       250000  SH     DEFINED        01            250000
COCA COLA ENTERPRISES           COM  191219104             781        35500  SH     DEFINED        01             35500
COHN & STEERS ETF               COM  464287564            6693        94000  SH     DEFINED        01             94000
COLGATE-PALMOLIVE               COM  194162103            2795        56000  SH     DEFINED        01             56000
COMERICA                        COM  200340107            1272        22000  SH     DEFINED        01             22000
COMP ASSOC INTL                 COM  204912109            1511        55000  SH     DEFINED        01             55000
COMPANHIA DE VALE RIODOCE ADR   ADR  204412209            1318        45000  SH     DEFINED        01             45000
COMPUTER SCIENCES               COM  205363104            1311        30000  SH     DEFINED        01             30000
COMVERSE TECHNOLGY              COM  205862402             473        20000  SH     DEFINED        01             20000
CONAGRA                         COM  205887102            1112        48000  SH     DEFINED        01             48000
CONOCOPHILLIPS                  COM  20825C104            8750       152200  SH     DEFINED        01            152200
CONSTELLATION ENERGY            COM  210371100            1096        19000  SH     DEFINED        01             19000
CORNING                         COM  219350105            2244       135000  SH     DEFINED        01            135000
COSTCO WHOLESALE                COM  22160K105            2017        45000  SH     DEFINED        01             45000
COUNTRYWIDE FINANCIAL           COM  222372104            2124        55000  SH     DEFINED        01             55000
CSX                             COM  126408103            1024        24000  SH     DEFINED        01             24000
CUMMINS ENGINE                  COM  231021106             373         5000  SH     DEFINED        01              5000
CUTERA INC COM STK              COM  232109108             349        20136  SH      SOLE                         20136
CVS                             COM  126650100            2907       100000  SH     DEFINED        01            100000
DANAHER                         COM  235851102            1649        31500  SH     DEFINED        01             31500
DEERE & CO                      COM  244199105            1703        26000  SH     DEFINED        01             26000
DELL INC                        COM  24702R101           10431       264000  SH     DEFINED        01            264000
DEVON ENERGY                    COM  25179M103            2534        50000  SH     DEFINED        01             50000
DISNEY(WALT)                    COM  254687106            5917       235000  SH     DEFINED        01            235000
DOLLAR GENERAL COM              COM  256669102            1018        50000  SH     DEFINED        01             50000
DOMINION RESOURCES              COM  25746U109            2759        37600  SH     DEFINED        01             37600
DOVER CORP                      COM  260003108             728        20000  SH     DEFINED        01             20000
DOW CHEMICAL                    COM  260543103            4302        96600  SH     DEFINED        01             96600
DSL.NET INC COM STK             COM  262506108             234      2921050  SH      SOLE                       2921050
DTE ENERGY                      COM  233331107             655        14000  SH     DEFINED        01             14000
DU PONT (EI) DE NEMOURS         COM  263534109            4516       105000  SH     DEFINED        01            105000
DUKE ENERGY                     COM  264399106            2839        95500  SH     DEFINED        01             95500
EASTMAN KODAK                   COM  277461109             806        30000  SH     DEFINED        01             30000
EATON CORP                      COM  278058102             940        15700  SH     DEFINED        01             15700
EBAY                            COM  278642103            4357       132000  SH     DEFINED        01            132000
ECOLAB INC                      COM  278865100            1294        40000  SH     DEFINED        01             40000
EDISON INTERNATIONAL            COM  281020107            1825        45000  SH     DEFINED        01             45000
EL PASO                         COM  28336L109             864        75000  SH     DEFINED        01             75000
ELECTRONIC ARTS                 COM  285512109            1698        30000  SH     DEFINED        01             30000
ELECTRONIC DATA SYST COM        COM  285661104            1001        52000  SH     DEFINED        01             52000
EMC                             COM  268648102            3565       260000  SH     DEFINED        01            260000
EMERSON ELEC                    COM  291011104            2505        40000  SH     DEFINED        01             40000
ENGELHARD                       COM  292845104             428        15000  SH     DEFINED        01             15000
ENTERGY                         COM  29364G103            1662        22000  SH     DEFINED        01             22000
EOG RESOURCES                   COM  26875P101            2272        40000  SH     DEFINED        01             40000
EXELON                          COM  30161N101            4363        85000  SH     DEFINED        01             85000
EXPRESS SCRIPTS                 COM  302182100             800        16000  SH     DEFINED        01             16000
EXXON MOBIL                     COM  30231G102           37499       652500  SH     DEFINED        01            652500
FANNIE MAE                      COM  313586109            5986       102500  SH     DEFINED        01            102500
FEDERATED DEPT STORES           COM  31410H101            1466        20000  SH     DEFINED        01             20000
FEDEX                           COM  31428X106            2633        32500  SH     DEFINED        01             32500
FIFTH THIRD BANCORP             COM  316773100            2473        60000  SH     DEFINED        01             60000
FIRST DATA                      COM  319963104            3372        84000  SH     DEFINED        01             84000
FIRST ENERGY                    COM  337932107            1636        34000  SH     DEFINED        01             34000
FISERV                          COM  337738108            1074        25000  SH     DEFINED        01             25000
FLUOR                           COM  343412102             518         9000  SH     DEFINED        01              9000
FOMENTO MEXACDR(1B2DB2DL)       COM  344419106            2383        40000  SH     DEFINED        01             40000
FORD MOTOR (NEW)                COM  345370860            1741       170000  SH     DEFINED        01            170000
FOREST LABS                     COM  345838106            1379        35500  SH     DEFINED        01             35500
FPL GROUP                       COM  302571104            1682        40000  SH     DEFINED        01             40000
FRANKLIN RESOURCES              COM  354613101            2155        28000  SH     DEFINED        01             28000
FREDDIE MAC                     COM  313400301            4566        70000  SH     DEFINED        01             70000
FREEPORT MCMORAN COPPER         COM  35671D857             711        19000  SH     DEFINED        01             19000
FREESCALE SEMI CONDUCTOR        COM  35687M206             974        46000  SH     DEFINED        01             46000
GANNETT                         COM  364730101            2490        35000  SH     DEFINED        01             35000
GAP                             COM  364760108            1778        90000  SH     DEFINED        01             90000
GEDEON RICHTER GDR              GDR  368467205            3273        22000  SH     DEFINED        01             22000
GENERAL DYNAMICS                COM  369550108            2191        20000  SH     DEFINED        01             20000
GENERAL ELECTRIC                COM  369604103           38115      1100000  SH     DEFINED        01           1100000
GENERAL MILLS                   COM  370334104            2340        50000  SH     DEFINED        01             50000
GENERAL MOTORS COM              COM  370442105            1615        47500  SH     DEFINED        01             47500
GENUINE PARTS                   COM  372460105            1151        28000  SH     DEFINED        01             28000
GENZYME                         COM  372917104            1502        25000  SH     DEFINED        01             25000
GEORGIA PACIFIC                 COM  373298108            1145        36000  SH     DEFINED        01             36000
GERDAU - ADR                    ADR  373737105             146        15000  SH     DEFINED        01             15000
GILEAD SCIENCES                 COM  375558103            2375        54000  SH     DEFINED        01             54000
GILLETTE                        COM  375766102            5063       100000  SH     DEFINED        01            100000
GOLDEN WEST FINL                COM  381317106            2575        40000  SH     DEFINED        01             40000
GOLDMAN SACHS                   COM  38141G104            5713        56000  SH     DEFINED        01             56000
GPO CARSO ADR (2 A1)            ADR  400485207            1110       300000  SH     DEFINED        01            300000
GPO TELE GDR (2 PTG CERT)       GDR  40049J206            2794        45000  SH     DEFINED        01             45000
GRAINGER WW INC                 COM  384802104             794        14500  SH     DEFINED        01             14500
GUIDANT SHS                     COM  401698105            2154        32000  SH     DEFINED        01             32000
H & R BLOCK                     COM  093671105            1050        18000  SH     DEFINED        01             18000
HALLIBURTON                     COM  406216101            3108        65000  SH     DEFINED        01             65000
HARLEY DAVIDSON                 COM  412822108            1910        38500  SH     DEFINED        01             38500
HARRAH'S ENTERTAINMENT          COM  413619107             829        11500  SH     DEFINED        01             11500
HARTFORD FINL SERV              COM  416515104            2243        30000  SH     DEFINED        01             30000
HASBRO                          COM  418056107             416        20000  SH     DEFINED        01             20000
HCA                             COM  404119109            2805        49500  SH     DEFINED        01             49500
HEALTH MANAGEMENT ASSOCIATES    COM  421933102             785        30000  SH     DEFINED        01             30000
HEINZ (HJ)                      COM  423074103            1860        52500  SH     DEFINED        01             52500
HELLENIC TELE ADR (OTE)         ADR  423325307             268        27778  SH     DEFINED        01             27778
HERSHEY COMPANY                 COM  427866108            1739        28000  SH     DEFINED        01             28000
HEWLETT PACKARD                 COM  428236103            7218       307000  SH     DEFINED        01            307000
HILTON HOTELS                   COM  432848109            1193        50000  SH     DEFINED        01             50000
HOME DEPOT                      COM  437076102            9725       250000  SH     DEFINED        01            250000
HONEYWELL INTL COM $US1         COM  438516106            3535        96500  SH     DEFINED        01             96500
HOSPIRA                         COM  441060100             644        16500  SH     DEFINED        01             16500
ILLINOIS TOOL WKS               COM  452308109            2470        31000  SH     DEFINED        01             31000
IMS HEALTH                      COM  449934108             743        30000  SH     DEFINED        01             30000
INGERSOLL RAND CL A             COM  G4776G101            1712        24000  SH     DEFINED        01             24000
INTEL                           COM  458140100           16874       647500  SH     DEFINED        01            647500
INTERMIX MEDIA INC COM STK      COM  45881X106             434        51800  SH      SOLE                         51800
INTERNATIONAL GAME TECHNOLOGY   COM  459902102             282        10000  SH     DEFINED        01             10000
INTERNATIONAL PAPER             COM  460146103            1873        62000  SH     DEFINED        01             62000
INTL BUSINESS MACHN             COM  459200101           12132       163500  SH     DEFINED        01            163500
INTUIT                          COM  461202103             902        20000  SH     DEFINED        01             20000
IONA TECH ADR (1 ORD)           ADR  46206P109             198        65000  SH     DEFINED        01             65000
ITT INDUSTRIES                  COM  450911102            1953        20000  SH     DEFINED        01             20000
JABIL CIRCUIT                   COM  466313103            1076        35000  SH     DEFINED        01             35000
JC PENNEY                       COM  708160106            1367        26000  SH     DEFINED        01             26000
JDS UNIPHASE                    COM  46612J101             213       140000  SH     DEFINED        01            140000
JOHNSON & JOHNSON               COM  478160104           20150       310000  SH     DEFINED        01            310000
JOHNSON CONTROLS                COM  478366107            1690        30000  SH     DEFINED        01             30000
JP MORGAN CHASE COM             COM  46625H100           12641       357900  SH     DEFINED        01            357900
KB HOME                         COM  48666K109             762        10000  SH     DEFINED        01             10000
KELLOGG                         COM  487836108            2222        50000  SH     DEFINED        01             50000
KERR MCGEE                      COM  492386107             916        12000  SH     DEFINED        01             12000
KEYCORP                         COM  493267108            1492        45000  SH     DEFINED        01             45000
KIMBERLY CLARK COM              COM  494368103            3004        48000  SH     DEFINED        01             48000
KLA TENCOR                      COM  482480100             918        21000  SH     DEFINED        01             21000
KOHLS                           COM  500255104            2404        43000  SH     DEFINED        01             43000
KROGER                          COM  501044101            1465        77000  SH     DEFINED        01             77000
L-3 COMMUNICATIONS              COM  502424104             919        12000  SH     DEFINED        01             12000
LEHMAN BROS HDG                 COM  524908100            3574        36000  SH     DEFINED        01             36000
LEXMARK INTERNATIONAL           COM  529771107             869        13400  SH     DEFINED        01             13400
LILLY(ELI) & CO                 COM  532457108            6407       115000  SH     DEFINED        01            115000
LIMITED                         COM  532716107            1071        50000  SH     DEFINED        01             50000
LINCOLN NATIONAL COM            COM  534187109             938        20000  SH     DEFINED        01             20000
LINEAR TECHNOLOGY               COM  535678106            1284        35000  SH     DEFINED        01             35000
LOCKHEED MARTIN COM             COM  539830109            2660        41000  SH     DEFINED        01             41000
LOUISIANA PACIFIC               COM  546347105             676        27500  SH     DEFINED        01             27500
LOWES                           COM  548661107            6113       105000  SH     DEFINED        01            105000
LSI LOGIC                       COM  502161102             382        45000  SH     DEFINED        01             45000
LUCENT TECH                     COM  549463107            1339       460000  SH     DEFINED        01            460000
M&T BANK                        COM  55261F104            1577        15000  SH     DEFINED        01             15000
MARATHON OIL                    COM  565849106            2402        45000  SH     DEFINED        01             45000
MARRIOTT INTERNATIONAL          COM  571903202            2729        40000  SH     DEFINED        01             40000
MARSHALL & ISLEY                COM  571834100            1334        30000  SH     DEFINED        01             30000
MASCO                           COM  574599106            1429        45000  SH     DEFINED        01             45000
MATTEL                          COM  577081102             732        40000  SH     DEFINED        01             40000
MAXIM INTEGRATED                COM  57772K101            1261        33000  SH     DEFINED        01             33000
MBIA INC                        COM  55262C100             890        15000  SH     DEFINED        01             15000
MBNA                            COM  55262L100            3401       130000  SH     DEFINED        01            130000
McCORMICK                       COM  579780206             490        15000  SH     DEFINED        01             15000
MCDONALDS                       COM  580135101            4024       145000  SH     DEFINED        01            145000
MCGRAW HILL                     COM  580645109            2036        46000  SH     DEFINED        01             46000
MCKESSON                        COM  58155Q103            1568        35000  SH     DEFINED        01             35000
MEDCO                           COM  58405U102            1494        28000  SH     DEFINED        01             28000
MEDIMMUNE                       COM  584699102             655        24500  SH     DEFINED        01             24500
MEDTRONIC                       COM  585055106            6370       123000  SH     DEFINED        01            123000
MELLON FINANCIAL                COM  58551A108            1219        42500  SH     DEFINED        01             42500
MERCK                           COM  589331107            7007       227500  SH     DEFINED        01            227500
MERCURY INTERACTIVE             COM  589405109             633        16500  SH     DEFINED        01             16500
MERRILL LYNCH                   COM  590188108            4978        90500  SH     DEFINED        01             90500
MET LIFE                        COM  59156R108            4359        97000  SH     DEFINED        01             97000
MICRON TECHNOLOGY               COM  595112103             633        62000  SH     DEFINED        01             62000
MICROSOFT                       COM  594918104           26032      1048000  SH     DEFINED        01           1048000
MOLEX                           COM  608554101             521        20000  SH     DEFINED        01             20000
MONSANTO                        COM  61166W101            1729        27500  SH     DEFINED        01             27500
MONSTER WORLDWIDE               COM  611742107             373        13000  SH     DEFINED        01             13000
MOODY'S COM                     COM  615369105            2922        65000  SH     DEFINED        01             65000
MORGAN ST DEAN WIT              COM  617446448            5877       112000  SH     DEFINED        01            112000
MOTOROLA                        COM  620076109            4583       251000  SH     DEFINED        01            251000
NATIONAL CITY CORP              COM  635405103            2218        65000  SH     DEFINED        01             65000
NATL SEMICONDUCTOR              COM  637640103             804        36500  SH     DEFINED        01             36500
NATUZZI ADR (1 ORD)             ADR  63905A101            1476       181340  SH     DEFINED        01            181340
NETWORK APPL                    COM  64120L104            1046        37000  SH     DEFINED        01             37000
NEWELL RUBBERMAID               COM  651229106             715        30000  SH     DEFINED        01             30000
NEWMONT MINING                  COM  651639106            2537        65000  SH     DEFINED        01             65000
NEWS CORP - ORD                 COM  6524BE104            5935       352000  SH     DEFINED        01            352000
NEXTEL COMMS CL A               COM  65332V103            3651       113000  SH     DEFINED        01            113000
NIKE B                          COM  654106103            2165        25000  SH     DEFINED        01             25000
NOBLE CORP                      COM  G65422100            1692        27500  SH     DEFINED        01             27500
NORFOLK SOUTHERN                COM  655844108            1393        45000  SH     DEFINED        01             45000
NORTH FORK BANCORP              COM  659424105            2760        98250  SH     DEFINED        01             98250
NORTHERN TRUST                  COM  665859104            1368        30000  SH     DEFINED        01             30000
NORTHROP GRUMMAN                COM  666807102            1989        36000  SH     DEFINED        01             36000
NOVELL                          COM  670006105             223        36000  SH     DEFINED        01             36000
NOVELLUS SYSTEMS                COM  670008101             371        15000  SH     DEFINED        01             15000
NUCOR                           COM  670346105            1141        25000  SH     DEFINED        01             25000
OCCIDENTAL PETROLEUM            COM  674599105            4231        55000  SH     DEFINED        01             55000
OMNICOM GRP                     COM  681919106            1765        22100  SH     DEFINED        01             22100
ORACLE                          COM  68389X105            6468       490000  SH     DEFINED        01            490000
ORBOTECH COM                    COM  M75253100            1343        62500  SH     DEFINED        01             62500
P G & E                         COM  69331C108            1971        52500  SH     DEFINED        01             52500
PARKER HANNIFIN                 COM  701094104             620        10000  SH     DEFINED        01             10000
PAYCHEX                         COM  704326107            1188        36500  SH     DEFINED        01             36500
PEPSI BOTTLING GROUP            COM  713409100             715        25000  SH     DEFINED        01             25000
PEPSICO CAP                     COM  713448108           10915       202400  SH     DEFINED        01            202400
PETROBAS 'A'  - ADR             ADR  71654V408            2476        47500  SH     DEFINED        01             47500
PFIZER                          COM  717081103           21507       779800  SH     DEFINED        01            779800
PHELPS DODGE COM                COM  717265102             925        10000  SH     DEFINED        01             10000
PHOENIX COMPANIES               COM  71902E109            1212       101817  SH      SOLE                        101817
PITNEY BOWES                    COM  724479100            1089        25000  SH     DEFINED        01             25000
PIXELWORKS INC COM STK          COM  72581M107             143        16625  SH      SOLE                         16625
PPG INDUSTRIES                  COM  693506107            1255        20000  SH     DEFINED        01             20000
PPL                             COM  69351T106            1188        20000  SH     DEFINED        01             20000
PRAXAIR                         COM  74005P104            1538        33000  SH     DEFINED        01             33000
PRINCIPAL FINANCIAL GROUP       COM  74251V102            1467        35000  SH     DEFINED        01             35000
PROCTER & GAMBLE                COM  742718109           16089       305000  SH     DEFINED        01            305000
PROGRESS ENERGY                 COM  743263105             905        20000  SH     DEFINED        01             20000
PROGRESSIVE CORP                COM  743315103            1976        20000  SH     DEFINED        01             20000
PROKOM SOFT GDR REGS            GDR  743394207             509        35000  SH     DEFINED        01             35000
PRUDENTIAL FINANCIAL            COM  744320102            4531        69000  SH     DEFINED        01             69000
PUBLIC SERVICE ENT              COM  744573106            1490        24500  SH     DEFINED        01             24500
PULTE HOME                      COM  745867101            1095        13000  SH     DEFINED        01             13000
QLOGIC                          COM  747277101             463        15000  SH     DEFINED        01             15000
QUALCOMM                        COM  747525103            5612       170000  SH     DEFINED        01            170000
QUEST DIAGNOSTICS               COM  74834L100            1119        21000  SH     DEFINED        01             21000
QWEST COMMS INTL                COM  749121109             686       185000  SH     DEFINED        01            185000
RADIOSHACK                      COM  750438103             371        16000  SH     DEFINED        01             16000
RAYTHEON                        COM  755111507            1956        50000  SH     DEFINED        01             50000
ROBERT HALF                     COM  770323103             599        24000  SH     DEFINED        01             24000
ROC TAIWAN FUND SBI             COM  874037104             679       132882  SH     DEFINED        01            132882
ROCKWELL AUTOMATION             COM  773903109             974        20000  SH     DEFINED        01             20000
ROCKWELL COLLINS                COM  774341101             954        20000  SH     DEFINED        01             20000
ROHM & HAAS                     COM  775371107            1622        35000  SH     DEFINED        01             35000
RR DONNELLEY & SONS             COM  257867101             759        22000  SH     DEFINED        01             22000
SAFEWAY                         COM  786514208            1017        45000  SH     DEFINED        01             45000
SANMINA-SCI CORPORATION         COM  800907107             301        55000  SH     DEFINED        01             55000
SARA LEE                        COM  803111103             991        50000  SH     DEFINED        01             50000
SBC COMMUNICATIONS              COM  78387G103            8431       355000  SH     DEFINED        01            355000
SCHERING PLOUGH                 COM  806605101            2973       156000  SH     DEFINED        01            156000
SCHLUMBERGER                    COM  806857108            4556        60000  SH     DEFINED        01             60000
SCHWAB (CHARLES)                COM  808513105            1342       119000  SH     DEFINED        01            119000
SEARS HOLDINGS                  COM  812350106            1500        10010  SH     DEFINED        01             10010
SEMPRA ENERGY                   COM  816851109            1446        35000  SH     DEFINED        01             35000
SIEBEL SYSCOM                   COM  826170102             534        60000  SH     DEFINED        01             60000
SIGMA ALDRICH                   COM  826552101             448         8000  SH     DEFINED        01              8000
SLM CORP                        COM  78442P106            3658        72000  SH     DEFINED        01             72000
SOLECTRON                       COM  834182107             370        97550  SH     DEFINED        01             97550
SOUTHERN CO                     COM  842587107            2600        75000  SH     DEFINED        01             75000
SOUTHWEST AIRLINES              COM  844741108            1121        80500  SH     DEFINED        01             80500
SPRINT (FON GRP)                COM  852061100            4642       185000  SH     DEFINED        01            185000
ST JUDE MEDICAL                 COM  790849103            1483        34000  SH     DEFINED        01             34000
ST PAULS TRAVELLERS             COM  792860108            2767        70000  SH     DEFINED        01             70000
STANLEY WORKS                   COM  854616109             569        12500  SH     DEFINED        01             12500
STAPLES                         COM  855030102            2430       114000  SH     DEFINED        01            114000
STARBUCKS                       COM  855244109            1860        36000  SH     DEFINED        01             36000
STARWOOD HOTEL & RES CLB        COM  85590A203            1699        29000  SH     DEFINED        01             29000
STATE STREET                    COM  857477103            1737        36000  SH     DEFINED        01             36000
STRYKER                         COM  863667101            1902        40000  SH     DEFINED        01             40000
SUN MICROSYSTEMS                COM  866810104            1156       310000  SH     DEFINED        01            310000
SUN TRUST                       COM  867914103            2709        37500  SH     DEFINED        01             37500
SUNGARD                         COM  867363103            1055        30000  SH     DEFINED        01             30000
SYMANTEC                        COM  871503108            1739        80000  SH     DEFINED        01             80000
SYSCO                           COM  871829107            3619       100000  SH     DEFINED        01            100000
TARGET                          COM  87612E106            5169        95000  SH     DEFINED        01             95000
TELE NORTE LESTE ADR            ADR  879246106             333        20000  SH     DEFINED        01             20000
TELEFONOS DE MEXI ADR(1O)       ADR  879403707            2922       155000  SH     DEFINED        01            155000
TELEFONOS MEXICO ADR(20L)       ADR  879403780            2191       116000  SH     DEFINED        01            116000
TELLABS                         COM  879664100             522        60000  SH     DEFINED        01             60000
TEMPLE INLAND                   COM  879868107             372        10000  SH     DEFINED        01             10000
TENET HEALTHCARE                COM  88033G100             612        50000  SH     DEFINED        01             50000
TERADYNE                        COM  880770102             239        20000  SH     DEFINED        01             20000
TEXAS INSTRUMENTS               COM  882508104            5053       180000  SH     DEFINED        01            180000
TEXTRON                         COM  883203101            1896        25000  SH     DEFINED        01             25000
THAI EURO FD CLASS B            COM  334571908            1935       112500  SH     DEFINED        01            112500
TIFFANY                         COM  886547108             491        15000  SH     DEFINED        01             15000
TIME WARNER                     COM  887317105            8522       510000  SH     DEFINED        01            510000
TJX                             COM  872540109            1948        80000  SH     DEFINED        01             80000
TRANSOCEAN INC                  COM  G90078109            2159        40000  SH     DEFINED        01             40000
TRIBUNE                         COM  896047107            1513        43000  SH     DEFINED        01             43000
TXU                             COM  873168108            2410        29000  SH     DEFINED        01             29000
TYCO INTERNATIONAL              COM  902124106            6103       209000  SH     DEFINED        01            209000
UNION PACIFIC                   COM  907818108            1750        27000  SH     DEFINED        01             27000
UNISYS                          COM  909214108             190        30000  SH     DEFINED        01             30000
UNITED PARCEL SERVICE           COM  911312106            7953       115000  SH     DEFINED        01            115000
UNITEDHEALTH GRP                COM  91324P102            9020       173000  SH     DEFINED        01            173000
UNOCAL                          COM  915289102            1821        28000  SH     DEFINED        01             28000
US BANCORP                      COM  902973304            5796       198500  SH     DEFINED        01            198500
UST                             COM  902911106             457        10000  SH     DEFINED        01             10000
UTD TECHNOLOGIES                COM  913017109            6419       125000  SH     DEFINED        01            125000
VA LINUX SYSTEMS                COM  91819B105              88        51609  SH      SOLE                         51609
VALERO ENERGY                   COM  91913Y100            2057        26000  SH     DEFINED        01             26000
VERITAS SOFTWARE CO             COM  923436109            1098        45000  SH     DEFINED        01             45000
VERIZON COMMUNICATIONS          COM  92343V104           10158       294000  SH     DEFINED        01            294000
VIACOM CL B N/VTG               COM  925524308            5604       175000  SH     DEFINED        01            175000
WACHOVIA CORP 2ND NEW           COM  929903102           10633       214370  SH     DEFINED        01            214370
WAL MART STORES                 COM  931142103           16846       349500  SH     DEFINED        01            349500
WALGREEN                        COM  931422109            5059       110000  SH     DEFINED        01            110000
WASHINGTON MUTUAL               COM  939322103            3662        90000  SH     DEFINED        01             90000
WASTE MANAGEMENT                COM  94106L109            1644        58000  SH     DEFINED        01             58000
WELLPOINT                       COM  94973V107            4596        66000  SH     DEFINED        01             66000
WELLS FARGO                     COM  949746101           10777       175000  SH     DEFINED        01            175000
WENDYS INTL                     COM  950590109             596        12500  SH     DEFINED        01             12500
WEYERHAEUSER                    COM  962166104            1559        24500  SH     DEFINED        01             24500
WHIRLPOOL                       COM  963320106             561         8000  SH     DEFINED        01              8000
WILLIAMS                        COM  969457100             950        50000  SH     DEFINED        01             50000
WRIGLEY                         COM  982526105            1583        23000  SH     DEFINED        01             23000
WYETH                           COM  983024100            6453       145000  SH     DEFINED        01            145000
XCEL ENERGY                     COM  98389B100             781        40000  SH     DEFINED        01             40000
XEROX                           COM  984121103            1324        96000  SH     DEFINED        01             96000
XILINX                          COM  983919101             905        35500  SH     DEFINED        01             35500
XTO ENERGY                      COM  98385X106            1518        44666  SH     DEFINED        01             44666
YAHOO                           COM  984332106            4851       140000  SH     DEFINED        01            140000
YUM BRANDS                      COM  988498101            1510        29000  SH     DEFINED        01             29000
ZIMMER                          COM  98956P102            2476        32500  SH     DEFINED        01             32500

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