UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549

                            Form 13F

                       Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: December 31, 2005

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

Institutional Investment Manager Filing this Report:

Name:    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            31 Jan 2006
------------------   ------------------    ------------------
[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:      387
                                          ------------

Form 13F Information Table Value Total:   $ 1,240,295
                                          ------------
                                          (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
DECEMBER 31, 2005

                               TITLE
                                OF                   VALUE       SHARES     SH/   INVESTMENT               VOTING AUTHORITY
            ISSUER             CLASS     CUSIP      (x$1000)    /PRN AMT    PRN   DISCRETION    MANAGERS      SOLE     SHARED  NONE
                                                                                                 
3M CO                           COM  88579Y101            6200        80000  SH     DEFINED        01             80000
ABBOTT LABS                     COM  002824100            6900       175000  SH     DEFINED        01            175000
ACE LTD                         COM  G0070K103            1951        36500  SH     DEFINED        01             36500
ADOBE SYS INC                   COM  00724F101            1848        50000  SH     DEFINED        01             50000
ADVANCED MICRO DEVICES INC      COM  007903107            1530        50000  SH     DEFINED        01             50000
AES CORP                        COM  00130H105            1203        76000  SH     DEFINED        01             76000
AETNA INC                       COM  00817Y108            3395        36000  SH     DEFINED        01             36000
AFFILIATED COMPUTER SVCS INC    COM  008190100             829        14000  SH     DEFINED        01             14000
AFLAC INC                       COM  001055102            2437        52500  SH     DEFINED        01             52500
AGILENT TECHNOLOGIES INC        COM  00846U101            1731        52000  SH     DEFINED        01             52000
AIR PRODS + CHEMS INC           COM  009158106            1776        30000  SH     DEFINED        01             30000
ALBERTSONS INC                  COM  013104104             747        35000  SH     DEFINED        01             35000
ALCOA INC                       COM  013817101            2602        88000  SH     DEFINED        01             88000
ALLEGHENY ENERGY INC            COM  017361106            1266        40000  SH     DEFINED        01             40000
ALLEGHENY TECHNOLOGIES INC      COM  01741R102             361        10000  SH     DEFINED        01             10000
ALLSTATE CORP                   COM  020002101            4326        80000  SH     DEFINED        01             80000
ALLTEL CORP                     COM  020039103            3187        50500  SH     DEFINED        01             50500
ALTERA CORP                     COM  021441100             927        50000  SH     DEFINED        01             50000
ALTRIA GROUP INC                COM  02209S103           16065       215000  SH     DEFINED        01            215000
AMBAC FINL GROUP INC            COM  023139108             886        11500  SH     DEFINED        01             11500
AMERADA HESS CORP               COM  023551104            1268        10000  SH     DEFINED        01             10000
AMEREN CORP                     COM  023608102            1025        20000  SH     DEFINED        01             20000
AMERICA MOVIL S A DE C V        ADR  02364W204            8709       300000  SH     DEFINED        01            300000
AMERICA MOVIL S A DEC V         ADR  02364W105            3102       106000  SH     DEFINED        01            106000
AMERICAN ELEC PWR INC           COM  025537101            1484        40000  SH     DEFINED        01             40000
AMERICAN EXPRESS CO             COM  025816109            7925       154000  SH     DEFINED        01            154000
AMERICAN INTL GROUP INC         COM  026874107           20401       299000  SH     DEFINED        01            299000
AMERICAN PWR CONVERSION CORP    COM  029066107             440        20000  SH     DEFINED        01             20000
AMERICAN STD COS INC DEL        COM  029712106             879        22000  SH     DEFINED        01             22000
AMGEN INC                       COM  031162100           11040       140000  SH     DEFINED        01            140000
AMSOUTH BANCORPORATION          COM  032165102             917        35000  SH     DEFINED        01             35000
ANADARKO PETE CORP              COM  032511107            2369        25000  SH     DEFINED        01             25000
ANALOG DEVICES INC              COM  032654105            1435        40000  SH     DEFINED        01             40000
ANHEUSER BUSCH COS INC          COM  035229103            3007        70000  SH     DEFINED        01             70000
APACHE CORP                     COM  037411105            2261        33000  SH     DEFINED        01             33000
APOLLO GROUP INC                COM  037604105            1149        19000  SH     DEFINED        01             19000
APPLE COMPUTER                  COM  037833100            6254        87000  SH     DEFINED        01             87000
APPLERA CORP APPLIED BIOSYS     COM  038020103             266        10000  SH     DEFINED        01             10000
APPLIED MATERIALS INC           COM  038222105            3086       172000  SH     DEFINED        01            172000
AT+T INC                        COM  00206R102           10032       409620  SH     DEFINED        01            409620
AUTODESK INCORPORATED           COM  052769106            1074        25000  SH     DEFINED        01             25000
AUTOMATIC DATA PROCESSING INC   COM  053015103            3029        66000  SH     DEFINED        01             66000
AVAYA INC                       COM  053499109             747        70000  SH     DEFINED        01             70000
AVON PRODS INC                  COM  054303102            1428        50000  SH     DEFINED        01             50000
BAKBONE SOFTWARE ICOM NPV       COM  057101107             154        87949  SH      SOLE                         87949
BAKER HUGHES INC                COM  057224107            3191        52500  SH     DEFINED        01             52500
BANCO BRADESCO SA               ADR  059460303            1166        40000  SH     DEFINED        01             40000
BANCO ITAU S A                  ADR  059602201             661        27500  SH     DEFINED        01             27500
BANK AMER CORP                  COM  060505104           20075       435000  SH     DEFINED        01            435000
BANK NEW YORK INC               COM  064057102            2548        80000  SH     DEFINED        01             80000
BAXTER INTL INC                 COM  071813109            2353        62500  SH     DEFINED        01             62500
BB+T CORP                       COM  054937107            2096        50000  SH     DEFINED        01             50000
BECTON DICKINSON + CO           COM  075887109            1502        25000  SH     DEFINED        01             25000
BED BATH + BEYOND INC           COM  075896100            1085        30000  SH     DEFINED        01             30000
BELLSOUTH CORP                  COM  079860102            5285       195000  SH     DEFINED        01            195000
BEST BUY CO INC                 COM  086516101            2935        67500  SH     DEFINED        01             67500
BIOGEN IDEC INC                 COM  09062X103            1541        34000  SH     DEFINED        01             34000
BJ SVCS CO                      COM  055482103            1980        54000  SH     DEFINED        01             54000
BLACK + DECKER CORPORATION      COM  091797100            1304        15000  SH     DEFINED        01             15000
BLOCK H + R INC                 COM  093671105             884        36000  SH     DEFINED        01             36000
BMC SOFTWARE INC                COM  055921100             471        23000  SH     DEFINED        01             23000
BOEING CO                       COM  097023105            6041        86000  SH     DEFINED        01             86000
BOSTON SCIENTIFIC CORP          COM  101137107            1702        69500  SH     DEFINED        01             69500
BRASIL TELECOM PARTICIPACOES    ADR  105530109             467        12500  SH     DEFINED        01             12500
BRISTOL MYERS SQUIBB CO         COM  110122108            4596       200000  SH     DEFINED        01            200000
BROADCOM CORP                   COM  111320107            1509        32000  SH     DEFINED        01             32000
BURLINGTON NORTHN SANTA FE      COM  12189T104            2762        39000  SH     DEFINED        01             39000
BURLINGTON RES INC              COM  122014103            3448        40000  SH     DEFINED        01             40000
BUTTERFIELD FD MGR THAI EURO    COM  335020905            3432       180000  SH     DEFINED        01            180000
CAPITAL ONE FINL CORP           COM  14040H105            2938        34000  SH     DEFINED        01             34000
CARDINAL HEALTH INC             COM  14149Y108            3094        45000  SH     DEFINED        01             45000
CAREMARK RX INC                 COM  141705103            2331        45000  SH     DEFINED        01             45000
CARNIVAL CORP                   COM  143658300            2674        50000  SH     DEFINED        01             50000
CARSO GLOBAL TELECOM SA DE CV   ADR  14574P101             824       160000  SH     DEFINED        01            160000
CATERPILLAR INC                 COM  149123101            4275        74000  SH     DEFINED        01             74000
CEMEX S A                       ADR  151290889            8015       135086  SH     DEFINED        01            135086
CENDANT CORP                    COM  151313103            1880       109000  SH     DEFINED        01            109000
CENTERPOINT ENERGY INC          COM  15189T107             977        76000  SH     DEFINED        01             76000
CENTEX CORP                     COM  152312104            1001        14000  SH     DEFINED        01             14000
CHEVRON CORP                    COM  166764100           13421       236403  SH     DEFINED        01            236403
CHIRON CORP                     COM  170040109             489        11000  SH     DEFINED        01             11000
CHUBB CORP                      COM  171232101            1953        20000  SH     DEFINED        01             20000
CIENA CORP                      COM  171779101             149        50000  SH     DEFINED        01             50000
CIGNA CORP                      COM  125509109            2793        25000  SH     DEFINED        01             25000
CINERGY CORP                    COM  172474108             934        22000  SH     DEFINED        01             22000
CINTAS CORP                     COM  172908105             865        21000  SH     DEFINED        01             21000
CISCO SYS INC                   COM  17275R102           11419       667000  SH     DEFINED        01            667000
CITIGROUP INC                   COM  172967101           29102       599669  SH     DEFINED        01            599669
CITIZENS COMMUNICATIONS CO      COM  17453B101             648        53000  SH     DEFINED        01             53000
CITRIX SYS INC                  COM  177376100             576        20000  SH     DEFINED        01             20000
CLEAR CHANNEL COMMUNICATIONS    COM  184502102            1808        57500  SH     DEFINED        01             57500
COCA COLA CO                    COM  191216100           10078       250000  SH     DEFINED        01            250000
COCA COLA ENTERPRISES INC       COM  191219104             681        35500  SH     DEFINED        01             35500
COLGATE PALMOLIVE CO            COM  194162103            3072        56000  SH     DEFINED        01             56000
COMCAST CORP NEW                COM  20030N101            6230       240000  SH     DEFINED        01            240000
COMERICA INC                    COM  200340107             993        17500  SH     DEFINED        01             17500
COMPANHIA DE BEBIDAS DAS AMERS  ADR  20441W203             495        13000  SH     DEFINED        01             13000
COMPANHIA ENERGETICA DE MINAS   ADR  204409601             369        10000  SH     DEFINED        01             10000
COMPANHIA VALE DO RIO DOCE      ADR  204412209            1851        45000  SH     DEFINED        01             45000
COMPUTER ASSOC INTL INC         COM  204912109            1550        55000  SH     DEFINED        01             55000
COMPUTER SCIENCES CORP          COM  205363104            1519        30000  SH     DEFINED        01             30000
COMVERSE TECHNOLOGY INC         COM  205862402             532        20000  SH     DEFINED        01             20000
CONAGRA INC                     COM  205887102             973        48000  SH     DEFINED        01             48000
CONOCOPHILLIPS                  COM  20825C104            8855       152200  SH     DEFINED        01            152200
CONSTELLATION ENERGY GROUP INC  COM  210371100            1382        24000  SH     DEFINED        01             24000
CORNING INC                     COM  219350105            2654       135000  SH     DEFINED        01            135000
COSTCO WHSL CORP NEW            COM  22160K105            2226        45000  SH     DEFINED        01             45000
COUNTRYWIDE FINL CORP           COM  222372104            1880        55000  SH     DEFINED        01             55000
CSX CORP                        COM  126408103            1218        24000  SH     DEFINED        01             24000
CUMMINS INC                     COM  231021106             449         5000  SH     DEFINED        01              5000
CVS CORP                        COM  126650100            2642       100000  SH     DEFINED        01            100000
D R HORTON INC                  COM  23331A109             965        27000  SH     DEFINED        01             27000
DANAHER CORP                    COM  235851102            1924        34500  SH     DEFINED        01             34500
DEERE + CO                      COM  244199105            2043        30000  SH     DEFINED        01             30000
DELL INC                        COM  24702R101            7438       248000  SH     DEFINED        01            248000
DEVON ENERGY CORPORATION NEW    COM  25179M103            3127        50000  SH     DEFINED        01             50000
DISNEY WALT CO                  COM  254687106            6951       290000  SH     DEFINED        01            290000
DOLLAR GEN CORP                 COM  256669102             954        50000  SH     DEFINED        01             50000
DOMINION RES INC VA NEW         COM  25746U109            2671        34600  SH     DEFINED        01             34600
DONNELLEY R R + SONS CO         COM  257867101             889        26000  SH     DEFINED        01             26000
DOVER CORP                      COM  260003108             810        20000  SH     DEFINED        01             20000
DOW CHEM CO                     COM  260543103            4233        96600  SH     DEFINED        01             96600
DTE ENERGY CO                   COM  233331107             605        14000  SH     DEFINED        01             14000
DU PONT E I DE NEMOURS + CO     COM  263534109            4463       105000  SH     DEFINED        01            105000
DUKE ENERGY CO                  COM  264399106            2896       105500  SH     DEFINED        01            105500
EASTMAN KODAK CO                COM  277461109             702        30000  SH     DEFINED        01             30000
EATON CORP                      COM  278058102            1053        15700  SH     DEFINED        01             15700
EBAY INC                        COM  278642103            5147       119000  SH     DEFINED        01            119000
ECOLAB INC                      COM  278865100            1451        40000  SH     DEFINED        01             40000
EDISON INTL                     COM  281020107            1962        45000  SH     DEFINED        01             45000
EL PASO CORP                    COM  28336L109            1064        87500  SH     DEFINED        01             87500
ELECTRONIC ARTS INC             COM  285512109            1831        35000  SH     DEFINED        01             35000
ELECTRONIC DATA SYS CORP NEW    COM  285661104            1250        52000  SH     DEFINED        01             52000
EMC CORP                        COM  268648102            3541       260000  SH     DEFINED        01            260000
EMERSON ELEC CO                 COM  291011104            3735        50000  SH     DEFINED        01             50000
ENGELHARD CORP                  COM  292845104             452        15000  SH     DEFINED        01             15000
ENTERGY CORP NEW                COM  29364G103            1510        22000  SH     DEFINED        01             22000
EOG RESOURCES INC               COM  26875P101            2935        40000  SH     DEFINED        01             40000
EXELON CORP                     COM  30161N101            3188        60000  SH     DEFINED        01             60000
EXPRESS SCRIPTS INC             COM  302182100            1341        16000  SH     DEFINED        01             16000
EXXON MOBIL CORP                COM  30231G102           36651       652500  SH     DEFINED        01            652500
FEDERAL HOME LN MTG CORP        COM  313400301            4575        70000  SH     DEFINED        01             70000
FEDERAL NATL MTG ASSN           COM  313586109            5003       102500  SH     DEFINED        01            102500
FEDERATED DEPT STORES INC DE    COM  31410H101            1791        27000  SH     DEFINED        01             27000
FEDEX CORP                      COM  31428X106            3360        32500  SH     DEFINED        01             32500
FIFTH THIRD BANCORP             COM  316773100            2263        60000  SH     DEFINED        01             60000
FIRST DATA CORP                 COM  319963104            3613        84000  SH     DEFINED        01             84000
FIRSTENERGY CORP                COM  337932107            1666        34000  SH     DEFINED        01             34000
FISERV INC                      COM  337738108            1082        25000  SH     DEFINED        01             25000
FLUOR CORP NEW                  COM  343412102             695         9000  SH     DEFINED        01              9000
FOMENTO ECONOMICO MEXICANO      CDR  344419106            2900        40000  SH     DEFINED        01             40000
FORD MTR CO DEL                 COM  345370860            1312       170000  SH     DEFINED        01            170000
FOREST LABS INC                 COM  345838106            1444        35500  SH     DEFINED        01             35500
FPL GROUP INC                   COM  302571104            1870        45000  SH     DEFINED        01             45000
FRANKLIN RES INC                COM  354613101            2350        25000  SH     DEFINED        01             25000
FREEPORT MCMORAN COPPER + GOLD  COM  35671D857            1022        19000  SH     DEFINED        01             19000
FREESCALE SEMICONDUCTOR INC     COM  35687M206            1158        46000  SH     DEFINED        01             46000
GANNETT INC                     COM  364730101            2120        35000  SH     DEFINED        01             35000
GAP INC                         COM  364760108            1235        70000  SH     DEFINED        01             70000
GEDEON RICHTER LTD              GDR  368467205            3960        22000  SH     DEFINED        01             22000
GENERAL DYNAMICS CORP           COM  369550108            2281        20000  SH     DEFINED        01             20000
GENERAL ELEC CO                 COM  369604103           38906      1110000  SH     DEFINED        01           1110000
GENERAL MLS INC                 COM  370334104            2466        50000  SH     DEFINED        01             50000
GENERAL MTRS CORP               COM  370442105             922        47500  SH     DEFINED        01             47500
GENUINE PARTS CO                COM  372460105             966        22000  SH     DEFINED        01             22000
GENWORTH FINL INC               COM  37247D106            1383        40000  SH     DEFINED        01             40000
GENZYME CORP                    COM  372917104            1946        27500  SH     DEFINED        01             27500
GERDAU S A                      ADR  373737105             250        15000  SH     DEFINED        01             15000
GILEAD SCIENCES INC             COM  375558103            2632        50000  SH     DEFINED        01             50000
GOL LINHAS AEREAS INTELIGENTES  COM  38045R107             536        19000  SH     DEFINED        01             19000
GOLDEN WEST FINL CORP DEL       COM  381317106            2640        40000  SH     DEFINED        01             40000
GOLDMAN SACHS GROUP INC         COM  38141G104            6449        50500  SH     DEFINED        01             50500
GRUPO CARSO SA DE CV            ADR  400485207            1515       300000  SH     DEFINED        01            300000
GRUPO TELEVISION SA DE CV       GDR  40049J206            2818        35000  SH     DEFINED        01             35000
GUIDANT CORP                    COM  401698105            2072        32000  SH     DEFINED        01             32000
HALLIBURTON CO                  COM  406216101            4027        65000  SH     DEFINED        01             65000
HARLEY DAVIDSON INC             COM  412822108            1982        38500  SH     DEFINED        01             38500
HARRAHS ENTMT INC               COM  413619107            1960        27500  SH     DEFINED        01             27500
HARTFORD FINANCIAL SVCS GRP     COM  416515104            2577        30000  SH     DEFINED        01             30000
HASBRO INC                      COM  418056107             404        20000  SH     DEFINED        01             20000
HCA INC                         COM  404119109            2273        45000  SH     DEFINED        01             45000
HEALTH MGMT ASSOC               COM  421933102             659        30000  SH     DEFINED        01             30000
HEINZ H J CO                    COM  423074103            1517        45000  SH     DEFINED        01             45000
HELLENIC TELECOMMUNICATIONS     ADR  423325307             291        27778  SH     DEFINED        01             27778
HERSHEY CO / THE                COM  427866108            1547        28000  SH     DEFINED        01             28000
HEWLETT PACKARD CO              COM  428236103            8503       297000  SH     DEFINED        01            297000
HILTON HOTELS CORP              COM  432848109            1206        50000  SH     DEFINED        01             50000
HOME DEPOT INC                  COM  437076102           10120       250000  SH     DEFINED        01            250000
HONEYWELL INTL INC              COM  438516106            3222        86500  SH     DEFINED        01             86500
HOSPIRA INC                     COM  441060100             706        16500  SH     DEFINED        01             16500
HUMANA INC                      COM  444859102             924        17000  SH     DEFINED        01             17000
ILLINOIS TOOL WKS INC           COM  452308109            2728        31000  SH     DEFINED        01             31000
IMS HEALTH INC                  COM  449934108             748        30000  SH     DEFINED        01             30000
INGERSOLL RAND COMPANY LIMITED  COM  G4776G101            2220        55000  SH     DEFINED        01             55000
INTEL CORP                      COM  458140100           16374       656000  SH     DEFINED        01            656000
INTERNATIONAL BUSINESS MACHS    COM  459200101           13727       167000  SH     DEFINED        01            167000
INTERNATIONAL GAME TECHNOLOGY   COM  459902102             770        25000  SH     DEFINED        01             25000
INTERNATIONAL PAPER CO          COM  460146103            2084        62000  SH     DEFINED        01             62000
INTUIT                          COM  461202103            1066        20000  SH     DEFINED        01             20000
IONA TECHNOLOGIES PLC           ADR  46206P109             192        65000  SH     DEFINED        01             65000
ISHARES TR                      COM  464287564            8981       120000  SH     DEFINED        01            120000
ITT INDS INC                    COM  450911102            1285        12500  SH     DEFINED        01             12500
JABIL CIRCUIT INC               COM  466313103            1001        27000  SH     DEFINED        01             27000
JDS UNIPHASE CORP               COM  46612J101             330       140000  SH     DEFINED        01            140000
JOHNSON + JOHNSON               COM  478160104           18631       310000  SH     DEFINED        01            310000
JOHNSON CTLS INC                COM  478366107            2187        30000  SH     DEFINED        01             30000
JPMORGAN CHASE + CO             COM  46625H100           14205       357900  SH     DEFINED        01            357900
KB HOME                         COM  48666K109             727        10000  SH     DEFINED        01             10000
KELLOGG CO                      COM  487836108            2161        50000  SH     DEFINED        01             50000
KERR MCGEE CORP                 COM  492386107            1090        12000  SH     DEFINED        01             12000
KEYCORP NEW                     COM  493267108            1482        45000  SH     DEFINED        01             45000
KIMBERLY CLARK CORP             COM  494368103            2863        48000  SH     DEFINED        01             48000
KLA TENCOR CORP                 COM  482480100            1036        21000  SH     DEFINED        01             21000
KOHLS CORP                      COM  500255104            2090        43000  SH     DEFINED        01             43000
KROGER CO                       COM  501044101            1454        77000  SH     DEFINED        01             77000
L 3 COMMUNICATIONS HLDG CORP    COM  502424104            1264        17000  SH     DEFINED        01             17000
LEHMAN BROTHERS HLDGS INC       COM  524908100            4614        36000  SH     DEFINED        01             36000
LEXMARK INTL INC                COM  529771107             601        13400  SH     DEFINED        01             13400
LG PHILIPS LCD CO LTD           COM  50186V102            3756       175000  SH     DEFINED        01            175000
LILLY ELI + CO                  COM  532457108            7526       133000  SH     DEFINED        01            133000
LIMITED BRANDS INC              COM  532716107             894        40000  SH     DEFINED        01             40000
LINCOLN NATL CORP IN            COM  534187109             928        17500  SH     DEFINED        01             17500
LINEAR TECHNOLOGY CORP          COM  535678106            1262        35000  SH     DEFINED        01             35000
LOCKHEED MARTIN CORP            COM  539830109            2354        37000  SH     DEFINED        01             37000
LOUISIANA PAC CORP              COM  546347105             755        27500  SH     DEFINED        01             27500
LOWES COS INC                   COM  548661107            6999       105000  SH     DEFINED        01            105000
LSI LOGIC CORP                  COM  502161102             360        45000  SH     DEFINED        01             45000
LUCENT TECHNOLOGIES INC         COM  549463107            1224       460000  SH     DEFINED        01            460000
M + T BK CORP                   COM  55261F104            1363        12500  SH     DEFINED        01             12500
MARATHON OIL CORP               COM  565849106            2744        45000  SH     DEFINED        01             45000
MARRIOTT INTL INC NEW           COM  571903202            2076        31000  SH     DEFINED        01             31000
MARSHALL + ILSLEY CORP          COM  571834100            1291        30000  SH     DEFINED        01             30000
MASCO CORP                      COM  574599106            1359        45000  SH     DEFINED        01             45000
MATTEL INC                      COM  577081102             633        40000  SH     DEFINED        01             40000
MAXIM INTEGRATED PRODS INC      COM  57772K101            1196        33000  SH     DEFINED        01             33000
MBIA INC                        COM  55262C100             902        15000  SH     DEFINED        01             15000
MBNA CORP                       COM  55262L100            3530       130000  SH     DEFINED        01            130000
MCCORMICK + CO INC              COM  579780206             464        15000  SH     DEFINED        01             15000
MCDONALDS CORP                  COM  580135101            4889       145000  SH     DEFINED        01            145000
MCGRAW HILL COS INC             COM  580645109            2375        46000  SH     DEFINED        01             46000
MCKESSON CORP                   COM  58155Q103            1806        35000  SH     DEFINED        01             35000
MEDCO HEALTH SOLUTIONS INC      COM  58405U102            1562        28000  SH     DEFINED        01             28000
MEDIMMUNE INC                   COM  584699102             858        24500  SH     DEFINED        01             24500
MEDTRONIC INC                   COM  585055106            7686       133500  SH     DEFINED        01            133500
MELLON FINL CORP                COM  58551A108            1456        42500  SH     DEFINED        01             42500
MERCK + CO INC                  COM  589331107            7237       227500  SH     DEFINED        01            227500
MERCURY INTERACTIVE CORP        COM  589405109             459        16500  SH     DEFINED        01             16500
MERRILL LYNCH + CO INC          COM  590188108            6130        90500  SH     DEFINED        01             90500
METLIFE INC                     COM  59156R108            4508        92000  SH     DEFINED        01             92000
MICRON TECHNOLOGY INC           COM  595112103             825        62000  SH     DEFINED        01             62000
MICROSOFT CORP                  COM  594918104           25575       978000  SH     DEFINED        01            978000
MOLEX INC                       COM  608554101             519        20000  SH     DEFINED        01             20000
MONSANTO CO NEW                 COM  61166W101            2132        27500  SH     DEFINED        01             27500
MONSTER WORLDWIDE INC           COM  611742107             531        13000  SH     DEFINED        01             13000
MOODYS CORP                     COM  615369105            3992        65000  SH     DEFINED        01             65000
MORGAN STANLEY                  COM  617446448            7319       129000  SH     DEFINED        01            129000
MOTOROLA INC                    COM  620076109            5896       261000  SH     DEFINED        01            261000
NATIONAL CITY CORP              COM  635405103            2182        65000  SH     DEFINED        01             65000
NATIONAL SEMICONDUCTOR CORP     COM  637640103             948        36500  SH     DEFINED        01             36500
NATUZZI S P A                   ADR  63905A101            1269       181340  SH     DEFINED        01            181340
NETWORK APPLIANCE INC           COM  64120L104             999        37000  SH     DEFINED        01             37000
NEWELL RUBBERMAID INC           COM  651229106             713        30000  SH     DEFINED        01             30000
NEWMONT MNG CORP                COM  651639106            3471        65000  SH     DEFINED        01             65000
NIKE INC                        COM  654106103            2170        25000  SH     DEFINED        01             25000
NOBLE CORPORATION               COM  G65422100            1940        27500  SH     DEFINED        01             27500
NORFOLK SOUTHN CORP             COM  655844108            2017        45000  SH     DEFINED        01             45000
NORTH FORK BANCORPORATION INC   COM  659424105            2688        98250  SH     DEFINED        01             98250
NORTHERN TRUST CORP             COM  665859104            1296        25000  SH     DEFINED        01             25000
NORTHROP GRUMMAN CORP           COM  666807102            2164        36000  SH     DEFINED        01             36000
NOVELL INC                      COM  670006105             318        36000  SH     DEFINED        01             36000
NOVELLUS SYS INC                COM  670008101             362        15000  SH     DEFINED        01             15000
NUCOR CORP                      COM  670346105            1668        25000  SH     DEFINED        01             25000
OCCIDENTAL PETE CORP            COM  674599105            4393        55000  SH     DEFINED        01             55000
OFFICE DEPOT INC                COM  676220106             942        30000  SH     DEFINED        01             30000
OMNICOM GROUP                   COM  681919106            1881        22100  SH     DEFINED        01             22100
ORACLE CORP                     COM  68389X105            5250       430000  SH     DEFINED        01            430000
ORBOTECH LTD                    COM  M75253100            1498        62500  SH     DEFINED        01             62500
PACCAR INC                      COM  693718108            1281        18500  SH     DEFINED        01             18500
PARKER HANNIFIN CORP            COM  701094104             660        10000  SH     DEFINED        01             10000
PAYCHEX INC                     COM  704326107            1391        36500  SH     DEFINED        01             36500
PENNEY J C INC                  COM  708160106            1446        26000  SH     DEFINED        01             26000
PEPSI BOTTLING GROUP INC        COM  713409100             715        25000  SH     DEFINED        01             25000
PEPSICO INC                     COM  713448108           11958       202400  SH     DEFINED        01            202400
PETROLEO BRASILEIRO SA          ADR  71654V408            3385        47500  SH     DEFINED        01             47500
PFIZER INC                      COM  717081103           18656       800000  SH     DEFINED        01            800000
PG+E CORP                       COM  69331C108            1670        45000  SH     DEFINED        01             45000
PHELPS DODGE CORP               COM  717265102            1439        10000  SH     DEFINED        01             10000
PHOENIX COMPANIES               COM  71902E109            1389       101817  SH      SOLE                        101817
PITNEY BOWES INC                COM  724479100            1056        25000  SH     DEFINED        01             25000
PPG INDS INC                    COM  693506107            1158        20000  SH     DEFINED        01             20000
PPL CORP                        COM  69351T106            1176        40000  SH     DEFINED        01             40000
PRAXAIR INC                     COM  74005P104            1748        33000  SH     DEFINED        01             33000
PRINCIPAL FINANCIAL GROUP       COM  74251V102            1660        35000  SH     DEFINED        01             35000
PROCTER AND GAMBLE CO           COM  742718109           23586       407500  SH     DEFINED        01            407500
PROGRESS ENERGY INC             COM  743263105             878        20000  SH     DEFINED        01             20000
PROGRESSIVE CORP OHIO           COM  743315103            2336        20000  SH     DEFINED        01             20000
PROKOM SORTWARE S A             GDR  743394207             741        35000  SH     DEFINED        01             35000
PRUDENTIAL FINL INC             COM  744320102            5050        69000  SH     DEFINED        01             69000
PUBLIC SVC ENTERPRISE GROUP     COM  744573106            3216        49500  SH     DEFINED        01             49500
PULTE HOMES INC                 COM  745867101            1023        26000  SH     DEFINED        01             26000
QLOGIC CORP                     COM  747277101             488        15000  SH     DEFINED        01             15000
QUALCOMM INC                    COM  747525103            7324       170000  SH     DEFINED        01            170000
QUEST DIAGNOSTICS INC           COM  74834L100            1081        21000  SH     DEFINED        01             21000
QWEST COMMUNICATIONS INTL INC   COM  749121109            1045       185000  SH     DEFINED        01            185000
RAYTHEON CO                     COM  755111507            2008        50000  SH     DEFINED        01             50000
ROBERT HALF INTL INC            COM  770323103             625        16500  SH     DEFINED        01             16500
ROCKWELL AUTOMATION INC         COM  773903109            1183        20000  SH     DEFINED        01             20000
ROCKWELL COLLINS INC            COM  774341101             929        20000  SH     DEFINED        01             20000
ROHM + HAAS CO                  COM  775371107            1695        35000  SH     DEFINED        01             35000
SAFEWAY INC                     COM  786514208            1065        45000  SH     DEFINED        01             45000
SANMINA SCI CORP                COM  800907107             234        55000  SH     DEFINED        01             55000
SARA LEE CORP                   COM  803111103             945        50000  SH     DEFINED        01             50000
SCHERING PLOUGH CORP            COM  806605101            3253       156000  SH     DEFINED        01            156000
SCHLUMBERGER LTD                COM  806857108            5829        60000  SH     DEFINED        01             60000
SCHWAB CHARLES CORP             COM  808513105            1746       119000  SH     DEFINED        01            119000
SEARS HLDGS CORP                COM  812350106            1156        10010  SH     DEFINED        01             10010
SEMPRA ENERGY                   COM  816851109            1569        35000  SH     DEFINED        01             35000
SIEBEL SYS INC                  COM  826170102             635        60000  SH     DEFINED        01             60000
SIGMA ALDRICH                   COM  826552101             506         8000  SH     DEFINED        01              8000
SK TELECOM LTD                  COM  78440P108            2536       125000  SH     DEFINED        01            125000
SLM CORP                        COM  78442P106            3966        72000  SH     DEFINED        01             72000
SOLECTRON CORP                  COM  834182107             357        97550  SH     DEFINED        01             97550
SOUTHERN CO                     COM  842587107            2590        75000  SH     DEFINED        01             75000
SOUTHWEST AIRLS CO              COM  844741108            1323        80500  SH     DEFINED        01             80500
SPRINT NEXTEL CORP              COM  852061100            7667       328227  SH     DEFINED        01            328227
ST JUDE MED INC                 COM  790849103            1707        34000  SH     DEFINED        01             34000
ST PAUL TRAVELERS COS INC       COM  792860108            3127        70000  SH     DEFINED        01             70000
STANLEY WORKS                   COM  854616109             432         9000  SH     DEFINED        01              9000
STAPLES INC                     COM  855030102            2589       114000  SH     DEFINED        01            114000
STARBUCKS CORP                  COM  855244109            2161        72000  SH     DEFINED        01             72000
STARWOOD HOTELS + RESORTS       COM  85590A203            1852        29000  SH     DEFINED        01             29000
STATE STREET CORPORATION        COM  857477103            1996        36000  SH     DEFINED        01             36000
STRYKER CORP                    COM  863667101            1777        40000  SH     DEFINED        01             40000
SUN MICROSYSTEMS INC            COM  866810104            1299       310000  SH     DEFINED        01            310000
SUNTRUST BKS INC                COM  867914103            2729        37500  SH     DEFINED        01             37500
SYMANTEC CORP                   COM  871503108            2285       130589  SH     DEFINED        01            130589
SYSCO CORP                      COM  871829107            2639        65000  SH     DEFINED        01             65000
TAIWAN GTR CHINA FD             COM  874037104             582       132882  SH     DEFINED        01            132882
TARGET CORP                     COM  87612E106            5222        95000  SH     DEFINED        01             95000
TELE NORTE LESTE PARTICIPACOES  ADR  879246106             717        40000  SH     DEFINED        01             40000
TELEFONOS DE MEXICO S A         ADR  879403780            2863       116000  SH     DEFINED        01            116000
TELEFONOS DE MEXICO S A         ADR  879403707            2303        95000  SH     DEFINED        01             95000
TELLABS INC                     COM  879664100             654        60000  SH     DEFINED        01             60000
TEMPLE INLAND INC               COM  879868107             449        10000  SH     DEFINED        01             10000
TENET HEALTHCARE CORP           COM  88033G100             383        50000  SH     DEFINED        01             50000
TERADYNE INC                    COM  880770102             291        20000  SH     DEFINED        01             20000
TEXAS INSTRS INC                COM  882508104            5773       180000  SH     DEFINED        01            180000
TEXTRON INC                     COM  883203101            1501        19500  SH     DEFINED        01             19500
TIFFANY + CO NEW                COM  886547108             574        15000  SH     DEFINED        01             15000
TIME WARNER INC NEW             COM  887317105            9069       520000  SH     DEFINED        01            520000
TJX COS INC NEW                 COM  872540109            1858        80000  SH     DEFINED        01             80000
TRANSOCEAN INC                  COM  G90078109            3136        45000  SH     DEFINED        01             45000
TRIBUNE CO NEW                  COM  896047107            1301        43000  SH     DEFINED        01             43000
TXU CORP                        COM  873168108            2911        29000  SH     DEFINED        01             29000
TYCO INTL LTD                   COM  902124106            6032       209000  SH     DEFINED        01            209000
UNION PAC CORP                  COM  907818108            2174        27000  SH     DEFINED        01             27000
UNISYS CORP                     COM  909214108             175        30000  SH     DEFINED        01             30000
UNITED PARCEL SVC INC           COM  911312106            8642       115000  SH     DEFINED        01            115000
UNITED TECHNOLOGIES CORP        COM  913017109            6430       115000  SH     DEFINED        01            115000
UNITEDHEALTH GROUP INC          COM  91324P102           10750       173000  SH     DEFINED        01            173000
US BANCORP DEL                  COM  902973304            5933       198500  SH     DEFINED        01            198500
UST INC                         COM  902911106             408        10000  SH     DEFINED        01             10000
VALERO ENERGY CORP              COM  91913Y100            2683        52000  SH     DEFINED        01             52000
VERIZON COMMUNICATIONS          COM  92343V104            8554       284000  SH     DEFINED        01            284000
VIACOM INC                      COM  925524308            5053       155000  SH     DEFINED        01            155000
VULCAN MATLS CO                 COM  929160109             678        10000  SH     DEFINED        01             10000
WACHOVIA CORP 2ND NEW           COM  929903102           10803       204370  SH     DEFINED        01            204370
WAL MART STORES INC             COM  931142103           12402       265000  SH     DEFINED        01            265000
WALGREEN CO                     COM  931422109            4869       110000  SH     DEFINED        01            110000
WASHINGTON MUT INC              COM  939322103            3915        90000  SH     DEFINED        01             90000
WASTE MGMT INC DEL              COM  94106L109            1760        58000  SH     DEFINED        01             58000
WELLPOINT INC                   COM  94973V107            5904        74000  SH     DEFINED        01             74000
WELLS FARGO + CO NEW            COM  949746101           10995       175000  SH     DEFINED        01            175000
WENDYS INTL INC                 COM  950590109             691        12500  SH     DEFINED        01             12500
WEYERHAEUSER CO                 COM  962166104            1625        24500  SH     DEFINED        01             24500
WHIRLPOOL CORP                  COM  963320106             670         8000  SH     DEFINED        01              8000
WILLIAMS COS INC                COM  969457100            1390        60000  SH     DEFINED        01             60000
WRIGLEY WM JR CO                COM  982526105            1529        23000  SH     DEFINED        01             23000
WYETH                           COM  983024100            6680       145000  SH     DEFINED        01            145000
XCEL ENERGY INC                 COM  98389B100             738        40000  SH     DEFINED        01             40000
XEROX CORP                      COM  984121103            1406        96000  SH     DEFINED        01             96000
XILINX INC                      COM  983919101             895        35500  SH     DEFINED        01             35500
XTO ENERGY INC                  COM  98385X106            1963        44666  SH     DEFINED        01             44666
YAHOO INC                       COM  984332106            5426       138500  SH     DEFINED        01            138500
YUM BRANDS INC                  COM  988498101            1360        29000  SH     DEFINED        01             29000
ZIMMER HOLDINGS INC             COM  98956P102            2529        37500  SH     DEFINED        01             37500
ZIONS BANCORP                   COM  989701107             831        11000  SH     DEFINED        01             11000

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