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F&C Asset Management plc · 13F-HR · For 12/31/04

Filed On 3/4/05 2:23pm ET · SEC File 28-11312 · Accession Number 929638-5-64

  As Of               Filer                 Filing     As/For/On Docs:Pgs              Issuer               Agent

 3/04/05  F&C Asset Management plc          13F-HR     12/31/04    1:17                                     929638

Quarterly Holdings or Combination Report by an Institutional Money Manager · Form 13F
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 13F-HR      Holdings Report                                       17    221K 

13F-HR 1st Page of 17 TOC Top Previous Next Bottom Just 1st
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 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, 2004          

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:                      F&C Asset Management plc                             
Address:                   80 George Street                                     
       Edinburgh EH2 3BU, United Kingdom

Form 13F File Number:      _______________                                      

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:       Marrack Tonkin                                                      
Title:      Company Secretary                                                   
Phone:      0131 465 1000                                                       

Signature, Place, and Date of Signing:                                          

/s/ Marrack Tonkin                   Edinburgh, UK                March 4, 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:                              

None                                                          

13F-HR 2nd Page of 17 TOC 1st Previous Next Bottom Just 2nd

 Form 13F SUMMARY PAGE

Report Summary:                                                                 

Number of Other Included Managers:                      None                    

Form 13F Information Table Entry Total:                 716                     

Form 13F Information Table Value Total:                 $11,947,274             
                                           (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.                                      

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                                                        · Enlarge/Download Table

                           FORM 13F INFORMATION TABLE                                                                             
              1 of 2 Name of Reporting Manager: MDT Advisers, Inc.                                                                

Column 1             Column 2             Column 3   Column 4       Column 5          Column 6   Column 7     Column 8            

                       Title                                                                                                      
                        of                CUSIP       Value       Amount and         Investment   Other       Voting Authority    
Name of Issuer         Class              Number     ($1,000)   Type of Security     Discretion  Managers        (Shares)         

                                                              Shares or                                                           
                                                              Principal    SH/ PUT/                                               
                                                               Amount      PRN CALL                          Sole     Shared  None
                                                                                                                                  
ENCANA                 NPV               292505104       2,990      43,670           sole                       43,670            
SUN LIFE FINANCIAL     NPV               866796105       1,123      27,950 SH        sole                       27,950            
AVAYA                  USD0.01           053499109       2,009     116,790 SH        sole                      116,790            
                       0% 06/07/2010                                                                                              
ADT                    NOTES USD1000     000945AC9       3,432   1,767,000 PRN       sole                    1,767,000            
AK STEEL CORP          7.75% 15/06/2012  001546AG5       7,268   7,000,000 PRN       sole                    7,000,000            
AMB PROPERTIES                                                                                                                    
CORPORATION            USD0.01 COM STK   00163T109      28,637     709,000 SH        sole                      709,000            
ANR PIPELINE           8.875% 15/03/2010 001814AV4       4,604   4,000,000 PRN       sole                    4,000,000            
TIME WARNER INC        6.75% 15/04/2011  00184AAB1      22,730  20,000,000 PRN       sole                   20,000,000            
TIME WARNER INC        7.7% 01/05/2032   00184AAG0      12,338  10,000,000 PRN       sole                   10,000,000            
AT&T CORP              7.3% 15/11/2011   001957BC2      11,613  10,000,000 PRN       sole                   10,000,000            
ABBOTT LABORATORIES    COM STK NPV       002824100      20,859     447,151 SH        sole                      447,151            
ACTUANT CORPORATION    USD0.20 CLASS A   00508X203       9,328     178,930 SH        sole                      178,930            
ADVANCED MICRO                                                                                                                    
DEVICES                7.75% 01/11/2012  007903AG2       5,297   5,000,000 PRN       sole                    5,000,000            
LION CONNECTICUT                                                                                                                  
HOLDING                7.75% 17/07/2016  008117AE3       2,315   2,145,000 PRN       sole                    2,145,000            
AETNA INC NEW COM      USD0.001          00817Y108       8,865      70,920 SH        sole                       70,920            
                       USD0.01 CLASS A                                                                                            
AFLAC INC              COM               008190100      39,486     656,469 SH        sole                      656,469            
AIR PRODUCTS &                                                                                                                    
CHEMICALS INC          COM USD1          009158106      18,463     318,539 SH        sole                      318,539            
AIRGAS INC             USD0.01 COM       009363102       9,338     352,360 SH        sole                      352,360            
                       COM STK NPV US                                                                                             
ALCAN INC              LISTING           013716105       8,475     172,920 SH        sole                      172,920            
ALCOA INC COM STK      USD1              013817101       9,444     300,631 SH        sole                      300,631            
ALGOMA STEEL INC       11% 31/12/2009    01566MAB1       5,563   5,000,000 PRN       sole                    5,000,000            
ALLIANCE IMAGING       7.25% 15/12/2012  018606AE3       4,071   4,000,000 PRN       sole                    4,000,000            
                       2.75% 15/02/2024                                                                                           
ALLIANT TECHSYSTEMS    CNV               018804AH7       4,667   5,510,000 PRN       sole                    5,510,000            
ALLIED CAPITAL                                                                                                                    
CORPORATION            USD0.0001 COM     01903Q108       8,968     347,180 SH        sole                      347,180            
ALLIED WASTE NORTH                                                                                                                
AMERICA                6.5% 15/11/2010   01958XBA4       7,031   7,000,000 PRN       sole                    7,000,000            
ALLSTATE CORPORATION   COM STK USD0.01   020002101      78,113   1,510,598 SH        sole                    1,510,598            
ALLTEL CORP            COM STK USD1      020039103      38,793     660,300 SH        sole                      660,300            
                       7.75% 17/05/2005                                                                                           
ALLTEL CORP            CNV PRF USD50     020039822       7,029     132,900 PRN       sole                      132,900            
ALTRIA GROUP INC       USD0.333333 COM   02209S103      58,024     950,425 SH        sole                      950,425            
                       0% 28/07/2020                                                                                              
ALZA CORPORATION       CNV SUB USD       02261WAB5       5,553   7,960,000 PRN       sole                    7,960,000            
AMBAC FINANCIAL        USD0.01           023139108       1,174      14,280 SH        sole                       14,280            
                       ADR EACH REP 20                                                                                            
AMERICA MOVIL SA       SHS'L'NPV         02364W105      51,695     987,476 SH        sole                      987,476            
AMERICAN CAPITAL                                                                                                                  
STRATEGIES             COM USD0.01       024937104       8,867     265,720 SH        sole                      265,720            
AMER CASINO &                                                                                                                     
ENTERTAIN              7.85% 01/02/2012  02504RAC1       2,190   2,000,000 PRN       sole                    2,000,000            
AMERICAN ELECTRIC                                                                                                                 
POWER INC              USD6.50 COM       025537101       1,315      38,240 SH        sole                       38,240            
AMERICAN EXPRESS CO                                                                                                               
COM                    USD0.20           025816109      77,753   1,379,570 SH        sole                    1,379,570            
AMERICAN                                                                                                                          
INTERNATIONAL GROUP    COM STK USD2.50   026874107     112,055   1,706,595 SH        sole                    1,706,595            
AMERICAN STD COS                                                                                                                  
INC DEL                Usd0.01           02971206        1,034      25,000 SH        sole                       25,000            
AMERICAN STANDARD                                                                                                                 
INC                    7.375% 01/02/2008 029717AC9       3,384   3,000,000 PRN       sole                    3,000,000            
AMGEN                  USD0.001          031162100       4,832      75,310 SH        sole                       75,310            
PAGE TOTAL:                                            710,724                                                                    

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                       0% CNV                                                                                                     
                       01/03/2032                                                                                                 
AMGEN INC              USD1000           031162AE0       5,930  11,360,000 PRN       sole                   11,360,000            
ANADARKO PETROLEUM     COM USD0.10       032511107      15,752     243,092 SH        sole                      243,092            
ANALOG DEVICES INC.    COM STK USD0.1666 032654105       2,326      58,140 SH        sole                       58,140            
ANDREW CORPORATION     COM USD0.01       034425108       6,157     451,720 SH        sole                      451,720            
                       3.25% 15/08/2013                                                                                           
ANDREW CORPORATION     REGS CNV          034425AB4       8,066   7,669,400 PRN       sole                    7,669,400            
                       SPON ORD RUB0.10                                                                                           
TATNEFT ADR            LDN QUOTE         03737P306       2,895      99,815 SH        sole                       99,815            
                       3.5% 15/11/2012                                                                                            
AON CORP               CNV REGS          037389AT0       5,392   5,340,000 PRN       sole                    5,340,000            
APACHE CORP            USD1.25           037411105      14,314     283,110 SH        sole                      283,110            
APOLLO INVESTMENT                                                                                                                 
CORP                   NPV               03761U106       8,278     550,000 SH        sole                      550,000            
APPLE COMPUTER                                                                                                                    
COMPANY                COM NPV           037833100         743      11,150 SH        sole                       11,150            
APPLERA CORP           Com App Bio Grp   038020103         984      47,000 SH        sole                       47,000            
APPLIED MATERIALS                                                                                                                 
INC                    COM USD0.01       038222105      20,708   1,210,980 SH        sole                    1,210,980            
ARAMARK CORP CLS B     USD.01 B Shares   038521100      32,298   1,218,323 SH        sole                    1,218,323            
ARCH WESTERN FINANCE   6.75% 01/07/2013  03939RAC4       5,380   5,000,000 PRN       sole                    5,000,000            
ARCHSTONE SMITH TR     USD0.01           039583109      49,567   1,294,190 SH        sole                    1,294,190            
ARDENT HEALTH                                                                                                                     
SERVICES               10% 15/08/2013    03979PAB1       2,185   2,000,000 PRN       sole                    2,000,000            
ARGOSY GAMING          7% 15/01/2014     040228AL2       3,426   3,000,000 PRN       sole                    3,000,000            
ARMOR HOLDINGS         2% 01/11/2024 CNV 042260AC3       5,458   6,000,000 PRN       sole                    6,000,000            
AUTOLIV                USD1              052800109       1,604      33,200 SH        sole                       33,200            
AUTOMATIC DATA                                                                                                                    
PROCESSING INC COM     STOCK USD0.10     053015103       7,604     171,505 SH        sole                      171,505            
AVERY DENNISON         USD1              053611109       5,834      97,180 SH        sole                       97,180            
AVON PRODUCTS INC      USD 0.25 COM      054303102      62,038   1,603,451 SH        sole                    1,603,451            
BRE PROPERTIES         USD0.01 CLASS A                                                                                            
INCORPORATED           COM STK           05564E106      15,105     376,300 SH        sole                      376,300            
BALL CORP              COM NPV           058498106      16,173     368,070 SH        sole                      368,070            
                       ADR EACH REP 500                                                                                           
BANCO ITAU SA          PREF              059602201      11,994     159,601 SH        sole                      159,601            
                       ADR REP 1039 COM                                                                                           
BANCO SANTANDER        NPV               05965X109         339      10,000 SH        sole                       10,000            
                       ADR (EACH ADR                                                                                              
BANCOLOMBIA SA         REP 4 PREF SHS)   05968L102       2,930     207,650 SH        sole                      207,650            
                       COM STOCK USD                                                                                              
BANK OF AMERICA CORP   0.01              060505104     113,922   2,426,982 SH        sole                    2,426,982            
BANK OF AMERICA CORP   4.25% 01/10/2010  060505BP8      36,854  36,550,000 PRN       sole                   36,550,000            
BANK OF NEW YORK CO                                                                                                               
INC                    COM STK USD7.50   064057102      11,319     338,984 SH        sole                      338,984            
BK OF NOVA SCOTIA      NPV               064149107       1,529      37,460 SH        sole                       37,460            
BANK POLSKA KASA                                                                                                                  
OPIEKI GRUPA 1GDR                                                                                                                 
REPS 1 ORD                               064451206       6,381     137,610 SH        sole                      137,610            
BANKUNITED             USD0.01 COM                                                                                                
FINANCIAL CORP         CLASS A           06652B103      13,957     436,700 SH        sole                      436,700            
BARD C.R. INC          USD0.25           067383109      21,949     343,764 SH        sole                      343,764            
BAUSCH & LOMB INC      COM USD0.40       071707103      62,761     973,967 SH        sole                      973,967            
BCP CAYLUX HOLDINGS    9.625% 15/06/2014 07329UAA0       3,410   3,000,000 PRN       sole                    3,000,000            
BEAR STEARNS                                                                                                                      
COMPANIES INC          COM USD1          073902108      26,626     260,246 SH        sole                      260,246            
BECTON DICKINSON &                                                                                                                
CO                     USD1 COM          075887109      15,338     270,470 SH        sole                      270,470            
BED BATH & BEYOND      USD0.01           075896100       1,450      36,400 SH        sole                       36,400            
BELLSOUTH CORP         COM STK USD1      079860102      20,064     721,962 SH        sole                      721,962            
BEST BUY COMPANY INC   USD0.1            086516101      57,529     968,338 SH        sole                      968,338            
                       2.25% 15/01/2022                                                                                           
BEST BUY               CNV BD REGS       086516AF8       8,168   9,620,000 PRN       sole                    9,620,000            
BEVERLY ENTERPRISES    7.875% 15/06/2014 087851AS0       3,227   3,000,000 PRN       sole                    3,000,000            
BIOGEN IDEC INC        USD0.0005         09062X103      11,035     165,520 SH        sole                      165,520            
BOEING CO              COM STK USD5      097023105      31,019     599,970 SH        sole                      599,970            
BOISE CASCADE LLC      7.125% 15/10/2014 097395AD9       3,224   3,000,000 PRN       sole                    3,000,000            
BOMBARDIER CAPITAL                                                                                                                
INC                    7.5% 17/10/2005   09774LAE8       5,176   5,000,000 PRN       sole                    5,000,000            
BOSTON PROPERTIES                                                                                                                 
INCORPORATEDUSD0.01                                                                                                               
COM STK                                  101121101      44,450     688,400 SH        sole                      688,400            
BOSTON SCIENTIFIC      USD0.01 COM STK   101137107         513      14,500 SH        sole                       14,500            
BRASIL TELECOM         SPON ADR REP                                                                                               
PARTICIPACOES          5000 PRF NPV      105530109       4,349     114,357 SH        sole                      114,357            
PAGE TOTAL:                                            817,731                                                                    

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BRAZIL FEDERAL         12% 15/04/2010                                                                                             
REPUBLIC OF            USD1000           105756AV2      10,103   8,000,000 PRN       sole                    8,000,000            
BRAZIL FEDERAL                                                                                                                    
REPUBLIC OF            FRN 29/06/2009    105756BC3      57,825  48,800,000 PRN       sole                   48,800,000            
BRAZIL FEDERAL                                                                                                                    
REPUBLIC OF            10.5% 14/07/2014  105756BD1      18,561  15,000,000 PRN       sole                   15,000,000            
                       0% 10/10/2021                                                                                              
BRINKER INTL INC       CNV USD1000       109641AC4       6,704  13,000,000 PRN       sole                   13,000,000            
BRISTOL-MYERS                                                                                                                     
SQUIBB CO              COM STK USD0.10   110122108      21,696     847,827 SH        sole                      847,827            
BURLINGTON NORTH                                                                                                                  
SANTA FE COR                                                                                                                      
USD0.01 COM                              12189T104      18,893     399,590 SH        sole                      399,590            
BURLINGTON                                                                                                                        
RESOURCES INC COM      USD0.01           122014103      11,387     261,764 SH        sole                      261,764            
CBL & ASSOCIATES                                                                                                                  
PROPERTIES                                                                                                                        
INUSD0.01 COM STK                        124830100       4,946      64,800 SH        sole                       64,800            
CB RICHARD ELLIS A     USD0.01 A Shares  12497T101       7,341     219,060 SH        sole                      219,060            
CIGNA CORP COM         USD0.25           125509109      20,661     253,320 SH        sole                      253,320            
CIT GROUP              USD0.01 COM       125581108      84,591   1,846,561 SH        sole                    1,846,561            
CIT GROUP INC          5.125% 30/09/14   125581AK4      13,913  13,700,000 PRN       sole                   13,700,000            
CIT GROUP INC          FRN 19/04/2006    12560PDF5      30,506  30,500,000 PRN       sole                   30,500,000            
CNA SURETY                                                                                                                        
CORPORATION            COM STK NPV       12612L108       7,839     589,380 SH        sole                      589,380            
                       0% CNV                                                                                                     
CSX CORPORATION        30/10/2021 USD    126408GA5       4,279   5,860,000 PRN       sole                    5,860,000            
CVS CORP               USD0.01           126650100      29,077     645,622 SH        sole                      645,622            
CADENCE DESIGN                                                                                                                    
SYSTEMS INC            USD 0.01          127387108      10,412     755,100 SH        sole                      755,100            
CALIFORNIA STEEL                                                                                                                  
INDUSTRY               6.125% 15/03/2014 13077QAE3       2,021   2,000,000 PRN       sole                    2,000,000            
CALPINE GENERATING                                                                                                                
CO                     FRN 01/04/2009    13135BAA4       5,150   5,000,000 PRN       sole                    5,000,000            
CAMDEN PROPERTY        USD0.01 SHS BEN                                                                                            
TRUST                  INT COM STK       133131102      17,248     339,200 SH        sole                      339,200            
CAMPBELL SOUP CO       CAP STK USD0.0375 134429109       1,562      51,930 SH        sole                       51,930            
CAPITAL ONE BANK       5% 15/06/2009     14040EHL9      15,479  15,000,000 PRN       sole                   15,000,000            
CAPITAL ONE                                                                                                                       
FINANCIAL CORP         USD0.01           14040H105      15,177     180,267 SH        sole                      180,267            
CAPITALSOURCE INC      USD0.01 COM       14055X102      11,549     450,070 SH        sole                      450,070            
CARDINAL HEALTH        NPV               14149Y108         585      10,240 SH        sole                       10,240            
CAREMARK RX INC        USD0.001 COM      141705103       1,277      35,110 SH        sole                       35,110            
                       COM USD0.01                                                                                                
CARNIVAL CORP          PAIRED STOCK      143658300      30,968     537,370 SH        sole                      537,370            
CARRAMERICA REALTY                                                                                                                
CORP                   USD0.01 COM STK   144418100       8,713     265,000 SH        sole                      265,000            
CATELLUS                                                                                                                          
DEVELOPMENT CORP       USD0.01 COM STOCK 149113102      27,574     902,300 SH        sole                      902,300            
CATERPILLAR INC        COM STK USD1      149123101       1,352      13,520 SH        sole                       13,520            
CEMEX SA SPON ADR                                                                                                                 
EACH REP 5                               151290889      23,019     632,229 SH        sole                      632,229            
CENDANT CORPORATION    USD0.01           151313103      54,588   2,337,779 SH        sole                    2,337,779            
CENTERPOINT                                                                                                                       
PROPERTIES TRUST       USD0.001 COM STK  151895109      23,500     490,800 SH        sole                      490,800            
CHAMPION HOME                                                                                                                     
BUILDERS               11.25% 15/04/2007 158501AB2       5,617   5,000,000 PRN       sole                    5,000,000            
CHARTER COMM OPT       8% 30/04/2012     161175AA2       5,291   5,000,000 PRN       sole                    5,000,000            
CHECKERS DRIVE-IN                                                                                                                 
RESTAURANT             USD0.001 COM      162809305       9,093     678,600 SH        sole                      678,600            
CHEROKEE                                                                                                                          
INTERNATIONAL CORP     USD0.001          164450108       6,795     707,070 SH        sole                      707,070            
CHESAPEAKE ENERGY                                                                                                                 
CORPORATION 7%                                                                                                                    
15/08/2014                               165167BJ5       3,289   3,000,000 PRN       sole                    3,000,000            
CHEVRONTEXACO                                                                                                                     
CORPORATION            COM STK USD1.50   166764100      66,822   1,273,532 SH        sole                    1,273,532            
CHINA FINANCE ONLINE   ADR               169379104       1,310     120,000 SH        sole                      120,000            
CHIQUITA BRANDS INTL   7.5% 01/11/2014   170032AP1       5,183   5,000,000 PRN       sole                    5,000,000            
CHIRON CORP            USD0.01           170040109       6,276     188,300 SH        sole                      188,300            
CHUBB CORP             COM STK USD1      171232101      25,898     336,780 SH        sole                      336,780            
CHUNGHWA TELECOM ADR   ADR               17133Q205         625      29,700 PRN       sole                       29,700            
CINCINNATI BELL INC    7.25% 15/07/2013  171871AB2       5,329   5,000,000 PRN       sole                    5,000,000            
CINCINNATI                                                                                                                        
FINANCIAL CORP         COM STK USD2      172062101      15,113     341,450 SH        sole                      341,450            
CINEMARK USA INC       9% 01/02/2013     172441AN7       4,734   4,000,000 PRN       sole                    4,000,000            
CINGULAR WIRELESS                                                                                                                 
LLC                    5.625% 15/12/2006 17248RAC0       5,353   5,146,000 PRN       sole                    5,146,000            
CISCO SYSTEMS          COM STK NPV       17275R102      97,119   5,029,419 SH        sole                    5,029,419            
CITIGROUP INC          USD0.01 ORD       172967101     192,808   4,003,499 SH        sole                    4,003,499            
                       5% 15/9/14 USD                                                                                             
CITIGROUP INC          144A SUB NTS      172967CP4      19,007  18,691,000 PRN       sole                   18,691,000            
PAGE TOTAL:                                          1,074,158                                                                    

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CITIGROUP INC          5.85% 11/12/2034  172967CT6      15,939  15,500,000 PRN       sole                   15,500,000            
CITGO PETROLEUM CORP   6% 15/10/2011     17302XAE6       5,107   5,000,000 PRN       sole                    5,000,000            
CITIZENS               COM USD0.25                                                                                                
COMMUNICATIONS         CLASS B           17453B101      11,151     809,211 SH        sole                      809,211            
CITIZENS                                                                                                                          
COMMUNICATIONS         9.25% 15/05/2011  17453BAB7       3,560   3,000,000 PRN       sole                    3,000,000            
CITIZENS                                                                                                                          
COMMUNICATIONS         9% 15/08/2031     17453BAJ0       5,864   5,000,000 PRN       sole                    5,000,000            
CLEAR CHANNEL                                                                                                                     
COMMUNICATIONS         COM STK USD0.10   184502102         657      20,660 SH        sole                       20,660            
COACH INC              USD0.01           189754104       6,794     120,500 SH        sole                      120,500            
THE COCA-COLA                                                                                                                     
COMPANY                USD0.25 ORD SHS   191216100      36,167     868,961 SH        sole                      868,961            
COGNIZANT TECH SOLUT   USD.01            192446102      16,675     393,932 SH        sole                      393,932            
COLGATE-PALMOLIVE CO   COM STK USD1      194162103       9,945     194,410 SH        sole                      194,410            
COLOMBIA REPUBLIC OF   8.375% 15/02/27   195325AL9       3,540   3,500,000 PRN       sole                    3,500,000            
COLOMBIA REPUBLIC OF   8.25% 22/12/2014  195325BE4       3,219   3,000,000 PRN       sole                    3,000,000            
                       CLASS A COM USD1                                                                                           
COMCAST CORPORATION    ORD SHS           20030N101      19,716     592,433 SH        sole                      592,433            
                       SPL A COM USD1                                                                                             
COMCAST CORPORATION    ORD SHS           20030N200       1,494      45,337 SH        sole                       45,337            
COMCAST CORP           7.05% 15/03/2033  20030NAC5      13,335  11,460,000 PRN       sole                   11,460,000            
COMCAST CORP           5.5% 15/03/2011   20030NAD3      23,133  21,620,000 PRN       sole                   21,620,000            
COMMUNITY HEALTH                                                                                                                  
SYSTEMS INC            USD0.01           203668108      11,477     411,650 SH        sole                      411,650            
                       SPON ADR REP                                                                                               
CEMIG CIA ENERG MG     1000 PF LEVEL 1   204409601       9,966     408,630 SH        sole                      408,630            
COMPANHIA                                                                                                                         
ENERGETICA DE MINA     SP ADR N-V PFD    204409601         876      35,800 PRN       sole                       35,800            
CIA BRAZILIERA DE                                                                                                                 
DISTRIBUICAO(PAO DE                                                                                                               
ACUCAR)ADR-REP1000                                                                                                                
PRF                                      20440T201      39,034   1,548,976 SH        sole                    1,548,976            
COMPANIA VALE DO       SPON ADR-EACH                                                                                              
RIO DOCE               REPR 1 PREF SHS   204412100      12,938     536,392 SH        sole                      536,392            
COMPANIA VALE DO       NPV ADR REPR 1                                                                                             
RIO DOCE               COM               204412209      30,225   1,041,899 SH        sole                    1,041,899            
CIA SANEAMENTO                                                                                                                    
BASICO SAOPAUL                                                                                                                    
SPONS ADR EACH REPR                                                                                                               
250 COM                                  20441A102       1,783     119,600 SH        sole                      119,600            
COMP BEBIDAS AM ADR    ADR               20441W203       5,168     182,500 PRN       sole                      182,500            
COMPANIA DE MINAS                                                                                                                 
BUENAVENTURA-SPON                                                                                                                 
ADR (EACH REP                                                                                                                     
2'B'SHS)                                 204448104       3,828     167,600 SH        sole                      167,600            
TELECOMUNICACIONES     ADS REP 4 A                                                                                                
DE CHILE               SHARES            204449300       3,243     289,000 SH        sole                      289,000            
COMPUTER ASSOCIATES                                                                                                               
INTERN INCCOM STK                                                                                                                 
USD0.10                                  204912109     110,597   3,561,910 SH        sole                    3,561,910            
COMPUTER ASSOCIATES    5% 15/03/2007                                                                                              
INTL                   SNR CNV NTS USD   204912AR0       4,224   4,645,000 PRN       sole                    4,645,000            
CONCORD                                                                                                                           
COMMUNICATIONS INC     USD0.01           206186108       7,077     637,580 SH        sole                      637,580            
CONNS INC              USD0.01           208242107       5,000     297,610 SH        sole                      297,610            
CONOCOPHILLIPS         USD1.25 COM       20825C104      19,678     226,704 SH        sole                      226,704            
CONSOLE ENERGY INC     7.875% 01/03/2012 20854PAB5       2,302   2,000,000 PRN       sole                    2,000,000            
CONSOLIDATED                                                                                                                      
NATURAL GAS            5% 01/12/2014     209615CA9      15,056  15,000,000 PRN       sole                   15,000,000            
CORNING INC            COM STK USD1      219350105         453      38,530 SH        sole                       38,530            
COSTCO WHOLESALE                                                                                                                  
CORPORATION            USD0.01           22160K105      17,662     364,838 SH        sole                      364,838            
COUNTRYWIDE                                                                                                                       
FINANCIAL CORP         USD0.05 ORD SHS   222372104      35,124     949,813 SH        sole                      949,813            
COUNTRYWIDE HOME                                                                                                                  
LOAN                   FRN 17/02/2006    22237LNX6      25,056  25,000,000 PRN       sole                   25,000,000            
COUNTRYWIDE HOME                                                                                                                  
LOAN                   4.125% 15/09/2009 22237LPM8      17,633  17,500,000 PRN       sole                   17,500,000            
COUSINS PROPERTIES                                                                                                                
INC                    COM STK USD1      222795106      34,790   1,149,320 SH        sole                    1,149,320            
                       COM STK USD0.33                                                                                            
COX RADIO INC          CLASS A           224051102       5,517     335,590 SH        sole                      335,590            
CREDIT SUISSE FB                                                                                                                  
USA INC                4.875% 15/01/2015 22541LAR4      19,786  20,000,000 PRN       sole                   20,000,000            
CROWN CASTLE INTL                                                                                                                 
CORP                   10.75% 01/08/2011 228227AJ3       3,403   3,000,000 PRN       sole                    3,000,000            
CROWN CASTLE INTL                                                                                                                 
CORP                   7.5% 01/12/2013   228227AW4       3,266   3,000,000 PRN       sole                    3,000,000            
DAVITA                 USD0.001          23918K108       4,227     107,000 SH        sole                      107,000            
DEERE & CO             COM STK USD1      244199105      18,801     252,770 SH        sole                      252,770            
DELHAIZE AMERICA INC   8.125% 15/04/2011 246688AE5       4,751   4,000,000 PRN       sole                    4,000,000            
DELL INC               COM USD0.01       24702R101      98,058   2,326,976 SH        sole                    2,326,976            
DENBURY RESOURCES                                                                                                                 
INC                    USD0.001          247916208       6,744     245,700 SH        sole                      245,700            
DEVELOPERS                                                                                                                        
DIVERSIFIED REALTY                                                                                                                
NPV                                      251591103      24,118     543,800 SH        sole                      543,800            
DEVON ENERGY                                                                                                                      
CORPORATION            USD0.10           25179M103      44,131   1,134,176 SH        sole                    1,134,176            
PAGE TOTAL:                                            822,288                                                                    

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DEX MEDIA WEST                                                                                                                    
LLC/FIN                5.875% 15/11/2011 252126AG2       6,739   6,700,000 PRN       sole                    6,700,000            
DIAGNOSTICOS DA        ADR REP 3 COMMON                                                                                           
AMERICA SA             SHARES            25246T206       4,110     154,500 SH        sole                      154,500            
                       1.25% 01/01/2024                                                                                           
DB DIGITAL RIVER       CNV               25388BAA2       7,185   7,500,000 PRN       sole                    7,500,000            
DIRECTV GROUP INC      USD 0.01          25459L106      18,658   1,146,147 SH        sole                    1,146,147            
DISNEY WALT CO         COM STK USD 0.01  254687106      25,357     912,530 SH        sole                      912,530            
                       2.125%                                                                                                     
                       15/04/2023 CNV                                                                                             
DB WALT DISNEY HLDG    SNR NTS           254687AU0      15,104  16,840,000 PRN       sole                   16,840,000            
DISTRIBUCION &         ADR (EACH REP 15                                                                                           
SERVICIO               ORD SHARES)       254753106       9,707     538,378 SH        sole                      538,378            
                       EACH                                                                                                       
                       REPRESENTS1/2                                                                                              
DR REDDYS LABS         INR5 ADR          256135203       1,086      55,000 SH        sole                       55,000            
DOLE FOODS             8.625% 01/05/2009 256605AJ5       5,521   5,000,000 PRN       sole                    5,000,000            
DOMINION RESOURCES                                                                                                                
VIR                    COM NPV           25746U109       6,976     102,992 SH        sole                      102,992            
                       8.75% 15/05/2006                                                                                           
DOMINION RESOURCES     CNV               25746U406       2,787      50,500 PRN       sole                       50,500            
                       2.125%                                                                                                     
DOMINION RESOURCES     15/12/2023 CNV    25746UAT6         226     220,000 PRN       sole                      220,000            
RR DONNELLEY & SONS                                                                                                               
CO                     USD1.25           257867101         661      18,760 SH        sole                       18,760            
DORAL FINANCIAL CORP   USD1              25811P100      15,520     315,380 SH        sole                      315,380            
DOW CHEMICALS                            260543103      19,491     393,756 SH        sole                      393,756            
DOW JONES CDX HY       10.5% 29/12/2009  26056RAD0       2,057   2,000,000 PRN       sole                    2,000,000            
DRESSER RAND GROUP                                                                                                                
INC                    7.375% 01/11/2014 261608AA1       3,112   3,000,000 PRN       sole                    3,000,000            
DU PONT DE NEMOURS     USD0.30 COM       263534109       5,606     114,610 SH        sole                      114,610            
E.I. DU PONT DE                                                                                                                   
NEMOURS                4.125% 30/04/2010 263534BM0       9,065   9,000,000 PRN       sole                    9,000,000            
DUKE ENERGY                                                                                                                       
CORPORATION            COM STK NPV       264399106      64,387   2,542,935 SH        sole                    2,542,935            
DUKE REALTY                                                                                                                       
CORPORATION            USD0.01 COM STK   264411505      32,506     952,150 SH        sole                      952,150            
DUN & BRADSTREET                                                                                                                  
CORP                   USD0.01           26483E100      15,811     265,730 SH        sole                      265,730            
DYNERGY HOLDINGS INC   FRN 15/07/2008    26816LAH5       3,248   3,000,000 PRN       sole                    3,000,000            
DYNEGY HOLDINGS INC    9.875% 15/07/2010 26816LAL6       3,503   3,000,000 PRN       sole                    3,000,000            
EFES BREWERIES INTL                                                                                                               
LTD                    GDR               26843E204         753      25,100 SH        sole                       25,100            
ETRADE                 8.0% 15/06/2011   269246AE4       3,250   3,000,000 PRN       sole                    3,000,000            
EATON CORP             USD0.5            278058102         763      10,550 SH        sole                       10,550            
EBAY INC               USD0.001 COM      278642103      71,216     612,240 SH        sole                      612,240            
ECHOSTAR DBS CORP      5.75% 01/10/2008  27876GAN8       6,190   6,000,000 PRN       sole                    6,000,000            
ECOLAB INC             COM STK USD1      278865100      24,598     701,707 SH        sole                      701,707            
                       ADR-EACH CNV                                                                                               
ELAN CORPORATION PLC   INTO 1 ORDEUR0.05 284131208      30,938   1,135,763 SH        sole                    1,135,763            
EMERSON ELECTRIC CO    COM STK USD1      291011104      16,030     228,732 SH        sole                      228,732            
ENCANA CORPORATION     6.5% 15/08/2034   292505AD6      33,765  30,000,000 PRN       sole                   30,000,000            
ENBRIDGE               NPV               29250N105       1,619      27,120 SH        sole                       27,120            
ENERGIZER HOLDINGS     USD0.01 COM       29266R108      17,406     350,580 SH        sole                      350,580            
                       SPONS ADR REP 50                                                                                           
ENERSIS SA             COM NPV           29274F104      11,881   1,401,100 SH        sole                    1,401,100            
ENTERGY CORP           COM STK USD0.01   29364G103         977      14,450 SH        sole                       14,450            
EQUIFAX INC            COM USD1.25       294429105      21,901     779,400 SH        sole                      779,400            
EQUITY OFFICE                                                                                                                     
PROPERTIES TRUSTUSD                                                                                                               
0.01 COM STK                             294741103      23,252     798,500 SH        sole                      798,500            
                       USD0.01 SHS OF                                                                                             
EQUITY RESIDENTIAL     BENEFICIAL INT    29476L107      16,447     454,600 SH        sole                      454,600            
EUROPEAN BANK RECON                                                                                                               
& DEV                  0% 12/05/2005     29874QAZ7       2,753   3,000,000 PRN       sole                    3,000,000            
EXELON CORPORATION     NPV COM           30161N101      15,316     347,704 SH        sole                      347,704            
EXPORT IMPORT BANK                                                                                                                
KOREA                  4.5% 12/08/2009   302154AK5       8,186   8,000,000 PRN       sole                    8,000,000            
EXXON MOBIL CORP       NPV               30231G102     249,608   4,870,386 SH        sole                    4,870,386            
FMC TECHNOLOGIES INC   I SHS             30249U101       5,716     177,560 SH        sole                      177,560            
FPL GROUP INC          COM STK USD0.01   302571104       1,287      17,194 SH        sole                       17,194            
FAIRFAX FINANCIAL                                                                                                                 
HLDGS                  7.75% 26/04/2012  303901AN2       1,059   1,000,000 PRN       sole                    1,000,000            
FREDDIE MAC            COM USD0.21       313400301      35,064     475,954 SH        sole                      475,954            
FEDERAL NATIONAL                                                                                                                  
MORT ASSOC             NPV               313586109      72,565   1,019,180 SH        sole                    1,019,180            
FEDERATED                                                                                                                         
DEPARTMENT STORE       COM USD0.01       31410H101      32,740     566,923 SH        sole                      566,923            
PAGE TOTAL:                                            983,702                                                                    

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FEDEX CORPORATION      USD 0.10 COM      31428X106      15,597     158,490 SH        sole                      158,490            
FIFTH THIRD BANCORP    NPV COM           316773100         566      12,043 SH        sole                       12,043            
FINLAY FINE JEWELRY                                                                                                               
CORP                   8.375% 01/06/2012 317887AD9       2,183   2,000,000 PRN       sole                    2,000,000            
FIRST DATA CORP        COM STK USD0.01   319963104      29,264     688,083 SH        sole                      688,083            
FIRSTCITY FINANCIAL    USD0.01           33761X107         944      94,250 SH        sole                       94,250            
FIRSTENERGY CORP       USD0.1            337932107         471      11,920 SH        sole                       11,920            
FIRST ENERGY CORP      7.375% 15/11/31   337932AC1      17,278  15,000,000 PRN       sole                   15,000,000            
FISHER SCIENTIFIC                                                                                                                 
INTL                   USD 0.01          338032204      52,879     848,110 SH        sole                      848,110            
FISHER SCIENTIFIC                                                                                                                 
INTL                   6.75% 15/08/2014  338032AY1       2,210   2,000,000 PRN       sole                    2,000,000            
FLUOR CORPORATION      USD0.01           343412102       4,317      79,190 SH        sole                       79,190            
FOMENTO ECONOMICO                                                                                                                 
MEXICANO S             SPON ADR UNITS    344419106         542      10,300 PRN       sole                       10,300            
FORD MOTOR COMPANY     USD0.01 COM STOCK 345370860         234      15,890 SH        sole                       15,890            
                       7.45% 16/07/2031                                                                                           
FORD MOTOR CO          USD1000           345370CA6      15,319  14,875,000 PRN       sole                   14,875,000            
FOREST OIL                                                                                                                        
CORPORATION            COM STK USDO.01   346091705       6,334     200,070 SH        sole                      200,070            
FOUNDATION PA COAL     7.25% 01/08/2014                                                                                           
CO                     144A              350472AA4       2,200   2,000,000 PRN       sole                    2,000,000            
FRANKLIN RESOURCES     USD.1             354613101       1,263      18,110 SH        sole                       18,110            
FREDS INC              NPV CLASS A       356108100      13,187     758,328 SH        sole                      758,328            
FREEPORT-MCMORAN       USD0.10 CLASS B                                                                                            
COPPER&GOLD            COM               35671D857       5,457     142,790 SH        sole                      142,790            
FREESCALE              USD0.01 COM STK                                                                                            
SEMICONDUCTOR          CLASS B           35687M206       1,885     102,909 SH        sole                      102,909            
FREESCALE SEMI B SHS   USD0.01 B Shs     35687M206         265      14,436 SH        sole                       14,436            
FREESCALE                                                                                                                         
SEMICONDUCTOR          7.125% 15/07/2014 35687MAF4       3,349   3,000,000 PRN       sole                    3,000,000            
FRIEDMAN BILLINGS                                                                                                                 
RAMSAY A               USD0.01           358434108         245      12,660 SH        sole                       12,660            
FURNITURE BRANDS                                                                                                                  
INTL INC               COM USD1          360921100       8,043     321,080 SH        sole                      321,080            
ARTHUR J GALLAGHER                                                                                                                
& CO                   COM STK USD1      363576109       5,765     177,820 SH        sole                      177,820            
GANNETT                USD1              364730101       6,547      80,076 SH        sole                       80,076            
GAP INC                USD0.05           364760108      15,992     757,220 SH        sole                      757,220            
GAYLORD                                                                                                                           
ENTERTAINMENT CO       6.75% 15/11/2014  367905AC0       2,031   2,000,000 PRN       sole                    2,000,000            
GENERAL DYNAMICS                                                                                                                  
COPORATION             COM USD1          369550108      12,180     116,460 SH        sole                      116,460            
GENERAL ELECTRIC       COMMON STOCK                                                                                               
(US)                   USD0.16           369604103     216,364   5,929,400 SH        sole                    5,929,400            
GENERAL GROWTH                                                                                                                    
PROPERTIES             USD0.10 COM STK   370021107      25,828     712,680 SH        sole                      712,680            
GENERAL MILLS          0% 28/10/2022     370334AU8       5,229  10,666,550 PRN       sole                   10,666,550            
GENL MOTORS ACCEPT                                                                                                                
CORP                   6.875% 28/08/2012 370425SE1      58,276  55,960,000 PRN       sole                   55,960,000            
DB GENERAL MOTORS      4.5% 0603/2032                                                                                             
CORP                   CNV PRF SER A     370442741       6,320   7,850,000 PRN       sole                    7,850,000            
GENESEE & WYOMING                                                                                                                 
INC                    USD0.01 CL A COM  371559105       7,386     263,700 SH        sole                      263,700            
GENESIS HEALTHCARE                                                                                                                
CORP                   COM USD0.01       37184D101       8,365     240,035 SH        sole                      240,035            
DB GENWORTH            6% 16/05/2007                                                                                              
FINANCIAL INC          CNV BD            37247D304       6,274     193,100 PRN       sole                      193,100            
GEORGIA PACIFIC CP     USD0.80           373298108      16,651     444,380 SH        sole                      444,380            
GEORGIA PACIFIC        8.125% 15/05/2011 373298BV9       8,156   7,000,000 PRN       sole                    7,000,000            
GILEAD SCIENCES INC    USD0.001          375558103      51,227   1,463,690 SH        sole                    1,463,690            
GILLETTE CO            COM STK USD1      375766102      60,388   1,349,160 SH        sole                    1,349,160            
GOLDEN WEST FINANCIA   USD0.10           381317106         680      11,060 SH        sole                       11,060            
GOLDMAN SACHS GROUP                                                                                                               
INC                    USD0.01           38141G104      43,675     419,818 SH        sole                      419,818            
GOLDMAN SACHS GROUP                                                                                                               
LP                     5% 01/10/2014     38143UAW1      35,305  35,000,000 PRN       sole                   35,000,000            
GOODRICH CORPORATION   USD5 COM          382388106      12,550     384,980 SH        sole                      384,980            
GRAHAM PACKAGING CO    9.875% 15/10/2014 38470RAB7       5,476   5,000,000 PRN       sole                    5,000,000            
GRAINGER W.W INC       USD0.50 COM       384802104      20,017     300,690 SH        sole                      300,690            
GRANITE MORTGAGES      FRN 20/07/2043 2                                                                                           
PLC                    1B                38741QAD8         303     300,000 PRN       sole                      300,000            
GRAPHIC PACKAGING                                                                                                                 
INTL                   9.5% 15/08/2013   38869PAD6       3,534   3,000,000 PRN       sole                    3,000,000            
                       SPON ADR REP 20                                                                                            
GRUPO TELEVISA SA      ORD PTG CERTS     40049J206      25,297     418,337 SH        sole                      418,337            
GRUPO TELEVISA SA                                                                                                                 
DE CV                  SP ADR REP ORD    40049J206         757      12,514 PRN       sole                       12,514            
GTECH HOLDINGS         USD.01            400518106       3,593     138,600 SH        sole                      138,600            
PAGE TOTAL:                                            848,195                                                                    

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GUIDANT CORP           COM STK NPV       401698105       1,099      16,480 SH        sole                       16,480            
GULFMARK OFFSHORE                                                                                                                 
INC                    7.75% 15/07/2014  402629AC3       1,094   1,000,000 PRN       sole                    1,000,000            
HCA INC                7.875% 01/02/2011 404119AC3       6,813   6,000,000 PRN       sole                    6,000,000            
HCC INSURANCE                                                                                                                     
HOLDINGS INC           USD1              404132102       9,258     279,520 SH        sole                      279,520            
DB HCC INSURANCE                                                                                                                  
HOLDINGS               2% 01/09/2021 CNV 404132AC6       6,907   7,570,000 PRN       sole                    7,570,000            
                       8.875% CNV FRF                                                                                             
HSBC BANK CANADA       15/11/05          40429C409      16,490     352,350 PRN       sole                      352,350            
HAIN CELESTIAL         USD0.01           405217100       1,240      60,000 SH        sole                       60,000            
HALLIBURTON CO         COM STK USD2.50   406216101      58,211   1,484,259 SH        sole                    1,484,259            
HARLEY-DAVIDSON        USD0.01           412822108       1,782      29,328 SH        sole                       29,328            
HARTE-HANKS INC        USD1 COM STK      416196103       7,965     306,940 SH        sole                      306,940            
HARTFORD FINANCIAL                                                                                                                
SERVICES               USD0.01 COM STK   416515104       1,328      18,975 SH        sole                       18,975            
HARVARD BIOSCIENCE                                                                                                                
INC                    COM USD0.01       416906105       5,680   1,226,708 SH        sole                    1,226,708            
HARVEST NATURAL                                                                                                                   
RESOURCES INC                                                                                                                     
USD0.01 COM                              41754V103       8,263     480,430 SH        sole                      480,430            
HASBRO INC             COM USD0.50       418056107      15,920     821,463 SH        sole                      821,463            
HEALTHSOUTH CORP       6.875% 15/06/2005 421924AJ0       8,113   8,000,000 PRN       sole                    8,000,000            
DO HEALTH              1.5% 01/08/2023                                                                                            
MANAGEMENT ASSOC       CNV               421933AF9       2,760   2,775,000 PRN       sole                    2,775,000            
HEALTHTRONICS INC      COM NPV           42222L107       6,719     630,870 SH        sole                      630,870            
HJ HEINZ CO            USD0.25           423074103      26,542     663,560 SH        sole                      663,560            
HERBST GAMING          8.125% 01/06/2012 42703XAE9       2,867   2,663,410 PRN       sole                    2,663,410            
HERSHEY FOODS          USD1              427866108      31,980     575,802 SH        sole                      575,802            
HERTZ CORP             6.35% 15/06/2010  428040BU2      17,269  16,727,000 PRN       sole                   16,727,000            
HERTZ CORP             FRN 05/08/2008    428040BV0       8,995   9,000,000 PRN       sole                    9,000,000            
HEWLETT PACKARD CO     COM USD0.01       428236103      27,976   1,334,748 SH        sole                    1,334,748            
HILTON HOTELS          7.625% 01/12/2012 432848AX7       4,709   4,000,000 PRN       sole                    4,000,000            
HOME DEPOT INC         COM STK USD0.05   437076102      18,017     421,570 SH        sole                      421,570            
HONEYWELL INTL INC     COM STK USD1.00   438516106      62,026   1,752,135 SH        sole                    1,752,135            
HOST MARRIOTT                                                                                                                     
CORPORATION            USD1 COM STK      44107P104       6,227     360,800 SH        sole                      360,800            
HOUSEHOLD FINANCE                                                                                                                 
CORP                   4.125% 16/11/2009 441812KH6      17,981  18,000,000 PRN       sole                   18,000,000            
K. HOVNANIAN                                                                                                                      
ENTERPRISES            6.375% 15/12/2014 442488AS1       4,021   4,000,000 PRN       sole                    4,000,000            
                       11.675%                                                                                                    
HUNTSMAN LLC           15/10/2010        44701RAE0       8,483   7,000,000 PRN       sole                    7,000,000            
IMS HEALTH INC         USD0.01 COM       449934108       1,476      63,611 SH        sole                       63,611            
IASIS HEALTHCARE       8.75% 15/06/2014  45072PAB8       6,562   6,000,000 PRN       sole                    6,000,000            
ITT INDUSTRIES         USD1              450911102       3,397      40,230 SH        sole                       40,230            
                       ADR EACH 1 REP 1                                                                                           
ICON PLC               SHR SPON          45103T107         460      12,000 SH        sole                       12,000            
                       ADR REP 2 ORD                                                                                              
ICICI BANK             INR10 SPON        45104G104      20,893   1,039,940 SH        sole                    1,039,940            
                       FRN 10/09/2034                                                                                             
ICONS LTD              1A A              45104SAA6       5,000   5,000,000 PRN       sole                    5,000,000            
ILLINOIS TOOL WORKS                                                                                                               
INC                    COM STK NPV       452308109      56,471     609,502 SH        sole                      609,502            
                       0% 29/03/2021                                                                                              
DB INCO LTD LYON       CNV USD1000       453258AM7       5,284   6,600,000 PRN       sole                    6,600,000            
INERGY LP / INERGY                                                                                                                
FIN                    6.875% 15/12/2014 45661TAA9       3,020   3,000,000 PRN       sole                    3,000,000            
INFOSYS                                                                                                                           
TECHNOLOGIES LIMITED   ADR               456788108      10,358     149,471 SH        sole                      149,471            
INMARSAT FINANCE PLC   7.625% 30/06/2012 45763PAB2       9,632   9,000,000 PRN       sole                    9,000,000            
INSIGHT                                                                                                                           
COMMUNICATIONS CO      USD0.01           45768V108       7,322     791,550 SH        sole                      791,550            
INTEL CORP             COM STK USD0.001  458140100     110,146   4,705,069 SH        sole                    4,705,069            
INTEGRATED ALARM                                                                                                                  
SERVICES               12% 15/11/2011    45890MAB5       5,323   5,000,000 PRN       sole                    5,000,000            
INTL BUSINESS                                                                                                                     
MACHINES CORP          CAP STK USD0.50   459200101     173,510   1,761,354 SH        sole                    1,761,354            
INTERNATIONAL PAPER                                                                                                               
CO                     COM USD1          460146103      18,894     450,171 SH        sole                      450,171            
DB INTERNATIONAL       0% 20/06/2021                                                                                              
PAPER CO               CNV USD1000       460146BM4       3,409   7,080,000 PRN       sole                    7,080,000            
INVITROGEN CORP        COM USD0.01       46185R100      10,193     151,710 SH        sole                      151,710            
DB INVITROGEN          2% 01/08/2023 CNV 46185RAJ9       5,571   5,700,000 PRN       sole                    5,700,000            
IONA TECHNOLOGIES      ADS REP 1 ORD                                                                                              
PLC                    EUR0.0025         46206P109       1,878     371,787 SH        sole                      371,787            
PAGE TOTAL:                                            855,535                                                                    

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IRON MOUNTAIN INC      USD0.01           462846106       6,487     213,376 SH        sole                      213,376            
IRON MOUNTAIN          8.625% 01/04/2013 462846AA4       6,533   6,000,000 PRN       sole                    6,000,000            
                       MCSI TAIWAN                                                                                                
ISHARES INC            INDEX FUND        464286731         399      33,105 SH        sole                       33,105            
ISHARES MSCI                                                                                                                      
MALAYSIA               MALAYSIAN INDEX   464286830       2,823     397,673 SH        sole                      397,673            
ISHARES TRUST          S&P 500           464287200      78,784     650,300 SH        sole                      650,300            
JPMORGAN CHASE & CO    USD1              46625H100      36,493     935,481 SH        sole                      935,481            
JP MORGAN CHASE & CO   5.125% 15/09/2014 46625HBV1      15,300  15,000,000 PRN       sole                   15,000,000            
JABIL CIRCUIT          USD.001           466313103       1,759      68,740 SH        sole                       68,740            
JEAN COUTU GROUP       8.5% 01/08/2014                                                                                            
PJC INC                144A              47215QAA2       6,393   6,000,000 PRN       sole                    6,000,000            
JOHNSON & JOHNSON      USD1              478160104     203,532   3,209,275 SH        sole                    3,209,275            
JOHNSON CONTROLS       USD0.167          478366107         950      14,980 SH        sole                       14,980            
JONES LANG LASALLE                                                                                                                
INC                    USD0.01           48020Q107       6,956     186,250 SH        sole                      186,250            
JOSTENS IH CORP        7.675% 01/10/2012 481087AA2       5,317   5,000,000 PRN       sole                    5,000,000            
                       ADR REP 0.5 ORD                                                                                            
KT CORPORATION         KRW5000           48268K101       5,952     273,900 SH        sole                      273,900            
KABEL DEUTSCHLAND      10.625%                                                                                                    
GMBH                   01/07/2014        48282BAC7         604     500,000 PRN       sole                      500,000            
KB HOME                USD1              48666K109      11,559     110,700 SH        sole                      110,700            
KB HOME & BROAD                                                                                                                   
HOME CRP               6.375% 15/08/2011 48666KAK5       4,328   4,000,000 PRN       sole                    4,000,000            
KEYCORP                USD1 COM          493267108      14,927     440,580 SH        sole                      440,580            
KILROY REALTY                                                                                                                     
CORPORATION            USD0.01 COM STK   49427F108      20,203     473,700 SH        sole                      473,700            
KIMBERLEY CLARK CORP   COM STK USD1.25   494368103      19,777     300,703 SH        sole                      300,703            
KIMCO REALTY                                                                                                                      
CORPORATION            USD0.01 COM STK   49446R109      38,389     664,050 SH        sole                      664,050            
KIRBY CORP             COM STK USD0.10   497266106      11,176     252,050 SH        sole                      252,050            
KNIGHT-RIDDER          USD.021           499040103         875      13,070 SH        sole                       13,070            
                       GDR-3 GDR REPR 1                                                                                           
KOMERCNI BANKA         SH CZK500 REG     500459409       5,161     106,410 SH        sole                      106,410            
                       KRW5000 ORD SP                                                                                             
KOOKMIN BANK           ADR EA REP1       50049M109       6,821     175,058 SH        sole                      175,058            
KOREA ELECTRIC         ADR-EACH ADS                                                                                               
POWER CORP             REPR 1/2 KSWN5000 500631106       1,008      76,400 SH        sole                       76,400            
REPUBLIC OF KOREA      4.875% 22/09/2014 50064FAD6      29,931  30,000,000 PRN       sole                   30,000,000            
INVISTA                9.25% 01/05/2012  500657AA9       1,987   1,750,000 PRN       sole                    1,750,000            
KROGER COMPANY         COM STK USD1.00   501044101       2,607     148,800 SH        sole                      148,800            
LG PHILIPS LCD ADR     NPV KRW5000       50186V102         468      26,000 SH        sole                       26,000            
LKQ CORPORATION        USD0.01           501889208       9,406     470,540 SH        sole                      470,540            
L 3 COMMUNICATIONS                                                                                                                
CORP                   5.875% 15/01/2015 502413AR8       3,031   3,000,000 PRN       sole                    3,000,000            
L3 COMMUNICATIONS                                                                                                                 
COM                    USD0.01           502424104       3,322      45,350 SH        sole                       45,350            
LAFARGE NORTH                                                                                                                     
AMERICA INC            COM USD1          505862102      15,989     311,620 SH        sole                      311,620            
                       CLASS A SHARES                                                                                             
LAMAR ADVERTISING CO   OF USD0.001       512815101       9,946     232,770 SH        sole                      232,770            
LANDRYS RESTAURANTS    7.5% 15/12/2014   51508LAA1       4,965   5,000,000 PRN       sole                    5,000,000            
LAS VEGAS SANDS        USD0.001          517834107       4,221      88,000 SH        sole                       88,000            
ESTEE LAUDER                                                                                                                      
COMPANIES INC          USD0.01           518439104      14,565     319,000 SH        sole                      319,000            
LAUREATE EDUCATION                                                                                                                
INC                    USD0.01           518613104       7,008     158,950 SH        sole                      158,950            
LEAR CORP              USD0.01           521865105      18,282     299,710 SH        sole                      299,710            
                       0% 20/02/2022 SR                                                                                           
DB LEAR CORPORATION    CNV NT USD        521865AG0       6,976  16,400,000 PRN       sole                   16,400,000            
LEGGETT & PLATT        USD.01            524660107         928      32,660 SH        sole                       32,660            
LEGRAND S.A            8.5% 15/02/2025   524671AA2       6,084   5,000,000 PRN       sole                    5,000,000            
                       11.625%                                                                                                    
LEVI STRAUSS & CO      15/01/2008        52736RAK8       5,966   5,000,000 PRN       sole                    5,000,000            
LEVI STRAUSS & CO      9.75% 15/01/2015  52736RAP7       3,969   4,000,000 PRN       sole                    4,000,000            
LEXMARK                USD0.01 CLASS A                                                                                            
INTERNATIONAL INC      COM STK           529771107       8,092      95,220 SH        sole                       95,220            
DB LIBERTY MEDIA       3.25% SR DEB                                                                                               
CORP                   15/03/2031 USD    530715AR2      10,175  12,840,000 PRN       sole                   12,840,000            
LIBERTY MEDIA CORP     USD0.01 CLASS A   530718105      41,623   3,790,790 SH        sole                    3,790,790            
                       0.75% 30/03/2023                                                                                           
DB LIBERTY MEDIA       CNV REGS          530718AF2       3,511   4,320,000 PRN       sole                    4,320,000            
LIBERTY MEDIA INTL                                                                                                                
CLASS A                USD0.01           530719103         609      13,180 SH        sole                       13,180            
PAGE TOTAL:                                            726,168                                                                    

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LIBERTY PROPERTY                                                                                                                  
TRUST                  USD0.001 COM STK  531172104      18,177     421,250 SH        sole                      421,250            
LIFEPOINT HOSPITALS                                                                                                               
INC                    USD0.01           53219L109       7,215     207,200 SH        sole                      207,200            
LILLY ELI & CO.        COM STK NPV       532457108       2,508      44,195 SH        sole                       44,195            
LIMITED BRANDS INC     COM USD0.5        532716107      18,131     789,330 SH        sole                      789,330            
LINCOLN NATIONAL                                                                                                                  
CORP                   COM NPV           534187109      15,802     338,580 SH        sole                      338,580            
LINEAR TECHNOLOGY      COM NPV           535678106      42,717   1,102,091 SH        sole                    1,102,091            
                       NPV CLASS A COM                                                                                            
LITHIA MOTORS INC      STK               536797103      10,519     393,520 SH        sole                      393,520            
LOCKHEED MARTIN                                                                                                                   
CORPORATION            NPV               539830109      21,417     385,560 SH        sole                      385,560            
LOWES COS INC          USD0.50           548661107       1,201      21,349 SH        sole                       21,349            
                       0.861%                                                                                                     
DB LOWES COMPANIES     19/10/2021 CNV    548661CG0       4,960   5,835,000 PRN       sole                    5,835,000            
LUCENT TECHNOLOGIES                                                                                                               
INC                    COM STK USD0.01   549463107       4,287   1,143,260 SH        sole                    1,143,260            
LUCENT TECHNOLOGIES    5.5% 15/11/2008   549463AD9       4,093   4,000,000 PRN       sole                    4,000,000            
WILLIAM LYON HOMES     7.625% 15/12/2012 552075AD5       7,784   8,000,000 PRN       sole                    8,000,000            
MBIA INCORPORATED                                                                                                                 
USD1                                     55262C100      19,943     315,210 SH        sole                      315,210            
MBNA CORPORATION COM   USD0.01           55262L100      19,534     693,195 SH        sole                      693,195            
MCI INC                5.908% 01/05/2007 552691AA5       6,216   6,000,000 PRN       sole                    6,000,000            
MGM MIRAGE             USD.01            552953101       4,500      61,880 SH        sole                       61,880            
MSDW RELIANCE          C/W UNITARY                                                                                                
INDUSTRIES             20/01/2006        55353X195       1,111      90,435 SH        sole                       90,435            
MSDW GAS AUTHORITY     UNITARY C/W                                                                                                
OF INDIA               02/03/2007        55353X260       3,519     663,104 SH        sole                      663,104            
MACERICH COMPANY       USD0.01 COM STK   554382101      39,790     633,800 SH        sole                      633,800            
MACK CALI REALTY                                                                                                                  
CORPORATION            USD0.01           554489104      11,095     241,100 SH        sole                      241,100            
MAGNACHIP                                                                                                                         
SEMICONDUCTOR          6.875% 15/12/2011 55932RAC1       2,063   2,000,000 PRN       sole                    2,000,000            
MAGUIRE PROPERTIES     USD0.01 COM       559775101      11,461     418,600 SH        sole                      418,600            
                       ADS (EACH REP 5                                                                                            
MATAV                  SHARES HUF100)    559776109       5,207     213,300 SH        sole                      213,300            
                       10.25%                                                                                                     
MANDALAY RESORT        01/08/2007 USD    562567AB3       7,065   6,000,000 PRN       sole                    6,000,000            
MANITOWOC CO INC       10.5% 01/08/2012  563571AE8       4,794   4,000,000 PRN       sole                    4,000,000            
                       0% 17/08/2021 CV                                                                                           
DB MANPOWER INC        DEB USD1000       56418HAC4       4,459   8,070,000 PRN       sole                    8,070,000            
MAPICS INC             USD0.01           564910107       5,742     545,810 SH        sole                      545,810            
MARATHON OIL GROUP     COM STK USD1      565849106      14,742     392,480 SH        sole                      392,480            
MARSHALL & ILSLEY      USD1              571834100       1,157      26,170 SH        sole                       26,170            
MARRIOTT                                                                                                                          
INTERNATIONAL NEW A    USD0.01 CLASS A   571903202      28,812     457,556 SH        sole                      457,556            
MARTIN MARIETTS                                                                                                                   
MATERIALS              USD0.01           573284106      10,102     188,300 SH        sole                      188,300            
MASCO CORP             USD1 COM          574599106      18,042     493,892 SH        sole                      493,892            
DB MASCO CORP          0% 20/07/2031 CNV 574599BB1      15,226  37,900,000 PRN       sole                   37,900,000            
MATTEL INC             USD1              577081102      20,455   1,050,063 SH        sole                    1,050,063            
MAY DEPARTMENT                                                                                                                    
STORES CO              USD0.50 COM STK   577778103         555      18,880 SH        sole                       18,880            
MCAFEE INC             COM USD0.01       579064106      55,768   1,928,359 SH        sole                    1,928,359            
MCDONALDS CORP         COM STK USD0.01   580135101      29,376     916,540 SH        sole                      916,540            
MCGRAW-HILL                                                                                                                       
COMPANIES INC          USD1              580645109      37,119     405,541 SH        sole                      405,541            
MEADWESTVACO CORP      COM USD0.01       583334107      18,298     540,100 SH        sole                      540,100            
MEDCO HEALTH                                                                                                                      
SOLUTIONS              USD0.01           58405U102      26,634     640,230 SH        sole                      640,230            
MEDTRONIC INC          COM STK USD0.10   585055106      50,102   1,008,708 SH        sole                    1,008,708            
                       1.25% 15/09/21                                                                                             
DBMEDTRONIC INC        USD CNV           585055AB2       6,729   9,110,000 PRN       sole                    9,110,000            
MELLON FINANCIAL                                                                                                                  
CORP                   COM USD0.50       58551A108         877      28,236 SH        sole                       28,236            
MENTOR GRAPHICS CORP   CP NPV COM        587200106      10,170     666,450 SH        sole                      666,450            
MERCANTILE                                                                                                                        
BANKSHARES CORP        USD2 COM STK      587405101       6,670     127,810 SH        sole                      127,810            
MERCK & CO INC         COM STK NPV       589331107      37,066   1,153,301 SH        sole                    1,153,301            
MERISTAR HOSPITALITY   10.5% 15/06/2009  58984NAB3       5,497   5,000,000 PRN       sole                    5,000,000            
MERISTAR                                                                                                                          
HOSPITALITY CORP       USD0.01 COM STK   58984Y103       1,817     217,600 SH        sole                      217,600            
DB MERRILL LYNCH       0% 13/03/2032 CV                                                                                           
AND COMPANY            FRN USD1000       590188A73      14,140  17,250,000 PRN       sole                   17,250,000            
PAGE TOTAL:                                            714,664                                                                    

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METLIFE INCORPORATED   USD0.01 COM       59156R108      27,708     683,994 SH        sole                      683,994            
METLIFE INC            6.375% 15/06/2034 59156RAJ7      21,501  20,000,000 PRN       sole                   20,000,000            
MICHAELS STORES INC    COM USD0.10       594087108      23,249     776,000 SH        sole                      776,000            
                       COM STK                                                                                                    
MICROSOFT CORP         USD0.00005        594918104     178,818   6,692,286 SH        sole                    6,692,286            
MIDLAND COMPANY        NPV               597486109       7,834     249,480 SH        sole                      249,480            
MIDWEST GENERATION                                                                                                                
LLC                    8.75% 01/05/2034  59833BAB0       4,617   4,000,000 PRN       sole                    4,000,000            
MOBILE TELESYSTEMS     ADR REP 20        607409109       8,947      64,700 SH        sole                       64,700            
MOLEX                  USD.05            608554101       2,582      86,060 SH        sole                       86,060            
MORGAN STANLEY         USD0.01           617446448       7,315     130,390 SH        sole                      130,390            
MORGAN STANLEY         4% 15/01/2010     61746SBC2      32,183  32,350,000 PRN       sole                   32,350,000            
MOTOROLA INC           COM STK USD3      620076109      17,414   1,013,031 SH        sole                    1,013,031            
MOTOROLA INC           7.5% 15/05/2025   620076AH2      11,661  10,000,000 PRN       sole                   10,000,000            
MOTOROLA INC           7.625% 15/11/2010 620076AR0      11,678  10,000,000 PRN       sole                   10,000,000            
MUELLER INDUSTRIES     COM USD0.01       624756102       5,568     173,080 SH        sole                      173,080            
NVR INC                COM USD0.01       62944T105      25,406      33,020 SH        sole                       33,020            
                       7.875%                                                                                                     
NATIONAL AUSTRALIA     19/03/2007 EXEC                                                                                            
BK                     USD25             632525309       3,176      83,700 PRN       sole                       83,700            
NATIONAL CITY CORP     USD4              635405103      14,453     384,902 SH        sole                      384,902            
NDCHEALTH                                                                                                                         
CORPORATION            USD0.125          639480102       5,720     307,690 SH        sole                      307,690            
NEVADA POWER CO        5.875% 15/01/2015 641423BJ6       1,530   1,500,000 PRN       sole                    1,500,000            
NEWELL RUBBERMAID                                                                                                                 
INCORPORATEDUSD1 COM                     651229106      17,069     706,210 SH        sole                      706,210            
NEWMONT MINING                                                                                                                    
CORPORATION            USD1.60 COM STK   651639106       4,418      99,430 SH        sole                       99,430            
NEWS CORP INC CL A     USD0.01           65248E104      57,162   3,063,312 SH        sole                    3,063,312            
NEXTEL                                                                                                                            
COMMUNICATIONS INC-A   COM USD0.001      65332V103       1,235      41,018 SH        sole                       41,018            
NORFOLK SOUTHERN                                                                                                                  
CORPORATION            5.257% 17/09/2014 655844AU2       5,213   5,000,000 PRN       sole                    5,000,000            
NORTH FORK BANCORP     USD0.01           659424105         435      15,150 SH        sole                       15,150            
NORTHERN TRUST         USD1.66           665859104       1,274      26,218 SH        sole                       26,218            
NORTHROP GRUMMAN                                                                                                                  
CORP                   USD1 COM STK      666807102      16,866     310,317 SH        sole                      310,317            
OCCIDENTAL                                                                                                                        
PETROLEUM CORP         USD0.20 COM       674599105      30,231     518,361 SH        sole                      518,361            
OHIO EDISON            5.647% 15/06/2009 67734PAA4       5,254   5,000,000 PRN       sole                    5,000,000            
OLD REPUBLIC INTL                                                                                                                 
CORP                   COM USD1          680223104      16,252     643,370 SH        sole                      643,370            
OMNICOM GROUP          USD0.15 COM STK   681919106      27,855     330,336 SH        sole                      330,336            
                       0% 15/06/2033                                                                                              
DB OMNICOM GROUP       REGS CNV          681919AR7       2,120   2,800,000 PRN       sole                    2,800,000            
VIMPEL                 SPON ADR 4 REP 3                                                                                           
COMMUNICATIONS         ORD RUB           68370R109      21,243     587,801 SH        sole                      587,801            
ORACLE SYSTEMS                                                                                                                    
CORPORATION            COM STK USD0.01   68389X105      43,136   3,143,993 SH        sole                    3,143,993            
OREGON STEEL MILLS                                                                                                                
INC                    10% 15/07/2009    686079AC8       5,817   5,000,000 PRN       sole                    5,000,000            
PETRO CANADA           5% 15/11/2014     69320DAA7      10,026  10,000,000 PRN       sole                   10,000,000            
PMI GROUP              USD0.01           69344M101      15,650     375,760 SH        sole                      375,760            
                       2.5% 15/07/2021                                                                                            
DB PMI GROUP INC       SR CV DB USD      69344MAE1       3,694   4,130,000 PRN       sole                    4,130,000            
POSCO SPON ADR REP     0.25 ORD LVL111   693483109       4,326      97,454 SH        sole                       97,454            
PACCAR INC             COM USD1          693718108      13,900     172,710 SH        sole                      172,710            
PACIFIC ENERGY                                                                                                                    
PRTNR/FIN              7.125% 15/06/2014 69422PAB5       1,602   1,500,000 PRN       sole                    1,500,000            
PACTIV CORPORATION     USD0.01           695257105      19,926     788,510 SH        sole                      788,510            
PANAMSAT CORP          9% 15/08/2014     697933AQ2       3,461   3,000,000 PRN       sole                    3,000,000            
PANAMA REPUBLIC OF     7.25% 15/03/2015  698299AU8       3,127   3,000,000 PRN       sole                    3,000,000            
PARK PLACE             7% 15/04/2013     700690AS9       2,244   2,000,000 PRN       sole                    2,000,000            
PAYCHEX INC            USD0.01           704326107       5,530     162,370 SH        sole                      162,370            
PEABODY ENERGY CORP    6.875% 15/03/2013 704549AC8       4,430   4,000,000 PRN       sole                    4,000,000            
PENNEY JC CO INC       8% 01/03/2010     708130AA7       5,870   5,000,000 PRN       sole                    5,000,000            
J.C. PENNEY CO INC     USD0.5            708160106      15,594     376,850 SH        sole                      376,850            
PENNSYLVANIA REAL                                                                                                                 
EST INV TST USD1                         709102107      16,389     383,000 SH        sole                      383,000            
                       CAP STK                                                                                                    
PEPSICO INC            USD0.016666       713448108      56,335   1,079,627 SH        sole                    1,079,627            
PAGE TOTAL:                                            849,043                                                                    

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PERU REPUBLIC OF       8.375% 03/05/2016 715638AQ5         567     500,000 PRN       sole                      500,000            
TELEKOMUNIKASI         IDR500 SER B ADR                                                                                           
INDONESIA              REPR 20           715684106       1,003      47,755 SH        sole                       47,755            
PERVASIVE SOFTWARE                                                                                                                
INC                    USD0.001          715710109       4,499     927,669 SH        sole                      927,669            
PETROS STOPPING                                                                                                                   
CTR/FINL               9% 15/02/2012     715911AD5       5,481   5,000,000 PRN       sole                    5,000,000            
PETROBRAS ADR          ADS               71654V708       2,464      61,945 PRN       sole                       61,945            
PETSMART               USD0.0001         716768106       4,693     132,090 SH        sole                      132,090            
PFIZER INC             COM STK USD0.05   717081103     183,286   6,818,690 SH        sole                    6,818,690            
PHILIPPINES                                                                                                                       
REPUBLIC OF            8.875% 17/03/2015 718286AW7      23,898  23,250,000 PRN       sole                   23,250,000            
PITNEY BOWES INC       COM STK USD2      724479100      16,320     353,100 SH        sole                      353,100            
PLAINS E&P COMPANY     7.125% 15/06/2014 726505AB6       3,294   3,000,000 PRN       sole                    3,000,000            
POTASH CORP OF         NPV COM STK US                                                                                             
SASKATCHEWAN           LISTING           73755L107      15,918     191,670 SH        sole                      191,670            
PRAXAIR INC            COM USD0.01       74005P104      33,893     768,028 SH        sole                      768,028            
PRICE                                                                                                                             
COMMUNICATIONS CORP    USD0.01           741437305       8,303     447,102 SH        sole                      447,102            
PRIDE INTERNATIONAL                                                                                                               
INC                    NPV NEW COM       74153Q102      10,644     518,440 SH        sole                      518,440            
PRIDE INTERNATIONAL                                                                                                               
INC                    7.375% 15/07/2014 74153QAE2       3,399   3,000,000 PRN       sole                    3,000,000            
PRIMUS TELECOM GROUP   12.75% 15/10/2009 741929AJ2       2,925   2,935,000 PRN       sole                    2,935,000            
PRINCIPAL LIFE INC                                                                                                                
FNDG                   FRN 14/10/2005    74254PAJ1       9,997  10,000,000 PRN       sole                   10,000,000            
PROASSURANCE CORP      USD0.01 COM       74267C106       7,197     184,120 SH        sole                      184,120            
PROCTER & GAMBLE       COM NPV           742718109      94,443   1,714,960 SH        sole                    1,714,960            
PROLOGIS SBI           USD0.01           743410102      47,705   1,104,800 SH        sole                    1,104,800            
PRUDENTIAL                                                                                                                        
FINANCIAL INC          USD0.01 COM       744320102      21,637     393,748 SH        sole                      393,748            
PUBLIC STORAGE                                                                                                                    
INCORPORATED           USD0.10 COM STK   74460D109         612      10,970 SH        sole                       10,970            
QUALCOMM INC           COM USD0.0001     747525103      50,353   1,186,992 SH        sole                    1,186,992            
QWEST                                                                                                                             
COMMUNICATIONS INT     7.25% 15/02/2011  749121BN8       3,172   3,000,000 PRN       sole                    3,000,000            
QWEST                  7.5% 15/02/2014                                                                                            
COMMUNICATIONS INT     144A              749121BQ1       3,114   3,000,000 PRN       sole                    3,000,000            
RBS CAPITAL TRUST                                                                                                                 
III                    5.512% 29/09/2049 74927QAA5      26,348  25,400,000 PRN       sole                   25,400,000            
RADIAN GROUP INC       USD0.001          750236101      60,803   1,143,116 SH        sole                    1,143,116            
RAYTHEON COMPANY       USD0.01 COM       755111507      11,911     306,821 SH        sole                      306,821            
READERS DIGEST ASSN                                                                                                               
INC                    6.5% 03/03/2011   755267AC5       2,143   2,000,000 PRN       sole                    2,000,000            
RECKSON ASSOCIATES                                                                                                                
REALTY CORPUSD0.01                                                                                                                
COM STK                                  75621K106      22,309     681,200 SH        sole                      681,200            
REEBOK                                                                                                                            
INTERNATIONAL LTD      USD0.01           758110100         689      15,670 SH        sole                       15,670            
REFCO FINANCE                                                                                                                     
HOLDINGS               9% 01/08/2012     75866HAA5       2,273   2,000,000 PRN       sole                    2,000,000            
REGENCY CENTERS        USD0.01 COM       758849103      33,304     601,700 SH        sole                      601,700            
REGIS CORPORATION      COM USD0.05       758932107       5,948     128,890 SH        sole                      128,890            
RELIANT ENERGY INC     6.75% 15/12/2014  75952BAM7         995   1,000,000 PRN       sole                    1,000,000            
RENAL CARE GROUP INC   USD0.01 COM       759930100       9,706     269,990 SH        sole                      269,990            
REPUBLIC SERVICES                                                                                                                 
INC                    ORD USD0.01       760759100      12,590     376,730 SH        sole                      376,730            
REYNOLDS & REYNOLDS    CLASS A COM NPV   761695105       6,474     244,390 SH        sole                      244,390            
ROCKWOOD                                                                                                                          
SPECIALTIES GRP        7.5% 15/11/2014   774477AE3       1,316   1,250,000 PRN       sole                    1,250,000            
ROGERS CABLE INC       6.75% 15/03/2015  77509NAN3         513     500,000 PRN       sole                      500,000            
ROGERS WIRELESS INC    6.375% 01/03/2014 77531QAD0       3,048   3,000,000 PRN       sole                    3,000,000            
ROGERS WIRELESS INC    7.25% 15/12/2012  77531QAJ7         533     500,000 PRN       sole                      500,000            
ROHM & HAAS COMPANY    COM USD2.50       775371107      16,572     374,680 SH        sole                      374,680            
ROPER INDUSTRIES INC   COM STK USD0.01   776696106       9,138     150,400 SH        sole                      150,400            
                       ADR EA RP6                                                                                                 
ROSTELECOM             RUR2.5LEV IIBNY   778529107       3,146     288,100 SH        sole                      288,100            
ROUNDYS INC            8.875% 15/06/2012 779268AE1       3,304   3,000,000 PRN       sole                    3,000,000            
ROYAL CARIBBEAN        0% 02/02/2021                                                                                              
CRUISES                NTS USD1000       780153AK8       2,236   3,500,000 PRN       sole                    3,500,000            
RURAL CELLULAR CORP    8.25% 15/03/2012  781904AM9       1,622   1,500,000 PRN       sole                    1,500,000            
SBC COMMUNICATION      COM STK USD1      78387G103      27,308   1,060,116 SH        sole                    1,060,116            
SBA COMMUNICATIONS                                                                                                                
CORP                   8.5% 01/12/2012   78388JAF3       4,095   4,000,000 PRN       sole                    4,000,000            
PAGE TOTAL:                                            827,141                                                                    

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                       COMMON STOCK                                                                                               
SCP POOL CORPORATION   USD0.001          784028102      10,237     321,115 SH        sole                      321,115            
                       SPN ADR REP 1/9                                                                                            
SK TELECOM CO LTD      OF SHR KRW500     78440P108      34,132   1,546,520 SH        sole                    1,546,520            
SL GREEN REALTY                                                                                                                   
CORPORATION            USD0.01 COM STK   78440X101      23,264     384,400 SH        sole                      384,400            
SLM CORP               USD0.2            78442PAC0         892      16,700 SH        sole                       16,700            
SPDR TRUST SERIES 1    COM               78462F103      14,637     121,110 SH        sole                      121,110            
SRI/SURGICAL                                                                                                                      
EXPRESS INC            COM USD0.001      78464W104       2,024     407,306 SH        sole                      407,306            
SABRE GROUP            CLASS A COMMON                                                                                             
HOLDINGS INC           USD0.01           785905100      21,335     964,060 SH        sole                      964,060            
SAFECO CORP                              786429100      16,661     318,754 SH        sole                      318,754            
THE ST JOE COMPANY     NPV               790148100       9,702     151,280 SH        sole                      151,280            
SANMINA CORP           COM USD0.01       800907107       8,155     962,800 SH        sole                      962,800            
SARA LEE CORPORATION   USD0.01 COM       803111103       1,104      47,860 SH        sole                       47,860            
SAXON CAPITAL INC      NEW COM USD0.01   80556T106       6,677     279,270 SH        sole                      279,270            
SCHLUMBERGER           COM STK USD0.01   806857108      19,045     284,463 SH        sole                      284,463            
DBSCHLUMBERGER 1.5%                                                                                                               
01/06/2023                               806857AC2       5,408   7,183,000 PRN       sole                    7,183,000            
SCIENTIFIC ATLANTA     COM STK USD0.50   808655104         334      10,120 SH        sole                       10,120            
SERVICE CORP INTL      6.5% 15/03/2008   817565AR5       5,257   5,000,000 PRN       sole                    5,000,000            
SHAW GROUP INC         NPV COM           820280105       8,490     476,140 SH        sole                      476,140            
SHINHAN FINANCIAL                                                                                                                 
GROUP                  KRW5000 ADR       824596100       1,270      28,100 SH        sole                       28,100            
SHURGARD STORAGE       USD0.001 CL A COM 82567D104      18,075     410,700 SH        sole                      410,700            
SIEBEL COM USD0.001                      826170102       4,832     460,600 SH        sole                      460,600            
SILICONWARE PREC ADR   ADR NPV           827084864         263      63,923 PRN       sole                       63,923            
SIMON PROPERTY                                                                                                                    
GROUP INC              USD0.0001 COM STK 828806109      59,318     917,390 SH        sole                      917,390            
                       COM USD0.01 CL                                                                                             
SONIC AUTOMOTIVE INC   'A'               83545G102       7,426     299,910 SH        sole                      299,910            
SOURCECORP             NPV COM           836167106       8,485     447,520 SH        sole                      447,520            
SOUTH AFRICA                                                                                                                      
REPUBLIC OF            6.5% 02/06/2014   836205AJ3      12,383  11,250,000 PRN       sole                   11,250,000            
SOUTHERN COMPANY       USD5 COM          842587107       1,464      43,690 SH        sole                       43,690            
SOVEREIGN BANCORP      NPV               845905108         513      22,760 SH        sole                       22,760            
SPRINT CAPITAL CORP    8.75% 15/03/2032  852060AT9      14,182  10,460,000 PRN       sole                   10,460,000            
STAPLES INC            USD0.0006         855030102      38,127   1,131,020 SH        sole                    1,131,020            
STARBUCKS CORP         NPV COM           855244109       2,084      35,720 SH        sole                       35,720            
STARWOOD HOTELS        USD0.01           85590A203       1,617      27,690 SH        sole                       27,690            
STARWOOD HOTELS                                                                                                                   
RESORTS                7.875% 01/05/2012 85590AAD6       2,321   2,000,000 PRN       sole                    2,000,000            
STATE BANK OF INDIA    EACH REP 2 SHS                                                                                             
GDR                    INR10 REG S       856552203      33,647     922,113 SH        sole                      922,113            
STATE STREET                                                                                                                      
CORPORATION            COM USD1          857477103       6,368     127,350 SH        sole                      127,350            
STATER BROS HLDG       8.125% 15/06/12   857555AM8       4,264   4,000,000 PRN       sole                    4,000,000            
STATION CASINOS        6% 01/04/2012     857689AV5       7,235   7,000,000 PRN       sole                    7,000,000            
STENA AB               7% 01/12/2016     858577AM1       1,994   2,000,000 PRN       sole                    2,000,000            
STONE CONTAINER FIN                                                                                                               
CAN                    7.375% 15/07/2014 861594AB5       3,293   3,000,000 PRN       sole                    3,000,000            
                       COM STK                                                                                                    
SUN MICROSYSTEMS INC   USD0.00067        866810104      20,616   3,832,026 SH        sole                    3,832,026            
SUPERVALU              USD1              868536903         912      26,430 SH        sole                       26,430            
SYMANTEC CORPORATION   USD0.01           871503108      20,151     780,970 SH        sole                      780,970            
SYSCO CORP             COM STK USD1      871829107       1,070      27,510 SH        sole                       27,510            
TJX COS INC            USD1              872540109      17,225     685,727 SH        sole                      685,727            
DB TJX XOS             0% 13/02/2021                                                                                              
INCORPORATED           CNV NTS USD1000   872540AL3       5,163   7,640,000 PRN       sole                    7,640,000            
TAIWAN FUND                                                                                                                       
INCORPORATED           COM USD0.01       874036106       1,574     119,214 SH        sole                      119,214            
                       ADR (EACH REP 5                                                                                            
TAIWAN SEMICONDUCTOR   ORD SHARES)       874039100         635      75,020 SH        sole                       75,020            
TARGET                 USD0.1667         87612E106      36,475     702,666 SH        sole                      702,666            
TECH OLYMPIC USA INC   7.5% 15/01/2015   878483AK2       6,011   6,000,000 PRN       sole                    6,000,000            
TELECOM ITALIA                                                                                                                    
CAPITAL                5.25% 15/11/2013  87927VAE8      30,443  29,939,000 PRN       sole                   29,939,000            
TELEFONOS DE MEXICO    NPV ADR CNV20                                                                                              
SA DE CV               SER L             879403780      11,112     290,117 SH        sole                      290,117            
PAGE TOTAL:                                            567,902                                                                    

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TELEPHONE & DATA                                                                                                                  
SYSTEMS INC            COM USD0.01       879433100      14,255     185,710 SH        sole                      185,710            
TELELESTE CELULAR                                                                                                                 
PARTIC ADR                               87943B102       1,396     116,830 SH        sole                      116,830            
TELESP CELULAR                                                                                                                    
PARTICIPACOES          ADR               87952L108      11,923   1,756,031 SH        sole                    1,756,031            
TELLABS INC            COM USD0.01       879664100      13,782   1,602,500 SH        sole                    1,602,500            
TEMBEC INDUSTRIES                                                                                                                 
INC                    8.625% 30/06/2009 87971KAA5       5,050   5,000,000 PRN       sole                    5,000,000            
TELUS CORPORATION      7.5% 01/06/2007   87971MAB9       5,457   5,000,000 PRN       sole                    5,000,000            
TENET HEALTHCARE                                                                                                                  
CORP                   5.375% 15/11/2006 88033GAR1       4,077   4,000,000 PRN       sole                    4,000,000            
                       3.75% 15/10/2006                                                                                           
DB TERADYNE INC        CNV BD            880770AD4       3,705   4,569,000 PRN       sole                    4,569,000            
TEVA PHARMACEUTICAL                                                                                                               
INDUSTRIESADR-EACH                                                                                                                
CNV INTO 1 ORD                           881624209      31,374   1,046,500 SH        sole                    1,046,500            
TEVA PHARM ADR         ADR               881624209       1,028      37,530 PRN       sole                       37,530            
TEXAS INSTRUMENTS                                                                                                                 
INC                    USD1              882508104      23,517     955,586 SH        sole                      955,586            
THERAVANCE INC         USD0.01           88338T104         621      34,377 SH        sole                       34,377            
3M COMPANY             USD0.01 COM       88579Y101      35,275     429,879 SH        sole                      429,879            
TELECELULAR SUL                                                                                                                   
PARTICIPACOES ADR                        88706P106       3,928     258,263 SH        sole                      258,263            
TIM HELLAS             ADR REPR 1 ORD                                                                                             
TELECOMMUNICATION      GRD500            88706Q104       7,817     416,920 SH        sole                      416,920            
TIME WARNER INC        USD0.01           887317105      22,551   1,160,577 SH        sole                    1,160,577            
TORCHMARK CORP         COM USD1          891027104      15,450     270,430 SH        sole                      270,430            
TRACTOR SUPPLY CO      USD0.008          892356106         607      16,316 SH        sole                       16,316            
DB TRAVELERS PPTY      4.5% 15/04/2032                                                                                            
CASUALTY               CNV USD25         89420G307      13,371     580,580 PRN       sole                      580,580            
TRIAD HOSPITALS INC    7% 15/11/2013     89579KAE9       8,290   8,000,000 PRN       sole                    8,000,000            
TRIZEC PROPERTIES                                                                                                                 
INC                    USD0.01 COM       89687P107       8,088     428,400 SH        sole                      428,400            
                       2500 ORD SHARES                                                                                            
TURKCELL ILETISIM      ADR EA REPR       900111204       2,652     146,937 SH        sole                      146,937            
TURKEY REPUBLIC OF     9% 30/06/2011     900123AU4      23,804  20,890,000 PRN       sole                   20,890,000            
TURKEY REPUBLIC OF     7.25% 15/03/2015  900123AV2      21,015  20,100,000 PRN       sole                   20,100,000            
                       2.75% 15/01/2018                                                                                           
TYCO INTERNATIONAL     CNV BD REGS       902118BF4       6,556   5,925,000 PRN       sole                    5,925,000            
TYCO INTERNATIONAL     USD0.20 STK COM   902124106     140,688   3,937,547 SH        sole                    3,937,547            
UST INC                COM STK USD0.50   902911106      32,229     670,740 SH        sole                      670,740            
US BANCORP             USD1.25           902973304      49,210   1,571,707 SH        sole                    1,571,707            
UNIBANCO BRASIL GDR    GDR               90458E107         807      25,439 PRN       sole                       25,439            
UNISYS CORP            8.125% 01/06/2006 909214BF4       2,118   2,000,000 PRN       sole                    2,000,000            
UNISYS CORP            6.875% 15/03/2010 909214BH0       3,270   3,000,000 PRN       sole                    3,000,000            
UNITED MICRO                                                                                                                      
ELECTRONICS            ADR               910873207       1,393     395,647 SH        sole                      395,647            
UNITED MICRO EL ADR    ADR               910873207         209      59,283 PRN       sole                       59,283            
UNITED RENTALS                                                                                                                    
NORTH AM               6.5% 15/02/2012   911365AN4       2,009   2,000,000 PRN       sole                    2,000,000            
                       2.375%                                                                                                     
US TREASURY            15/01/2025 IL     912810FR4       1,200   1,110,000 PRN       sole                    1,110,000            
UNITED STATES                                                                                                                     
TREASURY               6.625% 15/05/2007 9128272U5       7,067   6,500,000 PRN       sole                    6,500,000            
UNITED STATES          6.50% 15/08/2005                                                                                           
TREASURY               USD1000           912827U83         928     885,000 PRN       sole                      885,000            
US TREASURY            3.25% 15/08/2008  912828BG4       1,643   1,630,000 PRN       sole                    1,630,000            
US TREASURY N/B        4% 15/02/2014     912828CA6      10,383  10,373,000 PRN       sole                   10,373,000            
US TREASURY N/B        4.25% 15/08/2014  912828CT5      81,435  79,998,000 PRN       sole                   79,998,000            
US TREASURY N/B        3.375% 15/09/2009 912828CV0     146,867 146,806,000 PRN       sole                  146,806,000            
USA TREASURY           3.375% 15/10/2009 912828CX6      77,006  77,206,000 PRN       sole                   77,206,000            
US TREASURY N/B        2.875% 30/11/2006 912828DD9       4,497   4,500,000 PRN       sole                    4,500,000            
UNITED TECHNOLOGIES                                                                                                               
CORP COM               USD5              913017109      22,846     221,052 SH        sole                      221,052            
UNITED TECHNOLOGIES    USD1              913017109      13,088     126,576 SH        sole                      126,576            
UNITED HEALTHCARE                                                                                                                 
GROUP                  COM STK USD0.01   91324P102      36,318     412,605 SH        sole                      412,605            
UNIVERSAL CITY                                                                                                                    
DEVELOPMT              11.75% 01/04/2010 913405AC0       3,631   3,000,000 PRN       sole                    3,000,000            
                       0.426%                                                                                                     
UNIVERSAL HEALTH       23/06/2020 CNV                                                                                             
SERVICES               BOND              913903AL4       6,867  14,400,000 PRN       sole                   14,400,000            
                       0.875% 01/03/08                                                                                            
DB UTSTARCOM           CNV               918076AB6       9,746  10,400,000 PRN       sole                   10,400,000            
VAIL RESORTS INC       COM STK USD0.01   91879Q109       8,294     370,420 SH        sole                      370,420            
PAGE TOTAL:                                            949,338                                                                    

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VANGUARD HEALTH HLD                                                                                                               
II                     9% 01/10/2014     92203PAA4       3,298   3,000,000 PRN       sole                    3,000,000            
VENEZUELA REPUBLIC                                                                                                                
OF                     10.75% 19/09/2013 922646BJ2      14,219  11,600,000 PRN       sole                   11,600,000            
VENEZUELA REPUBLIC                                                                                                                
OF                     8.50% 08/10/2014  922646BM5       3,232   3,000,000 PRN       sole                    3,000,000            
VENETIAN CASINO        11% 15/06/2010    92264NAF4       4,603   4,000,000 PRN       sole                    4,000,000            
VERIZON COMMS          USD0.10           92343V104      40,924   1,010,230 SH        sole                    1,010,230            
VERIZON GLOBAL FDG                                                                                                                
CORP                   7.75% 01/12/2030  92344GAM8      45,789  36,760,000 PRN       sole                   36,760,000            
VERIZON WIRELESS                                                                                                                  
CAPITAL                5.375% 15/12/2006 92344SAE0      21,357  20,590,000 PRN       sole                   20,590,000            
VIACOM INC-CL B        USD0.01           925524308      32,866     903,424 SH        sole                      903,424            
VICURON PHARMACEUT     USD0.001          926471103       1,120      64,346 SH        sole                       64,346            
VIDEOTRON LTEE         6.875% 15/01/2014 92658TAH1       4,281   4,000,000 PRN       sole                    4,000,000            
DB VISHAY                                                                                                                         
INTERTECHNOLOGY        3.625% 01/08/2023 928298AF5       2,146   2,260,000 PRN       sole                    2,260,000            
VORNADO REALTY TRUST   USD0.04 COM STK   929042109      51,217     672,850 SH        sole                      672,850            
WACHOVIA CORPORATION   USD3.333          929903102      61,794   1,175,009 SH        sole                    1,175,009            
WALMART STORES INC     COM STOCK USD0.10 931142103      98,866   1,874,605 SH        sole                    1,874,605            
WALGREEN CO            COM STK USD007812 931422109       5,126     131,801 SH        sole                      131,801            
                       7.375%                                                                                                     
WARNER MUSIC GROUP     15/04/2014 144A   934548AA6       2,096   2,000,000 PRN       sole                    2,000,000            
WASHINGTON MUTUAL                                                                                                                 
INC                    NPV COM           939322103      21,178     501,009 SH        sole                      501,009            
WASHINGTON MUTUAL                                                                                                                 
INC                    4.2% 15/01/2010   939322AP8      29,893  30,000,000 PRN       sole                   30,000,000            
DB WASTE CONNECTIONS   FRN 01/05/2022    941053AE0      10,161  10,860,000 PRN       sole                   10,860,000            
WEINGARTEN REALTY      SHS OF BEN INT                                                                                             
INVESTORS              USD0.03           948741103      23,488     585,725 SH        sole                      585,725            
WELLPOINT INC          USD0.01 COM       94973V107      26,780     232,873 SH        sole                      232,873            
WELLS FARGO &                                                                                                                     
COMPANY COMMON         USD 1 2/3         949746101      52,962     852,445 SH        sole                      852,445            
WENDYS                                                                                                                            
INTERNATIONAL                                                                                                                     
INCORPOR USD0.10 COM                     950590109       1,968      50,110 SH        sole                       50,110            
WEYERHAEUSER CO        COM STK USD1.25   962166104      42,833     637,300 SH        sole                      637,300            
WHIRLPOOL CORP         COM USD1          963320106      14,996     216,700 SH        sole                      216,700            
WHOLE FOODS MARKET     NPV               966837106       2,656      27,860 SH        sole                       27,860            
WILLIAMS COS INC       8.125% 15/03/2012 969457BK5       9,470   8,000,000 PRN       sole                    8,000,000            
WYETH                  USD0.333 COM      983024100      15,522     364,440 SH        sole                      364,440            
WYETH                  USD0.333          983024100       4,982     116,939 SH        sole                      116,939            
WYNN LAS VEGAS LLC                                                                                                                
CORP                   6.625% 01/12/2014 983130AB1       5,040   5,000,000 PRN       sole                    5,000,000            
XEROX CORP             COM STK USD1      984121103      16,563     973,680 SH        sole                      973,680            
XEROX CORP             9.75% 15/01/2009  984121BG7       4,899   4,000,000 PRN       sole                    4,000,000            
YAHOO! INC             USD0.00017        984332106      38,745   1,028,260 SH        sole                    1,028,260            
ZIMMER HOLDINGS INC    USD0.01 COM       98956P102      34,177     426,785 SH        sole                      426,785            
COMMERCE CAPITAL       0% 22/09/2009     993311JG5       1,342   1,600,000 PRN       sole                    1,600,000            
CODELCO INC            7.375% 01/05/2009 EC1315919       9,698   8,500,000 PRN       sole                    8,500,000            
KAZAKHSTAN REPUBLIC    11.125%                                                                                                    
OF                     11/05/2007        EC2526951       4,721   4,000,000 PRN       sole                    4,000,000            
                       9.75% 15/06/2030                                                                                           
QATAR STATE OF         BDS USD REGS      EC2682416      21,974  15,000,000 PRN       sole                   15,000,000            
                       FINL FRN                                                                                                   
DEUTSCHE BANK          27/03/2012        EC5373153         202     200,000 PRN       sole                      200,000            
                       9.04% 23/01/2013                                                                                           
DOMINICAN REPUBLIC     REGS              EC8263948       4,604   5,250,000 PRN       sole                    5,250,000            
NIB                    FRN 06/02/2007    ED3049043         200     200,000 PRN       sole                      200,000            
DB TAIWAN CEMENT       0% 03/03/09 CNV   ED3231914       4,499   5,230,000 PRN       sole                    5,230,000            
CSFB                   FRN 27/03/2008    ED3812044         255     250,000 PRN       sole                      250,000            
STAN IV LTD            FRN 20/07/2011    ED3956759       9,185   9,195,000 PRN       sole                    9,195,000            
                       0.125%                                                                                                     
DB SEK/CITI            30/04/2009 CNV    ED4170301       6,291   8,700,000 PRN       sole                    8,700,000            
VENEZUELA REPUBLIC                                                                                                                
OF                     FRN 20/04/2011    ED4312630      62,061  68,500,000 PRN       sole                   68,500,000            
DB TAISHIN                                                                                                                        
FINANCIAL HLDG         0% 28/10/2005 CNV ED4399892         273     328,000 PRN       sole                      328,000            
ROYAL BANK OF                                                                                                                     
SCOTLAND PLC           FRN 24/07/2014    ED4701980      45,351  45,200,000 PRN       sole                   45,200,000            
DB SK TELECOM          0% 27/05/2009 CNV ED4812787       9,484  11,300,000 PRN       sole                   11,300,000            
PEMEX PROJ FDG                                                                                                                    
MASTER TR              FRN 15/06/2010    ED5012544      31,369  30,500,000 PRN       sole                   30,500,000            
PAGE TOTAL:                                            960,756                                                                    

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DB POWERCHIP                                                                                                                      
SEMICONDUCTOR          0% 17/06/2009 CNV ED5057143       3,836   4,700,000 PRN       sole                    4,700,000            
ARIES                                                                                                                             
VERMOGENSVERWALTNG     9.6% 25/10/2014   ED5299448      12,493  10,000,000 PRN       sole                   10,000,000            
AEGON NV               FRN 29/07/2049    ED5397291      20,088  20,000,000 PRN       sole                   20,000,000            
UKRAINE REPUBLIC OF    FRN 05/08/2009    ED5615254      30,085  28,500,000 PRN       sole                   28,500,000            
EL SALVADOR                                                                                                                       
REPUBLIC OF            7.625% 21/09/2034 ED6156969       1,569   1,500,000 PRN       sole                    1,500,000            
PEMEX PROJ FDG                                                                                                                    
MASTER TR              7.75% 28/09/2049  ED6235847      17,247  17,000,000 PRN       sole                   17,000,000            
DBS BANK LTD                                                                                                                      
SINGAPORE              5% 15/11/2019     ED6271982      29,898  30,000,000 PRN       sole                   30,000,000            
TELECOM ITALIA                                                                                                                    
CAPITAL                4% 15/01/2010     ED6328147      17,332  17,500,000 PRN       sole                   17,500,000            
TELECOM ITALIA                                                                                                                    
CAPITAL                4.95% 30/09/2014  ED6328188      13,849  14,000,000 PRN       sole                   14,000,000            
VTB BANK               7.5% 12/10/2011   ED6370339       1,094   1,000,000 PRN       sole                    1,000,000            
INTERNATIONAL                                                                                                                     
NEDERLAND BANK         FRN 14/10/2014    ED6399973      24,980  25,000,000 PRN       sole                   25,000,000            
RABOBANK CAP FD                                                                                                                   
TRST III               5.254% 29/10/2049 ED6554890       9,956  10,000,000 PRN       sole                   10,000,000            
CHINA PEOPLES                                                                                                                     
REPUBLIC OF            3.75% 28/10/2009  ED6643891       2,488   2,500,000 PRN       sole                    2,500,000            
VNESHTORGBANK VTB                                                                                                                 
CAP                    FRN 22/06/2006    ED7411637      25,024  25,000,000 PRN       sole                   25,000,000            
DB INTL BANK OF                                                                                                                   
TAPEI                  0% 22/12/2009 CNV ED7418608       7,088   8,410,000 PRN       sole                    8,410,000            
ACE LIMITED            Ord               G0070K103       4,244      99,200 SH        sole                       99,200            
ACCENTURE              Cl A USD0.00002   G1150G111       4,702     174,100 SH        sole                      174,100            
PERU PDI               5% 07/03/2017     TT3258270       1,717   2,000,000 PRN       sole                    2,000,000            
MINISTRY FINANCE       3% 14/05/2011                                                                                              
RUSSIA                 USD1000 VII       TT3285471       6,918   8,000,000 PRN       sole                    8,000,000            
STANDARD CHARTERED                                                                                                                
PLC                    FRN 29/11/2049    ZZ2015472       5,319   6,620,000 PRN       sole                    6,620,000            
PAGE TOTAL:                                            239,927                                                                    
GRAND TOTAL:                                        11,947,274

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F&C Asset Management plc · 13F-HR · For 12/31/04

Filed On 3/4/05 2:23pm ET · SEC File 28-11312 · Accession Number 929638-5-64

Quarterly Holdings or Combination Report by an Institutional Money Manager · Form 13FFiling Table of Contents

Dates Referenced Herein and Documents Incorporated By Reference

Quarterly Holdings or Combination Report by an Institutional Money Manager · Form 13F
Filing Table of Contents