UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004

FORM 11-K

(Mark One)

[X]  Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
For the year ended December 31, 2004 Commission file number 001-09553

OR

[ ]  Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934

WESTINGHOUSE SAVINGS PROGRAM

(Full title of the plan)

VIACOM INC.

(Name of issuer of the securities held pursuant to the plan)

1515 Broadway
New York, New York 10036

(Address of principal executive offices)



WESTINGHOUSE SAVINGS PROGRAM
FINANCIAL STATEMENTS AND EXHIBIT
DECEMBER 31, 2004
INDEX


  Pages
Report of Independent Registered Public Accounting Firm 1
Financial Statements:
Statements of net assets available for benefits
at December 31, 2004 and December 31, 2003		 2
Statement of changes in net assets available for benefits
for the year ended December 31, 2004		 3
Notes to financial statements 4 – 9
Supplemental Schedule:
Schedule H, line 4i, Schedule of Assets Held at End of Year S-1
All other schedules are omitted as not applicable or not required.
Signatures S-19

Exhibit:

23.1  Consent of Independent Registered Public Accounting Firm


Report of Independent Registered Public Accounting Firm

To the Participants and
Administrator of the
Westinghouse Savings Program

In our opinion, the accompanying statements of net assets available for benefits and the related statement of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of the Westinghouse Savings Program (the "Plan") at December 31, 2003 and December 31, 2004 and the changes in net assets available for benefits for the year ended December 31, 2004 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets held at end of year is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is the responsibility of the Plan's management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ PRICEWATERHOUSECOOPERS LLP

New York, New York
June 17, 2005



WESTINGHOUSE SAVINGS PROGRAM
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
(in thousands)


     
  At December 31,
  2004 2003
Assets
Investments $ 1,768,896   $ 1,902,517  
Investment in master trust investment accounts   152,161     121,331  
Receivables:
Interest and dividends   6,847     7,818  
Due from broker for securities sold, net   820     —  
Total assets   1,928,724     2,031,666  
Liabilities
Investment manager fees payable   185     192  
Other liabilities   856     —  
Net assets available for benefits $ 1,927,683   $ 2,031,474  

The accompanying notes are an integral part of these financial statements.

2



WESTINGHOUSE SAVINGS PROGRAM
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
(in thousands)


   
  Year Ended
December 31, 2004
Additions to net assets attributed to:
Investment Income:
Interest $ 81,291  
Dividends   3,259  
Income from master trust investment accounts   13,344  
Total additions   97,894  
Deductions from net assets attributed to:
Benefits paid to participants   (186,385 ) 
Net depreciation in fair value of investments   (14,298 ) 
Administrative expenses   (1,002 ) 
Total deductions   (201,685 ) 
Net decrease   (103,791 ) 
Net assets available for benefits, beginning of year   2,031,474  
Net assets available for benefits, end of year $ 1,927,683  

The accompanying notes are an integral part of these financial statements.

3



WESTINGHOUSE SAVINGS PROGRAM
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)

NOTE 1 − PLAN DESCRIPTION

The following is a brief description of the Westinghouse Savings Program (the "Plan") and is provided for general information only. Participants should refer to the Plan document for more complete information regarding the Plan.

The Plan was established by CBS Corporation ("CBS") (formerly doing business as Westinghouse Electric Corporation). On May 4, 2000, CBS was merged with and into Viacom Inc. ("Viacom" or "the Company"). As a result of the merger, the Company became the sponsor of the Plan.

All participants of the Plan are retirees or terminated employees who are fully vested. No contributions can be made to the Plan and no new loans may be requested. All participant accounts are participant directed.

The Plan is subject to the provisions of the Internal Revenue Code of 1986, as amended, (the "Code") and the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and is administered by a retirement committee appointed by the Company's Board of Directors.

Mellon Bank, N.A. (the "Trustee") is the trustee and custodian of the Plan. Certain Plan investments are shares of funds managed by the Trustee or companies affiliated with the Trustee and therefore qualify as a party-in-interest transaction. In addition, certain Plan investments are shares of the Company and therefore qualify as a party-in-interest transaction.

Participant Accounts

Each participant's account is credited with the participant's share of the investment income and any realized or unrealized gains or losses of the Plan assets, net of certain plan expenses.

Plan participants have the option of investing their account balances among sixteen investment options. These investment options include master trust investment accounts ("Master Trust Investment Accounts" or "MTIAs"), commingled trust funds ("common collective trusts"), registered investment companies (mutual funds), Viacom Inc. Class B Common Stock and Blockbuster Inc. Class A and Class B Common Stock. Fourteen of these funds are available for new investments, while the two Blockbuster stock funds are closed.

Loans Outstanding

There are no loans outstanding as of December 31, 2004.

Distributions and Withdrawals

Participants in the Plan, or their beneficiaries, may receive their account balances either, in a lump sum, in installments over a period of up to 20 years, or through unlimited withdrawals at any time in the event of retirement. Participants must receive a required minimum distribution upon attainment of age 70½.

Plan Expenses

The fees for investment of Plan assets are charged to the Plan's investment funds. Certain administrative expenses, such as legal and accounting fees, may be paid by the Plan or may be paid by the Company. The Plan paid fess in the amount of $940,000, to Mellon Bank, a party-in-interest, for trustee, record keeping and accounting services provided during the year.

NOTE 2 − SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

The accrual method of accounting is used for financial statement presentation.

4



WESTINGHOUSE SAVINGS PROGRAM
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)

Investment Valuation and Income Recognition

Viacom Inc. Class B Common Stock and Blockbuster Class A common stock and Class B common stock are reported at fair value based on quoted market prices on national security exchanges. Investments in registered investment companies are reported at fair value based on quoted market prices representing the net asset value of the units held by the Plan. The fair value of investments in commingled trust funds are determined by each fund's trustee based upon the fair value of the underlying securities. Guaranteed investment contracts and synthetic guaranteed investment contracts are fully benefit responsive and are therefore reported at contract value, which represents the aggregate amount of deposits thereto, plus interest at the contract rate, less withdrawals. Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value. Interest income is accrued as earned and dividend income is recorded on the ex-dividend date.

Short-term money market obligations are carried at amortized cost which approximates fair value due to the short-term maturity of these investments.

Interest in Master Trust Investment Accounts

The Company and certain affiliated companies entered into a master trust agreement (the "Master Trust") to invest the assets of the Plan as well as affiliated companies' plans. Pursuant to the Master Trust, the Trustee has created four Master Trust Investment Accounts. Prior to June 2004, the MTIAs consisted of the Putnam Large Cap Growth Fund ("Putnam Fund") the Barclays Global Investors S&P 500 Index Fund, Mellon Bank EB SMAM Aggregate Bond Index Fund and The Boston Company Large Cap Value Fund. In June 2004, the Putnam Fund was replaced with the Wellington Growth Fund, a fund with investment objectives similar to the Putnam Fund. The Mellon Bank EB SMAM Aggregate Bond Index Fund and The Boston Company Large Cap Value Fund are each managed by a division or affiliate of the Trustee, a party-in-interest to the Plan. Each of these MTIAs is maintained exclusively for the Master Trust. Each participating plan has an undivided interest in the MTIAs.

The fair value of a unit of participation in all MTIAs is determined by the Trustee based on the quoted market prices of the underlying securities. Net investment assets and net earnings/losses on the MTIAs are allocated daily to the plans investing in the MTIAs based on each plan's proportionate interest. Income is distributed to participants based on their respective account balances.

Security Transactions

Purchases and sales of securities are recorded on the trade date. The historical average cost basis is used to determine gains or losses on security dispositions.

The Plan presents in the statement of changes in net assets available for benefits the net appreciation (depreciation) in the fair value of its investments which consists of the realized gains or losses and the unrealized appreciation (depreciation) on those investments.

Payment of Benefits

Benefits are recorded when paid.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Plan to make estimates and assumptions, such as those regarding fair value of investments, that affect the reported amounts of assets and liabilities

5



WESTINGHOUSE SAVINGS PROGRAM
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)

and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of changes in net assets available for benefits during the reporting period. Actual results could differ from those estimates.

NOTE 3 – RISKS AND UNCERTAINTIES

The Plan provides for various investment options. Investment securities are exposed to various risks such as interest rate, market and credit. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of such securities, it is at least reasonably possible that changes in risks in the near term could materially affect participants' account balances and the amounts reported in the statements of net assets available for benefits and the related statement of changes in net assets available for benefits.

NOTE 4 – INVESTMENTS

The following table presents the Plan's investments:


     
  At December 31,
  2004 2003
Common collective trusts $ 82,391   $ 64,708  
Common stock   99,334     132,881  
Guaranteed investment contracts, at contract value   303,188     421,556  
Registered investment companies   120,583     157,371  
Synthetic guaranteed investment contracts, at contract value   1,163,400     1,126,001  
Investments, at fair value $ 1,768,896   $ 1,902,517  

At December 31, 2004 and 2003, the fair value of the investments at contract value in the aggregate was approximately $1,534,212,869 and $1,700,597,153, respectively.

A synthetic guaranteed investment contract provides for guaranteed returns on principal over a specified period of time through benefit responsive wrapper contracts issued by a third party which are backed by underlying assets. The wrapper contracts provide market and cash flow risk protection to the Plan and provide for the execution of participant initiated transactions in the Plan at contract value. Included in the contract value of the synthetic guaranteed investment contracts is $11,879,301 and $36,618,017 at December 31, 2004 and 2003, respectively, attributable to wrapper contract providers representing the amounts by which the value of contracts is greater than (less than) the value of the underlying assets.

The following table presents the assets, by type, that support the Plan's synthetic guaranteed investment contracts:


     
  At December 31,
  2004
Cash $ 56,574  
Common collective trust   727,587  
Fixed income   393,748  
Futures   (2,542 ) 
Swaps   (88 ) 
  $ 1,175,279  

The average blended yield of all the investment contracts for the year ended December 31, 2004 was 5.15%. The weighted average crediting interest rates as of December 31, 2004 and 2003 was 5.21% and 5.54%, respectively.

6



WESTINGHOUSE SAVINGS PROGRAM
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)

The following table presents the values of investments representing 5% or more of the Plan's net assets:


     
  At December 31,
  2004 2003
Investment contracts, at contract value:            
Monumental Life Insurance MDA00303TR $ 407,451   $ 386,650  
Union Bank of Switzerland No. 3071 $ 335,293   $ 318,118  
CDC Financial Products, Inc. No 1222-01 $ 262,574   $ 249,046  
CDC Financial Products, Inc. BR-222-06 $ 110,011   $ 103,835  
Viacom Inc. Class B Common Stock, at fair value $ 99,254   $ 132,881  

During the year ended December 31, 2004, the Plan's investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated/(depreciated) as follows:


   
Commingled trusts $ 834  
Registered investment companies   8,963  
Viacom Inc. Class B Common Stock   (24,095 ) 
Net depreciation $ (14,298 ) 

NOTE 5 − INCOME TAX STATUS

The Internal Revenue Service issued a determination letter dated December 18, 2001 that the Plan continues to satisfy the requirements of 401(a) of the Code and that the trust thereunder is exempt from federal income taxes under the provisions of Section 501(a) of the Code. The Plan has been amended since receiving the determination letter. However, the amendments have not been significant in nature and the Plan administrator and the Plan's counsel believe that the Plan is designed and is currently being operated in compliance with the applicable provisions of the Code and as such does not require a new determination letter at this time.

NOTE 6 − TERMINATION PRIORITIES

Although the Company anticipates that the Plan will continue indefinitely, it reserves the right by action of its Board of Directors to amend or terminate the Plan provided that such action is in accordance with applicable law.

In the event that the Plan is terminated, the Plan provides that the net assets of the Plan be distributed to participants based on their respective account balances.

7



WESTINGHOUSE SAVINGS PROGRAM
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)

NOTE 7 – INVESTMENT IN MASTER TRUST INVESTMENT ACCOUNTS

The value of the Plan's interest in the total investments of the MTIAs were as follows:


     
  At December 31,
  2004 2003
Barclays Global Investors S&P 500 Index Fund   18.12 %    19.95 % 
Mellon Bank EB SMAM Aggregate Bond Index Fund   5.97 %    9.35 % 
Putnam Fund   — %    .26 % 
The Boston Company Large Cap Value Fund   4.76 %    3.73 % 
Wellington Growth Fund   19.87 %    — % 

See Note 2 for a description of the MTIAs.

The following table presents the investments held by the MTIAs:


     
  At December 31,
  2004 2003
Barclays Global Investors S&P 500 Index Fund(a) $ 588,773   $ 565,116  
Mellon Bank EB SMAM Aggregate Bond Index Fund(a)   60,919     58,783  
Putnam Fund, at fair value            
Common stocks   —     138,793  
Registered investment companies   —     3,686  
Common collective trusts   —     448  
The Boston Company Large Cap Value Fund(a)   86,303     73,380  
Wellington Growth Fund, at fair value            
Common stocks   188,276     —  
Common collective trusts   2,300     —  
Net investments held by the MTIAs $ 926,571   $ 840,206  

(a) Invested entirely in commingled trust funds.

Investment income of the MTIAs was as follows:


     
  Year Ended
December 31, 2004
Dividends $ 1,606  
Interest income   49  
Net appreciation of commingled trusts funds   69,547  
Net appreciation of Wellington Growth Fund
and the Putnam Fund		   9,844  
Investment manager fees   (1,154 ) 
Net investment income $ 79,892  

8



WESTINGHOUSE SAVINGS PROGRAM
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)

NOTE 8 – RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:


     
  At December 31,
  2004 2003
             
Net assets available for benefits per the
financial statements		 $ 1,927,683   $ 2,031,474  
Amounts allocated to withdrawing participants   (3,889 )    (1,852 ) 
Net assets available for benefits per the Form 5500 $ 1,923,794   $ 2,029,622  

The following is a reconciliation of benefits paid to participants as reflected in the financial statements to the Form 5500 for the 2004 Plan year:


     
  Year Ended
December 31, 2004
Benefits paid to participants per the financial statements $ 186,385  
Add amounts allocated to withdrawing participants
as of December 31, 2004		   3,889  
Less amounts allocated to withdrawing participants
as of December 31, 2003		   (1,852 ) 
Benefits paid to participants per the Form 5500 $ 188,422  

Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to December 31, but not yet paid as of that date.

9



SCHEDULE H, line 4i

WESTINGHOUSE SAVINGS PROGRAM
SCHEDULE OF ASSETS HELD AT END OF YEAR
DECEMBER 31, 2004
(in thousands)


     
  Identity of issue, borrowing lessor or similar party Current
Value
  Registered Investment Companies:      
  DFA U.S. Small Cap Fund $ 17,704  
  Fidelity Growth & Income Portfolio   66,592  
  Fidelity Mid-Cap Stock Fund   7,465  
  Vanguard LifeStrategy Income Fund   3,491  
  Vanguard LifeStrategy Conservative Growth Fund   6,743  
  Vanguard LifeStrategy Moderate Growth Fund   8,441  
  Vanguard LifeStrategy Growth Fund   10,147  
         
  Common/Collective Trust:      
  Capital Guardian International fund (Non-US)   7,587  
* Mellon EB Temporary Investment Fund
variable% 12/31/2099		   74,804  
         
  Common Stock:      
* Viacom Inc. Class B Common Stock   99,254  
  Blockbuster Inc. Class A Common Stock   42  
  Blockbuster Inc. Class B Common Stock   38  
         
  Guaranteed Investment Contracts:      
  Security Life of Denver Insurance Company
SA-0276 5.82% 6/1/2006		   30,453  
  Prudential Insurance Company of America
GA-10112-212 5.75% 11/1/2005		   21,477  
  Security Life of Denver Insurance Company
FA-0926 5.65% 5/2/2005		   36,252  

S-1



SCHEDULE H, line 4i

WESTINGHOUSE SAVINGS PROGRAM
SCHEDULE OF ASSETS HELD AT END OF YEAR
DECEMBER 31, 2004
(in thousands)


   
  Identity of issue, borrowing lessor or similar party Current
Value
      Guaranteed Investment Contracts (continued):
  Business Mens Assurance Company of America
No. 1423 5.92% 3/1/2005		   26,021  
  Canada Life Assurance Company
P46100 5.64% 6/1/2005		   25,613  
  Canada Life Assurance Company
P46107 5.73% 8/1/2006		   17,277  
  Security Benefit Life Insurance Company
G-0111 5.7% 6/1/2005		   18,158  
  Jackson National Life Insurance Company
G-1378-2 5.29% 10/1/2005		   16,595  
  Business Mens Assurance Company of America
No. 1436 6.01% 7/3/2006		   12,289  
  Security Life of Denver Insurance Company
SA-0361 5.65% 9/01/2006		   13,925  
  Hartford Life Insurance Company
GA-10655A 5.21% 3/1/2007		   28,335  
  Security Benefit Life Insurance Company
G-0114 4.11% 6/1/2007		   27,350  
  General Electric Corp. GS3835GECA
3.30% 12/20/2030		   29,443  

S-2



SCHEDULE H, line 4i

WESTINGHOUSE SAVINGS PROGRAM
SCHEDULE OF ASSETS HELD AT END OF YEAR
DECEMBER 31, 2004
(in thousands)


     
  Identity of issue, borrowing lessor or similar party Current
Value		 Wrapper
Value
 
  Synthetic Guaranteed Investment Contracts:      
         
  # Monumental Life Insurance Company
MDA00303TR variable% 12/20/2030		   407,451     18,556  
  # Union Bank of Switzerland
No. 3071 variable% 12/20/2030 		  335,293     15,490  
  # Caisse des Depots et Consignations
No. 1222-01 variable% 12/20/2030		   262,574     12,090  
  # Caisse des Depots et Consignations
BR-222-06 5.93% 5/15/2006		   110,011     (23,840 ) 
  # Caisse des Depots et Consignations
BR-222-07 5.49% 9/1/2005		   48,071     (10,417 ) 
         
  Total investments $ 1,768,896        
*  Identified as a party-in-interest to the Plan.
#  Refer to Attachment A for listing of assets relating to this contract

S-3



Attachment A


Security Name Security Description Market Value
90DAY EURODOLLAR FUTURE (CME) EXP MAR 05   0  
90DAY EURODOLLAR FUTURE (CME) EXP JUN 05   0  
90DAY EURODOLLAR FUTURE (CME) EXP SEP 05   0  
90DAY EURODOLLAR FUTURE (CME) EXP DEC 05   0  
AAMES MORTGAGE TR 99-1 CL AV FLTG RT 07/15/2029 DD 08/05/99   102,749  
ACE INA HLDG INC GTD SR NT 5.875% 06/15/2014 DD 06/09/04   332,972  
ACE LTD SR NT 6.000% 04/01/2007 DD 03/22/02   730,184  
ADVANTA HM EQ LN TR 1999-B FLTG RT 01/25/2024   404,749  
ADVANTA REVOLVING HOME EQ 99-A FLTG RT 02/25/2025 DD 05/27/99   297,188  
AEGON N V SR NT 4.750% 06/01/2013 DD 05/20/03   495,545  
AIG SUNAMERICA SR NT 144A 5.100% 01/17/2007 DD 01/17/02   103,109  
ALTRIA GROUP INC NT 5.625% 11/04/2008 DD 11/04/03   308,597  
AMERICA MOVIL S A DE C V 4.125% 03/01/2009 DD 09/01/04   911,264  
AMERICAN EXPRESS MTN #TR00001 VAR RT 11/21/2007 DD 11/22/04   1,024,518  
AMERICAN GEN FIN CORP MTN 4.500% 11/15/2007 DD 11/26/02   1,017,665  
AMERICAN HONDA FIN MTN 144A 4.500% 05/26/2009 DD 05/25/04   432,370  
ANZ CAP TR I TR SECS 144A 4.484% 01/29/2049 DD 11/26/03   1,251,563  
AOL TIME WARNER INC NT 6.875% 05/01/2012 DD 04/08/02   523,894  
ARCHSTONE SMITH OPER TR NT 3.000% 06/15/2008 DD 06/17/03   217,159  
ARCHSTONE SMITH TR SR NT 5.000% 08/15/2007 DD 08/15/02   205,562  
ASIF GLOBAL FING XVIII SR 144A 3.850% 11/26/2007 DD 11/26/02   853,188  
ASIF GLOBAL FING XXIII SR NT 3.900% 10/22/2008 DD 10/22/03   549,742  
ASSET SEC COML MTG 97-D5 A-1B 6.660% 02/14/2043 DD 10/24/97   1,113,975  
ASSET SECURITIZATION CORP COML MTG PASSTHRU 96-MD VI CL A-1C RATE :7.04% MATURITY 11/13/29   4,759,119  
ASSOC CORP NA BDS 6.250% 11/01/2008 DD 10/30/98   254,754  
ASSURANT INC SR NT 5.625% 02/15/2014 DD 02/18/04   774,608  
AT&T BROADBAND CORP NT 8.375% 03/15/2013 DD 11/18/02   1,196,136  
AT&T BROADBAND CORP NT 8.375% 03/15/2013 DD 11/18/02   209,632  
ATLANTIC RICHFIELD CO DEB 10.875% 07/15/2005 DD 07/15/85   597,822  
AVALONBAY CMNTYS INC MTN 6.125% 11/01/2012 DD 11/05/02   323,276  
BANC AMER COML MTG INC 04-5 A2 4.176% 11/10/2041 DD 11/01/04   1,232,042  
BANCO DEL ISTMO SA PANAMAPROM 7.010% 10/01/2027 DD 1/07/97   6,540,000  
BANK AMER CORP GLOBAL NT 5.250% 02/01/2007 DD 01/31/02   119,042  
BANK AMER CORP NT 7.800% 02/15/2010 DD 02/14/00   232,592  
BANK AMER CORP NT 5.375% 06/15/2014 DD 06/08/04   72,930  
BANK AMER CORP SR NT 3.875% 01/15/2008 DD 11/26/02   794,442  
BANK AMER MTG SECS 02 G CTF1A3 VAR RT 07/20/2032 DD 06/01/02   108,064  
BANK NEW YORK INC SR SUB NT VAR RT 09/04/2012 DD 09/04/02   1,004,060  
BANK ONE N A MTN # TR 00324 3.700% 01/15/2008 DD 01/14/03   175,000  
BANKAMERICA CORP SR NTS 5.875% 02/15/2009 DD 02/08/99   300,605  
BARCLAYS US FDG DISC 03/15/2005   5,069,081  
BARCLAYS US FDG DISC 04/18/2005   1,388,234  
BAYVIEW FINL 1998-1 AI 144A 7.010% 05/25/2029 DD 05/01/98   415,385  
BEAR STEARNS ARM 04-5 IIA VAR RT 07/25/2034 DD 06/01/04   2,404,359  
BEAR STEARNS ARM TR 02-11 IA2 VAR RT 01/25/2033 DD 12/01/02   194,435  
BEAR STEARNS COML 04-PWR6 4.825% 11/11/2041 DD 12/01/04   1,198,080  
BOSTON SCIENTIFIC CORP NT 5.450% 06/15/2014 DD 06/25/04   161,030  
BRANDYWINE OPER LTN L P 4.500% 11/01/2009 DD 10/22/04   422,276  

S-4




Security Name Security Description Market Value
BSDT-LATE MONEY DEPOSIT ACCT     2,227  
BSDT-LATE MONEY DEPOSIT ACCT     2,997,925  
BSDT-LATE MONEY DEPOSIT ACCT     2,630  
CADBURY SCHWEPPES US FIN 144A 3.875% 10/01/2008 DD 09/29/03   239,174  
CALENERGY CO INC SR NTS 7.520% 09/15/2008 DD 09/22/98   555,155  
CANADIAN NATL RY CO NT 4.250% 08/01/2009 DD 07/09/04   383,025  
CAPITAL AUTO REC ASSET TR 02 3 3.580% 10/16/2006 DD 08/08/02   1,467,636  
CARRAMERICA RLTY OPER 5.125% 09/01/2011 DD 08/23/04   261,908  
CBM FDC CORP MTG PASSTHRU 96-1B CL A-3 P&I RATE: 7.08% MATURITY 11/01/07   1,103,258  
CDC MTG CAP TR 02 HE 2 CL A VAR RT 08/25/2032 DD 07/31/02   130,186  
CENDANT CORP SR NT 6.250% 01/15/2008 DD 01/13/03   800,385  
CHANCELLOR MEDIA CORP 8.000% 11/01/2008 DD 05/01/99   112,281  
CHASE ISSUANCE TR 04-9 NT CLA 3.220% 06/15/2010 DD 11/09/04   1,608,750  
CHASE MANHATTAN CORP SUB NTS 7.250% 06/01/2007 DD 05/21/97   703,723  
CITIBANK CR CARD 04-A4 A4 3.200% 08/24/2009 DD 08/24/04   1,882,188  
CITIBANK CR CARD ISSUANCE TR VAR RT 09/17/2007 DD 09/20/02   2,250,248  
CITIBANK CR CARD TR 04 A1 NT 2.550% 01/20/2009 DD 01/26/04   1,965,000  
CITICORP MTG SECS 94-6 CL A-4 5.750% 03/25/2009 DD 03/01/94   268,268  
CITICORP SUB NOTES 7.200% 06/15/2007 DD 06/06/97   1,083,280  
CITIGROUP INC GLOBAL NT 3.625% 02/09/2009 DD 02/09/04   1,184,723  
CITIGROUP INC GLOBAL SR NT 5.750% 05/10/2006 DD 05/10/01   1,208,201  
CITIGROUP INC GLOBAL SR NT 3.500% 02/01/2008 DD 01/31/03   89,667  
CITIGROUP INC GLOBAL SR NT VAR RT 06/09/2009 DD 06/09/04   275,429  
CITIGROUP INC NT 6.200% 03/15/2009 DD 03/31/99   597,779  
CNA FINL CORP NT 5.850% 12/15/2014 DD 12/15/04   798,368  
CNA FINL CORP NTS 6.600% 12/15/2008 DD 12/14/98   537,655  
COMCAST CABLE COMMUNS INC NT 6.375% 01/30/2006 DD 01/16/01   490,656  
COMM *PP* CMO/SER 2003-FL-CL-A-1 144A RATE: 2.28% MATURITY 11/15/15   3,362,573  
COMMERCIAL MTG 97-ML1 CL A-3 6.570% 12/15/2030 DD 12/01/97   532,315  
COMMERCIAL MTG ASSET 99-C2 A-2 VAR RT 11/17/2032 DD 10/11/99   1,697,430  
COMMERICAL MTG ASSET TR COML MTG PASSTHRU CTF 99-C1 CL A-2 RATE: 6.585% MATURITY 1/17/32   2,117,697  
COMMIT TO PUR FHLMC GOLD SFM 5.500% 01/01/2035 DD 01/01/05   101,594  
COMMIT TO PUR FHLMC GOLD SFM 5.500% 01/01/2020 DD 01/01/05   2,478,563  
COMMIT TO PUR FNMA 4.500% 01/01/2020 DD 01/01/05   598,031  
COMMIT TO PUR FNMA SF MTG 5.000% 01/01/2035 DD 01/01/05   12,404,298  
COMMIT TO PUR FNMA SF MTG 4.500% 01/01/2035 DD 01/01/05   193,406  
COMMIT TO PUR FNMA SF MTG 5.000% 01/01/2035 DD 01/01/05   4,465,547  
COMMIT TO PUR FNMA SF MTG 5.000% 01/01/2020 DD 01/01/05   6,805,734  
COMMIT TO PUR FNMA SF MTG 6.000% 01/01/2035 DD 01/01/05   6,098,203  
COMMIT TO PUR FNMA SF MTG 6.500% 01/01/2035 DD 01/01/05   6,395,469  
COMMIT TO PUR FNMA SF MTG 5.500% 01/01/2035 DD 01/01/05   1,015,000  
COMMIT TO PUR FNMA SF MTG 4.000% 01/01/2020 DD 01/01/05   1,366,750  
COMMIT TO PUR GNMA SF MTG 5.500% 01/15/2035 DD 01/01/05   612,563  
COMMIT TO PUR GNMA SF MTG 6.500% 01/15/2035 DD 01/01/05   210,406  
CONTINENTAL CABLEVISION SR NT 8.300% 05/15/2006 DD 05/13/95   292,144  
COX COMMUNICATIONS INC 144A 4.625% 01/15/2010 DD 12/15/04   199,530  
COX COMMUNICATIONS INC 144A 4.625% 01/15/2010 DD 12/15/04   349,178  

S-5




Security Name Security Description Market Value
CPS AUTO REC TR 02 A CLA2 144A 4.814% 12/15/2008 DD 03/07/02   1,287,046  
CREDIT SUISSE FB 02 CKN2 CL A3 6.133% 04/15/2037 DD 05/01/02   960,142  
CREDIT SUISSE FB 02 P1 A 144A VAR RT 003/25/2032 DD 03/01/02   1,412,983  
CREDIT SUISSE FB 04-AR2 VIA4 VAR RT 03/25/2034 DD 02/25/04   634,092  
CREDIT SUISSE FB INC NT 6.125% 11/15/2011 DD 11/06/01   1,417,611  
CS FIRST BOSTON MTG SECS CORP 6.550% 01/17/2035 DD 12/11/97   2,030,606  
CSX CORP DEBS 7.450% 05/01/2007 DD 05/06/97   189,683  
CSX CORP NT 5.500% 08/01/2013 DD 08/05/03   183,012  
CSX CORP NTS 6.250% 10/15/2008 DD 10/28/98   350,389  
CVS CORP NT 4.000% 09/15/2009 DD 09/14/04   263,757  
DAIMLER CHRYSLER NA HLDG CORP 7.400% 01/20/2005 DD 01/20/00   701,309  
DAIMLER CHRYSLER NORTH AMER 4.750% 01/15/2008 DD 01/16/03   107,247  
DAIMLERCHRYSLER N A HLDG SR NT 6.500% 11/15/2013 DD 11/06/03   27,029  
DAIMLERCHRYSLER NA HLDG CORP 4.050% 06/04/2008 DD 06/10/03   39,851  
DAIMLERCHRYSLER NA MTN TR00036 VAR RT 09/10/2007 DD 09/10/04   1,404,592  
DAIMLERCHRYSLER NA MTN TR00036 VAR RT 09/10/2007 DD 09/10/04   125,410  
DANSKE CORP SER A DISC 03/15/2005   4,571,904  
DANSKE CORP SER A DISC 03/23/2005   496,882  
DANSKE CORP SER A DISC 04/01/2005   1,388,640  
DEN DANSKE BK NTS 144A VAR RT /06/15/2010 DD 06/11/97   541,405  
DEPFA ACS BK 144A 3.625% 10/29/2008 DD 10/29/03   1,246,963  
DEUTSCHE TELEKOM INTL FIN BV STEP 06/15/2010 DD 07/06/00   595,700  
DEXIA DELAWARE DISC 03/14/2005   5,864,058  
DISNEY WALT CO MTN # TR 00049 6.200% 06/20/2014 DD 06/20/02   55,352  
DLJ COML MTG CORP 98-CF1 A1B 6.410% 02/18/2031 DD 03/01/98   1,986,610  
DNB NOR BANK ASA DISC 01/27/2005   298,040  
DOMINION RES INC DEL NT 5.700% 09/17/2012 DD 09/16/02   132,344  
DOMINION RES INC DEL SR NT D 5.125% 12/15/2009 DD 12/16/02   25,867  
DOMINION RES INC VA NEW SER G 3.660% 11/15/2006 DD 11/15/04   475,812  
EB SMAM ASSET BACKED COMMON COLLECTIVE TRUST   6,213,198  
EB SMAM CMBS BOND INDEX FUND COMMON COLLECTIVE TRUST   13,280,214  
EB SMAM INT GOB/CR BOND INDEX COMMON COLLECTIVE TRUST   212,327,614  
EB SMAM MORTGAGE-BACKED SECS COMMON COLLECTIVE TRUST   160,239,008  
EB TEMPORARY INVESTMENT FUND VAR RT 12/31/2099 DD 11/01/01   4,726,838  
EB TEMPORARY INVESTMENT FUND VAR RT 12/31/2099 DD 11/01/01   323,645  
EB TEMPORARY INVESTMENT FUND VAR RT 12/31/2099 DD 11/01/01   2,809,118  
EB TEMPORARY INVESTMENT FUND VAR RT 12/31/2099 DD 11/01/01   10  
EKSPORTFINANS A S A MTN #00012 3.375% 01/15/2008 DD 11/23/04   1,089,127  
EL PASO ENERGY MTN #TR 00004 7.800% 08/01/2031 DD 07/30/01   1,344,000  
ENCANA CORP NT 4.750% 10/15/2013 DD 10/02/03   273,455  
EOP OPER LTD PARTNERSHIP GTD 4.750% 03/15/2014 DD 03/26/04   62,877  
EOP OPER LTD PARTNERSHIP GTD 4.650% 10/01/2010 DD 10/07/04   356,608  
EQUITABLE LIFE ASSURANCE NT 6.950% 12/01/2005 DD 12/01/95   206,312  
ERP OPER LTD PARTNERSHIP NT 5.200% 04/01/2013 DD 03/19/03   406,722  
FAIRFAX CNTY VA REF & PUB IMPT 5.250% 04/01/2013 DD 04/14/04   2,386,230  
FARMER MAC GTD P/T AS-1008 1 VAR RT 01/25/2012 DD 03/01/97   1,902,558  
FEDERAL AGRIC MTG CORP VAR RT 04/25/2011   489,737  
FEDERAL HOME LN BK CONS BDS 7.635% 05/15/2007 DD 05/18/00   1,093,941  
FEDERAL HOME LN BKS # TR 00643 2.875% 05/23/2006 DD 11/10/04   3,486,475  
FEDERAL HOME LN BKS #TR 00392 2.500% 04/11/2006 DD 09/27/04   2,976,675  

S-6




Security Name Security Description Market Value
FEDERAL HOME LN BKS CONS BD 4.080% 04/26/2010 DD 04/26/04   2,401,599  
FEDERAL HOME LN BKS CONS BD 2.750% 05/15/2006 DD 05/19/04   1,989,180  
FEDERAL HOME LN BKS CONS BD 3.000% 05/15/2006 DD 06/15/04   2,993,773  
FEDERAL HOME LN MTG CORP MTN 3.875% 11/10/2008 DD 11/10/03   3,913,685  
FEDERAL HOME LN MTG CORP MTN 3.875% 01/12/2009 DD 01/12/04   3,425,404  
FEDERAL HOME LN MTG CORP MTN 4.125% 02/24/2011 DD 02/24/04   2,085,236  
FEDERAL HOME LN MTG CORP MTN 5.000% 10/27/2014 DD 10/27/04   816,192  
FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD PREASSIGN 0712 RATE: 1.93688% MATURITY 10/25/32 463,354
FEDERAL HOME LN MTG DEBS 7.000% 03/15/2010 DD 03/24/00   4,108,436  
FEDERAL NATIONAL MORGATE ASSIGNED GTD REMIC PASS THRU TR PREASSIGNED 00715 RATE: 2.35625% MATURITY 5/25/09   1,505,108  
FEDERAL NATIONAL MORGATE ASSIGNED POOL # 380169 RATE: 6.23% MATURITY 4/1/08   8,473,846  
FEDERAL NATIONAL MORGATE ASSIGNED POOL # 73710 RATE: 7.37% MATURITY 11/01/06   1,541,742  
FEDERAL NATL MTG ASSN 6.000% 05/15/2011 DD 05/25/01   857,955  
FEDERAL NATL MTG ASSN DEBS 6.625% 09/15/2009 DD 09/01/99   446,483  
FEDERAL NATL MTG ASSN DEBS 7.250% 01/15/2010 DD 1/14/2000   7,122,018  
FEDERAL NATL MTG ASSN DEBS 7.125% 06/15/2010 DD 06/09/00   2,988,000  
FEDERAL NATL MTG ASSN DEBS 5.500% 03/15/2011 DD 03/26/01   2,144,183  
FEDERAL NATL MTG ASSN DEBS 7.125% 06/15/2010 DD 06/09/00   942,369  
FEDERAL NATL MTG ASSN DEBS 4.750% 02/21/2013 DD 02/18/03   956,566  
FEDERAL NATL MTG ASSN DEBS 1.750% 06/16/2006 DD 06/16/03   1,029,127  
FEDERAL NATL MTG ASSN MTN 2.710% 01/30/2007 DD 07/30/03   2,147,878  
FEDERATED DEPT STORE INC DEL 6.300% 04/01/2009 DD 03/24/99   194,792  
FHA GMAC PROJ #56 221-D4 7.430% 11/01/2022 DD 09/01/82   605,228  
FHA INSD P/T MTG 98TH GMAC 6.919% 09/01/2019 DD 08/01/83   435,586  
FHA INSD PROJ 16TH REILLY MTG 7.000% 04/10/2027 DD 07/01/98   242,028  
FHA POOL #21 GMAC MTG IOWA 7.450% 05/01/2021 DD 08/01/81   1,164,623  
FHA PROJ 221 CL D4 REILLY 7.430% 05/01/2022   149,309  
FHA PROJ MTG POOL# 04 REILLY 7.430% 07/01/2022 DD 07/01/82   151,105  
FHLMC POOL #1B-1580 4.023% 03/01/2034 DD 03/01/04   1,567,100  
FHLMC POOL #84-5355 VAR RT 05/01/2023 DD 05/01/93   139,951  
FHLMC POOL #A1-6199 7.000% 04/01/2031 DD 11/01/03   543,913  
FHLMC POOL #A1-6728 5.500% 12/01/2033 DD 12/01/03   1,714,323  
FHLMC POOL #A1-8208 6.000% 03/01/2024 DD 01/01/04   637,252  
FHLMC POOL #A2-4936 6.500% 07/01/2034 DD 07/01/04   3,003,888  
FHLMC POOL #A2-5226 6.500% 05/01/2033 DD 07/01/04   129,595  
FHLMC POOL #A2-5365 6.500% 08/01/2034 DD 08/01/04   2,167,384  
FHLMC POOL #A2-5810 6.500% 08/01/2034 DD 08/01/04   857,169  
FHLMC POOL #B1-0184 5.500% 10/01/2018 DD 10/01/03   73,584  
FHLMC POOL #B1-3209 4.000% 04/01/2019 DD 04/01/04   734,941  
FHLMC POOL #B1-3801 4.500% 04/01/2019 DD 04/01/04   256,465  
FHLMC POOL #B1-3870 4.500% 05/01/2019 DD 05/01/04   150,257  
FHLMC POOL #B1-5067 4.500% 06/01/2019 DD 06/01/04   539,453  
FHLMC POOL #C0-1175 7.000% 05/01/2031 DD 05/01/01   186,050  

S-7




Security Name Security Description Market Value
FHLMC POOL #C0-1184 6.500% 06/01/2031 DD 06/01/01   4,749  
FHLMC POOL #C0-1244 6.500% 10/01/2031 DD 10/01/01   4,075  
FHLMC POOL #C0-1271 6.500% 12/01/2031 DD 12/01/01   22,799  
FHLMC POOL #C0-1287 6.500% 01/01/2032 DD 01/01/02   903,313  
FHLMC POOL #C0-1351 6.500% 05/01/2032 DD 05/01/02   906,830  
FHLMC POOL #C0-1375 6.500% 07/01/2032 DD 07/01/02   1,824,103  
FHLMC POOL #C0-1396 6.500% 09/01/2032 DD 09/01/02   2,532,761  
FHLMC POOL #C0-1598 5.000% 08/01/2033 DD 08/01/03   297,552  
FHLMC POOL #C0-1672 6.000% 10/01/2033 DD 10/01/03   189,702  
FHLMC POOL #C4-6127 6.500% 09/01/2030 DD 12/01/00   6,512  
FHLMC POOL #C5-1710 6.500% 05/01/2031 DD 05/01/01   21,456  
FHLMC POOL #C5-7017 6.500% 08/01/2031 DD 08/01/01   418,195  
FHLMC POOL #C6-6817 7.000% 05/01/2032 DD 04/01/02   474,484  
FHLMC POOL #C6-7890 7.000% 06/01/2032 DD 06/01/02   25,434  
FHLMC POOL #C6-8269 7.000% 06/01/2032 DD 06/01/02   674,207  
FHLMC POOL #C6-9013 7.000% 07/01/2032 DD 07/01/02   674,269  
FHLMC POOL #D9-4598 6.500% 04/01/2021 DD 04/01/01   122,714  
FHLMC POOL #E0-1157 6.000% 06/01/2017 DD 06/01/02   173,012  
FHLMC POOL #E0-1606 4.500% 04/01/2019 DD 04/01/04   852,621  
FHLMC POOL #E7-6730 6.000% 05/01/2014 DD 05/01/99   145,466  
FHLMC POOL #E7-7099 6.000% 05/01/2014 DD 05/01/99   44,173  
FHLMC POOL #E9-0288 6.000% 06/01/2017 DD 06/01/02   157,505  
FHLMC POOL #E9-8590 4.500% 09/01/2018 DD 08/01/03   37,411  
FHLMC POOL #G0-1324 7.000% 10/01/2031 DD 10/01/01   91,629  
FHLMC POOL #G0-1355 6.500% 02/01/2032 DD 01/01/02   7,136  
FHLMC POOL #G0-1391 7.000% 04/01/2032 DD 03/01/02   389,035  
FHLMC POOL #G0-1442 6.500% 08/01/2032 DD 07/01/02   882,282  
FHLMC POOL #G0-1444 6.500% 08/01/2032 DD 07/01/02   902,781  
FHLMC POOL #G0-1553 6.500% 04/01/2033 DD 04/01/03   894,839  
FHLMC POOL #G0-1564 6.000% 04/01/2033 DD 05/01/03   161,946  
FHLMC POOL #G0-1700 6.500% 02/01/2034 DD 05/01/04   2,616,873  
FHLMC POOL #G0-1731 6.500% 12/01/2029 DD 10/01/04   1,279,597  
FHLMC POOL #G1-0855 6.000% 12/01/2013 DD 11/01/98   70,204  
FHLMC POOL #G1-1409 6.000% 05/01/2017 DD 06/01/03   169,808  
FHLMC POOL #P6-0084 6.000% 03/01/2016 DD 01/01/03   1,019,105  
FHLMC GROUP #C2-6963 6.500% 05/01/2029 DD 05/01/99   12,689  
FHLMC GROUP #C3-5925 6.500% 01/01/2030 DD 01/01/00   166,372  
FHLMC GROUP #C4-5817 7.500% 12/01/2030 DD 12/01/00   89,668  
FHLMC GROUP #E0-0894 8.500% 06/01/2015 DD 06/01/00   146,389  
FHLMC GROUP #E0-0912 8.500% 08/01/2015 DD 08/01/00   11,375  
FHLMC GROUP #E0-0935 8.500% 10/01/2015 DD 10/01/00   229,252  
FHLMC GROUP #E7-0797 5.500% 06/01/2013 DD 06/01/98   315,799  
FHLMC GROUP #E7-8829 6.000% 10/01/2014 DD 10/01/99   85,577  
FHLMC GROUP #E8-1255 8.500% 08/01/2015 DD 08/01/00   135,034  
FHLMC GROUP #G1-0777 9.000% 06/01/2010 DD 01/01/98   59,599  
FHLMC GROUP #G1-0817 6.000% 06/01/2013 DD 06/01/98   37,844  
FHLMC MULTICLASS CTF 2106 ZB 6.250% 12/15/2028   3,018,680  
FHLMC MULTICLASS CTFS 2395 FT VAR RT 12/15/2031 DD 12/15/01   268,343  
FHLMC MULTICLASS CTFS 2425 JG 6.000% 09/15/2015 DD 03/01/02   1,533,911  

S-8




Security Name Security Description Market Value
FHLMC MULTICLASS CTFS 2458 OD 6.000% 04/15/2016 DD 06/01/02   1,629,760  
FHLMC MULTICLASS CTFS 2763 ZB 4.500% 03/15/2019 DD 03/01/04   267,861  
FHLMC MULTICLASS MTG 1662 N 6.250% 01/15/2009 DD 01/01/94   184,959  
FIRST DATA CORP NT 3.900% 10/01/2009 DD 09/16/04   398,500  
FIRST REP MTG LN TR 02 FRB1 A VAR RT 08/15/2032 DD 09/05/02   1,529,723  
FIRSTAR BK MTN #SB 00001 7.800% 07/05/2010 DD 06/19/00   409,124  
FLEET FIN GROUP INC NEW 6.375% 05/15/2008 DD 05/26/98   1,079,530  
FLORIDA PWR & LT 1ST MTG 6.000% 06/01/2008 DD 06/01/98   1,067,030  
FNMA POOL #0145618 7.000% 01/01/2007 DD 01/01/92   2,898  
FNMA POOL #0252382 6.000% 04/01/2014 DD 03/01/99   565,446  
FNMA POOL #0252519 5.500% 05/01/2009 DD 04/01/99   888,724  
FNMA POOL #0253683 7.500% 01/01/2031 DD 01/01/01   383,289  
FNMA POOL #0254260 6.000% 04/01/2017 DD 03/01/02   460,618  
FNMA POOL #0254308 6.500% 05/01/2017 DD 04/01/02   96,257  
FNMA POOL #0254546 5.500% 12/01/2017 DD 11/01/02   314,271  
FNMA POOL #0254621 6.500% 01/01/2033 DD 12/01/02   1,215,004  
FNMA POOL #0254753 4.000% 05/01/2010 DD 04/01/03   718,513  
FNMA POOL #0254761 5.500% 06/01/2018 DD 05/01/03   121,625  
FNMA POOL #0254918 4.500% 09/01/2033 DD 08/01/03   896,461  
FNMA POOL #0255227 4.500% 05/01/2019 DD 04/01/04   279,476  
FNMA POOL #0289515 VAR RT 04/01/2034 DD 07/01/94   1,720,668  
FNMA POOL #0290788 7.000% 08/01/2009 DD 08/01/94   3,651  
FNMA POOL #0303777 7.000% 03/01/2011 DD 02/01/96   66,181  
FNMA POOL #0303906 7.000% 05/01/2011 DD 04/01/96   84,501  
FNMA POOL #0303945 7.000% 12/01/2010 DD 05/01/96   66,147  
FNMA POOL #0313467 5.500% 11/01/2011 DD 03/01/97   1,250,225  
FNMA POOL #0316864 7.000% 07/01/2025 DD 07/01/95   7,531  
FNMA POOL #0319678 7.000% 08/01/2010 DD 08/01/95   4,318  
FNMA POOL #0323331 6.500% 11/01/2008 DD 10/01/98   508,465  
FNMA POOL #0323366 6.000% 11/01/2008 DD 10/01/98   371,916  
FNMA POOL #0325793 7.000% 09/01/2010 DD 10/01/95   105,344  
FNMA POOL #0340901 6.000% 03/01/2014 DD 03/01/96   1,099,353  
FNMA POOL #0357414 4.000% 07/01/2018 DD 07/01/03   1,281,094  
FNMA POOL #0368788 5.500% 03/01/2009 DD 12/01/96   49,929  
FNMA POOL #0420218 7.000% 03/01/2013 DD 03/01/98   149,581  
FNMA POOL #0482668 6.500% 01/01/2029 DD 02/01/99   104,687  
FNMA POOL #0484461 6.000% 03/01/2014 DD 03/01/99   12,890  
FNMA POOL #0516232 8.500% 08/01/2009 DD 09/01/99   136,849  
FNMA POOL #0518113 7.000% 10/01/2029 DD 10/01/99   119,995  
FNMA POOL #0535327 5.500% 06/01/2011 DD 05/01/00   1,016,692  
FNMA POOL #0545378 5.572% 12/01/2011 DD 12/01/01   1,073,128  
FNMA POOL #0545762 6.500% 07/01/2032 DD 06/01/02   794,606  
FNMA POOL #0545782 7.000% 07/01/2032 DD 06/01/02   19,319  
FNMA POOL #0555114 5.500% 12/01/2017 DD 11/01/02   317,115  
FNMA POOL #0555436 6.000% 05/01/2033 DD 04/01/03   756,864  
FNMA POOL #0555489 5.500% 05/01/2018 DD 04/01/03   1,967,810  
FNMA POOL #0555531 5.500% 06/01/2033 DD 05/01/03   3,841,328  
FNMA POOL #0555880 5.500% 11/01/2033 DD 10/01/03   788,047  

S-9




Security Name Security Description Market Value
FNMA POOL #0564863 6.000% 07/01/2016 DD 06/01/01   19,916  
FNMA POOL #0569270 7.000% 01/01/2016 DD 01/01/01   184,962  
FNMA POOL #0575384 6.500% 04/01/2016 DD 03/01/01   111,810  
FNMA POOL #0575848 6.000% 04/01/2016 DD 04/01/01   3,597  
FNMA POOL #0586647 6.500% 06/01/2016 DD 06/01/01   39,771  
FNMA POOL #0589118 6.000% 10/01/2016 DD 11/01/01   3,907  
FNMA POOL #0602949 6.000% 09/01/2016 DD 08/01/01   274,065  
FNMA POOL #0611001 5.500% 11/01/2016 DD 11/01/01   70,795  
FNMA POOL #0623564 5.500% 01/01/2017 DD 01/01/02   24,315  
FNMA POOL #0626014 5.500% 02/01/2017 DD 01/01/02   150,215  
FNMA POOL #0626589 6.500% 03/01/2017 DD 03/01/02   221,486  
FNMA POOL #0642713 6.500% 05/01/2017 DD 05/01/02   15,980  
FNMA POOL #0643340 6.500% 03/01/2017 DD 06/01/02   206,623  
FNMA POOL #0643354 6.000% 04/01/2017 DD 07/01/02   174,508  
FNMA POOL #0643858 6.500% 05/01/2032 DD 05/01/02   23,287  
FNMA POOL #0644886 6.500% 06/01/2017 DD 06/01/02   297,745  
FNMA POOL #0654510 6.000% 09/01/2017 DD 09/01/02   331,631  
FNMA POOL #0654650 5.500% 01/01/2018 DD 01/01/03   517,844  
FNMA POOL #0657374 6.500% 10/01/2017 DD 10/01/02   11,504  
FNMA POOL #0658906 VAR RT 01/01/2033 DD 01/01/03   919,307  
FNMA POOL #0664863 5.500% 10/01/2017 DD 10/01/02   914,715  
FNMA POOL #0676669 6.500% 12/01/2032 DD 12/01/02   581,952  
FNMA POOL #0677731 5.500% 02/01/2018 DD 01/01/03   318,615  
FNMA POOL #0686044 VAR RT 07/01/2033 DD 07/01/03   1,599,690  
FNMA POOL #0686591 5.500% 02/01/2018 DD 02/01/03   128,830  
FNMA POOL #0688754 5.500% 04/01/2018 DD 04/01/03   60,903  
FNMA POOL #0693202 5.000% 05/01/2018 DD 05/01/03   330,013  
FNMA POOL #0694580 5.500% 04/01/2018 DD 03/01/03   1,412,935  
FNMA POOL #0696266 6.000% 04/01/2033 DD 04/01/03   18,156  
FNMA POOL #0697050 5.000% 05/01/2018 DD 05/01/03   174,590  
FNMA POOL #0720286 5.500% 03/01/2033 DD 05/01/03   233,604  
FNMA POOL #0725205 5.000% 03/01/2034 DD 02/01/04   3,617,248  
FNMA POOL #0725232 5.000% 03/01/2034 DD 02/01/04   5,481,655  
FNMA POOL #0725747 6.000% 08/01/2019 DD 07/01/04   640,910  
FNMA POOL #0725922 6.500% 12/01/2029 DD 10/01/04   785,846  
FNMA POOL #0725932 6.500% 12/01/2031 DD 10/01/04   2,020,639  
FNMA POOL #0727088 4.500% 08/01/2033 DD 08/01/03   890,197  
FNMA POOL #0727453 5.000% 08/01/2018 DD 08/01/03   657,550  
FNMA POOL #0730338 5.000% 09/01/2018 DD 09/01/03   858,436  
FNMA POOL #0731380 4.500% 08/01/2033 DD 08/01/03   877,717  
FNMA POOL #0734735 4.000% 10/01/2018 DD 10/01/03   88,369  
FNMA POOL #0739410 5.500% 10/01/2018 DD 09/01/03   710,118  
FNMA POOL #0739611 5.500% 09/01/2033 DD 09/01/03   207,894  
FNMA POOL #0740482 5.500% 10/01/2018 DD 10/01/03   141,333  
FNMA POOL #0743732 5.500% 11/01/2018 DD 10/01/03   132,699  
FNMA POOL #0747775 4.500% 10/01/2018 DD 10/01/03   921,399  
FNMA POOL #0754221 5.500% 12/01/2018 DD 12/01/03   61,066  
FNMA POOL #0758905 4.385% 12/01/2033 DD 12/01/03   1,860,681  
FNMA POOL #0759243 5.500% 01/01/2019 DD 12/01/03   516,679  

S-10




Security Name Security Description Market Value
FNMA POOL #0761343 4.500% 04/01/2019 DD 04/01/04   950,734  
FNMA POOL #0761461 5.500% 03/01/2019 DD 05/01/04   649,540  
FNMA POOL #0765748 5.500% 11/01/2018 DD 02/01/04   404,774  
FNMA POOL #0766312 5.500% 03/01/2019 DD 02/01/04   154,125  
FNMA POOL #0769219 5.500% 11/01/2018 DD 01/01/04   60,823  
FNMA POOL #0777481 5.500% 06/01/2034 DD 06/01/04   298,248  
FNMA POOL #0779143 5.500% 06/01/2019 DD 05/01/04   60,079  
FNMA POOL #0786393 5.500% 07/01/2034 DD 07/01/04   569,604  
FNMA POOL #0786486 5.500% 07/01/2019 DD 07/01/04   290,003  
FNMA POOL #0786595 5.500% 07/01/2019 DD 07/01/04   929,331  
FNMA POOL #0786919 6.000% 08/01/2019 DD 07/01/04   675,465  
FNMA POOL #0788025 5.500% 09/01/2019 DD 08/01/04   576,674  
FNMA POOL #0790645 5.500% 09/01/2019 DD 08/01/04   832,838  
FNMA POOL #0791589 VAR RT 10/01/2034 DD 09/01/04   2,240,593  
FNMA POOL #0795158 VAR RT 11/01/2034 DD 10/01/04   2,099,415  
FNMA GTD REMIC P/T 10.000% 09/25/2016 DD 08/01/01   241,629  
FNMA GTD REMIC P/T 2002-34 FE VAR RT 05/18/2032 DD 04/18/02   109,820  
FNMA GTD REMIC P/T 2002-T6 A1 3.310% 03/25/2032 DD 03/01/02   417,065  
FNMA GTD REMIC P/T 93-MI CL A VAR RT 04/25/2020 DD 09/01/93   6,985  
FNMA GTD REMIC P/T 94-75 J 7.000% 10/25/2023 DD 04/01/94   2,852,354  
FNMA GTD REMIC P/T CTF 88-12A VAR RT 02/25/2018   414,859  
FNMA GTD REMIC P/T CTF 99W4 A9 6.250% 02/25/2029   5,178,700  
FNMA GTD REMIC P/T CTF91-24Z 5.000% 03/25/2021   466,009  
FNMA GTD REMIC P/T CTF93-19N 5.000% 02/25/2023   346,438  
FNMA GTD REMIC P/T CTFG93-31PM 6.500% 10/25/2022   588,788  
FORD MTR CO DEL DEB 6.625% 10/01/2028 DD 09/30/98   279,843  
FORD MTR CO DEL DEB 6.375% 02/01/2029 DD 02/09/99   135,000  
FORD MTR CR CO GBL LANDMARK 7.875% 06/15/2010 DD 06/14/00   1,652,565  
FORT WASM CBO 1/FT WASH CBO CORP I   12,800,279  
GENERAL ELEC CAP DISC 02/23/2005   1,192,932  
GENERAL ELEC CAP DISC 02/04/2005   2,582,320  
GENERAL ELEC CAP MTN #TR 00576 4.250% 01/15/2008 DD 12/06/02   1,498,276  
GENERAL ELEC CAP MTN #TR00605 3.500% 08/15/2007 DD 08/19/03   873,215  
GENERAL ELEC CAP MTN #TR00649 VAR RT 07/28/2008 DD 07/28/04   675,628  
GENERAL ELEC CAP MTN #TR00660 3.600% 10/15/2008 DD 10/18/04   331,335  
GENERAL ELEC CAPCORP MTN 4.375% 11/21/2011 DD 11/19/04   89,465  
GENERAL MLS INC NT 5.125% 02/15/2007 DD 02/21/02   462,020  
GENERAL MTRS ACCEP CORP GBL NT 6.750% 12/01/2014 DD 11/24/04   826,155  
GENERAL MTRS ACCEP CORP GBL NT 6.750% 12/01/2014 DD 11/24/04   225,315  
GENERAL MTRS ACCEP CORP SR NT 5.625% 05/15/2009 DD 05/25/04   540,000  
GENERAL MTRS ACCEP MTN TR00631 VAR RT 10/20/2005 DD 10/20/03   3,111,625  
GMAC COML MTG SECS 99-C2 CL A2 6.945% 09/15/2033   553,105  
GMAC MTG CORP IOWA 45TH FHA 7.430% 01/01/2023 DD 06/01/82   163,809  
GNMA POOL #0424340 6.500% 05/15/2026 DD 05/01/96   105,878  
GNMA POOL #0446120 7.000% 02/15/2028 DD 02/01/98   27,262  
GNMA POOL #0498396 6.000% 02/15/2029 DD 02/01/99   135,640  
GNMA POOL #0513834 6.500% 08/15/2029 DD 08/01/99   78,640  
GNMA POOL #0520046 7.000% 06/15/2031 DD 06/01/01   49,621  
GNMA POOL #0523128 7.000% 04/15/2031 DD 04/01/01   38,735  

S-11




Security Name Security Description Market Value
GNMA POOL #0538840 7.000% 04/15/2031 DD 04/01/01   6,735  
GNMA POOL #0558907 6.000% 10/15/2032 DD 10/01/02   41,340  
GNMA POOL #0569149 6.000% 03/15/2032 DD 03/01/02   198,759  
GNMA POOL #0571201 7.000% 09/15/2031 DD 09/01/01   11,442  
GNMA POOL #0580131 6.000% 10/15/2032 DD 10/01/02   268,950  
GNMA POOL #0585255 7.000% 07/15/2032 DD 07/01/02   76,226  
GNMA POOL #0594693 6.000% 10/15/2032 DD 10/01/02   357,901  
GNMA POOL #0595443 6.500% 11/15/2032 DD 11/01/02   105,153  
GNMA POOL #0596645 6.000% 10/15/2032 DD 10/01/02   144,334  
GNMA POOL #0600206 5.500% 08/15/2033 DD 08/01/03   137,814  
GNMA POOL #0604471 5.500% 07/15/2033 DD 07/01/03   691,209  
GNMA POOL #0604668 6.000% 10/15/2033 DD 10/01/03   86,386  
GNMA POOL #0604791 5.500% 11/15/2033 DD 11/01/03   3,192,920  
GNMA POOL #0610369 5.500% 07/15/2033 DD 07/01/03   307,323  
GNMA POOL #0620925 4.500% 08/15/2033 DD 08/01/03   72,502  
GNMA POOL #0780680 6.500% 11/15/2027 DD 11/01/97   236,084  
GNMA POOL #0781124 7.000% 12/15/2029 DD 12/01/99   149,353  
GNMA POOL #0781155 6.500% 07/15/2009 DD 04/01/00   600,897  
GNMA POOL #0781328 7.000% 09/15/2031 DD 09/01/01   203,192  
GNMA POOL #0781690 6.000% 12/15/2033 DD 12/01/03   949,832  
GNMA GTD REMIC 02-45 QD 6.500% 06/20/2031 DD 06/01/02   1,262,840  
GNMA GTD REMIC P/T 20020-31 FW VAR RT 06/16/2031 DD 05/16/02   296,568  
GNMA GTD REMIC P/T 2002-21 FV FLTG RT 03/16/2032 DD 03/16/02   493,877  
GNMA II POOL #0001524 9.000% 12/20/2020 DD 12/01/90   8,353  
GNMA II POOL #0003056 8.000% 03/20/2031 DD 03/01/01   82,105  
GNMA II POOL #0003123 VAR RT 08/20/2031 DD 08/01/01   90,198  
GNMA II POOL #0003136 VAR RT 09/20/2031 DD 09/01/01   101,867  
GNMA II POOL #0008324 VAR RT 11/20/2023 DD 11/01/93   46,576  
GNMA II POOL #0008814 VAR RT 02/20/2026 DD 02/01/96   21,307  
GNMA II POOL #0008847 VAR RT 04/20/2026 DD 04/01/96   84,368  
GOLDEN ST TOB SECURITIZATION 5.000% 06/01/2021 DD 01/29/03   831,963  
GOLDEN WEST FINL CORP DEL SR 5.500% 08/08/2006 DD 08/08/01   657,619  
GOLDMAN SACHS GROUP INC NT 6.875% 01/15/2011 DD 01/16/01   535,857  
GOLDMAN SACHS GRP MTN #TR00207 VAR RT 07/23/2009 DD 07/23/04   1,103,608  
GOVERNOR & CO BK SCOTLAND 144A VAR RT E11/29/2049 DD 11/17/97   1,081,400  
GOV'T NAT'L MTGE ASSN II POOL # 8247 RATE: 3.75% MATURITY 7/20/23   408,542  
GOV'T NAT'L MTGE ASSN II POOL # 8289 RATE: 3.75% MATURITY 9/20/23   311,660  
GREENPOINT FINL CORP SR NT 3.200% 06/06/2008 DD 06/06/03   488,670  
GREYSTONE SVCG FHA #2063 PROJ 7.440% 12/31/2039 DD 12/28/87   11,535  
GS MTG SECS CORP 03-13 1A1 VAR RT 10/25/2033 DD 11/01/03   1,859,540  
GS MTG SECS CORP II COML MTG PASSTHUR CTF 01-1285 CL A2 RATE: 6.526% MATURITY 8/15/18   17,090,238  
HANCOCK JOHN II MTN 00001 144A 7.900% 07/02/2010 DD 06/30/00   351,279  
HARRAHS OPER INC GTD SR NT 5.500% 07/01/2010 DD 06/25/04   569,333  
HARTFORD FINL SVCS GROUP INC 2.375% 06/01/2006 DD 05/23/03   345,029  
HARTFORD LIFE NTS 7.100% 06/15/2007 DD 06/15/97   537,105  
HBOS PLC MTN SR #00007 144A 3.750% 09/30/2008 DD 09/18/03   304,475  
HBOS TREASURY PLC DISC 02/01/2005   5,562,667  
HBOS TREASURY PLC DISC 02/03/2005   99,364  

S-12




Security Name Security Description Market Value
HOUSEHOLD FIN CORP 4.125% 11/16/2009 DD 11/23/04   944,946  
HOUSEHOLD FIN CORP 4.125% 12/15/2008 DD 12/10/03   301,218  
HOUSEHOLD FIN CORP GLOBAL NT 4.625% 01/15/2008 DD 01/14/03   122,868  
HOUSEHOLD FIN CORP NT 7.200% 07/15/2006 DD 07/15/99   369,576  
HOUSEHOLD FIN CORP NT 6.375% 10/15/2011 DD 10/23/01   392,051  
HOUSEHOLD FIN CORP NT 5.750% 01/30/2007 DD 01/30/02   93,951  
HOUSEHOLD FIN CORP NT 7.000% 05/15/2012 DD 05/22/02   57,102  
HOUSEHOLD FIN CORP NT 6.375% 11/27/2012 DD 11/27/02   275,840  
HSBC BK USA MTN #SR00012 VAR RT 09/21/2007 DD 09/21/04   900,414  
HSBC BK USA MTN #SR00012 VAR RT 09/21/2007 DD 09/21/04   875,403  
HSBC CAP FDG DLR 2 LP 144A VAR RT 12/29/2049 DD 06/27/03   675,500  
HUNTINGTON NATL MTN # TR 00129 2.750% 10/16/2006 DD 10/10/03   246,913  
IFC SBA LN BACKED 97-1 A 144A VAR RT 01/15/2024 DD 11/25/97   534,092  
IMC HOME EQ LN TR 97-2 CL A-7 7.230% 05/20/2027 DD 03/01/97   271,263  
IMPAC CMB TR V/R 2003-4 COLL ASSET BKD BD CL A RATE: 2.5% MATURITY 10/25/33   9,626,459  
IMPAC CMB TR V/R 2003-7 COLL ASSET BKD BD CL A RATE: 2.7375%% MATURITY 8/25/33   2,541,826  
ING (US) FUNDING DISC 03/17/2005   5,865,210  
ISTAR FINL INC SR NT 4.875% 01/15/2009 DD 01/23/04   279,125  
JONES INTERCABLE INC SR NTS 7.625% 04/15/2008 DD 04/06/98   746,820  
JP MORGAN CHASE & CO GBL SR NT VAR RT 10/02/2009 DD 09/29/04   55,069  
JP MORGAN CHASE & CO GLOBAL SR 5.250% 05/30/2007 DD 05/30/02   857,612  
KERN RIV FDG CORP SR NT 144A 4.893% 04/30/2018 DD 05/01/03   283,445  
KOREA DEV BANK NT VAR RT 10/20/2009 DD 10/20/04   748,943  
LB UBS COML MTG 03-C7 A-3 VAR RT 10/15/2033 DD 09/11/03   1,019,120  
LB UBS COML MTG 03-C7 CL A-2 4.064% 09/15/2027 DD 09/11/03   600,048  
LEHMAN BROS HLDGS INC NT 8.250% 06/15/2007 DD 06/15/00   554,685  
LEHMAN BROS HLDGS INC NT 7.000% 02/01/2008 DD 01/29/01   98,339  
LEHMAN BROS. FLOATING RATE COML MTG TR SER 2003-LLF C2 PASSTHRU CTF A-1 VAR RATE RATE: 2.39% MATURITY12/16/14   8,218,913  
LEHMAN BROTHERS HOLDING NTS 6.625% 02/05/2006 DD 02/05/99   155,390  
LORAL CORP DEB 7.000% 09/15/2023 DD 09/16/93   307,546  
MAFI II REMIC TR 99-D 1A 144A VAR RT 04/25/2029 DD 11/30/99   19,663  
MARSH & MCLENNAN COS INC SR NT VAR RT 07/13/2007 DD 07/14/04   180,751  
MASSACHUSETTS RRB BEC-A CL A-4 6.910% 09/15/2009 DD 07/29/99   1,667,531  
MASSMUTUAL GLOBAL FDG II 144A 2.550% 07/15/2008 DD 06/17/03   335,888  
MASTR ADJ RATE MTGS 02 3 B2 VAR RT 10/25/2032 DD 08/01/02   623,539  
MBNA CR CARD MASTER TR 04-4 A 2.700% 09/15/2009 DD 04/15/04   1,695,082  
MBNA MASTER CR CARD 00-E CL A 7.800% 10/15/2012 DD 06/01/00   1,354,505  
MERCK & CO INC GLOBAL NT 5.250% 07/01/2006 DD 07/02/01   174,250  
MERCK & CO INC SR NT 4.375% 02/15/2013 DD 02/18/03   292,779  
MERCK & CO INT NT 2.500% 03/30/2007 DD 02/11/04   258,706  
MERRILL LYNCH MTG 95-C2 CL A VAR RT 06/15/2021 DD 10/12/95   27,992  
MERRILL LYNCH MTG INVS INC MTG PASSTHRU CTF 1996-C1 CL A-3 RATE: 7.42% MATURITY 3/25/26   2,583,373  
MERRILL LYNCH MTG INVS INC SER 2003-A CL-2A1 RATE: 2.8075% MATURITY 2/25/28   6,942,210  
MERRILL LYNCH MTG SER C3 CL A3 5.880% 12/15/2030 DD 12/01/98   1,057,526  

S-13




Security Name Security Description Market Value
METRIS MASTER TR V/R 2002 3 ASSET BKD SEC9 CL A RATE: 2.71% MATURITY 5/20/09   10,796,483  
METROPOLITAN LIFE MTN #TR00011 4.250% 07/30/2009 DD 07/26/04   186,214  
METROPOLITAN MTG FDG 00 B 144A VAR RT 12/25/2029 DD 09/28/00   514,909  
MEXICO UNITED MEXICAN STS BD 8.125% 12/30/2019 DD 03/30/01   211,217  
MFN AUTO REC TR 02 A A2 144A 4.918% 03/15/2008 DD 03/08/02   1,104,165  
MID ST TR IV ASST BKD NT 8.330% 04/01/2030   1,677,314  
MIZUHO FINL GRP CAYMAN 144A 5.790% 04/15/2014 DD 03/08/04   525,230  
MONEY STORE AUTO TR 99-1 A VAR RT 07/15/2025 DD 03/01/99   826,690  
MONEY STORE SER 97-2 CL A VAR RT 02/15/2029 DD 12/15/97   997,294  
MONUMENTAL GLOBAL FDG 144A 5.200% 01/30/2007 DD 01/30/02   516,950  
MONUMENTAL GLOBAL FDG 144A 4.375% 07/30/2009 DD 07/22/04   251,053  
MORGAN J P & CO INC SUB NT 6.250% 02/15/2011 DD 02/15/96   385,000  
MORGAN JP COML MTG FIN CORP *PP* MTG PASSTHRU CTG 1999-PLS1 CL RATE: 0.00% MATURITY 2/15/32   6,861,104  
MORGAN STANLEY CAP I INC SER V1998-HF2 CL A1 RATE: 6.01% MATURITY 11/15/30   315,799  
MORGAN STANLEY DW 03-TOP11 A-2 4.340% 06/13/2041 DD 08/01/03   454,522  
MORGAN STANLEY GLOBAL NT 5.300% 03/01/2013 DD 02/26/03   205,936  
NATIONAL AUSTRALIA BK SER A 8.600% 05/19/2010 DD 05/19/00   593,825  
NATIONAL CITY BK MTN # TR00209 VAR RT 06/29/2009 DD 06/28/04   724,543  
NATIONSLINK FDG CORP 99-SL A6 6.608% 05/10/2007 DD 05/01/99   1,472,674  
NATIONSLINK FUNDING CORP SERIES 1999-SL CL A6 RATE: 6.608% MATURITY 4/10/07   12,177,724  
NATIONWIDE BLDG MTN #SR00014 3.500% 07/31/2007 DD 07/23/04   472,844  
NEW SOUTH HOME EQUITY TR 1999-1 ASSET BKD CTF CL A-6 RATE: 6.73% MATURITY 5/25/30   2,776,445  
NEW YORK LIFE GBL MTN #TR00002 3.875% 01/15/2009 DD 01/12/04   437,593  
NEW YORK N Y CITY TRANSITIONAL 5.000% 02/01/2033 DD 02/05/04   2,045,360  
NEWS AMER INC BD 144A 5.300% 12/15/2014 DD 12/03/04   607,122  
NISOURCE FIN CORP VAR RT 11/23/2009 DD 11/23/04   773,907  
NISOURCE FIN CORP VAR RT 11/23/2009 DD 11/23/04   549,225  
NORDEA NORTH AMER DISC 04/04/2005   396,951  
NORTHRUP GRUMMAN CORP DEB 4.079% 11/16/2006 DD 08/16/04   328,299  
ONTARIO HYDRO 6.100% 01/30/2008 DD 01/30/98   203,731  
PACIFIC GAS & ELEC CO VAR RT 04/03/2006 DD 03/23/04   687,536  
PECO ENERGY 99-A CL A-6 6.050% 03/01/2009 DD 03/25/99   1,973,872  
PHH CORP NT 7.125% 03/01/2013 DD 02/19/03   196,323  
PHILIP MORRIS COS INC 6.375% 02/01/2006 DD 02/01/96   205,000  
PIMCO SWAP #21041 INT RT SWAP 6.0% MATURITY 12-16-19   0  
PIMCO SWAP #21041 INT RT SWAP 6.0% MATURITY 12-16-19   723  
PIMCO SWAP #21058 INT RT SWAP 5.0% MATURITY 12-16-14   0  
PIMCO SWAP #21058 INT RT SWAP 5.0% MATURITY 12-16-14   85,075  
PIMCO SWAP #23179 IRS USD R 4.000% 06/15/2010 DD 06/15/05   -95,528  
PIMCO SWAP #23179 IRS USD R 4.000% 06/15/2010 DD 06/15/05   0  
PIMCO SWAP #23344 INT RT SWAP 4.000% 06/15/2010 DD 06/15/05   -101,499  
PIMCO SWAP #23344 INT RT SWAP 4.000% 06/15/2010 DD 06/15/05   0  
PIMCO SWAP #23567 INT RT SWAP 4.0% MATURITY 6-15-07   0  
PIMCO SWAP #23567 INT RT SWAP 4.0% MATURITY 6-15-07   55,414  
PIMCO SWAP #23625 INT RT SWAP 5.0% MATURITY 6-15-05   0  

S-14




Security Name Security Description Market Value
PIMCO SWAP #23625 INT RT SWAP 5.0% MATURITY 6-15-05   136,867  
PIMCO SWAP #23708 INT RT SWAP 4.0% MATURITY 6-15-07   0  
PIMCO SWAP #23708 INT RT SWAP 4.0% MATURITY 6-15-07   31,138  
PIMCO SWAP #23740 INT RATE 6.000% 06/15/2025 DD 06/15/05   -2,262,664  
PIMCO SWAP #23740 INT RATE 6.000% 06/15/2025 DD 06/15/05   0  
PIMCO SWAP #39530 INT RT SWAP 6.0% MATURITY 12/15/2024   -731,892  
PIMCO SWAP #39530 INT RT SWAP 6.0% MATURITY 12/15/2024   0  
PIMCO SWAP #39944 INT RATE 4.000% 12/15/2007 DD 12/15/04   0  
PIMCO SWAP #39944 INT RATE 4.000% 12/15/2007 DD 12/15/04   138,865  
PIMCO SWAP #43250 INT RT SWAP 5.0% MATURITY 12/16/14   0  
PIMCO SWAP #43250 INT RT SWAP 5.0% MATURITY 12/16/14   212,688  
PIMCO SWAP #43268 INT RT SWAP 6.000% 12/16/2019 DD 12/16/04   0  
PIMCO SWAP #43268 INT RT SWAP 6.000% 12/16/2019 DD 12/16/04   1,803  
PIMCO SWAP CO 8208 DEERE CRED 24.000% 12/20/2008 DD 10/22/03   -602  
PIMCO SWAP CO 8208 DEERE CRED 24.000% 12/20/2008 DD 10/22/03   0  
PIMCO SWAP CO 8216 RADIOSHACK 37.000% 12/20/2008 DD 10/22/03   0  
PIMCO SWAP CO 8216 RADIOSHACK 37.000% 12/20/2008 DD 10/22/03   -1,126  
PIMCO SWAP CO 8224 CATERPILLAR 19.000% 12/20/2008 DD 10/22/03   0  
PIMCO SWAP CO 8224 CATERPILLAR 19.000% 12/20/2008 DD 10/22/03   -229  
PIMCO SWAP CO 9081 EMERSON 22.000% 12/20/2008 DD 10/22/03   0  
PIMCO SWAP CO 9081 EMERSON 22.000% 12/20/2008 DD 10/22/03   -454  
PIMCO SWAP CO 9149 INTL PAPER 60.000% 12/20/2008 DD 10/22/03   0  
PIMCO SWAP CO 9149 INTL PAPER 60.000% 12/20/2008 DD 10/22/03   -2,182  
PIMCO SWAP CO 9156 ANADARKO 27.000% 12/20/2008 DD 10/22/03   0  
PIMCO SWAP CO 9156 ANADARKO 27.000% 12/20/2008 DD 10/22/03   -531  
PIMCO SWAP CO 9172 COUNTRYWIDE 42.000% 12/20/2008 DD 10/22/03   0  
PIMCO SWAP CO 9172 COUNTRYWIDE 42.000% 12/20/2008 DD 10/22/03   -308  
PIMCO SWAP CO 9180 OCCIDENTAL 28.000% 12/20/2008 DD 10/22/03   0  
PIMCO SWAP CO 9180 OCCIDENTAL 28.000% 12/20/2008 DD 10/22/03   -387  
PIMCO SWAP CO 9222 SIMON PROP 44.000% 12/20/2008 DD 10/22/03   0  
PIMCO SWAP CO 9222 SIMON PROP 44.000% 12/20/2008 DD 10/22/03   -1,134  
PIMCO SWAP CO 9230 KROGER CRED 53.000% 12/20/2008 DD 10/22/03   0  
PIMCO SWAP CO 9230 KROGER CRED 53.000% 12/20/2008 DD 10/22/03   -1,719  
PIMCO SWAP CO 9248 WAL MART 15.000% 12/20/2008 DD 10/22/03   0  
PIMCO SWAP CO 9248 WAL MART 15.000% 12/20/2008 DD 10/22/03   -672  
PIMCO SWAP CO 9255 MOTOROLA 85.000% 12/20/2008 DD 10/22/03   0  
PIMCO SWAP CO 9255 MOTOROLA 85.000% 12/20/2008 DD 10/22/03   -3,965  
PNC MTG OPTION CL A-1 EXP 03/25/2005   0  
PRINCIPAL FINL GRP 144A 8.200% 08/15/2009 DD 08/25/99   519,188  
PRINCIPAL LIFE GLOBAL FDG 144A 3.625% 04/30/2008 DD 04/11/03   995,620  
PROJECT FDG I ASSET BKD I 144A VAR RT 01/15/2012 DD 03/05/98   574,303  
PROTECTIVE LIFE MTN #TR 00001 3.700% 11/24/2008 DD 11/24/03   239,287  
PRUDENTIAL FDG MTN #00064 144A 6.600% 05/15/2008 DD 05/14/01   270,545  
PRUDENTIAL FINL INC DEB 4.104% 11/15/2006 DD 08/16/04   505,465  
PRUDENTIAL FINL MTN TR 00001 3.750% 05/01/2008 DD 05/01/03   447,373  
PRUDENTIAL INS CO SR NTS 144A 6.375% 07/23/2006 DD 07/30/98   946,539  
QBE INS GROUP LTD SUB FXD 144A VAR RT /07/01/2023 DD 06/17/03   662,972  
RABOBANK CAP FDG TR 144A 5.260% 12/29/2049 DD 11/21/03   101,750  
RAYTHEON CO NTS 6.150% 11/01/2008 DD 11/05/98   92,463  

S-15




Security Name Security Description Market Value
REILLY MTG ASSOC 67TH FHA INSD 7.430% 12/31/2039 DD 01/01/83   651,809  
REILLY MTG ASSOC 91ST FHA PROJ 7.430% 07/01/2023 DD 07/01/83   263,104  
REILLY MTG GRP FHA POOL #64 7.430% 01/25/2024 DD 03/01/84   1,130,947  
RESIDENTIAL ASSET SECURITIES CORP SER 1999-KS3 CL AI7 RATE: 7.505% MATURITY 10/25/30   5,461,520  
RESIDENTIAL FDG MTG 02 S9 A5 6.000% 07/25/2017 DD 07/01/02   242,218  
ROYAL BK SCOTLAND GROUP PLC VAR RT 04/29/2049 DD 03/26/96   1,045,310  
ROYAL BK SCOTLAND GROUP SER 2 8.817% 03/31/2049 DD 03/06/00   1,013,900  
SALES TAX ASSET RECEIVABLE N Y 3.830% 10/15/2009 DD 11/04/04   281,435  
SALOMON BROS MTG 01-C2 CL A 3 6.499% 10/13/2011 DD 12/01/01   1,069,498  
SALOMON BROS MTG VII 00-C1 A2 7.520% 12/18/2009 DD 06/01/00   909,080  
SALOMON BROS MTG VII 94-20 A VAR RT 08/01/2024   72,999  
SALOMON SMITH BARNEY HLDGS NT 6.500% 02/15 /2008 DD 02/06/01   194,906  
SANTANDER FINANCIAL ISSUE SUB 6.800% 07/15/2005 DD 07/13/95   1,019,060  
SBA GTD PARTN CTFS SBIC 20-10A 8.017% 02/10/2010 DD 02/23/00   2,335,277  
SBA GTD PARTN CTFS SBIC 98-10A 6.120% 02/01/2008 DD 02/25/98   834,872  
SBC COMMUNICATIONS 4.125% 09/15/2009 DD 11/03/04   339,361  
SBC COMMUNICATIONS INC GBL NT 5.875% 02/01/2012 DD 02/01/02   140,014  
SLM CORP MTN # TR 00002 5.125% 08/27/2012 DD 08/27/02   503,779  
SLM CORP MTN # TR 00013 3.625% 03/17/2008 DD 02/20/03   64,662  
SLM CORP MTN # TR 00067 VAR RT 07/25/2008 DD 07/26/04   450,419  
SMALL BUS ADMIN CTF S-95 20B 8.150% 02/01/2015 DD 02/15/95   986,574  
SMALL BUS ADMIN GTD PARTN 97-D 7.500% 04/01/2017   1,758,147  
SMALL BUS ADMIN GTD PARTN 97-H 6.800% 08/01/2017   696,430  
SMALL BUS ADMIN GTD PARTN 99-L 7.190% 12/01/2019   1,136,504  
SMALL BUS ADMIN GTD PARTN CTF 1999-20 7.200% 10/01/2019   2,414,780  
SMALL BUSINESS ADMIN 97-F 7.200% 06/01/2017 DD 06/01/97   283,761  
SOVEREIGN BANCORP INC SR NT VAR RT 08/25/2006 DD 08/27/04   624,800  
SP POWERASSETS LTD #00001 144A 3.800% 10/22/2008 DD 10/22/03   449,717  
SPRINT CAP CORP 6.125% 11/15/2008 DD 11/16/98   428,936  
SPRINT CAP CORP 6.875% 11/15/2028 DD 11/16/98   54,742  
SPRINT CAP CORP NT 8.375% 03/15/2012 DD 03/14/02   182,718  
STATE STREET BK & TR INSTL C/D VAR RT 12/11/2006 DD 12/07/04   474,810  
STRUCTURED ASSET 0121A CL 1A1 VAR RT 01/25/2032 DD 12/01/01   466,190  
STRUCTURED ASSET 03-34A 3A3 VAR RT 11/25/2033 DD 10/01/03   1,294,589  
STRUCTURED ASSET 03-40A 3AI 4.620% 01/25/2034 DD 12/01/03   1,502,890  
STRUCTURED ASSET MTG 001 IIA1 7.770% 02/25/2030 DD 01/01/00   48,205  
STRUCTURED ASSET SECS 03 144A 3.357% 04/25/2031 DD 01/01/03   746,808  
STRUCTURED ASSET SECS 04-5 1A VAR RT 05/25/2034 DD 04/01/04   1,584,124  
STRUCTURED ASSET SECS 04-6 3A2 VAR RT 06/25/2034 DD 05/01/04   1,795,312  
SUNTRUST BK ATLANTA INSTL C/D 4.415% 06/15/2009 DD 06/02/04   238,924  
SUNTRUST BKS INC SR NT 3.625% 10/15/2007 DD 08/06/04   364,142  
SWEDISH EXPT CR CORP GLOBAL NT 3.500% 01/15/2008 DD 12/08/04   1,498,815  
TABACCO SETTLEMENT FING CORP 5.500% 06/01/2015 DD 06/19/03   109,375  
TELE COMMUNICATIONS INC DEB 7.875% 08/01/2013 DD 08/03/93   29,977  
TELECOM ITALIA CAP GTD SR 144A 4.950% 09/30/2014 DD 10/06/04   685,776  
TELECOM ITALIA CAP GTD SR 144A 4.950% 09/30/2014 DD 10/06/04   421,262  
TELEFONICA EUROPE B V US NT 7.750% 09/15/2010 DD 09/21/00   205,214  
TELEFONICA EUROPE BV US NT 7.350% 09/15/2005 DD 09/21/00   1,029,530  

S-16




Security Name Security Description Market Value
TENNESSEE VALLEY AUTH 2001 A 5.625% 01/18/2011 DD 01/18/01   2,140,599  
TEXAS ST PUB FIN AUTH REV 3.125% 06/15/2007 DD 09/25/03   472,973  
THE BANK OF NEW YORK CASH RESERVE FUND CUS:S87599610 CASH   1,688,945  
TIAA GLOBAL MKTS INC NT 3.875% 01/22/2008 DD 01/16/03   528,281  
TIME WARNER COS INC DEBT 81595 8.110% 08/15/2006 DD 08/15/95   198,442  
TIME WARNER ENTMT CO L P 7.250% 09/01/2008 DD 09/01/93   388,826  
TIME WARNER ENTMT CO LP SR DEB 8.375% 03/15/2023 DD 09/15/93   313,438  
TOBACCO SETTLEMENT FING CORP 6.000% 06/01/2037 DD 08/28/02   906,580  
TOBACCO SETTLEMENT FING CORP 6.375% 06/01/2032 DD 03/07/03   724,988  
TYSON FOODS INC NT 8.250% 10/01/2011 DD 04/01/02   267,188  
U S TREAS BD STRIP PRIN PMT 8.750% 05/15/2017   1,738,790  
U S TREAS BD STRIP PRIN PMT 08/15/2021   1,525,650  
U S TREAS BD STRIP PRIN PMT 8.75% 08/15/2020   1,202,240  
U S TREAS STRIP GEN INT PMT 0.000% 05/15/2017 DD 06/16/90   334,920  
U S TREAS STRIP GENERIC TINT 0.000% 05/15/2012 DD 11/15/85   6,576,210  
U S TREAS STRIP GENERIC TINT 05/15/2013   6,315,300  
U S TREAS STRIP GENERIC TINT 0.000% 11/15/2016 DD 12/15/86   2,014,250  
U S TREASURY BILL 0.000% 03/03/2005 DD 09/02/04   407,748  
U S TREASURY BILL 0.000% 03/17/2005 DD 09/16/04   2,585,571  
U S TREASURY BILL 0.000% 05/05/2005 DD 11/04/04   1,483,853  
U S TREASURY BONDS 13.875% 05/15/2011 DD 05/15/81   8,360,800  
U S TREASURY BONDS 08.875% 08/15/2017 DD 08/15/87   16,513,875  
U S TREASURY BONDS 9.125% 05/15/2018 DD 05/15/88   1,527,425  
U S TREASURY BONDS 06.000% 02/15/2026 DD 02/15/96   3,094,038  
U S TREASURY BONDS 12.750% 11/15/2010 DD 11/17/80   1,627,035  
U S TREASURY BONDS 10.375% 11/15/2012 DD 11/15/82   3,315,150  
U S TREASURY BONDS 06.125% 11/15/2027 DD 11/15/97   1,722,984  
U S TREASURY BONDS 05.375% 02/15/2031 DD 02/15/01   2,974,304  
U S TREASURY NOTES 3.000% 11/15/2007 DD 11/15/02   2,385,840  
U S TREASURY NOTES 4.250% 08/15/2013 DD 08/15/03   8,464,312  
U S TREASURY NOTES 3.125% 05/15/2007 DD 05/15/04   499,900  
U S TREASURY NOTES 3.625% 07/15/2009 DD 07/15/04   13,041,600  
U S TREASURY NOTES 2.750% 08/15/2007 DD 08/15/04   19,390,280  
U S TREASURY NOTES 2.875% 11/30/2006 DD 11/30/04   15,057,720  
U S TREASURY NOTES 05.000% 02/15/2011 DD 02/15/01   3,192,195  
U S TREASURY NOTES 05.000% 08/15/2011 DD 08/15/01   25,027,500  
U S TREASURY NOTES 1.625% 04/30/2005 DD 04/30/03   6,385,920  
U S TREASURY NOTES 4.000% 02/15/2014 DD 02/15/04   3,058,150  
U S TREASURY NOTES 2.500% 09/30/2006 DD 09/30/04   16,858,900  
U S TREASURY NOTES 3.000% 12/31/2006 DD 12/31/04   9,990,000  
U S TREASURY NOTES 06.500% 02/15/2010 DD 02/15/00   1,121,175  
U S TREASURY NOTES 06.750% 05/15/2005 DD 05/15/00   1,219,128  
U S TREASURY NOTES 05.750% 08/15/2010 DD 08/15/00   297,338  
U S TREASURY NOTES 4.875% 02/15/2012 DD 02/15/02   1,992,803  
U S TREASURY NOTES 3.000% 11/15/2007 DD 11/15/02   382,729  
U S TREASURY NOTES 2.375% 08/15/2006 DD 08/15/03   668,790  
U S TREASURY NOTES 1.625% 02/28/2006 DD 02/29/04   1,573,443  
U S TREASURY NOTES 4.250% 08/15/2014 DD 08/15/04   1,353,375  

S-17




Security Name Security Description Market Value
U S TREASURY NOTES 3.375% 09/15/2009 DD 09/15/04   5,040,252  
U S TREASURY NOTES 2.500% 10/31/2006 DD 10/31/04   21,653,350  
U S TREASURY NOTES 3.500% 12/15/2009 DD 12/15/04   2,687,850  
UBS FIN DEL INC DISC 02/22/2005   2,482,238  
UBS FIN DEL INC DISC 02/28/2005   496,435  
UBS FIN DEL INC DISC 03/10/2005   3,479,263  
UNITED MEXICAN STS MTN TR00015 5.875% 01/15/2014 DD 10/14/03   414,935  
US 10YR TREAS NT FUT EXP 3/05 CALL MAR 2005 113.000   -47,000  
US 10YR TREAS NT FUT EXP MAR05 CALL MAR 2005 114.000   -29,766  
US 10YR TREAS NT FUT EXP MAR05 PUT MAR 2005 108.00   -11,531  
US 10YR TREAS NTS FUTURE (CBT) EXP MAR 05   0  
US 10YR TREAS NTS FUTURE (CBT) EXP MAR 05   0  
US 5YR TREAS NTS FUTURE (CBT) EXP MAR 05   0  
US 5YR TREAS NTS FUTURE (CBT) EXP MAR 05   0  
US BANCORP MTN # TR 00148 3.950% 08/23/2007 DD 08/26/02   35,339  
US BK NATL ASSN # TR 00205 2.400% 03/12/2007 DD 03/12/04   598,563  
US BK NATL MTN # TR 00226 VAR RT 10/01/2007 DD 10/01/04   525,000  
US CENT CR UN NT 2.750% 05/30/2008 DD 05/30/03   436,016  
US TREAS BD FUTURE (CBT) EXP MAR 05   0  
US TREASURY INFLATION INDEX BD 2.375% 01/15/2025 DD 07/15/04   1,083,147  
US TREASURY INFLATION INDEX NT 3.375% 01/15/2007 DD 01/15/97   1,659,098  
US TREASURY INFLATION INDEX NT 3.625% 01/15/2008 DD 01/15/98   10,427,967  
VERIZON NEW JERSEY DEB SER A 5.875% 01/17/2012 DD 01/22/02   807,500  
VERIZON NEW YORK INC DEB SER A 6.875% 04/01/2012 DD 03/28/02   673,500  
VERIZON WIRELESS CAP LLC 144A VAR RT 05/23/2005 DD 11/20/03   899,712  
VIRGINIA ELEC & PWR #TR 00038 5.730% 11/25/2008 DD 11/25/98   353,110  
VODAFONE AIRTOUCH PLC NT 7.750% 02/15/2010 DD 08/15/00   581,075  
VODAFONE AIRTOUCH PLC NT 7.750% 02/15/2010 DD 08/15/00   371,888  
VODAFONE GROUP PLC NEW NT 5.000% 12/16/2013 DD 09/22/03   30,525  
WACHOVIA BK COML MTG 03-C6 A-4 5.125% 08/15/2035 DD 08/01/03   1,068,548  
WACHOVIA CORP 2ND NEW NT 3.625% 02/17/2009 DD 02/06/04   252,050  
WAMU MTG P/T 03-AR10 A-6 VAR RT 10/25/2033 DD 09/01/03   2,008,172  
WELLS FARGO & CO NEW GLOBAL NT 5.900% 05/21/2006 DD 05/23/01   336,862  
WELLS FARGO & CO NEW NT VAR RT 09/28/2007 DD 09/29/04   300,045  
WELLS FARGO & CO NEW NT 4.200% 01/15/2010 DD 12/06/04   1,405,684  
WELLS FARGO & CO NEW SR NT VAR RT 09/15/2009 DD 09/15/04   779,025  
WELLS FARGO & CO NEW SUB NT 5.000% 11/15/2014 DD 11/06/02   227,289  
WELLS FARGO MTG BKD 04-H A1 VAR RT 06/25/2034 DD 05/01/04   2,038,224  
WISCONSIN ST GEN REV TXB-SER A 4.800% 05/01/2013 DD 12/18/03   455,832  
WYETH SR NT 5.500% 02/01/2014 DD 12/16/03   407,867  
YARA INTL ASA NT 144A 5.250% 12/15/2014 DD 12/08/04   478,040  
         

S-18



SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the persons who administer the Plan have duly caused this annual report to be signed on its behalf by the undersigned, hereunto duly authorized.


  WESTINGHOUSE SAVINGS PROGRAM
   
   
Date: June 17, 2005 By: /s/ Barbara Mickowski
    Barbara Mickowski
Member of the Retirement Committee

S-19