Form 11-K
Table of Contents

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM 11-K

 


 

ANNUAL REPORT

Pursuant to Section 15(d) of the

Securities Exchange Act of 1934

 

(Mark One):

x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the plan year ended December 31, 2004

 

OR

 

¨ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from              to             

 

Commission file number 1-12188

 


 

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

 

MARRIOTT INTERNATIONAL, INC.

EMPLOYEES’ PROFIT SHARING,

RETIREMENT AND SAVINGS

PLAN AND TRUST

 

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

 

MARRIOTT INTERNATIONAL, INC.

10400 Fernwood Road

Bethesda, Maryland 20817

 



Table of Contents

REQUIRED INFORMATION

 

Financial Statements and Exhibit as follows:

 

  1. Financial statements

 

    Report of Independent Registered Public Accounting Firm

 

    Statements of Net Assets Available for Benefits as of December 31, 2004 and December 31, 2003

 

    Statements of Changes in Net Assets Available for Benefits for the year ended December 31, 2004

 

    Notes to Financial Statements

 

Certain schedules have been omitted because they are not applicable, not material or because the information is included in the financial statements or the notes thereto.

 

  2. Supplemental Schedule

 

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

 

  3. Exhibit

 

23.1 - Consent of Independent Registered Public Accounting Firm


Table of Contents

MARRIOTT INTERNATIONAL, INC. EMPLOYEES’ PROFIT

SHARING, RETIREMENT AND SAVINGS PLAN AND TRUST

 

Financial Statements and Supplemental Schedule

 

Year ended December 31, 2004 with Report of Independent Registered Public Accounting Firm


Table of Contents

Marriott International, Inc. Employees’ Profit Sharing, Retirement and

Savings Plan and Trust

 

Financial Statements and Supplemental Schedule

 

Year ended December 31, 2004

 

Contents

 

Report of Independent Registered Public Accounting Firm

   1

Audited Financial Statements

    

Statements of Net Assets Available for Benefits

   2

Statement of Changes in Net Assets Available for Benefits

   3

Notes to Financial Statements

   4

Supplemental Schedule

    

Schedule H, Line 4i—Schedule of Assets (Held at End of Year)

   12


Table of Contents

Report of Independent Registered Public Accounting Firm

 

The Profit Sharing Committee

Marriott International, Inc. Employees’

  Profit Sharing, Retirement and Savings Plan and Trust

 

We have audited the accompanying statements of net assets available for benefits of Marriott International, Inc. Employees’ Profit Sharing, Retirement and Savings Plan and Trust as of December 31, 2004 and 2003, and the related statement of changes in net assets available for benefits for the year ended December 31, 2004. 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 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. We were not engaged to perform an audit of the Plan’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also 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.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2004 and 2003, and the changes in its net assets available for benefits for the year ended December 31, 2004, in conformity with U.S. generally accepted accounting principles.

 

Our audits were performed for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2004 is presented for the purpose of additional analysis and is not a required part of the 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. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in our audits of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.

 

/s/ Ernst & Young LLP

 

McLean, Virginia

May 26, 2005

 

1


Table of Contents

Marriott International, Inc. Employees’ Profit Sharing, Retirement and

Savings Plan and Trust

 

Statements of Net Assets Available for Benefits

 

     December 31

     2004

   2003

Assets              

Investments, at fair value

   $ 1,805,324,414    $ 1,486,070,012

Investments, at contract value

     435,641,704      442,425,819
    

  

Total investments

     2,240,966,118      1,928,495,831

Receivables:

             

Due from Marriott International, Inc. for Company contribution

     64,400,893      58,267,748

Receivables from sale of investments

     8,357,874      15,892,633

Accrued interest and dividends

     2,715,109      3,490,998
    

  

Total receivables

     75,473,876      77,651,379

Total assets

     2,316,439,994      2,006,147,210
    

  

Liabilities

             

Accounts payable on investments purchased

     9,017,322      30,919,127

Custodian and advisor fees payable

     987,247      1,158,732

Other

     480,975      203,475
    

  

Total liabilities

     10,485,544      32,281,334
    

  

Net assets available for benefits

   $ 2,305,954,450    $ 1,973,865,876
    

  

 

See accompanying notes.

 

2


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Marriott International, Inc. Employees’ Profit Sharing, Retirement and

Savings Plan and Trust

 

Statement of Changes in Net Assets Available for Benefits

 

Year ended December 31, 2004

 

Additions

        

Investment income:

        

Dividends

   $ 22,469,317  

Interest

     33,785,908  

Net realized and unrealized appreciation in fair value of investments

     236,879,631  

Less investment expense

     (3,102,478 )
    


Total net investment income

     290,032,378  

Participant contributions

     120,129,004  

Employer contributions

     65,365,576  
    


Total additions

     475,526,958  

Deductions

        

Benefits paid to participants

     140,627,809  

Administrative expenses

     2,810,575  
    


Total deductions

     143,438,384  
    


Net increase

     332,088,574  

Net assets available for benefits at beginning of year

     1,973,865,876  
    


Net assets available for benefits at end of year

   $ 2,305,954,450  
    


 

See accompanying notes.

 

3


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Marriott International, Inc. Employees’ Profit Sharing, Retirement and

Savings Plan and Trust

 

Notes to Financial Statements

 

December 31, 2004

 

1. Description of the Plan

 

The following description of the Marriott International, Inc. (the Company) Employees’ Profit Sharing, Retirement and Savings Plan and Trust (the Plan) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

 

General

 

The Plan is a defined contribution plan covering eligible employees of the Company who are at least 21 years of age and have completed at least one year of service. It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended.

 

Contributions

 

Each pay period, participants may contribute up to 80% or a fixed dollar amount (minimum of $3 per week) of compensation. The Company’s contribution to the Plan is based on a fixed match of 100% on the first 3% of annual compensation contributed, and 50% on the next 3% of annual compensation contributed. In general, Company contributions are allocated among active participants’ accounts after the close of the Plan year based on compensation contributed. Contributions are subject to certain limitations.

 

Additional Company contributions of a fixed dollar amount per workweek are made on behalf of certain associate groups at specified locations. These contributions are limited to non-highly compensated associates who are otherwise eligible to participate in the Plan.

 

Participant Accounts

 

Each participant’s account is credited with the participant’s contributions and allocations of (a) the Company’s contributions, and (b) Plan earnings or losses, and charged with an allocation of administrative expenses. Forfeitures of terminated participants’ nonvested accounts are to be used to pay administrative expenses. Allocations are based on participant compensation contributed or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

 

4


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Marriott International, Inc. Employees’ Profit Sharing, Retirement and

Savings Plan and Trust

 

Notes to Financial Statements (continued)

 

1. Description of the Plan (continued)

 

Vesting

 

Participants are immediately vested in their contributions plus actual earnings thereon. Participants are immediately 100% vested in Company contributions attributable to the 2001 Plan year and thereafter and earnings thereon. Vesting in the Company contributions prior to 2001 and earnings thereon is based on years of service, with participants becoming fully vested, regardless of the years of service, upon divestiture of unit (place of work), death, termination of employment due to permanent disability, or attainment of age 55 for salaried participants or age 45 for most hourly participants.

 

Participant Loans

 

Participants may borrow from their accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. Loan terms range from one to four years or up to 10 years for the purchase of a primary residence. The loans are collateralized by the vested balance in the participant’s account and bear interest at the prime rate published by the Wall Street Journal plus 100 basis points. Interest rates range from 5.0% to 10.50%. Principal and interest are paid ratably through weekly or biweekly after-tax payroll deductions. Participants are limited to one outstanding loan. As of December 31, 2004 and 2003, participant loans totaled $46,461,001 and $40,821,794, respectively, and are recorded in investments, at fair value on the Statement of Net Assets Available for Benefits.

 

Payment of Benefits

 

A participant with an account balance of $5,000 or less must take a lump sum distribution. A participant with an account balance greater than $5,000 can elect to receive either a lump sum amount or installment payments equal to the value of the participant’s vested interest in his or her account.

 

Forfeited Accounts

 

On termination of service, the unvested portion of a participant’s Company contribution account is forfeited after five consecutive one-year breaks in service or, if earlier, when the participant takes a distribution of his entire account balance. Forfeitures are used to pay Plan expenses. As of December 31, 2004 and 2003, forfeiture credit balances of $371,510 and $190,164, respectively, were available to pay plan expenses.

 

5


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Marriott International, Inc. Employees’ Profit Sharing, Retirement and

Savings Plan and Trust

 

Notes to Financial Statements (continued)

 

1. Description of the Plan (continued)

 

Administration

 

The Profit Sharing Committee serves as the named fiduciary of the Plan. Administration of the Plan is under the direction of (i) the Profit Sharing Committee, all of whom are corporate officers of the Company, (ii) a trustee who is a corporate officer of the Company, and (iii) a Plan administrator, who is an employee of the Company. The trustees and their investment advisors and investment managers appointed by the Profit Sharing Committee are responsible for investment of the Plan assets.

 

Administrative and Investment Expenses

 

To the extent not paid by the Company or from forfeitures, certain administrative and all investment expenses are paid by the Plan and are allocated to participants based on account balances.

 

Plan Termination

 

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in their accounts.

 

2. Summary of Significant Accounting Policies

 

Basis of Accounting

 

The financial statements of the Plan are prepared under the accrual method of accounting. Benefits are recorded when paid.

 

Use of Estimates

 

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

 

6


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Marriott International, Inc. Employees’ Profit Sharing, Retirement and

Savings Plan and Trust

 

Notes to Financial Statements (continued)

 

2. Summary of Significant Accounting Policies (continued)

 

Investments Valuation and Income Recognition

 

Investments are stated at fair value except for the Plan’s investments in guaranteed investment contracts (GICs) with fully benefit responsive features, which are valued at contract value. Securities traded on a national securities exchange are valued at the last reported sales price on the last business day of the Plan year. Listed securities for which no sale was reported on that date are valued at the average of the last reported bid and ask prices. Shares of mutual funds are valued at quoted market prices, which represent the net asset value of shares held by the Plan at year-end. Shares of common/collective trusts are valued at estimated fair value as determined by the sponsor of the fund, which represents the net asset value of shares held by the Plan at year-end. Participant loans are valued at their unpaid balances, which approximates fair value.

 

The Company Stock Fund (Stock Fund) is tracked on a unitized basis. The Stock Fund consists of Marriott International, Inc. common stock, funds held in the Vanguard Money Market Fund sufficient to meet the Stock Fund’s daily cash needs, as well as interest and dividends receivable. Unitizing the Stock Fund allows for daily trades. The value of a unit reflects the combined market value of Marriott International, Inc. common stock, valued at its quoted market price, and the cash investments and receivables held by the Stock Fund. At December 31, 2004, 21,708,927 units were outstanding with a value of $20.6229 per unit (22,042,332 units were outstanding with a value of $15.0683 per unit at December 31, 2003).

 

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.

 

Investment Options

 

Upon enrollment in the Plan, a participant may direct employer and employee contributions in any of the available investment options. Participants may change their investment options on a daily basis.

 

7


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Marriott International, Inc. Employees’ Profit Sharing, Retirement and

Savings Plan and Trust

 

Notes to Financial Statements (continued)

 

3. Investments

 

The following presents the fair value of individual investments that represent 5% or more of the Plan’s net assets:

 

     December 31

 
     2004

   2003

 

Marriott International, Inc. common stock

   $ 444,098,684    $ 328,882,600  

Dodge & Cox Stock Fund

     130,417,309      —   *

 

* Investment is less than 5% of the Plan’s net assets for the period presented.

 

During 2004, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated (depreciated) in value, as follows:

 

Investments at fair value as determined by quoted market prices:

        

Mutual funds

   $ 46,953,754  

Other common stock (including foreign common stock)

     66,330,476  

Corporate bonds, notes and other obligations

     (383,825 )

U.S. Government obligations

     (1,942,005 )

Marriott International, Inc. common stock

     119,255,585  
    


       230,213,985  

Investments at estimated fair value:

        

Common/collective trusts

     6,665,646  
    


     $ 236,879,631  
    


 

4. Party-in-Interest

 

The Plan may, at the discretion of Plan participants, invest an unlimited amount of its assets in securities issued by the Company. The Plan held 7,051,424 and 7,118,671 shares of common stock of the Company as of December 31, 2004 and 2003, respectively. Dividends on Marriott International, Inc. common stock approximated $2,360,190 and $2,100,397 for the years ended December 31, 2004 and 2003, respectively.

 

8


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Marriott International, Inc. Employees’ Profit Sharing, Retirement and

Savings Plan and Trust

 

Notes to Financial Statements (continued)

 

4. Party-in-Interest (continued)

 

Certain investments are managed by T. Rowe Price Stable Asset Management and T. Rowe Price Associates, Inc., entities, that are related to the Plan’s custodian (T. Rowe Price Trust Company) and the Plan record-keeper (T. Rowe Price Retirement Plan Services, Inc.). Transactions involving these investments are considered to be party-in-interest transactions for which a statutory exemption exists. Fees paid by the Plan for the investment management services amounted to approximately $1,444,428 and $1,118,000 for T. Rowe Price Stable Asset Management and T. Rowe Price Associates, Inc. for the years ended December 31, 2004 and 2003, respectively.

 

5. Guaranteed Investment Contracts

 

The Plan is invested in certain investment contracts with insurance companies. The investment manager of these investment contracts is T. Rowe Price as of December 31, 2004. Prior to December 2004, Primco was the investment manager for a portion of these investment contracts. The investment contracts are credited with earnings on the underlying investments and charged for Plan withdrawals and administrative expenses. The Plan invests in both traditional GICs and synthetic GICs. The contracts are carried at contract value (which represents contributions made under the contract, plus earnings, less withdrawals and administrative expenses), because they are fully benefit responsive. There are no reserves against contract value for credit risk of the contract issuer or otherwise. The estimated fair value of the investment contracts at December 31, 2004 and 2003 was $479,860,905 and $460,409,116, respectively.

 

The fair values for the traditional GICs have been estimated based on a discounted cash flow analysis. The estimated fair value is calculated based on the net present value of expected future payments, which include interest and a lump sum contract amount, discounted at a rate determined by the quality of the GICs and the average remaining life. This calculation is necessary, as traditional GICs are not actively traded investments for which a daily fair value is readily available.

 

The issuers of the traditional GICs are generally insurance companies. Where there are no underlying assets collateralizing the investment, the Plan’s ultimate realization of amounts invested in traditional GICs is dependent on the continued financial stability of the issuers of the GICs.

 

9


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Marriott International, Inc. Employees’ Profit Sharing, Retirement and

Savings Plan and Trust

 

Notes to Financial Statements (continued)

 

5. Guaranteed Investment Contracts (continued)

 

The Plan owns the assets underlying the synthetic GICs, which consist primarily of U.S. government securities, corporate debt obligations, and mortgage-backed and other asset-backed securities. Fair values of the underlying securities are determined by closing prices on the last business day of the year for those securities traded on national exchanges, at the average bid quotations for those securities traded in over-the-counter markets or at fair value as determined by the investment manager for securities for which there is not an established market. Synthetic GICs utilize a benefit responsive “wrapper” contract issued by a financially responsible third party that provides market and cash flow risk protection to the Plan. The value of the wrapper contracts is the difference between the fair value of the underlying assets and the contract value attributable by the wrapper to these assets.

 

The average yield was approximately 4.93% and 4.72% for the years ended December 31, 2004 and 2003, respectively. The crediting interest rate at December 31, 2004 and 2003 ranged from 3.6% to 7.0% and 3.2% to 7.7%, respectively. Traditional GICs typically have fixed crediting interest rates. The synthetic GICs have crediting interest rates that reset, typically on a quarterly basis, based on a formula specified in the individual contracts. The minimum guaranteed rate is not less than 0%. However, upon the occurrence of certain events (none of which are currently known to have occurred, nor are any such events contemplated by management of the Plan), market value of the investment in the GICs (if lower than its book value) may be repaid.

 

6. Income Tax Status

 

The Plan has received a determination letter from the Internal Revenue Service dated March 30, 2001, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the Code) and, therefore, the related trust is exempt from taxation. Subsequent to this determination by the Internal Revenue Service, the Plan was amended. The Plan filed an application for a determination letter from the Internal Revenue Service, requesting a determination on all significant amendments subsequent to the most recent determination letter. The Plan is required to operate in conformity with the Code to maintain its qualification. The Plan administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan, as restated, is qualified and the related trust is tax-exempt.

 

7. Reconciliation of Financial Statements and Form 5500

 

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

 

     December 31

     2004

   2003

Net assets available for benefits as reported in financial statements

   $ 2,305,954,450    $ 1,973,865,876

Less distributions payable to terminated employees

     18,663      352,071
    

  

Net assets available for benefits as reported in Form 5500

   $ 2,305,935,787    $ 1,973,513,805
    

  

 

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Table of Contents

Marriott International, Inc. Employees’ Profit Sharing, Retirement and

Savings Plan and Trust

 

Notes to Financial Statements (continued)

 

The following is a reconciliation of benefits paid to participants as reported in the financial statements to the Form 5500 for the year ended December 31, 2004:

 

Benefits paid to participants as reported in the financial statements

   $ 140,627,809

Add: Amounts allocated to withdrawing participants at year-end

     18,663

Less: Amounts allocated to withdrawing participants at prior year-end

     352,071
    

Benefits paid to participants as reported in the Form 5500

   $ 140,294,401
    

 

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

 

11


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Supplemental Schedule


Table of Contents

Marriott International, Inc. Employees’ Profit Sharing, Retirement and

Savings Plan and Trust

EIN: 52-2055918; Plan No.: 002

 

Schedule H, Line 4i—Schedule of Assets (Held at End of Year)

 

December 31, 2004

 

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

 

Current

Value


Marriott Mid Cap Growth Fund

               

BONY SHORT TERM INVESTMENT FUND*

   STIF    **   $ 352,919

ABGENIX INC

   Common Stock    **     248,160

ADOBE SYSTEMS

   Common Stock    **     671,318

ADTRAN INC

   Common Stock    **     323,466

ALKERMES INC

   Common Stock    **     346,614

ALLIANT TECHSYSTEMS INC

   Common Stock    **     1,542,968

AMERICAN STANDARD COS

   Common Stock    **     1,061,924

AMERISOURCEBERGEN CORP

   Common Stock    **     1,044,504

AMERITRADE HLDNG

   Common Stock    **     1,249,938

AMIS HOLDINGS INC

   Common Stock    **     502,208

AMYLIN PHARMACEUTICALS

   Common Stock    **     348,064

ANDRX GROUP

   Common Stock    **     552,299

APOLLO GROUP INC - CL A

   Common Stock    **     524,615

ASSURANT INC

   Common Stock    **     1,304,485

AXIS CAPITAL HOLDINGS LTD

   Common Stock    **     558,144

BARR PHARMACEUTICALS INC

   Common Stock    **     1,211,364

BAUSCH & LOMB INC

   Common Stock    **     309,408

BEST BUY COMPANY INC

   Common Stock    **     1,111,154

BJ SERVICES CO.

   Common Stock    **     1,624,246

BRUNSWICK CORP

   Common Stock    **     1,623,600

C.H. ROBINSON WORLDWIDE

   Common Stock    **     805,040

CACI INTERNATIONAL CL A

   Common Stock    **     878,877

CADENCE DESIGN SYS INC

   Common Stock    **     1,035,750

CAPITALSOURCE INC

   Common Stock    **     954,924

CATALINA MARKETING CORP

   Common Stock    **     616,304

CDW CORPORATION

   Common Stock    **     1,174,395

CEPHALON INC

   Common Stock    **     1,200,768

CERTEGY INC

   Common Stock    **     1,371,458

CHECKFREE CORP.

   Common Stock    **     872,032

CHEESECAKE FACTORY

   Common Stock    **     858,832

CHOICE POINT INC

   Common Stock    **     2,005,164

CITADEL BROABCASTING CORP

   Common Stock    **     1,396,334

CITRIX SYSTEMS INC

   Common Stock    **     144,727

CNET NETWORKS INC

   Common Stock    **     650,217

COGNOS INC

   Common Stock    **     352,480

COMMUNITY HEALTH SYSTEMS

   Common Stock    **     680,272

COMVERSE TECHNOLOGY INC

   Common Stock    **     520,785

 

12


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

  Current
Value


Marriott Mid Cap Growth Fund (continued)

               

COTT CORP

   Common Stock    **   $ 858,131

COVENTRY HEALTH CARE INC

   Common Stock    **     567,956

COX RADIO INC

   Common Stock    **     456,496

CROWN CASTLE INT. CORP.

   Common Stock    **     966,784

DANAHER CORP

   Common Stock    **     1,159,682

DAVITA INC.

   Common Stock    **     422,971

DIAMOND OFFSHORE DRILLING

   Common Stock    **     1,077,345

DIEBOLD INC.

   Common Stock    **     1,014,286

DOLLAR TREE STORES INC

   Common Stock    **     453,144

DST SYSTEMS INC.

   Common Stock    **     1,547,964

EATON VANCE CORP

   Common Stock    **     1,063,860

EDUCATION MANAGEMENT CORP

   Common Stock    **     759,230

EDWARDS LIFESCIENCES CORP

   Common Stock    **     866,460

ELAN CORP PLC ADR

   Common Stock    **     934,675

ENTERCOM COMMUNICATIONS

   Common Stock    **     760,868

EOG RESOURCES INC.

   Common Stock    **     991,904

EXPEDITORS INTL WASH INC

   Common Stock    **     592,328

EYETECH PHARMACEUTICALS

   Common Stock    **     464,100

FAIRMONT HOTELS & RESORTS

   Common Stock    **     1,475,664

FAMILY DOLLAR STORES

   Common Stock    **     1,258,569

FISERV INC

   Common Stock    **     735,477

FLEXTRONICS INTL LTD

   Common Stock    **     884,480

FLIR SYSTEMS

   Common Stock    **     886,681

FMC TECHNOLOGIES INC

   Common Stock    **     949,900

FEDERATED INVESTORS INC-B

   Common Stock    **     498,560

GARMIN LTD

   Common Stock    **     1,082,952

GEN-PROBE

   Common Stock    **     434,016

GENTEX CORP

   Common Stock    **     1,262,382

GETTY IMAGES INC

   Common Stock    **     364,905

GILEAD SCIENCES INC

   Common Stock    **     1,210,654

GLOBAL PAYMENTS INC

   Common Stock    **     924,932

HARRIS CORP

   Common Stock    **     1,791,910

HEALTH MGT ASSOC.

   Common Stock    **     1,088,288

HEWITT ASSOCIA-A

   Common Stock    **     681,813

HUMAN GENOME SCIENCES INC

   Common Stock    **     301,702

IAC/INTERACTIVECORP

   Common Stock    **     510,970

IMCLONE SYSTEMS

   Common Stock    **     327,168

INAMED CORP

   Common Stock    **     271,975

INTEGRATED CIRCUIT SYSTEM

   Common Stock    **     554,380

INTERSIL CORPORATION

   Common Stock    **     897,264

Marriott Mid Cap Growth Fund (continued)

               

INTUIT INC

   Common Stock    **   $ 374,085

INVESTORS FINANCIAL SVCS

   Common Stock    **     599,760

INVITROGEN CORP.

   Common Stock    **     678,013

 

13


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

  Current
Value


IRON MOUNTAIN INC

   Common Stock    **     1,277,531

ITT INDUSTRIES INC.

   Common Stock    **     1,148,520

IVAX CORP

   Common Stock    **     947,223

JABIL CIRCUIT INC.

   Common Stock    **     900,416

JACK HENRY & ASSOCIATES

   Common Stock    **     545,534

JET BLUE AIRWAYS CORP

   Common Stock    **     745,362

JUNIPER NETWORKS INC

   Common Stock    **     587,304

KINETIC CONCEPTS

   Common Stock    **     1,381,030

LABORATORY CORP OF AMER

   Common Stock    **     1,409,906

LEGG MASON INC.

   Common Stock    **     945,054

LEXMARK INTERNATIONAL INC

   Common Stock    **     221,000

MANOR CARE INC.

   Common Stock    **     1,509,318

MANPOWER INC.

   Common Stock    **     1,424,850

MCAFEE INC.

   Common Stock    **     1,643,224

MEDIMMUNE, INC.

   Common Stock    **     1,903,122

MERCURY INTERACTIVE CORP.

   Common Stock    **     829,010

MICROCHIP TECHNOLOGY INC

   Common Stock    **     973,090

MONEYGRAM INTL INC

   Common Stock    **     953,414

MONSTER WORLDWIDE INC

   Common Stock    **     928,464

MSC INDUSTRIAL DIRECT CO

   Common Stock    **     212,282

MURPHY OIL CORP

   Common Stock    **     1,391,785

NAVTEQ CORP

   Common Stock    **     1,186,816

NEUROCRINE BIOSCIENCES

   Common Stock    **     640,900

NEWMONT MINING CORP

   Common Stock    **     954,815

NEXTEL COMMUNICATIONS

   Common Stock    **     573,000

NEXTEL PARTNERS INC -CL A

   Common Stock    **     1,033,666

NOVELLUS SYSTEMS INC

   Common Stock    **     970,572

NUCOR CORP

   Common Stock    **     1,172,416

OMNICARE INC.

   Common Stock    **     1,789,854

O’REILLY AUTOMOTIVE INC

   Common Stock    **     788,375

OSHKOSH TRUCK CORP-CL B

   Common Stock    **     1,196,650

P.F.CHANGS CHINA BISTRO

   Common Stock    **     602,945

PETSMART INC.

   Common Stock    **     1,296,845

PMC - SIERRA INC.

   Common Stock    **     486,000

POTASH CORP OF SASK.

   Common Stock    **     1,503,386

PRINCIPLE FINANCIAL GRP

   Common Stock    **     921,150

PROTECTIVE LIFE CORP.

   Common Stock    **     747,075

Marriott Mid Cap Growth Fund (continued)

               

PROTEIN DESIGN LABS INC

   Common Stock    **   $ 382,210

QLOGIC CORP

   Common Stock    **     888,866

RADIAN GROUP INC.

   Common Stock    **     750,684

RED HAT INC

   Common Stock    **     538,005

ROBERT HALF INTL INC

   Common Stock    **     703,377

ROCKWELL COLLINS

   Common Stock    **     1,703,807

ROGERS COMMUNICATIONS B

   Common Stock    **     1,189,825

ROPER INDUSTRIES INC.

   Common Stock    **     1,707,637

 

14


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

 

Current

Value


ROSS STORES INC

   Common Stock    **     944,049

SCHOLASTIC CORP.

   Common Stock    **     665,280

SEMTECH CORP

   Common Stock    **     538,002

SEPRACOR INC

   Common Stock    **     504,645

SHOPPERS DRUG MART CORP.

   Common Stock    **     544,360

SILICON VALLEY BANCSHARES

   Common Stock    **     286,848

SMITH INTERNATIONAL INC

   Common Stock    **     1,240,547

SOUTHWEST AIRLINES

   Common Stock    **     1,022,384

SUNGARD DATA SYSTEMS

   Common Stock    **     555,268

T ROWE RESERVE INV FUND*

   Mutual Fund    **     1,910,510

TARO PHARMACEUTICAL IND

   Common Stock    **     435,584

TELEFLEX INC

   Common Stock    **     753,130

TELUS CORP

   Common Stock    **     849,461

VALEANT PHARMACEUTICALS

   Common Stock    **     919,615

VARIAN MEDICAL SYSTEMS

   Common Stock    **     255,116

VERISIGN INC

   Common Stock    **     1,578,792

VERITAS SOFTWARE CORP

   Common Stock    **     179,865

VERTEX PHARMACEUTICALS

   Common Stock    **     252,623

VIAD CORP-W/I

   Common Stock    **     388,889

WADDELL REED FINANCIAL-A

   Common Stock    **     1,084,605

WATERS CORP COMMON STOCK

   Common Stock    **     701,850

WESTERN GAS RESOURCE INC

   Common Stock    **     745,875

WESTERN WIRELESS-CL A

   Common Stock    **     1,098,750

WHOLE FOODS MARKET INC

   Common Stock    **     1,163,270

WILLIAMS-SONOMA INC

   Common Stock    **     746,352

WILLIS GROUP HLDNGS LTD

   Common Stock    **     942,793

XILINX INC

   Common Stock    **     954,730

XM SATELLITE RADIO HOLD

   Common Stock    **     564,300

XTO ENERGY INC

   Common Stock    **     1,217,957
             

              $ 135,686,206

Marriott Small Cap Equity Fund

               

BONY SHORT TERM INVESTMENT FUND*

   STIF    **   $ 2,496,065

AMERICAN GREETINGS CL - A

   Common Stock    **     590,655

ANDREW CORP

   Common Stock    **     545,200

ANIXTER INTL INC

   Common Stock    **     716,201

BOB EVANS FARMS

   Common Stock    **     478,362

BRADY CORPORATION-CL A

   Common Stock    **     1,038,662

CAESARS ENTERTAINMENT INC

   Common Stock    **     910,328

CERTEGY INC

   Common Stock    **     60,401

CHITTENDEN CORP

   Common Stock    **     336,141

DEVRY INC

   Common Stock    **     184,016

ENERGIZER HOLDINGS INC.

   Common Stock    **     775,164

GENERAL BINDING CORP

   Common Stock    **     236,520

GRACO INC

   Common Stock    **     272,655

GREATER BAY BANCORP

   Common Stock    **     387,532

HASBRO INC.

   Common Stock    **     718,998

 

15


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

 

Current

Value


HCC INSURANCE HOLDINGS

   Common Stock    **     864,432

HORACE MANN EDUCATORS

   Common Stock    **     496,080

IDEX CORP

   Common Stock    **     1,063,125

INTERFACE INC

   Common Stock    **     312,061

INVACARE CORP

   Common Stock    **     823,428

JANUS CAPITAL GROUP INC.

   Common Stock    **     872,439

JM SMUCKER CO. NEW

   Common Stock    **     555,426

JONES LANG LASALLE INC

   Common Stock    **     763,164

JOURNAL REGISTER CO

   Common Stock    **     334,409

LEE ENTERPRISES INC

   Common Stock    **     847,872

LIBBEY INC

   Common Stock    **     264,299

LITTELFUSE INC

   Common Stock    **     215,208

LONG DRUG STORES CORP

   Common Stock    **     228,831

MARKEL CORP

   Common Stock    **     1,092,000

MATTHEWS INTL CORP - CL A

   Common Stock    **     404,800

MCCORMICK & CO NON-VTG SH

   Common Stock    **     497,940

MILLER (HERMAN) INC

   Common Stock    **     654,831

NEIMAN MARCUS GRP INC - A

   Common Stock    **     944,328

RADIO ONE INC. CL D W/I

   Common Stock    **     433,628

ROYCE TOTAL RETURN - FIN

   Mutual Fund    **     70,517,467

S & T BANCORP

   Common Stock    **     192,219

SERVICEMASTER COMPANY

   Common Stock    **     746,039

STEELCASE INC-CL A

   Common Stock    **     510,696

SYBRON DENTAL SPECIALTIES

   Common Stock    **     452,864

VALASSIS COMM INC

   Common Stock    **     833,238

WADDELL REED FINANCIAL-A

   Common Stock    **     731,034
             

              $ 95,398,758

Marriott Large Cap Equity Fund

               

BONY SHORT TERM INVESTMENT FUND*

   Common Stock    **   $ 6,384,803

ABBOTT LABORATORIES

   Common Stock    **     1,030,965

ACCENTURE LTD CL A

   Common Stock    **     270,000

ADOBE SYSTEMS

   Common Stock    **     1,524,582

AKZO NOBEL NV-SPON ADR

   Common Stock    **     3,144,260

ALCOA INC

   Common Stock    **     411,602

ALTRIA GROUP INC.

   Common Stock    **     1,173,120

AMERADA HESS CORPORATION

   Common Stock    **     1,243,938

AMERICAN ELECTRIC POWER

   Common Stock    **     1,506,839

AMERICAN EXPRESS CO.

   Common Stock    **     1,843,299

AMERICAN INT’L GROUP

   Common Stock    **     2,715,455

AMERICAN POWER CONVERSION

   Common Stock    **     100,580

AMGEN INC

   Common Stock    **     2,168,270

ANALOG DEVICES INC (ADI)

   Common Stock    **     1,015,300

APOLLO GROUP INC - CL A

   Common Stock    **     960,449

AT&T CORP

   Common Stock    **     3,751,008

AVAYA INC

   Common Stock    **     863,440

BAKER HUGHES INC

   Common Stock    **     1,685,465

BAKER HUGHES INC

   Common Stock    **     1,565,989

 

16


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

  Current
Value


BANK AMERICA CORP.

   Common Stock    **     1,607,058

BANK OF NEW YORK CO INC

   Common Stock    **     497,958

BECTON DICKINSON & CO.

   Common Stock    **     1,096,240

BEST BUY COMPANY INC

   Common Stock    **     1,185,429

BIOGEN IDEC, INC.

   Common Stock    **     726,049

BIOMET INC.

   Common Stock    **     672,545

BMC SOFTWARE INC.

   Common Stock    **     734,700

BOSTON SCIENTIFIC CORP.

   Common Stock    **     636,345

BRISTOL-MYERS SQUIBB CO

   Common Stock    **     1,119,594

CAPITAL ONE

   Common Stock    **     3,536,820

CARDINAL HEALTH INC

   Common Stock    **     3,791,380

CARNIVAL CORPORATION

   Common Stock    **     1,619,403

CHEVRONTEXACO CORPORATION

   Common Stock    **     2,783,030

CHUBB CORP

   Common Stock    **     1,445,720

CISCO SYSTEMS INC

   Common Stock    **     2,121,070

CIT GROUP INC

   Common Stock    **     1,580,790

CITIGROUP INC

   Common Stock    **     5,084,869

CLEAR CHANNEL COMM.

   Common Stock    **     1,188,895

COCA COLA

   Common Stock    **     753,503

COMCAST CORP SPECIAL CL-A

   Common Stock    **     1,136,264

COMCAST CORP. CL-A

   Common Stock    **     4,746,893

COMPUTER SCIENCES CORP

   Common Stock    **     2,395,725

COMPUWARE CORP

   Common Stock    **     1,018,378

Marriott Large Cap Equity Fund (continued)

               

CONOCOPHILLIPS

   Common Stock    **   $ 1,866,845

CVS CORP

   Common Stock    **     446,193

DANAHER CORP

   Common Stock    **     3,008,284

DEERE & CO

   Common Stock    **     364,560

DELL INC.

   Common Stock    **     3,029,866

DELPHI CORP

   Common Stock    **     1,070,755

DILLARDS INC - CL A

   Common Stock    **     591,140

DONNELLEY (R.R.) & SONS

   Common Stock    **     1,235,150

DOW CHEMICALS

   Common Stock    **     3,461,195

DUKE ENERGY CORP

   Common Stock    **     2,330,360

E.W. SCRIPPS CO

   Common Stock    **     849,728

EASTMAN KODAK COMPANY

   Common Stock    **     387,000

EBAY INC

   Common Stock    **     1,662,804

ELECTRONIC DATA SYS.

   Common Stock    **     2,633,400

ENGELHARD CORP.

   Common Stock    **     843,425

EQUITY OFFICE PROP TRST

   Common Stock    **     2,242,240

EXXON MOBIL CORPORATION

   Common Stock    **     1,908,820

FED NATL MTG ASSN

   Common Stock    **     769,068

FEDEX CORPORATION

   Common Stock    **     2,462,250

FIRST DATA CORP

   Common Stock    **     1,359,238

FIRSTENERGY CORP.

   Common Stock    **     691,425

FISERV INC

   Common Stock    **     598,831

 

17


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

  Current
Value


FLUOR CORP. (NEW)

   Common Stock    **     1,199,220

FOREST LABORATORIES

   Common Stock    **     659,442

FRANKLIN RESOURCES INC

   Common Stock    **     1,455,685

FREDDIE MAC

   Common Stock    **     1,864,610

FREESCALE SEMI-A

   Common Stock    **     356,400

FREESCALE SEMICONDUCTOR

   Common Stock    **     122,645

GAP INC

   Common Stock    **     865,920

GENENTECH INC

   Common Stock    **     609,728

GENERAL DYNAMICS CORP

   Common Stock    **     523,000

GENERAL ELECTRIC CO.

   Common Stock    **     4,241,300

GENUINE PARTS COMPANY

   Common Stock    **     1,916,610

GENWORTH FINL INC CL A

   Common Stock    **     756,000

GILLETTE COMPANY

   Common Stock    **     559,750

GLAXO WELLCOME ADR

   Common Stock    **     1,753,430

GOLDEN WEST FINANCIAL COR

   Common Stock    **     2,395,380

GOLDMAN SACHS GROUP INC

   Common Stock    **     1,238,076

HARLEY-DAVIDSON

   Common Stock    **     1,506,600

HARRFORD FINANCIAL SVC GP

   Common Stock    **     1,164,408

HCA INC

   Common Stock    **     3,656,340

HEWLETT PACKARD CO.

   Common Stock    **     4,329,571

Marriott Large Cap Equity Fund (continued)

               

HOME DEPOT INC.

   Common Stock    **   $ 2,340,015

HONDA MOTOR CO LTD-SP ADR

   Common Stock    **     677,560

HONEYWELL INT’L INC.

   Common Stock    **     729,446

IAC/INTERACTIVECORP

   Common Stock    **     651,832

INTEL CORPORATION

   Common Stock    **     1,478,248

INTERNATIONAL PAPER CO

   Common Stock    **     798,000

INTERPUBLIC GROUP COS INC

   Common Stock    **     20,100

INTL BUSINESS MACHINE

   Common Stock    **     660,486

INTL GAME TECHNOLOGY

   Common Stock    **     1,571,166

INTUIT INC

   Common Stock    **     1,069,443

JOHNSON & JOHNSON

   Common Stock    **     2,283,120

JPMORGAN CHASE & CO.

   Common Stock    **     2,916,544

JUNIPER NETWORKS INC

   Common Stock    **     339,875

KOHL’S CORPORATION

   Common Stock    **     511,368

LEGG MASON INC.

   Common Stock    **     1,333,332

LEXMARK INTERNATIONAL INC

   Common Stock    **     892,500

LIBERTY MEDIA CORP

   Common Stock    **     1,418,616

LILLY ELI & COMPANY

   Common Stock    **     851,250

LOCKHEED MARTIN CORP

   Common Stock    **     588,830

LOEWS CORP

   Common Stock    **     1,982,460

LUBRIZOL CORP

   Common Stock    **     394,402

MARSH & MCLENNAN COS

   Common Stock    **     914,620

MASCO CORP

   Common Stock    **     1,552,525

MATSUSHITA ELECTRIC ADR

   Common Stock    **     1,637,100

MAXIM INTEGRATED PRODUCTS

   Common Stock    **     1,716,795

 

18


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

 

Current

Value


MAY DEPARTMENT STORES

   Common Stock    **     2,425,500

MBIA INC.

   Common Stock    **     246,792

MCDONALDS CORP

   Common Stock    **     3,718,960

MEDTRONIC INC

   Common Stock    **     1,519,902

MELLON FINANCIAL CORP.

   Common Stock    **     1,350,174

MERRILL LYNCH & CO

   Common Stock    **     1,147,584

MICROSOFT CORPORATION

   Common Stock    **     4,559,397

MORGAN STANLEY

   Common Stock    **     821,696

MOTOROLA INC (MOT)

   Common Stock    **     1,040,600

NCR CORPORATION

   Common Stock    **     969,220

NEWS CORP INC CL-A W/I

   Common Stock    **     3,657,360

NEXTEL COMMUNICATIONS

   Common Stock    **     1,089,000

NOKIA CORP

   Common Stock    **     385,482

NORTHERN TRUST CORP

   Common Stock    **     884,156

NOVA CHEMICALS

   Common Stock    **     846,670

OCCIDENTAL PETROLEUM CORP

   Common Stock    **     1,184,708

OMNICOM GROUP

   Common Stock    **     514,352

Marriott Large Cap Equity Fund (continued)

               

ORACLE CORPORATION

   Common Stock    **   $ 589,960

PAYCHEX INC

   Common Stock    **     361,248

PEPSICO INC

   Common Stock    **     1,299,780

PFIZER INC

   Common Stock    **     2,342,549

PFIZER INC

   Common Stock    **     2,689,000

PITNEY BOWES INC

   Common Stock    **     1,157,000

PROCTER & GAMBLE

   Common Stock    **     1,531,224

QUALCOMM INC.

   Common Stock    **     1,263,520

RIO TINTO PLC

   Common Stock    **     2,086,175

ROHM & HAAS CO

   Common Stock    **     1,415,360

ROYAL DUTCH PETRO-NY SHRS

   Common Stock    **     2,237,820

SAFECO CORP

   Common Stock    **     783,600

SCHERING PLOUGH (SGP)

   Common Stock    **     3,012,984

SCHLUMBERGER LIMITED

   Common Stock    **     622,635

SCHLUMBERGER LIMITED

   Common Stock    **     1,961,635

SCHWAB (CHARLES) CORP

   Common Stock    **     587,236

SCOTTISH POWER PLC-ADR

   Common Stock    **     607,620

SLM CORP

   Common Stock    **     1,414,835

SMITH INTERNATIONAL INC

   Common Stock    **     1,066,436

SONY CORP - SPONS ADR

   Common Stock    **     2,980,440

ST JUDE MEDICAL INC

   Common Stock    **     398,335

ST PAUL TRAVELERS COS INC

   Common Stock    **     2,428,085

ST PAUL TRAVELERS COS INC

   Common Stock    **     706,221

STATE STREET CORP

   Common Stock    **     2,401,968

STORAGE TECHNOLOGY CORP

   Common Stock    **     708,064

STRYKER CORP

   Common Stock    **     386,000

SYMANTEC CORP.

   Common Stock    **     716,128

SYNGENTA AG

   Common Stock    **     992,775

 

19


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

 

Current

Value


T ROWE RESERVE INV FUND*

   Mutual Fund    **     174,293

TARGET CORPORATION

   Common Stock    **     2,149,902

TELUS CORP

   Common Stock    **     199,518

TELUS CORP NON-VOTING SHS

   Common Stock    **     274,550

TEXAS INSTRUMENTS INC

   Common Stock    **     819,846

THERMO ELECTRON CORP

   Common Stock    **     1,071,745

TIME WARNER COS INC

   Common Stock    **     3,654,720

TIME WARNER COS INC

   Common Stock    **     1,447,308

TORCHMARK CORP

   Common Stock    **     1,342,790

TYCO INTERNATIONAL INC.

   Common Stock    **     3,145,120

UNILEVER NV - NY SHARES

   Common Stock    **     2,501,625

UNION PACIFIC CORP

   Common Stock    **     2,555,500

UNITED PARCEL SERVICE -B

   Common Stock    **     1,786,114

UNITEDHEALTH GROUP INC.

   Common Stock    **     4,612,772

Marriott Large Cap Equity Fund (continued)

               

UNOCAL CORPORATION

   Common Stock    **   $ 1,911,208

UNUMPROVIDENT CORPORATION

   Common Stock    **     1,031,550

US BANCORP

   Common Stock    **     952,128

VANGUARD MONEY MARKET -MF

   Mutual Fund    **     8,464,650

VERITAS SOFTWARE CORP

   Common Stock    **     411,120

VF CORP

   Common Stock    **     703,326

VIACOM INC

   Common Stock    **     1,907,855

VODAFONE GROUP PLC. ADR

   Common Stock    **     821,400

VODAFONE GROUP PLC. ADR

   Common Stock    **     1,837,197

WACHOVIA CORP

   Common Stock    **     2,961,380

WAL MART STORES INC

   Common Stock    **     2,213,157

WASTE MANAGEMENT INC

   Common Stock    **     589,818

WELLPOINT INC

   Common Stock    **     1,736,500

WELLPOINT INC

   Common Stock    **     2,277,000

WELLS FARGO & CO (NEW)

   Common Stock    **     1,460,525

WELLS FARGO & CO (NEW)

   Common Stock    **     1,373,515

WHIRLPOOL CORP

   Common Stock    **     1,155,806

WYETH

   Common Stock    **     1,618,420

WYETH

   Common Stock    **     1,520,463

XEROX CORP

   Common Stock    **     3,402,000

XILINX INC

   Common Stock    **     910,255
             

                299,259,609

Marriott Large Cap Growth Fund

               

ADOBE SYSTEMS

   Common Stock    **     1,599,870

AMAZON COM. INC

   Common Stock    **     983,238

AMGEN INC

   Common Stock    **     1,186,775

APOLLO GROUP INC - CL A

   Common Stock    **     1,436,638

APPLIED MATERIALS INC

   Common Stock    **     1,827,990

BJ SERVICES CO.

   Common Stock    **     1,363,622

BMC SOFTWARE INC.

   Common Stock    **     734,700

 

20


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

 

Current

Value


BOEING COMPANY

   Common Stock    **     1,527,215

BOSTON SCIENTIFIC CORP.

   Common Stock    **     1,830,825

CAPITAL ONE

   Common Stock    **     2,484,195

CAREMARK RX, INC.

   Common Stock    **     2,062,189

CENDANT CORP

   Common Stock    **     1,996,652

CISCO SYSTEMS INC

   Common Stock    **     1,619,270

CITIGROUP INC

   Common Stock    **     1,565,850

COMCAST CORP SPECIAL CL-A

   Common Stock    **     2,308,652

COMMERCE BANCORP INC/NJ

   Common Stock    **     1,706,600

CORNING INC

   Common Stock    **     2,192,751

EXXON MOBIL CORPORATION

   Common Stock    **     1,835,108

Marriott Large Cap Growth Fund (continued)

               

FREDDIE MAC

   Common Stock    **   $ 1,842,500

GLAXO WELLCOME ADR

   Common Stock    **     1,753,430

GOLDMAN SACHS GROUP INC

   Common Stock    **     1,414,944

HALLIBURTON COMPANY.

   Common Stock    **     2,370,096

HERSHEY FOODS CORP

   Common Stock    **     1,455,148

IAC/INTERACTIVECORP

   Common Stock    **     1,320,236

JONES APPAREL GROUP INC

   Common Stock    **     1,499,370

JUNIPER NETWORKS INC

   Common Stock    **     1,155,575

LENNAR CORPORATION CL-A

   Common Stock    **     1,638,052

MBNA CORP

   Common Stock    **     1,581,459

MERCURY INTERACTIVE CORP.

   Common Stock    **     1,676,240

MERRILL LYNCH & CO

   Common Stock    **     1,811,031

MICROSOFT CORPORATION

   Common Stock    **     1,348,855

MICRON TECHNOLOGY INC

   Common Stock    **     1,238,705

MONSANTO COMPANY

   Common Stock    **     2,099,790

MOTOROLA INC (MOT)

   Common Stock    **     2,208,480

NIKE INC - CL B

   Common Stock    **     1,623,351

T ROWE PRICE GROUP INC*

   Common Stock    **     1,349,740

QUALCOMM INC.

   Common Stock    **     1,301,680

ROCKWELL COLLINS

   Common Stock    **     1,411,952

ST JUDE MEDICAL INC

   Common Stock    **     2,851,240

TARGET CORPORATION

   Common Stock    **     1,687,725

TERADYNE INC.

   Common Stock    **     1,290,492

3M CO

   Common Stock    **     1,559,330

TIME WARNER COS INC

   Common Stock    **     2,109,240

VERITAS SOFTWARE CORP

   Common Stock    **     1,378,965

TEVA PHARMACEUTICAL ADR

   Common Stock    **     2,012,564

TYCO INTERNATIONAL INC.

   Common Stock    **     2,712,666
             

                77,964,996

Marriott Balanced Fund

               

BONY SHORT TERM INVESTMENT FUND*

   STIF    **     3,978,296

VANGUARD MONEY MARKET -MF

   Mutual Fund    **     4,973,944

3M CO

   Common Stock    **     1,362,362

 

21


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

 

Current

Value


3M CO

   Common Stock    **     533,455

ACE LTD

   Common Stock    **     1,423,575

AFLAC

   Common Stock    **     191,232

AIR PRODUCTS & CHEMICALS

   Common Stock    **     492,745

ALCOA INC

   Common Stock    **     430,454

ALLSTATE CORP

   Common Stock    **     439,620

ALTRIA GROUP INC.

   Common Stock    **     1,979,640

AMER HOME P 3/15/2011

   Corporate Bond    **     788,173

Marriott Balanced Fund (continued)

               

AMERADA HESS 6.65% 08/11

   Corporate Bond    **   $ 82,476

AMERADA HESS CORP 10/1/29

   Corporate Bond    **     265,367

AMERICAN EXPRESS CO.

   Common Stock    **     1,285,236

AMERICAN INT’L GROUP

   Common Stock    **     1,988,159

AMERICAN INT’L GROUP

   Common Stock    **     2,272,182

AMERICAN STANDARD COS

   Common Stock    **     502,038

AMGEN INC

   Common Stock    **     1,680,730

APPLERA CORP-APPLIED BIO

   Common Stock    **     271,830

ARKANSAS 9.75% 11/15/2014

   Corporate Bond    **     659,450

AT&T CORP 11/15/31

   Corporate Bond    **     902,880

AT&T CORP 8.05%11/15/11

   Corporate Bond    **     518,063

AVON PRODUCTS INC

   Common Stock    **     1,056,510

AXIS CAPITAL HOLDINGS LTD

   Common Stock    **     574,560

BAKER HUGHES INC

   Common Stock    **     507,773

BANK AMERICA CORP.

   Common Stock    **     1,715,135

BANK ONE CA 9/1/2030

   Corporate Bond    **     537,352

BANK ONE CORP 02/01/06

   Corporate Bond    **     569,344

BECKMAN COULTER INC

   Common Stock    **     113,883

BED BATH & BEYOND INC

   Common Stock    **     1,398,033

BED BATH & BEYOND INC

   Common Stock          219,065

BELLSOUTH CORP

   Common Stock    **     369,607

BOSTON PROP 1/15/2013

   Corporate Bond    **     326,109

BOSTON PROP 4/15/2015

   Corporate Bond    **     360,770

BOSTON SCIENTIFIC CORP.

   Common Stock    **     1,820,160

BOSTON SCIENTIFIC CORP.

   Common Stock    **     1,596,195

BP PLC ADR

   Common Stock    **     922,720

BURLINGTON NORTHERN

   Common Stock    **     492,024

BURLINGTON/ 1/2/2021

   Corporate Bond    **     1,403,195

CARDINAL HE 6/15/2015

   Corporate Bond    **     88,902

CAREMARK RX, INC.

   Common Stock    **     607,222

CAREMARK RX, INC.

   Common Stock    **     378,528

CATERPILLAR INC.

   Common Stock    **     1,745,429

CIGNA CORP 1/15/2033

   Corporate Bond    **     501,264

CIGNA CORP 5/15/2007

   Corporate Bond    **     537,162

CIT GROUP I 9/25/2007

   Corporate Bond    **     115,638

CITICORP CA 2/15/2027

   Corporate Bond    **     391,216

CITIGROUP INC

   Common Stock    **     1,236,588

 

22


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

 

Current

Value


CITIGROUP INC

   Common Stock    **     2,765,532

CLEAR CHANNEL COMM.

   Common Stock    **     428,672

COLGATE PALMOLIVE CO

   Common Stock    **     1,263,652

COMCAST CORP 5.3 1/15/14

   Corporate Bond    **     773,486

COMCAST CORP SPECIAL CL-A

   Common Stock    **     541,860

Marriott Balanced Fund (continued)

               

COMCAST CORP. CL-A

   Common Stock    **   $ 582,400

CONOCOPHILLIPS

   Common Stock    **     2,118,652

CONOCOPHILLIPS

   Common Stock    **     1,736,600

CONSOL RAIL 5/25/2015

   Corporate Bond    **     467,022

CORNING INC

   Common Stock    **     147,125

CSX TRANS 5/15/2043

   Corporate Bond    **     10,002

D.R. HORTON INC

   Common Stock    **     221,705

DEAN FOODS COMPANY

   Common Stock    **     214,175

DEERE & CO

   Common Stock    **     59,520

DOMINION RESOURCES INC

   Common Stock    **     81,288

DOW CHEMICAL 11/01/29

   Corporate Bond    **     394,317

DU PONT E.I. DE NEMOURS

   Common Stock    **     554,265

ELEC DATA S 8/1/2013 6.5%

   Corporate Bond    **     343,005

ELECTRONIC ARTS INC

   Common Stock    **     542,784

EMERSON ELECTRIC CO

   Common Stock    **     255,865

ENCANA CORP

   Common Stock    **     370,890

ENTERGY CORP

   Common Stock    **     473,130

EOP OPERATI 3/15/2014

   Corporate Bond          1,064,106

EXELON CORPORATION

   Common Stock    **     506,805

EXXON MOBIL CORPORATION

   Common Stock    **     563,860

FED NATL MTG ASSN

   Common Stock    **     491,349

FG G10653 10/1/2009

   U.S. Government Security    **     216,854

FG G11184 9/1/2016

   U.S. Government Security    **     1,638,596

FG G11367 2/1/2018

   U.S. Government Security    **     523,285

FGLMC 6.0% 3/1/18#G11509

   U.S. Government Security    **     1,087,983

FGLMC 7.0% 2/01/18#G11581

   U.S. Government Security    **     900,313

FH 182224 3/1/2009

   U.S. Government Security    **     105,678

FHLMC 6% 5/1/17

   U.S. Government Security    **     898,398

FHR 1524 J 5/15/2008

   U.S. Government Security    **     1,446,952

FHR 1601 PJ 10/15/2008

   U.S. Government Security    **     776,408

FISERV INC

   Common Stock    **     803,800

FMC TECHNOLOGIES INC

   Common Stock    **     212,520

FN 151963 5/1/2007

   U.S. Government Security    **     31,794

FN 303786 2/1/2011

   U.S. Government Security    **     136,013

FN 313709 6/1/2007

   U.S. Government Security    **     544,588

FN 323387 11/1/2013

   U.S. Government Security    **     642,937

FN 323623 3/1/2014

   U.S. Government Security    **     266,295

FN 483669 1/1/2009

   U.S. Government Security    **     293,614

FN 490682 6/1/2012

   U.S. Government Security    **     22,750

FN 545059 5/1/2011

   U.S. Government Security    **     436,921

 

23


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

 

Current

Value


FN 545209 10/1/2011

   U.S. Government Security    **     472,676

FN 545962 12/1/2013

   U.S. Government Security    **     598,003

Marriott Balanced Fund (continued)

               

FN 571869 2/1/2013

   U.S. Government Security    **   $ 781,802

FNGT 2001-T1 A 10/25/2040

   U.S. Government Security    **     330,404

FNGT 2002-T12 5/25/2042

   U.S. Government Security    **     1,059,772

FNMA 5.5% 8/1/15 # 555382

   U.S. Government Security    **     740,058

FNMA 6% 08/1/19 #725936

   U.S. Government Security    **     2,659,783

FNMA 6.0% 10/01/18#725597

   U.S. Government Security    **     1,666,715

FNMA 6.0% 12/01/18#725194

   U.S. Government Security    **     838,436

FNMA 6.5% 01/01/22#555803

   U.S. Government Security    **     1,606,914

FNMA 6.5% 03/01/16#725345

   U.S. Government Security    **     2,090,078

FNR 2001-50 BA 10/25/2041

   U.S. Government Security    **     805,737

FNR 2002-33 A1 6/25/2032

   U.S. Government Security    **     495,548

FNS F 1 5/1/2009

   U.S. Government Security    **     232,877

FNW 2001-W3 A 09/25/41

   U.S. Government Security    **     625,541

FORD MOTOR 10/25/2011

   Corporate Bond    **     1,447,775

FORD MOTOR CREDIT 6/15/10

   Corporate Bond    **     120,927

FOREST LABORATORIES

   Common Stock    **     340,936

FORTUNE BRANDS INC

   Common Stock    **     416,772

GENENTECH INC

   Common Stock    **     1,976,172

GENERAL DYNAMICS CORP

   Common Stock    **     209,200

GENERAL ELECTRIC CO.

   Common Stock    **     2,022,100

GENERAL ELECTRIC CO.

   Common Stock    **     2,295,850

GILLETTE COMPANY

   Common Stock    **     2,776,360

GMAC 6/1/2010

   Corporate Bond    **     1,297,394

GN 780619 8/15/2012

   U.S. Government Security    **     855,072

HARLEY-DAVIDSON

   Common Stock    **     455,625

HCA INC 7/15/2013

   Corporate Bond    **     311,798

HEALTH MGT ASSOC.

   Common Stock    **     343,072

HEALTH NET 4/15/2011

   Corporate Bond    **     723,821

HEWLETT PACKARD CO.

   Common Stock    **     448,758

HEWLETT-PAC 7/1/2007

   Corporate Bond    **     573,579

HOME DEPOT INC.

   Common Stock    **     1,523,681

ILLINOIS TOOL WORKS

   Common Stock    **     1,177,036

INGERSOLL-RAND CO-A

   Common Stock    **     521,950

JOHNSON & JOHNSON

   Common Stock    **     2,384,592

JOHNSON CONTROLS, INC.

   Common Stock    **     482,144

JPMORGAN CHASE & CO.

   Common Stock    **     2,168,956

JUNIPER NETWORKS INC

   Common Stock    **     581,866

KERR-MCGEE CORP

   Common Stock    **    

KOHL’S CORPORATION

   Common Stock    **     1,809,456

LILLY ELI & COMPANY

   Common Stock    **     1,889,775

LOWE’S COMPANIES INC

   Common Stock    **     397,371

LOWES CORP-CAROLINA GRP.

   Common Stock    **     477,675

 

24


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

 

Current

Value


Marriott Balanced Fund (continued)

               

LUCENT TECH WARRANT

   Corporate Bond    **   $ 6,612

MAXIM INTEGRATED PRODUCTS

   Common Stock    **     1,292,895

MAY DEPT ST 6/1/2025

   Corporate Bond    **     744,257

MAY DEPT ST 8/15/2013

   Corporate Bond    **     870,699

MBNA CORP

   Common Stock    **     707,569

MCDONALDS CORP

   Common Stock    **     1,837,038

MEDTRONIC INC

   Common Stock    **     1,688,780

MERRILL LYNCH & CO

   Common Stock    **     1,135,630

MET LIFE INC

   Common Stock    **     445,610

MICROSOFT CORPORATION

   Common Stock    **     2,235,627

MORGAN STANLEY

   Common Stock    **     438,608

NABORS INDUSTRIES LTD

   Common Stock    **     492,384

NOBLE ENERGY INC

   Common Stock    **     524,110

NORDSTROM I 1/15/2009

   Corporate Bond    **     740,828

NORFOLK SOU 5/15/2043

   Corporate Bond    **     15,329

NORTH FORK BANCORP.

   Common Stock    **     499,105

NORTHROP GRUMMAN CORP

   Common Stock    **     434,880

OCCIDENTAL PETROLEUM CORP

   Common Stock    **     501,896

OMNICOM GROUP

   Common Stock    **     1,290,096

ORACLE CORPORATION

   Common Stock    **     1,802,808

PAYCHEX INC

   Common Stock    **     1,206,432

PEPSICO INC

   Common Stock    **     1,821,780

PFIZER INC

   Common Stock    **     873,925

PFIZER INC

   Common Stock    **     484,020

PPL CORPORATION

   Common Stock    **     452,880

PROCTER & GAMBLE

   Common Stock    **     2,875,176

PROCTER & GAMBLE

   Common Stock    **     908,820

PULTE HOMES INC

   Common Stock    **     108,460

QUALCOMM INC.

   Common Stock    **     1,437,360

RAYTHEON CO 6.75% 8/15/07

   Corporate Bond    **     471,860

REP NY CORP 4/15/2014

   Corporate Bond    **     361,818

ROYAL CARIBBEAN CRUISES

   Common Stock    **     141,544

SAFECO CORP4.87502/01/10

   Corporate Bond    **     511,951

SBAP 2003-20D 04/1/2023

   Corporate Bond    **     709,872

SCHLUMBERGER LIMITED

   Common Stock    **     2,309,775

SCHLUMBERGER LIMITED

   Common Stock    **     562,380

SEMPRA ENERGY

   Common Stock    **     150,388

SMALL BUS A 5/1/2018

   Corporate Bond    **     276,184

SMALL BUS A 6/1/2017

   Corporate Bond    **     368,592

SMALL BUS A 8/1/2017

   Corporate Bond    **     139,173

SMALL BUS A 9/1/2017

   Corporate Bond    **     338,970

ST PAUL COMPANIES 3/15/07

   Corporate Bond    **     520,193

 

25


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

 

Current

Value


Marriott Balanced Fund (continued)

               

THE WALT DISNEY COMPANY.

   Common Stock    **   $ 647,740

TIME WARNER 7.625 4/15/31

   Corporate Bond    **     1,179,517

TIME WARNER 7/15/2033

   Corporate Bond    **     645,961

TIME WARNER COS INC

   Common Stock    **     909,792

U.S T-NOTE 5.625% 5/15/08

   U.S. Government Security    **     4,612,085

U.S.T-NOTE 5% 02/15/11

   U.S. Government Security    **     2,394,495

UNION PACIF 1/17/2023

   Corporate Bond    **     815,070

UNION PACIF 1/2/2020

   Corporate Bond    **     813,201

UNION PACIFIC CORP

   Common Stock    **     1,849,375

UNITED PARCEL SERVICE -B

   Common Stock    **     2,016,856

UNITED TECHNOLOGIES CORP

   Common Stock    **     516,750

UNITEDHEALTH GROUP INC.

   Common Stock    **     466,559

UNUMPROVIDE 3/1/2011

   Corporate Bond    **     340,438

UNUMPROVIDENT 7.375% 6/32

   Corporate Bond    **     502,031

US TREASURY 3/31/2005

   U.S. Government Security    **     698,906

US TREASURY 6.75% 5/15/05

   U.S. Government Security    **     3,655,688

US TREASURY 9/15/2009

   U.S. Government Security    **     4,260,693

VENDE 1995-1 2 2/15/2025

   Corporate Bond    **     145,819

VERIZON COMMUNICATIONS

   Common Stock    **     490,171

VIACOM INC

   Common Stock    **     2,390,823

WACHOVIA CORP

   Common Stock    **     526,000

WAL MART STORES INC

   Common Stock    **     649,686

WELLPOINT INC

   Common Stock    **     2,127,500

WENDY’S INTL INC

   Common Stock    **     290,524

WESTWOOD ONE INC.

   Common Stock    **     471,275

WYETH

   Common Stock    **     434,418

WYETH 2/1/2014

   Corporate Bond    **     517,294
             

                188,703,095

Marriott Bond Fund

               

BONY SHORT TERM INVESTMENT FUND*

   STIF    **     1,249,009

ALLSTATE CO 5/1/2005

   Corporate Bond    **     406,392

AMERADA HESS 6.65% 08/11

   Corporate Bond    **     109,968

AMERADA HESS CORP 10/1/29

   Corporate Bond    **     324,338

ARKANSAS 9.75% 11/15/2014

   Corporate Bond    **     479,600

AT&T CORP 11/15/31

   Corporate Bond    **     1,203,840

AT&T CORP 8.05%11/15/11

   Corporate Bond    **     690,750

BANK ONE 7.625% 8/1/05

   Corporate Bond    **     410,616

BANK ONE CA 9/1/2030

   Corporate Bond    **     671,690

BOSTON PROP 1/15/2013

   Corporate Bond    **     543,515

BOSTON PROP 4/15/2015

   Corporate Bond    **     515,386

Marriott Bond Fund (continued)

               

BURLINGTON/ 1/2/2021

   Corporate Bond    **   $ 1,002,282

BURLINGTON/ 7/15/2022

   Corporate Bond    **     431,722

CARDINAL HE 6/15/2015

   Corporate Bond    **     111,128

 

26


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

 

Current

Value


CIGNA CORP 1/15/2033

   Corporate Bond    **     626,581

CIGNA CORP 5/15/2007

   Corporate Bond    **     537,162

CIPGE 97-1 6.42% 9/25/08

   Corporate Bond    **     271,326

CISCE 1997-1 A 9/25/2008

   Corporate Bond    **     295,361

CIT GROUP I 9/25/2007

   Corporate Bond    **     152,432

CITICORP CA 2/15/2027

   Corporate Bond    **     391,216

COMCAST CORP 5.3 1/15/14

   Corporate Bond    **     953,965

CONSOL RAIL 5/25/2015

   Corporate Bond    **     436,891

CSX TRANS 5/15/2043

   Corporate Bond    **     16,253

DOW CHEMICA 9/30/2009

   Corporate Bond    **     240,070

DOW CHEMICAL 11/01/29

   Corporate Bond    **     303,321

ELEC DATA S 8/1/2013 6.5%

   Corporate Bond    **     422,160

EOP OPERATI 3/15/2014

   Corporate Bond    **     1,402,685

FG E00633 3/1/2014

   U.S. Government Security    **     2,023,892

FG G10653 10/1/2009

   U.S. Government Security    **     154,799

FG G10848 6/1/2011

   U.S. Government Security    **     676,789

FG G11157 3/1/2008

   U.S. Government Security    **     161,930

FGCI 6% #G11287 08/01/17

   U.S. Government Security    **     1,235,578

FGLMC 6.0% 3/1/18#G11509

   U.S. Government Security    **     1,813,305

FGLMC 6.5% 7/1/17 #G11578

   U.S. Government Security    **     2,195,803

FH 140357 12/1/2007

   U.S. Government Security    **     15,521

FH 182224 3/1/2009

   U.S. Government Security    **     51,887

FHLMC 6% 5/1/17

   U.S. Government Security    **     1,011,210

FHR 1524 J 5/15/2008

   U.S. Government Security    **     1,254,025

FHR 2479 TD 11/15/2015

   U.S. Government Security    **     1,537,107

FIRST NATIO 10/1/2006

   Corporate Bond    **     220,881

FN 313672 6/1/2007

   U.S. Government Security    **     369,968

FN 323165 6/1/2013

   U.S. Government Security    **     142,217

FN 323492 1/1/2009

   U.S. Government Security    **     1,541,644

FN 323623 3/1/2014

   U.S. Government Security    **     729,905

FN 331197 6/1/2008

   U.S. Government Security    **     70,258

FN 341417 5/1/2011

   U.S. Government Security    **     585,023

FN 362446 12/1/2007

   U.S. Government Security    **     54,848

FN 545058 8/1/2011

   U.S. Government Security    **     167,932

FN 545387 1/1/2012

   U.S. Government Security    **     591,437

FN 545927 12/1/2015

   U.S. Government Security    **     806,722

FN 545961 2/1/2014

   U.S. Government Security    **     677,984

FN 57843 6/1/2008

   U.S. Government Security    **     43,829

Marriott Bond Fund (continued)

               

FN 585013 6/1/2014

   U.S. Government Security    **   $ 320,096

FN 9454 8/1/2008

   U.S. Government Security    **     32,728

FNCI 6.5% 05/01/17#545621

   U.S. Government Security    **     1,869,984

FNCN 725992 5.5% 10/01/14

   U.S. Government Security    **     4,013,706

FNGT 2001-T1 A 10/25/2040

   U.S. Government Security    **     247,803

FNMA 6.0% 12/01/18#725194

   U.S. Government Security    **     2,288,232

FNMA POOL 15YR 5.5 4/1/17

   U.S. Government Security    **     1,620,680

 

27


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

 

Current

Value


FNR 1993-211 P 11/25/2008

   U.S. Government Security    **     1,015,746

FNR 2001-50 BA 10/25/2041

   U.S. Government Security    **     769,113

FNR 2002-3 OD 12/25/2014

   U.S. Government Security    **     505,690

FNR 2002-90 A1 6/25/2042

   U.S. Government Security    **     1,078,845

FNW 2002-W6 2A 6/25/2042

   U.S. Government Security    **     1,174,173

FORD MOTOR 10/25/2011

   Corporate Bond    **     804,320

FORD MOTOR CREDIT 1/12/09

   Corporate Bond    **     1,198,794

FSPC T-48 1A 7/25/2033

   U.S. Government Security    **     490,231

FSPC T-54 3A 2/25/2043

   U.S. Government Security    **     1,234,421

GE COMPANY 02/01/13

   Corporate Bond    **     564,281

GMAC 6/1/2010

   Corporate Bond    **     1,720,458

GN 780619 8/15/2012

   U.S. Government Security    **     849,181

GN 780836 4/15/2020

   U.S. Government Security    **     111,192

HCA INC 7/15/2013

   Corporate Bond    **     415,730

HEALTH NET 4/15/2011

   Corporate Bond    **     904,777

HEWLETT-PAC 7/1/2007

   Corporate Bond    **     834,296

MAY DEPT ST 6/1/2025

   Corporate Bond    **     858,758

MAY DEPT ST 7/15/2012

   Corporate Bond    **     995,291

NORDSTROM I 1/15/2009

   Corporate Bond    **     740,828

NORFOLK SOU 5/15/2043

   Corporate Bond    **     21,717

RAYTHEON CO 6.75% 8/15/07

   Corporate Bond    **     692,708

REP NY CORP 4/15/2014

   Corporate Bond    **     263,141

REP NY CORP 6/1/2021

   Corporate Bond    **     686,173

SAFECO CORP4.87502/01/10

   Corporate Bond    **     716,731

SBAP 2003-20D 04/1/2023

   Corporate Bond    **     1,041,145

SMALL BUS A 1/1/2017

   Corporate Bond    **     771,659

SMALL BUS A 11/1/2018

   Corporate Bond    **     141,340

SMALL BUS A 5/1/2017

   Corporate Bond    **     148,894

SMALL BUS A 5/1/2018

   Corporate Bond    **     110,474

SMALL BUS A 6/1/2017

   Corporate Bond    **     330,113

ST PAUL COMPANIES 3/15/07

   Corporate Bond    **     208,077

ST PAUL COS 4/15/2010

   Corporate Bond    **     467,189

TIME WARNER 7.625 4/15/31

   Corporate Bond    **     1,633,177

TIME WARNER 7/15/2033

   Corporate Bond    **     775,153

Marriott Bond Fund (continued)

               

U.S T-NOTE 5.625% 5/15/08

   U.S. Government Security    **   $ 5,577,406

U.S.T-NOTE 5% 02/15/11

   U.S. Government Security    **     4,788,990

UNION PACIF 1/17/2023

   Corporate Bond    **     1,086,759

UNION PACIF 1/2/2019

   Corporate Bond    **     478,182

UNUMPROVIDE 3/1/2011

   Corporate Bond    **     471,375

UNUMPROVIDENT 7.375% 6/32

   Corporate Bond    **     669,375

US T-NOTE 6.5% 10/15/06

   U.S. Government Security    **     741,945

US T-NOTE 7.5% 02/15/05

   U.S. Government Security    **     2,214,610

US TREASURY 4/30/2005

   U.S. Government Security    **     1,995,078

US TREASURY 8/15/2008

   U.S. Government Security    **     5,972,112

WYETH 2/1/2014

   Corporate Bond    **     1,810,529
             

                92,807,559

 

28


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

 

Current

Value


Marriott Company Stock Fund

               

Vanguard Money Market

   Mutual Fund    **     4,993,793

Marriott International, Inc. Common Stock *

   Common Stock    **     444,098,684
             

                449,092,477

Stable Value Fund

               

Vanguard Money Market

   Mutual Fund    **     35,074,409
             

                35,074,409

Fidelity Contrafund

               

Fidelity Investments

   Mutual Fund    **     108,686,231
             

                108,686,231

State Street S&P 500 Index Fund

               

State Street Global Advisors

   Common/Collective Trust    **     68,411,402
             

                68,411,402

Dodge & Cox Stock Fund

               

Dodge & Cox

   Mutual Fund    **     130,417,309
             

                130,417,309

Morgan Stanley International Equity Fund

               

Morgan Stanley

   Mutual Fund    **     77,337,679
             

                77,337,679

Interest Bearing Cash

               

Interest Bearing Cash

   Interest Bearing Cash    **   $ 23,683
             

                23,683

Participant Loans

               

Participant Loans *

  

Interest rates range from 5.00% to 5.25%; varying maturities

   **     46,461,001
             

                46,461,001

Investments stated at fair value

            $ 1,805,324,414
             

Stable Value Fund

               

Synthetic General Investment Contracts:

               

Bank of America:

               

 

29


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

 

Current

Value


Monumental Life:

               

State Street Bank & Trust Co.:

               

UBS AG:

               

AESOP 2003-5A A1 144A

   Asset Backed Securities    **   $ 594,654

AMXCA 2003-4 A

   Asset Backed Securities    **     2,763,870

BMWOT 2003-A A4

   Asset Backed Securities    **     1,286,378

BOAST 2003-1 A4

   Asset Backed Securities    **     268,929

BOIT 2002 A3 A3

   Asset Backed Securities    **     3,961,556

BOIT 2002-A4 A4

   Asset Backed Securities    **     1,226,343

CARAT 2002 1 A4

   Asset Backed Securities    **     339,765

CARAT 2002 4 A4

   Asset Backed Securities    **     1,198,792

CARMX 2003-1 A4

   Asset Backed Securities    **     1,962,360

CARMX 2004-1 B

   Asset Backed Securities    **     552,721

CARMX 2004-2 A4

   Asset Backed Securities    **     1,788,260

CCCIT 2000-A1

   Asset Backed Securities    **     783,163

CCCIT 2000-A3 A3

   Asset Backed Securities    **     767,707

CCCIT 2003-A3 A3

   Asset Backed Securities    **     868,279

CCIMT 1999-2 A

   Asset Backed Securities    **     4,041,601

CCIMT 98-2 A

   Asset Backed Securities    **     1,094,357

CHEMT 1996-3 A

   Asset Backed Securities    **     1,057,101

CITEC 2004-EF1 A3

   Asset Backed Securities    **     695,761

CMAOT 2001-B A4

   Asset Backed Securities    **     646,797

CMAOT 2003-A A4

   Asset Backed Securities    **     1,219,344

CMAOT 2003-C A4

   Asset Backed Securities    **     592,498

CMAOT 2004-A A4

   Asset Backed Securities    **     760,436

COMED 1998-1 A6

   Asset Backed Securities    **     1,343,093

COMED 1998-1 A7

   Asset Backed Securities    **   $ 1,378,152

DCMT 1996-3A

   Asset Backed Securities    **     790,504

DCMT 2000-9 A

   Asset Backed Securities    **     796,073

FCCMT 2000-C A

   Asset Backed Securities    **     1,028,270

FHR 2802 NC

   Asset Backed Securities    **     724,911

FNR 2004-45 NC

   Asset Backed Securities    **     730,816

FNW 2003-W16 AF3

   Asset Backed Securities    **     324,691

FRNK 2003-1

   Asset Backed Securities    **     2,066,072

GSALT 2003-1 A4

   Asset Backed Securities    **     1,984,474

GSALT 2004-1 A2

   Asset Backed Securities    **     1,020,207

HAROT 2002 4 A4

   Asset Backed Securities    **     1,196,928

HAROT 2003-2 A4

   Asset Backed Securities    **     1,259,571

HAROT 2003-3 A4

   Asset Backed Securities    **     526,648

HAROT 2003-4 A4

   Asset Backed Securities    **     495,320

HAROT 2004-3 A4

   Asset Backed Securities    **     691,911

HART 2003-A A4

   Asset Backed Securities    **     767,312

HDMOT 2003-1 A2

   Asset Backed Securities    **     547,700

HDMOT 2004-1 A2

   Asset Backed Securities    **     2,451,436

HDMOT 2004-3 A2

   Asset Backed Securities    **     2,291,311

HERTZ 2004-1 A4 144A

   Asset Backed Securities    **     1,064,930

HPLCC 2002 1 A

   Asset Backed Securities    **     941,476

 

30


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

 

Current

Value


IPSPT 1998-1 A7

   Asset Backed Securities    **     794,739

JDOT 2003-A A4

   Asset Backed Securities    **     3,437,044

JDOT 2004-A A4

   Asset Backed Securities    **     641,242

MBNAM 1999-B A

   Asset Backed Securities    **     1,080,612

MBNAM 2000-A A

   Asset Backed Securities    **     504,258

MBNAM 2000-I A

   Asset Backed Securities    **     1,402,533

MILT 2003-1 A4

   Asset Backed Securities    **     788,110

NAROT 2003-A A4

   Asset Backed Securities    **     1,189,260

NAVOT 2004-A A4

   Asset Backed Securities    **     735,886

ONYX 2003-A A4

   Asset Backed Securities    **     2,396,691

ONYX 2004-C A4

   Asset Backed Securities    **     598,107

PCCMT 2000-1 A

   Asset Backed Securities    **     620,399

PECO 1999-A A4

   Asset Backed Securities    **     208,979

PECO 2000 A A3

   Asset Backed Securities    **     1,158,097

PEGTF 2001-1 A6

   Asset Backed Securities    **     3,192,666

PSNH 2001 1 A2

   Asset Backed Securities    **     799,136

TAOT 2003-B A4

   Asset Backed Securities    **     1,188,216

TAROT 2004-A A4

   Asset Backed Securities    **     683,004

UAC 2001-A A4

   Asset Backed Securities    **     901,075

VALET 2003-2 A4

   Asset Backed Securities    **     494,854

VWALT 2002 A A4

   Asset Backed Securities    **     899,927

WALT 2003-1 A4

   Asset Backed Securities    **     691,633

WAOT 2004 A-4

   Asset Backed Securities    **     702,729

WESTO 2004-2 A4

   Asset Backed Securities    **   $ 549,595

WESTO 2004-4 A4

   Asset Backed Securities    **     841,490

WOART 2002 A A4

   Asset Backed Securities    **     1,006,450

WPP 1999-A A4

   Asset Backed Securities    **     1,204,089
             

                81,603,299

BOAMS 2003-L 2A2

   Mortgage Backed Securities    **     180,262

BOAMS 2004-A 2A2

   Mortgage Backed Securities    **     263,518

BOAMS 2004-C 2A1

   Mortgage Backed Securities    **     676,855

BOAMS 2004-H 2A2

   Mortgage Backed Securities    **     632,069

CFAB 2004-2 IA-6

   Mortgage Backed Securities    **     289,579

CFMSI 2003-3 AF2

   Mortgage Backed Securities    **     797,151

CFMSI 2004-1 AF5

   Mortgage Backed Securities    **     479,962

CGCMT 2004-C2 A1

   Mortgage Backed Securities    **     1,002,531

CSFB 2004-C5 A4

   Mortgage Backed Securities    **     1,403,594

CWHL 2003-60 3A1

   Mortgage Backed Securities    **     250,378

CXHE 2004-B AF3

   Mortgage Backed Securities    **     639,512

DLJCM 1999-CG2 A1B

   Mortgage Backed Securities    **     1,576,363

FHLMC GOLD

   Mortgage Backed Securities    **     353,012

FHR 2500 GC

   Mortgage Backed Securities    **     260,232

FHR 2772 YD

   Mortgage Backed Securities    **     2,897,767

FHR 2864 LC

   Mortgage Backed Securities    **     414,003

FHR 2872 YB

   Mortgage Backed Securities    **     1,040,087

FHR 2882 YB

   Mortgage Backed Securities    **     1,239,272

 

31


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

 

Current

Value


FHR 2890 PB

   Mortgage Backed Securities    **     2,860,630

FHSF SF4 C

   Mortgage Backed Securities    **     396,035

FNMA 15YR

   Mortgage Backed Securities    **     5,319,076

FNMA 15YR

   Mortgage Backed Securities    **     5,303,304

FNMA ARM

   Mortgage Backed Securities    **     548,788

FNR 2003-3 GC

   Mortgage Backed Securities    **     687,042

FNR 2004-49 QY

   Mortgage Backed Securities    **     210,097

FSPC T 45 A3

   Mortgage Backed Securities    **     400,513

FSPC T-50 A6

   Mortgage Backed Securities    **     700,282

GCCFC 2004-GG1 A7

   Mortgage Backed Securities    **     1,457,079

GMACM 2004-AR2 3A

   Mortgage Backed Securities    **     881,072

GNR 2004-103 A

   Mortgage Backed Securities    **     700,075

GNR 2004-77 A

   Mortgage Backed Securities    **     1,175,464

GNR 2004-97 B

   Mortgage Backed Securities    **     496,804

JPMCC 2001-CIBC A3

   Mortgage Backed Securities    **     1,548,165

MSDWC 2002 TOP7 A1

   Mortgage Backed Securities    **     870,548

RAMP 2004-RZ2 AI6

   Mortgage Backed Securities    **     1,221,058

RASC 2003-KS10 AI4

   Mortgage Backed Securities    **     2,838,262
             

                42,010,441

BEARER CORP CONVERSION SYS

   US Government & Agencies    **   $ 1,326,724

FANNIE MAE

   US Government & Agencies    **     2,888,692

ISRAEL TRUST

   US Government & Agencies    **     1,319,580

TURKEY TR GOVT BACKED TR T-1

   US Government & Agencies    **     1,292,315

UNITED STATES TREASURY

   US Government & Agencies    **     1,519,476

US TREASURY NT/BD

   US Government & Agencies    **     8,998,688
             

                17,345,475

A/S EKSPORTFINANS

   Corporate Bond    **     1,381,482

ABBOTT LABORATORIES

   Corporate Bond    **     1,435,084

ABN AMRO BK N V CHICAGO

   Corporate Bond    **     1,396,542

ABN-AMRO BK NV (CHICAGO)

   Corporate Bond    **     61,359

ACE LIMITED

   Corporate Bond    **     529,510

ALLSTATE CORP

   Corporate Bond    **     514,703

ALLSTATE CORP

   Corporate Bond    **     1,404,404

AMERICAN EXPRESS

   Corporate Bond    **     1,412,251

AMERICAN GENERAL CORP NTS

   Corporate Bond    **     509,740

AMERICAN HONDA FINANCE 144A

   Corporate Bond    **     602,963

AMGEN INC 144A

   Corporate Bond    **     1,379,638

ANHEUSER-BUSCH COS INC

   Corporate Bond    **     530,146

BAKER HUGHES INC

   Corporate Bond    **     1,447,055

BANCO SANTANDER CHILE

   Corporate Bond    **     570,198

BANK OF NEW YORK CO INC

   Corporate Bond    **     202,087

BANK ONE CORPORATION SR NTS

   Corporate Bond    **     529,155

BEAR STEARNS

   Corporate Bond    **     1,438,049

BELLSOUTH CORP

   Corporate Bond    **     1,452,900

BERKSHIRE HATHAWAY INC

   Corporate Bond    **     1,397,515

 

32


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

 

Current

Value


BOSTON SCIENTIFIC

   Corporate Bond    **     846,886

BP CANADA FINANCE BV

   Corporate Bond    **     1,329,134

BRITISH COLUMBIA

   Corporate Bond    **     1,498,738

BRITISH TELECOM PLC

   Corporate Bond    **     575,454

BROWN-FORMAN CORPORATION

   Corporate Bond    **     640,896

CAMDEN PROPERTY TRUST

   Corporate Bond    **     696,547

CANADIAN NATL RAILWAYS

   Corporate Bond    **     824,020

CATERPILLAR FINANCIAL SERV

   Corporate Bond    **     414,079

CATERPILLAR INC SNR NTS

   Corporate Bond    **     1,531,312

CHEVRONTEXACO CAPITAL COMPANY

   Corporate Bond    **     1,416,844

CHUBB CORP NTS

   Corporate Bond    **     521,097

CIT GROUP

   Corporate Bond    **     1,471,269

CITIGROUP INC

   Corporate Bond    **     1,415,363

COCA-COLA ENTERPRISES

   Corporate Bond    **     538,697

COMERICA BANK

   Corporate Bond    **     738,884

CONSOLIDATED EDISON INC

   Corporate Bond    **     1,439,310

COSTCO WHOLESALE CORP

   Corporate Bond    **   $ 528,977

COUNTRYWIDE HOME LOAN

   Corporate Bond    **     1,373,682

CREDIT SUISSE FIRST BOSTON USA

   Corporate Bond    **     1,476,415

CVS CORP

   Corporate Bond    **     1,410,988

DEN DANSKE BK SB NT 144A

   Corporate Bond    **     1,431,223

DLJ SNR NTS

   Corporate Bond    **     520,039

DONNELLEY RR & SONS

   Corporate Bond    **     845,428

DOW CHEMICAL

   Corporate Bond    **     1,471,140

DU PONT (EI) DE NEMOURS

   Corporate Bond    **     1,400,382

ENTERGY MISSISSIPPI INC

   Corporate Bond    **     202,273

EQUITABLE LIFE ASSURANCE SOCIETY 144A

   Corporate Bond    **     1,399,655

FIRST UNION CORP

   Corporate Bond    **     1,488,510

FPL GROUP CAPITAL

   Corporate Bond    **     1,361,472

FRANKLIN RESOURCES INC.

   Corporate Bond    **     552,195

FRED MEYER INC

   Corporate Bond    **     902,003

GENERAL ELECTRIC CAPITAL CORP

   Corporate Bond    **     1,372,729

GENERAL MILLS

   Corporate Bond    **     452,978

GOLDMAN SACHS GROUP INC

   Corporate Bond    **     1,394,479

HBOS TREASURY SERVICES 144A

   Corporate Bond    **     201,932

HBOS TREASURY SRVCS PLC 144A

   Corporate Bond    **     402,344

HERSHEY FOODS CORP

   Corporate Bond    **     365,547

HOME DEPOT 144A

   Corporate Bond    **     1,411,336

HOUSEHOLD FINANCE CORP

   Corporate Bond    **     1,388,592

HUNTINGTON NATIONAL BANK

   Corporate Bond    **     1,430,603

ING SEC LIFE INST FUND 144A

   Corporate Bond    **     596,676

INTL PAPER CO

   Corporate Bond    **     812,932

JOHN DEERE CAPITAL CORP

   Corporate Bond    **     1,455,517

JOHN HANCOCK GLOBAL FDG II 144A

   Corporate Bond    **     527,369

JP MORGAN CHASE & CO

   Corporate Bond    **     1,395,375

KEY BANK NA

   Corporate Bond    **     298,394

KEY BANK NA

   Corporate Bond    **     343,524

 

33


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

 

Current

Value


KIMBERLY CLARK CORP

   Corporate Bond    **     1,537,310

KOREA DEVELOPMENT BANK

   Corporate Bond    **     249,517

LANDWIRTSCH RENTENBANK

   Corporate Bond    **     800,205

LEHMAN BROTHERS HOLDINGS

   Corporate Bond    **     498,030

LEHMAN BROTHERS HOLDINGS

   Corporate Bond    **     1,396,390

LINCOLN NATIONAL CORP

   Corporate Bond    **     597,881

M & I MARSHALL & ILSLEY BANK

   Corporate Bond    **     231,243

MARSH & MCLENNAN COS INC

   Corporate Bond    **     244,986

MASCO CORP

   Corporate Bond    **     832,738

MASSMUTUAL GLOBAL FDG II 144A

   Corporate Bond    **     636,497

MCCORMICK & CO

   Corporate Bond    **     636,754

MELLON FINANCIAL

   Corporate Bond    **     666,152

MELLON FUNDING CORP

   Corporate Bond    **     1,372,651

MERITA BANK

   Corporate Bond    **   $ 388,721

MERRILL LYNCH & CO

   Corporate Bond    **     1,408,966

METLIFE

   Corporate Bond    **     1,400,672

METLIFE INS CO 144A

   Corporate Bond    **     520,643

MONUMENTAL GLOBAL FUNDING 144A

   Corporate Bond    **     528,748

MONUMENTAL GLOBAL FUNDING 144A

   Corporate Bond    **     1,478,584

NATIONAL CITY BANK

   Corporate Bond    **     299,118

NATIONAL CITY CORP

   Corporate Bond    **     1,413,743

NATIONSBANK CORP

   Corporate Bond    **     1,427,645

NATIONWIDE BLDG SOCIETY 144A

   Corporate Bond    **     1,420,096

NATIONWIDE LIFE GLOBAL FUNDING 144A

   Corporate Bond    **     1,473,712

NORTHERN BORDER PIPELINE

   Corporate Bond    **     266,514

NORTHERN TRUST CO

   Corporate Bond    **     197,792

OCCIDENTAL PETROLEUM CORP

   Corporate Bond    **     505,522

ONEOK INC

   Corporate Bond    **     548,304

ONTARIO GLOBAL BOND SNR

   Corporate Bond    **     1,424,002

PECO ENERGY CO

   Corporate Bond    **     698,546

PEDERNALES ELECTRIC CORP 144A

   Corporate Bond    **     365,417

PEPSICO INC

   Corporate Bond    **     1,405,836

PHARMACIA CORP

   Corporate Bond    **     1,388,423

PHILLIPS PETROLEUM COMPANY

   Corporate Bond    **     1,588,509

PNC BK N A PITTS SUBNT

   Corporate Bond    **     514,867

POPULAR N A

   Corporate Bond    **     407,748

PPL ELECTRIC UTILITIES

   Corporate Bond    **     869,482

PRICOA GLOBAL FUNDING I 144A

   Corporate Bond    **     457,989

PROCTER & GAMBLE

   Corporate Bond    **     1,419,936

PUB SERVICE ELEC & GAS SR BB MTG

   Corporate Bond    **     537,487

REGIONS BANK

   Corporate Bond    **     555,329

ROCKWELL INTL CORP NTS

   Corporate Bond    **     1,376,515

ROYAL BANK OF SCOTLAND GROUP

   Corporate Bond    **     332,595

SARA LEE CORP

   Corporate Bond    **     1,435,309

SLM CORP

   Corporate Bond    **     1,522,987

SOUTHERN N/E TCM MTN

   Corporate Bond    **     420,538

ST PAUL COMPANIES INC

   Corporate Bond    **     249,161

 

34


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

 

Current

Value


 

SUNTRUST BANKS INC

   Corporate Bond    **     530,525  

SWEDISH EXPORT CREDIT

   Corporate Bond    **     1,386,208  

SYSCO CORP

   Corporate Bond    **     618,032  

TARGET CORP

   Corporate Bond    **     1,403,942  

TELEFONOS DE MEXICO SA

   Corporate Bond    **     111,254  

TIAA GLOBAL MARKETS 144A

   Corporate Bond    **     1,467,279  

TJX COMPANIES INC

   Corporate Bond    **     568,160  

TOYOTA MOTOR CREDIT CORP

   Corporate Bond    **     1,380,063  

TOYOTA MOTOR CREDIT CORP. 5.650 01/15/20

   Corporate Bond    **     295,422  

TRAVELERS PPTY CASUALTY

   Corporate Bond    **     912,613  

UNILEVER CAPITAL CORP

   Corporate Bond    **   $ 1,458,266  

UNITED TECHNOLOGIES CORP

   Corporate Bond    **     517,362  

USAA CAPITAL CORP 144A

   Corporate Bond    **     618,587  

VERIZON GLOBAL FUNDING

   Corporate Bond    **     1,401,874  

VIACOM INC

   Corporate Bond    **     1,590,532  

VIRGINIA ELEC & POWER

   Corporate Bond    **     835,196  

WACHOVIA CORP

   Corporate Bond    **     529,106  

WAL-MART STORES

   Corporate Bond    **     203,783  

WASHINGTON MUTUAL INC

   Corporate Bond    **     349,614  

WASHINGTON MUTUAL INC

   Corporate Bond    **     304,489  

WELLS FARGO & CO

   Corporate Bond    **     1,418,060  

WISCONSIN PWR & LIGHT NTS

   Corporate Bond    **     858,145  

WORLD SAVINGS BANK FSB

   Corporate Bond    **     1,429,624  
             


                124,445,966  

BONY SHORT TERM INVESTMENT FUND*

   STIF    *     14,310,537  

GIC Wrapper - Bank of America

              (1,345,211 )

GIC Wrapper - Monumental Life

              (1,345,203 )

GIC Wrapper - State Street Bank

              (1,345,178 )

GIC Wrapper - UBS AG

              (1,345,203 )
             


                274,334,923  

Rabobank Nederland:

                 

BOIT 2002 A3 A3

   Asset Backed Securities    **     451,316  

CMAOT 2002 A A4

   Asset Backed Securities    **     149,328  

CMAOT 2003-A A4

   Asset Backed Securities    **     185,340  

CCIMT 1999-2 A

   Asset Backed Securities    **     436,930  

CCCIT 2000-A3 A3

   Asset Backed Securities    **     438,690  

CCCIT 2003-A6 A6

   Asset Backed Securities    **     366,591  

FNR 2002-74 PJ

   Asset Backed Securities    **     330,969  

FNW 2003-W16 AF3

   Asset Backed Securities    **     129,877  

HART 2003-A A4

   Asset Backed Securities    **     148,512  

PECO 2001-A A1

   Asset Backed Securities    **     255,662  

PCCMT 2000-1 A

   Asset Backed Securities    **     646,249  

RNLT 2001-1 A4

   Asset Backed Securities    **     189,022  

WFNMT 2003-A A2

   Asset Backed Securities    **     226,264  
             


                3,954,750  

 

35


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

 

Current

Value


 

FNMA 15 YR TBA

   Mortgage Backed Securities    **     234,179  

FNMA 30 YR TBA

   Mortgage Backed Securities    **     5,085,717  

FNMA 30 YR TBA (S)

   Mortgage Backed Securities    **     (915,429 )

FNMA 30 YR TBA

   Mortgage Backed Securities    **     4,971,600  

FNMA 30 YR TBA

   Mortgage Backed Securities    **   $ 3,153,680  

GNMA I TBA

   Mortgage Backed Securities    **     2,758,109  

GNMA I TBA

   Mortgage Backed Securities    **     274,390  

FHLM 15 YR GOLD TBA

   Mortgage Backed Securities    **     153,236  

BOAMS 2003-L 2A2

   Mortgage Backed Securities    **     342,499  

BOAMS 2004-A 2A2

   Mortgage Backed Securities    **     182,998  

BOAMS 2004-I 3A2

   Mortgage Backed Securities    **     93,880  

BSCMS 2004-T14 A2

   Mortgage Backed Securities    **     201,221  

CWL 2003-5 AF3

   Mortgage Backed Securities    **     165,229  

CWHL 2003-60 2A1

   Mortgage Backed Securities    **     46,292  

CFAB 03-1 IA-6

   Mortgage Backed Securities    **     174,569  

GNMA II TBA

   Mortgage Backed Securities    **     181,515  

CSFB 2004-C5 A4

   Mortgage Backed Securities    **     451,155  

DLJCM 1999-CG2 A1B

   Mortgage Backed Securities    **     450,389  

FHLMC 7YR BALLOON

   Mortgage Backed Securities    **     75,914  

FHLMC GOLD

   Mortgage Backed Securities    **     18,129  

FHLMC GOLD

   Mortgage Backed Securities    **     48,748  

FHLMC GOLD

   Mortgage Backed Securities    **     24,439  

FHLMC GOLD

   Mortgage Backed Securities    **     274,555  

FHLMC 15YR GOLD

   Mortgage Backed Securities    **     268,128  

FHLMC GOLD

   Mortgage Backed Securities    **     45,706  

FHLMC GOLD

   Mortgage Backed Securities    **     71,489  

FHLMC 15YR GOLD

   Mortgage Backed Securities    **     24,423  

FHLMC GOLD

   Mortgage Backed Securities    **     140,066  

FHL ARM

   Mortgage Backed Securities    **     163,167  

FNMA 15YR

   Mortgage Backed Securities    **     382,288  

FNMA 30 YR

   Mortgage Backed Securities    **     366,365  

FNMA 30 YR

   Mortgage Backed Securities    **     110,868  

FNMA 15YR

   Mortgage Backed Securities    **     37,741  

FNMA 30 YR

   Mortgage Backed Securities    **     281,179  

FNMA 15YR

   Mortgage Backed Securities    **     58,323  

FNMA 15YR

   Mortgage Backed Securities    **     122,252  

FNMA 15YR

   Mortgage Backed Securities    **     390,480  

FNMA 15YR

   Mortgage Backed Securities    **     390,179  

FNMA 30 YR

   Mortgage Backed Securities    **     17,888  

FNMA 30 YR

   Mortgage Backed Securities    **     3,154  

FNMA 30 YR

   Mortgage Backed Securities    **     6,293  

FNMA 30YR

   Mortgage Backed Securities    **     459,193  

FNMA 30 YR

   Mortgage Backed Securities    **     374,582  

FNMA 30 YR

   Mortgage Backed Securities    **     220,043  

FNMA 15YR

   Mortgage Backed Securities    **     76,682  

 

36


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

 

Current

Value


FNMA 15YR

   Mortgage Backed Securities    **     324,855

FNR 2003-40 NI

   Mortgage Backed Securities    **     11,445

FHR 2614 IH

   Mortgage Backed Securities    **     36,806

FHR 2631 IG

   Mortgage Backed Securities    **   $ 32,804

FHR 2631 PC

   Mortgage Backed Securities    **     677,565

FNR 2003-92 NM

   Mortgage Backed Securities    **     125,451

FHR 2686 JG

   Mortgage Backed Securities    **     469,910

FHR 2780 LC

   Mortgage Backed Securities    **     259,119

FHR 2882 YB

   Mortgage Backed Securities    **     206,545

FHR 2890 PB

   Mortgage Backed Securities    **     664,075

FNMA 15YR

   Mortgage Backed Securities    **     78,209

FNMA 15YR

   Mortgage Backed Securities    **     82,223

FNMA 15YR

   Mortgage Backed Securities    **     435,164

FNMA 15YR

   Mortgage Backed Securities    **     343,097

FNMA 15YR

   Mortgage Backed Securities    **     109,832

FNMA 30 YR

   Mortgage Backed Securities    **     61,858

FNMA 30 YR

   Mortgage Backed Securities    **     292,966

FNMA 30 YR

   Mortgage Backed Securities    **     587,585

FNMA 30 YR

   Mortgage Backed Securities    **     160,574

FNMA 15YR

   Mortgage Backed Securities    **     80,082

FNMA 30 YR

   Mortgage Backed Securities    **     166,232

FNMA 30 YR

   Mortgage Backed Securities    **     73,283

FNMA 30 YR

   Mortgage Backed Securities    **     51,549

FNMA 30 YR

   Mortgage Backed Securities    **     26,607

FNMA 15YR

   Mortgage Backed Securities    **     63,841

FNMA 15YR

   Mortgage Backed Securities    **     63,025

FNMA 15YR

   Mortgage Backed Securities    **     549,752

FNMA 30 YR

   Mortgage Backed Securities    **     38,187

FNMA 30 YR

   Mortgage Backed Securities    **     185,679

FNMA 15YR

   Mortgage Backed Securities    **     41,507

FNMA 30 YR

   Mortgage Backed Securities    **     153,099

FNMA 30 YR

   Mortgage Backed Securities    **     153,110

FNMA 30 YR

   Mortgage Backed Securities    **     205,379

FNMA 30 YR

   Mortgage Backed Securities    **     793,796

GECMC 2001 1 A2

   Mortgage Backed Securities    **     260,691

GMACC 2001-C2 A2

   Mortgage Backed Securities    **     252,084

GNMA 30 YR

   Mortgage Backed Securities    **     308,837

GNMA 30 YR

   Mortgage Backed Securities    **     87,640

GOVT NATL MTG ASSN II

   Mortgage Backed Securities    **     20,411

GOVT NATL MTG ASSN II

   Mortgage Backed Securities    **     3,295

GOVT NATL MTG ASSN II

   Mortgage Backed Securities    **     923

GOVT NATL MTG ASSN II

   Mortgage Backed Securities    **     19,354

GNMA ll 30 YR

   Mortgage Backed Securities    **     252,172

GNMA ll 30 YR

   Mortgage Backed Securities    **     625,520

GNMA ll 30 YR

   Mortgage Backed Securities    **     418,638

GNMA 30 YR

   Mortgage Backed Securities    **     144,463

GOVT NATL MTG ASSN I

   Mortgage Backed Securities    **     306,280

 

37


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

 

Current

Value


GOVT NATL MTG ASSN I

   Mortgage Backed Securities    **   $ 16,978

GOVT NATL MTG ASSN I

   Mortgage Backed Securities    **     14,563

GOVT NATL MTG ASSN I

   Mortgage Backed Securities    **     22,772

GOVT NATL MTG ASSN

   Mortgage Backed Securities    **     12,221

GOVT NATL MTG ASSN GPM

   Mortgage Backed Securities    **     6,598

GNMA 30 YR

   Mortgage Backed Securities    **     34,156

GNMA 30 YR

   Mortgage Backed Securities    **     1,963

GNMA 30 YR

   Mortgage Backed Securities    **     20,718

GNMA 15 YR

   Mortgage Backed Securities    **     12,963

GNMA 15 YR

   Mortgage Backed Securities    **     156,244

GNMA 15 YR

   Mortgage Backed Securities    **     37,213

GSMS 2004-GG2 A2

   Mortgage Backed Securities    **     202,898

GNMA 30 YR

   Mortgage Backed Securities    **     60,447

GNR 2004-23 B

   Mortgage Backed Securities    **     116,888

GNR 2004-44 PC

   Mortgage Backed Securities    **     904,070

GNR 2004-97 B

   Mortgage Backed Securities    **     298,083

GNR 2004-77 B

   Mortgage Backed Securities    **     225,285

GCCFC 2004-GG1 A7

   Mortgage Backed Securities    **     468,347

JPMCC 2001-CIBC A3

   Mortgage Backed Securities    **     495,854

MSDWC 2002 TOP7 A1

   Mortgage Backed Securities    **     193,455

SBHEL 2000-1 A6

   Mortgage Backed Securities    **     251,607

WAMU 2004-AR1 A

   Mortgage Backed Securities    **     99,161
             

                36,415,506

FREDDIE MAC

   US Government & Agencies    **     1,112,326

FREDDIE MAC

   US Government & Agencies    **     1,917,995

FREDDIE MAC

   US Government & Agencies    **     686,372

FED NATL MTG ASSOC BENCHMARK BONDS

   US Government & Agencies    **     61,899

FANNIE MAE

   US Government & Agencies    **     365,001

TVA

   US Government & Agencies    **     684,947

U S TREASURY BONDS

   US Government & Agencies    **     435,036

U S TREASURY BONDS

   US Government & Agencies    **     2,222,291

U S TREASURY BONDS

   US Government & Agencies    **     292,701

U S TREASURY BONDS

   US Government & Agencies    **     993,840

US TREASURY NOTES

   US Government & Agencies    **     605,523

TREASURY NT

   US Government & Agencies    **     466,785

US TREASURY

   US Government & Agencies    **     1,305,716

US TREASURY

   US Government & Agencies    **     1,767,237

TREASURY INFL INDX

   US Government & Agencies    **     918,999

U S TREASURY NT/BD

   US Government & Agencies    **     3,086,186

U S TREASURY NT/BD

   US Government & Agencies    **     3,027,532

US TREASURY NT

   US Government & Agencies    **     440,195

US TREASURY NT/BD

   US Government & Agencies    **     245,422

US TREASURY NT/BD

   US Government & Agencies    **     111,260

US TREASURY NT/BD

   US Government & Agencies    **   $ 3,208,115

US TREASURY NT/BD

   US Government & Agencies    **     31,437

US TREASURY NT/BD

   US Government & Agencies    **     592,318
             

                24,579,133

 

38


Table of Contents

Identity of Issue, Borrower,

Lessor, or Similar Party


  

Description of Investment

Including Maturity Date,

Rate of Interest,

Collateral, Par, or

Maturity Value


   Cost

 

Current

Value


ABN AMRO BK SUB NT

   Corporate Bond    **     108,036

AIG SUNAMERICA GLOB FINANCING XII 144A

   Corporate Bond    **     234,939

AOL TIME WARNER

   Corporate Bond    **     244,169

AT&T BROADBAND CORP

   Corporate Bond    **     320,979

ABBOTT LABORATORIES

   Corporate Bond    **     260,441

ACE INA HOLDINGS INC

   Corporate Bond    **     247,107

ALABAMA POWER CO

   Corporate Bond    **     235,541

ALCAN INC

   Corporate Bond    **     259,715

ALLSTATE FINANCIAL GLOBAL FUNDING 144A

   Corporate Bond    **     248,890

AMERICA MOVIL SA DE CV

   Corporate Bond    **     55,073

AMGEN INC 144A

   Corporate Bond    **     54,986

B B & T CORP

   Corporate Bond    **     223,024

BHP FINANCE USA LTD

   Corporate Bond    **     255,551

BAKER HUGHES INC

   Corporate Bond    **     138,607

BANK ONE CORP

   Corporate Bond    **     274,097

BELO CORPORATION

   Corporate Bond    **     159,332

BOEING CO DEB

   Corporate Bond    **     75,991

BUCKEYE PARTNERS

   Corporate Bond    **     51,553

BUCKEYE PARTNERS

   Corporate Bond    **     128,310

BUNGE LTD FINANCE CORP

   Corporate Bond    **     227,222

CIT GROUP HOLDINGS

   Corporate Bond    **     234,417

CIT GROUP INC

   Corporate Bond    **     49,889

CVS CORP

   Corporate Bond    **     246,923

CANADIAN NATL RAILWAYS

   Corporate Bond    ** &n