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Balanced Management Portfolio

Top Ten Holdings
as of August 30, 2002

1 US Treasury Note 7.875% 11/15/2004
2 US Treasury Note 5.875% 11/15/2005
3 BUD Anheuser-Busch Companies
4 MHP McGraw-Hill Companies
5 FNM Fannie Mae (Federal National Mortgage Assoc)
6 WM Washington Mutual
7 MRK Merck & Co Inc
8 WFC Wells Fargo & Co
9 MMC Marsh & Mclennan Cos
10 AVY Avery Dennison Corp


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The opinions expressed are those of Berkeley Capital Management and based upon sources deemed reliable. BCM shall not be held liable for inaccurate information obtained from these sources from which BCM could normally, reasonably depend on as accurate. Past performance does not guarantee future results.

FOR BROKER-DEALER USE ONLY. NOT FOR USE WITH CLIENTS. A complete list and description of all the firm's composites and individual securities' transactions and returns for the past twelve months are available upon request.
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