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Dividend Equity Portfolio

Top Ten Holdings
as of March 31, 2004

1 MHP Mcgraw-Hill Companies
2 C Citigroup Inc
3 BAC Bank of America Corp
4 BUD Anheuser-Busch Cos Inc
5 LNC Lincoln Natl Corp Ind
6 KMB Kimberly Clark Corp
7 AVY Avery Dennison Corp
8 MAY May Dept Stores Del
9 FNM Fannie Mae
10 XOM Exxon Mobil Corp

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Copyright 2001-2004 Berkeley Capital Management LLC.® All rights reserved.

Berkeley Capital Management LLC is registered with the SEC under the Investment Advisors Act of 1940. All information provided herein is general in nature. Nothing on this page constitutes an offer to sell securities, provide investment services of any description, nor constitutes investment or legal advice.



All information is provided for informational purposes only and should not be deemed as a recommendation to buy the securities mentioned. The above information represents the ten largest holdings, by principal amount (par), of the Dividend Equity strategy as of 3/31/04. Each quarter, Berkeley Capital Management uses this same objective, nonperformance based criteria to report the ten largest holdings in the Dividend Equity model.
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