3/18/2004	1122.32
2003 Buyback Companies: Performance Relative to S&P 500
		( performance through Mar 18 2003, assumes buy on day after announcement )
Ticker		NAME	Announce. Date	Day.After	Ann Price	Current.Price	SPX	STOCK %CHG	SP500 %CHG	DIFF
CC	CC un Equity	CIRCUIT CITY	1/7/2003	1/8/2003	7.51	11.11	909.93	47.9%	23.3%	24.6%
PGR	PGR un Equity	PROGRESSIVE CORP	1/7/2003	1/8/2003	50.99	87.41	909.93	71.4%	23.3%	48.1%
BSC	BSC un Equity	BEAR STEARNS COS	1/8/2003	1/9/2003	64.70	87.74	927.57	35.6%	21.0%	14.6%
APC	APC un Equity	ANADARKO	1/10/2003	1/13/2003	45.94	53.00	926.26	15.4%	21.2%	-5.8%
BNI	BNI un Equity	BURLINGTON/SANTA FE	1/16/2003	1/17/2003	26.67	30.94	901.78	16.0%	24.5%	-8.4%
BAC	BAC un Equity	BANK OF AMERICA	1/22/2003	1/23/2003	71.60	80.08	887.34	11.8%	26.5%	-14.6%
SWY	SWY un Equity	SAFEWAY INC	1/23/2003	1/24/2003	23.65	20.66	861.40	-12.6%	30.3%	-42.9%
KRI	KRI un Equity	KNIGHT-RIDDER	1/28/2003	1/29/2003	67.60	74.68	864.36	10.5%	29.8%	-19.4%
BDX	BDX un Equity	BECTON DICKINSON	1/28/2003	1/29/2003	33.45	47.65	864.36	42.5%	29.8%	12.6%
NFB	NFB un Equity	NORTH FORK BANCORP	1/28/2003	1/29/2003	32.27	41.25	864.36	27.8%	29.8%	-2.0%
CAH	CAH un Equity	CARDINAL HEALTH	1/28/2003	1/29/2003	57.75	65.59	864.36	13.6%	29.8%	-16.3%
AZO	AZO un Equity	AUTOZONE INC	1/29/2003	1/30/2003	64.36	84.45	844.61	31.2%	32.9%	-1.7%
MHP	MHP un Equity	MCGRAW-HILL COS	1/29/2003	1/30/2003	58.43	77.15	844.61	32.0%	32.9%	-0.8%
BF/B	BF/B un Equity	BROWN-FORMAN -B	2/3/2003	2/4/2003	34.90	47.10	848.20	35.0%	32.3%	2.7%
SLE	SLE un Equity	SARA LEE CORP	2/3/2003	2/4/2003	20.81	21.96	848.20	5.5%	32.3%	-26.8%
LTD	LTD un Equity	LIMITED BRANDS	2/3/2003	2/4/2003	12.55	19.15	848.20	52.6%	32.3%	20.3%
ALL	ALL un Equity	ALLSTATE CORP	2/4/2003	2/5/2003	34.39	44.79	843.59	30.2%	33.0%	-2.8%
ZMH	ZMH un Equity	ZIMMER HLDGS	2/4/2003	2/5/2003	41.40	76.50	843.59	84.8%	33.0%	51.7%
GD	GD un Equity	GENERAL DYNAMICS	2/5/2003	2/6/2003	65.67	88.06	838.15	34.1%	33.9%	0.2%
MAR	MAR un Equity	MARRIOTT INTL-A	2/6/2003	2/7/2003	29.35	42.10	829.69	43.4%	35.3%	8.2%
QCOM	QCOM un Equity	QUALCOMM INC	2/11/2003	2/12/2003	36.56	64.83	818.68	77.3%	37.1%	40.2%
SFA	SFA un Equity	SCIENTIFIC ATLAN	2/12/2003	2/13/2003	12.53	31.43	817.37	150.8%	37.3%	113.5%
COL	COL un Equity	ROCKWELL COLLINS	2/14/2003	2/18/2003	20.68	30.24	851.17	46.2%	31.9%	14.4%
KMB	KMB un Equity	KIMBERLY-CLARK	2/18/2003	2/19/2003	45.40	61.77	845.13	36.1%	32.8%	3.3%
TXN	TXN un Equity	TEXAS INSTRUMENT	2/20/2003	2/21/2003	15.89	29.29	848.17	84.3%	32.3%	52.0%
NCC	NCC un Equity	NATL CITY CORP	2/24/2003	2/25/2003	27.42	36.33	838.57	32.5%	33.8%	-1.3%
CVG	CVG un Equity	CONVERGYS CORP	2/25/2003	2/26/2003	11.76	15.85	827.55	34.8%	35.6%	-0.8%
MO	MO un Equity	ALTRIA GROUP INC	2/26/2003	2/27/2003	38.70	55.04	837.28	42.2%	34.0%	8.2%
TMO	TMO un Equity	THERMO ELECTRON	2/28/2003	3/3/2003	17.65	27.55	834.81	56.1%	34.4%	21.7%
IGT	IGT un Equity	INTL GAME TECH	3/3/2003	3/4/2003	19.33	41.81	821.99	116.3%	36.5%	79.8%
DG	DG un Equity	DOLLAR GENERAL	3/14/2003	3/17/2003	12.48	19.19	862.79	53.8%	30.1%	23.7%
SCH	SCH un Equity	SCHWAB (CHARLES)	3/17/2003	3/18/2003	7.73	11.44	866.45	48.0%	29.5%	18.5%
WLP	WLP un Equity	WELLPOINT HEALTH	3/18/2003	3/19/2003	70.96	113.16	874.02	59.5%	28.4%	31.1%
CSCO	CSCO un Equity	CISCO SYSTEMS	3/19/2003	3/20/2003	14.04	23.17	875.67	65.0%	28.2%	36.9%
INTU	INTU un Equity	INTUIT INC	3/24/2003	3/25/2003	38.89	41.70	874.74	7.2%	28.3%	-21.1%
WOR	WOR un Equity	WORTHINGTON INDS	3/24/2003	3/25/2003	12.13	18.08	874.74	49.1%	28.3%	20.7%
BUD	BUD un Equity	ANHEUSER BUSCH	3/26/2003	3/27/2003	46.98	51.57	868.52	9.8%	29.2%	-19.5%
FITB	FITB un Equity	FIFTH THIRD BANCORP	3/27/2003	3/28/2003	51.46	56.50	863.50	9.8%	30.0%	-20.2%
SBUX	SBUX un Equity	STARBUCKS CORP	3/31/2003	4/1/2003	25.33	37.06	858.48	46.3%	30.7%	15.6%
EOP	EOP un Equity	EQUITY OFFICE PROPERTIES	3/31/2003	4/1/2003	25.93	29.29	858.48	13.0%	30.7%	-17.8%
RX	RX un Equity	IMS HEALTH INC	4/15/2003	4/16/2003	14.64	22.99	879.91	57.0%	27.5%	29.5%
FTN	FTN un Equity	FIRST TENN NATL	4/15/2003	4/16/2003	41.04	46.44	879.91	13.2%	27.5%	-14.4%
FD	FD un Equity	FEDERATED DEPT	4/16/2003	4/17/2003	29.94	50.46	893.58	68.5%	25.6%	42.9%
NTRS	NTRS un Equity	NORTHERN TRUST	4/16/2003	4/17/2003	33.72	47.36	893.58	40.5%	25.6%	14.9%
ASO	ASO un Equity	AMSOUTH BANCORP	4/17/2003	4/21/2003	20.42	24.38	892.01	19.4%	25.8%	-6.4%
PGR	PGR un Equity	PROGRESSIVE CORP	4/18/2003	4/21/2003	65.55	87.41	892.01	33.3%	25.8%	7.5%
CVG	CVG un Equity	CONVERGYS CORP	4/22/2003	4/23/2003	15.81	15.85	919.02	0.3%	22.1%	-21.9%
FII	FII un Equity	FEDERATED INV-B	4/23/2003	4/24/2003	26.95	32.62	911.43	21.0%	23.1%	-2.1%
ROK	ROK un Equity	ROCKWELL AUTOMAT	4/25/2003	4/28/2003	22.36	32.00	914.84	43.1%	22.7%	20.4%
ZION	ZION un Equity	ZIONS BANCORP	4/25/2003	4/28/2003	48.88	58.09	914.84	18.8%	22.7%	-3.8%
HCA	HCA un Equity	HCA INC	4/29/2003	4/30/2003	32.10	41.96	916.92	30.7%	22.4%	8.3%
JP	JP un Equity	JEFFERSON-PILOT	5/5/2003	5/6/2003	40.97	54.15	934.39	32.2%	20.1%	12.1%
WAT	WAT un Equity	WATERS CORP	5/7/2003	5/8/2003	24.49	39.20	920.27	60.1%	22.0%	38.1%
CPWR	CPWR un Equity	COMPUWARE CORP	5/7/2003	5/8/2003	4.81	7.40	920.27	53.8%	22.0%	31.9%
MTG	MTG un Equity	MGIC INVT CORP	5/8/2003	5/9/2003	46.68	63.45	933.41	35.9%	20.2%	15.7%
DGX	DGX un Equity	QUEST DIAGNOSTIC	5/13/2003	5/14/2003	60.84	82.97	939.28	36.4%	19.5%	16.9%
NTAP	NTAP un Equity	NETWORK APPLIANC	5/13/2003	5/14/2003	15.49	20.46	939.28	32.1%	19.5%	12.6%
AN	AN un Equity	AUTONATION INC	5/14/2003	5/15/2003	13.96	16.58	946.67	18.8%	18.6%	0.2%
CTXS	CTXS un Equity	CITRIX SYSTEMS	5/15/2003	5/16/2003	20.51	20.75	944.30	1.2%	18.9%	-17.7%
PFG	PFG un Equity	PRINCIPAL FINL	5/19/2003	5/20/2003	30.20	35.58	919.73	17.8%	22.0%	-4.2%
FDC	FDC un Equity	FIRST DATA CORP	5/21/2003	5/22/2003	39.80	42.11	931.87	5.8%	20.4%	-14.6%
PBG	PBG un Equity	PEPSI BOTTLING	5/28/2003	5/29/2003	20.35	29.00	949.64	42.5%	18.2%	24.3%
HD	HD un Equity	HOME DEPOT INC	5/30/2003	6/2/2003	32.64	36.99	967.00	13.3%	16.1%	-2.7%
AV	AV un Equity	AVAYA INC	6/9/2003	6/10/2003	7.10	15.75	984.84	121.8%	14.0%	107.9%
HNZ	HNZ un Equity	HJ HEINZ CO	6/10/2003	6/11/2003	34.40	37.69	997.48	9.6%	12.5%	-3.0%
AZO	AZO un Equity	AUTOZONE INC	6/11/2003	6/12/2003	81.69	84.45	998.51	3.4%	12.4%	-9.0%
NFB	NFB un Equity	NORTH FORK BANCP	6/24/2003	6/25/2003	33.79	41.25	975.32	22.1%	15.1%	7.0%
BMET	BMET un Equity	BIOMET INC	7/2/2003	7/3/2003	28.18	39.13	985.70	38.9%	13.9%	25.0%
MEDI	MEDI un Equity	MEDIMMUNE INC	7/9/2003	7/10/2003	38.99	23.55	988.70	-39.6%	13.5%	-53.1%
KBH	KBH un Equity	KB HOME	7/10/2003	7/11/2003	63.71	78.45	998.14	23.1%	12.4%	10.7%
FDX	FDX un Equity	FEDEX CORP	7/14/2003	7/15/2003	64.32	71.98	1000.42	11.9%	12.2%	-0.3%
WM	WM un Equity	WASH MUTUAL INC	7/15/2003	7/16/2003	41.57	43.85	994.09	5.5%	12.9%	-7.4%
CLX	CLX un Equity	CLOROX CO	7/16/2003	7/17/2003	44.46	48.82	981.73	9.8%	14.3%	-4.5%
ONE	ONE un Equity	BANK ONE CORP	7/16/2003	7/17/2003	39.57	54.80	981.73	38.5%	14.3%	24.2%
S	S un Equity	SEARS ROEBUCK	7/17/2003	7/18/2003	38.60	44.48	993.32	15.2%	13.0%	2.2%
RF	RF un Equity	REGIONS FINL	7/17/2003	7/18/2003	36.13	36.60	993.32	1.3%	13.0%	-11.7%
MAT	MAT un Equity	MATTEL INC	7/21/2003	7/22/2003	20.11	18.40	988.11	-8.5%	13.6%	-22.1%
STJ	STJ un Equity	ST JUDE MEDICAL	7/23/2003	7/24/2003	51.75	72.30	981.60	39.7%	14.3%	25.4%
VRTS	VRTS un Equity	VERITAS SOFTWARE	7/23/2003	7/24/2003	30.20	0.00	981.60	-100.0%	14.3%	-114.3%
MOLX	MOLX un Equity	MOLEX INC	7/28/2003	7/29/2003	27.85	30.40	989.28	9.2%	13.4%	-4.3%
JNY	JNY un Equity	JONES APPAREL	7/29/2003	7/30/2003	28.98	36.37	987.49	25.5%	13.7%	11.8%
CE	CE un Equity	CONCORD EFS	7/29/2003	7/30/2003	13.75	14.92	987.49	8.5%	13.7%	-5.1%
NSM	NSM un Equity	NATL SEMICONDUCT	7/30/2003	7/31/2003	22.35	41.61	990.31	86.2%	13.3%	72.8%
UNH	UNH un Equity	UNITEDHEALTH GRP	7/30/2003	7/31/2003	52.09	64.08	990.31	23.0%	13.3%	9.7%
MON	MON un Equity	MONSANTO CO	7/31/2003	8/1/2003	22.15	34.68	980.15	56.6%	14.5%	42.1%
CAH	CAH un Equity	CARDINAL HEALTH	8/1/2003	8/4/2003	57.20	65.59	982.82	14.7%	14.2%	0.5%
ANDW	ANDW un Equity	ANDREW CORP	8/4/2003	8/5/2003	9.97	17.27	965.46	73.2%	16.2%	57.0%
BEN	BEN un Equity	FRANKLIN RES INC	8/5/2003	8/6/2003	43.25	56.83	967.08	31.4%	16.1%	15.3%
DLX	DLX un Equity	DELUXE CORP	8/6/2003	8/7/2003	43.07	39.56	974.12	-8.1%	15.2%	-23.4%
UPS	UPS un Equity	UNITED PARCEL SERVICE-CL B	8/14/2003	8/15/2003	63.98	69.74	990.67	9.0%	13.3%	-4.3%
INTU	INTU un Equity	INTUIT INC	8/19/2003	8/20/2003	46.21	41.70	1000.30	-9.8%	12.2%	-22.0%
NOC	NOC un Equity	NORTHROP GRUMMAN CORP	8/20/2003	8/21/2003	97.11	96.85	1003.27	-0.3%	11.9%	-12.1%
HD	HD un Equity	HOME DEPOT INC	8/21/2003	8/22/2003	32.80	36.99	993.06	12.8%	13.0%	-0.2%
GDT	GDT un Equity	GUIDANT CORP	8/26/2003	8/27/2003	50.50	63.41	996.79	25.6%	12.6%	13.0%
BBT	BBT un Equity	BB&T CORPORATION	8/27/2003	8/28/2003	36.20	36.39	1002.84	0.5%	11.9%	-11.4%
ABI	ABI un Equity	APPLIED BIOSYSTEMS GROUP-APP	8/28/2003	8/29/2003	21.76	20.62	1008.01	-5.2%	11.3%	-16.6%
TAP/B	TAP/B un Equity	TRAVELERS PROP CASUALT-B	9/2/2003	9/3/2003	15.81	17.30	1026.27	9.4%	9.4%	0.1%
CD	CD un Equity	CENDANT CORP	9/2/2003	9/3/2003	18.21	23.39	1026.27	28.4%	9.4%	19.1%
PSFT	PSFT un Equity	PEOPLESOFT INC	9/4/2003	9/5/2003	19.30	18.65	1021.39	-3.4%	9.9%	-13.2%
SYY	SYY un Equity	SYSCO CORP	9/12/2003	9/15/2003	32.60	39.60	1014.81	21.5%	10.6%	10.9%
G	G un Equity	GILLETTE COMPANY	9/16/2003	9/17/2003	32.88	38.68	1025.97	17.6%	9.4%	8.2%
PGR	PGR un Equity	PROGRESSIVE CORP	9/17/2003	9/18/2003	72.89	87.41	1039.58	19.9%	8.0%	12.0%
HPQ	HPQ un Equity	HEWLETT-PACKARD CO	9/19/2003	9/22/2003	20.30	22.07	1022.82	8.7%	9.7%	-1.0%
CSCO	CSCO un Equity	CISCO SYSTEMS INC	9/23/2003	9/24/2003	20.32	23.17	1009.38	14.0%	11.2%	2.8%
MKC	MKC un Equity	MCCORMICK & CO-NON VTG SHRS	9/24/2003	9/25/2003	27.40	31.45	1003.27	14.8%	11.9%	2.9%
PLL	PLL un Equity	PALL CORP	10/20/2003	########	23.33	23.15	1046.03	-0.8%	7.3%	-8.1%
DGX	DGX un Equity	QUEST DIAGNOSTICS	10/21/2003	########	63.99	82.97	1030.36	29.7%	8.9%	20.7%
SHW	SHW un Equity	SHERWIN-WILLIAMS CO/THE	10/24/2003	########	32.27	34.48	1031.13	6.8%	8.8%	-2.0%
KMI	KMI un Equity	KINDER MORGAN INC	10/27/2003	########	53.50	64.29	1046.79	20.2%	7.2%	13.0%
IBM	IBM un Equity	INTL BUSINESS MACHINES CORP	10/28/2003	########	89.34	92.85	1048.11	3.9%	7.1%	-3.2%
ODP	ODP un Equity	OFFICE DEPOT INC	10/29/2003	########	14.90	17.86	1046.94	19.9%	7.2%	12.7%
MCK	MCK un Equity	MCKESSON CORP	10/30/2003	########	30.27	28.27	1050.71	-6.6%	6.8%	-13.4%
HON	HON un Equity	HONEYWELL INTERNATIONAL INC	11/4/2003	11/5/2003	30.40	32.73	1051.81	7.7%	6.7%	1.0%
KSS	KSS un Equity	KOHLS CORP	11/6/2003	11/7/2003	51.91	50.03	1053.21	-3.6%	6.6%	-10.2%
MMM	MMM un Equity	3M CO	11/10/2003	########	78.50	79.88	1046.57	1.8%	7.2%	-5.5%
SIAL	SIAL un Equity	SIGMA-ALDRICH	11/11/2003	########	52.62	55.56	1058.53	5.6%	6.0%	-0.4%
KMI	KMI un Equity	KINDER MORGAN INC	11/19/2003	########	53.95	64.29	1033.65	19.2%	8.6%	10.6%
TIF	TIF un Equity	TIFFANY & CO	11/20/2003	########	42.43	38.30	1035.28	-9.7%	8.4%	-18.1%
MAT	MAT un Equity	MATTEL INC	11/21/2003	########	19.76	18.40	1052.08	-6.9%	6.7%	-13.6%
YUM	YUM un Equity	YUM! BRANDS INC	11/21/2003	########	33.65	37.28	1052.08	10.8%	6.7%	4.1%
X	X un Equity	UNITED STATES STEEL CORP	11/25/2003	########	24.60	34.34	1058.45	39.6%	6.0%	33.6%
CMA	CMA un Equity	COMERICA INC	12/1/2003	12/2/2003	54.00	54.35	1066.62	0.6%	5.2%	-4.6%
CAG	CAG un Equity	CONAGRA FOODS INC	12/4/2003	12/5/2003	25.38	26.49	1061.50	4.4%	5.7%	-1.4%
AET	AET un Equity	AETNA INC	12/5/2003	12/8/2003	64.05	87.57	1069.30	36.7%	5.0%	31.8%
PTV	PTV un Equity	PACTIV CORPORATION	12/5/2003	12/8/2003	22.49	21.73	1069.30	-3.4%	5.0%	-8.3%
LOW	LOW un Equity	LOWE'S COS INC	12/8/2003	12/9/2003	55.88	54.84	1060.18	-1.9%	5.9%	-7.7%
MAS	MAS un Equity	MASCO CORP	12/10/2003	########	27.92	29.88	1071.21	7.0%	4.8%	2.2%
HD	HD un Equity	HOME DEPOT INC	12/11/2003	########	34.65	36.99	1074.14	6.8%	4.5%	2.3%
NEM	NEM un Equity	NEWMONT MINING CORP	12/11/2003	########	47.00	44.31	1074.14	-5.7%	4.5%	-10.2%
ABS	ABS un Equity	ALBERTSON'S INC	12/12/2003	########	20.01	22.64	1068.04	13.1%	5.1%	8.1%
SBC	SBC un Equity	SBC COMMUNICATIONS INC	12/12/2003	########	24.87	24.70	1068.04	-0.7%	5.1%	-5.8%
AMGN	AMGN un Equity	AMGEN INC	12/15/2003	########	60.38	61.18	1075.13	1.3%	4.4%	-3.1%
PFE	PFE un Equity	PFIZER INC	12/15/2003	########	34.60	34.70	1075.13	0.3%	4.4%	-4.1%
UPC	UPC un Equity	UNION PLANTERS CORP	12/15/2003	########	30.60	29.81	1075.13	-2.6%	4.4%	-7.0%
USB	USB un Equity	US BANCORP	12/16/2003	########	27.96	28.12	1076.48	0.6%	4.3%	-3.7%
									Average	5.77%
									Std Dev	26.2%
									N	135
									std err	2.26%
									tstat	2.56