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American Express
American Express Company is primarily engaged in the business
of providing travel-related services, financial advisory services and
international banking services throughout the world. It has three operating
segments: Travel Related Services (TRS), American Express Financial Advisors
(AEFA) and American Express Bank (AEB). TRS' products and services include,
among others, charge cards, cardmember lending products, travelers' checks,
and corporate and consumer travel services. AEFA's services and products
include financial planning and advice, investment advisory services and a
variety of products, including insurance and annuities, investment
certificates and mutual funds. AEB's products and services include providing
private, financial institution and corporate banking; personal financial
services, and global trading. In December 2004, the Company sold its
American Express Business Finance Corporation to Key Equipment Finance.
[back to Holdings]
American International
American International Group, Inc. (AIG) is a holding company that,
through its subsidiaries, is engaged in a range of insurance and
insurance-related activities in the United States and abroad. AIG's 2003
operations were conducted principally through four operating segments.
AIG's General Insurance operations include large United States
underwriters of commercial and industrial insurance, an extensive
international property-casualty network, a personal lines business with
an emphasis on auto insurance and high-net-worth clients and mortgage
guaranty insurance operations. AIG's Life Insurance operations are
geographically diversified, with operations in over 70 countries. The
Financial Services Group consists of businesses that complement AIG's
core insurance operations, and Retirement Services and Asset Management
issues annuities and manages third-party institutional, retail and
private fund assets, in addition to AIG's insurance invested assets.
[back to Holdings]
Bank of America Corporation
Bank of America Corporation is a bank holding company and a financial
holding company that provides a diversified range of banking and non-banking
financial services and products. The Company operates in four segments:
consumer and commercial banking, asset management, global corporate and
investment banking and equity investments. Operations are conducted primarily
throughout the mid-Atlantic (Maryland, Virginia and the District of Columbia),
the midwest (Illinois, Iowa, Kansas and Missouri), the southeast (Florida,
Georgia, North Carolina, South Carolina and Tennessee), the southwest
(Arizona, Arkansas, New Mexico, Oklahoma and Texas), the northwest (Oregon
and Washington) and the west (California, Idaho and Nevada) regions of
the United States and in selected international markets.
[back to Holdings]
Citigroup Inc.
Citigroup Inc. is a diversified global financial services
holding company whose businesses provide a broad range of financial
services to consumer and corporate customers with some 200 million
customer accounts in over 100 countries and territories. The Company's
activities are conducted through the Global Consumer, Global Corporate
and Investment Bank (GCIB), Private Client Services, Global Investment
Management (GIM) and Proprietary Investment Activities business
segments. In August 2002, Citigroup completed the spin-off of Travelers
Property. In November 2002, the Company acquired Golden State Bancorp,
the parent of California Federal Bank, which had 352 branches in
California and Nevada.
[back to Holdings]
Fifth Third Bancorp
Fifth Third Bancorp (FITB) is a bank holding company that
conducts its principal activities through its banking and non-banking
subsidiaries from 952 banking centers located throughout Ohio, Indiana,
Kentucky, Michigan, Illinois, Florida, West Virginia and Tennessee.
Principal activities include commercial and retail banking, investment
advisory services and electronic payment processing. Fifth Third
Financial Corporation, had six wholly owned direct subsidiaries: Fifth
Third Bank; Fifth Third Bank (Michigan); Fifth Third Community
Development Corporation; Fifth Third Investment Company; Old Kent
Capital Trust I, and Fifth Third Reinsurance Company, Ltd. In December
2003, FITB completed the merger of its Fifth Third Bank, Kentucky, Inc.,
Fifth Third Bank, Northern Kentucky, Inc., Fifth Third Bank, Indiana and
Fifth Third Bank Florida subsidiary banks with and into Fifth Third Bank
(Michigan). In January 2005, the Company acquired First National
Bankshares of Florida, Inc.
[back to Holdings]
Goldman Sachs
The Goldman Sachs Group, Inc. (Goldman Sachs) is a global
investment banking, securities and investment management firm that
provides a range of services worldwide to a substantial and diversified
client base that includes corporations, financial institutions,
governments and high-net-worth individuals. As of November 28, 2003, it
operated offices in over 20 countries. The Company's activities are
divided into three segments: Investment Banking, through which Goldman
Sachs provides a range of investment banking services to a diverse group
of corporations, financial institutions, governments and individuals;
Trading and Principal Investments, through which the Company facilitates
customer transactions with a diverse group of corporations, financial
institutions, governments and individuals, and Asset Management and
Securities Services, through which Goldman Sachs provides investment
advisory and financial planning services to a diverse client base of
institutions and individuals.
[back to Holdings]
J.P. Morgan Chase & Co.
J.P. Morgan Chase & Co. (JPMorgan Chase) is a financial holding company
incorporated in 1968. As of December 31, 2002, JPMorgan Chase had $759
billion in assets and $42 billion in stockholders' equity. On December
31, 2000, J.P. Morgan & Co. Incorporated merged with and into The
Chase Manhattan Corporation. Upon completion of the merger, Chase changed
its name to J.P. Morgan Chase & Co. The Company's activities are internally
organized into five major business segments: Investment Bank, Treasury
& Securities Services, Investment Management & Private Banking,
JPMorgan Partners and Chase Financial Services.
[back to Holdings]
Lehman Brothers
Lehman Brothers Holdings Inc. is a global investment bank,
serving institutional, corporate, government and high-net-worth
individual clients and customers. Its business includes capital raising
for clients through securities underwriting and direct placements,
corporate finance and strategic advisory services, securities sales and
trading, research, the trading of foreign exchange and derivative
products and certain commodities, asset management for high-net-worth
and institutional clients and private equity investments. The Company
acts as a market maker in all major equity and fixed-income products in
both the United States and international markets. Lehman Brothers is a
member of all principal securities and commodities exchanges in the
United States, as well as NASD, Inc., and holds memberships or associate
memberships on several principal international securities and
commodities exchanges, including the London, Tokyo, Hong Kong,
Frankfurt, Paris and Milan stock exchanges
[back to Holdings]
Merrill Lynch & Co, Inc.
Merrill Lynch & Co., Inc. is a holding company that, through
its subsidiaries and affiliates, provides broker-dealer, investment
banking, financing, wealth management, advisory, asset management,
insurance, lending and related products and services on a global basis.
Merrill Lynch provides these products and services to an array of
clients, including individual investors, small businesses, corporations,
financial institutions, governments and government agencies. The
Company's business activities are grouped into three business segments,
Global Markets and Investment Banking group (GMI), Global Private Client
(GPC), and Merrill Lynch Investment Managers (MLIM), and are conducted
through numerous United States and non-United States subsidiaries and
affiliates. In November 2004, the Company acquired the energy trading
businesses of Entergy-Koch, LP, a venture of Entergy Corporation and
Koch Energy, Inc., a subsidiary of privately owned Koch Industries, Inc.
[back to Holdings]
Morgan Stanley
Morgan Stanley is a global financial services firm that
operates in four business segments: Institutional Securities, Individual
Investor Group, Investment Management and Credit Services. The
Institutional Securities business provides worldwide financial advisory
and capital-raising services to a diverse group of corporate and other
institutional clients. The Individual Investor Group provides financial
planning and investment advisory services designed to accommodate
individual investment goals and risk profiles. The Investment Management
business provides global asset management products and services for
individual and institutional investors. The private equity activities
also are included within the Investment Management business segment. The
Credit Services business offers Discover-branded cards and other
consumer finance products and services and includes the operation of
Discover Business Services, a network of merchant and cash access
locations primarily in the United States.
[back to Holdings]
SunTrust Banks
SunTrust Banks, Inc. is a financial holding company that
through its flagship subsidiary, SunTrust Bank, offers deposit, credit
and trust and investment services. Other subsidiaries provide mortgage
banking, insurance, asset management, brokerage and capital market
services. Its base includes a range of individuals and families,
high-net-worth clients, businesses and institutions. Its 1,201 retail
and specialized service branches and 2,225 automated teller machines
(ATMs) are located primarily in Florida, Georgia, Maryland, Tennessee,
Virginia and the District of Columbia. It offers customers with a range
of technology-based banking channels, including Internet, personal
computer (PC) and telephone banking. It has six business segments:
Retail, Commercial, Corporate and Investment Banking, Private Client
Services, Mortgage and Other.
[back to Holdings]
U.S. Bancorp
U.S. Bancorp is a multi-state financial services holding
company. Through U.S. Bank and other subsidiaries, the Company provides
Consumer Banking, Payment Services, Private Client, Trust and Asset
Management and Wholesale Banking. It serves 11.6 million customers,
primarily through 2,243 full-service branch offices in 24 states.
Customers also access their accounts and conduct all or part of their
banking transactions through 4,425 U.S. Bank automated teller machines
(ATMs), U.S. Bank Internet Banking and telephone banking. In addition, a
network of specialized U.S. Bancorp offices and representatives across
the United States serves customers inside and outside the Company's
24-state footprint through product sets that meet the financial needs of
customers beyond basic core banking.
[back to Holdings]
Wachovia
Wachovia Corporation is registered as a financial holding
company and a bank holding company. The Company provides commercial and
retail banking and trust services through banking offices in
Connecticut, Delaware, Florida, Georgia, Maryland, New Jersey, New York,
North Carolina, Pennsylvania, South Carolina, Virginia and Washington,
D.C. Wachovia also provides various other financial services, including
mortgage banking, investment banking, investment advisory, home equity
lending, asset-based lending, leasing, insurance, international and
securities brokerage services, through other subsidiaries. The Company's
retail securities brokerage business is conducted through Wachovia
Securities, LLC, and operates in 49 states. The Company organizes its
businesses into four segments: Capital Management, the General Bank,
Wealth Management, and the Corporate and Investment Bank.
[back to Holdings]
Washington Mutual
Washington Mutual, Inc. is a financial services company that
serves consumers and small to mid-sized businesses. The Company operates
in two business segments: the Consumer Group and the Commercial Group.
Washington Mutual owns two federal savings associations and one
Washington state-chartered savings bank, as well as numerous non-bank
subsidiaries. The Federal Deposit Insurance Corporation (FDIC) insures
the deposits of each of the Company's banking subsidiaries to the
applicable maximum in each institution. The Company completed the sale
of Washington Mutual Finance Corporation, its consumer finance
subsidiary, which was formerly part of the Commercial Group, on January
9, 2004.
[back to Holdings]
Wells Fargo & Company
Wells Fargo & Company is a diversified financial services
company engaged in banking and a variety of related financial services
businesses. Retail, commercial and corporate banking services are provided
through bank subsidiaries located in Alaska, Arizona, California, Colorado,
Idaho, Illinois, Indiana, Iowa, Michigan, Minnesota, Montana, Nebraska,
Nevada, New Mexico, North Dakota, Ohio, Oregon, South Dakota, Texas, Utah,
Washington, Wisconsin and Wyoming. Other financial services are provided
by subsidiaries engaged in various businesses, principally wholesale banking,
mortgage banking, consumer finance, equipment leasing, agricultural finance,
commercial finance, securities brokerage and investment banking, insurance
agency services, computer and data processing services, trust services,
mortgage-backed securities servicing and venture capital investment. The
Company has three operating segments: Community Banking, Wholesale Banking
and Wells Fargo Financial.
[back to Holdings]
Shares held within the Portfolio are expected to range
between 4-8% in weight but may vary from time to time.
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