<SUBMISSION>
<ACCESSION-NUMBER>0000007694-04-000003
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20031231
<FILING-DATE>20040102
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>NOONAN PATRICK F
<CIK>0001026057
<STATE-OF-INCORPORATION>KY
<FISCAL-YEAR-END>0930
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-02918
<FILM-NUMBER>04501451
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>CONSERVATION FUND
<STREET2>1800 NORTH KENT STREET SUITE 1120
<CITY>ARLINGTON
<STATE>VA
<ZIP>22209
<PHONE>6063293333
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1800 NORTH KENT STREET
<STREET2>SUITE 1120
<CITY>ARLINGTON
<STATE>VA
<ZIP>22209
</MAIL-ADDRESS>
</REPORTING-OWNER>
<ISSUER>
<COMPANY-DATA>
<CONFORMED-NAME>ASHLAND INC
<CIK>0000007694
<ASSIGNED-SIC>5160
<IRS-NUMBER>610122250
<STATE-OF-INCORPORATION>KY
<FISCAL-YEAR-END>0930
</COMPANY-DATA>
<BUSINESS-ADDRESS>
<STREET1>50 E. RIVERCENTER BOULEVARD
<CITY>COVINGTON
<STATE>KY
<ZIP>41012
<PHONE>6068153333
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>50 E. RIVERCENTER BOULEVARD
<CITY>COVINGTON
<STATE>KY
<ZIP>41012
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>ASHLAND OIL INC
<DATE-CHANGED>19920703
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>ASHLAND OIL & REFINING CO
<DATE-CHANGED>19700806
</FORMER-COMPANY>
</ISSUER>
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<TYPE>4
<SEQUENCE>1
<FILENAME>c0001026057d20040102f4f.xml
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