UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 1999
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Standish, Ayer & Wood
Address: One Financial Center
Suite 26
Boston, MA 02111-2662
13F File Number: 28-10
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Beverly Banfield
Title: Compliance Officer
Phone: 617-350-6100
Signature, Place, and Date of Signing:
Beverly Banfield Boston, MA March 31, 1999
- ---------------- ------------- --------------
[Signature] [City, State] [Date]
Report Type (Check only one.):
[ X] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager:
Standish International Management Company, L.P.
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934.
<PAGE>
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 1
Form 13F Information Table Entry Total: 446
Form 13F Information Table Value Total: $3,892,876
List of Other Included Managers:
No. 13F File Number Name
- --- --------------- ----
01 N/A Standish International Management Company, L.P.
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<TABLE>
<CAPTION>
Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
- ------------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of CUSIP VALUE Shares or SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
Class X(1000) Prn Amt PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ACE LIMITED COMMON G0070K103 8924 286150 SH SOLE 286150
TOMMY HILFIGER CORP COMMON G8915Z102 33593 487750 SH SOLE 487750
SBS BROADCASTING SA COMMON L8137F102 18838 586400 SH SOLE 586400
CORE LABS INC COMMON N22717107 3113 177300 SH SOLE 177300
STEINER LEISURE LTD COMMON P8744Y102 6006 195325 SH SOLE 195325
A T & T CORP COMMON 001957109 17317 216978 SH SOLE 216978
ATMI INC COMMON 00207R101 12538 626900 SH SOLE 626900
ABACUS DIRECT CORP COMMON 002553105 15703 191500 SH SOLE 191500
ABBOTT LABS COMMON 002824100 8745 186832 SH SOLE 186832
ABOVENET COMMUNICATIONS COMMON 003743101 16280 124400 SH SOLE 124400
ACCESS WORLDWIDE COMM INC COMMON 004319109 2667 344200 SH SOLE 344200
ACTEL CORP COMMON 004934105 175 10700 SH SOLE 10700
AIR PRODUCTS & CHEM COMMON 009158106 7517 219500 SH SOLE 219500
ALASKA AIR GROUP INC COMMON 011659109 8260 173900 SH SOLE 173900
ALBERTSON'S INC COMMON 013104104 3413 62702 SH SOLE 62702
ALCOA INC COMMON 013817101 411 10000 SH SOLE 10000
ALKERMES INC COMMON 01642T108 3252 119350 SH SOLE 119350
ALLIED SIGNAL INC COMMON 019512102 6433 130800 SH SOLE 130800
ALLSTATE CORP COMMON 020002101 18339 494816 SH SOLE 494816
AMBAC FINANCIAL GROUP INC COMMON 023139108 10324 191200 SH SOLE 191200
AMER GEN CORP COMMON 026351106 2923 41466 SH SOLE 41466
AMERICAN GREETINGS CORP CL A COMMON 026375105 6133 241700 SH SOLE 241700
AMERICAN HOME PRODUCTS COMMON 026609107 2520 38627 SH SOLE 38627
AMERICAN INTERNATIONAL GROUP COMMON 026874107 1356 11246 SH SOLE 11246
AMERICAN POWER CONVERSION CORP COMMON 029066107 22791 844125 SH SOLE 844125
AMERICREDIT CORP COMMON 03060R101 12536 955200 SH SOLE 955200
AMERISOURCE HEALTH CORP CL A COMMON 03071P102 18625 544800 SH SOLE 544800
AMERITECH CORP COMMON 030954101 9693 168210 SH SOLE 168210
AMGEN INC COMMON 031162100 63024 841736 SH SOLE 841736
AMSOUTH BANCORPORATION COMMON 032165102 16903 371500 SH SOLE 371500
ANHEUSER BUSCH COS INC COMMON 035229103 7818 102700 SH SOLE 102700
APARTMENT INV & MGMT CO A COMMON 03748R101 2686 74100 SH SOLE 74100
APPLE COMPUTER INC COMMON 037833100 12948 360300 SH SOLE 360300
APPLIED MICRO CIRCUITS CORP COMMON 03822W109 12042 281700 SH SOLE 281700
ASHLAND OIL INC COMMON 044204105 6369 155600 SH SOLE 155600
ATLANTIC COAST AIRLINES INC COMMON 048396105 8333 296300 SH SOLE 296300
ATLANTIC RICHFIELD CO COMMON 048825103 1036 14174 SH SOLE 14174
AUTOMOBILE PROTECTION CORP COMMON 052905106 734 91800 SH SOLE 91800
AVERY-DENNISON CORP COMMON 053611109 1866 32460 SH SOLE 32460
AVIATION SALES COMPANY COMMON 053672101 7805 175400 SH SOLE 175400
BJ'S WHOLESALE CLUB INC COMMON 05548J106 5705 216860 SH SOLE 216860
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
- ------------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of CUSIP VALUE Shares or SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
Class X(1000) Prn Amt PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
B P AMOCO PLC COMMON 055622104 53201 527066 SH SOLE 527066
BMC SOFTWARE INC COMMON 055921100 15175 409450 SH SOLE 409450
BALL CORP COMMON 058498106 3722 79300 SH SOLE 79300
BALLARD MEDICAL PRODUCTS COMMON 058566100 416 17100 SH SOLE 17100
BANK ONE CORP COMMON 06423A103 2242 40720 SH SOLE 40720
BANK UNITED 10.12 PFD A NC'98 PFD ST 065414203 5849 222850 SH SOLE 222850
BANKAMERICA CORP COMMON 06605F102 6971 98715 SH SOLE 98715
BANKBOSTON CORP COMMON 06605R106 3750 86590 SH SOLE 86590
BEA SYSTEMS INC COMMON 073325102 2062 132000 SH SOLE 132000
BECTON DICKINSON COMMON 075887109 4869 127100 SH SOLE 127100
BEDFORD PROPERTY INVESTORS COMMON 076446301 1542 105500 SH SOLE 105500
BELL ATLANTIC CORP COMMON 077853109 24117 466610 SH SOLE 466610
BELLSOUTH CORP COMMON 079860102 26998 673908 SH SOLE 673908
BERGEN BRUNSWICK CL A COMMON 083739102 14126 706300 SH SOLE 706300
BEST SOFTWARE INC COMMON 086579109 2023 149900 SH SOLE 149900
BOSTON EDISON 8% SF PFD 12/01/01 PFD ST 100599885 1898 17500 SH SOLE 17500
BRIGHT HORIZONS FAMILY SOLUTIONS COMMON 109195107 2544 116300 SH SOLE 116300
BRIGHTPOINT INC COMMON 109473108 5417 917200 SH SOLE 917200
BRINKER INTL INC COMMON 109641100 10554 408900 SH SOLE 408900
BRISTOL-MYERS SQUIBB INC COMMON 110122108 25158 391196 SH SOLE 391196
BROOKDALE LIVING COMMUNITIES COMMON 112462106 6327 366800 SH SOLE 366800
CBL & ASSOCIATES PROPERTIES COMMON 124830100 2445 105200 SH SOLE 105200
CCBT BANCORP INC COMMON 12487S105 329 20416 SH SOLE 20416
CIGNA CORP COMMON 125509109 3419 40800 SH SOLE 40800
C NET INC COMMON 125945105 11810 128200 SH SOLE 128200
CABOT CORP COMMON 127055101 18989 893642 SH SOLE 893642
CABOT OIL & GAS CORP CL A COMMON 127097103 2063 142953 SH SOLE 142953
CADENCE DESIGN SYS INC COMMON 127387108 4542 176400 SH SOLE 176400
CAL DIVE INTL INC COMMON 127914109 6579 315200 SH SOLE 315200
CALIFORNIA FED 9.125 PFD NC'02 PFD ST 130214208 52861 1994786 SH SOLE 1994786
CARLISLE COS INC COMMON 142339100 3239 69300 SH SOLE 69300
CARNIVAL CORP COMMON 143658102 35285 726600 SH SOLE 726600
CAROLINA PWR & LGT CORP COMMON 144141108 1009 26700 SH SOLE 26700
CENTEX CORP COMMON 152312104 15239 456600 SH SOLE 456600
CENTRAL PARKING CORP COMMON 154785109 3140 91025 SH SOLE 91025
CENTURY TELEPHONE ENTERPRISE COMMON 156686107 29388 418343 SH SOLE 418343
CERIDIAN CORP COMMON 15677T106 4244 116100 SH SOLE 116100
CHARLES RIVER ASSOCIATES INC COMMON 159852102 5500 228000 SH SOLE 228000
CHASE MNHTN CORP COMMON 16161A108 7610 93600 SH SOLE 93600
CHEVRON CORP COMMON 166751107 7353 83155 SH SOLE 83155
CHIREX INC COMMON 170038103 10194 416100 SH SOLE 416100
CINAR CORP COMMON 171905300 8850 384800 SH SOLE 384800
CITIGROUP INC COMMON 172967101 10445 163524 SH SOLE 163524
CITIGROUP 4.746 PFD NC'99/25 PFD ST 172967754 360 15000 SH SOLE 15000
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
- ------------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of CUSIP VALUE Shares or SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
Class X(1000) Prn Amt PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLAIRE'S STORES INC COMMON 179584107 4031 133825 SH SOLE 133825
CLAYTON HOMES INC COMMON 184190106 7645 691137 SH SOLE 691137
CLOROX CORP COMMON 189054109 3621 30900 SH SOLE 30900
CLOSURE MEDICAL CORP COMMON 189093107 8401 221100 SH SOLE 221100
COACH USA INC COMMON 18975L106 4017 146100 SH SOLE 146100
COASTAL CORP COMMON 190441105 13025 394700 SH SOLE 394700
COLUMBUS & SOUTHERN PWR SF PFD PFD ST 199575820 1540 14500 SH SOLE 14500
COMAIR HOLDINGS INC COMMON 199789108 7743 327750 SH SOLE 327750
COMERICA INC COMMON 200340107 7926 126950 SH SOLE 126950
COMPAQ COMPUTER CORP COMMON 204493100 6202 195745 SH SOLE 195745
COMPUTER ASSOCIATES INTERNATIONAL COMMON 204912109 9069 255042 SH SOLE 255042
CONAGRA INC COMMON 205887102 327 12800 SH SOLE 12800
CONCENTRIC NETWORK CRP COMMON 20589R107 13006 174000 SH SOLE 174000
CONSECO INC COMMON 208464107 42246 1368310 SH SOLE 1368310
CONSOL EDISON 6.125 SF PFD PFD ST 209111863 1374 13000 SH SOLE 13000
COOPER CAMERON CORP COMMON 216640102 2293 67700 SH SOLE 67700
COPART INC COMMON 217204106 319 15400 SH SOLE 15400
CORDANT TECHNOLOGIES INC COMMON 218412104 13627 342300 SH SOLE 342300
CORPORATE EXECUTIVE BOARD COMPANY COMMON 21988R102 5499 208500 SH SOLE 208500
COSTCO INC COMMON 22160Q102 9050 98850 SH SOLE 98850
COULTER PHARMACEUTICAL INC COMMON 222116105 6261 287900 SH SOLE 287900
COUNTRYWIDE CREDIT IND INC COMMON 222372104 7428 198100 SH SOLE 198100
CRANE CO COMMON 224399105 16858 696999 SH SOLE 696999
CREDIT LYON 9.5 PFD 144A NC'03 PFD ST 225386101 21371 863500 SH SOLE 863500
CREE RESEARCH INC COMMON 225447101 7341 156400 SH SOLE 156400
CULLEN/FROST BANKERS INC COMMON 229899109 10416 217300 SH SOLE 217300
CYTYC CORPORATION COMMON 232946103 6171 444800 SH SOLE 444800
DSP COMMUNICATIONS INC COMMON 23332K106 7215 454500 SH SOLE 454500
DTE ENERGY CO COMMON 233331107 6884 179100 SH SOLE 179100
DALLAS SEMICONDUCTOR CORP COMMON 235204104 571 14800 SH SOLE 14800
DATASTREAM SYSTEMS INC COMMON 238124101 282 32700 SH SOLE 32700
DEERE & CO COMMON 244199105 2170 56200 SH SOLE 56200
DELPHI FINANCIAL GROUP-CL A COMMON 247131105 14557 429752 SH SOLE 429752
DENTSPLY INTERNATIONAL INC COMMON 249030107 2813 121000 SH SOLE 121000
DEVELOPERS DIVERSIFIED REALTY CORP COMMON 251591103 1912 133600 SH SOLE 133600
DEVRY INC COMMON 251893103 4880 168300 SH SOLE 168300
DEXTER CORP COMMON 252165105 1310 41600 SH SOLE 41600
DIAMOND TECH PARTNERS INC COMMON 252762109 4771 206900 SH SOLE 206900
DIEBOLD INC COMMON 253651103 11674 486450 SH SOLE 486450
DIGITAL RIVER INC COMMON 25388B104 9104 227600 SH SOLE 227600
DIRECT RESPONSE CORP COMMON 253887913 177 17732 SH SOLE 17732
DIME BANCORP INC COMMON 25429Q102 4931 212700 SH SOLE 212700
DOUBLECLICK INC COMMON 258609304 4052 22260 SH SOLE 22260
DOW CHEMICAL COMMON 260543103 1006 10800 SH SOLE 10800
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
- ------------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of CUSIP VALUE Shares or SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
Class X(1000) Prn Amt PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
DRIL-QUIP COPR COMMON 262037104 983 44600 SH SOLE 44600
DU PONT EI DE NEMOURS & CO COMMON 263534109 3524 60704 SH SOLE 60704
DUKE POWER CO COMMON 264399106 1799 32828 SH SOLE 32828
DUKE POWER 6.2 SF PFD NC'00/25 PFD ST 264399718 1247 48000 SH SOLE 48000
EAGLE USA AIRFREIGHT INC COMMON 270018104 18671 574500 SH SOLE 574500
EARTHGRAINS COMPANY COMMON 270319106 9178 413700 SH SOLE 413700
EARTHWEB INC COMMON 27032C108 1743 31800 SH SOLE 31800
EDUCATION MANAGEMENT CORP COMMON 28139T101 7459 242600 SH SOLE 242600
EL PASO NATURAL GAS COMMON 283905107 15782 482820 SH SOLE 482820
EMERSON ELECTRIC CO COMMON 291011104 2791 52740 SH SOLE 52740
EMISPHERE TECHNOLOGIES INC COMMON 291345106 3944 438300 SH SOLE 438300
EMMIS COMMUNICATIONS CORP COMMON 291525103 5330 106600 SH SOLE 106600
ENHANCE FINANCIAL SVCS GROUP COMMON 293310108 7514 330300 SH SOLE 330300
ENTERCOM COMMUNICATIONS CORP COMMON 293639100 537 15200 SH SOLE 15200
ENTERGY LA INC 8% SF PFD NC'99 PFD ST 29364M878 2062 20000 SH SOLE 20000
ENTRUST TECHNOLOGIES COMMON 293848107 3300 97800 SH SOLE 97800
EQUITY OFFICE PROPERTIES TRUST COMMON 294741103 14123 555227 SH SOLE 555227
EQUITY OFFICE PROP TR CVT 144A NTS PFD ST 294741301 1740 43500 SH SOLE 43500
EQUITY OFFICE PROP CVTS PFD ST 294741509 88209 2251000 SH SOLE 2251000
EQUITY RESIDENTIAL PROPS TR COMMON 29476L107 650 15780 SH SOLE 15780
EQUITY RESIDENTL PFD 9.65 PFD ST 29476L875 2889 115000 SH SOLE 115000
EXCELSIOR-HENDERSON MOTORCYCLE CO COMMON 300906104 6043 779800 SH SOLE 779800
EXIDE CORP SR SUB CVT 144A C'98 CV BON 302051AF4 22506 41678000 PRN SOLE 41678000
EXODUS COMMUNICATIONS INC COMMON 302088109 2999 22300 SH SOLE 22300
EXXON CORP COMMON 302290101 27297 386861 SH SOLE 386861
FPIC INSURANCE GROUP COMMON 302563101 12516 301600 SH SOLE 301600
FPL GROUP INC COMMON 302571104 12553 235750 SH SOLE 235750
FYI INC COMMON 302712104 11142 348200 SH SOLE 348200
FEDERAL NATIONAL MORTGAGE ASSN COMMON 313586109 21482 310216 SH SOLE 310216
FIRST CONSULTING GROUP COMMON 31986R103 8885 798700 SH SOLE 798700
FIRST INDUSTRIAL REALTY TR COMMON 32054K103 2111 88200 SH SOLE 88200
FIRST SIERRA FINANCIAL INC COMMON 335944104 1009 112200 SH SOLE 112200
FIRST TENNESSEE NATIONAL CORP COMMON 337162101 17074 466200 SH SOLE 466200
FIRST UNION CORP COMMON 337358105 1250 23397 SH SOLE 23397
FIRSTFED FINANCIAL CORP COMMON 337907109 194 12100 SH SOLE 12100
FLEET FINL GROUP COMMON 338915101 5931 157656 SH SOLE 157656
FLOWERS INDUSTRIES INC COMMON 343496105 15434 626800 SH SOLE 626800
FLOYD OIL CO EQUITY V COMMON 3437079A5 507 507430 SH SOLE 507430
FLOYD OIL CO EQUITY IV COMMON 343707980 581 581353 SH SOLE 581353
FLUSHING FINANCIAL CORP COMMON 343873105 171 12000 SH SOLE 12000
FORT JAMES CORP COMMON 347471104 4670 147400 SH SOLE 147400
FORWARD AIR CORP COMMON 349853101 1825 139100 SH SOLE 139100
GTE CORP COMMON 362320103 687 11356 SH SOLE 11356
GANNETT INC COMMON 364730101 2879 45700 SH SOLE 45700
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
- ------------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of CUSIP VALUE Shares or SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
Class X(1000) Prn Amt PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GENERAL ELECTRIC CO COMMON 369604103 38699 349823 SH SOLE 349823
GENERAL GROWTH PROPERTIES COMMON 370021107 3731 115025 SH SOLE 115025
GENERAL MOTORS COMMON 370442105 10288 118264 SH SOLE 118264
GETTY IMAGES INC COMMON 374276103 5520 262900 SH SOLE 262900
GILLETTE CO COMMON 375766102 1143 19244 SH SOLE 19244
GLOBAL CROSSING PIK PFD 144A PFD ST 37931K200 14326 124575 SH SOLE 124575
GLOBAL CROSSING PIK PFD NC'03 PFD ST 37931K309 45933 399425 SH SOLE 399425
GOLDEN WEST FINANCIAL COMMON 381317106 18899 197900 SH SOLE 197900
GOODRICH, B F CO COMMON 382388106 3746 109200 SH SOLE 109200
GRAY COMMUNICATIONS SYSTEM CL B COMMON 389190208 4714 352500 SH SOLE 352500
GTECH HOLDINGS CORP COMMON 400518106 3158 129575 SH SOLE 129575
HCR MANOR CARE COMMON 404134108 14495 635400 SH SOLE 635400
HARLEY DAVIDSON COMMON 412822108 860 15000 SH SOLE 15000
HEALTH CARE REIT INC COMMON 42217K106 1092 50800 SH SOLE 50800
HEALTHEON CORP COMMON 422209106 467 11000 SH SOLE 11000
HEFTEL BROADCASTING CORP A COMMON 422799106 2333 53800 SH SOLE 53800
HEICO CORP COMMON 422806109 1944 81000 SH SOLE 81000
HEINZ H J CORP COMMON 423074103 21133 446100 SH SOLE 446100
HELLER FINANCE 8.125 PFD NC'00 PFD ST 423328707 359 13500 SH SOLE 13500
HEWLETT-PACKARD CO COMMON 428236103 11374 167729 SH SOLE 167729
HIBBETT SPORTING GOODS INC COMMON 428565105 6690 320500 SH SOLE 320500
HIBERNIA CORP CL A COMMON 428656102 11028 840300 SH SOLE 840300
HIGHWOODS PROPERTIES 8.625 PFD PFD ST 431284207 12746 14450 SH SOLE 14450
HILLENBRAND INDUSTRIES COMMON 431573104 905 19600 SH SOLE 19600
HON INDUSTRIES COMMON 438092108 535 24400 SH SOLE 24400
IBP INC COMMON 449223106 8496 456200 SH SOLE 456200
ILEX ONCOLOGY INC COMMON 451923106 2018 198100 SH SOLE 198100
ILLINOIS TOOL WKS INC COMMON 452308109 1190 19240 SH SOLE 19240
IMPATH INC COMMON 45255G101 5397 220300 SH SOLE 220300
INDIGO AVIATION AB SPON ADR COMMON 45567P104 1394 192400 SH SOLE 192400
INFOSEEK CORP COMMON 45678M107 2419 32700 SH SOLE 32700
INFOSPACE.COM INC COMMON 45678T102 14019 158300 SH SOLE 158300
INGERSOLL RAND CO COMMON 456866102 35695 719300 SH SOLE 719300
INHALE THERAPEUTIC SYSTEMS COMMON 457191104 6954 256400 SH SOLE 256400
INSPIRE INSURANCE SOLUTIONS COMMON 457732105 777 40900 SH SOLE 40900
INSTANT INFORMATION INC COMMON 4577619A4 39 19968 SH SOLE 19968
INSTRON CORP COMMON 457776102 1061 66871 SH SOLE 66871
INTEGRATED HLTH SVCS CVT NC'98 CV BON 45812CAE6 19935 33225000 PRN SOLE 33225000
INTEL CORP COMMON 458140100 10045 84326 SH SOLE 84326
INTERIM SERVICES INC COMMON 45868P100 14485 965700 SH SOLE 965700
INTERNATIONAL BUSINESS MACHINES COMMON 459200101 9909 55908 SH SOLE 55908
INTL GAME TECHNOLOGY COMMON 459902102 2013 138250 SH SOLE 138250
INTERSTATE BAKERIES COMMON 46072H108 836 38800 SH SOLE 38800
INTERVU INC COMMON 46114R106 7033 158500 SH SOLE 158500
</TABLE>
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<TABLE>
<CAPTION>
Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
- ------------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of CUSIP VALUE Shares or SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
Class X(1000) Prn Amt PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INTERVOICE INC COMMON 461142101 167 15200 SH SOLE 15200
JP REALTY INC COMMON 46624A106 2169 110200 SH SOLE 110200
JACOBS ENGR GROUP COMMON 469814107 2736 69400 SH SOLE 69400
JOHNSON & JOHNSON COMMON 478160104 24154 258338 SH SOLE 258338
JOHNSON CONTROLS COMMON 478366107 756 12122 SH SOLE 12122
JONES APPAREL GROUP INC COMMON 480074103 33242 1189900 SH SOLE 1189900
KAUFMAN & BROAD HOME CORP COMMON 486168107 12237 542400 SH SOLE 542400
KAYDON CORP COMMON 486587108 4208 145450 SH SOLE 145450
KELLSTROM INDS INC COMMON 488035106 6211 391300 SH SOLE 391300
KNIGHT-RIDDER INC COMMON 499040103 25720 514400 SH SOLE 514400
KROGER CO COMMON 501044101 33788 564325 SH SOLE 564325
KROLL O'GARA COMPANY COMMON 501050108 10000 368700 SH SOLE 368700
LABOR READY INC COMMON 505401208 310 11900 SH SOLE 11900
LAFARGE CORPORATION COMMON 505862102 4410 157500 SH SOLE 157500
LANCASTER COLONY CORP COMMON 513847103 1287 48375 SH SOLE 48375
LANDMARK SYSTEMS CORP COMMON 51506S100 3963 437400 SH SOLE 437400
LEAR CORPORATION COMMON 521865105 657 15400 SH SOLE 15400
LECROY CROP COMMON 52324W109 4840 312300 SH SOLE 312300
LEGGETT & PLATT INC COMMON 524660107 6904 345200 SH SOLE 345200
LEUKOSITE INC COMMON 52728R102 3068 371900 SH SOLE 371900
LEUCADIA NATL CORP COMMON 527288104 686 22679 SH SOLE 22679
LEVEL ONE COMMUNICATIONS INC COMMON 527295109 3832 78825 SH SOLE 78825
LIBERTY PROPERTY TRUST COMMON 531172104 7593 365958 SH SOLE 365958
LIGAND PHARMACEUTICALS CL B COMMON 53220K207 3724 454900 SH SOLE 454900
LILLY ELI & CO B COMMON 532457108 13619 160470 SH SOLE 160470
LUCENT TECHNOLOGIES COMMON 549463107 1453 13459 SH SOLE 13459
MBNA CORP COMMON 55262L100 861 36089 SH SOLE 36089
MACERICH COMPANY COMMON 554382101 1987 87600 SH SOLE 87600
CALI REALTY CORP COMMON 554489104 2187 74475 SH SOLE 74475
MARKETWATCH.COM INC COMMON 570619106 2711 36700 SH SOLE 36700
MARSH & MCLENNAN COS INC COMMON 571748102 10715 144318 SH SOLE 144318
MAY DEPT STORES COMMON 577778103 13681 349700 SH SOLE 349700
MAXIMUS INC COMMON 577933104 9005 309200 SH SOLE 309200
MEDIMMUNE INC COMMON 584699102 2829 47800 SH SOLE 47800
MEDQUIST INC COMMON 584949101 1092 36400 SH SOLE 36400
THE MEN'S WEARHOUSE INC COMMON 587118100 5073 175700 SH SOLE 175700
MENTOR GRAPHICS INC COMMON 587200106 174 12900 SH SOLE 12900
MERCANTILE BANKSHARES CORP COMMON 587405101 3267 88300 SH SOLE 88300
MERCK & CO COMMON 589331107 29060 362688 SH SOLE 362688
MERCURY INTERACTIVE CORP COMMON 589405109 6262 175800 SH SOLE 175800
META GROUP INC COMMON 591002100 2535 164900 SH SOLE 164900
METRO NETWORKS INC COMMON 591918107 16731 304200 SH SOLE 304200
METZLER GROUP INC COMMON 592903108 1196 38150 SH SOLE 38150
MICREL INC COMMON 594793101 8600 171800 SH SOLE 171800
</TABLE>
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<TABLE>
<CAPTION>
Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
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Name of Issuer Title of CUSIP VALUE Shares or SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
Class X(1000) Prn Amt PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MICROSOFT CORP COMMON 594918104 6865 76608 SH SOLE 76608
S&P 400 MID-CAP DEP RECEIPT COMMON 595635103 9121 132800 SH SOLE 132800
MIDWEST EXPRESS HOLDINGS COMMON 597911106 6004 204425 SH SOLE 204425
MILACRON INC COMMON 598709103 322 20445 SH SOLE 20445
MINN PWR & LGT SF PFD 7.125 4/1/02 PFD ST 6041109A6 1072 10000 SH SOLE 10000
MOBIL CORPORATION COMMON 607059102 17535 199264 SH SOLE 199264
MOHAWK INDUSTRIES INC COMMON 608190104 2676 89200 SH SOLE 89200
J P MORGAN & CO COMMON 616880100 2373 19241 SH SOLE 19241
MORGAN STANLEY EMERGING MKTS FUND COMMON 61744G107 4936 516300 SH SOLE 516300
MORGAN ST DEAN WITTER DISCOVER COMMON 617446448 18159 181710 SH SOLE 181710
MYLAN LABORATORIES COMMON 628530107 16915 616500 SH SOLE 616500
NCO GROUP INC COMMON 628858102 4680 126500 SH SOLE 126500
NASDAQ-100 SHARES COMMON 631100104 9786 93200 SH SOLE 93200
NATIONAL COMPUTER SYSTEMS INC COMMON 635519101 1913 78100 SH SOLE 78100
NATIONAL INSTRUMENTS INC COMMON 636518102 364 12800 SH SOLE 12800
NAVISTAR INT'L CORP COMMON 63934E108 34484 858100 SH SOLE 858100
NEON SYSTEMS COMMON 640509105 550 10000 SH SOLE 10000
NET.B@NK INC COMMON 640933107 7119 104700 SH SOLE 104700
NETWORKS ASSOCIATES INC COMMON 640938106 11537 375975 SH SOLE 375975
NEVADA POWER CO COMMON 641423108 247 10000 SH SOLE 10000
NEW ERA OF NETWORKS INC COMMON 644312100 3807 56200 SH SOLE 56200
NEWPARK RESOURCES COMMON 651718504 552 76200 SH SOLE 76200
NIAGARA MOHAWK PFD 7.85 9/30/01 PFD ST CK653522813 796 31539 SH SOLE 31539
NORTH FORK BANCORP COMMON 659424105 9620 455400 SH SOLE 455400
NOVOSTE CORPORATION COMMON 67010C100 8198 341600 SH SOLE 341600
OFFICE DEPOT INC COMMON 676220106 12983 352700 SH SOLE 352700
OLD REPUBLIC INTL CORP COMMON 680223104 3321 182025 SH SOLE 182025
OMNICARE INC COMMON 681904108 12874 675400 SH SOLE 675400
OMNICOM GROUP COMMON 681919106 48926 612060 SH SOLE 612060
ON ASSIGNMENT INC COMMON 682159108 5568 217300 SH SOLE 217300
ONE MAIN.COM CORP COMMON 68267P109 7677 211800 SH SOLE 211800
ORACLE CORPORATION COMMON 68389X105 27600 1046450 SH SOLE 1046450
ORTHODONTIC CENTERS OF AMERICA INC COMMON 68750P103 5520 350500 SH SOLE 350500
OWENS ILLINOIS INC COMMON 690768403 4007 160300 SH SOLE 160300
THE PMI GROUP INC COMMON 69344M101 17163 370100 SH SOLE 370100
PRI AUTOMATION INC COMMON 69357H106 3122 148700 SH SOLE 148700
PACCAR INC COMMON 693718108 7483 181700 SH SOLE 181700
PACIFIC GAS & ELEC 7.04 PFD NC'03 PFD ST CK694308685 406 14500 SH SOLE 14500
PACIFICORP 7.48% SF PFD PFD ST CK695114652 1856 16000 SH SOLE 16000
PAPA JOHNS INTL INC COMMON 698813102 635 14400 SH SOLE 14400
PAREXEL INTERNATIONAL CORP COMMON 699462107 8072 390200 SH SOLE 390200
PATTERSON DENTAL COMPANY COMMON 703412106 1089 25200 SH SOLE 25200
PAXSON COMMUNICATIONS CORP COMMON 704231109 5176 604600 SH SOLE 604600
PERIPHONICS CORPORATION COMMON 714005105 100 15900 SH SOLE 15900
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
- ------------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of CUSIP VALUE Shares or SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
Class X(1000) Prn Amt PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PERVASIVE SOFTWARE INC COMMON 715710109 9915 554700 SH SOLE 554700
PHARMACYCLICS INC COMMON 716933106 2065 125200 SH SOLE 125200
PFIZER, INC COMMON 717081103 9976 71905 SH SOLE 71905
PHARMACEUTICAL PRODUCT DEV COMMON 717124101 4101 122200 SH SOLE 122200
PHILIP MORRIS COS INC COMMON 718154107 15730 447059 SH SOLE 447059
PHOTRONICS INC COMMON 719405102 12167 653300 SH SOLE 653300
PIER 1 IMPORTS INC COMMON 720279108 6012 740033 SH SOLE 740033
PILGRIMS PRIDE CORP COMMON 721467108 207 12600 SH SOLE 12600
PING AN INSURANCE CO COMMON 7234289A8 10 10000 SH SOLE 10000
PINNACLE HOLDINGS INC COMMON 72346N101 5749 380100 SH SOLE 380100
POTASH CORP OF SASKATCHEWAN COMMON 73755L107 727 13600 SH SOLE 13600
POTOMAC ELECTRIC POWER COMMON 737679100 243 10500 SH SOLE 10500
POTOMAC ELECTRIC 3.4 SF PFD NC'02 PFD ST 737679811 3798 72000 SH SOLE 72000
PRAEGITZER INDUSTRIES INC COMMON 739422103 97 21600 SH SOLE 21600
PRAXAIR INC COMMON 74005P104 2431 67420 SH SOLE 67420
PRECISION CASTPARTS CORP COMMON 740189105 15343 381200 SH SOLE 381200
PRENTISS PROPERTIES TRUST COMMON 740706106 9354 502250 SH SOLE 502250
PREVIEW TRAVEL INC COMMON 74137R101 6201 326400 SH SOLE 326400
PRIMEDIA INC. 8.625% PFD PFD ST 74157K853 2960 31250 SH SOLE 31250
PROCTER & GAMBLE CO COMMON 742718109 5354 54669 SH SOLE 54669
PROTECTIVE LIFE CORP(PINE LANDS) COMMON 743674103 5404 142700 SH SOLE 142700
PROVIDENT COMPANIES INC COMMON 743862104 2004 58000 SH SOLE 58000
PULTE CORP COMMON 745867101 1677 80600 SH SOLE 80600
QLOGIC CORP COMMON 747277101 13740 204700 SH SOLE 204700
QUAKER OATS CO COMMON 747402105 10812 173700 SH SOLE 173700
RALCORP HOLDINGS COMMON 751028101 228 12000 SH SOLE 12000
RARE HOSPITALITY INTL INC COMMON 753820109 178 13000 SH SOLE 13000
RAYCHEM CORP COMMON 754603108 1267 56200 SH SOLE 56200
REALTY INFORMATION GROUP INC COMMON 75612B107 7663 262000 SH SOLE 262000
REGIONS FINANCIAL CORP (1ST ALAB) COMMON 758940100 4211 121640 SH SOLE 121640
RELIASTAR FINANCIAL CORP (NWNL) COMMON 75952U103 38724 908489 SH SOLE 908489
RESORT QUEST INTERNATIONAL COMMON 761183102 483 30200 SH SOLE 30200
REUTERS HOLDINGS PLC ADR B COMMON 76132M102 6580 75744 SH SOLE 75744
REXALL SUNDOWN INC COMMON 761648104 4774 248850 SH SOLE 248850
REYNOLDS & REYNOLDS COMMON 761695105 1605 84516 SH SOLE 84516
RICHFOOD HOLDINGS INC COMMON 763408101 5440 252325 SH SOLE 252325
ROBERT HALF INTL INC COMMON 770323103 14000 426675 SH SOLE 426675
ROHM & HAAS CO PFD $2.75 PFD ST 775371206 80327 1018351 SH SOLE 1018351
ROMAC INTERNATIONAL INC COMMON 775835101 102 12000 SH SOLE 12000
ROSS STORES INC COMMON 778296103 21851 498750 SH SOLE 498750
ROWECOM INC COMMON 77957X108 5160 118300 SH SOLE 118300
ROYAL DUTCH PETROL 5 GUILDERS COMMON 780257804 7347 141300 SH SOLE 141300
RYAN'S FAMILY STEAK HOUSES INC COMMON 783519101 1981 164300 SH SOLE 164300
SBC COMMUNICATIONS INC (SW BELL) COMMON 78387G103 767 16262 SH SOLE 16262
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
- ------------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of CUSIP VALUE Shares or SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
Class X(1000) Prn Amt PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SBS TECHNOLOGIES INC COMMON 78387P103 4098 227700 SH SOLE 227700
SCI SYSTEMS INC COMMON 783890106 7468 252100 SH SOLE 252100
SLM HOLDING CORP COMMON 78442A109 1319 31600 SH SOLE 31600
S&P 500 DEPOSITARY RECEIPT COMMON 78462F103 16329 127200 SH SOLE 127200
SAFEGUARD SCIENTIFICS COMMON 786449108 1871 27600 SH SOLE 27600
SAFESKIN CORP COMMON 786454108 284 38200 SH SOLE 38200
SAFEWAY STORES COMMON 786514208 26309 512740 SH SOLE 512740
SAGA COMMUNICATIONS INC CL A COMMON 786598102 2477 138600 SH SOLE 138600
ULLICO CLASS A STOCK COMMON 790000004 40 40000 SH SOLE 40000
SARA LEE CORP COMMON 803111103 14483 585200 SH SOLE 585200
HENRY SCHEIN INC COMMON 806407102 7072 280100 SH SOLE 280100
SCHERING PLOUGH CORP COMMON 806605101 43052 778348 SH SOLE 778348
SCHLUMBERGER, LTD COMMON 806857108 3773 62700 SH SOLE 62700
SCUDDER INTL FD INC COMMON 811165109 15435 308252 SH SOLE 308252
SEAGATE TECHNOLOGY INC COMMON 811804103 2577 87200 SH SOLE 87200
SEAGRAM CO LTD COMMON 811850106 1550 31000 SH SOLE 31000
SEACOR SMIT INC COMMON 811904101 4638 86200 SH SOLE 86200
SECURITY CAPITAL EUROPEAN REALTY COMMON 81413P303 3625 181250 SH SOLE 181250
SECURITY FIRST TECHNOLOGIES COMMON 814279105 7526 102400 SH SOLE 102400
SEMTECH CORP COMMON 816850101 7678 240900 SH SOLE 240900
SEPRACOR INC COMMON 817315104 2559 22800 SH SOLE 22800
SERVICE CORP INTERNATIONAL COMMON 817565104 371 26045 SH SOLE 26045
SHARED MEDICAL SYS CORP COMMON 819486101 4164 74775 SH SOLE 74775
SKYWEST INC COMMON 830879102 2581 89400 SH SOLE 89400
SOUTHDOWN INC COMMON 841297104 13335 248400 SH SOLE 248400
SOUTHERN CA ED 6.45 SF PFD PFD ST 842400780 1553 15500 SH SOLE 15500
STARWOOD HOTELS & RESORTS WORLDWIDE COMMON 85590A203 11179 391418 SH SOLE 391418
STEIN MART INC COMMON 858375108 4414 441400 SH SOLE 441400
STERIS CORP COMMON 859152100 13196 495650 SH SOLE 495650
STEWART ENTERPRISES INC CL A COMMON 860370105 20467 1274240 SH SOLE 1274240
STRAYER EDUCATION INC COMMON 863236105 5883 159000 SH SOLE 159000
SUIZA FOOD GROUP COMMON 865077101 8192 243200 SH SOLE 243200
SUMMIT DESIGN INC COMMON 86605U101 71 20700 SH SOLE 20700
SUMMIT PROPERTIES INC COMMON 866239106 1036 62100 SH SOLE 62100
SUN MICROSYSTEMS COMMON 866810104 82969 664090 SH SOLE 664090
SUNQUEST INFORMATION SYSTEMS COMMON 867654105 169 14400 SH SOLE 14400
SUPERIOR CONSULTANT HLDGS COMMON 868146101 1521 44600 SH SOLE 44600
SUPERIOR SERVICES INC COMMON 868316100 958 48400 SH SOLE 48400
SUPERVALU INC COMMON 868536103 10892 528100 SH SOLE 528100
SYBRON INTERNATIONAL CORP COMMON 87114F106 19800 792000 SH SOLE 792000
SYMBOL TECHNOLOGIES INC COMMON 871508107 11886 264150 SH SOLE 264150
SYNOPSYS INC COMMON 871607107 16764 311900 SH SOLE 311900
TIG HLDGS PFD 7.75 144A PP PFD ST 872469200 7140 70000 SH SOLE 70000
TJX COMPANIES COMM COMMON 872540109 35009 1029700 SH SOLE 1029700
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
- ------------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of CUSIP VALUE Shares or SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
Class X(1000) Prn Amt PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
TSI INTL SOFTWARE LTD COMMON 872879101 7151 146500 SH SOLE 146500
TELEBANC FINANCIAL CORP COMMON 87925R109 3963 49700 SH SOLE 49700
TENET HEALTHCARE CORP SUB CVT NTS CV BON 88033GAD2 62312 75075000 PRN SOLE 75075000
TERADYNE INC COMMON 880770102 665 12200 SH SOLE 12200
TEXACO INC COMMON 881694103 4691 82675 SH SOLE 82675
TEXTRON, INC COMMON 883203101 6254 80836 SH SOLE 80836
THEGLOBE.COM INC COMMON 88335R101 4446 85300 SH SOLE 85300
TIME WARNER INC COMMON 887315109 4915 69420 SH SOLE 69420
TRANSACTION SYSTEMS ARCHITECTURE COMMON 893416107 468 13000 SH SOLE 13000
TRANSKARYOTIC THERAPIES INC COMMON 893735100 3025 95300 SH SOLE 95300
TRIBUNE CO NEW COMMON 896047107 916 14000 SH SOLE 14000
TRINITY INDUSTRIES COMMON 896522109 11165 380100 SH SOLE 380100
TWEETER HOME ENTERTAINMENT COMMON 901167106 3508 108800 SH SOLE 108800
24/7 MEDIA INC COMMON 901314104 6247 122500 SH SOLE 122500
TYCO INTERNATIONAL LTD COMMON 902124106 850 11850 SH SOLE 11850
USA NETWORKS INC COMMON 902984103 537 15000 SH SOLE 15000
UNUM CORP COMMON 903192102 590 12406 SH SOLE 12406
UNISYS CORP COMMON 909214108 16404 592500 SH SOLE 592500
UNITED NATURAL FOODS INS COMMON 911163103 11346 485400 SH SOLE 485400
UNITED TECHNOLOGIES CORP COMMON 913017109 64904 479225 SH SOLE 479225
UNITRODE CORP COMMON 913283107 6258 441100 SH SOLE 441100
UNIVERSAL FOODS COMMON 913538104 15991 775354 SH SOLE 775354
USFREIGHTWAYS CORPORATION COMMON 916906100 18275 555900 SH SOLE 555900
USWEB CORP COMMON 917327108 5828 141300 SH SOLE 141300
V F CORP COMMON 918204108 13556 287300 SH SOLE 287300
VALLEY MEDIA INC COMMON 91972C106 3028 133100 SH SOLE 133100
VARLEN CORP COMMON 922248109 240 10925 SH SOLE 10925
VEECO INSTRUMENTS INC COMMON 922417100 3867 104700 SH SOLE 104700
VERISIGN INC COMMON 92343E102 3834 24900 SH SOLE 24900
VERTICAL NET INC COMMON 92532L107 9639 92800 SH SOLE 92800
VICAL INC COMMON 925602104 5029 490700 SH SOLE 490700
VIRGINIA ELE & PWR $5.58 SF PFD PFD ST 927804641 2525 25000 SH SOLE 25000
VIRGINIA ELE & PWR 6.35% SF PFD PFD ST 927804690 1512 14700 SH SOLE 14700
WALDEN RESIDENTIAL PROPERTIES COMMON 931210108 534 30300 SH SOLE 30300
WALGREEN CO COMMON 931422109 1503 53204 SH SOLE 53204
WARNACO GROUP CL A INC COMMON 934390105 5206 210900 SH SOLE 210900
WARNER LAMBERT CO COMMON 934488107 695 10500 SH SOLE 10500
WASTE CONNECTIONS INC COMMON 941053100 5190 217400 SH SOLE 217400
WATERS CORP COMMON 941848103 11693 111300 SH SOLE 111300
WATSON PHARMACEUTICAL INC COMMON 942683103 22975 520700 SH SOLE 520700
WEBSTER FINANCIAL WTBRY CT COMMON 947890109 8365 289700 SH SOLE 289700
WELLPOINT HEALTH NETWORKS COMMON 94973H108 5799 76500 SH SOLE 76500
WELLS FARGO & CO COMMON 949746101 5749 163976 SH SOLE 163976
WEST COAST BANCORP/OREGON COMMON 952145100 2287 122400 SH SOLE 122400
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
- ------------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of CUSIP VALUE Shares or SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
Class X(1000) Prn Amt PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
WESTERN MA ELE SF PFD A 7.6 P25 PFD ST 958587701 313 12588 SH SOLE 12588
WET SEAL INC CL A COMMON 961840105 7758 210400 SH SOLE 210400
WEYERHAEUSER CO COMMON 962166104 1173 21137 SH SOLE 21137
WHIRLPOOL FIN SF PFD 6.55 144A PFD ST 963328208 1005 10000 SH SOLE 10000
WILMAR INDUSTIRES INC COMMON 971426101 4211 284300 SH SOLE 284300
WINTRUST FINANCIAL CORP COMMON 97650W108 1176 67200 SH SOLE 67200
XEROX CORP COMMON 984121103 38808 727100 SH SOLE 727100
ZIFF-DAVIS INC COMMON 989511100 528 24600 SH SOLE 24600
HOUSTON CASH RESTATEMENT COMMON 999HOUST1 26864 26864996 SH SOLE 26864996
</TABLE>
