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: Pilgrim Investments, Inc.
Address: 40 North Central Ave, 12th Floor, Phoenix, AZ 85004-4424
Form 13F File Number: 28-7736
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: Robyn L. Ichilov
Title: Vice President
Phone: (602) 417-8143
Signature, Place, and Date of Signing:
/s/ Robyn L. Ichilov Phoenix, AZ May 13, 1999
- -------------------- ------------- ------------
[Signature] [City, State] [Date]
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this
report, and all holdings are reported by other
reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for
this reporting manager are reported in this
report and a portion are reported by other
reporting manager(s).)
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: 0
Form 13F Information Table Entry Total: 232
Form 13F Information Table Value Total: $1,305,500
(thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report. [If there are no entries in this
list, state "NONE" and omit the column headings and list entries.]
NONE
<PAGE>
<TABLE>
<CAPTION>
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
IN-
VEST-
MENT
DIS- OTHER
TITLE OF CUSIP MARKET SHARES OR SH PUT/ CRE- MANA- VOTING AUTHORITY
NAME OF ISSUER CLASS NUMBER VALUE PRN AMT PRN CALL TION GERS SOLE SHARED NONE
-------------- ----- ------ ----- ------- -------- ---- ---- ---- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
21st Century Holding Company Common 90136Q100 1,028,812.50 177,000 SH N/A SOLE PII 177,000 N/A N/A
Abbott Laboratories Common 002824100 10,350,243.75 221,100 SH N/A SOLE PII 221,100 N/A N/A
AFLAC, Inc. Common 001055102 12,248,437.50 225,000 SH N/A SOLE PII 225,000 N/A N/A
Alabama National Bancorp Common 010317105 4,033,875.00 173,500 SH N/A SOLE PII 173,500 N/A N/A
Albertson's Inc Common 013104104 5,539,875.00 102,000 SH N/A SOLE PII 102,000 N/A N/A
Alcoa, Inc. Common 013817101 547,793.75 13,300 SH N/A SOLE PII 13,300 N/A N/A
Alliance Cap. Mgmt. L P Unit LTD
Partn. 018548107 25,360,593.75 1,001,900 SH N/A SOLE PII 1,001,900 N/A N/A
AlliedSignal, Inc. Common 019512102 7,132,187.50 145,000 SH N/A SOLE PII 145,000 N/A N/A
Allmerica Financial Corp. Common 019754100 1,949,212.50 35,400 SH N/A SOLE PII 35,400 N/A N/A
Allstate Corp Common 020002101 515,168.75 13,900 SH N/A SOLE PII 13,900 N/A N/A
Alltel Common 020039103 4,990,000.00 80,000 SH N/A SOLE PII 80,000 N/A N/A
America Online, Inc. Common 02364J104 657,000.00 4,500 SH N/A SOLE PII 4,500 N/A N/A
American Express Common 025816109 552,250.00 4,700 SH N/A SOLE PII 4,700 N/A N/A
American General Corp. Common 026351106 4,582,500.00 65,000 SH N/A SOLE PII 65,000 N/A N/A
American International Group Common 026874107 5,699,531.25 47,250 SH N/A SOLE PII 47,250 N/A N/A
American Safety Insurance Group Ord. G02995101 3,574,375.00 430,000 SH N/A SOLE PII 430,000 N/A N/A
Anheuser Busch Company Common 035229103 510,456.25 6,700 SH N/A SOLE PII 6,700 N/A N/A
Applied Graphics Technologies,
Inc Common 037937109 7,163,700.00 955,160 SH N/A SOLE PII 955,160 N/A N/A
Arm Financial Group, Inc. CL A 001944107 17,193,062.50 1,151,000 SH N/A SOLE PII 1,151,000 N/A N/A
Associated Bancorp. Common 045487105 8,816,570.44 276,057 SH N/A SOLE PII 276,057 N/A N/A
Astoria Financial Corp. Common 046265104 12,250,000.00 245,000 SH N/A SOLE PII 245,000 N/A N/A
AT&T Corp Common 001957109 6,946,002.06 87,029 SH N/A SOLE PII 87,029 N/A N/A
Atlantic Richfield Co. Common 048825103 7,154,000.00 98,000 SH N/A SOLE PII 98,000 N/A N/A
Automatic Data Processing Common 053015103 9,268,000.00 224,000 SH N/A SOLE PII 224,000 N/A N/A
Avery Dennison Corp. Common 053611109 8,423,750.00 146,500 SH N/A SOLE PII 146,500 N/A N/A
BancFirst Corp. Common 05945F103 505,687.50 14,500 SH N/A SOLE PII 14,500 N/A N/A
Bancwest Corporation Common 059790105 8,364,000.00 196,800 SH N/A SOLE PII 196,800 N/A N/A
Bank of the Ozarks Inc. Common 063904106 3,218,550.00 149,700 SH N/A SOLE PII 149,700 N/A N/A
BankAmerica Corp. Common 06605F102 6,003,125.00 85,000 SH N/A SOLE PII 85,000 N/A N/A
BankBoston Corp. Common 06605R106 31,228,312.50 721,000 SH N/A SOLE PII 721,000 N/A N/A
Banknorth Group, Inc. Common 06646L100 4,972,000.00 176,000 SH N/A SOLE PII 176,000 N/A N/A
Baxter International Common 071813109 10,362,000.00 157,000 SH N/A SOLE PII 157,000 N/A N/A
Bay Bancshares Inc. Common 07203N109 1,305,125.00 98,500 SH N/A SOLE PII 98,500 N/A N/A
Becton Dickinson & Co. Common 075887109 6,589,750.00 172,000 SH N/A SOLE PII 172,000 N/A N/A
Bell Atlantic Corp. Common 077853109 4,916,515.00 95,120 SH N/A SOLE PII 95,120 N/A N/A
BNCCorp Inc. Common 055936108 1,011,750.00 114,000 SH N/A SOLE PII 114,000 N/A N/A
Bok Financial Corp. Common 05561Q201 4,097,700.50 159,134 SH N/A SOLE PII 159,134 N/A N/A
Borders Group Inc. Common 099709107 691,875.00 49,200 SH N/A SOLE PII 49,200 N/A N/A
Bristol Myers Squibb Co. Common 110122108 10,598,700.00 164,800 SH N/A SOLE PII 164,800 N/A N/A
BSB Bancorp Common 055652101 6,837,067.58 280,675 SH N/A SOLE PII 280,675 N/A N/A
Campbell Soup Co Common 134429109 2,848,125.00 70,000 SH N/A SOLE PII 70,000 N/A N/A
Carnival Corp. Common 143658102 2,962,312.50 61,000 SH N/A SOLE PII 61,000 N/A N/A
CFI Proservices Common 12525N100 2,964,562.50 244,500 SH N/A SOLE PII 244,500 N/A N/A
Charter One Financial, Inc. Common 160903100 57,073,454.43 1,977,640 SH N/A SOLE PII 1,977,640 N/A N/A
Chase Manhattan Corp.-New Common 16161A108 5,838,237.50 71,800 SH N/A SOLE PII 71,800 N/A N/A
Chevron Corp. Common 166751107 7,764,812.50 157,800 SH N/A SOLE PII 157,800 N/A N/A
Chiquita Brands Int'l Common 170032106 1,153,225.00 113,200 SH N/A SOLE PII 113,200 N/A N/A
Chittenden Corp Common 170228100 2,928,750.00 110,000 SH N/A SOLE PII 110,000 N/A N/A
Choicepoint Inc. Common 170388102 2,079,787.50 41,700 SH N/A SOLE PII 41,700 N/A N/A
Cincinnati Bell Inc. Common 171870108 1,480,875.00 66,000 SH N/A SOLE PII 66,000 N/A N/A
Cisco Systems Common 17275R102 3,254,006.25 29,700 SH N/A SOLE PII 29,700 N/A N/A
CIT Group Inc CLA 125577106 11,766,562.50 385,000 SH N/A SOLE PII 385,000 N/A N/A
Citigroup Inc Common 172967101 3,430,087.50 53,700 SH N/A SOLE PII 53,700 N/A N/A
CNBT Bankshares, Inc Common 125972109 1,208,175.00 108,600 SH N/A SOLE PII 108,600 N/A N/A
Coca-Cola Common 191216100 484,862.50 7,900 SH N/A SOLE PII 7,900 N/A N/A
Colgate-Palmolive Company Common 194162103 529,000.00 5,750 SH N/A SOLE PII 5,750 N/A N/A
Colonial Bancgroup, Inc Common 195493309 3,480,000.00 290,000 SH N/A SOLE PII 290,000 N/A N/A
Columbia Bancorp Common 197227101 1,471,750.00 101,500 SH N/A SOLE PII 101,500 N/A N/A
Columbia Energy Group Common 197648108 1,212,200.00 23,200 SH N/A SOLE PII 23,200 N/A N/A
Comerica, Inc. Common 200340107 42,313,893.75 677,700 SH N/A SOLE PII 677,700 N/A N/A
Commerce Bankshares, Inc. Common 200525103 5,425,728.00 140,928 SH N/A SOLE PII 140,928 N/A N/A
Commercial Federal Corp. Common 201647104 29,244,944.53 1,261,238 SH N/A SOLE PII 1,261,238 N/A N/A
Community Bank Systems, Inc. Common 203607106 5,036,343.75 211,500 SH N/A SOLE PII 211,500 N/A N/A
Community First Bankshares Common 203902101 6,749,480.00 337,474 SH N/A SOLE PII 337,474 N/A N/A
Compaq Computer Common 204493100 3,720,112.50 117,400 SH N/A SOLE PII 117,400 N/A N/A
Compass Bankshares, Inc. Common 20449H109 6,727,500.00 195,000 SH N/A SOLE PII 195,000 N/A N/A
Computer Sciences Common 205363104 4,139,062.50 75,000 SH N/A SOLE PII 75,000 N/A N/A
Comsat Corp. Com Ser 1 20564D107 2,170,312.50 75,000 SH N/A SOLE PII 75,000 N/A N/A
Consolidated Stores Corp. Common 210149100 14,068,213.13 464,106 SH N/A SOLE PII 464,106 N/A N/A
Convergys Corp. Common 212485106 1,274,100.00 74,400 SH N/A SOLE PII 74,400 N/A N/A
Costco Companies, Inc Common 22160Q102 5,072,562.50 55,400 SH N/A SOLE PII 55,400 N/A N/A
Cowlitz BankCorp. Common 223767104 415,218.75 64,500 SH N/A SOLE PII 64,500 N/A N/A
D.R. Horton, Inc. Common 23331A109 9,738,031.25 581,375 SH N/A SOLE PII 581,375 N/A N/A
Daimlerchrysler W/I ORD D1668R123 471,968.75 5,500 SH N/A SOLE PII 5,500 N/A N/A
Dan River Inc. CL A 235774106 1,018,448.00 127,306 SH N/A SOLE PII 127,306 N/A N/A
Dayton - Hudson Common 239753106 999,375.00 15,000 SH N/A SOLE PII 15,000 N/A N/A
Dell Computer Corporation Common 247025109 543,637.50 13,300 SH N/A SOLE PII 13,300 N/A N/A
Dole Food Company Common 256605106 1,273,300.00 42,800 SH N/A SOLE PII 42,800 N/A N/A
Dover Corp. Common 260003108 3,945,000.00 120,000 SH N/A SOLE PII 120,000 N/A N/A
Duke Power Corp Common 264399106 6,467,600.00 118,400 SH N/A SOLE PII 118,400 N/A N/A
DuPont, (E.I.) DeNemours & Co. Common 263534109 7,466,837.50 128,600 SH N/A SOLE PII 128,600 N/A N/A
EEX Corporation Common 26842V207 806,487.50 165,433 SH N/A SOLE PII 165,433 N/A N/A
Elf Aquitane-ADR Sponsored
ADR 286269105 7,316,868.75 108,700 SH N/A SOLE PII 108,700 N/A N/A
Emerson Electric Co Common 291011104 2,911,562.50 55,000 SH N/A SOLE PII 55,000 N/A N/A
Enron Corp. Common 293561106 475,450.00 7,400 SH N/A SOLE PII 7,400 N/A N/A
Equifax Common 294429105 3,093,750.00 90,000 SH N/A SOLE PII 90,000 N/A N/A
Exxon Corp Common 302290101 465,712.50 6,600 SH N/A SOLE PII 6,600 N/A N/A
Fannie Mae Common 313586109 4,695,150.00 67,800 SH N/A SOLE PII 67,800 N/A N/A
FDX Corp Common 31304N107 510,468.75 5,500 SH N/A SOLE PII 5,500 N/A N/A
Finova Group Inc. Common 317928109 867,133.16 16,716 SH N/A SOLE PII 16,716 N/A N/A
First American Corp. of
Tennessee Common 318900107 12,729,250.00 345,200 SH N/A SOLE PII 345,200 N/A N/A
First Merchants Corp. Common 320817109 588,000.00 24,000 SH N/A SOLE PII 24,000 N/A N/A
First Mutual Savings Bank Common 320918105 923,000.00 71,000 SH N/A SOLE PII 71,000 N/A N/A
First Security Corp./Del Common 336294103 8,065,962.19 417,655 SH N/A SOLE PII 417,655 N/A N/A
First Union Corp. Common 337358105 33,342,167.81 623,947 SH N/A SOLE PII 623,947 N/A N/A
First United Bancshares
Arkansas Common 33741E104 1,734,375.00 125,000 SH N/A SOLE PII 125,000 N/A N/A
Firstmerit Corporation Common 337915102 5,590,325.00 217,100 SH N/A SOLE PII 217,100 N/A N/A
Fleet Financial Group, Inc. Common 338915101 11,381,863.50 302,508 SH N/A SOLE PII 302,508 N/A N/A
Ford Motor Co Common 345370100 488,050.00 8,600 SH N/A SOLE PII 8,600 N/A N/A
Fortune Brands, Inc. Common 349631101 812,437.50 21,000 SH N/A SOLE PII 21,000 N/A N/A
Freddie Mac Common 313400301 3,393,225.00 59,400 SH N/A SOLE PII 59,400 N/A N/A
Freedom Securities Corp. Common 35644K103 9,138,562.50 573,400 SH N/A SOLE PII 573,400 N/A N/A
Gannett Co. Common 364730101 497,700.00 7,900 SH N/A SOLE PII 7,900 N/A N/A
General Electric Common 369604103 6,637,500.00 60,000 SH N/A SOLE PII 60,000 N/A N/A
General Instrument Corp. Common 370120107 1,527,750.00 50,400 SH N/A SOLE PII 50,400 N/A N/A
Gillette Common 375766102 487,387.50 8,200 SH N/A SOLE PII 8,200 N/A N/A
Golden State Bancorp Inc.-
Warrants WT EXP 381197136 760,468.75 157,000 SH N/A SOLE PII 157,000 N/A N/A
Golden West Financial Corp.
Del. Common 381317106 28,487,650.00 298,300 SH N/A SOLE PII 298,300 N/A N/A
Greater Bay Bancorp Common 391648102 5,345,280.00 184,320 SH N/A SOLE PII 184,320 N/A N/A
Halliburton Co. Common 406216101 2,683,450.00 69,700 SH N/A SOLE PII 69,700 N/A N/A
Hamilton Bancorp Inc. (FL) Common 407013101 996,187.50 38,500 SH N/A SOLE PII 38,500 N/A N/A
Harley Davidson Inc. Common 412822108 4,600,000.00 80,000 SH N/A SOLE PII 80,000 N/A N/A
HCR Manor Care Common 404134108 1,088,156.25 47,700 SH N/A SOLE PII 47,700 N/A N/A
Healthsouth Corp Common 421924101 766,712.50 73,900 SH N/A SOLE PII 73,900 N/A N/A
Heinz (H.J.) CO Common 423074103 5,921,875.00 125,000 SH N/A SOLE PII 125,000 N/A N/A
Hewlett Packard Common 428236103 6,272,656.25 92,500 SH N/A SOLE PII 92,500 N/A N/A
Hillenbrand Industries Common 431573104 7,390,000.00 160,000 SH N/A SOLE PII 160,000 N/A N/A
Home Depot, Inc. Common 437076102 7,793,700.00 125,200 SH N/A SOLE PII 125,200 N/A N/A
Home Federal Bancorp Common 436926109 446,765.63 20,250 SH N/A SOLE PII 20,250 N/A N/A
Honeywell Inc. Common 438506107 8,794,250.00 116,000 SH N/A SOLE PII 116,000 N/A N/A
Hubco, Inc Common 404382103 10,513,453.13 313,250 SH N/A SOLE PII 313,250 N/A N/A
Humana, Inc. Common 444859102 893,550.00 51,800 SH N/A SOLE PII 51,800 N/A N/A
Illinois Tool Works Inc. Common 452308109 3,093,750.00 50,000 SH N/A SOLE PII 50,000 N/A N/A
Imperial Credit Comm. Mrtg.
Invs. Common 45272T102 3,017,437.50 313,500 SH N/A SOLE PII 313,500 N/A N/A
Independent Bank Corporation-
Mich Common 453838104 2,862,741.58 179,623 SH N/A SOLE PII 179,623 N/A N/A
Intel Corp. Common 458140100 8,255,362.50 69,300 SH N/A SOLE PII 69,300 N/A N/A
International Aircraft
Investors Common 458860103 2,323,125.00 315,000 SH N/A SOLE PII 315,000 N/A N/A
International Business Machines
Corp. Common 459200101 567,200.00 3,200 SH N/A SOLE PII 3,200 N/A N/A
Interwest Bancorp, Inc. Common 460931108 3,557,587.50 149,400 SH N/A SOLE PII 149,400 N/A N/A
John Hancock Bank & Thrift Shs. Ben.
Opportunity Fund Int. 409735107 1,470,000.00 160,000 SH N/A SOLE PII 160,000 N/A N/A
Johns Manville Corp. Common 478129109 1,035,000.00 60,000 SH N/A SOLE PII 60,000 N/A N/A
Johnson & Johnson Common 478160104 10,549,212.50 112,600 SH N/A SOLE PII 112,600 N/A N/A
Kellogg Co Common 487836108 1,014,375.00 30,000 SH N/A SOLE PII 30,000 N/A N/A
Keycorp Common 493267108 18,545,187.50 611,800 SH N/A SOLE PII 611,800 N/A N/A
Keystone Automotive Industries
Inc. Common 49338N109 6,581,250.00 405,000 SH N/A SOLE PII 405,000 N/A N/A
King World Productions Inc Common 495667107 1,546,462.50 50,600 SH N/A SOLE PII 50,600 N/A N/A
Kmart Common 482584109 2,034,312.50 121,000 SH N/A SOLE PII 121,000 N/A N/A
L-3 Communications Common 502424104 1,526,250.00 33,000 SH N/A SOLE PII 33,000 N/A N/A
Lamar Capital Corporation Common 51282P106 1,825,000.00 200,000 SH N/A SOLE PII 200,000 N/A N/A
Laurel Capital Group, Inc. Common 518629100 1,070,199.69 63,655 SH N/A SOLE PII 63,655 N/A N/A
Liberty Financial Group Common 530512102 5,065,937.50 215,000 SH N/A SOLE PII 215,000 N/A N/A
Lockheed Martin Corp. Common 539830109 478,631.25 12,700 SH N/A SOLE PII 12,700 N/A N/A
Loews Cineplex Entertainment Common 540423100 1,391,250.00 140,000 SH N/A SOLE PII 140,000 N/A N/A
Lowe's Companies Common 548661107 7,260,000.00 120,000 SH N/A SOLE PII 120,000 N/A N/A
Lucent Technologies Common 549463107 527,975.00 4,900 SH N/A SOLE PII 4,900 N/A N/A
Mallinckrodt Inc Common 561232109 1,206,112.50 45,300 SH N/A SOLE PII 45,300 N/A N/A
Marsh & McLennnan Common 571748102 4,362,225.00 58,800 SH N/A SOLE PII 58,800 N/A N/A
McDonald's Corp. Common 580135101 13,648,125.00 301,200 SH N/A SOLE PII 301,200 N/A N/A
MCI Worldcom, Inc. Common 55268B106 5,012,637.50 56,600 SH N/A SOLE PII 56,600 N/A N/A
Mercantile Bankshares Corp. Common 587405101 3,729,600.00 100,800 SH N/A SOLE PII 100,800 N/A N/A
Mercantile Bankshares Corp. Common 589331107 481,125.00 6,000 SH N/A SOLE PII 6,000 N/A N/A
Michael's Stores, Inc. Common 594087108 9,751,562.50 395,000 SH N/A SOLE PII 395,000 N/A N/A
Microsoft Corp Common 594918104 555,675.00 6,200 SH N/A SOLE PII 6,200 N/A N/A
Modis Professional Services,
Inc Common 607830106 747,656.25 82,500 SH N/A SOLE PII 82,500 N/A N/A
Montana Power Co. Common 612085100 4,009,156.25 54,500 SH N/A SOLE PII 54,500 N/A N/A
National City Corp Common 635405103 26,264,587.50 395,700 SH N/A SOLE PII 395,700 N/A N/A
New York Times CLA 650111107 3,705,000.00 130,000 SH N/A SOLE PII 130,000 N/A N/A
Newell Rubbermaid Common 651229106 8,075,000.00 170,000 SH N/A SOLE PII 170,000 N/A N/A
Nokia Corp Sponsored
ADR 654902204 3,660,125.00 23,500 SH N/A SOLE PII 23,500 N/A N/A
North Fork Bancorp Common 659424105 6,455,800.00 305,600 SH N/A SOLE PII 305,600 N/A N/A
North Valley BanCorp Common 66304M105 879,693.75 70,200 SH N/A SOLE PII 70,200 N/A N/A
Nucor Corp. Common 670346105 5,287,500.00 120,000 SH N/A SOLE PII 120,000 N/A N/A
Ocean Energy, Inc. NEW Common 674812201 1,271,076.25 186,580 SH N/A SOLE PII 186,580 N/A N/A
One Valley Bancorp, Inc. Common 682419106 7,058,700.00 202,400 SH N/A SOLE PII 202,400 N/A N/A
Pacific Century Financial Corp. Common 694058108 19,893,875.00 953,000 SH N/A SOLE PII 953,000 N/A N/A
Parker Hannifin Corp. Common 701094104 2,568,750.00 75,000 SH N/A SOLE PII 75,000 N/A N/A
Peoples Heritage Financial
Group Common 711147108 14,922,000.00 829,000 SH N/A SOLE PII 829,000 N/A N/A
Pepsico, Inc. Common 713448108 7,837,500.00 200,000 SH N/A SOLE PII 200,000 N/A N/A
Pfizer Common 717081103 471,750.00 3,400 SH N/A SOLE PII 3,400 N/A N/A
Pharmerica Inc. Common 717135107 1,226,500.00 245,300 SH N/A SOLE PII 245,300 N/A N/A
Philip Morris Companies, Inc Common 718154107 4,679,937.50 133,000 SH N/A SOLE PII 133,000 N/A N/A
Philippine Long Distance Sponsored
Telephone Co. ADR 718252604 232,875.00 9,000 SH N/A SOLE PII 9,000 N/A N/A
Pitney Bowes Common 724479100 3,665,625.00 57,500 SH N/A SOLE PII 57,500 N/A N/A
Polo Ralph Lauren Corp CLA 731572103 1,355,475.00 68,200 SH N/A SOLE PII 68,200 N/A N/A
Praxair Inc. Common 74005P104 6,130,625.00 170,000 SH N/A SOLE PII 170,000 N/A N/A
Prime Bancshares Inc. Texas Common 74157H108 5,150,062.50 363,000 SH N/A SOLE PII 363,000 N/A N/A
Procter & Gamble Common 742718109 558,243.75 5,700 SH N/A SOLE PII 5,700 N/A N/A
Prosperity Bancshares, Inc. Common 743606105 2,970,000.00 240,000 SH N/A SOLE PII 240,000 N/A N/A
Raychem Corp. Common 754603108 753,587.50 33,400 SH N/A SOLE PII 33,400 N/A N/A
Regions Financial Corp. Common 758940100 6,592,600.00 190,400 SH N/A SOLE PII 190,400 N/A N/A
Reliance Group Holdings Inc. Common 759464100 5,721,031.25 756,500 SH N/A SOLE PII 756,500 N/A N/A
Royal Dutch Petroleum Company NY REG
GLD 1.25 780257804 566,800.00 10,900 SH N/A SOLE PII 10,900 N/A N/A
Ryder Common 783549108 1,129,862.50 40,900 SH N/A SOLE PII 40,900 N/A N/A
Safety-Kleen Corp Common 78648R104 1,787,093.75 134,875 SH N/A SOLE PII 134,875 N/A N/A
Safeway Inc Common 786514208 497,731.25 9,700 SH N/A SOLE PII 9,700 N/A N/A
Sara Lee Corp. Common 803111103 6,660,225.00 269,100 SH N/A SOLE PII 269,100 N/A N/A
SBC Communications Common 78387G103 4,759,625.00 101,000 SH N/A SOLE PII 101,000 N/A N/A
Schering Plough Corp. Common 806605101 6,084,375.00 110,000 SH N/A SOLE PII 110,000 N/A N/A
Schlumberger, Ltd. Common 806857108 6,813,225.00 113,200 SH N/A SOLE PII 113,200 N/A N/A
Schuff Steel Co. Common 808156103 2,012,187.50 342,500 SH N/A SOLE PII 342,500 N/A N/A
Sea Containers Ltd. CLA 811371707 12,705,000.00 440,000 SH N/A SOLE PII 440,000 N/A N/A
Seacoast Financial Services
Corp Common 81170Q106 3,406,875.00 345,000 SH N/A SOLE PII 345,000 N/A N/A
Sears, Roebuck & Co. Common 812387108 515,137.50 11,400 SH N/A SOLE PII 11,400 N/A N/A
Six Rivers National Bank Common 830059101 737,000.00 67,000 SH N/A SOLE PII 67,000 N/A N/A
Snap - On, Inc. Common 833034101 904,800.00 31,200 SH N/A SOLE PII 31,200 N/A N/A
Sony Corp ADR 835699307 566,137.50 6,200 SH N/A SOLE PII 6,200 N/A N/A
Southern Co Common 842587107 3,734,662.50 160,200 SH N/A SOLE PII 160,200 N/A N/A
Southtrust Corp. Common 844730101 2,033,531.25 54,500 SH N/A SOLE PII 54,500 N/A N/A
Southwest Bancorp Common 844767103 4,612,500.00 200,000 SH N/A SOLE PII 200,000 N/A N/A
Sovereign Bancorp Inc Common 845905108 796,250.00 65,000 SH N/A SOLE PII 65,000 N/A N/A
Staff Leasing Inc. Common 852381102 859,551.50 60,056 SH N/A SOLE PII 60,056 N/A N/A
Starwood Hotels & Resorts Paired CTF 85590A203 1,653,768.75 57,900 SH N/A SOLE PII 57,900 N/A N/A
Sterling Bancshares, Inc. Common 858907108 5,028,627.63 484,687 SH N/A SOLE PII 484,687 N/A N/A
Summit Bancorp Common 866005101 14,660,100.00 375,900 SH N/A SOLE PII 375,900 N/A N/A
Summit Bancshares, Inc. Common 866011109 4,347,000.00 248,400 SH N/A SOLE PII 248,400 N/A N/A
Sun Microsystems Inc. Common 866810104 8,233,381.25 65,900 SH N/A SOLE PII 65,900 N/A N/A
Surety Cap. Corp. Common 868666207 890,493.75 527,700 SH N/A SOLE PII 527,700 N/A N/A
Taiwan Semiconductor Mfg. LTD. Sponsored ADR 874039100 850,500.00 36,000 SH N/A SOLE PII 36,000 N/A N/A
Tellabs Inc Common 879664100 6,842,500.00 70,000 SH N/A SOLE PII 70,000 N/A N/A
The Gap Inc Common 364760108 484,650.00 7,200 SH N/A SOLE PII 7,200 N/A N/A
Thomas & Betts Corp. Common 884315102 1,277,125.00 34,000 SH N/A SOLE PII 34,000 N/A N/A
Time Warner Inc. Common 887315109 518,756.25 7,300 SH N/A SOLE PII 7,300 N/A N/A
Travelers Property Caualty
Corp. CL A 893939108 9,116,250.00 255,000 SH N/A SOLE PII 255,000 N/A N/A
Tricon Global Restaurants Common 895953107 7,025,000.00 100,000 SH N/A SOLE PII 100,000 N/A N/A
Trizec Hahn Corp. Sub. Vtg. 896938107 1,243,987.50 67,700 SH N/A SOLE PII 67,700 N/A N/A
Tyco Int'l Ltd Common 902124106 473,550.00 6,600 SH N/A SOLE PII 6,600 N/A N/A
UniCapital Corp. Common 90459D108 12,259,125.00 1,923,000 SH N/A SOLE PII 1,923,000 N/A N/A
Unilever Plc Amern Shs 904767605 503,200.00 13,600 SH N/A SOLE PII 13,600 N/A N/A
Union Planters Corp. Common 908068109 21,964,356.25 499,900 SH N/A SOLE PII 499,900 N/A N/A
UnionBanCal Corp. Common 908906100 42,884,687.50 1,259,000 SH N/A SOLE PII 1,259,000 N/A N/A
United Security Bancorp (WA) Common 91146A101 1,627,876.25 143,110 SH N/A SOLE PII 143,110 N/A N/A
United Stationers Inc. Common 913004107 1,816,275.00 119,100 SH N/A SOLE PII 119,100 N/A N/A
US Bancorp Common 902973106 8,342,162.50 364,400 SH N/A SOLE PII 364,400 N/A N/A
UST Corp. Common 902900109 655,312.50 30,000 SH N/A SOLE PII 30,000 N/A N/A
V F Corp Common 918204108 2,359,375.00 50,000 SH N/A SOLE PII 50,000 N/A N/A
Walgreen Co Common 931422109 511,325.00 18,100 SH N/A SOLE PII 18,100 N/A N/A
Wal-Mart Stores, Inc. Common 931142103 7,605,468.75 82,500 SH N/A SOLE PII 82,500 N/A N/A
Warner Lambert Co Common 934488107 496,406.25 7,500 SH N/A SOLE PII 7,500 N/A N/A
Washington Mutual, Inc. Common 939322103 39,640,575.00 969,800 SH N/A SOLE PII 969,800 N/A N/A
Wellpoint Health Network New Common 94973H108 2,054,518.75 27,100 SH N/A SOLE PII 27,100 N/A N/A
West Coast Bancorp-Oregon Common 952145100 3,445,040.63 184,350 SH N/A SOLE PII 184,350 N/A N/A
Xerox Corp. Common 984121103 8,379,875.00 157,000 SH N/A SOLE PII 157,000 N/A N/A
---------------- ----------
1,305,500,187.59 44,004,257
================ ==========
</TABLE>
