FORM 13F
(SEC USE ONLY)
Page 1 of 4
Name of Reporting Manager Independent
Financial Group
Item 1:
Item 2:
Item 3:
Item 4:
Item 5:
Item 6:
Item 7:
Item 8:
Name of Issuer
Title Class
CUSIP Number
Fair Market Value
shares of
Investment Discretion
Managers
Voting authority (shares)
principal amount
a) sole
b) shared
c) shared-
See Instr. V
as defined
other
a) Sole
b) Shared
c) None
BE Aerospace
COM
73302101
73,283
3,500
x
x
Bell Howell
COM
77852101
247,675
6,550
x
x
Calmat
COM
131271108
193,740
6,275
x
x
Carnival
COM
143958102
118,800
2,475
x
x
Citigroup
COM
173034109
488,731
9,836
x
x
American
Express
COM
25816109
1,368,888
13,355
x
x
BF Goodrich
COM
382388106
158,818
4,427
x
x
Watsco
COM
942622299
3,009,891
179,695
x
x
Walter Ind.
COM
93317Q105
2,928,229
191,225
x
x
VIAD
COM
92552R109
6,919,426
227,800
x
x
US Filter
COM
911843209
2,701,012
118,077
x
x
Standard Pacific
COM
8575C101
4,379,457
310,050
x
x
Sovereign
COM
845905108
3,250,869
230,150
x
x
SouthDown
COM
841297104
4,731,015
79,932
x
x
Column Totals
30,569,834
1,383,347
SLI Inc.
COM
78442T108
2,892,938
104,250
x
x
Reynolds &
Reynolds
COM
761695105
2,586,260
112,750
x
x
Rexall Sundown
COM
761648104
1,633,781
117,750
x
x
Nationwide
COM
638612101
4,337,915
83,925
x
x
Pepsico
COM
713448108
20,438
500
x
x
Modis Pro Srvcs
COM
1,875,657
128,250
x
x
Helen of Troy
COM
64388N106
2,189,363
149,700
x
x
Frontier
Insurance
COM
359081106
1,607,766
124,875
x
x
Enhance
Financial
COM
293310108
2,622,750
87,425
x
x
Cooper Company
COM
216648402
1,034,255
49,993
x
x
Carnival
COM
143658102
4,561,200
95,025
x
x
Calmat
COM
131271108
6,089,477
197,230
x
x
Bell Howell
COM
77852101
5,308,000
140,375
x
x
BE Aerospace
COM
73302101
2,962,937
141,510
x
x
Column Totals
39,722,737
1,533,558
BF Goodrich
COM
382388106
1,275,643
35,558
x
x
Wells Fargo
COM
94970104
1,231,088
30,825
x
x
Washington
Mutual
COM
939322103
1,230,878
32,075
x
x
WATSCO
COM
942622200
7,538
450
x
x
Walter Industry
COM
933170105
14,538
950
x
x
VIAD
COM
92552R109
255,909
8,425
x
x
US Filter
COM
911843209
36,509
1,596
x
x
United
Technologies
COM
91317109
680,231
6,255
x
x
Southdown
COM
841297104
306,298
5,175
x
x
Sovereign
COM
845905108
116,531
8,250
x
x
Standard Pacific
COM
85375C101
105,231
7,450
x
x
Sun America
COM
866930100
134,234
1,637
x
x
Modis Pro Srvcs
COM
82,631
5,650
x
x
Nationwide
Financial
COM
638612101
135,681
2,625
x
x
Column Totals
5,612,940
146,921
Pepsico
COM
713448108
92,991
2,275
x
x
Rexall Sundown
COM
761648104
55,847
4,025
x
x
Reynolds &
Reynolds
COM
761695105
127,306
5,550
x
x
SLI Inc.
COM
78442T108
108,700
6,800
x
x
Home Depot
COM
437076AEZ
995,835
16,275
x
x
Lucent
COM
549463107
1,756,809
15,980
x
x
GE
COM
36904103
1,375,164
13,482
x
x
Helen of Troy
COM
64388N106
65,081
4,450
x
x
Fannie Mae
COM
313586109
1,368,630
18,495
x
x
Freddie Mac
COM
313400301
45,107
700
x
x
Frontier
COM
359081106
45,063
3,500
x
x
Enhance
Financial
COM
293310108
35,250
1,175
x
x
Equitable
COM
294446107
979,534
16,925
x
x
Cooper
COM
216648402
64,650
3,125
x
x
Column Totals
7,115,967
112,757
CVS
COM
126650100
14,066,625
25,575
x
x
Cambridge
COM
132524109
33,095
1,500
x
x
Citigroup
COM
173034109
90,680
1,825
x
x
Cooper Co.
COM
216648402
96,716
4,675
x
x
CVS Corp.
COM
122665010
0
195,250
3,550
x
x
Equitable
COM
29446107
198,222
3,425
x
x
Fannie Mae
COM
313586109
262,700
3,550
x
x
General Electric
COM
369604103
135,150
1,325
x
x
Home Depot
COM
437076AE2
145,322
2,375
x
x
Lucent
Technologies
COM
549463107
118,183
1,075
x
x
SLI
COM
78442T108
188,700
6,800
x
x
Southdown
COM
841297104
26,634
450
x
x
Sovereign
COM
845905108
123,241
8,725
x
x
US Filter
COM
911843209
12,490
546
x
x
Column Totals
15,693,008
65,396
VIAD
COM
92552R109
239,962
7,900
x
x
Washington
Mutual
COM
939322103
100,734
2,625
x
x
Watsco
COM
942622200
99,663
5,950
x
x
Wells Fargo
COM
949740104
223,653
5,600
x
x
Amerin
COM
03070X106
1,387,706
57,225
x
x
Amercia West
COM
23657208
761,855
44,815
x
x
Column Totals
2,813,573
124,115
Grand Total
101,528,059
3,366,094
