CITIZENS ADVISERS INC
13F-HR, 1999-11-09
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<TABLE>
<CAPTION>
                ITEM 1           ITEM 2 ITEM 3      ITEM 4     ITEM 5             ITEM 6              ITEM 7       ITEM 8
                                                                        INVESTMENT DISCRETION (SHARES)     VOTING AUTHORITY (SHARES)
                                                      FAIR      SHARES    (A)      (B)      (C)             (A)      (B)    (C)
                                                     MARKET      OR                        SHARED
       ISSUER                    CLASS    SEC ID      VALUE    PRN AMT    SOLE   SHARED     OTHER     MGRS    SOLE    SHARED  NONE
<S>                              <C>    <C>         <C>         <C>       <C>     <C>       <C>       <C>     <C>       <C>     <C>
ADC Telecommunications           COM    000886101      770,401   18,370   18,370                              18,370
AES Corp                         COM    00130H105    1,549,930   26,270   26,270                              26,270
Amfm Inc                         COM    001693100    1,603,800   26,400   26,400                              26,400
ACNielsen Corp                   COM    004833109      164,329    7,243    7,243                               7,243
Adaptec Inc                      COM    00651F108      562,379   14,170   14,170                              14,170
Adobe Sys Inc                    COM    00724F101      965,885    8,510    8,510                               8,510
Advanced Micro Devices           COM    007903107      333,619   19,410   19,410                              19,410
Air Prods & Chems Inc            COM    009158106      915,847   31,311   31,311                              31,311
Alltel Corp                      COM    020039103    2,932,808   41,674   41,674                              41,674
Altera Corp                      COM    021441100    1,171,559   27,010   27,010                              27,010
Alza Corp Del                    COM    022615108      606,232   14,160   14,160                              14,160
America Online Inc               COM    02364J104   15,539,728  149,330  149,330                             149,330
American Express Co              COM    025816109    8,232,435   60,981   60,981                              60,981
American General Co              COM    026351106    2,097,623   33,164   33,164                              33,164
American Greetings               COM    026375105      232,909    9,045    9,045                               9,045
American Pwr Conversion          COM    029066107      481,460   25,340   25,340                              25,340
American Tower Sys Corp          COM    029912201      369,146   18,810   18,810                              18,810
American Wtr Wks Inc             COM    030411102      368,554   12,736   12,736                              12,736
Ameritech Corp                   COM    030954101    9,896,689  148,265  148,265                             148,265
Amgen                            COM    031162100    5,639,800   69,200   69,200                              69,200
Aon Corp                         COM    037389103    1,031,601   34,895   34,895                              34,895
Apple Computer Inc               COM    037833100    1,384,022   21,860   21,860                              21,860
Armstrong World Inds             COM    042476101      235,745    5,246    5,246                               5,246
At Home Corp.                    COM    045919107      745,875   18,000   18,000                              18,000
Autodesk Inc                     COM    052769106      170,844    7,810    7,810                               7,810
Automatic Data Processing        COM    053015103    3,742,877   83,874   83,874                              83,874
Avery Dennison Corp              COM    053611109      791,619   15,007   15,007                              15,007
Avnet Inc                        COM    053807103      219,324    5,222    5,222                               5,222
Avon Prods Inc                   COM    054303102      883,938   35,624   35,624                              35,624
BB&T Corp                        COM    054937107    1,379,272   42,603   42,603                              42,603
BJs Wholesale Club I             COM    05548J106      288,535    9,760    9,760                               9,760

<PAGE>

BMC Software Inc                  COM   055921100    2,320,788   32,430   32,430                              32,430
Bandag Inc                        COM   059815100       98,560    3,080    3,080                               3,080
Bank of New York Inc              COM   064057102    4,375,714  130,861  130,861                             130,861
Bank One Corp                     COM   06423A103    5,508,008  158,217  158,217                             158,217
Bankboston Corp                   COM   06605R106    1,740,726   40,132   40,132                              40,132
Barnes & Nobles Inc               COM   067774109      248,040    9,540    9,540                               9,540
Becton Dickinson                  COM   075887109      956,387   34,080   34,080                              34,080
Bell Atlantic Corp                COM   077853109   14,106,382  209,564  209,564                             209,564
Bellsouth Corp                    COM   079860102   11,451,330  254,474  254,474                             254,474
Bergen Brunswig Corp              COM   083739102      180,764   17,423   17,423                              17,423
Best Buy Inc                      COM   086516101    1,675,240   27,020   27,020                              27,020
Best Foods                        COM   08658U101    1,844,811   37,988   37,988                              37,988
Biogen N V                        COM   090597105    1,610,150   20,430   20,430                              20,430
Biomet Inc                        COM   090613100      408,167   15,512   15,512                              15,512
Block H & R Inc                   COM   093671105      574,989   13,237   13,237                              13,237
Boston Scientific Co              COM   101137107    1,388,228   56,090   56,090                              56,090
Broadcom Corp                     COM   111320107      582,060    5,340    5,340                               5,340
C-Cube Microsystems               COM   125015107      219,240    5,040    5,040                               5,040
CVS Corp                          COM   126650100    2,149,825   52,675   52,675                              52,675
Cadence Designs Systems           COM   127387108      426,796   31,910   31,910                              31,910
Callaway Golf Co                  COM   131193104      122,623   10,061   10,061                              10,061
Cambridge Tech Partners           COM   132524109      120,350    8,300    8,300                               8,300
Campbell Soup Co                  COM   134429109    2,298,320   58,743   58,743                              58,743
Case Equipment Corp               COM   14743R103      516,112   10,361   10,361                              10,361
Cendant Corp                      COM   151313103    1,726,951   97,293   97,293                              97,293
Centex Corp                       COM   152312104      245,669    8,310    8,310                               8,310
Charter One Finl Inc              COM   160903100      532,615   23,032   23,032                              23,032
China Telecom Hong Kong Ltd       ADR   169428109    1,483,500   24,000   24,000                              24,000
Choice Hotels Intl                COM   169905106      126,554    7,390    7,390                               7,390
Chiron Corp                       COM   170040109      690,539   24,940   24,940                              24,940
Chubb Corp                        COM   171232101    1,167,180   23,520   23,520                              23,520
Cisco Sys Inc                     COM   17275R102   33,249,604  484,950  484,950                             484,950
Clayton Homes Inc                 COM   184190106      169,937   19,560   19,560                              19,560
Clear Channel Communications      COM   184502102    3,655,879   45,770   45,770                              45,770
Coca Cola Co                      COM   191216100   16,081,677  333,299  333,299                             333,299
Comcast Corp                      COM   200300200    4,015,931  100,713  100,713                             100,713
Comerica Inc                      COM   200340107    1,067,985   21,096   21,096                              21,096

<PAGE>

Commercial Metals Co              COM   201723103       50,313    1,750     1,750                              1,750
Compaq Computer Corp              COM   204493100    5,244,391  229,263   229,263                            229,263
Computer Assoc Intl               COM   204912109    4,456,318   72,905    72,905                             72,905
Consolidated Natural Gas          COM   209615103      807,133   12,940    12,940                             12,940
Consolidated Papers               COM   209759109      320,350   11,920    11,920                             11,920
Cooper Tire & Rubber              COM   216831107      170,328    9,664     9,664                              9,664
Costco Wholesale Corp New         COM   22160K105    2,157,840   29,970    29,970                             29,970
Countrywide Cr Inds               COM   222372104      499,972   15,503    15,503                             15,503
Cox Communications Inc            COM   224044107    2,954,648   70,770    70,770                             70,770
Crown Castle Intl Co              COM   228227104      353,789   18,900    18,900                             18,900
Darden Restaurants Inc            COM   237194105      345,130   17,642    17,642                             17,642
Deere & Co                        COM   244199105    1,223,121   31,615    31,615                             31,615
Dell Computer Corp                COM   247025109   15,091,139  360,920   360,920                            360,920
De Luxe Corp.                     COM   248019101      356,694   10,491    10,491                             10,491
Devry Inc Del                     COM   251893103      178,800    8,940     8,940                              8,940
Dollar Gen Corp                   COM   256669102      940,391   30,458    30,458                             30,458
Dow Jones & Co Inc                COM   260561105      678,610   12,714    12,714                             12,714
Dun & Bradstreet Corp             COM   26483B106      647,571   21,676    21,676                             21,676
Dynegy Inc                        COM   26816L102      437,344   21,140    21,140                             21,140
E M C Corp Mass                   COM   268648102   11,890,095  166,560   166,560                            166,560
E Trade Group Inc                 COM   269246106      733,670   31,220    31,220                             31,220
Earthgrains Co                    COM   270319105      131,644    5,950     5,950                              5,950
J D Edwards & Co                  COM   281667108      297,525   14,360    14,360                             14,360
Edward A G Inc                    COM   281760107      323,885   12,280    12,280                             12,280
El Paso Energy Corp               COM   283905104      621,058   15,430    15,430                             15,430
Electronic Data Systems           COM   285661104    3,543,511   66,937    66,937                             66,937
Engelhard Corp                    COM   292845104      310,049   16,989    16,989                             16,989
Ethan Allen Interior              COM   297602107      163,519    5,140     5,140                              5,140
Extended Stay Amer Inc            COM   30224P104      111,510   12,390    12,390                             12,390
FDX Corp                          COM   31304N101    1,559,276   40,110    40,110                             40,110
Federal Home Loan Mortgage Corp   COM   313400301    4,884,984   93,942    93,942                             93,942
Federal Mogul Corp                COM   313549107      269,015    9,760     9,760                              9,760
Federal Natl Mortgage Assn        COM   313586109    8,658,090  138,114   138,114                            138,114
Federated Dept Store              COM   31410H101    1,242,487   28,440    28,440                             28,440
Fifth Third Bancorp               COM   316773100    2,223,848   36,550    36,550                             36,550
First Data Corp                   COM   319963104    2,550,103   58,122    58,122                             58,122
Firstar Corp Wis                  COM   33763V109    3,401,386  132,737   132,737                            132,737

<PAGE>

Fleetwood Enterprise              COM   339099103       93,349    4,624    4,624                               4,624
Gap Inc                           COM   364760108    3,701,312  115,666  115,666                             115,666
Gateway Inc                       COM   367626108    1,861,200   42,300   42,300                              42,300
General Mills Inc                 COM   370334104    1,674,663   20,643   20,643                              20,643
Gillette Company                  COM   375766102    4,968,795  146,408  146,408                             146,408
Golden West Finl Corp             COM   381317106      726,533    7,390    7,390                               7,390
Great Atlantic & Pacific Tea      COM   390064103      143,684    4,740    4,740                               4,740
Grupo Television SA               ADR   40049J206      918,563   23,000   23,000                              23,000
Guidant Corp                      COM   401698105    2,191,654   40,870   40,870                              40,870
Hannaford Bros Co                 COM   410550107      397,975    5,650    5,650                               5,650
Harcourt Gen Inc                  COM   41163G101      410,547    9,863    9,863                               9,863
Harley Davidson Inc               COM   412822108    1,048,469   20,943   20,943                              20,943
Harman Intl Inds Inc              COM   413086109      118,828    2,825    2,825                               2,825
Hartford Finl Services Group      COM   416515104    1,267,125   31,000   31,000                              31,000
Hasbro Bradley Inc                COM   418056107      555,023   25,815   25,815                              25,815
Heinz H J Co                      COM   423074103    2,088,553   48,571   48,571                              48,571
Hershey Foods Corp                COM   427866108      934,566   19,195   19,195                              19,195
Hewlett Packard Co                COM   428236103   12,394,544  136,579  136,579                             136,579
Home Depot Inc                    COM   437076102   15,902,060  231,724  231,724                             231,724
Hon Inds Inc                      COM   438092108      161,893    8,410    8,410                               8,410
Household Intl Corp               COM   441815107    2,583,408   64,384   64,384                              64,384
Human Genome Science              COM   444903108      227,150    3,080    3,080                               3,080
Huntington Bancshare              COM   446150104      837,638   31,534   31,534                              31,534
IDX Systems Corp                  COM   449491109       72,681    4,010    4,010                               4,010
IMS Health Inc                    COM   449934108      978,906   42,910   42,910                              42,910
Idacorp Inc                       COM   451107106      139,720    4,638    4,638                               4,638
Idexx Labs Inc                    COM   45168D104       84,890    4,930    4,930                               4,930
Ikon Office Solution              COM   451713101      213,450   19,971   19,971                              19,971
Illinois Tool Works Inc           COM   452308109    4,017,146   53,876   53,876                              53,876
Ingram Micro Inc                  COM   457153104      118,965    9,240    9,240                               9,240
Intel Corp                        COM   458140100   34,970,497  470,584  470,584                             470,584
Interface Flooring                COM   458665106       36,239    7,071    7,071                               7,071
Intuit                            COM   461202103      737,187    8,410    8,410                               8,410
Invacare Corp                     COM   461203101       82,360    4,210    4,210                               4,210
Investment Technology Group       COM   46145F105       98,923    4,301    4,301                               4,301
Jefferson Pilot Corp              COM   475070108      905,863   14,336   14,336                              14,336
Jostens Inc                       COM   481088102       94,095    4,920    4,920                               4,920

<PAGE>

Kla-Tencor Corp                    COM   482480100      780,650    12,010   12,010                             12,010
Kellogg Co                        COM   487836108    2,044,976    54,623   54,623                             54,623
Keycorp                           COM   493267108    1,556,059    60,282   60,282                             60,282
King World Productions Inc        COM   495667107      366,000     9,760    9,760                              9,760
Knoll Inc                         COM   498904101      132,763     4,940    4,940                              4,940
Kohls Corp                        COM   500255104    1,486,490    22,480   22,480                             22,480
Korea Telecom                     ADR   50063P103    1,924,000    52,000   52,000                             52,000
Kroger Co                         COM   501044101    2,484,294   112,600  112,600                            112,600
LSI Logic Corp                    COM   502161102    1,040,520    20,010   20,010                             20,010
Lexmark Intl Group Inc            COM   529771107    1,428,875    17,750   17,750                             17,750
Limited Inc                       COM   532716107    1,115,332    29,159   29,159                             29,159
Linen N Things Inc                COM   535679104      607,500    18,000   18,000                             18,000
Liz Claiborne                     COM   539320101      261,392     8,432    8,432                              8,432
Longs Drug Stores Inc             COM   543162101      141,667     4,742    4,742                              4,742
Lowes Cos Inc                     COM   548661107    2,520,473    51,702   51,702                             51,702
Lucent Technologies               COM   549463107   28,773,036   443,515  443,515                            443,515
MBIA Inc                          COM   55262C100      651,025    13,963   13,963                             13,963
MBNA Corp                         COM   55262L100    2,466,382   108,113  108,113                            108,113
MCN Corp                          COM   55267J100      190,787    11,100   11,100                             11,100
MCI Worldcom Inc                  COM   55268B106   19,963,281   277,750  277,750                            277,750
MGIC Invt Corp                    COM   552848103      715,820    14,991   14,991                             14,991
Marshall & Ilsley Co              COM   571834100      802,933    14,071   14,071                             14,071
Masco Corp                        COM   574599106    1,858,884    59,964   59,964                             59,964
Mattel Inc                        COM   577081102    1,066,622    56,138   56,138                             56,138
May Dept Stores Co                COM   577778103    1,648,236    45,234   45,234                             45,234
Maytag Co                         COM   578592107      406,885    12,214   12,214                             12,214
Mccormick & Co Inc                COM   579780206      324,381     9,811    9,811                              9,811
Mcgraw Hill Inc                   COM   580645109    1,267,473    26,201   26,201                             26,201
Mckesson HBOC Inc                 COM   58155Q103    1,091,676    37,644   37,644                             37,644
Mediaone Group Inc                COM   58440J104    5,611,230    82,140   82,140                             82,140
Medtronic Inc                     COM   585055106    7,158,604   201,368  201,368                            201,368
Mellon Finl Corp                  COM   58551A102    2,348,101    69,832   69,832                             69,832
Meredith Corp                     COM   589433101      242,970     6,691    6,691                              6,691
Microsoft Corp                    COM   594918104   62,432,321   689,380  689,380                            689,380
Micron Technology Inc             COM   595112103    2,266,320    34,080   34,080                             34,080
Milacron Inc                      COM   598709103       87,330     4,920    4,920                              4,920
Miller Herman Inc                 COM   600544100      250,559    10,481   10,481                             10,481

<PAGE>

Millipore Corp                    COM   601073109      220,119     5,860    5,860                              5,860
Modis Professional Svcs           COM   607830106      167,215    12,620   12,620                             12,620
Molex Inc                         COM   608554101      745,724    20,501   20,501                             20,501
Moore Limited                     COM   615785102      118,000    11,800   11,800                             11,800
Mylan Labs Inc                    COM   628530107      324,356    17,652   17,652                             17,652
Nabisco Hldgs Corp                COM   629526104      234,337     6,780    6,780                              6,780
Nalco Chemical Co                 COM   629853102      446,269     8,837    8,837                              8,837
National City Corp                COM   635405103    2,239,337    83,908   83,908                             83,908
National Service Inds Inc         COM   637657107      168,683     5,355    5,355                              5,355
Networks Assocs Inc               COM   640938106      358,862    18,764   18,764                             18,764
New York Times Co                 COM   650111107      885,225    23,606   23,606                             23,606
Newell Rubbermaid In              COM   651229106    1,086,994    38,056   38,056                             38,056
Nextel Communication              COM   65332V103    5,353,819    78,950   78,950                             78,950
Nicor Inc                         COM   654086107      237,148     6,377    6,377                              6,377
Nippon Teleg & Tele Corp.         ADR   654624105      912,975    14,800   14,800                             14,800
Nokia Corp.                       ADR   654902204    2,694,375    30,000   30,000                             30,000
Nordson Corp                      COM   655663102      125,440     2,560    2,560                              2,560
Nordstrom Inc                     COM   655664100      526,527    19,501   19,501                             19,501
Nortel Networks Corp.             COM   656569100    1,581,000    31,000   31,000                             31,000
Northern Trust Corp               COM   665859104    1,260,099    15,091   15,091                             15,091
Novell Inc                        COM   670006105      942,752    45,570   45,570                             45,570
Oneok Inc                         COM   682680103      127,951     4,221    4,221                              4,221
Oxford Health Plans               COM   691471106      141,000    11,280   11,280                             11,280
PE Corp                           COM   69332S102    1,001,530    13,862   13,862                             13,862
PNC Financial Corp                COM   693475105    2,174,645    41,274   41,274                             41,274
Parametric Technolog              COM   699173100      484,650    35,900   35,900                             35,900
Patterson Dental Co               COM   703412106      204,200     4,120    4,120                              4,120
Paychex Inc                       COM   704326107    1,143,563    33,511   33,511                             33,511
Penney J C Inc                    COM   708160106    1,228,752    35,616   35,616                             35,616
Peoples Energy Corp               COM   711030106      155,496     4,419    4,419                              4,419
Peoplesoft Inc                    COM   712713108      559,632    33,040   33,040                             33,040
Pepsico Inc                       COM   713448108    6,020,700   197,400  197,400                            197,400
Philadelphia Suburban Co          COM   718009608      125,826     5,340    5,340                              5,340
Pitney Bowes Inc                  COM   724479100    2,226,370    36,535   36,535                             36,535
Polaroid Corp                     COM   731095105      154,726     5,951    5,951                              5,951
Praxair Inc                       COM   74005P104      996,176    21,656   21,656                             21,656
Progressive Corp Ohio             COM   743315103      797,275     9,760    9,760                              9,760

<PAGE>

Promus Hotel Corp Ne              COM   74342P106      354,611   10,890    10,890                             10,890
Providian Finl Corp               COM   74406A102    1,512,887   19,105    19,105                             19,105
Pulte Corp                        COM   745867101      118,538    5,450     5,450                              5,450
Quaker Oats Co                    COM   747402105    1,137,139   18,378    18,378                             18,378
Qualcomm Inc                      COM   747525103    4,111,055   21,730    21,730                             21,730
Qwest Communications              COM   749121109    2,795,477   94,560    94,560                             94,560
RF Microdevices Inc               COM   749941100      488,610   10,680    10,680                             10,680
Reebok Intl Ltd                   COM   758110100       76,419    7,150     7,150                              7,150
Regions Finl Corp                 COM   758940100      902,790   30,093    30,093                             30,093
Reliastar Finl Corp               COM   75952U103      376,091   11,311    11,311                             11,311
Rite Aid Corp                     COM   767754104      472,308   34,193    34,193                             34,193
Rouse Co                          COM   779273101      231,127   10,049    10,049                             10,049
Russell Corp                      COM   782352108       71,224    5,020     5,020                              5,020
SBC Communications I              COM   78387G103   13,558,605  265,527   265,527                            265,527
SLM Hldg Corp                     COM   78442A109      927,983   21,581    21,581                             21,581
SPX Corp                          COM   784635104      409,010    4,507     4,507                              4,507
Sabre Group Hldgs In              COM   785905100      149,640    3,480     3,480                              3,480
Safeco Corp                       COM   786429100      495,124   17,683    17,683                             17,683
St Jude Med Inc                   COM   790849103      372,015   11,810    11,810                             11,810
St Paul Cos Inc                   COM   792860108      850,768   30,937    30,937                             30,937
Schering Plough Corp              COM   806605101    8,645,908  198,187   198,187                            198,187
Schwab Charles Cp Ne              COM   808513105    3,706,101  110,835   110,835                            110,835
Scripps Howard Inc                COM   811054204      500,093   10,180    10,180                             10,180
Sealed Air Corp New               COM   81211K100      554,180   10,800    10,800                             10,800
Shared Medical Systems Corp       COM   819486101      187,094    4,002     4,002                              4,002
Siebel Systems Inc                COM   826170102      834,811   12,530    12,530                             12,530
Sigma Aldrich Corp                COM   826552101      440,119   13,862    13,862                             13,862
Silicon Graphics Inc              COM   827056102      278,044   25,420    25,420                             25,420
Skytel Communication              COM   83087Q104      150,350    8,210     8,210                              8,210
Snap On Tools Corp                COM   833034101      290,388    8,935     8,935                              8,935
Solectron Corp                    COM   834182107    2,631,946   36,650    36,650                             36,650
Sonat Inc                         COM   835415100      579,524   14,602    14,602                             14,602
Sonoco Prods Co                   COM   835495102      304,690   13,356    13,356                             13,356
Southwest Airlines Co             COM   844741108    1,035,487   68,178    68,178                             68,178
Sprint                            COM   852061506    4,454,394   59,740    59,740                             59,740
Stanley Works                     COM   854616109      295,153   11,718    11,718                             11,718
Staples Inc                       COM   855030102    1,909,279   87,530    87,530                             87,530

<PAGE>

Starbucks Corp                    COM   855244109      595,735   24,040    24,040                             24,040
State Street Corp                 COM   857477103    1,400,036   21,664    21,664                             21,664
Sun Microsystems Inc              COM   866810104   12,427,590  133,630   133,630                            133,630
Suntrust Banks Inc                COM   867914103    2,856,312   43,442    43,442                             43,442
Supervalu Inc                     COM   868536103      415,248   18,821    18,821                             18,821
Sylvan Learning Systems           COM   871399101      127,294    6,570     6,570                              6,570
Symbol Technologies               COM   871508107      388,705   11,560    11,560                             11,560
Synopsys Inc                      COM   871607107      542,467    9,660     9,660                              9,660
Synovus Finl Corp                 COM   87161C105      686,261   36,722    36,722                             36,722
Sysco Corp                        COM   871829107    1,569,630   44,766    44,766                             44,766
TJX Cos Inc                       COM   872540109    1,193,351   42,524    42,524                             42,524
Taiwan Semiconductor Mfg Co. Ltd. ADR   874039100    1,770,000   60,000    60,000                             60,000
Tandy Corp                        COM   875382103    1,374,022   26,583    26,583                             26,583
Tecumseh Prods Co                 COM   878895200      153,884    3,070     3,070                              3,070
Tektronix Inc                     COM   879131100      215,070    6,420     6,420                              6,420
Telesp Celular Participacoes      ADR   87952L108      744,563   28,500    28,500                             28,500
Teligent Inc                      COM   87959Y103       46,210      930       930                                930
Tellabs Inc                       COM   879664100    3,005,188   52,780    52,780                             52,780
Texas Instrs Inc                  COM   882508104    8,690,617  105,661   105,661                            105,661
Thomas & Betts Corp               COM   884315102      403,155    7,905     7,905                              7,905
3com Corp                         COM   885535104    1,403,000   48,800    48,800                             48,800
Time Warner Inc                   COM   887315109   12,010,457  197,703   197,703                            197,703
Times Mirror Co New               COM   887364107      635,885    9,662     9,662                              9,662
Timken Co                         COM   887389104      129,258    8,016     8,016                              8,016
Tootsie Roll Inds Inc             COM   890516107      143,993    4,380     4,380                              4,380
Trigon Healthcare Inc             COM   89618L100      165,263    5,650     5,650                              5,650
Tupperware Corp                   COM   899896104      151,855    7,499     7,499                              7,499
Tyco Int'l Ltd.                   COM   902124106    2,994,250   29,000    29,000                             29,000
UAL Corp                          COM   902549500      463,069    7,090     7,090                              7,090
US Bancorp                        COM   902973106    2,969,594   98,370    98,370                             98,370
U S West Inc                      COM   91273H101    3,915,606   68,619    68,619                             68,619
United Water Resources Inc        COM   913190104      167,693    5,140     5,140                              5,140
Universal Health Services         COM   913903100      106,605    4,120     4,120                              4,120
Univision Communications          COM   914906102    1,117,279   13,730    13,730                             13,730
Unumprovident Corp                COM   91529Y106      958,030   32,544    32,544                             32,544
Venator Group Inc                 COM   922944103      157,730   18,420    18,420                             18,420
Veritas Software Co               COM   923436109    1,752,649   23,080    23,080                             23,080

<PAGE>

Viacom Inc                        COM   925524308    3,951,220   93,520    93,520                             93,520
Viad Corp                         COM   92552R109      382,409   12,963    12,963                             12,963
Vodafone Airtouch PLC             ADR   92857T107    2,377,500   10,000    10,000                             10,000
Wachovia Corp                     COM   929771103    2,164,075   27,524    27,524                             27,524
Walgreen Co                       COM   931422109    3,441,561  135,628   135,628                            135,628
Warnaco Group Inc                 COM   934390105      138,737    7,602     7,602                              7,602
Washington Mut Inc                COM   939322103    2,300,015   78,633    78,633                             78,633
Washington Post Co                COM   939640108      683,400    1,340     1,340                              1,340
Watson Pharmaceutica              COM   942683103      411,072   13,450    13,450                             13,450
Wellpoint Health Networks         COM   94973H108      520,980    9,140     9,140                              9,140
Wells Fargo & Co                  COM   949746101    8,821,833  222,633   222,633                            222,633
Whirlpool Corp                    COM   963320106      677,035   10,366    10,366                             10,366
Whitman Corp                      COM   96647R107      270,323   18,970    18,970                             18,970
Whole Foods Mkt Inc               COM   966837106      111,572    3,410     3,410                              3,410
Williams Cos                      COM   969457100    2,216,715   58,916    58,916                             58,916
Worthington Inds Inc              COM   981811102      212,738   12,514    12,514                             12,514
Wrigley Wm Jr Co                  COM   982526105    1,066,877   15,504    15,504                             15,504
Xilinx Inc                        COM   983919101    1,403,019   21,410    21,410                             21,410
Xerox Corp                        COM   984121103    3,733,908   89,034    89,034                             89,034
Hilfiger Tommy Corp               COM   G8915Z102      359,397   12,750    12,750                             12,750
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