<PAGE> 1
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, 2000
Check here is Amendment [ ]; Amendment Number:
The Amendment (Check only one.): [ ] is a restatement.
[ ] adds new entries.
Institutional Investment Manager Filing this Report:
Name: First Interstate Bank
Address: 401 North 31st Street
Billings, MT 59116
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: Richard C. Fellows
Title: Senior Vice President
Phone: 406-255-5262
Signature, Place, and Date of Signing:
/s/ Richard C. Fellows Billings, MT November 30, 2000
Report Type (Check only one.):
[ X ] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager: None
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934.
<PAGE> 2
13F SUMMARY PAGE
Report Summary:
Number of Other Included Mangers: 0
Form 13F Information Table Entry Total: 279
Form 13F Information Table Value Total: $452,203,440
List of Other Included Managers: NONE
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<TABLE>
<CAPTION>
13 F REPORT OF MANAGED ASSETS
Date Run : 11/21/2000 Processing Date : 11/21/2000 Time Printed : 9:13:34 AM
As Of Date : 03/31/2000
INVESTMENT DIRECTION VOTING AUTHORITY
NAME OF ISSUER TYPE CUSIP MARKET SHARES/PV SOLE SHARED OTHER SOLE SHARED OTHER
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AES Corp Com Equity 00130H105 1,021,781 12,975 0 0 12,975 0 0 12,975
AMR Corporation Equity 001765106 223,125 7,000 0 0 7,000 0 0 7,000
AT&T Corporation Equity 001957109 4,005,959 71,138 32,731 10,206 28,201 43,961 426 26,751
Abbott Laboratories Equity 002824100 1,106,893 31,457 15,994 10,563 4,900 26,557 0 4,900
Albertson's Inc Equity 013104104 1,872,661 60,653 33,375 6,500 20,778 38,675 800 21,178
Alcoa Inc Equity 013817101 832,463 11,850 2,300 800 8,750 3,500 0 8,350
Allegheny Energy Inc Equity 017361106 1,299,928 46,950 39,050 6,900 1,000 45,150 0 1,800
Allergan Inc Equity 018490102 403,750 8,075 0 0 8,075 0 0 8,075
Allstate Corporation Equity 020002101 287,322 12,066 5,150 3,428 3,488 9,178 0 2,888
Alltel Corporation Equity 020039103 1,000,362 15,816 5,941 782 9,093 6,723 0 9,093
America Online Equity 02364J104 360,521 5,346 200 0 5,146 600 0 4,746
American Express Company Equity 025816109 1,202,670 8,075 2,400 300 5,375 2,700 0 5,375
American Home Products
Corporation Equity 026609107 2,260,080 42,048 18,582 300 23,166 18,882 0 23,166
American International Group
Inc Equity 026874107 3,111,771 28,418 12,151 982 15,285 12,658 100 15,660
Amgen Inc Equity 031162100 584,290 9,520 400 0 9,120 400 0 9,120
Amoco Corporation Equity 031905102 268,240 4,480 4,480 0 0 4,480 0 0
Analog Devices Inc Equity 032654105 301,875 3,750 0 0 3,750 0 0 3,750
Anheuser-Busch Companies Inc Equity 035229103 1,053,581 16,925 3,000 300 13,625 3,650 0 13,275
Apache Corporation Equity 037411105 5,211,213 104,748 36,000 0 68,748 36,000 0 68,748
Applied Materials Inc Equity 038222105 414,700 4,400 0 0 4,400 0 0 4,400
Altantic Richfield Company Equity 048825103 709,070 8,342 3,800 1,260 3,282 5,060 0 3,282
Automatic Data Processing Inc Equity 053015103 1,465,449 30,372 9,444 0 20,928 9,444 0 20,928
Autozone Inc Equity 053332102 310,106 11,175 0 0 11,175 0 0 11,175
Avalonbay Communities Inc Equity 053484101 309,591 8,453 0 0 8,453 0 0 8,453
BP Amoco PLC Sponsored ADR Equity 055622104 3,999,075 75,100 28,527 7,021 39,552 32,076 4,000 39,024
Bank America Corporation Equity 060505104 1,217,389 23,216 6,182 960 16,074 7,142 0 16,074
Bank Of New York Company Inc Equity 064057102 1,246,875 30,000 0 0 30,000 0 0 30,000
Bank One Corporation Equity 06423A103 1,202,946 34,868 27,782 5,036 2,050 32,418 0 2,450
Baxter International Inc Equity 071813109 1,382,573 22,055 3,055 0 19,000 3,055 0 19,000
Bell Atlantic Corporation Equity 077853109 2,025,866 33,143 15,541 3,366 14,236 18,907 0 14,236
Bellsouth Corporation Equity 079860102 1,496,344 31,922 19,716 2,594 9,612 22,166 144 9,612
</TABLE>
Page 1 of 10
<PAGE> 4
<TABLE>
<CAPTION>
13 F REPORT OF MANAGED ASSETS
Date Run : 11/21/2000 Processing Date : 11/21/2000 Time Printed : 9:13:35 AM
As Of Date : 03/31/2000
INVESTMENT DIRECTION VOTING AUTHORITY
NAME OF ISSUER TYPE CUSIP MARKET SHARES/PV SOLE SHARED OTHER SOLE SHARED OTHER
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Bemis Company Inc Equity 081437105 342,938 9,300 0 0 9,300 0 0 9,300
Bestfoods Inc Equity 08658U101 836,352 17,866 10,010 3,228 4,628 12,110 1,128 4,628
Big Sky Transportation Company Equity 089539209 40,820 40,820 0 0 40,820 0 0 40,820
Biomet Inc Equity 090613100 329,194 9,050 0 0 9,050 0 0 9,050
Black Hills Corporation Equity 092113109 287,188 13,017 12,350 600 67 12,950 0 67
Blockbuster Inc Cl A Equity 093679108 161,000 16,100 0 0 16,100 0 0 16,100
Boeing Company Equity 097023105 347,686 9,195 400 0 8,795 700 0 8,495
Bowater Inc Equity 102183100 233,516 4,375 0 0 4,375 0 0 4,375
Bradley Real Estate Inc Equity 104580105 228,638 13,400 0 0 13,400 0 0 13,400
Brinker International Inc Equity 109641100 480,938 16,200 0 0 16,200 0 0 16,200
Bristol Myers Squibb Company Equity 110122108 3,179,328 54,816 19,200 2,950 32,666 22,550 0 32,266
Burlington Resources Inc Equity 122014103 350,538 9,474 1,246 0 8,228 3,024 0 6,450
Cit Group Inc Cl A Equity 125577106 288,600 14,800 0 0 14,800 0 0 14,800
Cardinal Health Inc Equity 14149Y108 416,224 9,073 124 0 8,949 124 0 8,949
Carnival Corporation Equity 143658102 320,081 12,900 7,700 1,600 3,600 9,300 0 3,600
Caterpillar Inc Equity 149123101 476,405 12,080 7,100 0 4,980 7,400 0 4,680
Centurytel Inc Equity 156700106 393,971 10,612 0 0 10,612 0 0 10,612
Chase Manhattan Corporation New Equity 16161A108 1,717,507 19,699 7,250 1,200 11,249 8,378 0 11,321
Chevron Corporation Equity 166751107 2,157,676 23,342 11,213 200 11,929 11,413 0 11,929
Chromatochem Inc Series B -
Market Price N/A Preferred
Stock 171990104 15 15,000 0 0 15,000 0 0 15,000
Circuit City Stores Inc Equity 172737108 383,513 6,300 0 0 6,300 0 0 6,300
Cisco Systems Inc Equity 17275R102 7,547,092 97,618 20,078 8,700 68,840 29,378 0 68,240
Citigroup Inc Equity 172967101 3,764,701 62,876 26,342 6,837 29,697 32,979 200 29,697
Citrix Systems Inc Equity 177376100 684,031 10,325 0 0 10,325 0 0 10,325
Coca Cola Company Equity 191216100 954,005 20,325 5,410 445 14,470 5,855 0 14,470
Cognex Corporation Equity 192422103 282,669 4,900 0 0 4,900 0 0 4,900
Colgate Palmolive Company Equity 194162103 868,626 15,408 2,600 208 12,600 2,808 0 12,600
Comerica Inc Equity 200340107 305,688 7,300 0 0 7,300 0 0 7,300
Compaq Computer Corporation Equity 204493100 272,538 10,094 400 0 9,694 400 0 9,694
Computer Associates
International Inc Equity 204912109 325,235 5,495 0 0 5,495 0 0 5,495
Computer Sciences Corp Common Equity 205363104 607,284 7,675 100 400 7,175 500 0 7,175
</TABLE>
Page 2 of 10
<PAGE> 5
<TABLE>
<CAPTION>
13 F REPORT OF MANAGED ASSETS
Date Run : 11/21/2000 Processing Date : 11/21/2000 Time Printed : 9:13:35 AM
As Of Date : 03/31/2000
INVESTMENT DIRECTION VOTING AUTHORITY
NAME OF ISSUER TYPE CUSIP MARKET SHARES/PV SOLE SHARED OTHER SOLE SHARED OTHER
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Conagra Inc Equity 205887102 872,266 48,125 25,350 4,175 18,600 29,525 0 18,600
Conoco Inc Cl B Equity 208251405 404,158 15,772 1,775 400 13,597 2,175 0 13,597
Conseco Inc Equity 208464107 165,844 14,500 0 0 14,500 0 0 14,500
Copper Mountain Networks Inc Equity 217510106 294,975 3,600 0 0 3,600 0 0 3,600
Corning Inc Equity 219350105 417,682 2,153 153 0 2,000 353 0 1,800
Costco Wholesale Corporation
New Equity 22160K105 1,164,259 22,150 5,100 0 17,050 5,100 0 17,050
Coventry Health Care Inc Equity 222862104 85,000 10,000 0 0 10,000 10,000 0 0
Cypress Semiconductor Corp Equity 232806109 210,700 4,300 0 0 4,300 0 0 4,300
The Cadiz Corporation Equity 2352391 0 34,550 0 34,550 0 34,550 0 0
The Cadiz Corporation Equity 2352392 0 34,550 0 34,550 0 34,550 0 0
Elf Technologies Corp.
Certificate #251 Equity 2353592 52,150 35,000 0 35,000 0 0 0 35,000
Powder Horn Ranch Llc Equity 2353637 460,110 98 0 98 0 0 0 98
Winter Sports Inc Equity 2353748 0 36,278 0 0 36,278 0 0 36,278
Powderhorn Ranch 2 Llc 20%
Ownership Interest Equity 2353792 1,000,000 4 3 1 0 2 0 2
Powderhorn Ranch 2, Llc Equity 2353806 250,000 1 0 1 0 0 0 1
Danaher Corporation Equity 235851102 234,600 4,600 4,600 0 0 4,600 0 0
Sundance Bankshares, Inc Equity 2362059 1,123,008 9,600 9,600 0 0 9,600 0 0
Sundance Bankshares, Inc Equity 2362060 736,974 6,300 0 6,300 0 6,300 0 0
Deere & Company Equity 244199105 553,470 14,565 4,200 2,200 8,165 6,400 0 8,165
Dell Computer Corporation Equity 247025109 633,766 11,750 0 320 11,430 0 0 11,750
Delphi Automotive Systems Inc Equity 247126105 166,000 10,375 559 139 9,677 698 0 9,677
Deluxe Corporation Equity 248019101 225,250 8,500 8,300 0 200 8,300 0 200
Dial Corporation Equity 25247D101 198,825 14,460 0 0 14,460 0 0 14,460
Disney Walt Co Hldg Equity 254687106 830,115 20,124 6,300 1,650 12,174 7,950 0 12,174
Dominion Res Inc Va Equity 25746U109 292,202 7,602 6,812 490 300 7,302 0 300
Dover Corporation Equity 260003108 320,763 6,700 0 0 6,700 0 0 6,700
Du Pont E I De Nemours &
Company Equity 263534109 2,996,686 56,608 44,224 7,075 5,309 50,499 400 5,709
Duke Energy Corporation Equity 264399106 1,990,433 37,913 24,963 3,150 9,800 27,713 0 10,200
EMC Corporation Equity 268648102 3,180,240 25,240 0 0 25,240 150 0 25,090
EMC Energies Inc Equity 268652203 980 14,000 14,000 0 0 14,000 0 0
Eog Resources Inc Equity 26875P101 438,581 20,700 0 0 20,700 0 0 20,700
</TABLE>
Page 3 of 10
<PAGE> 6
<TABLE>
<CAPTION>
13 F REPORT OF MANAGED ASSETS
Date Run : 11/21/2000 Processing Date : 11/21/2000 Time Printed : 9:13:36 AM
As Of Date : 03/31/2000
INVESTMENT DIRECTION VOTING AUTHORITY
NAME OF ISSUER TYPE CUSIP MARKET SHARES/PV SOLE SHARED OTHER SOLE SHARED OTHER
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Epi Environmental Inc Equity 26899P103 84,000 14,000 0 0 14,000 0 0 14,000
Eaton Corporation Equity 278058102 312,546 4,007 0 507 3,500 0 507 3,500
Ecolab Inc Equity 278865100 260,481 7,100 0 0 7,100 0 0 7,100
El Paso Energy Corporation Equity 283905107 532,869 13,198 9,000 800 3,398 13,152 0 46
Electronic Data Systems
Corporation (New) Equity 285661104 758,504 11,817 0 416 11,401 416 0 11,401
Emerson Electric Company Equity 291011104 1,025,259 19,299 12,399 1,400 5,500 13,399 0 5,900
Enron Corp Equity 293561106 1,358,906 18,149 10,600 170 7,379 10,770 0 7,379
Equity Office Properties Trust Equity 294741103 422,100 16,800 0 400 16,400 400 0 16,400
Equity Residential Property
Trust Sbi Equity 29476L107 413,931 10,300 0 0 10,300 0 0 10,300
Ericsson L M Telephone Co Cl B
Ser 10 Equity 294821400 412,775 4,400 2,000 0 2,400 2,000 0 2,400
Exodus Communications Inc Equity 302088109 456,625 3,250 0 0 3,250 0 0 3,250
Exxon Mobil Corporation Equity 30231G102 11,115,135 142,616 68,188 16,129 58,299 85,040 1,242 56,334
Fbl Finl Group Inc Cl A Equity 30239F106 7,959,000 530,600 0 0 530,600 0 0 530,600
Fbl Finl Group Inc Cl B Equity 30239F26 0 25,400 0 0 25,400 0 0 25,400
Fib Capital Trust 8 5/8% Cum
Trust Pfd Secs Preferred
Stock 30243L206 275,600 10,600 2,300 2,000 6,300 2,300 8,300
Fpl Group Inc Equity 302571104 460,625 10,000 9,300 0 700 9,500 0 500
Federal Home Loan Mortgage
Corporation Equity 313400301 1,470,339 33,275 9,500 0 23,775 9,500 0 23,775
Federal National Mortgage
Association Equity 313586109 2,511,375 44,400 20,000 2,750 21,650 22,350 400 21,650
Federal Signal Corporation Equity 313855108 342,736 18,975 0 0 18,975 0 0 18,975
First Data Corporation Equity 319963104 1,186,321 26,734 11,634 950 14,150 12,584 0 14,150
First Interstate Bancsystem Inc Equity 320990104 85,133,480 2,128,337 476,664 1,267,551 384,122 2,047,138 454 80,745
First Union Corporation Equity 337358105 298,000 8,000 7,500 300 200 7,800 0 200
Fleetboston Financial Corp Equity 339030108 975,609 26,729 4,974 1,450 20,305 4,974 0 21,755
Ford Motor Company Equity 345370100 735,322 16,007 5,176 3,426 7,405 8,602 0 7,405
Gte Corporation Equity 362320103 1,836,912 25,872 6,550 2,555 16,767 8,648 127 17,097
Gap Inc Equity 364760108 693,639 13,925 675 0 13,250 675 0 13,250
Genentech Inc Equity 368710406 296,400 1,950 0 0 1,950 0 0 1,950
General Electric Company Equity 369604103 14,268,011 91,682 28,886 7,208 55,588 34,578 1,516 55,588
General Mills Inc Equity 370334104 373,841 10,331 531 0 9,800 531 0 9,800
General Motors Corporation Equity 370442105 637,159 7,694 1,140 200 6,354 1,340 0 6,354
General Motors Corporation
Cl H New Equity 370442832 629,223 5,054 0 0 5,054 300 0 4,754
</TABLE>
Page 4 of 10
<PAGE> 7
<TABLE>
<CAPTION>
13 F REPORT OF MANAGED ASSETS
Date Run : 11/21/2000 Processing Date : 11/21/2000 Time Printed : 9:13:36 AM
As Of Date : 03/31/2000
INVESTMENT DIRECTION VOTING AUTHORITY
NAME OF ISSUER TYPE CUSIP MARKET SHARES/PV SOLE SHARED OTHER SOLE SHARED OTHER
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Genuine Parts Company Equity 372460105 927,544 38,850 22,950 4,700 11,200 27,650 0 11,200
Gillette Company Equity 375766102 231,326 6,138 1,300 2,838 2,000 4,638 0 1,500
Glacier Bancorp Inc New Equity 37637Q105 552,584 39,121 0 0 39,121 0 0 39,121
Goldman Sachs Group Inc Equity 38141G104 268,388 2,550 0 0 2,550 0 0 2,550
Grainger W W Inc Equity 384802104 534,363 9,850 3,700 0 6,150 3,700 0 6,150
Hrpt Properties Trust Sbi Equity 40426W101 102,513 11,800 0 0 11,800 0 0 11,800
Hartford Financial Services
Group Inc Equity 416515104 390,350 7,400 7,400 0 0 7,400 0 0
Heinz H J Company Equity 423074103 741,966 21,275 12,150 2,725 6,400 14,675 250 6,350
Hewlett Packard Company Equity 428236103 3,586,961 26,995 16,505 2,725 7,765 18,730 200 8,065
Home Depot Inc Equity 437076102 3,543,243 54,934 25,129 2,738 27,067 27,829 0 27,105
Honeywell International Inc Equity 438516106 1,423,142 27,011 19,709 4,352 2,950 23,636 0 3,375
Illinois Tool Works Inc Equity 452308109 815,932 14,768 5,600 1,825 7,343 7,425 0 7,343
Infinity Companies Inc. Equity 456628106 100 10,000 0 0 10,000 0 0 10,000
Inktomi Corporation Equity 457277101 351,000 1,800 0 0 1,800 0 0 1,800
Intel Corporation Equity 458140100 8,025,098 60,825 16,250 4,050 40,525 20,440 150 40,235
International Business Machines
Corporation Equity 459200101 2,940,442 24,919 5,110 850 18,959 6,110 100 18,709
International Paper Company Equity 460146103 355,509 8,316 4,236 0 4,080 4,236 0 4,080
Interpublic Group Companies Inc Equity 460690100 1,274,569 26,975 16,000 3,450 7,525 19,450 0 7,525
Johnson & Johnson Equity 478160104 2,970,170 42,280 16,025 4,255 22,000 20,380 100 21,800
Johnson E L & Sons Inc Equity 479999104 236,748 181 181 0 0 181 0 0
Jore Corporation Equity 480815109 1,312,355 194,423 194,023 0 400 194,023 0 400
KLA-Tencor Corporation Equity 482480100 352,165 4,180 0 0 4,180 0 0 4,180
Kansas City Southern Industries
Inc Equity 485170104 567,188 6,600 0 0 6,600 0 0 6,600
Kimberly Clark Corporation Equity 494368103 1,578,159 28,150 15,850 2,900 9,400 18,650 0 9,500
Kohls Corp Equity 500255104 502,250 4,900 4,450 450 0 4,900 0 0
Level 3 Communications Inc Equity 52729N100 3,563,035 33,693 725 28,030 4,938 25,455 0 8,238
Lilly Eli & Co Equity 532457108 865,853 13,826 8,625 2,800 2,401 11,431 0 2,395
Lincoln National Corporation Equity 534187109 237,013 7,075 7,075 0 0 7,075 0 0
Lucent Technologies Inc Equity 549463107 4,812,596 78,573 31,393 7,929 39,251 39,748 814 38,011
MBIA Inc Equity 55262C100 870,745 16,725 14,225 1,900 600 16,125 0 600
MBNA Corporation Equity 55262L100 1,058,378 41,505 11,500 505 29,500 12,005 0 29,500
</TABLE>
Page 5 of 10
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<TABLE>
<CAPTION>
13 F REPORT OF MANAGED ASSETS
Date Run : 11/21/2000 Processing Date : 11/21/2000 Time Printed : 9:13:37 AM
As Of Date : 03/31/2000
INVESTMENT DIRECTION VOTING AUTHORITY
NAME OF ISSUER TYPE CUSIP MARKET SHARES/PV SOLE SHARED OTHER SOLE SHARED OTHER
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
McI Worldcom Inc Equity 55268B106 4,798,911 105,907 19,124 24,642 62,141 37,316 150 68,441
Mdu Resources Group Inc Equity 552690109 341,130 16,440 4,100 10,870 1,470 6,175 0 10,265
Mallon Resources Corporation Equity 561240201 67,500 11,250 0 0 11,250 0 0 11,250
Marsh & McLennan Cos Inc Equity 571748102 1,264,402 11,462 800 0 10,662 800 0 10,662
McDonalds Corporation Equity 580135101 1,117,513 29,900 19,900 3,200 6,800 22,400 0 7,500
McGraw Hill Companies Inc Equity 580645109 755,983 16,615 0 0 16,615 0 0 16,615
McLeodusa Inc Equity 582266102 267,159 3,150 0 0 3,150 0 0 3,150
Mead Corp Equity 582834107 358,109 10,250 0 0 10,250 0 0 10,250
Mediaone Group Inc Equity 58440J104 994,842 12,282 4,485 1,663 6,134 6,148 0 6,134
Medimmune Inc Equity 584699102 256,834 1,475 0 0 1,475 0 0 1,475
Medtronic Inc Equity 585055106 2,703,555 52,560 36,100 6,560 9,900 42,660 400 9,500
Men's Wearhouse Inc Equity 587118100 291,066 9,825 0 0 9,825 0 0 9,825
Merck & Company Inc Equity 589331107 4,391,989 70,696 29,032 5,540 36,124 34,872 100 35,724
Microsoft Corporation Equity 594918104 6,726,688 63,310 16,775 2,295 44,240 19,270 100 43,940
Minnesota Mining &
Manufacturing Company Equity 604059105 605,499 6,837 3,727 450 2,660 4,077 300 2,460
Monsanto Company Equity 611662107 273,723 5,315 0 475 4,840 475 0 4,840
Montana Power Company Equity 612085100 1,099,328 17,177 10,657 3,350 3,170 14,307 0 2,870
Morgan J P & Company Inc Equity 616880100 549,134 4,168 1,932 396 1,840 2,328 0 1,840
Morgan Stanley Dean Witter &
Company Equity 617446448 1,131,575 13,654 0 780 12,874 1,280 0 12,374
Motorola Inc Equity 620076109 2,720,710 18,635 8,164 1,875 8,596 9,839 0 8,796
Mylan Laboratories Inc Equity 628530107 244,750 8,900 0 0 8,900 0 0 8,900
NCR Corporation Equity 62886E108 205,841 5,130 0 0 5,130 0 0 5,130
Nabors Industries Inc Equity 629568106 562,781 14,500 0 0 14,500 5,000 0 9,500
Nanopierce Technologies Inc Equity 630080109 176,813 34,500 0 0 34,500 0 0 34,500
Navistar International
Corporation New Equity 63934E108 204,638 5,100 0 0 5,100 0 0 5,100
Newell Rubbermaid Inc Equity 651229106 261,648 10,545 800 395 9,350 1,195 0 9,350
Nextel Communications Inc Cl A Equity 65332V103 559,644 3,775 0 200 3,575 200 0 3,575
Nokia Corporation Equity 654902204 4,218,000 19,000 500 0 18,500 500 0 18,500
Nortel Networks Corporation Equity 656569100 3,308,889 26,235 600 0 25,635 600 0 25,635
Nupec Res Inc Equity 670574102 100 10,000 10,000 0 0 10,000 0 0
OM Group Inc Equity 670872100 336,700 7,400 0 0 7,400 0 0 7,400
</TABLE>
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<PAGE> 9
<TABLE>
<CAPTION>
13 F REPORT OF MANAGED ASSETS
Date Run : 11/21/2000 Processing Date : 11/21/2000 Time Printed : 9:13:37 AM
As Of Date : 03/31/2000
INVESTMENT DIRECTION VOTING AUTHORITY
NAME OF ISSUER TYPE CUSIP MARKET SHARES/PV SOLE SHARED OTHER SOLE SHARED OTHER
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Omnicom Group Inc Equity 681919106 383,863 4,100 2,900 400 800 3,300 0 800
Oracle Corp Equity 68389X105 2,894,167 37,075 10,250 1,100 25,725 11,350 0 25,725
PPG Industries Inc Equity 693506107 614,410 11,745 8,970 2,775 0 11,545 200 0
Pyr Energy Corporation Equity 693677106 44,200 13,600 0 0 13,600 0 0 13,600
Pall Corporation Equity 696429307 328,148 14,625 0 0 14,625 0 0 14,625
Parker Hannifin Corporation Equity 701094104 388,338 9,400 0 0 9,400 0 0 9,400
Paychex Inc Equity 704326107 218,142 4,165 0 0 4,165 0 0 4,165
Penney J C Inc Equity 708160106 212,713 14,300 0 12,100 2,200 12,100 0 2,200
Pepsico Inc Equity 713448108 1,534,674 44,005 22,760 4,970 16,275 26,730 400 16,875
Peregrine Systems Inc Equity 71366Q101 362,138 5,400 0 0 5,400 0 0 5,400
Pharmacia & Upjohn Inc* Equity 71694110 595,000 10,000 0 0 10,000 0 0 10,000
Pfizer Inc Equity 717081103 1,451,458 39,698 21,222 1,856 16,620 23,078 0 16,620
Philip Morris Companies Inc Equity 718154107 838,134 39,675 7,500 970 31,205 9,470 0 30,205
Proctor & Gamble Company Equity 742718109 1,488,323 26,342 18,572 1,300 6,470 19,972 100 6,270
Quaker Oats Company Equity 747402105 295,547 4,875 0 0 4,875 0 0 4,875
Qualcomm Inc Equity 747525103 682,358 4,570 2,950 0 1,620 2,950 0 1,620
Qwest Communications
International Inc Equity 749121109 386,400 8,050 0 0 8,050 0 0 8,050
Ralston-Ralston Purina Group Equity 751277302 220,000 8,000 1,500 0 6,500 1,500 0 6,500
Reliastar Financial Corporation Equity 75952U103 301,488 8,900 0 0 8,900 0 0 8,900
Republic Services Inc Equity 760759100 292,031 26,700 0 0 26,700 0 0 26,700
Reuters Group Plc Adr Equity 76132M102 482,514 4,042 0 866 3,176 866 0 3,176
Robert Half International Inc Equity 770323103 218,159 4,600 0 0 4,600 0 0 4,600
Royal Dutch Petro Ny Reg Sh
Par N 1.25 Gldr Equity 780257804 773,531 13,380 6,980 0 6,400 6,980 0 6,400
SBC Communications Inc Equity 78387G103 2,658,045 63,099 34,734 3,972 24,393 38,706 0 24,393
St Paul Companies Inc Equity 792860108 476,044 13,950 13,950 0 0 13,950 0 0
Schering Plough Corporation Equity 806605101 714,656 19,250 10,850 0 8,400 10,850 0 8,400
Schlumberger Limited Equity 806857108 1,339,133 17,505 14,305 1,900 1,300 16,455 0 1,050
Schwab Charles Corporation New Equity 808513105 263,610 4,640 1,800 0 2,840 1,800 0 2,840
Scientific-Atlanta, Inc Equity 808655104 404,800 6,400 0 0 6,400 0 0 6,400
Scottish Pwr Plc Adr Spon Final
Installment Equity 81013T705 722,038 22,786 5,490 8,321 8,975 20,121 0 2,665
Sherwin-Williams Company Equity 824348106 1,185,900 53,600 31,500 6,700 15,400 38,200 0 15,400
</TABLE>
Page 7 of 10
<PAGE> 10
<TABLE>
<CAPTION>
13 F REPORT OF MANAGED ASSETS
Date Run : 11/21/2000 Processing Date : 11/21/2000 Time Printed : 9:13:38 AM
As Of Date : 03/31/2000
INVESTMENT DIRECTION VOTING AUTHORITY
NAME OF ISSUER TYPE CUSIP MARKET SHARES/PV SOLE SHARED OTHER SOLE SHARED OTHER
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Siebel Systems Inc Equity 826170102 582,258 4,875 0 0 4,875 0 0 4,875
Sigma-Aldrich Corp Equity 826552101 290,250 10,800 0 0 10,800 0 0 10,800
Skymall Inc Equity 830859104 131,600 18,800 0 0 18,800 0 0 18,800
Southwest Airlines Company Equity 844741108 729,728 35,062 0 0 35,062 0 0 35,062
Sprint Corporation Equity 852061100 967,725 15,300 9,600 800 4,900 10,000 0 5,300
Starbucks Corporation Equity 855244109 287,248 6,410 3,400 0 3,010 3,400 0 3,010
State Street Corporation Equity 857477103 1,293,766 13,355 7,355 1,250 4,750 8,155 0 5,200
Sterling Financial Corporation Equity 859319105 102,830 10,283 0 0 10,283 0 0 10,283
Sun Microsystems Equity 866810104 1,939,655 20,700 1,400 0 19,300 1,400 0 19,300
Suncor Energy Inc Equity 867229106 344,250 8,100 0 0 8,100 0 0 8,100
Symbol Technologies Inc Equity 871508107 839,588 10,200 0 0 10,200 0 0 10,200
Sysco Corporation Equity 871829107 1,015,727 28,117 10,242 0 17,875 10,242 0 17,875
Target Corporation Equity 87612E106 839,069 11,225 600 0 10,625 1,800 0 9,425
Tektronix Inc Equity 879131100 252,000 4,500 0 0 4,500 0 0 4,500
Tenet Healthcare Corporation Equity 88033G100 274,350 11,800 0 0 11,800 0 0 11,800
Teradyne Inc Equity 880770102 463,300 5,650 0 0 5,650 0 0 5,650
Teva Pharmaceutical Industries
Ltd Adr Equity 881624209 266,784 7,150 0 0 7,150 0 0 7,150
Texaco Inc Equity 881694103 1,875,230 34,888 7,971 1,800 25,117 11,571 200 23,117
Texas Instruments Inc Equity 882508104 1,184,000 7,400 1,000 0 6,400 1,000 0 6,400
Tiffany & Co Equity 886547108 246,694 2,950 0 0 2,950 0 0 2,950
Time Warner Inc Equity 887315109 1,467,500 14,675 0 0 14,675 0 0 14,675
Timken Company Equity 887389104 177,938 10,950 10,000 750 200 10,750 0 200
Gendco Leasing Company Equity 88891785 982,414 103 103 0 0 103 0 0
General Distributing Company Equity 88891787 232,500 155 155 0 0 155 0 0
Total Fina Sa Spon Adr Equity 89151E109 294,500 4,000 0 0 4,000 0 0 4,000
Tyco International Ltd New Equity 902124106 1,216,033 24,260 8,326 900 15,034 8,326 200 15,734
Usa Networks Inc Equity 902984103 308,542 13,675 0 0 13,675 0 0 13,675
Unisource Energy Corporation Equity 909205106 148,344 10,100 0 0 10,100 7,500 0 2,600
United Parcel Service Inc Cl B Equity 911312106 370,686 5,885 35 0 5,850 185 0 5,700
U S West Inc New Equity 91273H101 1,614,091 22,225 13,560 3,488 5,177 17,048 500 4,677
United Technologies Corporation Equity 913017109 1,224,890 19,385 7,265 0 12,120 7,265 0 12,120
</TABLE>
Page 8 of 10
<PAGE> 11
<TABLE>
<CAPTION>
13 F REPORT OF MANAGED ASSETS
Date Run : 11/21/2000 Processing Date : 11/21/2000 Time Printed : 9:13:38 AM
As Of Date : 03/31/2000
INVESTMENT DIRECTION VOTING AUTHORITY
NAME OF ISSUER TYPE CUSIP MARKET SHARES/PV SOLE SHARED OTHER SOLE SHARED OTHER
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Valassis Communications Inc Equity 918866104 481,366 14,450 0 0 14,450 0 0 14,450
Vale Creek Ranch Equity 918990102 374,922 186 0 186 0 0 186 0
Viad Corp Equity 92552R109 363,941 15,910 0 0 15,910 0 0 15,910
Vitesse Semiconductor
Corporation Equity 928497106 401,844 4,175 0 0 4,175 0 0 4,175
Vodafone Airtouch Plc Equity 92857T107 1,069,300 19,245 8,770 1,875 8,600 10,670 725 7,850
Wachovia Corporation Equity 929771103 779,333 11,535 6,140 600 4,795 6,740 0 4,795
Wal Mart Stores Inc Equity 931142103 2,734,770 48,403 24,452 4,705 19,246 29,157 200 19,046
Warner Lambert Company Equity 934488107 1,313,897 13,450 4,250 0 9,200 4,250 0 9,200
Washington Mutual Inc Equity 939322103 288,135 10,873 2,625 275 7,973 2,900 0 7,973
Wells Fargo & Company Equity 949746101 1,095,768 26,890 13,592 3,346 9,952 16,138 800 9,952
Westerfed Financial Corporation Equity 957550106 236,583 17,051 0 0 17,051 0 0 17,051
Western Farm Bur Svc Co Equity 95816100 0 11,250 0 0 11,250 0 0 11,250
Weyerhaeuser Company Equity 962166104 400,425 7,025 0 0 7,025 0 0 7,025
Willamette Industries Inc Equity 969133107 227,709 5,675 0 0 5,675 0 0 5,675
Winter Sports Inc Equity 97607210 137,323 22,420 20,834 0 1,586 0 0 22,420
Xilinx Inc Equity 983919101 397,500 4,800 2,900 0 1,900 2,900 0 1,900
Xerox Corporation Equity 984121103 436,176 16,776 1,000 0 15,776 1,600 0 15,176
Zanto Ranch Inc Class A Voting Equity 989990106 208,001 35,076 35,076 0 0 35,076 0 0
Zanto Ranch Inc Class B
Non-Voting Equity 989990205 119,860 26,000 26,000 0 0 26,000 0 0
First Interstate Bancsystem Inc Equity 998000194 73,807,040 1,845,176 449,157 1,377,711 18,308 358,541 0 1,486,635
Sugarland Enterprises Inc Equity 998000483 943,628 27,241 887 26,354 0 496 0 26,745
Development Corporation Of
Montana Equity DCM1 294,975 6,555 0 0 6,555 0 0 6,555
Ace Limited Ord Sh Equity G0070K103 226,463 9,900 0 0 9,900 0 0 9,900
Everest Re Group Ltd Equity G3223R108 221,850 6,800 0 0 6,800 0 0 6,800
Global Crossing Ltd Equity G3921A100 401,106 9,798 6,748 0 3,050 6,748 0 3,050
Santa Fe International
Corporation Equity G7805C108 214,600 5,800 0 0 5,800 0 0 5,800
Transocean Sedco Forex Inc Equity G90078109 292,840 5,707 2,899 365 2,443 3,206 0 2,501
Rolling Acres Farms Equity MC000205 586,100 29,305 29,305 0 0 29,305 0 0
McGeorge Contracting Co, Inc Equity MCCC 1,036,062 571 571 0 0 571 0 0
Pine Bluff Sand And Gravel
Company Equity PBSG 3,366,450 2,494 2,494 0 0 2,494 0 0
Scott Land & Livestock Limited
Partnership Equity SLL 1,916,656 399 15 151 233 321 0 78
452,203,440
</TABLE>
* * * END OF ASSET REPORT * * *
279 ASSETS REPORTED OF 18462 ASSETS ON FILE
Page 9 of 10
