<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: December 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 January 9, 2001
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: 257
Form 13F Information Table Value Total: $422,991,736
List of Other Included Managers: NONE
<PAGE> 3
13 F REPORT OF MANAGED ASSETS
Date Run: 01/03/2001 Processing Date: 01/03/2001 Time Printed: 10:33:31 AM
As Of Date: 12/31/2000
<TABLE>
<CAPTION>
INVESTMENT DIRECTION
NAME OF ISSUER TYPE CUSIP MARKET SHARES/PV SOLE SHARED OTHER
<S> <C> <C> <C> <C> <C> <C> <C>
ADC Telecommunications Inc Equity 000886101 347,746 19,186 1,200 0 17,986
AES Corp Com Equity 00130H105 1,278,886 23,095 0 0 23,095
AMR Corporation Equity 001765106 321,338 8,200 0 0 8,200
AT&T Corporation Equity 001957109 1,384,847 80,281 46,673 13,654 19,954
Abbott Laboratories Equity 002824100 1,446,198 29,857 16,294 9,975 3,588
Agilent Technologies Inc Equity 00846U101 521,713 9,529 5,054 874 3,601
Air Products & Chemicals Equity 009158106 315,290 7,690 7,090 300 300
Albertson's Inc Equity 013104104 826,138 31,175 23,775 5,300 2,100
Alcoa Inc Equity 013817101 645,713 19,275 4,700 1,600 12,975
Allegheny Energy Inc Equity 017361106 1,868,470 38,775 32,475 5,550 750
Allergan Inc Equity 018490102 227,509 2,350 0 0 2,350
Allstate Corporation Equity 020002101 373,156 8,566 4,150 3,128 1,288
Alltel Corporation Equity 020039103 1,811,687 29,016 14,166 2,007 12,843
America Online Equity 02364J104 256,580 7,373 467 0 6,906
American Electric Power Inc Equity 025537101 234,965 5,053 2,330 603 2,120
American Express Company Equity 025816109 1,547,864 28,175 10,500 900 16,775
American Home Products Corporation Equity 026609107 3,331,037 52,416 17,935 300 34,181
American International Group Inc Equity 026874107 3,539,774 35,914 19,341 1,784 14,789
Amgen Inc Equity 031162100 760,856 11,900 1,880 0 10,020
Analog Devices Inc Equity 032654105 387,745 7,575 0 0 7,575
Anheuser-Busch Companies Inc Equity 035229103 1,949,675 42,850 7,975 1,075 33,800
Apache Corporation Equity 037411105 5,457,869 77,900 36,000 0 41,900
Applied Materials Inc Equity 038222105 282,588 7,400 0 0 7,400
Automatic Data Processing Inc Equity 053015103 2,227,334 35,180 10,919 0 24,261
Autozone Inc Equity 053332102 386,888 13,575 0 0 13,575
Avalonbay Communities Inc Equity 053484101 398,644 7,953 0 0 7,953
Bj Services Company Equity 055482103 544,113 7,900 0 0 7,900
BP Amoco PLC Sponsored ADR Equity 055622104 4,163,976 86,976 34,555 8,359 44,062
Baker Hughes Inc Equity 057224107 224,438 5,400 1,100 0 4,300
Bank America Corporation Equity 060505104 1,542,409 33,622 7,288 960 25,374
Bank Of New York Company Inc Equity 064057102 1,667,049 30,207 0 0 30,207
</TABLE>
<TABLE>
<CAPTION>
VOTING AUTHORITY
NAME OF ISSUER SOLE SHARED OTHER
<S> <C> <C> <C>
ADC Telecommunications Inc 1,200 0 17,986
AES Corp Com 0 0 23,095
AMR Corporation 0 0 8,200
AT&T Corporation 61,051 1,043 18,187
Abbott Laboratories 26,269 188 3,400
Agilent Technologies Inc 5,691 76 3,762
Air Products & Chemicals 7,390 300 0
Albertson's Inc 27,875 800 2,500
Alcoa Inc 7,100 0 12,175
Allegheny Energy Inc 36,825 400 1,550
Allergan Inc 0 0 2,350
Allstate Corporation 7,878 0 688
Alltel Corporation 16,173 0 12,843
America Online 867 0 6,506
American Electric Power Inc 2,933 0 2,120
American Express Company 11,400 0 16,775
American Home Products Corporation 18,235 0 34,181
American International Group Inc 20,263 275 15,376
Amgen Inc 1,880 0 10,020
Analog Devices Inc 0 0 7,575
Anheuser-Busch Companies Inc 9,750 0 33,100
Apache Corporation 36,000 0 41,900
Applied Materials Inc 0 0 7,400
Automatic Data Processing Inc 11,020 0 24,160
Autozone Inc 0 0 13,575
Avalonbay Communities Inc 0 0 7,953
Bj Services Company 0 0 7,900
BP Amoco PLC Sponsored ADR 39,642 4,328 43,006
Baker Hughes Inc 1,100 0 4,300
Bank America Corporation 8,248 0 25,374
Bank Of New York Company Inc 0 0 30,207
</TABLE>
Page 1 of 9
<PAGE> 4
13 F REPORT OF MANAGED ASSETS
Date Run: 01/03/2001 Processing Date: 01/03/2001 Time Printed: 10:33:32 AM
As Of Date: 12/31/2000
<TABLE>
<CAPTION>
INVESTMENT DIRECTION
NAME OF ISSUER TYPE CUSIP MARKET SHARES/PV SOLE SHARED OTHER
<S> <C> <C> <C> <C> <C> <C> <C>
Baxter International Inc Equity 071813109 1,486,299 16,830 3,155 0 13,675
BEA Systems Inc Equity 073325102 291,127 4,325 0 0 4,325
Becton Dickinson & Company Equity 075887109 230,256 6,650 650 0 6,000
Bellsouth Corporation Equity 079860102 1,946,660 47,552 32,401 2,214 12,937
Bemis Company Inc Equity 081437105 362,475 10,800 0 0 10,800
Big Sky Transportation Company Equity 089539209 45,923 40,820 0 0 40,820
Biomet Inc Equity 090613100 358,180 9,025 0 0 9,025
Black Hills Corporation Equity 092113109 576,156 12,875 12,275 600 0
Blockbuster Inc Cl A Equity 093679108 234,500 28,000 0 0 28,000
Boeing Company Equity 097023105 814,110 12,335 1,460 0 10,875
Brinker International Inc Equity 109641100 689,731 16,325 0 0 16,325
Bristol Myers Squibb Company Equity 110122108 3,902,939 52,787 23,821 3,000 25,966
Burlington Resources Inc Equity 122014103 478,437 9,474 1,246 0 8,228
Cigna Corporation Equity 125509109 1,029,956 7,785 35 0 7,750
Cit Group Inc Cl A Equity 125577106 247,538 12,300 0 0 12,300
CVS Corporation Equity 126650100 490,588 8,185 1,410 0 6,775
Cardinal Health Inc Equity 14149Y108 846,713 8,499 700 0 7,799
Carnival Corporation Equity 143658102 820,075 26,615 4,215 1,200 21,200
Caterpillar Inc Equity 149123101 566,567 11,975 7,195 0 4,780
Centurytel Inc Equity 156700106 226,548 6,337 2,000 0 4,337
Chase Manhattan Corporation New Equity 16161A108 1,917,235 42,195 22,760 3,000 16,435
Chevron Corporation Equity 166751107 2,590,627 30,681 12,952 700 17,029
Chromatochem Inc Series B - Market
Price N/A Preferred Stock 171990104 15 15,000 0 0 15,000
Cinergy Corporation Equity 172474108 228,313 6,500 6,500 0 0
Cisco Systems Inc Equity 17275R102 4,225,592 110,473 32,728 10,300 67,445
Citigroup Inc Equity 172967101 5,141,687 100,694 54,526 10,251 35,917
Coastal Corporation Equity 190441105 428,316 4,850 4,400 150 300
Coca Cola Company Equity 191216100 1,606,922 26,370 9,410 350 16,610
Cognex Corporation Equity 192422103 201,338 9,100 0 0 9,100
Colgate Palmolive Company Equity 194162103 322,363 4,994 2,786 0 2,208
Comerica Inc Equity 200340107 290,938 4,900 1,500 0 3,400
</TABLE>
<TABLE>
<CAPTION>
VOTING AUTHORITY
NAME OF ISSUER SOLE SHARED OTHER
<S> <C> <C> <C>
Baxter International Inc 3,155 0 13,675
BEA Systems Inc 0 0 4,325
Becton Dickinson & Company 650 0 6,000
Bellsouth Corporation 34,471 144 12,937
Bemis Company Inc 0 0 10,800
Big Sky Transportation Company 0 0 40,820
Biomet Inc 0 0 9,025
Black Hills Corporation 12,875 0 0
Blockbuster Inc Cl A 0 0 28,000
Boeing Company 1,760 0 10,575
Brinker International Inc 0 0 16,325
Bristol Myers Squibb Company 27,221 0 25,566
Burlington Resources Inc 3,024 0 6,450
Cigna Corporation 35 0 7,750
Cit Group Inc Cl A 0 0 12,300
CVS Corporation 1,410 0 6,775
Cardinal Health Inc 700 0 7,799
Carnival Corporation 5,415 0 21,200
Caterpillar Inc 7,495 0 4,480
Centurytel Inc 2,000 0 4,337
Chase Manhattan Corporation New 25,652 0 16,543
Chevron Corporation 13,652 0 17,029
Chromatochem Inc Series B - Market
Price N/A 0 0 15,000
Cinergy Corporation 6,500 0 0
Cisco Systems Inc 43,228 800 66,445
Citigroup Inc 63,176 599 36,919
Coastal Corporation 4,550 0 300
Coca Cola Company 9,760 95 16,515
Cognex Corporation 0 0 9,100
Colgate Palmolive Company 2,786 208 2,000
Comerica Inc 1,500 0 3,400
</TABLE>
Page 2 of 9
<PAGE> 5
13 F REPORT OF MANAGED ASSETS
Date Run: 01/03/2001 Processing Date: 01/03/2001 Time Printed: 10:33:34 AM
As Of Date: 12/31/2000
<TABLE>
<CAPTION>
INVESTMENT DIRECTION
NAME OF ISSUER TYPE CUSIP MARKET SHARES/PV SOLE SHARED OTHER
<S> <C> <C> <C> <C> <C> <C> <C>
Compaq Computer Corporation Equity 204493100 174,204 11,575 1,200 0 10,375
Computer Associates International Inc Equity 204912109 240,338 12,325 700 0 11,625
Computer Sciences Corp Common Equity 205363104 939,453 15,625 0 200 15,425
Comverse Technology Inc Equity 205862402 391,050 3,600 0 0 3,600
Conagra Inc Equity 205887102 970,450 37,325 16,250 2,675 18,400
Conoco Inc Cl B Equity 208251405 315,621 10,907 1,960 1,100 7,847
Constellation Energy Group Inc Equity 210371100 461,440 10,240 0 1,120 9,120
Corning Inc Equity 219350105 456,564 8,645 2,830 350 5,465
Costco Wholesale Corporation New Equity 22160K105 1,048,359 26,250 6,100 0 20,150
Coventry Health Care Inc Equity 222862104 266,875 10,000 0 0 10,000
The Cadiz Corporation Equity 2352391 0 34,500 0 34,500 0
The Cadiz Corporation Equity 2352392 0 34,550 0 34,550 0
Elf Technologies Corp. Certificate
#251 Equity 2353592 52,150 35,000 0 35,000 0
Powder Horn Ranch Llc Equity 2353637 431,690 98 0 98 0
Winter Sports Inc Equity 2353748 0 36,278 0 0 36,278
Powderhorn Ranch 2 Llc 20%
Ownership Interest Equity 2353792 1,000,000 4 3 1 0
Powderhorn Ranch 2, Llc Equity 2353806 250,000 1 0 1 0
Danaher Corporation Equity 235851102 396,575 5,800 0 0 5,800
Sundance Bankshares, Inc Equity 2362059 1,123,008 9,600 9,600 0 0
Winter Sport Inc Equity 2380054 156,250 12,500 12,500 0 0
Deere & Company Equity 244199105 612,513 13,370 3,190 2,200 7,980
Dial Corporation Equity 25247D101 141,460 12,860 0 0 12,860
Disney Walt Co Hldg Equity 254687106 559,188 19,324 7,200 1,050 11,074
Dominion Res Inc Va Equity 25746U109 369,103 5,509 4,960 249 300
Dover Corporation Equity 260003108 249,459 6,150 0 0 6,150
Du Pont E I De Nemours & Company Equity 263534109 2,953,053 61,124 48,390 7,125 5,609
Duke Energy Corporation Equity 264399106 2,891,254 33,915 19,540 2,700 11,675
Dynegy Inc Class A Equity 26816Q101 320,958 5,725 0 0 5,725
EMC Corporation Equity 268648102 2,093,620 31,483 2,758 0 28,725
Eog Resources Inc Equity 26875P101 423,344 7,750 0 0 7,750
Epi Environmental Inc Equity 26899P103 84,000 14,000 0 0 14,000
</TABLE>
<TABLE>
<CAPTION>
VOTING AUTHORITY
NAME OF ISSUER SOLE SHARED OTHER
<S> <C> <C> <C>
Compaq Computer Corporation 1,200 0 10,375
Computer Associates International Inc 700 0 11,625
Computer Sciences Corp Common 200 0 15,425
Comverse Technology Inc 0 0 3,600
Conagra Inc 18,925 0 18,400
Conoco Inc Cl B 3,060 0 7,847
Constellation Energy Group Inc 1,800 820 7,620
Corning Inc 3,830 0 4,815
Costco Wholesale Corporation New 6,100 0 20,150
Coventry Health Care Inc 10,000 0 0
The Cadiz Corporation 34,500 0 0
The Cadiz Corporation 34,550 0 0
Elf Technologies Corp. Certificate
#251 0 0 35,000
Powder Horn Ranch Llc 0 0 98
Winter Sports Inc 0 0 36,278
Powderhorn Ranch 2 Llc 20%
Ownership Interest 2 0 2
Powderhorn Ranch 2, Llc 0 0 1
Danaher Corporation 0 0 5,800
Sundance Bankshares, Inc 9,600 0 0
Winter Sport Inc 12,500 0 0
Deere & Company 5,390 0 7,980
Dial Corporation 0 0 12,860
Disney Walt Co Hldg 8,250 0 11,074
Dominion Res Inc Va 5,209 0 300
Dover Corporation 0 0 6,150
Du Pont E I De Nemours & Company 54,715 500 5,909
Duke Energy Corporation 21,590 0 12,325
Dynegy Inc Class A 0 0 5,725
EMC Corporation 3,058 0 28,425
Eog Resources Inc 0 0 7,750
Epi Environmental Inc 0 0 14,000
</TABLE>
Page 3 of 9
<PAGE> 6
13 F REPORT OF MANAGED ASSETS
Date Run: 01/03/2001 Processing Date: 01/03/2001 Time Printed: 10:33:35 AM
As Of Date: 12/31/2000
<TABLE>
<CAPTION>
INVESTMENT DIRECTION
NAME OF ISSUER TYPE CUSIP MARKET SHARES/PV SOLE SHARED OTHER
<S> <C> <C> <C> <C> <C> <C> <C>
Ecolab Inc Equity 278865100 462,106 10,700 0 0 10,700
El Paso Energy Corporation Equity 283905107 1,347,266 18,810 5,500 800 12,510
Electronic Data Systems Corporation
(New) Equity 285661104 1,359,551 23,542 0 416 23,126
Emerson Electric Company Equity 291011104 1,279,600 16,236 8,725 1,211 6,300
Enron Corp Equity 293561106 1,261,754 15,179 7,450 350 7,379
Equity Office Properties Trust Equity 294741103 773,213 23,700 0 400 23,300
Equity Residential Property Trust Sbi Equity 29476L107 569,719 10,300 0 0 10,300
Ericsson L M Telephone Co Cl B Ser 10 Equity 294821400 161,995 14,480 8,400 0 6,080
Exxon Mobil Corporation Equity 30231G102 12,178,031 140,078 62,963 15,910 61,205
Fbl Finl Group Inc Cl A Equity 30239F106 4,830,250 278,000 0 0 278,000
Fbl Finl Group Inc Cl B Equity 30239F26 0 25,400 0 0 25,400
Fib Capital Trust 8 5/8% Cum Trust
Pfd Secs Preferred Stock 30243L206 220,900 9,400 2,300 2,000 5,100
Fpl Group Inc Equity 302571104 602,700 8,400 7,400 0 1,000
Federal Home Loan Mortgage
Corporation Equity 313400301 2,760,510 40,080 11,455 325 28,300
Federal National Mortgage Association Equity 313586109 3,876,424 44,685 21,735 3,050 19,900
Federal Signal Corporation Equity 313855108 323,322 16,475 0 0 16,475
First Data Corporation Equity 319963104 1,127,513 21,400 6,300 550 14,550
First Interstate Bancsystem Inc Equity 320990104 79,572,190 2,094,005 475,414 1,253,564 365,027
Fiserv Inc Wis Equity 337738108 293,638 6,190 3,000 0 3,190
Fleetboston Financial Corp Equity 339030108 1,078,570 28,714 7,507 1,450 19,757
Founders Financial Corporation
Michigan Equity 343000998 210,960 10,548 5,244 5,304 0
Ford Motor Company Del New Equity 345370860 360,609 15,386 7,428 5,986 1,972
Franklin Resources Inc Equity 354613101 339,090 8,900 0 0 8,900
General Electric Company Equity 369604103 12,482,350 260,388 90,468 20,098 149,822
General Mills Inc Equity 370334104 460,331 10,330 530 0 9,800
Genuine Parts Company Equity 372460105 421,619 16,100 4,350 2,450 9,300
Glacier Bancorp Inc New Equity 37637Q105 527,154 43,033 0 0 43,033
Goldman Sachs Group Inc Equity 38141G104 417,056 3,900 0 0 3,900
Hrpt Properties Trust Sbi Equity 40426W101 86,969 11,500 0 0 11,500
Hartford Financial Services Group Inc Equity 416515104 317,813 4,500 4,200 0 300
Heinz H J Company Equity 423074103 964,642 20,335 11,460 2,475 6,400
</TABLE>
<TABLE>
<CAPTION>
VOTING AUTHORITY
NAME OF ISSUER SOLE SHARED OTHER
<S> <C> <C> <C>
Ecolab Inc 0 0 10,700
El Paso Energy Corporation 9,052 0 9,758
Electronic Data Systems Corporation
(New) 416 0 23,126
Emerson Electric Company 9,536 0 6,700
Enron Corp 7,800 0 7,379
Equity Office Properties Trust 400 0 23,300
Equity Residential Property Trust Sbi 0 0 10,300
Ericsson L M Telephone Co Cl B Ser 10 8,400 0 6,080
Exxon Mobil Corporation 79,221 1,567 59,290
Fbl Finl Group Inc Cl A 0 0 278,000
Fbl Finl Group Inc Cl B 0 0 25,400
Fib Capital Trust 8 5/8% Cum Trust
Pfd Secs 2,300 0 7,100
Fpl Group Inc 7,600 0 800
Federal Home Loan Mortgage
Corporation 11,455 0 28,625
Federal National Mortgage Association 24,385 400 19,900
Federal Signal Corporation 0 0 16,475
First Data Corporation 6,850 0 14,550
First Interstate Bancsystem Inc 2,030,871 1,043 62,091
Fiserv Inc Wis 3,000 0 3,190
Fleetboston Financial Corp 7,507 0 21,207
Founders Financial Corporation
Michigan 10,548 0 0
Ford Motor Company Del New 13,115 0 2,271
Franklin Resources Inc 0 0 8,900
General Electric Company 105,668 5,504 149,216
General Mills Inc 530 0 9,800
Genuine Parts Company 10,400 0 5,700
Glacier Bancorp Inc New 0 0 43,033
Goldman Sachs Group Inc 0 0 3,900
Hrpt Properties Trust Sbi 0 0 11,500
Hartford Financial Services Group Inc 4,200 0 300
Heinz H J Company 13,710 0 6,625
</TABLE>
Page 4 of 9
<PAGE> 7
13 F REPORT OF MANAGED ASSETS
Date Run: 01/03/2001 Processing Date: 01/03/2001 Time Printed: 10:33:37 AM
As Of Date: 12/31/2000
<TABLE>
<CAPTION>
INVESTMENT DIRECTION
NAME OF ISSUER TYPE CUSIP MARKET SHARES/PV SOLE SHARED OTHER
<S> <C> <C> <C> <C> <C> <C> <C>
Hewlett Packard Company Equity 428236103 1,697,905 53,795 34,415 6,200 13,180
Home Depot Inc Equity 437076102 2,657,459 58,166 31,241 4,438 22,487
Honeywell International Inc Equity 438516106 1,673,396 35,369 29,367 4,102 1,900
Illinois Tool Works Inc Equity 452308109 939,182 15,768 5,850 1,825 8,093
Ingersoll-Rand Company Equity 456866102 283,703 6,775 0 0 6,775
Innkeepers Usa Trust Equity 4576J0104 319,706 28,900 0 0 28,900
Intel Corporation Equity 458140100 3,869,645 128,720 39,328 7,475 81,917
International Business Machines
Corporation Equity 459200101 3,062,465 36,029 15,820 2,275 17,934
International Paper Company Equity 460146103 207,164 5,076 3,896 0 1,180
Interpublic Group Companies Inc Equity 460690100 1,506,713 35,400 14,300 2,550 18,550
Johnson & Johnson Equity 478160104 4,689,465 44,635 20,935 3,850 19,850
Johnson E L & Sons Inc Equity 479999104 236,748 181 181 0 0
Jore Corporation Equity 480815109 883,296 190,983 190,583 0 400
KLA-Tencor Corporation Equity 482480100 245,919 7,300 0 0 7,300
Kimberly Clark Corporation Equity 494368103 3,159,843 44,700 25,725 3,400 15,575
Kohls Corp Equity 500255104 210,450 3,450 3,450 0 0
Leading Brands Inc Equity 52170U108 23,400 23,400 0 0 23,400
Lee Enterprises Inc Equity 523768109 211,371 7,090 0 7,090 0
Level 3 Communications Inc Equity 52729N100 1,186,172 36,150 925 28,030 7,195
Lilly Eli & Co Equity 532457108 1,628,128 17,495 12,595 2,925 1,975
Lincoln National Corporation Equity 534187109 533,448 11,275 6,975 0 4,300
Lowes Cos Inc Equity 548661107 304,825 6,850 6,850 0 0
Lucent Technologies Inc Equity 549463107 1,000,404 74,104 28,083 6,654 39,367
MBIA Inc Equity 55262C100 1,143,378 15,425 13,475 1,350 600
MBNA Corporation Equity 55262L100 1,543,581 41,789 5,704 505 35,580
Mdu Resources Group Inc Equity 552690109 612,593 18,849 5,480 11,969 1,400
Manulife Financial Corporation Equity 56501R106 344,560 10,982 10,982 0 0
Marsh & McLennan Cos Inc Equity 571748102 814,554 6,962 1,125 0 5,837
McDonalds Corporation Equity 580135101 1,210,570 35,605 22,105 3,200 10,300
McGraw Hill Companies Inc Equity 580645109 1,125,014 19,190 400 0 18,790
Medtronic Inc Equity 585055106 3,462,506 57,350 35,475 6,100 15,775
</TABLE>
<TABLE>
<CAPTION>
VOTING AUTHORITY
NAME OF ISSUER SOLE SHARED OTHER
<S> <C> <C> <C>
Hewlett Packard Company 38,915 850 14,030
Home Depot Inc 35,301 450 22,415
Honeywell International Inc 32,844 0 2,525
Illinois Tool Works Inc 7,675 0 8,093
Ingersoll-Rand Company 0 0 6,775
Innkeepers Usa Trust 0 0 28,900
Intel Corporation 46,942 715 81,063
International Business Machines
Corporation 17,745 200 18,084
International Paper Company 3,896 0 1,180
Interpublic Group Companies Inc 16,850 0 18,550
Johnson & Johnson 24,940 100 19,595
Johnson E L & Sons Inc 181 0 0
Jore Corporation 190,583 0 400
KLA-Tencor Corporation 0 0 7,300
Kimberly Clark Corporation 29,025 0 15,675
Kohls Corp 3,450 0 0
Leading Brands Inc 0 0 23,400
Lee Enterprises Inc 7,090 0 0
Level 3 Communications Inc 25,655 0 10,495
Lilly Eli & Co 15,070 275 2,150
Lincoln National Corporation 6,975 0 4,300
Lowes Cos Inc 6,850 0 0
Lucent Technologies Inc 35,382 814 37,908
MBIA Inc 14,825 0 600
MBNA Corporation 6,209 0 35,580
Mdu Resources Group Inc 7,555 0 11,294
Manulife Financial Corporation 10,982 0 0
Marsh & McLennan Cos Inc 1,125 0 5,837
McDonalds Corporation 24,605 0 11,000
McGraw Hill Companies Inc 400 0 18,790
Medtronic Inc 41,165 1,060 15,125
</TABLE>
Page 5 of 9
<PAGE> 8
13 F REPORT OF MANAGED ASSETS
Date Run: 01/03/2001 Processing Date: 01/03/2001 Time Printed: 10:33:38 AM
As Of Date: 12/31/2000
<TABLE>
<CAPTION>
INVESTMENT DIRECTION
NAME OF ISSUER TYPE CUSIP MARKET SHARES/PV SOLE SHARED OTHER
<S> <C> <C> <C> <C> <C> <C> <C>
Mellon Financial Corporation Equity 58551A108 200,193 4,070 2,400 0 1,670
Merck & Company Inc Equity 589331107 6,452,635 68,920 31,241 6,165 31,514
Microsoft Corporation Equity 594918104 3,533,588 81,466 28,456 2,815 50,195
Minnesota Mining & Manufacturing
Company Equity 604059105 949,661 7,881 3,871 450 3,560
Montana Power Company Equity 612085100 314,093 15,137 8,617 3,350 3,170
Morgan J P & Company Inc Equity 616880100 741,109 4,478 1,942 696 1,840
Morgan Stanley Dean Witter & Company Equity 617446448 211,835 2,673 949 400 1,324
Motorola Inc Equity 620076109 1,237,174 61,095 30,850 7,875 22,370
NCR Corporation Equity 62886E108 281,486 5,730 0 0 5,730
Nabors Industries Inc Equity 629568106 561,925 9,500 0 0 9,500
Nanopierce Technologies Inc Equity 630080109 41,844 51,500 0 0 51,500
Nokia Corporation Equity 654902204 3,432,107 78,899 12,849 1,650 64,400
Nortel Networks Corporation New
(Holding Co) Equity 656568102 1,840,708 57,410 13,250 875 43,285
Novellus Systems Inc Equity 670008101 204,844 5,700 0 0 5,700
Nupec Res Inc Equity 670574102 100 10,000 10,000 0 0
OM Group Inc Equity 670872100 404,225 7,400 0 0 7,400
Oracle Corp Equity 68389X105 2,596,444 89,340 34,250 4,425 50,665
PPG Industries Inc Equity 693506107 283,433 6,120 5,470 650 0
Pyr Energy Corporation Equity 693677106 182,438 21,000 0 0 21,000
Pall Corporation Equity 696429307 317,023 14,875 0 0 14,875
Parker Hannifin Corporation Equity 701094104 383,888 8,700 0 0 8,700
Paychex Inc Equity 704326107 566,335 11,647 0 0 11,647
Penney J C Inc Equity 708160106 146,813 13,500 0 12,100 1,400
Pepsico Inc Equity 713448108 2,318,038 46,770 27,935 4,885 13,950
Pfizer Inc Equity 717081103 5,144,272 111,832 55,496 5,875 50,461
Pharmacia Corporation Equity 71713U102 1,009,367 16,547 1,757 475 14,315
Philip Morris Companies Inc Equity 718154107 1,604,020 36,455 7,580 970 27,905
Placer Dome Inc Equity 725906101 129,938 13,500 0 0 13,500
Proctor & Gamble Company Equity 742718109 1,641,697 20,930 16,330 1,200 3,400
Protective Life Corporation Equity 743674103 222,525 6,900 0 0 6,900
Quaker Oats Company Equity 747402105 744,919 7,650 2,775 0 4,875
</TABLE>
<TABLE>
<CAPTION>
VOTING AUTHORITY
NAME OF ISSUER SOLE SHARED OTHER
<S> <C> <C> <C>
Mellon Financial Corporation 2,400 0 1,670
Merck & Company Inc 37,506 100 31,314
Microsoft Corporation 31,071 680 49,715
Minnesota Mining & Manufacturing
Company 4,221 30 0 3,360
Montana Power Company 12,667 0 2,470
Morgan J P & Company Inc 2,638 0 1,840
Morgan Stanley Dean Witter & Company 1,749 0 924
Motorola Inc 38,125 0 22,970
NCR Corporation 0 0 5,730
Nabors Industries Inc 0 0 9,500
Nanopierce Technologies Inc 0 0 51,500
Nokia Corporation 14,499 0 64,400
Nortel Networks Corporation New
(Holding Co) 13,850 275 43,285
Novellus Systems Inc 0 0 5,700
Nupec Res Inc 10,000 0 0
OM Group Inc 0 0 7,400
Oracle Corp 38,075 600 50,665
PPG Industries Inc 6,120 0 0
Pyr Energy Corporation 0 0 21,000
Pall Corporation 0 0 14,875
Parker Hannifin Corporation 0 0 8,700
Paychex Inc 0 0 11,647
Penney J C Inc 12,100 0 1,400
Pepsico Inc 31,245 975 14,550
Pfizer Inc 60,276 1,206 50,350
Pharmacia Corporation 2,232 0 14,315
Philip Morris Companies Inc 9,550 0 26,905
Placer Dome Inc 4,000 0 9,500
Proctor & Gamble Company 17,730 0 3,200
Protective Life Corporation 0 0 6,900
Quaker Oats Company 2,775 0 4,875
</TABLE>
Page 6 of 9
<PAGE> 9
13 F REPORT OF MANAGED ASSETS
Date Run: 01/03/2001 Processing Date: 01/03/2001 Time Printed: 10:33:40 AM
As Of Date: 12/31/2000
<TABLE>
<CAPTION>
INVESTMENT DIRECTION
NAME OF ISSUER TYPE CUSIP MARKET SHARES/PV SOLE SHARED OTHER
<S> <C> <C> <C> <C> <C> <C> <C>
Qualcomm Inc Equity 747525103 572,025 6,960 3,700 0 3,260
Qwest Communications International
Inc Equity 749121109 1,461,718 35,761 19,798 5,093 10,870
Rational Software Corporation New Equity 75409P202 325,518 8,360 0 0 8,360
Reliant Energy Inc Equity 75952J108 245,409 5,666 2,000 700 2,966
Reuters Group Plc Adr Equity 76132M102 386,711 3,926 0 500 3,426
Royal Dutch Petro Ny Reg Sh Par N
1.25 Gldr Equity 780257804 775,261 12,801 6,401 0 6,400
SBC Communications Inc Equity 78387G103 3,671,927 76,899 45,078 3,800 28,021
Sabre Group Holdings Inc Cl A Equity 785905100 392,438 9,100 0 0 9,100
Safeco Corporation Equity 786429100 200,538 6,100 5,900 200 0
Safeway Inc Equity 786514208 1,339,813 21,437 9,925 925 10,587
St Paul Companies Inc Equity 792860108 695,200 12,800 12,800 0 0
Schering Plough Corporation Equity 806605101 1,469,768 25,899 12,584 0 13,315
Schlumberger Limited Equity 806857108 1,461,258 18,280 15,205 1,925 1,150
Scottish Pwr Plc Adr Spon Final
Installment Equity 81013T705 501,217 16,535 2,821 4,912 8,802
Sempra Energy Inc Equity 816851109 220,131 9,468 6,604 1,500 1,364
Sherwin-Williams Company Equity 824348106 901,861 34,275 16,025 2,850 15,400
Siebel Systems Inc Equity 826170102 241,759 3,575 0 0 3,575
Sigma-Aldrich Corp Equity 826552101 377,400 9,600 0 0 9,600
Southern Company Equity 842587107 282,459 8,495 2,945 0 5,550
Southwest Airlines Company Equity 844741108 878,486 26,200 0 0 26,200
State Street Corporation Equity 857477103 1,119,132 9,010 4,600 1,060 3,350
Sun Microsystems Equity 866810104 947,053 33,975 7,480 0 26,495
Suncor Energy Inc Equity 867229106 416,138 16,200 0 0 16,200
Symbol Technologies Inc Equity 871508107 307,764 8,549 0 0 8,549
Sysco Corporation Equity 871829107 1,475,400 49,180 18,930 0 30,250
Target Corporation Equity 87612E106 768,356 23,825 2,600 0 21,225
Tektronix Inc Equity 879131100 364,667 10,825 0 0 10,825
Tellabs Inc Equity 879664100 373,804 6,616 20 0 6,596
Tenet Healthcare Corporation Equity 88033G100 333,281 7,500 1,000 0 6,500
Teton Petroleum Company Equity 88162A106 39,118 26,600 0 0 26,600
Texaco Inc Equity 881694103 1,376,255 22,153 8,211 1,700 12,242
</TABLE>
<TABLE>
<CAPTION>
VOTING AUTHORITY
NAME OF ISSUER SOLE SHARED OTHER
<S> <C> <C> <C>
Qualcomm Inc 3,700 0 3,260
Qwest Communications International
Inc 25,091 804 9,866
Rational Software Corporation New 0 0 8,360
Reliant Energy Inc 2,500 200 2,966
Reuters Group Plc Adr 500 0 3,426
Royal Dutch Petro Ny Reg Sh Par N
1.25 Gldr 6,401 0 6,400
SBC Communications Inc 48,878 0 28,021
Sabre Group Holdings Inc Cl A 0 0 9,100
Safeco Corporation 6,100 0 0
Safeway Inc 10,475 375 10,587
St Paul Companies Inc 12,800 0 0
Schering Plough Corporation 12,674 0 13,225
Schlumberger Limited 17,030 200 1,050
Scottish Pwr Plc Adr Spon Final
Installment 14,043 0 2,492
Sempra Energy Inc 8,705 0 763
Sherwin-Williams Company 18,875 0 15,400
Siebel Systems Inc 0 0 3,575
Sigma-Aldrich Corp 0 0 9,600
Southern Company 2,945 0 5,550
Southwest Airlines Company 0 0 26,200
State Street Corporation 5,400 0 3,610
Sun Microsystems 7,480 0 26,495
Suncor Energy Inc 0 0 16,200
Symbol Technologies Inc 0 0 8,549
Sysco Corporation 18,930 0 30,250
Target Corporation 5,000 0 18,825
Tektronix Inc 0 0 10,825
Tellabs Inc 20 0 6,596
Tenet Healthcare Corporation 1,000 0 6,500
Teton Petroleum Company 0 0 26,600
Texaco Inc 11,711 300 10,142
</TABLE>
Page 7 of 9
<PAGE> 10
13 F REPORT OF MANAGED ASSETS
Date Run: 01/03/2001 Processing Date: 01/03/2001 Time Printed: 10:33:41 AM
As Of Date: 12/31/2000
<TABLE>
<CAPTION>
INVESTMENT DIRECTION
NAME OF ISSUER TYPE CUSIP MARKET SHARES/PV SOLE SHARED OTHER
<S> <C> <C> <C> <C> <C> <C> <C>
Texas Instruments Inc Equity 882508104 428,507 9,045 45 0 9,000
3com Corporation Equity 885535104 134,300 15,800 0 0 15,800
Time Warner Inc Equity 887315109 779,839 14,928 253 0 14,675
Gendco Leasing Company Equity 88891785 982,414 103 103 0 0
General Distributing Company Equity 88891787 232,500 155 155 0 0
Total Fina Sa Spon Adr Equity 89151E109 290,750 4,000 0 0 4,000
Transaction Systems Architects - A Equity 893416107 187,313 16,200 0 0 16,200
Tribune Company Equity 896047107 274,625 6,500 2,600 0 3,900
Tyco International Ltd New Equity 902124106 1,975,634 35,597 18,208 2,050 15,339
U S Bancorp Del Inc Equity 902973106 227,663 7,800 2,300 4,000 1,500
Unisource Energy Corporation Equity 909205106 272,781 14,500 0 0 14,500
United Parcel Service Inc Cl B Equity 911312106 698,244 11,885 35 0 11,850
United Technologies Corporation Equity 913017109 1,084,789 13,797 7,752 0 6,045
Veritas Software Corp Equity 923436109 215,075 2,458 30 0 2,428
Verizon Communications Equity 92343V104 3,077,976 61,406 24,096 6,329 30,981
Viad Corp Equity 92552R109 316,135 13,745 0 0 13,745
Vitesse Semiconductor Corporation Equity 928497106 243,375 4,400 0 0 4,400
Vodafone Group Plc Sponsored ADR Equity 92857W100 622,958 17,395 12,270 1,725 3,400
Wachovia Corporation Equity 929771103 286,847 4,935 2,740 600 1,595
Wal Mart Stores Inc Equity 931142103 3,103,138 58,412 35,267 6,005 17,140
Washington Mutual Inc Equity 939322103 236,022 4,448 0 0 4,448
Wells Fargo & Company Equity 949746101 1,445,258 25,953 16,725 2,800 6,428
Westerfed Financial Corporation Equity 957550106 370,859 17,051 0 0 17,051
Western Farm Bur Svc Co Equity 95816100 0 11,250 0 0 11,250
Winter Sports Inc Equity 97607210 258,911 21,803 20,834 0 969
Worldcom Inc Ga New Equity 98157D106 1,726,369 122,764 31,069 24,317 67,378
Zanto Ranch Inc Class A Voting Equity 989990106 208,001 35,076 35,076 0 0
Zanto Ranch Inc Class B Non-Voting Equity 989990205 119,860 26,000 26,000 0 0
First Interstate Bancsystem Inc Equity 998000194 68,578,676 1,804,702 440,369 1,346,971 17,362
Sugarland Enterprises Inc Equity 998000483 794,858 27,119 1,094 26,025 0
Development Corporation Of Montana Equity DCM1 294,975 6,555 0 0 6,555
</TABLE>
<TABLE>
<CAPTION>
VOTING AUTHORITY
NAME OF ISSUER SOLE SHARED OTHER
<S> <C> <C> <C>
Texas Instruments Inc 45 0 9,000
3com Corporation 0 0 15,800
Time Warner Inc 253 0 14,675
Gendco Leasing Company 103 0 0
General Distributing Company 155 0 0
Total Fina Sa Spon Adr 0 0 4,000
Transaction Systems Architects - A 0 0 16,200
Tribune Company 2,600 0 3,900
Tyco International Ltd New 19,008 550 16,039
U S Bancorp Del Inc 6,300 0 1,500
Unisource Energy Corporation 8,500 0 6,000
United Parcel Service Inc Cl B 285 0 11,600
United Technologies Corporation 7,752 0 6,045
Veritas Software Corp 30 0 2,428
Verizon Communications 29,869 154 31,383
Viad Corp 0 0 13,745
Vitesse Semiconductor Corporation 0 0 4,400
Vodafone Group Plc Sponsored ADR 14,020 725 2,650
Wachovia Corporation 3,340 0 1,595
Wal Mart Stores Inc 40,872 600 16,940
Washington Mutual Inc 0 0 4,448
Wells Fargo & Company 18,725 1,046 6,182
Westerfed Financial Corporation 0 0 17,051
Western Farm Bur Svc Co 0 0 11,250
Winter Sports Inc 0 0 21,803
Worldcom Inc Ga New 48,011 775 73,978
Zanto Ranch Inc Class A Voting 35,076 0 0
Zanto Ranch Inc Class B Non-Voting 26,000 0 0
First Interstate Bancsystem Inc 349,257 0 1,455,445
Sugarland Enterprises Inc 703 0 26,416
Development Corporation Of Montana 0 0 6,555
</TABLE>
Page 8 of 9
<PAGE> 11
13 F REPORT OF MANAGED ASSETS
Date Run: 01/03/2001 Processing Date: 01/03/2001 Time Printed: 10:33:43 AM
As Of Date: 12/31/2000
<TABLE>
<CAPTION>
INVESTMENT DIRECTION
NAME OF ISSUER TYPE CUSIP MARKET SHARES/PV SOLE SHARED OTHER
<S> <C> <C> <C> <C> <C> <C> <C>
Ace Limited Ord Sh Equity G0070K103 267,356 6,300 1,000 0 5,300
Partnerre Holdings Ltd Equity G6852T105 237,900 3,900 0 0 3,900
Santa Fe International Corporation Equity G7805C108 307,800 9,600 0 0 9,600
Xl Capital Ltd Cl A Equity G98255105 264,746 3,030 30 0 3,000
Rolling Acres Farms Equity MC000205 586,100 29,305 29,305 0 0
McGeorge Contracting Co, Inc Equity MCCC 1,036,062 571 571 0 0
Pine Bluff Sand And Gravel Company Equity PBSG 3,366,450 2,494 2,494 0 0
Scott Land & Livestock Limited
Partnership Equity SLL 1,842,434 384 15 140 229
Flextronics International Ltd Equity Y2573F102 295,688 10,375 150 0 10,225
422,991,736
</TABLE>
<TABLE>
<CAPTION>
VOTING AUTHORITY
NAME OF ISSUER SOLE SHARED OTHER
<S> <C> <C> <C>
Ace Limited Ord Sh 1,000 0 5,300
Partnerre Holdings Ltd 0 0 3,900
Santa Fe International Corporation 0 0 9,600
Xl Capital Ltd Cl A 30 0 3,000
Rolling Acres Farms 29,305 0 0
McGeorge Contracting Co, Inc 571 0 0
Pine Bluff Sand And Gravel Company 2,494 0 0
Scott Land & Livestock Limited
Partnership 311 0 73
Flextronics International Ltd 150 0 10,225
</TABLE>
* * * END OF ASSET REPORT * * *
257 ASSETS REPORTED OF 18614 ASSETS ON FILE
Page 9 of 9
