<PAGE>
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
COVER PAGE
Report for the Calendar Year or Quarter Ended September 30, 1999
------------------
Check here if Amendment [ ]; Amendment Number:
This Amendment (check only one): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: EquiTrust Investment Management Services, Inc.
----------------------------------------------
Address: 5400 University Avenue West Des Moines Iowa 50266-5997
-------------------------------------------------------------------
Form 13F File Number: 28-03441
-----
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: Dennis M. Marker
----------------
Title: Investment Vice President, Administration
-----------------------------------------
Phone: (515) 225-5522
--------------
Signature, Place and Date of Signing:
/s/ Dennis M. Marker West Des Moines, IA November 8, 1999
- ---------------------- ------------------- ----------------
Signature City, State Date
Report Type (check only one):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
are reported in the report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this report, and
all holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this
reporting manager are reported in this report and a portion are reported by
other reporting manager(s).)
List of Other Managers Reporting for this Manager: None
----
<PAGE>
FORM 13F
SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
-
Form 13F Information Table Entry Total: 214
---
Form 13F Information Table Value Total: $599,372
--------
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report. None
----
<PAGE>
Form 13F INFORMATION TABLE
<TABLE>
<CAPTION>
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
TITLE
OF VALUE SHRS OR SH/ PUT/ INV'T OTHER VOTING AUTHORITY
NAME OF ISSUER CLASS CUSIP (X$1000) PRN AMT PRN CALL DISN MGRS SOLE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
7-ELEVEN INC COM 817826100 4156 2,111,000 SH SOLE SOLE
ABBOTT LABORATORIES COM 002824100 1213 33,000 SH SOLE SOLE
ACCLAIM ENTERTAINMENT INC DEB CONV 004325AA4 6445 4,000,000 SH SOLE SOLE
AFLAC INC COM 001055102 209 4,500 SH SOLE SOLE
ALBERTSON'S INC COM 013104104 1254 31,700 SH SOLE SOLE
ALCOA INC COM 013817101 3408 54,907 SH SOLE SOLE
ALLIED-SIGNAL INC COM 019512102 3521 58,742 SH SOLE SOLE
ALLSTATE CORP COM 020002101 3288 131,848 SH SOLE SOLE
ALLSTATE CORP PFD 020002200 1067 48,234 SH SOLE SOLE
ALZA CORP DEB CONV 022615AD0 2125 1,725,000 SH SOLE SOLE
AMERICAN EXPRESS COMPANY COM 025816109 4134 30,707 SH SOLE SOLE
AMERICAN INT'L GROUP INC COM 026874107 5514 63,429 SH SOLE SOLE
AMERICAN WATER WORKS INC COM 030411102 6315 218,233 SH SOLE SOLE
ASHLAND OIL CO COM 044204105 1009 30,000 SH SOLE SOLE
AT&T CORPORATION COM 001957109 5684 130,657 SH SOLE SOLE
ATHENA NEUROSCIENCES INC DEB CONV 046854AB1 22211 19,870,000 SH SOLE SOLE
AVALONBAY CMNTYS INC COM 053484101 241 7,100 SH SOLE SOLE
AVON PRODUCTS INC COM 054303102 1489 60,000 SH SOLE SOLE
BANK OF AMERICA COM 060505104 1964 35,263 SH SOLE SOLE
BANK OF NEW YORK CO INC COM 064057102 338 10,100 SH SOLE SOLE
BANK UNITED PFD CONV 065412306 2115 47,000 SH SOLE SOLE
BAY VIEW CAPITAL I PFD 07262R207 1100 45,700 SH SOLE SOLE
BECTON DICKINSON & CO. COM 075887109 1832 65,300 SH SOLE SOLE
BELL ATLANTIC CORP COM 077853109 3267 48,541 SH SOLE SOLE
BELO A.H. CORP COM 080555105 2223 116,233 SH SOLE SOLE
BENHAM TARGET MATURITIES TRUST MF 081880700 319 11,737 SH SOLE SOLE
BERKSHIRE HATHAWAY INC COM 084670108 2695 49 SH SOLE SOLE
BIOFIELD CORP COM 090591108 2 27,780 SH SOLE SOLE
BLACK HILLS CORP COM 092113109 4270 18,300 SH SOLE SOLE
BOEING COMPANY COM 097023105 2040 47,866 SH SOLE SOLE
BRADLEY REAL ESTATE INC COM 104580105 246 13,400 SH SOLE SOLE
BRISTOL-MYERS SQUIBB CO COM 110122108 4103 60,786 SH SOLE SOLE
CAMECO CORP PFD 13321L306 1339 60,000 SH SOLE SOLE
CANADIAN OCCIDENT PETROLEUM PFD 136420502 2438 100,000 SH SOLE SOLE
CARDINAL HEALTH INC. COM 14149Y108 2474 45,400 SH SOLE SOLE
CARDSYSTEMS INC DEB CONV 640939A*5 500 500,000 SH SOLE SOLE
CASEY'S GENERAL STORE COM 147528103 4238 316,100 SH SOLE SOLE
CATERPILLAR INC COM 149123101 2582 47,098 SH SOLE SOLE
CBS CORPORATION COM 12490K107 3285 71,024 SH SOLE SOLE
<CAPTION>
COLUMN 1 COLUMN 8
NAME OF ISSUER SHRD NONE
<S> <C> <C>
7-ELEVEN INC
ABBOTT LABORATORIES
ACCLAIM ENTERTAINMENT INC
AFLAC INC
ALBERTSON'S INC
ALCOA INC
ALLIED-SIGNAL INC
ALLSTATE CORP
ALLSTATE CORP
ALZA CORP
AMERICAN EXPRESS COMPANY
AMERICAN INT'L GROUP INC
AMERICAN WATER WORKS INC
ASHLAND OIL CO
AT&T CORPORATION
ATHENA NEUROSCIENCES INC
AVALONBAY CMNTYS INC
AVON PRODUCTS INC
BANK OF AMERICA
BANK OF NEW YORK CO INC
BANK UNITED
<S> <C>
BAY VIEW CAPITAL I
BECTON DICKINSON & CO.
BELL ATLANTIC CORP
BELO A.H. CORP
BENHAM TARGET MATURITIES TRUST
BERKSHIRE HATHAWAY INC
BIOFIELD CORP
BLACK HILLS CORP
BOEING COMPANY
BRADLEY REAL ESTATE INC
BRISTOL-MYERS SQUIBB CO
CAMECO CORP
CANADIAN OCCIDENT PETROLEUM
CARDINAL HEALTH INC.
CARDSYSTEMS INC
CASEY'S GENERAL STORE
CATERPILLAR INC
CBS CORPORATION
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
TITLE
OF VALUE SHRS OR SH/ PUT/ INV'T OTHER VOTING AUTHORITY
NAME OF ISSUER CLASS CUSIP (X$1000) PRN AMT PRN CALL DISN MGRS SOLE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CELLNET FUNDING LLC PFD CONV 150945202 4225 439,000 SH SOLE SOLE
CENTOCOR INC DEB CONV 152342AE1 2646 2,000,000 SH SOLE SOLE
CETUS CORP DEB CONV 157199AA8 5084 5,000,000 SH SOLE SOLE
CFB CAPITAL I PFD 125198200 4479 179,140 SH SOLE SOLE
CFB CAPITAL II INC. PFD 12519P202 510 21,471 SH SOLE SOLE
CHASE MANATTAN CORP COM 16161A108 317 4,200 SH SOLE SOLE
CHEVRON CORPORATION COM 166751107 2391 26,946 SH SOLE SOLE
CHUBB CORP COM 171232101 1494 30,000 SH SOLE SOLE
CISCO SYSTEMS INC COM 17275R102 2910 42,442 SH SOLE SOLE
CITIGROUP INC COM 172967101 2395 54,433 SH SOLE SOLE
CITIGROUP INC PFD 172967648 3605 70,000 SH SOLE SOLE
CITIZENS UTILITIES CO COM 177342201 162 13,651 SH SOLE SOLE
CITIZENS UTILITIES TRUST PFD CONV 177351202 3085 62,000 SH SOLE SOLE
COCA-COLA COMPANY COM 191216100 4224 87,876 SH SOLE SOLE
COLGATE PALMOLIVE CO COM 194162103 558 12,200 SH SOLE SOLE
COLONIAL TAX EXEMPT INSD A MF 196095301 134 16,398 SH SOLE SOLE
COLTEC CAPITAL TRUST PFD CONV 196878409 2118 51,500 SH SOLE SOLE
CONAGRA INC COM 205887102 3881 172,000 SH SOLE SOLE
CONSUMER PORTFOLIO SERVICES DEB CONV 210502AB6 908 3,000,000 SH SOLE SOLE
CYPRUS AMAX MINERALS CO PFD CONV 232809202 2888 60,000 SH SOLE SOLE
DIAMOND OFFSHORE DRILL DEB CONV 25271CAA0 10627 10,000,000 SH SOLE SOLE
DISNEY (WALT) COMPANY COM 254687106 2376 91,832 SH SOLE SOLE
DU PONT (E.I.) DE NEMOURS COM 263534109 2348 38,568 SH SOLE SOLE
DURA PHARMACEUTICALS DEB CONV 26632SAA7 3216 4,150,000 SH SOLE SOLE
DURR-FILLAUER MEDICAL DEB CONV 266890AB8 201 200,000 SH SOLE SOLE
EASTMAN KODAK CO COM 277461109 2072 27,468 SH SOLE SOLE
ECI TELECOM LTD COM 268258100 1111 45,000 SH SOLE SOLE
ECOLAB INC COM 278865100 287 8,400 SH SOLE SOLE
EL PASO ENER CAP TRUST I 4.75% PFD CONV 283678209 1571 30,000 SH SOLE SOLE
ENRON CAPITAL PFD P37307108 3698 154,100 SH SOLE SOLE
EQUITABLE OF IOWA CAPITAL PFD 294513205 3643 143,204 SH SOLE SOLE
EQUITABLE RESOURCES PFD 294550207 2163 100,000 SH SOLE SOLE
EQUITRUST MONEY MARKET FUND MF 294938105 3579 3,579,157 SH SOLE SOLE
EQUITRUST SERIES FUND, INC MF 294937404 718 75,129 SH SOLE SOLE
EQUITRUST SERIES FUND, INC MF 294937800 954 94,967 SH SOLE SOLE
EQUITRUST SERIES FUND, INC MF 294937883 909 95,057 SH SOLE SOLE
EQUITRUST SERIES FUND, INC MF 294937107 867 100,017 SH SOLE SOLE
EQUITRUST SERIES FUND, INC MF 294937701 1346 154,703 SH SOLE SOLE
EQUITRUST SERIES FUND, INC MF 294937859 1251 27,196 SH SOLE SOLE
EQUITRUST SERIES FUND, INC MF 294937875 718 70,373 SH SOLE SOLE
EQUITRUST SERIES FUND, INC MF 294937206 1911 1,910,602 SH SOLE SOLE
EQUITRUST SERIES FUND, INC MF 294937867 500 500,000 SH SOLE SOLE
EQUITY OFFICE PROPERTIES TR COM 294741103 279 12,000 SH SOLE SOLE
EQUITY RESIDENTIAL PROPS TR COM 29476L107 318 7,500 SH SOLE SOLE
EVI INC PFD CONV 268939402 3108 84,000 SH SOLE SOLE
EXODUS COMMUNICATIONS INC COM 302088109 1567 21,748 SH SOLE SOLE
<CAPTION>
COLUMN 1 COLUMN 8
NAME OF ISSUER SHRD NONE
<S> <C> <C>
CELLNET FUNDING LLC
CENTOCOR INC
CETUS CORP
CFB CAPITAL I
CFB CAPITAL II INC.
CHASE MANATTAN CORP
CHEVRON CORPORATION
CHUBB CORP
CISCO SYSTEMS INC
CITIGROUP INC
CITIGROUP INC
CITIZENS UTILITIES CO
CITIZENS UTILITIES TRUST
COCA-COLA COMPANY
COLGATE PALMOLIVE CO
COLONIAL TAX EXEMPT INSD A
<S> <C>
COLTEC CAPITAL TRUST
CONAGRA INC
CONSUMER PORTFOLIO SERVICES
CYPRUS AMAX MINERALS CO
DIAMOND OFFSHORE DRILL
DISNEY (WALT) COMPANY
DU PONT (E.I.) DE NEMOURS
DURA PHARMACEUTICALS
DURR-FILLAUER MEDICAL
EASTMAN KODAK CO
ECI TELECOM LTD
ECOLAB INC
EL PASO ENER CAP TRUST I 4.75
ENRON CAPITAL
EQUITABLE OF IOWA CAPITAL
EQUITABLE RESOURCES
EQUITRUST MONEY MARKET FUND
EQUITRUST SERIES FUND, INC
EQUITRUST SERIES FUND, INC
EQUITRUST SERIES FUND, INC
EQUITRUST SERIES FUND, INC
EQUITRUST SERIES FUND, INC
EQUITRUST SERIES FUND, INC
EQUITRUST SERIES FUND, INC
EQUITRUST SERIES FUND, INC
EQUITRUST SERIES FUND, INC
EQUITY OFFICE PROPERTIES TR
EQUITY RESIDENTIAL PROPS TR
EVI INC
EXODUS COMMUNICATIONS INC
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
TITLE
OF VALUE SHRS OR SH/ PUT/ INV'T OTHER VOTING AUTHORITY
NAME OF ISSUER CLASS CUSIP (X$1000) PRN AMT PRN CALL DISN MGRS SOLE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
EXXON CORPORATION COM 302290101 2678 35,264 SH SOLE SOLE
FED HOME LOAN MTG CORP COM 313400301 1929 37,100 SH SOLE SOLE
FEDERAL NATL MORTGAGE ASSOC COM 313586109 796 12,700 SH SOLE SOLE
FLEETWOOD CAPITAL TRUST PFD CONV 339072407 2037 58,000 SH SOLE SOLE
FORD MOTOR CO COM 345370100 2553 50,876 SH SOLE SOLE
FRANCO NEVADA MINING CORP COM 351860101 343 10,800 SH SOLE SOLE
GALAGEN INC COM 362913105 244 150,000 SH SOLE SOLE
GENERAL ELECTRIC COMPANY COM 369604103 4381 36,948 SH SOLE SOLE
GENERAL GROWTH PROPERTIES INC PFD CONV 370021206 15175 689,770 SH SOLE SOLE
GENERAL MOTORS CORPORATION COM 370442105 2207 35,063 SH SOLE SOLE
GILLETTE COMPANY COM 375766102 2036 60,000 SH SOLE SOLE
GLACIER BANCORP INC COM 37637Q105 260 15,186 SH SOLE SOLE
GLAMIS GOLD LTD COM 376775102 1750 700,000 SH SOLE SOLE
GLOBAL MARINE INC COM 379352404 409 24,900 SH SOLE SOLE
GOLDEN WEST FINANCIAL CORP COM 381317106 786 8,000 SH SOLE SOLE
GOODYEAR TIRE & RUBBER CO. COM 382550101 1921 39,922 SH SOLE SOLE
GTE CORP COM 362320103 812 10,560 SH SOLE SOLE
HARCOURT GENERAL INC COM 41163G101 1249 30,000 SH SOLE SOLE
HARRIS PREFERRED CAPITAL PFD 414567206 895 40,000 SH SOLE SOLE
HEALTHSOUTH CORP DEB CONV 421924AF8 2141 2,750,000 SH SOLE SOLE
HEARTLAND EXPRESS INC COM 422347104 2485 175,900 SH SOLE SOLE
HEINZ(H.J.) CO COM 423074103 1333 31,000 SH SOLE SOLE
HERSHEY FOODS COM 427866108 1008 20,700 SH SOLE SOLE
HEWLETT-PACKARD CO. COM 428236103 2418 26,287 SH SOLE SOLE
IDACORP INC COM 451107106 2537 84,200 SH SOLE SOLE
IMAGE GUIDED TECHNOLOGIES INC COM 451922108 127 208,685 SH SOLE SOLE
ING GROUP N.V. COM 456837103 2386 46,897 SH SOLE SOLE
INT'L BUSINESS MACHINES CORP COM 459200101 5783 47,649 SH SOLE SOLE
INTEL CORP COM 458140100 2975 40,040 SH SOLE SOLE
INTERNATIONAL PAPER COMPANY COM 460146103 2014 41,908 SH SOLE SOLE
INTERSTATE BAKERS COM 46072H108 851 37,000 SH SOLE SOLE
J P MORGAN & CO COM 616880100 3804 33,297 SH SOLE SOLE
JEFFERSON PILOT CORP COM 475070108 1896 30,000 SH SOLE SOLE
JOHNSON & JOHNSON COM 478160104 3212 34,957 SH SOLE SOLE
KAMAN CORP DEB CONV 483548AC7 124 128,000 SH SOLE SOLE
KEYSPAN CORP PFD 49337W209 1534 60,000 SH SOLE SOLE
LILLY (ELI) & CO COM 532457108 1510 23,596 SH SOLE SOLE
LUCENT TECHNOLOGIES INC COM 549463107 5837 89,976 SH SOLE SOLE
MAIL-WELL INC DEB CONV 560321AD3 21537 22,178,000 SH SOLE SOLE
MATRIX SERVICE CO COM 576853105 589 147,350 SH SOLE SOLE
MAYTAG CORP COM 578592107 999 30,000 SH SOLE SOLE
MBIA INC COM 55262C100 1483 31,800 SH SOLE SOLE
MC KESSON FINANCING TRUST PFD CONV 58155P501 5335 116,300 SH SOLE SOLE
MCDONALDS CORPORATION COM 580135101 3321 77,241 SH SOLE SOLE
MCI WORLDCOM INC COM 55268B106 5096 70,902 SH SOLE SOLE
MCKESSON HBOC INC COM 58155Q103 1450 50,000 SH SOLE SOLE
<CAPTION>
COLUMN 1 COLUMN 8
NAME OF ISSUER SHRD NONE
<S> <C> <C>
EXXON CORPORATION
FED HOME LOAN MTG CORP
FEDERAL NATL MORTGAGE ASSOC
FLEETWOOD CAPITAL TRUST
FORD MOTOR CO
FRANCO NEVADA MINING CORP
GALAGEN INC
GENERAL ELECTRIC COMPANY
GENERAL GROWTH PROPERTIES INC
GENERAL MOTORS CORPORATION
GILLETTE COMPANY
GLACIER BANCORP INC
GLAMIS GOLD LTD
GLOBAL MARINE INC
GOLDEN WEST FINANCIAL CORP
GOODYEAR TIRE & RUBBER CO.
<S> <C>
GTE CORP
HARCOURT GENERAL INC
HARRIS PREFERRED CAPITAL
HEALTHSOUTH CORP
HEARTLAND EXPRESS INC
HEINZ(H.J.) CO
HERSHEY FOODS
HEWLETT-PACKARD CO.
IDACORP INC
IMAGE GUIDED TECHNOLOGIES INC
ING GROUP N.V.
INT'L BUSINESS MACHINES CORP
INTEL CORP
INTERNATIONAL PAPER COMPANY
INTERSTATE BAKERS
J P MORGAN & CO
JEFFERSON PILOT CORP
JOHNSON & JOHNSON
KAMAN CORP
KEYSPAN CORP
LILLY (ELI) & CO
LUCENT TECHNOLOGIES INC
MAIL-WELL INC
MATRIX SERVICE CO
MAYTAG CORP
MBIA INC
MC KESSON FINANCING TRUST
MCDONALDS CORPORATION
MCI WORLDCOM INC
MCKESSON HBOC INC
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
TITLE
OF VALUE SHRS OR SH/ PUT/ INV'T OTHER VOTING AUTHORITY
NAME OF ISSUER CLASS CUSIP (X$1000) PRN AMT PRN CALL DISN MGRS SOLE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MEDIAONE FINANCE TRUST PFD 584458202 1263 50,000 SH SOLE SOLE
MEDIAONE GROUP INC. PFD CONV 58440J401 1203 12,800 SH SOLE SOLE
MEDTRONIC INC COM 585055106 569 16,000 SH SOLE SOLE
MERCK & CO. INC. COM 589331107 3119 48,117 SH SOLE SOLE
MICROSOFT CORP COM 594918104 4143 45,746 SH SOLE SOLE
MIDAMERICAN ENERGY CO PFD 595620204 1636 15,000 SH SOLE SOLE
MINNESOTA MINING & MFG COMPANY COM 604059105 2390 24,878 SH SOLE SOLE
MOBIL CORPORATION COM 607059102 2989 29,665 SH SOLE SOLE
MONY GROUP INC. COM 615337102 3146 108,950 SH SOLE SOLE
MORGAN STANLEY DEAN WITTER C COM 617446448 3473 38,939 SH SOLE SOLE
NB CAPITAL CORP PFD 62874N607 1162 47,300 SH SOLE SOLE
NEW PLAN EXCEL REALTY TRUST PFD 648053700 7240 160,000 SH SOLE SOLE
NEW YORK TIMES COM 650111107 441 11,300 SH SOLE SOLE
NEWELL FINANCIAL TRUST I PFD CONV 651195307 4172 103,000 SH SOLE SOLE
NISOURCE INC PFD CONV 65473P303 2272 53,000 SH SOLE SOLE
NOKIA CORP COM 654902204 1186 13,200 SH SOLE SOLE
NORTEL NETWORKS CORP COM 656569100 663 13,000 SH SOLE SOLE
NORTHERN STATES POWER CO MN COM 665772109 5456 253,023 SH SOLE SOLE
NORTHWEST PIPE COMPANY COM 667746101 4120 263,700 SH SOLE SOLE
NORTHWESTERN CAPITAL FINANCE I PFD 668031206 1337 60,100 SH SOLE SOLE
NWPS CAPITAL FINANCING I PFD 629470204 369 14,600 SH SOLE SOLE
OFFSHORE LOGISTICS COM 676255102 1690 163,900 SH SOLE SOLE
ONCOR INC COM 682311105 4 191,448 SH SOLE SOLE
PENN TRAFFIC CO COM 707832200 308 36,244 SH SOLE SOLE
PEPSICO INC COM 713448108 4476 147,975 SH SOLE SOLE
PETROLEUM HELICOPTERS COM 716604103 287 30,200 SH SOLE SOLE
PETROLEUM HELICOPTERS COM 716604202 2858 276,300 SH SOLE SOLE
PFIZER INC COM 717081103 2404 66,893 SH SOLE SOLE
PHILIP MORRIS COMPANIES INC COM 718154107 5589 163,467 SH SOLE SOLE
PIONEER HI-BRED INTERNATIONAL COM 723686101 616 15,839 SH SOLE SOLE
PRESTON CORP DEB CONV 741130AA6 203 306,000 SH SOLE SOLE
PRIDE INTERNATIONAL INC DEB CONV 741932AA5 4487 3,850,000 SH SOLE SOLE
PRIVATE BANCORP INC COM 742962103 802 45,200 SH SOLE SOLE
PROCTER AND GAMBLE CO. COM 742718109 3000 32,005 SH SOLE SOLE
PROGRESSIVE CORP COM 743315103 1552 19,000 SH SOLE SOLE
PROVIDENT T-FUND MF 743884$M9 2860 2,859,770 SH SOLE SOLE
PROVIDENT T-FUND MF 743884827 69671 69,670,871 SH SOLE SOLE
QUANEX CORP DEB CONV 747620AC6 15956 15,817,250 SH SOLE SOLE
QUANEX CORP COM 747620102 264 10,000 SH SOLE SOLE
RAYTHEON CO COM 755111309 1584 32,659 SH SOLE SOLE
REGIONS TREASURY MONEY MARKET MF 75913Q886 20 20,453 SH SOLE SOLE
REINSURANCE GROUP OF AMERICA COM 759351109 1495 58,200 SH SOLE SOLE
RITE AID CORP DEB CONV 767754AL8 3382 4,150,000 SH SOLE SOLE
RPM INC/OHIO COM 749685103 4470 366,750 SH SOLE SOLE
SAN JUAN BASIN ROYALTY TR COM 798241105 170 21,084 SH SOLE SOLE
SARA LEE CORP COM 803111103 2213 94,433 SH SOLE SOLE
<CAPTION>
COLUMN 1 COLUMN 8
NAME OF ISSUER SHRD NONE
<S> <C> <C>
MEDIAONE FINANCE TRUST
MEDIAONE GROUP INC.
MEDTRONIC INC
MERCK & CO. INC.
MICROSOFT CORP
MIDAMERICAN ENERGY CO
MINNESOTA MINING & MFG COMPANY
MOBIL CORPORATION
MONY GROUP INC.
MORGAN STANLEY DEAN WITTER C
NB CAPITAL CORP
NEW PLAN EXCEL REALTY TRUST
NEW YORK TIMES
NEWELL FINANCIAL TRUST I
NISOURCE INC
NOKIA CORP
<S> <C>
NORTEL NETWORKS CORP
NORTHERN STATES POWER CO MN
NORTHWEST PIPE COMPANY
NORTHWESTERN CAPITAL FINANCE I
NWPS CAPITAL FINANCING I
OFFSHORE LOGISTICS
ONCOR INC
PENN TRAFFIC CO
PEPSICO INC
PETROLEUM HELICOPTERS
PETROLEUM HELICOPTERS
PFIZER INC
PHILIP MORRIS COMPANIES INC
PIONEER HI-BRED INTERNATIONAL
PRESTON CORP
PRIDE INTERNATIONAL INC
PRIVATE BANCORP INC
PROCTER AND GAMBLE CO.
PROGRESSIVE CORP
PROVIDENT T-FUND
PROVIDENT T-FUND
QUANEX CORP
QUANEX CORP
RAYTHEON CO
REGIONS TREASURY MONEY MARKET
REINSURANCE GROUP OF AMERICA
RITE AID CORP
RPM INC/OHIO
SAN JUAN BASIN ROYALTY TR
SARA LEE CORP
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
TITLE
OF VALUE SHRS OR SH/ PUT/ INV'T OTHER VOTING AUTHORITY
NAME OF ISSUER CLASS CUSIP (X$1000) PRN AMT PRN CALL DISN MGRS SOLE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SAVOY PICTURES DEB CONV 805375AA0 965 1,000,000 SH SOLE SOLE
SCHERING-PLOUGH CORP COM 806605101 284 6,500 SH SOLE SOLE
SEARS ROEBUCK AND CO COM 812387108 1314 41,891 SH SOLE SOLE
SERVICE CORP INTERNATIONAL COM 817565104 1627 154,000 SH SOLE SOLE
SLM HOLDING CORP COM 78442A109 645 15,000 SH SOLE SOLE
STERLING CAPITAL TRUST PFD 85916N202 636 25,448 SH SOLE SOLE
SUPER VALU STORES INC COM 868536103 3032 138,980 SH SOLE SOLE
TAYLOR CAPITAL GROUP INC PFD 876851205 7323 290,000 SH SOLE SOLE
TBC CORPORATION COM 872180104 1582 228,500 SH SOLE SOLE
TECK CORP DEB CONV 878742AB1 7788 9,750,000 SH SOLE SOLE
TELEFONOS DE MEXICO DEB CONV 879403AD5 950 1,000,000 SH SOLE SOLE
TEXACO INC COM 881694103 3874 61,363 SH SOLE SOLE
TEXTRON CAPITAL PFD 883198202 369 15,300 SH SOLE SOLE
TITAN PHARMACEUTICALS INC COM 888314101 1408 150,146 SH SOLE SOLE
TOSCO FIN TRUST PFD CONV 891491409 2281 50,000 SH SOLE SOLE
TRANSATLANTIC HOLDINGS INC COM 893521104 1932 27,500 SH SOLE SOLE
TUT SYSTEMS INC COM 901103101 7772 301,087 SH SOLE SOLE
U S BANCORP COM 902973106 2098 69,500 SH SOLE SOLE
UNILEVER N V COM 904784709 1855 27,231 SH SOLE SOLE
UNION CARBIDE CORPORATION COM 905581104 2504 44,078 SH SOLE SOLE
UNITED FIRE & CASUALTY CO COM 910331107 805 35,000 SH SOLE SOLE
UNITED TECHNOLOGIES CORP. COM 913017109 3228 54,421 SH SOLE SOLE
UNOCAL CAPITAL TRUST PFD CONV 91528T207 2862 53,000 SH SOLE SOLE
VBC CAPITAL I PFD 91819N109 799 31,500 SH SOLE SOLE
VIRGINIA ELECTRIC & POWER PFD 927804591 529 21,800 SH SOLE SOLE
WAL-MART STORES COM 931142103 4741 99,674 SH SOLE SOLE
WARNER-LAMBERT CO COM 934488107 359 5,404 SH SOLE SOLE
WATSON PHARMACEUTICALS COM 942683103 1400 45,800 SH SOLE SOLE
WELLS FARGO CO (NEW) COM 949746101 203 5,200 SH SOLE SOLE
WENDYS FINANCING PFD CONV 950588202 2667 47,200 SH SOLE SOLE
WESTERN GAS RESOURCES INC PFD 958259202 256 10,200 SH SOLE SOLE
WINTRUST CAPITAL TRUST PFD 97650Q200 2866 115,800 SH SOLE SOLE
WINTRUST FINANCIAL CORP COM 97650W108 1195 69,300 SH SOLE SOLE
WISCONSIN ENERGY CORP COM 976657106 265 10,565 SH SOLE SOLE
WOLVERINE WORLD WIDE INC COM 978097103 1502 132,000 SH SOLE SOLE
XEROX CORP COM 984121103 1556 37,100 SH SOLE SOLE
XL CAPITAL LTD CLASS A COM G98255105 2791 62,015 SH SOLE SOLE
599372
<CAPTION>
COLUMN 1 COLUMN 8
NAME OF ISSUER SHRD NONE
<S> <C> <C>
SAVOY PICTURES
SCHERING-PLOUGH CORP
SEARS ROEBUCK AND CO
SERVICE CORP INTERNATIONAL
SLM HOLDING CORP
STERLING CAPITAL TRUST
SUPER VALU STORES INC
TAYLOR CAPITAL GROUP INC
TBC CORPORATION
TECK CORP
TELEFONOS DE MEXICO
TEXACO INC
TEXTRON CAPITAL
TITAN PHARMACEUTICALS INC
TOSCO FIN TRUST
TRANSATLANTIC HOLDINGS INC
TUT SYSTEMS INC
U S BANCORP
UNILEVER N V
UNION CARBIDE CORPORATION
UNITED FIRE & CASUALTY CO
UNITED TECHNOLOGIES CORP.
UNOCAL CAPITAL TRUST
VBC CAPITAL I
<S> <C>
VIRGINIA ELECTRIC & POWER
WAL-MART STORES
WARNER-LAMBERT CO
WATSON PHARMACEUTICALS
WELLS FARGO CO (NEW)
WENDYS FINANCING
WESTERN GAS RESOURCES INC
WINTRUST CAPITAL TRUST
WINTRUST FINANCIAL CORP
WISCONSIN ENERGY CORP
WOLVERINE WORLD WIDE INC
XEROX CORP
XL CAPITAL LTD CLASS A
</TABLE>
