EQUITRUST INVESTMENT MANAGEMENT SERVICES INC/DE
13F-HR, 2000-02-10
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<PAGE>

                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 13F
                                   COVER PAGE

Report for the Calendar Year or Quarter Ended December 31, 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 Administration Vice President
             ----------------------------------------
Phone:       (515) 225-5522
             --------------

Signature, Place and Date of Signing:

/s/ Dennis M. Marker                   West Des Moines, IA     February 9, 2000
- ------------------------------------   ---------------------   -----------------
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:     211
                                            ---
Form 13F Information Table Value Total:     $557,811
                                            --------


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      SHRD   NONE
<S>                                <C>      <C>        <C>      <C>        <C>  <C>   <C>       <C>       <C>    <C>       <C>
7-ELEVEN INC                       COM      817826100      3404  1,911,000 SH         SOLE                SOLE
ABBOTT LABORATORIES                COM      002824100      2288     63,000 SH         SOLE                SOLE
ACCLAIM ENTERTAINMENT INC          DEB CONV 004325AA4      4138  4,000,000 SH         SOLE                SOLE
ALBANY MOLECULAR RESEARCH          COM      012423109      1107     37,211 SH         SOLE                SOLE
ALBERTSON'S INC                    COM      013104104       797     24,700 SH         SOLE                SOLE
ALCOA INC                          COM      013817101      4557     54,907 SH         SOLE                SOLE
ALLSTATE CORP                      COM      020002101      3100    129,148 SH         SOLE                SOLE
ALLSTATE CORP                      PFD      020002200       914     44,734 SH         SOLE                SOLE
ALZA CORP                          DEB CONV 022615AD0      1828  1,725,000 SH         SOLE                SOLE
AMERICAN EXPRESS COMPANY           COM      025816109      5105     30,707 SH         SOLE                SOLE
AMERICAN INT'L GROUP INC           COM      026874107      4831     44,679 SH         SOLE                SOLE
AMERICAN WATER WORKS INC           COM      030411102      4232    199,133 SH         SOLE                SOLE
APACHE CORP                        COM      037411105      1108     30,000 SH         SOLE                SOLE
AT&T CORPORATION                   COM      001957109      6380    125,718 SH         SOLE                SOLE
ATHENA NEUROSCIENCES INC           DEB CONV 046854AB1     15774 15,450,000 SH         SOLE                SOLE
AVALONBAY CMNTYS INC               COM      053484101       246      7,100 SH         SOLE                SOLE
AVON PRODUCTS INC                  COM      054303102      1528     46,300 SH         SOLE                SOLE
BANK OF AMERICA                    COM      060505104      3782     75,363 SH         SOLE                SOLE
BANK OF NEW YORK CO INC            COM      064057102       404     10,100 SH         SOLE                SOLE
BANK UNITED                        PFD CONV 065412306      1845     47,000 SH         SOLE                SOLE
BAY VIEW CAPITAL I                 PFD      07262R207       676     39,200 SH         SOLE                SOLE
BECTON DICKINSON & CO.             COM      075887109      1648     61,600 SH         SOLE                SOLE
BELL ATLANTIC CORP                 COM      077853109      3321     53,941 SH         SOLE                SOLE
BELO A.H. CORP                     COM      080555105      2162    113,400 SH         SOLE                SOLE
BENHAM TARGET MATURITIES TRUST     MF       081880700       387     11,737 SH         SOLE                SOLE
BERKSHIRE HATHAWAY INC             COM      084670108      2805         50 SH         SOLE                SOLE
BIOFIELD CORP                      COM      090591108         4     27,780 SH         SOLE                SOLE
BLACK HILLS CORP                   COM      092113109       355     16,000 SH         SOLE                SOLE
BOEING COMPANY                     COM      097023105      1994     47,966 SH         SOLE                SOLE
BRADLEY REAL ESTATE INC            COM      104580105       234     13,400 SH         SOLE                SOLE
BRISTOL-MYERS SQUIBB CO            COM      110122108      3915     60,986 SH         SOLE                SOLE
BURLINGTON RESOURCES INC           COM      122014103       992     30,000 SH         SOLE                SOLE
CAMECO CORP                        PFD      13321L306      1200     60,000 SH         SOLE                SOLE
CANADIAN OCCIDENT PETROLEUM        PFD      136420502      2231    100,000 SH         SOLE                SOLE
CARDINAL HEALTH INC.               COM      14149Y108      1455     30,400 SH         SOLE                SOLE
CARDSYSTEMS INC                    DEB CONV 640939A*5       500    500,000 SH         SOLE                SOLE
CASEY'S GENERAL STORE              COM      147528103      4430    424,400 SH         SOLE                SOLE
CATERPILLAR INC                    COM      149123101      2217     47,098 SH         SOLE                SOLE
CBS CORPORATION                    COM      12490K107      4541     71,024 SH         SOLE                SOLE
CELLNET DATA SYSTEMS INC           COM      15115M101        74     66,186 SH         SOLE                SOLE
CELLNET FUNDING LLC                PFD CONV 150945202       705    300,600 SH         SOLE                SOLE
CENTOCOR INC                       DEB CONV 152342AE1      2673  2,000,000 SH         SOLE                SOLE
CETUS CORP                         DEB CONV 157199AA8      6865  5,000,000 SH         SOLE                SOLE


<PAGE>

<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      SHRD    NONE
<S>                                <C>      <C>        <C>      <C>        <C>  <C>   <C>       <C>       <C>     <C>       <C>
CFB CAPITAL I                      PFD      125198200      3932    177,720 SH         SOLE                SOLE
CFB CAPITAL II INC.                PFD      12519P202       437     21,471 SH         SOLE                SOLE
CHASE MANHATTAN CORP               COM      16161A108       326      4,200 SH         SOLE                SOLE
CHEVRON CORPORATION                COM      166751107      3622     41,813 SH         SOLE                SOLE
CHUBB CORP                         COM      171232101      1689     30,000 SH         SOLE                SOLE
CISCO SYSTEMS INC                  COM      17275R102      4547     42,442 SH         SOLE                SOLE
CITIGROUP INC                      COM      172967101      3024     54,433 SH         SOLE                SOLE
CITIGROUP INC                      PFD      172967648      3535     70,000 SH         SOLE                SOLE
COCA-COLA COMPANY                  COM      191216100      4216     72,376 SH         SOLE                SOLE
COLGATE PALMOLIVE CO               COM      194162103       793     12,200 SH         SOLE                SOLE
COLONIAL TAX EXEMPT INSD A         MF       196095301       133     16,967 SH         SOLE                SOLE
COLTEC CAPITAL TRUST               PFD CONV 196878409      3463     88,500 SH         SOLE                SOLE
CONAGRA INC                        COM      205887102      2904    128,725 SH         SOLE                SOLE
CONSUMER PORTFOLIO SERVICES        DEB CONV 210502AB6      1665  3,000,000 SH         SOLE                SOLE
DIAMOND OFFSHORE DRILL             DEB CONV 25271CAA0     10141 10,000,000 SH         SOLE                SOLE
DISNEY (WALT) COMPANY              COM      254687106      3584    122,532 SH         SOLE                SOLE
DREYFUS TREASURY CASH MGMT         MF       261908$98      3500  3,500,429 SH         SOLE                SOLE
DU PONT (E.I.) DE NEMOURS          COM      263534109      3114     47,277 SH         SOLE                SOLE
DURA PHARMACEUTICALS               DEB CONV 26632SAA7      4347  5,350,000 SH         SOLE                SOLE
DURR-FILLAUER MEDICAL              DEB CONV 266890AB8       200    200,000 SH         SOLE                SOLE
EASTMAN KODAK CO                   COM      277461109      1820     27,468 SH         SOLE                SOLE
ECI TELECOM LTD                    COM      268258100       949     30,000 SH         SOLE                SOLE
EL PASO ENER CAP TRUST I 4.75%     PFD CONV 283678209      1511     30,000 SH         SOLE                SOLE
EMERSON ELECTRIC                   COM      291011104      1807     31,500 SH         SOLE                SOLE
ENRON CAPITAL                      PFD      P37307108      3506    150,400 SH         SOLE                SOLE
EQUITABLE OF IOWA CAPITAL          PFD      294513205      3579    140,004 SH         SOLE                SOLE
EQUITABLE RESOURCES                PFD      294550207      1913    100,000 SH         SOLE                SOLE
EQUITRUST MONEY MARKET FUND        MF       294938105      2892  2,892,208 SH         SOLE                SOLE
EQUITRUST SERIES FUND, INC         MF       294937404       705     75,129 SH         SOLE                SOLE
EQUITRUST SERIES FUND, INC         MF       294937800       927     94,967 SH         SOLE                SOLE
EQUITRUST SERIES FUND, INC         MF       294937883       892     95,057 SH         SOLE                SOLE
EQUITRUST SERIES FUND, INC         MF       294937107       859    100,603 SH         SOLE                SOLE
EQUITRUST SERIES FUND, INC         MF       294937701      1323    154,703 SH         SOLE                SOLE
EQUITRUST SERIES FUND, INC         MF       294937859      1352     27,196 SH         SOLE                SOLE
EQUITRUST SERIES FUND, INC         MF       294937875       697     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       296     12,000 SH         SOLE                SOLE
EQUITY RESIDENTIAL PROPS TR        COM      29476L107       320      7,500 SH         SOLE                SOLE
EVI INC                            PFD CONV 268939402      3371     84,000 SH         SOLE                SOLE
EXODUS COMMUNICATIONS INC          COM      302088109      3863     43,496 SH         SOLE                SOLE
EXXON CORPORATION                  COM      302290101       328      3,976 SH         SOLE                SOLE
EXXON MOBIL CORPORATION            COM      30231G102      5724     71,049 SH         SOLE                SOLE
FED HOME LOAN MTG CORP             COM      313400301      4085     86,800 SH         SOLE                SOLE
FEDERAL NATL MORTGAGE ASSOC        COM      313586109       793     12,700 SH         SOLE                SOLE
FLEETWOOD CAPITAL TRUST            PFD CONV 339072407      2023     58,000 SH         SOLE                SOLE
FORD MOTOR CO                      COM      345370100      2719     50,876 SH         SOLE                SOLE
FRANCO NEVADA MINING CORP          COM      351860101       239     10,800 SH         SOLE                SOLE
GALAGEN INC                        COM      362913105       272    150,000 SH         SOLE                SOLE


<PAGE>

<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       SHRD    NONE
<S>                                <C>      <C>        <C>      <C>        <C>  <C>   <C>       <C>       <C>     <C>        <C>
GAP INC                            COM      364760108       414      9,000 SH         SOLE                SOLE
GATX CORP                          COM      361448103      1013     30,000 SH         SOLE                SOLE
GENERAL ELECTRIC COMPANY           COM      369604103      5676     36,680 SH         SOLE                SOLE
GENERAL GROWTH PROPERTIES INC      PFD CONV 370021206     12712    635,610 SH         SOLE                SOLE
GENERAL MILLS INC                  COM      370334104       293      8,200 SH         SOLE                SOLE
GENERAL MOTORS CORPORATION         COM      370442105      2549     35,063 SH         SOLE                SOLE
GILLETTE COMPANY                   COM      375766102      2657     64,500 SH         SOLE                SOLE
GLACIER BANCORP INC                COM      37637Q105       245     15,186 SH         SOLE                SOLE
GLAMIS GOLD LTD                    COM      376775102      1269    700,000 SH         SOLE                SOLE
GLOBAL MARINE INC                  COM      379352404       396     23,800 SH         SOLE                SOLE
GOODYEAR TIRE & RUBBER CO.         COM      382550101      1125     39,922 SH         SOLE                SOLE
GTE CORP                           COM      362320103       745     10,560 SH         SOLE                SOLE
HARCOURT GENERAL INC               COM      41163G101      1208     30,000 SH         SOLE                SOLE
HARRIS PREFERRED CAPITAL           PFD      414567206       813     40,000 SH         SOLE                SOLE
HEALTHSOUTH CORP                   DEB CONV 421924AF8      2132  2,750,000 SH         SOLE                SOLE
HEARTLAND EXPRESS INC              COM      422347104      2752    174,700 SH         SOLE                SOLE
HERSHEY FOODS                      COM      427866108       983     20,700 SH         SOLE                SOLE
HEWLETT-PACKARD CO.                COM      428236103      2858     25,087 SH         SOLE                SOLE
HONEYWELL INTERNATIONAL INC        COM      438516106      3389     58,742 SH         SOLE                SOLE
IDACORP INC                        COM      451107106      2244     83,700 SH         SOLE                SOLE
ILLINOIS TOOL WORKS                COM      452308109      2128     31,500 SH         SOLE                SOLE
IMAGE GUIDED TECHNOLOGIES INC      COM      451922108       144    208,685 SH         SOLE                SOLE
ING GROUP N.V.                     COM      456837103      2861     46,897 SH         SOLE                SOLE
INGERSOLL-RAND CO                  COM      456866102      1652     30,000 SH         SOLE                SOLE
INT'L BUSINESS MACHINES CORP       COM      459200101      5146     47,649 SH         SOLE                SOLE
INTEL CORP                         COM      458140100      3296     40,040 SH         SOLE                SOLE
INTERNATIONAL PAPER COMPANY        COM      460146103      2365     41,908 SH         SOLE                SOLE
INTERSTATE BAKERS                  COM      46072H108       399     22,000 SH         SOLE                SOLE
J P MORGAN & CO                    COM      616880100      2317     18,297 SH         SOLE                SOLE
JEFFERSON PILOT CORP               COM      475070108      2048     30,000 SH         SOLE                SOLE
JOHNSON & JOHNSON                  COM      478160104      4643     49,857 SH         SOLE                SOLE
KAMAN CORP                         DEB CONV 483548AC7       120    128,000 SH         SOLE                SOLE
KEYSPAN CORP                       PFD      49337W209      1526     60,000 SH         SOLE                SOLE
LILLY (ELI) & CO                   COM      532457108      1569     23,596 SH         SOLE                SOLE
LUCENT TECHNOLOGIES INC            COM      549463107      6708     89,668 SH         SOLE                SOLE
MAIL-WELL INC                      DEB CONV 560321AD3     20522 21,678,000 SH         SOLE                SOLE
MATRIX SERVICE CO                  COM      576853105       613    134,350 SH         SOLE                SOLE
MBIA INC                           COM      55262C100      1679     31,800 SH         SOLE                SOLE
MC KESSON FINANCING TRUST          PFD CONV 58155P501      2939     79,700 SH         SOLE                SOLE
MCDONALDS CORPORATION              COM      580135101      4307    106,841 SH         SOLE                SOLE
MCI WORLDCOM INC                   COM      55268B106      4918     92,677 SH         SOLE                SOLE
MEDIAONE FINANCE TRUST             PFD      584458202      1259     50,000 SH         SOLE                SOLE
MEDTRONIC INC                      COM      585055106       583     16,000 SH         SOLE                SOLE
MERCK & CO. INC.                   COM      589331107      3289     49,051 SH         SOLE                SOLE
MICROSOFT CORP                     COM      594918104      5317     45,546 SH         SOLE                SOLE
MIDAMERICAN ENERGY CO              PFD      595620204      1636     15,000 SH         SOLE                SOLE
MINNESOTA MINING & MFG COMPANY     COM      604059105      2435     24,878 SH         SOLE                SOLE
MONY GROUP INC.                    COM      615337102      2818     96,550 SH         SOLE                SOLE
MORGAN STANLEY DEAN WITTER C       COM      617446448      5559     38,939 SH         SOLE                SOLE


<PAGE>

<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      SHRD   NONE
<S>                                <C>      <C>        <C>      <C>        <C>  <C>   <C>       <C>       <C>     <C>      <C>
NATIONAL SERVICE INDUSTRIES        COM      637657107      1475     50,000 SH         SOLE                SOLE
NB CAPITAL CORP                    PFD      62874N607       922     42,900 SH         SOLE                SOLE
NCR CORPORATION                    COM      62886E108      1705     45,004 SH         SOLE                SOLE
NEW PLAN EXCEL REALTY TRUST        PFD      648053700      7050    160,000 SH         SOLE                SOLE
NEWELL FINANCIAL TRUST I           PFD CONV 651195307      3927    103,000 SH         SOLE                SOLE
NEWELL RUBBERMAID INC              COM      651229106       901     31,080 SH         SOLE                SOLE
NISOURCE INC                       PFD CONV 65473P303      1911     53,000 SH         SOLE                SOLE
NOKIA CORP                         COM      654902204      2522     13,200 SH         SOLE                SOLE
NORTEL NETWORKS CORP               COM      656569100      1313     13,000 SH         SOLE                SOLE
NORTHERN STATES POWER CO MN        COM      665772109      4380    224,623 SH         SOLE                SOLE
NORTHWEST PIPE COMPANY             COM      667746101      3685    263,200 SH         SOLE                SOLE
NORTHWESTERN CAPITAL FINANCE I     PFD      668031206      1204     59,100 SH         SOLE                SOLE
NWPS CAPITAL FINANCING I           PFD      629470204       345     15,500 SH         SOLE                SOLE
OFFSHORE LOGISTICS                 COM      676255102      1537    163,900 SH         SOLE                SOLE
ONCOR INC                          COM      682311105         1    191,448 SH         SOLE                SOLE
PENN TRAFFIC CO                    COM      707832200       335     36,244 SH         SOLE                SOLE
PEPSICO INC                        COM      713448108      5343    151,575 SH         SOLE                SOLE
PETROLEUM HELICOPTERS              COM      716604103       279     30,200 SH         SOLE                SOLE
PETROLEUM HELICOPTERS              COM      716604202      2694    276,300 SH         SOLE                SOLE
PFIZER INC                         COM      717081103      1855     57,193 SH         SOLE                SOLE
PHILIP MORRIS COMPANIES INC        COM      718154107      2916    125,752 SH         SOLE                SOLE
PRESTON CORP                       DEB CONV 741130AA6       234    306,000 SH         SOLE                SOLE
PRIDE INTERNATIONAL INC            COM      741932107      4596    314,285 SH         SOLE                SOLE
PRIVATE BANCORP INC                COM      742962103       669     50,000 SH         SOLE                SOLE
PROCTER AND GAMBLE CO.             COM      742718109      3507     32,005 SH         SOLE                SOLE
PROGRESSIVE CORP                   COM      743315103      1133     15,500 SH         SOLE                SOLE
PROVIDENT T-FUND                   MF       743884$M9      4751  4,750,998 SH         SOLE                SOLE
PROVIDENT T-FUND                   MF       743884827     37133 37,132,602 SH         SOLE                SOLE
QUANEX CORP                        DEB CONV 747620AC6     15521 15,797,250 SH         SOLE                SOLE
QUANEX CORP                        COM      747620102       309     12,100 SH         SOLE                SOLE
RAYONIER INC                       COM      754907103      1449     30,000 SH         SOLE                SOLE
RAYTHEON CO                        COM      755111309       810     32,660 SH         SOLE                SOLE
REGIONS TREASURY MONEY MARKET      MF       75913Q886        21     20,671 SH         SOLE                SOLE
RITE AID CORP                      DEB CONV 767754AL8      2845  4,150,000 SH         SOLE                SOLE
RPM INC/OHIO                       COM      749685103      3091    303,450 SH         SOLE                SOLE
SAN JUAN BASIN ROYALTY TR          COM      798241105       219     21,084 SH         SOLE                SOLE
SARA LEE CORP                      COM      803111103      1966     89,100 SH         SOLE                SOLE
SAVOY PICTURES                     DEB CONV 805375AA0       975  1,000,000 SH         SOLE                SOLE
SCHERING-PLOUGH CORP               COM      806605101      1582     37,500 SH         SOLE                SOLE
SCHLUMBERGER LTD                   COM      806857108      1721     30,600 SH         SOLE                SOLE
SEARS ROEBUCK AND CO               COM      812387108      1275     41,891 SH         SOLE                SOLE
SERVICE CORP INTERNATIONAL         COM      817565104       729    105,100 SH         SOLE                SOLE
STERLING CAPITAL TRUST             PFD      85916N202       501     24,448 SH         SOLE                SOLE
SUIZA CAPITAL TRUST II             PFD CONV 86507G408      4900    139,000 SH         SOLE                SOLE
SUPER VALU STORES INC              COM      868536103      2340    116,980 SH         SOLE                SOLE
TAYLOR CAPITAL GROUP INC           PFD      876851205      7250    290,000 SH         SOLE                SOLE
TECK CORP                          DEB CONV 878742AB1      8190  9,750,000 SH         SOLE                SOLE
TEXACO INC                         COM      881694103      3086     56,822 SH         SOLE                SOLE
TEXTRON CAPITAL                    PFD      883198202       320     14,900 SH         SOLE                SOLE


<PAGE>

<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      SHRD   NONE
<S>                                <C>      <C>        <C>      <C>        <C>  <C>   <C>       <C>       <C>     <C>      <C>
TITAN PHARMACEUTICALS INC          COM      888314101       478     25,146 SH         SOLE                SOLE
TOSCO FIN TRUST                    PFD CONV 891491409      2381     50,000 SH         SOLE                SOLE
TRANSATLANTIC HOLDINGS INC         COM      893521104       757      9,700 SH         SOLE                SOLE
U S BANCORP                        COM      902973106       714     30,000 SH         SOLE                SOLE
UNILEVER N V                       COM      904784709       841     15,446 SH         SOLE                SOLE
UNION CARBIDE CORPORATION          COM      905581104      2942     44,078 SH         SOLE                SOLE
UNITED FIRE & CASUALTY CO          COM      910331107       792     35,000 SH         SOLE                SOLE
UNITED PARCEL SERVICE -CL B        COM      911312106      1076     15,600 SH         SOLE                SOLE
UNITED TECHNOLOGIES CORP.          COM      913017109      4610     70,921 SH         SOLE                SOLE
UNOCAL CAPITAL TRUST               PFD CONV 91528T207      2584     53,000 SH         SOLE                SOLE
VBC CAPITAL I                      PFD      91819N109       766     30,500 SH         SOLE                SOLE
VENTRITEX INC                      DEB CONV 922814AA6      3579  3,500,000 SH         SOLE                SOLE
VIRGINIA ELECTRIC & POWER          PFD      927804591       496     21,800 SH         SOLE                SOLE
WACHOVIA US TREASURY MMKT          MF       929901833        25     25,000 SH         SOLE                SOLE
WAL-MART STORES                    COM      931142103      6867     99,341 SH         SOLE                SOLE
WARNER-LAMBERT CO                  COM      934488107       443      5,404 SH         SOLE                SOLE
WENDYS FINANCING                   PFD CONV 950588202      2188     45,700 SH         SOLE                SOLE
WINTRUST CAPITAL TRUST             PFD      97650Q200      2781    114,700 SH         SOLE                SOLE
WINTRUST FINANCIAL CORP            COM      97650W108      1057     69,300 SH         SOLE                SOLE
WISCONSIN ENERGY CORP              COM      976657106       203     10,565 SH         SOLE                SOLE
WOLVERINE WORLD WIDE INC           COM      978097103      1444    132,000 SH         SOLE                SOLE
                                                         557811
</TABLE>



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