STATE FARM MUTUAL AUTOMOBILE INSURANCE CO
13F-E, 1995-05-15
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<PAGE>      PAGE   1                                                                                                              
                                                                                                                                  
                       SECURITIES AND EXCHANGE COMMISSION                                                                         
                                   FORM 13F-E                                                                                     
                                                                                                                                  
                                                                                                                                  
Report for the Calendar Year or Quarter Ended:    03/31/95                                                                        
                                                                                                                                  
                                                                                                                                  
Institutional Investment Manager:                                                                                                 
                                                                                                                                  
STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY                                                                                    
ONE STATE FARM PLAZA                                                                                                              
BLOOMINGTON                                       IL            61710                                                             
                                                                                                                                  
                                                                                                                                  
  I REPRESENT THAT I AM AUTHORIZED TO SUBMIT THIS FORM AND THAT ALL INFORMATION                                                   
  IN THIS FORM AND THE ATTACHMENTS TO IT IS TRUE, CORRECT AND COMPLETE, AND I                                                     
  UNDERSTAND THAT ALL REQUIRED ITEMS, STATEMENTS AND SCHEDULES ARE INTEGRAL                                                       
  PARTS OF THIS FORM AND THAT THE SUBMISSION OF ANY AMENDMENT REPRESENTS THAT                                                     
  ALL UNAMENDED ITEMS, STATEMENTS AND SCHEDULES REMAIN TRUE, CORRECT AND                                                          
  COMPLETE AS PREVIOUSLY SUBMITTED.                                                                                               
  I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934.                                                    
                                                                                                                                  
                                                                                                                                  
Name, Title and Telephone Number of Person Submitting Report:                                                                     
                                                                                                                                  
    WILLIAM J. HESS                SR. ASST. INVEST. COUNSEL    309-766-2302                                                      
                                                                                                                                  
                                                                                                                                  
Signature, Place and Date of Signing:                                                                                             
                                                                                                                                  
/s/ WILLIAM J. HESS                BLOOMINGTON                  IL    05/12/95                                                    
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<PAGE>      PAGE   2                                                                                                              
                                                           VALUE    SHARES/ SH/ PUT/ INVSTMT            -----VOTING AUTHORITY-----
NAME OF ISSUER                 -TITLE OF CLASS- --CUSIP-- (x$1000)  PRN AMT PRN CALL DSCRETN -MANAGERS-      SOLE   SHARED    NONE
                                                                                                                                  
SCANDINAVIAN BROADCASTING SYS  ORD              L8137H108    20459   889500 SH       SOLE                 889500                  
A D C TELECOMMUNICATIONS       COM              000886101   182533  6187548 SH       SOLE                6187548                  
AT&T CORP                      COM              001957109   394801  7628995 SH       SOLE                7628995                  
ABBOTT LABS                    COM              002824100   211411  5913600 SH       SOLE                5913600                  
ADVANCED TECHNOLOGY LABS INC   COM              00755N106     3643   250043 SH       SOLE                 250043                  
AGOURON PHARMACEUTICALS INC    COM              008488108     6100   400000 SH       SOLE                 400000                  
AHMANSON H F & CO              COM              008677106    50996  2833100 SH       SOLE                2833100                  
AIR PRODS & CHEMS INC          COM              009158106   390250  7486800 SH       SOLE                7486800                  
AIRTOUCH COMMUNICATIONS INC    COM              00949T100   150593  5526348 SH       SOLE                5526348                  
ALLERGAN INC                   COM              018490102   129393  4386200 SH       SOLE                4386200                  
AMERITECH CORP NEW             COM              030954101   176509  4279020 SH       SOLE                4279020                  
AMP INC                        COM              031897101    69869  1940800 SH       SOLE                1940800                  
AMOCO CORP                     COM              031905102   181442  2851728 SH       SOLE                2851728                  
AMSOUTH BANCORPORATION         COM              032165102    50891  1615600 SH       SOLE                1615600                  
APTARGROUP INC                 COM              038336103    18835   657966 SH       SOLE                 657966                  
ARCHER DANIELS MIDLAND CO      COM              039483102   682380 36637895 SH       SOLE               36637895                  
ASEA AB                        SPONSORED ADR    043655307    18191   235100 SH       SOLE                 235100                  
ATLANTIC RICHFIELD CO          COM              048825103   117070  1018000 SH       SOLE                1018000                  
BRE PROPERTIES INC             CL A             05564E106    74995  2409479 SH       SOLE                2409479                  
BALLARD MED PRODS              COM              058566100     7635   604751 SH       SOLE                 604751                  
BANC ONE CORP                  COM              059438101    67944  2383985 SH       SOLE                2383985                  
BANCORP HAWAII INC             COM              059685107    65027  2291739 SH       SOLE                2291739                  
BANPONCE CORP NEW              COM              066704107    55693  1768021 SH       SOLE                1768021                  
BARRETT RES CORP               COM PAR $0.01    068480201     4325   200000 SH       SOLE                 200000                  
BATTLE MTN GOLD CO             COM              071593107    35214  2965350 SH       SOLE                2965350                  
BATTLE MTN GOLD CO             PFD CONV $3.25   071593305     3081    50000 SH       SOLE                  50000                  
BAXTER INTL INC                COM              071813109   208386  6362897 SH       SOLE                6362897                  
BELL ATLANTIC CORP             COM              077853109   150694  2850000 SH       SOLE                2850000                  
BELLSOUTH CORP                 COM              079860102    22134   372000 SH       SOLE                 372000                  
BETZ LABS INC                  COM              087779104    10938   250000 SH       SOLE                 250000                  
BIOMET INC                     COM              090613100   106683  6322000 SH       SOLE                6322000                  
BIOTECHNICA INTL INC           COM              090915109     2603 11324051 SH       SOLE               11324051                  
BOSTON SCIENTIFIC CORP         COM              101137107    27129  1101688 SH       SOLE                1101688                  
BROADWAY STORES INC            WT EXP 100899    111572111       46    33600 SH       SOLE                  33600                  
BROKEN HILL PROPRIETARY LTD    SPONSORED ADR    112169602    26560   503500 SH       SOLE                 503500                  
BROOKTREE CORP                 COM              114577109    24941  3500508 SH       SOLE                3500508                  
BROWN TOM INC                  COM NEW          115660201    34410  2220000 SH       SOLE                2220000                  
CBI INDS INC                   COM              124800103    11777   459600 SH       SOLE                 459600                  
CIPSCO INC                     COM              125539106     2957   103315 SH       SOLE                 103315                  
CABLE & WIRELESS PUB LTD CO    SPONSORED ADR    126830207    21197  1123000 SH       SOLE                1123000                  
CAMPBELL SOUP CO               COM              134429109   120695  2495000 SH       SOLE                2495000                  
CAPITAL CITIES ABC INC         COM              139859102   747297  8446000 SH       SOLE                8446000                  
CATERPILLAR INC DEL            COM              149123101   159088  2860000 SH       SOLE                2860000                  
CENTRAL & SOUTH WEST CORP      COM              152357109    84803  3497000 SH       SOLE                3497000                  
CENTRAL LA ELEC INC            COM NEW          153897608    21471   959600 SH       SOLE                 959600                  
CHECKPOINT SYS INC             COM              162825103     5550   300000 SH       SOLE                 300000                  
CHEMEX PHARMACEUTICALS INC     COM PAR $0.04    163610306       44   100000 SH       SOLE                 100000                  
CHEVRON CORPORATION            COM              166751107   345879  7205800 SH       SOLE                7205800                  
CHIRON CORP                    COM              170040109    32725   608832 SH       SOLE                 608832                  
CLINTRIALS RESEARCH INC        COM              188767107     2575   200000 SH       SOLE                 200000                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<PAGE>      PAGE   3                                                                                                              
                                                           VALUE    SHARES/ SH/ PUT/ INVSTMT            -----VOTING AUTHORITY-----
NAME OF ISSUER                 -TITLE OF CLASS- --CUSIP-- (x$1000)  PRN AMT PRN CALL DSCRETN -MANAGERS-      SOLE   SHARED    NONE
                                                                                                                                  
COCA COLA CO                   COM              191216100   142922  2535000 SH       SOLE                2535000                  
COEUR D ALENE MINES CORP IDAHO COM              192108108     4534   245070 SH       SOLE                 245070                  
COMPAQ COMPUTER CORP           COM              204493100     5294   154000 SH       SOLE                 154000                  
CONSOLIDATED PAPERS INC        COM              209759109     9950   200000 SH       SOLE                 200000                  
CORNING INC                    COM              219350105   361408 10039100 SH       SOLE               10039100                  
CYPRUS AMAX MINERALS CO        COM              232809103     3195   112628 SH       SOLE                 112628                  
DELTA & PINE LD CO             COM              247357106     3380   160000 SH       SOLE                 160000                  
DELTA AIR LINES INC DEL        COM              247361108    69025  1100000 SH       SOLE                1100000                  
DEXTER CORP                    COM              252165105    27931  1276873 SH       SOLE                1276873                  
DISNEY WALT CO DEL             COM              254687106   147615  2760000 SH       SOLE                2760000                  
DONALDSON INC                  COM              257651109    18919   756750 SH       SOLE                 756750                  
DONNELLEY R R & SONS CO        COM              257867101    59634  1734800 SH       SOLE                1734800                  
DOW CHEM CO                    COM              260543103   136978  1870000 SH       SOLE                1870000                  
DUKE POWER CO                  COM              264399106   157208  4110000 SH       SOLE                4110000                  
DYNAMICS CORP AMER             COM              268039104      699    28662 SH       SOLE                  28662                  
ELCOR CORP                     COM              284443108     8750   500000 SH       SOLE                 500000                  
EMERSON ELEC CO                COM              291011104    75837  1140410 SH       SOLE                1140410                  
ENGELHARD CORP                 COM              292845104   190999  6447262 SH       SOLE                6447262                  
ENVIROTEST SYS CORP            CL A             29409W105      201    42420 SH       SOLE                  42420                  
EQUITABLE RES INC              COM              294549100    59442  2132450 SH       SOLE                2132450                  
ERICSSON L M TEL CO            ADR CL B SEK10   294821400    68612  1110000 SH       SOLE                1110000                  
EXXON CORP                     COM              302290101   383927  5762500 SH       SOLE                5762500                  
FASTENAL CO                    COM              311900104     6156   250000 SH       SOLE                 250000                  
FIFTH THIRD BANCORP            COM              316773100     4916    95000 SH       SOLE                  95000                  
FIRST EMPIRE ST CORP           COM              320076102    51300   300000 SH       SOLE                 300000                  
FIRST SEC CORP DEL             COM              336294103    11400   475000 SH       SOLE                 475000                  
FIRST VA BANKS INC             COM              337477103    19109   549900 SH       SOLE                 549900                  
FLEET FINL GROUP INC NEW       COM              338915101    18868   582800 SH       SOLE                 582800                  
FLEET FINL GROUP INC NEW       WT EXP 012601    338915119      532   112000 SH       SOLE                 112000                  
GATX CORP                      COM              361448103   142348  3172800 SH       SOLE                3172800                  
GENERAL ELEC CO                COM              369604103   181029  3352384 SH       SOLE                3352384                  
GILLETTE CO                    COM              375766102    85298  1045000 SH       SOLE                1045000                  
GOLDEN WEST FINL CORP DEL      COM              381317106    74040  1935700 SH       SOLE                1935700                  
GREAT LAKES CHEM CORP          COM              390568103   283326  4542300 SH       SOLE                4542300                  
HAWAIIAN ELEC INDUSTRIES       COM              419870100    16985   507000 SH       SOLE                 507000                  
HEILIG MEYERS CO               COM              422893107    49601  2267493 SH       SOLE                2267493                  
HELMERICH & PAYNE INC          COM              423452101    55994  2064300 SH       SOLE                2064300                  
HEWLETT PACKARD CO             COM              428236103   563356  4680000 SH       SOLE                4680000                  
HON INDS INC                   COM              438092108    77858  2883600 SH       SOLE                2883600                  
HUNTINGDON INTL HLDG PLC       ADR              445891203     2710   803000 SH       SOLE                 803000                  
IDAHO POWER CO                 COM              451380109    33459  1408800 SH       SOLE                1408800                  
ILLINOIS SUPERCONDUCTOR CORP   COM              452284102      908   121111 SH       SOLE                 121111                  
ILLINOIS TOOL WKS INC          COM              452308109   234151  4790800 SH       SOLE                4790800                  
IMMUNE RESPONSE CORP DEL       COM              45252T106     3174  1128572 SH       SOLE                1128572                  
INDUSTRIAL TECHNOLOGIES INC    COM              456360106      214   304641 SH       SOLE                 304641                  
INGERSOLL RAND CO              COM              456866102    11510   350100 SH       SOLE                 350100                  
INTEL CORP                     COM              458140100   278815  3285000 SH       SOLE                3285000                  
INTERNATIONAL BUSINESS MACHS   COM              459200101   328760  4004198 SH       SOLE                4004198                  
INTERNATIONAL FLAVORS&FRAGRANC COM              459506101   321660  6230700 SH       SOLE                6230700                  
INTUIT                         COM              461202103     7800   100000 SH       SOLE                 100000                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<PAGE>      PAGE   4                                                                                                              
                                                           VALUE    SHARES/ SH/ PUT/ INVSTMT            -----VOTING AUTHORITY-----
NAME OF ISSUER                 -TITLE OF CLASS- --CUSIP-- (x$1000)  PRN AMT PRN CALL DSCRETN -MANAGERS-      SOLE   SHARED    NONE
                                                                                                                                  
IPALCO ENTERPRISES INC         COM              462613100    33261  1039400 SH       SOLE                1039400                  
JOHNSON & JOHNSON              COM              478160104   507286  8525800 SH       SOLE                8525800                  
JOSTENS INC                    COM              481088102    43356  2181398 SH       SOLE                2181398                  
KN ENERGY INC                  COM              482620101    38639  1609965 SH       SOLE                1609965                  
KELLOGG CO                     COM              487836108   270568  4635000 SH       SOLE                4635000                  
KIMBERLY CLARK CORP            COM              494368103    31200   600000 SH       SOLE                 600000                  
KIMCO REALTY CORP              COM              49446R109     5756   150000 SH       SOLE                 150000                  
KOPIN CORP                     COM              500600101     2089   214285 SH       SOLE                 214285                  
KUBOTA CORP                    ADR              501173207     3051    23200 SH       SOLE                  23200                  
LTV CORP NEW                   COM              501921100     1178    77266 SH       SOLE                  77266                  
LTV CORP NEW                   WT A EX 062898   501921126        3     1012 SH       SOLE                   1012                  
LATTICE SEMICONDUCTOR CORP     COM              518415104    51458  2095000 SH       SOLE                2095000                  
LECHTERS CORP                  COM              523238103     6700   400000 SH       SOLE                 400000                  
LEE ENTERPRISES INC            COM              523768109     3969   112200 SH       SOLE                 112200                  
LEGGETT & PLATT INC            COM              524660107     4200   100000 SH       SOLE                 100000                  
LIBERTY BANCORP INC OKLA       COM              530175108    19476   645161 SH       SOLE                 645161                  
LIFE TECHNOLOGIES INC          COM              532177201     3781   196407 SH       SOLE                 196407                  
LILLY ELI & CO                 COM              532457108   336142  4596800 SH       SOLE                4596800                  
LINEAR TECHNOLOGY CORP         COM              535678106    97059  1733200 SH       SOLE                1733200                  
LONE STAR INDS INC             WT EXP 123100    542290116      581    89323 SH       SOLE                  89323                  
LONE STAR INDS INC             COM NEW          542290408      353    17519 SH       SOLE                  17519                  
LOUISIANA PAC CORP             COM              546347105    64545  2336454 SH       SOLE                2336454                  
MBNA CORP                      COM              55262L100    79170  2730000 SH       SOLE                2730000                  
MCI COMMUNICATIONS CORP        COM              552673105   216129 10479000 SH       SOLE               10479000                  
MANPOWER INC                   COM              56418H100   197890  6160000 SH       SOLE                6160000                  
MARCAM CORP                    COM              566140109     3737   305026 SH       SOLE                 305026                  
MCCORMICK & CO INC             COM NON VTG      579780206    91858  4060000 SH       SOLE                4060000                  
MEDAPHIS CORP                  COM              584028104    36855   585000 SH       SOLE                 585000                  
MEDTRONIC INC                  COM              585055106    27750   400000 SH       SOLE                 400000                  
MERCK & CO INC                 COM              589331107   287719  6750000 SH       SOLE                6750000                  
MICROSOFT CORP                 COM              594918104     6970    98000 SH       SOLE                  98000                  
MINE SAFETY APPLIANCES CO      COM              602720104     9415   205800 SH       SOLE                 205800                  
MINERALS TECHNOLOGIES INC      COM              603158106     6450   200000 SH       SOLE                 200000                  
MINNESOTA MNG & MFG CO         COM              604059105   268364  4617000 SH       SOLE                4617000                  
MOLECULAR BIOSYSTEMS INC       COM              608513107     5281   650000 SH       SOLE                 650000                  
MORGAN J P & CO INC            COM              616880100   118621  1944600 SH       SOLE                1944600                  
MOTOROLA INC                   COM              620076109   228334  4180000 SH       SOLE                4180000                  
NBD BANCORP INC                COM              628900102   103815  3194301 SH       SOLE                3194301                  
NEWHALL LAND & FARMING CO CAL  DEPOSITARY REC   651426108    51199  3500758 SH       SOLE                3500758                  
NEWMONT MNG CORP               COM              651639106    87259  2041141 SH       SOLE                2041141                  
NORDSTROM INC                  COM              655664100    10188   250000 SH       SOLE                 250000                  
NORTHERN TELECOM LTD           COM              665815106    74918  1978042 SH       SOLE                1978042                  
NORWEST CORP                   COM              669380107   154554  6090800 SH       SOLE                6090800                  
NUCOR CORP                     COM              670346105   379643  6749200 SH       SOLE                6749200                  
OSMONICS INC                   COM              688350107    15955   966937 SH       SOLE                 966937                  
OSTEOTECH INC                  COM              688582105     1075   200000 SH       SOLE                 200000                  
PNC BK CORP                    COM              693475105   108469  4450000 SH       SOLE                4450000                  
PACIFIC TELESIS GROUP          COM              694890104    89612  2962348 SH       SOLE                2962348                  
PACIFICORP                     COM              695114108    52776  2723908 SH       SOLE                2723908                  
PALL CORP                      COM              696429307   100563  4788700 SH       SOLE                4788700                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<PAGE>      PAGE   5                                                                                                              
                                                           VALUE    SHARES/ SH/ PUT/ INVSTMT            -----VOTING AUTHORITY-----
NAME OF ISSUER                 -TITLE OF CLASS- --CUSIP-- (x$1000)  PRN AMT PRN CALL DSCRETN -MANAGERS-      SOLE   SHARED    NONE
                                                                                                                                  
PENWEST LTD                    COM              709752109     1713    77850 SH       SOLE                  77850                  
PENNZOIL CO                    COM              709903108   175542  3705372 SH       SOLE                3705372                  
PFIZER INC                     COM              717081103   534069  6228200 SH       SOLE                6228200                  
PIONEER HI BRED INTL INC       COM              723686101   104177  2893800 SH       SOLE                2893800                  
PITTWAY CORP DEL               COM              725790109     1738    38200 SH       SOLE                  38200                  
PITTWAY CORP DEL               CL A             725790208    24104   519766 SH       SOLE                 519766                  
PLAINS PETE CO                 COM              726529100    16630   711410 SH       SOLE                 711410                  
POGO PRODUCING CO              COM              730448107   112471  5520077 SH       SOLE                5520077                  
POLAROID CORP                  COM              731095105    50748  1460362 SH       SOLE                1460362                  
PRECISION CASTPARTS CORP       COM              740189105    45225  1731100 SH       SOLE                1731100                  
PRIMESOURCE CORP               COM              741593107      205    22109 SH       SOLE                  22109                  
RTZ PLC                        SPONSORED ADR    74974K706    62475  1201455 SH       SOLE                1201455                  
RAYCHEM CORP DEL               COM              754603108   106296  2616500 SH       SOLE                2616500                  
READERS DIGEST ASSN INC        CL B             755267200     7809   175000 SH       SOLE                 175000                  
REUTERS HOLDING PLC            ADR B            761324201   161000  3500000 SH       SOLE                3500000                  
RHEOMETRICS SCIENTIFIC INC     COM              762073104      299   239048 SH       SOLE                 239048                  
RHONE POULENC RORER INC        COM              76242T104   164763  3789448 SH       SOLE                3789448                  
RIO ALGOM LTD                  COM              766889109    30917  1741800 SH       SOLE                1741800                  
ROGERS CORP                    COM              775133101    10750   200000 SH       SOLE                 200000                  
ROTO ROOTER INC                COM              778786103    12271   463066 SH       SOLE                 463066                  
RUBBERMAID INC                 COM              781088109   315520  9561200 SH       SOLE                9561200                  
RYKOFF-SEXTON INC              COM              783759103    24234  1538635 SH       SOLE                1538635                  
SAINT JOE PAPER CO             COM              790161103   108417  1752200 SH       SOLE                1752200                  
SANTA CRUZ OPERATION INC       COM              801833104    11177   812895 SH       SOLE                 812895                  
SARA LEE CORP                  COM              803111103    63332  2424200 SH       SOLE                2424200                  
SEQUENT COMPUTER SYS INC       COM              817338106    37112  2249250 SH       SOLE                2249250                  
SIGMA ALDRICH CORP             COM              826552101   135818  3504940 SH       SOLE                3504940                  
SILICON GRAPHICS INC           COM              827056102     8066   228000 SH       SOLE                 228000                  
SMITHKLINE BEECHAM PLC         ADR REP EQT UT   832378400    37500  1000000 SH       SOLE                1000000                  
SOUTHERN CO                    COM              842587107    40750  2000000 SH       SOLE                2000000                  
SOUTHTRUST CORP                COM              844730101    80495  3833125 SH       SOLE                3833125                  
SOUTHWALL TECHNOLOGIES INC     COM              844909101     1105   340000 SH       SOLE                 340000                  
SOUTHWESTERN BELL CORP         COM              845333103   157723  3754000 SH       SOLE                3754000                  
SOUTHWESTERN ENERGY CO         COM              845467109    21463  1430800 SH       SOLE                1430800                  
SPRINT CORP                    COM              852061100    45375  1500000 SH       SOLE                1500000                  
STAR TECHNOLOGIES INC          COM              855193108      175  1015734 SH       SOLE                1015734                  
SUNTRUST BKS INC               COM              867914103   157814  2949800 SH       SOLE                2949800                  
TECO ENERGY INC                COM              872375100    76077  3622700 SH       SOLE                3622700                  
TMBR/SHARP DRILLING INC        COM              87257P101     2550   400000 SH       SOLE                 400000                  
TECUMSEH PRODS CO              CL B             878895101     5212   105300 SH       SOLE                 105300                  
TECUMSUH PRODS CO              CL A             878895200    15637   315900 SH       SOLE                 315900                  
TELEFONOS DE MEXICO S A        SP ADR REP ORD   879403780     8123   285000 SH       SOLE                 285000                  
TEMPLE INLAND INC              COM              879868107    47940  1068316 SH       SOLE                1068316                  
TENNANT CO                     COM              880345103    10450   209000 SH       SOLE                 209000                  
TEXAS UTILS CO                 COM              882848104   230446  7258166 SH       SOLE                7258166                  
TOWN & CTRY TR                 SH BEN INT       892081100    12150   900000 SH       SOLE                 900000                  
VLSI TECHNOLOGY INC            SUB DEB CNV 7%12 912827AA7     1277  1300000 PRN      SOLE                1300000                  
UNIVAR CORP                    COM              913353108     1155   103800 SH       SOLE                 103800                  
UPJOHN CO                      COM              915302103    42750  1200000 SH       SOLE                1200000                  
VLSI TECHNOLOGY INC            SUB DEB CNV 7%12 918270AA7    14639 14900000 PRN      SOLE               14900000                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<PAGE>      PAGE   6                                                                                                              
                                                           VALUE    SHARES/ SH/ PUT/ INVSTMT            -----VOTING AUTHORITY-----
NAME OF ISSUER                 -TITLE OF CLASS- --CUSIP-- (x$1000)  PRN AMT PRN CALL DSCRETN -MANAGERS-      SOLE   SHARED    NONE
                                                                                                                                  
VWR CORP                       COM              918435108      934   103800 SH       SOLE                 103800                  
VALLEY NATL BANCORP            COM              919794107     3467   135300 SH       SOLE                 135300                  
VIKING OFFICE PRODS            COM              926913104    22602   729086 SH       SOLE                 729086                  
VULCAN MATLS CO                COM              929160109   188462  3277600 SH       SOLE                3277600                  
WACHOVIA CORP                  COM              929771103   221627  6243032 SH       SOLE                6243032                  
WAL MART STORES INC            COM              931142103    52173  2036000 SH       SOLE                2036000                  
WASHINGTON FED S&L ASN SEATTLE COM              938828100    11800   590000 SH       SOLE                 590000                  
WELLS FARGO & CO DEL           COM              949740104   263527  1685224 SH       SOLE                1685224                  
WEST ONE BANCORP               COM              954828109     6813   250000 SH       SOLE                 250000                  
WESTCORP INC                   COM              957907108    11183  1016615 SH       SOLE                1016615                  
WESTVACO CORP                  COM              961548104    46658  1124300 SH       SOLE                1124300                  
WILMINGTON TRUST CORP          COM              971807102     5990   247000 SH       SOLE                 247000                  
WISCONSIN ENERGY CORP          COM              976657106    49516  1825500 SH       SOLE                1825500                  
REPORT SUMMARY                213 DATA RECORDS            18703255            0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED    
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