UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 30,1999
Check here if Amendment { }; Amendment Number:1
This Amendment (Check only one.): { } is a restatement
{ } adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Investment Counselors of Maryland
Address: 803 Cathedral Street
Baltimore, Maryland 21201-5297
13F File Number:
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: Robert D. McDorman, Jr.
Title: Principal
Phone: 410-539-3838
Signature, Place, and Date of Signing:
Robert D. McDorman, Jr. Baltimore, Maryland September 30, 1999
Report Type (Check only one.):
{x} 13F Holdings Report.
{ } 13F Notice.
{ } 13F Combination Report.
List of other managers reporting for this Manager:0
I am signing this report as required by the Securities Exchange Act of 1934.
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 380
Form 13F Information Table Value Total: 1783021000
List of other Included Managers:0
None
<PAGE>
<TABLE>
FORM 13F INFORMATION
TABLE
VALUE SHARES/ SH/ PUT/
INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL
DSCRETN MANAGERS SOLE SHARED NONE
- ------------------------------ ---------------- --------- -------- -------- --- ---- -----
- -- ------------ -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C>
AARON RENTS INC COM 002535201 13058 757000 SH SOLE
ABBOTT LABS COM 002824100 541 14750 SH SOLE
ACMAT CLASS A COM 004616207 1313 175000 SH SOLE
ACX TECHNOLOGIES COM 005123104 8598 905000 SH SOLE
ADVANCED COMM SYSTEMS INC COM 00750x109 7276 585000 SH SOLE
AEGON N V ORD AMER REG COM 007924103 1165 13465 SH SOLE
AGCO CORP COM 001084102 130 10000 SH SOLE
AK STEEL HOLDING CO COM 001547108 6634 363500 SH SOLE
AKZO NOBEL N V COM 010199305 1245 29132 SH SOLE
171 4000 SH OTHER
ALASKA AIR GROUP INC COM 011659109 244 6000 SH SOLE
ALLEGHENY ENERGY INC COM 017361106 3108 97500 SH SOLE
ALLEGHENY TELEDYNE INC COM 017415100 1264 74900 SH SOLE
ALLIED DEVICES CORP COM 019120104 14 12000 SH SOLE
ALLIED ZURICH PLC ADR COM 01959q101 757 32620 SH SOLE
AMERICAN BUSINESS PRODUCTS COM 024763104 9882 627400 SH SOLE
AMERICAN EXPRESS CO COM 025816109 271 2008 SH SOLE
AMERICAN GENERAL CORP COM 026351106 333 5262 SH SOLE
73 1150 SH OTHER
AMERICAN HOME PRODUCTS COM 026609107 3287 79200 SH SOLE
133 3200 SH OTHER
AMERICAN INTL GROUP COM 026874107 5282 60755 SH SOLE
AMERICAN RETIREMENT CORP. COM 028913101 4563 465000 SH SOLE
AMETEK INC COM 031100100 12004 605875 SH SOLE
AMGEN INC COM 031162100 310 3800 SH SOLE
AMSOUTH BANCORP COM 032165102 424 18105 SH OTHER
ANALOGIC CORP COM 032657207 8364 265000 SH SOLE
APACHE CORP COM 037411105 12534 290225 SH SOLE
APPLIED PWR INC CL A COM 038225108 21035 692500 SH SOLE
ARAMEX INT'L LTD COM G04450105 1691 205000 SH SOLE
ARNOLD INDUSTRIES INC COM 042595108 4430 350900 SH SOLE
ASCENT ENTMT GROUP INC COM 043628106 3598 261640 SH SOLE
ASSOCIATED BANC-CORP COM 045487105 2298 63500 SH SOLE
ASSOCIATES FIRST CAPITAL CORP COM 046008108 1921 53371 SH SOLE
AT&T CORP COM 001957109 3720 85507 SH SOLE
131 3000 SH OTHER
ATLANTIC RICHFIELD CO COM 048825103 6996 78940 SH SOLE
AUTODESK INC COM 052769106 7247 331300 SH SOLE
AVERY DENNISON CORP COM 053611109 855 16200 SH SOLE
AVISTA CORP COM 05379b107 3349 190700 SH SOLE
BAKER HUGHES INC COM 057224107 11378 392350 SH SOLE
BANK NEW YORK INC COM 064057102 202 6040 SH SOLE
BANK OF AMERICA CORP COM 060505104 9278 166602 SH SOLE
189 3394 SH OTHER
BANK ONE CORP COM 06423a103 5323 152902 SH SOLE
BANTA CORP COM 066821109 2717 121750 SH SOLE
BASIN EXPLORATION INC COM 070107107 2088 87000 SH SOLE
BE AEROSPACE INC COM 073302101 7232 605800 SH SOLE
BECKMAN COULTER INC COM 075811109 6093 135025 SH SOLE
BECTON DICKINSON & CO COM 075887109 6431 229175 SH SOLE
BELCO OIL & GAS CORP COM 077410108 3379 500625 SH SOLE
BELDEN INC COM 077459105 8856 432000 SH SOLE
BELL & HOWELL COM 077852101 10896 297000 SH SOLE
BELL ATLANTIC CORP COM 077853109 1462 21716 SH SOLE
162 2400 SH OTHER
BENCHMARK ELECTRONICS INC COM 08160h101 6053 171400 SH SOLE
BERKSHIRE HATHAWAY COM 10382K102 220 4 SH SOLE
BERKSHIRE HATHAWAY CLASS B COM 084670207 605 326 SH SOLE
195 105 SH OTHER
BESTFOODS COM 08658U101 325 6700 SH SOLE
194 4000 SH OTHER
BIO RAD LABS INC CL A COM 090572207 11719 428100 SH SOLE
BOEING CO COM 097023105 1092 25620 SH SOLE
BON-TON STORES INC COM 09776j101 2254 568000 SH SOLE
BORG WARNER AUTOMOTIVE COM 099724106 3282 76325 SH SOLE
BOWNE & CO INC COM 103043105 11299 931900 SH SOLE
BP AMOCO PLC ADR COM 055622104 195 1764 SH SOLE
147 1323 SH OTHER
BRADLEY REAL ESTATE COM 104580105 5575 303400 SH SOLE
BRADY CORP CLASS A COM 104674106 4093 127900 SH SOLE
BRISTOL MYERS SQUIBB COM 110122108 705 10442 SH SOLE
BRITISH AMERICAN TOBACCO ADR COM 110448107 532 30602 SH SOLE
BURLINGTON COAT FACTORY COM 121579106 9938 503200 SH SOLE
BURLINGTON NORTHERN SANTA FE COM 12189T104 2334 84885 SH SOLE
BUSH INDUSTRIES INC COM 123164105 5682 435000 SH SOLE
C&D TECHNOLOGIES INC COM 124661109 20320 559600 SH SOLE
CAMBREX CORP COM 132011107 10866 411000 SH SOLE
CAMDEN PROPERITES COM 133131102 5784 215200 SH SOLE
CANNONDALE CORP COM 137798104 2790 310000 SH SOLE
CAROLINA PWR & LT CO COM 144141108 381 10772 SH SOLE
CARPENTER TECHNOLOGY COM 144285103 6260 255500 SH SOLE
CATERPILLAR INC COM 149123101 219 4000 SH OTHER
CBL & ASSOCIATES COM 124830100 7893 323000 SH SOLE
CENTEX CONSTRUCTION PRODS COM 15231r109 14739 397000 SH SOLE
CENTEX CORP COM 152312104 4424 149650 SH SOLE
CENTRAL & SO WEST CORP COM 152357109 211 10000 SH SOLE
CHASE MANHATTAN COM 16161A108 6946 92150 SH SOLE
CHEVRON CORPORATION COM 166751107 556 6260 SH SOLE
CHITTENDEN CORP COM 170228100 10830 380000 SH SOLE
CHUBB CORP COM 171232101 6057 122050 SH SOLE
CINCINNATI FINANCIAL CORP COM 172062101 223 5952 SH OTHER
CIRCUIT CITY STORE INC CIRCT C COM 172737108 1164 27600 SH SOLE
CITIGROUP COM 172967101 4223 95981 SH SOLE
CLARCOR INC COM 179895107 7792 463450 SH SOLE
CMI CORP CL A COM 125761304 5755 822200 SH SOLE
CMS ENERGY CLASS G COM 125896209 6582 280100 SH SOLE
COCA COLA CO COM 191216100 1189 24650 SH SOLE
COHU INC COM 192576106 7335 347200 SH SOLE
COLONIAL BANCGROUP INC COM 195493309 10500 938550 SH SOLE
COMERICA INC COM 200340107 9366 185000 SH SOLE
COMPLETE BUSINESS SOLUTIONS IN COM 20452f107 4106 300000 SH SOLE
COMPUTER HORIZONS CORP COM 205908106 5080 437000 SH SOLE
COMSAT CORP COM 20564d107 4893 165158 SH SOLE
CONE MILLS CORP COM 206814105 281 57700 SH SOLE
CONSOLIDATED EDISON INC COM 209115104 419 10100 SH SOLE
CONSOLIDATED NAT GAS COM 209615103 986 15810 SH SOLE
CONSOLIDATED STORES CORP COM 210149100 9446 428125 SH SOLE
CONSTELLATION ENERGY COM 210371100 541 19221 SH SOLE
CORPORATE OFFICE PROPERTIES TR COM 22002t108 1588 210000 SH SOLE
CSS INDUSTRIES INC COM 125906107 10403 452300 SH SOLE
DAIMLER CHRYSLER COM D1668R123 1869 26922 SH SOLE
DELPHI AUTOMOTIVE SYSTEMS COM 247126105 234 14584 SH SOLE
DELTA AIR LINES COM 247361108 1848 38100 SH SOLE
DENTSPLY INT'L INC COM 249030107 13277 583600 SH SOLE
DEXTER CORP COM 252165105 11628 311625 SH SOLE
DII GROUP INC COM 232949107 21739 617800 SH SOLE
DILLARDS INC COM 254067101 5013 246800 SH SOLE
DONNELLY (R.R.& SONS) & CO COM 257867101 5314 184025 SH SOLE
DONNELLY CORP CL A COM 257870105 6638 472000 SH SOLE
DONNELLY RH CORP COM 74955w307 5588 300000 SH SOLE
DORSEY TRAILERS INC COM 258440106 444 222200 SH SOLE
DOW CHEM CO COM 260543103 1170 10300 SH SOLE
170 1500 SH OTHER
DPL INC COM 233293109 297 16875 SH SOLE
DU PONT E I DE NEMOURS COM 263534109 1858 30707 SH SOLE
DURA AUTOMOTIVE SYSTEMS INC COM 265903104 2847 118300 SH SOLE
EARTHGRAINS CO. COM 270319106 11093 501400 SH SOLE
EASTMAN KODAK CO COM 277461109 176 2327 SH SOLE
124 1635 SH OTHER
EDISON INTL COM 281020107 4208 173100 SH SOLE
ELF AQUITAINE SPONSORED ADR COM 286269105 1192 13010 SH SOLE
EMERSON ELECTRIC CO COM 291011104 516 8167 SH SOLE
ENSCO INT'L INC COM 26874q100 1806 100000 SH SOLE
EQUITABLE RESOURCES INC COM 294549100 17552 464190 SH SOLE
255 6750 SH OTHER
EQUITY ONE INC COM 294752100 3420 320000 SH SOLE
EXXON CORP COM 302290101 3348 44056 SH SOLE
F M C CORP COM 302491303 1954 40500 SH SOLE
FEDERAL HOME LN MTG CP COM 313400301 565 10860 SH SOLE
FEDERAL NATL MTG ASSN COM 313586109 797 12720 SH SOLE
FIBERMARK INC COM 315646109 7121 558500 SH SOLE
FINLAY ENTERPRISES INC COM 317884203 7116 517500 SH SOLE
FIRST COMMONWEALTH FIN'L CORP COM 319829107 6737 264200 SH SOLE
FIRST HEALTH GROUP COM 320960107 10223 455625 SH SOLE
FIRST INDUSTRIAL RLTY COM 32054k103 3084 124600 SH SOLE
FIRST UNION CORP COM 337358105 11058 310392 SH SOLE
FIRST VA BANKS INC COM 337477103 254 5828 SH SOLE
FORD MTR CO COM 345370100 11090 220691 SH SOLE
FORT JAMES COM 347471104 6343 237690 SH SOLE
FORTUNE BRANDS INC COM 349631101 311 9650 SH SOLE
FPL GROUP INC COM 302571104 468 9300 SH SOLE
FTI CONSULTING INC COM 302941109 1808 391000 SH SOLE
FURON CO COM 361106107 20239 811600 SH SOLE
GABLES RESIDENTIAL COM 362418105 9890 412100 SH SOLE
GALLAHER GROUP PLC SPONSORED A COM 363595109 243 8950 SH SOLE
GARDEN FRESH RESTAURANT CORP COM 365235100 2833 185000 SH SOLE
GENCORP INC COM 368682100 10622 580025 SH SOLE
GENERAL ELECTRIC CO COM 369604103 6642 56021 SH SOLE
GENERAL MOTORS CORP COM 370442105 1314 20872 SH SOLE
GEORGIA GULF CORP COM 373200203 8694 493300 SH SOLE
GPU INC COM 36225x100 277 8500 SH SOLE
GRANITE CONSTRUCTION INC COM 387328107 22349 857500 SH SOLE
GRIFFON CORP COM 398433102 9288 1161000 SH SOLE
GTE CORP COM 362320103 725 9432 SH SOLE
GUEST SUPPLY INC COM 401630108 7777 541000 SH SOLE
GUILFORD MILLS INC COM 401794102 4330 502050 SH SOLE
HANGER ORTHOPEDIC GROUP INC. COM 41043f208 2930 202100 SH SOLE
HARMAN INT'L COM 413086109 5148 122400 SH SOLE
HEALTHCARE RLTY TR COM 421946104 3131 167000 SH SOLE
HEWLETT PACKARD CO COM 428236103 11515 126885 SH SOLE
HONEYWELL INC COM 438506107 505 4534 SH SOLE
HUGHES SUPPLY INC. COM 444482103 10427 479400 SH SOLE
HUNT CORP COM 445591100 3414 417000 SH SOLE
HUSSMAN INTERNATIONAL INC COM 448110106 1715 100900 SH SOLE
IBP INC COM 449223106 568 23000 SH SOLE
IDEX CORP COM 45167r104 2861 101035 SH SOLE
INTEGRATED HEALTH SVCS COM 45812c106 823 526600 SH SOLE
INTEL CORP COM 458140100 4996 67230 SH SOLE
INTERMET CORP COM 45881k104 3493 412500 SH SOLE
INTERNATIONAL BUS MACH COM 459200101 16435 135823 SH SOLE
290 2400 SH OTHER
INTL PAPER CO COM 460146103 803 16702 SH SOLE
154 3200 SH OTHER
JASON INC COM 471171108 945 120000 SH SOLE
JEFFERSON PILOT CORP COM 475070108 299 4725 SH SOLE
JOHNSON & JOHNSON COM 478160104 1341 14592 SH SOLE
JUNO LIGHTING INC COM 482047107 384 32172 SH SOLE
K MART CORP COM 482584109 502 42910 SH SOLE
33 2800 SH OTHER
KENNAMETAL INC COM 489170100 8172 315825 SH SOLE
KN ENERGY INC COM 482620101 7534 335788 SH SOLE
126 5625 SH OTHER
LANCASTER COLONY CORP COM 513847103 5698 178050 SH SOLE
LANDAMERICA FINANCIAL GROUP IN COM 514936103 3496 177000 SH SOLE
LASALLE HOTEL PROPERTIES COM 517942108 5104 394500 SH SOLE
LEAR CORP COM 521865105 4543 129100 SH SOLE
LIBERTY PPTY TR SH BEN INT COM 531172104 11846 522125 SH SOLE
LILLY ELI & CO COM 532457108 623 9700 SH SOLE
LINCOLN NATL CORP COM 534187109 105 2800 SH SOLE
225 6000 SH OTHER
LIZ CLAIBORNE COM 539320101 5805 187265 SH SOLE
LOCKHEED MARTIN CORP COM 539830109 1819 55654 SH SOLE
LONG BEACH FINANCIAL CORP COM 542446109 2064 130000 SH SOLE
LUCENT TECHNOLOGIES COM 549463107 2766 42642 SH SOLE
168 2592 SH OTHER
LUNAR COM 550362107 2175 290000 SH SOLE
M D C HLDGS INC COM 552676108 16349 1010000 SH SOLE
MACK-CALI REALTY CORP COM 554489104 6033 225000 SH SOLE
MAPLE LIMITED PARTNERSHIP COM 565108107 0 25000 SH SOLE
MARSHALL INDUSTRIES COM 572393106 9271 254000 SH SOLE
MARTIN MARIETTA MATERIALS COM 573284106 13982 350100 SH SOLE
MATTEL INC COM 577081102 6698 352535 SH SOLE
MAY DEPT STORES CO COM 577778103 875 24003 SH SOLE
MCI WORLDCOM INC COM 55268B106 4957 68966 SH SOLE
MEAD CORP COM 582834107 3951 114950 SH SOLE
MEDALLION FINANCIAL COM 583928106 8622 425800 SH SOLE
MEDICAL ASSURANCE INC COM 58449U100 6751 269381 SH SOLE
MERCANTILE BANKSHARES COM 587405101 645 20864 SH SOLE
MERCK & CO INC COM 589331107 3745 57778 SH SOLE
MERIDIAN RESOURCE CORP COM 58977q109 3990 840000 SH SOLE
METHODE ELECTRONICS CL A COM 591520200 11665 618025 SH SOLE
MICROSEMI CORP COM 595137100 2493 338100 SH SOLE
MICROSOFT CORP COM 594918104 2174 24000 SH SOLE
MID-ATLANTIC RLTY TR SH BEN IN COM 595232109 6390 612232 SH SOLE
MIDCOAST ENERGY RESOURCES COM 59563w104 5169 261700 SH SOLE
MILACRON INC COM 598709103 10350 583125 SH SOLE
MILLS CORP COM 601148109 6865 385400 SH SOLE
MOBIL CORP COM 607059102 3446 34206 SH SOLE
MONSANTO CO COM 611662107 337 9450 SH SOLE
286 8000 SH OTHER
MORGAN J P & CO INC COM 616880100 229 2000 SH SOLE
MORGAN STAN DEAN WITTR CO COM 617446448 8942 100266 SH SOLE
MOTOROLA INC COM 620076109 282 3200 SH SOLE
NATIONAL CITY CORP COM 635405103 2261 84736 SH SOLE
160 6000 SH OTHER
NATIONAL COMPUTER SYS COM 635519101 1975 51500 SH SOLE
NEWELL RUBBERMAID CO COM 651229106 3157 110538 SH SOLE
NEWPARK RESOURCES INC COM 651718504 7231 933000 SH SOLE
NOKIA CORP SPONSORED ADR COM 654902204 10496 116779 SH SOLE
NORFOLK SOUTHERN CORP COM 655844108 2357 96210 SH SOLE
198 8100 SH OTHER
NORSTAN INC COM 656535101 2800 350000 SH SOLE
NORTHWEST PIPE CO COM 667746101 5500 352000 SH SOLE
NOVA CORPORATION COM 669784100 7398 295900 SH SOLE
NUI CORP COM 629430109 5693 230000 SH SOLE
OCEANEERING INTL INC COM 675232102 12065 717600 SH SOLE
OFFSHORE LOGISTICS INC COM 676255102 2875 278800 SH SOLE
OMEGA HEALTHCARE INVS COM 681936100 3007 143200 SH SOLE
PACIFIC GULF PPTYS INC COM 694396102 4364 218900 SH SOLE
PAN PACIFIC RETAIL PPTYS INC COM 69806l104 3285 192500 SH SOLE
PARKER HANNIFIN CORP COM 701094104 8912 198875 SH SOLE
202 4500 SH OTHER
PENN VA CORP COM 707882106 10375 500000 SH SOLE
PENNEY J C INC COM 708160106 1239 35900 SH SOLE
PHELPS DODGE CORP COM 717265102 457 8300 SH SOLE
PHILIP MORRIS COS INC COM 718154107 12 345 SH SOLE
554 16200 SH OTHER
PINNACLE WEST CAPITAL CORP COM 723484101 5038 138500 SH SOLE
PIONEER STD ELECTRS COM 723877106 13398 928000 SH SOLE
PITNEY BOWES INC COM 724479100 2779 45596 SH SOLE
488 8000 SH OTHER
PNC BK CORP COM 693475105 5701 108200 SH SOLE
POTLATCH CORP COM 737628107 750 18200 SH SOLE
PPG INDS INC COM 693506107 672 11200 SH SOLE
240 4000 SH OTHER
PRAXAIR INC COM 74005p104 451 9800 SH SOLE
PRENTISS PROPERTIES TRUST COM 740706106 3918 176600 SH SOLE
PRIME RETAIL INC COM 741570105 4661 632000 SH SOLE
PROCTER & GAMBLE CO COM 742718109 1356 14460 SH SOLE
PROSPERITY BANCSHARES INC COM 743606105 3856 256000 SH SOLE
PROTECTIVE LIFE CORP COM 743674103 310 10680 SH SOLE
PROVIDIAN FINL CORP COM 74406a102 4340 54805 SH SOLE
PUBLIC STORAGE INC COM 74460d109 3496 138800 SH SOLE
PUBLIC SVC CO N C INC COM 744516105 9533 310000 SH SOLE
PXRE CORP COM 693674103 4405 302500 SH SOLE
QUAKER CHEMICAL COM 747316107 6223 374300 SH SOLE
QUANEX CORP COM 747620102 10540 411300 SH SOLE
QUESTAR CORP COM 748356102 13215 729100 SH SOLE
QUIXOTE CORP COM 749056107 7515 501000 SH SOLE
RADIAN GROUP INC. COM 750236101 5384 125400 SH SOLE
RAYTHEON CO CLASS B COM 755111408 1515 30534 SH SOLE
RECKSON ASSOCIATES REALTY CORP COM 75621K106 8729 419400 SH SOLE
RELIANCE GROUP HOLDINGS COM 759464100 666 150000 SH SOLE
REPUBLIC N Y CORP COM 760719104 6127 99725 SH SOLE
REPUBLIC SECURITY FINANCIAL CO COM 760758102 1520 175000 SH SOLE
REX STORES CORP COM 761624105 13020 420000 SH SOLE
REYNOLDS & REYNOLDS COM 761695105 6361 312200 SH SOLE
RIGHT MANAGEMENT CONSULTANTS I COM 766573109 3381 300500 SH SOLE
ROHM & HAAS CO COM 775371107 260 7200 SH SOLE
ROLLINS TRUCK LEASING COM 775741101 8475 837000 SH SOLE
ROUSE CO COM 779273101 3020 131302 SH SOLE
ROYAL DUTCH PETE CO NY REG GLD COM 780257804 1252 21202 SH SOLE
ROYAL PHILIPS ELECTRONICS COM 500472204 18615 184308 SH SOLE
RUDDICK CORP COM 781258108 8573 540000 SH SOLE
RYLAND GROUP COM 783764103 9669 425000 SH SOLE
SAKS INC COM 79377w108 8409 553700 SH SOLE
SARA LEE CORP COM 803111103 10286 440050 SH SOLE
SCB COMPUTER TECHNOLOGY INC. COM 78388n107 5285 1025000 SH SOLE
SCHLUMBERGER LTD COM 806857108 231 3702 SH SOLE
SEAGATE TECHNOLOGY COM 811804103 8512 277939 SH SOLE
SEITEL INC COM 816074306 3094 317300 SH SOLE
SHOPKO STORES INC COM 824911101 24938 859925 SH SOLE
SHURGARD STORAGE CTRS COM 82567d104 7351 297000 SH SOLE
SIERRA HEALTH SVCS INC COM 826322109 8037 793750 SH SOLE
SIMPSON MFG CO INC COM 829073105 4688 100000 SH SOLE
SOTHEBYS HLDGS INC CL A COM 835898107 207 8000 SH SOLE
SOUTHDOWN INC COM 841297104 24569 459230 SH SOLE
SPACEHAB INC COM 846243103 2876 590000 SH SOLE
SPACELABS MEDICAL INC COM 846247104 3300 218200 SH SOLE
SPARTECH CORP COM 847220209 2067 70500 SH SOLE
ST PAUL COS INC COM 792860108 296 10746 SH SOLE
STANLEY FURNITURE INC COM 854305208 7584 359000 SH SOLE
STANLEY WORKS COM 854616109 7391 293450 SH SOLE
STARCRAFT CORP COM 855269106 998 210000 SH SOLE
STATEN ISLAND BANCORP INC COM 857550107 4205 223500 SH SOLE
STRATTEC SEC CORP COM 863111100 11725 335000 SH SOLE
STRIDE RITE COM 863314100 3430 490000 SH SOLE
SUN BANCORP COM 86663b102 4800 300000 SH SOLE
SUNRISE ASSISTED LIVING INC. COM 86768k106 9968 375250 SH SOLE
SUNTRUST BANKS INC COM 867914103 335 5089 SH SOLE
SUPERIOR FINANCIAL CORP COM 868161100 4750 400000 SH SOLE
SYKES ENTERPRISES INC COM 871237103 10813 438000 SH SOLE
SYLVAN INC COM 871371100 4242 419000 SH SOLE
SYSTEMS & COMPUTER TECH CORP COM 871873105 2513 200000 SH SOLE
TECHNITROL INC COM 878555101 12545 355900 SH SOLE
TELEFLEX INC COM 879369106 4711 119450 SH SOLE
TELEFONICA DE ESPANA SPONSORED COM 879382208 307 6402 SH SOLE
TENNANT CO COM 880345103 600 17700 SH SOLE
TEXACO INC COM 881694103 2297 36382 SH SOLE
TEXAS INDUSTRIES INC COM 882491103 9420 254600 SH SOLE
TEXAS INSTRS INC COM 882508104 1041 12655 SH SOLE
TEXAS UTILITIES CO COM 882848104 915 24525 SH SOLE
THOMAS & BETTS CORP COM 884315102 15221 298450 SH SOLE
TIDEWATER INC COM 886423102 383 15000 SH SOLE
TJX COS INC COM 872540109 11685 416387 SH SOLE
TORCHMARK CORP COM 891027104 618 23900 SH SOLE
TORO CO COM 891092108 13324 356500 SH SOLE
TRAMMELL CROW CO COM 89288r106 7631 575900 SH SOLE
TRANSOCEAN OFFSHORE COM 893817106 343 11200 SH SOLE
TRENWICK GROUP INC COM 895290104 5548 335000 SH SOLE
TRIGEN ENERGY CORP COM 895930105 17891 780000 SH SOLE
TROPICAL SPORTSWEAR INTL CORP COM 89708p102 3166 170000 SH SOLE
TRW INC COM 872649108 3532 71000 SH SOLE
TUBOSCOPE INC COM 898600101 5099 410000 SH SOLE
TYCO INTL LTD COM 902124106 13495 130700 SH SOLE
U S FREIGHTWAYS CORP COM 916906100 6633 140000 SH SOLE
U S HOME CORP COM 911920106 13072 470000 SH SOLE
U S WEST INC COM 91273H101 228 4000 SH SOLE
70 1232 SH OTHER
UCBH HOLDINGS INC COM 90262t308 1095 60000 SH SOLE
UNION PACIFIC CORP COM 907818108 412 8564 SH SOLE
UNION PACIFIC RES GROUP COM 907834105 828 50973 SH SOLE
UNITED ASSET MGMT CORP COM 909420101 231 12000 SH SOLE
UNITED TECHNOLOGIES CP COM 913017109 528 8900 SH SOLE
UNITEL VIDEO INC COM 913253100 56 150000 SH SOLE
US ONCOLOGY INC. COM 90338w103 3876 427700 SH SOLE
UST INC COM 902911106 6745 223450 SH SOLE
V F CORP COM 918204108 7345 236925 SH SOLE
VODAPHONE AIRTOUCH PLC COM 92857t107 908 3818 SH SOLE
VULCAN MATLS CO COM 929160109 212 5800 SH SOLE
WABASH NATIONAL CORP COM 929566107 5891 290000 SH SOLE
WAL MART STORES INC COM 931142103 304 6400 SH SOLE
WARNER LAMBERT CO COM 934488107 3172 47796 SH SOLE
WAUSAU-MOSINEE PAPER COM 943315101 3701 305225 SH SOLE
WEBB DELL CORP COM 947423109 10892 495100 SH SOLE
WELLPOINT HEALTH NETWORKS COM 94973h108 3072 53900 SH SOLE
WELLS FARGO & CO COM 949746101 1723 43480 SH SOLE
WILLAMETTE INDS INC COM 969133107 2790 64700 SH SOLE
WILLIAMS CLAYTON ENRGY COM 969490101 4819 350500 SH SOLE
WOODHEAD INDS INC COM 979438108 4885 482500 SH SOLE
WSFS FINANCIAL CORP COM 929328102 551 39000 SH SOLE
WYNNS INTL INC COM 983195108 9660 606137 SH SOLE
XEROX CORP COM 984121103 528 12600 SH SOLE
DUQUESNE LT CO PFD 4.15% PRD 266228600 202 6500 SH SOLE
FEDERAL HOME LN MTG CP PFD D 6 PRD 313400806 204 4000 SH SOLE
WESTERN MASS ELEC CO PFD B 7.7 PRD 958587206 310 3000 SH SOLE
BELCO OIL & GAS $1.625 CONV PF CNV 077410207 2588 154500 SH SOLE
KERR-MCGEE CORP. 492386al1 14 14000 PRN SOLE
NOVACARE CORP 669930aa7 9 10000 PRN SOLE
SPACEHAB INC 846243ac7 3003 3900000 PRN SOLE
</TABLE>
