UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 2000
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: 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 March 31, 2000
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: 349
Form 13F Information Table Value Total: 1736317000
List of other Included Managers:0
None
<PAGE>
<TABLE>
FORM 13F INFORMATION
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 9614 638300 SH SOLE
ABBOTT LABS COM 002824100 582 16550 SH SOLE
ACMAT CLASS A COM 004616207 1509 175000 SH SOLE
ACX TECHNOLOGIES COM 005123104 3733 905000 SH SOLE
AEGON N V ORD AMER REG COM 007924103 1028 12773 SH SOLE
AFFILIATED COMPUTER SERVICES COM 008190100 18050 475000 SH SOLE
AGCO CORP COM 001084102 114 10000 SH SOLE
AKZO NOBEL N V COM 010199305 1143 26532 SH SOLE
172 4000 SH OTHER
ALLEGHENY ENERGY INC COM 017361106 1837 66350 SH SOLE
ALLEGHENY TECHNOLOGIES INC COM 01741R102 419 20900 SH SOLE
ALLIED DEVICES CORP COM 019120104 35 12000 SH SOLE
ALLIED ZURICH PLC ADR COM 01959q101 650 29714 SH SOLE
AMERICAN GENERAL CORP COM 026351106 295 5262 SH SOLE
65 1150 SH OTHER
AMERICAN HOME PRODUCTS COM 026609107 3601 67000 SH SOLE
172 3200 SH OTHER
AMERICAN INTL GROUP COM 026874107 6522 59565 SH SOLE
AMETEK INC COM 031100100 9007 467875 SH SOLE
AMGEN INC COM 031162100 466 7600 SH SOLE
AMSOUTH BANCORP COM 032165102 270 18105 SH OTHER
ANALOGIC CORP COM 032657207 9034 245000 SH SOLE
ANN TAYLOR STORES CORP COM 036115103 3450 150000 SH SOLE
APACHE CORP COM 037411105 12736 256000 SH SOLE
APPLIED PWR INC CL A COM 038225108 27927 979900 SH SOLE
APTARGROUP INC COM 038336103 9036 338600 SH SOLE
ARAMEX INT'L LTD COM G04450105 2678 205000 SH SOLE
ARNOLD INDUSTRIES INC COM 042595108 4496 350900 SH SOLE
ASSOCIATES FIRST CAPITAL CORP COM 046008108 948 44338 SH SOLE
AT&T CORP COM 001957109 4463 79257 SH SOLE
169 3000 SH OTHER
ATLANTIC RICHFIELD CO COM 048825103 4279 50340 SH SOLE
AUTODESK INC COM 052769106 11816 259700 SH SOLE
AVERY DENNISON CORP COM 053611109 989 16200 SH SOLE
AVISTA CORP COM 05379b107 7771 190700 SH SOLE
BAKER HUGHES INC COM 057224107 10262 339250 SH SOLE
BANK OF AMERICA CORP COM 060505104 7875 150180 SH SOLE
178 3394 SH OTHER
BANK ONE CORP COM 06423a103 4865 141004 SH SOLE
BANTA CORP COM 066821109 2237 121750 SH SOLE
BASIN EXPLORATION INC COM 070107107 5146 344500 SH SOLE
BCE INC COM 05534b109 251 2000 SH SOLE
BECKMAN COULTER INC COM 075811109 6520 101575 SH SOLE
BECTON DICKINSON & CO COM 075887109 4467 169750 SH SOLE
BELCO OIL & GAS CORP COM 077410108 5892 567925 SH SOLE
BELDEN INC COM 077459105 18090 657800 SH SOLE
BELL & HOWELL COM 077852101 11491 367700 SH SOLE
BELL ATLANTIC CORP COM 077853109 1199 19616 SH SOLE
147 2400 SH OTHER
BENCHMARK ELECTRONICS INC COM 08160h101 7356 198800 SH SOLE
BERKSHIRE HATHAWAY COM 10382K102 229 4 SH SOLE
BERKSHIRE HATHAWAY CLASS B COM 084670207 568 312 SH SOLE
191 105 SH OTHER
BESTFOODS COM 08658U101 314 6700 SH SOLE
187 4000 SH OTHER
BIO RAD LABS INC CL A COM 090572207 8502 312000 SH SOLE
BOEING CO COM 097023105 969 25620 SH SOLE
BON-TON STORES INC COM 09776j101 1722 568000 SH SOLE
BORGWARNER INC COM 099724106 15641 397225 SH SOLE
BOWNE & CO INC COM 103043105 4088 317500 SH SOLE
BP AMOCO PLC ADR COM 055622104 95 1782 SH SOLE
141 2646 SH OTHER
BRADLEY REAL ESTATE COM 104580105 5620 329400 SH SOLE
BRADY CORP CLASS A COM 104674106 3989 127900 SH SOLE
BRISTOL MYERS SQUIBB COM 110122108 1175 20260 SH SOLE
BRITISH AMERICAN TOBACCO ADR COM 110448107 303 28533 SH SOLE
BURLINGTON COAT FACTORY COM 121579106 8214 477900 SH SOLE
BURLINGTON NORTHERN SANTA FE COM 12189T104 1747 76785 SH SOLE
BUSH INDUSTRIES INC COM 123164105 6244 450000 SH SOLE
C&D TECHNOLOGIES INC COM 124661109 29063 492600 SH SOLE
CAMBREX CORP COM 132011107 17792 409000 SH SOLE
CAMDEN PROPERITES COM 133131102 5824 215200 SH SOLE
CAROLINA PWR & LT CO COM 144141108 292 9000 SH SOLE
CARPENTER TECHNOLOGY COM 144285103 5214 250500 SH SOLE
CBL & ASSOCIATES COM 124830100 6601 323000 SH SOLE
CCB FINANCIAL CORP COM 124875105 12762 288400 SH SOLE
CENTEX CONSTRUCTION PRODS COM 15231r109 10238 390000 SH SOLE
CENTEX CORP COM 152312104 3564 149650 SH SOLE
CENTRAL & SO WEST CORP COM 152357109 171 10000 SH SOLE
CHASE MANHATTAN COM 16161A108 7345 84240 SH SOLE
CHEVRON CORPORATION COM 166751107 856 9260 SH SOLE
CHITTENDEN CORP COM 170228100 11281 380000 SH SOLE
CHUBB CORP COM 171232101 6185 91550 SH SOLE
CINCINNATI FINANCIAL CORP COM 172062101 224 5952 SH OTHER
CIRCUIT CITY STORE INC CIRCT C COM 172737108 1680 27600 SH SOLE
CITIGROUP COM 172967101 5458 91152 SH SOLE
CITY NATIONAL CORP COM 178566105 10679 317000 SH SOLE
CLARCOR INC COM 179895107 8129 457950 SH SOLE
CMI CORP CL A COM 125761304 3458 758000 SH SOLE
COCA COLA CO COM 191216100 1141 24300 SH SOLE
COHU INC COM 192576106 8338 200000 SH SOLE
COLONIAL BANCGROUP INC COM 195493309 12960 1205550 SH SOLE
COMERICA INC COM 200340107 6618 158050 SH SOLE
COMPAQ COMPUTER CORP COM 204493100 1903 70491 SH SOLE
COMPLETE BUSINESS SOLUTIONS IN COM 20452f107 6534 292000 SH SOLE
CONOCO INC. CLASS B COM 208251405 267 10427 SH SOLE
CONSOLIDATED EDISON INC COM 209115104 294 10100 SH SOLE
CONSOLIDATED STORES CORP COM 210149100 3500 307725 SH SOLE
CONSTELLATION ENERGY COM 210371100 577 18100 SH SOLE
COORSTEK, INC COM 217020106 9107 226250 SH SOLE
CORNING INC COM 219350105 427 2200 SH SOLE
CORPORATE OFFICE PROPERTIES TR COM 22002t108 1719 210000 SH SOLE
COVANCE INC COM 222816100 6293 585400 SH SOLE
DAIMLER CHRYSLER COM D1668R123 1678 25646 SH SOLE
DELPHI AUTOMOTIVE SYSTEMS COM 247126105 220 13746 SH SOLE
DELTA AIR LINES COM 247361108 2213 41550 SH SOLE
DENTSPLY INT'L INC COM 249030107 19794 697600 SH SOLE
DEXTER CORP COM 252165105 18774 354225 SH SOLE
DIEBOLD INC COM 253651103 11413 415000 SH SOLE
DILLARDS INC COM 254067101 1297 78900 SH SOLE
DONNELLY (R.R.& SONS) & CO COM 257867101 2869 137025 SH SOLE
DONNELLY CORP CL A COM 257870105 4985 422000 SH SOLE
DONNELLY RH CORP COM 74955w307 14025 825000 SH SOLE
DORSEY TRAILERS INC COM 258440106 120 120000 SH SOLE
DOW CHEM CO COM 260543103 1066 9350 SH SOLE
171 1500 SH OTHER
DPL INC COM 233293109 374 16875 SH SOLE
DU PONT E I DE NEMOURS COM 263534109 1596 30155 SH SOLE
DURA AUTOMOTIVE SYSTEMS INC COM 265903104 1217 70820 SH SOLE
EARTHGRAINS CO. COM 270319106 7289 490000 SH SOLE
EDISON INTL COM 281020107 2051 123850 SH SOLE
EDWARDS AG INC COM 281760108 220 5500 SH SOLE
EMERSON ELECTRIC CO COM 291011104 531 10000 SH SOLE
ENSCO INT'L INC COM 26874q100 3613 100000 SH SOLE
EQUITABLE RESOURCES INC COM 294549100 19647 438433 SH SOLE
302 6750 SH OTHER
EQUITY ONE INC COM 294752100 1828 195000 SH SOLE
ERICSSON TEL ADR COM 294821400 239 2550 SH SOLE
EXXON-MOBIL COM 30231G102 6307 80920 SH SOLE
F M C CORP COM 302491303 2271 40200 SH SOLE
FEDERAL HOME LN MTG CP COM 313400301 480 10860 SH SOLE
FEDERAL NATL MTG ASSN COM 313586109 719 12720 SH SOLE
FIBERMARK INC COM 315646109 7226 558500 SH SOLE
FINLAY ENTERPRISES INC COM 317884203 6372 517500 SH SOLE
FIRST HEALTH GROUP COM 320960107 13448 425225 SH SOLE
FIRST INDUSTRIAL RLTY COM 32054k103 7813 286700 SH SOLE
FIRST UNION CORP COM 337358105 9401 252386 SH SOLE
FORD MTR CO COM 345370100 8305 180791 SH SOLE
FORT JAMES COM 347471104 4351 197790 SH SOLE
FTI CONSULTING INC COM 302941109 2639 391000 SH SOLE
FYI INC COM 302712104 407 15000 SH SOLE
GABLES RESIDENTIAL COM 362418105 9272 412100 SH SOLE
GARDEN FRESH RESTAURANT CORP COM 365235100 2035 185000 SH SOLE
GENCORP INC COM 368682100 3878 500350 SH SOLE
GENERAL ELECTRIC CO COM 369604103 7835 50346 SH SOLE
GENERAL MOTORS CORP COM 370442105 1728 20872 SH SOLE
GEORGIA GULF CORP COM 373200203 5749 221100 SH SOLE
GRANITE CONSTRUCTION INC COM 387328107 23355 865000 SH SOLE
GRIFFON CORP COM 398433102 9016 1154000 SH SOLE
GTE CORP COM 362320103 660 9298 SH SOLE
GUEST SUPPLY INC COM 401630108 7606 427000 SH SOLE
HARMAN INT'L COM 413086109 7344 122400 SH SOLE
HEALTHCARE RLTY TR COM 421946104 2546 152000 SH SOLE
HEARTLAND EXPRESS INC COM 422347104 3722 265000 SH SOLE
HEWLETT PACKARD CO COM 428236103 13903 104635 SH SOLE
HONEYWELL INTERNATIONAL COM 438506107 448 8501 SH SOLE
HUGHES SUPPLY INC. COM 444482103 9796 632000 SH SOLE
HUNT CORP COM 445591100 2413 270000 SH SOLE
HUSSMAN INTERNATIONAL INC COM 448110106 1280 100850 SH SOLE
IBP INC COM 449223106 310 19700 SH SOLE
IDEX CORP COM 45167r104 2753 101035 SH SOLE
INTEL CORP COM 458140100 9117 69101 SH SOLE
INTERMET CORP COM 45881k104 3764 412500 SH SOLE
INTERNATIONAL BUS MACH COM 459200101 14790 125343 SH SOLE
283 2400 SH OTHER
INTERNATIONAL HOME FOODS INC COM 459655106 11440 715000 SH SOLE
INTL PAPER CO COM 460146103 710 16603 SH SOLE
137 3200 SH OTHER
JASON INC COM 471171108 3596 342500 SH SOLE
JEFFERSON PILOT CORP COM 475070108 315 4725 SH SOLE
JOHNSON & JOHNSON COM 478160104 743 10575 SH SOLE
K MART CORP COM 482584109 360 37110 SH SOLE
KENNAMETAL INC COM 489170100 2065 68675 SH SOLE
KINDER MORGAN INC COM 49455P101 14237 412663 SH SOLE
194 5625 SH OTHER
LANCASTER COLONY CORP COM 513847103 5442 178050 SH SOLE
LANDAMERICA FINANCIAL GROUP IN COM 514936103 4011 207000 SH SOLE
LASALLE HOTEL PROPERTIES COM 517942108 4931 394500 SH SOLE
LEAR CORP COM 521865105 5459 194100 SH SOLE
LIBERTY PPTY TR SH BEN INT COM 531172104 11744 490600 SH SOLE
LILLY ELI & CO COM 532457108 601 9600 SH SOLE
LINCOLN NATL CORP COM 534187109 94 2800 SH SOLE
201 6000 SH OTHER
LIZ CLAIBORNE COM 539320101 5208 113685 SH SOLE
LOCKHEED MARTIN CORP COM 539830109 976 47774 SH SOLE
LUCENT TECHNOLOGIES COM 549463107 2193 35803 SH SOLE
159 2592 SH OTHER
LUNAR COM 550362107 3480 290000 SH SOLE
M D C HLDGS INC COM 552676108 17525 977000 SH SOLE
MACK-CALI REALTY CORP COM 554489104 5623 220500 SH SOLE
MAPLE LIMITED PARTNERSHIP COM 565108107 0 25000 SH SOLE
MARTIN MARIETTA MATERIALS COM 573284106 14982 315400 SH SOLE
MATTEL INC COM 577081102 2478 235985 SH SOLE
MAY DEPT STORES CO COM 577778103 703 24675 SH SOLE
MCI WORLDCOM INC COM 55268B106 4687 103442 SH SOLE
MEAD CORP COM 582834107 4705 134675 SH SOLE
MEDALLION FINANCIAL COM 583928106 7781 462800 SH SOLE
MEDICAL ASSURANCE INC COM 58449U100 5392 282848 SH SOLE
MERCANTILE BANKSHARES COM 587405101 1026 33564 SH SOLE
MERCK & CO INC COM 589331107 2888 46488 SH SOLE
MERIDIAN RESOURCE CORP COM 58977q109 3255 840000 SH SOLE
MICROSOFT CORP COM 594918104 2550 24000 SH SOLE
MID-ATLANTIC RLTY TR SH BEN IN COM 595232109 583 63032 SH SOLE
MIDCOAST ENERGY RESOURCES COM 59563w104 4433 261700 SH SOLE
MILACRON INC COM 598709103 12768 884350 SH SOLE
MILLS CORP COM 601148109 6937 385400 SH SOLE
MINERALS TECHNOLOGIES INC COM 603158106 24363 546725 SH SOLE
MODIS PROFESSIONAL SERVICES COM 607830106 223 18000 SH SOLE
MOHAWK INDUSTRIES INC COM 608190104 5475 244700 SH SOLE
MONSANTO CO COM 611662107 435 8450 SH SOLE
412 8000 SH OTHER
MORGAN J P & CO INC COM 616880100 264 2000 SH SOLE
MORGAN STAN DEAN WITTR CO COM 617446448 14692 177275 SH SOLE
MOTOROLA INC COM 620076109 467 3200 SH SOLE
NATIONAL CITY CORP COM 635405103 997 48336 SH SOLE
124 6000 SH OTHER
NEWELL RUBBERMAID CO COM 651229106 1614 65047 SH SOLE
NEWPARK RESOURCES INC COM 651718504 7464 933000 SH SOLE
NOKIA CORP SPONSORED ADR COM 654902204 21677 97645 SH SOLE
NORFOLK SOUTHERN CORP COM 655844108 971 68110 SH SOLE
115 8100 SH OTHER
NORTHWEST PIPE CO COM 667746101 4928 352000 SH SOLE
NOVA CORPORATION COM 669784100 19179 658500 SH SOLE
NUI CORP COM 629430109 7607 294000 SH SOLE
OCEANEERING INTL INC COM 675232102 13099 698600 SH SOLE
OFFSHORE LOGISTICS INC COM 676255102 3094 223000 SH SOLE
OMNICARE INC COM 681904108 10675 885000 SH SOLE
OMNOVA SOLUTIONS INC COM 682129101 2803 498350 SH SOLE
PACIFIC GULF PPTYS INC COM 694396102 1819 92700 SH SOLE
PAN PACIFIC RETAIL PPTYS INC COM 69806l104 3549 192500 SH SOLE
PARKER HANNIFIN CORP COM 701094104 7307 176875 SH SOLE
186 4500 SH OTHER
PENN VA CORP COM 707882106 8443 493000 SH SOLE
PFIZER INC COM 717081103 186 5100 SH SOLE
PHELPS DODGE CORP COM 717265102 393 8300 SH SOLE
PHILIP MORRIS COS INC COM 718154107 28 1345 SH SOLE
342 16200 SH OTHER
PINNACLE WEST CAPITAL CORP COM 723484101 3904 138500 SH SOLE
PIONEER STD ELECTRS COM 723877106 13230 840000 SH SOLE
PITNEY BOWES INC COM 724479100 2216 49596 SH SOLE
358 8000 SH OTHER
PNC BK CORP COM 693475105 4387 97350 SH SOLE
POTLATCH CORP COM 737628107 568 13200 SH SOLE
PPG INDS INC COM 693506107 586 11200 SH SOLE
209 4000 SH OTHER
PRAXAIR INC COM 74005p104 408 9800 SH SOLE
PRENTISS PROPERTIES TRUST COM 740706106 3940 176600 SH SOLE
PROCTER & GAMBLE CO COM 742718109 817 14460 SH SOLE
PROSPERITY BANCSHARES INC COM 743606105 3776 256000 SH SOLE
PROTECTIVE LIFE CORP COM 743674103 263 8280 SH SOLE
PROVIDIAN FINL CORP COM 74406a102 4118 47542 SH SOLE
PUBLIC STORAGE INC COM 74460d109 2915 138800 SH SOLE
PXRE GROUP LTD COM 693674103 4888 287500 SH SOLE
QUAKER CHEMICAL COM 747316107 7820 460000 SH SOLE
QUANEX CORP COM 747620102 7992 444000 SH SOLE
QUESTAR CORP COM 748356102 12048 649050 SH SOLE
QUIXOTE CORP COM 749056107 6137 501000 SH SOLE
RADIAN GROUP INC. COM 750236101 18440 387200 SH SOLE
RAYTHEON CO CLASS B COM 755111408 528 29734 SH SOLE
RECKSON ASSOCIATES REALTY CORP COM 75621K106 7864 419400 SH SOLE
REPUBLIC SECURITY FINANCIAL CO COM 760758102 6687 1019000 SH SOLE
REX STORES CORP COM 761624105 8052 315000 SH SOLE
REYNOLDS & REYNOLDS COM 761695105 8429 312200 SH SOLE
RIGHT MANAGEMENT CONSULTANTS I COM 766573109 2761 300500 SH SOLE
ROHM & HAAS CO COM 775371107 321 7200 SH SOLE
ROLLINS TRUCK LEASING COM 775741101 7484 887000 SH SOLE
ROUSE CO COM 779273101 2246 106311 SH SOLE
ROYAL DUTCH PETE CO NY REG GLD COM 780257804 845 14610 SH SOLE
ROYAL PHILIPS ELECTRONICS COM 500472204 22245 129849 SH SOLE
RUDDICK CORP COM 781258108 5852 535000 SH SOLE
RYLAND GROUP COM 783764103 7969 425000 SH SOLE
SAKS INC COM 79377w108 7673 529200 SH SOLE
SARA LEE CORP COM 803111103 6165 342475 SH SOLE
SCB COMPUTER TECHNOLOGY INC. COM 78388n107 2855 993000 SH SOLE
SCHLUMBERGER LTD COM 806857108 283 3702 SH SOLE
SCHULMAN A INC COM 808194104 4522 341300 SH SOLE
SEAGATE TECHNOLOGY COM 811804103 11315 183243 SH SOLE
SEITEL INC COM 816074306 2519 317300 SH SOLE
SHOPKO STORES INC COM 824911101 19485 1097725 SH SOLE
SHURGARD STORAGE CTRS COM 82567d104 10764 412000 SH SOLE
SIERRA HEALTH SVCS INC COM 826322109 2546 515600 SH SOLE
SIMPSON MFG CO INC COM 829073105 3950 100000 SH SOLE
SOUTHDOWN INC COM 841297104 15849 267500 SH SOLE
SOVEREIGN BANCORP COM 845905108 9378 1240000 SH SOLE
SPACEHAB INC COM 846243103 2743 570000 SH SOLE
SPACELABS MEDICAL INC COM 846247104 3318 208200 SH SOLE
ST PAUL COS INC COM 792860108 324 9506 SH SOLE
STANLEY FURNITURE INC COM 854305208 7285 376000 SH SOLE
STANLEY WORKS COM 854616109 6002 227550 SH SOLE
STARCRAFT CORP COM 855269106 1336 167000 SH SOLE
STATEN ISLAND BANCORP INC COM 857550107 3827 223500 SH SOLE
STRIDE RITE COM 863314100 2741 340000 SH SOLE
SUN BANCORP COM 86663b102 1885 290000 SH SOLE
SUNTRUST BANKS INC COM 867914103 294 5089 SH SOLE
SUPERIOR FINANCIAL CORP COM 868161100 3800 400000 SH SOLE
SYLVAN INC COM 871371100 2984 385000 SH SOLE
SYSTEMS & COMPUTER TECH CORP COM 871873105 4675 200000 SH SOLE
TECHNITROL INC COM 878555101 11062 189900 SH SOLE
TELEFLEX INC COM 879369106 19795 559575 SH SOLE
TELEFONICA DE ESPANA SPONSORED COM 879382208 228 3061 SH SOLE
TENNANT CO COM 880345103 549 17700 SH SOLE
TEXACO INC COM 881694103 1911 35553 SH SOLE
TEXAS INSTRS INC COM 882508104 2548 15924 SH SOLE
THOMAS & BETTS CORP COM 884315102 7075 250425 SH SOLE
TIDEWATER INC COM 886423102 350 11000 SH SOLE
TJX COS INC COM 872540109 11147 502387 SH SOLE
TORCHMARK CORP COM 891027104 483 20900 SH SOLE
TORO CO COM 891092108 13577 453500 SH SOLE
TOTAL FINA SA ADR COM 89151e109 1391 18887 SH SOLE
TRAMMELL CROW CO COM 89288r106 8573 775000 SH SOLE
TRANSACTION SYSTEMS ARCHITECTS COM 893416107 17830 617500 SH SOLE
TRANSOCEAN SEDCO FOREX INC COM G90078109 611 11916 SH SOLE
TRENWICK GROUP INC COM 895290104 4732 335000 SH SOLE
TROPICAL SPORTSWEAR INTL CORP COM 89708p102 2083 170000 SH SOLE
TRW INC COM 872649108 3335 57000 SH SOLE
TUBOSCOPE INC COM 898600101 6970 410000 SH SOLE
TYCO INTL LTD COM 902124106 12541 250194 SH SOLE
U S HOME CORP COM 911920106 17670 465000 SH SOLE
U S WEST INC COM 91273H101 291 4000 SH SOLE
89 1232 SH OTHER
UCBH HOLDINGS INC COM 90262t308 8729 406000 SH SOLE
UNION PACIFIC CORP COM 907818108 265 6764 SH SOLE
UNION PACIFIC RES GROUP COM 907834105 816 56258 SH SOLE
UNITED ASSET MGMT CORP COM 909420101 208 12000 SH SOLE
UNITED TECHNOLOGIES CP COM 913017109 562 8900 SH SOLE
UNITEL VIDEO INC COM 913253100 0 150000 SH SOLE
US ONCOLOGY INC COM 90338w103 3590 797700 SH SOLE
UST INC COM 902911106 2865 183350 SH SOLE
V F CORP COM 918204108 6263 260300 SH SOLE
VODAFONE AIRTOUCH PLC COM 92857t107 760 13685 SH SOLE
VULCAN MATLS CO COM 929160109 266 5800 SH SOLE
WABASH NATIONAL CORP COM 929566107 6812 478000 SH SOLE
WAL MART STORES INC COM 931142103 325 5760 SH SOLE
WARNER LAMBERT CO COM 934488107 4669 47796 SH SOLE
WAUSAU-MOSINEE PAPER COM 943315101 3949 305225 SH SOLE
WEBB DELL CORP COM 947423109 7260 490100 SH SOLE
WELLPOINT HEALTH NETWORKS COM 94973h108 3394 48575 SH SOLE
WELLS FARGO & CO COM 949746101 1482 36380 SH SOLE
WEST COAST BANCORP OREGON COM 952145100 4833 492500 SH SOLE
WILLAMETTE INDS INC COM 969133107 1938 48300 SH SOLE
WILLIAMS CLAYTON ENRGY COM 969490101 5696 350500 SH SOLE
WOODHEAD INDS INC COM 979438108 6752 390000 SH SOLE
WSFS FINANCIAL CORP COM 929328102 4664 375000 SH SOLE
WYNNS INTL INC COM 983195108 8655 626637 SH SOLE
XEROX CORP COM 984121103 328 12600 SH SOLE
FEDERAL HOME LN MTG CP PFD D 6 PRD 313400806 200 4000 SH SOLE
WESTERN MASS ELEC CO PFD B 7.7 PRD 958587206 279 3000 SH SOLE
BELCO OIL & GAS $1.625 CONV PF CNV 077410207 2348 151500 SH SOLE
SPACEHAB INC 846243ac7 2852 3900000 PRN SOLE
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