UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 13F
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: 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 December 31, 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: 362
Form 13F Information Table Value Total: 1706040000
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 11419 643300 SH SOLE
ABBOTT LABS COM 002824100 536 14750 SH SOLE
ACMAT CLASS A COM 004616207 1269 175000 SH SOLE
ACX TECHNOLOGIES COM 005123104 9672 905000 SH SOLE
ADVANCED COMM SYSTEMS INC COM 00750x109 11188 585000 SH SOLE
AEGON N V ORD AMER REG COM 007924103 1286 13465 SH SOLE
AGCO CORP COM 001084102 134 10000 SH SOLE
AK STEEL HOLDING CO COM 001547108 6993 370500 SH SOLE
AKZO NOBEL N V COM 010199305 1340 26932 SH SOLE
199 4000 SH OTHER
ALASKA AIR GROUP INC COM 011659109 211 6000 SH SOLE
ALLEGHENY ENERGY INC COM 017361106 1891 70200 SH SOLE
ALLEGHENY TECHNOLOGIES INC COM 01741R102 514 22900 SH SOLE
ALLIED DEVICES CORP COM 019120104 18 12000 SH SOLE
ALLIED ZURICH PLC ADR COM 01959q101 735 31044 SH SOLE
AMERICAN BUSINESS PRODUCTS COM 024763104 6988 597900 SH SOLE
AMERICAN GENERAL CORP COM 026351106 399 5262 SH SOLE
87 1150 SH OTHER
AMERICAN HOME PRODUCTS COM 026609107 2645 67400 SH SOLE
126 3200 SH OTHER
AMERICAN INTL GROUP COM 026874107 6530 60393 SH SOLE
AMETEK INC COM 031100100 9109 477875 SH SOLE
AMGEN INC COM 031162100 456 7600 SH SOLE
AMSOUTH BANCORP COM 032165102 350 18105 SH OTHER
ANALOGIC CORP COM 032657207 8976 272000 SH SOLE
APACHE CORP COM 037411105 9763 264300 SH SOLE
APPLIED PWR INC CL A COM 038225108 23559 641050 SH SOLE
ARAMEX INT'L LTD COM G04450105 1883 205000 SH SOLE
ARNOLD INDUSTRIES INC COM 042595108 4935 350900 SH SOLE
ASCENT ENTMT GROUP INC COM 043628106 2939 231629 SH SOLE
ASSOCIATES FIRST CAPITAL CORP COM 046008108 1419 51720 SH SOLE
AT&T CORP COM 001957109 4215 82957 SH SOLE
152 3000 SH OTHER
ATLANTIC RICHFIELD CO COM 048825103 4320 49940 SH SOLE
AUTODESK INC COM 052769106 9028 267500 SH SOLE
AVERY DENNISON CORP COM 053611109 1181 16200 SH SOLE
AVISTA CORP COM 05379b107 2944 190700 SH SOLE
BAKER HUGHES INC COM 057224107 7358 349350 SH SOLE
BANK NEW YORK INC COM 064057102 242 6040 SH SOLE
BANK OF AMERICA CORP COM 060505104 7369 146836 SH SOLE
170 3394 SH OTHER
BANK ONE CORP COM 06423a103 4806 150186 SH SOLE
BANTA CORP COM 066821109 2747 121750 SH SOLE
BASIN EXPLORATION INC COM 070107107 6072 344500 SH SOLE
BECKMAN COULTER INC COM 075811109 5399 106125 SH SOLE
BECTON DICKINSON & CO COM 075887109 4481 166350 SH SOLE
BELCO OIL & GAS CORP COM 077410108 3220 585425 SH SOLE
BELDEN INC COM 077459105 11025 525000 SH SOLE
BELL & HOWELL COM 077852101 10638 334400 SH SOLE
BELL ATLANTIC CORP COM 077853109 1257 20416 SH SOLE
148 2400 SH OTHER
BENCHMARK ELECTRONICS INC COM 08160h101 5505 240000 SH SOLE
BERKSHIRE HATHAWAY COM 10382K102 224 4 SH SOLE
BERKSHIRE HATHAWAY CLASS B COM 084670207 597 326 SH SOLE
192 105 SH OTHER
BESTFOODS COM 08658U101 352 6700 SH SOLE
210 4000 SH OTHER
BIO RAD LABS INC CL A COM 090572207 9303 398000 SH SOLE
BOEING CO COM 097023105 1062 25620 SH SOLE
BON-TON STORES INC COM 09776j101 2095 568000 SH SOLE
BORG WARNER AUTOMOTIVE COM 099724106 14002 345725 SH SOLE
BOWNE & CO INC COM 103043105 12420 920000 SH SOLE
BP AMOCO PLC ADR COM 055622104 209 3528 SH SOLE
157 2646 SH OTHER
BRADLEY REAL ESTATE COM 104580105 5744 329400 SH SOLE
BRADY CORP CLASS A COM 104674106 4341 127900 SH SOLE
BRISTOL MYERS SQUIBB COM 110122108 659 10260 SH SOLE
BRITISH AMERICAN TOBACCO ADR COM 110448107 314 30602 SH SOLE
BURLINGTON COAT FACTORY COM 121579106 6631 477900 SH SOLE
BURLINGTON NORTHERN SANTA FE COM 12189T104 1906 78585 SH SOLE
BUSH INDUSTRIES INC COM 123164105 7477 435000 SH SOLE
C&D TECHNOLOGIES INC COM 124661109 24846 584600 SH SOLE
CAMBREX CORP COM 132011107 14154 411000 SH SOLE
CAMDEN PROPERITES COM 133131102 5972 215200 SH SOLE
CANNONDALE CORP COM 137798104 1799 275500 SH SOLE
CAROLINA PWR & LT CO COM 144141108 274 9000 SH SOLE
CARPENTER TECHNOLOGY COM 144285103 6983 254500 SH SOLE
CBL & ASSOCIATES COM 124830100 6662 323000 SH SOLE
CCB FINANCIAL CORP COM 124875105 11627 266900 SH SOLE
CENTEX CONSTRUCTION PRODS COM 15231r109 15483 397000 SH SOLE
CENTEX CORP COM 152312104 3694 149650 SH SOLE
CENTRAL & SO WEST CORP COM 152357109 200 10000 SH SOLE
CHASE MANHATTAN COM 16161A108 6715 86440 SH SOLE
CHEVRON CORPORATION COM 166751107 542 6260 SH SOLE
CHITTENDEN CORP COM 170228100 11258 380000 SH SOLE
CHUBB CORP COM 171232101 5341 94850 SH SOLE
CIRCUIT CITY STORE INC CIRCT C COM 172737108 1244 27600 SH SOLE
CITIGROUP COM 172967101 5203 93439 SH SOLE
CITY NATIONAL CORP COM 178566105 8584 260600 SH SOLE
CLARCOR INC COM 179895107 8342 463450 SH SOLE
CMI CORP CL A COM 125761304 5807 822200 SH SOLE
COCA COLA CO COM 191216100 1415 24300 SH SOLE
COHU INC COM 192576106 10763 347200 SH SOLE
COLONIAL BANCGROUP INC COM 195493309 12508 1205550 SH SOLE
COMERICA INC COM 200340107 7640 163650 SH SOLE
COMPLETE BUSINESS SOLUTIONS IN COM 20452f107 7538 300000 SH SOLE
COMPUTER HORIZONS CORP COM 205908106 6750 417000 SH SOLE
CONSOLIDATED EDISON INC COM 209115104 348 10100 SH SOLE
CONSOLIDATED STORES CORP COM 210149100 5391 331725 SH SOLE
CONSTELLATION ENERGY COM 210371100 525 18100 SH SOLE
CORNING INC COM 219350105 284 2200 SH SOLE
CORPORATE OFFICE PROPERTIES TR COM 22002t108 1601 210000 SH SOLE
COVANCE INC COM 222816100 6330 585400 SH SOLE
DAIMLER CHRYSLER COM D1668R123 2020 25895 SH SOLE
DELPHI AUTOMOTIVE SYSTEMS COM 247126105 216 13746 SH SOLE
DELTA AIR LINES COM 247361108 2154 43250 SH SOLE
DENTSPLY INT'L INC COM 249030107 16670 705600 SH SOLE
DEXTER CORP COM 252165105 14557 366225 SH SOLE
DIEBOLD INC COM 253651103 3048 129700 SH SOLE
DILLARDS INC COM 254067101 3908 193600 SH SOLE
DONNELLY (R.R.& SONS) & CO COM 257867101 3348 134925 SH SOLE
DONNELLY CORP CL A COM 257870105 5978 427000 SH SOLE
DONNELLY RH CORP COM 74955w307 10287 545000 SH SOLE
DORSEY TRAILERS INC COM 258440106 271 222200 SH SOLE
DOW CHEM CO COM 260543103 1283 9600 SH SOLE
200 1500 SH OTHER
DPL INC COM 233293109 292 16875 SH SOLE
DU PONT E I DE NEMOURS COM 263534109 1986 30155 SH SOLE
DURA AUTOMOTIVE SYSTEMS INC COM 265903104 1941 111320 SH SOLE
EARTHGRAINS CO. COM 270319106 7982 495000 SH SOLE
EASTMAN KODAK CO COM 277461109 119 1790 SH SOLE
102 1535 SH OTHER
EDISON INTL COM 281020107 3349 127900 SH SOLE
EMERSON ELECTRIC CO COM 291011104 459 8000 SH SOLE
ENSCO INT'L INC COM 26874q100 2288 100000 SH SOLE
EQUITABLE RESOURCES INC COM 294549100 14780 442833 SH SOLE
225 6750 SH OTHER
EQUITY ONE INC COM 294752100 3340 320000 SH SOLE
EXXON-MOBIL COM 30231G102 6701 83176 SH SOLE
F M C CORP COM 302491303 2304 40200 SH SOLE
FEDERAL HOME LN MTG CP COM 313400301 511 10860 SH SOLE
FEDERAL NATL MTG ASSN COM 313586109 794 12720 SH SOLE
FIBERMARK INC COM 315646109 6562 558500 SH SOLE
FINLAY ENTERPRISES INC COM 317884203 7504 517500 SH SOLE
FIRST HEALTH GROUP COM 320960107 11576 430725 SH SOLE
FIRST INDUSTRIAL RLTY COM 32054k103 3446 125600 SH SOLE
FIRST UNION CORP COM 337358105 8623 261803 SH SOLE
FIRST VA BANKS INC COM 337477103 251 5828 SH SOLE
FORD MTR CO COM 345370100 9836 184491 SH SOLE
FORT JAMES COM 347471104 5614 205090 SH SOLE
FORTUNE BRANDS INC COM 349631101 289 8750 SH SOLE
FTI CONSULTING INC COM 302941109 1955 391000 SH SOLE
GABLES RESIDENTIAL COM 362418105 9890 412100 SH SOLE
GARDEN FRESH RESTAURANT CORP COM 365235100 3168 185000 SH SOLE
GENCORP INC COM 368682100 5261 532725 SH SOLE
GENERAL ELECTRIC CO COM 369604103 7791 50346 SH SOLE
GENERAL MOTORS CORP COM 370442105 1517 20872 SH SOLE
GEORGIA GULF CORP COM 373200203 7034 231100 SH SOLE
GRANITE CONSTRUCTION INC COM 387328107 16455 892500 SH SOLE
GRIFFON CORP COM 398433102 9070 1161000 SH SOLE
GTE CORP COM 362320103 656 9298 SH SOLE
GUEST SUPPLY INC COM 401630108 8115 541000 SH SOLE
HANGER ORTHOPEDIC GROUP INC. COM 41043f208 5950 595000 SH SOLE
HARMAN INT'L COM 413086109 6870 122400 SH SOLE
HEALTHCARE RLTY TR COM 421946104 2609 167000 SH SOLE
HEWLETT PACKARD CO COM 428236103 12289 108035 SH SOLE
HONEYWELL INTERNATIONAL COM 438506107 490 8501 SH SOLE
HUGHES SUPPLY INC. COM 444482103 11967 555000 SH SOLE
HUNT CORP COM 445591100 3772 397000 SH SOLE
HUSSMAN INTERNATIONAL INC COM 448110106 1519 100850 SH SOLE
IBP INC COM 449223106 391 21700 SH SOLE
IDEX CORP COM 45167r104 3069 101035 SH SOLE
INTEL CORP COM 458140100 5688 69101 SH SOLE
INTERMET CORP COM 45881k104 4795 412500 SH SOLE
INTERNATIONAL BUS MACH COM 459200101 13376 123993 SH SOLE
259 2400 SH OTHER
INTERNATIONAL HOME FOODS INC COM 459655106 9209 530000 SH SOLE
INTL PAPER CO COM 460146103 937 16603 SH SOLE
181 3200 SH OTHER
JASON INC COM 471171108 2483 342500 SH SOLE
JEFFERSON PILOT CORP COM 475070108 322 4725 SH SOLE
JOHNSON & JOHNSON COM 478160104 986 10575 SH SOLE
JUNO LIGHTING INC COM 482047107 316 30411 SH SOLE
K MART CORP COM 482584109 383 38110 SH SOLE
KENNAMETAL INC COM 489170100 7657 227725 SH SOLE
KINDER MORGAN INC COM 49455P101 8173 404838 SH SOLE
114 5625 SH OTHER
LANCASTER COLONY CORP COM 513847103 5898 178050 SH SOLE
LANDAMERICA FINANCIAL GROUP IN COM 514936103 3252 177000 SH SOLE
LASALLE HOTEL PROPERTIES COM 517942108 4611 394500 SH SOLE
LEAR CORP COM 521865105 4200 131250 SH SOLE
LIBERTY PPTY TR SH BEN INT COM 531172104 12269 495700 SH SOLE
LILLY ELI & CO COM 532457108 645 9700 SH SOLE
LINCOLN NATL CORP COM 534187109 112 2800 SH SOLE
240 6000 SH OTHER
LIZ CLAIBORNE COM 539320101 5710 151765 SH SOLE
LOCKHEED MARTIN CORP COM 539830109 1056 48254 SH SOLE
LUCENT TECHNOLOGIES COM 549463107 2750 36667 SH SOLE
194 2592 SH OTHER
LUNAR COM 550362107 2066 290000 SH SOLE
M D C HLDGS INC COM 552676108 15844 1010000 SH SOLE
MACK-CALI REALTY CORP COM 554489104 5903 226500 SH SOLE
MAPLE LIMITED PARTNERSHIP COM 565108107 0 25000 SH SOLE
MARTIN MARIETTA MATERIALS COM 573284106 13587 331400 SH SOLE
MATTEL INC COM 577081102 3286 250385 SH SOLE
MAY DEPT STORES CO COM 577778103 747 23175 SH SOLE
MCI WORLDCOM INC COM 55268B106 5489 103449 SH SOLE
MEAD CORP COM 582834107 5100 117400 SH SOLE
MEDALLION FINANCIAL COM 583928106 8355 465800 SH SOLE
MEDICAL ASSURANCE INC COM 58449U100 5707 269380 SH SOLE
MERCANTILE BANKSHARES COM 587405101 666 20864 SH SOLE
MERCK & CO INC COM 589331107 3152 46908 SH SOLE
MERIDIAN RESOURCE CORP COM 58977q109 2573 840000 SH SOLE
METHODE ELECTRONICS CL A COM 591520200 9526 296525 SH SOLE
MICROSEMI CORP COM 595137100 3001 338100 SH SOLE
MICROSOFT CORP COM 594918104 2802 24000 SH SOLE
MID-ATLANTIC RLTY TR SH BEN IN COM 595232109 5938 590132 SH SOLE
MIDCOAST ENERGY RESOURCES COM 59563w104 4383 261700 SH SOLE
MILACRON INC COM 598709103 9750 634150 SH SOLE
MILLS CORP COM 601148109 6889 385400 SH SOLE
MINERALS TECHNOLOGIES INC COM 603158106 11968 298725 SH SOLE
MODIS PROFESSIONAL SERVICES COM 607830106 257 18000 SH SOLE
MOHAWK INDUSTRIES INC COM 608190104 3640 138000 SH SOLE
MONSANTO CO COM 611662107 299 8450 SH SOLE
284 8000 SH OTHER
MORGAN J P & CO INC COM 616880100 253 2000 SH SOLE
MORGAN STAN DEAN WITTR CO COM 617446448 13015 91170 SH SOLE
MOTOROLA INC COM 620076109 471 3200 SH SOLE
NATIONAL CITY CORP COM 635405103 1154 48736 SH SOLE
142 6000 SH OTHER
NEWELL RUBBERMAID CO COM 651229106 2083 71838 SH SOLE
NEWPARK RESOURCES INC COM 651718504 5715 933000 SH SOLE
NOKIA CORP SPONSORED ADR COM 654902204 20558 107598 SH SOLE
NORFOLK SOUTHERN CORP COM 655844108 1415 69010 SH SOLE
166 8100 SH OTHER
NORTHWEST PIPE CO COM 667746101 4928 352000 SH SOLE
NOVA CORPORATION COM 669784100 9339 295900 SH SOLE
NUI CORP COM 629430109 6066 230000 SH SOLE
OCEANEERING INTL INC COM 675232102 10435 698600 SH SOLE
OFFSHORE LOGISTICS INC COM 676255102 2213 236000 SH SOLE
OMNOVA SOLUTIONS INC COM 682129101 4090 527725 SH SOLE
PACIFIC GULF PPTYS INC COM 694396102 2068 102100 SH SOLE
PAN PACIFIC RETAIL PPTYS INC COM 69806l104 3140 192500 SH SOLE
PAREXEL INTERNATIONAL CORP. COM 699462107 118 10000 SH SOLE
PARKER HANNIFIN CORP COM 701094104 9320 181625 SH SOLE
231 4500 SH OTHER
PENN VA CORP COM 707882106 8375 500000 SH SOLE
PHELPS DODGE CORP COM 717265102 559 8300 SH SOLE
PHILIP MORRIS COS INC COM 718154107 31 1345 SH SOLE
373 16200 SH OTHER
PINNACLE WEST CAPITAL CORP COM 723484101 4233 138500 SH SOLE
PIONEER STD ELECTRS COM 723877106 12344 855000 SH SOLE
PITNEY BOWES INC COM 724479100 2396 49596 SH SOLE
387 8000 SH OTHER
PNC BK CORP COM 693475105 4207 94550 SH SOLE
POTLATCH CORP COM 737628107 625 14000 SH SOLE
PPG INDS INC COM 693506107 701 11200 SH SOLE
250 4000 SH OTHER
PRAXAIR INC COM 74005p104 493 9800 SH SOLE
PRENTISS PROPERTIES TRUST COM 740706106 3775 176600 SH SOLE
PRIME RETAIL INC COM 741570105 3443 612000 SH SOLE
PROCTER & GAMBLE CO COM 742718109 1584 14460 SH SOLE
PROSPERITY BANCSHARES INC COM 743606105 4096 256000 SH SOLE
PROTECTIVE LIFE CORP COM 743674103 263 8280 SH SOLE
PROVIDIAN FINL CORP COM 74406a102 4480 49192 SH SOLE
PUBLIC STORAGE INC COM 74460d109 3149 138800 SH SOLE
PUBLIC SVC CO N C INC COM 744516105 9694 300000 SH SOLE
PXRE GROUP LTD COM 693674103 3933 302500 SH SOLE
QUAKER CHEMICAL COM 747316107 5714 401000 SH SOLE
QUANEX CORP COM 747620102 11322 444000 SH SOLE
QUESTAR CORP COM 748356102 9759 650575 SH SOLE
QUIXOTE CORP COM 749056107 7640 501000 SH SOLE
RADIAN GROUP INC. COM 750236101 5558 116400 SH SOLE
RAYTHEON CO CLASS B COM 755111408 790 29734 SH SOLE
RECKSON ASSOCIATES REALTY CORP COM 75621K106 8598 419400 SH SOLE
REPUBLIC N Y CORP COM 760719104 2918 40525 SH SOLE
REPUBLIC SECURITY FINANCIAL CO COM 760758102 5725 800000 SH SOLE
REX STORES CORP COM 761624105 14280 408000 SH SOLE
REYNOLDS & REYNOLDS COM 761695105 7025 312200 SH SOLE
RIGHT MANAGEMENT CONSULTANTS I COM 766573109 3456 300500 SH SOLE
ROHM & HAAS CO COM 775371107 293 7200 SH SOLE
ROLLINS TRUCK LEASING COM 775741101 9992 837000 SH SOLE
ROUSE CO COM 779273101 2350 110602 SH SOLE
ROYAL DUTCH PETE CO NY REG GLD COM 780257804 885 14610 SH SOLE
ROYAL PHILIPS ELECTRONICS COM 500472204 22254 164845 SH SOLE
RUDDICK CORP COM 781258108 8370 540000 SH SOLE
RYLAND GROUP COM 783764103 9802 425000 SH SOLE
SAKS INC COM 79377w108 8617 553700 SH SOLE
SARA LEE CORP COM 803111103 7638 346200 SH SOLE
SCB COMPUTER TECHNOLOGY INC. COM 78388n107 3103 993000 SH SOLE
SCHLUMBERGER LTD COM 806857108 208 3702 SH SOLE
SCHULMAN A INC COM 808194104 4001 245300 SH SOLE
SEAGATE TECHNOLOGY COM 811804103 8842 189901 SH SOLE
SEITEL INC COM 816074306 2142 317300 SH SOLE
SHOPKO STORES INC COM 824911101 25363 1102725 SH SOLE
SHURGARD STORAGE CTRS COM 82567d104 9669 417000 SH SOLE
SIERRA HEALTH SVCS INC COM 826322109 5308 793750 SH SOLE
SIMPSON MFG CO INC COM 829073105 4375 100000 SH SOLE
SOTHEBYS HLDGS INC CL A COM 835898107 240 8000 SH SOLE
SOUTHDOWN INC COM 841297104 23708 459230 SH SOLE
SOVEREIGN BANCORP COM 845905108 9242 1240000 SH SOLE
SPACEHAB INC COM 846243103 3171 590000 SH SOLE
SPACELABS MEDICAL INC COM 846247104 4050 218200 SH SOLE
SPARTECH CORP COM 847220209 397 12300 SH SOLE
ST PAUL COS INC COM 792860108 320 9506 SH SOLE
STANLEY FURNITURE INC COM 854305208 6597 359000 SH SOLE
STANLEY WORKS COM 854616109 7352 244050 SH SOLE
STARCRAFT CORP COM 855269106 1496 210000 SH SOLE
STATEN ISLAND BANCORP INC COM 857550107 4023 223500 SH SOLE
STRATTEC SEC CORP COM 863111100 5180 160000 SH SOLE
STRIDE RITE COM 863314100 3185 490000 SH SOLE
SUN BANCORP COM 86663b102 2981 300000 SH SOLE
SUN MICROSYSTEMS INC COM 866810104 273 3520 SH SOLE
SUNTRUST BANKS INC COM 867914103 350 5089 SH SOLE
SUPERIOR FINANCIAL CORP COM 868161100 4450 400000 SH SOLE
SYKES ENTERPRISES INC COM 871237103 10969 250000 SH SOLE
SYLVAN INC COM 871371100 3400 400000 SH SOLE
SYSTEMS & COMPUTER TECH CORP COM 871873105 3250 200000 SH SOLE
TECHNITROL INC COM 878555101 15838 355900 SH SOLE
TELEFLEX INC COM 879369106 16812 536925 SH SOLE
TELEFONICA DE ESPANA SPONSORED COM 879382208 241 3061 SH SOLE
TENNANT CO COM 880345103 580 17700 SH SOLE
TEXACO INC COM 881694103 1939 35693 SH SOLE
TEXAS INSTRS INC COM 882508104 1587 16424 SH SOLE
THOMAS & BETTS CORP COM 884315102 8464 265550 SH SOLE
TIDEWATER INC COM 886423102 396 11000 SH SOLE
TJX COS INC COM 872540109 10358 506837 SH SOLE
TORCHMARK CORP COM 891027104 607 20900 SH SOLE
TORO CO COM 891092108 14291 383000 SH SOLE
TOTAL FINA SA ADR COM 89151e109 1305 18848 SH SOLE
TRAMMELL CROW CO COM 89288r106 6975 600000 SH SOLE
TRANSACTION SYSTEMS ARCHITECTS COM 893416107 10864 388000 SH SOLE
TRANSOCEAN SEDCO FOREX INC COM 893817106 401 11917 SH SOLE
TRENWICK GROUP INC COM 895290104 5674 335000 SH SOLE
TRIGEN ENERGY CORP COM 895930105 13900 800000 SH SOLE
TROPICAL SPORTSWEAR INTL CORP COM 89708p102 2741 170000 SH SOLE
TRW INC COM 872649108 3064 59000 SH SOLE
TUBOSCOPE INC COM 898600101 6509 410000 SH SOLE
TYCO INTL LTD COM 902124106 9944 254985 SH SOLE
U S HOME CORP COM 911920106 12014 470000 SH SOLE
U S WEST INC COM 91273H101 288 4000 SH SOLE
89 1232 SH OTHER
UCBH HOLDINGS INC COM 90262t308 1234 60000 SH SOLE
UNION PACIFIC CORP COM 907818108 374 8564 SH SOLE
UNION PACIFIC RES GROUP COM 907834105 637 49973 SH SOLE
UNITED ASSET MGMT CORP COM 909420101 223 12000 SH SOLE
UNITED TECHNOLOGIES CP COM 913017109 579 8900 SH SOLE
UNITEL VIDEO INC COM 913253100 0 150000 SH SOLE
US ONCOLOGY INC. COM 90338w103 3939 797700 SH SOLE
UST INC COM 902911106 5019 199250 SH SOLE
V F CORP COM 918204108 7964 265475 SH SOLE
VODAFONE AIRTOUCH PLC COM 92857t107 677 13685 SH SOLE
VULCAN MATLS CO COM 929160109 232 5800 SH SOLE
WABASH NATIONAL CORP COM 929566107 6798 453200 SH SOLE
WAL MART STORES INC COM 931142103 426 6160 SH SOLE
WARNER LAMBERT CO COM 934488107 3916 47796 SH SOLE
WAUSAU-MOSINEE PAPER COM 943315101 3567 305225 SH SOLE
WEBB DELL CORP COM 947423109 12316 495100 SH SOLE
WELLPOINT HEALTH NETWORKS COM 94973h108 3284 49800 SH SOLE
WELLS FARGO & CO COM 949746101 1491 36880 SH SOLE
WEST COAST BANCORP OREGON COM 952145100 1040 77000 SH SOLE
WILLAMETTE INDS INC COM 969133107 2410 51900 SH SOLE
WILLIAMS CLAYTON ENRGY COM 969490101 4140 350500 SH SOLE
WOODHEAD INDS INC COM 979438108 5609 482500 SH SOLE
WSFS FINANCIAL CORP COM 929328102 4734 375000 SH SOLE
WYNNS INTL INC COM 983195108 8822 624537 SH SOLE
XEROX CORP COM 984121103 286 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 285 3000 SH SOLE
BELCO OIL & GAS $1.625 CONV PF CNV 077410207 2301 151500 SH SOLE
KERR-MCGEE CORP. 492386al1 13 14000 PRN SOLE
NOVACARE CORP 669930aa7 10 10000 PRN SOLE
SPACEHAB INC 846243ac7 2871 3900000 PRN SOLE
</TABLE>
