INVESTMENT RESEARCH CO
13F-HR, 2000-05-10
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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 Research Company
Address:	16236 San Dieguito Road #2-20
	P.O. Box 9210
	Rancho Santa Fe, CA  92067

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:	Bob Zimmer
Title:	Investment Analyst
Phone:	858-759-3764
Signature, Place, and Date of Signing:

Bob Zimmer	Rancho Santa Fe, CA		31-Mar-00

Report Type  (Check only one.):

[  X  ]	13F HOLDINGS REPORT.
[       ]	13F NOTICE.
[       ]	13F COMBINATION REPORT.

List of Other Managers Reporting for this Manager:

I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES
EXCHANGE ACT OF 1934.
<PAGE>
FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:			0

Form 13F Information Table Entry Total:			625

Form 13F Information Table Value Total:			$1,646,843
<PAGE>


Form 13F INFORMATION TABLE
<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>
A T & T                        COM              001957109    15002   266413 SH       Sole                   266413
AC Nielsen                     COM              004833109      436    19400 SH       Sole                    17000              2400
ADC Telecom                    COM              000886101     1659    30800 SH       Sole                    30800
ADV Energy                     COM              007973100      235     4600 SH       Sole                                       4600
AES Corp.                      COM              00130H105     2788    35400 SH       Sole                    35400
AFLAC Inc.                     COM              001055102     6595   144750 SH       Sole                   144750
AMR Corp.                      COM              001765106      582    18250 SH       Sole                    18250
ANDRX Corp                     COM              034551101     1871    16200 SH       Sole                    12900              3300
AVX Corp.                      COM              002444107     1198    15800 SH       Sole                    12800              3000
Abbott Labs                    COM              002824100     1714    48700 SH       Sole                    48700
Abgenix Inc.                   COM              00339B107      691     5000 SH       Sole                     3500              1500
Adaptec                        COM              00651F108     1757    45500 SH       Sole                    35800              9700
Adobe Sys Inc.                 COM              00724F101     3000    26950 SH       Sole                    26950
Adolph Coors                   COM              217016104     1939    40400 SH       Sole                    35500              4900
Adtran Inc                     COM              00738A106      220     3700 SH       Sole                     3700
Advanced Digital Info Corp     COM              007525108      425    12400 SH       Sole                     6400              6000
Aetna Life & Casualty          COM              008117103      771    13900 SH       Sole                    13900
Affymetrix Inc.                COM              00826T108      401     2700 SH       Sole                      700              2000
Air Products & Chemicals       COM              009158106      764    26850 SH       Sole                    26850
Airgas                         COM              009363102      293    35200 SH       Sole                    35200
Alaska Air Group               COM              011659109      349    11600 SH       Sole                    11600
Alcan Aluminum                 COM              013716105      817    24000 SH       Sole                    24000
Alcoa Inc.                     COM              013817101      836    11900 SH       Sole                    11900
Allegiance Telecomm Inc.       COM              01747T102      758     9400 SH       Sole                      700              8700
Allergan Inc.                  COM              018490102      942    18850 SH       Sole                    18850
Alliance Capital Mgmt Holding  COM              01855A101      634    15300 SH       Sole                    15300
Alliance Semiconductor Corp.   COM              01877H100      362    16900 SH       Sole                     4300             12600
Alliant Energy Corp.           COM              018802108      347    11400 SH       Sole                     9200              2200
Allstate                       COM              020002101     1511    63472 SH       Sole                    63472
Altera Corp.                   COM              021441100     2151    24100 SH       Sole                    24100
Amazon.com Inc.                COM              023135106      275     4100 SH       Sole                     4100
Ambac Financial Group          COM              023139108      504    10000 SH       Sole                    10000
Amerada Hess                   COM              023551104      998    15450 SH       Sole                    15450
Amerco                         COM              023586100      193    10500 SH       Sole                     3500              7000
Ameren Corporation             COM              023608102     1270    41050 SH       Sole                    41050
America Online                 COM              02364J104    16809   249950 SH       Sole                   249950
America West Holdings          COM              023657208      200    12900 SH       Sole                     4400              8500
American Eagle Outfitters      COM              02553E106      220     5800 SH       Sole                     5000               800
American Express               COM              025816109     6672    44800 SH       Sole                    44800
American Financial Group       COM              025932104      956    33400 SH       Sole                    25800              7600
American General               COM              026351106      443     7900 SH       Sole                     7900
American Home Products         COM              026609107     1725    32100 SH       Sole                    32100
American Intl. Group           COM              026874107    20010   182743 SH       Sole                   182743
American Mgmt Systems          COM              027352103      258     5900 SH       Sole                     5900
American Power                 COM              029066107     1128    26300 SH       Sole                    22500              3800
American Standard              COM              029712106      536    14500 SH       Sole                    13800               700
Amerus Life Holdings INC  -CL  COM              030732101      248    13700 SH       Sole                     4800              8900
Amgen Inc                      COM              031162100    14589   237700 SH       Sole                   237700
Amkor Technologies             COM              031652100      658    12400 SH       Sole                      700             11700
Analog Devices                 COM              032654105     3542    44000 SH       Sole                    44000
Anheuser - Busch               COM              035229103     5811    93350 SH       Sole                    93350
Apache Corp.                   COM              037411105     1080    21700 SH       Sole                    21700
Apple Computer                 COM              037833100     9921    73050 SH       Sole                    73050
Applied Materials              COM              038222105    12252   130000 SH       Sole                   130000
Applied Micro Circuits         COM              03822W109     2296    15300 SH       Sole                    15300
Aprica Healthcare              COM              037933108      622    43100 SH       Sole                    29600             13500
Archer - Daniels Midland       COM              039483102      345    33500 SH       Sole                    33500
Argosy Gaming Company          COM              040228108      241    16900 SH       Sole                     6100             10800
Associated Banc Corp.          COM              045487105      971    32500 SH       Sole                    25600              6900
Associates First Capital Corp  COM              046008108      359    16801 SH       Sole                    16801
Astoria Financial Corp.        COM              046265104      230     8100 SH       Sole                     8100
Asyst Technologies Inc         COM              04648X107      831    14200 SH       Sole                    14200
Atlantic Richfield             COM              048825103     1968    23150 SH       Sole                    23150
Atmel Corp.                    COM              049513104     2080    40300 SH       Sole                    35500              4800
Automatic Data Proc.           COM              053015103      485    10050 SH       Sole                    10050
Avery Dennison                 COM              053611109      290     4750 SH       Sole                     4750
Avis Rent a Car Inc.           COM              053790101      217    12300 SH       Sole                     4000              8300
BJ Services                    COM              055482103     3058    41400 SH       Sole                    36300              5100
BJ's Wholesale                 COM              05548J106     1155    30100 SH       Sole                    30100
Ball Corp.                     COM              058498106     3681   106500 SH       Sole                   104800              1700
Banc One Corp.                 COM              06423A103      673    19564 SH       Sole                    19564
Bank New York                  COM              064057102     4181   100600 SH       Sole                   100600
Bank of America Corp.          COM              060505104    11160   212821 SH       Sole                   212821
Banta Corp.                    COM              066821109      226    12300 SH       Sole                    12300
Bard (C.R.), Inc.              COM              067383109      542    14000 SH       Sole                    12700              1300
Bausch & Lomb                  COM              071707103     2020    38700 SH       Sole                    38700
Baxter Int                     COM              071813109      962    15350 SH       Sole                    15350
Bea Systems Inc                COM              073325102     2539    34600 SH       Sole                    23300             11300
Bear Stearns Cos.              COM              073902108      285     6251 SH       Sole                     6251
Beckman Instrument             COM              075811109      411     6400 SH       Sole                     4000              2400
Bell Atlantic                  COM              077853109     9652   157900 SH       Sole                   157900
BellSouth                      COM              079860102     6937   148000 SH       Sole                   148000
Best Buy                       COM              086516101     7185    83550 SH       Sole                    83550
BestFoods                      COM              08658U101      372     7950 SH       Sole                     7950
Bethlehem Steel                COM              087509105      205    34100 SH       Sole                    34100
Beverly Enterprises            COM              087851309       77    20900 SH       Sole                    20900
Biogen Inc.                    COM              090597105     3808    54500 SH       Sole                    54500
Bisys Group                    COM              055472104      226     3400 SH       Sole                     3400
Bob Evans Farms                COM              096761101      144    11500 SH       Sole                    11500
Boeing Company                 COM              097023105     4280   113200 SH       Sole                   113200
Boise Cascade                  COM              097383103     5501   158300 SH       Sole                   150400              7900
Boise Cascade Office           COM              097403109      187    11400 SH       Sole                                      11400
Borders Group                  COM              099709107      230    13400 SH       Sole                    12900               500
Borg-Warner Automotive         COM              099724106      898    22800 SH       Sole                    16900              5900
Boyd Gaming                    COM              103304101      107    21600 SH       Sole                                      21600
Briggs & Stratton              COM              109043109     1581    38450 SH       Sole                    33950              4500
Brinker Intl                   COM              109641100      769    25900 SH       Sole                    21600              4300
Bristol - Myers                COM              110122108    21051   368500 SH       Sole                   368500
Broadcom Corp. Cl A            COM              111320107      583     2400 SH       Sole                     2400
Broadvision                    COM              111412102      301     6700 SH       Sole                     2000              4700
Broadwing, Inc.                COM              111620100     1030    27700 SH       Sole                    27700
Brocade Communications Systems COM              111621108     1112     6200 SH       Sole                     4200              2000
Brunswick Corp.                COM              117043109     4531   239250 SH       Sole                   228250             11000
Buffets Inc.                   COM              119882108      380    42100 SH       Sole                    35000              7100
Burlington Northern            COM              12189T104      305    13400 SH       Sole                    13400
C.I.T. Group Inc.              COM              125577106      335    17200 SH       Sole                    17200
CBS Corp                       COM              12490K107     1339    23650 SH       Sole                    23650
CDW Computer                   COM              125129106      397     4700 SH       Sole                     4700
CMG Informations Services      COM              125750109      499     4400 SH       Sole                     4400
CMP group Inc                  COM              125887109      379    13000 SH       Sole                    13000
CNA Surety Corp.               COM              12612L108      157    11300 SH       Sole                     5200              6100
CNF Transportation             COM              12612W104      985    35500 SH       Sole                    35500
Cabletron Sys                  COM              126920107      934    31650 SH       Sole                    29150              2500
Calpine Corporation            COM              131347106     2914    31000 SH       Sole                    23900              7100
Campbell Soup                  COM              134429109      363    11800 SH       Sole                    11800
Capital One Financial          COM              14040H105      232     4850 SH       Sole                     4850
Carnival Corporation           COM              143658102      617    24850 SH       Sole                    24850
Caterpillar Inc.               COM              149123101     1382    35050 SH       Sole                    35050
Celgene Corp.                  COM              151020104      249     2500 SH       Sole                      300              2200
Cendant Corp                   COM              151313103     1745    94300 SH       Sole                    94300
Centex Corp.                   COM              152312104     3415   143400 SH       Sole                   143400
Central & Southwest            COM              152357109     1589    92800 SH       Sole                    92800
Champion International         COM              158525105      567    10650 SH       Sole                    10650
Chase Manhattan                COM              16161A108    16967   194600 SH       Sole                   194600
Checkfree Corp                 COM              162816102      522     7400 SH       Sole                     6400              1000
Chesapeake Corp.               COM              165159104      263     8900 SH       Sole                     8900
Chevron Corp.                  COM              166751107     5357    57950 SH       Sole                    57950
Chiron Corp.                   COM              170040109     1900    38100 SH       Sole                    37200               900
Chubb Corp.                    COM              171232101      328     4850 SH       Sole                     4850
Church & Dwight                COM              171340102      263    15300 SH       Sole                    15300
Ciena Corp                     COM              171779101     1930    15300 SH       Sole                    14800               500
Circuit City Stores            COM              172737108     3354    55100 SH       Sole                    55100
Cisco Systems                  COM              17275R102    58325   754400 SH       Sole                   754400
Citigroup                      COM              172967101    30262   505420 SH       Sole                   505420
Citrix Systems                 COM              177376100     3770    56900 SH       Sole                    56900
City National Corp.            COM              178566105      465    13800 SH       Sole                     6200              7600
Clear Channel                  COM              184502102      435     6300 SH       Sole                     6300
Clorox Co.                     COM              189054109      251     7600 SH       Sole                     7600
Coastal Corp.                  COM              190441105     2256    49050 SH       Sole                    49050
Coca Cola Co.                  COM              191216100     4170    88850 SH       Sole                    88850
Coca Cola Enterprises          COM              191219104     2818   130700 SH       Sole                   130700
Colgate - Palmolive            COM              194162103     3118    55300 SH       Sole                    55300
Columbia Energy Group          COM              197648108      276     4650 SH       Sole                     4650
Columbia Healthcare Corp       COM              197677107     2464    97350 SH       Sole                    97350
Comcast Special Cl - A         COM              200300200    10107   233020 SH       Sole                   232320               700
Comdisco Inc.                  COM              200336105     4318    97850 SH       Sole                    81450             16400
Commercial Metals Co.          COM              201723103      210     7600 SH       Sole                     2200              5400
Compaq Computer                COM              204493100     1107    41400 SH       Sole                    41400
Computer Assoc                 COM              204912109     1226    20950 SH       Sole                    20950
Computer Science Corp.         COM              205363104      997    12600 SH       Sole                    12600
Comverse Technology            COM              205862402     1304     6900 SH       Sole                     6900
ConAgra Inc.                   COM              205887102     1600    88300 SH       Sole                    88300
Concord EFS                    COM              206197105      454    19800 SH       Sole                    19800
Conectiv Inc.                  COM              206829103      658    37600 SH       Sole                    37600
Conexant Sys.                  COM              207142100     3266    46000 SH       Sole                    33500             12500
Conoco Inc Class A             COM              208251306      332    13500 SH       Sole                    13500
Conoco Inc. Class B            COM              208251405      423    16500 SH       Sole                    16500
Continental Airlines - B       COM              210795308      315     7700 SH       Sole                     1700              6000
Convergys Corp.                COM              212485106     1683    43500 SH       Sole                    43500
Cordant Technologies Inc.      COM              218412104     2772    49000 SH       Sole                    45100              3900
Corning Inc.                   COM              219350105    10806    55700 SH       Sole                    55700
Costco Wholesale Corp          COM              22160K105      473     9000 SH       Sole                     9000
Countrywide Credit             COM              222372104      294    10800 SH       Sole                    10800
Covad Communications Group     COM              222814204      413     5700 SH       Sole                     3100              2600
Credence Systems Corporation   COM              225302108      513     4100 SH       Sole                     1100              3000
Crestline Capital Corporation  COM              226153104      213    12200 SH       Sole                     3800              8400
Crown Cork & Seal              COM              228255105      288    18000 SH       Sole                    18000
Cummins Engine                 COM              231021106     4797   127700 SH       Sole                   122100              5600
Cypress Semiconductor          COM              232806109      774    15800 SH       Sole                    15800
DPL Inc.                       COM              233293109      302    13600 SH       Sole                    12200              1400
Darden Restaurants Inc.        COM              237194105      523    29350 SH       Sole                    12950             16400
Dean Foods Co.                 COM              242361103     1129    42200 SH       Sole                    37600              4600
Dell Computer Corp.            COM              247025109     6281   116450 SH       Sole                   116450
Delphi Automotive Systems Corp COM              247126105      380    23763 SH       Sole                    23763
Delta Air Lines                COM              247361108     4651    87350 SH       Sole                    87350
Detroit Edison                 COM              233331107     2482    85050 SH       Sole                    85050
Dexter Corp.                   COM              252165105      779    14700 SH       Sole                    10700              4000
Diamond Offshore               COM              25271C102      571    14300 SH       Sole                    11200              3100
Digital Lightwave inc.         COM              253855100      586     9400 SH       Sole                     9400
Dollar Thrifty                 COM              256743105      253    14700 SH       Sole                     4400             10300
Dollar Tree Stores             COM              256747106      308     5900 SH       Sole                     5900
Double Click                   COM              258609304      515     5500 SH       Sole                     3000              2500
Dow Chemical                   COM              260543103    10283    90200 SH       Sole                    90200
Dow Jones & Co.                COM              260561105      266     3700 SH       Sole                     3700
Du Pont                        COM              263534109     6755   127600 SH       Sole                   127600
Duke Power                     COM              264399106      541    10300 SH       Sole                    10300
Dynegy                         COM              26816Q101      383     6111 SH       Sole                     6111
E M C Corp.                    COM              268648102    14692   116600 SH       Sole                   116600
E* Trade Group                 COM              269246104     1000    33200 SH       Sole                    33200
E-TEK Dynamics                 COM              269240107      870     3700 SH       Sole                     2900               800
Eastman Chemical Co.           COM              277432100      202     4450 SH       Sole                     4450
Eastman Kodak                  COM              277461109     5065    93250 SH       Sole                    93250
Eaton Corp.                    COM              278058102      281     3600 SH       Sole                     3600
Echostar Communications - A    COM              278762109     1564    19800 SH       Sole                    19800
Edison International           COM              281020107      219    13250 SH       Sole                    13250
Electronic Arts                COM              285512109      626     8800 SH       Sole                     8800
Electronic Data Systems        COM              285661104     8999   140200 SH       Sole                   140200
Electronics for Imaging        COM              286082102      342     5700 SH       Sole                     4300              1400
Emerson Electric               COM              291011104      409     7700 SH       Sole                     7700
Energy East Corp.              COM              29266M109      365    18400 SH       Sole                    18400
Enron Oil & Gas                COM              293561106     8948   119500 SH       Sole                   119500
Ensco International            COM              26874Q100     2706    74900 SH       Sole                    68100              6800
Entergy Corp.                  COM              29364G103     2224   110150 SH       Sole                   110150
Ethyl Corp.                    COM              297659104      117    38300 SH       Sole                    38300
Exodus Communications          COM              302088109     1433    10200 SH       Sole                     5500              4700
Exxon Mobil Corp               COM              30231g102    30272   388106 SH       Sole                   388106
FIServe                        COM              337738108      331     8900 SH       Sole                     8900
FMC Corp.                      COM              302491303     5721   101250 SH       Sole                    97350              3900
Family Dollar Stores           COM              307000109      325    15600 SH       Sole                    15600
Fannie Mae                     COM              313586109     7285   128800 SH       Sole                   128800
FedEx Corporation              COM              31428X106     1407    36250 SH       Sole                    36250
Federal Home Loan              COM              313400301     1065    24100 SH       Sole                    24100
Federated Department Stores    COM              31410H101     3940    93250 SH       Sole                    93250
Fidelity National Financial    COM              316326107      213    15425 SH       Sole                                      15425
Fifth Third Bancorp            COM              316773100      963    15282 SH       Sole                    15282
First Data Corp.               COM              319963104     6918   155900 SH       Sole                   155900
First Health Group Corp        COM              320960107      206     6500 SH       Sole                     6500
First Security Corp.           COM              336294103      482    40200 SH       Sole                    40200
First Union Corp.              COM              337358105      965    25900 SH       Sole                    25900
First Virginia Banks           COM              337477103      430    11450 SH       Sole                     9350              2100
Firstar Corp.                  COM              33763V109      819    35700 SH       Sole                    35700
Fleet Boston Financial Corp.   COM              339030108     9973   273238 SH       Sole                   273238
Fleming Co. Inc.               COM              339130106      279    18500 SH       Sole                     3100             15400
Fluor Corp.                    COM              343861100      319    10300 SH       Sole                     3200              7100
Ford Motor                     COM              345370100     8347   181700 SH       Sole                   181700
Fortune Brands                 COM              349631101      250    10000 SH       Sole                    10000
Foundation Health Systems-Clas COM              350404109     1450   181300 SH       Sole                   162000             19300
Freeport-McMoran Copper ClB    COM              35671D857     1470   121900 SH       Sole                   118200              3700
Fuller H B Inc.                COM              359694106      236     5900 SH       Sole                     5900
GTE Corp.                      COM              362320103     8612   121300 SH       Sole                   121300
GTech Holdings                 COM              400518106      484    26100 SH       Sole                    17300              8800
Galileo International          COM              363547100      390    16200 SH       Sole                    16200
Gap (The)                      COM              364760108     4198    84275 SH       Sole                    84275
Gateway Inc.                   COM              367626108      649    11800 SH       Sole                    11800
Gatx Corp.                     COM              361448103     2725    71700 SH       Sole                    63500              8200
General Dynamics               COM              369550108      485     9750 SH       Sole                     9750
General Electric               COM              369604103    46516   298900 SH       Sole                   298900
General Mills                  COM              370334104     2356    65100 SH       Sole                    65100
General Motors                 COM              370442105    18264   220550 SH       Sole                   220550
General Motors Class H         COM              370442832     1668    13400 SH       Sole                    13400
Genzyme Corp.                  COM              372917104      742    14800 SH       Sole                    14800
Geon Co. Inc.                  COM              37246W105      219    10200 SH       Sole                     3900              6300
Georgia - Pacific              COM              373298108     6029   152400 SH       Sole                   152400
Georgia Pacific Timber         COM              373298702      653    25500 SH       Sole                    15300             10200
Gillette Corp.                 COM              375766102      737    19550 SH       Sole                    19550
Global Crossing LTD            COM              G3921A100     3065    74865 SH       Sole                    74865
Golden State Bancorp           COM              381197102      354    23700 SH       Sole                    20800              2900
Golden West Fin'l.             COM              381317106      510    16350 SH       Sole                    16350
Grace (W.R.) & Co.             COM              38388F108     1846   143400 SH       Sole                   129800             13600
Great A & P                    COM              390064103     2045   104850 SH       Sole                    98750              6100
Great Lakes Chemical           COM              390568103      405    11900 SH       Sole                    11900
Guess? Inc.                    COM              401617105      358    11200 SH       Sole                     1900              9300
Guidant Corp                   COM              401698105     6930   117700 SH       Sole                   117700
Handleman Co                   COM              410252100      147    16600 SH       Sole                     2800             13800
Hanna M A                      COM              410522106      314    27800 SH       Sole                    27800
Harley Davidson Inc.           COM              412822108     1968    24800 SH       Sole                    24800
Harmonic Inc.                  COM              413160102      491     5900 SH       Sole                     2900              3000
Hartford Financial Svcs Grp    COM              416515104      287     5450 SH       Sole                     5450
Hartford Life Cl A             COM              416592103     1209    25800 SH       Sole                    25800
Haverty Furniture              COM              419596101      119    11200 SH       Sole                                      11200
Hawaiian Electric              COM              419870100      359    11300 SH       Sole                    11300
Healthsouth Rehabilitaion      COM              421924101      280    49200 SH       Sole                    49200
Heller Financial Inc.          COM              423328103      796    34600 SH       Sole                    25800              8800
Herbalife International        COM              426908208      189    13400 SH       Sole                     2500             10900
Hewlett - Packard              COM              428236103    10559    79650 SH       Sole                    79650
Highwoods Properties Inc.      COM              431284108      201     9400 SH       Sole                     6300              3100
Hollinger International        COM              435569108      212    19700 SH       Sole                                      19700
Home Depot                     COM              437076102    14190   220006 SH       Sole                   220006
Honeywell International        COM              438516106     2929    55599 SH       Sole                    55599
Horace Mann Educators          COM              440327104      369    20000 SH       Sole                    20000
Hormel Foods                   COM              440452100      483    29400 SH       Sole                    29400
Houghton Mifflin               COM              441560109      242     5700 SH       Sole                     5700
Household Intl.                COM              441815107     5703   152850 SH       Sole                   152850
Howmet International           COM              443208103      355    17600 SH       Sole                    13900              3700
Huntington Banc                COM              446150104      221     9880 SH       Sole                     9880
I2 Technologies                COM              465754109      867     7100 SH       Sole                     4300              2800
IBP Inc.                       COM              449223106     2296   145800 SH       Sole                   145800
IVAX Corp.                     COM              465823102     2390    87700 SH       Sole                    87700
Ikon Office Solutions          COM              451713101      237    38300 SH       Sole                    38300
Illinois Tool Works            COM              452308109      469     8485 SH       Sole                     8485
Imclone Systems                COM              45245W109      338     4400 SH       Sole                     1200              3200
Immunex                        COM              452528102     1941    30600 SH       Sole                    30600
Indymac Mortgage Holdings      COM              456607100      315    21100 SH       Sole                     6000             15100
Informix                       COM              456779107      268    15800 SH       Sole                    14700              1100
Infospace.com Inc.             COM              45678T102      422     2900 SH       Sole                     1600              1300
Ingersoll - Rand               COM              456866102      918    20750 SH       Sole                    20750
Inktomi Corporation            COM              457277101      331     1700 SH       Sole                     1700
Int'l Business Mach.           COM              459200101    26780   226950 SH       Sole                   226950
Int'l Paper                    COM              460146103      235     5500 SH       Sole                     5500
Int'l. Rectifier Corp.         COM              460254105      263     6900 SH       Sole                     1000              5900
Integrated Device Tech.        COM              458118106      999    25200 SH       Sole                    22300              2900
Intel Corp.                    COM              458140100    43757   331650 SH       Sole                   331650
Interpublic Group              COM              460690100      350     7400 SH       Sole                     7400
Intertan Inc.                  COM              461120107      245    17850 SH       Sole                     2400             15450
Intimate Brands Inc.           COM              461156101      924    22445 SH       Sole                    22445
Intuit Inc.                    COM              461202103     1289    23700 SH       Sole                    23700
J.D. Edward & Co.              COM              281667105      254     7800 SH       Sole                     7800
J.P. Morgan & Co.              COM              616880100     6976    52950 SH       Sole                    52950
JDS Uniphase Corp              COM              46612J101     1736    14400 SH       Sole                    14400
Jabil Circuit Inc              COM              466313103      804    18600 SH       Sole                    18600
Jack in the Box, Inc.          COM              466367109      262    12300 SH       Sole                     1200             11100
Johnson & Johnson              COM              478160104    17130   243837 SH       Sole                   243837
Johnson Controls               COM              478366107      784    14500 SH       Sole                    14500
Jones Apparel Group            COM              480074103      356    11252 SH       Sole                    11252
K Mart                         COM              482584109      394    40700 SH       Sole                    40700
KLA-Tencor                     COM              482480100     5291    62800 SH       Sole                    62800
Kaman Corp. Cl A               COM              483548103      136    13900 SH       Sole                                      13900
Kansas City Power & Light      COM              485134100     1499    51700 SH       Sole                    51700
Kansas City Southern           COM              485170104      447     5200 SH       Sole                     5200
Kaufman & Broad Home           COM              486168107      983    45850 SH       Sole                    45850
Kelly Services                 COM              488152208      594    24800 SH       Sole                    19000              5800
Kemet Corp.                    COM              488360108      373     5900 SH       Sole                     1600              4300
Kennametal Inc.                COM              489170100      595    19800 SH       Sole                    15000              4800
Kerr - McGee                   COM              492386107     4294    74350 SH       Sole                    74350
Kimberly - Clark               COM              494368103      516     9200 SH       Sole                     9200
Kohls Corp.                    COM              500255104      338     3300 SH       Sole                     3300
Kroger Co.                     COM              501044101      359    20450 SH       Sole                    20450
LSI Logic Corp.                COM              502161102     4699    64700 SH       Sole                    64700
LTX Corporation                COM              502392103     1405    31100 SH       Sole                    23000              8100
Laboratory Crp of Amer Holding COM              50540R409      257    60400 SH       Sole                                      60400
Lafarge Corp                   COM              505862102      361    15200 SH       Sole                    15200
Lam Research Corp              COM              512807108      622    13800 SH       Sole                     2700             11100
Lancaster Colony               COM              513847103      300     9801 SH       Sole                     9801
Lands End                      COM              515086106      705    11500 SH       Sole                     9800              1700
Landstar Sys. Inc.             COM              515098101      263     4800 SH       Sole                                       4800
Lear Corporation               COM              521865105      239     8500 SH       Sole                     2200              6300
Legato Systems Inc             COM              524651106      339     7600 SH       Sole                     6600              1000
Lehman Brothers                COM              524908100     1712    17650 SH       Sole                    17650
Leucadia National Corp         COM              527288104      321    13500 SH       Sole                     3700              9800
Level 3 Communications         COM              52729N100      434     4100 SH       Sole                     4100
Liberty Financial              COM              530512102      250    12600 SH       Sole                     3300              9300
Lilly (Eli) & Co.              COM              532457108     3757    60000 SH       Sole                    60000
Lincare Holdings               COM              532791100      616    21700 SH       Sole                    21700
Lincoln National               COM              534187109      935    27900 SH       Sole                    27900
Linear Technology              COM              535678106      610    11100 SH       Sole                    11100
Loew's Corp.                   COM              540424108      350     7000 SH       Sole                     7000
Lone Star Tech Inc.            COM              542312103      214     4600 SH       Sole                     2100              2500
Lowe's Cos.                    COM              548661107     1529    26200 SH       Sole                    26200
Lubrizol Corp.                 COM              549271104      887    30800 SH       Sole                    30800
Lucent Technology              COM              549463107    18183   293277 SH       Sole                   293277
MBNA Corp.                     COM              55262L100     1114    43700 SH       Sole                    43700
MCI-Worldcom Inc.              COM              55268B106    11414   251900 SH       Sole                   251900
MCN Corp.                      COM              55267J100      210     8400 SH       Sole                     8400
MGIC Investment Corp           COM              552848103     1915    43900 SH       Sole                    43900
Macromedia Inc.                COM              556100105      659     7300 SH       Sole                     6100              1200
Macrovision Corporation        COM              555904101      258     3000 SH       Sole                     3000
Mallinckrodt Group             COM              561232109     3134   109000 SH       Sole                   102400              6600
Mandalay Resort Group          COM              172909103      395    23400 SH       Sole                    21200              2200
Manpower Inc.                  COM              56418H100      923    26000 SH       Sole                    18800              7200
Marchfirst Inc.                COM              566244109      288     8060 SH       Sole                     6503              1557
Mark IV Ind                    COM              570387100      496    22500 SH       Sole                    22500
Marketing Services Group Inc   COM              570907105      222    12500 SH       Sole                     2100             10400
Marsh & McLennan               COM              571748102     1053     9550 SH       Sole                     9550
Marshall & Ilsley Corporation  COM              571834100      624    10800 SH       Sole                    10800
Maxim Integrated Products      COM              57772K101     2366    33300 SH       Sole                    33300
McClatchy Co Cl. A             COM              579489105      236     7200 SH       Sole                     3900              3300
McCormick & Co.                COM              579780206      671    20800 SH       Sole                    20800
McDonald's Corp.               COM              580135101     1032    27600 SH       Sole                    27600
McGraw-Hill                    COM              580645109      614    13500 SH       Sole                    13500
McLeodUSA Inc - A              COM              582266102     1679    19800 SH       Sole                    18000              1800
Media General Inc Class A      COM              584404107      299     5700 SH       Sole                     5700
Mediaone Group Inc.            COM              58440J104     4767    58850 SH       Sole                    58850
Medimmune Inc.                 COM              584699102     1898    10900 SH       Sole                     9000              1900
Medtronic, Inc.                COM              585055106     1512    29400 SH       Sole                    29400
Mellon Financial Corp.         COM              58551A108      384    12900 SH       Sole                    12900
Mercantile Bankshares          COM              587405101      735    24050 SH       Sole                    24050
Merck & Co.                    COM              589331107    17019   273950 SH       Sole                   273950
Mercury Interactive            COM              589405109      404     5100 SH       Sole                     4100              1000
Meristar Hospitality Corp.     COM              58984Y103      286    16400 SH       Sole                     3800             12600
Meritor Automotive             COM              59000G100      805    50900 SH       Sole                    37600             13300
Merrill Lynch                  COM              590188108    15267   145400 SH       Sole                   145400
Metricom Inc.                  COM              591596101      288     6200 SH       Sole                     3600              2600
Metro-Goldwyn-Mayer Inc.       COM              591610100      806    31700 SH       Sole                    29500              2200
Microsoft                      COM              594918104    56897   535500 SH       Sole                   535500
Microstrategy                  COM              594972101      470     5400 SH       Sole                     1600              3800
Millennium Chemicals Inc       COM              599903101      290    14500 SH       Sole                    14500
Millennium Pharmaceuticals     COM              599902103     1533    11800 SH       Sole                     7600              4200
Minimed Inc.                   COM              60365K108      207     1600 SH       Sole                     1000               600
Minn. Min. & Mfg.              COM              604059105      925    10450 SH       Sole                    10450
Montana Power                  COM              612085100      794    12400 SH       Sole                    12400
Morgan Stanley, Dean Witter    COM              617446448    18244   220140 SH       Sole                   220140
Motorola Inc.                  COM              620076109    14295    97914 SH       Sole                    97914
Murphy Oil Corp.               COM              626717102      415     7200 SH       Sole                     7200
Musicland Stores               COM              62758B109       93    14600 SH       Sole                                      14600
NIKE Inc.                      COM              654106103      380     9600 SH       Sole                     9600
NStar                          COM              67019E107      231     5500 SH       Sole                                       5500
NVR Inc.                       COM              62944T105      335     6200 SH       Sole                     1500              4700
Nabisco Group Holdings         COM              62952P102      612    51000 SH       Sole                    51000
Nabisco Holdings Corp Cl A     COM              629526104     1274    39500 SH       Sole                    39500
Nat'l Semiconductor            COM              637640103     5340    87900 SH       Sole                    78100              9800
National Fuel Gas              COM              636180101      241     5400 SH       Sole                     5400
National Service Ind.          COM              637657107     1767    83900 SH       Sole                    83900
Navistar Intl                  COM              63934E108      590    14700 SH       Sole                     8600              6100
Netopia Inc.                   COM              64114K104      237     3300 SH       Sole                      700              2600
Netoptix Corporation           COM              64116F103      756     4400 SH       Sole                     4400
Network Appliance Inc.         COM              64120L104     2160    26100 SH       Sole                    12700             13400
Network Associates             COM              640938106      739    22900 SH       Sole                    19000              3900
Network Solutions Cl A         COM              64121Q102      261     1700 SH       Sole                     1000               700
Nextel Communications          COM              65332V103     8561    57750 SH       Sole                    57750
Nextlink Communications Class  COM              65333H707      445     3600 SH       Sole                     3600
Noble Drilling Corp.           COM              655042109      666    16100 SH       Sole                    16100
Nortel Networks Ltd.           COM              656568102    22911   181830 SH       Sole                   178060              3770
Northern Trust                 COM              665859104      676    10000 SH       Sole                    10000
Northrop Grumman Corp          COM              666807102     3187    60200 SH       Sole                    60200
Nova Corp/Gerogia              COM              669784100      303    10400 SH       Sole                    10400
Novell                         COM              670006105     2828    98800 SH       Sole                    98800
Novellus Systems               COM              670008101      601    10700 SH       Sole                    10700
Ocean Energy Inc.              COM              67481E106      306    21300 SH       Sole                    21300
Ogden Corp.                    COM              676346109      269    22500 SH       Sole                    22500
Old Kent Financial Corp        COM              679833103      205     6405 SH       Sole                     6405
Omnicom Group                  COM              681919106     2139    22850 SH       Sole                    22850
Oracle Systems                 COM              68389X105    31951   409300 SH       Sole                   409300
Owens Illinois                 COM              690768403      597    35400 SH       Sole                    35400
Oxford Health Plans            COM              691471106      217    14200 SH       Sole                    14200
PACCAR Inc.                    COM              693718108      972    19450 SH       Sole                    19450
PE Corporation                 COM              69332S102      309     3200 SH       Sole                     3200
PMC-Sierra Inc.                COM              69344F106     1711     8400 SH       Sole                     2300              6100
PMI Group                      COM              69344M101     1044    22000 SH       Sole                    17000              5000
PNC Financial Services Group   COM              693475105     4441    98550 SH       Sole                    98550
PPL Corporation                COM              69351T106     1747    83450 SH       Sole                    83450
Pacific Century Financial      COM              694058108      794    39100 SH       Sole                    30500              8600
Pacificare Health Systems      COM              695112102     2065    41400 SH       Sole                    41400
Panamsat                       COM              697933109      324     6600 SH       Sole                     6600
Park Place Entertainment       COM              700690100      170    14700 SH       Sole                    14700
Parker - Hannifin              COM              701094104      490    11850 SH       Sole                    11850
Patterson Energy Inc.          COM              703414102      413    13000 SH       Sole                     2300             10700
Paychex Inc.                   COM              704326107      401     7650 SH       Sole                     7650
Peco Energy Co.                COM              693304107      828    22450 SH       Sole                    22450
Pentair                        COM              709631105      371    10000 SH       Sole                    10000
Peoples Bank Bridgeport        COM              710198102      205     9800 SH       Sole                     9800
Pepsi Bottling Group Inc       COM              713409100      256    12800 SH       Sole                     8000              4800
Pepsico Inc.                   COM              713448108     5810   166600 SH       Sole                   166600
Perot Systems Cl A             COM              714265105      262    13100 SH       Sole                     5700              7400
Perrigo Co.                    COM              714290103      169    22200 SH       Sole                    22200
Pfizer, Inc.                   COM              717081103     8859   242300 SH       Sole                   242300
Pharmacia & Upjohn             COM              716941109      872    14650 SH       Sole                    14650
Phelps Dodge                   COM              717265102      261     5500 SH       Sole                                       5500
Philip Morris                  COM              718154107    10928   517300 SH       Sole                   517300
Pilgrims Pride Corp Cl B       COM              721467108      124    19700 SH       Sole                     3500             16200
Pinnacle Holdings Inc.         COM              72346N101      210     3900 SH       Sole                                       3900
Pioneer Standard               COM              723877106      244    15500 SH       Sole                     2500             13000
Pittston Brinks Group          COM              725701106      313    18400 SH       Sole                    18400
Plexus Corp.                   COM              729132100      213     3200 SH       Sole                                       3200
Polaroid Corp.                 COM              731095105      575    24200 SH       Sole                    24200
Polycom Inc.                   COM              73172K104      459     5800 SH       Sole                     2700              3100
Portal Software                COM              736126103      643    11300 SH       Sole                     7200              4100
Potomac Electric Power         COM              737679100      339    15000 SH       Sole                     4700             10300
Power-One Inc.                 COM              739308104      314     5200 SH       Sole                     1500              3700
Powerwave Technology           COM              739363109      362     2900 SH       Sole                      600              2300
Praxair                        COM              74005P104     2560    61500 SH       Sole                    61500
Procter & Gamble               COM              742718109     4164    73700 SH       Sole                    73700
Progress Software              COM              743312100      262    11200 SH       Sole                                      11200
Protective Life Corp           COM              743674103      429    13500 SH       Sole                     6100              7400
Protein Design Labs            COM              74369L103      238     3000 SH       Sole                      900              2100
Providian Corp.                COM              74406A102      814     9400 SH       Sole                     9400
Pub Serv Enterp Inc            COM              744573106     2469    83350 SH       Sole                    83350
Public Service of New Mex      COM              744499104      348    22100 SH       Sole                    22100
Puget Sound Power & Light      COM              745332106      439    19800 SH       Sole                    19800
Pulte Corp.                    COM              745867101     1408    67450 SH       Sole                    61550              5900
Puma Technology Inc            COM              745887109      253     5000 SH       Sole                     5000
QLogic Corporation             COM              747277101     2385    17600 SH       Sole                    12200              5400
Quaker Oats                    COM              747402105     1637    27000 SH       Sole                    27000
Qualcomm                       COM              747525103    13072    87550 SH       Sole                    87550
Quantum Corp-DLT & Storage     COM              747906204      181    15200 SH       Sole                    11600              3600
Quantum Corp-Hard Disk Drive   COM              747906303      130    11600 SH       Sole                    11600
Quest Diagnostics Inc          COM              74834L100      250     6300 SH       Sole                     2300              4000
R.H. Donnelly Corp             COM              74955W307      233    13700 SH       Sole                     4100              9600
RF Micro Devices Inc.          COM              749941100      269     2000 SH       Sole                                       2000
Radian Group Inc.              COM              750236101      229     4800 SH       Sole                     1000              3800
Ralston-Purina Group           COM              751277302      271     9850 SH       Sole                     9850
Rare Medium Group Inc.         COM              75382N109      843    19100 SH       Sole                    18100              1000
Rational Software              COM              75409P202     1102    14400 SH       Sole                    11800              2600
Raymond James Financial        COM              754730109      299    14400 SH       Sole                     4100             10300
Reader's Digest Assn. Cl A     COM              755267101      357    10100 SH       Sole                    10100
Reebok Int'l                   COM              758110100      133    14400 SH       Sole                    14400
Reinsurance Group Amer.        COM              759351109      269    11300 SH       Sole                    11300
Reliant Energy Inc.            COM              75952J108     4358   184950 SH       Sole                   184950
Reynolds & Reynolds            COM              761695105     1696    62800 SH       Sole                    62800
Reynolds Metals                COM              761763101      538     8050 SH       Sole                     7250               800
Roadway                        COM              769742107      202    10000 SH       Sole                     3600              6400
Rockwell Int'l                 COM              773903109     3964    94800 SH       Sole                    94800
Rollins Truck Leasing          COM              775741101      202    23900 SH       Sole                     5300             18600
Rowan Cos.                     COM              779382100     1108    37650 SH       Sole                    37650
Royal Dutch Petroleum          COM              780257804    11438   197850 SH       Sole                   197850
Ruddick Corp                   COM              781258108      183    16700 SH       Sole                    16700
Ryder System                   COM              783549108     1438    63400 SH       Sole                    54100              9300
Ryerson Tull Inc.              COM              78375P107      372    24000 SH       Sole                    17800              6200
Ryland Group                   COM              783764103      223    11900 SH       Sole                      700             11200
SBC Communications             COM              78387G103    16364   388468 SH       Sole                   388468
SCI Systems                    COM              783890106     1182    22000 SH       Sole                    19200              2800
SDL Inc.                       COM              784076101      639     3000 SH       Sole                     1400              1600
SPX Corp                       COM              784635104      308     2700 SH       Sole                     2700
Sabre Group Holdings           COM              785905100      810    22184 SH       Sole                    22184
Safeguard Scientifics          COM              786449108     1097    15900 SH       Sole                     6000              9900
Safety Kleen                   COM              78648R203       13    10000 SH       Sole                    10000
Safeway Inc                    COM              786514208      620    13700 SH       Sole                    13700
Sanmina Corp                   COM              800907107      757    11200 SH       Sole                    11200
Sara Lee Corp.                 COM              803111103      292    16200 SH       Sole                    16200
Sawtek Corporation             COM              805468105      541    10300 SH       Sole                     5600              4700
Schering-Plough                COM              806605101     6984   187500 SH       Sole                   187500
Schlumberger Ltd.              COM              806857108     3251    42500 SH       Sole                    42500
Scholastic Corp.               COM              807066105      345     6400 SH       Sole                     6400
Schulman A                     COM              808194104      148    11200 SH       Sole                    11200
Schwab, Charles                COM              808513105     1077    18950 SH       Sole                    18950
Scientific-Atlanta             COM              808655104      462     7300 SH       Sole                     7300
Seagate Technology             COM              811804103    10154   165100 SH       Sole                   165100
Seagram Ltd.                   COM              811850106     1544    25950 SH       Sole                    25950
Sealed Air                     COM              81211K100      247     4550 SH       Sole                     4550
Sears, Roebuck & Co.           COM              812387108     2667    87100 SH       Sole                    87100
Sempra Energy                  COM              816851109     2266   135300 SH       Sole                   135300
Sepracor Inc.                  COM              817315104      291     4000 SH       Sole                     4000
Shaw Industries                COM              820286102      398    26200 SH       Sole                    26200
Sherwin-Williams               COM              824348106      507    22900 SH       Sole                    22900
Siebel Systems, Inc.           COM              826170102     4491    37600 SH       Sole                    37600
Silicon Image Inc.             COM              82705T102      208     2900 SH       Sole                     2900
Silicon NV Bancshares          COM              827064106      345     4800 SH       Sole                     1100              3700
Smith, Charles E. Residential  COM              832197107      285     7900 SH       Sole                     2000              5900
Snap-On Inc.                   COM              833034101     1783    68100 SH       Sole                    68100
Solectron Corp.                COM              834182107      546    13600 SH       Sole                    13600
Solutia Inc.                   COM              834376105      452    33800 SH       Sole                    33800
Southdown Inc.                 COM              841297104      474     8000 SH       Sole                     8000
Southern Co.                   COM              842587107      360    16550 SH       Sole                    16550
Southwest Bancorp TX           COM              84476R109      264    13600 SH       Sole                                      13600
Springs Inds. Inc.             COM              851783100     3049    80250 SH       Sole                    75750              4500
Sprint Corp (PCS Group)        COM              852061506     5882    89800 SH       Sole                    89800
Sprint Corp.                   COM              852061100     5528    87750 SH       Sole                    87750
Staples                        COM              855030102      494    24700 SH       Sole                    24700
State Street Boston Corp.      COM              857477103     1652    17050 SH       Sole                    17050
Steelcase Inc - Cl A           COM              858155203      346    28800 SH       Sole                    28800
Stewart & Stevenson Srv        COM              860342104      332    29500 SH       Sole                    29500
Stillwater Mining Corp.        COM              86074Q102      226     5650 SH       Sole                                       5650
Stryker Corp.                  COM              863667101      684     9800 SH       Sole                     9800
Suiza Foods Corp               COM              865077101      660    16400 SH       Sole                    11600              4800
Summit Bancorp                 COM              866005101      220     8400 SH       Sole                     8400
Sun Microsystems               COM              866810104    24784   264500 SH       Sole                   264500
SunTrust Banks                 COM              867914103     1152    19950 SH       Sole                    19950
Super Valu Stores              COM              868536103     1559    82300 SH       Sole                    69000             13300
Sybase Inc.                    COM              871130100      429    21100 SH       Sole                     9700             11400
Symantec Corp.                 COM              871503108     2073    27600 SH       Sole                    21700              5900
Symbol Technologies            COM              871508107      222     2700 SH       Sole                     1650              1050
Sysco Corp.                    COM              871829107      368    10200 SH       Sole                    10200
TMP Worldwide                  COM              872941109      614     7900 SH       Sole                      200              7700
TNP Enterprises                COM              872594106      250     5700 SH       Sole                                       5700
TRW Inc.                       COM              872649108     1018    17400 SH       Sole                    17400
Tandy Corp.                    COM              875382103     2794    55050 SH       Sole                    55050
Target Corp                    COM              87612E106     2657    35550 SH       Sole                    35550
Taubman Centers Inc.           COM              876664103      149    13400 SH       Sole                     5500              7900
Tecumseh Prods                 COM              878895200      594    13500 SH       Sole                     8100              5400
Telephone & Data Sys           COM              879433100     1221    11000 SH       Sole                    11000
Teradyne Inc.                  COM              880770102     5010    61100 SH       Sole                    61100
Terayon Communication Sys      COM              880775101     1148     5600 SH       Sole                     3900              1700
Texaco Inc.                    COM              881694103     3182    59200 SH       Sole                    59200
Texas Industries Inc.          COM              882491103      272     8600 SH       Sole                     2500              6100
Texas Instruments              COM              882508104    12816    80100 SH       Sole                    80100
Texas Utilities                COM              882848104     2351    79200 SH       Sole                    79200
ThreeCom Corp                  COM              885535104     1930    34700 SH       Sole                    34700
Tidewater Inc.                 COM              886423102      964    30300 SH       Sole                    26200              4100
Tiffany & Co.                  COM              886547108     2040    24400 SH       Sole                    22800              1600
Time Warner                    COM              887315109    13335   133350 SH       Sole                   133350
Time Warner Telecom - Cl A     COM              887319101      739     9300 SH       Sole                     9300
Timken Co.                     COM              887389104     2078   127900 SH       Sole                   127900
Titan Corporation              COM              888266103      515    10100 SH       Sole                     4100              6000
Toys 'R' Us                    COM              892335100     4779   322600 SH       Sole                   322600
Transwitch Corp                COM              894065101      452     4700 SH       Sole                      200              4500
Travelers Property Casualty -  COM              893939108     1679    40700 SH       Sole                    40700
Tribune Corp.                  COM              896047107     3921   107250 SH       Sole                   107250
Trigon Healthcare              COM              89618L100     1055    29500 SH       Sole                    21400              8100
Trinity Industries             COM              896522109      722    30500 SH       Sole                    22300              8200
Triquint Semiconductor         COM              89674K103      353     4800 SH       Sole                     4800
Tupperware Corp                COM              899896104     3242   205000 SH       Sole                   205000
Tyco International LTD         COM              902124106     7484   149300 SH       Sole                   149300
Tyson Foods                    COM              902494103     1609   144600 SH       Sole                   144600
UAL Corp                       COM              902549500     2136    35300 SH       Sole                    31200              4100
US West                        COM              91273H101     4394    60500 SH       Sole                    60500
USG Corp                       COM              903293405     1766    42100 SH       Sole                    35100              7000
USX Steel                      COM              90337T101      237     9500 SH       Sole                     9500
USX-Marathon Oil               COM              902905827     4140   158850 SH       Sole                   158850
Ultramar Diamond Sharmrock     COM              904000106     2441    96200 SH       Sole                    86500              9700
Unicom Corp.                   COM              904911104      400    10950 SH       Sole                    10950
Unifi Inc.                     COM              904677101      135    15100 SH       Sole                    15100
Unilever N.V.                  COM              904784709      624    12967 SH       Sole                    12967
Union Carbide                  COM              905581104      274     4700 SH       Sole                     4700
Union Pacific                  COM              907818108     4175   106700 SH       Sole                   106700
Union Pacific Resources        COM              907834105     2690   185500 SH       Sole                   161700             23800
Unisys Corp.                   COM              909214108      488    19000 SH       Sole                    19000
United Global.com              COM              913247508     1464    19500 SH       Sole                    13500              6000
United Health Group            COM              91324P102     6049   101450 SH       Sole                   101450
United Technologies            COM              913017109    12160   192450 SH       Sole                   192450
Universal Corp.                COM              913456109      346    23000 SH       Sole                    23000
Univision Communications - A   COM              914906102      904     8000 SH       Sole                     8000
UtiliCorp United               COM              918005109     1578    87350 SH       Sole                    73700             13650
Valero Energy                  COM              91913Y100      408    13300 SH       Sole                    13300
Vastar Resources               COM              922380100      446     6000 SH       Sole                     6000
Verisign Inc.                  COM              92343E102      733     4900 SH       Sole                     2700              2200
Veritas Software               COM              923436109     2112    16125 SH       Sole                    16125
Verity Inc.                    COM              92343C106      314     7700 SH       Sole                     2500              5200
Viacom Inc Class B             COM              925524308     2756    52250 SH       Sole                    52250
Viad Corp.                     COM              92552R109     2187    95600 SH       Sole                    90000              5600
Vignette Corp.                 COM              926734104      256     1600 SH       Sole                      900               700
Vishay Intertechnology         COM              928298108     3064    55075 SH       Sole                    55075
Vitesse Semiconductor          COM              928497106     1511    15700 SH       Sole                    15700
VoiceStream Wireless Corporati COM              928615103      770     5975 SH       Sole                     2162              3813
Wachovia Corp.                 COM              929771103     1007    14900 SH       Sole                    14900
Waddell & Reed                 COM              930059100      821    19401 SH       Sole                    19401
Wal-Mart Stores                COM              931142103    21357   378000 SH       Sole                   378000
Walgreen                       COM              931422109      509    19750 SH       Sole                    19750
Walt Disney Co.                COM              254687106     2199    53300 SH       Sole                    53300
Warner-Lambert                 COM              934488107     9134    93500 SH       Sole                    93500
Washington Mutual              COM              939322103      776    29300 SH       Sole                    29300
Waters Corp.                   COM              941848103     1286    13500 SH       Sole                     9100              4400
Wellpoint Health               COM              94973H108      360     5150 SH       Sole                     5150
Wells Fargo & Co.              COM              949746101     4939   121200 SH       Sole                   121200
Western Wireless Corp Cl A     COM              95988E204      458    10000 SH       Sole                     3600              6400
Weyerhaeuser Corp.             COM              962166104     1505    26400 SH       Sole                    26400
Whirlpool Corp.                COM              963320106     2993    51050 SH       Sole                    51050
Willamette Industries          COM              969133107      231     5750 SH       Sole                     5750
Williams-Sonoma                COM              969904101      226     7300 SH       Sole                     7300
Wilmington Trust               COM              971807102      768    15800 SH       Sole                    15800
Worthington Industries         COM              981811102      610    49300 SH       Sole                    49300
Xilinx Inc.                    COM              983919101      952    11500 SH       Sole                    11500
Yahoo Inc                      COM              984332106     8681    50654 SH       Sole                    50654
Young & Rubicam Inc.           COM              987425105     2646    56300 SH       Sole                    49800              6500
Zale Corporation               COM              988858106     1114    23600 SH       Sole                    17500              6100
Zions Bancorp                  COM              989701107      366     8800 SH       Sole                     8800
Zomax Inc.                     COM              989929104      271     4500 SH       Sole                      900              3600
</TABLE>


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