UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 30, 1999
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Fisher Investments, Inc.
Address: 13100 Skyline Blvd.
Woodside, CA 94062
13F File Number: 28-2499__
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: Andrew Teufel
Title: Dir. Research
Phone: 650-851-3334_
Signature, Place, and Date of Signing:
Andrew Teufel__ Woodside, CA____ November 11, 1999
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:
Form 13F Information Table Entry Total: 257
Form 13F Information Table Value Total: $3,423,372
List of Other Included Managers:
No. 13F File Number Name
<PAGE>
<TABLE> <C> <C> <C> <C> <C> <C>
FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTORITY
NAME OF ISSUER TITLE OF CLASS CUSIP NO (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ----------- -------- -------- --------
AAR CORP COM 000361105 13661 758926 SH DEFINED 589726 0 169200
ABM INDUSTRIES INC COM 000957100 211 8300 SH DEFINED 0 0 8300
AT&T CORP COM 001957109 46733 1074325 SH DEFINED 1073813 0 512
ABB AB SPONSORED ADR COM 00256Q103 5023 368680 SH SOLE 368680 0 0
ABBOTT LABORATORIES COM 002824100 9713 264746 SH SOLE 264746 0 0
AIRBORNE FGHT CORP COM COM 009266107 12694 602700 SH DEFINED 472500 0 130200
AB ELECTROLUX S ADR COM 010198208 379 10000 SH SOLE 10000 0 0
AKZO NOBEL N.V. SPONSORED ADRS COM 010199305 336 7870 SH SOLE 7870 0 0
ALASKA AIR GROUP INC COM 011659109 10412 255900 SH DEFINED 176600 0 79300
ALBERTO CULVER CO CL B COM 013068101 13112 567000 SH DEFINED 437000 0 130000
ALCATEL SPON ADRS REP 013904305 22869 824108 SH DEFINED 823383 0 725
AMERICA ONLINE INC COM 02364J104 302 2900 SH SOLE 2900 0 0
AMERICAN EXPRESS CO COM 025816109 1011 7492 SH SOLE 7492 0 0
AMERICAN HOME PRODUCTS CORP COM 026609107 30925 745171 SH DEFINED 744595 0 576
AMERICAN INTL GROUP INC COM 026874107 52242 600910 SH DEFINED 600005 0 905
AMERISOURCE HEALTH CORP CL A 03071P102 204 8600 SH DEFINED 0 0 8600
AMERITECH CORP (NEW), COM 030954101 765 11467 SH SOLE 11467 0 0
AMGEN INC COM 031162100 473 5798 SH SOLE 5798 0 0
ANIXTER INTL INC COM 035290105 15152 651700 SH DEFINED 508800 0 142900
ARVIN INDUSTRIES INC COM 043339100 12850 415350 SH DEFINED 323250 0 92100
ASTRAZENECA PLC COM 046353108 12169 288018 SH SOLE 288018 0 0
ATLANTIC RICHFIELD CO COM 048825103 213 2400 SH SOLE 2400 0 0
AVISTA CORP COM 05379B107 11946 680200 SH DEFINED 524000 0 156200
AVNET INC COM 053807103 2650 63100 SH SOLE 63100 0 0
AXA SA SPONSORED ADR COM 054536107 18794 294516 SH DEFINED 294366 0 150
AZTAR CORP COM 054802103 9503 927100 SH DEFINED 905700 0 21400
BJ'S WHOLESALE CLUB INC COM 05548J106 12162 411400 SH DEFINED 324600 0 86800
BP AMOCO PLC SPONSORED ADRS COM 055622104 770 6949 SH SOLE 6949 0 0
BANCO BILBAO VIZCAYA ADR COM 059458208 23505 1799461 SH DEFINED 1796711 0 2750
BANCO SANTANDER SA COM 05964H105 114 11056 SH SOLE 11056 0 0
BANK OF AMERICA CORP COM 060505104 45218 812002 SH DEFINED 811302 0 700
BANK ONE CORP (NEW) COM 06423A103 406 11674 SH SOLE 11674 0 0
BANK OF TOKYO MITSUBISHI TR CO SPONSORED ADR 065379109 36044 2353882 SH DEFINED 2349582 0 4300
BAY VIEW CAPITAL CORP DEL COM 07262L101 8929 673850 SH DEFINED 515950 0 157900
BELL ATLANTIC CORP COM 077853109 59798 888363 SH DEFINED 887563 0 800
BELLSOUTH CORP COM 079860102 51868 1152628 SH DEFINED 1151828 0 800
BERGEN BRUNSWIG CORP CL A COM 083739102 7534 726128 SH DEFINED 566128 0 160000
BERKSHIRE HATHAWAY INC CV CL A COM 084670108 220 4 SH SOLE 4 0 0
BERKSHIRE HATHAWAY INC CLASS B 084670207 37577 20246 SH DEFINED 20214 0 32
BIO RAD LABS INC COM 090572207 9724 355200 SH DEFINED 264000 0 91200
BLACK & DECKER MFG CO COM 091797100 809 17700 SH SOLE 17700 0 0
BOB EVANS FARMS INC COM 096761101 10556 518100 SH DEFINED 399800 0 118300
BORG WARNER AUTOMOTIVE INC COM 099724106 11339 263700 SH DEFINED 208100 0 55600
BOREL BANK & TRUST SAN MATEO COM 09972F101 2033 114520 SH DEFINED 51000 0 63520
BOWNE & CO INC COM 103043105 11382 938700 SH DEFINED 726500 0 212200
BRINKER INTERNATIONAL INC COM 109641100 12920 477400 SH DEFINED 408500 0 68900
BRISTOL-MYERS SQUIBB CO COM 110122108 59176 876685 SH DEFINED 876197 0 488
BRUNSWICK CORP COM 117043109 943 37900 SH SOLE 37900 0 0
BURLINGTON COAT FACTORY WHSE COM 121579106 4419 223760 SH DEFINED 96660 0 127100
CIGNA CORP COM 125509109 952 12242 SH SOLE 12242 0 0
CALIFORNIA WTR SVC GRP CA COM 130788102 10945 399800 SH DEFINED 302800 0 97000
CHESAPEAKE CORP COM 165159104 8742 289000 SH DEFINED 233700 0 55300
CHEVRON CORP COM 166751107 635 7150 SH SOLE 7150 0 0
CIBER INC. COM 17163B102 340 22180 SH SOLE 22180 0 0
CISCO SYSTEMS INC COM 17275R102 70717 1031429 SH DEFINED 1030879 0 550
CITIGROUP INC COM 172967101 58151 1321602 SH DEFINED 1319852 0 1750
CIVIC BANCORP COM 178788105 2140 157064 SH SOLE 157064 0 0
CLEVELAND-CLIFFS INC COM 185896107 8882 285350 SH DEFINED 214650 0 70700
CLOROX CO COM 189054109 909 23752 SH SOLE 23752 0 0
COASTAL CORP COM 190441105 950 23200 SH SOLE 23200 0 0
COCA-COLA COMPANY COM 191216100 41785 866005 SH DEFINED 865605 0 400
COMMERCIAL METALS CO COM 201723103 10231 355850 SH DEFINED 268250 0 87600
COMPUTER ASSOCIATES INTL INC COM 204912109 1388 22703 SH SOLE 22703 0 0
CONSOLIDATED POWER BATTERY CORP 209952100 7 14200 SH SOLE 14200 0 0
CONSTELLATION ENERGY CORP COM 210371100 824 29300 SH SOLE 29300 0 0
CORDANT TECHNOLOGIES INC COM 218412104 8239 270700 SH DEFINED 191400 0 79300
CYPRUS AMAX MINERALS COS COM 232809103 13050 664950 SH DEFINED 519650 0 145300
DAMSON OIL CORPORATION COM 235766102 0 1463880 SH SOLE 1463880 0 0
DAYTON-HUDSON CORPORATION COM 239753106 453 7550 SH SOLE 7550 0 0
DELL COMPUTER CORP COM 247025109 53396 1277035 SH DEFINED 1275135 0 1900
DELTA AIR LINES, INC COM 247361108 825 17000 SH SOLE 17000 0 0
DEUTSCHE TELEKOM AG-SPON ADR COM 251566105 31702 758202 SH DEFINED 758002 0 200
DILLARD'S INC COM 254067101 412 20300 SH SOLE 20300 0 0
DOW CHEMICAL CO COM 260543103 494 4350 SH SOLE 4350 0 0
DU PONT (E.I.) DE NEMOURS COM 263534109 246 4071 SH SOLE 4071 0 0
EASTERN ENTERPRISES COM 27637F100 5814 125200 SH DEFINED 116000 0 9200
ELF AQUITAINE SPONSORED ADR COM 286269105 23371 255070 SH DEFINED 254570 0 500
ENDESA SA SPONSORED ADRS COM 29258N107 21445 1121305 SH DEFINED 1120705 0 600
ERICSSON L M TEL CO COM 294821400 29189 934050 SH DEFINED 933450 0 600
EXXON CORPORATION COM 302290101 54364 715320 SH DEFINED 714420 0 900
FAMILY DLR STORES INC COM 307000109 11186 529500 SH DEFINED 447200 0 82300
FDX CORP COM 31304N107 980 25200 SH SOLE 25200 0 0
FANNIE MAE COM 313586109 27975 446258 SH DEFINED 445658 0 600
FIAT S P A NEW SPONSORD ADR R315621888 30632 928243 SH DEFINED 926908 0 1335
FIRST AMERN FINL CORP CALIF COM 318522307 10993 821900 SH DEFINED 640400 0 181500
FIRST REPUBLIC BANK COM 336158100 10385 391900 SH DEFINED 289700 0 102200
FIRST UNION CORP COM 337358105 271 7613 SH SOLE 7613 0 0
FLEETWOOD ENTERPRISES INC COM 339099103 12391 613800 SH DEFINED 478600 0 135200
FLUOR CORPORATION COM 343861100 668 16600 SH SOLE 16600 0 0
FORD MOTOR COMPANY COM 345370100 18634 370830 SH DEFINED 370630 0 200
FORT JAMES CORP COM 347471104 787 29500 SH SOLE 29500 0 0
FRANKLIN RESOURCES INC COM 354613101 305 9980 SH SOLE 9980 0 0
FUJI PHOTO FILM LTD ADR 2 ORD COM 359586302 26893 795358 SH DEFINED 794608 0 750
FULLER H B CO COM 359694106 11085 182100 SH DEFINED 146800 0 35300
FURON CO COM 361106107 12751 511300 SH DEFINED 388000 0 123300
GTE CORP COM 362320103 6847 89068 SH SOLE 89068 0 0
GENERAL ELECTRIC CO COM 369604103 69566 586743 SH DEFINED 586168 0 575
GENERAL MILLS INCORPORATED COM 370334104 523 6450 SH SOLE 6450 0 0
GEO PETROLEUM INC COM 37246F102 4 12900 SH SOLE 12900 0 0
GIBRALTAR FINL CORP COM 374658102 1 10000 SH SOLE 10000 0 0
GOODYEAR TIRE & RUBBER COMPANY COM 382550101 245 5100 SH SOLE 5100 0 0
GRANITE CONSTRUCTION INC COM 387328107 13597 521725 SH DEFINED 410925 0 110800
GREATER BAY BANCORP COM 391648102 1643 48496 SH DEFINED 3600 0 44896
GUIDANT CORP COM 401698105 316 5892 SH SOLE 5892 0 0
GYMBOREE CORP COM 403777105 7143 1039000 SH DEFINED 749900 0 289100
HANNAFORD BROS CO COM 410550107 1099 15600 SH SOLE 15600 0 0
HARMAN INTERNATIONAL INDS.,INC COM 413086109 8867 210800 SH DEFINED 163900 0 46900
HARRIS CORP DEL COM 413875105 1163 42100 SH SOLE 42100 0 0
HELMERICH & PAYNE COM 423452101 13365 528000 SH DEFINED 410000 0 118000
HEWLETT-PACKARD CO COM 428236103 2033 22407 SH DEFINED 22257 0 150
HITACHI LTD ADR COM 433578507 31525 288892 SH DEFINED 288692 0 200
HOECHST AG-SPONSORED ADR COM 434390308 7046 161983 SH SOLE 161983 0 0
HOME DEPOT INC COM 437076102 50352 733724 SH DEFINED 732724 0 1000
HONDA MOTOR LTD ADR COM 438128308 900 11000 SH SOLE 11000 0 0
HORACE MANN EDUCATOR COM 440327104 10227 396200 SH DEFINED 308100 0 88100
HORMEL FOODS CORP COM 440452100 1566 37900 SH SOLE 37900 0 0
HOUSEHOLD INTL INC COM 441815107 402 10027 SH SOLE 10027 0 0
HUMANA INC COM 444859102 338 49100 SH SOLE 49100 0 0
UNTS HUTTON TEL TR 1ST TAX FREE EXCH447900101 278 48600 SH SOLE 48600 0 0
IDACORP INC COM 451107106 12448 413200 SH DEFINED 320500 0 92700
IMATRON INC COM 452906100 18 15000 SH SOLE 15000 0 0
ING GROEP NV ADR F SPONSORED ADR 456837103 18469 337341 SH DEFINED 336991 0 350
INGERSOLL RAND CO COM 456866102 1000 18200 SH SOLE 18200 0 0
INTEL CORP COM 458140100 70678 951096 SH DEFINED 950096 0 1000
INTERFACE INC CL A COM 458665106 6771 1321100 SH DEFINED 981000 0 340100
INTERNATIONAL BUSINESS MACHINE COM 459200101 63617 525759 SH DEFINED 525409 0 350
INVACARE CORP COM 461203101 13013 665200 SH DEFINED 524800 0 140400
INVESTMENT COMPANY OF AMERICA FUND 461308108 423 13234 SH SOLE 13234 0 0
ISTITUTO BANCARIO SAN PAOLO DI TORION-MOBILIARE 465224103 28061 1079283 SH DEFINED 1078592 0 691
ITO-YOKADA CO ADR LTD COM 465714301 227 2800 SH SOLE 2800 0 0
JDS UNIPHASE COM 46612J101 5267 46276 SH SOLE 46276 0 0
JOHNSON & JOHNSON COM 478160104 54572 593977 SH DEFINED 593127 0 850
JOHNSON CONTROLS COM 478366107 1008 15200 SH SOLE 15200 0 0
KAUFMAN & BROAD HOME CORP COM 486168107 11822 573200 SH DEFINED 450300 0 122900
KELLWOOD CO COM 488044108 11768 534900 SH DEFINED 414800 0 120100
KELLY SERVICES INC CLASS A COM 488152208 15126 502100 SH DEFINED 390600 0 111500
KEYCORP (NEW) COM 493267108 248 9622 SH SOLE 9622 0 0
KONINKLIJKE PHILIPS ADR (NEW) COM 500472204 32479 321577 SH DEFINED 321255 0 322
KULICKE & SOFFA INDS COM 501242101 15353 631500 SH DEFINED 492600 0 138900
LEHMAN BROTHERS HOLDINGS INC COM 524908100 1535 26300 SH SOLE 26300 0 0
LIGHTWAVE CABLEVISION SYS INC COM 532266103 0 10000 SH SOLE 10000 0 0
LILLY ELI & COMPANY COM 532457108 43756 681683 SH DEFINED 680783 0 900
LIMITED INC COM 532716107 987 25800 SH SOLE 25800 0 0
LITTON INDS INC COM 538021106 706 12900 SH SOLE 12900 0 0
LONGS DRUG STORES INCORPORATED COM 543162101 13629 456200 SH DEFINED 362900 0 93300
LUCENT TECHNOLOGIES COM 549463107 63066 972111 SH DEFINED 971386 0 725
MCN ENERGY GROUP INC COM 55267J100 320 18600 SH SOLE 18600 0 0
MCI WORLDCOM INC COM 55268B106 49275 685559 SH DEFINED 684709 0 850
MSC INDUSTRIAL DIRECT CO INC COM 553530106 9839 1093200 SH DEFINED 855100 0 238100
MARSHALL INDS COM 572393106 14655 401500 SH DEFINED 306200 0 95300
MATSUSHITA ELEC INDL SPONSORED ADR 576879209 23292 111443 SH DEFINED 111368 0 75
MCKESSON HBOC INC COM 58155Q103 595 20500 SH SOLE 20500 0 0
MERCK & CO INC COM 589331107 52036 802873 SH DEFINED 801898 0 975
MERRILL LYNCH & CO INC COM 590188108 546 8100 SH SOLE 8100 0 0
MICHAELS STORES COM 594087108 12310 417300 SH DEFINED 323800 0 93500
MICROSOFT CORP COM 594918104 67608 746536 SH DEFINED 746161 0 375
MINNESOTA MINING & MFG CO COM 604059105 394 4100 SH SOLE 4100 0 0
MOBIL CORPORATION COM 607059102 5040 50023 SH SOLE 50023 0 0
MONSANTO COMPANY COM 611662107 407 11400 SH SOLE 11400 0 0
MORGAN J P & CO INC COM 616880100 240 2100 SH SOLE 2100 0 0
MORGAN STANLEY, DW, & CO COM 617446448 260 2916 SH SOLE 2916 0 0
MOTOROLA INC COM 620076109 842 9564 SH SOLE 9564 0 0
MUELLER INDUSTRIES INC COM 624756102 7229 243500 SH DEFINED 237400 0 6100
NEC ADR COM 629050204 44455 442336 SH DEFINED 441911 0 425
NATIONAL AUSTRALIA BANK ADR COM 632525408 15879 215125 SH DEFINED 214925 0 200
NATIONAL SEMICONDUCTOR COM 637640103 1430 46800 SH SOLE 46800 0 0
NATL SERVICE IND COM 637657107 542 17200 SH SOLE 17200 0 0
NEW JERSEY RES CORP COM 646025106 12830 320750 SH DEFINED 249350 0 71400
NICOR INC COM 654086107 781 21000 SH SOLE 21000 0 0
NISSAN MOTOR SPONS ADR COM 654744408 118 10000 SH SOLE 10000 0 0
NOKIA CORP SPONSORED ADR COM 654902204 38727 430894 SH DEFINED 430169 0 725
NORSK HYDRO AS SPONSORED ADR COM 656531605 31722 737710 SH DEFINED 737310 0 400
NORTHROP GRUMMAN CORP COM 666807102 795 12500 SH SOLE 12500 0 0
NOVA GOLD CORP COM 669913105 0 14000 SH SOLE 14000 0 0
NOVATEK INTL INC NEW COM 669932501 0 10500 SH SOLE 10500 0 0
NOVO-NORDISK A S ADR COM 670100205 25362 424466 SH DEFINED 423966 0 500
OGDEN CORPORATION COM 676346109 197 19000 SH SOLE 19000 0 0
OLD REPUBLIC INTL CORP COM 680223104 3045 210925 SH SOLE 210925 0 0
ORION CAPITAL CORPORATION COM 686268103 16404 346250 SH DEFINED 264750 0 81500
ORTHODONTIC CENTERS OF AMERICA COM 68750P103 1977 113402 SH SOLE 113402 0 0
PAINE WEBBER GROUP INC COM 695629105 8501 234500 SH DEFINED 196800 0 37700
PARKER HANNIFIN CORP COM 701094104 525 11722 SH SOLE 11722 0 0
PENTAIR INC COM 709631105 13606 339100 SH DEFINED 268600 0 70500
PERRIGO CO COM 714290103 11052 1403400 SH DEFINED 1078200 0 325200
PFIZER INC COM 717081103 53559 1492924 SH DEFINED 1491624 0 1300
PHILIP MORRIS COMPANIES INC COM 718154107 41351 1209526 SH DEFINED 1207626 0 1900
POOL ENERGY SERVICES CO COM 732788104 15391 625000 SH DEFINED 495500 0 129500
POPULAR INC COM 733174106 846 30500 SH SOLE 30500 0 0
PORTUGAL TELECOM S.A SPONSORED ADR 737273102 14662 354908 SH DEFINED 354408 0 500
PROCTER AND GAMBLE COMPANY COM 742718109 57456 612861 SH DEFINED 612536 0 325
PROTECTIVE LIFE CORP COM 743674103 13088 451300 SH DEFINED 358500 0 92800
QUANEX CORPORATION COM 747620102 9958 388600 SH DEFINED 292800 0 95800
RALSTON PURINA GRP COM 751277302 312 11199 SH SOLE 11199 0 0
RAYMOND JAMES FIN'L CORP COM 754730109 205 10300 SH DEFINED 0 0 10300
READ-RITE CORP COM 755246105 4888 1109423 SH DEFINED 796923 0 312500
REGIS CORP MINN COM 758932107 13973 725875 SH DEFINED 564375 0 161500
REPSOL SA - SPONSORED ADR COM 76026T205 21311 1068895 SH SOLE 1068895 0 0
RHONE POULENC S A SPONSORED ADR SERIES A 762426609 18419 359398 SH DEFINED 358948 0 450
ROSS STORES INC. COM 778296103 5957 296000 SH DEFINED 241600 0 54400
ROYAL DUTCH PETROLEUM CO PAR VALUE 1.25780257804 22471 380460 SH DEFINED 380110 0 350
RUDDICK CORP COM 781258108 12087 761400 SH DEFINED 594200 0 167200
SBC COMMUNICATIONS INC COM 78387G103 53307 1043949 SH DEFINED 1043249 0 700
SCI SYSTEMS INC COM 783890106 1124 25300 SH SOLE 25300 0 0
SJNB FINANCIAL CORP COM 784273104 2975 95200 SH DEFINED 44200 0 51000
SJW CORP COM 784305104 574 6350 SH SOLE 6350 0 0
SCANA CORP COM 805898103 726 30000 SH SOLE 30000 0 0
SCHERING PLOUGH CORP COM 806605101 35983 824832 SH DEFINED 824157 0 675
SCOTTS CO COM 810186106 12707 367000 SH DEFINED 284700 0 82300
SEQUENT COMPUTER CORP COM 817338106 17312 961800 SH DEFINED 751000 0 210800
SILICON VALLEY BANCSHARES COM 827064106 200 8300 SH DEFINED 0 0 8300
SONY CORP ADR COM 835699307 38796 258535 SH DEFINED 258235 0 300
SOUTHDOWN, INC. COM 841297104 9379 175300 SH DEFINED 143500 0 31800
STANDARD REGISTER CO COM 853887107 10542 448600 SH DEFINED 349200 0 99400
STRIDE RITE CORP COM 863314100 10648 1521200 SH DEFINED 1188800 0 332400
STRUCTURAL DYNAMICS RESEARCH COM 863555108 10316 686300 SH DEFINED 544000 0 142300
SUN MICROSYSTEMS INC COM 866810104 205 2199 SH SOLE 2199 0 0
SYQUEST TECHNOLOGY COM 871660106 0 10000 SH SOLE 10000 0 0
TALBOTS INC COM 874161102 14233 318500 SH DEFINED 251600 0 66900
TASEKO MINES LTD COM 876511106 19 10000 SH SOLE 10000 0 0
TELE DANMARK A/S SPONSORED ADR R879242105 8797 296955 SH SOLE 296955 0 0
TELEFONICA S A SPONSORED ADR 879382208 25236 525744 SH DEFINED 524739 0 1005
TESORO PETE CORP COM 881609101 14987 908300 SH DEFINED 707300 0 201000
TEXACO INC COM 881694103 347 5500 SH SOLE 5500 0 0
TEXAS INDS INC COM 882491103 13577 366950 SH DEFINED 275350 0 91600
THOMAS INDS INC COM 884425109 7020 375650 SH DEFINED 264650 0 111000
THORN APPLE VALLEY INC COM 885184101 2 10000 SH SOLE 10000 0 0
TIME WARNER INC COM 887315109 36359 598499 SH DEFINED 597599 0 900
TORO COMPANY COM 891092108 11143 298150 SH DEFINED 240150 0 58000
TOSCO CORP COM NEW COM 891490302 778 30800 SH SOLE 30800 0 0
TOTAL FINA S.A. ADR COM 89151E109 21332 336264 SH DEFINED 335764 0 500
TOYOTA MOTOR CORP ADR 2 COM COM 892331307 4474 71725 SH SOLE 71725 0 0
USX - U S STEEL GROUP COM 90337T101 569 22100 SH SOLE 22100 0 0
ULTRAMAR DIAMOND SHAMROCK CORP COM 904000106 8982 352244 SH DEFINED 251944 0 100300
UNILEVER NV NY SHS NEW COM 904784709 23455 344290 SH DEFINED 343636 0 654
UNIONBANCAL CORP COM 908906100 1106 30500 SH SOLE 30500 0 0
UNIVERSAL HEALTH SVCS INC CL B COM 913903100 7982 308500 SH DEFINED 248100 0 60400
UNUMPROVIDENT CORP COM 91529Y106 740 25154 SH SOLE 25154 0 0
V F CORP COM 918204108 564 18200 SH SOLE 18200 0 0
VALERO ENERGY CORP (NEW) COM 91913Y100 643 33400 SH SOLE 33400 0 0
VOLVO AKTIEBOLAGET ADR B COM 928856400 19100 665798 SH DEFINED 664298 0 1500
WICOR INC COM 929253102 10285 353900 SH DEFINED 258900 0 95000
WAL MART STORES INC COM 931142103 63880 1343070 SH DEFINED 1341870 0 1200
WARNER LAMBERT CO COM 934488107 973 14655 SH SOLE 14655 0 0
WEBB DEL CORP COM 947423109 12170 553200 SH DEFINED 422900 0 130300
WELLPOINT HEALTH NETWORKS COM 94973H108 599 10500 SH SOLE 10500 0 0
WESTAMERICA BANCORPORATION COM 957090103 12030 397700 SH DEFINED 310800 0 86900
WESTERN DIGITAL CORP COM 958102105 269 73000 SH SOLE 73000 0 0
WESTPAC BKG CORP SPONSORED ADR 961214301 15354 499325 SH DEFINED 499075 0 250
WEYERHAEUSER COMPANY COM 962166104 395 6850 SH SOLE 6850 0 0
WHIRLPOOL CORPORATION COM 963320106 947 14500 SH SOLE 14500 0 0
WILSHIRE TARGET FUNDS INC 5000 INDEX POR971897855 102 10091 SH SOLE 10091 0 0
YAHOO INC COM 984332106 485 2700 SH SOLE 2700 0 0
ZALE CORP NEW COM 988858106 14053 366800 SH DEFINED 283300 0 83500
DAIMLERCHRYSLER AG ORD SHR COM D1668R123 23393 336889 SH DEFINED 336589 0 300
FEDERAL REALTY INVT TR 5.250% 10-28-2U31374AB4 9 10000 SH SOLE 10000 0 0
CHINA AEROSPACE INTL HLDG LTD Y1373B105 2 12600 SH SOLE 12600 0 0
SWANK INTL MANUFACTURING CO ORD-HKD Y8319B107 2 20000 SH SOLE 20000 0 0
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