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Dated as of: 12/31/99
Ticker Description Cusip Market Value Quantity
BLC A.H. BELO CORPORATION SER A 080555105 32555452.18 1707827
ABT ABBOTT LABORATORIES 002824100 39320010.19 1082823
ADX ADAMS EXPRESS COMPANY 006212104 451281.38 13446
ACVA ALBERTO CULVER CL A 013068200 12947775 595300
ALFA ALFA CORPORATION 015385107 447386.63 27426
AFC ALLMERICA FINANCIAL CORPORATION 019754100 344040.63 6185
AZA ALZA CORPORATION 022615108 9675956.25 279450
AHC AMERADA HESS CORP 023551104 292489.5 5154
AOL AMERICA ONLINE INC 02364J104 2117671.25 27910
AXP AMERICAN EXPRESS 025816109 10832517.5 65158
AHP AMERICAN HOME PRODUCTS CORP 026609107 20249977.75 515923
AIG AMERICAN INTERNATIONAL GROUP 026874107 68126751.27 630074
ASO AMSOUTH BANCORP 032165102 270375 14000
BUD ANHEUSER-BUSCH CO INC 035229103 3271164.75 46154
ASTE ASTEC INDUSTRIES INC 046224101 869137.5 46200
T AT&T CORPORATION 001957109 1560248.53 30706
AUD AUTOMATIC DATA PROCESSING INC 053015103 402985 7480
BAC BANK OF AMERICA CORPORATION 060505104 14199850.5 282936
ONE BANK ONE CORPORATION 06423A103 3958208 123694
BWC BELDEN INC 077459105 237300 11300
BEL BELL ATLANTIC 077853109 2436520.63 39578
BLS BELLSOUTH CORP 079860102 1668865.63 35650
BRK/B BERKSHIRE HATHAWAY INC-CL B 084670207 248880 136
BA BOEING COMPANY 097023105 2206712.63 53254
BPA BP AMOCO PLC SPON ADR 055622104 944611.35 15926
BMY BRISTOL MYERS-SQUIBB CO 110122108 20234788.44 315245
CPB CAMPBELL SOUP COMPANY 134429109 204579.5 5288
CAH CARDINAL HEALTH INC 14149Y108 349487.5 7300
CBL CBL & ASSOCIATES PROPERTIES 124830100 226875 11000
FUN CEDAR FAIR LP 150185106 341000 17600
SCH CHARLES SCHWAB CORPORATION 808513105 249772.5 6530
CMB CHASE MANHATTAN CORPORATION 16161A108 51484439.17 662712
CKFR CHECKFREE HOLDINGS CORP 162816102 418000 4000
CHV CHEVRON CORP 166751107 1440227.25 16626
CSCO CISCO SYSTEMS INC 17275R102 858071.25 8010
C CITIGROUP INC 172967101 687462.19 12345
CGP COASTAL CORPORATION 190441105 38864766.94 1096713
KO COCA COLA COMPANY 191216100 7360586.5 126362
CL COLGATE-PALMOLIVE COMPANY 194162103 260000 4000
COST COSTCO WHOLESALE CORPORATION 22160K105 43423502.5 475874
DPL DPL INC 233293109 937073.69 54127
DD DU PONT E I DE NEMOURS & CO 263534109 504997.75 7666
DUK DUKE ENERGY CORPORATION 264399106 908365.25 18122
ELN ELAN CORPORATION PLC ADR 284131208 38083998.5 1290983
EDS ELECTRONIC DATA SYSTEMS CORPORATION 285661104 78966436.5 1179704
EMC EMC CORP-MASS 268648102 137039157.8 1254363
EFX EQUIFAX INC 294429105 10363965.63 439850
ATF EQUITY INCOME FUND (AT&T) 294700703 233306.25 1150
XOM EXXON MOBIL CORPORATION 30231G102 8753760.13 108658
FNM FANNIE MAE 313586109 18497296.69 296253
FDX FDX CORPORATION 31304N107 594821.88 14530
FRE FEDERAL HOME LOAN MORTGAGE 313400301 51806023.5 1100792
FD FEDERATED DEPARTMENT STORES 31410H101 32736286.13 647442
FITB FIFTH THIRD BANCORP 316773100 1984426.88 27045
FTN FIRST TENNESSEE NATIONAL CORPORATION 337162101 3551356.5 124609
FTU FIRST UNION CORPORATION 337358105 460169.81 13971
FBF FLEET BOSTON FINANCIAL CORP 339030108 58342303.56 1675901
GCI GANNETT CO 364730101 372088.13 4562
GE GENERAL ELECTRIC COMPANY 369604103 82481440.5 532998
GIC GENERAL INSTRUMENT CORP 370120107 928625 10925
GLX GLAXO WELLCOME PLC 37733W105 294293.63 5267
GS GOLDMAN SACHS GROUP 38141G104 263725 2800
GTE GTE CORPORATION 362320103 73048910.81 1035237
GDT GUIDANT CORPORATION 401698105 6146895 130785
HRC HEALTHSOUTH CORPORATION 421924101 223933.25 41662
HWP HEWLETT PACKARD CO 428236103 906815 7972
HLT HILTON HOTELS CORPORATION 432848109 214878.94 22471
HD HOME DEPOT INC 437076102 3731887.5 54282
INDYY INDEPENDENT ENERGY HOLDINGS PLC 45384X108 1601598.38 48078
INTC INTEL CORPORATION 458140100 6072604.69 73775
IDC INTERDIGITAL COMMUNICATIONS CORPORATION 45866A105 450000 6000
IBM INTERNATIONAL BUSINESS MACHINE 459200101 819850 7600
IPG INTERPUBLIC GROUP COS INC 460690100 84174311.81 1459143
JP JEFFERSON PILOT 475070108 344662.5 5050
JNJ JOHNSON & JOHNSON 478160104 841581.25 9025
K KELLOGG CO 487836108 360906.81 11713
KMB KIMBERLY CLARK CORPORATION 494368103 6735154.69 102925
PHG KONINKLIJKE PHILIPS ELECTRONICS NV 500472204 248400 1840
ERICY L.M. ERICSSON TELEPHONE COMPANY ADR 294821400 1472713.75 22420
LU LUCENT TECHNOLOGIES INC 549463107 2417400 32232
MAY MAY DEPARTMENT STORES COMPANY 577778103 561150 17400
MBI MBIA INC 55262C100 8400725.94 159067
MCD McDONALD'S CORPORATION 580135101 387322.5 9608
WCOM MCI WORLDCOM INC 55268B106 83511433.97 1573832
UMG MEDIAONE GROUP INC 58440J104 202785 2640
MRX MEDICIS PHARMACEUTICALS CORP 584690309 1500349.41 35251
MDT MEDTRONIC INC 585055106 60327929.06 1655655
MRK MERCK & COMPANY 589331107 44137551.56 656931
MSFT MICROSOFT CORPORATION 594918104 44348304.75 379857
MTC MONSANTO CO 611662107 625082.06 17639
MOT MOTOROLA INC 620076109 67915381.25 461225
MMA MUNICIPAL MORTGAGE & EQUITY LLC 62624B101 334850 18100
NCBC NATIONAL COMMERCE BANCORP 635449101 5136177.75 226388
NSC NORFOLK SOUTHERN CORP 655844108 363116.5 17713
OCAS OHIO CASUALTY CORP 677240103 1127523.25 70196
PEP PEPSICO INC 713448108 28618170.75 811863
PFE PFIZER INC 717081103 1146341.25 35340
MO PHILIP MORRIS COMPANIES INC 718154107 315100 13700
P PHILLIPS PETROLEUM CO 718507106 207270 4410
PBI PITNEY BOWES INC 724479100 1640982.38 33966
PG PROCTER & GAMBLE COMPANY 742718109 3858353 35216
QCOM QUALCOMM INC 747525103 1444225 8200
RTN.B RAYTHEON COMPANY - CL B 755111408 1047890.63 39450
RTN.A RAYTHEON COMPANY - CL A 755111309 2480331.94 99963
REP REPSOL SA ADR 76026T205 33185538.75 1427335
RTRSY REUTERS HOLDINGS PLC ADR B 76132M102 3521162.25 43572
RFS RFS HOTEL INVESTORS INC 74955J108 445535.13 42686
RD ROYAL DUTCH PETROLEUM COMPANY 780257804 5160409.5 85208
SKS SAKS INC 79377W108 603622.69 38787
SBC SBC COMMUNICATIONS INC 78387G103 2484655.68 50967
SGP SCHERING PLOUGH CORPORATION 806605101 111879153 2640216
SLB SCHLUMBERGER LTD 806857108 584373.5 10412
SMG SCOTTS COMPANY CL A 810186106 1015588 25232
SC SHELL TRANS & TRADING SP ADR 822703609 1263710 25790
SBH SMITHKLINE BEECHAM PLC ADR 832378301 448875 7000
SLR SOLECTRON CORPORATION 834182107 951250 10000
FON SPRINT CORP (FON GROUP) 852061100 42751447.69 635119
STT STATE STREET CORPORATION 857477103 204575 2800
SUNW SUN MICROSYSTEMS INC 866810104 665033.25 8588
SNV SYNOVOUS FINANCIAL CORPORATION 87161C105 320782.5 16140
SYY SYSCO CORPORATION 871829107 44786648.77 1132048
TX TEXACO INC 881694103 8577573.13 157930
TXN TEXAS INSTRUMENTS INC 882508104 444475 4600
LTD THE LIMITED INC 532716107 209199.38 4830
TWX TIME WARNER INC 887315109 2507797.5 34680
TMK TORCHMARK CORP 891027104 228024.38 7846
UN UNILEVER NV 904784709 7400070.37 135937
UPC UNION PLANTERS CORP 908068109 767296 19456
UNM UNUMPROVIDENT CORP 91529Y106 7598010.94 236975
USW US WEST INC 91273H101 335952 4666
VIA/B VIACOM INC CL B 925524308 977032.63 16166
VOD VODAFONE AIRTOUCH PLC ADR 92857T107 138163905 2791190
WDFC W D 40 CORP 929236107 387187.5 17500
GWW W W GRAINGER 384802104 13232109.38 276750
WMT WAL MART STORES INC 931142103 11121936 160896
WAG WALGREEN COMPANY 931422109 493506 16872
DIS WALT DISNEY COMPANY 254687106 16906851 578012
WLA WARNER LAMBERT COMPANY 934488107 76322323.13 931470
WFSL WASHINGTON FEDERAL INC 938824109 288527.75 14609
WFC WELLS FARGO COMPANY 949746101 61726226.25 1526460
WMB WILLIAMS COMPANIES INC 969457100 227996.25 7460
XL XL CAPITAL LTD CL A G98255105 44966028.13 866815
YHOO YAHOO! INC 984332106 259612.5 600
2,117,008,499.40,714,45
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