UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: June 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: National Life Insurance Company
-------------------------------
Address: One National Life Drive
-------------------------------
Montpelier, VT 05604
-------------------------------
Form 13F File Number: 28-2697
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: Joyce B. LaRosa
--------------------
Title: Assistant Controller
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Phone: 802-229-7433
--------------------
Signature, Place, and Date of Signing:
/s/ Joyce B. LaRosa Montpelier, Vermont Augut 11, 1999
---------------------------- ---------------------------- --------------
[Signature] [City, State] [Date]
Report Type (Check only one.):
[ XX ] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.
[ ] 13F NOTICE. (Check here if no holdings reported are in this report,
and all holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for
this reporting manager are reported in this report and a portion are
reported by other reporting manager(s).)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
NONE
<PAGE>
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 3
--------------
Form 13F Information Table Entry Total: 330
--------------
Form 13F Information Table Value Total: $ 3,044,562
--------------
(thousands)
List of other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column headings
and list entries.]
No. Form 13F File Number Name
--- -------------------- ----
01 28- * NL Capital Management, Inc.
02 28-3768 Sentinel Advisors Company
03 28- * National Life Investment Management, Inc.
* To be assigned
<PAGE>
<TABLE>
<CAPTION>
Form 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
- -------------- -------------- ----- -------- ------- --- ---- ---------- -------- ---- ------- ----
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AMERICAN BLDG. MAINT.INDS. COM 000957100 675 22000 SHR SOLE 2 22000
- ------------------------------------------------------------------------------------------------------------------------------------
AFLAC, INC. COM 001055102 1703 35570 SHR SOLE 2 35570
- ------------------------------------------------------------------------------------------------------------------------------------
AT&T CORP. COM 001957109 53483 958266 SHR SOLE 1,2 952500 5766
- ------------------------------------------------------------------------------------------------------------------------------------
ABBOTT LABORATORIES COM 002824100 48396 1064020 SHR SOLE 1,2 1023180 40840
- ------------------------------------------------------------------------------------------------------------------------------------
ACXIOM CORP. COM 005125109 7176 287740 SHR SOLE 2 287740
- ------------------------------------------------------------------------------------------------------------------------------------
ADMINISTAFF INC COM 007094105 720 45000 SHR SOLE 2 45000
- ------------------------------------------------------------------------------------------------------------------------------------
AFFILIATED COMPUTER SERVICES, COM 008190100 11601 229160 SHR SOLE 1,2 229160
- ------------------------------------------------------------------------------------------------------------------------------------
AIRTOUCH COMM COM 00949T100 567 5266 SHR SOLE 2 5266
- ------------------------------------------------------------------------------------------------------------------------------------
AKZO NOBEL NV - SPON ADR COM 010199305 116 2732 SHR SOLE 2 2732
- ------------------------------------------------------------------------------------------------------------------------------------
ALBERTO-CULVER CO CLASS COM 013068200 3308 145000 SHR SOLE 2 145000
- ------------------------------------------------------------------------------------------------------------------------------------
ALBERTSON'S, INC. COM 013104104 2132 41350 SHR SOLE 1 9500 31850
- ------------------------------------------------------------------------------------------------------------------------------------
ALCATEL ALSTHOM ADR COM 013904305 1135 40005 SHR SOLE 2 40005
- ------------------------------------------------------------------------------------------------------------------------------------
ALLSTATE CORPORATION COM 020002101 32923 917733 SHR SOLE 1,2 917733
- ------------------------------------------------------------------------------------------------------------------------------------
AMERICAN EXPRESS CO. COM 025816109 57334 440610 SHR SOLE 1,2 440610
- ------------------------------------------------------------------------------------------------------------------------------------
AMERICAN GENERAL CORP. COM 026351106 53576 710795 SHR SOLE 1,2 710795
- ------------------------------------------------------------------------------------------------------------------------------------
AMERICAN HOMES PRODUCTS CORP. COM 026609107 64075 1114420 SHR SOLE 1,2 1114420
- ------------------------------------------------------------------------------------------------------------------------------------
AMERICAN INTERNATIONAL GROUP, INC COM 026874107 46706 398910 SHR SOLE 1,2 368425 30485
- ------------------------------------------------------------------------------------------------------------------------------------
AMERITECH CORP. COM 030954101 2522 34316 SHR SOLE 1,2 27106 7210
- ------------------------------------------------------------------------------------------------------------------------------------
AMERIGAS PART LP COM 030975106 2 100 SHR SOLE 2 100
- ------------------------------------------------------------------------------------------------------------------------------------
ANALYSTS INTERNATIONAL CORP. COM 032681108 2670 185750 SHR SOLE 1,2 165500 20250
- ------------------------------------------------------------------------------------------------------------------------------------
APPLEBEES INTERNATIONAL COM 037899101 6679 221700 SHR SOLE 2 221700
- ------------------------------------------------------------------------------------------------------------------------------------
APPLIED MATERIALS COM 038222105 586 7930 SHR SOLE 2 7930
- ------------------------------------------------------------------------------------------------------------------------------------
APTARGROUP INC COM 038336103 4350 145000 SHR SOLE 2 145000
- ------------------------------------------------------------------------------------------------------------------------------------
ARCHER-DANIELS-MIDLAND CO COM 039483102 143 9260 SHR SOLE 2 9260
- ------------------------------------------------------------------------------------------------------------------------------------
ARCHSTONE COMMUNITIES TRUST COM 039581103 46 2110 SHR SOLE 2 2110
- ------------------------------------------------------------------------------------------------------------------------------------
ASSOCIATES FIRST CAPITAL CORP. COM 046008108 22229 501716 SHR SOLE 1,2 501716
- ------------------------------------------------------------------------------------------------------------------------------------
ASTRAZENECA PLC - SPON ADR COM 046353108 131 3349 SHR SOLE 2 3349
- ------------------------------------------------------------------------------------------------------------------------------------
AUTOMATIC DATA PROCESSING,INC. COM 053015103 40851 928440 SHR SOLE 1,2 923770 4670
- ------------------------------------------------------------------------------------------------------------------------------------
AVALONBAY COMMUNITIES INC COM 053484101 4 109 SHR SOLE 2 109
- ------------------------------------------------------------------------------------------------------------------------------------
BASF AG - UNSPON ADR COM 055262406 117 2663 SHR SOLE 2 2663
- ------------------------------------------------------------------------------------------------------------------------------------
BCE INC. COM 05534b109 1456 29520 SHR SOLE 1 10500 19020
- ------------------------------------------------------------------------------------------------------------------------------------
BP AMOCO PLC-SPONS ADR COM 055622104 701 6462 SHR SOLE 1,2 1410 5052
- ------------------------------------------------------------------------------------------------------------------------------------
BANQ NATIONALE DEPARIS NON-CUM PRD 05562EAA6 1201 12500 SHR SOLE 1 12500
- ------------------------------------------------------------------------------------------------------------------------------------
BRE PROPERTIES CL A COM 05564E109 43 1640 SHR SOLE 2 1640
- ------------------------------------------------------------------------------------------------------------------------------------
BALLARD MEDICAL PRODUCTS COM 058566100 2494 107000 SHR SOLE 2 107000
- ------------------------------------------------------------------------------------------------------------------------------------
BANCO SANTANDER CEN-SPON ADR COM 05964H105 122 11558 SHR SOLE 2 11558
- ------------------------------------------------------------------------------------------------------------------------------------
BANK OF AMERICA CORP. COM 060505104 39288 535898 SHR SOLE 1,2 535898
- ------------------------------------------------------------------------------------------------------------------------------------
BANK OF NEW YORK, INC COM 064057102 45559 1241820 SHR SOLE 1,2 1237275 4545
- ------------------------------------------------------------------------------------------------------------------------------------
BANKNORTH GROUP COM 06646L100 810 24550 SHR SOLE 1 24550
- ------------------------------------------------------------------------------------------------------------------------------------
BARNES & NOBLE, INC COM 067774109 19 700 SHR SOLE 2 700
- ------------------------------------------------------------------------------------------------------------------------------------
BARR LABS INC. COM 068306109 598 15000 SHR SOLE 2 15000
- ------------------------------------------------------------------------------------------------------------------------------------
BAXTER INTL INC COM 071813109 425 7009 SHR SOLE 2 7009
- ------------------------------------------------------------------------------------------------------------------------------------
BAYER AG-SPON ADR COM 072730302 80 1916 SHR SOLE 2 1916
- ------------------------------------------------------------------------------------------------------------------------------------
BECTON DICKINSON & CO. COM 075887109 21558 718613 SHR SOLE 1,2 718613
- ------------------------------------------------------------------------------------------------------------------------------------
BELL ATLANTIC CORP. COM 077853109 1653 25294 SHR SOLE 1,2 9688 15606
- ------------------------------------------------------------------------------------------------------------------------------------
BELLSOUTH CORP. COM 079860102 974 21118 SHR SOLE 1,2 6990 14128
- ------------------------------------------------------------------------------------------------------------------------------------
BEMIS INC COM 081437105 32668 821840 SHR SOLE 1,2 817590 4250
- ------------------------------------------------------------------------------------------------------------------------------------
BERKSHIRE HATHAWAY INC. CL B COM 084670207 327 146 SHR SOLE 1 146
- ------------------------------------------------------------------------------------------------------------------------------------
BESTFOODS, INC. COM 08658U101 30697 620140 SHR SOLE 1 602270 17870
- ------------------------------------------------------------------------------------------------------------------------------------
BIOMET, INC. COM 090613100 3935 99000 SHR SOLE 2 99000
- ------------------------------------------------------------------------------------------------------------------------------------
BOEING CO COM 097023105 189 4300 SHR SOLE 2 4300
- ------------------------------------------------------------------------------------------------------------------------------------
BRISTOL-MYERS SQUIBB CO COM 110122108 2951 41895 SHR SOLE 1,2 12900 28995
- ------------------------------------------------------------------------------------------------------------------------------------
BRITISH AIRWAYS PLC - SP COM 110419306 1844 25818 SHR SOLE 2 25818
- ------------------------------------------------------------------------------------------------------------------------------------
BRITISH STEEL (ADR) COM 111015301 1955 75000 SHR SOLE 2 75000
- ------------------------------------------------------------------------------------------------------------------------------------
BRITISH TELECOMM PLC ADR FINAL INST COM 111021408 2370 13840 SHR SOLE 2 13840
- ------------------------------------------------------------------------------------------------------------------------------------
BURLINGTON NORTHERN SANTA FE CORP COM 12189T104 719 23194 SHR SOLE 1,2 7314 15880
- ------------------------------------------------------------------------------------------------------------------------------------
BURLINGTON RESOURCES INC COM 122014103 22 502 SHR SOLE 2 502
- ------------------------------------------------------------------------------------------------------------------------------------
BUSH BOAKE ALLEN, INC. COM 123162109 5191 177460 SHR SOLE 2 177460
- ------------------------------------------------------------------------------------------------------------------------------------
C-COR ELECTRONICS, INC. COM 125010108 808 29000 SHR SOLE 2 29000
- ------------------------------------------------------------------------------------------------------------------------------------
C-CUBE MICROSYSTEMS COM 125015107 2392 75500 SHR SOLE 2 75500
- ------------------------------------------------------------------------------------------------------------------------------------
CH ROBINSON WORLDWIDE IN COM 12541W100 8894 242000 SHR SOLE 1,2 242000
- ------------------------------------------------------------------------------------------------------------------------------------
CTS CORP. COM 126501105 2205 31500 SHR SOLE 2 31500
- ------------------------------------------------------------------------------------------------------------------------------------
CVS CORP COM 126650100 127 2500 SHR SOLE 2 2500
- ------------------------------------------------------------------------------------------------------------------------------------
CACI INTL. INC. COM 127190304 2453 109000 SHR SOLE 2 109000
- ------------------------------------------------------------------------------------------------------------------------------------
CAL DIVE INTL INC COM 127914109 2674 89500 SHR SOLE 2 89500
- ------------------------------------------------------------------------------------------------------------------------------------
CAMBREX CORPORATION COM 132011107 7696 293200 SHR SOLE 1,2 293200
- ------------------------------------------------------------------------------------------------------------------------------------
CANON INC SPON ADR COM 138006309 129 4440 SHR SOLE 2 4440
- ------------------------------------------------------------------------------------------------------------------------------------
CARBO CERAMICS INC COM 140781105 913 30000 SHR SOLE 2 30000
- ------------------------------------------------------------------------------------------------------------------------------------
CARDINAL HEALTH INC COM 14149Y108 56 872 SHR SOLE 2 872
- ------------------------------------------------------------------------------------------------------------------------------------
CARLTON COMM PLC - SPON ADR COM 142872209 80 1875 SHR SOLE 2 1875
- ------------------------------------------------------------------------------------------------------------------------------------
CAROLINA POWER & LIGHT COM 144141108 43 1000 SHR SOLE 2 1000
- ------------------------------------------------------------------------------------------------------------------------------------
CARRAMERICA REALTY CORP COM 144418100 92 3680 SHR SOLE 2 3680
- ------------------------------------------------------------------------------------------------------------------------------------
CASEYS GEN STORE COM 147528103 1080 72000 SHR SOLE 2 72000
- ------------------------------------------------------------------------------------------------------------------------------------
CATALINA MARKETING CORP. + COM 148867104 7612 82740 SHR SOLE 1,2 82740
- ------------------------------------------------------------------------------------------------------------------------------------
CHASE MANHATTEN CORP. COM 16161A108 37447 432300 SHR SOLE 1 432300
- ------------------------------------------------------------------------------------------------------------------------------------
CHATEAU COMMUNITIES INC COM 161726104 4907 163910 SHR SOLE 2 163910
- ------------------------------------------------------------------------------------------------------------------------------------
CHEVRON OIL COM 166751107 32300 339350 SHR SOLE 1,2 336250 3100
- ------------------------------------------------------------------------------------------------------------------------------------
CHUBB CORP. COM 171232101 599 8614 SHR SOLE 1,2 300 8314
- ------------------------------------------------------------------------------------------------------------------------------------
CIBER INC. COM 17163B102 555 29000 SHR SOLE 2 29000
- ------------------------------------------------------------------------------------------------------------------------------------
CISCO SYSTEMS INC COM 17275R102 58 896 SHR SOLE 2 896
- ------------------------------------------------------------------------------------------------------------------------------------
CITIGROUP, INC. COM 172967101 45064 948699 SHR SOLE 1,2 940387 8312
- ------------------------------------------------------------------------------------------------------------------------------------
COCA-COLA CO. COM 191216100 295 4757 SHR SOLE 1 4757
- ------------------------------------------------------------------------------------------------------------------------------------
COMCAST CORP. CLASS A COM 200300101 4244 118500 SHR SOLE 1,2 118500
- ------------------------------------------------------------------------------------------------------------------------------------
COMCAST CORP. SPECIAL CLASS A COM 200300200 13665 355500 SHR SOLE 1,2 355500
- ------------------------------------------------------------------------------------------------------------------------------------
COMPAQ COMPUTER CORP. COM 204493100 24477 1033300 SHR SOLE 1,2 1033300
- ------------------------------------------------------------------------------------------------------------------------------------
COMPUTER ASSOCIATES COM 204912109 1048 19125 SHR SOLE 1,2 6000 13125
- ------------------------------------------------------------------------------------------------------------------------------------
COSTCO COS., INC. COM 22160Q102 56401 704460 SHR SOLE 2 704460
- ------------------------------------------------------------------------------------------------------------------------------------
COUSINS PROPERTIES INC COM 222795106 79 2335 SHR SOLE 2 2335
- ------------------------------------------------------------------------------------------------------------------------------------
COVANCE INC. COM 222816100 11423 477205 SHR SOLE 1,2 459940 17265
- ------------------------------------------------------------------------------------------------------------------------------------
COX COMMUNICATIONS INC COM 224044107 814 22120 SHR SOLE 2 22120
- ------------------------------------------------------------------------------------------------------------------------------------
CULLEN/FROST BANKERS, INC. COM 229899109 2847 103300 SHR SOLE 2 103300
- ------------------------------------------------------------------------------------------------------------------------------------
CYPRUS AMAX MIN CO COM 232809103 4 250 SHR SOLE 2 250
- ------------------------------------------------------------------------------------------------------------------------------------
DPL INC COM 233293109 50 2700 SHR SOLE 2 2700
- ------------------------------------------------------------------------------------------------------------------------------------
DAI NIPPON PRINT - UNSPON ADR COM 233806207 81 504 SHR SOLE 2 504
- ------------------------------------------------------------------------------------------------------------------------------------
DALLAS SEMICONDUCTOR COR COM 235204104 8014 158700 SHR SOLE 2 158700
- ------------------------------------------------------------------------------------------------------------------------------------
DAYTON-HUDSON CORP. COM 239753106 24261 373240 SHR SOLE 1,2 367320 5920
- ------------------------------------------------------------------------------------------------------------------------------------
DELUXE CORP COM COM 248019101 130 3349 SHR SOLE 2 3349
- ------------------------------------------------------------------------------------------------------------------------------------
DEN DANSKE BANK - UNSPON ADR COM 248206203 65 598 SHR SOLE 2 598
- ------------------------------------------------------------------------------------------------------------------------------------
DEUTSCHE BANK - SPON ADR COM 251525309 52 868 SHR SOLE 2 868
- ------------------------------------------------------------------------------------------------------------------------------------
DEVELOPERS DIVERS REALTY CRP COM 251591103 44 2605 SHR SOLE 2 2605
- ------------------------------------------------------------------------------------------------------------------------------------
DIAGNOSTIC PRODUCTS CORP. COM 252450101 470 17000 SHR SOLE 2 17000
- ------------------------------------------------------------------------------------------------------------------------------------
WALT DISNEY CO COM 254687106 2481 80500 SHR SOLE 1,2 80500
- ------------------------------------------------------------------------------------------------------------------------------------
DONALDSON COMPANY, INC. COM 257651109 4631 189000 SHR SOLE 2 189000
- ------------------------------------------------------------------------------------------------------------------------------------
EI DUPONT DE NEMOURS & CO COM 263534109 36733 537726 SHR SOLE 1,2 521850 15876
- ------------------------------------------------------------------------------------------------------------------------------------
DUFF & PHELPS CREDIT RATING CO COM 26432F109 4882 73000 SHR SOLE 2 73000
- ------------------------------------------------------------------------------------------------------------------------------------
DUKE ENERGY CORPORATION COM 264399106 23537 432850 SHR SOLE 1,2 432850
- ------------------------------------------------------------------------------------------------------------------------------------
DUKE REALTY INVESTMENTS INC COM 264411505 85 3750 SHR SOLE 2 3750
- ------------------------------------------------------------------------------------------------------------------------------------
DYNATECH CORPORATION COM 268140100 84 24500 SHR SOLE 2 24500
- ------------------------------------------------------------------------------------------------------------------------------------
ENI SPA-SPONSORED ADR COM 26874R108 1200 20000 SHR SOLE 2 20000
- ------------------------------------------------------------------------------------------------------------------------------------
EAGLE USA AIRFREIGHT, INC. COM 270018104 2440 57500 SHR SOLE 2 57500
- ------------------------------------------------------------------------------------------------------------------------------------
EASTGROUP PROPERTIES COM 277276101 71 3525 SHR SOLE 2 3525
- ------------------------------------------------------------------------------------------------------------------------------------
ECOLAB INC COM 278865100 35 800 SHR SOLE 2 800
- ------------------------------------------------------------------------------------------------------------------------------------
ELECTRONIC DATA SYSTEMS CORP. COM 285661104 32600 576315 SHR SOLE 1,2 570780 5535
- ------------------------------------------------------------------------------------------------------------------------------------
ELF AQUITAINEADR SPON ADR COM 286269105 1710 23240 SHR SOLE 2 23240
- ------------------------------------------------------------------------------------------------------------------------------------
EMERSON ELECTRIC CO. COM 291011104 46236 735320 SHR SOLE 1,2 735320
- ------------------------------------------------------------------------------------------------------------------------------------
ENDESA - SPONSORED ADR COM 29258N107 2314 108890 SHR SOLE 2 108890
- ------------------------------------------------------------------------------------------------------------------------------------
ENHANCE FINANCIAL SVCS. GROUP COM 293310108 3429 173600 SHR SOLE 2 173600
- ------------------------------------------------------------------------------------------------------------------------------------
ENRON CORP. COM 293561106 70295 859886 SHR SOLE 1,2 839130 20756
- ------------------------------------------------------------------------------------------------------------------------------------
EQUITY OFFICE PROP TR COM 294741103 63 2466 SHR SOLE 2 2466
- ------------------------------------------------------------------------------------------------------------------------------------
EQUITY RESIDENTIAL PROPS TR COM 29476L107 22 481 SHR SOLE 2 481
- ------------------------------------------------------------------------------------------------------------------------------------
ETHAN ALLEN INTERIORS COM 297602104 10938 289745 SHR SOLE 1,2 287495 2250
- ------------------------------------------------------------------------------------------------------------------------------------
EUROPE FUND INC COM 29874M103 468 27150 SHR SOLE 2 27150
- ------------------------------------------------------------------------------------------------------------------------------------
EXXON CORPORATION COM 302290101 26403 342329 SHR SOLE 1,2 281550 60779
- ------------------------------------------------------------------------------------------------------------------------------------
FPL GROUP,INC. COM 302571104 21660 396520 SHR SOLE 2 396520
- ------------------------------------------------------------------------------------------------------------------------------------
FEDERAL NATL MTGE ASSN COM 313586109 31408 459415 SHR SOLE 1,2 439475 19940
- ------------------------------------------------------------------------------------------------------------------------------------
FEDERAL REALTY INVS TR COM 313747206 19 845 SHR SOLE 2 845
- ------------------------------------------------------------------------------------------------------------------------------------
FILENET CORP. COM 316869106 3740 327000 SHR SOLE 2 327000
- ------------------------------------------------------------------------------------------------------------------------------------
FIRST UNION CORP. COM 337358105 29115 619353 SHR SOLE 1,2 606900 12453
- ------------------------------------------------------------------------------------------------------------------------------------
FLORIDA PROGRESS CORP. COM 341109106 25151 608800 SHR SOLE 1,2 608800
- ------------------------------------------------------------------------------------------------------------------------------------
FORD MOTOR COMPANY COM 345370100 55915 990740 SHR SOLE 1,2 990740
- ------------------------------------------------------------------------------------------------------------------------------------
FORTUNE BRANDS,INC. COM 349631101 50891 1230000 SHR SOLE 1,2 1230000
- ------------------------------------------------------------------------------------------------------------------------------------
FRONTIER INS GROUP INC COM 359081106 92 6000 SHR SOLE 2 6000
- ------------------------------------------------------------------------------------------------------------------------------------
FUJI PHOTO FILM - UNSPON ADR COM 359586302 125 3280 SHR SOLE 2 3280
- ------------------------------------------------------------------------------------------------------------------------------------
GTE CORPORATION COM 362320103 68235 900995 SHR SOLE 1,2 900995
- ------------------------------------------------------------------------------------------------------------------------------------
GALLAHER GROUP PLC-ADR COM 363595109 7 300 SHR SOLE 2 300
- ------------------------------------------------------------------------------------------------------------------------------------
GANNETT,INC. COM 364730101 52457 734950 SHR SOLE 1,2 734950
- ------------------------------------------------------------------------------------------------------------------------------------
GAP INC COM 364760108 170 3375 SHR SOLE 2 3375
- ------------------------------------------------------------------------------------------------------------------------------------
GENERAL ELECTRIC CORP. COM 369604103 46698 413264 SHR SOLE 1,2 325590 87674
- ------------------------------------------------------------------------------------------------------------------------------------
GENERAL GROWTH PPTYS INC COM 370021107 23 645 SHR SOLE 2 645
- ------------------------------------------------------------------------------------------------------------------------------------
GENERAL INSTRUMENTS CORP. COM 370120107 6532 153700 SHR SOLE 2 153700
- ------------------------------------------------------------------------------------------------------------------------------------
GENERAL MOTORS CORP COM 370442105 13 200 SHR SOLE 2 200
- ------------------------------------------------------------------------------------------------------------------------------------
GENESIS HEALTH VENTURES INC COM 371912106 1 300 SHR SOLE 2 300
- ------------------------------------------------------------------------------------------------------------------------------------
GLAXO PLC ADR COM 37733W105 1416 25000 SHR SOLE 2 25000
- ------------------------------------------------------------------------------------------------------------------------------------
GOODRICH, B.F. CO. COM 382388106 60546 1424625 SHR SOLE 1,2 1398320 26305
- ------------------------------------------------------------------------------------------------------------------------------------
GREAT LAKES REIT INC COM 390752103 84 5167 SHR SOLE 2 5167
- ------------------------------------------------------------------------------------------------------------------------------------
GROUPE DANONE - SPONS ADR COM 399449107 164 3141 SHR SOLE 2 3141
- ------------------------------------------------------------------------------------------------------------------------------------
HCC INSURANCE HOLDINGS COM 404132102 4946 218000 SHR SOLE 2 218000
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE & RETIREMENT CORP COM 404134108 19220 794630 SHR SOLE 1,2 794630
- ------------------------------------------------------------------------------------------------------------------------------------
HSBC HOLDINGS PLC - SPONS ADR COM 404280307 169 464 SHR SOLE 2 464
- ------------------------------------------------------------------------------------------------------------------------------------
HALLIBURTON COMPANY COM 406216101 37051 818800 SHR SOLE 1,2 818800
- ------------------------------------------------------------------------------------------------------------------------------------
HARMAN INTL INDS INC COM 413086109 3168 72000 SHR SOLE 2 72000
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE SVCS GCES GRO COM 421906108 1331 136500 SHR SOLE 2 136500
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHPLAN SERVICES CORP COM 421959107 818 120000 SHR SOLE 2 120000
- ------------------------------------------------------------------------------------------------------------------------------------
HJ HEINZ CO COM 423074103 1563 31186 SHR SOLE 1,2 4200 26986
- ------------------------------------------------------------------------------------------------------------------------------------
HERSHEY FOODS CORP. COM 427866108 28797 485000 SHR SOLE 1,2 485000
- ------------------------------------------------------------------------------------------------------------------------------------
HEWLETT-PACKARD CO. COM 428236103 3828 38089 SHR SOLE 1,2 11060 27029
- ------------------------------------------------------------------------------------------------------------------------------------
HILLENBRAND INDUSTRIES,INC. COM 431573104 6215 143700 SHR SOLE 2 143700
- ------------------------------------------------------------------------------------------------------------------------------------
HITACHI LTD - SPONS ADR COM 433578507 113 1197 SHR SOLE 2 1197
- ------------------------------------------------------------------------------------------------------------------------------------
HOME DEPOT INC. COM 437076102 3026 46952 SHR SOLE 1,2 15100 31852
- ------------------------------------------------------------------------------------------------------------------------------------
HOME PROPERTIES OF NY INC COM 437306103 63 2275 SHR SOLE 2 2275
- ------------------------------------------------------------------------------------------------------------------------------------
HONDA MOTOR CO LTD - SPON ADR COM 438128308 45 515 SHR SOLE 2 515
- ------------------------------------------------------------------------------------------------------------------------------------
HORACE MANN EDUCATORS CO COM 440327104 1631 60000 SHR SOLE 2 60000
- ------------------------------------------------------------------------------------------------------------------------------------
IRT PROPERTY CO COM 450058102 20 1990 SHR SOLE 2 1990
- ------------------------------------------------------------------------------------------------------------------------------------
IDACORP INC COM 451107106 69 2200 SHR SOLE 2 2200
- ------------------------------------------------------------------------------------------------------------------------------------
ILLINOVA CORP COM 452317100 22 800 SHR SOLE 2 800
- ------------------------------------------------------------------------------------------------------------------------------------
IMATION CORP COM 45245A107 1 40 SHR SOLE 2 40
- ------------------------------------------------------------------------------------------------------------------------------------
ING GROEP NV SPON ADR COM 456837103 115 2089 SHR SOLE 2 2089
- ------------------------------------------------------------------------------------------------------------------------------------
INTEL CORPORATION COM 458140100 25293 425090 SHR SOLE 1,2 376490 48600
- ------------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL BUSINESS M COM 459200101 85557 661944 SHR SOLE 1,2 657010 4934
- ------------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL PAPER CO. COM 460146103 18231 361000 SHR SOLE 2 361000
- ------------------------------------------------------------------------------------------------------------------------------------
SAN PAOLO-IMI SPA COM 465224103 1792 65175 SHR SOLE 2 65175
- ------------------------------------------------------------------------------------------------------------------------------------
JEFFERSON-PILOT CORP. COM 475070108 37217 562300 SHR SOLE 1,2 562300
- ------------------------------------------------------------------------------------------------------------------------------------
JOHNSON & JOHNSON COM 478160104 63421 647152 SHR SOLE 1,2 632305 14847
- ------------------------------------------------------------------------------------------------------------------------------------
JONES PHARMA INC. COM 480236108 866 22000 SHR SOLE 2 22000
- ------------------------------------------------------------------------------------------------------------------------------------
KAUFMAN & BROAD HOME CORP COM 486168107 17 700 SHR SOLE 2 700
- ------------------------------------------------------------------------------------------------------------------------------------
KEY ENERGY SERVICES INC. COM 492914106 713 200000 SHR SOLE 2 200000
- ------------------------------------------------------------------------------------------------------------------------------------
KEYCORP COM 493267108 1360 42348 SHR SOLE 1 9640 32708
- ------------------------------------------------------------------------------------------------------------------------------------
KIMBERLY-CLARKE CORP. COM 494368103 65173 1143390 SHR SOLE 1,2 1143390
- ------------------------------------------------------------------------------------------------------------------------------------
KIMCO REALTY CORP COM 49446R109 79 1995 SHR SOLE 2 1995
- ------------------------------------------------------------------------------------------------------------------------------------
KIRIN BREWERY CO - UNSP ADR COM 497350207 110 928 SHR SOLE 2 928
- ------------------------------------------------------------------------------------------------------------------------------------
KONINKLIJKE PHILIPS ELEC COM 500472204 1578 15640 SHR SOLE 2 15640
- ------------------------------------------------------------------------------------------------------------------------------------
KYOCERA CORP - SPONS ADR COM 501556203 98 1636 SHR SOLE 2 1636
- ------------------------------------------------------------------------------------------------------------------------------------
LANDS' END INC COM 515086106 6071 125200 SHR SOLE 2 125200
- ------------------------------------------------------------------------------------------------------------------------------------
LEXMARK INTERNATL GROUP INC COM 529771107 3039 46000 SHR SOLE 2 46000
- ------------------------------------------------------------------------------------------------------------------------------------
LIBERTY PROPERTY TRUST COM 531172104 782 31428 SHR SOLE 1,2 22587 8841
- ------------------------------------------------------------------------------------------------------------------------------------
LILLY ELI & CO COM 532457108 150 2100 SHR SOLE 2 2100
- ------------------------------------------------------------------------------------------------------------------------------------
LUCENT TECHNOLOGIES COM 549463107 899 13332 SHR SOLE 1,2 2000 11332
- ------------------------------------------------------------------------------------------------------------------------------------
MCI WORLDCOM, INC. COM 55268B106 1366 15875 SHR SOLE 1,2 15875
- ------------------------------------------------------------------------------------------------------------------------------------
MACK-CALI REALTY CORP COM 554489104 108 3490 SHR SOLE 2 3490
- ------------------------------------------------------------------------------------------------------------------------------------
MARRIOTT INTL CL A COM 571903202 54275 1452180 SHR SOLE 1,2 1452180
- ------------------------------------------------------------------------------------------------------------------------------------
MAY DEPT. STORES COM 577778103 31360 767220 SHR SOLE 1,2 767220
- ------------------------------------------------------------------------------------------------------------------------------------
MCCORMICK & COMPANY COM 579780206 32334 1024430 SHR SOLE 1,2 1024430
- ------------------------------------------------------------------------------------------------------------------------------------
MCGRAW-HILL INC. COM 580645109 51565 956001 SHR SOLE 1,2 950540 5461
- ------------------------------------------------------------------------------------------------------------------------------------
MEDIAONE GROUP INC COM 58440J104 44 585 SHR SOLE 2 585
- ------------------------------------------------------------------------------------------------------------------------------------
MEDIA LOGIC COM 58441b100 0 10000 SHR SOLE 1 10000
- ------------------------------------------------------------------------------------------------------------------------------------
MEDTRONIC INC COM 585055106 304 3900 SHR SOLE 2 3900
- ------------------------------------------------------------------------------------------------------------------------------------
MENTOR CORP. COM 587188103 4116 221000 SHR SOLE 2 221000
- ------------------------------------------------------------------------------------------------------------------------------------
MERCANTILE BANKSHARES CORP. COM 587405101 3771 106600 SHR SOLE 2 106600
- ------------------------------------------------------------------------------------------------------------------------------------
MERCK & CO. COM 589331107 2273 30865 SHR SOLE 1,2 9724 21141
- ------------------------------------------------------------------------------------------------------------------------------------
MEREDITH CORP. COM 589433101 1004 29000 SHR SOLE 2 29000
- ------------------------------------------------------------------------------------------------------------------------------------
METHODE ELECTRONICS INC CL A COM 591520200 7227 315950 SHR SOLE 2 315950
- ------------------------------------------------------------------------------------------------------------------------------------
MICROSOFT CORP COM 594918104 802 8890 SHR SOLE 2 8890
- ------------------------------------------------------------------------------------------------------------------------------------
MIDAMERICAN ENERGY HOLDINGS CO COM 59562V107 8228 237630 SHR SOLE 2 237630
- ------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA MINING & MFG CO COM 604059105 70 800 SHR SOLE 2 800
- ------------------------------------------------------------------------------------------------------------------------------------
MINNTECH CORP COM 604258103 1918 130000 SHR SOLE 2 130000
- ------------------------------------------------------------------------------------------------------------------------------------
MOBIL CORPORATION COM 607059102 55028 555992 SHR SOLE 1,2 539030 16962
- ------------------------------------------------------------------------------------------------------------------------------------
MONARCH DENTAL CORP. COM 609044102 271 86000 SHR SOLE 2 86000
- ------------------------------------------------------------------------------------------------------------------------------------
ROBERT MONDAVI, A COM 609200100 1606 44150 SHR SOLE 2 44150
- ------------------------------------------------------------------------------------------------------------------------------------
MONSANTO COMPANY COM 611662107 554 14000 SHR SOLE 1,2 4000 10000
- ------------------------------------------------------------------------------------------------------------------------------------
J.P. MORGAN & CO. COM 616880100 960 6830 SHR SOLE 1 6830
- ------------------------------------------------------------------------------------------------------------------------------------
MOTOROLA, INC. COM 620076109 5459 57616 SHR SOLE 1,2 46600 11016
- ------------------------------------------------------------------------------------------------------------------------------------
NABORS INDUSTRIES COM 629568106 879 36067 SHR SOLE 1 9900 26167
- ------------------------------------------------------------------------------------------------------------------------------------
NATL AUSTRALIA BK LTD SPON ADR COM 632525408 131 1556 SHR SOLE 2 1556
- ------------------------------------------------------------------------------------------------------------------------------------
NESTLE SA SPONS ADR REPSTG REG SH COM 641069406 153 1699 SHR SOLE 2 1699
- ------------------------------------------------------------------------------------------------------------------------------------
NEW PLAN EXCEL REALTY TR COM 648053106 22 1195 SHR SOLE 2 1195
- ------------------------------------------------------------------------------------------------------------------------------------
NEWS CORP LTD -SPONS ADR COM 652487703 94 2672 SHR SOLE 2 2672
- ------------------------------------------------------------------------------------------------------------------------------------
NEW CORP LTD -SPONS ADR PRF COM 652487802 32 1000 SHR SOLE 2 1000
- ------------------------------------------------------------------------------------------------------------------------------------
NINTENDO OF AMERICA INC ADR COM 654445303 65 3710 SHR SOLE 2 3710
- ------------------------------------------------------------------------------------------------------------------------------------
NISOURCE INC COM 65473P105 72 2800 SHR SOLE 2 2800
- ------------------------------------------------------------------------------------------------------------------------------------
NORFOLK-SOUTHERN COM 655844108 237 7869 SHR SOLE 1,2 675 7194
- ------------------------------------------------------------------------------------------------------------------------------------
NORSK HYDRO AS ADR COM 656531605 64 1675 SHR SOLE 2 1675
- ------------------------------------------------------------------------------------------------------------------------------------
NORTHERN STS PWR CO MINN COM 665772109 102 4200 SHR SOLE 2 4200
- ------------------------------------------------------------------------------------------------------------------------------------
NOVARTIS AG - ADR COM 66987V109 121 1656 SHR SOLE 2 1656
- ------------------------------------------------------------------------------------------------------------------------------------
NOVELL, INC. COM 670006105 3214 121300 SHR SOLE 2 121300
- ------------------------------------------------------------------------------------------------------------------------------------
NOVELLUS SYSTEMS INC COM 670008101 2658 38950 SHR SOLE 2 38950
- ------------------------------------------------------------------------------------------------------------------------------------
NOVO-NORDISK A/S - SPONS ADR COM 670100205 1530 28606 SHR SOLE 2 28606
- ------------------------------------------------------------------------------------------------------------------------------------
OCEANEERING INTL INC COM 675232102 468 29000 SHR SOLE 2 29000
- ------------------------------------------------------------------------------------------------------------------------------------
OMNICOM GROUP INC COM 681919106 69956 874450 SHR SOLE 1,2 874450
- ------------------------------------------------------------------------------------------------------------------------------------
OUTBACK STEAKHOUSE INC. COM 689899102 6112 155470 SHR SOLE 2 155470
- ------------------------------------------------------------------------------------------------------------------------------------
PIMCO ADVISORS HOLDINGS LP COM 69338P102 7 250 SHR SOLE 2 250
- ------------------------------------------------------------------------------------------------------------------------------------
PP&L RESOURCES, INC. COM 693499105 417 13559 SHR SOLE 1 13559
- ------------------------------------------------------------------------------------------------------------------------------------
PACIFICORP COM 695114108 8100 440814 SHR SOLE 2 440814
- ------------------------------------------------------------------------------------------------------------------------------------
PARKER-HANNIFIN CORP. COM 701094104 50309 1099650 SHR SOLE 1,2 1099650
- ------------------------------------------------------------------------------------------------------------------------------------
PEPSICO, INC. COM 713448108 50784 1312655 SHR SOLE 1,2 1276460 36195
- ------------------------------------------------------------------------------------------------------------------------------------
PFIZER, INC. COM 717081103 30739 291097 SHR SOLE 1,2 288440 2657
- ------------------------------------------------------------------------------------------------------------------------------------
PHILIP MORRIS COS COM 718154107 21653 538805 SHR SOLE 1,2 538805
- ------------------------------------------------------------------------------------------------------------------------------------
PHOTRONICS INC. COM 719405102 2705 110400 SHR SOLE 2 110400
- ------------------------------------------------------------------------------------------------------------------------------------
PIER 1 IMPORTS INC/DEL COM 720279108 13 1125 SHR SOLE 2 1125
- ------------------------------------------------------------------------------------------------------------------------------------
PLEXUS CORPORATION COM 729132100 844 28000 SHR SOLE 2 28000
- ------------------------------------------------------------------------------------------------------------------------------------
PORTUGAL TELECOM SA - SPON ADR COM 737273102 1918 46563 SHR SOLE 2 46563
- ------------------------------------------------------------------------------------------------------------------------------------
POST PROPERTIES INC COM 737464107 22 545 SHR SOLE 2 545
- ------------------------------------------------------------------------------------------------------------------------------------
POWERGEN PLC - SPONS ADR COM 738905405 101 2364 SHR SOLE 2 2364
- ------------------------------------------------------------------------------------------------------------------------------------
PRAXAIR, INC. COM 74005P104 10277 210000 SHR SOLE 2 210000
- ------------------------------------------------------------------------------------------------------------------------------------
COSTCO COMPANIES COM 74143W102 1201 15000 SHR SOLE 1 15000
- ------------------------------------------------------------------------------------------------------------------------------------
PROCTER & GAMBLE COM 742718109 696 7798 SHR SOLE 1,2 2382 5416
- ------------------------------------------------------------------------------------------------------------------------------------
RWE AKTIENGESELLSCHAF - SP ADR COM 74975E307 124 2683 SHR SOLE 2 2683
- ------------------------------------------------------------------------------------------------------------------------------------
RAILTEX, INC. COM 750766107 805 58000 SHR SOLE 2 58000
- ------------------------------------------------------------------------------------------------------------------------------------
RALSTON-RALSTON PURINA GROUP COM 751277302 1 18.562 SHR SOLE 2 18.562
- ------------------------------------------------------------------------------------------------------------------------------------
RAYTHEON CO. - CL. A COM 755111101 2439 35420 SHR SOLE 1 28400 7020
- ------------------------------------------------------------------------------------------------------------------------------------
RAYTHEON CO. CLASS A COM 755111309 47889 695300 SHR SOLE 2 695300
- ------------------------------------------------------------------------------------------------------------------------------------
REPSOL SA SPON ADR COM 76026T205 2594 127709 SHR SOLE 2 127709
- ------------------------------------------------------------------------------------------------------------------------------------
RIO TINTO-SPONS ADR COM 767202104 89 1356 SHR SOLE 2 1356
- ------------------------------------------------------------------------------------------------------------------------------------
ROBBINS AND MYERS INC. COM 770196103 669 30000 SHR SOLE 2 30000
- ------------------------------------------------------------------------------------------------------------------------------------
ROBERTS PHARMACEUTICAL CORP. COM 770491108 679 28000 SHR SOLE 2 28000
- ------------------------------------------------------------------------------------------------------------------------------------
ROYAL DUTCH PETROL. COM 780257705 1139 18905 SHR SOLE 1 18905
- ------------------------------------------------------------------------------------------------------------------------------------
ROYAL DUTCH PETROLEUM CO. COM 780257804 28595 474600 SHR SOLE 2 474600
- ------------------------------------------------------------------------------------------------------------------------------------
RUBY TUESDAY, INC. COM 781182100 7155 376580 SHR SOLE 2 376580
- ------------------------------------------------------------------------------------------------------------------------------------
SBC COMMUNICATIONS INC COM 78387G103 1105 19052 SHR SOLE 1,2 6994 12058
- ------------------------------------------------------------------------------------------------------------------------------------
SLM HOLDING CORP COM 78442A109 107 2340 SHR SOLE 2 2340
- ------------------------------------------------------------------------------------------------------------------------------------
ST PAUL COMPANIES INC COM 792860108 13 400 SHR SOLE 2 400
- ------------------------------------------------------------------------------------------------------------------------------------
SAP AG ADR COM 803054204 1385 40000 SHR SOLE 2 40000
- ------------------------------------------------------------------------------------------------------------------------------------
SARA LEE CORP. COM 803111103 29234 1288540 SHR SOLE 1,2 1288540
- ------------------------------------------------------------------------------------------------------------------------------------
SAWTEK INC COM 805468105 8747 190660 SHR SOLE 2 190660
- ------------------------------------------------------------------------------------------------------------------------------------
SBARRO, INC COM 805844107 3897 144000 SHR SOLE 2 144000
- ------------------------------------------------------------------------------------------------------------------------------------
SCHERING-PLOUGH COM 806605101 22353 422369 SHR SOLE 1,2 389750 32619
- ------------------------------------------------------------------------------------------------------------------------------------
SCHLUMBERGER LTD. COM 806857108 33530 526492 SHR SOLE 1,2 500020 26472
- ------------------------------------------------------------------------------------------------------------------------------------
SCOTTISH POWER PLC - ADR COM 81013T705 74 2110 SHR SOLE 2 2110
- ------------------------------------------------------------------------------------------------------------------------------------
SEARS ROEBUCK & CO COM 812387108 89 2000 SHR SOLE 2 2000
- ------------------------------------------------------------------------------------------------------------------------------------
UNION SQUARE HOTEL PARTNERS COM 820936102 0 10000 SHR SOLE 2 10000
- ------------------------------------------------------------------------------------------------------------------------------------
SHELL TRANSPORT & TRADING ADR COM 822703609 3020 65131 SHR SOLE 2 65131
- ------------------------------------------------------------------------------------------------------------------------------------
SHERWIN-WILLIAMS COM 824348106 36093 1300660 SHR SOLE 1,2 1300660
- ------------------------------------------------------------------------------------------------------------------------------------
SIMON PROPERTY GROUP INC COM 828806109 42 1665 SHR SOLE 2 1665
- ------------------------------------------------------------------------------------------------------------------------------------
SMART & FINAL, INC. COM 831683107 830 79000 SHR SOLE 2 79000
- ------------------------------------------------------------------------------------------------------------------------------------
SMART & FINAL RIGHTS COM 831683115 0 24000 SHR SOLE 2 24000
- ------------------------------------------------------------------------------------------------------------------------------------
SMITH INTL INC. COM 832110100 9040 208110 SHR SOLE 2 208110
- ------------------------------------------------------------------------------------------------------------------------------------
SMITHKLINE BEECHAM SPONS COM 832378301 1424 21555 SHR SOLE 2 21555
- ------------------------------------------------------------------------------------------------------------------------------------
SOCIETE GENERALE - SPONS ADR COM 83364L109 139 3940 SHR SOLE 2 3940
- ------------------------------------------------------------------------------------------------------------------------------------
SODEXHO MARRIOTT SERVICES INC. COM 833793102 3923 204437 SHR SOLE 2 204437
- ------------------------------------------------------------------------------------------------------------------------------------
SOLUTIA INC COM 834376105 0 20 SHR SOLE 2 20
- ------------------------------------------------------------------------------------------------------------------------------------
SONY CORP - SPON ADR COM 835699307 56 505 SHR SOLE 2 505
- ------------------------------------------------------------------------------------------------------------------------------------
SPIEKER PROPERTIES INC COM 848497103 65 1665 SHR SOLE 2 1665
- ------------------------------------------------------------------------------------------------------------------------------------
SPRINT CORP (FON GROUP) COM 852061100 111 2100 SHR SOLE 2 2100
- ------------------------------------------------------------------------------------------------------------------------------------
SPRINT CORP (PCS GROUP) COM 852061506 29 500 SHR SOLE 2 500
- ------------------------------------------------------------------------------------------------------------------------------------
STERLING COMMERCE COM 859205106 8773 240270 SHR SOLE 2 240270
- ------------------------------------------------------------------------------------------------------------------------------------
STRAYER EDUCATION, INC. COM 863236105 460 15000 SHR SOLE 2 15000
- ------------------------------------------------------------------------------------------------------------------------------------
SUMMIT BANCORP COM 866005101 211 5050 SHR SOLE 1 5050
- ------------------------------------------------------------------------------------------------------------------------------------
SUPERVALUE INC COM 868536103 95 3664 SHR SOLE 2 3664
- ------------------------------------------------------------------------------------------------------------------------------------
SYSCO CORP. COM 871829107 268 9000 SHR SOLE 2 9000
- ------------------------------------------------------------------------------------------------------------------------------------
TJX COMPANIES INC COM 872540109 199 5980 SHR SOLE 2 5980
- ------------------------------------------------------------------------------------------------------------------------------------
TAUBMAN CENTERS INC COM 876664103 46 3525 SHR SOLE 2 3525
- ------------------------------------------------------------------------------------------------------------------------------------
TELECOM ITALIA SPA-SP AD COM 87927W106 2758 26217 SHR SOLE 2 26217
- ------------------------------------------------------------------------------------------------------------------------------------
TELEFONICA SA ADR COM 879382208 607 4127 SHR SOLE 1 2081 2046
- ------------------------------------------------------------------------------------------------------------------------------------
TELEFONOS DE MEXICO COM 879403780 1616 20000 SHR SOLE 2 20000
- ------------------------------------------------------------------------------------------------------------------------------------
TEMP CASH COM 880901509 1291 1291223 SHR SOLE 2 1291223
- ------------------------------------------------------------------------------------------------------------------------------------
TETRA TECHNOLOGY COM 88162F105 2348 254300 SHR SOLE 2 254300
- ------------------------------------------------------------------------------------------------------------------------------------
TEXACO INC. COM 881694103 1740 27898 SHR SOLE 1,2 8180 19718
- ------------------------------------------------------------------------------------------------------------------------------------
THERMO ELECTRON CORP COM 883556102 15 750 SHR SOLE 2 750
- ------------------------------------------------------------------------------------------------------------------------------------
THOMAS & BETTS CORP COM 884315102 76 1600 SHR SOLE 2 1600
- ------------------------------------------------------------------------------------------------------------------------------------
3COM CORP COM 885535104 3 100 SHR SOLE 2 100
- ------------------------------------------------------------------------------------------------------------------------------------
TIME WARNER INC. COM 887315109 3054 41600 SHR SOLE 1,2 37500 4100
- ------------------------------------------------------------------------------------------------------------------------------------
TRICON GLOBAL RESTAURANTS COM 895953107 1 20 SHR SOLE 2 20
- ------------------------------------------------------------------------------------------------------------------------------------
TRUE NORTH COMMUNICATIONS COM 897844106 7334 244790 SHR SOLE 1,2 244790
- ------------------------------------------------------------------------------------------------------------------------------------
TYCO INTL LTD COM 902124106 3212 33901 SHR SOLE 2 33901
- ------------------------------------------------------------------------------------------------------------------------------------
UST INC. COM 902911106 1571 53690 SHR SOLE 2 53690
- ------------------------------------------------------------------------------------------------------------------------------------
UNIFIRST CORP. COM 904708104 3177 172900 SHR SOLE 1,2 172900
- ------------------------------------------------------------------------------------------------------------------------------------
UNIGATE PLC - UNSPONS ADR COM 904750403 79 12492 SHR SOLE 2 12492
- ------------------------------------------------------------------------------------------------------------------------------------
UNILEVER N V - NY SHARES COM 904784709 2921 41872 SHR SOLE 2 41872
- ------------------------------------------------------------------------------------------------------------------------------------
UNICOM CORP COM 904911104 85 2192 SHR SOLE 2 2192
- ------------------------------------------------------------------------------------------------------------------------------------
UNION CARBIDE CORP COM 905581104 66 1350 SHR SOLE 2 1350
- ------------------------------------------------------------------------------------------------------------------------------------
UNION PACIFIC CORP. COM 907818108 46504 797490 SHR SOLE 1,2 789930 7560
- ------------------------------------------------------------------------------------------------------------------------------------
UNITED DOMINION REALITY TRUST COM 910197102 22 1840 SHR SOLE 2 1840
- ------------------------------------------------------------------------------------------------------------------------------------
US WEST INC COM 91273H101 38 651 SHR SOLE 2 651
- ------------------------------------------------------------------------------------------------------------------------------------
UNITRODE CORP. COM 913283107 832 29000 SHR SOLE 2 29000
- ------------------------------------------------------------------------------------------------------------------------------------
WADDELL & REED FINANCIAL - A COM 930059100 3933 143170 SHR SOLE 1,2 143170
- ------------------------------------------------------------------------------------------------------------------------------------
WADDELL & REED FINANCIAL COM 930059209 1188 44000 SHR SOLE 2 44000
- ------------------------------------------------------------------------------------------------------------------------------------
WAL-MART STORES INC COM 931142103 561 11630 SHR SOLE 1,2 5170 6460
- ------------------------------------------------------------------------------------------------------------------------------------
WARNER-LAMBERT COM 934488107 420 6075 SHR SOLE 1 6075
- ------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON REIT COM 939653101 22 1290 SHR SOLE 2 1290
- ------------------------------------------------------------------------------------------------------------------------------------
WELLS FARGO NEW COM 949746101 43 1000 SHR SOLE 2 1000
- ------------------------------------------------------------------------------------------------------------------------------------
WESTERN INVT R/E TR COM 958468100 19 1640 SHR SOLE 2 1640
- ------------------------------------------------------------------------------------------------------------------------------------
WETSEAL, INCORPORATED CL A COM 961840105 4835 168900 SHR SOLE 2 168900
- ------------------------------------------------------------------------------------------------------------------------------------
WEYERHAEUSER CO. COM 962166104 32450 472000 SHR SOLE 2 472000
- ------------------------------------------------------------------------------------------------------------------------------------
WHOLE FOODS MKT INC COM 966837106 8123 169000 SHR SOLE 2 169000
- ------------------------------------------------------------------------------------------------------------------------------------
WILLIAMS COS INC COM 969457100 26 600 SHR SOLE 2 600
- ------------------------------------------------------------------------------------------------------------------------------------
WILMINGTON TRUST CORP COM 971807102 861 15000 SHR SOLE 2 15000
- ------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN ENERGY COM 976657106 204 8127 SHR SOLE 1 8127
- ------------------------------------------------------------------------------------------------------------------------------------
WOLVERINE WORLD WIDE INC COM 978097103 4 300 SHR SOLE 2 300
- ------------------------------------------------------------------------------------------------------------------------------------
WORTHINGTON FOODS INC. COM 981809106 1205 73000 SHR SOLE 2 73000
- ------------------------------------------------------------------------------------------------------------------------------------
YPF S A - SPON ADR COM 984245100 59 1550 SHR SOLE 2 1550
- ------------------------------------------------------------------------------------------------------------------------------------
DAIMLERCHRYSLER AG COM D1668R123 1155 13000 SHR SOLE 2 13000
- ------------------------------------------------------------------------------------------------------------------------------------
REPORT SUMMARY 330 DATA RECORDS 3044562 2 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
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</TABLE>
