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, 2002
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: Victory Gradison Capital Management
(AKA McDonald & Company Securities Inc.)
Address: 800 Superior Avenue
Cleveland, OH 44114
13F File Number: 28-5156
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: Diane L. Wozniak
Title: Assistant Vice President
Phone: 216-813-4794
Signature, Place, and Date of Signing:
/s/ Diane L. Wozniak Brooklyn, Ohio August 13, 2002
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.
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 326
Form 13F Information Table Value Total: $1,084,065,000
List of Other Included Managers:
None
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VICTORY GRADISON CAPITAL MANAGEMENT
FAIR MARKET SHARES OF INVESTMENT
TITLE OF VALUE PRINCIPAL DISCRETION VOTING AUTHORITY
NAME OF ISSUER CLASS CUSIP (X1000) INTEREST SOLE SOLE NONE
3M COMPANY COMMON 88579Y101 5,385 43,778 X 1,400 42,378
ABBOTT LABORATORIES COMMON 002824100 7,094 188,422 X 9,226 179,196
ABM INDUSTRIES INC COMMON 000957100 968 55,750 X 13,500 42,250
ADOLPH COORS CO CLASS B COMMON 217016104 9,276 148,900 X 78,925 69,975
ADVANCED MARKETING SERVICE COMMON 00753T105 506 27,624 X 6,050 21,574
AEGON NON VOTING COMMON 007924103 225 11,078 X 11,078
AGERE SYSTEMS INC CLASS B COMMON 00845V209 40 26,908 X 476 26,432
AIR PRODUCTS & CHEMICALS I COMMON 009158106 9,590 190,019 X 69,550 120,469
ALBERTO CULVER CO CLASS B COMMON 013068101 6,163 128,925 X 96,250 32,675
ALCOA INC COMMON 013817101 9,973 300,854 X 115,340 185,514
ALEXANDER & BALDWIN INC COMMON 014482103 730 28,600 X 6,250 22,350
ALFA CORP COMMON 015385107 758 64,750 X 14,800 49,950
ALLEGHENY ENERGY INC COMMON 017361106 7,495 291,072 X 114,150 176,922
ALLTEL CORP COMMON 020039103 15,506 329,922 X 92,800 237,122
AMBAC FINANCIAL GROUP INC COMMON 023139108 6,434 95,750 X 32,525 63,225
AMERADA HESS CORP COMMON 023551104 370 4,485 X 550 3,935
AMERICAN ELECTRIC POWER IN COMMON 025537101 319 7,981 X 975 7,006
AMERICAN EXPRESS CO COMMON 025816109 3,678 101,253 X 9,150 92,103
AMERICAN GREETINGS CORP CL COMMON 026375105 707 42,450 X 11,500 30,950
AMERICAN INTERNATIONAL COMMON 026874107 27,701 405,994 X 98,741 307,253
AMERON INTERNATIONAL CORP COMMON 030710107 825 11,425 X 2,100 9,325
AMGEN INC COMMON 031162100 407 9,726 X 150 9,576
AMLI RESIDENTIAL PROPERTIE COMMON 001735109 814 31,300 X 6,700 24,600
ANADARKO PETROLEUM CORP COMMON 032511107 2,430 49,291 X 2,590 46,701
ANHEUSER BUSCH COMPANIES I COMMON 035229103 2,325 46,500 X 1,390 45,110
ANIXTER INTERNATIONAL INC COMMON 035290105 610 25,960 X 8,000 17,960
ANSYS INC COMMON 03662Q105 404 20,100 X 5,300 14,800
AOL TIME WARNER COMMON 00184A105 3,214 218,496 X 10,150 208,346
AQUILA INC COMMON 03840P102 105 13,100 X 7,600 5,500
ARCHER DANIELS MIDLAND CO COMMON 039483102 1,555 121,596 X 121,596
ASSOCIATED BANC CORP COMMON 045487105 243 6,432 X 6,432
AT & T CORP COMMON 001957109 419 39,166 X 489 38,677
AT&T WIRELESS SERVICES INC COMMON 00209A106 107 18,232 X 350 17,882
AUTOMATIC DATA PROCESSING COMMON 053015103 2,879 66,105 X 3,200 62,905
AVERY DENNISON CORPORATION COMMON 053611109 2,678 42,670 X 575 42,095
BANK OF AMERICA CORP NEW COMMON 060505104 4,949 70,342 X 4,377 65,965
BANK OF NEW YORK COMPANY I COMMON 064057102 9,979 295,680 X 152,225 143,455
BANK ONE CORPORATION COMMON 06423A103 677 17,588 X 17,588
BARNES & NOBLE INC COMMON 067774109 225 8,500 X 5,000 3,500
BAXTER INTERNATIONAL INC COMMON 071813109 325 7,320 X 450 6,870
BECTON DICKINSON & CO COMMON 075887109 343 9,960 X 9,960
BEDFORD PROPERTY INVESTORS COMMON 076446301 948 34,975 X 6,100 28,875
BEI TECHNOLOGIES INC COMMON 05538P104 207 18,100 X 3,200 14,900
BELLSOUTH CORP COMMON 079860102 8,704 276,307 X 119,550 156,757
BERKSHIRE HATHAWAY INC COMMON 084670207 585 262 X 262
BIOMET INC COMMON 090613100 211 7,764 X 7,764
BIO-RAD LABORATORIES INC COMMON 090572207 389 8,550 X 1,700 6,850
BLACK BOX CORPORATION COMMON 091826107 306 7,525 X 1,950 5,575
BMC SOFTWARE COMMON 055921100 1,642 98,920 X 5,125 93,795
BOEING CO COMMON 097023105 6,528 145,060 X 82,580 62,480
BORG WARNER INC COMMON 099724106 684 11,850 X 3,350 8,500
BP PLC COMMON 055622104 9,955 197,172 X 83,375 113,797
BRIGGS & STRATTON CORP COMMON 109043109 638 16,650 X 3,350 13,300
BRISTOL MYERS SQUIBB CO COMMON 110122108 11,569 450,146 X 114,325 335,821
BROADWING INCORPORATED COMMON 111620100 153 58,828 X 1,600 57,228
BRUNSWICK CORP COMMON 117043109 2,506 89,507 X 4,915 84,592
C AND D TECHNOLOGIES INC COMMON 124661109 611 33,925 X 7,050 26,875
CASCADE NATURAL GAS CORP COMMON 147339105 894 42,775 X 9,250 33,525
CATERPILLAR INC COMMON 149123101 473 9,665 X 9,665
CENTEX CORP COMMON 152312104 3,665 63,425 X 47,900 15,525
CHARTER ONE FINANCIAL INC COMMON 160903100 5,334 155,149 X 16,581 138,568
CHEMICAL FINANCIAL CORP COMMON 163731102 481 12,812 X 3,073 9,739
CHESAPEAKE CORP COMMON 165159104 448 17,025 X 4,050 12,975
CHEVRON-TEXACO CORP COMMON 166764100 22,926 259,055 X 59,518 199,537
CHITTENDEN CORP COMMON 170228100 1,007 34,746 X 7,287 27,459
CHUBB CORP COMMON 171232101 200 2,825 X 300 2,525
CIGNA CORP COMMON 125509109 8,316 85,358 X 32,125 53,233
CINCINNATI FINANCIAL CORP COMMON 172062101 7,431 159,694 X 7,713 151,981
CINERGY CORP COMMON 172474108 1,021 28,368 X 452 27,916
CINTAS CORP COMMON 172908105 3,832 77,521 X 5,300 72,221
CISCO SYSTEMS INC COMMON 17275R102 4,561 326,921 X 14,892 312,029
CITIGROUP INC COMMON 172967101 28,291 730,086 X 197,619 532,467
CLECO CORP HOLDING CO COMMON 12561W105 265 12,100 X 3,200 8,900
CLOROX CO COMMON 189054109 10,585 255,984 X 99,200 156,784
CMS ENERGY CORP COMMON 125896100 688 62,700 X 1,800 60,900
COCA COLA CO COMMON 191216100 1,209 21,597 X 600 20,997
COLGATE PALMOLIVE CO COMMON 194162103 224 4,481 X 1,400 3,081
COMERICA INC COMMON 200340107 774 12,603 X 2,700 9,903
COMPUTER SCIENCES CORP COMMON 205363104 634 13,257 X 200 13,057
COMPUWARE CORPORATION COMMON 205638109 243 40,100 X 21,800 18,300
CONAGRA FOODS INC COMMON 205887102 365 13,200 X 13,200
CONOCO INC COMMON 208251504 1,990 71,595 X 4,430 67,165
CONVERGYS CORPORATION COMMON 212485106 1,362 69,903 X 1,600 68,303
COOPER TIRE AND RUBBER CO COMMON 216831107 242 11,800 X 11,800
COUSINS PROPERTIES INC COMMON 222795106 644 25,994 X 5,300 20,694
COVENTRY HEALTH CARE INC COMMON 222862104 604 21,250 X 5,450 15,800
CURTISS WRIGHT CORP COMMON 231561101 582 7,275 X 1,900 5,375
DEERE & CO COMMON 244199105 382 7,969 X 280 7,689
DELL COMPUTER CORPORATION COMMON 247025109 732 28,015 X 620 27,395
DELPHI FINANCIAL GROUP COMMON 247131105 810 18,675 X 4,750 13,925
DELUXE CORP COMMON 248019101 2,963 76,200 X 52,000 24,200
DIEBOLD INC COMMON 253651103 2,511 67,419 X 67,419
DOVER CORP COMMON 260003108 490 14,000 X 14,000
DOW CHEMICAL CO COMMON 260543103 2,371 68,960 X 3,524 65,436
DOWNEY FINANCIAL CORP COMMON 261018105 736 15,550 X 3,900 11,650
DUKE ENERGY CORPORATION COMMON 264399106 4,989 160,421 X 6,787 153,634
DUKE REALTY CORPORATION COMMON 264411505 2,993 103,400 X 11,000 92,400
DURA AUTOMOTIVE SYSTEMS IN COMMON 265903104 352 16,950 X 5,100 11,850
DYCOM INDUSTRIES INC COMMON 267475101 223 19,075 X 5,300 13,775
E I DUPONT DE NEMOURS & CO COMMON 263534109 2,478 55,814 X 1,800 54,014
EASTMAN CHEMICAL CO COMMON 277432100 206 4,389 X 589 3,800
EATON CORP COMMON 278058102 257 3,535 X 170 3,365
EL PASO CORPORATION COMMON 28336L109 2,042 99,073 X 4,648 94,425
EMC CORP MASSACHUSETTS COMMON 268648102 484 64,124 X 200 63,924
EMCOR GROUP INC COMMON 29084Q100 879 14,975 X 4,050 10,925
EMERSON ELECTRIC CO COMMON 291011104 13,899 259,746 X 76,790 182,956
ENERGEN CORP COMMON 29265N108 831 30,200 X 6,350 23,850
ENSCO INTERNATIONAL INC COMMON 26874Q100 213 7,825 X 1,400 6,425
EQUITABLE RESOURCES INC COMMON 294549100 213 6,200 X 400 5,800
EXELON CORPORATION COMMON 30161N101 2,652 50,711 X 3,374 47,337
EXXON MOBIL CORP COMMON 30231G102 12,755 311,701 X 9,560 302,141
FEDERAL NATIONAL MORTGAGE COMMON 313586109 22,650 307,124 X 94,395 212,729
FEDERATED DEPARTMENT STORE COMMON 31410H101 415 10,450 X 5,800 4,650
FIDELITY NATIONAL FINANCIA COMMON 316326107 1,422 44,990 X 11,880 33,110
FIFTH THIRD BANCORP OHIO COMMON 316773100 11,091 166,406 X 4,820 161,586
FIRST FINANCIAL BANCORP COMMON 320209109 245 12,532 X 3,017 9,515
FIRST SOURCE CORP COMMON 336901103 266 10,750 X 1,850 8,900
FIRST TENNEESEE NATIONAL C COMMON 337162101 1,063 27,750 X 11,650 16,100
FIRSTFED FINANCIAL CORP COMMON 337907109 533 18,375 X 4,900 13,475
FIRSTMERIT CORP COMMON 337915102 565 20,500 X 11,500 9,000
FISERV INC COMMON 337738108 7,318 199,348 X 103,274 96,074
FLAGSTAR BANCORP COMMON 337930101 909 39,372 X 9,075 30,297
FLEET BOSTON FINANCIAL COR COMMON 339030108 11,395 352,249 X 122,322 229,927
FORTUNE BRANDS INC COMMON 349631101 8,465 151,164 X 61,500 89,664
FPL GROUP INC COMMON 302571104 280 4,670 X 270 4,400
FRANKLIN ELECTRIC CO COMMON 353514102 627 13,325 X 2,650 10,675
FRANKLIN RESOURCES INC COMMON 354613101 206 4,825 X 4,825
FRONTIER OIL CORP COMMON 35914P105 766 43,525 X 9,250 34,275
GANNETT COMPANY INC COMMON 364730101 5,168 68,090 X 6,210 61,880
GENERAL DYNAMICS CORP COMMON 369550108 8,662 81,450 X 33,250 48,200
GENERAL ELECTRIC CO COMMON 369604103 25,966 893,855 X 171,097 722,758
GENERAL MILLS INC COMMON 370334104 421 9,550 X 9,550
GENLYTE GROUP INC COMMON 372302109 660 16,250 X 4,400 11,850
GILLETTE CO COMMON 375766102 330 9,735 X 9,735
GLOBAL IMAGING SYSTEMS INC COMMON 37934A100 484 25,475 X 6,800 18,675
GREEN POINT FINANCIAL CORP COMMON 395384100 228 4,650 X 4,650
GROUP ONE AUTOMOTIVE INC COMMON 398905109 567 14,850 X 3,900 10,950
H J HEINZ CO COMMON 423074103 372 9,045 X 1,450 7,595
HANDLEMAN CO COMMON 410252100 717 49,450 X 13,000 36,450
HCA INC COMMON 404119109 3,720 78,311 X 5,275 73,036
HEALTHSOUTH CORP COMMON 421924101 135 10,575 X 1,400 9,175
HELMERICH & PAYNE INC COMMON 423452101 2,808 78,599 X 750 77,849
HEWLETT-PACKARD COMPANY COMMON 428236103 3,494 228,640 X 15,095 213,545
HIGHWOODS PROPERTIES INC COMMON 431284108 560 21,550 X 5,000 16,550
HOME DEPOT INC COMMON 437076102 859 23,397 X 1,800 21,597
HONEYWELL INTERNATIONAL IN COMMON 438516106 15,503 440,062 X 115,220 324,842
HOUSEHOLD INTERNATIONAL IN COMMON 441815107 345 6,940 X 6,940
HUNTINGTON BANCSHARES INC COMMON 446150104 673 34,646 X 34,646
IKON OFFICE SOLUTIONS INC COMMON 451713101 459 48,800 X 11,000 37,800
INGERSOLL RAND CO CLASS A COMMON G4776G101 1,060 23,215 X 780 22,435
INTEL CORP COMMON 458140100 3,264 178,648 X 4,120 174,528
INTER TEL INC COMMON 458372109 562 32,875 X 7,650 25,225
INTERNATIONAL BUSINESS COMMON 459200101 13,991 194,324 X 52,490 141,834
INTERNATIONAL PAPER CO COMMON 460146103 2,750 63,095 X 3,350 59,745
INTERPUBLIC GROUP OF COMPA COMMON 460690100 1,828 73,826 X 4,315 69,511
INTERSTATE BAKERIES CORP COMMON 46072H108 628 21,750 X 4,500 17,250
IRWIN FINANCIAL CORP COMMON 464119106 1,031 51,275 X 12,050 39,225
ITLA CAPITAL CORPORATION COMMON 450565106 713 24,025 X 6,500 17,525
ITT INDUSTRIES INC COMMON 450911102 6,834 96,800 X 51,075 45,725
J & J SNACK FOODS CORP COMMON 466032109 334 7,425 X 1,700 5,725
JAKKS PACIFIC INC COMMON 47012E106 589 33,275 X 8,550 24,725
JEFFERSON PILOT CORP COMMON 475070108 5,568 118,463 X 52,250 66,213
JOHN H HARLAND CO COMMON 412693103 299 10,600 X 2,400 8,200
JOHNSON & JOHNSON COMMON 478160104 19,093 365,355 X 108,875 256,480
JOHNSON CONTROLS INC COMMON 478366107 13,928 170,671 X 58,360 112,311
JONES APPAREL GROUP INC COMMON 480074103 3,498 93,287 X 7,450 85,837
JP MORGAN CHASE & CO COMMON 46625H100 5,898 173,869 X 7,960 165,909
KERR MCGEE CORP COMMON 492386107 406 7,590 X 450 7,140
KEYCORP COMMON 493267108 361 13,210 X 13,210
KIMBERLY CLARK CORP COMMON 494368103 14,636 236,060 X 83,090 152,970
KPMG CONSULTING INC COMMON 48265R109 1,531 103,012 X 5,400 97,612
KROGER CO COMMON 501044101 10,283 516,725 X 179,225 337,500
LAM RESEARCH CORP COMMON 512807108 9,556 531,483 X 241,425 290,058
LANDSTAR SYSTEM INC COMMON 515098101 841 7,875 X 2,100 5,775
LIBERTY MEDIA CORP COMMON 530718105 146 14,566 X 14,566
LILLY ELI & CO COMMON 532457108 1,215 21,541 X 1,600 19,941
LINCOLN NATIONAL CORP INDI COMMON 534187109 3,208 76,387 X 11,387 65,000
LIZ CLAIBORNE INC COMMON 539320101 8,358 262,815 X 150,900 111,915
LM ERICSSON TELEPHONE CO COMMON 294821400 21 14,880 X 14,880
LOWES CO COMMON 548661107 1,508 33,215 X 1,475 31,740
LSI LOGIC CORP COMMON 502161102 131 14,990 X 1,180 13,810
LUCENT TECHNOLOGIES INC COMMON 549463107 299 180,206 X 4,640 175,566
LUFKIN INDUSTRIES INC COMMON 549764108 326 11,300 X 2,650 8,650
MAGNA INTERNATIONAL INC COMMON 559222401 201 2,925 X 2,925
MASTEC INC COMMON 576323109 81 11,000 X 6,000 5,000
MAXIMUS INC COMMON 577933104 580 18,300 X 4,800 13,500
MAY DEPARTMENT STORES COMMON 577778103 292 8,860 X 1,060 7,800
MBIA INC COMMON 55262C100 4,375 77,399 X 65,850 11,549
MBNA CORPORATION COMMON 55262L100 5,438 164,454 X 70,375 94,079
MCDONALDS CORP COMMON 580135101 1,570 55,196 X 4,400 50,796
MCSI INC COMMON 55270M108 265 23,400 X 6,300 17,100
MEDICIS PHARMACEUTICAL COMMON 584690309 576 13,475 X 4,650 8,825
MEDTRONIC INC COMMON 585055106 3,487 81,368 X 16,500 64,868
MELLON FINANCIAL CORP COMMON 58551A108 7,996 254,400 X 114,365 140,035
MENTOR GRAPHICS INC COMMON 587200106 321 22,600 X 13,500 9,100
MERCANTILE BANCSHARES CORP COMMON 587405101 612 14,925 X 3,850 11,075
MERCK & COMPANY INC COMMON 589331107 12,889 254,526 X 4,294 250,232
MERCURY GENERAL CORP COMMON 589400100 1,884 38,850 X 550 38,300
MERITAGE CORP COMMON 59001A102 622 13,625 X 3,500 10,125
MGIC INVESTMENT CORP COMMON 552848103 14,218 209,700 X 76,725 132,975
MGM MIRAGE COMMON 552953101 483 14,325 X 1,450 12,875
MICROSOFT CORP COMMON 594918104 8,768 160,284 X 4,820 155,464
MIRANT CORP COMMON 604675108 153 20,948 X 278 20,670
MORGAN STANLEY COMMON 617446448 516 11,987 X 1,018 10,969
MOTOROLA INC COMMON 620076109 5,373 368,241 X 20,650 347,591
MUELLER INDUSTRIES INC COMMON 624756102 687 21,625 X 6,100 15,525
NASDAQ 100 SHARES COMMON 631100104 300 11,500 X 11,500
NATIONAL CITY CORP COMMON 635405103 630 18,952 X 400 18,552
NATIONAL PENNSYLVANIA COMMON 637138108 379 14,475 X 2,900 11,575
NCR CORP COMMON 62886E108 9,190 265,614 X 108,850 156,764
NEW ENGLAND BUSINESS SERVI COMMON 643872104 746 29,675 X 6,800 22,875
NEWELL RUBBERMAID INC COMMON 651229106 686 19,576 X 2,400 17,176
NEWPORT CORP COMMON 651824104 5,449 347,925 X 167,400 180,525
NISOURCE INC COMMON 65473P105 3,515 161,006 X 4,800 156,206
NORFOLK SOUTHERN CO COMMON 655844108 685 29,280 X 29,280
NORTEL NETWORK COMMON 656568102 39 26,957 X 2,650 24,307
NORTH FORK BANCORPORATION COMMON 659424105 410 10,300 X 6,000 4,300
NVR INC NEW COMMON 62944T105 226 700 X 700
OCCIDENTAL PETROLEUM CORP COMMON 674599105 984 32,806 X 13,675 19,131
OLD REPUBLIC INTERNATIONAL COMMON 680223104 4,571 145,125 X 23,050 122,075
ORACLE CORPORATION COMMON 68389X105 650 68,690 X 879 67,811
OXFORD HEALTH PLANS COMMON 691471106 8,209 176,700 X 74,625 102,075
PAPA JOHN'S INTERNATIONAL COMMON 698813102 790 23,650 X 6,700 16,950
PARKWAY PROPERTIES INC (MD COMMON 70159Q104 618 17,000 X 3,900 13,100
PATINA OIL & GAS CORP COMMON 703224105 856 31,211 X 6,312 24,899
PEPSICO INC COMMON 713448108 4,629 96,041 X 3,800 92,241
PFF BANCORP INC COMMON 69331W104 1,024 26,670 X 7,000 19,670
PFIZER INC COMMON 717081103 22,309 637,401 X 137,942 499,459
PHARMACIA CORP COMMON 71713U102 1,648 43,992 X 1,975 42,017
PHILIP MORRIS COMPANIES IN COMMON 718154107 4,109 94,063 X 8,760 85,303
PHILLIPS PETROLEUM CO COMMON 718507106 446 7,575 X 300 7,275
PHILLIPS VAN HEUSEN CORP COMMON 718592108 1,033 66,225 X 14,200 52,025
PHILLY CONSOLIDATED HOLDIN COMMON 717528103 741 16,337 X 4,154 12,183
PITNEY BOWES INC COMMON 724479100 12,026 302,776 X 95,650 207,126
PMI GROUP INC COMMON 69344M101 401 10,500 X 1,400 9,100
PNC BANK CORP COMMON 693475105 4,042 77,316 X 2,165 75,151
PNM RESOURCES INC COMMON 69349H107 833 34,425 X 8,000 26,425
POLYMEDICA CORP COMMON 731738100 484 18,950 X 6,250 12,700
POPULAR INC COMMON 733174106 236 7,000 X 4,000 3,000
PPL CORP COMMON 69351T106 9,694 293,050 X 118,050 175,000
PRAXAIR INC COMMON 74005P104 287 5,040 X 610 4,430
PRECISION CASTPARTS INC COMMON 740189105 1,077 32,625 X 4,100 28,525
PROCTER & GAMBLE CO COMMON 742718109 33,337 373,318 X 12,869 360,449
PROGRESSIVE CORP OHIO COMMON 743315103 229 3,950 X 3,950
PROTECTIVE LIFE CORP COMMON 743674103 397 12,000 X 7,000 5,000
PROVIDENT FINANCIAL GROUP COMMON 743866105 549 18,912 X 18,912
QUAKER CHEMICAL CORP COMMON 747316107 926 37,800 X 7,650 30,150
QUESTAR CORP COMMON 748356102 527 21,350 X 6,000 15,350
R & G FINANCIAL CORP COMMON 749136107 1,047 44,150 X 10,150 34,000
RADIOSHACK CORP COMMON 750438103 7,531 250,525 X 115,100 135,425
REINSURANCE GROUP AMER COMMON 759351109 210 6,800 X 4,000 2,800
RELIANCE STEEL & ALUMINUM COMMON 759509102 824 27,025 X 4,800 22,225
ROHM & HAAS CO COMMON 775371107 293 7,227 X 7,227
ROSLYN BANCORP COMMON 778162107 813 37,236 X 8,325 28,911
ROYAL DUTCH PETROLEUM CO N COMMON 780257804 1,396 25,253 X 1,000 24,253
RUDDICK CORP COMMON 781258108 349 20,550 X 4,300 16,250
SANDY SPRING BANCORP COMMON 800363103 679 21,110 X 4,300 16,810
SARA LEE CORP COMMON 803111103 14,101 683,192 X 226,450 456,742
SBC COMMUNICATIONS INC COMMON 78387G103 13,119 430,131 X 113,624 316,507
SCHERING PLOUGH CORPORATIO COMMON 806605101 2,568 104,409 X 1,875 102,534
SCHLUMBERGER LIMITED COMMON 806857108 3,504 75,355 X 3,715 71,640
SCIENTIFIC ATLANTA INC COMMON 808655104 3,998 243,050 X 103,025 140,025
SEARS ROEBUCK AND CO COMMON 812387108 291 5,356 X 5,356
SERENA SOFTWARE INC COMMON 817492101 161 11,725 X 3,200 8,525
SHERWIN WILLIAMS CO COMMON 824348106 10,480 350,140 X 163,825 186,315
SKY FINANCIAL GROUP COMMON 83080P103 614 29,021 X 13,000 16,021
SNAP-ON INC COMMON 833034101 675 22,720 X 11,320 11,400
SOURCECORP INC. COMMON 836167106 423 15,950 X 3,650 12,300
SOUTHERN CO COMMON 842587107 1,016 37,086 X 1,800 35,286
SOUTHWEST AIRLINES CO COMMON 844741108 300 18,590 X 18,590
SPARTECH CORP NEW COMMON 847220209 926 34,000 X 7,250 26,750
SPRINT CORPORATION PCS GRO COMMON 852061506 53 11,810 X 11,810
ST PAUL COMPANIES INC COMMON 792860108 2,069 53,165 X 850 52,315
STATE AUTO FINANCIAL CORP COMMON 855707105 632 38,518 X 9,122 29,396
STERLING BANCSHARES TEXAS COMMON 858907108 717 48,575 X 12,250 36,325
STEWART & STEVENSON COMMON 860342104 744 41,950 X 9,050 32,900
SUN MICROSYSTEMS INC COMMON 866810104 2,248 448,658 X 14,844 433,814
SUNOCO INC COMMON 86764P109 9,764 274,025 X 115,500 158,525
SUNRISE ASSISTED LIVING IN COMMON 86768K106 436 16,275 X 4,350 11,925
SUNTRUST BANKS INC COMMON 867914103 9,722 143,555 X 68,700 74,855
SUPER VALUE STORES (NEW) COMMON 868536103 3,655 149,000 X 100,700 48,300
SYNTEL INC COMMON 87162H103 405 32,750 X 8,050 24,700
TARGET CP COMMON 87612E106 4,591 120,499 X 5,315 115,184
TECHNITROL INC COMMON 878555101 562 24,125 X 4,200 19,925
TELLABS INC COMMON 879664100 279 45,025 X 1,000 44,025
TEXAS INSTRUMENTS INC COMMON 882508104 602 25,396 X 25,396
TEXAS REGIONAL BANK SHARES COMMON 882673106 794 16,317 X 3,531 12,786
TEXTRON INC COMMON 883203101 14,503 309,240 X 93,870 215,370
THE ALLSTATE CORPORATION COMMON 020002101 3,805 102,904 X 4,828 98,076
THE REYNOLDS AND REYNOLDS COMMON 761695105 201 7,200 X 7,200
THE TIMBERLAND CO COMMON 887100105 5,535 154,525 X 85,525 69,000
THERAGENICS CORP COMMON 883375107 333 39,450 X 9,650 29,800
THOMAS INDUSTRIES INC COMMON 884425109 819 28,450 X 6,500 21,950
TIFFANY & CO COMMON 886547108 236 6,713 X 6,713
TOLLGRADE COMMUNICATIONS I COMMON 889542106 293 19,975 X 6,500 13,475
TOOTSIE ROLL INDUSTRIES IN COMMON 890516107 421 10,918 X 10,918
TRANSOCEAN INC COMMON G90078109 472 15,140 X 15,140
TRIAD GUARANTY, INC COMMON 895925105 790 18,150 X 5,300 12,850
TRIBUNE CO NEW COMMON 896047107 247 5,680 X 5,680
TRIUMPH GROUP INC COMMON 896818101 781 17,500 X 3,400 14,100
TYCO INTERNATIONAL LTD NEW COMMON 902124106 151 11,208 X 1,046 10,162
UBIQUITEL INC COMMON 903474302 62 89,252 X 89,252
UNION PACIFIC CORP COMMON 907818108 3,049 48,177 X 3,070 45,107
UNISYS CORP COMMON 909214108 92 10,185 X 10,185
UNITED HEALTHCARE INC COMMON 91324P102 1,701 18,575 X 425 18,150
UNITED STATIONERS INC COMMON 913004107 689 22,650 X 6,200 16,450
UNITED TECHNOLOGIES CORP COMMON 913017109 8,292 122,119 X 53,875 68,244
UNIVERSAL FOREST PRODUCTS COMMON 913543104 660 28,200 X 6,200 22,000
UNIVERSAL HEALTH SERVICES COMMON 913903100 605 12,350 X 3,200 9,150
UNOCAL CORP COMMON 915289102 2,713 73,452 X 4,435 69,017
US BANCORP DELAWARE NEW COMMON 902973304 18,587 796,033 X 182,479 613,554
VALERO ENERGY NEW COMMON 91913Y100 1,393 37,222 X 11,600 25,622
VERIZON COMMUNICATIONS COMMON 92343V104 6,024 150,038 X 7,744 142,294
VIACOM INC CLASS B COMMON COMMON 925524308 3,752 84,555 X 4,114 80,441
WACHOVIA CORP COMMON 929903102 930 24,365 X 24,365
WALGREEN CO COMMON 931422109 229 5,937 X 5,937
WAL-MART STORES INC COMMON 931142103 1,326 24,108 X 1,100 23,008
WALT DISNEY COMPANY COMMON 254687106 1,372 72,585 X 1,200 71,385
WASHINGTON MUTUAL INC COMMON 939322103 11,157 300,646 X 121,475 179,171
WATSCO INC COMMON 942622200 901 49,350 X 11,550 37,800
WELLPOINT HEALTH COMMON 94973H108 13,220 169,900 X 71,225 98,675
WELLS FARGO & CO COMMON 949746101 13,053 260,739 X 105,100 155,639
WENDYS INTERNATIONAL INC COMMON 950590109 8,539 214,385 X 102,235 112,150
WORLDCOM INC - WORLDCOM GR COMMON 98157D106 232 258,199 X 9,175 249,024
WYETH COMMON 983024100 7,075 138,178 X 6,841 131,337
XL CAPITAL LIMITED COMMON G98255105 1,067 12,600 X 200 12,400
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