<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
INFORMATION REQUIRED OF INSTITUTIONAL INVESTMENT MANAGERS PURSUANT TO SECTION
13(f) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULES THEREUNDER
Report for the Calendar Year or Quarter Ended March 31, 1998
If amended report check here:
NewSouth Capital Management, Inc.
- --------------------------------------------------------------------------------
Name of Institutional Investment Manager
1000 Ridgeway Loop Road, Suite 233, Memphis, TN 38120-4023
- --------------------------------------------------------------------------------
Business Address (Street) (City) (State) (Zip)
D. Stephen Morrow (901) 761-5561 Executive Vice President
- --------------------------------------------------------------------------------
Name, Phone No., and Title of Person Duly Authorized to Submit This Report
The institutional investment manager submitting this Form and its attachments
and the person by whom it is signed represent hereby that all information
contained therein is true, correct and complete. It is understood that all
required items, statements and schedules are considered integral parts of this
Form and that the submission of any amendment represents that all unamended
items, statements and schedules remain true, correct and complete as previously
submitted. Pursuant to the requirements of Securities Exchange Act of 1934, the
undersigned institutional investment manager has caused this report to be signed
on its behalf in the City of Memphis and State of Tennessee on the 9th day of
February, 1998.
NewSouth Capital Management, Inc.
- --------------------------------------------------------------------------------
(Name of Institutional Investment Manager)
D. Stephen Morrow
- --------------------------------------------------------------------------------
(Manual Signature of Person Duly Authorized
to submit this report)
Name and 13F file numbers of ALL Institutional Investment Managers with respect
to which this schedule is filled (other than the one filing this report): (List
in alphabetical order).
13F File Numbers will be assigned to Institutional Investment Managers after
they file their first report.
Name: 13F File No.:
- --------------------------------------------------------------------------------
1. NewSouth Capital Management, Inc. 28-1652
<PAGE> 2
<TABLE>
<CAPTION>
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 8
Name of Issuer Title of Class CUSIP Fair Market Shares of Voting
Number Value Principal Authority
Amount Sole None
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
360 Communications Co. Common 885571109 54,905,031 1,756,961 1,624,461 132,500
- -------------------------------------------------------------------------------------------------------------------------------
AGCO Corp. Common 001084102 37,154,055 1,251,505 1,158,505 93,000
- -------------------------------------------------------------------------------------------------------------------------------
Alberto Culver Class A Common 013068200 30,543,892 1,133,880 1,051,880 82,000
- -------------------------------------------------------------------------------------------------------------------------------
American Stores Co. Common 030096101 1,485,770 57,145
- -------------------------------------------------------------------------------------------------------------------------------
AMR Corp. Common 001765106 2,939,639 20,530
- -------------------------------------------------------------------------------------------------------------------------------
Amsouth Bancorp Common 032165102 1,129,216 19,119
- -------------------------------------------------------------------------------------------------------------------------------
Astec Industries Inc Common 046224101 892,500 35,000
- -------------------------------------------------------------------------------------------------------------------------------
AutoZone, Inc. Common 053332102 1,421,056 41,950
- -------------------------------------------------------------------------------------------------------------------------------
Avnet Inc. Common 053807103 35,125,961 610,223 558,723 51,500
- -------------------------------------------------------------------------------------------------------------------------------
Bankunited Cap Tr Pfd B 10.25 Pfd 66514401 402,900 400
- -------------------------------------------------------------------------------------------------------------------------------
Beckman Instruments, Inc. Common 075816108 974,312 17,000
- -------------------------------------------------------------------------------------------------------------------------------
Bell Industries Common 078107109 7,773,224 550,317 538,317 12,000
- -------------------------------------------------------------------------------------------------------------------------------
Berkley (W.R.) Corp Common 084423102 34,100,999 719,810 656,810 63,000
- -------------------------------------------------------------------------------------------------------------------------------
BJ's Wholesale Club, Inc. Common 05548J106 4,576,650 117,350
- -------------------------------------------------------------------------------------------------------------------------------
Black & Decker Common 091797100 1,204,519 22,700
- -------------------------------------------------------------------------------------------------------------------------------
Boyd Gaming Corp. Common 103304101 323,437 45,000
- -------------------------------------------------------------------------------------------------------------------------------
Buckeye Partners L.P. * Common 118230101 415,625 14,000
- -------------------------------------------------------------------------------------------------------------------------------
Buckeye Technologies Corp. Common 118255108 58,292,235 2,743,164 2,573,164 170,000
- -------------------------------------------------------------------------------------------------------------------------------
Burlington Northern Santa Fe C Common 12189T104 3,768,752 36,238
- -------------------------------------------------------------------------------------------------------------------------------
Burlington Resources Common 122014103 311,594 6,500
- -------------------------------------------------------------------------------------------------------------------------------
Cable Michigan Inc. Common 12685T103 13,571,406 532,212
- -------------------------------------------------------------------------------------------------------------------------------
Cabot Oil & Gas Cl A Common 127097103 39,584,700 1,749,600 1,632,100 117,500
- -------------------------------------------------------------------------------------------------------------------------------
Capital Automotive REIT* Common 139733109 15,617,175 827,400
- -------------------------------------------------------------------------------------------------------------------------------
Cedar Fair, L.P. * Common 150185106 17,138,000 623,200
- -------------------------------------------------------------------------------------------------------------------------------
Chrysler Corp. Common 171196108 1,575,506 37,850
- -------------------------------------------------------------------------------------------------------------------------------
Circuit City Group Common 172737108 769,500 18,000
- -------------------------------------------------------------------------------------------------------------------------------
Coca Cola Company Common 191216100 875,044 11,300
- -------------------------------------------------------------------------------------------------------------------------------
Colgate-Palmolive Common 194162103 1,214,500 14,000
- -------------------------------------------------------------------------------------------------------------------------------
Columbia Gas System, Inc. Common 197648108 233,250 3,000
- -------------------------------------------------------------------------------------------------------------------------------
Community Bank (Calif) 13% Non Pfd 203507207 280,000 10,000
- -------------------------------------------------------------------------------------------------------------------------------
Consolidated Stores Corp Common 210149100 1,411,399 32,871
- -------------------------------------------------------------------------------------------------------------------------------
Consumer Portfolio Services Common 210502100 20,323,925 1,676,200
- -------------------------------------------------------------------------------------------------------------------------------
Costco Company Common 22160Q102 1,706,559 31,973
- -------------------------------------------------------------------------------------------------------------------------------
CPI Corp. Common 125902106 30,412,640 1,201,487 1,132,498 68,989
- -------------------------------------------------------------------------------------------------------------------------------
Criimi Mae Conv. Pfd Ser B 10.875% Cnvtpfd 226603207 601,375 17,000(4)
- -------------------------------------------------------------------------------------------------------------------------------
Criimi Mae Inc Common 226603108 208,406 13,500
- -------------------------------------------------------------------------------------------------------------------------------
CSX Corp. Common 126408103 3,153,797 53,005
- -------------------------------------------------------------------------------------------------------------------------------
CTBI Preferred Cap Trust 9% Pfd 12641H201 545,000 20,000
- -------------------------------------------------------------------------------------------------------------------------------
CVS Corp. Common 126650100 2,865,225 37,950
- -------------------------------------------------------------------------------------------------------------------------------
Dayton Hudson Common 239753106 4,017,640 45,655
- -------------------------------------------------------------------------------------------------------------------------------
Delta Airlines Common 247361108 946,000 8,000
- -------------------------------------------------------------------------------------------------------------------------------
Developers Div Realty 7.000% CnvtBl 251591AA1 683,060 574
- -------------------------------------------------------------------------------------------------------------------------------
Duke Power Co 6.10% Pfd Pfd 264399726 507,500 20,000
- -------------------------------------------------------------------------------------------------------------------------------
Eagle Hardware & Garden Common 26959B101 2,056,837 116,700
- -------------------------------------------------------------------------------------------------------------------------------
Equity Inns, Inc. Common 294703103 266,760 17,280
- -------------------------------------------------------------------------------------------------------------------------------
Excel Realty Trust, Inc. * Common 30067R107 20,387,582 572,283
- -------------------------------------------------------------------------------------------------------------------------------
Exxon Corp Common 302290101 365,445 5,404
- -------------------------------------------------------------------------------------------------------------------------------
FDX Corp. Common 31304N107 2,437,454 34,270
- -------------------------------------------------------------------------------------------------------------------------------
Federal National Mortgage Asso Common 313586109 530,035 8,380
- -------------------------------------------------------------------------------------------------------------------------------
Federated Dept. Stores, Inc. Common 31410H101 2,064,832 39,852
- -------------------------------------------------------------------------------------------------------------------------------
Ferrellgas Partners LP * Common 315293100 2,434,406 112,900
- -------------------------------------------------------------------------------------------------------------------------------
Figgie Int'l Class B Common 316828607 1,515,000 121,200
- -------------------------------------------------------------------------------------------------------------------------------
Figgie Int'l Hldg A Common 316828508 19,640,617 1,415,540 1,298,040 117,500
- -------------------------------------------------------------------------------------------------------------------------------
Fingerhut Companies Common 317867109 105,476,530 4,066,565 3,841,565 225,000
- -------------------------------------------------------------------------------------------------------------------------------
First American Corp. TN Common 318900107 955,500 19,500
- -------------------------------------------------------------------------------------------------------------------------------
First Commercial Corp. Common 319825105 220,303 3,150
- -------------------------------------------------------------------------------------------------------------------------------
First Tennessee Natl. Corp. Common 337162101 2,018,606 62,836
- -------------------------------------------------------------------------------------------------------------------------------
Food Lion Inc Cl A Common 344775200 2,893,106 270,700
- -------------------------------------------------------------------------------------------------------------------------------
Ford Motor Common 345370100 22,930,662 353,800
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 3
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------------
Forest Oil Corp Common 346091606 481,496 31,190
- -------------------------------------------------------------------------------------------------------------------------------
Fort Bend Conv Sub Deb CnvtBl 346824AA3 631,250 250
- -------------------------------------------------------------------------------------------------------------------------------
Freddie Mac Common 313400301 42,122,840 887,965 804,465 83,500
- -------------------------------------------------------------------------------------------------------------------------------
Gap, Inc. Common 364760108 4,379,625 97,325
- -------------------------------------------------------------------------------------------------------------------------------
General Electric Common 369604103 266,147 3,088
- -------------------------------------------------------------------------------------------------------------------------------
General Motors Common 370442105 13,900,267 205,170
- -------------------------------------------------------------------------------------------------------------------------------
Grand Casinos Inc Common 385269105 341,250 20,000
- -------------------------------------------------------------------------------------------------------------------------------
Green Tree Finl Common 393505102 100,117,034 3,520,599 3,358,099 162,500
- -------------------------------------------------------------------------------------------------------------------------------
Grove Property Trust* Common 399613108 3,434,925 325,200
- -------------------------------------------------------------------------------------------------------------------------------
Hallwood Energy Partners, L.P. Common 40636P201 1,334,125 205,250
- -------------------------------------------------------------------------------------------------------------------------------
Home Depot, Inc. Common 437076102 11,113,290 164,337
- -------------------------------------------------------------------------------------------------------------------------------
Homebase, Inc. Common 43738E108 657,437 78,500
- -------------------------------------------------------------------------------------------------------------------------------
J Ray McDermott S A Common P64658100 9,168,506 217,650 197,650 20,000
- -------------------------------------------------------------------------------------------------------------------------------
J. C. Penney Common 708160106 3,867,631 51,100
- -------------------------------------------------------------------------------------------------------------------------------
Journal Register Co. Common 481138105 7,548,400 361,600
- -------------------------------------------------------------------------------------------------------------------------------
Jumbosports Inc Conv CnvtBl 481386AA8 60,000 150
- -------------------------------------------------------------------------------------------------------------------------------
Kaydon Corp. Common 486587108 69,518,442 1,700,757 1,585,757 115,000
- -------------------------------------------------------------------------------------------------------------------------------
Kroger Co. Common 501044101 5,303,249 114,820
- -------------------------------------------------------------------------------------------------------------------------------
Lechters Inc CnvtBl XS0033749 882,000 210
- -------------------------------------------------------------------------------------------------------------------------------
Limited, Inc. Common 532716107 1,886,490 65,760
- -------------------------------------------------------------------------------------------------------------------------------
Lowe's Co. Common 548661107 2,224,944 31,700
- -------------------------------------------------------------------------------------------------------------------------------
M A Hanna Co. Common 410522106 31,007,424 1,268,846 1,171,346 97,500
- -------------------------------------------------------------------------------------------------------------------------------
May Dept. Stores Common 577778103 3,441,700 54,200
- -------------------------------------------------------------------------------------------------------------------------------
McDermott International Inc. Common 580037109 16,893,714 408,925 371,925 37,000
- -------------------------------------------------------------------------------------------------------------------------------
Medical Assurance, Inc. Common 58449U100 718,285 24,822
- -------------------------------------------------------------------------------------------------------------------------------
Merck & Co. Common 589331107 358,925 2,800
- -------------------------------------------------------------------------------------------------------------------------------
Mid-America Apartment Comm * Common 59522J103 316,827 11,240
- -------------------------------------------------------------------------------------------------------------------------------
Municipal Mortgage & Equity * Common 62624B101 6,081,300 279,600
- -------------------------------------------------------------------------------------------------------------------------------
National Commerce Bancorporati Common 635449101 993,674 23,312
- -------------------------------------------------------------------------------------------------------------------------------
Nationsbank Corp. Common 638585109 480,220 6,584
- -------------------------------------------------------------------------------------------------------------------------------
Newell Co. Common 651192106 1,773,781 36,620
- -------------------------------------------------------------------------------------------------------------------------------
Norfolk Southern Common 655844108 3,579,777 95,780
- -------------------------------------------------------------------------------------------------------------------------------
Norrell Corp Common 656301108 8,016,456 355,300
- -------------------------------------------------------------------------------------------------------------------------------
Ocwen Asset Investment Corp.* Common 67574m106 6,541,762 383,400
- -------------------------------------------------------------------------------------------------------------------------------
Old Republic Int'l Common 680223104 54,175,324 1,217,423 1,143,423 74,000
- -------------------------------------------------------------------------------------------------------------------------------
Payless ShoeSource, Inc. Common 704379106 1,799,604 23,915
- -------------------------------------------------------------------------------------------------------------------------------
Penn Virginia Corporation Common 707882106 3,184,819 109,350
- -------------------------------------------------------------------------------------------------------------------------------
Pfizer Co. Common 717081103 305,542 3,065
- -------------------------------------------------------------------------------------------------------------------------------
Philip Morris Common 718154107 3,414,623 81,910
- -------------------------------------------------------------------------------------------------------------------------------
Plum Creek Timber, L.P. * Common 729237107 2,470,050 74,850
- -------------------------------------------------------------------------------------------------------------------------------
Premark Int'l Inc. Common 740459102 241,812 7,300
- -------------------------------------------------------------------------------------------------------------------------------
Prime Retail, Inc. 10.50% Sr Pfd 741570204 5,551,200 205,600
- -------------------------------------------------------------------------------------------------------------------------------
Procter & Gamble Common 742718109 405,000 4,800
- -------------------------------------------------------------------------------------------------------------------------------
Proffitt's Inc. Common 742925100 64,144,157 1,769,494 1,671,994 97,500
- -------------------------------------------------------------------------------------------------------------------------------
Provident Bankshares Common 743859100 1,548,654 43,778
- -------------------------------------------------------------------------------------------------------------------------------
RCN Corporation Common 749361101 5,845,828 116,625
- -------------------------------------------------------------------------------------------------------------------------------
ReliaStar Financial Corp. Common 75952U103 34,539,090 749,831 686,331 63,500
- -------------------------------------------------------------------------------------------------------------------------------
Riggs Nat'l Corp 10.75% Pfd. S Pfd 766570303 208,962 7,300
- -------------------------------------------------------------------------------------------------------------------------------
Rite Aid Common 767754104 2,247,485 65,620
- -------------------------------------------------------------------------------------------------------------------------------
Royce Value Trust Common 780910105 201,424 11,762
- -------------------------------------------------------------------------------------------------------------------------------
Ryder Systems, Inc. Common 783549108 671,460 17,670
- -------------------------------------------------------------------------------------------------------------------------------
Sears Roebuck & Co. Common 812387108 5,042,438 87,790
- -------------------------------------------------------------------------------------------------------------------------------
Sierrawest Bancorp Common 826527103 409,500 10,500
- -------------------------------------------------------------------------------------------------------------------------------
Southdown Inc. Common 841297104 59,175,280 849,152 798,152 51,000
- -------------------------------------------------------------------------------------------------------------------------------
Southern California Edison 6.4 Pfd 842400780 521,250 5,000
- -------------------------------------------------------------------------------------------------------------------------------
Southwest Airlines Common 844741108 1,672,321 56,569
- -------------------------------------------------------------------------------------------------------------------------------
Stewart & Stevenson Svcs, Inc. Common 860342104 24,231,539 1,007,025 925,025 82,000
- -------------------------------------------------------------------------------------------------------------------------------
Storage Trust Realty * Common 861909109 543,125 22,000
- -------------------------------------------------------------------------------------------------------------------------------
Storage USA, Inc. * Common 861907103 4,203,597 109,540
- -------------------------------------------------------------------------------------------------------------------------------
Sun Communities Inc. Common 866674104 1,143,275 32,900
- -------------------------------------------------------------------------------------------------------------------------------
Teppco Partners LP UT Ltd Part Common 872384102 489,812 8,500
- -------------------------------------------------------------------------------------------------------------------------------
TJX Companies Common 872540109 865,687 19,000
- -------------------------------------------------------------------------------------------------------------------------------
Toys R Us Common 892335100 4,749,086 157,646 137,646 20,000
- -------------------------------------------------------------------------------------------------------------------------------
Travel Ports of America Common 894167105 52,504 13,126
- -------------------------------------------------------------------------------------------------------------------------------
Travelers Group, Inc. Common 894190107 655,500 10,925
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 4
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------------
Trenwick Group Common 895290104 40,471,950 1,079,252 1,004,252 75,000
- -------------------------------------------------------------------------------------------------------------------------------
Tupperware Corporation Common 899896104 840,817 31,580
- -------------------------------------------------------------------------------------------------------------------------------
Union Pacific Corp. Common 907818108 2,960,461 52,572
- -------------------------------------------------------------------------------------------------------------------------------
United Companies Finl 6.75% Pf Pfd 909870206 4,111,200 114,200
- -------------------------------------------------------------------------------------------------------------------------------
United Cos Financial Corp Common 909870107 32,980,378 1,851,530 1,715,530 136,000
- -------------------------------------------------------------------------------------------------------------------------------
UNUM Corp. Common 903192102 4,963,012 89,930
- -------------------------------------------------------------------------------------------------------------------------------
US Airways Group Common 911905107 2,742,625 37,000
- -------------------------------------------------------------------------------------------------------------------------------
Walgreen Co. Common 931422109 3,308,212 93,850
- -------------------------------------------------------------------------------------------------------------------------------
Wal-Mart Stores Common 931142103 24,267,491 477,589
- -------------------------------------------------------------------------------------------------------------------------------
Weatherford Enterra, Inc. Common 947071106 52,887,352 1,246,241 1,149,241 97,000
- -------------------------------------------------------------------------------------------------------------------------------
Winston Hotels Inc Cum Pfd 9.2 Pfd 97563A201 500,000 20,000
- -------------------------------------------------------------------------------------------------------------------------------
Woolworth (F.W.) Common 980883102 870,000 34,800
- -------------------------------------------------------------------------------------------------------------------------------
1,437,233,288
=============
</TABLE>
(1) Converts to 17,198.53 shares
(2) Converts to 23,148.00 shares ITEM 6 - Sole investment discretion
(3) Converts to 5,882.36 shares ITEM 7 - not applicable
(4) Converts to 38,834.80 shares
(5) Converts to 34,429.63 shares
<PAGE> 5
THE FOLLOWING SECURITIES ARE ADDITIONS TO THOSE ALREADY LISTED, BUT ARE BEING
REPORTED SEPARATELY BECAUSE NEWSOUTH MANAGES THEM THROUGH A SMITH BARNEY
FIDUCIARY SERVICES PROGRAM WHEREBY ACCOUNTS ARE PLACED WITH US FOR MANAGEMENT.
ALTHOUGH DISCRETIONARY RESPONSIBILITY FOR THE ACCOUNTS IS WITH US, SB RETAINS
THE RESPONSIBILITY FOR REPORTING THESE SECURITIES ON THEIR 13F IF THE SIZE OF A
PARTICULAR HOLDING TRIGGERS 13F FILING REQUIREMENTS.
<TABLE>
<CAPTION>
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5
Name of Issuer Title of Class CUSIP Fair Market Shares of
Number Value Principal
Amount
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
360 Degrees Communications, Inc. Common 885571109 3,404,503 108,943
- ----------------------------------------------------------------------------------------------------------------------
Alberto Culver Co. Cl A Common 013068200 1,996,914 74,130
- ----------------------------------------------------------------------------------------------------------------------
AGCO Corporation Common 001084102 2,424,457 81,665
- ----------------------------------------------------------------------------------------------------------------------
Avnet, Inc. Common 053807103 2,230,903 38,756
- ----------------------------------------------------------------------------------------------------------------------
Berkley (W.R.) Corp Common 084423102 2,768,865 58,445
- ----------------------------------------------------------------------------------------------------------------------
Buckeye Technologies Corp. Common 11815H104 2,896,679 136,314
- ----------------------------------------------------------------------------------------------------------------------
CPI Corp. Common 125902106 2,234,012 88,255
- ----------------------------------------------------------------------------------------------------------------------
Cabot Oil & Gas Common 127097103 2,963,218 130,970
- ----------------------------------------------------------------------------------------------------------------------
Cedar Fair L.P. Prtnrshp 150185106 223,300 8,120
- ----------------------------------------------------------------------------------------------------------------------
Federal Home Loan Mtg Common 313400301 2,721,298 57,365
- ----------------------------------------------------------------------------------------------------------------------
Figgie Int'l Hldg A Common 316828508 1,445,426 104,173
- ----------------------------------------------------------------------------------------------------------------------
Figgie Int;'l Hldg B Common 316828607 35,125 2,810
- ----------------------------------------------------------------------------------------------------------------------
Fingerhut Companies Common 317867109 4,501,025 173,530
- ----------------------------------------------------------------------------------------------------------------------
Green Tree Financial Common 393505102 3,756,613 132,098
- ----------------------------------------------------------------------------------------------------------------------
Kaydon Common 486587108 3,631,580 88,845
- ----------------------------------------------------------------------------------------------------------------------
M A Hanna Co. Common 410522106 1,723,741 70,535
- ----------------------------------------------------------------------------------------------------------------------
McDermott International Inc. Common 580037109 3,018,323 73,060
- ----------------------------------------------------------------------------------------------------------------------
Old Republic Int'l Common 680223104 3,314,307 74,478
- ----------------------------------------------------------------------------------------------------------------------
Proffitt's Inc. Common 742925100 3,242,595 89,450
- ----------------------------------------------------------------------------------------------------------------------
ReliaStar Financial Corp. Common 75952U103 2,749,974 59,700
- ----------------------------------------------------------------------------------------------------------------------
Southdown Common 841297104 3,557,151 51,044
- ----------------------------------------------------------------------------------------------------------------------
Stewart & Stevenson Svcs Inc. Common 860342104 2,111,282 87,740
- ----------------------------------------------------------------------------------------------------------------------
Trenwick Group Inc. Common 895290104 2,590,461 69,078
- ----------------------------------------------------------------------------------------------------------------------
Tupperware Corporation Common 899896104 723,164 27,160
- ----------------------------------------------------------------------------------------------------------------------
United Companies Financial Corp. Common 909870107 1,853,014 104,025
- ----------------------------------------------------------------------------------------------------------------------
United Companies Financial Corp.-Pfd Preferred 909870206 25,920 720
- ----------------------------------------------------------------------------------------------------------------------
Weatherford Enterra Inc. Common 947071106 2,559,962 60,322
- ----------------------------------------------------------------------------------------------------------------------
64,703,812
==========
</TABLE>
Sole discretion and voting authority are applicable
<PAGE> 6
THE FOLLOWING SECURITIES ARE ADDITIONS TO THOSE ALREADY LISTED, BUT ARE BEING
REPORTED SEPARATELY BECAUSE NEWSOUTH MANAGES THEM THROUGH A MORGAN, KEEGAN
PROGRAM WHEREBY ACCOUNTS ARE PLACED WITH US FOR MANAGEMENT. ALTHOUGH
DISCRETIONARY RESPONSIBILITY FOR THE ACCOUNTS IS WITH US, MORGAN, KEEGAN RETAINS
THE RESPONSIBILITY OF REPORTING THESE SECURITIES ON THEIR 13F IF THE SIZE OF A
PARTICULAR HOLDING TRIGGERS 13F FILING REQUIREMENTS.
<TABLE>
<CAPTION>
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5
Name of Issuer Title of Class CUSIP Fair Market Shares of
Number Value Principal
Amount
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
360 Communications Co. Common 885571109 1,067,004 34,770
- ----------------------------------------------------------------------------------------------------------------------
Alberto Culver Co. Cl A Common 013068200 583,415 22,120
- ----------------------------------------------------------------------------------------------------------------------
AGCO Corp. Common 001084102 797,385 27,030
- ----------------------------------------------------------------------------------------------------------------------
Avnet, Inc. Common 053807103 718,847 12,570
- ----------------------------------------------------------------------------------------------------------------------
Bell Industries Common 078107109 11,239 810
- ----------------------------------------------------------------------------------------------------------------------
Berkley (W.R.) Corp Common 084423102 609,344 13,175
- ----------------------------------------------------------------------------------------------------------------------
Buckeye Cellulose Corp Common 11815H104 907,620 43,220
- ----------------------------------------------------------------------------------------------------------------------
CPI Corp. Common 125902106 683,449 27,684
- ----------------------------------------------------------------------------------------------------------------------
Cabot Oil & Gas Common 127097103 844,794 39,755
- ----------------------------------------------------------------------------------------------------------------------
Equity Inns, Inc. Common 294703103 12,915 840
- ----------------------------------------------------------------------------------------------------------------------
Excel Realty Trust Common 30067R107 64,400 1,840
- ----------------------------------------------------------------------------------------------------------------------
Freddie Mac Common 313400301 727,631 15,420
- ----------------------------------------------------------------------------------------------------------------------
Figgie Int'l Hldg A Common 316828508 671,372 49,275
- ----------------------------------------------------------------------------------------------------------------------
Figgie Int'l Class B Common 316828607 3,619 300
- ----------------------------------------------------------------------------------------------------------------------
Fingerhut Companies Common 317867109 1,334,190 51,315
- ----------------------------------------------------------------------------------------------------------------------
Green Tree Financial Common 393505102 1,066,660 38,095
- ----------------------------------------------------------------------------------------------------------------------
J Ray McDermott S A Common P64658100 843,130 20,225
- ----------------------------------------------------------------------------------------------------------------------
Journal Register Co. Common 481138105 14,569 700
- ----------------------------------------------------------------------------------------------------------------------
Kaydon Corp Common 486587108 1,059,094 26,070
- ----------------------------------------------------------------------------------------------------------------------
M A Hanna Co. Common 410522106 573,506 23,834
- ----------------------------------------------------------------------------------------------------------------------
Old Republic Int'l Common 680223104 1,105,861 25,062
- ----------------------------------------------------------------------------------------------------------------------
Proffitt's Inc. Common 742925100 885,849 24,779
- ----------------------------------------------------------------------------------------------------------------------
Penn Virginia Corporation Common 707882106 2,850 100
- ----------------------------------------------------------------------------------------------------------------------
ReliaStar Financial Corp. Common 75952U103 867,116 19,110
- ----------------------------------------------------------------------------------------------------------------------
Southdown Common 841297104 1,096,432 15,776
- ----------------------------------------------------------------------------------------------------------------------
Stewart & Stevenson Services Common 860342104 750,441 31,350
- ----------------------------------------------------------------------------------------------------------------------
Storage USA Inc. Common 861907103 25,125 670
- ----------------------------------------------------------------------------------------------------------------------
Trenwick Group Inc. Common 895290104 760,720 20,560
- ----------------------------------------------------------------------------------------------------------------------
Tupperware Corporation Common 899896104 270,945 10,035
- ----------------------------------------------------------------------------------------------------------------------
United Cos Financial Corp. Common 909870107 319,915 17,835
- ----------------------------------------------------------------------------------------------------------------------
United Cos Financial Corp.-6.75% Preferred 909870206 322,200 8,950
- ----------------------------------------------------------------------------------------------------------------------
Weatherford Enterra, Inc. Common 947071106 974,420 22,727
- ----------------------------------------------------------------------------------------------------------------------
19,976,057
==========
</TABLE>
Sole discretion and voting authority are applicable
<PAGE> 7
THE FOLLOWING SECURITIES ARE ADDITIONS TO THOSE ALREADY LISTED, BUT ARE BEING
REPORTED SEPARATELY BECAUSE NEWSOUTH MANAGES THEM THROUGH A LOCKWOOD FINANCIAL
SERVICES PROGRAM WHEREBY ACCOUNTS ARE PLACED WITH US FOR MANAGEMENT. ALTHOUGH
DISCRETIONARY RESPONSIBILITY FOR THE ACCOUNTS IS WITH US, LOCKWOOD FINANACIAL
RETAINS THE RESPONSIBILITY OF REPORTING THESE SECURITIES ON THEIR 13F IF THE
SIZE OF A PARTICULAR HOLDING TRIGGERS 13F FILING REQUIREMENTS.
<TABLE>
<CAPTION>
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5
Name of Issuer Title of Class CUSIP Fair Market Shares of
Number Value Principal
Amount
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Alberto Culver Co. Cl A Common 013068200 15,624 580
- ----------------------------------------------------------------------------------------------------------------------
AGCO Corp. Common 001084102 19,891 670
- ----------------------------------------------------------------------------------------------------------------------
Avnet, Inc. Common 053807103 15,541 270
- ----------------------------------------------------------------------------------------------------------------------
Berkley (W.R.) Corp Common 084423102 17,766 375
- ----------------------------------------------------------------------------------------------------------------------
Buckeye Technologies Corp Common 11815H104 23,375 1,100
- ----------------------------------------------------------------------------------------------------------------------
CPI Corp. Common 125902106 18,984 750
- ----------------------------------------------------------------------------------------------------------------------
Cabot Oil & Gas Common 127097103 21,494 950
- ----------------------------------------------------------------------------------------------------------------------
Freddie Mac Common 313400301 22,700 480
- ----------------------------------------------------------------------------------------------------------------------
Figgie Int'l Hldg A Common 316828508 15,956 1,150
- ----------------------------------------------------------------------------------------------------------------------
Fingerhut Companies Common 317867109 32,681 1,260
- ----------------------------------------------------------------------------------------------------------------------
Green Tree Financial Common 393505102 27,016 950
- ----------------------------------------------------------------------------------------------------------------------
Kaydon Corp Common 486587108 26,160 640
- ----------------------------------------------------------------------------------------------------------------------
M A Hanna Co. Common 410522106 16,862 690
- ----------------------------------------------------------------------------------------------------------------------
McDermott International Inc. Common 580037109 19,623 475
- ----------------------------------------------------------------------------------------------------------------------
Old Republic Int'l Common 680223104 22,695 510
- ----------------------------------------------------------------------------------------------------------------------
Proffitt's Inc. Common 742925100 20,155 556
- ----------------------------------------------------------------------------------------------------------------------
ReliaStar Financial Corp. Common 75952U103 21,649 470
- ----------------------------------------------------------------------------------------------------------------------
Southdown Common 841297104 22,300 320
- ----------------------------------------------------------------------------------------------------------------------
Stewart & Stevenson Services Common 860342104 16,122 670
- ----------------------------------------------------------------------------------------------------------------------
Trenwick Group Inc. Common 895290104 20,438 545
- ----------------------------------------------------------------------------------------------------------------------
United Cos Financial Corp. Common 909870107 15,141 850
- ----------------------------------------------------------------------------------------------------------------------
Weatherford Enterra, Inc. Common 947071106 22,832 538
- ----------------------------------------------------------------------------------------------------------------------
455,005
=======
</TABLE>
Sole discretion and voting authority are applicable
