John McStay Investment Counsel
FORM 13F
"December 31, 1998"
Title Invt Discretion Voting Authority
of ----------------
Security Class CUSIP Market Value Quantity SoleSh OthMg Sole Sh None
- ------------------------- ----- --------- ----------------
COMMON STOCK
- ------------
99 CENTS ONLY ST COM 65440K106 "$41,277,232" "840,249" x "809,624" "30,625"
A CONSULTING TEAM COM 000881102 "$344,400" "49,200" x "49,200"
ABACUS DIRECT COM 002553105 "$32,596,200" "716,400" x "686,700" "29,700"
ABERCROMBIE&FITCH COM 002896207 "$24,246,025" "342,700" x "321,500" "21,200"
AFL COMPU COM 008190100 "$101,457,000" "2,254,600" x "2,132,500" "122,100"
AIRBORNE FGHT COM 009266107 "$40,328,694" "1,118,300" x "1,057,500" "60,800"
AMB PPTY CORP COM 00163T109 "$6,309,600" "286,800" x "227,400" "59,400"
AMERICAN INTL GR COM 026874107 "$2,489,253" "25,762" x "25,762"
AMERICAN MED SEC COM 02744P101 "$2,456,025" "171,600" x "171,600"
AMERICAN TOWER COM 029912201 "$48,157,313" "1,629,000" x "1,547,300" "81,700"
AMERICREDIT COM 03060R101 "$32,296,388" "2,338,200" x "2,221,500" "116,700"
AMES DEPT STORES COM 030789507 "$27,958,500" "1,035,500" x "998,400" "37,100"
ANTEC CORP COM COM 03664P105 "$31,324,905" "1,556,517" x "1,463,217" "93,300"
APT INVT&MGMT COM 03748R101 "$10,278,625" "276,400" x "220,800" "55,600"
ARCHSTONE COMM COM 039581103 "$12,150,081" "600,004" x "476,291" "123,713"
ARDEN RLTY GROUP COM 039793104 "$14,508,419" "625,700" x "499,300" "126,400"
ASTROPOWER INC COM 04644A101 "$1,301,300" "135,200" x "135,200"
AVALONBAY COMM COM 053484101 "$14,728,254" "430,022" x "354,509" "75,513"
BANK UTD CORP COM 065412108 "$16,061,100" "409,200" x "393,100" "16,100"
BED BATH& BEYOND COM 075896100 "$3,794,700" "111,200" x "79,900" "31,300"
BEDFORD PTY INV COM 076446301 "$6,166,125" "365,400" x "290,300" "75,100"
BJS WHOLESALE COM 05548J106 "$33,849,806" "730,900" x "686,100" "44,800"
BLUE RHINO CORP COM 095811105 "$5,898,475" "265,100" x "265,100"
BORDERS GROUP COM 099709107 "$7,705,688" "309,000" x "297,100" "11,900"
BORON LEPORE COM 10001P102 "$36,501,000" "1,058,000" x "1,019,200" "38,800"
BOSTON PROPERTIES COM 101121101 "$329,400" "10,800" x "8,600" "2,200"
BRANDYWINE RLTY COM 105368203 "$7,755,963" "433,900" x "345,900" "88,000"
PAGE TOTAL "$562,270,468"
BRE PROPERTIES COM 05564E106 "$4,502,025" "181,900" x "144,000" "37,900"
BRIGHT HORIZON COM 109195107 "$31,027,860" "1,149,180" x "1,149,180"
BRINKER INTL COM 109641100 "$23,215,500" "804,000" x "758,600" "45,400"
BROOKSTONE INC COM 114537103 "$558,275" "32,600" x "32,600"
BURNHAM PAC PPTY COM 12232C108 "$3,894,981" "322,900" x "258,100" "64,800"
C COR ELECTRS COM 125010108 "$4,285,875" "311,700" x "311,700"
CAMDEN PPTY TR COM 133131102 "$10,621,000" "408,500" x "324,700" "83,800"
CANDLEWOOD HTL COM 13741M108 "$3,408,825" "649,300" x "507,000" "142,300"
CAPSTAR BROADCAST COM 14067g105 "$8,898,375" "389,000" x "360,200" "28,800"
CAPTEC NET LEASE COM 140724105 "$7,110,000" "568,800" x "459,600" "109,200"
CARRAMERICA REALTY COM 144418100 "$11,366,400" "473,600" x "377,300" "96,300"
CHANCELLOR MEDIA COM 158915108 "$7,908,950" "165,200" x "147,300" "17,900"
CHARTER ONE COM 160903100 "$41,961,441" "1,512,124" x "1,412,704" "99,420"
CHEESECAKE FCTY COM 163072101 "$35,437,736" "1,194,950" x "1,143,200" "51,750"
CHICOS FAS INC COM 168615102 "$1,009,800" "43,200" x "43,200"
CIBER INC COM COM 17163B102 "$28,886,063" "1,038,600" x "994,300" "44,300"
CINAR CORP COM 171905300 "$67,911,113" "2,676,300" x "2,581,900" "94,400"
CLEAR CHANNEL COM 184502102 "$85,751,281" "1,573,418" x "1,495,152" "78,266"
CONCENTRA MANAGED COM 20589T103 "$5,775,525" "540,400" x "540,400"
CONCORD EFS INC COM 206197105 "$8,479,238" "200,100" x "165,200" "34,900"
CORNERSTONE PPTY COM 21922h103 "$8,692,188" "556,300" x "438,400" "117,900"
COST PLUS INC CA COM 221485105 "$5,409,050" "172,400" x "172,400"
CRESCENT REAL EST COM 225756105 "$13,928,800" "605,600" x "478,700" "126,900"
CSG SYS INTL INC COM 126349109 "$42,810,100" "541,900" x "514,900" "27,000"
CSK AUTO CORP COM COM 125965103 "$14,534,013" "544,600" x "508,400" "36,200"
CUSTOMTRACKS CORP COM 232046102 "$694,688" "65,000" x "65,000"
DANAHER CORP DEL COM 235851102 "$9,705,644" "178,700" x "152,100" "26,600"
PAGE TOTAL "$487,784,743"
DATA PROCESSING COM 237823109 "$17,784,000" "608,000" x "566,600" "41,400"
DEVELOPERS DIVER COM 251591103 "$5,353,400" "301,600" x "242,500" "59,100"
DEVRY INC DEL COM 251893103 "$62,383,125" "2,037,000" x "1,960,600" "76,400"
DUKE REALTY INVT COM 264411505 "$560,325" "24,100" x "19,300" "4,800"
EDUCATION MGMT COM 28139T101 "$7,989,975" "338,200" x "338,200"
ELDERTRUST COM COM 284560109 "$7,479,600" "650,400" x "512,600" "137,800"
EQUITY OFC COM 294741103 "$33,208,440" "1,383,685" x "1,111,008" "272,677"
EQUITY RESIDENT PTY COM 29476L107 "$22,421,813" "556,200" x "444,200" "112,000"
ESSEX PPTY TR INC COM 297178105 "$7,854,000" "264,000" x "211,600" "52,400"
FELCOR LODGING TRU COM 31430f101 "$20,489,757" "890,859" x "710,344" "180,515"
FINGERHUT COS COM 317867109 "$18,477,761" "1,196,940" x "1,125,240" "71,700"
FINOVA GROUP INC COM 317928109 "$17,011,888" "315,400" x "284,300" "31,100"
FIRST INDUSTRIAL COM 32054K103 "$10,786,669" "402,300" x "321,200" "81,100"
FIRST USA PAYMENT COM 704384106 "$1,415,625" "75,000" x "75,000"
FIRSTMERIT CORP COM 337915102 "$16,735,063" "622,700" x "597,700" "25,000"
FIRST WASH RLTY COM 337489504 "$3,098,325" "130,800" x "103,500" "27,300"
FISERV INC COM COM 337738108 "$14,034,722" "272,850" x "238,700" "34,150"
FRANCHISE FIN COM 351807102 "$3,967,200" "165,300" x "131,300" "34,000"
FURNITURE BRANDS COM 360921100 "$8,422,975" "309,100" x "281,700" "27,400"
GABLES RESIDENTIAL COM 362418105 "$6,429,894" "277,300" x "220,600" "56,700"
GENERAL ELEC CO COM 369604103 "$2,448,000" "24,000" x "24,000"
GENERAL GROWTH PTY COM 370021107 "$2,314,163" "61,100" x "54,900" "6,200"
GENTEX CORP COM 371901109 "$39,202,000" "1,960,100" x "1,859,900" "100,200"
GLENBOROUGH RLTY COM 37803P105 "$11,126,788" "546,100" x "433,700" "112,400"
GOLDEN ST BANCORP COM 381197102 "$16,959,163" "1,020,100" x "979,000" "41,100"
GOLF TR AMER INC COM 38168B103 "$3,529,800" "127,200" x "101,200" "26,000"
GREAT PLAINS SOFT COM 39119E105 "$10,677,725" "221,300" x "199,600" "21,700"
PAGE TOTAL "$372,162,193"
GUITAR CTR MGMT COM 402040109 "$5,944,475" "241,400" x "241,400"
HARMONIC LIGHTW COM 413160102 "$23,430,000" "1,249,600" x "1,183,900" "65,700"
HARTE-HANKS INC COM 416196103 "$28,431,600" "997,600" x "957,200" "40,400"
HEALTHCARE FINL COM 42219W108 "$66,328,075" "1,663,400" x "1,570,900" "92,500"
HEALTH CARE PPTY COM 421915109 "$3,766,875" "122,500" x "97,400" "25,100"
HEALTHCARE RLTY COM 421946104 "$8,524,763" "385,300" x "304,200" "81,100"
HEALTHCARE RECOVER COM 42220K101 "$3,910,000" "230,000" x "230,000"
HEFTEL BROADCASTING COM 422799106 "$33,913,550" "688,600" x "663,600" "25,000"
HERMAN MILLER INC COM 600544100 "$25,525,875" "949,800" x "887,100" "62,700"
HIGHWOODS PPTYS COM 431284108 "$10,459,650" "406,200" x "331,800" "74,400"
HOME DEPOT INC COM 437076102 "$4,895,000" "80,000" x "80,000"
HOME PPTYS N Y COM 437306103 "$4,534,575" "176,100" x "137,800" "38,300"
INDIGO AVIATION COM 45567P104 "$8,727,675" "1,057,900" x "1,057,900"
INFINITY COM 45662s102 "$3,178,238" "116,100" x "94,400" "21,700"
INFOSEEK CORP COM 45678M107 "$16,950,438" "343,300" x "325,600" "17,700"
INFOSPACE COM COM 45678T102 "$1,525,000" "40,000" x "40,000"
INNKEEPERS USA COM 4576J0104 "$3,183,469" "269,500" x "218,100" "51,400"
INSPIRE INS SOL COM 457732105 "$21,122,981" "1,149,550" x "1,116,300" "33,250"
INTL SPEEDWAY COM 460335201 "$33,108,750" "817,500" x "785,600" "31,900"
IRON MTN INC DEL COM 46284P104 "$33,449,772" "927,550" x "893,400" "34,150"
IRT PPTY CO COM COM 450058102 "$7,192,000" "719,200" x "571,000" "148,200"
JDN RLTY CORP COM 465917102 "$6,231,563" "289,000" x "226,700" "62,300"
JONES PHARMAC. COM 480236108 "$34,612,950" "948,300" x "899,600" "48,700"
KILROY RLTY CORP COM 49427F108 "$4,848,400" "210,800" x "169,100" "41,700"
KIMCO REALTY CORP COM 49446R109 "$7,536,656" "189,900" x "150,800" "39,100"
LINENS N THINGS COM 535679104 "$53,977,175" "1,362,200" x "1,309,100" "53,100"
LITCHFIELD FINL COM 536619109 "$15,082,200" "793,800" x "766,400" "27,400"
PAGE TOTAL "$470,391,703"
MACERICH CO COM 554382101 "$6,114,125" "238,600" x "193,500" "45,100"
MACK CALI REALTY COM 554489104 "$8,039,850" "260,400" x "204,800" "55,600"
MANUFACTURED HOME COM 564682102 "$4,004,988" "159,800" x "127,000" "32,800"
MARKET FACTS INC COM 570559104 "$4,074,200" "156,700" x "156,700"
MAXIMUS INC COM COM 577933104 "$32,578,500" "880,500" x "844,900" "35,600"
MBNA CORP COM COM 55262L100 "$4,952,575" "199,600" x "199,600"
MEDICIS PHARMAC COM 584690309 "$44,588,913" "744,700" x "714,500" "30,200"
MEDITRUST CORP COM 58501T306 "$10,725,000" "715,000" x "563,700" "151,300"
MERIDIAN INDL TR COM 589643105 "$3,661,300" "155,800" x "126,100" "29,700"
MERRILL LYNCH & COM 590188645 "$588,500" "10,700" x "10,700"
METRIS COS INC COM 591598107 "$54,793,029" "1,089,054" x "1,027,190" "61,864"
METRO INFO SVCS COM 59162P104 "$4,479,000" "149,300" x "149,300"
METZLER GROUP COM 592903108 "$59,720,088" "1,226,600" x "1,159,700" "66,900"
MICHAELS STORES COM 594087108 "$12,893,950" "712,619" x "668,919" "43,700"
MYLAN LABS INC COM 628530107 "$5,789,700" "183,800" x "161,800" "22,000"
NETWORK SOLUTION COM 64121q102 "$25,599,150" "195,600" x "187,400" "8,200"
NEW AMERN HEALTH COM 641881107 "$999,044" "89,300" x "89,300"
NEWFIELD EXPL CO COM 651290108 "$17,023,563" "815,500" x "778,100" "37,400"
NEW PLAN EXCEL RE COM 648053106 "$6,725,031" "303,100" x "240,400" "62,700"
NOVA CORP GA COM 669784100 "$87,230,703" "2,514,759" x "2,375,842" "138,917"
O CHARLEYS INC COM 670823103 "$3,969,831" "281,050" x "281,050"
OAK INDS INC COM COM 671400505 "$30,908,500" "883,100" x "839,700" "43,400"
OMNICARE INC COM COM 681904108 "$53,143,175" "1,529,300" x "1,430,900" "98,400"
ORBITAL SCIENCES COM 685564106 "$61,547,200" "1,398,800" x "1,326,000" "72,800"
ORTHODONTIC CT COM 68750P103 "$24,891,663" "1,280,600" x "1,229,600" "51,000"
OUTDOOR SYS COM 690057104 "$114,425,460" "3,814,182" x "3,593,832" "220,350"
PACIFIC GULF PPTY COM 694396102 "$2,574,019" "128,300" x "101,200" "27,100"
PAGE TOTAL "$686,041,055"
PAN PACIFIC RETAIL COM 69806L104 "$3,716,350" "186,400" x "148,200" "38,200"
PAREXEL INTL COM 699462107 "$32,650,000" "1,306,000" x "1,253,500" "52,500"
PAYCHEX INC COM 704326107 "$77,217,924" "1,501,199" x "1,410,383" "90,816"
PERVASIVE SOFTWARE COM 715710109 "$5,370,750" "279,000" x "279,000"
PF CHANGS CHINA COM 69333Y108 "$1,137,500" "50,000" x "50,000"
PHARMAPRINT INC COM 716950100 "$4,077,938" "310,700" x "310,700"
PHILIPS INTERNATL COM 718333107 "$4,288,088" "278,900" x "221,400" "57,500"
PJ AMER INC COM COM 72585Q104 "$2,610,000" "144,000" x "144,000"
POST PPTYS INC COM 737464107 "$8,652,281" "225,100" x "181,400" "43,700"
PRENTISS PPTYS COM 740706106 "$8,039,194" "360,300" x "297,400" "62,900"
PROF DETAILING COM 74312N107 "$211,875" "7,500" x "7,500"
PROFIT RECOVERY COM 743168106 "$36,632,594" "978,500" x "943,000" "35,500"
PROLOGIS TR SH COM 743410102 "$12,591,100" "606,800" x "484,700" "122,100"
PUBLIC STORAGE COM 74460D109 "$8,283,831" "306,100" x "243,500" "62,600"
RARE HOSPITALITY COM 753820109 "$2,758,000" "197,000" x "197,000"
RECKSON ASSOCS REL COM 75621K106 "$5,422,625" "244,400" x "204,000" "40,400"
REGENCY RLTY CORP COM 758939102 "$4,590,175" "206,300" x "166,100" "40,200"
REGIS CORP MINN COM 758932107 "$19,876,000" "496,900" x "478,200" "18,700"
RELIASTAR FINL COM 75952U103 "$7,375,388" "159,900" x "132,400" "27,500"
ROMAC INTL INC COM 775835101 "$25,443,320" "1,143,520" x "1,097,422" "46,098"
ROUSE CO COM COM 779273101 "$7,612,000" "276,800" x "218,700" "58,100"
SAN JUAN BASIN RTY COM 798241105 "$487,689" "89,690" x "89,690"
SCHEIN HENRY INC COM 806407102 "$22,017,000" "492,000" x "454,300" "37,700"
SELECT COMFORT COM 81616X103 "$793,125" "30,000" x "30,000"
SEROLOGICALS COM 817523103 "$57,104,250" "1,903,475" x "1,824,075" "79,400"
SFX ENTMT INC COM 784178105 "$51,577,013" "939,900" x "890,400" "49,500"
SIMON PPTY GROUP COM 828806109 "$23,858,775" "837,150" x "667,650" "169,500"
PAGE TOTAL "$434,394,783"
SL GREEN REALTY COM 78440X101 "$5,598,713" "258,900" x "207,800" "51,100"
SOLECTRON CORP COM 834182107 "$3,856,906" "41,500" x "34,000" "7,500"
SPEEDWAY MOTORSPTS COM 847788106 "$7,771,950" "272,700" x "254,600" "18,100"
SPIEKER PPTYS INC COM 848497103 "$9,920,063" "286,500" x "227,500" "59,000"
ST PAUL BANCORP COM 792848103 "$11,211,403" "411,900" x "394,900" "17,000"
STARBUCKS CORP COM 855244109 "$54,974,438" "979,500" x "923,700" "55,800"
STARWOOD HOTELS COM 85590A203 "$20,445,975" "901,200" x "714,900" "186,300"
STORAGE TR RLTY COM 861909109 "$7,622,588" "326,100" x "267,000" "59,100"
STORAGE USA INC COM 861907103 "$15,503,538" "479,800" x "397,700" "82,100"
SUN COMMUN COM 866674104 "$5,218,394" "149,900" x "124,800" "25,100"
SUNGARD DATA COM 867363103 "$92,047,060" "2,319,296" x "2,182,896" "136,400"
SUPERIOR CONS COM 868146101 "$22,211,100" "510,600" x "479,500" "31,100"
SWIFT TRANSN CO COM 870756103 "$18,218,911" "649,950" x "619,900" "30,050"
SYLVAN LEARNING COM 871399101 "$71,699,400" "2,350,800" x "2,258,250" "92,550"
TETRA TECH INC COM 88162G103 "$38,562,331" "1,424,936" x "1,365,540" "59,396"
TMP WORLDWIDE COM 872941109 "$41,176,800" "980,400" x "939,300" "41,100"
TOWN VIEW CORP COM TOWN VIE "$16,125" "16,125" x "16,125"
TOWN VIEW CORP COM TOWN VIE "$10,750" "10,750" x "10,750"
TRANSACTION SYS COM 893416107 "$84,765,000" "1,695,300" x "1,604,100" "91,200"
TRANSMONTAIGNE COM 893934109 "$17,293,925" "1,143,400" x "1,104,600" "38,800"
UNITED STATIONER COM 913004107 "$16,845,400" "647,900" x "600,500" "47,400"
USWEB CORP COM COM 917327108 "$33,912,975" "1,285,800" x "1,234,100" "51,700"
VORNADO RLTY TR COM 929042109 "$14,441,850" "431,100" x "343,500" "87,600"
WALDEN RESIDENT COM 931210108 "$5,800,163" "283,800" x "225,600" "58,200"
WATERS CORP COM COM 941848103 "$48,886,175" "560,300" x "525,500" "34,800"
WEEKS CORP COM COM 94856P102 "$4,115,375" "146,000" x "118,500" "27,500"
WESTFIELD AMER COM 959910100 "$3,501,750" "203,000" x "161,300" "41,700"
PAGE TOTAL "$655,629,055"
WESTPOINT STEVENS COM 961238102 "$18,404,094" "583,100" x "538,000" "45,100"
WILD OATS MARKETS COM 96808B107 "$24,777,900" "786,600" x "759,400" "27,200"
"$43,181,994"
CONVERTIBLE BONDS
- -----------------
CONCENTRA MANAGED CA 20589taa1 "$612,188" 750000 x "750,000"
PAGE TOTAL "$43,794,181"
GRAND TOTAL "$3,712,468,180"
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