John McStay Investment Counsel
FORM 13F
"March 31, 1999"
Title Investment Discretion Voting Authority
of --------------------- ----------------------------------
Security Class CUSIP Market Value Quantity Sole Sh OthMgrSoleShareNone
- ------------------------- ----- --------- ---------------- ---------- ----------
COMMON STOCK
- ------------
99 CENTS ONLY STORES COM 65440K106 35127598.19 827749 x 809699 18050
A D C TELECOMMUNICATN COM 000886101 6704862.5 140600 x 115500 25100
ABACUS DIRECT CORP COM 002553105 25953000 316500 x 309200 7300
ABERCROMBIE & FITCH COM 002896207 6189975 67100 x 63700 3400
ADVANCE PARADIGM COM 007491103 20744456.25 328300 x 322300 6000
AFFILIATED COMPUTER COM 008190100 84326400 1843200 x 1772800 70400
AMB PPTY COM 00163T109 7974225 384300 x 314000 70300
AMERICAN HEALTH PPTYS COM 026494104 3588393.75 197300 x 162100 35200
AMERICAN INTL GROUP COM 026874107 3112969.37 25807 x 25807
AMERICAN MED SEC GROUP COM 02744P101 7319200 522800 x 522800
AMERICAN TOWER COM 029912201 51976750 2121500 x 2035700 85800
AMERICREDIT CORP COM 03060R101 33165562.5 2526900 x 2461000 65900
AMES DEPT STORES COM 030789507 43013025 1158600 x 1135900 22700
ANTEC CORP COM COM 03664P105 26720565.5 1242817 x 1193317 49500
APARTMENT INVT & MGMT COM 03748R101 8178000 225600 x 185700 39900
ARCHSTONE COMM COM 039581103 14145097.75 702862 x 575349 127513
ARDEN RLTY GROUP INC COM 039793104 8161300 366800 x 302300 64500
ASTROPOWER INC COM 04644A101 1588600 135200 x 135200
AUTOBYTEL COM INC COM 05275N106 1465625 35000 x 35000
AVALONBAY COMM COM 053484101 15672873.75 491698 x 413985 77713
BANK UTD CORP CL A COM 065412108 13370212.5 327100 x 318200 8900
BED BATH & BEYOND INC COM 075896100 4062450 111300 x 80000 31300
BEDFORD PPTY INVS COM 076446301 4106700 280800 x 229800 51000
BJS WHOLESALE CLUB INC COM 05548J106 32695912.5 1242600 x 1182100 60500
BLUE RHINO CORP COM 095811105 4234125 322600 x 322600
BRADLEY REAL ESTATE COM 104580105 4601025 257400 x 211000 46400
BRANDYWINE RLTY COM 105368203 6664125 410100 x 337800 72300
BRE PROPERTIES INC COM 05564E106 3382437.5 149500 x 122900 26600
BRIGHT HORIZON FAMILY COM 109195107 28701750 1312080 x 1312080
BRINKER INTL INC COM 109641100 13134750 506400 x 469100 37300
BURNHAM PAC PPTYS INC COM 12232C108 2997337.5 288900 x 236700 52200
C COR ELECTRS INC COM 125010108 5376825 311700 x 311700
CAMDEN PPTY COM 133131102 9971775 402900 x 329700 73200
CANDLEWOOD HTL CO INC COM 13741M108 1644800 411200 x 327700 83500
CAPSTAR BROADCASTING COM 14067g105 9025906.25 393500 x 364700 28800
CAPTEC NET LEASE RLTY COM 140724105 5196100 399700 x 334400 65300
CARRAMERICA REALTY COM 144418100 11907131.25 539700 x 443400 96300
CARRIAGE SVCS INC CL A COM 143905107 756250 50000 x 50000
CHANCELLOR MEDIA CORP COM 158915108 8755825 185800 x 169700 16100
CHARTER ONE FINL INC COM 160903100 39753933.36 1377505 x 1298381 79124
CHEAP TICKETS INC COM 162672109 864162.5 25700 x 25700
CHEESECAKE FACTORY INC COM 163072101 23881812.5 1005550 x 983600 21950
CHICOS FAS INC COM 168615102 928800 43200 x 43200
CIBER INC COM 17163B102 14327812.5 739500 x 721600 17900
CINAR CORPORATION COM 171905300 63875600 2777200 x 2722000 55200
CLAIRE'S STORES INC COM 179584107 26256950 871600 x 852200 19400
CLEAR CHANNEL COMMUN COM 184502102 103961226.4 1550214 x 1498644 51570
CONCENTRA MANAGED CARE COM 20589T103 25831750 1781500 x 1753800 27700
CONCORD EFS INC COM 206197105 5418787.5 196600 x 161700 34900
CORNERSTONE PPTYS INC COM 21922h103 8190000 560000 x 457700 102300
CORPORATE EXEC BRD CO COM 21988R102 4615625 175000 x 175000
COST PLUS INC CALIF COM 221485105 14799125 503800 x 503800
CRESCENT REAL ESTATE COM 225756105 16103500 749000 x 610800 138200
CRITICAL PATH INC COM 22674V100 2748900 35700 x 34700 1000
CSG SYS INTL INC COM 126349109 53950500 1368000 x 1316800 51200
CSK AUTO CORP COM 125965103 20414381.25 681900 x 633100 48800
CUSTOMTRACKS CORP COM 232046102 1230000 82000 x 82000
DAISYTEK INTL CORP COM 234053106 3446362.5 207300 x 207300
DANAHER CORP DEL COM 235851102 8960875 171500 x 144900 26600
DEVELOPERS DIVERS RLTY COM 251591103 12197112.5 852200 x 700400 158300
DEVRY INC DEL COM 251893103 67033500 2311500 x 2258800 52700
DOLLAR TREE STORES COM 256747106 3641343.75 117700 x 96500 21200
DSP COMMUNICATIONS COM 23332K106 14501812.5 913500 x 894600 18900
DUKE REALTY INVT COM 264411505 5506150 256100 x 210300 45800
DURA PHARMACEUTICALS COM 26632S109 22773737.5 1612300 x 1551500 60800
EDUCATION MGMT CORP COM 28139T101 19633875 638500 x 638500
EGGHEAD.COM INC COM COM 282330109 1818750 100000 x 100000
ELDERTRUST COM COM 284560109 4668300 518700 x 423200 95500
EMMIS COMMUNICTNS COM 291525103 750000 15000 x 15000
EQUITY OFFICE PPTYS TR COM 294741103 27386146.37 1079257 x 887280 191977
EQUITY RESIDENT PPTYS COM 29476L107 23458875 568700 x 467500 101200
ESSEX PPTY TR INC COM 297178105 8589900 328800 x 270400 58400
FELCOR LODGING TRUST COM 31430f101 12525168.69 540169 x 444654 95515
FINOVA GROUP INC COM 317928109 14208562.5 273900 x 254900 19000
FIRST INDUSTRIAL RLTY COM 32054K103 8672556.25 362300 x 299300 63000
FIRST USA PAYMENTECH COM 704384106 17071425 722600 x 712200 10400
FIRST WASH RLTY TR INC COM 337489504 3134162.5 146200 x 118600 27600
FIRSTMERIT CORP COM 337915102 13748491.5 533922 x 519322 14600
FISERV INC COM 337738108 18310256.25 341450 x 307300 34150
FRANCHISE FIN CORP COM 351807102 7649900 363200 x 297100 66100
FURNITURE BRANDS INTL COM 360921100 4984762.5 225300 x 202100 23200
GABLES RESIDENTIAL COM 362418105 10058343.75 458500 x 375200 83300
GENERAL ELEC CO COM 369604103 2655000 24000 x 24000
GENERAL GROWTH PPTYS COM 370021107 8550525 263600 x 222300 44300
GENERAL INSTR CORP NEW COM 370120107 5607812.5 185000 x 151500 33500
GENTEX CORP COM 371901109 41518593.75 1925500 x 1854500 71000
GLENBOROUGH RLTY TR COM 37803P105 10468600 615800 x 503600 112200
GOLDEN ST BANCORP INC COM 381197102 18196050 817800 x 794700 23100
GOLF TR AMER INC COM 38168B103 5104856.25 228150 x 187650 40500
GREAT PLAINS SOFTWARE COM 39119E105 11316093.75 292500 x 270800 21700
HARMONIC INC COM 413160102 23287875 843000 x 809800 33200
HARTE-HANKS INC COM 416196103 36568700 1332800 x 1302600 30200
HEALTHCARE FINL PRTNER COM 42219W108 41828737.5 1601100 x 1543300 57800
HEALTH CARE PPTY INVS COM 421915109 3202750 111400 x 91100 20300
HEALTHCARE RLTY TR COM 421946104 7047100 370900 x 302600 68300
HEFTEL BROADCASTING COM 422799106 47968412.5 1105900 x 1081700 24200
HEICO CORP NEW COM 422806208 1068750 50000 x 50000
HIGHWOODS PPTYS COM 431284108 11635162.5 493800 x 411500 82300
HOME DEPOT INC COM 437076102 4980000 80000 x 80000
HOME PPTYS N Y INC COM 437306103 3353125 145000 x 118400 26600
HOST MARRIOTT CORP COM 44107p104 15966600 1435200 x 1176000 259200
HRPT TRUST COM 40426w101 3865050 286300 x 235600 50700
INDIGO AVIATION COM 45567P104 7704575 1062700 x 1062700
INFINITY COM 45662s102 3005025 116700 x 95000 21700
INFOSEEK CORP COM 45678M107 31805200 429800 x 413400 16400
INFOSPACE COM INC COM 45678T102 4865512.5 54900 x 54900
INNKEEPERS USA TR COM 4576J0104 4307962.5 462600 x 386500 86600
INSPIRE INS SOLUTIONS COM 457732105 24253500 1276500 x 1252500 24000
INSURANCE MGMT SOLUTNS COM 458045101 675000 75000 x 75000
INTERNATIONAL SPEEDWAY COM 460335201 42141975 798900 x 777400 21500
INVITROGEN CORP COM 46185R100 785375 61000 x 61000
IRON MTN INC DEL COM 46284P104 44682812.5 1429850 x 1400700 29150
IRT PPTY CO COM 450058102 5424093.75 615500 x 504600 110900
IVILLAGE INC COM 46588H105 1005000 10000 x 10000
JDN RLTY CORP COM 465917102 2148487.5 108100 x 88900 19200
JONES PHARMACEUTICALS COM 480236108 32049925 922300 x 889500 32800
KILROY RLTY CORP COM 49427F108 1978250 96500 x 81000 15500
KIMCO REALTY CORP COM 49446R109 7393437.5 200500 x 164900 38100
KNIGHT/TRIMARK GRP COM 499067106 40233500 600500 x 576800 23700
LIBERTY PPTY COM 531172104 6077675 292900 x 241700 51200
LINENS N THINGS INC COM 535679104 47040262.5 1036700 x 1014100 22600
LITCHFIELD FINL CORP COM 536619109 12541121 737713 x 722513 15200
LTC PROPERTIES COM 502175102 3051862.5 251700 x 203500 48200
MACERICH CO COM 554382101 6302587.5 277800 x 229400 48400
MACK CALI REALTY COM 554489104 9326562.5 317500 x 259500 58000
MANUFACTURED HOME COM 564682102 8181600 340900 x 279600 65500
MARKET FACTS INC COM 570559104 4151400 188700 x 188700
MAXIMUS INC COM 577933104 35197562.5 1208500 x 1184100 24400
MBNA CORP COM 55262L100 5620175 235400 x 235400
MEDE AMER CORP COM 584067102 1987500 100000 x 100000
MEDICIS PHARMACEUTICAL COM 584690309 33729000 1124300 x 1099400 24900
MEDITRUST CORP PAIRED COM 58501T306 11252206.25 904700 x 738200 166500
MERISTAR HOSPITALITY COM 58984y103 6047343.75 332500 x 274800 57700
METRIS COS INC COM COM 591598107 42320832.75 1048194 x 1008976 39218
METZLER GROUP INC COM 592903108 59380325 1892600 x 1823000 69600
MININGCO COM INC COM 60366T108 1118750 12500 x 12500
MIRAGE RESORTS INC COM 60462E104 1530000 72000 x 72000
MYLAN LABS INC COM COM 628530107 5407931.25 197100 x 168800 28300
NATIONWIDE HEALTH COM 638620104 3906400 205600 x 167500 38100
NETGRAVITY INC COM COM 641114103 12909000 312000 x 305300 6700
NETWORK SOLUTIONS COM 64121q102 34199550 323400 x 308000 15400
NEW PLAN EXCEL REALTY COM 648053106 11470287.5 597800 x 489300 108500
NOVA CORP GA COM 669784100 65777565 2505812 x 2408006 97806
O CHARLEYS INC COM 670823103 2910512.5 214600 x 214600
OAK INDS INC COM NEW COM 671400505 30181550 950600 x 924600 26000
OMEGA HEALTHCARE COM 681936100 3380987.5 147400 x 119200 28200
OMNICARE INC COM 681904108 28387875 1489200 x 1435800 53400
ONEMAIN COM INC COM 68267P109 1450000 40000 x 40000
ORTHODONTIC CTRS COM 68750P103 19455975 1235300 x 1208300 27000
OUTBACK STEAKHOUSE COM 689899102 147375 4500 x 4500
OUTDOOR SYS INC COM 690057104 101430420 3381014 x 3251189 129825
PAN PACIFIC RETAIL COM 69806L104 3077850 173400 x 142800 30600
PAREXEL INTL CORP COM 699462107 27615743.75 1334900 x 1303000 31900
PARKWAY PPTYS INC COM 70159Q104 2167618.75 76900 x 62700 14200
PAYCHEX INC COM 704326107 66986446.31 1412099 x 1350633 61466
PERVASIVE SOFTWARE COM 715710109 8515650 476400 x 476400
PETSMART INC COM 716768106 4778593.75 595000 x 595000
PHARMAPRINT INC COM COM 716950100 2796300 310700 x 310700
PHILIPS INTERNATIONAL COM 718333107 4352725 306800 x 250300 56500
PJ AMER INC COM COM 72585Q104 3887000 169000 x 169000
POST PPTYS INC COM 737464107 10936625 301700 x 249100 52600
PRENTISS PPTYS TR COM 740706106 10460625 557900 x 466600 91300
PRICELINE COM INC COM 741503106 1342575 16200 x 16200
PROFESSIONAL DETAILING COM 74312N107 1243906.25 47500 x 47500
PROFIT RECOVERY GROUP COM 743168106 41166900 1042200 x 1020300 21900
PROLOGIS TR SH BEN INT COM 743410102 21626270 1054940 x 865310 189630
PROVIDIAN FINL CORP COM 74406A102 4246000 38600 x 31100 7500
PUBLIC STORAGE INC COM 74460D109 15200550 608022 x 500796 107226
QUANTA SVCS INC COM COM 74762E102 3968250 156000 x 156000
RARE HOSPITALITY INTL COM 753820109 4632375 336900 x 336900
RECKSON ASSOCS RLTY COM 75621K106 5858256.25 284900 x 241200 43700
REGENCY RLTY CORP COM 758939102 2943750 157000 x 128500 28500
REGIS CORP MINN COM 758932107 24143550 906800 x 889400 17400
RELIASTAR FINL CORP COM 75952U103 5434687.5 127500 x 108800 18700
ROSS STORES INC COM 778296103 35588893.75 812300 x 792300 20000
ROUSE CO COM COM 779273101 12600281.25 567900 x 465500 102400
ROWECOM INC COM COM 77957X108 654375 15000 x 15000
SAN JUAN BASIN COM 798241105 605407.5 89690 x 89690
SCHEIN HENRY INC COM 806407102 11988700 474800 x 445400 29400
SCIENTIFIC ATLANTA COM 808655104 4384525 160900 x 130300 30600
SDL INC COM COM 784076101 34357950 378600 x 370900 7700
SEROLOGICALS CORP COM 817523103 25287620.31 1864525 x 1828975 35550
SFX ENTMT INC CL A COM 784178105 61476412.5 952200 x 917200 35000
SIMON PPTY GROUP COM 828806109 22843090.62 832550 x 684550 148000
SL GREEN REALTY CORP COM 78440X101 8104425 430800 x 149400 31800
SPEEDWAY MOTORSPORT COM 847788106 16842375 408300 x 388900 19400
SPIEKER PPTYS INC COM 848497103 6387300 181200 x 149400 31800
ST PAUL BANCORP INC COM 792848103 8497912.5 392400 x 381400 11000
STARBUCKS CORP COM COM 855244109 42559587.5 1516600 x 1458900 57700
STORAGE USA COM 861907103 16363862.5 576700 x 486400 93600
SUN COMMUNITIES INC COM 866674104 6073775 191300 x 162600 28700
SUNGARD DATA SYS COM 867363103 96151840 2403796 x 2313396 90400
SUNSTONE HOTELS COM 867933103 4080343.75 567700 x 464900 102800
SUPERIOR CONSULT COM 868146101 20365800 596800 x 569800 27000
SWIFT TRANSN CO COM 870756103 16391953.12 641250 x 624300 16950
SYLVAN LEARNING SYS COM 871399101 64989618.75 2374050 x 2322600 51450
TANDY CORP COM COM 875382103 14089800 220800 x 195700 25100
TETRA TECH INC NEW COM 88162G103 33239847.56 1578153 x 1544525 33628
TEXAS INSTRS INC COM 882508104 1985992.5 20010 x 20010
THEGLOBE COM INC COM 88335R101 5024850 96400 x 96400
TMP WORLDWIDE INC COM 872941109 22263093.75 343500 x 336100 7400
TRANSACTION SYS ARCHI COM 893416107 72417600 2011600 x 1942500 69100
TRANSMONTAIGNE INC COM 893934109 14888287.5 1227900 x 1203400 24500
TRIGON HEALTHCARE INC COM 89618L100 22920100 669200 x 652300 16900
U S RESTAURANT PPTYS COM 902971100 2954812.5 153000 x 125700 27300
URBAN SHOPPING CTRS COM 917060105 5218256.25 181900 x 149200 32700
USWEB CORP COM COM 917327108 45403875 1100700 x 1075400 25300
VALLEY MEDIA INC COM COM 91972C106 591500 26000 x 26000
VENTAS INC COM COM 92276F100 4467600 744600 x 608800 135800
VIGNETTE CORP COM COM 926734104 1881250 25000 x 25000
VORNADO RLTY COM 929042109 14717700 426600 x 348900 77700
WALDEN RESIDENT COM 931210108 6147600 348800 x 285000 63800
WASTE CONNECTIONS COM 941053100 6219437.5 260500 x 260500
WATERS CORP COM COM 941848103 57458681.25 546900 x 521600 25300
WEEKS CORP COM COM 94856P102 3707412.5 129800 x 108700 21100
WELLPOINT HLT NETW COM 94973H108 4571493.75 60300 x 49400 10900
WESTPOINT STEVENS COM 961238102 15482850 559200 x 527200 32000
WILD OATS MARKETS COM 96808B107 25492075 939800 x 921800 18000
ZIFF-DAVIS INC COM COM 989511209 907200 25200 x 8000 17200
CONVERTIBLE BONDS
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MICHAELS STORES INC SUB NT CV6.75%03 594087ac2 564750 600000 x 600000
PETSMART INC SB NT CV 6.75%04 716768ab2 447000 400000 x 400000
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1011750
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GRAND TOTAL 3689160134
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Page Total 47004000
