STEVENSON CAPITAL MANAGEMENT
13F-E, 1998-08-10
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                       SECURITIES AND EXCHANGE COMMISSION                                                                         
                                   FORM 13F-E                                                                                     
                                                                                                                                  
                                                                                                                                  
Report for the Calendar Year or Quarter Ended:    06/30/98                                                                        
                                                                                                                                  
                                                                                                                                  
Institutional Investment Manager:                                                                                                 
                                                                                                                                  
STEVENSON CAPITAL MANAGEMENT                                                                                                      
2420 SAND HILL ROAD, SUITE 101                                                                                                    
MENLO PARK                                        CA            94024                                                             
                                                                                                                                  
                                                                                                                                  
I represent that I am authorized to submit this form and that all information in                                                  
this  form and the  attachments  to it are  true,  correct  and  complete  and I                                                  
understand that all required items,  statements and schedules are 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.                                                                                                             
                                                                                                                                  
I am signing this report as required by the Secutities Exchange Act of 1934.                                                      
                                                                                                                                  
                                                                                                                                  
Name, Title and Telephone Number of Person Submitting Report:                                                                     
                                                                                                                                  
    WALTER F. STEVENSON            PRESIDENT                    (650) 854-6210                                                    
                                                                                                                                  
                                                                                                                                  
Signature, Place and Date of Signing:                                                                                             
                                                                                                                                  
/s/ WALTER F. STEVENSON            MENLO PARK                   CA    06/30/98                                                    
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<PAGE>      PAGE   2                                                                                                              
                                                           VALUE    SHARES/ SH/ PUT/ INVSTMT            -----VOTING AUTHORITY-----
NAME OF ISSUER                 -TITLE OF CLASS- --CUSIP-- (x$1000)  PRN AMT PRN CALL DSCRETN -MANAGERS-      SOLE   SHARED    NONE
                                                                                                                                  
3M Company                     Com              604059105       33      400 SH       Sole                    400                  
A O N Corp.                    Com              37389103        16      225 SH       Sole                    225                  
AMB Property Corp.             Com              00163T109       12      500 SH       Sole                    500                  
AT&T Corp.                     Com              001957109      811    14200 SH       Sole                  14200                  
Abbott Labs                    Com              002824100      164     4000 SH       Sole                   4000                  
Acxiom Corp.                   Com              005125109      107     4300 SH       Sole                   4300                  
Adobe Systems                  Com              00724F101       21      500 SH       Sole                    500                  
AirTouch Communications        Com              00949T100       58     1000 SH       Sole                   1000                  
All American Semiconductor     Com              016557100        6     3000 SH       Sole                   3000                  
American General Corp.         Com              026351106      185     2600 SH       Sole                   2600                  
American International Group   Com              026874107     3369    23075 SH       Sole                  23075                  
Ameritech Corp.                Com              030954101       16      360 SH       Sole                    360                  
Amoco Corp.                    Com              031905102       17      400 SH       Sole                    400                  
Apple Computer, Inc.           Com              037833100       29     1000 SH       Sole                   1000                  
Applied Materials              Com              038222105      192     6500 SH       Sole                   6500                  
Archer-Daniels Midland Co.     Com              039483102      378    19500 SH       Sole                  19500                  
Artecon, Inc.                  Com              043003102      155    62000 SH       Sole                  62000                  
Asia Tigers Fund, Inc.         Com              04516T105      843   133500 SH       Sole                 133500                  
Assoc. First Cap.              Com              046008108      745     9689 SH       Sole                   9689                  
BRE Properties                 Com              05564E106      430    16500 SH       Sole                  16500                  
Banc One Corp.                 Com              059438101      620    11110 SH       Sole                  11110                  
Bankamerica Corp.              Com              066050105      675     7800 SH       Sole                   7800                  
Benson Petroleum, Ltd.         Com              08261D106       23     2500 SH       Sole                   2500                  
Berkshire Hthwy, Class A       Com              084670108      235       30 SH       Sole                     30                  
Boeing Co.                     Com              097023105      696   156200 SH       Sole                 156200                  
Bristol Myers                  Com              09247U107      639     5560 SH       Sole                   5560                  
British Petroleum              Com              110889409      531     6016 SH       Sole                   6016                  
Burlington Resources           Com              122014103      271     6300 SH       Sole                   6300                  
CIGNA Corp.                    Com              125509109      559     8100 SH       Sole                   8100                  
Caterpillar, Inc.              Com              149123101      206     3900 SH       Sole                   3900                  
Cendant Corp.                  Com              151313103       21     1000 SH       Sole                   1000                  
Chalone Wine Group, Ltd.       Com              157639105        1      100 SH       Sole                    100                  
Chase Manhattan Bank           Com              16161A108      995    13176 SH       Sole                  13176                  
Chevron Corp.                  Com              166751107     1315    15700 SH       Sole                  15700                  
Chock Full O Nuts Corp.        Com              170268106      793   117500 SH       Sole                 117500                  
Chrysler                       Com              171196108     1674    29700 SH       Sole                  29700                  
Cirrus Logic, Inc.             Com              172755100       17     1500 SH       Sole                   1500                  
Cisco Systems, Inc.            Com              17275R102      249     2700 SH       Sole                   2700                  
Citicorp                       Com              173034109      254     1700 SH       Sole                   1700                  
Clarify, Inc.                  Com              180492100       20     1500 SH       Sole                   1500                  
Clorox Co.                     Com              189054109      383     4000 SH       Sole                   4000                  
Comerica, Inc.                 Com              200340107      139     2097 SH       Sole                   2097                  
Compaq Computer                Com              204493100      184     6500 SH       Sole                   6500                  
Computer Assoc. Intl., Inc.    Com              204912109      117     2100 SH       Sole                   2100                  
Consolidated Edison            Com              209115104      225     5000 SH       Sole                   5000                  
DSP Communications             Com              23332K106       41     3000 SH       Sole                   3000                  
Darden Restaurants, Inc.       Com              237194105       89     5600 SH       Sole                   5600                  
Dell Computer Corp.            Com              247025109      149     1600 SH       Sole                   1600                  
Deltic Timber Corp.            Com              247850100       38     1500 SH       Sole                   1500                  
Dominion Resources             Com              257470104      734    18000 SH       Sole                  18000                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<PAGE>      PAGE   3                                                                                                              
                                                           VALUE    SHARES/ SH/ PUT/ INVSTMT            -----VOTING AUTHORITY-----
NAME OF ISSUER                 -TITLE OF CLASS- --CUSIP-- (x$1000)  PRN AMT PRN CALL DSCRETN -MANAGERS-      SOLE   SHARED    NONE
                                                                                                                                  
Duke Energy                    Com              264399106     2352    39700 SH       Sole                  39700                  
Dun & Bradstreet Corp.         Com              264830100      180     5000 SH       Sole                   5000                  
ENOVA Corp.                    Com              293552105      857    32200 SH       Sole                  32200                  
Eastman Kodak                  Com              277461109       58      800 SH       Sole                    800                  
Edison International           Com              281020107      900    30440 SH       Sole                  30440                  
Elan PLC ADR                   Com              284131208       64     1000 SH       Sole                   1000                  
Emrgng. Mrkts. Infrstrc. Fund  Com              290921105       49     5000 SH       Sole                   5000                  
Emerson Elec.                  Com              291011104      248     4100 SH       Sole                   4100                  
Ennis Business Forms, Inc.     Com              293389102       58     5000 SH       Sole                   5000                  
Enron Corp.                    Com              293561106      106     1965 SH       Sole                   1965                  
European Warrant Fund, Inc.    Com              298792102      138     5970 SH       Sole                   5970                  
Exxon Corp.                    Com              302290101     3162    44300 SH       Sole                  44300                  
Fairfield Communities, Inc.    Com              304231301       46     2406 SH       Sole                   2406                  
Farmers & Merchants Bnk. Cntr. Com              308035104       35      190 SH       Sole                    190                  
Farmers & Merchants Bnk. of Lo Com              308243104      315      110 SH       Sole                    110                  
Fdrl. Ntl. Mortg. Assn.        Com              313586109     4652    76580 SH       Sole                  76580                  
First Chicago NBD              Com              31945A100       80      905 SH       Sole                    905                  
First Commerical Corp.         Com              319825105       74     1061 SH       Sole                   1061                  
First Ntl. Bnk. of Ancorage    Com              322387101      132      100 SH       Sole                    100                  
Ford Motor Co.                 Com              345370100     3599    61000 SH       Sole                  61000                  
Foundation Health Systems A    Com              350404109       21      780 SH       Sole                    780                  
Freddie Mac Voting Shares      Com              313400301      751    15200 SH       Sole                  15200                  
GTE Corp.                      Com              362320103     2698    48500 SH       Sole                  48500                  
General Electric               Com              369604103     2608    28700 SH       Sole                  28700                  
General Mills, Inc.            Com              370334104      293     4300 SH       Sole                   4300                  
General Motors Class H.        Com              370442832      137     2900 SH       Sole                   2900                  
Glaxo Wellcome PLC ADR         Com              37733W105       90     1500 SH       Sole                   1500                  
Global Small Cptl. Fund Inc.   Com              37935V103      484    30000 SH       Sole                  30000                  
Golden West Financial          Com              381317106       74      700 SH       Sole                    700                  
Halliburton Co.                Com              406216101      298     6700 SH       Sole                   6700                  
Hewlett Packard Co.            Com              428236103     2138    35700 SH       Sole                  35700                  
Hong Kong Telecommunications   Com              438579203     1586    84000 SH       Sole                  84000                  
I K O S Systems New            Com              451716203        4     1000 SH       Sole                   1000                  
ICG Communications, Inc.       Com              449246107       63     1725 SH       Sole                   1725                  
Informix Corp.                 Com              456779107      167    21100 SH       Sole                  21100                  
Innkeepers USA Trust           Com              4576J0104      139    11000 SH       Sole                  11000                  
International House of Pancake Com              449623107      372     9000 SH       Sole                   9000                  
Integrated Silicon Solutions   Com              45812P107       11     1600 SH       Sole                   1600                  
Intel Corp.                    Com              458140100     4333    58450 SH       Sole                  58450                  
Intl. Business Machines        Com              459200101     3449    30044 SH       Sole                  30044                  
Interstate Energy Corp.        Com              460845100     1118    34400 SH       Sole                  34400                  
J P Morgan & Co.               Com              616880100      328     2800 SH       Sole                   2800                  
Jackpot Enterprises, Inc.      Com              466392107      163    13000 SH       Sole                  13000                  
John Hancock Bank & Thrift Opp Com              409735107       54     4500 SH       Sole                   4500                  
Johnson & Johnson              Com              478160104      229     3100 SH       Sole                   3100                  
Kimberly Clark                 Com              494368103      124     2700 SH       Sole                   2700                  
LSI Logic Corp.                Com              502161102       18      800 SH       Sole                    800                  
Latin America Eqty. Fund Inc.  Com              51827T100      119    11500 SH       Sole                  11500                  
Lee Enterprises, Inc.          Com              523768109       31     1000 SH       Sole                   1000                  
Lehman Bros. Holding           Com              524908100     2878    37100 SH       Sole                  37100                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<PAGE>      PAGE   4                                                                                                              
                                                           VALUE    SHARES/ SH/ PUT/ INVSTMT            -----VOTING AUTHORITY-----
NAME OF ISSUER                 -TITLE OF CLASS- --CUSIP-- (x$1000)  PRN AMT PRN CALL DSCRETN -MANAGERS-      SOLE   SHARED    NONE
                                                                                                                                  
Lilly Eli & Co.                Com              532457108       27      400 SH       Sole                    400                  
Loews Corp.                    Com              540424108      157     1800 SH       Sole                   1800                  
London Pacific Group           Com              542073101     1191    75000 SH       Sole                  75000                  
Lucent Technologies, Inc.      Com              549463107      237     2854 SH       Sole                   2854                  
MED Design Corp.               Com              583926100       30    20000 SH       Sole                  20000                  
Mariner Health Group Inc.      Com              56845J109       58     3500 SH       Sole                   3500                  
McDonalds Corp.                Com              580135101      297     4300 SH       Sole                   4300                  
Merck & Co.                    Com              589331107      147     1100 SH       Sole                   1100                  
Merrill Lynch & Co.            Com              590188108     2537    27500 SH       Sole                  27500                  
Microsoft Corp.                Com              594918104       54      500 SH       Sole                    500                  
Mobil Corp.                    Com              607059102      169     2200 SH       Sole                   2200                  
Motorola                       Com              620076109       63     1200 SH       Sole                   1200                  
NCI Building Systems           Com              628852105     1201    20800 SH       Sole                  20800                  
NationsBank                    Com              638585109      379     4948 SH       Sole                   4948                  
New Century Energies, Inc.     Com              64352U103       96     2102 SH       Sole                   2102                  
New Plan Rlty.                 Com              648059103      466    19000 SH       Sole                  19000                  
Northern States Power          Com              665772109     1088    38000 SH       Sole                  38000                  
Novell Inc.                    Com              670006105       32     2500 SH       Sole                   2500                  
Occidental Petroleum           Com              674990080       13      490 SH       Sole                    490                  
Oracle Systems                 Com              68389X105       25     1000 SH       Sole                   1000                  
Oxford Health Plans New        Com              691471106       46     3000 SH       Sole                   3000                  
Pacific Gas & Electric         Com              69331C108      172     5465 SH       Sole                   5465                  
Pacificorp                     Com              695114108      509    22500 SH       Sole                  22500                  
Pfizer, Inc.                   Com              717081103      391     3600 SH       Sole                   3600                  
Pharmaceutical Prod. Dev.      Com              717124101       29     1297 SH       Sole                   1297                  
Philip Services Corp.          Com              71819M103       12    12375 SH       Sole                  12375                  
Premier Laser Systems          Com              740522107        4     1000 SH       Sole                   1000                  
Proctor & Gamble               Com              742718109       73      800 SH       Sole                    800                  
RJR Nabisco Inc.               Com              74960K876       48     2000 SH       Sole                   2000                  
Raychem                        Com              754603108       26      894 SH       Sole                    894                  
Raymond James Financial        Com              754730109       54     1800 SH       Sole                   1800                  
Raytheon  Co. Class A          Com              755111309       58     1011 SH       Sole                   1011                  
Reuters Group PLC              Com              76132M102       12      173 SH       Sole                    173                  
Royal Dutch Shell              Com              780857804      553    10080 SH       Sole                  10080                  
Royce Global Trust, Inc.       Com              78080N108     1953   355000 SH       Sole                 355000                  
Royce Value Trust              Com              780910105     3039   184200 SH       Sole                 184200                  
S & P 500 Spiders              Com              78462F103     5110    45100 SH       Sole                  45100                  
SLM Holding Corp.              Com              78442A109      206     4200 SH       Sole                   4200                  
Salomon Brothers Fund          Com              795477108       99     5500 SH       Sole                   5500                  
Schlumberger, Ltd.             Com              806857108      642     9400 SH       Sole                   9400                  
Scientific Atlanta, Inc.       Com              808655104      868    34200 SH       Sole                  34200                  
Shuffle Master Inc.            Com              825549108       82     9000 SH       Sole                   9000                  
Silicon Graphics Inc.          Com              827056102       18     1500 SH       Sole                   1500                  
Singer Co.                     Com              82930F109    13712   192500 SH       Sole                 192500                  
Southern Co.                   Com              842587107      775    28000 SH       Sole                  28000                  
St. Joe Corp.                  Com              790148100      140     5100 SH       Sole                   5100                  
Staten Island Bancorp          Com              857550107      216     9500 SH       Sole                   9500                  
Steelcase Inc.                 Com              858155203       26     1000 SH       Sole                   1000                  
Sun Microsystems               Com              866810104       43     1000 SH       Sole                   1000                  
Sunbeam Corp.                  Com              867071102     1587   152000 SH       Sole                 152000                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<PAGE>      PAGE   5                                                                                                              
                                                           VALUE    SHARES/ SH/ PUT/ INVSTMT            -----VOTING AUTHORITY-----
NAME OF ISSUER                 -TITLE OF CLASS- --CUSIP-- (x$1000)  PRN AMT PRN CALL DSCRETN -MANAGERS-      SOLE   SHARED    NONE
                                                                                                                                  
Sybase, Inc.                   Com              871130100       10     1500 SH       Sole                   1500                  
TECO Energy                    Com              872375100     1236    46100 SH       Sole                  46100                  
Templeton Dragon Fund          Com              88018T101       85    10000 SH       Sole                  10000                  
Three Com Corp.                Com              885535104       61     2000 SH       Sole                   2000                  
Time Warner                    Com              887315109      957    11200 SH       Sole                  11200                  
Travelers Group, Inc.          Com              894190107       45      750 SH       Sole                    750                  
Tri Valley Corp.               Com              895735108        4     5000 SH       Sole                   5000                  
U.S. Diagnostic Inc. Eff.      Com              90328Q108        4     1000 SH       Sole                   1000                  
UST Inc.                       Com              917488108      189     7000 SH       Sole                   7000                  
Unisys                         Com              909214108      198     7000 SH       Sole                   7000                  
Utah Medical Inc.              Com              917488108      725   100000 SH       Sole                 100000                  
WMX Technologies               Com              94106K101      385    11000 SH       Sole                  11000                  
Wal-Mart Stores Inc.           Com              931142103      152     2500 SH       Sole                   2500                  
Warner-Lambert Co.             Com              934488107     2081    30000 SH       Sole                  30000                  
Medical Specialists Fund       Com              45837N202        9     1000 SH       Sole                   1000                  
Pilgrim Amer Bank & Thrift Fun Com              998908727    91500   332500 SH       Sole                 332500                  
Smith Barney Small Cap Blend F Com              83181R107    14938  1049000 SH       Sole                1049000                  
Vanguard 500 Fund              Com              922908108      780     7410 SH       Sole                   7410                  
Windsor Fund                   Com              922018106       78     4203 SH       Sole                   4203                  
Blackrock Calif. Muni Fund     Com              09247U107      157    10000 SH       Sole                  10000                  
Blackrock Strategic Term Trust Com              09247P108       88    10000 SH       Sole                  10000                  
Blackrock Term 1999            Com              09247T100     1214   127000 SH       Sole                 127000                  
Blackrock Term Trust 2001      Com              092477108      176    20000 SH       Sole                  20000                  
Franklin Term  2001            Com              35459D103     3042   308000 SH       Sole                 308000                  
Greenwich St. Calif. Muni      Com              397009101     2110   162300 SH       Sole                 162300                  
Hyperion 1999 Term Trust       Com              448913103     2108   295800 SH       Sole                 295800                  
Hyperion Term  2005            Com              448918102     5624   661700 SH       Sole                 661700                  
MFS Charter Income Trust       Com              552727109      785    78000 SH       Sole                  78000                  
Pilgrim Amer Prime Rate        Com              720906106     2640   264000 SH       Sole                 264000                  
Pimco Commercial Mortgage      Com              693388100     2415   178900 SH       Sole                 178900                  
RCM Global Government Fund     Com              74936A101     4378   421968 SH       Sole                 421968                  
TCW/DW Term  2003              Com              87234U108     2894   315000 SH       Sole                 315000                  
TCW/DW Term Trust 2000         Com              87234V106     1119   121000 SH       Sole                 121000                  
REPORT SUMMARY                183 DATA RECORDS              242320            0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED    
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