UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 1999
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: YMCA RETIREMENT FUND
Address: 140 BROADWAY
New York, NY 10005
13F File Number: 28-00178
The institutional investment manager filing this report
and the person by whom it is signed hereby represent that
the person signing the report is authorized to submit it,
that all information contained herein is true, correct and
complete, and that it is understood that all required items,
statements, schedules, lists, and tables, are considered
integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Richard Hill
Title: Treasurer
Phone: 646-458-2411
Signature, Place, and Date of Signing:
Richard Hill New York, New York January 12, 2000
Report Type (Check only one.):
[ X] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager:
<PAGE>
YMCA RETIREMENT FUND
FORM 13F SUMMARY PAGE
AS OF DATE: 03/31/99
RUN DATE: 11/01/99 9:15 A.M.
REPORT SUMMARY:
NUMBER OF OTHER INCLUDED MANAGERS: 0
FORM 13F INFORMATION TABLE ENTRY TOTAL: 327
FORM 13F INFORMATION TABLE VALUE TOTAL: $1,391,815,000
LIST OF OTHER INCLUDED MANAGERS:
NO. 13F FILE NUMBER NAME
<PAGE>
FORM 13F SPECIAL ELECTRONIC FILING INSTRUCTIONS Continued
<TABLE> <C> <C>
PORTVUE-SEC13F.LNP YMCA RETIREMENT FUND PAGE 1
RUN DATE: 11/01/99 9:13 A.M.
FORM 13F INFORMATION TABLE
AS OF DATE: 03/31/99
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
3COM CORP COM 885535104 1399 60000 SH DEFINED 0 60000 0
ABBOTT LABS COM 002824100 8426 180000 SH DEFINED 0 180000 0
ABN AMRO 7.125% PFD PREFERRED STOCKS 00371T206 1125 45000 SH DEFINED 0 45000 0
ABN AMRO CAP FUND 7.50% PFD PREFERRED STOCKS 00371Q202 1515 60000 SH DEFINED 0 60000 0
ADECCO COM 994007029 1569 3090 SH DEFINED 0 3090 0
AGCO CORP COM COM 001084102 1050 160000 SH DEFINED 0 160000 0
ALABAMA POWER 7% PFD PREFERRED STOCKS 010392637 1850 74000 SH DEFINED 0 74000 0
ALBERTSONS INC COM 013104104 2450 45000 SH DEFINED 0 45000 0
ALCOA INC COM COM 013817101 3707 90000 SH DEFINED 0 90000 0
ALLIED SIGNAL INC COM COM 019512102 7378 150000 SH DEFINED 0 150000 0
ALLSTATE CORP 7.125% PFD PREFERRED STOCKS 020002200 1523 60000 SH DEFINED 0 60000 0
ALLSTATE CORP COM COM 020002101 2965 80000 SH DEFINED 0 80000 0
ALZA CORP COM 022615108 2678 70000 SH DEFINED 0 70000 0
AMBAC FINANCIAL 7.08% PFD PREFERRED STOCKS 023139306 1759 70000 SH DEFINED 0 70000 0
AMERICA ONLINE INC COM COM 02364J104 2940 20000 SH DEFINED 0 20000 0
AMERICAN EXPRESS CO COM 025816109 11775 100000 SH DEFINED 0 100000 0
AMERICAN GENERAL CORP COM 026351106 8460 120000 SH DEFINED 0 120000 0
AMERICAN HOME PRODS CORP COM 026609107 9135 140000 SH DEFINED 0 140000 0
AMERICAN INTL GROUP INC COM 026874107 16888 175000 SH DEFINED 0 175000 0
AMERITECH CORP NEW COM COM 030954101 5763 100000 SH DEFINED 0 100000 0
AMR CORP DEL COM COM 001765106 586 10000 SH DEFINED 0 10000 0
ANGLO IRISH BANK (DUBLIN) COM 994032775 288 100000 SH DEFINED 0 100000 0
APPALACHIAN POWER 7.20% PFD PREFERRED STOCKS 037735792 347 14000 SH DEFINED 0 14000 0
APPALACHIAN PWR 7.30% PFD PREFERRED STOCKS 037735784 1856 75000 SH DEFINED 0 75000 0
APPLE COMPUTER INC COM 037833100 1078 30000 SH DEFINED 0 30000 0
APPLIED MATLS INC COM 038222105 1234 20000 SH DEFINED 0 20000 0
ARMSTRONG WORLD INDUSTRIES 7.4 PREFERRED STOCKS 042476606 375 15000 SH DEFINED 0 15000 0
ASCEND COMMUNICATIONS INC COM COM 043491109 4184 50000 SH DEFINED 0 50000 0
ASSOCIATES FIRST CAP CORP CL A COM 046008108 4652 103382 SH DEFINED 0 103382 0
ASTRAZENECA ORD COM 995241503 23552 1026666 SH DEFINED 0 1026666 0
AT & T CORP. COM 001957109 13650 256542 SH DEFINED 0 256542 0
ATLANTIC RICHFIELD CO COM COM 048825103 6947 95000 SH DEFINED 0 95000 0
AT&T CORP LIBERTY MEDIA CL A COM 001957208 14792 562500 SH DEFINED 0 562500 0
AUTOMATIC DATA PROCESSING COM COM 053015103 5809 140400 SH DEFINED 0 140400 0
AUTOZONE INC. COM 053332102 1109 36500 SH DEFINED 0 36500 0
AVERY DENNISON CORP COM COM 053611109 4025 70000 SH DEFINED 0 70000 0
AVNET INC COM COM 053807103 1470 40000 SH DEFINED 0 40000 0
AVON PRODS INC COM COM 054303102 6118 130000 SH DEFINED 0 130000 0
BALTIMORE GAS & ELEC 7.16% PFD PREFERRED STOCKS 055415202 3266 130000 SH DEFINED 0 130000 0
BANK AMERICA 7% PFD PREFERRED STOCKS 066044207 748 30000 SH DEFINED 0 30000 0
BANK NEW YORK INC COM 064057102 8625 240000 SH DEFINED 0 240000 0
BANK OF NEW YORK 7.80% PFD PREFERRED STOCKS 096564208 3881 150000 SH DEFINED 0 150000 0
BANK OF NY PFD 6.875% PREFERRED STOCKS 09656G201 1241 50000 SH DEFINED 0 50000 0
BANK ONE CORP COM COM 06423A103 11596 210600 SH DEFINED 0 210600 0
BANK SARASIN COM 994149545 1010 600 SH DEFINED 0 600 0
BANKAMERICA CORP NEW COM 06605F102 11468 162372 SH DEFINED 0 162372 0
BAXTER INTL INC COM COM 071813109 1650 25000 SH DEFINED 0 25000 0
BCE INC COM 05534B109 7090 160000 SH DEFINED 0 160000 0
BECTON DICKINSON & CO COM COM 075887109 2682 70000 SH DEFINED 0 70000 0
BELL ATLANTIC CORP COM 077853109 5169 100000 SH DEFINED 0 100000 0
BELLSOUTH CORP COM 079860102 8013 200000 SH DEFINED 0 200000 0
BEST BUY INC COM COM 086516101 9360 180000 SH DEFINED 0 180000 0
BESTFOODS COM 08658U101 2585 55000 SH DEFINED 0 55000 0
BIOCHEM PHARMA INC COM COM 09058T108 2131 100000 SH DEFINED 0 100000 0
BIOGEN N V COM 090597105 2286 40000 SH DEFINED 0 40000 0
BIOTECHNOLOGY INV PTG RD PF US COM 990097701 6287 1700000 SH DEFINED 0 1700000 0
BLACK & DECKER CORP COM COM 091797100 4435 80000 SH DEFINED 0 80000 0
BMC SOFTWARE INC COM 055921100 2038 55000 SH DEFINED 0 55000 0
BOEING CO COM COM 097023105 2890 85000 SH DEFINED 0 85000 0
BP AMOCO ADS COM 055622104 9090 180000 SH DEFINED 0 180000 0
BRISTOL MYERS SQUIBB CO COM COM 110122108 16993 265000 SH DEFINED 0 265000 0
BRITISH TELECOM PLC COM 990140843 7429 455000 SH DEFINED 0 455000 0
BURLINGTON NORTHN SANTA FE COM COM 12189T104 4142 126000 SH DEFINED 0 126000 0
BURLINGTON RESOURCES INC COM 122014103 1198 30000 SH DEFINED 0 30000 0
CABLETRON SYS INC COM COM 126920107 942 115000 SH DEFINED 0 115000 0
CABLEVISION SYS CORP COM 12686C109 4448 60000 SH DEFINED 0 60000 0
CADENCE DESIGNS SYS INC COM COM 127387108 2060 80000 SH DEFINED 0 80000 0
CAMBRIDGE TECH PTNRS MA INC CO COM 132524109 1388 100000 SH DEFINED 0 100000 0
CAMDEN PPTY TR SH BEN INT COM 133131102 2599 105000 SH DEFINED 0 105000 0
CAMPBELL SOUP CO COM COM 134429109 3662 90000 SH DEFINED 0 90000 0
CAPITAL RE 7.65% PFD PREFERRED STOCKS P20578103 496 20000 SH DEFINED 0 20000 0
CARTER WALLACE INC COM COM 146285101 3616 200900 SH DEFINED 0 200900 0
CASE CORP COM COM 14743R103 2030 80000 SH DEFINED 0 80000 0
CATALINA MARKETING CORP COM COM 148867104 2576 30000 SH DEFINED 0 30000 0
CATERPILLAR INC COM 149123101 2756 60000 SH DEFINED 0 60000 0
CBS CORPORATION COM 12490K107 1837 45000 SH DEFINED 0 45000 0
CENTRAL POWER & LIGHT 8% PFD PREFERRED STOCKS 12615P205 3716 145000 SH DEFINED 0 145000 0
CENTURY TEL ENTERPRISES INC CO COM 156686107 5620 120000 SH DEFINED 0 120000 0
CERIDIAN CORP COM 15677T106 4022 110000 SH DEFINED 0 110000 0
CERT WOLTERS KLUWER COM 994977111 6387 35204 SH DEFINED 0 35204 0
CHAMPION INTL CORP COM 158525105 4106 100000 SH DEFINED 0 100000 0
CHANCELLOR MEDIA CORP COM COM 158915108 2592 55000 SH DEFINED 0 55000 0
CHEVRON CORP COM 166751107 7340 82700 SH DEFINED 0 82700 0
CIGNA CORP COM COM 125509109 444 5300 SH DEFINED 0 5300 0
CIRCUIT CITY STORES INC COM COM 172737108 1533 40000 SH DEFINED 0 40000 0
CISCO SYS INC COM 17275R102 9861 180000 SH DEFINED 0 180000 0
CITICORP CAP III 7.10% PFD PREFERRED STOCKS 17303U200 631 25000 SH DEFINED 0 25000 0
CITIGROUP CAPITAL VI PFD 6.875 PREFERRED STOCKS 17305L208 1500 60000 SH DEFINED 0 60000 0
CITIGROUP INC. COM 172967101 17246 405000 SH DEFINED 0 405000 0
CLEAR CHANNEL COMMUNICATIONSCO COM 184502102 6706 100000 SH DEFINED 0 100000 0
CNF TRANSN INC COM COM 12612W104 3781 100000 SH DEFINED 0 100000 0
COASTAL CORP COM 190441105 7260 220000 SH DEFINED 0 220000 0
COCA COLA CO COM COM 191216100 10250 167000 SH DEFINED 0 167000 0
COCA COLA ENTERPRISES INC COM COM 191219104 6050 200000 SH DEFINED 0 200000 0
COMCAST CORP CL A SPL COM 200300200 4720 150000 SH DEFINED 0 150000 0
COMPAQ COMPUTER CORP COM 204493100 3961 125000 SH DEFINED 0 125000 0
COMPUTER ASSOC INTL INC COM 204912109 2489 70000 SH DEFINED 0 70000 0
COMPUTER SCIENCES CORP COM 205363104 2208 40000 SH DEFINED 0 40000 0
COMPUWARE CORP COM 205638109 1671 70000 SH DEFINED 0 70000 0
CONAGRA INC COM 205887102 1922 75000 SH DEFINED 0 75000 0
CSM NV COM 994158585 540 10188 SH DEFINED 0 10188 0
CUMMINS ENGINE INC COM COM 231021106 1245 35000 SH DEFINED 0 35000 0
CVS CORPORATION COM 126650100 2850 60000 SH DEFINED 0 60000 0
CYPRESS SEMICONDUCTOR CORP COM COM 232806109 1575 175000 SH DEFINED 0 175000 0
CYPRUS AMAX MINERALS CO COM COM 232809103 1334 110000 SH DEFINED 0 110000 0
DAIMLERCHRYSLER AG ORD COM D1668R123 2140 24940 SH DEFINED 0 24940 0
DAYTON HUDSON CORP COM COM 239753106 3998 60000 SH DEFINED 0 60000 0
DEERE & CO. COM 244199105 1931 50000 SH DEFINED 0 50000 0
DELL COMPUTER CORP COM COM 247025109 6540 160000 SH DEFINED 0 160000 0
DIAL CORP COM 25247D101 4813 140000 SH DEFINED 0 140000 0
DISNEY WALT PRODTNS COM 254687106 6910 222000 SH DEFINED 0 222000 0
DOMINION RES INC VA COM 257470104 3509 95000 SH DEFINED 0 95000 0
DOVER CORP COM COM 260003108 1644 50000 SH DEFINED 0 50000 0
DPL INC COM 233293109 2475 150000 SH DEFINED 0 150000 0
DU PONT E I DE NEMOURS CO COM 263534109 6677 115000 SH DEFINED 0 115000 0
DUKE CAPITAL 7.375% PFD PREFERRED STOCKS 264393208 2157 85000 SH DEFINED 0 85000 0
DUKE ENERGY CORP 7.20% PFD PREFERRED STOCKS 264396201 1133 45000 SH DEFINED 0 45000 0
DUKE ENERGY PFD 6.60% PREFERRED STOCKS 264399619 500 20000 SH DEFINED 0 20000 0
E M C CORP MASS COM COM 268648102 1916 30000 SH DEFINED 0 30000 0
EASTMAN KODAK COM 277461109 1278 20000 SH DEFINED 0 20000 0
ELSEVIER COM 994148810 14904 1000000 SH DEFINED 0 1000000 0
EMERSON ELEC CO COM COM 291011104 2912 55000 SH DEFINED 0 55000 0
ENDEMOL ENTERTAINMENT COM 995146437 1033 30360 SH DEFINED 0 30360 0
ENI S P A SPONSORED ADR COM 26874R108 6944 110000 SH DEFINED 0 110000 0
ENRON CORP COM 293561106 6425 200000 SH DEFINED 0 200000 0
ENTERPRISE CAP 7.25% PFD PREFERRED STOCKS 29390B201 597 25000 SH DEFINED 0 25000 0
ENTERPRISE CAP 7.44% PFD PREFERRED STOCKS 293701207 1274 52000 SH DEFINED 0 52000 0
EXXON CORP COM 302290101 7056 100000 SH DEFINED 0 100000 0
FEDERAL HOME LN MTG CORP COM COM 313400301 6878 120000 SH DEFINED 0 120000 0
FEDERAL MOGUL CORP COM COM 313549107 2138 50000 SH DEFINED 0 50000 0
FEDERAL NAT MORTGAGE ASSN COM 313586109 12590 181800 SH DEFINED 0 181800 0
FINL SEC ASSUR HLDGS 7.375% PF PREFERRED STOCKS 31769P209 1259 50000 SH DEFINED 0 50000 0
FIRST AMER CORP TENN COM 318900107 4978 135000 SH DEFINED 0 135000 0
FIRST DATA CORP COM COM 319963104 4275 100000 SH DEFINED 0 100000 0
FIRSTENERGY CORP COM COM 337932107 2800 100000 SH DEFINED 0 100000 0
FLEET FINL GROUP INC NEW COM COM 338915101 7262 193000 SH DEFINED 0 193000 0
FORD MOTOR COM 345370100 8787 155000 SH DEFINED 0 155000 0
FOX ENTMT GROUP INC CL A COM 35138T107 2441 90000 SH DEFINED 0 90000 0
FPL GROUP INC COM COM 302571104 3994 75000 SH DEFINED 0 75000 0
FRONTIER CORP COM COM 35906P105 8819 170000 SH DEFINED 0 170000 0
GARTNER GROUP INC NEW CL A COM 366651107 2482 110000 SH DEFINED 0 110000 0
GATEWAY 2000 INC COM COM 367833100 1371 20000 SH DEFINED 0 20000 0
GENERAL DYNAMICS CORP COM COM 369550108 2570 40000 SH DEFINED 0 40000 0
GENERAL ELEC CO COM 369604103 28209 255000 SH DEFINED 0 255000 0
GENZYME CORP COM 372917104 1009 20000 SH DEFINED 0 20000 0
GEORGIA POWER CAP 7.75% PFD PREFERRED STOCKS 373333202 2173 85000 SH DEFINED 0 85000 0
GILLETTE CO COM COM 375766102 5349 90000 SH DEFINED 0 90000 0
GRAINGER, W W INC COM 384802104 2153 50000 SH DEFINED 0 50000 0
GTE CORP COM 362320103 6050 100000 SH DEFINED 0 100000 0
GUIDANT CORP COM 401698105 5445 90000 SH DEFINED 0 90000 0
GULF POWER CAP 7.00% PFD PREFERRED STOCKS 402476204 1500 60000 SH DEFINED 0 60000 0
GULF POWER CO 7.50% PFD PREFERRED STOCKS 402479810 260 10000 SH DEFINED 0 10000 0
HALLIBURTON CO COM COM 406216101 1925 50000 SH DEFINED 0 50000 0
HARNISCHFEGER INDS INC COM COM 413345109 569 100000 SH DEFINED 0 100000 0
HAWAIIAN ELEC 8.05% PFD PREFERRED STOCKS 404151201 845 33300 SH DEFINED 0 33300 0
HAWAIIAN ELECTRIC 8.36% PFD PREFERRED STOCKS 41987M201 1269 50000 SH DEFINED 0 50000 0
HEALTH MGMT ASSOC INC NEW CL A COM 421933102 10520 863154 SH DEFINED 0 863154 0
HECO CAPITAL 7.30% PFD PREFERRED STOCKS 40415B209 737 30000 SH DEFINED 0 30000 0
HEINZ H J CO COM COM 423074103 3790 80000 SH DEFINED 0 80000 0
HERSHEY FOODS CORP COM 427866108 5113 91200 SH DEFINED 0 91200 0
HEWLETT PACKARD CO COM 428236103 6103 90000 SH DEFINED 0 90000 0
HILTON HOTELS CORP COM COM 432848109 1406 100000 SH DEFINED 0 100000 0
HOME DEPOT INC COM 437076102 12450 200000 SH DEFINED 0 200000 0
HONEYWELL INC COM COM 438506107 2274 30000 SH DEFINED 0 30000 0
HOUSEHOLD INTL CORP COM 441815107 5703 125000 SH DEFINED 0 125000 0
HUBBELL HARVEY INC CLASS B COM 443510201 2000 50000 SH DEFINED 0 50000 0
I.T.T. HARTFORD CAP 7.70% PFD PREFERRED STOCKS 416315208 1272 50000 SH DEFINED 0 50000 0
IMC GLOBAL INC COM 449669100 2044 100000 SH DEFINED 0 100000 0
IMS HEALTH INC COM COM 449934108 3975 120000 SH DEFINED 0 120000 0
INFORMIX CORP COM COM 456779107 1475 200000 SH DEFINED 0 200000 0
INGERSOLL-RAND COMPANY COM 456866102 1985 40000 SH DEFINED 0 40000 0
INTEGRATED DEVICE TECH INC COM 458118106 922 170500 SH DEFINED 0 170500 0
INTEL CORP COM 458140100 15454 260000 SH DEFINED 0 260000 0
INTERNATIONAL BUSINESS MACHINE COM 459200101 17725 200000 SH DEFINED 0 200000 0
INTERNATIONAL PAPER PFD 7.7/8% PREFERRED STOCKS 460140205 2538 100000 SH DEFINED 0 100000 0
INTERSTATE ENERGY CORP WISC CO COM 460845100 3461 130000 SH DEFINED 0 130000 0
IRISH LIFE & PERMANENT PLC (EU COM 994455253 97 10000 SH DEFINED 0 10000 0
ITT INDS INC COM WHEN ISSUED COM 450911102 5129 145000 SH DEFINED 0 145000 0
JACOR COMMUNICATIONS INC COM COM 469858401 3040 40000 SH DEFINED 0 40000 0
JEFFERSON PILOT CORP COM COM 475070108 2818 41600 SH DEFINED 0 41600 0
JOHNSON & JOHNSON COM 478160104 14633 156500 SH DEFINED 0 156500 0
K N ENERGY INC COM COM 482620101 2732 137053 SH DEFINED 0 137053 0
KANSAS POWER & LIGHT 8.30% PFD PREFERRED STOCKS 482432200 1288 50000 SH DEFINED 0 50000 0
KENNAMETAL INC COM COM 489170100 1763 100000 SH DEFINED 0 100000 0
KERR-MCGEE CORP COM 492386107 3281 100000 SH DEFINED 0 100000 0
KIMBERLY CLARK CORP COM COM 494368103 4794 100000 SH DEFINED 0 100000 0
KLA INSTRS CORP COM COM 482480100 971 20000 SH DEFINED 0 20000 0
KROGER CO COM COM 501044101 2994 100000 SH DEFINED 0 100000 0
LCI COMP GROUP COM 994504779 180 15180 SH DEFINED 0 15180 0
LEAR CORP COM COM 521865105 1708 40000 SH DEFINED 0 40000 0
LEXMARK INTL GROUP INC CL A COM 529771107 705 12600 SH DEFINED 0 12600 0
LILLY ELI & CO COM 532457108 9761 115000 SH DEFINED 0 115000 0
LINCOLN NATL CAP 7.40% PFD PREFERRED STOCKS 53417P209 1256 50000 SH DEFINED 0 50000 0
LINCOLN NATL CORP IND INCOME P CONVERTIBLE PREF 534187604 3445 130000 SH DEFINED 0 130000 0
LOCKHEED MARTIN CORP COM COM 539830109 1888 50000 SH DEFINED 0 50000 0
LOWES CO COM 548661107 10890 180000 SH DEFINED 0 180000 0
LSI LOGIC CORP COM 502161102 2183 70000 SH DEFINED 0 70000 0
LUCENT TECHNOLOGIES INC COM COM 549463107 10800 200000 SH DEFINED 0 200000 0
MACK CALI RLTY CORP COM COM 554489104 1175 40000 SH DEFINED 0 40000 0
MARSH & MCLENNAN COS INC COM COM 571748102 2970 40000 SH DEFINED 0 40000 0
MARTEK BIOSCIENCES CORP COM 572901106 1294 230000 SH DEFINED 0 230000 0
MASCO CORP COM 574599106 2260 80000 SH DEFINED 0 80000 0
MAXIM INTEGRATED PRODS INC COM COM 57772K101 3248 60000 SH DEFINED 0 60000 0
MAYTAG CORP COM COM 578592107 3441 57000 SH DEFINED 0 57000 0
MCDONALDS CORP COM 580135101 4531 100000 SH DEFINED 0 100000 0
MCI WORLDCOM COM 55268B106 13284 150000 SH DEFINED 0 150000 0
MEDIAONE GROUP INC COM COM 58440J104 3489 55000 SH DEFINED 0 55000 0
MEDTRONIC INC COM 585055106 9703 270000 SH DEFINED 0 270000 0
MELLON BANK CORP COM 585509102 14075 400000 SH DEFINED 0 400000 0
MERCK & CO INC COM 589331107 22115 276000 SH DEFINED 0 276000 0
MERRILL LYNCH 7.00% PFD PREFERRED STOCKS 59021F206 866 35000 SH DEFINED 0 35000 0
MERRILL LYNCH 7.12% PFD PREFERRED STOCKS 59021G204 625 25000 SH DEFINED 0 25000 0
MERRILL LYNCH 8.00% PFD PREFERRED STOCKS 59021C203 658 25000 SH DEFINED 0 25000 0
MERRILL LYNCH PFD 7.28% PREFERRED STOCKS 59021K205 2411 95000 SH DEFINED 0 95000 0
MERRILL LYNCH & CO INC COM COM 590188108 3540 40000 SH DEFINED 0 40000 0
MICROCHIP TECHNOLOGY INC COM COM 595017104 1212 35000 SH DEFINED 0 35000 0
MICRON TECHNOLOGY INC COM COM 595112103 1446 30000 SH DEFINED 0 30000 0
MICROSOFT CORP COM 594918104 23303 260000 SH DEFINED 0 260000 0
MINNESOTA MNG & MFG CO COM 604059105 3891 55000 SH DEFINED 0 55000 0
MOBIL CORP COM 607059102 10560 120000 SH DEFINED 0 120000 0
MODIS PROFESSIONAL SERVICES, I COM 607830106 453 50000 SH DEFINED 0 50000 0
MONSANTO CO. COM 611662107 3905 85000 SH DEFINED 0 85000 0
MORGAN STANLEY CAP TR 7.10% PF PREFERRED STOCKS 553538208 1263 50000 SH DEFINED 0 50000 0
MOTOROLA CAP TR TOPRS 6.68% PF PREFERRED STOCKS 620074203 3581 150000 SH DEFINED 0 150000 0
MOTOROLA INC COM 620076109 2930 40000 SH DEFINED 0 40000 0
MSC INDL DIRECT INC CL A COM 553530106 2210 130000 SH DEFINED 0 130000 0
MUNTERS AB COM 995342387 400 45000 SH DEFINED 0 45000 0
NATIONAL AUSTRALIAN BK 7.875% CONVERTIBLE PREF 632525309 939 30000 SH DEFINED 0 30000 0
NATL RURAL UTILITIES 7.65% PFD PREFERRED STOCKS 637432303 1403 55000 SH DEFINED 0 55000 0
NATURAL RURAL PFD 7.375% PREFERRED STOCKS 637432402 1637 65000 SH DEFINED 0 65000 0
NESTLE BEARER COM 994616696 727 400 SH DEFINED 0 400 0
NEWELL RUBBERMAID COM 651192106 7125 150000 SH DEFINED 0 150000 0
NIPSCO INDS INC COM 629140104 5400 200000 SH DEFINED 0 200000 0
NORDSTROM INC COM 655664100 4088 100000 SH DEFINED 0 100000 0
NORTHERN TELECOM LTD COM COM 665815106 4349 70000 SH DEFINED 0 70000 0
NORTHROP GRUMMAN CORP COM COM 666807102 2395 40000 SH DEFINED 0 40000 0
NORWICH UNION COM 990040932 345 50000 SH DEFINED 0 50000 0
NOVA CHEMICALS 9.04% PFD PREFERRED STOCKS 66977W307 752 30000 SH DEFINED 0 30000 0
NOVARTIS AG CHF20 COM 995047831 21856 13466 SH DEFINED 0 13466 0
NVP CAPITAL 8.20% PFD PREFERRED STOCKS 62944M209 631 25000 SH DEFINED 0 25000 0
OCCIDENTAL PETE CORP COM 674599105 1080 60000 SH DEFINED 0 60000 0
OCEAN ENERGY INC. COM 67481E106 1960 280000 SH DEFINED 0 280000 0
OFFICE DEPOT INC COM 676220106 2995 120000 SH DEFINED 0 120000 0
OGDEN CORP COM 676346109 1444 60000 SH DEFINED 0 60000 0
OHIO POWER 7.375% PFD PREFERRED STOCKS 677415762 1500 60000 SH DEFINED 0 60000 0
ORACLE SYS CORP COM 68389X105 4879 185000 SH DEFINED 0 185000 0
OXY CAPITAL TR 8.16% PFD PREFERRED STOCKS 692070204 1231 50000 SH DEFINED 0 50000 0
PACIFIC TELESIS FING I TR ORG PREFERRED STOCKS 694887209 1259 50000 SH DEFINED 0 50000 0
PEN. POWER & LIGHT 8.20% PFD PREFERRED STOCKS 693497208 510 20000 SH DEFINED 0 20000 0
PENN PWR & LT 8.10% PFD PREFERRED STOCKS 693498206 2550 100000 SH DEFINED 0 100000 0
PEOPLESOFT INC COM COM 712713106 1609 110000 SH DEFINED 0 110000 0
PEPSI BOTTLING GROUP INC COM COM 713409100 2711 125000 SH DEFINED 0 125000 0
PEPSICO INC COM 713448108 5878 150000 SH DEFINED 0 150000 0
PFIZER INC COM 717081103 24281 525000 SH DEFINED 0 525000 0
PINNACLE WEST CAP CORP COM COM 723484101 3274 90000 SH DEFINED 0 90000 0
PITNEY BOWES INC COM COM 724479100 1785 28000 SH DEFINED 0 28000 0
POTOMAC ELECTRIC PWR 7.375% PF PREFERRED STOCKS 73787N208 769 30000 SH DEFINED 0 30000 0
PROCTER & GAMBLE CO COM 742718109 11652 118976 SH DEFINED 0 118976 0
PSCO CAP 8.00% PFD PREFERRED STOCKS 693639205 893 35000 SH DEFINED 0 35000 0
RALSTON PURINA CO COM 751277302 2268 85000 SH DEFINED 0 85000 0
RELIANT ENERGY INC COM COM 75952J108 3258 125000 SH DEFINED 0 125000 0
RELIANT ENERGY TRUST 7.20% PFD PREFERRED STOCKS 749490207 978 40000 SH DEFINED 0 40000 0
REPSOL INT'L PFD 7.45% PFD PREFERRED STOCKS G7513K103 3995 160000 SH DEFINED 0 160000 0
REPSOL S.A. ADR COM 76026T205 5125 300000 SH DEFINED 0 300000 0
RICHFOOD HLDGS INC CL A COM 763408101 1376 63800 SH DEFINED 0 63800 0
ROMAC INTL INC COM COM 775835101 595 70000 SH DEFINED 0 70000 0
ROYAL BANK OF SCOTLAND 7.25% P PREFERRED STOCKS 780097879 1250 50000 SH DEFINED 0 50000 0
ROYAL BANK OF SCOTLAND 7.40% P PREFERRED STOCKS 780097887 1489 60000 SH DEFINED 0 60000 0
ROYAL DUTCH PETRO-NY SHARES COM 780257804 3640 70000 SH DEFINED 0 70000 0
SAFEWAY INC COM NEW COM 786514208 8210 160000 SH DEFINED 0 160000 0
SAGA PETROLEUM ASA NOK15 ORD COM 994768025 2734 250000 SH DEFINED 0 250000 0
SANGSTAT MED CORP COM COM 801003104 804 65000 SH DEFINED 0 65000 0
SANTA FE SNYDER CORP COM 80218K105 738 100000 SH DEFINED 0 100000 0
SAVANNAH ELECT 6.85% PFD PREFERRED STOCKS 804788206 1975 80000 SH DEFINED 0 80000 0
SBC COMMUNICATIONS, INC COMMON COM 78387G103 7550 160000 SH DEFINED 0 160000 0
SCE&G TR I TR PFD SCS SR A 7.5 PREFERRED STOCKS 78389A203 1641 65000 SH DEFINED 0 65000 0
SCHERING PLOUGH CORP COM 806605101 16299 295000 SH DEFINED 0 295000 0
SCHLUMBERGER COM 806857108 4213 70000 SH DEFINED 0 70000 0
SEAGATE TECHNOLOGY COM 811804103 2956 100000 SH DEFINED 0 100000 0
SEALED AIR CORP NEW PFD CONV A CONVERTIBLE PREF 81211K209 3218 65000 SH DEFINED 0 65000 0
SEQUENT COMPUTER SYS INC COM 817338106 1359 150000 SH DEFINED 0 150000 0
SHAW COMMUNICATION 8.45% PFD PREFERRED STOCKS 82028K606 622 25000 SH DEFINED 0 25000 0
SHELL TRANS & TRADING LTD NEW COM 822703609 3047 75000 SH DEFINED 0 75000 0
SMURFIT-STONE CONTAINER CORPCO COM 832727101 3283 170000 SH DEFINED 0 170000 0
SO'WESTERN PUB SERV CAP 7.85% PREFERRED STOCKS 845739200 634 25000 SH DEFINED 0 25000 0
SOUTHERN CO COM 842587107 3264 140000 SH DEFINED 0 140000 0
SOUTHERN CO CAP TR 6.875% PFD PREFERRED STOCKS 842637209 1836 75000 SH DEFINED 0 75000 0
SOUTHWEST AIRLS CO COM COM 844741108 2118 105000 SH DEFINED 0 105000 0
SPRINT CORP COM COM 852061100 7850 160000 SH DEFINED 0 160000 0
STERLING COMM INC COM COM 859205106 2153 70000 SH DEFINED 0 70000 0
STEWART & STEVENSON SERVICES COM 860342104 961 125000 SH DEFINED 0 125000 0
SUN MICROSYSTEM INC COM COM 866810104 5003 80000 SH DEFINED 0 80000 0
SUNGARD DATA SYS INC COM COM 867363103 4600 115000 SH DEFINED 0 115000 0
SUNOCO INC COM COM 86764P109 2885 80000 SH DEFINED 0 80000 0
SWEDISH EXPORT BK PFD 7.375% PREFERRED STOCKS W92947212 1927 75000 SH DEFINED 0 75000 0
SWEPCO CAPITAL 7.875% PFD PREFERRED STOCKS 870695202 381 15000 SH DEFINED 0 15000 0
TANDY CORP COM COM 875382103 1914 60000 SH DEFINED 0 60000 0
TCF FINL CORP COM COM 872275102 1433 55000 SH DEFINED 0 55000 0
TELLABS INC COM COM 879664100 2933 60000 SH DEFINED 0 60000 0
TENN VLY SRD PARRS 6.75% 06/01 PREFERRED STOCKS 880591300 5000 200000 SH DEFINED 0 200000 0
TERADYNE INC COM COM 880770102 2183 80000 SH DEFINED 0 80000 0
TEXACO CAPITOL 6.875% PFD PREFERRED STOCKS P9132Z107 2463 100000 SH DEFINED 0 100000 0
TEXAS INSTRUMENTS INC COM 882508104 2481 50000 SH DEFINED 0 50000 0
TEXAS UTILS CO COM 882848104 5250 125000 SH DEFINED 0 125000 0
TEXTRON INC COM COM 883203101 3869 50000 SH DEFINED 0 50000 0
THE CHASE MANHATTAN CORPORATIO COM 16161A108 7731 95000 SH DEFINED 0 95000 0
TIME WARNER INC COM COM 887315109 5665 80000 SH DEFINED 0 80000 0
TORCHMARK CORP COM COM 891027104 3163 100000 SH DEFINED 0 100000 0
TOTAL AMERICAN DEPOSITARY SHAR COM 89151E109 6100 100000 SH DEFINED 0 100000 0
TOWER AUTOMOTIVE INC COM COM 891707101 5215 280000 SH DEFINED 0 280000 0
TRANS AMERICAN FIN PFD 7.10% PREFERRED STOCKS 893950204 1008 40000 SH DEFINED 0 40000 0
TRITON ENERGY LTD CL A ORD COM G90751101 984 125000 SH DEFINED 0 125000 0
U S WEST INC NEW COM COM 91273H101 4405 80000 SH DEFINED 0 80000 0
UNITED TECHNOLOGIES CORP COM COM 913017109 3386 50000 SH DEFINED 0 50000 0
UNIVISION COMMUNICATIONS INCCL COM 914906102 5000 100000 SH DEFINED 0 100000 0
UNOCAL CORP COM COM 915289102 1844 50000 SH DEFINED 0 50000 0
US BANCORP COM 902973106 8175 240000 SH DEFINED 0 240000 0
USEC INC COM COM 90333E108 4088 300000 SH DEFINED 0 300000 0
VIRGINIA ELECT & PWR 7.15% PFD PREFERRED STOCKS 927804617 631 25000 SH DEFINED 0 25000 0
WAL MART STORES INC COM COM 931142103 10602 230000 SH DEFINED 0 230000 0
WARNER LAMBERT CO COM 934488107 10600 160000 SH DEFINED 0 160000 0
WASTE MANAGEMENT INC COM 94106L109 3994 90000 SH DEFINED 0 90000 0
WEC CAP TRUST I PFD 6.85% PREFERRED STOCKS 92923G204 1250 50000 SH DEFINED 0 50000 0
WELLS FARGO & CO NEW COM COM 949746101 6662 190000 SH DEFINED 0 190000 0
WESTERN DIGITAL CORPORATION COM 958102105 1024 130000 SH DEFINED 0 130000 0
WILLIAMS CO COM 969457100 2963 75000 SH DEFINED 0 75000 0
XEROX CORP COM 984121103 3649 70000 SH DEFINED 0 70000 0
LINE COUNT: 327
</TABLE>
