UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 30, 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 13, 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: 09/30/99
RUN DATE: 11/01/99 9:15 A.M.
REPORT SUMMARY:
NUMBER OF OTHER INCLUDED MANAGERS: 0
FORM 13F INFORMATION TABLE ENTRY TOTAL: 336
FORM 13F INFORMATION TABLE VALUE TOTAL: $1,218,101,000
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: 11/02/99 10:22 A.M.
FORM 13F INFORMATION TABLE
AS OF DATE: 09/30/99
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 2444 85000 SH DEFINED 0 85000 0
ABBEY NATIONAL 7% PFD PREFERRED STOCKS 002920304 548 25000 SH DEFINED 0 25000 0
ABBEY NATIONAL PFD 7.25% PREFERRED STOCKS 00279K208 455 20000 SH DEFINED 0 20000 0
ABBOTT LABS COM 002824100 6604 180000 SH DEFINED 0 180000 0
ABN AMRO CAP FUND 7.50% PFD PREFERRED STOCKS 00371Q202 1376 60000 SH DEFINED 0 60000 0
ADECCO COM 994007029 1728 3090 SH DEFINED 0 3090 0
AES CORP COM COM 00130H105 1475 25000 SH DEFINED 0 25000 0
AGCO CORP COM COM 001084102 1300 100000 SH DEFINED 0 100000 0
ALABAMA POWER 7% PFD PREFERRED STOCKS 010392637 1628 74000 SH DEFINED 0 74000 0
ALBERTSONS INC COM 013104104 1780 45000 SH DEFINED 0 45000 0
ALCOA INC COM COM 013817101 4965 80000 SH DEFINED 0 80000 0
ALLIANT CORP COM COM 018802108 1661 60000 SH DEFINED 0 60000 0
ALLIED SIGNAL INC COM COM 019512102 2398 40000 SH DEFINED 0 40000 0
ALLSTATE CORP 7.125% PFD PREFERRED STOCKS 020002200 1328 60000 SH DEFINED 0 60000 0
ALLTEL CORP COM 020039103 2111 30000 SH DEFINED 0 30000 0
ALTERA CORP COM 021441100 1301 30000 SH DEFINED 0 30000 0
AMBAC FINANCIAL 7.08% PFD PREFERRED STOCKS 023139306 996 45000 SH DEFINED 0 45000 0
AMERICA ONLINE INC COM COM 02364J104 1561 15000 SH DEFINED 0 15000 0
AMERICAN EXPRESS CO COM 025816109 7830 58000 SH DEFINED 0 58000 0
AMERICAN GENERAL CORP COM 026351106 7590 120000 SH DEFINED 0 120000 0
AMERICAN HOME PRODS CORP COM 026609107 5188 125000 SH DEFINED 0 125000 0
AMERICAN INTL GROUP INC COM 026874107 12606 145000 SH DEFINED 0 145000 0
AMERITECH CORP NEW COM COM 030954101 8010 120000 SH DEFINED 0 120000 0
AMGEN INC. COM 031162100 2445 30000 SH DEFINED 0 30000 0
AMR CORP DEL COM COM 001765106 1036 19000 SH DEFINED 0 19000 0
AMR PFD 7.875% PREFERRED STOCKS 001765866 584 25000 SH DEFINED 0 25000 0
ANGLO IRISH BANK (DUBLIN) COM 994032775 249 101023 SH DEFINED 0 101023 0
ANGLO IRISH BANK (GBP) COM 990198789 179 73000 SH DEFINED 0 73000 0
APACHE CORP COM 037411105 518 12000 SH DEFINED 0 12000 0
APPALACHIAN PWR 7.30% PFD PREFERRED STOCKS 037735784 1641 75000 SH DEFINED 0 75000 0
APPLE COMPUTER INC COM 037833100 633 10000 SH DEFINED 0 10000 0
APPLIED MATLS INC COM 038222105 2719 35000 SH DEFINED 0 35000 0
ASSOCIATES FIRST CAP CORP CL A COM 046008108 3146 87382 SH DEFINED 0 87382 0
ASTRAZENECA ORD COM 995241503 21577 517951 SH DEFINED 0 517951 0
AT HOME CORP COM SER A COM 045919107 622 15000 SH DEFINED 0 15000 0
AT & T CORP. COM 001957109 12726 292542 SH DEFINED 0 292542 0
ATLANTIC RICHFIELD CO COM COM 048825103 4431 50000 SH DEFINED 0 50000 0
AT&T CORP LIBERTY MEDIA CL A COM 001957208 16418 440000 SH DEFINED 0 440000 0
AUTOMATIC DATA PROCESSING COM COM 053015103 7158 160400 SH DEFINED 0 160400 0
AVNET INC COM COM 053807103 1260 30000 SH DEFINED 0 30000 0
AVON PRODS INC COM COM 054303102 3226 130000 SH DEFINED 0 130000 0
BAKER HUGHES INC COM 057224107 3480 120000 SH DEFINED 0 120000 0
BALTIMORE GAS & ELEC 7.16% PFD PREFERRED STOCKS 055415202 2876 130000 SH DEFINED 0 130000 0
BANCWEST CORP NEW COM COM 059790105 1625 40000 SH DEFINED 0 40000 0
BANK NEW YORK INC COM 064057102 6019 180000 SH DEFINED 0 180000 0
BANK OF AMERICA COM 060505104 7277 130672 SH DEFINED 0 130672 0
BANK OF NEW YORK 7.80% PFD PREFERRED STOCKS 096564208 871 35000 SH DEFINED 0 35000 0
BANK OF NY PFD 6.875% PREFERRED STOCKS 09656G201 1094 50000 SH DEFINED 0 50000 0
BANK ONE CORP COM COM 06423A103 6635 190600 SH DEFINED 0 190600 0
BANK SARASIN COM 994149545 1759 1000 SH DEFINED 0 1000 0
BAXTER INTL INC COM COM 071813109 3314 55000 SH DEFINED 0 55000 0
BELL ATLANTIC CORP COM 077853109 10433 155000 SH DEFINED 0 155000 0
BELLSOUTH CORP COM 079860102 8010 178000 SH DEFINED 0 178000 0
BEST BUY INC COM COM 086516101 7440 120000 SH DEFINED 0 120000 0
BESTFOODS COM 08658U101 2671 55000 SH DEFINED 0 55000 0
BETHLEHEM STL CORP COM COM 087509105 2803 380000 SH DEFINED 0 380000 0
BIOGEN N V COM 090597105 4335 55000 SH DEFINED 0 55000 0
BIOTECHNOLOGY INV PTG RD PF US COM 990097701 6229 1700000 SH DEFINED 0 1700000 0
BLACK & DECKER CORP COM COM 091797100 3655 80000 SH DEFINED 0 80000 0
BMC SOFTWARE INC COM 055921100 2505 35000 SH DEFINED 0 35000 0
BOEING CO COM COM 097023105 3197 75000 SH DEFINED 0 75000 0
BP AMOCO ADS COM 055622104 9973 180000 SH DEFINED 0 180000 0
BRISTOL MYERS SQUIBB CO COM COM 110122108 15525 230000 SH DEFINED 0 230000 0
BRITISH TELECOM PLC COM 990140843 5376 355000 SH DEFINED 0 355000 0
BROADCOM CORP COM COM 111320107 872 8000 SH DEFINED 0 8000 0
BRUNSWICK CORP COM COM 117043109 373 15000 SH DEFINED 0 15000 0
BURLINGTON NORTHN SANTA FE COM COM 12189T104 1073 39000 SH DEFINED 0 39000 0
BURLINGTON RESOURCES INC COM 122014103 1838 50000 SH DEFINED 0 50000 0
CABLETRON SYS INC COM COM 126920107 784 50000 SH DEFINED 0 50000 0
CABLEVISION SYS CORP COM 12686C109 2910 40000 SH DEFINED 0 40000 0
CADENCE DESIGNS SYS INC COM COM 127387108 1338 100000 SH DEFINED 0 100000 0
CAMBRIDGE TECH PTNRS MA INC CO COM 132524109 1450 100000 SH DEFINED 0 100000 0
CAMDEN PPTY TR SH BEN INT COM 133131102 2822 105000 SH DEFINED 0 105000 0
CARTER WALLACE INC COM COM 146285101 849 47500 SH DEFINED 0 47500 0
CATALINA MARKETING CORP COM COM 148867104 3096 36500 SH DEFINED 0 36500 0
CATERPILLAR INC COM 149123101 2467 45000 SH DEFINED 0 45000 0
CBS CORPORATION COM 12490K107 2081 45000 SH DEFINED 0 45000 0
CENTRAL POWER & LIGHT 8% PFD PREFERRED STOCKS 12615P205 3471 145000 SH DEFINED 0 145000 0
CENTURYTEL, INC COM 156700106 2641 65000 SH DEFINED 0 65000 0
CERIDIAN CORP COM 15677T106 1990 80000 SH DEFINED 0 80000 0
CERT WOLTERS KLUWER COM 994977111 5909 172324 SH DEFINED 0 172324 0
CHASE CAPITAL PFD 7.00% PREFERRED STOCKS 16147M200 679 30000 SH DEFINED 0 30000 0
CHEVRON CORP COM 166751107 6363 71700 SH DEFINED 0 71700 0
CHUBB CORP COM 171232101 4466 90000 SH DEFINED 0 90000 0
CIGNA CORP COM COM 125509109 2721 35000 SH DEFINED 0 35000 0
CISCO SYS INC COM 17275R102 20569 300000 SH DEFINED 0 300000 0
CITIGROUP INC. COM 172967101 14080 320000 SH DEFINED 0 320000 0
CLEAR CHANNEL COMMUNICATIONSCO COM 184502102 7988 100000 SH DEFINED 0 100000 0
CNF TRANSN INC COM COM 12612W104 1863 50000 SH DEFINED 0 50000 0
COASTAL CORP COM 190441105 5322 130000 SH DEFINED 0 130000 0
COCA COLA CO COM COM 191216100 8540 177000 SH DEFINED 0 177000 0
COCA COLA ENTERPRISES INC COM COM 191219104 3384 150000 SH DEFINED 0 150000 0
COMCAST CORP CL A SPL COM 200300200 4386 110000 SH DEFINED 0 110000 0
COMPAQ COMPUTER CORP COM 204493100 3203 140000 SH DEFINED 0 140000 0
COMPUTER ASSOC INTL INC COM 204912109 2751 45000 SH DEFINED 0 45000 0
COMPUTER SCIENCES CORP COM 205363104 2109 30000 SH DEFINED 0 30000 0
COMPUWARE CORP COM 205638109 1824 70000 SH DEFINED 0 70000 0
CON EDISON PFD 7.35% PREFERRED STOCKS 209111830 1206 50000 SH DEFINED 0 50000 0
CONOCO INC CL B COM 208251405 1009 36851 SH DEFINED 0 36851 0
CORNING INC COM 219350105 1371 20000 SH DEFINED 0 20000 0
CSM NV COM 994158585 730 15188 SH DEFINED 0 15188 0
CVS CORPORATION COM 126650100 3265 80000 SH DEFINED 0 80000 0
CYPRESS SEMICONDUCTOR CORP COM COM 232806109 1505 70000 SH DEFINED 0 70000 0
DAIMLERCHRYSLER AG ORD COM D1668R123 1732 24940 SH DEFINED 0 24940 0
DAYTON HUDSON CORP COM COM 239753106 3003 50000 SH DEFINED 0 50000 0
DEERE & CO. COM 244199105 774 20000 SH DEFINED 0 20000 0
DELL COMPUTER CORP COM COM 247025109 8363 200000 SH DEFINED 0 200000 0
DELPHI AUTOMOTIVE SYS CORP COM COM 247126105 658 40967 SH DEFINED 0 40967 0
DIAL CORP COM 25247D101 2550 100000 SH DEFINED 0 100000 0
DISNEY WALT PRODTNS COM 254687106 4680 180000 SH DEFINED 0 180000 0
DOMINION RES INC VA COM 257470104 1579 35000 SH DEFINED 0 35000 0
DONALDSON LUFKIN&JENRETT NEWCO COM 257661108 3561 90000 SH DEFINED 0 90000 0
DOVER CORP COM COM 260003108 1717 42000 SH DEFINED 0 42000 0
DOW CHEM CO COM COM 260543103 3409 30000 SH DEFINED 0 30000 0
DPL INC COM 233293109 1410 80000 SH DEFINED 0 80000 0
DU PONT E I DE NEMOURS CO COM 263534109 4387 72508 SH DEFINED 0 72508 0
DUKE CAPITAL 7.375% PFD PREFERRED STOCKS 264393208 1944 85000 SH DEFINED 0 85000 0
DUKE ENERGY CORP 7.20% PFD PREFERRED STOCKS 264396201 1035 45000 SH DEFINED 0 45000 0
DUKE ENERGY PFD 6.60% PREFERRED STOCKS 264399619 435 20000 SH DEFINED 0 20000 0
DUKE ENERGY PFD 7.20% PREFERRED STOCKS 26439G209 570 25000 SH DEFINED 0 25000 0
DUKE PWR CO COM 264399106 2481 45000 SH DEFINED 0 45000 0
E M C CORP MASS COM COM 268648102 6424 90000 SH DEFINED 0 90000 0
EATON CORP COM COM 278058102 1726 20000 SH DEFINED 0 20000 0
ELECTRONIC DATA SYS CORP NEWCO COM 285661104 1588 30000 SH DEFINED 0 30000 0
ELSEVIER COM 994148810 8222 800000 SH DEFINED 0 800000 0
EMERSON ELEC CO COM COM 291011104 2843 45000 SH DEFINED 0 45000 0
ENDEMOL ENTERTAINMENT COM 995146437 944 30360 SH DEFINED 0 30360 0
ENI S P A SPONSORED ADR COM 26874R108 6930 110000 SH DEFINED 0 110000 0
ENRON CORP COM 293561106 4681 114000 SH DEFINED 0 114000 0
ENTERPRISE CAP 7.25% PFD PREFERRED STOCKS 29390B201 519 25000 SH DEFINED 0 25000 0
ENTERPRISE CAP 7.44% PFD PREFERRED STOCKS 293701207 1118 52000 SH DEFINED 0 52000 0
EXXON CORP COM 302290101 9880 130000 SH DEFINED 0 130000 0
FDX CORP COM COM 31304N107 972 25000 SH DEFINED 0 25000 0
FEDERAL HOME LN MTG CORP COM COM 313400301 4160 80000 SH DEFINED 0 80000 0
FEDERAL MOGUL CORP COM COM 313549107 1378 50000 SH DEFINED 0 50000 0
FEDERAL NAT MORTGAGE ASSN COM 313586109 6382 101800 SH DEFINED 0 101800 0
FEDERATED DEPT STORES INC DECO COM 31410H101 2621 60000 SH DEFINED 0 60000 0
FINL SEC ASSUR HLDGS 7.375% PF PREFERRED STOCKS 31769P209 1150 50000 SH DEFINED 0 50000 0
FIRST DATA CORP COM COM 319963104 4168 95000 SH DEFINED 0 95000 0
FIRST UNION CORP COM 337358105 1425 40000 SH DEFINED 0 40000 0
FIRSTAR CORP NEW WIS COM COM 33763V109 6966 271830 SH DEFINED 0 271830 0
FIRSTENERGY CORP COM COM 337932107 1013 40000 SH DEFINED 0 40000 0
FISERV INC COM COM 337738108 3575 110000 SH DEFINED 0 110000 0
FORD MOTOR COM 345370100 6533 130000 SH DEFINED 0 130000 0
FPL GROUP INC COM COM 302571104 2317 46000 SH DEFINED 0 46000 0
GANNETT INC COM COM 364730101 2076 30000 SH DEFINED 0 30000 0
GARTNER GROUP INC NEW CL A COM 366651107 1760 110000 SH DEFINED 0 110000 0
GATEWAY INC. COM 367626108 1760 40000 SH DEFINED 0 40000 0
GENERAL DYNAMICS CORP COM COM 369550108 2498 40000 SH DEFINED 0 40000 0
GENERAL ELEC CO COM 369604103 36162 305000 SH DEFINED 0 305000 0
GENERAL MLS INC COM COM 370334104 2028 25000 SH DEFINED 0 25000 0
GENERAL MTRS CORP COM 370442105 1888 30000 SH DEFINED 0 30000 0
GENZYME CORP COM 372917104 901 20000 SH DEFINED 0 20000 0
GEORGIA POWER CAP 7.75% PFD PREFERRED STOCKS 373333202 600 25000 SH DEFINED 0 25000 0
GILLETTE CO COM COM 375766102 3054 90000 SH DEFINED 0 90000 0
GOODRICH B F CO COM COM 382388106 1160 40000 SH DEFINED 0 40000 0
GRAINGER, W W INC COM 384802104 1202 25000 SH DEFINED 0 25000 0
GREAT WESTERN LIFE 7.25% PFD PREFERRED STOCKS 391369204 558 25000 SH DEFINED 0 25000 0
GTE CORP COM 362320103 9225 120000 SH DEFINED 0 120000 0
GUIDANT CORP COM 401698105 4826 90000 SH DEFINED 0 90000 0
GULF POWER CAP 7.00% PFD PREFERRED STOCKS 402476204 1339 60000 SH DEFINED 0 60000 0
HALLIBURTON CO COM COM 406216101 2255 55000 SH DEFINED 0 55000 0
HAWAIIAN ELEC 8.05% PFD PREFERRED STOCKS 404151201 795 33300 SH DEFINED 0 33300 0
HAWAIIAN ELECTRIC 8.36% PFD PREFERRED STOCKS 41987M201 1269 50000 SH DEFINED 0 50000 0
HECO CAPITAL 7.30% PFD PREFERRED STOCKS 40415B209 645 30000 SH DEFINED 0 30000 0
HEINZ H J CO COM COM 423074103 3440 80000 SH DEFINED 0 80000 0
HERSHEY FOODS CORP COM 427866108 4440 91200 SH DEFINED 0 91200 0
HEWLETT PACKARD CO COM 428236103 7260 80000 SH DEFINED 0 80000 0
HOME DEPOT INC COM 437076102 10980 160000 SH DEFINED 0 160000 0
HONEYWELL INC COM COM 438506107 2226 20000 SH DEFINED 0 20000 0
HOUSEHOLD INTL CORP COM 441815107 1204 30000 SH DEFINED 0 30000 0
HUBBELL HARVEY INC CLASS B COM 443510201 1434 45000 SH DEFINED 0 45000 0
I.T.T. HARTFORD CAP 7.70% PFD PREFERRED STOCKS 416315208 1181 50000 SH DEFINED 0 50000 0
I2 TECHNOLOGIES INC COM COM 465754109 582 15000 SH DEFINED 0 15000 0
ILLINOIS TOOL WKS INC COM COM 452308109 1864 25000 SH DEFINED 0 25000 0
INFORMIX CORP COM COM 456779107 1588 200000 SH DEFINED 0 200000 0
INGERSOLL-RAND COMPANY COM 456866102 2198 40000 SH DEFINED 0 40000 0
INTEGRATED DEVICE TECH INC COM 458118106 1203 65000 SH DEFINED 0 65000 0
INTEL CORP COM 458140100 23037 310000 SH DEFINED 0 310000 0
INTERNATIONAL BUSINESS MACHINE COM 459200101 21780 180000 SH DEFINED 0 180000 0
INTERNATIONAL PAPER CO COM 460146103 5287 110000 SH DEFINED 0 110000 0
INTERNATIONAL PAPER PFD 7.7/8% PREFERRED STOCKS 460140205 2400 100000 SH DEFINED 0 100000 0
JDS UNIPHASE CORP COM COM 46612J101 569 5000 SH DEFINED 0 5000 0
JOHNSON & JOHNSON COM 478160104 14378 156500 SH DEFINED 0 156500 0
K N ENERGY INC COM COM 482620101 1571 70000 SH DEFINED 0 70000 0
KANSAS POWER & LIGHT 8.30% PFD PREFERRED STOCKS 482432200 1228 50000 SH DEFINED 0 50000 0
KENNAMETAL INC COM COM 489170100 1811 70000 SH DEFINED 0 70000 0
KERR-MCGEE CORP COM 492386107 1377 25000 SH DEFINED 0 25000 0
KROGER CO COM COM 501044101 2206 100000 SH DEFINED 0 100000 0
LEAR CORP COM COM 521865105 1056 30000 SH DEFINED 0 30000 0
LEVEL 3 COMMUNICATIONS INC COM COM 52729N100 1567 30000 SH DEFINED 0 30000 0
LEXMARK INTL GROUP INC CL A COM 529771107 1610 20000 SH DEFINED 0 20000 0
LILLY ELI & CO COM 532457108 5456 85000 SH DEFINED 0 85000 0
LINCOLN NATL CAP 7.40% PFD PREFERRED STOCKS 53417P209 1113 50000 SH DEFINED 0 50000 0
LINCOLN NATL CORP IND INCOME P CONVERTIBLE PREF 534187604 2722 130000 SH DEFINED 0 130000 0
LINEAR TECHNOLOGY CORP COM COM 535678106 588 10000 SH DEFINED 0 10000 0
LOCKHEED MARTIN CORP COM COM 539830109 1634 50000 SH DEFINED 0 50000 0
LOWES CO COM 548661107 7800 160000 SH DEFINED 0 160000 0
LSI LOGIC CORP COM 502161102 780 15000 SH DEFINED 0 15000 0
LUCENT TECHNOLOGIES INC COM COM 549463107 18814 290000 SH DEFINED 0 290000 0
LYONDELL CHEMICAL CO COM COM 552078107 1672 125000 SH DEFINED 0 125000 0
MACK CALI RLTY CORP COM COM 554489104 1341 50000 SH DEFINED 0 50000 0
MARSH & MCLENNAN COS INC COM COM 571748102 4453 65000 SH DEFINED 0 65000 0
MARTEK BIOSCIENCES CORP COM 572901106 1323 230000 SH DEFINED 0 230000 0
MASCO CORP COM 574599106 2170 70000 SH DEFINED 0 70000 0
MAXIM INTEGRATED PRODS INC COM COM 57772K101 1577 25000 SH DEFINED 0 25000 0
MAYTAG CORP COM COM 578592107 1333 40000 SH DEFINED 0 40000 0
MCDONALDS CORP COM 580135101 5190 120000 SH DEFINED 0 120000 0
MCI WORLDCOM COM 55268B106 14016 195000 SH DEFINED 0 195000 0
MEDIAONE GROUP INC COM COM 58440J104 3757 55000 SH DEFINED 0 55000 0
MEDTRONIC INC COM 585055106 7113 200000 SH DEFINED 0 200000 0
MELLON BANK CORP COM 585509102 11433 340000 SH DEFINED 0 340000 0
MERCK & CO INC COM 589331107 15490 239000 SH DEFINED 0 239000 0
MERRILL LYNCH 7.00% PFD PREFERRED STOCKS 59021F206 779 35000 SH DEFINED 0 35000 0
MERRILL LYNCH 7.12% PFD PREFERRED STOCKS 59021G204 555 25000 SH DEFINED 0 25000 0
MERRILL LYNCH 8.00% PFD PREFERRED STOCKS 59021C203 619 25000 SH DEFINED 0 25000 0
MERRILL LYNCH PFD 7.28% PREFERRED STOCKS 59021K205 2179 95000 SH DEFINED 0 95000 0
MERRILL LYNCH & CO INC COM COM 590188108 3032 45000 SH DEFINED 0 45000 0
MGIC INVT CORP WIS COM COM 552848103 3204 67100 SH DEFINED 0 67100 0
MICHIGAN CON GAS PFD 6.85% PREFERRED STOCKS 594457400 788 35000 SH DEFINED 0 35000 0
MICRON TECHNOLOGY INC COM COM 595112103 1330 20000 SH DEFINED 0 20000 0
MICROSOFT CORP COM 594918104 31697 350000 SH DEFINED 0 350000 0
MILACRON INC COM COM 598709103 621 35000 SH DEFINED 0 35000 0
MINNESOTA MNG & MFG CO COM 604059105 4323 45000 SH DEFINED 0 45000 0
MOBIL CORP COM 607059102 13098 130000 SH DEFINED 0 130000 0
MONSANTO CO. COM 611662107 1784 50000 SH DEFINED 0 50000 0
MORGAN STANLEY DEAN WITTER DIS COM 617446448 2230 25000 SH DEFINED 0 25000 0
MOTOROLA CAP TR TOPRS 6.68% PF PREFERRED STOCKS 620074203 3197 150000 SH DEFINED 0 150000 0
MOTOROLA INC COM 620076109 4400 50000 SH DEFINED 0 50000 0
MUNTERS AB COM 995342387 532 45000 SH DEFINED 0 45000 0
NATIONAL AUSTRALIAN BK 7.875% CONVERTIBLE PREF 632525309 821 30000 SH DEFINED 0 30000 0
NATL RURAL UTILITIES 7.65% PFD PREFERRED STOCKS 637432303 1310 55000 SH DEFINED 0 55000 0
NATURAL RURAL PFD 7.375% PREFERRED STOCKS 637432402 1483 65000 SH DEFINED 0 65000 0
NESTLE BEARER COM 994616696 752 400 SH DEFINED 0 400 0
NEWELL RUBBERMAID COM 651192106 2856 100000 SH DEFINED 0 100000 0
NISOURCE INC COM 65473P105 3429 155000 SH DEFINED 0 155000 0
NORTHROP GRUMMAN CORP COM COM 666807102 1589 25000 SH DEFINED 0 25000 0
NORWICH UNION COM 990040932 362 50000 SH DEFINED 0 50000 0
NOVA CHEMICALS 9.04% PFD PREFERRED STOCKS 66977W307 701 30000 SH DEFINED 0 30000 0
NOVARTIS AG CHF20 COM 995047831 19976 13466 SH DEFINED 0 13466 0
NVP CAPITAL 8.20% PFD PREFERRED STOCKS 62944M209 591 25000 SH DEFINED 0 25000 0
OCCIDENTAL PETE CORP COM 674599105 1388 60000 SH DEFINED 0 60000 0
OCEAN ENERGY INC. COM 67481E106 917 90000 SH DEFINED 0 90000 0
OHIO POWER 7.375% PFD PREFERRED STOCKS 677415762 1128 50000 SH DEFINED 0 50000 0
ORACLE SYS CORP COM 68389X105 5460 120000 SH DEFINED 0 120000 0
OXY CAPITAL TR 8.16% PFD PREFERRED STOCKS 692070204 1138 50000 SH DEFINED 0 50000 0
PACIFIC TELESIS FING I TR ORG PREFERRED STOCKS 694887209 1172 50000 SH DEFINED 0 50000 0
PARKER HANNIFIN CORP COM COM 701094104 1120 25000 SH DEFINED 0 25000 0
PEN. POWER & LIGHT 8.20% PFD PREFERRED STOCKS 693497208 481 20000 SH DEFINED 0 20000 0
PENN PWR & LT 8.10% PFD PREFERRED STOCKS 693498206 2419 100000 SH DEFINED 0 100000 0
PEOPLESOFT INC COM COM 712713106 1694 100000 SH DEFINED 0 100000 0
PEPSI BOTTLING GROUP INC COM COM 713409100 1706 100000 SH DEFINED 0 100000 0
PEPSICO INC COM 713448108 4575 150000 SH DEFINED 0 150000 0
PFIZER INC COM 717081103 13991 390000 SH DEFINED 0 390000 0
PHILLIPS PETROLEUM COMPANY COM 718507106 975 20000 SH DEFINED 0 20000 0
PINNACLE WEST CAP CORP COM COM 723484101 1164 32000 SH DEFINED 0 32000 0
PIONEER HI-BRED INT'L. COM 723686101 1191 30000 SH DEFINED 0 30000 0
PITNEY BOWES INC COM COM 724479100 2133 35000 SH DEFINED 0 35000 0
PPG INDS INC COM COM 693506107 2100 35000 SH DEFINED 0 35000 0
PRAXAIR INC COM COM 74005P104 1380 30000 SH DEFINED 0 30000 0
PROCTER & GAMBLE CO COM 742718109 9279 98976 SH DEFINED 0 98976 0
QUALCOMM INC COM COM 747525103 1892 10000 SH DEFINED 0 10000 0
QWEST COMMUNICATIONS INTL INCO COM 749121109 443 15000 SH DEFINED 0 15000 0
RALSTON PURINA CO COM 751277302 2369 85000 SH DEFINED 0 85000 0
RAYTHEON CO CL B COM 755111408 1489 30000 SH DEFINED 0 30000 0
READ-RITE CORP COM COM 755246105 444 100000 SH DEFINED 0 100000 0
RELIANT ENERGY INC COM COM 75952J108 1894 70000 SH DEFINED 0 70000 0
RELIANT ENERGY TRUST 7.20% PFD PREFERRED STOCKS 749490207 860 40000 SH DEFINED 0 40000 0
REPSOL INT'L PFD 7.45% PFD PREFERRED STOCKS G7513K103 3700 160000 SH DEFINED 0 160000 0
REPSOL S.A. ADR COM 76026T205 5981 300000 SH DEFINED 0 300000 0
ROBERT HALF INTL INC COM COM 770323103 713 30000 SH DEFINED 0 30000 0
ROYAL BANK OF SCOTLAND 7.25% P PREFERRED STOCKS 780097879 1078 50000 SH DEFINED 0 50000 0
ROYAL BANK OF SCOTLAND 7.40% P PREFERRED STOCKS 780097887 1309 60000 SH DEFINED 0 60000 0
ROYAL BANK OF SCOTLAND 8% PFD PREFERRED STOCKS 780097861 597 25000 SH DEFINED 0 25000 0
ROYAL DUTCH PETRO-NY SHARES COM 780257804 4134 70000 SH DEFINED 0 70000 0
SAFEWAY INC COM NEW COM 786514208 6090 160000 SH DEFINED 0 160000 0
SANGSTAT MED CORP COM COM 801003104 1389 65000 SH DEFINED 0 65000 0
SANTA FE SNYDER CORP COM 80218K105 990 110000 SH DEFINED 0 110000 0
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SBC COMMUNICATIONS, INC COMMON COM 78387G103 9702 190000 SH DEFINED 0 190000 0
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SHAW COMMUNICATION 8.45% PFD PREFERRED STOCKS 82028K606 616 25000 SH DEFINED 0 25000 0
SHAW INDS INC COM 820286102 1111 70000 SH DEFINED 0 70000 0
SHELL TRANS & TRADING LTD NEW COM 822703609 3413 75000 SH DEFINED 0 75000 0
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SOLECTRON CORP COM COM 834182107 359 5000 SH DEFINED 0 5000 0
SOUTHERN CO COM 842587107 1803 70000 SH DEFINED 0 70000 0
SOUTHERN CO CAP TR 6.875% PFD PREFERRED STOCKS 842637209 1627 75000 SH DEFINED 0 75000 0
SOUTHWEST AIRLS CO COM COM 844741108 1595 105000 SH DEFINED 0 105000 0
SPRINT CORP COM COM 852061100 7704 142000 SH DEFINED 0 142000 0
SPRINT CORP PCS COM SER 1 COM 852061506 2237 30000 SH DEFINED 0 30000 0
STERLING COMM INC COM COM 859205106 1114 60000 SH DEFINED 0 60000 0
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SUNOCO INC COM COM 86764P109 1643 60000 SH DEFINED 0 60000 0
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TANDY CORP COM COM 875382103 4135 80000 SH DEFINED 0 80000 0
TELLABS INC COM COM 879664100 2847 50000 SH DEFINED 0 50000 0
TENN VLY SRD PARRS 6.75% 06/01 PREFERRED STOCKS 880591300 4625 200000 SH DEFINED 0 200000 0
TERADYNE INC COM COM 880770102 1410 40000 SH DEFINED 0 40000 0
TEXACO CAPITOL 6.875% PFD PREFERRED STOCKS P9132Z107 2263 100000 SH DEFINED 0 100000 0
TEXACO INC COM 881694103 1894 30000 SH DEFINED 0 30000 0
TEXAS INSTRUMENTS INC COM 882508104 5758 70000 SH DEFINED 0 70000 0
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TIME WARNER INC COM COM 887315109 5468 90000 SH DEFINED 0 90000 0
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TOWER AUTOMOTIVE INC COM COM 891707101 1783 90000 SH DEFINED 0 90000 0
TRANS AMERICAN FIN PFD 7.10% PREFERRED STOCKS 893950204 880 40000 SH DEFINED 0 40000 0
TVA 6.50% PFD PREFERRED STOCKS 880591409 2225 100000 SH DEFINED 0 100000 0
U S WEST INC NEW COM COM 91273H101 3709 65000 SH DEFINED 0 65000 0
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UNITED TECHNOLOGIES CORP COM COM 913017109 2966 50000 SH DEFINED 0 50000 0
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USX-MARATHON GROUP COM NEW COM 902905827 1609 55000 SH DEFINED 0 55000 0
VIRGINIA ELEC PWR PFD 6.70% PREFERRED STOCKS 927804591 239 10000 SH DEFINED 0 10000 0
VIRGINIA ELECT & PWR 7.15% PFD PREFERRED STOCKS 927804617 567 25000 SH DEFINED 0 25000 0
WAL MART STORES INC COM COM 931142103 11653 245000 SH DEFINED 0 245000 0
WALGREEN CO COM COM 931422109 761 30000 SH DEFINED 0 30000 0
WARNER LAMBERT CO COM 934488107 6638 100000 SH DEFINED 0 100000 0
WEC CAP TRUST I PFD 6.85% PREFERRED STOCKS 92923G204 1059 50000 SH DEFINED 0 50000 0
WELLS FARGO & CO NEW COM COM 949746101 7925 200000 SH DEFINED 0 200000 0
WEST PAC PFD 8.00% PREFERRED STOCKS 96121S209 2350 100000 SH DEFINED 0 100000 0
WESTERN DIGITAL CORPORATION COM 958102105 369 100000 SH DEFINED 0 100000 0
WILLIAMS CO COM 969457100 2634 70000 SH DEFINED 0 70000 0
XEROX CORP COM 984121103 3565 85000 SH DEFINED 0 85000 0
YAHOO INC COM COM 984332106 718 4000 SH DEFINED 0 4000 0
LINE COUNT: 336
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