CGU ASSET MANAGEMENT INC
13F-HR, 1999-05-18
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           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:     Commercial Union Investment Management Corporation
Address:  One Beacon Street, B17-01
          Boston, MA 02108

The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person
signing the report is authorzied 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:    Ronald N. Couture
Title:   Manager, Investment Accounting
Phone:   617-725-6564

<TABLE>
<S>
<C>
                                 FORM 13F INFORMATION TABLE

                                                            VALUE              SH/PINVSTMT
NAME OF ISSUER                   TITLE OF    CUSIP       (x$1000)       SHARES PRN DSCRETN

ABBOTT LABORATORIES              COMMON  002824100          31,223      667,000SH  DEFINED
ACE LTD                          COMMON  G0070K103           3,120      100,000SH  DEFINED
AFLAC INCORPORATED               COMMON  001055102          16,023      294,300SH  DEFINED
AIRTOUCH COMMUNICATIONS          COMMON  00949T100          34,294      354,900SH  DEFINED
ALABAMA PWR CO                   PREFER  010392306             189        2,635SH  DEFINED
ALABAMA PWR CO                   PREFER  010392405             662        9,087SH  DEFINED
ALABAMA PWR CO                   PREFER  010392504             230        3,140SH  DEFINED
ALABAMA PWR CO                   PREFER  010392603             898       12,046SH  DEFINED
ALABAMA PWR CO                   PREFER  010392702             540        6,958SH  DEFINED
ALLEGHENY ENERGY INC             COMMON  017361106           3,776      128,000SH  DEFINED
ALLIED SIGNAL INC.               COMMON  019512102          33,244      675,700SH  DEFINED
ALLSTATE CORPORATION             COMMON  020002101           4,121      111,200SH  DEFINED
ALUMINUM CO OF AMERICA           COMMON  013817101           6,426      156,000SH  DEFINED
AMERICA ONLINE INC               COMMON  02364J104          10,290       70,000SH  DEFINED
AMERICAN EXPRESS                 COMMON  025816109          36,592      310,700SH  DEFINED
AMERICAN GENERAL CORP            COMMON  026351106           5,993       85,000SH  DEFINED
AMERICAN INT'L. GROUP            COMMON  026874107          37,535      311,170SH  DEFINED
AMERITECH                        COMMON  030954101          27,439      476,100SH  DEFINED
AMGEN INC                        COMMON  031162100          42,662      569,700SH  DEFINED
AMP, INC.                        COMMON  031897101           7,598      142,000SH  DEFINED
AMS SERVICES INC                 COMMON  00179#101             273           12SH  DEFINED
ANHEUSER-BUSCH COS INC           COMMON  035229103          29,314      385,100SH  DEFINED
ASCEND COMMUNICATIONS            COMMON  043491109           5,439       65,000SH  DEFINED
ASSOCIATES FIRST CAP CORP        COMMON  046008108          14,850      330,000SH  DEFINED
AT&T CORPORATION                 COMMON  001957109          56,967      713,718SH  DEFINED
ATLANTIC RICHFIELD CO            COMMON  048825103           2,194       30,000SH  DEFINED
AUTOMATIC DATA PROC, INC.        COMMON  053015103          31,377      758,200SH  DEFINED
BALTIMORE GAS  ELEC CO           PREFER  059165688           3,979       34,750SH  DEFINED
BALTIMORE GAS  ELEC CO           PREFER  059165696           2,109       20,000SH  DEFINED
BALTIMORE GAS  ELEC CO           PREFER  059165761           3,540       30,000SH  DEFINED
BANK ONE                         COMMON  06423A103          36,755      667,500SH  DEFINED
BANKAMERICA CORP                 COMMON  06605F102          30,364      429,954SH  DEFINED
BANKBOSTON CORPORATION           COMMON  06605R106           2,781       64,200SH  DEFINED
BECTON DICKINSON                 COMMON  075887109          25,707      671,000SH  DEFINED
BELL ATLANTIC CORP               COMMON  077853109          22,523      435,700SH  DEFINED
BELLSOUTH CORPORATION            COMMON  079860102           9,615      240,000SH  DEFINED
BESTFOODS                        COMMON  08658U101           2,914       62,000SH  DEFINED
BIOGEN INC                       COMMON  090597105          17,147      150,000SH  DEFINED
BJ'S WHOLESALE CLUB INC          COMMON  05548J106           4,158      158,000SH  DEFINED
BLACK  DECKER CORP               COMMON  091797100           3,604       65,000SH  DEFINED
BOSTON EDISON CO                 PREFER  100599208           1,396       20,550SH  DEFINED
BOSTON EDISON CO                 PREFER  100599307           3,505       45,886SH  DEFINED
BP AMOCO PLC -SPONS ADR          COMMON  055622104          12,009      118,921SH  DEFINED
BRISTOL MYERS SQUIBB CO.         COMMON  110122108          54,687      852,700SH  DEFINED
BURLINGTON RESOURCES, INC        COMMON  122014103          13,200      330,500SH  DEFINED
CANADIAN NAT'L RAILWAY CO        COMMON  136375102           4,172       75,000SH  DEFINED
CARDINAL HEALTH                  COMMON  14149Y108          23,694      359,000SH  DEFINED
CARNIVAL CORP                    COMMON  143658102          29,221      601,700SH  DEFINED
CAROLINA PWR  LT CO              PREFER  144141207             703       10,600SH  DEFINED
CAROLINA PWR  LT CO              PREFER  144141405           1,135       13,198SH  DEFINED
CBS CORP                         COMMON  12490K107           3,942       96,600SH  DEFINED
CENTRAL ILL LT CO                PREFER  153645304           3,115       42,398SH  DEFINED
CENTRAL ILL PUB SVC CO           PREFER  153663307             313        3,950SH  DEFINED
CENTRAL ILL PUB SVC CO           PREFER  153663406             118        1,500SH  DEFINED
CENTRAL ILL PUB SVC CO           PREFER  153663802             478        7,000SH  DEFINED
CERTIFIED CAP CORP               COMMON  15689*106             134      132,500SH  DEFINED
CHAMPION INTL CORP               COMMON  158525105           3,284       80,000SH  DEFINED
CHANCELLOR MEDIA CORP            COMMON  158915108          23,326      494,998SH  DEFINED
CHASE MANHATTAN CORP             COMMON  16161A108          15,466      190,032SH  DEFINED
CHASE MANHATTAN SERIES C         PREFER  16161A884             122        4,200SH  DEFINED
CHEVRON CORPORATION              COMMON  166751107          27,141      305,784SH  DEFINED
CISCO SYSTEMS                    COMMON  17275R102          49,797      454,500SH  DEFINED
CITIGROUP                        COMMON  172967101          41,241      645,603SH  DEFINED
CLEAR CHANNEL                    COMMON  184502102          18,441      275,000SH  DEFINED
CLOROX COMPANY                   COMMON  189054109          12,539      107,000SH  DEFINED
COMCAST CORP                     COMMON  200300101           4,920       80,000SH  DEFINED
COMCAST CORP                     COMMON  200300200           7,553      120,000SH  DEFINED
COMPUTER SCIENCES CORP.          COMMON  205363104          15,454      280,000SH  DEFINED
COMPUWARE CORP                   COMMON  205638109          10,830      453,600SH  DEFINED
CONAGRA INC                      COMMON  205887102           4,262      166,300SH  DEFINED
CONOCO INC                       COMMON  208251306          20,264      825,000SH  DEFINED
CONSOLIDATED EDISON CO N Y       PREFER  209111301           2,250       25,700SH  DEFINED
CONSOLIDATED EDISON CO N Y       PREFER  209111400           6,550       88,180SH  DEFINED
CONSOLIDATED NATURAL GAS CO.     COMMON  209615103           3,319       68,200SH  DEFINED
COSTCO COMPANIES INC             COMMON  22160Q102          10,530      115,000SH  DEFINED
DAYTON HUDSON CORP               COMMON  239753106          23,419      351,500SH  DEFINED
DEERE & COMPANY                  COMMON  244199105           2,124       55,000SH  DEFINED
DELL COMPUTER CORP               COMMON  247025109           4,088      100,000SH  DEFINED
DELMARVA PWR  LT CO              PREFER  247109200           1,628       28,250SH  DEFINED
DELMARVA PWR  LT CO              PREFER  247109408             745       11,394SH  DEFINED
DELMARVA PWR  LT CO              PREFER  247109507           1,417       21,250SH  DEFINED
DELMARVA PWR  LT CO              PREFER  247109606             582        8,200SH  DEFINED
DELMARVA PWR  LT CO              PREFER  247109705           2,270       29,133SH  DEFINED
DELTA AIRLINES                   COMMON  247361108          10,426      150,000SH  DEFINED
DEPRENYL USA INC                 COMMON  249681107               1          102SH  DEFINED
DU PONT E I DE NEMOURS  CO       PREFER  263534208           2,926       41,800SH  DEFINED
DU PONT E I DE NEMOURS  CO       PREFER  263534307           7,850       91,400SH  DEFINED
DUKE ENERGY                      COMMON  264399106          20,281      370,000SH  DEFINED
DUKE ENERGY CORP                 PREFER  264399643           4,542       42,500SH  DEFINED
DUKE ENERGY CORP                 PREFER  264399668             746        7,000SH  DEFINED
DUKE ENERGY CORP                 PREFER  264399791             244        2,800SH  DEFINED
DUQUESNE LT CO                   PREFER  266228501              63        1,700SH  DEFINED
DUQUESNE LT CO                   PREFER  266228600              38        1,000SH  DEFINED
DUQUESNE LT CO                   PREFER  266228709              61        1,600SH  DEFINED
EASTMAN KODAK CO                 COMMON  277461109           2,555       40,000SH  DEFINED
EATON CORP                       COMMON  278058102               0            2SH  DEFINED
ECOLAB INC                       COMMON  278865100           5,157      145,200SH  DEFINED
ELI LILLY                        COMMON  532457108          26,311      310,000SH  DEFINED
EMC CORP                         COMMON  268648102          13,414      105,000SH  DEFINED
EMERSON ELECTRIC COMPANY         COMMON  291011104           8,551      161,500SH  DEFINED
ENTERGY ARK INC                  PREFER  29364D803             104        1,000SH  DEFINED
EXXON CORP                       COMMON  302290101          42,186      597,820SH  DEFINED
FEDERAL HOME LN MTG CORP         COMMON  313400301           8,024      140,000SH  DEFINED
FEDERAL NATIONAL MTG ASSOC       COMMON  313586109          33,552      484,400SH  DEFINED
FEDERATED DEPT STORES            COMMON  31410H101          14,445      360,000SH  DEFINED
FIRST UN CORP                    COMMON  337358105           5,879      110,000SH  DEFINED
FIXED INCOME UNITS               COMMON  990017790          11,904      753,433SH  DEFINED
FLORIDA PWR  LT CO               PREFER  341081206           2,014       29,002SH  DEFINED
FLORIDA PWR  LT CO               PREFER  341081305           2,184       32,775SH  DEFINED
FLORIDA PWR  LT CO               PREFER  341081776           1,666       16,000SH  DEFINED
FLORIDA PWR  LT CO               PREFER  341081784           9,321       87,720SH  DEFINED
FLORIDA PWR  LT CO               PREFER  341081792           2,383       22,500SH  DEFINED
FLORIDA PWR & LT                 PREFER  3410817*2             173        2,000SH  DEFINED
FLORIDA PWR CORP                 PREFER  341099307           3,381       49,750SH  DEFINED
FLORIDA PWR CORP                 PREFER  341099406           2,623       37,088SH  DEFINED
FLORIDA PWR CORP                 PREFER  341099505           1,532       21,585SH  DEFINED
FORD MOTOR COMPANY               COMMON  345370100          32,468      572,800SH  DEFINED
FRESENIUS NATL MED CARE HLDG     PREFER  358030203              10      465,900SH  DEFINED
GANNETT COMPANY, INC.            COMMON  364730101           2,943       46,700SH  DEFINED
GENERAL ELEC CAP CORP PFD STK SERPREFER  369622683             400        4,000SH  DEFINED
GENERAL ELECTRIC COMPANY         COMMON  369604103         112,900    1,020,484SH  DEFINED
GENERAL MOTORS CORPORATION       COMMON  370442105           3,480       40,000SH  DEFINED
GILLETTE COMPANY                 COMMON  375766102           5,017       84,400SH  DEFINED
GTE CALIF INC                    PREFER  362311300             545       32,083SH  DEFINED
GTE CALIF INC                    PREFER  362311409           1,861       97,949SH  DEFINED
GTE CORPORATION                  COMMON  362320103          20,586      340,200SH  DEFINED
GUIDANT CORP                     COMMON  401698105          23,785      393,100SH  DEFINED
GULF PWR CO                      PREFER  402479406             709        8,500SH  DEFINED
HALLIBURTON COMPANY              COMMON  406216101          22,174      575,800SH  DEFINED
HARTFORD FINANCIAL SERVICES INC. COMMON  416515104          10,690      188,100SH  DEFINED
HEWLETT-PACKARD COMPANY          COMMON  428236103           5,222       77,000SH  DEFINED
HILLENBRAND IND                  COMMON  431573104           2,006       43,500SH  DEFINED
HOUGHTON MIFFLIN CO              COMMON  441560109          16,135      344,000SH  DEFINED
HOUSEHOLD INTERNATIONAL INC      COMMON  441815107           6,803      149,100SH  DEFINED
IDAHO PWR CO                     PREFER  451380208             123        2,000SH  DEFINED
ILLINOIS TOOL WORKS              COMMON  452308109          25,456      411,400SH  DEFINED
IMS HEALTH INC                   COMMON  449934108           5,300      160,000SH  DEFINED
INGERSOLL-RAND COMPANY           COMMON  456866102          24,313      490,050SH  DEFINED
INTEL CORP                       COMMON  458140100          49,002      412,200SH  DEFINED
INTERNATIONAL BUSINESS MACHINES CCOMMON  459200101          49,331      278,300SH  DEFINED
INTERNATIONAL PAPER COMPANY      COMMON  460146103           7,299      173,000SH  DEFINED
INTERPUBLIC GROUP OF COS. INC    COMMON  460690100          16,012      205,700SH  DEFINED
ITT HARTFORD CAPITAL PFD. STK. SEPREFER  416315208          10,176      400,000SH  DEFINED
JOHNSON & JOHNSON                COMMON  478160104          43,081      460,700SH  DEFINED
KANSAS CITY PWR  LT CO           PREFER  485134506              15          150SH  DEFINED
KEYSPAN                          COMMON  49337K106           3,940      156,800SH  DEFINED
KIM MANAGEMENT INC               COMMON  254451610             167        1,000SH  DEFINED
KOHLS CORP                       COMMON  500255104           4,607       65,000SH  DEFINED
KROGER CO                        COMMON  501044101          23,207      387,500SH  DEFINED
LUCENT TECHNOLOGIES              COMMON  549463107          33,820      313,148SH  DEFINED
MARSH & MCLENNAN COS.            COMMON  571748102          29,400      395,900SH  DEFINED
MASCO CORPORATION                COMMON  574599106           4,395      155,400SH  DEFINED
MCDONALD'S CORPORATION           COMMON  580135101          15,859      350,000SH  DEFINED
MCI WORLDCOM                     COMMON  55268B106          55,679      628,700SH  DEFINED
MEDIAONE GROUP                   COMMON  58440J104          25,248      398,000SH  DEFINED
MEDTRONIC INC                    COMMON  585055106          10,782      150,000SH  DEFINED
MELLON BK CORP                   COMMON  585509102          25,336      360,000SH  DEFINED
MERCK & CO. INC.                 COMMON  589331107          45,430      567,000SH  DEFINED
MEREDITH CORP                    COMMON  589433101           6,334      201,500SH  DEFINED
MERRILL LYNCH & CO               COMMON  590188108           3,101       35,000SH  DEFINED
MICROSOFT CORP                   COMMON  594918104         123,973    1,383,200SH  DEFINED
MIDAMERICAN ENERGY CO            PREFER  595620709             772       12,100SH  DEFINED
MIDAMERICAN ENERGY CO            PREFER  595620808             516        7,700SH  DEFINED
MIDAMERICAN ENERGY CO            PREFER  595620873              19          250SH  DEFINED
MISSISSIPPI PWR CO               PREFER  605417500             363        3,500SH  DEFINED
MOBIL CORPORATION                COMMON  607059102          38,834      441,300SH  DEFINED
MONONGAHELA PWR CO               PREFER  610202301             179        2,371SH  DEFINED
MONONGAHELA PWR CO               PREFER  610202400             409        4,910SH  DEFINED
MONONGAHELA PWR CO               PREFER  610202509           1,527       15,447SH  DEFINED
MONONGAHELA PWR CO               PREFER  610202848           2,709       25,000SH  DEFINED
MOTOROLA, INC.                   COMMON  620076109           5,494       75,000SH  DEFINED
MUENCHENER RUECKVER AG-REG       COMMON  D55535104          87,764      447,294SH  DEFINED
NEWELL COMPANY                   COMMON  651229106           4,800      100,900SH  DEFINED
NORDSTROM INC                    COMMON  655664100           5,109      125,000SH  DEFINED
NORFOLK SOUTHN CORP              COMMON  655844108              14          540SH  DEFINED
NORTHERN IND PUB SVC CO          PREFER  665262200             235        3,682SH  DEFINED
NORTHERN IND PUB SVC CO          PREFER  665262507           2,068       30,449SH  DEFINED
NORTHERN STS PWR CO MINN         PREFER  665772307           3,620       47,270SH  DEFINED
NORTHERN STS PWR CO MINN         PREFER  665772406           4,679       58,480SH  DEFINED
NORTHERN STS PWR CO MINN         PREFER  665772505           6,503       79,765SH  DEFINED
NORTHERN STS PWR CO MINN         PREFER  665772604           3,494       44,210SH  DEFINED
NORTHERN STS PWR CO MINN         PREFER  665772703           3,330       39,165SH  DEFINED
NORTHERN TELECOM LTD             COMMON  656569100           7,654      123,200SH  DEFINED
OFFICE DEPOT INC.                COMMON  676220106           5,241      140,000SH  DEFINED
ORACLE SYSTEMS CORPORATION       COMMON  68389X105           5,896      223,500SH  DEFINED
ORANGE  ROCKLAND UTILS INC       PREFER  684065303           1,257       17,990SH  DEFINED
ORANGE  ROCKLAND UTILS INC       PREFER  684065501             101        1,000SH  DEFINED
ORANGE  ROCKLAND UTILS INC       PREFER  684065600           1,956       19,000SH  DEFINED
PACIFIC ENTERPRISES              PREFER  694232505             381        4,400SH  DEFINED
PACIFIC ENTERPRISES              PREFER  694232604             549        6,240SH  DEFINED
PAULA FINANCIAL                  COMMON  703588103           3,019      423,712SH  DEFINED
PEOPLES HERITAGE FINANCIAL GROUP COMMON  711147108           8,208      456,000SH  DEFINED
PEPSICO INCORPORATED             COMMON  713448108          33,176      846,600SH  DEFINED
PFIZER INCORPORATED              COMMON  717081103          53,163      383,100SH  DEFINED
PHARMACIA  UPJOHN INC            COMMON  716941109           4,679       75,000SH  DEFINED
PHILLIP MORRIS                   COMMON  718154107           1,759       50,000SH  DEFINED
PITNEY BOWES INC                 COMMON  724479100          28,863      452,600SH  DEFINED
PNC BK CORP                      COMMON  693475105          13,890      250,000SH  DEFINED
POTOMAC EDISON CO                PREFER  737662304           2,685       29,455SH  DEFINED
POTOMAC ELEC PWR CO              PREFER  737679209           3,529       98,847SH  DEFINED
POTOMAC ELEC PWR CO              PREFER  737679308           1,059       27,727SH  DEFINED
POTOMAC ELEC PWR CO              PREFER  737679506             338        8,777SH  DEFINED
PPG INDUSTRIES, INCORPORATED     COMMON  693506107           3,180       62,000SH  DEFINED
PROCTER & GAMBLE COMPANY         COMMON  742718109          43,317      442,300SH  DEFINED
PUBLIC SVC ELEC  GAS CO          PREFER  744567306           2,871       36,800SH  DEFINED
PUBLIC SVC ELEC  GAS CO          PREFER  744567405           2,281       28,380SH  DEFINED
PUBLIC SVC ELEC  GAS CO          PREFER  744567504             570        6,200SH  DEFINED
PUBLIC SVC ELEC  GAS CO          PREFER  744567603             914        9,670SH  DEFINED
PUBLIC SVC ELEC  GAS CO          PREFER  744567702           1,202       12,400SH  DEFINED
QUESTAR CORP                     COMMON  748356102           2,761      163,000SH  DEFINED
RAYTHEON CO                      COMMON  755111408          10,014      170,800SH  DEFINED
READERS DIGEST ASSN INC          COMMON  755267101           1,572       50,000SH  DEFINED
ROCHESTER GAS  ELEC CORP         PREFER  771367307             461        7,183SH  DEFINED
ROCHESTER GAS  ELEC CORP         PREFER  771367406             148        2,000SH  DEFINED
ROHM & HAAS CO                   COMMON  775371107           5,178      154,300SH  DEFINED
SAFEWAY INC.                     COMMON  786514208          26,940      525,000SH  DEFINED
SAN DIEGO GAS  ELEC CO           PREFER  797440302             146        9,000SH  DEFINED
SBC COMMUNICATIONS INC           COMMON  78387G103          13,482      285,701SH  DEFINED
SCHERING-PLOUGH                  COMMON  806605101          45,903      830,800SH  DEFINED
SCHLUMBERGER, LTD.               COMMON  806857108          12,037      200,000SH  DEFINED
SCHWAB CHARLES CORP NEW          COMMON  808513105          14,851      154,500SH  DEFINED
SIEBEL SYSTEMS                   COMMON  826170102           4,988      105,000SH  DEFINED
SOUTHWEST  AIRLINES              COMMON  844741108          37,763    1,248,250SH  DEFINED
SPRINT CORP                      COMMON  852061100          40,811      415,900SH  DEFINED
SPRINT PCS CORP                  COMMON  852061506               0            1SH  DEFINED
SYSCO CORPORATION                COMMON  871829107           4,644      176,400SH  DEFINED
TELLABS                          COMMON  879664100          16,617      170,000SH  DEFINED
TERADYNE INC                     COMMON  880770102          10,094      185,000SH  DEFINED
TEXACO INC                       COMMON  881694103           6,529      115,000SH  DEFINED
TEXAS INSTRS INC                 COMMON  882508104          16,775      169,000SH  DEFINED
TEXAS UTILITIES COMPANY          COMMON  882848104          20,744      493,900SH  DEFINED
TEXAS UTILS ELEC CO              PREFER  882850506             208        2,800SH  DEFINED
TEXAS UTILS ELEC CO              PREFER  882850712             340        4,940SH  DEFINED
TEXAS UTILS ELEC CO              PREFER  882850753             220        3,550SH  DEFINED
TEXAS UTILS ELEC CO              PREFER  882850845             492        6,250SH  DEFINED
TEXAS UTILS ELEC CO              PREFER  882850878           1,151       18,565SH  DEFINED
THE HOME DEPOT, INC.             COMMON  437076102          30,943      497,000SH  DEFINED
TIME WARNER INC                  COMMON  887315109          36,398      514,000SH  DEFINED
TJX COMPANIES, INC               COMMON  872540109          15,774      464,000SH  DEFINED
TYCO INTERNATIONAL LTD           COMMON  902124106          29,923      417,000SH  DEFINED
U S FOOD SERVICE              COMCOMMON  90331R101           2,790       60,000SH  DEFINED
UNION ELEC CO                    PREFER  906548300             336        5,864SH  DEFINED
UNION ELEC CO                    PREFER  906548409             225        3,040SH  DEFINED
UNION ELEC CO                    PREFER  906548607           2,840       33,500SH  DEFINED
UNISYS                           COMMON  909214108          18,125      654,500SH  DEFINED
UNITED FIRE  CAS CO              COMMON  910331107          68,114    2,025,680SH  DEFINED
VIRGINIA ELEC  PWR CO            PREFER  927804302           1,381       21,485SH  DEFINED
VIRGINIA ELEC  PWR CO            PREFER  927804500           1,623       21,684SH  DEFINED
VIRGINIA ELEC  PWR CO            PREFER  927804633           4,253       40,000SH  DEFINED
WACHOVIA CORP NEW                COMMON  929771103           6,901       85,000SH  DEFINED
WALGREEN COMPANY                 COMMON  931422109           7,488      265,000SH  DEFINED
WAL-MART STORES, INCORPORATED    COMMON  931142103          54,115      587,000SH  DEFINED
WALT DISNEY COMPANY              COMMON  254687106           6,288      201,900SH  DEFINED
WASHINGTON GAS LT CO             PREFER  938837606             243        3,139SH  DEFINED
WASHINGTON MUTUAL INC            COMMON  939322103          31,334      766,600SH  DEFINED
WELLS FARGO COMPANY              COMMON  949746101          27,208      776,000SH  DEFINED
WENDY'S INTL                     COMMON  950590109           3,697      130,000SH  DEFINED
WEST PENN PWR CO                 PREFER  955278205           1,216       16,625SH  DEFINED
WEST PENN PWR CO                 PREFER  955278304             728       10,578SH  DEFINED
WESTERN RES INC                  PREFER  959425307             645        8,153SH  DEFINED
WISCONSIN PUB SVC CORP           PREFER  976843300             851       10,743SH  DEFINED
WISCONSIN PUB SVC CORP           PREFER  976843409             514        6,430SH  DEFINED
WISCONSIN PUB SVC CORP           PREFER  976843508           2,715       25,900SH  DEFINED
WISCONSIN PWR  LT CO             PREFER  976826206             390        5,680SH  DEFINED
WISCONSIN PWR  LT CO             PREFER  976826404             185        2,500SH  DEFINED
WISCONSIN PWR  LT CO             PREFER  976826503             345        4,597SH  DEFINED
WISCONSIN PWR  LT CO             PREFER  976826602             382        4,938SH  DEFINED
WRIGLEY WM JR CO                 COMMON  982526105           4,341       48,000SH  DEFINED
XEROX CORP                       COMMON  984121103          26,399      506,400SH  DEFINED
XL CAPITAL LTD                   COMMON  G98255105           4,255       70,000SH  DEFINED

                                                         3,319,516


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