United States
Securities and Exchange Commission
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)
Name of Issuer: ICO, Inc.
Title of Class of Securities: Common Stock
CUSIP Number: 449294206
CUSIP No. 449294206 Page 2 of 4 Pages
1. Name of Reporting Person Alphi Investment Management Company
IRS No. 36-3588013
2. Check the appropriate box if a member of a group (a) [ ] (b) [ ]
3. SEC Use Only
4. Citizenship or Place of Organization Illinois
5. Sole Voting Power Not applicable - see Item 4
6. Shared Voting Power Not applicable - see Item 4
7. Sole Dispositive Power Not applicable - see Item 4
8. Shared Dispositive Power Not applicable - see Item 4
9. Aggregate Amount Beneficially Owned by Each Reporting Person
Not applicable - see Item 4
10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
11. Percent of Class Represented by Amount in Row 9
Not applicable - see Item 4
12. Type of Reporting Person IA
CUSIP No. 449294206 Page 3 of 4 Pages
Item 1(a). Name of Issuer
This Amendment No. 1 to the Schedule 13G relates to the
Shares of Common Stock of ICO, Inc. (the "Shares" and the
"Company" respectively).
Item 1(b). Address of Issuer's Principal Executive Offices
The executive offices of the Company are located at
100 Glenborough Drive, Suite 250, Houston, Texas 77067.
Item 2(a). Name of Person Filing
This Amendment No. 1 to the Schedule 13G is being filed on
behalf of Alphi Investment Management Company ("AIMCO"), an
Illinois corporation.
Item 2(b). Address of Principal Business Office
The principal business offices of AIMCO are located at
155 Pfingsten Road, Suite 360, Deerfield, IL 60015.
Item 2(c). Citizenship
U.S.A.
Item 2(d). Title of Class of Securities
Common Stock
Item 2(e). CUSIP Number
449294206
Item 3. Type of Person
Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940.
Item 4. Ownership Not applicable
Item 5. Ownership of Five Percent or less of a Class:
This statement is being filed to report the fact that as
of December 31, 1996 AIMCO has ceased to be the beneficial
owner of more than five percent of the class of securities [x]
Item 6. Ownership of More than Five Percent on Behalf of Another Person
Not applicable
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding Company
Not applicable.
Item 8. Identification and Classification of Members of the Group
Not applicable.
Item 9. Notice of Dissolution of Group
Not applicable.
Item 10. Certification
By signing below, I certify that, to the best of my knowledge and belief,
the securities referred to above were acquired in the ordinary course of
business and were not acquired for the purpose of and do not have the
effect of changing or influencing the control of the issuer of such
securities and were not acquired in connection with or as a participant
in any transaction having such purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete
and correct.
February 11, 1997
Date
/Philip R. Smith/
Signature
Philip R. Smith/Secretary
Name/Title
