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<TABLE>
<C> <C>
NAME OF ISSUER TITLE OF CLASS CUSIP VALUE(K) SH/P AMT S/P P/C INV DSC MANAGERS SOLE SHARED NONE
AMR CORP COMMON 001765106 300 5500 SH 0 0 0
AT&T CORP COMMON 001957109 13740 315852 SH 0 0 0
AT&T CORP-LIBERTY GROUP B COMMON 001957307 215 5400 SH 0 0 0
ADVANCED MICRO DEVICES I COMMON 007903107 8967 521700 SH 0 0 0
AETNA INC COMMON 008117103 197 4000 SH 0 0 0
ALBERTSONS INC COMMON 013104104 20749 524450 SH 0 0 0
ALCATEL DEPOSITORY RECEI 013904305 17880 644330 SH 0 0 0
ALLIEDSIGNAL INC COMMON 019512102 26580 443458 SH 0 0 0
ALLIED WASTE INDS INC COM PAR$.01NEW 019589308 4473 382750 SH 0 0 0
ALLSTATE CORP COMMON 020002101 9596 384800 SH 0 0 0
ALLTEL CORP COMMON 020039103 18583 264050 SH 0 0 0
AMERICA ONLINE INC DEL COMMON 02364J104 208 2000 SH 0 0 0
AMERICAN GENERAL CORP COMMON 026351106 470 7426 SH 0 0 0
AMERICAN HOME PRODS CORP COMMON 026609107 29357 707400 SH 0 0 0
AMERICAN NATL INS CO COMMON 028591105 1541 23000 SH 0 0 0
ARROW INTL INC COMMON 042764100 13783 539200 SH 0 0 0
ATLANTIC RICHFIELD COMMON 048825103 1183 13350 SH 0 0 0
BAKER HUGHES INC COMMON 057224107 12933 445950 SH 0 0 0
BANK OF AMERICA CORP OMMON 060505104 27879 500627 SH 0 0 0
BANK ONE CORP COMMON 06423A103 17647 506912 SH 0 0 0
BANKBOSTON CORP COMMON 06605R106 130 3000 SH 0 0 0
BARNESANDNOBLE COM INC CL A 067846105 19 1000 SH 0 0 0
BAXTER INTL INC COMMON 071813109 6025 100000 SH 0 0 0
BEACON CAPITAL PARTNERS COMMON 073561102 2319 175000 SH 0 0 0
BECTON DICKINSON & CO COMMON 075887109 168 6000 SH 0 0 0
BELL ATLANTIC CORP COMMON 077853109 269 4000 SH 0 0 0
BELLSOUTH CORP COMMON 079860102 297 6600 SH 0 0 0
BETHLEHEM STL CORP COMMON 087509105 2286 310000 SH 0 0 0
BLACK & DECKER CORP COMMON 091797100 16900 369900 SH 0 0 0
BOEING CO COMMON 097023105 128 3000 SH 0 0 0
BOISE CASCADE CORP COMMON 097383103 17250 473400 SH 0 0 0
BOWATER INC COMMON 102183100 1003 19100 SH 0 0 0
BOYKIN LODGING CO COMMON 103430104 722 54500 SH 0 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 211 13000 SH 0 0 0
BRISTOL MYERS SQUIBB CO COMMON 110122108 176 2600 SH 0 0 0
BURLINGTON RES INC COMMON 122014103 2947 80200 SH 0 0 0
S & P 500 INDEX PUT OPT OCT 135 12488Y9V5 17969 14000 SH PUT 0 0 0
CK WITCO CORP COMMON 12562C108 223 15000 SH 0 0 0
CABLETRON SYS INC COMMON 126920107 157 10000 SH 0 0 0
CAMDEN PPTY TR PFD A CV $2.25 133131201 104 4300 SH 0 0 0
CAMPBELL SOUP CO COMMON 134429109 1578 40325 SH 0 0 0
CARPENTER TECHNOLOGY COR COMMON 144285103 3971 162100 SH 0 0 0
CARRAMERICA RLTY CORP PFD C DEP1/10S 144418407 78 4000 0 0 0
CHASE MANHATTAN CORP NEW OMMON 16161A108 1975 26200 SH 0 0 0
CHEVRON CORPORATION COMMON 166751107 11103 125100 SH 0 0 0
CINCINNATI BELL INC COMMON 171870108 1259 64750 SH 0 0 0
CITIGROUP INC COMMON 172967101 16672 378905 SH 0 0 0
CLOSURE MED CORP COMMON 189093107 2403 177200 SH 0 0 0
COLONIAL PPTYS TR COM SH BEN INT 195872106 2892 108100 SH 0 0 0
COLUMBIA/HCA HEALTHCARE COMMON 197677107 12356 583175 SH 0 0 0
COMPAQ COMPUTER CORP COMMON 204493100 36114 1578775 SH 0 0 0
CONOCO CL A CL A 208251306 12643 455600 SH 0 0 0
CONOCO CL B CL B 208251405 12318 449988 SH 0 0 0
CONSECO INC COMMON 208464107 24888 1309900 SH 0 0 0
CORPORATE OFFICE PPTYS T SH BEN INT 22002T108 4243 561000 SH 0 0 0
CRESCENT REAL ESTATE EQU COMMON 225756105 11219 623250 SH 0 0 0
DANA CORP COMMON 235811106 2972 80050 SH 0 0 0
DAYTON HUDSON CORP COMMON 239753106 11454 190700 SH 0 0 0
DEERE & CO COMMON 244199105 907 23450 SH 0 0 0
DELPHI AUTOMOTIVE SYS CO COMMON 247126105 189 11746 SH 0 0 0
DELTA AIR LINES INC DEL COMMON 247361108 194 4000 SH 0 0 0
DIGITAL INSIGHT CORP COMMON 25385P106 96 3000 SH 0 0 0
DISNEY WALT COMPANY COMMON 254687106 19821 762360 SH 0 0 0
DONALDSON LUFKIN & JENRE COM DLJDIRECT 257661504 43 2800 SH 0 0 0
DU PONT E I DE NEMOURS & COMMON 263534109 15961 263821 SH 0 0 0
EASTMAN KODAK CO COMMON 277461109 37210 492035 SH 0 0 0
J D EDWARDS & CO COMMON 281667105 8426 406700 SH 0 0 0
ELECTRONIC DATA SYS NEW COMMON 285661104 30453 575260 SH 0 0 0
ELTRAX SYS INC COMMON 290375104 18 5000 SH 0 0 0
EMERSON ELEC CO COMMON 291011104 16034 253750 SH 0 0 0
EVEREST REINS HLDGS INC COMMON 299808105 68 2850 SH 0 0 0
EXIDE CORP COMMON 302051107 207 21600 SH 0 0 0
EXXON CORP COMMON 302290101 228 3000 SH 0 0 0
F M C CORP COM NEW 302491303 19833 411050 SH 0 0 0
FEDERAL NATL MTG ASSN COMMON 313586109 1429 22800 SH 0 0 0
FEDERATED DEPT ST COMMON 31410H101 12875 294700 SH 0 0 0
FIRST INDUSTRIAL REALTY PFD DEP B1/100 32054K400 107 5000 0 0 0
FIRST INDUSTRIAL REALTY PFD D DEP1/100 32054K806 50 2500 0 0 0
FIRST UN CORP COMMON 337358105 16098 451883 SH 0 0 0
FIRSTAR CORP NEW WIS COMMON 33763V109 871 33974 SH 0 0 0
FLOWSERVE CORP COMMON 34354P105 13406 806350 SH 0 0 0
FOCAL INC COMMON 343909107 8 1500 SH 0 0 0
FORD MTR CO DEL COMMON 345370100 407 8100 SH 0 0 0
FREEPORT-MCMORAN COPPER CL B 35671D857 2700 173500 SH 0 0 0
GTE CORP COMMON 362320103 30448 396075 SH 0 0 0
GAYLORD CONTAINER CORP CL A 368145108 143 20000 SH 0 0 0
GENERAL MTRS CORP COMMON 370442105 791 12575 SH 0 0 0
GLENBOROUGH RLTY TR INC COMMON 37803P105 10124 613600 SH 0 0 0
GLENBOROUGH RLTY TR INC PFD CV SER A% 37803P204 329 20000 SH 0 0 0
GLIMCHER RLTY TR SH BEN INT 379302102 5160 351300 SH 0 0 0
HALLIBURTON CO COMMON 406216101 14547 354800 SH 0 0 0
HASBRO INC COMMON 418056107 660 30700 SH 0 0 0
HEALTHCARE RLTY TR COMMON 421946104 19 1000 SH 0 0 0
ELDON CAPITAL PARTNERS LP 421993106 1189 1432970 SH 0 0 0
HEALTHCARE FINANCIAL COMMON 42220C109 14500 725000 SH 0 0 0
HERCULES INC COMMON 427056106 14404 503200 SH 0 0 0
HERSHEY FOODS CORP COMMON 427866108 292 6000 SH 0 0 0
HEWLETT PACKARD CO COMMON 428236103 182 2000 SH 0 0 0
HILTON HOTELS CORP COMMON 432848109 3498 354200 SH 0 0 0
HOME DEPOT INC COMMON 437076102 27 398 SH 0 0 0
HOUSEHOLD INTL INC COMMON 441815107 203 5066 SH 0 0 0
ICG COMMUNICATIONS INC COMMON 449246107 704 45250 SH 0 0 0
ILLINOVA CORP COMMON 452317100 337 12000 SH 0 0 0
INGERSOLL-RAND CO COMMON 456866102 17379 316350 SH 0 0 0
INTERMEDIA COMMUNICATION COMMON 458801107 11 500 SH 0 0 0
INTERNAP NETWORK SVCS CO COMMON 45885A102 669 15000 SH 0 0 0
INTERNATIONAL BUSINESS M COMMON 459200101 363 3000 SH 0 0 0
INTL PAPER CO COMMON 460146103 13734 285760 SH 0 0 0
K MART CORP COMMON 482584109 7502 641850 SH 0 0 0
KELLOGG CO COMMON 487836108 26839 716900 SH 0 0 0
KEYCORP NEW COMMON 493267108 898 34800 SH 0 0 0
KILROY RLTY CORP COMMON 49427F108 148 7000 SH 0 0 0
KIMBERLY CLARK CORP COMMON 494368103 21403 405750 SH 0 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 1408 108800 SH 0 0 0
LEXINGTON CORP PPTYS TR COMMON 529043101 365 32600 SH 0 0 0
LIBERTY PROPERTY TRUST SH BEN INT 531172104 206 9100 SH 0 0 0
LUCENT TECHNOLOGIES INC COMMON 549463107 182 2800 SH 0 0 0
LYONDELL CHEMICAL CO COMMON 552078107 134 10000 SH 0 0 0
MGIC INVT CORP WIS COMMON 552848103 21836 457300 SH 0 0 0
MACERICH CO COMMON 554382101 185 8000 SH 0 0 0
MACK CALI RLTY CORP COMMON 554489104 9897 369125 SH 0 0 0
MASCO CORP COMMON 574599106 124 4000 SH 0 0 0
MASCOTECH INC COMMON 574670105 243 14600 SH 0 0 0
MAY DEPT STORES CO COMMON 577778103 109 3000 SH 0 0 0
MAYTAG CORP COMMON 578592107 167 5000 SH 0 0 0
MEAD CORP COMMON 582834107 16911 491950 SH 0 0 0
MEDIAONE GROUP INC COMMON 58440J104 8319 121775 SH 0 0 0
MELLON BK CORP COMMON 585509102 599 17800 SH 0 0 0
MERCK & CO INC COMMON 589331107 18763 289500 SH 0 0 0
MERISTAR HOSPITALITY COR COMMON 58984Y103 6553 426185 SH 0 0 0
MERRILL LYNCH & CO INC COMMON 590188108 1583 23500 SH 0 0 0
MICRON TECHNOLOGY INC COMMON 595112103 2042 30700 SH 0 0 0
MINNESOTA MNG & MFG CO COMMON 604059105 23833 248100 SH 0 0 0
MOBIL CORP COMMON 607059102 202 2000 SH 0 0 0
MONSANTO CO COMMON 611662107 21032 589325 SH 0 0 0
MONTANA POWER CO COMMON 612085100 400 13150 SH 0 0 0
MORGAN J P & CO INC COMMON 616880100 97 850 SH 0 0 0
NABISCO HLDGS CORP CL A 629526104 13934 403140 SH 0 0 0
NATIONAL PENN BANCSHARES COMMON 637138108 41 1507 SH 0 0 0
NETWORKS ASSOCS INC COMMON 640938106 1434 75000 SH 0 0 0
NEW YORK TIMES CO CL A 650111107 15894 423850 SH 0 0 0
NOBLE DRILLING CORP COMMON 655042109 219 10000 SH 0 0 0
NOVELL INC COMMON 670006105 3215 155400 SH 0 0 0
PMI GROUP INC COMMON 69344M101 25735 629612 SH 0 0 0
PENNZOIL-QUAKER STATE CO COMMON 709323109 1073 85000 SH 0 0 0
PEOPLESOFT INC COMMON 712713106 237 14000 SH 0 0 0
PHARMACIA & UPJOHN INC COMMON 716941109 24488 493460 SH 0 0 0
PFIZER INC COMMON 717081103 22 600 SH 0 0 0
PRAXAIR INC COMMON 74005P104 19706 428400 SH 0 0 0
PROCTER & GAMBLE CO COMMON 742718109 26077 278150 SH 0 0 0
PROVIDIAN FINL CORP COMMON 74406A102 269 3400 SH 0 0 0
PUBLIC STORAGE INC COMMON 74460D109 6997 277800 SH 0 0 0
QWEST COMMUNICATIONS INT COMMON 749121109 905 30620 SH 0 0 0
R & B FALCON CORP COMMON 74912E101 10441 795500 SH 0 0 0
RADIAN GROUP INC COMMON 750236101 4938 115000 SH 0 0 0
RAYTHEON CO CL B 755111408 21937 442050 SH 0 0 0
RECKSON ASSOCS RLTY CORP PFD CV SER A% 75621K205 929 46000 SH 0 0 0
RELIANCE GROUP HOLDINGS COMMON 759464100 569 128300 SH 0 0 0
RELIASTAR FINL CORP COMMON 75952U103 489 14700 SH 0 0 0
REYNOLDS METALS CO COMMON 761763101 8567 141900 SH 0 0 0
SBC COMMUNICATIONS INC COMMON 78387G103 25686 503025 SH 0 0 0
SARA LEE CORP COMMON 803111103 456 19525 SH 0 0 0
SCHERING PLOUGH CORP COMMON 806605101 873 20000 SH 0 0 0
SEARS ROEBUCK & CO COMMON 812387108 157 5000 SH 0 0 0
SENSORMATIC ELECTRS CORP COMMON 817265101 333 26250 SH 0 0 0
SILICON GRAPHICS INC COMMON 827056102 2625 240000 SH 0 0 0
SMITHKLINE BEECHAM PLC DEPOSITORY RECEI 832378301 43 750 SH 0 0 0
SMURFIT-STONE CONTAINER COMMON 832727101 216 10000 SH 0 0 0
SOVEREIGN BANCORP INC COMMON 845905108 148 16300 SH 0 0 0
SPRINT CORP COM FON GROUP 852061100 2658 49000 SH 0 0 0
STARWOOD HOTELS&RESORTS PAIRED CTF 85590A203 2298 103000 SH 0 0 0
SUMMIT BANCORP COMMON 866005101 1255 38700 SH 0 0 0
SUNBEAM CORP COMMON 867071102 577 101400 SH 0 0 0
SUNTRUST BKS INC COMMON 867914103 6 96 SH 0 0 0
SUNSTONE HOTEL INVS INC COMMON 867933103 1727 197400 SH 0 0 0
TDS CAP I TOPRS 8.5%2037 87235W202 141 6000 0 0 0
TEKTRONIX INC COMMON 879131100 4951 147800 SH 0 0 0
TELEGLOBE INC COMMON 87941V100 5 300 SH 0 0 0
TELLABS INC COMMON 879664100 672 11800 SH 0 0 0
TEMPLE INLAND INC COMMON 879868107 7232 118550 SH 0 0 0
TENET HEALTHCARE CORP COMMON 88033G100 9908 564150 SH 0 0 0
TENNECO INC NEW COMMON 88037E101 12237 719850 SH 0 0 0
TEXACO INC COMMON 881694103 25204 399275 SH 0 0 0
TEXAS INSTRS INC COMMON 882508104 165 2000 SH 0 0 0
3COM CORP COMMON 885535104 33359 1160300 SH 0 0 0
TIMKEN CO COMMON 887389104 403 25000 SH 0 0 0
TORCHMARK CORP COMMON 891027104 155 6000 SH 0 0 0
TRINET CORP RLTY TR INC PFD SER A 896287208 183 10600 0 0 0
UAL CORP COM PAR $0.01 902549500 13650 209000 SH 0 0 0
USX MARATHON GROUP COM NEW 902905827 13208 451550 SH 0 0 0
US BANCORP DEL COMMON 902973106 2291 75900 SH 0 0 0
USX-U S STL COMMON 90337T101 15839 615100 SH 0 0 0
UNION PLANTERS CORP COMMON 908068109 623 15300 SH 0 0 0
U S WEST INC NEW COMMON 91273H101 4907 86000 SH 0 0 0
UNOCAL CORP COMMON 915289102 28714 774750 SH 0 0 0
UNUMPROVIDENT CORP COMMON 91529Y106 22891 777600 SH 0 0 0
V F CORP COMMON 918204108 2564 82700 SH 0 0 0
VALERO ENERGY CORP NEW COMMON 91913Y100 14609 758900 SH 0 0 0
WACHOVIA CORP COMMON 929771103 393 5000 SH 0 0 0
WALKER INTERACTIVE SYS I COMMON 931664106 91 32500 SH 0 0 0
WARNACO GROUP INC CL A 934390105 10618 581800 SH 0 0 0
WARNER LAMBERT CO COMMON 934488107 266 4000 SH 0 0 0
WASHINGTON MUT INC COMMON 939322103 26989 922700 SH 0 0 0
WASTE MGMT INC DEL COMMON 94106L109 294 15275 SH 0 0 0
WATSON PHARMACEUTICALS I COMMON 942683103 11443 374400 SH 0 0 0
WENDYS INTL INC COMMON 950590109 14867 561000 SH 0 0 0
WESTVACO CORP COMMON 961548104 2952 115200 SH 0 0 0
WILLIAMS COS INC DEL COMMON 969457100 21253 564875 SH 0 0 0
WRIGLEY WM JR CO COMMON 982526105 213 3100 SH 0 0 0
WYNDHAM INTL INC CL A 983101106 1264 481665 SH 0 0 0
XEROX CORP COMMON 984121103 3229 77000 SH 0 0 0
ACE LIMITED ORD G0070K103 639 37700 SH 0 0 0
GLOBAL CROSSING LTD COMMON G3921A100 265 10000 SH 0 0 0
XL CAP LTD CL A G98255105 225 5000 SH 0 0 0
</TABLE>
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