<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 556 9500 SH DEFINED 1 9500 0 0
AT&T CORP COMMON 001957109 22437 281120 SH DEFINED 1 261770 0 19350
AT&T CORP/LIB GRP A COM LIB GRP A 001957208 4475 85100 SH DEFINED 1 85100 0 0
ADELPHIA COMMUNICATIONS CL A 006848105 907 14390 SH DEFINED 1 12390 0 2000
ALCOA INC COMMON 013817101 247 6000 SH DEFINED 1 2000 0 4000
ALCATEL DEPOSITORY RECEI 013904305 16432 720300 SH DEFINED 1 684900 0 35400
ALLIEDSIGNAL INC COMMON 019512102 27998 569200 SH DEFINED 1 536200 0 33000
ALLIED WASTE INDS INC COM PAR$.01NEW 019589308 3451 239000 SH DEFINED 1 235000 0 4000
ALLSTATE CORP COMMON 020002101 2296 61950 SH DEFINED 1 49275 0 12675
ALLTEL CORP COMMON 020039103 10980 176025 SH DEFINED 1 162375 0 13650
ALZA CORP COMMON 022615108 2869 75000 SH DEFINED 1 69250 0 5750
AMERADA HESS CORP COMMON 023551104 290 5700 SH DEFINED 1 925 0 4775
AMERICAN GENERAL CORP COMMON 026351106 21206 300791 SH DEFINED 1 278003 0 22788
AMERICAN HOME PRODS CORP COMMON 026609107 41055 629200 SH DEFINED 1 578600 0 50600
AMERICAN NATL INS CO COMMON 028591105 1538 23000 SH DEFINED 1 23000 0 0
AMERICAN STORES CO NEW COMMON 030096101 1106 33500 SH DEFINED 1 22000 0 11500
AMSOUTH BANCORPORATION COMMON 032165102 806 17725 SH DEFINED 1 15400 0 2325
ARROW INTL INC COMMON 042764100 12603 584500 SH DEFINED 1 516100 0 68400
ATLANTIC RICHFIELD COMMON 048825103 21604 295440 SH DEFINED 1 266075 0 29365
BANK ONE CORP COMMON 06423A103 34235 621741 SH DEFINED 1 572121 0 49620
BANKAMERICA CORP NEW OMMON 06605F102 34096 482772 SH DEFINED 1 443618 0 39154
BANKBOSTON CORP COMMON 06605R106 32363 747200 SH DEFINED 1 682800 0 64400
BEACON CAPITAL PARTNERS COMMON 073561102 2647 175000 SH DEFINED 1 175000 0 0
BECTON DICKINSON & CO COMMON 075887109 230 6000 SH DEFINED 1 0 0 6000
BELL ATLANTIC CORP COMMON 077853109 563 10894 SH DEFINED 1 2859 0 8035
BIOVAIL CORP INTL NEW COMMON 09067K106 1425 37000 SH DEFINED 1 34100 0 2900
BLACK & DECKER CORP COMMON 091797100 27724 500100 SH DEFINED 1 472500 0 27600
BOEING CO COMMON 097023105 20012 588600 SH DEFINED 1 552450 0 36150
BOISE CASCADE CORP COMMON 097383103 24708 766150 SH DEFINED 1 704550 0 61600
BOWATER INC COMMON 102183100 1260 31800 SH DEFINED 1 23100 0 8700
BOYKIN LODGING CO COMMON 103430104 750 62500 SH DEFINED 1 60500 0 2000
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 3554 218700 SH DEFINED 1 208700 0 10000
BRISTOL MYERS SQUIBB CO COMMON 110122108 1167 18200 SH DEFINED 1 13600 0 4600
BROWNING FERRIS INDS COMMON 115885105 23251 602950 SH DEFINED 1 542650 0 60300
BURLINGTON RES INC COMMON 122014103 3858 96600 SH DEFINED 1 91900 0 4700
CIT GROUP INC CL A 125577106 5819 190400 SH DEFINED 1 172600 0 17800
CADE INDS INC COMMON 127382109 33 15000 SH DEFINED 1 15000 0 0
CAMPBELL SOUP CO COMMON 134429109 1590 39080 SH DEFINED 1 33105 0 5975
CARPENTER TECHNOLOGY COR COMMON 144285103 4682 180500 SH DEFINED 1 151400 0 29100
CARRAMERICA RLTY CORP COMMON 144418100 1317 59700 SH DEFINED 1 47800 0 11900
CHASE MANHATTAN CORP NEW OMMON 16161A108 7657 94100 SH DEFINED 1 86000 0 8100
CHEVRON CORPORATION COMMON 166751107 27956 315000 SH DEFINED 1 296600 0 18400
CITIGROUP INC COMMON 172967101 22932 359020 SH DEFINED 1 331200 0 27820
CLOSURE MED CORP COMMON 189093107 7953 209300 SH DEFINED 1 188500 0 20800
COLGATE-PALMOLIVE CO COMMON 194162103 13984 152000 SH DEFINED 1 141300 0 10700
COLONIAL PPTYS TR COM SH BEN INT 195872106 5760 225900 SH DEFINED 1 216400 0 9500
COLUMBIA/HCA HEALTHCARE COMMON 197677107 11762 621100 SH DEFINED 1 581900 0 39200
COMCAST CORP/JOE CL A SPL 200300200 6294 100000 SH DEFINED 1 98000 0 2000
COMPAQ COMPUTER CORP COMMON 204493100 16148 509600 SH DEFINED 1 475700 0 33900
CONOCO INC CL A 208251306 4728 192500 SH DEFINED 1 192500 0 0
CONSECO INC COMMON 208464107 34994 1133400 SH DEFINED 1 1052200 0 81200
CORNERSTONE PPTYS INC COMMON 21922H103 219 15000 SH DEFINED 1 15000 0 0
CORPORATE OFFICE PPTYS T SH BEN INT 22002T108 4538 705000 SH DEFINED 1 639000 0 66000
CRESCENT REAL ESTATE EQU COMMON 225756105 2913 135500 SH DEFINED 1 115000 0 20500
CROMPTON & KNOWLES CORP COMMON 227111101 236 15000 SH DEFINED 1 15000 0 0
DANA CORP COMMON 235811106 20471 538700 SH DEFINED 1 499300 0 39400
DEAN FOODS CO COMMON 242361103 891 25000 SH DEFINED 1 25000 0 0
DEERE & CO COMMON 244199105 773 20000 SH DEFINED 1 13600 0 6400
DELTA AIR LINES INC DEL COMMON 247361108 556 8000 SH DEFINED 1 4000 0 4000
DISNEY WALT COMPANY COMMON 254687106 703 22580 SH DEFINED 1 17710 0 4870
DU PONT E I DE NEMOURS & COMMON 263534109 32126 553300 SH DEFINED 1 516100 0 37200
EASTMAN KODAK CO COMMON 277461109 25821 404235 SH DEFINED 1 372335 0 31900
J D EDWARDS & CO COMMON 281667105 4832 404800 SH DEFINED 1 372400 0 32400
ELECTRONIC DATA SYSTEM COMMON 285661104 31827 653700 SH DEFINED 1 610700 0 43000
EXXON CORP COMMON 302290101 840 11900 SH DEFINED 1 11500 0 400
F M C CORP COM NEW 302491303 18416 372975 SH DEFINED 1 352475 0 20500
FEDERATED DEPT ST COMMON 31410H101 18502 461100 SH DEFINED 1 422700 0 38400
FIRST AMER CORP TENN COMMON 318900107 1718 46600 SH DEFINED 1 37000 0 9600
FIRST TENN NATL CORP COMMON 337162101 256 7000 SH DEFINED 1 7000 0 0
FIRST UN CORP COMMON 337358105 28056 525029 SH DEFINED 1 484253 0 40776
GTE CORP COMMON 362320103 29741 491584 SH DEFINED 1 470600 0 20984
GANNETT INC COMMON 364730101 441 7000 SH DEFINED 1 7000 0 0
GAYLORD CONTAINER CORP CL A 368145108 1676 223500 SH DEFINED 1 197500 0 26000
GENERAL MTRS CORP COMMON 370442105 348 4000 SH DEFINED 1 1500 0 2500
GLENBOROUGH RLTY TR INC COMMON 37803P105 8648 508700 SH DEFINED 1 475600 0 33100
GLENBOROUGH RLTY TR INC PFD CV SER A% 37803P204 335 20000 SH DEFINED 1 20000 0 0
GLIMCHER RLTY TR SH BEN INT 379302102 5924 412100 SH DEFINED 1 356500 0 55600
GOODRICH B F CO COMMON 382388106 18184 529950 SH DEFINED 1 494800 0 35150
HASBRO INC COMMON 418056107 1068 36900 SH DEFINED 1 24000 0 12900
ELDON CAPITAL PARTNERS LP 421993106 1320 1505548 SH DEFINED 1 1505548 0 0
HEALTHCARE FINL PARTNR COMMON 42219W108 3213 123000 SH DEFINED 1 115300 0 7700
HEALTHCARE FINANCIAL COMMON 42220C109 14500 725000 SH DEFINED 1 700000 0 25000
HEALTHCARE FINANCIAL *W 42220C109 5800 290000 DEFINED 1 280000 0 10000
HEWLETT PACKARD CO COMMON 428236103 1017 15000 SH DEFINED 1 10500 0 4500
HILTON HOTELS CORP COMMON 432848109 7806 555100 SH DEFINED 1 541200 0 13900
HONEYWELL INC COMMON 438506107 694 9150 SH DEFINED 1 4720 0 4430
HOUSEHOLD INTL INC COMMON 441815107 231 5066 SH DEFINED 1 0 0 5066
ICG COMMUNICATIONS INC COMMON 449246107 3000 150000 SH DEFINED 1 142000 0 8000
IXC COMMUNICATIONS INC COMMON 450713102 4847 105650 SH DEFINED 1 102150 0 3500
ILLINOVA CORP COMMON 452317100 9615 453800 SH DEFINED 1 428025 0 25775
INTERMEDIA COMMUNICATION COMMON 458801107 2436 91500 SH DEFINED 1 85000 0 6500
INTERNATIONAL BUS MACH COMMON 459200101 5601 31600 SH DEFINED 1 29300 0 2300
ITHACA INDS INC NEW COMMON 465679108 88 70000 SH DEFINED 1 70000 0 0
JOHNSON & JOHNSON COMMON 478160104 5143 55000 SH DEFINED 1 55000 0 0
K MART CORP COMMON 482584109 12858 764800 SH DEFINED 1 731700 0 33100
KELLOGG CO COMMON 487836108 29427 870300 SH DEFINED 1 813400 0 56900
KEYCORP NEW COMMON 493267108 1666 54950 SH DEFINED 1 46100 0 8850
KEYSTONE FINANCIAL INC COMMON 493482103 516 16000 SH DEFINED 1 5000 0 11000
KILROY RLTY CORP COMMON 49427F108 5580 272200 SH DEFINED 1 260500 0 11700
KIMBERLY CLARK CORP COMMON 494368103 34946 729000 SH DEFINED 1 672150 0 56850
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 4224 318800 SH DEFINED 1 318800 0 0
LEXINGTON CORP PPTYS TR COMMON 529043101 2435 218900 SH DEFINED 1 164400 0 54500
LIBERTY PROPERTY TRUST SH BEN INT 531172104 3569 172000 SH DEFINED 1 154900 0 17100
LILLY ELI & CO COMMON 532457108 475 5600 SH DEFINED 1 2850 0 2750
LOCKHEED MARTIN CORP COMMON 539830109 868 23000 SH DEFINED 1 16500 0 6500
MCI WORLDCOM INC COMMON 55268B106 3856 43536 SH DEFINED 1 43536 0 0
MGIC INVT CORP WIS COMMON 552848103 21125 602500 SH DEFINED 1 559700 0 42800
MACK CALI RLTY CORP COMMON 554489104 13002 442625 SH DEFINED 1 385925 0 56700
MAXTOR CORP COM NEW 577729205 3401 481600 SH DEFINED 1 475600 0 6000
MAY DEPT STORES CO COMMON 577778103 19519 498900 SH DEFINED 1 472500 0 26400
MEAD CORP COMMON 582834107 20789 676050 SH DEFINED 1 632000 0 44050
MEDIAONE GROUP INC COMMON 58440J104 7613 120000 SH DEFINED 1 116300 0 3700
MELLON BK CORP COMMON 585509102 767 10900 SH DEFINED 1 7000 0 3900
MERCANTILE BANCORP INC COMMON 587342106 7266 152975 SH DEFINED 1 121875 0 31100
MERCK & CO INC COMMON 589331107 1683 21000 SH DEFINED 1 20000 0 1000
MERISTAR HOSPITALITY COR COMMON 58984Y103 9795 538545 SH DEFINED 1 469473 0 69072
MICROSOFT CORP COMMON 594918104 323 3600 SH DEFINED 1 2000 0 1600
MINNESOTA MNG & MFG CO COMMON 604059105 33823 478065 SH DEFINED 1 443900 0 34165
MOBIL CORP COMMON 607059102 12806 145520 SH DEFINED 1 135200 0 10320
MONSANTO CO COMMON 611662107 230 5000 SH DEFINED 1 0 0 5000
MORGAN J P & CO INC COMMON 616880100 456 3700 SH DEFINED 1 2000 0 1700
MOTOROLA INC COMMON 620076109 2058 28100 SH DEFINED 1 28100 0 0
NABISCO HLDGS CORP CL A 629526104 26575 639400 SH DEFINED 1 594500 0 44900
NATIONAL SEMICONDUCTOR C COMMON 637640103 5122 550000 SH DEFINED 1 550000 0 0
NEW YORK TIMES CO CL A 650111107 12349 433300 SH DEFINED 1 400100 0 33200
NORTHERN TELECOM LTD COMMON 665815106 621 10000 SH DEFINED 1 10000 0 0
PMI GROUP INC COMMON 69344M101 32175 693800 SH DEFINED 1 645000 0 48800
PAINE WEBBER GROUP INC COMMON 695629105 794 19900 SH DEFINED 1 19000 0 900
PAN PACIFIC RETAIL PPTYS COMMON 69806L104 2471 139200 SH DEFINED 1 128200 0 11000
PATRIOT AMERN HOSPITALIT PAIRED CTF 703352203 3018 588800 SH DEFINED 1 545145 0 43655
PENNZOIL-QUAKER STATE CO COMMON 709323109 2351 190000 SH DEFINED 1 179000 0 11000
PEPSI BOTTLING GROUP COMMON 713409100 325 15000 SH DEFINED 1 15000 0 0
PEPSICO INC COMMON 713448108 521 13291 SH DEFINED 1 10000 0 3291
PHARMACIA & UPJOHN INC COMMON 716941109 34003 545135 SH DEFINED 1 505165 0 39970
PRAXAIR INC COMMON 74005P104 18533 513900 SH DEFINED 1 484900 0 29000
PRENTISS PPTYS TR SH BEN INT 740706106 966 51500 SH DEFINED 1 51500 0 0
PROCTER & GAMBLE CO COMMON 742718109 16816 171700 SH DEFINED 1 161800 0 9900
PROVIDENT COS INC COMMON 743862104 242 7000 SH DEFINED 1 7000 0 0
PUBLIC STORAGE INC COMMON 74460D109 7110 284400 SH DEFINED 1 266400 0 18000
RAYTHEON CO CL B 755111408 24640 420300 SH DEFINED 1 400100 0 20200
READERS DIGEST ASSN INC CL A NON VTG 755267101 4008 127500 SH DEFINED 1 108400 0 19100
RECKSON ASSOCS RLTY CORP PFD CV SER A% 75621K205 2180 107000 SH DEFINED 1 106000 0 1000
RELIANCE GROUP HOLDINGS COMMON 759464100 769 100000 SH DEFINED 1 100000 0 0
SBC COMMUNICATIONS INC COMMON 78387G103 29761 630700 SH DEFINED 1 591300 0 39400
S & P 500 INDEX PUT OPT APR 125 7839819P0 31000 25000 SH PUT DEFINED 1 25000 0 0
SCHERING PLOUGH CORP COMMON 806605101 1105 20000 SH DEFINED 1 20000 0 0
SEARS ROEBUCK & CO COMMON 812387108 226 5000 SH DEFINED 1 0 0 5000
SERVICE CORP INTL COMMON 817565104 3201 224600 SH DEFINED 1 185900 0 38700
SMURFIT-STONE CONTAINER COMMON 832727101 3209 166150 SH DEFINED 1 143800 0 22350
SPRINT CORP FON GROUP COM FON GROUP 852061100 294 3000 SH DEFINED 1 0 0 3000
STANLEY WKS COMMON 854616109 2563 100000 SH DEFINED 1 100000 0 0
STARWOOD HOTELS&RESORTS PAIRED CTF 85590A203 5613 196500 SH DEFINED 1 186500 0 10000
SUMMIT BANCORP COMMON 866005101 1847 47350 SH DEFINED 1 37500 0 9850
SUNOCO INC COMMON 86764P109 13230 366870 SH DEFINED 1 356370 0 10500
SUNSTONE HOTEL INVS INC COMMON 867933103 1812 252100 SH DEFINED 1 204000 0 48100
TEKTRONIX INC COMMON 879131100 5050 200000 SH DEFINED 1 200000 0 0
TEMPLE INLAND INC COMMON 879868107 17445 278000 SH DEFINED 1 260800 0 17200
TENET HEALTHCARE CORP COMMON 88033G100 11409 602430 SH DEFINED 1 576110 0 26320
TENNECO INC NEW COMMON 88037E101 15078 539700 SH DEFINED 1 495500 0 44200
TEXACO INC COMMON 881694103 25549 450200 SH DEFINED 1 417100 0 33100
TEXAS INSTRS INC COMMON 882508104 397 4000 SH DEFINED 1 0 0 4000
TORCHMARK CORP COMMON 891027104 5882 186000 SH DEFINED 1 175000 0 11000
TOYS R US INC COMMON 892335100 1881 100000 SH DEFINED 1 100000 0 0
TRINET CORP RLTY TR INC COMMON 896287109 508 20000 SH DEFINED 1 20000 0 0
UAL CORP COM PAR $0.01 902549500 18597 238800 SH DEFINED 1 225000 0 13800
UST CORP COMMON 902900109 218 10000 SH DEFINED 1 10000 0 0
US BANCORP DEL COMMON 902973106 2597 76250 SH DEFINED 1 71250 0 5000
UNUM CORP COMMON 903192102 32880 691300 SH DEFINED 1 645800 0 45500
USX-U S STL COMMON 90337T101 12594 535900 SH DEFINED 1 520900 0 15000
UNION CAMP CORP COMMON 905530101 651 9700 SH DEFINED 1 4400 0 5300
UNION PAC CORP COMMON 907818108 374 7000 SH DEFINED 1 7000 0 0
UNION PLANTERS CORP COMMON 908068109 883 20100 SH DEFINED 1 14100 0 6000
UNIONBANCAL CORP COMMON 908906100 8022 235500 SH DEFINED 1 222300 0 13200
US AIRWAYS GROUP INC COMMON 911905107 4383 89800 SH DEFINED 1 87400 0 2400
UNOCAL CORP COMMON 915289102 21492 582830 SH DEFINED 1 539500 0 43330
V F CORP COMMON 918204108 4912 103400 SH DEFINED 1 90000 0 13400
WALKER INTERACTIVE SYS I COMMON 931664106 1037 244000 SH DEFINED 1 192000 0 52000
WARNACO GROUP INC CL A 934390105 17489 708400 SH DEFINED 1 649100 0 59300
WARNER LAMBERT CO COMMON 934488107 265 4000 SH DEFINED 1 0 0 4000
WENDYS INTL INC COMMON 950590109 23046 810400 SH DEFINED 1 771200 0 39200
WILLIAMS COS INC DEL COMMON 969457100 20084 508450 SH DEFINED 1 477650 0 30800
WRIGLEY WM JR CO COMMON 982526105 344 3800 SH DEFINED 1 2000 0 1800
XEROX CORP COMMON 984121103 5796 111200 SH DEFINED 1 98240 0 12960
SCOTTISH ANNUITY & LIFE ORD G7885T104 3310 339500 SH DEFINED 1 327500 0 12000
</TABLE>
