<PAGE>
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 10)
The Sabine Royalty Trust
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(Name of Issuer)
Units of Beneficial Interest
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(Title of Class of Securities)
785688102
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(CUSIP Number)
Michael S. Paquette
Vice President and Chief Accounting Officer
Fund American Enterprises Holdings, Inc.
The 1820 House,
Main Street,
Norwich, Vermont 05055-0850
(802) 649-3633
------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
January 27, 1995
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(b)(3) or (4), check the following box _____.
Check the following box if a fee is being paid with this statement _____.
(A fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent of
the class of securities described in Item 1; and (2) has filed no amendment
subsequent thereto re-reporting beneficial ownership of five percent or less of
such class. See Rule 13d-7.)
NOTE: Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) for other parties to whom copies
are to be sent.
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CUSIP NO. 785688 10 2
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(1) Name of Reporting Person. S.S. or I.R.S. Identification No. of Above
Person
Fund American Enterprises Holdings, Inc.
94-2708455
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(2) Check the Appropriate Box if a Member (a) _______________________
of a Group (See Instructions)
(b) _______________________
(3) (SEC Use Only)
- --------------------------------------------------------------------------------
(4) Source of Funds (See Instructions)
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d)
or 2(e)
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(6) Citizenship or Place of Organization Delaware
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Number of Units (7) Sole Voting Power
Beneficially Owned -----------------
by Each Reporting
Person With (8) Shared Voting Power
-------------------
851,300
(9) Sole Dispositive Power
----------------------
(10) Shared Dispositive Power
------------------------
851,300
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
851,300
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Units (See
Instructions)
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(13) Percent of Class Represented by Amount in Row (11)
Approximately 5.8%
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(14) Type of Reporting Person (See Instructions) HC, CO
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CUSIP NO. 785688 10 2
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(1) Name of Reporting Person. S.S. or I.R.S. Identification No. of Above
Person
Fund American Enterprises, Inc.
51-0328932
- --------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) _______________________
of a Group (See Instructions)
(b) _______________________
(3) (SEC Use Only)
- --------------------------------------------------------------------------------
(4) Source of Funds (See Instructions)
- --------------------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d)
or 2(e)
- --------------------------------------------------------------------------------
(6) Citizenship or Place of Organization Delaware
--------
Number of Units (7) Sole Voting Power
Beneficially Owned -----------------
by Each Reporting
Person With (8) Shared Voting Power
-------------------
851,300
(9) Sole Dispositive Power
----------------------
(10) Shared Dispositive Power
------------------------
851,300
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
851,300
- --------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Units (See
Instructions)
- --------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
Approximately 5.8%
- --------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
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ONLY ITEMS REPORTED IN THIS AMENDMENT NO. 10 TO SCHEDULE 13D ARE AMENDED FROM
THE FILING ON SCHEDULE 13D FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON
DECEMBER 20, 1990, AS AMENDED BY AMENDMENT NO. 1 DATED SEPTEMBER 29, 1992,
AMENDMENT NO. 2 DATED MARCH 8, 1993, AMENDMENT NO. 3 DATED JUNE 23, 1993,
AMENDMENT NO. 4 DATED OCTOBER 4, 1993, AMENDMENT NO. 5 DATED APRIL 7, 1994,
AMENDMENT NO. 6 DATED JUNE 3, 1994, AMENDMENT NO. 7 DATED JULY 22, 1994,
AMENDMENT NO. 8 DATED NOVEMBER 9, 1994, AND AMENDMENT NO. 9 DATED DECEMBER 29,
1994. ALL OTHER ITEMS REMAIN UNCHANGED. UNLESS OTHERWISE SPECIFIED, ALL
DEFINED TERMS USED HEREIN HAVE THE MEANING PREVIOUSLY ASCRIBED TO THEM IN THE
SCHEDULE 13D.
Item 1. Security and Issuer.
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Item 2. Identity and Background.
-----------------------
Item 3. Source and Amount of Funds or Other Consideration.
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Item 4. Purpose of Transaction.
----------------------
Sales by FAE outlined in Schedule II attached hereto, which is
incorporated herein by reference, were made in the ordinary course of business
and not for the purpose or effect of changing or influencing the control of the
Issuer or in connection with, or as a participant in, any transaction having
such purpose or effect.
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Item 5. Interest in Securities of the Issuer.
------------------------------------
(a) & (b) FAEH owns all 851,300 Units indirectly through FAE. The
aggregate number of Units and the corresponding percentage of the outstanding
Units such number represents is as follows:
<TABLE>
<CAPTION>
Percentage of
Units Units
Beneficially Beneficially
Person Owned Owned
------ ------------ -------------
<S> <C> <C>
FAEH 851,300 5.8%
FAE 851,300 5.8%
</TABLE>
FAEH shares voting power and dispositive power with respect to its
851,300 Units with FAE.
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SIGNATURE
After reasonable inquiry and to the best of the knowledge and belief of
the undersigned, the undersigned certifies that the information set forth in
this statement is true, complete and correct.
Dated: February 6, 1995
FUND AMERICAN ENTERPRISES HOLDINGS, INC.
BY: /s/
---------------------------
Name: Michael S. Paquette
Title: Vice President and
Chief Accounting Officer
FUND AMERICAN ENTERPRISES, INC.
BY: /s/
---------------------------
Name: Terry L. Baxter
Title: President and Secretary
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SCHEDULE II TO SCHEDULE 13D
Sales of Units of Beneficial Interest of The Sabine Royalty Trust by
the Reporting Persons and by persons listed in Schedule I, attached hereto,
within the last 60 days.
<TABLE>
<CAPTION>
Sold by Date Number Sold Unit Price
------- ---- ----------- ----------
<S> <C> <C> <C>
FAE 11-30-94 22,000 $12.00
FAE 12-01-94 5,500 $11.875
FAE 12-05-94 2,100 $11.50
FAE 12-09-94 10,000 $11.1688
FAE 12-14-94 19,500 $11.00
FAE 12-15-94 10,000 $11.125
FAE 12-21-94 6,000 $10.8688
FAE 12-29-94 88,400 $10.00
FAE 1-04-95 18,200 $9.8269
FAE 1-06-95 15,900 $10.25
FAE 1-09-95 10,200 $10.1752
FAE 1-13-95 12,500 $10.015
FAE 1-19-95 14,900 $10.042
FAE 1-20-95 12,500 $10.00
FAE 1-27-95 26,900 $9.7709
</TABLE>
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