[TEXT] UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 30,1999
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: Gulf Investment Management, Inc.
Address: 820 Gessner
Suite 720
Houston, Tx 77024
13F File Number: 000792016
The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person
signing the report is authorized 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: T.C. Toomey
Title: Managing Director
Phone: 713 461 0660
Signature, Place and Date of Signing:
T.C. Toomey Houston, Texas October 4, 1999
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT.
[ ] 13F NOTICE
[ ] 13F COMBINATION REPORT
List of Other Managers Reporting for this Manager:
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934.
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FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
For 13F Information Table Entry Total: 127
Form 13F Information Table Value Total: 1,636,887,000
List of Other Included Managers:
No. 13F File Number Name
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<TABLE>
FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A.T. & T. CORPORATION COM 001957109 74889 1721587 SH SOLE 1721587
326 7500 SH OTHER 7500
ALCOA, INC. COM 013817101 94234 1518367 SH SOLE 1518367
AMERICAN EXPRESS COM 025816109 110175 816111 SH SOLE 816111
AMERICAN GENERAL COM 026351106 60077 949834 SH SOLE 949834
379 6000 SH OTHER 6000
AMERICAN GREETINGS CLASS A COM 026375105 3731 144910 SH SOLE 144910
AMERICAN HOME PRODUCTS COM 026609107 233 5610 SH SOLE 5610
493 11872 SH OTHER 11872
AMERITECH CORP. COM 030954101 627 9400 SH SOLE 9400
ATLANTIC RICHFIELD COM 048825103 47858 540004 SH SOLE 540004
AVON PRODUCTS COM 054303102 426 17176 SH SOLE 17176
BANC ONE CORP. COM 06423A103 2147 61680 SH SOLE 61680
BANK OF AMERICA CORP. COM 060505104 50669 909879 SH SOLE 909879
BAXTER INTERNATIONAL COM 071813109 63957 1061526 SH SOLE 1061526
455 7549 SH OTHER 7549
BECKMAN COULTER, INC. COM 075811109 2234 49500 SH SOLE 49500
BELDEN, INC. COM 077459105 4156 202725 SH SOLE 202725
BELL ATLANTIC COM 077853109 10026 148948 SH SOLE 148948
BOMBAY CO. COM 097924104 55 10887 SH SOLE 10887
BP AMOCO PLC COM 4049 36537 SH SOLE 36537
BRISTOL MYERS COM 110122108 67166 995051 SH SOLE 995051
BURLINGTON RESOURCES COM 122014103 17403 473545 SH SOLE 473545
22 600 SH OTHER 600
CAMDEN PROPERTY TRUST COM 133131102 415 15450 SH SOLE 15450
CBS CORP. COM 12490K107 5300 114600 SH SOLE 114600
166 3600 SH OTHER 3600
CHASE MANHATTAN CORP. COM 16161A108 82143 1089787 SH SOLE 1089787
CHEVRON COM 166751107 61704 695257 SH SOLE 695257
319 3600 SH OTHER 3600
CHUBB CORP. COM 171232101 56264 1133775 SH SOLE 1133775
COCA COLA COM 191216100 608 12600 SH SOLE 12600
1016 21066 SH OTHER 21066
CONOCO, INC. CLASS A COM 208251306 1734 62500 SH SOLE 62500
DELPHI AUTOMOTIVE SYSTEMS COM 247126105 3086 192136 SH SOLE 192136
45 2795 SH OTHER 2795
DELUXE CORP. COM 248019101 649 19100 SH SOLE 19100
DUKE ENERGY CORP. COM 264399106 6021 109216 SH SOLE 109216
230 4177 SH OTHER 4177
DUPONT COM 263534109 65494 1082541 SH SOLE 1082541
169 2800 SH OTHER 2800
EASTMAN KODAK COM 277461109 6347 83924 SH SOLE 83924
34 450 SH OTHER 450
ELECTRONIC DATA SYSTEMS COM 285661104 71422 1349176 SH SOLE 1349176
EXXON COM 302290101 2268 29843 SH SOLE 29843
456 6000 SH OTHER 6000
FEDERAL NAT'L MORTGAGE ASSN. COM 313586109 514 8200 SH SOLE 8200
GANNETT INC. COM 364730101 68219 986004 SH SOLE 986004
208 3000 SH OTHER 3000
GENERAL ELECTRIC COM 369604103 1058 8920 SH SOLE 8920
1138 9600 SH OTHER 9600
GENERAL MILLS COM 370334104 917 11300 SH SOLE 11300
GENERAL MOTORS COM 370442105 4655 73970 SH SOLE 73970
252 4000 SH OTHER 4000
GEORGIA PACIFIC COM 373298108 178 4400 SH SOLE 4400
97 2400 SH OTHER 2400
GTE CORP COM 362320103 2960 38500 SH SOLE 38500
HALLIBURTON COMPANY COM 406216101 1051 25630 SH SOLE 25630
230 5600 SH OTHER 5600
HANCOCK FABRICS COM 409900107 575 133350 SH SOLE 133350
HEWLETT PACKARD COM 428236103 530 5845 SH SOLE 5845
HUMANA, INC. COM 444859102 103 15000 SH SOLE 15000
INTEL COM 458140100 82255 1106885 SH SOLE 1106885
1427 19200 SH OTHER 19200
INTL. BUSINESS MACHINES COM 459200101 6849 56601 SH SOLE 56601
484 4000 SH OTHER 4000
INTL. PAPER COMPANY COM 460146103 288 6000 SH SOLE 6000
JOHNSON & JOHNSON COM 478160104 363 3950 SH SOLE 3950
JOHNSON CONTROLS COM 478366107 371 5600 SH SOLE 5600
KAISER ALUMINUM CORPORATION COM 483007100 831 100000 SH SOLE 100000
KIMBERLY-CLARK CORPORATION COM 494368103 6901 130832 SH SOLE 130832
LEE ENTERPRISES COM 523768109 7639 279043 SH SOLE 279043
LUBY'S INC. COM 549282101 2859 248590 SH SOLE 248590
MELLON BANK CORP. COM 585509102 1278 38000 SH SOLE 38000
MERCK & COMPANY COM 589331107 205 3166 SH SOLE 3166
MICROSOFT CORP. COM 594918104 362 4000 SH SOLE 4000
MILACRON INC. COM 172172108 1452 81790 SH SOLE 81790
MINNESOTA MNG & MFG COM 604059105 202 2100 SH SOLE 2100
288 3000 SH OTHER 3000
MOBIL COM 607059102 304 3016 SH SOLE 3016
McGRAW-HILL COMPANIES COM 580645109 1935 40000 SH SOLE 40000
464 9600 SH OTHER 9600
NABISCO COM 629526104 4162 120430 SH SOLE 120430
NISOURCE, INC. COM 65473P105 1342 60650 SH SOLE 60650
OMNICOM GROUP COM 681919106 503 6350 SH SOLE 6350
317 4000 SH OTHER 4000
OREGON STEEL MILLS COM 686079104 789 70500 SH SOLE 70500
PEPSICO INC. COM 713448108 14525 476231 SH SOLE 476231
PFIZER COM 717081103 2582 71982 SH SOLE 71982
646 18000 SH OTHER 18000
PG&E CORP COM 69331C108 46578 1800101 SH SOLE 1800101
PHARMACIA & UPJOHN, INC. COM 716941109 1832 36910 SH SOLE 36910
216 4350 SH OTHER 4350
POLAROID COM 731095105 19867 764115 SH SOLE 764115
PROCTER GAMBLE COM 742718109 37 400 SH SOLE 400
1690 18028 SH OTHER 18028
RENAISSANCE RE HOLDINGS COM G7496G103 4208 121300 SH SOLE 121300
SAFECO CORP. COM 786429100 35701 1275035 SH SOLE 1275035
SBC COMMUNICATIONS, INC. COM 78387G103 66644 1305139 SH SOLE 1305139
153 3000 SH OTHER 3000
SCHLUMBERGER COM 806857108 67711 1086642 SH SOLE 1086642
174 2800 SH OTHER 2800
SOUTHWEST AIRLINES COM 844741108 81892 5392042 SH SOLE 5392042
STERLING BANCSHARES, INC. COM 858907108 318 27844 SH SOLE 27844
SYSCO CORP. COM 871829107 593 16900 SH SOLE 16900
TANDY CORP. COM 875382103 11633 225064 SH SOLE 225064
TEXACO COM 881694103 1466 23216 SH SOLE 23216
TIDEWATER, INC. COM 886423102 2248 88140 SH SOLE 88140
TRINITY INDUSTRIES COM 896522109 1451 47000 SH SOLE 47000
TYCO INTERNATIONAL LTD. COM 3596 34828 SH SOLE 34828
465 4504 SH OTHER 4504
UNICOM CORP. COM 904911104 3594 97290 SH SOLE 97290
UNION CARBIDE COM 905581104 3766 66286 SH SOLE 66286
227 4000 SH OTHER 4000
UNION PACIFIC COM 907818108 269 5600 SH OTHER 5600
UNOCAL COM 915289102 847 22860 SH SOLE 22860
USEC INC. COM 90333E108 1051 102500 SH SOLE 102500
VARIAN MEDICAL SYSTEMS, INC. COM 92220P105 6036 275910 SH SOLE 275910
VARIAN SEMICONDUCTOR EQUIP. COM 922207105 5799 275300 SH SOLE 275300
VARIAN, INC. COM 922206107 4894 275730 SH SOLE 275730
WEINGARTEN REALTY SBI COM 948741103 32963 881942 SH SOLE 881942
WELLPOINT HEALTH NETWORKS COM 94973H108 3428 60133 SH SOLE 60133
WELLS FARGO & CO COM 949746101 13633 344040 SH SOLE 344040
WEYERHAEUSER COM 962166104 3864 67049 SH SOLE 67049
144 2500 SH OTHER 2500
XEROX COM 984121103 1689 40280 SH SOLE 40280
226 5400 SH OTHER 5400
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