[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: June 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 July 1, 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: 131
Form 13F Information Table Value Total: 1,775,853,000
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 90916 1628952 SH SOLE 1628952
419 7500 SH OTHER 7500
ALCOA, INC. COM 013817101 90752 1466703 SH SOLE 1466703
AMERICAN EXPRESS COM 025816109 102800 790009 SH SOLE 790009
AMERICAN GENERAL COM 026351106 67001 888902 SH SOLE 888902
452 6000 SH OTHER 6000
AMERICAN GREETINGS CLASS A COM 026375105 4391 145760 SH SOLE 145760
AMERICAN HOME PRODUCTS COM 026609107 322 5610 SH SOLE 5610
681 11872 SH OTHER 11872
AMERITECH CORP. COM 030954101 691 9400 SH SOLE 9400
ATLANTIC RICHFIELD COM 048825103 46036 550912 SH SOLE 550912
AVON PRODUCTS COM 054303102 6281 113176 SH SOLE 113176
BANC ONE CORP. COM 06423A103 3637 61065 SH SOLE 61065
BANK OF AMERICA CORP. COM 060505104 60882 830441 SH SOLE 830441
BAXTER INTERNATIONAL COM 071813109 60088 991146 SH SOLE 991146
458 7549 SH OTHER 7549
BECKMAN COULTER, INC. COM 075811109 2407 49500 SH SOLE 49500
BELDEN, INC. COM 077459105 4971 207685 SH SOLE 207685
BELL ATLANTIC COM 077853109 9722 148708 SH SOLE 148708
BOMBAY CO. COM 097924104 82 10887 SH SOLE 10887
BP AMOCO PLC COM 3922 36151 SH SOLE 36151
BRISTOL MYERS COM 110122108 71370 1013234 SH SOLE 1013234
BROWNING FERRIS INDUSTRIES COM 115885105 43364 1008460 SH SOLE 1008460
BURLINGTON NORTHERN SANTA FE COM 121897102 205 6600 SH OTHER 6600
BURLINGTON RESOURCES COM 122014103 14682 339460 SH SOLE 339460
26 600 SH OTHER 600
CAMDEN PROPERTY TRUST COM 133131102 429 15450 SH SOLE 15450
CBS CORP. COM 12490K107 4992 114600 SH SOLE 114600
157 3600 SH OTHER 3600
CHASE MANHATTAN CORP. COM 16161A108 89604 1035888 SH SOLE 1035888
CHEVRON COM 166751107 61327 645128 SH SOLE 645128
342 3600 SH OTHER 3600
CHUBB CORP. COM 171232101 71396 1027275 SH SOLE 1027275
COCA COLA COM 191216100 781 12600 SH SOLE 12600
1306 21066 SH OTHER 21066
CONOCO, INC. COM 208251306 1742 62500 SH SOLE 62500
DELPHI AUTOMOTIVE SYSTEMS COM 247126105 3555 192137 SH SOLE 192137
52 2795 SH OTHER 2795
DELUXE CORP. COM 248019101 741 19100 SH SOLE 19100
DUKE ENERGY CORP. COM 264399106 5965 109570 SH SOLE 109570
227 4177 SH OTHER 4177
DUPONT COM 263534109 69085 1011311 SH SOLE 1011311
191 2800 SH OTHER 2800
EASTMAN KODAK COM 277461109 5670 83694 SH SOLE 83694
30 450 SH OTHER 450
ELECTRONIC DATA SYSTEMS COM 285661104 72690 1283705 SH SOLE 1283705
EXXON COM 302290101 2302 29843 SH SOLE 29843
463 6000 SH OTHER 6000
FEDERAL NAT'L MORTGAGE ASSN. COM 313586109 560 8200 SH SOLE 8200
GANNETT INC. COM 364730101 65789 921735 SH SOLE 921735
214 3000 SH OTHER 3000
GENERAL ELECTRIC COM 369604103 1008 8920 SH SOLE 8920
1085 9600 SH OTHER 9600
GENERAL MILLS COM 370334104 908 11300 SH SOLE 11300
GENERAL MOTORS COM 370442105 4882 73970 SH SOLE 73970
264 4000 SH OTHER 4000
GEORGIA PACIFIC COM 373298108 208 4400 SH SOLE 4400
114 2400 SH OTHER 2400
GTE CORP COM 362320103 2907 38500 SH SOLE 38500
HALLIBURTON COMPANY COM 406216101 1160 25630 SH SOLE 25630
253 5600 SH OTHER 5600
HANCOCK FABRICS COM 409900107 583 133350 SH SOLE 133350
HEWLETT PACKARD COM 428236103 563 5600 SH SOLE 5600
HUMANA, INC. COM 444859102 194 15000 SH SOLE 15000
INTEL COM 458140100 67016 1126321 SH SOLE 1126321
1142 19200 SH OTHER 19200
INTL. BUSINESS MACHINES COM 459200101 7274 56276 SH SOLE 56276
517 4000 SH OTHER 4000
INTL. PAPER COMPANY COM 460146103 301 6000 SH SOLE 6000
JOHNSON & JOHNSON COM 478160104 387 3950 SH SOLE 3950
JOHNSON CONTROLS COM 478366107 388 5600 SH SOLE 5600
KAISER ALUMINUM CORPORATION COM 483007100 887 100000 SH SOLE 100000
KIMBERLY-CLARK CORPORATION COM 494368103 7457 130832 SH SOLE 130832
LEE ENTERPRISES COM 523768109 8731 286263 SH SOLE 286263
LUBY'S INC. COM 549282101 3763 250870 SH SOLE 250870
MELLON BANK CORP. COM 585509102 1382 38000 SH SOLE 38000
MERCK & COMPANY COM 589331107 239 3246 SH SOLE 3246
MICROSOFT CORP. COM 594918104 361 4000 SH SOLE 4000
MILACRON INC. COM 172172108 1513 81790 SH SOLE 81790
MINNESOTA MNG & MFG COM 604059105 183 2100 SH SOLE 2100
261 3000 SH OTHER 3000
MOBIL COM 607059102 265 2681 SH SOLE 2681
McGRAW-HILL COMPANIES COM 580645109 2157 40000 SH SOLE 40000
518 9600 SH OTHER 9600
NABISCO COM 629526104 5151 119795 SH SOLE 119795
NISOURCE, INC. COM 65473P105 1566 60650 SH SOLE 60650
NORFOLK SOUTHERN CORP. COM 655844108 226 7500 SH SOLE 7500
OMNICOM GROUP COM 681919106 508 6350 SH SOLE 6350
320 4000 SH OTHER 4000
OREGON STEEL MILLS COM 686079104 939 70500 SH SOLE 70500
PEPSICO INC. COM 713448108 18737 484328 SH SOLE 484328
PFIZER COM 717081103 2627 24105 SH SOLE 24105
654 6000 SH OTHER 6000
PG&E CORP COM 69331C108 53530 1650261 SH SOLE 1650261
PHARMACIA & UPJOHN, INC. COM 716941109 2097 36910 SH SOLE 36910
247 4350 SH OTHER 4350
POLAROID COM 731095105 21774 791770 SH SOLE 791770
PROCTER GAMBLE COM 742718109 36 400 SH SOLE 400
1609 18028 SH OTHER 18028
RENAISSANCE RE HOLDINGS COM G7496G103 4488 121300 SH SOLE 121300
SAFECO CORP. COM 786429100 51404 1164960 SH SOLE 1164960
SBC COMMUNICATIONS, INC. COM 78387G103 70953 1223330 SH SOLE 1223330
174 3000 SH OTHER 3000
SCHLUMBERGER COM 806857108 64340 1010247 SH SOLE 1010247
178 2800 SH OTHER 2800
SOUTHWEST AIRLINES COM 844741108 101888 3273503 SH SOLE 3273503
STERLING BANCSHARES, INC. COM 858907108 372 27844 SH SOLE 27844
SYSCO CORP. COM 871829107 504 16900 SH SOLE 16900
TANDY CORP. COM 875382103 11000 225064 SH SOLE 225064
TEXACO COM 881694103 1448 23216 SH SOLE 23216
TIDEWATER, INC. COM 886423102 2699 88480 SH SOLE 88480
TRINITY INDUSTRIES COM 896522109 1574 47000 SH SOLE 47000
TYCO INTERNATIONAL LTD. COM 3300 34828 SH SOLE 34828
427 4504 SH OTHER 4504
UNICOM CORP. COM 904911104 3737 96895 SH SOLE 96895
UNION CARBIDE COM 905581104 4968 101917 SH SOLE 101917
195 4000 SH OTHER 4000
UNION PACIFIC COM 907818108 12 200 SH SOLE 200
327 5600 SH OTHER 5600
UNOCAL COM 915289102 906 22860 SH SOLE 22860
USEC INC. COM 90333E108 1525 102500 SH SOLE 102500
VARIAN MEDICAL SYSTEMS, INC. COM 7148 283075 SH SOLE 283075
VARIAN SEMICONDUCTOR EQUIP. COM 4806 282725 SH SOLE 282725
VARIAN, INC. COM 3821 283045 SH SOLE 283045
WEINGARTEN REALTY SBI COM 948741103 31295 749582 SH SOLE 749582
WELLPOINT HEALTH NETWORKS COM 94973H108 5121 60333 SH SOLE 60333
WELLS FARGO & CO COM 949746101 14691 343645 SH SOLE 343645
WEYERHAEUSER COM 962166104 4617 67159 SH SOLE 67159
172 2500 SH OTHER 2500
XEROX COM 984121103 2379 40280 SH SOLE 40280
319 5400 SH OTHER 5400
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