GULF INVESTMENT MANAGEMENT INC /TX/
13F-HR, 2000-04-10
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[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:  March 31,2000

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    April 10, 2000

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.
<PAGE>
                         FORM 13F SUMMARY PAGE


Report Summary:

Number of Other Included Managers:  0

For 13F Information Table Entry Total: 118

Form 13F Information Table Value Total: 2,028,080,000



List of Other Included Managers:

No.   13F File Number      Name

<PAGE>
<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.H. BELO CORP. CL A           COM              080555105      250    14000 SH       SOLE                                      14000
A.T. & T. CORPORATION          COM              001957109   100362  1782234 SH       SOLE                                    1782234
                                                               422     7500 SH       OTHER                                      7500
ABBOTT LABS                    COM              002824100    13370   379970 SH       SOLE                                     379970
ALBERTSON'S                    COM              013104104    64809  2099087 SH       SOLE                                    2099087
ALCOA, INC.                    COM              013817101    67818   965377 SH       SOLE                                     965377
ALLSTATE CORP.                 COM              020002101    62439  2622108 SH       SOLE                                    2622108
AMERICAN EXPRESS               COM              025816109    91057   611377 SH       SOLE                                     611377
AMERICAN GENERAL               COM              026351106    50268   895638 SH       SOLE                                     895638
                                                               337     6000 SH       OTHER                                      6000
AMERICAN GREETINGS CLASS A     COM              026375105     2144   117500 SH       SOLE                                     117500
AMERICAN HOME PRODUCTS         COM              026609107      302     5610 SH       SOLE                                       5610
                                                               638    11872 SH       OTHER                                     11872
ATLANTIC RICHFIELD             COM              048825103    38874   457337 SH       SOLE                                     457337
AVON PRODUCTS                  COM              054303102      222     7604 SH       SOLE                                       7604
BANC ONE CORP.                 COM              06423A103     2008    58195 SH       SOLE                                      58195
BANK OF AMERICA CORP.          COM              060505104    76010  1449535 SH       SOLE                                    1449535
BAXTER INTERNATIONAL           COM              071813109    81110  1293880 SH       SOLE                                    1293880
                                                               473     7549 SH       OTHER                                      7549
BECKMAN COULTER, INC.          COM              075811109     3145    49000 SH       SOLE                                      49000
BELDEN, INC.                   COM              077459105     4923   179002 SH       SOLE                                     179002
BELL ATLANTIC                  COM              077853109    10508   171905 SH       SOLE                                     171905
BP AMOCO PLC                   COM              055622104     3193    59961 SH       SOLE                                      59961
BRISTOL MYERS                  COM              110122108    68000  1172417 SH       SOLE                                    1172417
BURLINGTON RESOURCES           COM              122014103    31530   852174 SH       SOLE                                     852174
                                                                22      600 SH       OTHER                                       600
CAMDEN PROPERTY TRUST          COM              133131102      209     7720 SH       SOLE                                       7720
CBS CORP.                      COM              12490K107     6399   113000 SH       SOLE                                     113000
                                                               204     3600 SH       OTHER                                      3600
CHASE MANHATTAN CORP.          COM              16161A108   101299  1161854 SH       SOLE                                    1161854
CHEVRON                        COM              166751107    74121   801851 SH       SOLE                                     801851
                                                               333     3600 SH       OTHER                                      3600
CHUBB CORP.                    COM              171232101    84647  1252871 SH       SOLE                                    1252871
CISCO SYSTEMS, INC.            COM              17275R102      278     3600 SH       SOLE                                       3600
COCA COLA                      COM              191216100      671    14300 SH       SOLE                                      14300
                                                               989    21066 SH       OTHER                                     21066
CONOCO, INC. CLASS B           COM              208251405      251     9800 SH       SOLE                                       9800
DELPHI AUTOMOTIVE SYS.         COM              247126105    60221  3763787 SH       SOLE                                    3763787
                                                                45     2795 SH       OTHER                                      2795
DOW JONES & CO., INC.          COM              260561105    10761   149845 SH       SOLE                                     149845
DUKE ENERGY CORP.              COM              264399106     5831   111060 SH       SOLE                                     111060
                                                               219     4177 SH       OTHER                                      4177
DUPONT                         COM              263534109    63720  1203692 SH       SOLE                                    1203692
                                                               148     2800 SH       OTHER                                      2800
EASTMAN KODAK                  COM              277461109     1048    19288 SH       SOLE                                      19288
                                                                24      450 SH       OTHER                                       450
EDWARDS LIFESCIENCES CORP.     COM              28176E108     3500   258087 SH       SOLE                                     258087
                                                                20     1509 SH       OTHER                                      1509
ELECTRONIC DATA SYSTEMS        COM              285661104    64000   997078 SH       SOLE                                     997078
EXXON MOBIL                    COM              30231G102     2620    33621 SH       SOLE                                      33621
                                                               468     6000 SH       OTHER                                      6000
FEDERAL NAT'L MORTGAGE ASSN.   COM              313586109      464     8200 SH       SOLE                                       8200
GANNETT INC.                   COM              364730101    67116   953691 SH       SOLE                                     953691
                                                               211     3000 SH       OTHER                                      3000
GENERAL ELECTRIC               COM              369604103      960     6170 SH       SOLE                                       6170
                                                              1494     9600 SH       OTHER                                      9600
GENERAL MOTORS                 COM              370442105     6126    73970 SH       SOLE                                      73970
                                                               331     4000 SH       OTHER                                      4000
GEORGIA PACIFIC                COM              373298108      174     4400 SH       SOLE                                       4400
                                                                95     2400 SH       OTHER                                      2400
GTE CORP                       COM              362320103     2677    37700 SH       SOLE                                      37700
HALLIBURTON COMPANY            COM              406216101      830    20180 SH       SOLE                                      20180
                                                               230     5600 SH       OTHER                                      5600
HEWLETT PACKARD                COM              428236103      455     3425 SH       SOLE                                       3425
INTEL                          COM              458140100     2916    22100 SH       SOLE                                      22100
                                                              2533    19200 SH       OTHER                                     19200
INTL. BUSINESS MACHINES        COM              459200101     6838    57946 SH       SOLE                                      57946
                                                               472     4000 SH       OTHER                                      4000
JOHNSON & JOHNSON              COM              478160104    67179   956278 SH       SOLE                                     956278
JOHNSON CONTROLS               COM              478366107      303     5600 SH       SOLE                                       5600
KIMBERLY-CLARK CORPORATION     COM              494368103     7026   125332 SH       SOLE                                     125332
LEE ENTERPRISES                COM              523768109     3489   133563 SH       SOLE                                     133563
LUBY'S INC.                    COM              549282101     1493   158200 SH       SOLE                                     158200
LUCENT TECHNOLOGIES, INC.      COM              549463107     1165    19028 SH       SOLE                                      19028
MICROSOFT CORP.                COM              594918104      425     4000 SH       SOLE                                       4000
MINNESOTA MNG & MFG            COM              604059105      192     2167 SH       SOLE                                       2167
                                                               266     3000 SH       OTHER                                      3000
McGRAW-HILL COMPANIES          COM              580645109      437     9600 SH       OTHER                                      9600
NABISCO                        COM              629526104    65850  2041853 SH       SOLE                                    2041853
NISOURCE, INC.                 COM              65473P105      521    30860 SH       SOLE                                      30860
NORDSTROM, INC.                COM              655664100    16898   572815 SH       SOLE                                     572815
OMNICOM GROUP                  COM              681919106      501     5350 SH       SOLE                                       5350
                                                               374     4000 SH       OTHER                                      4000
PEPSICO INC.                   COM              713448108     3224    92443 SH       SOLE                                      92443
PFIZER                         COM              717081103     3619    98990 SH       SOLE                                      98990
                                                               658    18000 SH       OTHER                                     18000
PG&E CORP                      COM              69331C108    39020  1858108 SH       SOLE                                    1858108
PHARMACIA & UPJOHN, INC.       COM              716941109      155     2610 SH       SOLE                                       2610
                                                               259     4350 SH       OTHER                                      4350
POLAROID                       COM              731095105     1195    50300 SH       SOLE                                      50300
PROCTER GAMBLE                 COM              742718109       23      400 SH       SOLE                                        400
                                                              1019    18028 SH       OTHER                                     18028
RENAISSANCE RE HOLDINGS        COM              G7496G103     4958   121300 SH       SOLE                                     121300
SAFECO CORP.                   COM              786429100     2048    77110 SH       SOLE                                      77110
SBC COMMUNICATIONS, INC.       COM              78387G103    62731  1489156 SH       SOLE                                    1489156
                                                               126     3000 SH       OTHER                                      3000
SCHLUMBERGER                   COM              806857108    90387  1181524 SH       SOLE                                    1181524
                                                               214     2800 SH       OTHER                                      2800
SOUTHWEST AIRLINES             COM              844741108   116607  5602749 SH       SOLE                                    5602749
SOUTHWEST BANCORP TX           COM              84476R109      227    11700 SH       SOLE                                      11700
STERLING BANCSHARES, INC.      COM              858907108      266    27844 SH       SOLE                                      27844
TEXACO                         COM              881694103      302     5616 SH       SOLE                                       5616
TIDEWATER, INC.                COM              886423102     2677    84160 SH       SOLE                                      84160
TYCO INTERNATIONAL LTD.        COM              902124106     2763    55114 SH       SOLE                                      55114
                                                               452     9008 SH       OTHER                                      9008
UNICOM CORP.                   COM              904911104     6087   166770 SH       SOLE                                     166770
UNION CARBIDE                  COM              905581104       13      220 SH       SOLE                                        220
                                                               233     4000 SH       OTHER                                      4000
UNION PACIFIC                  COM              907818108      219     5600 SH       OTHER                                      5600
UNOCAL                         COM              915289102      292     9820 SH       SOLE                                       9820
USEC INC.                      COM              90333E108      427    90000 SH       SOLE                                      90000
VARIAN SEMICONDUCTOR EQUIP.    COM              922207105      248     3900 SH       SOLE                                       3900
WELLPOINT HEALTH NETWORKS      COM              94973H108     4118    58933 SH       SOLE                                      58933
WELLS FARGO & CO               COM              949746101    79776  1957692 SH       SOLE                                    1957692
WEYERHAEUSER                   COM              962166104     2663    46715 SH       SOLE                                      46715
                                                               142     2500 SH       OTHER                                      2500
XEROX                          COM              984121103    84489  3249577 SH       SOLE                                    3249577
                                                               140     5400 SH       OTHER                                      5400
</TABLE>


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