GULF INVESTMENT MANAGEMENT INC /TX/
13F-HR, 2000-01-04
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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:  December 31,1999

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    January 4, 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: 122

Form 13F Information Table Value Total: 1,925,868,000



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.T. & T. CORPORATION          COM              001957109    90577  1782572 SH       SOLE                                    1782572
                                                               381     7500 SH       OTHER                                      7500
ABBOTT LABS                    COM              002824100    10069   277290 SH       SOLE                                     277290
ALBERTSON'S                    COM              013104104    50771  1574288 SH       SOLE                                    1574288
ALCOA, INC.                    COM              013817101   127708  1538645 SH       SOLE                                    1538645
AMERICAN EXPRESS               COM              025816109   136170   819067 SH       SOLE                                     819067
AMERICAN GENERAL               COM              026351106    74588   983040 SH       SOLE                                     983040
                                                               455     6000 SH       OTHER                                      6000
AMERICAN GREETINGS CLASS A     COM              026375105     3131   132530 SH       SOLE                                     132530
AMERICAN HOME PRODUCTS         COM              026609107      220     5610 SH       SOLE                                       5610
                                                               466    11872 SH       OTHER                                     11872
ATLANTIC RICHFIELD             COM              048825103    45313   523855 SH       SOLE                                     523855
AVON PRODUCTS                  COM              054303102      413    12524 SH       SOLE                                      12524
BANC ONE CORP.                 COM              06423A103     2641    82520 SH       SOLE                                      82520
BANK OF AMERICA CORP.          COM              060505104    62568  1246694 SH       SOLE                                    1246694
BAXTER INTERNATIONAL           COM              071813109    71554  1139166 SH       SOLE                                    1139166
                                                               474     7549 SH       OTHER                                      7549
BECKMAN COULTER, INC.          COM              075811109     2518    49500 SH       SOLE                                      49500
BELDEN, INC.                   COM              077459105     4015   191202 SH       SOLE                                     191202
BELL ATLANTIC                  COM              077853109     6617   107485 SH       SOLE                                     107485
BOMBAY CO.                     COM              097924104       49    10887 SH       SOLE                                      10887
BP AMOCO PLC                   COM              055622104     4430    74687 SH       SOLE                                      74687
BRISTOL MYERS                  COM              110122108    76689  1194758 SH       SOLE                                    1194758
BURLINGTON RESOURCES           COM              122014103    20205   611127 SH       SOLE                                     611127
                                                                20      600 SH       OTHER                                       600
CAMDEN PROPERTY TRUST          COM              133131102      429    15450 SH       SOLE                                      15450
CBS CORP.                      COM              12490K107     7327   114600 SH       SOLE                                     114600
                                                               230     3600 SH       OTHER                                      3600
CHAMPION INTERNATIONAL         COM              158525105      214     3450 SH       SOLE                                       3450
CHASE MANHATTAN CORP.          COM              16161A108    86499  1113417 SH       SOLE                                    1113417
CHEVRON                        COM              166751107    65292   753731 SH       SOLE                                     753731
                                                               312     3600 SH       OTHER                                      3600
CHUBB CORP.                    COM              171232101    66166  1174986 SH       SOLE                                    1174986
COCA COLA                      COM              191216100      775    13300 SH       SOLE                                      13300
                                                              1227    21066 SH       OTHER                                     21066
CONOCO, INC. CLASS A           COM              208251306     1547    62500 SH       SOLE                                      62500
DELPHI AUTOMOTIVE SYS.         COM              247126105    41237  2618196 SH       SOLE                                    2618196
                                                                44     2795 SH       OTHER                                      2795
DUKE ENERGY CORP.              COM              264399106     5473   109180 SH       SOLE                                     109180
                                                               209     4177 SH       OTHER                                      4177
DUPONT                         COM              263534109    74492  1130811 SH       SOLE                                    1130811
                                                               184     2800 SH       OTHER                                      2800
EASTMAN KODAK                  COM              277461109     4980    75174 SH       SOLE                                      75174
                                                                30      450 SH       OTHER                                       450
ELECTRONIC DATA SYSTEMS        COM              285661104    92383  1380145 SH       SOLE                                    1380145
EXXON MOBIL                    COM              30231G102     2690    33387 SH       SOLE                                      33387
                                                               483     6000 SH       OTHER                                      6000
FEDERAL NAT'L MORTGAGE ASSN.   COM              313586109      512     8200 SH       SOLE                                       8200
GANNETT INC.                   COM              364730101    82921  1016659 SH       SOLE                                    1016659
                                                               245     3000 SH       OTHER                                      3000
GENERAL ELECTRIC               COM              369604103     1380     8920 SH       SOLE                                       8920
                                                              1486     9600 SH       OTHER                                      9600
GENERAL MILLS                  COM              370334104      808    22600 SH       SOLE                                      22600
GENERAL MOTORS                 COM              370442105     5357    73700 SH       SOLE                                      73700
                                                               291     4000 SH       OTHER                                      4000
GEORGIA PACIFIC                COM              373298108      223     4400 SH       SOLE                                       4400
                                                               122     2400 SH       OTHER                                      2400
GTE CORP                       COM              362320103     2994    42425 SH       SOLE                                      42425
HALLIBURTON COMPANY            COM              406216101      985    24480 SH       SOLE                                      24480
                                                               225     5600 SH       OTHER                                      5600
HANCOCK FABRICS                COM              409900107      409   130800 SH       SOLE                                     130800
HEWLETT PACKARD                COM              428236103      702     6175 SH       SOLE                                       6175
INTEL                          COM              458140100    88520  1075417 SH       SOLE                                    1075417
                                                              1580    19200 SH       OTHER                                     19200
INTL. BUSINESS MACHINES        COM              459200101     6144    56951 SH       SOLE                                      56951
                                                               431     4000 SH       OTHER                                      4000
JOHNSON & JOHNSON              COM              478160104      476     5100 SH       SOLE                                       5100
JOHNSON CONTROLS               COM              478366107      318     5600 SH       SOLE                                       5600
KIMBERLY-CLARK CORPORATION     COM              494368103     8561   130832 SH       SOLE                                     130832
LEE ENTERPRISES                COM              523768109     8573   268443 SH       SOLE                                     268443
LUBY'S INC.                    COM              549282101     1836   161400 SH       SOLE                                     161400
MELLON BANK CORP.              COM              585509102     1294    38000 SH       SOLE                                      38000
MERCK & COMPANY                COM              589331107      213     3166 SH       SOLE                                       3166
MICROSOFT CORP.                COM              594918104      467     4000 SH       SOLE                                       4000
MILACRON INC.                  COM              598709103     1247    81090 SH       SOLE                                      81090
MINNESOTA MNG & MFG            COM              604059105      212     2167 SH       SOLE                                       2167
                                                               294     3000 SH       OTHER                                      3000
McGRAW-HILL COMPANIES          COM              580645109     2465    40000 SH       SOLE                                      40000
                                                               592     9600 SH       OTHER                                      9600
NABISCO                        COM              629526104    36321  1153043 SH       SOLE                                    1153043
NISOURCE, INC.                 COM              65473P105      972    54360 SH       SOLE                                      54360
NORDSTROM, INC.                COM              655664100    10995   417870 SH       SOLE                                     417870
OMNICOM GROUP                  COM              681919106      535     5350 SH       SOLE                                       5350
                                                               400     4000 SH       OTHER                                      4000
PEPSICO INC.                   COM              713448108    16168   458671 SH       SOLE                                     458671
PFIZER                         COM              717081103     2624    80900 SH       SOLE                                      80900
                                                               584    18000 SH       OTHER                                     18000
PG&E CORP                      COM              69331C108    37702  1839099 SH       SOLE                                    1839099
PHARMACIA & UPJOHN, INC.       COM              716941109     1661    36910 SH       SOLE                                      36910
                                                               196     4350 SH       OTHER                                      4350
POLAROID                       COM              731095105     3755   199590 SH       SOLE                                     199590
PROCTER GAMBLE                 COM              742718109       44      400 SH       SOLE                                        400
                                                              1975    18028 SH       OTHER                                     18028
RENAISSANCE RE HOLDINGS        COM              G7496G103     4958   121300 SH       SOLE                                     121300
SAFECO CORP.                   COM              786429100    12687   510040 SH       SOLE                                     510040
SBC COMMUNICATIONS, INC.       COM              78387G103    66808  1370427 SH       SOLE                                    1370427
                                                               146     3000 SH       OTHER                                      3000
SCHLUMBERGER                   COM              806857108    64822  1154951 SH       SOLE                                    1154951
                                                               157     2800 SH       OTHER                                      2800
SOUTHWEST AIRLINES             COM              844741108    89850  5572069 SH       SOLE                                    5572069
STERLING BANCSHARES, INC.      COM              858907108      312    27844 SH       SOLE                                      27844
TEXACO                         COM              881694103     1261    23216 SH       SOLE                                      23216
TIDEWATER, INC.                COM              886423102     3166    87940 SH       SOLE                                      87940
TRANSOCEAN SEDCO FOREX         COM                            7280   216102 SH       SOLE                                     216102
                                                                18      542 SH       OTHER                                       542
TRINITY INDUSTRIES             COM              896522109     1337    47000 SH       SOLE                                      47000
TYCO INTERNATIONAL LTD.        COM                            2748    70456 SH       SOLE                                      70456
                                                               351     9008 SH       OTHER                                      9008
UNICOM CORP.                   COM              904911104     3447   102910 SH       SOLE                                     102910
UNION CARBIDE                  COM              905581104       52      786 SH       SOLE                                        786
                                                               267     4000 SH       OTHER                                      4000
UNION PACIFIC                  COM              907818108      245     5600 SH       OTHER                                      5600
UNOCAL                         COM              915289102      516    15360 SH       SOLE                                      15360
USEC INC.                      COM              90333E108      717   102500 SH       SOLE                                     102500
WAL-MART STORES, INC.          COM              931142103      221     3200 SH       SOLE                                       3200
WEINGARTEN REALTY SBI          COM              948741103    35856   920856 SH       SOLE                                     920856
WELLPOINT HEALTH NETWORKS      COM              94973H108     3965    60133 SH       SOLE                                      60133
WELLS FARGO & CO               COM              949746101    14555   359930 SH       SOLE                                     359930
WEYERHAEUSER                   COM              962166104     4815    67049 SH       SOLE                                      67049
                                                               180     2500 SH       OTHER                                      2500
XEROX                          COM              984121103    24928  1098775 SH       SOLE                                    1098775
                                                               123     5400 SH       OTHER                                      5400
</TABLE>


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