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 holding entries.
Institutional Investment Manager Filing this Report:
Name: National Rural Electric Cooperative Association
Address: 4301 Wilson Blvd.
RSI8-305
Arlington, VA 22209
Form 13F File Number:
The institutional investment manager filing this report and
the persons by whom it is signed hereby represent that the
person signing the report is authorized to submit item 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: Peter R. Morris
Title: Executive Director, Investments
Phone: (703) 907-6030
Signature, Place, and Date of Signing:
Peter R. Morris Arlington, VA November 15, 1999
Report Type (Check only one.):
[ X ] 13F HOLDINGS REPORT. (check here if all holdings of this
reporting manager are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this
report, and all holdings are report by other reporting manager(s). )
[ ] 13F COMBINATION REPORT. (Check here if all holdings of this
reporting manager are reported in this report and a portion are
reported by other reporting manager (s). )
I am signing this report as required by the Securities and
Exchange Act of 1934.
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 73
Form 13F Information Table Value Total: $ 1,437,348
(thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file
number(s) of all institutional investment managers with
respect to which this report is filed, other than the
manager filing this report.
NONE
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FORM 13F INFORMATION TABLE
VALUE SHRS OR SH/ PUT INV OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CL CUSIP (X$1000) PRN AMT PRN CALL DISCR MGRS SOLE SHARED NONE
ALBERTO CULVER A COM 013068200 802 41000 SH SOLE 41000
ALCAN ALUMINUM COM 013716105 18156 581000 SH SOLE 581000
ALLSTATE CORP COM 020002101 24658 988799 SH SOLE 988799
AMERICAN FREIGHTWAYS CORP COM 02629V108 382 21000 SH SOLE 21000
AMERICAN HOME PRODUCTS COM 026609107 10890 262400 SH SOLE 262400
APPLIED INDUSTRIAL TECHNOLOGY COM 03820C105 30705 1705855 SH SOLE 1705855
ATLANTIC RICHFIELD CO COM 048825103 20738 234000 SH SOLE 234000
AVERY DENNISON CORP COM 053611109 29709 563200 SH SOLE 563200
BB&T CORP COM 054937107 18758 579400 SH SOLE 579400
BAKER HUGHES INC COM 057224107 16716 576400 SH SOLE 576400
BANK ONE CORP COM 06423A103 31696 910484 SH SOLE 910484
BANKAMERICA COM 06605F102 29310 526322 SH SOLE 526322
BANTA CORP COM 066821109 1627 72900 SH SOLE 72900
BELLSOUTH CORP COM 079860102 34200 760000 SH SOLE 760000
BEMIS INC COM 081437105 35125 1036900 SH SOLE 1036900
BRINKER INTL INC COM 109641100 29377 1084000 SH SOLE 1084000
CBRL GROUP INC COM 12489V106 1201 77500 SH SOLE 77500
CARLISLE COS INC COM 142339100 2338 59200 SH SOLE 59200
CHAMPION INTL CORP COM 158525105 22312 434300 SH SOLE 434300
CHARMING SHOPPES INC COM 161133103 33300 6497500 SH SOLE 6497500
CHASE MANHATTAN CORP COM 16161A108 47577 631200 SH SOLE 631200
CHEVRON CORP COM 166751107 24051 271000 SH SOLE 271000
CHUBB CORP COM 171232101 23278 468000 SH SOLE 468000
CITIGROUP INC COM 172967101 40887 929250 SH SOLE 929250
CLAIRES STORES COM 179584107 663 40000 SH SOLE 40000
CLARCOR INC COM 179895107 1621 96400 SH SOLE 96400
COMMERCE BANCSHARES INC COM 200525103 36418 1029490 SH SOLE 1029490
COOPER TIRE & RUBBER CO COM 216831107 26383 1496900 SH SOLE 1496900
DELUXE CORP COM 248019101 11849 348500 SH SOLE 348500
DILLARDS INC COM 254067101 24318 1197200 SH SOLE 1197200
DONNELLY RR & SONS COM 257867101 34225 1185300 SH SOLE 1185300
EASTMAN KODAK CO COM 277461109 26075 345300 SH SOLE 345300
FLOWSERVE COM 34354P105 18706 1125188 SH SOLE 1125188
GENUINE PARTS CO COM 372460105 21662 815500 SH SOLE 815500
HALLIBURTON CO COM 406216101 43140 1052200 SH SOLE 1052200
HELEMERICH & PAYNE INC COM 423452101 1868 73800 SH SOLE 73800
HUGHES SUPPLY INC COM 444482103 28562 1313175 SH SOLE 1313175
INTERNATIONAL PAPER CO COM 460146103 22368 465400 SH SOLE 465400
JUNO LIGHTING INC COM 482047107 1006 84309 SH SOLE 84309
KMART CORP COM 482584109 24427 2090000 SH SOLE 2090000
KMART FINANCING I PFD 7.75% PREFERRED 498778208 1905 40000 SH SOLE 40000
LEGG MASON INC COM 524901105 3003 78370 SH SOLE 78370
LONESTAR STEAKHOUSE COM 542307103 991 128900 SH SOLE 128900
LONGS DRUG STORES CORP COM 543162101 28785 963500 SH SOLE 963500
LYDALL INC COM 550819106 1110 107600 SH SOLE 107600
MANITOWOC INC COM 563571108 3511 102875 SH SOLE 102875
MAY DEPARTMENT STORES CO COM 577778103 22573 619500 SH SOLE 619500
MAYTAG CORP COM 578592107 20004 600500 SH SOLE 600500
NALCO CHEMICAL CO COM 629853102 39410 780400 SH SOLE 780400
NORTHEAST UTILITIES COM 664397106 805 43800 SH SOLE 43800
OHIO CASUALTY CORP COM 677240103 9045 536000 SH SOLE 536000
ONEIDA LIMITED COM 682505102 33900 1423640 SH SOLE 1423640
PARKER HANNIFIN CORP COM 701094104 9787 218400 SH SOLE 218400
PHARMACIA & UPJOHN COM 716941109 19602 395000 SH SOLE 395000
POPE & TALBOT INC COM 732827100 10593 856000 SH SOLE 856000
QUESTAR CORP COM 748356102 28456 1570000 SH SOLE 1570000
REGAL BELOIT CORP COM 758750103 882 42500 SH SOLE 42500
RITE AID CORP COM 767754104 2667 193100 SH SOLE 193100
RUDDICK CORP COM 781258108 30913 1947300 SH SOLE 1947300
SMITHKLINE BEECHAM PLC ADR COM 832378301 27844 483200 SH SOLE 483200
SMUCKER JM CO CL A COM 832696108 8418 398500 SH SOLE 398500
SMUCKER JM CO CL B COM 832696207 18206 990800 SH SOLE 990800
SONAT INC COM 835415100 43851 1104900 SH SOLE 1104900
SOUTHWEST AIRLINES CO COM 844741108 43935 2892862 SH SOLE 2892862
STANDEX INTERNATIONAL CORP COM 854231107 24648 912900 SH SOLE 912900
SUPERIOR UNIFORM GROUP INC COM 868358102 3761 320100 SH SOLE 320100
TENNECO INC COM 88037E101 15264 897900 SH SOLE 897900
TEXACO INC COM 881694103 22157 351000 SH SOLE 351000
UMB FINANCIAL CORP COM 902788108 30151 722178 SH SOLE 722178
WENDY'S INTERNATIONAL INC COM 950590109 38472 1455900 SH SOLE 1455900
WEYERHAEUSER CO COM 962166104 10603 184000 SH SOLE 184000
WISCONSIN TRANSPORTATION CORP COM 976592105 103 7500 SH SOLE 7500
XEROX CORP COM 984121103 30908 737000 SH SOLE 737000
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