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, 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 May 13, 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: $ 1,495,996
(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
<TABLE> <C> <C>
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
AEROQUIP-VICKERS INC. COM 007869100 9204 160600 SH SOLE 160600
ALBERTO CULVER A COM 013068200 213 10000 SH SOLE 10000
ALCAN ALUMINUM COM 013716105 14997 581000 SH SOLE 581000
ALLSTATE CORP COM 020002101 33312 898799 SH SOLE 898799
AMERICAN FREIGHTWAYS CORP COM 02629V108 270 21000 SH SOLE 21000
AMERICAN HOME PRODUCTS COM 026609107 17122 262400 SH SOLE 262400
APPLIED INDUSTRIAL TECHNOLOGY COM 03820C105 18978 1705855 SH SOLE 1705855
ATLANTIC RICHFIELD CO COM 048825103 17095 234000 SH SOLE 234000
AVERY DENNISON CORP COM 053611109 35834 623200 SH SOLE 623200
BB&T CORP COM 054937107 20967 579400 SH SOLE 579400
BANK ONE CORP COM 06423A103 37579 682484 SH SOLE 682484
BANKAMERICA COM 06605F102 33640 476322 SH SOLE 476322
BELLSOUTH CORP COM 079860102 30448 760000 SH SOLE 760000
BEMIS INC COM 081437105 24847 799900 SH SOLE 799900
BRINKER INTL INC COM 109641100 28034 1084000 SH SOLE 1084000
CBRL GROUP INC COM 12489V106 513 28500 SH SOLE 28500
CARLISLE COS INC COM 142339100 2768 59200 SH SOLE 59200
CHAMPION INTL CORP COM 158525105 17833 434300 SH SOLE 434300
CHARMING SHOPPES INC COM 161133103 25178 6497500 SH SOLE 6497500
CHASE MANHATTAN CORP COM 16161A108 51339 631200 SH SOLE 631200
CHEVRON CORP COM 166751107 24005 271000 SH SOLE 271000
CHUBB CORP COM 171232101 19501 333000 SH SOLE 333000
CITIGROUP INC COM 172967101 39571 619500 SH SOLE 619500
CLAIRES STORES COM 179584107 392 13000 SH SOLE 13000
CLARCOR INC COM 179895107 230 13500 SH SOLE 13500
COMMERCE BANCSHARES INC COM 200525103 31944 829715 SH SOLE 829715
COOPER TIRE & RUBBER CO COM 216831107 27643 1504400 SH SOLE 1504400
DELUXE CORP COM 248019101 16310 560000 SH SOLE 560000
DILLARDS INC COM 254067101 28501 1123200 SH SOLE 1123200
DONNELLY RR & SONS COM 257867101 33198 1031400 SH SOLE 1031400
EASTMAN KODAK CO COM 277461109 21194 331800 SH SOLE 331800
FLOWSERVE COM 34354P105 17576 1129368 SH SOLE 1129368
GENUINE PARTS CO COM 372460105 14997 520500 SH SOLE 520500
HALLIBURTON CO COM 406216101 51251 1331200 SH SOLE 1331200
HELEMERICH & PAYNE INC COM 423452101 1674 73800 SH SOLE 73800
HUGHES SUPPLY INC COM 444482103 29875 1313175 SH SOLE 1313175
INTERNATIONAL PAPER CO COM 460146103 19634 465400 SH SOLE 465400
JUNO LIGHTING INC COM 482047107 30066 1340000 SH SOLE 1340000
KMART CORP COM 482584109 32616 1940000 SH SOLE 1940000
KMART FINANCING I PFD 7.75% PREFERRED 498778208 2420 40000 SH SOLE 40000
LEGG MASON INC COM 524901105 2977 88370 SH SOLE 88370
LONESTAR STEAKHOUSE COM 542307103 1321 128900 SH SOLE 128900
LONGS DRUG STORES CORP COM 543162101 28900 949500 SH SOLE 949500
LYDALL INC COM 550819106 778 93600 SH SOLE 93600
MANITOWOC INC COM 563571108 3570 85250 SH SOLE 85250
MAY DEPARTMENT STORES CO COM 577778103 21890 559500 SH SOLE 559500
MAYTAG CORP COM 578592107 36255 600500 SH SOLE 600500
NALCO CHEMICAL CO COM 629853102 33984 1279400 SH SOLE 1279400
NEWELL RUBBERMAID COM 651229106 7837 164991 SH SOLE 164991
NORTHEAST UTILITIES COM 664397106 608 43800 SH SOLE 43800
OHIO CASUALTY CORP COM 677240103 10179 261000 SH SOLE 261000
ONEIDA LIMITED COM 682505102 19529 1148740 SH SOLE 1148740
PARKER HANNIFIN CORP COM 701094104 7480 218400 SH SOLE 218400
PHARMACIA & UPJOHN COM 716941109 24638 395000 SH SOLE 395000
POPE & TALBOT INC COM 732827100 5457 856000 SH SOLE 856000
QUESTAR CORP COM 748356102 25830 1525000 SH SOLE 1525000
REGAL BELOIT CORP COM 758750103 515 28500 SH SOLE 28500
RITE AID CORP COM 767754104 4828 193100 SH SOLE 193100
RUDDICK CORP COM 781258108 37719 1934300 SH SOLE 1934300
SMITHKLINE BEECHAM PLC ADR COM 832378301 34549 483200 SH SOLE 483200
SMUCKER JM CO CL A COM 832696108 9244 414300 SH SOLE 414300
SMUCKER JM CO CL B COM 832696207 16610 935800 SH SOLE 935800
SONAT INC COM 835415100 33147 1104900 SH SOLE 1104900
SOUTHWEST AIRLINES CO COM 844741108 60154 1988575 SH SOLE 1988575
STANDEX INTERNATIONAL CORP COM 854231107 19854 907600 SH SOLE 907600
SUNSTRAND CORP COM 867323107 18390 264600 SH SOLE 264600
SUPERIOR SURGICAL MFG INC COM 868358102 4001 320100 SH SOLE 320100
TEXACO INC COM 881694103 19919 351000 SH SOLE 351000
TRANSAMERICA CORP COM 893485102 21428 301800 SH SOLE 301800
UMB FINANCIAL CORP COM 902788108 27841 718478 SH SOLE 718478
WENDY'S INTERNATIONAL INC COM 950590109 44246 1555900 SH SOLE 1555900
WEYERHAEUSER CO COM 962166104 10212 184000 SH SOLE 184000
XEROX CORP COM 984121103 39337 737000 SH SOLE 737000
</TABLE>
