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 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 August 12, 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: 81
Form 13F Information Table Value Total: $ 1,681,224
(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 228 10000 SH SOLE 10000
ALCAN ALUMINUM COM 013716105 18556 581000 SH SOLE 581000
ALLSTATE CORP COM 020002101 35473 988799 SH SOLE 988799
AMERICAN FREIGHTWAYS CORP COM 02629V108 411 21000 SH SOLE 21000
AMERICAN HOME PRODUCTS COM 026609107 15075 262400 SH SOLE 262400
APPLIED INDUSTRIAL TECHNOLOGY COM 03820C105 32411 1705855 SH SOLE 1705855
ATLANTIC RICHFIELD CO COM 048825103 19554 234000 SH SOLE 234000
AVERY DENNISON CORP COM 053611109 34003 563200 SH SOLE 563200
BB&T CORP COM 054937107 21257 579400 SH SOLE 579400
BANK ONE CORP COM 06423A103 40650 682484 SH SOLE 682484
BANKAMERICA COM 06605F102 34920 476322 SH SOLE 476322
BANTA CORP COM 066821109 1401 66700 SH SOLE 66700
BELLSOUTH CORP COM 079860102 35384 760000 SH SOLE 760000
BEMIS INC COM 081437105 34340 863900 SH SOLE 863900
BRINKER INTL INC COM 109641100 29603 1084000 SH SOLE 1084000
CBRL GROUP INC COM 12489V106 874 50500 SH SOLE 50500
CARLISLE COS INC COM 142339100 2849 59200 SH SOLE 59200
CHAMPION INTL CORP COM 158525105 20792 434300 SH SOLE 434300
CHARMING SHOPPES INC COM 161133103 39594 6497500 SH SOLE 6497500
CHASE MANHATTAN CORP COM 16161A108 54649 631200 SH SOLE 631200
CHEVRON CORP COM 166751107 25780 271000 SH SOLE 271000
CHUBB CORP COM 171232101 23839 343000 SH SOLE 343000
CITIGROUP INC COM 172967101 44139 929250 SH SOLE 929250
CLAIRES STORES COM 179584107 335 13000 SH SOLE 13000
CLARCOR INC COM 179895107 1850 96400 SH SOLE 96400
COMMERCE BANCSHARES INC COM 200525103 37263 925790 SH SOLE 925790
COOPER TIRE & RUBBER CO COM 216831107 35364 1496900 SH SOLE 1496900
DELUXE CORP COM 248019101 13551 348500 SH SOLE 348500
DILLARDS INC COM 254067101 41560 1183200 SH SOLE 1183200
DONNELLY RR & SONS COM 257867101 40650 1096800 SH SOLE 1096800
EASTMAN KODAK CO COM 277461109 22310 329300 SH SOLE 329300
FLOWSERVE COM 34354P105 21308 1125188 SH SOLE 1125188
GENUINE PARTS CO COM 372460105 19968 570500 SH SOLE 570500
HALLIBURTON CO COM 406216101 52137 1152200 SH SOLE 1152200
HELEMERICH & PAYNE INC COM 423452101 1744 73800 SH SOLE 73800
HUGHES SUPPLY INC COM 444482103 38985 1313175 SH SOLE 1313175
INTERNATIONAL PAPER CO COM 460146103 23455 465400 SH SOLE 465400
JUNO LIGHTING INC COM 482047107 35200 1436000 SH SOLE 1436000
KMART CORP COM 482584109 31939 1940000 SH SOLE 1940000
KMART FINANCING I PFD 7.75% PREFERRED 498778208 2340 40000 SH SOLE 40000
LEGG MASON INC COM 524901105 3402 88370 SH SOLE 88370
LONESTAR STEAKHOUSE COM 542307103 1253 128900 SH SOLE 128900
LONGS DRUG STORES CORP COM 543162101 32817 949500 SH SOLE 949500
LYDALL INC COM 550819106 1134 98600 SH SOLE 98600
MANITOWOC INC COM 563571108 5323 127875 SH SOLE 127875
MAY DEPARTMENT STORES CO COM 577778103 25322 619500 SH SOLE 619500
MAYTAG CORP COM 578592107 41880 600500 SH SOLE 600500
NALCO CHEMICAL CO COM 629853102 55268 1065400 SH SOLE 1065400
NORTHEAST UTILITIES COM 664397106 783 43800 SH SOLE 43800
OHIO CASUALTY CORP COM 677240103 9591 265500 SH SOLE 265500
ONEIDA LIMITED COM 682505102 36423 1295040 SH SOLE 1295040
PARKER HANNIFIN CORP COM 701094104 9992 218400 SH SOLE 218400
PHARMACIA & UPJOHN COM 716941109 22441 395000 SH SOLE 395000
POPE & TALBOT INC COM 732827100 10326 856000 SH SOLE 856000
QUESTAR CORP COM 748356102 30026 1570000 SH SOLE 1570000
REGAL BELOIT CORP COM 758750103 1004 42500 SH SOLE 42500
RITE AID CORP COM 767754104 4755 193100 SH SOLE 193100
RUDDICK CORP COM 781258108 38946 1947300 SH SOLE 1947300
SMITHKLINE BEECHAM PLC ADR COM 832378301 31921 483200 SH SOLE 483200
SMUCKER JM CO CL A COM 832696108 8867 398500 SH SOLE 398500
SMUCKER JM CO CL B COM 832696207 18768 987800 SH SOLE 987800
SONAT INC COM 835415100 36600 1104900 SH SOLE 1104900
SOUTHWEST AIRLINES CO COM 844741108 60027 1928575 SH SOLE 1928575
STANDEX INTERNATIONAL CORP COM 854231107 24947 911300 SH SOLE 911300
SUPERIOR UNIFORM GROUP INC COM 868358102 4001 320100 SH SOLE 320100
TENNECO INC COM 88037E101 5107 213900 SH SOLE 213900
TEXACO INC COM 881694103 21920 351000 SH SOLE 351000
UMB FINANCIAL CORP COM 902788108 30963 722178 SH SOLE 722178
WENDY'S INTERNATIONAL INC COM 950590109 44161 1555900 SH SOLE 1555900
WEYERHAEUSER CO COM 962166104 12650 184000 SH SOLE 184000
XEROX CORP COM 984121103 43529 737000 SH SOLE 737000
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