<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>
AGL Resources Inc COM 001204106 1707 92600 SH SOLE 92600
Advanced Commun. Grp COM 00751B106 5233 526600 SH SOLE 526600
Allied Capital COM 01903Q108 1200 50000 SH SOLE 50000
American Tel & Teleg COM 001957109 11162 200000 SH SOLE 200000
BEC Energy COM 05538M101 35854 869200 SH SOLE 869200
BJ Services COM 055482103 1030 35000 SH SOLE 35000
Baker Hughes Inc. COM 057224107 1038 31000 SH SOLE 31000
Bell Atlantic Corp COM 077853109 7028 107500 SH SOLE 107500
CINergy COM 172474108 10720 335000 SH SOLE 335000
CMP Group Inc COM 125887109 15136 578000 SH SOLE 578000
CTG Resources Inc COM 125957100 2346 64500 SH SOLE 64500
Columbia Energy Group COM 197648108 14638 233500 SH SOLE 233500
Comfort Systems USA COM 199908104 2567 142600 SH SOLE 142600
Commonwealth Energy COM 202800108 8190 195000 SH SOLE 195000
Conectiv Class A COM 206829202 1873 44600 SH SOLE 44600
Conseco Inc. COM 208464107 1065 35000 SH SOLE 35000
Consolidated Nat. Gas COM 209615103 19294 317600 SH SOLE 317600
Constellation Energy Group COM 210371100 9773 329900 SH SOLE 329900
Cooper Cameron Corp COM 216640102 834 22500 SH SOLE 22500
Digital Island Inc COM 25385K107 1067 59500 SH SOLE 59500
Dynatech Corp COM 268140100 1152 335100 SH SOLE 335100
Eastern Enterprises COM 27637F100 19295 485400 SH SOLE 485400
Edison International COM 281020107 8033 300300 SH SOLE 300300
El Paso Energy Corp COM 283695872 11732 333400 SH SOLE 333400
Englehard Corp COM 292845104 566 25000 SH SOLE 25000
FPL Group COM 302571104 13481 246800 SH SOLE 246800
Florida Progress COM 341109106 14352 347400 SH SOLE 347400
GPU Inc. COM 36225X100 15192 360100 SH SOLE 360100
Hibernia Corp COM 428656102 1961 125000 SH SOLE 125000
ICG Communications COM 449246107 4692 219500 SH SOLE 219500
IRI Intl. Corp COM 45004F107 462 100000 SH SOLE 100000
Illinova Corp COM 452317100 8069 296100 SH SOLE 296100
Imperial Credit Industries COM 452729106 709 100000 SH SOLE 100000
KCS Energy Inc COM 482434206 6 10000 SH SOLE 10000
Kansas City Pwr & Lt COM 485134100 8117 318300 SH SOLE 318300
LCC International COM 501810105 994 220800 SH SOLE 220800
LG&E Energy Corp COM 501917108 16273 774900 SH SOLE 774900
Lilly (Eli) & Co COM 532457108 1432 20000 SH SOLE 20000
Lincoln Bancorp COM 532879103 928 75000 SH SOLE 75000
MCN Energy Group COM 55267J100 19943 961100 SH SOLE 961100
Minnesota Pwr & Lt COM 604110106 9580 482000 SH SOLE 482000
Montana Power Co COM 612085100 11167 158400 SH SOLE 158400
NUI Corporation COM 629430109 1425 57000 SH SOLE 57000
Natl Fuel Gas Co COM 636180101 16543 341100 SH SOLE 341100
Nevada Power Co COM 641423108 21852 874100 SH SOLE 874100
Northeast Utils COM 664397106 9291 525300 SH SOLE 525300
Octel Corp COM 675727101 1726 138100 SH SOLE 138100
PECO Energy Co COM 693304107 39346 939600 SH SOLE 939600
Pairgain Technology COM 695934109 1528 132900 SH SOLE 132900
Peoples Energy COM 711030106 11080 294000 SH SOLE 294000
Pinnacle West Cap COM 723484101 36780 913800 SH SOLE 913800
Public Scs Co N Mex COM 744499104 39917 2008400 SH SOLE 2008400
Public Service Co of NC COM 744516105 15663 535500 SH SOLE 535500
Quanta Services Inc COM 74762E102 26365 599200 SH SOLE 599200
RGS Energy Group Inc COM 74956K104 11055 416200 SH SOLE 416200
Reliant Energy Inc COM 442161105 14022 507600 SH SOLE 507600
Republic Sec Financial Corp COM 760758102 625 74600 SH SOLE 74600
SCANA Corp. COM 805898103 16790 718300 SH SOLE 718300
SFS Bancorp COM 784166102 375 15500 SH SOLE 15500
Sempra Energy COM 816851109 814 36000 SH SOLE 36000
Sierra Pac Res COM 826428104 20519 564100 SH SOLE 564100
South Jersey Industries COM 838518108 546 19300 SH SOLE 19300
Southern Co COM 842587107 662 25000 SH SOLE 25000
Sunshing Mining Warrant COM 867833147 47 372400 SH SOLE 372400
TNP Enterprises COM 872594106 22555 622200 SH SOLE 622200
Texas Utils Co COM 882848104 39064 947014 SH SOLE 947014
U S West Inc COM 91273H101 11750 200000 SH SOLE 200000
UGI Corp COM 902681105 4837 239600 SH SOLE 239600
US Concrete Inc COM 90333L102 2859 305000 SH SOLE 305000
UniSource Energy COM 909205106 12890 1079800 SH SOLE 1079800
Unicom Corp COM 904911104 66324 1719900 SH SOLE 1719900
Unifab Int'l Inc COM 90467L100 603 72000 SH SOLE 72000
United Panam Financial COM 911301109 162 50000 SH SOLE 50000
Worldgate Communications COM 98156L307 3152 61500 SH SOLE 61500
Yankee Energy Systems COM 984779108 381 9600 SH SOLE 9600
</TABLE>
