<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>
Advanced Commun. Grp COM 00751B106 1514 306600 SH SOLE 306600
Allegheny Energy COM 017411109 16564 561500 SH SOLE 561500
Allied Capital COM 01903Q108 1194 65000 SH SOLE 65000
Amer Residential Svcs Inc COM 028911105 715 133100 SH SOLE 133100
Avista Corp COM 05379B107 284 17500 SH SOLE 17500
BEC Energy COM 05538M101 42700 1161900 SH SOLE 1161900
BJ Services COM 055482103 820 35000 SH SOLE 35000
Baker Hughes Inc. COM 057224107 754 31000 SH SOLE 31000
Bell Atlantic Corp COM 077853109 14989 290000 SH SOLE 290000
CINergy COM 172474108 19500 709100 SH SOLE 709100
CMP Group Inc COM 125887109 3739 203500 SH SOLE 203500
CTG Resources Inc COM 125957100 1411 58500 SH SOLE 58500
Cleco Corporation COM 12561M107 581 19700 SH SOLE 19700
Coastal Corp COM 190441105 1155 35000 SH SOLE 35000
Comfort Systems USA COM 199908104 2086 142600 SH SOLE 142600
Conseco Inc. COM 208464107 1081 35000 SH SOLE 35000
Consolidated Nat. Gas COM 209615103 12396 254600 SH SOLE 254600
Cooper Cameron Corp COM 216640102 762 22500 SH SOLE 22500
Covad Communications COM 222814204 671 10200 SH SOLE 10200
DSP Communications COM 23332K106 1260 79400 SH SOLE 79400
Dominion Res Inc VA COM 257470104 13442 363900 SH SOLE 363900
Dynatech Corp COM 268140100 1152 335100 SH SOLE 335100
Eastern Enterprises COM 27637F100 10400 285900 SH SOLE 285900
Eastern Utils Assoc COM 277173100 13044 460700 SH SOLE 460700
Edison International COM 281020107 2416 108600 SH SOLE 108600
El Paso Energy Corp COM 283695872 15160 463800 SH SOLE 463800
Englehard Corp COM 292845104 423 25000 SH SOLE 25000
FirstEnergy Corp. COM 337932107 14268 510700 SH SOLE 510700
Florida Progress COM 341109106 7675 203300 SH SOLE 203300
ICG Communications COM 449246107 4390 219500 SH SOLE 219500
IRI Intl. Corp COM 45004F107 406 100000 SH SOLE 100000
Illinova Corp COM 452317100 10388 490300 SH SOLE 490300
Imperial Credit Industries COM 452729106 731 100000 SH SOLE 100000
K N Energy Inc COM 482620101 12226 613200 SH SOLE 613200
KCS Energy Inc COM 482434206 13 10000 SH SOLE 10000
LCC International COM 501810105 911 220800 SH SOLE 220800
Lincoln Bancorp COM 532879103 783 75000 SH SOLE 75000
MCN Energy Group COM 55267J100 9295 578700 SH SOLE 578700
MONY Group Inc. COM 615337102 348 14000 SH SOLE 14000
Montana Power Co COM 612085100 15367 208900 SH SOLE 208900
Natl Fuel Gas Co COM 636180101 13965 355800 SH SOLE 355800
Nevada Power Co COM 641423108 9744 393700 SH SOLE 393700
Northeast Utils COM 664397106 15716 1132700 SH SOLE 1132700
Octel Corp COM 675727101 1692 138100 SH SOLE 138100
Oneok Inc COM 682680103 1732 70000 SH SOLE 70000
PECO Energy Co COM 693304107 60874 1316200 SH SOLE 1316200
PP&L Resources COM 693499105 1020 41200 SH SOLE 41200
Peoples Energy COM 711030106 4811 148900 SH SOLE 148900
Pinnacle West Cap COM 723484101 31734 872400 SH SOLE 872400
Public Scs Co N Mex COM 744499104 33718 1983400 SH SOLE 1983400
Public Service Co of NC COM 744516105 9744 343400 SH SOLE 343400
Quanta Services Inc COM 74762E102 20884 821000 SH SOLE 821000
Republic Sec Financial Corp COM 760758102 690 74600 SH SOLE 74600
SCANA Corp. COM 805898103 11277 520000 SH SOLE 520000
SFS Bancorp COM 784166102 291 15500 SH SOLE 15500
Sempra Energy COM 816851109 12228 637300 SH SOLE 637300
Sierra Pac Res COM 826425100 18371 522100 SH SOLE 522100
Sonat Inc. COM 835415100 1638 54600 SH SOLE 54600
Southwest Gas Corp COM 844895102 17702 643700 SH SOLE 643700
Sunshing Mining Warrant COM 867833147 70 372400 SH SOLE 372400
Texas Utils Co COM 882848104 28473 683014 SH SOLE 683014
Titan Exploration COM 888289105 475 95000 SH SOLE 95000
UGI Corp COM 902681105 3998 239600 SH SOLE 239600
Unicom Corp COM 904911104 19188 524800 SH SOLE 524800
Unifab Int'l Inc COM 90467L100 585 72000 SH SOLE 72000
United Panam Financial COM 911301109 200 50000 SH SOLE 50000
Viatel Inc COM 925529208 4369 153300 SH SOLE 153300
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