<PAGE>
<TABLE>
Kempner Capital Management, Inc.
FORM 13F
ALL DISCRETIONARY ACCOUNTS UNDER KCM MANAGEMENT
June 30, 1999
<CAPTION>
Title Investment Discretion
of -------------------------------
Security Class CUSIP Market Value Quantity Sole Share Other Managers
- -------- ----- ----- ------------ -------- ---- ----- ----- --------
COMMON STOCK
<S> <C> <C> <C> <C> <C> <C> <C> <C>
COMMON STOCK
AGCO Corp. COM 001084102 $2,837,740.62 250,850.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Agrium Inc. COM 008916108 $4,756,811.25 539,780.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Allstate Corp. COM 020002101 $3,151,618.75 87,850.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Alltel Corp. COM 020039103 $500,214.00 6,996.0 x
- ---------------------------------------------------------------------------------------------------------------------------
British Steel plc COM 111015301 $1,345,867.50 51,640.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Canadian National Railway Co. COM 136375102 $3,869,250.00 57,750.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Capital Automotive REIT COM 139733109 $3,728,550.00 281,400.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Chiquita Brands Intl. Inc. COM 170032106 $4,152,897.00 461,433.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Conseco Inc. COM 208464107 $6,908,155.87 226,962.0 x
- ---------------------------------------------------------------------------------------------------------------------------
DSM NV COM 23332H202 $9,087,109.21 338,906.8 x
- ---------------------------------------------------------------------------------------------------------------------------
Dillards Inc. COM 254067101 $1,466,468.75 41,750.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Enterprise Oil plc COM 293779302 $6,329,072.75 328,783.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Fannie Mae COM 313586109 $7,722,078.00 113,144.0 x
- ---------------------------------------------------------------------------------------------------------------------------
HCC Insurance Holding Inc. COM 404132102 $5,733,585.00 252,720.0 x
- ---------------------------------------------------------------------------------------------------------------------------
HON Industries Inc. COM 438092108 $1,457,915.62 49,950.0 x
- ---------------------------------------------------------------------------------------------------------------------------
IBP Inc. COM 449223106 $8,331,975.00 350,820.0 x
- ---------------------------------------------------------------------------------------------------------------------------
IPC Holdings Ltd. COM G4933P101 $4,086,000.00 204,300.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Illinova Corp. COM 452317100 $4,028,367.50 147,830.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Invensys PLC COM 461204109 $6,674,309.44 697,967.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Lafarge Corp. COM 505862102 $2,445,187.50 69,000.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Lockheed Martin Corp. COM 539830109 $2,043,535.00 54,860.0 x
- ---------------------------------------------------------------------------------------------------------------------------
MDU Resources Group Inc. COM 552690109 $1,938,378.12 84,970.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Meditrust Corp. COM 58501T306 $4,962,443.75 379,900.0 x
- ---------------------------------------------------------------------------------------------------------------------------
New Century Energies, Inc. COM 64352U103 $1,020,768.75 26,300.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Noble Affiliates Inc. COM 654894104 $4,565,247.50 161,960.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Norsk Hydro ADR COM 656531605 $7,657,535.25 200,197.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Nova Chemicals Corp. COM 66977W109 $834,587.50 35,800.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Ogden Corp. COM 676346109 $9,599,312.81 356,355.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Old Republic Intl. Corp. COM 680223104 $3,261,328.75 188,380.0 x
- ---------------------------------------------------------------------------------------------------------------------------
PacifiCorp COM 695114108 $4,717,781.25 256,750.0 x
- ---------------------------------------------------------------------------------------------------------------------------
PartnerRe Ltd. COM G6852T105 $4,728,685.00 126,520.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Pechiney S.A. COM 705151207 $1,009,968.75 47,250.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Pimco Advisors Holdings LP COM 683928105 $281,464.75 9,461.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Prime Retail Inc. COM 741570105 $1,784,959.81 205,463.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Prison Realty Corp. COM 74264N105 $3,548,219.62 361,602.0 x
- ---------------------------------------------------------------------------------------------------------------------------
ProLogis Trust COM 743410102 $1,856,925.00 91,700.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Ranger Oil Ltd. COM 752805101 $2,095,475.00 424,400.0 x
- ---------------------------------------------------------------------------------------------------------------------------
ReliaStar Financial Corp. COM 75952U103 $2,037,787.50 46,578.0 x
- ---------------------------------------------------------------------------------------------------------------------------
RenaissanceRe Holdings Ltd. COM G7496G103 $4,751,170.00 128,410.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Riggs National Corp. COM 766570105 $1,136,283.75 55,260.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Santa Fe Intl. Corp. COM G7805C108 $3,963,590.00 172,330.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Saul Centers Inc. COM 804395101 $1,330,972.50 80,665.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Selective Insurance Group Inc. COM 816300107 $1,649,287.50 86,520.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Southwest Gas Corp. COM 844895102 $2,815,984.38 98,375.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Texas Utilities Co. COM 882848104 $969,637.50 23,400.0 x
- ---------------------------------------------------------------------------------------------------------------------------
TransCanada Pipeline Ltd. COM 893526103 $2,799,104.00 199,936.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Ultramar Diamond Shamrock Corp. COM 904000106 $1,044,818.75 47,900.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Unicom Corp. COM 904911104 $2,983,195.00 77,360.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Union Pacific Resources Group Inc. COM 907834105 $7,369,661.25 451,780.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Ventas Inc. COM 92276F100 $2,131,295.00 396,520.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Walden Residential Properties Inc. COM 931210108 $3,555,455.00 165,370.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Washington Federal Inc. COM 938824109 $2,675,447.50 119,240.0 x
- ---------------------------------------------------------------------------------------------------------------------------
XL Capital Ltd. COM G98255105 $2,014,225.00 35,650.0 x
-------------
- ---------------------------------------------------------------------------------------------------------------------------
$187,747,705.00
PREFERRED STOCK
Prime Retail Inc. 8 1/2% Conv.Pfd. B 741570303 $1,101,024.00 68,814.0 x
- ---------------------------------------------------------------------------------------------------------------------------
Texas Utilities Income Prides 9.25% 8/01 882848203 $5,093,000.00 92,600.0 x
-------------
- ---------------------------------------------------------------------------------------------------------------------------
$6,194,024.00
- ---------------------------------------------------------------------------------------------------------------------------
$6,194,024.00
- ---------------------------------------------------------------------------------------------------------------------------
CONVERTIBLE BONDS
SRI Convertible Debenture 784642AA8 $342,265.00 127,000.0 x
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $194,283,994.03
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Kempner Capital Management, Inc.
FORM 13F
ALL DISCRETIONARY ACCOUNTS UNDER KCM MANAGEMENT (Continued)
June 30, 1999
Voting Authority
-------------------------
Sole Share None
---- ----- ----
AGCO Corp. 240,950.0 9,900.0
- ----------------------------------------------------------------------
Agrium Inc. 518,780.0 21,000.0
- ----------------------------------------------------------------------
Allstate Corp. 84,150.0 3,700.0
- ----------------------------------------------------------------------
Alltel Corp. 6,996.0
- ----------------------------------------------------------------------
British Steel plc 49,340.0 2,300.0
- ----------------------------------------------------------------------
Canadian National Railway Co. 54,850.0 2,900.0
- ----------------------------------------------------------------------
Capital Automotive REIT 269,900.0 11,500.0
- ----------------------------------------------------------------------
Chiquita Brands Intl. Inc. 441,033.0 20,400.0
- ----------------------------------------------------------------------
Conseco Inc. 217,156.0 9,806.0
- ----------------------------------------------------------------------
DSM NV 325,743.8 13,163.0
- ----------------------------------------------------------------------
Dillards Inc. 40,050.0 1,700.0
- ----------------------------------------------------------------------
Enterprise Oil plc 317,383.0 11,400.0
- ----------------------------------------------------------------------
Fannie Mae 112,984.0 160.0
- ----------------------------------------------------------------------
HCC Insurance Holding Inc. 243,720.0 9,000.0
- ----------------------------------------------------------------------
HON Industries Inc. 47,850.0 2,100.0
- ----------------------------------------------------------------------
IBP Inc. 334,020.0 16,800.0
- ----------------------------------------------------------------------
IPC Holdings Ltd. 197,400.0 6,900.0
- ----------------------------------------------------------------------
Illinova Corp. 141,330.0 6,500.0
- ----------------------------------------------------------------------
Invensys PLC 673,484.0 24,483.0
- ----------------------------------------------------------------------
Lafarge Corp. 65,900.0 3,100.0
- ----------------------------------------------------------------------
Lockheed Martin Corp. 52,460.0 2,400.0
- ----------------------------------------------------------------------
MDU Resources Group Inc. 84,970.0
- ----------------------------------------------------------------------
Meditrust Corp. 372,897.0 7,003.0
- ----------------------------------------------------------------------
New Century Energies, Inc. 25,100.0 1,200.0
- ----------------------------------------------------------------------
Noble Affiliates Inc. 155,960.0 6,000.0
- ----------------------------------------------------------------------
Norsk Hydro ADR 192,697.0 7,500.0
- ----------------------------------------------------------------------
Nova Chemicals Corp. 34,459.0 1,341.0
- ----------------------------------------------------------------------
Ogden Corp. 343,155.0 13,200.0
- ----------------------------------------------------------------------
Old Republic Intl. Corp. 181,380.0 7,000.0
- ----------------------------------------------------------------------
PacifiCorp 256,750.0
- ----------------------------------------------------------------------
PartnerRe Ltd. 122,320.0 4,200.0
- ----------------------------------------------------------------------
Pechiney S.A. 44,950.0 2,300.0
- ----------------------------------------------------------------------
Pimco Advisors Holdings LP 9,461.0
- ----------------------------------------------------------------------
Prime Retail Inc. 198,419.0 7,044.0
- ----------------------------------------------------------------------
Prison Realty Corp. 349,440.0 12,162.0
- ----------------------------------------------------------------------
ProLogis Trust 87,300.0 4,400.0
- ----------------------------------------------------------------------
Ranger Oil Ltd. 407,400.0 17,000.0
- ----------------------------------------------------------------------
ReliaStar Financial Corp. 46,578.0
- ----------------------------------------------------------------------
RenaissanceRe Holdings Ltd. 123,310.0 5,100.0
- ----------------------------------------------------------------------
Riggs National Corp. 52,960.0 2,300.0
- ----------------------------------------------------------------------
Santa Fe Intl. Corp. 165,330.0 7,000.0
- ----------------------------------------------------------------------
Saul Centers Inc. 77,965.0 2,700.0
- ----------------------------------------------------------------------
Selective Insurance Group Inc. 86,020.0 500.0
- ----------------------------------------------------------------------
Southwest Gas Corp. 98,375.0
- ----------------------------------------------------------------------
Texas Utilities Co. 22,200.0 1,200.0
- ----------------------------------------------------------------------
TransCanada Pipeline Ltd. 193,228.0 6,708.0
- ----------------------------------------------------------------------
Ultramar Diamond Shamrock Corp. 47,900.0
- ----------------------------------------------------------------------
Unicom Corp. 74,260.0 3,100.0
- ----------------------------------------------------------------------
Union Pacific Resources Group Inc. 433,480.0 18,300.0
- ----------------------------------------------------------------------
Ventas Inc. 384,220.0 12,300.0
- ----------------------------------------------------------------------
Walden Residential Properties Inc. 158,770.0 6,600.0
- ----------------------------------------------------------------------
Washington Federal Inc. 113,640.0 5,600.0
- ----------------------------------------------------------------------
XL Capital Ltd. 34,050.0 1,600.0
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
PREFERRED STOCK
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
Prime Retail Inc. 8 1/2% Conv.Pfd. B 66,454.0 2,360.0
- ----------------------------------------------------------------------
Texas Utilities Income Prides 9.25% 8/01 89,500.0 3,100.0
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
CONVERTIBLE BONDS
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
SRI Convertible Debenture 127,000.0
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
GRAND TOTAL
- ----------------------------------------------------------------------
