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<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 12/31/95
Institutional Investment Manager:
SECURITIES MANAGEMENT AND RESEARCH, INC.
ONE MOODY PLAZA
GALVESTON TX 77550
I REPRESENT THAT I AM AUTHORIZED TO SUBMIT THIS FORM AND THAT ALL
INFORMATION IN THIS FORM AND THE ATTACHMENTS TO IT IS TRUE, CORRECT AND
COMPLETE AND I UNDERSTAND THAT ALL REQUIRED ITEMS, STATEMENTS AND SCHEDULES
ARE INTEGRAL PARTS OF THIS FORM AND THAT THE SUBMISSION OF ANY AMENDMENT
REPRESENTS THAT ALL UNAMENDED ITEMS, STATEMENTS AND SCHEDULES REMAIN TRUE,
CORRECT COMPLETE AS PREVIOUSLY SUBMITTED.
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934.
Name, Title and Telephone Number of Person Submitting Report:
BRENDA T. KOELEMAY VICE PRESIDENT/TREASURER 409-763-2767
Signature, Place and Date of Signing:
/s/ BRENDA T. KOELEMAY GALVESTON TX 02/12/96
Other Managers on Whose Behalf this Report is Filed:
01 AMERICAN NATIONAL INSURANCE CO.
<PAGE> PAGE 2
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
ADVANCED MICRO DEVICES COM 007903107 1848 112000 SH DEFINED 01 112000
AIR PRODS & CHEMS INC COM 009158106 1055 20000 SH DEFINED 01 20000
ALBERTSONS INC COM 013104104 7706 234400 SH DEFINED 01 234400
AMERICAN TELEPH & TELEGRAPH COM 001957109 18551 286500 SH DEFINED 01 286500
AMGEN INC COM 031162100 9322 157000 SH DEFINED 01 157000
AMOCO CORP COM 031905102 19305 270000 SH DEFINED 01 270000
ARVIN INDS INC COM 043339100 2360 143000 SH DEFINED 01 143000
ASHLAND OIL COM 044540102 6358 181000 SH DEFINED 01 181000
AVNET INC COM 053807103 19243 430000 SH DEFINED 01 430000
BLACK & DECKER CORP COM 091797100 10751 305000 SH DEFINED 01 305000
BRISTOL MYERS SQUIBB CO COM 110122108 18549 216000 SH DEFINED 01 216000
BURLINGTON COM 121897102 10374 133000 SH DEFINED 01 133000
CRYSLER CORP. COM 171196108 4575 83000 SH DEFINED 01 83000
COMPAQ COMPUTER CORP COM 204493100 4800 100000 SH DEFINED 01 100000
COOPER INDS INC COM 216669101 5513 150000 SH DEFINED 01 150000
COTT CORPORATION COM 22163N106 2316 421000 SH DEFINED 01 421000
CYPRUS AMAX MINERALS CO COM 232809103 6939 265600 SH DEFINED 01 265600
DETROIT EDISON CO COM 250847100 1035 30000 SH DEFINED 01 30000
DILLARD DEPT STORES INC CL A 254063100 10004 351000 SH DEFINED 01 351000
DOW CHEM CO COM 260543103 536 7625 SH DEFINED 01 7625
DU PONT E I DE NEMOURS & CO COM 263534109 14464 207000 SH DEFINED 01 207000
DUN & BRADSTREET CORP COM 264830100 16188 250000 SH DEFINED 01 250000
EASTMAN CHEM CO COM 277432100 3431 55000 SH DEFINED 01 55000
EASTMAN KODAK CO COM 277461109 7370 110000 SH DEFINED 01 110000
EATON CORP COM 278058102 6462 120500 SH DEFINED 01 120500
EMERSON ELEC CO COM 291011104 15126 185000 SH DEFINED 01 185000
FLUOR DANIEL COM 343861100 8752 132600 SH DEFINED 01 132600
FORD MOTORS COM 345370100 2483 86000 SH DEFINED 01 86000
FOSTER WHEELER CORP COM 350244109 16150 380000 SH DEFINED 01 380000
GANNETT INC COM 364730101 12275 200000 SH DEFINED 01 200000
GENERAL ELEC CO COM 369604103 15696 218000 SH DEFINED 01 218000
GENERAL MTRS CORP CL E 370442402 11554 222200 SH DEFINED 01 222200
GENERAL MOTORS COM 370442402 2839 53700 SH DEFINED 01 53700
GTE CORP COM 362320103 10749 245000 SH DEFINED 01 245000
GUILFORD MLS INC COM 401794102 5452 267600 SH DEFINED 01 267600
HEINZ H J CO COM 423074103 13416 405000 SH DEFINED 01 405000
HEWLETT PACKARD CO COM 428236103 16750 200000 SH DEFINED 01 200000
HONEYWELL INC COM 438506107 19693 405000 SH DEFINED 01 405000
INTERNATIONAL BUSINESS MACHS COM 459200101 7173 78500 SH DEFINED 01 78500
JOHNSON & JOHNSON COM 478160104 8550 100000 SH DEFINED 01 100000
LIMITED INC COM 532716107 171 10000 SH DEFINED 01 10000
LOUISIANA PAC CORP COM 546347105 3929 162000 SH DEFINED 01 162000
MASCO CORPORATION COM 574599106 8361 266500 SH DEFINED 01 266500
MALLINCKRODT GROUP COM 561226101 14761 405800 SH DEFINED 01 405800
MCCORMICK & CO COM 579780206 7201 298500 SH DEFINED 01 298500
MEAD CORP COM 582834107 6113 117000 SH DEFINED 01 117000
MERCK & CO INC COM 589331107 16406 250000 SH DEFINED 01 250000
MORGAN J P & CO INC COM 616880100 13322 166000 SH DEFINED 01 166000
MOTOROLA COM 620076109 9690 170000 SH DEFINED 01 170000
NATIONSBANK COM 638585109 4735 68000 SH DEFINED 01 68000
<PAGE> PAGE 3
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
PEPSICO INC COM 713448108 16763 300000 SH DEFINED 01 300000
PFIZER INC COM 717081103 19656 312000 SH DEFINED 01 312000
PROCTER & GAMBLE CO COM 742718109 17762 214000 SH DEFINED 01 214000
QUAKER OATS CO COM 747402105 690 20000 SH DEFINED 01 20000
SAFETY KLEEN CORP COM 786484105 10199 658000 SH DEFINED 01 658000
SCHERING PLOUGH CORP COM 806605101 16425 300000 SH DEFINED 01 300000
SEQUENT COMPUTER COM 817338106 1450 100000 SH DEFINED 01 100000
SINGER CO N V COM 82930F109 7267 260700 SH DEFINED 01 260700
SOCIETE NATIONALE ELF AQUITAIN SPONSORED ADR 833658404 12723 346200 SH DEFINED 01 346200
SONAT COM 835415100 7980 224000 SH DEFINED 01 224000
TANDEM COMPUTER COM 875370108 5440 512000 SH DEFINED 01 512000
TEXACO INC COM 881694103 3784 48200 SH DEFINED 01 48200
TOYS R US COM 892335100 5873 270000 SH DEFINED 01 270000
U S WEST INC COM 912889102 9405 264000 SH DEFINED 01 264000
U S WEST MEDIA GROUP COM 912889201 5016 264000 SH DEFINED 01 264000
UNITED HEALTH CARE COM 910581107 11088 169600 SH DEFINED 01 169600
UNIVERSAL FOODS COM 913538104 7913 197200 SH DEFINED 01 197200
UNOCAL CORP COM 915289102 3250 111600 SH DEFINED 01 111600
WMX TECHNOLOGIES INC COM 92929Q107 12793 430000 SH DEFINED 01 430000
WAL MART STORES INC COM 931142103 7899 355000 SH DEFINED 01 355000
WARNER LAMBERT CO COM 934488107 15831 163000 SH DEFINED 01 163000
WEYERHAEUSER CO COM 962166104 7119 164600 SH DEFINED 01 164600
WHEELABRATOR TECHNOLOGIES COM 962901302 4005 239100 SH DEFINED 01 239100
ABBOTT LABS COM 002824100 845 20300 SH SOLE 20300 20300
AIR PRODUCTS AND CHEMICALS INC COM 009158106 411 7800 SH SOLE 7800 7800
ALBERTSONS INC COM 013104104 398 12100 SH SOLE 12100 12100
AMERICAN TEL & TELEG CO COM 001957109 822 12700 SH SOLE 12700 12700
AMGEN COM 031162100 362 6100 SH SOLE 6100 6100
AMOCO CORP COM 031905102 765 10700 SH SOLE 10700 10700
ARMSTRONG WORLD INDUSTRIES COM 042476101 236 3800 SH SOLE 3800 3800
ARVIN INDS INC COM 043339100 252 15300 SH SOLE 15300 15300
ASHLAND OIL COM 044540102 281 8000 SH SOLE 8000 8000
ATLANTIC RICHFIELD COM 048825103 222 2000 SH SOLE 2000 2000
AVNET INC COM 053807103 430 9600 SH SOLE 9600 9600
BAY NETWORKS INC COM 072510100 379 9217 SH SOLE 9217 9217
BMC SOFTWARE COM 055921100 257 6000 SH SOLE 6000 6000
BLACK & DECKER COM 091797100 201 5700 SH SOLE 5700 5700
BRISTOL MYERS SQUIBB CO COM 110122108 447 5200 SH SOLE 5200 5200
CABOT CORP COM 127055101 318 5900 SH SOLE 5900 5900
CHEVRON CORPORATION COM 166751107 581 11100 SH SOLE 11100 11100
CHRYSLER CORP COM 171196108 221 4000 SH SOLE 4000 4000
COLUMBIA/HCA HEALTHCARE CORP COM 197677107 239 4700 SH SOLE 4700 4700
COMERICA INC. COM 200340107 488 12200 SH SOLE 12200 12200
COTT CORPORATION COM 22163N106 57 10400 SH SOLE 10400 10400
CYPRESS MINERALS COM 232809103 316 12100 SH SOLE 12100 12100
DEAN WITTER DISCOVER COM 24240V101 235 5000 SH SOLE 5000 5000
DU PONT E I DE NEMOURS & CO COM 263534109 894 12800 SH SOLE 12800 12800
DUN & BRADSTREET COM 264830100 227 3500 SH SOLE 3500 3500
EASTMAN KODAK COM 277461109 489 7300 SH SOLE 7300 7300
EATON COM 278058102 370 6900 SH SOLE 6900 6900
<PAGE> PAGE 4
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
EMERSON ELECTRIC COM 291011104 302 3700 SH SOLE 3700 3700
ETHYL CORP COM 279659104 338 27300 SH SOLE 27300 27300
FLUOR CORP COM 343861100 1036 15700 SH SOLE 15700 15700
FORD MOTORS COM 345370100 260 9000 SH SOLE 9000 9000
FOSTER WHEELER CORP COM 350244109 455 10700 SH SOLE 10700 10700
GTE CORP COM 362320103 461 10500 SH SOLE 10500 10500
THE GAP COM 364760108 353 8400 SH SOLE 8400 8400
GENERAL ELEC CO COM 369604103 1001 13900 SH SOLE 13900 13900
GENERAL MILLS COM 370334104 381 6600 SH SOLE 6600 6600
GENERAL MOTORS INC COM 370442105 455 8600 SH SOLE 8600 8600
GENERAL MTRS CORP CL E 370442402 364 7000 SH SOLE 7000 7000
GENERAL SIGNAL COM 370838104 376 11600 SH SOLE 11600 11600
GUILFORD MILLS COM 401794102 222 10900 SH SOLE 10900 10900
HUDSON FOODS COM 443782107 242 14000 SH SOLE 14000 14000
JOHNSON & JOHNSON COM 478160104 496 5800 SH SOLE 5800 5800
LAZBOY CHAIR CO. COM 505336107 216 7000 SH SOLE 7000 7000
LOUISIANA PACIFIC COM 546347105 296 12200 SH SOLE 12200 12200
MEAD CORP COM 582834107 324 6200 SH SOLE 6200 6200
MERCK & CO INC COM 589331107 1411 21500 SH SOLE 21500 21500
MORGAN J P & CO INC COM 616880100 682 8500 SH SOLE 8500 8500
MOTOROLA COM 620076109 348 6100 SH SOLE 6100 6100
NATIONSBANK COM 638585109 717 10300 SH SOLE 10300 10300
NORWEST COM 669380107 525 15900 SH SOLE 15900 15900
OCCIDENTAL PETROLEUM COM 674599105 366 17100 SH SOLE 17100 17100
PACIFICARE HEALTH SYSTEM B COM 695110205 209 2400 SH SOLE 2400 2400
PEPSICO INC COM 713448108 877 15700 SH SOLE 15700 15700
PHARMACIA & UPJOHN INC COM 716941109 281 7250 SH SOLE 7250 7250
PRICE/COSTCO INC COM 74143W102 415 27200 SH SOLE 27200 27200
PROCTER & GAMBLE CO COM 742718109 764 9200 SH SOLE 9200 9200
RALSTON PURINA COM 751277302 418 6700 SH SOLE 6700 6700
SAFETY KLEEN CORP COM 786484105 298 19200 SH SOLE 19200 19200
SCHERING PLOUGH CORP COM 806605101 898 16400 SH SOLE 16400 16400
SEQUENT COMPUTER SYSTEMS COM 817338106 239 16500 SH SOLE 16500 16500
SINGER CO N V COM 82930F109 329 11800 SH SOLE 11800 11800
SOCIETE NATIONALE ELF AQUITAIN SPONSORED ADR 833658404 462 12580 SH SOLE 12580 12580
SONAT INC COM 835415100 342 9600 SH SOLE 9600 9600
SOUTHWESTERN BELL CORP COM 845333103 229 4000 SH SOLE 4000 4000
SUN MICROSYSTEMS INC COM 866810104 666 14600 SH SOLE 14600 14600
TANDEM COMPUTERS INC COM 875370108 254 23900 SH SOLE 23900 23900
TENNECO COM 880370100 397 8000 SH SOLE 8000 8000
TOYS "R" US COM 892335100 209 9600 SH SOLE 9600 9600
UNION PAC CORP COM 907818108 429 6500 SH SOLE 6500 6500
UNOCAL CORP COM 915289102 390 13400 SH SOLE 13400 13400
UNITED HEALTHCARE COM 910581107 288 4400 SH SOLE 4400 4400
UNIVERSAL FOODS COM 913538104 357 8900 SH SOLE 8900 8900
U S WEST INC COM 912889102 456 12800 SH SOLE 12800 12800
U S WEST MEDIA GROUP COM 912889201 243 12800 SH SOLE 12800 12800
UST INC COM 902911106 374 11200 SH SOLE 11200 11200
WALMART COM 931142103 332 14900 SH SOLE 14900 14900
WALT DISNEY COMPANY COM 254687106 477 8100 SH SOLE 8100 8100
<PAGE> PAGE 5
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
WEYERHAEUSER CO COM 962166104 385 8900 SH SOLE 8900 8900
WHEELABRATOR TECHNOLOGIES COM 962901302 382 22800 SH SOLE 22800 22800
WMX TECHNOLOGIES INC COM 92929Q107 607 20400 SH SOLE 20400 20400
ABBOTT LABS COM 002824100 5348 128100 SH DEFINED 01 128100
ADVANCED MICRO DEVIC COM 007903107 751 45500 SH DEFINED 01 45500
AIR PRODS & CHEMS INC COM 009158106 1662 31500 SH DEFINED 01 31500
ALBERTSONS INC COM 013104104 3373 102600 SH DEFINED 01 102600
AMERICAN RE CORP COM 013104104 2089 51100 SH DEFINED 01 51100
AMERICAN TEL & TELEG CO COM 030177109 7233 111700 SH DEFINED 01 111700
AMGEN INC COM 031162100 1330 22400 SH DEFINED 01 22400
AMOCO CORP COM 031905102 2027 28200 SH DEFINED 01 28200
ARNOLD INDUSTRIES COM 042595108 1027 59100 SH DEFINED 01 59100
ARVIN INDS INC COM 043339100 1388 84100 SH DEFINED 01 84100
ASHLAND OIL COM 044540102 1598 45500 SH DEFINED 01 45500
ASHLAND OIL CUT PREF PFD 04454 870 2108 35800 SH DEFINED 01 35800
ATLANTIC RICHFIELD CO COM 048825103 1661 15000 SH DEFINED 01 15000
AVNET INC COM 053807103 2448 54700 SH DEFINED 01 54700
BAY NETWORKS INC COM 072510100 754 18345 SH DEFINED 01 18345
BLACK & DECKER CORP COM 091797100 1410 40000 SH DEFINED 01 40000
BMC SOFTWARE COM 055921100 1009 23600 SH DEFINED 01 23600
BURLINGTON NORTHERN COM 121897607 5491 70400 SH DEFINED 01 70400
CABOT CORP COM 127055101 943 17500 SH DEFINED 01 17500
CENTERPOINT PROPERTIES COM 151895109 1499 64800 SH DEFINED 01 64800
CHEVRON CORPORATION COM 166751107 2520 48000 SH DEFINED 01 48000
COAMERICA INC. COM 200340107 4755 118500 SH DEFINED 01 118500
COCA COLA CO COM 191216100 1114 15000 SH DEFINED 01 15000
COLUMBIA HEALTHCARE COM 197677107 1457 28700 SH DEFINED 01 28700
COMMERCIAL METALS CO COM 201723103 386 15600 SH DEFINED 01 15600
COMPAQ COMPUTER CORP COM 204493100 1704 35500 SH DEFINED 01 35500
COTT CORPORATION COM 22163N106 372 67600 SH DEFINED 01 67600
COVENANT TRANSPORT COM 22284P105 300 25000 SH DEFINED 01 25000
CRYSLER COM 171196108 714 12900 SH DEFINED 01 12900
CYPRUS AMAX MINERALS CO COM 232809103 3631 139000 SH DEFINED 01 139000
DEAN WITTER DISCOVER COM 24240V101 2942 62600 SH DEFINED 01 62600
DETROIT EDISON CO COM 250847100 2312 67000 SH DEFINED 01 67000
DISNEY WALT CO DEL COM 254687106 2053 34800 SH DEFINED 01 34800
DU PONT E I DE NEMOURS & CO COM 263534109 4898 70100 SH DEFINED 01 70100
DUN & BRADSTREET CORP COM 264830100 4112 63500 SH DEFINED 01 63500
EASTMAN KODAK CO COM 277461109 2553 38100 SH DEFINED 01 38100
EATON CORP COM 278058102 1963 36600 SH DEFINED 01 36600
ETHYL CORPORATION COM 297659104 2365 189200 SH DEFINED 01 189200
FLEET CORP COM 338915101 2181 53531 SH DEFINED 01 53531
FLUOR CORP COM 343861100 5716 86600 SH DEFINED 01 86600
FORD MTR CO DEL PFD DP A CV 345370209 3998 42200 SH DEFINED 01 42200
FORD MOTOR COMPANY COM 345370100 711 24500 SH DEFINED 01 24500
FOSTER WHEELER CORP COM 350244109 3549 83500 SH DEFINED 01 83500
GEON COMPANY COM 37246W105 1280 52500 SH DEFINED 01 52500
GTE CORP COM 362320103 2882 65500 SH DEFINED 01 65500
GENERAL ELECTRIC COM 369604103 202 2800 SH DEFINED 01 2800
GENERAL MLS INC COM 370334104 2888 50000 SH DEFINED 01 50000
<PAGE> PAGE 6
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
GENERAL MTRS CORP CL E 370442402 1269 24000 SH DEFINED 01 24000
GENERAL MOTORS COM 370442402 1321 25400 SH DEFINED 01 25400
GENERAL SIGNAL COM 370838104 3665 113200 SH DEFINED 01 113200
GIANT CEMENT HOLDING COM 374450104 886 77000 SH DEFINED 01 77000
GREENBRIAR COMPANIES COM 393657101 761 62800 SH DEFINED 01 62800
GUILFORD MLS INC COM 401794102 1968 96600 SH DEFINED 01 96600
HEALTH&REHABILITATION PPTYS TR COM SH BEN INT 422169102 1788 110000 SH DEFINED 01 110000
HIGHWAY PROPERTIES COM 431284108 607 21500 SH DEFINED 01 21500
HOSPITALITY PROPERTIES COM 44106M102 1338 50000 SH DEFINED 01 50000
HUDSON FOODS CL A 443782107 1865 108100 SH DEFINED 01 108100
HUNTCO INC CL A 445661101 480 31200 SH DEFINED 01 31200
J & L SPECIALTY COM 466046109 390 20800 SH DEFINED 01 20800
JOHNSON & JOHNSON COM 478160104 1541 18000 SH DEFINED 01 18000
LA Z BOY CHAIR CO COM 505336107 1825 59100 SH DEFINED 01 59100
LIBERTY TRUST PROPER COM 531172104 1038 50000 SH DEFINED 01 50000
LOUISIANA PAC CORP COM 546347105 1011 41700 SH DEFINED 01 41700
LYONDELL PETROCHEMIC COM 552078107 238 10400 SH DEFINED 01 10400
MALLINCKRODT GROUP COM 561226106 946 26000 SH DEFINED 01 26000
MASCO CORPORATION COM 574599AG1 750 23900 SH DEFINED 01 23900
MCCORMICK & CO COM 579780206 3168 131300 SH DEFINED 01 131300
MEAD CORPORATION COM 582834107 3292 63000 SH DEFINED 01 63000
MERCK & CO INC COM 589331107 2367 36000 SH DEFINED 01 36000
MICROTEST COM 594941106 263 26300 SH DEFINED 01 26300
MISSISSIPPI CHEMICAL COM 605288208 1697 73000 SH DEFINED 01 73000
MONTANA POWER CO COM 612085100 905 40000 SH DEFINED 01 40000
MORGAN J P & CO INC COM 616880100 3772 47000 SH DEFINED 01 47000
MOTOROLA COM 620076109 4269 74900 SH DEFINED 01 74900
NATIONSBANK CORP COM 638585109 3962 56900 SH DEFINED 01 56900
NEWBRIDGE NETWORKS COM 650901101 674 16300 SH DEFINED 01 16300
NOBLE AFFILIATES INC. COM 654894104 807 27000 SH DEFINED 01 27000
NORWEST CORP COM 669380107 317 9600 SH DEFINED 01 9600
OASIS RESIDENTIAL COM 674216106 1251 55000 SH DEFINED 01 55000
OCCIDENTAL PETROLEUM COM 674599105 1250 58500 SH DEFINED 01 58500
OMEGA HEALTHCARE INVS INC COM 681936100 1598 60000 SH DEFINED 01 60000
ORNADA HEALTHCORP COM 686857103 930 40000 DEFINED 01 40000
QUANEX CORP COM 747620102 403 20800 SH DEFINED 01 20800
PACIFICARE CL B COM 695110205 1009 11600 SH DEFINED 01 11600
PAUL REVERE CORP (THE) COM 703559104 1079 52000 SH DEFINED 01 52000
PEPSICO INC COM 713448108 7091 126900 SH DEFINED 01 126900
PHILLIPS VAN HUSEN COM 718592108 711 72000 SH DEFINED 01 72000
POGO PRODUCING COM 730448107 212 7500 SH DEFINED 01 7500
POST PROPERTIES COM 737464107 893 28000 SH DEFINED 01 28000
POTLATCH CORP COM 737628107 208 5200 SH DEFINED 01 5200
PRICE/COSTCO INC COM 74143W102 1371 89900 SH DEFINED 01 89900
PROCTER & GAMBLE CO COM 742718109 3005 36200 SH DEFINED 01 36200
RJR NABISCO COM 74960K108 1274 41248 SH DEFINED 01 41248
RAYTHEON CO COM 755111101 2363 50000 SH DEFINED 01 50000
REYNOLDS METALS COM 761763101 413 7300 SH DEFINED 01 7300
SCHERING PLOUGH CORP COM 806605101 3570 65200 SH DEFINED 01 65200
SECURITY CAPITAL IND COM 814138103 1050 60000 SH DEFINED 01 60000
<PAGE> PAGE 7
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
SEQUENT COMPUTER SYSTEMS COM 817338106 1074 74100 SH DEFINED 01 74100
SINGER CO N V COM 82930F109 1748 62700 SH DEFINED 01 62700
SOCIETE NATIONALE ELF AQUITAIN SPONSORED ADR 833658404 3462 94200 SH DEFINED 01 94200
SONAT INC COM 835415100 3306 92800 SH DEFINED 01 92800
ST PAUL CAP PFD PFD 792856205 1125 20000 SH DEFINED 01 20000
STURM RUGER COM 864159108 1815 66300 SH DEFINED 01 66300
SUN MICROSYSTEMS INC COM 866810104 1779 3900 SH DEFINED 01 3900
TANDEM COMPUTERS INC COM 875370108 1655 155800 SH DEFINED 01 155800
TELEFONOS DE MEXICO S A SP ADR REP ORD 879403780 1348 42300 SH DEFINED 01 42300
TEMPLE INLAND INC COM 879868107 459 10400 SH DEFINED 01 10400
TENET HEALTHCARE COM 626886103 2343 112900 SH DEFINED 01 112900
TENNECO COM 880370101 3588 72300 SH DEFINED 01 72300
TEXACO INC COM 881694103 4396 56000 SH DEFINED 01 56000
TNT FREIGHTWAY COM 87259J103 1073 53300 SH DEFINED 01 53300
TOYS R US COM 892335100 659 30300 SH DEFINED 01 30300
UGI CORP NEW COM 902681105 1660 80000 SH DEFINED 01 80000
UNION PAC CORP COM 907818108 4244 64300 SH DEFINED 01 64300
UNION TEXAS PETROLEUM COM 908640105 868 44800 SH DEFINED 01 44800
UNITED HEALTHCARE COM 910581107 5463 83400 SH DEFINED 01 83400
UNIVERSAL FOODS COM 913538104 4265 106300 SH DEFINED 01 106300
U S WEST INC COM 912889102 3854 107800 SH DEFINED 01 107800
U S WEST MEDIA GROUP COM 912889201 2048 107800 SH DEFINED 01 107800
UST INC COM 902911106 3474 104100 SH DEFINED 01 104100
UNOCAL CORP COM 915289102 5851 200900 SH DEFINED 01 200900
VTEL COMMUNICATIONS COM 918333105 390 21100 SH DEFINED 01 21100
WMX TECHNOLOGIES INC COM 92929Q107 4971 166400 SH DEFINED 01 166400
WAL MART STORES INC COM 931142103 2685 120000 SH DEFINED 01 120000
WARNER LAMBERT CO COM 934488107 359 3700 SH DEFINED 01 3700
WESTERN DIGITAL CORP COM 958102105 1575 88100 SH DEFINED 01 88100
WESTERN GAS CVPRF 958259301 1085 31000 SH DEFINED 01 31000
WEYERHAEUSER CO COM 962166104 1894 43800 SH DEFINED 01 43800
WHEELABRATOR TECH. COM 962901302 1643 98100 SH DEFINED 01 98100
WHIRLPOOL CORP COM 963320106 4074 76500 SH DEFINED 01 76500
REPORT SUMMARY 283 DATA RECORDS 972911 1 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
</TABLE>
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