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Previous: FIRST MIDWEST FINANCIAL INC, S-3, 1996-08-09 |
Next: TRI COUNTY BANCORP INC, 10QSB, 1996-08-09 |
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<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 06/30/96
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 AND 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 08/09/96
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 1526 112000 SH DEFINED 01 112000
ALBERTSONS INC COM 013104104 9698 234400 SH DEFINED 01 234400
ALLERGAN, INC COM 018490102 8394 212500 SH DEFINED 01 212500
AMERICAN GENERAL CORP COM 026351106 3583 98500 SH DEFINED 01 98500
AMERICAN TELEPH & TELEGRAPH COM 001957109 7763 286500 SH DEFINED 01 286500
AMGEN INC COM 031162100 8478 157000 SH DEFINED 01 157000
AMOCO CORP COM 031905102 9474 270000 SH DEFINED 01 270000
ARVIN INDS INC COM 043339100 3182 143000 SH DEFINED 01 143000
ASHLAND OIL COM 044540102 7172 181000 SH DEFINED 01 181000
AVNET INC COM 053807103 7903 430000 SH DEFINED 01 430000
BERGEN BRUNSWIG COM 083739102 6935 249900 SH DEFINED 01 249900
BRISTOL MYERS SQUIBB CO COM 110122108 9440 216000 SH DEFINED 01 216000
BURLINGTON COM 121897102 0756 133000 SH DEFINED 01 133000
CRYSLER CORP. COM 171196108 5188 83000 SH DEFINED 01 83000
COLUMBIA/HCA HEALTHCARE COM 197677107 3535 252400 SH DEFINED 01 252400
COMPAQ COMPUTER CORP COM 204493100 4913 100000 SH DEFINED 01 100000
COOPER INDS INC COM 216669101 6225 150000 SH DEFINED 01 150000
COTT CORPORATION COM 22163N106 3947 421000 SH DEFINED 01 421000
CYPRUS AMAX MINERALS CO COM 232809103 6076 265600 SH DEFINED 01 265600
DTE ENERGY CO. COM 250847100 926 30000 SH DEFINED 01 30000
DILLARD DEPT STORES INC CL A 254063100 2812 351000 SH DEFINED 01 351000
DOW CHEM CO COM 260543103 580 7625 SH DEFINED 01 7625
DU PONT E I DE NEMOURS & CO COM 263534109 6379 207000 SH DEFINED 01 207000
EASTMAN CHEM CO COM 277432100 3348 55000 SH DEFINED 01 55000
EATON CORP COM 278058102 7064 120500 SH DEFINED 01 120500
ELECTRONIC DATA SYSTEMS CORP COM 285661104 1943 222200 SH DEFINED 01 222200
EMERSON ELEC CO COM 291011104 6448 182000 SH DEFINED 01 182000
FLUOR DANIEL COM 343861100 8466 129500 SH DEFINED 01 129500
FORD MOTORS COM 345370100 2784 86000 SH DEFINED 01 86000
FOSTER WHEELER CORP COM 350244109 6647 372000 SH DEFINED 01 372000
GANNETT INC COM 364730101 4150 200000 SH DEFINED 01 200000
GENERAL ELEC CO COM 369604103 8738 216000 SH DEFINED 01 216000
GENERAL MOTORS COM 370442105 2813 53700 SH DEFINED 01 53700
GTE CORP COM 362320103 0964 245000 SH DEFINED 01 245000
GUILFORD MLS INC COM 401794102 6690 267600 SH DEFINED 01 267600
HEINZ H J CO COM 423074103 2454 405000 SH DEFINED 01 405000
HEWLETT PACKARD CO COM 428236103 9925 200000 SH DEFINED 01 200000
HONEYWELL INC COM 438506107 1528 395000 SH DEFINED 01 395000
INTERNATIONAL BUSINESS MACHS COM 459200101 7772 78500 SH DEFINED 01 78500
JOHNSON & JOHNSON COM 478160104 9900 200000 SH DEFINED 01 200000
LOUISIANA PAC CORP COM 546347105 3584 162000 SH DEFINED 01 162000
MALLINCKRODT GROUP COM 561226101 5775 405800 SH DEFINED 01 405800
MCCORMICK & CO COM 579780206 6604 298500 SH DEFINED 01 298500
MEAD CORP COM 582834107 6069 117000 SH DEFINED 01 117000
MERCK & CO INC COM 589331107 6156 250000 SH DEFINED 01 250000
MERCURY FINANCE COM 589395102 6982 547600 SH DEFINED 01 547600
MORGAN J P & CO INC COM 616880100 3371 158000 SH DEFINED 01 158000
MOTOROLA COM 620076109 0668 170000 SH DEFINED 01 170000
NATIONSBANK COM 638585109 5619 68000 SH DEFINED 01 68000
NORWEST CORP. COM 669380107 7404 212300 SH DEFINED 01 212300
<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
OASIS RESIDENTIAL COM 674216106 6307 288300 SH DEFINED 01 288300
PECO ENERGY COM 693304107 6344 244000 SH DEFINED 01 244000
PEPSICO INC COM 713448108 1300 300000 SH DEFINED 01 300000
PFIZER INC COM 717081103 1769 305000 SH DEFINED 01 305000
PROCTER & GAMBLE CO COM 742718109 9394 214000 SH DEFINED 01 214000
QUAKER OATS CO COM 747402105 339 10000 SH DEFINED 01 10000
SAFETY KLEEN CORP COM 786484105 1515 658000 SH DEFINED 01 658000
R P SCHERER CORP COM 806528105 7732 170400 SH DEFINED 01 170400
SCHERING PLOUGH CORP COM 806605101 8825 300000 SH DEFINED 01 300000
SEQUENT COMPUTER COM 817338106 1350 100000 SH DEFINED 01 100000
SILICON GRAPHICS COM 827056102 6060 252500 SH DEFINED 01 252500
SINGER CO N V COM 82930F109 5279 260700 SH DEFINED 01 260700
SOCIETE NATIONALE ELF AQUITAIN SPONSORED ADR 833658404 2289 334400 SH DEFINED 01 334400
SONAT COM 835415100 0080 224000 SH DEFINED 01 224000
TANDEM COMPUTER COM 875370108 6336 512000 SH DEFINED 01 512000
TEXACO INC COM 881694103 4043 48200 SH DEFINED 01 48200
TOYS R US COM 892335100 7695 270000 SH DEFINED 01 270000
U S WEST INC COM 912889102 8448 264000 SH DEFINED 01 264000
U S WEST MEDIA GROUP COM 912889201 4818 264000 SH DEFINED 01 264000
UNIVERSAL FOODS COM 913538104 7272 197200 SH DEFINED 01 197200
UNOCAL CORP COM 915289102 3753 111600 SH DEFINED 01 111600
WMX TECHNOLOGIES INC COM 92929Q107 3821 422000 SH DEFINED 01 422000
WAL MART STORES INC COM 931142103 9008 355000 SH DEFINED 01 355000
WARNER LAMBERT CO COM 934488107 7600 163000 SH DEFINED 01 163000
WEYERHAEUSER CO COM 962166104 6996 164600 SH DEFINED 01 164600
WHEELABRATOR TECHNOLOGIES COM 962901302 3646 239100 SH DEFINED 01 239100
ABBOTT LABS COM 002824100 848 19500 SH SOLE 19500
ALBERTSONS INC COM 013104104 559 13500 SH SOLE 13500
ALLERGAN, INC COM 018490102 486 12300 SH SOLE 12300
AMERICAN GENERAL CORP COM 026351106 302 8300 SH SOLE 8300
AMERICAN TEL & TELEG CO COM 001957109 924 14900 SH SOLE 14900
AMGEN COM 031162100 378 7000 SH SOLE 7000
AMOCO CORP COM 031905102 995 13800 SH SOLE 13800
ARVIN INDS INC COM 043339100 340 15300 SH SOLE 15300
ASHLAND OIL COM 044540102 365 9200 SH SOLE 9200
AVNET INC COM 053807103 678 16100 SH SOLE 16100
BMC SOFTWARE COM 055921100 382 6400 SH SOLE 6400
BERGEN BRUNSWIG COM 083739102 452 16300 SH SOLE 16300
BRISTOL MYERS SQUIBB CO COM 110122108 1161 12900 SH SOLE 12900
BURLINGTON NORTHERN INC COM 12189T104 526 6500 SH SOLE 6500
CABOT CORP COM 127055101 348 14200 SH SOLE 14200
CHEVRON CORPORATION COM 166751107 655 11100 SH SOLE 11100
CHRYSLER CORP COM 171196108 281 4500 SH SOLE 4500
COLUMBIA/HCA HEALTHCARE CORP COM 197677107 944 17600 SH SOLE 17600
COMPAQ COMPUTERS COM 204493100 354 7200 SH SOLE 7200
COMERICA INC. COM 200340107 580 13000 SH SOLE 13000
COOPER INDUSTRIES COM 216669101 208 5000 SH SOLE 5000
COTT CORPORATION COM 22163N106 104 11100 SH SOLE 11100
CYPRESS MINERALS COM 232809103 295 12900 SH SOLE 12900
DEAN WITTER DISCOVER COM 24240V101 303 5300 SH SOLE 5300
<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
DU PONT E I DE NEMOURS & CO COM 263534109 957 12100 SH SOLE 12100
EATON COM 278058102 475 8100 SH SOLE 8100
ELECTRONIC DATA SYSTEMS CORP COM 285661104 538 10000 SH SOLE 10000
EMERSON ELECTRIC COM 291011104 868 9600 SH SOLE 9600
ETHYL CORP COM 279659104 280 29100 SH SOLE 29100
FLUOR CORP COM 343861100 896 13700 SH SOLE 13700
FORD MOTORS COM 345370100 314 9700 SH SOLE 9700
FOSTER WHEELER CORP COM 350244109 725 16200 SH SOLE 16200
GTE CORP COM 362320103 582 13000 SH SOLE 13000
GENERAL ELEC CO COM 369604103 1483 17100 SH SOLE 17100
GENERAL MILLS COM 370334104 361 6600 SH SOLE 6600
GENERAL MOTORS INC COM 370442105 456 8700 SH SOLE 8700
GENERAL SIGNAL COM 370838104 466 12300 SH SOLE 12300
GUILFORD MILLS COM 401794102 370 14800 SH SOLE 14800
HEWLETT-PACCCKARD CO COM 428236103 887 8900 SH SOLE 8900
JOHNSON & JOHNSON COM 478160104 574 11600 SH SOLE 11600
LOUISIANA PACIFIC COM 546347105 288 13000 SH SOLE 13000
MALLINCKRODT GROUP COM 561226101 571 14700 SH SOLE 14700
MEAD CORP COM 582834107 399 7700 SH SOLE 7700
MERCK & CO INC COM 589331107 808 12500 SH SOLE 12500
MERCURY FINANCE COM 589395102 250 19600 SH SOLE 19600
MORGAN J P & CO INC COM 616880100 905 10700 SH SOLE 10700
MOTOROLA COM 620076109 452 7200 SH SOLE 7200
NATIONSBANK COM 638585109 999 12089 SH SOLE 12089
NOBLE AFFILIATES COM 654894104 249 6600 SH SOLE 6600
NORWEST COM 669380107 638 18300 SH SOLE 18300
OCCIDENTAL PETROLEUM COM 674599105 453 18300 SH SOLE 18300
PECO ENERGY COM 693304107 424 16300 SH SOLE 16300
PEPSICO INC COM 713448108 1470 41400 SH SOLE 41400
PFIZER INC COM 717081103 999 14000 SH SOLE 14000
PHARMACIA & UPJOHN INC COM 716941109 322 7250 SH SOLE 7250
PHILLIP MORRIS COS INC COM 718154107 208 2000 SH SOLE 2000
PRICE/COSTCO INC COM 74143W102 618 28600 SH SOLE 28600
PROCTER & GAMBLE CO COM 742718109 1287 14200 SH SOLE 14200
RALSTON PURINA COM 751277302 468 7300 SH SOLE 7300
SAFETY KLEEN CORP COM 786484105 336 19200 SH SOLE 19200
R P SCHERER CORP COM 806528105 540 11900 SH SOLE 11900
SCHERING PLOUGH CORP COM 806605101 1381 22000 SH SOLE 22000
SEQUENT COMPUTER SYSTEMS COM 817338106 236 17500 SH SOLE 17500
SILICON GRAPHICS COM 827056102 413 17200 SH SOLE 17200
SINGER CO N V COM 82930F109 261 12900 SH SOLE 12900
SOCIETE NATIONALE ELF AQUITAIN SPONSORED ADR 833658404 503 13680 SH SOLE 13680
SONAT INC COM 835415100 495 11000 SH SOLE 11000
SOUTHWESTERN BELL CORP COM 845333103 369 7500 SH SOLE 7500
SUN MICROSYSTEMS INC COM 866810104 606 10300 SH SOLE 10300
TANDEM COMPUTERS INC COM 875370108 316 25500 SH SOLE 25500
TENNECO COM 880370100 435 8500 SH SOLE 8500
TOYS "R" US COM 892335100 331 11600 SH SOLE 11600
UNION PAC CORP COM 907818108 482 6900 SH SOLE 6900
UNOCAL CORP COM 915289102 551 16400 SH SOLE 16400
<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
UNIVERSAL FOODS COM 913538104 350 9500 SH SOLE 9500
U S WEST INC COM 912889102 480 15000 SH SOLE 15000
U S WEST MEDIA GROUP COM 912889201 235 12900 SH SOLE 12900
UST INC COM 902911106 408 11900 SH SOLE 11900
WALMART COM 931142103 442 17400 SH SOLE 17400
WALT DISNEY COMPANY COM 254687106 572 9100 SH SOLE 9100
WEYERHAEUSER CO COM 962166104 451 10600 SH SOLE 10600
WHEELABRATOR TECHNOLOGIES COM 962901302 371 24300 SH SOLE 24300
WMX TECHNOLOGIES INC COM 92929Q107 901 27500 SH SOLE 27500
ABBOTT LABS COM 002824100 5572 128100 SH DEFINED 01 128100
ADVANCED MICRO DEVIC COM 007903107 643 47200 SH DEFINED 01 47200
ALBERTSONS INC COM 013104104 4245 102600 SH DEFINED 01 102600
ALLERGAN INC COM 018490102 3417 86500 SH DEFINED 01 86500
AMERICAN GENERAL CORP COM 026351106 877 24100 SH DEFINED 01 24100
AMERICAN RE CORP COM 013104104 2316 51600 SH DEFINED 01 51600
AMERICAN STATES FINANCIAL COM 029861101 2445 113700 SH DEFINED 01 113700
AMERICAN TEL & TELEG CO COM 030177109 7025 113300 SH DEFINED 01 113300
AMGEN INC COM 031162100 1210 22400 SH DEFINED 01 22400
AMOCO CORP COM 031905102 2034 28200 SH DEFINED 01 28200
ARNOLD INDUSTRIES COM 042595108 1019 71500 SH DEFINED 01 71500
ARVIN INDS INC COM 043339100 1871 84100 SH DEFINED 01 84100
ASHLAND OIL COM 044540102 1803 45500 SH DEFINED 01 45500
ASHLAND OIL CUT PREF PFD 04454 870 2287 35800 SH DEFINED 01 35800
AVNET INC COM 053807103 2136 50700 SH DEFINED 01 50700
BAY NETWORKS INC COM 072510100 472 18345 SH DEFINED 01 18345
BERGEN BRUNSWIG COM 083739102 2867 103300 SH DEFINED 01 103300
BMC SOFTWARE COM 055921100 1410 23600 SH DEFINED 01 23600
BURLINGTON NORTHERN COM 121897607 5694 70400 SH DEFINED 01 70400
CABOT CORP COM 127055101 858 35000 SH DEFINED 01 35000
CENTERPOINT PROPERTIES COM 151895109 1571 64800 SH DEFINED 01 64800
CHEVRON CORPORATION COM 166751107 2832 48000 SH DEFINED 01 48000
COMERICA INC. COM 200340107 5288 118500 SH DEFINED 01 118500
COCA COLA CO COM 191216100 1470 30000 SH DEFINED 01 30000
COLUMBIA HEALTHCARE COM 197677107 1764 32900 SH DEFINED 01 32900
COMPAQ COMPUTER CORP COM 204493100 1744 35500 SH DEFINED 01 35500
COTT CORPORATION COM 22163N106 634 67600 SH DEFINED 01 67600
COVENANT TRANSPORT COM 22284P105 430 25300 SH DEFINED 01 25300
CHRYSLER CORP COM 171196108 806 12900 SH DEFINED 01 12900
CYPRUS AMAX MINERALS CO COM 232809103 3180 139000 SH DEFINED 01 139000
DEAN WITTER DISCOVER COM 24240V101 3576 62600 SH DEFINED 01 62600
DTE ENERGY CO COM 250847100 2069 67000 SH DEFINED 01 67000
DISNEY WALT CO DEL COM 254687106 2188 34800 SH DEFINED 01 34800
DU PONT E I DE NEMOURS & CO COM 263534109 5547 70100 SH DEFINED 01 70100
EATON CORP COM 278058102 2157 36800 SH DEFINED 01 36800
ELECTTRONIC DATA SYSTEMS CORP COM 285661104 1365 25400 SH DEFINED 01 25400
ETHYL CORPORATION COM 297659104 1840 191200 SH DEFINED 01 191200
FLEET CORP COM 338915101 2329 53531 SH DEFINED 01 53531
FLUOR CORP COM 343861100 5661 86600 SH DEFINED 01 86600
FOOD LION INC CLASS A COM 334775202 4961 625000 SH DEFINED 01 625000
FORD MOTOR COMPANY COM 345370100 5254 162299 SH DEFINED 01 162299
<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
FOSTER WHEELER CORP COM 350244109 3737 83500 SH DEFINED 01 83500
GTE CORP COM 362320103 2931 65500 SH DEFINED 01 65500
GENERAL ELECTRIC COM 369604103 243 2800 SH DEFINED 01 2800
GENERAL MLS INC COM 370334104 2731 50000 SH DEFINED 01 50000
GENERAL MOTORS COM 370442402 1257 24000 SH DEFINED 01 24000
GENERAL SIGNAL COM 370838104 4287 113200 SH DEFINED 01 113200
GIANT CEMENT HOLDING COM 374450104 972 77000 SH DEFINED 01 77000
GREENBRIAR COMPANIES COM 393657101 878 63300 SH DEFINED 01 63300
GUILFORD MLS INC COM 401794102 2465 98600 SH DEFINED 01 98600
HEALTH&REHABILITATION PPTYS TR COM SH BEN INT 422169102 1949 113000 SH DEFINED 01 113000
HOSPITALITY PROPERTIES COM 44106M102 1338 50000 SH DEFINED 01 50000
HUDSON FOODS CL A 443782107 350 25000 SH DEFINED 01 25000
J & L SPECIALTY COM 466046109 394 26500 SH DEFINED 01 26500
JOHNSON & JOHNSON COM 478160104 1782 36000 SH DEFINED 01 36000
LA Z BOY CHAIR CO COM 505336107 1804 59900 SH DEFINED 01 59900
LIBERTY TRUST PROPER COM 531172104 994 50000 SH DEFINED 01 50000
LOUISIANA PAC CORP COM 546347105 923 41700 SH DEFINED 01 41700
MALLINCKRODT GROUP COM 561226106 1011 26000 SH DEFINED 01 26000
MCCORMICK & CO COM 579780206 2905 131300 SH DEFINED 01 131300
MEAD CORPORATION COM 582834107 3284 63300 SH DEFINED 01 63300
MERCK & CO INC COM 589331107 2327 36000 SH DEFINED 01 36000
MERCURY FINANCE COM 589395102 3193 250400 SH DEFINED 01 250400
MICROTEST COM 594941106 207 26300 SH DEFINED 01 26300
MISSISSIPPI CHEMICAL COM 605288208 1360 68000 SH DEFINED 01 68000
MORGAN J P & CO INC COM 616880100 3977 47000 SH DEFINED 01 47000
MOTOROLA COM 620076109 4713 75100 SH DEFINED 01 75100
NATIONSBANK CORP COM 638585109 4734 57300 SH DEFINED 01 57300
NEWBRIDGE NETWORKS COM 650901101 1068 16300 SH DEFINED 01 16300
NOBLE AFFILIATES INC. COM 654894104 1019 27000 SH DEFINED 01 27000
NORWEST CORP COM 669380107 3892 111600 SH DEFINED 01 111600
OASIS RESIDENTIAL COM 674216106 1258 57500 SH DEFINED 01 57500
OCCIDENTAL PETROLEUM COM 674599105 1448 58500 SH DEFINED 01 58500
OMEGA HEALTHCARE INVS INC COM 681936100 1658 60000 SH DEFINED 01 60000
ORNADA HEALTHCORP COM 686857103 960 40000 SH DEFINED 01 40000
PACIFICARE CL B COM 695110205 786 11600 SH DEFINED 01 11600
PECO ENERGY COM 693304107 2566 98700 SH DEFINED 01 98700
PEPSICO INC COM 713448108 9010 253800 SH DEFINED 01 253800
PHILLIPS VAN HUSEN COM 718592108 918 72000 SH DEFINED 01 72000
POST PROPERTIES COM 737464107 991 28000 SH DEFINED 01 28000
PRICE/COSTCO INC COM 74143W102 1944 89900 SH DEFINED 01 89900
PROCTER & GAMBLE CO COM 742718109 3281 36200 SH DEFINED 01 36200
RJR NABISCO PFD 74960K884 1341 206240 SH DEFINED 01 206240
RAYTHEON CO COM 755111101 2581 50000 SH DEFINED 01 50000
R P SCHERER CORP COM 806528105 1706 37600 SH DEFINED 01 37600
SCHERING PLOUGH CORP COM 806605101 4091 65200 SH DEFINED 01 65200
SECURITY CAPITAL IND COM 814138103 1058 60000 SH DEFINED 01 60000
SECURITY CAPITAL PFD 814138301 1087 47000 SH DEFINED 01 47000
SEQUENT COMPUTER SYSTEMS COM 817338106 1000 74100 SH DEFINED 01 74100
SILICON GRAPHICS COM 827056102 1375 57300 SH DEFINED 01 57300
SINGER CO N V COM 82930F109 1270 62700 SH DEFINED 01 62700
<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
SOCIETE NATIONALE ELF AQUITAIN SPONSORED ADR 833658404 3469 94400 SH DEFINED 01 94400
SONAT INC COM 835415100 4176 92800 SH DEFINED 01 92800
ST PAUL CAP PFD PFD 792856205 1050 20000 SH DEFINED 01 20000
STURM RUGER COM 864159108 3083 66300 SH DEFINED 01 66300
SUN MICROSYSTEMS INC COM 866810104 2296 39000 SH DEFINED 01 39000
TANDEM COMPUTERS INC COM 875370108 1928 155800 SH DEFINED 01 155800
TELEFONOS DE MEXICO S A SP ADR REP ORD 879403780 1417 42300 SH DEFINED 01 42300
TEMPLE INLAND INC COM 879868107 2436 52100 SH DEFINED 01 52100
TENET HEALTHCARE COM 626886103 2413 112900 SH DEFINED 01 112900
TENNECO COM 880370101 3696 72300 SH DEFINED 01 72300
TEXACO INC COM 881694103 4697 56000 SH DEFINED 01 56000
TOYS R US COM 892335100 864 30300 SH DEFINED 01 30300
UNION PAC CORP COM 907818108 4493 64300 SH DEFINED 01 64300
UNION TEXAS PETROLEUM COM 908640105 879 45100 SH DEFINED 01 45100
UNIVERSAL FOODS COM 913538104 3920 106300 SH DEFINED 01 106300
U S WEST INC COM 912889102 3450 107800 SH DEFINED 01 107800
U S WEST MEDIA GROUP COM 912889201 1055 57800 SH DEFINED 01 57800
UST INC COM 902911106 3565 104100 SH DEFINED 01 104100
UNOCAL CORP COM 915289102 6789 201900 SH DEFINED 01 201900
VTEL COMMUNICATIONS COM 918333105 203 21100 SH DEFINED 01 21100
WMX TECHNOLOGIES INC COM 92929Q107 5450 166400 SH DEFINED 01 166400
WAL MART STORES INC COM 931142103 3045 120000 SH DEFINED 01 120000
WARNER LAMBERT CO COM 934488107 407 7400 SH DEFINED 01 7400
WESTERN DIGITAL CORP COM 958102105 2302 88100 SH DEFINED 01 88100
WESTERN GAS RESOURCES PFD 958259301 1077 31000 SH DEFINED 01 31000
WEYERHAEUSER CO COM 962166104 1862 43800 SH DEFINED 01 43800
WHEELABRATOR TECH. COM 962901302 1496 98100 SH DEFINED 01 98100
WHIRLPOOL CORP COM 963320106 3821 77000 SH DEFINED 01 77000
REPORT SUMMARY 278 DATA RECORDS 732003 1 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
</TABLE>
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