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Previous: DUAL DRILLING CO /DE/, DEFM14A, 1996-05-10 |
Next: DREYFUS LIFETIME PORTFOLIOS INC, 497, 1996-05-10 |
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<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 03/31/96
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 05/10/96
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 1946 112000 SH DEFINED 01 112000
AIR PRODS & CHEMS INC COM 009158106 546 10000 SH DEFINED 01 10000
ALBERTSONS INC COM 013104104 8702 234400 SH DEFINED 01 234400
ALLERGAN, INC COM 018490102 7836 212500 SH DEFINED 01 212500
AMERICAN GENERAL CORP COM 026351106 3398 98500 SH DEFINED 01 98500
AMERICAN TELEPH & TELEGRAPH COM 001957109 17512 286500 SH DEFINED 01 286500
AMGEN INC COM 031162100 9126 157000 SH DEFINED 01 157000
AMOCO CORP COM 031905102 19508 270000 SH DEFINED 01 270000
ARVIN INDS INC COM 043339100 2967 143000 SH DEFINED 01 143000
ASHLAND OIL COM 044540102 6946 181000 SH DEFINED 01 181000
AVNET INC COM 053807103 20748 430000 SH DEFINED 01 430000
BERGEN BRUNSWIG COM 083739102 6654 249900 SH DEFINED 01 249900
BLACK & DECKER CORP COM 091797100 11552 305000 SH DEFINED 01 305000
BRISTOL MYERS SQUIBB CO COM 110122108 18495 216000 SH DEFINED 01 216000
BURLINGTON COM 121897102 10973 133000 SH DEFINED 01 133000
CRYSLER CORP. COM 171196108 5167 83000 SH DEFINED 01 83000
COMPAQ COMPUTER CORP COM 204493100 3863 100000 SH DEFINED 01 100000
COOPER INDS INC COM 216669101 5850 150000 SH DEFINED 01 150000
COTT CORPORATION COM 22163N106 2684 421000 SH DEFINED 01 421000
CYPRUS AMAX MINERALS CO COM 232809103 7503 265600 SH DEFINED 01 265600
DTE ENERGY CO. COM 250847100 1009 30000 SH DEFINED 01 30000
DILLARD DEPT STORES INC CL A 254063100 12153 351000 SH DEFINED 01 351000
DOW CHEM CO COM 260543103 663 7625 SH DEFINED 01 7625
DU PONT E I DE NEMOURS & CO COM 263534109 17181 207000 SH DEFINED 01 207000
EASTMAN CHEM CO COM 277432100 3795 55000 SH DEFINED 01 55000
EASTMAN KODAK CO COM 277461109 7810 110000 SH DEFINED 01 110000
EATON CORP COM 278058102 7260 120500 SH DEFINED 01 120500
EMERSON ELEC CO COM 291011104 14697 182000 SH DEFINED 01 182000
FLUOR DANIEL COM 343861100 8838 129500 SH DEFINED 01 129500
FORD MOTORS COM 345370100 2956 86000 SH DEFINED 01 86000
FOSTER WHEELER CORP COM 350244109 16863 380000 SH DEFINED 01 380000
GANNETT INC COM 364730101 13450 200000 SH DEFINED 01 200000
GENERAL ELEC CO COM 369604103 16821 216000 SH DEFINED 01 216000
GENERAL MTRS CORP CL E 370442402 12665 222200 SH DEFINED 01 222200
GENERAL MOTORS COM 370442402 2860 53700 SH DEFINED 01 53700
GTE CORP COM 362320103 10719 245000 SH DEFINED 01 245000
GUILFORD MLS INC COM 401794102 6556 267600 SH DEFINED 01 267600
HEINZ H J CO COM 423074103 13416 405000 SH DEFINED 01 405000
HEWLETT PACKARD CO COM 428236103 18825 200000 SH DEFINED 01 200000
HONEYWELL INC COM 438506107 21824 395000 SH DEFINED 01 395000
INTERNATIONAL BUSINESS MACHS COM 459200101 8733 78500 SH DEFINED 01 78500
JOHNSON & JOHNSON COM 478160104 9225 100000 SH DEFINED 01 100000
LOUISIANA PAC CORP COM 546347105 3949 162000 SH DEFINED 01 162000
MASCO CORPORATION COM 574599106 7439 256500 SH DEFINED 01 256500
MALLINCKRODT GROUP COM 561226101 15268 405800 SH DEFINED 01 405800
MCCORMICK & CO COM 579780206 6567 298500 SH DEFINED 01 298500
MEAD CORP COM 582834107 6318 117000 SH DEFINED 01 117000
MERCK & CO INC COM 589331107 15563 250000 SH DEFINED 01 250000
MORGAN J P & CO INC COM 616880100 13114 158000 SH DEFINED 01 158000
MOTOROLA COM 620076109 9010 170000 SH DEFINED 01 170000
<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
NATIONSBANK COM 638585109 5449 68000 SH DEFINED 01 68000
NORWEST CORP. COM 669380107 7802 212300 SH DEFINED 01 212300
PECO ENERGY COM 693304107 6497 244000 SH DEFINED 01 244000
PEPSICO INC COM 713448108 18975 300000 SH DEFINED 01 300000
PFIZER INC COM 717081103 20511 305000 SH DEFINED 01 305000
PROCTER & GAMBLE CO COM 742718109 18137 214000 SH DEFINED 01 214000
QUAKER OATS CO COM 747402105 334 10000 SH DEFINED 01 10000
SAFETY KLEEN CORP COM 786484105 9459 658000 SH DEFINED 01 658000
SCHERING PLOUGH CORP COM 806605101 17438 300000 SH DEFINED 01 300000
SEQUENT COMPUTER COM 817338106 1163 100000 SH DEFINED 01 100000
SINGER CO N V COM 82930F109 6941 260700 SH DEFINED 01 260700
SOCIETE NATIONALE ELF AQUITAIN SPONSORED ADR 833658404 11328 334400 SH DEFINED 01 334400
SONAT COM 835415100 8064 224000 SH DEFINED 01 224000
TANDEM COMPUTER COM 875370108 4544 512000 SH DEFINED 01 512000
TEXACO INC COM 881694103 4133 48200 SH DEFINED 01 48200
TOYS R US COM 892335100 7290 270000 SH DEFINED 01 270000
U S WEST INC COM 912889102 8547 264000 SH DEFINED 01 264000
U S WEST MEDIA GROUP COM 912889201 5445 264000 SH DEFINED 01 264000
UNIVERSAL FOODS COM 913538104 7518 197200 SH DEFINED 01 197200
UNOCAL CORP COM 915289102 3725 111600 SH DEFINED 01 111600
WMX TECHNOLOGIES INC COM 92929Q107 13653 430000 SH DEFINED 01 430000
WAL MART STORES INC COM 931142103 8165 355000 SH DEFINED 01 355000
WARNER LAMBERT CO COM 934488107 16830 163000 SH DEFINED 01 163000
WEYERHAEUSER CO COM 962166104 7592 164600 SH DEFINED 01 164600
WHEELABRATOR TECHNOLOGIES COM 962901302 3975 239100 SH DEFINED 01 239100
ABBOTT LABS COM 002824100 909 22300 SH SOLE 22300
AIR PRODUCTS AND CHEMICALS INC COM 009158106 426 7800 SH SOLE 7800
ALBERTSONS INC COM 013104104 475 12800 SH SOLE 12800
ALLERGAN, INC COM 018490102 431 11700 SH SOLE 11700
AMERICAN GENERAL CORP COM 026351106 276 8000 SH SOLE 8000
AMERICAN TEL & TELEG CO COM 001957109 825 13500 SH SOLE 13500
AMGEN COM 031162100 407 7000 SH SOLE 7000
AMOCO CORP COM 031905102 845 11700 SH SOLE 11700
ARMSTRONG WORLD INDUSTRIES COM 042476101 236 3800 SH SOLE 3800
ARVIN INDS INC COM 043339100 317 15300 SH SOLE 15300
ASHLAND OIL COM 044540102 330 8600 SH SOLE 8600
ATLANTIC RICHFIELD COM 048825103 238 2000 SH SOLE 2000
AVNET INC COM 053807103 511 10600 SH SOLE 10600
BAY NETWORKS INC COM 072510100 283 9215 SH SOLE 9215
BMC SOFTWARE COM 055921100 329 6000 SH SOLE 6000
BERGEN BRUNSWIG COM 083739102 415 15600 SH SOLE 15600
BLACK & DECKER COM 091797100 341 9000 SH SOLE 9000
BRISTOL MYERS SQUIBB CO COM 110122108 625 7300 SH SOLE 7300
CABOT CORP COM 127055101 409 13400 SH SOLE 13400
CHEVRON CORPORATION COM 166751107 623 11100 SH SOLE 11100
CHRYSLER CORP COM 171196108 255 4100 SH SOLE 4100
COLUMBIA/HCA HEALTHCARE CORP COM 197677107 271 4700 SH SOLE 4700
COMERICA INC. COM 200340107 509 12200 SH SOLE 12200
COTT CORPORATION COM 22163N106 66 10400 SH SOLE 10400
CYPRESS MINERALS COM 232809103 342 12100 SH SOLE 12100
<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
DEAN WITTER DISCOVER COM 24240V101 286 5000 SH SOLE 5000
DU PONT E I DE NEMOURS & CO COM 263534109 1170 14100 SH SOLE 14100
EASTMAN KODAK COM 277461109 518 7300 SH SOLE 7300
EATON COM 278058102 464 7700 SH SOLE 7700
EMERSON ELECTRIC COM 291011104 331 4100 SH SOLE 4100
ETHYL CORP COM 279659104 263 27300 SH SOLE 27300
FLUOR CORP COM 343861100 1072 15700 SH SOLE 15700
FORD MOTORS COM 345370100 309 9000 SH SOLE 9000
FOSTER WHEELER CORP COM 350244109 568 12800 SH SOLE 12800
GTE CORP COM 362320103 564 12900 SH SOLE 12900
GENERAL ELEC CO COM 369604103 1246 16000 SH SOLE 16000
GENERAL MILLS COM 370334104 385 6600 SH SOLE 6600
GENERAL MOTORS INC COM 370442105 463 8700 SH SOLE 8700
GENERAL MTRS CORP CL E 370442402 399 7000 SH SOLE 7000
GENERAL SIGNAL COM 370838104 421 11600 SH SOLE 11600
GUILFORD MILLS COM 401794102 267 10900 SH SOLE 10900
HEWLETT-PACCCKARD CO COM 428236103 358 3800 SH SOLE 3800
JOHNSON & JOHNSON COM 478160104 535 5800 SH SOLE 5800
LAZBOY CHAIR CO. COM 505336107 218 7000 SH SOLE 7000
LOUISIANA PACIFIC COM 546347105 297 12200 SH SOLE 12200
MEAD CORP COM 582834107 394 7300 SH SOLE 7300
MERCK & CO INC COM 589331107 1345 21600 SH SOLE 21600
MALLINCKRODT GROUP COM 561226101 222 5900 SH SOLE 5900
MORGAN J P & CO INC COM 616880100 714 8600 SH SOLE 8600
MOTOROLA COM 620076109 360 6800 SH SOLE 6800
NATIONSBANK COM 638585109 905 11300 SH SOLE 11300
NOBLE AFFILIATES COM 654894104 202 6200 SH SOLE 6200
NORWEST COM 669380107 647 17600 SH SOLE 17600
OCCIDENTAL PETROLEUM COM 674599105 455 17100 SH SOLE 17100
PACIFICARE HEALTH SYSTEM B COM 695110205 205 2400 SH SOLE 2400
PECO ENERGY COM 693304107 415 15600 SH SOLE 15600
PEPSICO INC COM 713448108 1126 17800 SH SOLE 17800
PHARMACIA & UPJOHN INC COM 716941109 289 7250 SH SOLE 7250
PRICE/COSTCO INC COM 74143W102 510 27200 SH SOLE 27200
PROCTER & GAMBLE CO COM 742718109 941 11100 SH SOLE 11100
RALSTON PURINA COM 751277302 448 6700 SH SOLE 6700
SAFETY KLEEN CORP COM 786484105 276 19200 SH SOLE 19200
SCHERING PLOUGH CORP COM 806605101 1221 21000 SH SOLE 21000
SEQUENT COMPUTER SYSTEMS COM 817338106 192 16500 SH SOLE 16500
SINGER CO N V COM 82930F109 327 12300 SH SOLE 12300
SOCIETE NATIONALE ELF AQUITAIN SPONSORED ADR 833658404 426 12580 SH SOLE 12580
SONAT INC COM 835415100 371 10300 SH SOLE 10300
SOUTHWESTERN BELL CORP COM 845333103 316 6000 SH SOLE 6000
SUN MICROSYSTEMS INC COM 866810104 639 14600 SH SOLE 14600
TANDEM COMPUTERS INC COM 875370108 212 23900 SH SOLE 23900
TENNECO COM 880370100 447 8000 SH SOLE 8000
TOYS "R" US COM 892335100 259 9600 SH SOLE 9600
UNION PAC CORP COM 907818108 446 6500 SH SOLE 6500
UNOCAL CORP COM 915289102 524 15700 SH SOLE 15700
UNIVERSAL FOODS COM 913538104 339 8900 SH SOLE 8900
<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
U S WEST INC COM 912889102 486 15000 SH SOLE 15000
U S WEST MEDIA GROUP COM 912889201 266 12900 SH SOLE 12900
UST INC COM 902911106 357 11200 SH SOLE 11200
WALMART COM 931142103 343 14900 SH SOLE 14900
WALT DISNEY COMPANY COM 254687106 581 9100 SH SOLE 9100
WEYERHAEUSER CO COM 962166104 457 9900 SH SOLE 9900
WHEELABRATOR TECHNOLOGIES COM 962901302 379 22800 SH SOLE 22800
WMX TECHNOLOGIES INC COM 92929Q107 648 20400 SH SOLE 20400
ABBOTT LABS COM 002824100 5220 128100 SH DEFINED 01 128100
ADVANCED MICRO DEVIC COM 007903107 814 47200 SH DEFINED 01 47200
AIR PRODS & CHEMS INC COM 009158106 1721 31500 SH DEFINED 01 31500
ALBERTSONS INC COM 013104104 3809 102600 SH DEFINED 01 102600
ALLERGAN INC COM 018490102 3190 86500 SH DEFINED 01 86500
AMERICAN GENERAL CORP COM 026351106 831 24100 SH DEFINED 01 24100
AMERICAN RE CORP COM 013104104 2064 51600 SH DEFINED 01 51600
AMERICAN TEL & TELEG CO COM 030177109 6940 113300 SH DEFINED 01 113300
AMGEN INC COM 031162100 1302 22400 SH DEFINED 01 22400
AMOCO CORP COM 031905102 2037 28200 SH DEFINED 01 28200
ARNOLD INDUSTRIES COM 042595108 1126 71500 SH DEFINED 01 71500
ARVIN INDS INC COM 043339100 1745 84100 SH DEFINED 01 84100
ASHLAND OIL COM 044540102 1746 45500 SH DEFINED 01 45500
ASHLAND OIL CUT PREF PFD 04454 870 2233 35800 SH DEFINED 01 35800
ATLANTIC RICHFIELD CO COM 048825103 1785 15000 SH DEFINED 01 15000
AVNET INC COM 053807103 2446 50700 SH DEFINED 01 50700
BAY NETWORKS INC COM 072510100 564 18345 SH DEFINED 01 18345
BERGEN BRUNSWIG COM 083739102 2699 103300 SH DEFINED 01 103300
BLACK & DECKER CORP COM 091797100 1515 40000 SH DEFINED 01 40000
BMC SOFTWARE COM 055921100 1292 23600 SH DEFINED 01 23600
BURLINGTON NORTHERN COM 121897607 5782 70400 SH DEFINED 01 70400
CABOT CORP COM 127055101 1068 35000 SH DEFINED 01 35000
CENTERPOINT PROPERTIES COM 151895109 1458 64800 SH DEFINED 01 64800
CHEVRON CORPORATION COM 166751107 2694 48000 SH DEFINED 01 48000
COAMERICA INC. COM 200340107 4947 118500 SH DEFINED 01 118500
COCA COLA CO COM 191216100 1239 15000 SH DEFINED 01 15000
COLUMBIA HEALTHCARE COM 197677107 1657 28700 SH DEFINED 01 28700
COMMERCIAL METALS CO COM 201723103 460 16000 SH DEFINED 01 16000
COMPAQ COMPUTER CORP COM 204493100 1371 35500 SH DEFINED 01 35500
CONSECO, INC. 'PRIDES' COM 208464404 3135 44000 SH DEFINED 01 44000
COTT CORPORATION COM 22163N106 431 67600 SH DEFINED 01 67600
COVENANT TRANSPORT COM 22284P105 411 25300 SH DEFINED 01 25300
CRYSLER COM 171196108 803 12900 SH DEFINED 01 12900
CYPRUS AMAX MINERALS CO COM 232809103 3927 139000 SH DEFINED 01 139000
DEAN WITTER DISCOVER COM 24240V101 3584 62600 SH DEFINED 01 62600
DTE ENERGY CO COM 250847100 2253 67000 SH DEFINED 01 67000
DISNEY WALT CO DEL COM 254687106 2223 34800 SH DEFINED 01 34800
DU PONT E I DE NEMOURS & CO COM 263534109 5818 70100 SH DEFINED 01 70100
EASTMAN KODAK CO COM 277461109 2705 38100 SH DEFINED 01 38100
EATON CORP COM 278058102 2217 36800 SH DEFINED 01 36800
ETHYL CORPORATION COM 297659104 1840 191200 SH DEFINED 01 191200
FLEET CORP COM 338915101 2168 53531 SH DEFINED 01 53531
<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
FLUOR CORP COM 343861100 5910 86600 SH DEFINED 01 86600
FOOD LION INC CLASS A COM 334775202 3633 625000 SH DEFINED 01 625000
FORD MOTOR COMPANY COM 345370100 5579 162299 SH DEFINED 01 162299
FOSTER WHEELER CORP COM 350244109 3705 83500 SH DEFINED 01 83500
GTE CORP COM 362320103 2874 65500 SH DEFINED 01 65500
GENERAL ELECTRIC COM 369604103 218 2800 SH DEFINED 01 2800
GENERAL MLS INC COM 370334104 2919 50000 SH DEFINED 01 50000
GENERAL MTRS CORP CL E 370442105 1278 54000 SH DEFINED 01 54000
GENERAL MOTORS COM 370442402 1448 25400 SH DEFINED 01 25400
GENERAL SIGNAL COM 370838104 4104 113200 SH DEFINED 01 113200
GIANT CEMENT HOLDING COM 374450104 972 77000 SH DEFINED 01 77000
GREENBRIAR COMPANIES COM 393657101 815 63300 SH DEFINED 01 63300
GUILFORD MLS INC COM 401794102 2416 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 356 25000 SH DEFINED 01 25000
HUNTCO INC CL A 445661101 605 31200 SH DEFINED 01 31200
J & L SPECIALTY COM 466046109 420 24500 SH DEFINED 01 24500
JOHNSON & JOHNSON COM 478160104 1661 18000 SH DEFINED 01 18000
LA Z BOY CHAIR CO COM 505336107 1864 59900 SH DEFINED 01 59900
LIBERTY TRUST PROPER COM 531172104 1031 50000 SH DEFINED 01 50000
LOUISIANA PAC CORP COM 546347105 1016 41700 SH DEFINED 01 41700
LYONDELL PETROCHEMIC COM 552078107 366 12000 SH DEFINED 01 12000
MALLINCKRODT GROUP COM 561226106 978 26000 SH DEFINED 01 26000
MASCO CORPORATION COM 574599AG1 693 23900 SH DEFINED 01 23900
MCCORMICK & CO COM 579780206 2889 131300 SH DEFINED 01 131300
MEAD CORPORATION COM 582834107 3418 63300 SH DEFINED 01 63300
MERCK & CO INC COM 589331107 2241 36000 SH DEFINED 01 36000
MICROTEST COM 594941106 184 26300 SH DEFINED 01 26300
MISSISSIPPI CHEMICAL COM 605288208 1377 68000 SH DEFINED 01 68000
MORGAN J P & CO INC COM 616880100 3901 47000 SH DEFINED 01 47000
MOTOROLA COM 620076109 3980 75100 SH DEFINED 01 75100
NATIONSBANK CORP COM 638585109 4591 57300 SH DEFINED 01 57300
NEWBRIDGE NETWORKS COM 650901101 917 16300 SH DEFINED 01 16300
NOBLE AFFILIATES INC. COM 654894104 878 27000 SH DEFINED 01 27000
NORWEST CORP COM 669380107 4101 111600 SH DEFINED 01 111600
OASIS RESIDENTIAL COM 674216106 1293 55000 SH DEFINED 01 55000
OCCIDENTAL PETROLEUM COM 674599105 1565 58500 SH DEFINED 01 58500
OMEGA HEALTHCARE INVS INC COM 681936100 1718 60000 SH DEFINED 01 60000
ORNADA HEALTHCORP COM 686857103 1150 40000 SH DEFINED 01 40000
QUANEX CORP COM 747620102 470 21500 SH DEFINED 01 21500
PACIFICARE CL B COM 695110205 989 11600 SH DEFINED 01 11600
PAUL REVERE CORP (THE) COM 703559104 1273 52500 SH DEFINED 01 52500
PECO ENERGY COM 693304107 2628 98700 SH DEFINED 01 98700
PEPSICO INC COM 713448108 8026 126900 SH DEFINED 01 126900
PHILLIPS VAN HUSEN COM 718592108 846 72000 SH DEFINED 01 72000
POST PROPERTIES COM 737464107 910 28000 SH DEFINED 01 28000
POTLATCH CORP COM 737628107 235 5500 SH DEFINED 01 5500
PRICE/COSTCO INC COM 74143W102 1686 89900 SH DEFINED 01 89900
PROCTER & GAMBLE CO COM 742718109 3068 36200 SH DEFINED 01 36200
<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
RJR NABISCO COM 74960K108 1248 41248 SH DEFINED 01 41248
RAYTHEON CO COM 755111101 2563 50000 SH DEFINED 01 50000
REYNOLDS METALS COM 761763101 751 12700 SH DEFINED 01 12700
SCHERING PLOUGH CORP COM 806605101 3790 65200 SH DEFINED 01 65200
SECURITY CAPITAL IND COM 814138103 1050 60000 SH DEFINED 01 60000
SECURITY CAPITAL PFD 814138301 1105 47000 SH DEFINED 01 47000
SEQUENT COMPUTER SYSTEMS COM 817338106 861 74100 SH DEFINED 01 74100
SINGER CO N V COM 82930F109 1669 62700 SH DEFINED 01 62700
SOCIETE NATIONALE ELF AQUITAIN SPONSORED ADR 833658404 3198 94400 SH DEFINED 01 94400
SONAT INC COM 835415100 3341 92800 SH DEFINED 01 92800
ST PAUL CAP PFD PFD 792856205 1130 20000 SH DEFINED 01 20000
STURM RUGER COM 864159108 2553 66300 SH DEFINED 01 66300
SUN MICROSYSTEMS INC COM 866810104 1706 39000 SH DEFINED 01 39000
TANDEM COMPUTERS INC COM 875370108 1383 155800 SH DEFINED 01 155800
TELEFONOS DE MEXICO S A SP ADR REP ORD 879403780 1391 42300 SH DEFINED 01 42300
TEMPLE INLAND INC COM 879868107 2442 52100 SH DEFINED 01 52100
TENET HEALTHCARE COM 626886103 2371 112900 SH DEFINED 01 112900
TENNECO COM 880370101 4040 72300 SH DEFINED 01 72300
TEXACO INC COM 881694103 4816 56000 SH DEFINED 01 56000
TOYS R US COM 892335100 818 30300 SH DEFINED 01 30300
UGI CORP NEW COM 902681105 1700 80000 SH DEFINED 01 80000
UNION PAC CORP COM 907818108 4413 64300 SH DEFINED 01 64300
UNION TEXAS PETROLEUM COM 908640105 891 45100 SH DEFINED 01 45100
UNIVERSAL FOODS COM 913538104 4053 106300 SH DEFINED 01 106300
U S FRIGHTWAYS CORP COM 87259J103 1224 53800 SH DEFINED 01 53800
U S WEST INC COM 912889102 3490 107800 SH DEFINED 01 107800
U S WEST MEDIA GROUP COM 912889201 1192 57800 SH DEFINED 01 57800
UST INC COM 902911106 3318 104100 SH DEFINED 01 104100
UNOCAL CORP COM 915289102 6738 201900 SH DEFINED 01 201900
VTEL COMMUNICATIONS COM 918333105 222 21100 SH DEFINED 01 21100
WMX TECHNOLOGIES INC COM 92929Q107 5283 166400 SH DEFINED 01 166400
WAL MART STORES INC COM 931142103 2775 120000 SH DEFINED 01 120000
WARNER LAMBERT CO COM 934488107 382 3700 SH DEFINED 01 3700
WESTERN DIGITAL CORP COM 958102105 1696 88100 SH DEFINED 01 88100
WESTERN GAS RESOURCES COM 958259301 1147 31000 SH DEFINED 01 31000
WEYERHAEUSER CO COM 962166104 2020 43800 SH DEFINED 01 43800
WHEELABRATOR TECH. COM 962901302 1631 98100 SH DEFINED 01 98100
WHIRLPOOL CORP COM 963320106 4254 77000 SH DEFINED 01 77000
REPORT SUMMARY 288 DATA RECORDS 1028963 1 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
</TABLE>
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