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Previous: MERRILL LYNCH OREGON MUNICIPAL BOND FUND OF MLMSMST, 485B24E, 1996-11-14 |
Next: FX ENERGY INC, 10QSB, 1996-11-14 |
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<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 09/30/96
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 11/13/96
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 1652 112000 SH DEFINED 01 112000
ALBERTSONS INC COM 013104104 7347 174400 SH DEFINED 01 174400
ALLERGAN, INC COM 018490102 8102 212500 SH DEFINED 01 212500
AMERICAN GENERAL CORP COM 026351106 3718 98500 SH DEFINED 01 98500
ALLTEL COM 020039103 6342 227500 SH DEFINED 01 227500
AMERICAN TELEPH & TELEGRAPH COM 001957109 14970 286500 SH DEFINED 01 286500
AMGEN INC COM 031162100 9911 157000 SH DEFINED 01 157000
AMOCO CORP COM 031905102 19035 270000 SH DEFINED 01 270000
ASHLAND OIL COM 044540102 7195 181000 SH DEFINED 01 181000
AVNET INC COM 053807103 20613 425000 SH DEFINED 01 425000
BANTA COM 066821109 6611 290600 SH DEFINED 01 290600
BERGEN BRUNSWIG COM 083739102 7934 249900 SH DEFINED 01 249900
BRISTOL MYERS SQUIBB CO COM 110122108 20817 216000 SH DEFINED 01 216000
BURLINGTON COM 121897102 11222 133000 SH DEFINED 01 133000
CRYSLER CORP. COM 171196108 4752 166000 SH DEFINED 01 166000
COLUMBIA/HCA HEALTHCARE COM 197677107 14355 252400 SH DEFINED 01 252400
COMPAQ COMPUTER CORP COM 204493100 6413 100000 SH DEFINED 01 100000
COTT CORPORATION COM 22163N106 3184 421000 SH DEFINED 01 421000
CYPRUS AMAX MINERALS CO COM 232809103 5710 265600 SH DEFINED 01 265600
DTE ENERGY CO. COM 250847100 840 30000 SH DEFINED 01 30000
DILLARD DEPT STORES INC CL A 254063100 11320 351000 SH DEFINED 01 351000
DOW CHEM CO COM 260543103 612 7625 SH DEFINED 01 7625
DU PONT E I DE NEMOURS & CO COM 263534109 18242 207000 SH DEFINED 01 207000
EASTMAN CHEM CO COM 277432100 3211 55000 SH DEFINED 01 55000
EATON CORP COM 278058102 7275 120500 SH DEFINED 01 120500
ELECTRONIC DATA SYSTEMS CORP COM 285661104 13638 222200 SH DEFINED 01 222200
EMERSON ELEC CO COM 291011104 9643 107000 SH DEFINED 01 107000
FLUOR DANIEL COM 343861100 7964 129500 SH DEFINED 01 129500
FORD MOTORS COM 345370100 2688 86000 SH DEFINED 01 86000
FOSTER WHEELER CORP COM 350244109 13344 305000 SH DEFINED 01 305000
GANNETT INC COM 364730101 14075 200000 SH DEFINED 01 200000
GENERAL ELEC CO COM 369604103 19656 216000 SH DEFINED 01 216000
GENERAL MOTORS COM 370442105 2578 53700 SH DEFINED 01 53700
GTE CORP COM 362320103 9433 245000 SH DEFINED 01 245000
GUILFORD MLS INC COM 401794102 6021 267600 SH DEFINED 01 267600
HEWLETT PACKARD CO COM 428236103 19500 400000 SH DEFINED 01 400000
IBP COM 449223106 6761 290800 SH DEFINED 01 290800
INTERNATIONAL BUSINESS MACHS COM 459200101 9773 78500 SH DEFINED 01 78500
JOHNSON & JOHNSON COM 478160104 10250 200000 SH DEFINED 01 200000
KELLWOOD COM 488044108 3250 195500 SH DEFINED 01 195500
LOCTITE COM 540137106 3738 82600 SH DEFINED 01 82600
LOUISIANA PAC CORP COM 546347105 3686 162000 SH DEFINED 01 162000
MALLINCKRODT GROUP COM 561226101 16891 405800 SH DEFINED 01 405800
MCCORMICK & CO COM 579780206 6977 298500 SH DEFINED 01 298500
MEAD CORP COM 582834107 6859 117000 SH DEFINED 01 117000
MERCK & CO INC COM 589331107 17594 250000 SH DEFINED 01 250000
MERCURY FINANCE COM 589395102 6640 547600 SH DEFINED 01 547600
MORGAN J P & CO INC COM 616880100 14042 158000 SH DEFINED 01 158000
MOTOROLA COM 620076109 8755 170000 SH DEFINED 01 170000
NATIONSBANK COM 638585109 5908 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
NORWEST CORP. COM 669380107 8651 212300 SH DEFINED 01 212300
OASIS RESIDENTIAL COM 674216106 6307 288300 SH DEFINED 01 288300
PECO ENERGY COM 693304107 5795 244000 SH DEFINED 01 244000
PEPSICO INC COM 713448108 16950 600000 SH DEFINED 01 600000
PFIZER INC COM 717081103 24133 305000 SH DEFINED 01 305000
PROCTER & GAMBLE CO COM 742718109 20865 214000 SH DEFINED 01 214000
QUAKER OATS CO COM 747402105 364 10000 SH DEFINED 01 10000
R P SCHERER CORP COM 806528105 8307 170400 SH DEFINED 01 170400
SARA LEE CORP COM 803111103 7182 200900 SH DEFINED 01 200900
SCHERING PLOUGH CORP COM 806605101 18413 300000 SH DEFINED 01 300000
SEQUENT COMPUTER COM 817338106 1300 100000 SH DEFINED 01 100000
SILICON GRAPHICS COM 827056102 5555 252500 SH DEFINED 01 252500
SINGER CO N V COM 82930F109 5377 260700 SH DEFINED 01 260700
SOCIETE NATIONALE ELF AQUITAIN SPONSORED ADR 833658404 13167 334400 SH DEFINED 01 334400
SONAT COM 835415100 9912 224000 SH DEFINED 01 224000
TANDEM COMPUTER COM 875370108 5632 512000 SH DEFINED 01 512000
TEXACO INC COM 881694103 4434 48200 SH DEFINED 01 48200
TOYS R US COM 892335100 7864 270000 SH DEFINED 01 270000
U S WEST INC COM 912889102 7887 264000 SH DEFINED 01 264000
U S WEST MEDIA GROUP COM 912889201 4455 264000 SH DEFINED 01 264000
UNIVERSAL FOODS COM 913538104 6409 197200 SH DEFINED 01 197200
UNOCAL CORP COM 915289102 4018 111600 SH DEFINED 01 111600
WMX TECHNOLOGIES INC COM 92929Q107 13873 422000 SH DEFINED 01 422000
WAL MART STORES INC COM 931142103 9363 355000 SH DEFINED 01 355000
WARNER LAMBERT CO COM 934488107 21120 320000 SH DEFINED 01 320000
WEYERHAEUSER CO COM 962166104 7592 164600 SH DEFINED 01 164600
WHEELABRATOR TECHNOLOGIES COM 962901302 3646 239100 SH DEFINED 01 239100
ABBOTT LABS COM 002824100 960 19500 SH SOLE 19500
ALBERTSONS INC COM 013104104 569 13500 SH SOLE 13500
ALLERGAN, INC COM 018490102 469 12300 SH SOLE 12300
ALLTEL COM 020039103 440 15800 SH SOLE 15800
AMERICAN GENERAL CORP COM 026351106 313 8300 SH SOLE 8300
AMERICAN TEL & TELEG CO COM 001957109 779 14900 SH SOLE 14900
AMGEN COM 031162100 442 7000 SH SOLE 7000
AMOCO CORP COM 031905102 973 13800 SH SOLE 13800
ASHLAND OIL COM 044540102 366 9200 SH SOLE 9200
AVNET INC COM 053807103 781 16100 SH SOLE 16100
BMC SOFTWARE COM 055921100 509 6400 SH SOLE 6400
BANTA COM 066821109 450 19800 SH SOLE 19800
BERGEN BRUNSWIG COM 083739102 518 16300 SH SOLE 16300
BRISTOL MYERS SQUIBB CO COM 110122108 1243 12900 SH SOLE 12900
BURLINGTON NORTHERN INC COM 12189T104 548 6500 SH SOLE 6500
CABOT CORP COM 127055101 396 14200 SH SOLE 14200
CHEVRON CORPORATION COM 166751107 695 11100 SH SOLE 11100
CHRYSLER CORP COM 171196108 258 9000 SH SOLE 9000
COLUMBIA/HCA HEALTHCARE CORP COM 197677107 1001 17600 SH SOLE 17600
COMPAQ COMPUTERS COM 204493100 462 7200 SH SOLE 7200
COMERICA INC. COM 200340107 670 13000 SH SOLE 13000
COTT CORPORATION COM 22163N106 84 11100 SH SOLE 11100
CYPRESS MINERALS COM 232809103 277 12900 SH SOLE 12900
<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 292 5300 SH SOLE 5300
DU PONT E I DE NEMOURS & CO COM 263534109 1066 12100 SH SOLE 12100
EATON COM 278058102 489 8100 SH SOLE 8100
ELECTRONIC DATA SYSTEMS CORP COM 285661104 614 10000 SH SOLE 10000
EMERSON ELECTRIC COM 291011104 712 7900 SH SOLE 7900
FLUOR CORP COM 343861100 843 13700 SH SOLE 13700
FORD MOTORS COM 345370100 303 9700 SH SOLE 9700
FOSTER WHEELER CORP COM 350244109 652 14900 SH SOLE 14900
GTE CORP COM 362320103 501 13000 SH SOLE 13000
GENERAL ELEC CO COM 369604103 1556 17100 SH SOLE 17100
GENERAL MILLS COM 370334104 398 6600 SH SOLE 6600
GENERAL MOTORS INC COM 370442105 418 8700 SH SOLE 8700
GENERAL SIGNAL COM 370838104 541 12300 SH SOLE 12300
GUILFORD MILLS COM 401794102 333 14800 SH SOLE 14800
HEWLETT-PACCCKARD CO COM 428236103 868 17800 SH SOLE 17800
IBP COM 449223106 451 19400 SH SOLE 19400
JOHNSON & JOHNSON COM 478160104 595 11600 SH SOLE 11600
LOCTITE CORP. COM 540137106 502 11100 SH SOLE 11100
LOUISIANA PACIFIC COM 546347105 296 13000 SH SOLE 13000
MALLINCKRODT GROUP COM 561226101 612 14700 SH SOLE 14700
MEAD CORP COM 582834107 451 7700 SH SOLE 7700
MERCK & CO INC COM 589331107 880 12500 SH SOLE 12500
MERCURY FINANCE COM 589395102 238 19600 SH SOLE 19600
MORGAN J P & CO INC COM 616880100 942 10600 SH SOLE 10700
MODINE MANUFACTURING COM 607828100 250 9600 SH SOLE 9600
MOTOROLA COM 620076109 371 7200 SH SOLE 7200
NATIONSBANK COM 638585109 1050 12089 SH SOLE 12089
NOBLE AFFILIATES COM 654894104 279 6600 SH SOLE 6600
NORWEST COM 669380107 746 18300 SH SOLE 18300
OCCIDENTAL PETROLEUM COM 674599105 428 18300 SH SOLE 18300
PACIFICARE HEALTH SYSTEM B COM 695110205 225 2600 SH SOLE 2600
PECO ENERGY COM 693304107 387 16300 SH SOLE 16300
PEPSICO INC COM 713448108 1170 41400 SH SOLE 41400
PFIZER INC COM 717081103 1108 14000 SH SOLE 14000
PHARMACIA & UPJOHN INC COM 716941109 299 7250 SH SOLE 7250
PROCTER & GAMBLE CO COM 742718109 1385 14200 SH SOLE 14200
RALSTON PURINA COM 751277302 500 7300 SH SOLE 7300
R P SCHERER CORP COM 806528105 580 11900 SH SOLE 11900
SARA LEE CORP COM 803111103 633 17700 SH SOLE 17700
SCHERING PLOUGH CORP COM 806605101 1350 22000 SH SOLE 22000
SEQUENT COMPUTER SYSTEMS COM 817338106 228 17500 SH SOLE 17500
SILICON GRAPHICS COM 827056102 378 17200 SH SOLE 17200
SINGER CO N V COM 82930F109 266 12900 SH SOLE 12900
SOCIETE NATIONALE ELF AQUITAIN SPONSORED ADR 833658404 539 13680 SH SOLE 13680
SONAT INC COM 835415100 487 11000 SH SOLE 11000
SOUTHWESTERN BELL CORP COM 845333103 361 7500 SH SOLE 7500
SUN MICROSYSTEMS INC COM 866810104 640 10300 SH SOLE 10300
TANDEM COMPUTERS INC COM 875370108 281 25500 SH SOLE 25500
TENNECO COM 880370100 426 8500 SH SOLE 8500
TOYS "R" US COM 892335100 338 11600 SH SOLE 11600
<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
UNION PAC CORP COM 907818108 505 6900 SH SOLE 6900
UNOCAL CORP COM 915289102 590 16400 SH SOLE 16400
UNIVERSAL FOODS COM 913538104 309 9500 SH SOLE 9500
U S WEST INC COM 912889102 448 15000 SH SOLE 15000
U S WEST MEDIA GROUP COM 912889201 218 12900 SH SOLE 12900
UST INC COM 902911106 353 11900 SH SOLE 11900
WALMART COM 931142103 459 17400 SH SOLE 17400
WALT DISNEY COMPANY COM 254687106 576 9100 SH SOLE 9100
WEYERHAEUSER CO COM 962166104 489 10600 SH SOLE 10600
WHEELABRATOR TECHNOLOGIES COM 962901302 371 24300 SH SOLE 24300
WMX TECHNOLOGIES INC COM 92929Q107 904 27500 SH SOLE 27500
ABBOTT LABS COM 002824100 6309 128100 SH DEFINED 01 128100
ADVANCED MICRO DEVIC COM 007903107 656 44500 SH DEFINED 01 44500
ALBERTSONS INC COM 013104104 4276 101500 SH DEFINED 01 101500
ALLERGAN INC COM 018490102 3298 86500 SH DEFINED 01 86500
ALLTEL COM 020039103 2980 106900 SH DEFINED 01 106900
AMERICAN GENERAL CORP COM 026351106 910 24100 SH DEFINED 01 24100
AMERICAN RE CORP COM 013104104 3277 51600 SH DEFINED 01 51600
AMERICAN STATES FINANCIAL COM 029861101 2644 113700 SH DEFINED 01 113700
AMERICAN TEL & TELEG CO COM 030177109 5920 113300 SH DEFINED 01 113300
AMGEN INC COM 031162100 1414 22400 SH DEFINED 01 22400
AMOCO CORP COM 031905102 1988 28200 SH DEFINED 01 28200
ARNOLD INDUSTRIES COM 042595108 1772 112500 SH DEFINED 01 112500
ASHLAND OIL COM 044540102 1646 41400 SH DEFINED 01 41400
ASHLAND OIL CUT PREF PFD 04454 870 2251 35800 SH DEFINED 01 35800
AVNET INC COM 053807103 2459 50700 SH DEFINED 01 50700
BALTIMORE GAS & ELECTRIC COM 059165100 687 26300 SH DEFINED 01 26300
BANTA COM 066821109 3005 132100 SH DEFINED 01 132100
BAY NETWORKS INC COM 072510100 429 15750 SH DEFINED 01 15750
BERGEN BRUNSWIG COM 083739102 3280 103300 SH DEFINED 01 103300
BMC SOFTWARE COM 055921100 1876 23600 SH DEFINED 01 23600
BURLINGTON NORTHERN COM 121897607 5940 70400 SH DEFINED 01 70400
CABOT CORP COM 127055101 976 35000 SH DEFINED 01 35000
CENTERPOINT PROPERTIES COM 151895109 1742 64800 SH DEFINED 01 64800
CHEVRON CORPORATION COM 166751107 3006 48000 SH DEFINED 01 48000
CHRYSLER CORP COM 171196108 739 25800 SH DEFINED 01 25800
COCA COLA CO COM 191216100 1526 30000 SH DEFINED 01 30000
COLUMBIA HEALTHCARE COM 197677107 1871 32900 SH DEFINED 01 32900
COMERICA INC. COM 200340107 6103 118500 SH DEFINED 01 118500
COMPAQ COMPUTER CORP COM 204493100 2276 35500 SH DEFINED 01 35500
COTT CORPORATION COM 22163N106 511 67600 SH DEFINED 01 67600
COVENANT TRANSPORT COM 22284P105 404 21000 SH DEFINED 01 21000
CYPRUS AMAX MINERALS CO COM 232809103 2989 139000 SH DEFINED 01 139000
DTE ENERGY CO. COM 250847100 1876 67000 SH DEFINED 01 67000
DEAN WITTER DISCOVER COM 24240V101 3443 62600 SH DEFINED 01 62600
DISNEY WALT CO DEL COM 254687106 2205 34800 SH DEFINED 01 34800
DU PONT E I DE NEMOURS & CO COM 263534109 6186 70100 SH DEFINED 01 70100
EATON CORP COM 278058102 2222 36800 SH DEFINED 01 36800
ELECTTRONIC DATA SYSTEMS CORP COM 285661104 1559 25400 SH DEFINED 01 25400
ETHYL CORPORATION COM 297659104 945 105000 SH DEFINED 01 105000
<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
FLEET CORP COM 338915101 2382 53531 SH DEFINED 01 53531
FLUOR CORP COM 343861100 5326 86600 SH DEFINED 01 86600
FOOD LION INC CLASS A COM 334775202 5625 625000 SH DEFINED 01 625000
FORD MOTOR COMPANY COM 345370100 5072 162299 SH DEFINED 01 162299
FOSTER WHEELER CORP COM 350244109 3653 83500 SH DEFINED 01 83500
GTE CORP COM 362320103 2522 65500 SH DEFINED 01 65500
GENERAL ELECTRIC COM 369604103 255 2800 SH DEFINED 01 2800
GENERAL MLS INC COM 370334104 3019 50000 SH DEFINED 01 50000
GENERAL MOTORS COM 370442402 1152 24000 SH DEFINED 01 24000
GENERAL SIGNAL COM 370838104 4981 113200 SH DEFINED 01 113200
GIANT CEMENT HOLDING COM 374450104 1153 77500 SH DEFINED 01 77500
GREENBRIAR COMPANIES COM 393657101 728 63300 SH DEFINED 01 63300
GUILFORD MLS INC COM 401794102 2219 98600 SH DEFINED 01 98600
HEALTH&REHABILITATION PPTYS TR COM SH BEN INT 422169102 2006 113000 SH DEFINED 01 113000
HEWLETT PACKARD CO COM 4238236103 7849 161000 SH DEFINED 01 161000
HOSPITALITY PROPERTIES COM 44106M102 1338 50000 SH DEFINED 01 50000
HUDSON FOODS CL A 443782107 359 25000 SH DEFINED 01 25000
IBP COM 449223106 3136 134900 SH DEFINED 01 134900
J & L SPECIALTY COM 466046109 361 26500 SH DEFINED 01 26500
JOHNSON & JOHNSON COM 478160104 1845 36000 SH DEFINED 01 36000
KELLWOOD COM 488044108 3403 204700 SH DEFINED 01 204700
LA Z BOY CHAIR CO COM 505336107 1717 57000 SH DEFINED 01 57000
LIBERTY TRUST PROPER COM 531172104 1631 75000 SH DEFINED 01 75000
LOCTITE COM 540137106 1670 36900 SH DEFINED 01 36900
LOUISIANA PAC CORP COM 546347105 949 41700 SH DEFINED 01 41700
MALLINCKRODT GROUP COM 561226106 1082 26000 SH DEFINED 01 26000
MCCORMICK & CO COM 579780206 3086 132000 SH DEFINED 01 132000
MEAD CORPORATION COM 582834107 3711 63300 SH DEFINED 01 63300
MERCK & CO INC COM 589331107 2534 36000 SH DEFINED 01 36000
MERCURY FINANCE COM 589395102 3011 250900 SH DEFINED 01 250900
MISSISSIPPI CHEMICAL COM 605288208 1590 68000 SH DEFINED 01 68000
MODINE MANUFACTURING COM 607828100 2242 85400 SH DEFINED 01 85400
MORGAN J P & CO INC COM 616880100 4177 47000 SH DEFINED 01 47000
MOTOROLA COM 620076109 3877 75100 SH DEFINED 01 75100
NATIONSBANK CORP COM 638585109 4978 57300 SH DEFINED 01 57300
NEWBRIDGE NETWORKS COM 650901101 1039 16300 SH DEFINED 01 16300
NOBLE AFFILIATES INC. COM 654894104 1141 27000 SH DEFINED 01 27000
NORWEST CORP COM 669380107 4562 111600 SH DEFINED 01 111600
OASIS RESIDENTIAL COM 674216106 1258 57500 SH DEFINED 01 57500
OCCIDENTAL PETROLEUM COM 674599105 1367 58500 SH DEFINED 01 58500
OMEGA HEALTHCARE INVS INC COM 681936100 1800 60000 SH DEFINED 01 60000
ORNADA HEALTHCORP COM 686857103 1095 40000 SH DEFINED 01 40000
PACIFICARE CL B COM 695110205 1003 11600 SH DEFINED 01 11600
PECO ENERGY COM 693304107 2368 99700 SH DEFINED 01 99700
PEPSICO INC COM 713448108 7184 254300 SH DEFINED 01 254300
PFIZER INC COM 717081103 206 2600 SH DEFINED 01 2600
PHILLIPS VAN HUSEN COM 718592108 801 72000 SH DEFINED 01 72000
PROCTER & GAMBLE CO COM 742718109 3530 36200 SH DEFINED 01 36200
RAYTHEON CO COM 755111101 2781 50000 SH DEFINED 01 50000
RJR NABISCO PERCS PFD 74960K884 1109 206240 SH DEFINED 01 206240
<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
R P SCHERER CORP COM 806528105 1833 37600 SH DEFINED 01 37600
SARA LEE CORP COM 803111103 3275 91600 SH DEFINED 01 91600
SCHERING PLOUGH CORP COM 806605101 4010 65200 SH DEFINED 01 65200
SECURITY CAPITAL IND COM 814138103 1178 64566 SH DEFINED 01 64566
SECURITY CAPITAL PFD 814138301 1152 47000 SH DEFINED 01 47000
SEQUENT COMPUTER SYSTEMS COM 817338106 970 74600 SH DEFINED 01 74600
SILICON GRAPHICS COM 827056102 1288 58200 SH DEFINED 01 58200
SINGER CO N V COM 82930F109 1293 62700 SH DEFINED 01 62700
SOCIETE NATIONALE ELF AQUITAIN SPONSORED ADR 833658404 3717 94400 SH DEFINED 01 94400
SONAT INC COM 835415100 4106 92800 SH DEFINED 01 92800
ST PAUL CAP PFD PFD 792856205 1075 20000 SH DEFINED 01 20000
STURM RUGER COM 864159108 2602 132600 SH DEFINED 01 132600
SUN MICROSYSTEMS INC COM 866810104 2423 39000 SH DEFINED 01 39000
TANDEM COMPUTERS INC COM 875370108 1675 155800 SH DEFINED 01 155800
TEMPLE INLAND INC COM 879868107 2748 52100 SH DEFINED 01 52100
TENET HEALTHCARE COM 626886103 2512 112900 SH DEFINED 01 112900
TENNECO COM 880370101 3624 72300 SH DEFINED 01 72300
TEXACO INC COM 881694103 5152 56000 SH DEFINED 01 56000
TOYS R US COM 892335100 882 30300 SH DEFINED 01 30300
UNION PAC CORP COM 907818108 4710 64300 SH DEFINED 01 64300
UNION TEXAS PETROLEUM COM 908640105 997 46100 SH DEFINED 01 46100
UNIVERSAL FOODS COM 913538104 3455 106300 SH DEFINED 01 106300
U S WEST INC COM 912889102 3222 108300 SH DEFINED 01 108300
U S WEST MEDIA GROUP COM 912889201 992 58800 SH DEFINED 01 58800
UST INC COM 902911106 3093 104400 SH DEFINED 01 104400
UNOCAL CORP COM 915289102 3708 103000 SH DEFINED 01 103000
UNOCAL PFD 91528T207 3526 67000 SH DEFINED 01 67000
WMX TECHNOLOGIES INC COM 92929Q107 5470 166400 SH DEFINED 01 166400
WAL MART STORES INC COM 931142103 3165 120000 SH DEFINED 01 120000
WARNER LAMBERT CO COM 934488107 488 7400 SH DEFINED 01 7400
WESTERN GAS RESOURCES PFD 958259301 1039 31000 SH DEFINED 01 31000
WEYERHAEUSER CO COM 962166104 2020 43800 SH DEFINED 01 43800
WHEELABRATOR TECH. COM 962901302 1496 98100 SH DEFINED 01 98100
WHIRLPOOL CORP COM 963320106 3898 77000 SH DEFINED 01 77000
REPORT SUMMARY 284 DATA RECORDS 1067574 1 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
</TABLE>
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