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<TABLE>
<C> <C>
<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 12/31/96
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 02/13/97
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 2884 112000SH DEFINED 01 112000
ALBERTSONS INC COM 013104104 6213 174400SH DEFINED 01 174400
ALLERGAN, INC COM 018490102 7570 212500SH DEFINED 01 212500
AMERICAN GENERAL CORP COM 026351106 4026 98500SH DEFINED 01 98500
ALLTEL COM 020039103 7138 227500SH DEFINED 01 227500
AMERICAN TELEPH & TELEGRAPH COM 001957109 12427 286500SH DEFINED 01 286500
AMGEN INC COM 031162100 8537 157000SH DEFINED 01 157000
AMOCO CORP COM 031905102 21769 270000SH DEFINED 01 270000
ASHLAND OIL COM 044540102 7941 181000SH DEFINED 01 181000
AVNET INC COM 053807103 18931 325000SH DEFINED 01 325000
BANTA COM 066821109 6647 290600SH DEFINED 01 290600
BERGEN BRUNSWIG COM 083739102 7185 249900SH DEFINED 01 249900
BRISTOL MYERS SQUIBB CO COM 110122108 23544 216000SH DEFINED 01 216000
BURLINGTON COM 121897102 11488 133000SH DEFINED 01 133000
CRYSLER CORP. COM 171196108 5478 166000SH DEFINED 01 166000
COLUMBIA/HCA HEALTHCARE COM 197677107 15428 378600SH DEFINED 01 378600
COMPAQ COMPUTER CORP COM 204493100 7438 100000SH DEFINED 01 100000
COTT CORPORATION COM 22163N106 3052 421000SH DEFINED 01 421000
CYPRUS AMAX MINERALS CO COM 232809103 6242 265600SH DEFINED 01 265600
DTE ENERGY CO. COM 250847100 971 30000SH DEFINED 01 30000
DILLARD DEPT STORES INC CL A 254063100 10837 351000SH DEFINED 01 351000
DOW CHEM CO COM 260543103 598 7625SH DEFINED 01 7625
DU PONT E I DE NEMOURS & CO COM 263534109 15248 162000SH DEFINED 01 162000
EASTMAN CHEM CO COM 277432100 3039 55000SH DEFINED 01 55000
ELECTRONIC DATA SYSTEMS CORP COM 285661104 9610 222200SH DEFINED 01 222200
EMERSON ELEC CO COM 291011104 10366 107000SH DEFINED 01 107000
FLUOR DANIEL COM 343861100 8126 129500SH DEFINED 01 129500
FORD MOTORS COM 345370100 2774 86000SH DEFINED 01 86000
FOSTER WHEELER CORP COM 350244109 11323 305000SH DEFINED 01 305000
GENERAL ELEC CO COM 369604103 21357 216000SH DEFINED 01 216000
GENERAL MOTORS COM 370442105 2994 53700SH DEFINED 01 53700
GTE CORP COM 362320103 11117 245000SH DEFINED 01 245000
GUILFORD MLS INC COM 401794102 7125 267600SH DEFINED 01 267600
HEWLETT PACKARD CO COM 428236103 20100 400000SH DEFINED 01 400000
IBP COM 449223106 7052 290800SH DEFINED 01 290800
INTERNATIONAL BUSINESS MACHS COM 459200101 7727 51000SH DEFINED 01 51000
JOHNSON & JOHNSON COM 478160104 9950 200000SH DEFINED 01 200000
KELLWOOD COM 488044108 3910 195500SH DEFINED 01 195500
LOUISIANA PAC CORP COM 546347105 3422 162000SH DEFINED 01 162000
LUCENT TECHNOLOGIES COM 549463107 4294 92849SH DEFINED 01 92849
MALLINCKRODT GROUP COM 561226101 17906 405800SH DEFINED 01 405800
MCCORMICK & CO COM 579780206 7033 298500SH DEFINED 01 298500
MEAD CORP COM 582834107 6801 117000SH DEFINED 01 117000
MERCK & CO INC COM 589331107 11944 150000SH DEFINED 01 150000
MERCURY FINANCE COM 589395102 6708 547600SH DEFINED 01 547600
MODINE COM 607828100 1410 52700SH DEFINED 01 52700
MORGAN J P & CO INC COM 616880100 15425 158000SH DEFINED 01 158000
MOTOROLA COM 620076109 10413 170000SH DEFINED 01 170000
NATIONSBANK COM 638585109 6647 68000SH DEFINED 01 68000
NORWEST CORP. COM 669380107 9235 212300SH 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 6559 288300SH DEFINED 01 288300
PECO ENERGY COM 693304107 6161 244000SH DEFINED 01 244000
PEPSICO INC COM 713448108 17550 600000SH DEFINED 01 600000
PFIZER INC COM 717081103 25315 305000SH DEFINED 01 305000
PROCTER & GAMBLE CO COM 742718109 23032 214000SH DEFINED 01 214000
QUAKER OATS CO COM 747402105 381 10000SH DEFINED 01 10000
R P SCHERER CORP COM 806528105 8563 170400SH DEFINED 01 170400
SARA LEE CORP COM 803111103 7484 200900SH DEFINED 01 200900
SCHERING PLOUGH CORP COM 806605101 12950 200000SH DEFINED 01 200000
SEQUENT COMPUTER COM 817338106 1775 100000SH DEFINED 01 100000
SILICON GRAPHICS COM 827056102 6439 252500SH DEFINED 01 252500
SINGER CO N V COM 82930F109 5833 260700SH DEFINED 01 260700
SOCIETE NATIONALE ELF AQUITAIN SPONSORED ADR 833658404 15132 334400SH DEFINED 01 334400
SONAT COM 835415100 11536 224000SH DEFINED 01 224000
TANDEM COMPUTER COM 875370108 7040 512000SH DEFINED 01 512000
TEXACO INC COM 881694103 4730 48200SH DEFINED 01 48200
TOYS R US COM 892335100 8066 270000SH DEFINED 01 270000
U S WEST INC COM 912889102 8514 264000SH DEFINED 01 264000
U S WEST MEDIA GROUP COM 912889201 4851 264000SH DEFINED 01 264000
UNIVERSAL FOODS COM 913538104 6951 197200SH DEFINED 01 197200
UNOCAL CORP COM 915289102 4548 111600SH DEFINED 01 111600
WMX TECHNOLOGIES INC COM 92929Q107 13715 422000SH DEFINED 01 422000
WAL MART STORES INC COM 931142103 8076 355000SH DEFINED 01 355000
WARNER LAMBERT CO COM 934488107 24000 320000SH DEFINED 01 320000
WEYERHAEUSER CO COM 962166104 7798 164600SH DEFINED 01 164600
WHEELABRATOR TECHNOLOGIES COM 962901302 3885 239100SH DEFINED 01 239100
ABBOTT LABS COM 002824100 990 19500SH SOLE 19500
ALBERTSONS INC COM 013104104 481 13500SH SOLE 13500
ALLERGAN, INC COM 018490102 438 12300SH SOLE 12300
ALLTEL COM 020039103 496 15800SH SOLE 15800
AMERICAN GENERAL CORP COM 026351106 339 8300SH SOLE 8300
AMERICAN TEL & TELEG CO COM 001957109 651 15000SH SOLE 15000
AMGEN COM 031162100 451 8300SH SOLE 8300
AMOCO CORP COM 031905102 1165 14450SH SOLE 14450
ASHLAND OIL COM 044540102 426 9700SH SOLE 9700
AVNET INC COM 053807103 987 16950SH SOLE 16950
BMC SOFTWARE COM 055921100 480 11600SH SOLE 11600
BANTA COM 066821109 453 19800SH SOLE 19800
BERGEN BRUNSWIG COM 083739102 469 16300SH SOLE 16300
BRISTOL MYERS SQUIBB CO COM 110122108 1444 13250SH SOLE 13250
BURLINGTON NORTHERN INC COM 12189T104 561 6500SH SOLE 6500
CABOT CORP COM 127055101 357 14200SH SOLE 14200
CHEVRON CORPORATION COM 166751107 852 13100SH SOLE 13100
CHRYSLER CORP COM 171196108 300 9100SH SOLE 9100
COLUMBIA/HCA HEALTHCARE CORP COM 197677107 1080 26500SH SOLE 26500
COMPAQ COMPUTERS COM 204493100 536 7200SH SOLE 7200
COMERICA INC. COM 200340107 681 13000SH SOLE 13000
COTT CORPORATION COM 22163N106 80 11100SH SOLE 11100
CYPRESS MINERALS COM 232809103 324 13800SH SOLE 13800
DEAN WITTER DISCOVER COM 24240V101 351 5300SH 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 1144 12150SH SOLE 12150
ELECTRONIC DATA SYSTEMS CORP COM 285661104 433 10000SH SOLE 10000
EMERSON ELECTRIC COM 291011104 862 8900SH SOLE 8900
EXXON COM 302290101 206 2100SH SOLE 2100
FLUOR CORP COM 343861100 882 14050SH SOLE 14050
FORD MOTORS COM 345370100 313 9700SH SOLE 9700
FOSTER WHEELER CORP COM 350244109 553 14900SH SOLE 14900
GTE CORP COM 362320103 590 13000SH SOLE 13000
GENERAL ELEC CO COM 369604103 1725 17450SH SOLE 17450
GENERAL MILLS COM 370334104 420 6600SH SOLE 6600
GENERAL MOTORS INC COM 370442105 485 8700SH SOLE 8700
GENERAL SIGNAL COM 370838104 526 12300SH SOLE 12300
GUILFORD MILLS COM 401794102 394 14800SH SOLE 14800
HEWLETT-PACCCKARD CO COM 428236103 899 17900SH SOLE 17900
IBP COM 449223106 470 19400SH SOLE 19400
JOHNSON & JOHNSON COM 478160104 577 11600SH SOLE 11600
LOUISIANA PACIFIC COM 546347105 275 13000SH SOLE 13000
LUCENT TECHNOLOGIES COM 549463107 223 4822SH SOLE 4822
MALLINCKRODT GROUP COM 561226101 825 18700SH SOLE 18700
MEAD CORP COM 582834107 448 7700SH SOLE 7700
MERCK & CO INC COM 589331107 995 12500SH SOLE 12500
MERCURY FINANCE COM 589395102 240 19600SH SOLE 19600
MORGAN J P & CO INC COM 616880100 1035 10600SH SOLE 10600
MODINE MANUFACTURING COM 607828100 257 9600SH SOLE 9600
MOTOROLA COM 620076109 441 7200SH SOLE 7200
NATIONSBANK COM 638585109 1187 12139SH SOLE 12139
NOBLE AFFILIATES COM 654894104 316 6600SH SOLE 6600
NORWEST COM 669380107 800 18400SH SOLE 18400
OCCIDENTAL PETROLEUM COM 674599105 428 18300SH SOLE 18300
PACIFICARE HEALTH SYSTEM B COM 695110205 222 2600SH SOLE 2600
PEPSICO INC COM 713448108 1451 49600SH SOLE 49600
PFIZER INC COM 717081103 1162 14000SH SOLE 14000
PHARMACIA & UPJOHN INC COM 716941109 287 7250SH SOLE 7250
PHILLIP MORRIS COS. INC. COM 718154107 226 2000SH SOLE 2000
PROCTER & GAMBLE CO COM 742718109 1609 14950SH SOLE 14950
RALSTON PURINA COM 751277302 536 7300SH SOLE 7300
R P SCHERER CORP COM 806528105 598 11900SH SOLE 11900
SARA LEE CORP COM 803111103 663 17800SH SOLE 17800
SBC COMMUNICATIONS INC COM 78387G103 493 9500SH SOLE 9500
SCHERING PLOUGH CORP COM 806605101 1428 22050SH SOLE 22050
SEQUENT COMPUTER SYSTEMS COM 817338106 311 17500SH SOLE 17500
SILICON GRAPHICS COM 827056102 439 17200SH SOLE 17200
SINGER CO N V COM 82930F109 289 12900SH SOLE 12900
SOCIETE NATIONALE ELF AQUITAIN SPONSORED ADR 833658404 886 19580SH SOLE 19580
SONAT INC COM 835415100 618 12000SH SOLE 12000
SUN MICROSYSTEMS INC COM 866810104 529 20600SH SOLE 20600
TANDEM COMPUTERS INC COM 875370108 351 25500SH SOLE 25500
TENNECO COM 880370100 384 8500SH SOLE 8500
TOYS "R" US COM 892335100 347 11600SH SOLE 11600
UNION PAC CORP COM 907818108 415 6900SH SOLE 6900
<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
UNOCAL CORP COM 915289102 672 16500SH SOLE 16500
UNIVERSAL FOODS COM 913538104 338 9600SH SOLE 9600
U S WEST INC COM 912889102 484 15000SH SOLE 15000
U S WEST MEDIA GROUP COM 912889201 237 12900SH SOLE 12900
UST INC COM 902911106 385 11900SH SOLE 11900
WALMART COM 931142103 425 18700SH SOLE 18700
WALT DISNEY COMPANY COM 254687106 635 9100SH SOLE 9100
WEYERHAEUSER CO COM 962166104 507 10700SH SOLE 10700
WHEELABRATOR TECHNOLOGIES COM 962901302 395 24300SH SOLE 24300
WMX TECHNOLOGIES INC COM 92929Q107 897 27600SH SOLE 27600
ABBOTT LABS COM 002824100 6501 128100SH DEFINED 01 128100
ADVANCED MICRO DEVIC COM 007903107 1146 44500SH DEFINED 01 44500
ALBERTSONS INC COM 013104104 3616 101500SH DEFINED 01 101500
ALLERGAN INC COM 018490102 3082 86500SH DEFINED 01 86500
ALLTEL COM 020039103 3354 106900SH DEFINED 01 106900
AMERICAN GENERAL CORP COM 026351106 985 24100SH DEFINED 01 24100
AMERICAN STATES FINANCIAL COM 029861101 3013 113700SH DEFINED 01 113700
AMERICAN TEL & TELEG CO COM 030177109 4929 113300SH DEFINED 01 113300
AMGEN INC COM 031162100 1218 22400SH DEFINED 01 22400
AMOCO CORP COM 031905102 2270 28200SH DEFINED 01 28200
ARNOLD INDUSTRIES COM 042595108 1786 112500SH DEFINED 01 112500
ASHLAND OIL COM 044540102 1816 41400SH DEFINED 01 41400
ASHLAND OIL CUT PREF PFD 04454 870 2457 35800SH DEFINED 01 35800
AVNET INC COM 053807103 2953 50700SH DEFINED 01 50700
BALTIMORE GAS & ELECTRIC COM 059165100 704 26300SH DEFINED 01 26300
BANTA COM 066821109 3022 132100SH DEFINED 01 132100
BAY NETWORKS INC COM 072510100 329 15750SH DEFINED 01 15750
BERGEN BRUNSWIG COM 083739102 2944 103300SH DEFINED 01 103300
BMC SOFTWARE COM 055921100 1953 47200SH DEFINED 01 47200
BURLINGTON NORTHERN COM 121897607 6081 70400SH DEFINED 01 70400
CABOT CORP COM 127055101 879 35000SH DEFINED 01 35000
CENTERPOINT PROPERTIES COM 151895109 2122 64800SH DEFINED 01 64800
CHEVRON CORPORATION COM 166751107 3120 48000SH DEFINED 01 48000
CHRYSLER CORP COM 171196108 851 25800SH DEFINED 01 25800
COCA COLA CO COM 191216100 1579 30000SH DEFINED 01 30000
COLUMBIA HEALTHCARE COM 197677107 2011 32900SH DEFINED 01 32900
COMERICA INC. COM 200340107 6206 118500SH DEFINED 01 118500
COMPAQ COMPUTER CORP COM 204493100 2636 35500SH DEFINED 01 35500
COTT CORPORATION COM 22163N106 490 67600SH DEFINED 01 67600
COVENANT TRANSPORT COM 22284P105 302 21000SH DEFINED 01 21000
CYPRUS AMAX MINERALS CO COM 232809103 3249 139000SH DEFINED 01 139000
DTE ENERGY CO. COM 250847100 2169 67000SH DEFINED 01 67000
DEAN WITTER DISCOVER COM 24240V101 4147 62600SH DEFINED 01 62600
DISNEY WALT CO DEL COM 254687106 2423 34800SH DEFINED 01 34800
DU PONT E I DE NEMOURS & CO COM 263534109 6616 70100SH DEFINED 01 70100
EL PASO NATURAL GAS CO. COM 283695872 340 6723SH DEFINED 01 6723
ELECTRONIC DATA SYSTEMS CORP COM 285661104 1099 25400SH DEFINED 01 25400
FLEET CORP COM 338915101 2670 53531SH DEFINED 01 53531
FLUOR CORP COM 343861100 5434 86600SH DEFINED 01 86600
FOOD LION INC CLASS A COM 334775202 6113 625000SH DEFINED 01 625000
<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
FORD MOTOR COMPANY COM 345370100 5173 162299SH DEFINED 01 162299
FOSTER WHEELER CORP COM 350244109 3100 83500SH DEFINED 01 83500
GTE CORP COM 362320103 2980 65500SH DEFINED 01 65500
GENERAL ELECTRIC COM 369604103 277 2800SH DEFINED 01 2800
GENERAL MLS INC COM 370334104 3169 50000SH DEFINED 01 50000
GENERAL MOTORS COM 370442402 1338 24000SH DEFINED 01 24000
GENERAL SIGNAL COM 370838104 4839 113200SH DEFINED 01 113200
GIANT CEMENT HOLDING COM 374450104 1250 77500SH DEFINED 01 77500
GREENBRIAR COMPANIES COM 393657101 657 63300SH DEFINED 01 63300
GUILFORD MLS INC COM 401794102 2625 98600SH DEFINED 01 98600
HEALTH&REHABILITATION PPTYS TR COM SH BEN INT 422169102 2189 113000SH DEFINED 01 113000
HEWLETT PACKARD CO COM 428236103 8090 161000SH DEFINED 01 161000
HOSPITALITY PROPERTIES COM 44106M102 1450 50000SH DEFINED 01 50000
HUDSON FOODS CL A 443782107 475 25000SH DEFINED 01 25000
IBP COM 449223106 3271 134900SH DEFINED 01 134900
J & L SPECIALTY COM 466046109 301 26500SH DEFINED 01 26500
JOHNSON & JOHNSON COM 478160104 1791 36000SH DEFINED 01 36000
KELLWOOD COM 488044108 4094 204700SH DEFINED 01 204700
LIBERTY TRUST PROPER COM 531172104 1931 75000SH DEFINED 01 75000
LOUISIANA PAC CORP COM 546347105 881 41700SH DEFINED 01 41700
LUCENT TECHNOLOGIES COM 549463107 1698 36716SH DEFINED 01 36716
MALLINCKRODT GROUP COM 561226106 1147 26000SH DEFINED 01 26000
MCCORMICK & CO COM 579780206 3110 132000SH DEFINED 01 132000
MEAD CORPORATION COM 582834107 3679 63300SH DEFINED 01 63300
MERCK & CO INC COM 589331107 2853 36000SH DEFINED 01 36000
MERCURY FINANCE COM 589395102 3074 250900SH DEFINED 01 250900
MODINE MANUFACTURING COM 607828100 2691 101SH DEFINED 01 101
MORGAN J P & CO INC COM 616880100 4588 47000SH DEFINED 01 47000
MOTOROLA COM 620076109 4609 75100SH DEFINED 01 75100
NATIONSBANK CORP COM 638585109 5601 57300SH DEFINED 01 57300
NEWBRIDGE NETWORKS COM 650901101 921 32600SH DEFINED 01 32600
NEWPORT NEWS SHIPBUILDING COM 652228107 217 14460SH DEFINED 01 14460
NOBLE AFFILIATES INC. COM 654894104 1293 27000SH DEFINED 01 27000
NORWEST CORP COM 669380107 4855 111600SH DEFINED 01 111600
OASIS RESIDENTIAL COM 674216106 1308 57500SH DEFINED 01 57500
OCCIDENTAL PETROLEUM COM 674599105 1367 58500SH DEFINED 01 58500
OMEGA HEALTHCARE INVS INC COM 681936100 1995 60000SH DEFINED 01 60000
ORNADA HEALTHCORP COM 686857103 1170 40000SH DEFINED 01 40000
PACIFICARE CL B COM 695110205 989 11600SH DEFINED 01 11600
PEPSICO INC COM 713448108 7438 254300SH DEFINED 01 254300
PFIZER INC COM 717081103 215 2600SH DEFINED 01 2600
PHILLIPS VAN HUSEN COM 718592108 1035 72000SH DEFINED 01 72000
PROCTER & GAMBLE CO COM 742718109 3892 36200SH DEFINED 01 36200
RAYTHEON CO COM 755111101 2406 50000SH DEFINED 01 50000
RJR NABISCO PERCS PFD 74960K884 1392 206240SH DEFINED 01 206240
R P SCHERER CORP COM 806528105 1889 37600SH DEFINED 01 37600
SARA LEE CORP COM 803111103 3412 91600SH DEFINED 01 91600
SCHERING PLOUGH CORP COM 806605101 4222 65200SH DEFINED 01 65200
SECURITY CAPITAL PFD 814138301 1281 47000SH DEFINED 01 47000
SEQUENT COMPUTER SYSTEMS COM 817338106 1324 74600SH DEFINED 01 74600
<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
SILICON GRAPHICS COM 827056102 1484 58200SH DEFINED 01 58200
SINGER CO N V COM 82930F109 1403 62700SH DEFINED 01 62700
SOCIETE NATIONALE ELF AQUITAIN SPONSORED ADR 833658404 4272 94400SH DEFINED 01 94400
SONAT INC COM 835415100 4779 92800SH DEFINED 01 92800
ST PAUL CAP PFD PFD 792856205 1108 20000SH DEFINED 01 20000
STURM RUGER COM 864159108 2569 132600SH DEFINED 01 132600
SUN MICROSYSTEMS INC COM 866810104 2004 78000SH DEFINED 01 78000
TANDEM COMPUTERS INC COM 875370108 2142 155800SH DEFINED 01 155800
TEMPLE INLAND INC COM 879868107 2820 52100SH DEFINED 01 52100
TENET HEALTHCARE COM 626886103 2470 112900SH DEFINED 01 112900
TENNECO COM 880370101 3263 72300SH DEFINED 01 72300
TEXACO INC COM 881694103 5495 56000SH DEFINED 01 56000
TOYS R US COM 892335100 909 30300SH DEFINED 01 30300
UNION PAC CORP COM 907818108 3866 64300SH DEFINED 01 64300
UNION PACIFIC RESOURCES GROUP COM 907834105 1593 54455SH DEFINED 01 54455
UNION TEXAS PETROLEUM COM 908640105 1031 46100SH DEFINED 01 46100
UNIVERSAL FOODS COM 913538104 3747 106300SH DEFINED 01 106300
U S WEST INC COM 912889102 3493 108300SH DEFINED 01 108300
U S WEST MEDIA GROUP COM 912889201 1088 58800SH DEFINED 01 58800
UST INC COM 902911106 3380 104400SH DEFINED 01 104400
UNOCAL CORP COM 915289102 4184 103000SH DEFINED 01 103000
UNOCAL PFD 91528T207 3794 67000SH DEFINED 01 67000
WMX TECHNOLOGIES INC COM 92929Q107 5429 166400SH DEFINED 01 166400
WAL MART STORES INC COM 931142103 2745 120000SH DEFINED 01 120000
WARNER LAMBERT CO COM 934488107 555 7400SH DEFINED 01 7400
WESTERN GAS RESOURCES PFD 958259301 1209 31000SH DEFINED 01 31000
WEYERHAEUSER CO COM 962166104 2075 43800SH DEFINED 01 43800
WHEELABRATOR TECH. COM 962901302 1594 98100SH DEFINED 01 98100
WHIRLPOOL CORP COM 963320106 3590 77000SH DEFINED 01 77000
REPORT SUMMARY 279 DATA RECORDS 1063102 1 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
</TABLE>
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