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Previous: MERRILL LYNCH AMERICAS INCOME FUND INC, N-30D, 1997-08-15 |
Next: MUNICIPAL PARTNERS FUND II INC, PRE 14A, 1997-08-15 |
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<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 06/30/97
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 08/14/97
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
ALBERTSONS INC COM 013104104 6366 174400 SH DEFINED 01 174400
ALLEGHENY POWER COM 017411109 2933 109900 SH DEFINED 01 109900
ALLERGAN, INC COM 018490102 6760 212500 SH DEFINED 01 212500
ALLTEL COM 020039103 7607 227500 SH DEFINED 01 227500
AMERICAN GENERAL CORP COM 026351106 4703 98500 SH DEFINED 01 98500
AMERICAN TELEPH & TELEGRAPH COM 001957109 10045 286500 SH DEFINED 01 286500
AMGEN INC COM 031162100 9126 157000 SH DEFINED 01 157000
AMOCO CORP COM 031905102 15301 176000 SH DEFINED 01 176000
APPLEBEE'S INTERNATIONAL COM 037899101 4165 155700 SH DEFINED 01 155700
ASHLAND OIL COM 044540102 8394 181000 SH DEFINED 01 181000
AVNET INC COM 053807103 12938 225000 SH DEFINED 01 225000
BANC ONE COM 059438101 7702 159000 SH DEFINED 01 159000
BANTA COM 066821109 7883 290600 SH DEFINED 01 290600
BECKMAN INSTRUMENTS INC. COM 075816108 4101 85000 SH DEFINED 01 85000
BERGEN BRUNSWIG COM 083739102 8786 312375 SH DEFINED 01 312375
BRISTOL MYERS SQUIBB CO COM 110122108 23247 287000 SH DEFINED 01 287000
BURLINGTON COM 12189T104 4970 55300 SH DEFINED 01 55300
CRYSLER CORP. COM 171196108 5457 166000 SH DEFINED 01 166000
COLUMBIA/HCA HEALTHCARE COM 197677107 14884 378600 SH DEFINED 01 378600
COMPAQ COMPUTER CORP COM 204493100 9950 100000 SH DEFINED 01 100000
COTT CORPORATION COM 22163N106 4473 421000 SH DEFINED 01 421000
CYPRUS AMAX MINERALS CO COM 232809103 6507 265600 SH DEFINED 01 265600
DTE ENERGY CO. COM 250847100 2901 105000 SH DEFINED 01 105000
DATASCOPE CORP. COM 238113104 3935 200500 SH DEFINED 01 200500
DEXTER CORP. COM 252165105 3776 118000 SH DEFINED 01 118000
DILLARD DEPT STORES INC CL A 254067101 12153 351000 SH DEFINED 01 351000
DOLE FOOD CO. COM 256605106 7909 185000 SH DEFINED 01 185000
DOW CHEM CO COM 260543103 662 7625 SH DEFINED 01 7625
DU PONT E I DE NEMOURS & CO COM 263534109 7671 122000 SH DEFINED 01 122000
EASTMAN CHEM CO COM 277432100 3493 55000 SH DEFINED 01 55000
ELECTRONIC DATA SYSTEMS CORP COM 285661104 9152 222200 SH DEFINED 01 222200
ELF AQUITAINE SPONSORED ADR 286269105 18204 334400 SH DEFINED 01 334400
EMERSON ELEC CO COM 291011104 11783 214000 SH DEFINED 01 214000
FIRST UNION CORP. COM 337358105 7308 79000 SH DEFINED 01 79000
FLUOR DANIEL COM 343861100 7147 129500 SH DEFINED 01 129500
FORD MOTORS COM 345370100 3268 86000 SH DEFINED 01 86000
FOSTER WHEELER CORP COM 350244109 8181 202000 SH DEFINED 01 202000
GENERAL ELEC CO COM 369604103 28080 432000 SH DEFINED 01 432000
GENERAL MOTORS COM 370442105 2994 53700 SH DEFINED 01 53700
GTE CORP COM 362320103 10749 245000 SH DEFINED 01 245000
GUILFORD MLS INC COM 401794102 8354 401400 SH DEFINED 01 401400
HERCULES, INC. COM 427056106 7186 150100 SH DEFINED 01 150100
HEWLETT PACKARD CO COM 428236103 22400 400000 SH DEFINED 01 400000
IBP COM 449223106 6761 290800 SH DEFINED 01 290800
IMPERIAL CHEMICAL COM 452704505 21158 372000 SH DEFINED 01 372000
INTERNATIONAL BUSINESS MACHS COM 459200101 9206 102000 SH DEFINED 01 102000
JOHNSON & JOHNSON COM 478160104 12875 200000 SH DEFINED 01 200000
KELLWOOD COM 488044108 5425 195500 SH DEFINED 01 195500
KERR-MCGEE CORP. COM 492386107 3929 62000 SH DEFINED 01 62000
KU ENERGY COM 482734100 3897 114200 SH DEFINED 01 114200
<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
LCI INTERNATIONAL INC. COM 501813109 9438 429000 SH DEFINED 01 429000
LOUISIANA PAC CORP COM 546347105 3422 162000 SH DEFINED 01 162000
LUCENT TECHNOLOGIES COM 549463107 6691 92849 SH DEFINED 01 92849
MALLINCKRODT GROUP COM 561226101 1520 40000 SH DEFINED 01 40000
MARK IV INDUSTRIES, INC COM 570387100 2520 105000 SH DEFINED 01 105000
MCCORMICK & CO COM 579780206 7537 298500 SH DEFINED 01 298500
MEAD CORP COM 582834107 7283 117000 SH DEFINED 01 117000
MEDPARTNERS, INC COM 58503X107 3244 150000 SH DEFINED 01 150000
MERCK & CO INC COM 589331107 10231 100000 SH DEFINED 01 100000
MODINE COM 607828100 1568 52700 SH DEFINED 01 52700
MORGAN J P & CO INC COM 616880100 9289 89000 SH DEFINED 01 89000
MOTOROLA COM 620076109 12941 170000 SH DEFINED 01 170000
MURPHY OIL CORP. COM 626717102 3900 80000 SH DEFINED 01 80000
NATIONAL HEALTH INVESTORS COM 63633D104 3572 91000 SH DEFINED 01 91000
NATIONSBANK COM 638585109 8781 136000 SH DEFINED 01 136000
NORWEST CORP. COM 669380107 11942 212300 SH DEFINED 01 212300
OGE ENERGY CORP. COM 678858101 3704 81400 SH DEFINED 01 81400
PALL CORP. COM 696429307 7626 328000 SH DEFINED 01 328000
PEPSICO INC COM 713448108 15025 400000 SH DEFINED 01 400000
PFIZER INC COM 717081103 26649 223000 SH DEFINED 01 223000
PROCTER & GAMBLE CO COM 742718109 30228 214000 SH DEFINED 01 214000
QUAKER OATS CO COM 747402105 449 10000 SH DEFINED 01 10000
R P SCHERER CORP COM 806528105 8797 170400 SH DEFINED 01 170400
SARA LEE CORP COM 803111103 8362 200900 SH DEFINED 01 200900
SCHERING PLOUGH CORP COM 806605101 19150 400000 SH DEFINED 01 400000
SEQUENT COMPUTER COM 817338106 2106 100000 SH DEFINED 01 100000
SILICON GRAPHICS COM 827056102 3788 252500 SH DEFINED 01 252500
SINGER CO N V COM 82930F109 4953 260700 SH DEFINED 01 260700
STORAGE TECHNOLOGY CORP. COM 862111200 7401 164000 SH DEFINED 01 164000
TEXACO INC COM 881694103 5242 48200 SH DEFINED 01 48200
THE LIMITED, INC COM 532716107 8029 396500 SH DEFINED 01 396500
TOYS R US COM 892335100 9450 270000 SH DEFINED 01 270000
U S WEST INC COM 912889102 9950 264000 SH DEFINED 01 264000
U S WEST MEDIA GROUP COM 912889201 5346 264000 SH DEFINED 01 264000
U S FRIGHTWAYS CORP. COM 916906100 3770 145700 SH DEFINED 01 145700
UNIVERSAL FOODS COM 913538104 7518 197200 SH DEFINED 01 197200
UNOCAL CORP COM 915289102 4352 111600 SH DEFINED 01 111600
WAL MART STORES INC COM 931142103 12003 355000 SH DEFINED 01 355000
WARNER LAMBERT CO COM 934488107 29075 234000 SH DEFINED 01 234000
WASTE MANAGEMENT INC. COM 94106K101 13557 422000 SH DEFINED 01 422000
WEYERHAEUSER CO COM 962166104 8559 164600 SH DEFINED 01 164600
WHEELABRATOR TECHNOLOGIES COM 962901302 3691 239100 SH DEFINED 01 239100
ABBOTT LABS COM 002824100 1302 19500 SH SOLE 19500
ADVANCED MICRO DEVICES COM 007903107 201 5600 SH SOLE 5600
ALBERTSONS INC COM 013104104 493 13500 SH SOLE 13500
ALLEGHENY POWER COM 017411109 238 8900 SH SOLE 8900
ALLERGAN, INC COM 018490102 391 12300 SH SOLE 12300
ALLTEL COM 020039103 528 15800 SH SOLE 15800
AMERICAN GENERAL CORP COM 026351106 396 8300 SH SOLE 8300
AMERICAN TEL & TELEG CO COM 001957109 526 15000 SH SOLE 15000
<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
AMGEN COM 031162100 482 8300 SH SOLE 8300
AMOCO CORP COM 031905102 1022 14450 SH SOLE 14450
APPLEBEE'S INTERNATIONAL COM 037899101 294 11000 SH SOLE 11000
AVNET INC COM 053807103 975 16950 SH SOLE 16950
BMC SOFTWARE COM 055921100 598 10800 SH SOLE 10800
BANC ONE COM 059438101 654 13500 SH SOLE 13500
BANTA COM 066821109 537 19800 SH SOLE 19800
BECKMAN INSTRUMENTS INC. COM 075816108 314 6500 SH SOLE 6500
BERGEN BRUNSWIG COM 083739102 573 16300 SH SOLE 16300
BRISTOL MYERS SQUIBB CO COM 110122108 1774 21900 SH SOLE 21900
CABOT CORP COM 127055101 403 14200 SH SOLE 14200
CARAUSTAR INDUSTRIES COM 140909102 322 9300 SH SOLE 9300
CHEVRON CORPORATION COM 166751107 939 12700 SH SOLE 12700
CHRYSLER CORP COM 171196108 299 9100 SH SOLE 9100
COLUMBIA/HCA HEALTHCARE CORP COM 197677107 1058 26900 SH SOLE 26900
COMPAQ COMPUTERS COM 204493100 716 7200 SH SOLE 7200
COMERICA INC. COM 200340107 721 10600 SH SOLE 10600
CYPRESS MINERALS COM 232809103 338 13800 SH SOLE 13800
DTE ENERGY CO COM 250847100 492 17800 SH SOLE 17800
DATASCOPE CORP. COM 238113104 298 15200 SH SOLE 15200
DEXTER CORP. COM 252165105 291 9100 SH SOLE 9100
DOLE FOOD CO. COM 256605106 633 14800 SH SOLE 14800
DU PONT E I DE NEMOURS & CO COM 263534109 622 9900 SH SOLE 9900
ELECTRONIC DATA SYSTEMS CORP COM 285661104 428 10400 SH SOLE 10400
ELF AQUITAINE SPONSORED ADR 286269105 1066 19580 SH SOLE 19580
EMERSON ELECTRIC COM 291011104 947 17200 SH SOLE 17200
EXXON COM 302290101 221 3600 SH SOLE 3600
FIRST UNION CORP. COM 337358105 574 6200 SH SOLE 6200
FLUOR CORP COM 343861100 775 14050 SH SOLE 14050
FORD MOTORS COM 345370100 388 10200 SH SOLE 10200
FOSTER WHEELER CORP COM 350244109 603 14900 SH SOLE 14900
GTE CORP COM 362320103 570 13000 SH SOLE 13000
GENERAL ELEC CO COM 369604103 2269 34900 SH SOLE 34900
GENERAL MOTORS INC COM 370442105 485 8700 SH SOLE 8700
GENERAL SIGNAL COM 370838104 537 12300 SH SOLE 12300
GUILFORD MILLS COM 401794102 462 22200 SH SOLE 22200
HERCULES, INC. COM 427056106 575 12000 SH SOLE 12000
HEWLETT-PACCCKARD CO COM 428236103 1002 17900 SH SOLE 17900
IBP COM 449223106 451 19400 SH SOLE 19400
IMPERIAL CHEMICAL COM 452704505 1314 23100 SH SOLE 23100
JOHNSON & JOHNSON COM 478160104 747 11600 SH SOLE 11600
KU ENERGY COM 482734100 314 9200 SH SOLE 9200
KERR-MCGEE CORP. COM 492386107 298 4700 SH SOLE 4700
LCI INTERNATIONAL INC. COM 501813109 717 32600 SH SOLE 32600
LOUISIANA PACIFIC COM 546347105 275 13000 SH SOLE 13000
LUCENT TECHNOLOGIES COM 549463107 347 4822 SH SOLE 4822
MARK IV INDUSTRIES INC COM 570387100 620 25830 SH SOLE 25830
MEAD CORP COM 582834107 479 7700 SH SOLE 7700
MEDPARTNERS, INC. COM 58503X107 597 27600 SH SOLE 27600
MERCK & CO INC COM 589331107 1177 11500 SH SOLE 11500
<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
MORGAN J P & CO INC COM 616880100 720 6900 SH SOLE 6900
MODINE MANUFACTURING COM 607828100 286 9600 SH SOLE 9600
MORGAN STANLEY,DEAN WITTER COM 617446448 456 10600 SH SOLE 10600
MOTOROLA COM 620076109 548 7200 SH SOLE 7200
MURPHY OIL CORP. COM 626717102 307 6300 SH SOLE 6300
NATIONAL HEALTH INVESTORS COM 63633D104 561 14300 SH SOLE 14300
NATIONSBANK COM 638585109 1567 24278 SH SOLE 24278
NOBLE AFFILIATES COM 654894104 255 6600 SH SOLE 6600
NORWEST COM 669380107 1035 18400 SH SOLE 18400
OGE ENERGY CORP. COM 678858101 309 6800 SH SOLE 6800
OCCIDENTAL PETROLEUM COM 674599105 459 18300 SH SOLE 18300
PALL CORP. COM 696429307 595 25600 SH SOLE 25600
PEPSICO INC COM 713448108 1863 49600 SH SOLE 49600
PFIZER INC COM 717081103 1530 12800 SH SOLE 12800
PHARMACIA & UPJOHN INC COM 716941109 252 7250 SH SOLE 7250
PROCTER & GAMBLE CO COM 742718109 2112 14950 SH SOLE 14950
R P SCHERER CORP COM 806528105 614 11900 SH SOLE 11900
SARA LEE CORP COM 803111103 654 15700 SH SOLE 15700
SBC COMMUNICATIONS INC COM 78387G103 588 9500 SH SOLE 9500
SCHERING PLOUGH CORP COM 806605101 2111 44100 SH SOLE 44100
SEQUENT COMPUTER SYSTEMS COM 817338106 369 17500 SH SOLE 17500
SILICON GRAPHICS COM 827056102 258 17200 SH SOLE 17200
STORAGE TECHNOLOGY COM 862111200 560 12400 SH SOLE 12400
SUN MICROSYSTEMS INC COM 866810104 659 17700 SH SOLE 17700
TENNECO COM 88037E100 384 8500 SH SOLE 8500
THE LIMITED, INC. COM 532716107 644 31800 SH SOLE 31800
TOYS "R" US COM 892335100 406 11600 SH SOLE 11600
UNOCAL CORP COM 915289102 644 16500 SH SOLE 16500
UNIVERSAL FOODS COM 913538104 366 9600 SH SOLE 9600
U S WEST INC COM 912889102 565 15000 SH SOLE 15000
U S WEST MEDIA GROUP COM 912889201 261 12900 SH SOLE 12900
U S FRIGHTWAYS CORP. COM 916906100 269 10400 SH SOLE 10400
UST INC COM 902911106 332 11900 SH SOLE 11900
WALMART COM 931142103 632 18700 SH SOLE 18700
WASTE MANAGEMENT INC. COM 94106K101 887 27600 SH SOLE 27600
WEYERHAEUSER CO COM 962166104 556 10700 SH SOLE 10700
WHEELABRATOR TECHNOLOGIES COM 962901302 375 24300 SH SOLE 24300
ABBOTT LABS COM 002824100 8284 124100 SH DEFINED 01 124100
ADVANCED MICRO DEVIC COM 007903107 1602 44500 SH DEFINED 01 44500
ALBERTSONS INC COM 013104104 3705 101500 SH DEFINED 01 101500
ALLEGHENY POWER COM 017411109 755 28300 SH DEFINED 01 28300
ALLERGAN INC COM 018490102 2752 86500 SH DEFINED 01 86500
ALLTEL COM 020039103 3574 106900 SH DEFINED 01 106900
AMERICAN GENERAL CORP COM 026351106 1151 24100 SH DEFINED 01 24100
AMERICAN STATES FINANCIAL COM 029861101 5230 113700 SH DEFINED 01 113700
AMERICAN TEL & TELEG CO COM 001957109 3973 113300 SH DEFINED 01 113300
AMGEN INC COM 031162100 1302 22400 SH DEFINED 01 22400
AMOCO CORP COM 031905102 3999 46000 SH DEFINED 01 46000
APPLEBEE'S INTERNATIONAL COM 037899101 2116 79100 SH DEFINED 01 79100
ARNOLD INDUSTRIES COM 042595108 1443 84900 SH DEFINED 01 84900
<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
ASHLAND, INC COM 044204015 2567 55346 SH DEFINED 01 55346
AVNET INC COM 053807103 2743 47700 SH DEFINED 01 47700
BALTIMORE GAS & ELECTRIC COM 059165100 702 26300 SH DEFINED 01 26300
BANC ONE COM 059438101 5532 114200 SH DEFINED 01 114200
BANTA COM 066821109 3583 132100 SH DEFINED 01 132100
BECKMAN INSTRUMENTS INC COM 075816108 1037 21500 SH DEFINED 01 21500
BERGEN BRUNSWIG COM 083739102 3599 103300 SH DEFINED 01 103300
BMC SOFTWARE COM 055921100 2304 41600 SH DEFINED 01 41600
BRISTOL MYERS SQUIBB COM 110122108 227 2800 SH DEFINED 01 2800
CABOT CORP COM 127055101 993 35000 SH DEFINED 01 35000
CARAUSTAR INDUTRIES COM 140909102 1911 55200 SH DEFINED 01 55200
CENTERPOINT PROPERTIES COM 151895109 2057 64800 SH DEFINED 01 64800
CHEVRON CORPORATION COM 166751107 5264 71200 SH DEFINED 01 71200
CHRYSLER CORP COM 171196108 847 25800 SH DEFINED 01 25800
COCA COLA CO COM 191216100 2093 30000 SH DEFINED 01 30000
COLUMBIA HEALTHCARE COM 197677107 1940 49350 SH DEFINED 01 49350
COMCAST CORP A COM 200300200 1860 87000 SH DEFINED 01 87000
COMERICA INC. COM 200340107 4692 69000 SH DEFINED 01 69000
COMPAQ COMPUTER CORP COM 204493100 3523 35500 SH DEFINED 01 35500
COVENANT TRANSPORT COM 22284P105 344 21000 SH DEFINED 01 21000
CRESCENT REAL ESTATE TRUST COM 225756105 2223 70000 SH DEFINED 01 70000
CYPRUS AMAX MINERALS CO COM 232809103 3406 39000 SH DEFINED 01 139000
DTE ENERGY CO. COM 250847100 1981 71700 SH DEFINED 01 71700
DATASCOPE CORP. COM 238113104 1005 51200 SH DEFINED 01 51200
DELUXE CORP. COM 248019101 1706 50000 SH DEFINED 01 50000
DEXTER CORP. COM 252165105 2650 82800 SH DEFINED 01 82800
DOLE FOOD CO. COM 256605106 3642 85200 SH DEFINED 01 85200
DU PONT E I DE NEMOURS & CO COM 263534109 3559 56600 SH DEFINED 01 56600
ELECTRONIC DATA SYSTEMS CORP COM 285661104 1041 25400 SH DEFINED 01 25400
ELF AQUITAINE SPONSORED ADR 286269105 5139 94400 SH DEFINED 01 94400
EXXON COM 302290101 1907 31000 SH DEFINED 01 31000
FLUOR CORP COM 343861100 4779 86600 SH DEFINED 01 86600
FORD MOTOR COMPANY COM 345370100 6127 162299 SH DEFINED 01 162299
FOSTER WHEELER CORP COM 350244109 3321 82000 SH DEFINED 01 82000
GTE CORP COM 362320103 2874 65500 SH DEFINED 01 65500
GENERAL ELECTRIC COM 369604103 366 5600 SH DEFINED 01 5600
GENERAL MOTORS COM 370442105 2896 52000 SH DEFINED 01 52000
GENERAL SIGNAL COM 370838104 4938 113200 SH DEFINED 01 113200
GIANT CEMENT HOLDING COM 374450104 1453 77500 SH DEFINED 01 77500
GLAFELTER P.H. COM 377316104 1880 94000 SH DEFINED 01 94000
GREENBRIAR COMPANIES COM 393657101 716 63300 SH DEFINED 01 63300
GUILFORD MLS INC COM 401794102 3078 98600 SH DEFINED 01 98600
HEALTH&RETIREMENT PPTYS TR COM 422169102 2126 113000 SH DEFINED 01 113000
HERCULES, INC. COM 427056106 3418 71400 SH DEFINED 01 71400
HEWLETT PACKARD CO COM 428236103 9016 161000 SH DEFINED 01 161000
HOSPITALITY PROPERTIES COM 44106M102 1531 50000 SH DEFINED 01 50000
HUDSON FOODS CL A 443782107 914 25000 SH DEFINED 01 25000
IBP COM 449223106 3136 134900 SH DEFINED 01 134900
IMPERIAL CHEMICAL COM 452704505 9811 172500 SH DEFINED 01 172500
J & L SPECIALTY COM 466046109 318 26500 SH DEFINED 01 26500
<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
JOHNSON & JOHNSON COM 478160104 2318 36000 SH DEFINED 01 36000
KU ENERGY COM 482734100 973 28500 SH DEFINED 01 28500
KELLWOOD COM 488044108 4071 146700 SH DEFINED 01 146700
KERR-MCGEE CORP. COM 492386107 1755 12200 SH DEFINED 01 12200
LCI INTERNATIONAL INC. COM 501813109 2393 109400 SH DEFINED 01 109400
LIBERTY TRUST PROPER COM 531172104 1866 75000 SH DEFINED 01 75000
LOUISIANA PAC CORP COM 546347105 881 41700 SH DEFINED 01 41700
LUCENT TECHNOLOGIES COM 549463107 2646 36716 SH DEFINED 01 36716
MARK IV INDUSTRIES INC. COM 570387100 2155 89775 SH DEFINED 01 89775
MCCORMICK & CO COM 579780206 3333 132000 SH DEFINED 01 132000
MEAD CORPORATION COM 582834107 3940 63300 SH DEFINED 01 63300
MEDPARTNERS INC. COM 58503X107 1401 64800 SH DEFINED 01 64800
MERCK & CO INC COM 589331107 3726 36000 SH DEFINED 01 36000
MODINE MANUFACTURING COM 607828100 2993 100600 SH DEFINED 01 100600
MORGAN J P & CO INC COM 616880100 3267 31300 SH DEFINED 01 31300
MORGAN STANLEY, DEAN WITTER COM 617446448 5391 125200 SH DEFINED 01 125200
MOTOROLA COM 620076109 5708 75100 SH DEFINED 01 75100
MURPHY OIL CORP. COM 626717102 1770 36300 SH DEFINED 01 36300
NATIONAL HEALTH INVESTORS COM 63633D104 1798 45800 SH DEFINED 01 45800
NATIONSBANK CORP COM 638585109 7069 109600 SH DEFINED 01 109600
NEWBRIDGE NETWORKS COM 650901101 1418 32600 SH DEFINED 01 32600
NOBLE AFFILIATES INC. COM 654894104 1045 27000 SH DEFINED 01 27000
NORWEST CORP COM 669380107 6278 111600 SH DEFINED 01 111600
OGE ENERGY CORP. COM 678858101 2493 54800 SH DEFINED 01 54800
OCCIDENTAL PETROLEUM COM 674599105 3055 121900 SH DEFINED 01 121900
OMEGA HEALTHCARE INVS INC COM 681936100 1961 60000 SH DEFINED 01 60000
PACIFICARE CL B COM 695110205 741 11600 SH DEFINED 01 11600
PALL CORP. COM 696429307 3606 155100 SH DEFINED 01 155100
PEPSICO INC COM 713448108 9552 254300 SH DEFINED 01 254300
PFIZER INC COM 717081103 275 2300 SH DEFINED 01 2300
PROCTER & GAMBLE CO COM 742718109 4944 35000 SH DEFINED 01 35000
RAYTHEON CO COM 755111101 2550 50000 SH DEFINED 01 50000
RJR NABISCO PERCS PFD 74960K876 1361 41248 SH DEFINED 01 41248
R P SCHERER CORP COM 806528105 1941 37600 SH DEFINED 01 37600
SARA LEE CORP COM 803111103 3813 91600 SH DEFINED 01 91600
SCHERING PLOUGH CORP COM 806605101 6243 65200 SH DEFINED 01 65200
SECURITY CAPITAL INDUSTRIAL PFD 814138301 1310 47000 SH DEFINED 01 47000
SEQUENT COMPUTER SYSTEMS COM 817338106 1571 74600 SH DEFINED 01 74600
SILICON GRAPHICS COM 827056102 873 58200 SH DEFINED 01 58200
STORAGE TECHNOLOGY CORP COM 862111200 1905 42800 SH DEFINED 01 42800
ST PAUL CAP PFD PFD 792856205 1385 20000 SH DEFINED 01 20000
SUN MICROSYSTEMS INC COM 866810104 2728 78000 SH DEFINED 01 78000
TELE-COMMUNICATIONS INC COM 87924V101 766 51500 SH DEFINED 01 51500
TENNECO COM 88037E101 3267 72300 SH DEFINED 01 72300
TEXACO INC COM 881694103 2719 25000 SH DEFINED 01 25000
THE LIMITED INC COM 532716107 3706 183000 SH DEFINED 01 183000
TOYS R US COM 892335100 1061 30300 SH DEFINED 01 30300
UNION PACIFIC RESOURCES GROUP COM 907834105 1355 54455 SH DEFINED 01 54455
UNION TEXAS PETROLEUM COM 908640105 965 46100 SH DEFINED 01 46100
UNIVERSAL FOODS COM 913538104 4053 106300 SH DEFINED 01 106300
<PAGE> PAGE 8
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 4082 108300 SH DEFINED 01 108300
U S WEST MEDIA GROUP COM 912889201 1191 58800 SH DEFINED 01 58800
U S FRIGHTWAYS CORP. COM 916906100 1928 74500 SH DEFINED 01 74500
UST INC COM 902911106 2023 72900 SH DEFINED 01 72900
UNOCAL CORP COM 915289102 3998 103000 SH DEFINED 01 103000
UNOCAL PFD 915289102 3786 67000 SH DEFINED 01 67000
WAL MART STORES INC COM 931142103 4058 120000 SH DEFINED 01 120000
WARNER LAMBERT CO COM 934488107 584 7400 SH DEFINED 01 7400
WASTE MANAGEMENT INC. COM 94106K101 5346 166400 SH DEFINED 01 166400
WESTERN GAS RESOURCES PFD 958259301 1228 31000 SH DEFINED 01 31000
WEYERHAEUSER CO COM 962166104 2278 43800 SH DEFINED 01 43800
WHEELABRATOR TECH. COM 962901302 1514 98100 SH DEFINED 01 98100
WHIRLPOOL CORP COM 963320106 4201 77000 SH DEFINED 01 77000
REPORT SUMMARY 313 DATA RECORDS 1214443 1 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
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