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Previous: BANK HOLDING CO, 10QSB, 1997-11-14 |
Next: FX ENERGY INC, 10QSB, 1997-11-14 |
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<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 09/30/97
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 11/13/97
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
ALBERTSONS INC COM 013104104 6082 174400 SH DEFINED 01 174400
ALLEGHENY POWER COM 017411109 3324 109900 SH DEFINED 01 109900
ALLERGAN, INC COM 018490102 7690 212500 SH DEFINED 01 212500
ALLTEL COM 020039103 7849 227500 SH DEFINED 01 227500
AMAX GOLD COM 023120108 4375 660400 SH DEFINED 01 660400
AMERICAN GENERAL CORP COM 026351106 5110 98500 SH DEFINED 01 98500
AMGEN INC COM 031162100 7526 157000 SH DEFINED 01 157000
AMOCO CORP COM 031905102 16962 176000 SH DEFINED 01 176000
ANHEUSER-BUSCH COM 037899101 7491 166000 SH DEFINED 01 166000
APPLEBEE'S INTERNATIONAL COM 037899101 3893 155700 SH DEFINED 01 155700
AVNET INC COM 053807103 14302 225000 SH DEFINED 01 225000
BANC ONE COM 059438101 8904 159000 SH DEFINED 01 159000
BANTA COM 066821109 8100 290600 SH DEFINED 01 290600
BECKMAN INSTRUMENTS INC. COM 075816108 3618 85000 SH DEFINED 01 85000
BERGEN BRUNSWIG COM 083739102 12612 312375 SH DEFINED 01 312375
BIOMET, INC. COM 090613100 8712 363000 SH DEFINED 01 363000
BRISTOL MYERS SQUIBB CO COM 110122108 17791 215000 SH DEFINED 01 215000
BRUNSWICK COM 117043109 9059 257000 SH DEFINED 01 257000
BURLINGTON COM 12189T104 5343 55300 SH DEFINED 01 55300
CARAUSTAR INDUSTRIES COM 140909102 2062 60200 SH DEFINED 01 60200
CHRYSLER CORP. COM 171196108 6111 166000 SH DEFINED 01 166000
COMPAQ COMPUTER CORP COM 204493100 18688 250000 SH DEFINED 01 250000
CYPRUS AMAX MINERALS CO COM 232809103 6374 265600 SH DEFINED 01 265600
DTE ENERGY CO. COM 250847100 3196 105000 SH DEFINED 01 105000
DATASCOPE CORP. COM 238113104 4411 200500 SH DEFINED 01 200500
DEXTER CORP. COM 252165105 4727 118000 SH DEFINED 01 118000
DILLARD DEPT STORES INC CL A 254067101 15378 351000 SH DEFINED 01 351000
DOW CHEM CO COM 260543103 691 7625 SH DEFINED 01 7625
DU PONT E I DE NEMOURS & CO COM 263534109 7511 122000 SH DEFINED 01 122000
EASTMAN CHEM CO COM 277432100 3410 55000 SH DEFINED 01 55000
ELECTRONIC DATA SYSTEMS CORP COM 285661104 7888 222200 SH DEFINED 01 222200
ELF AQUITAINE SPONSORED ADR 286269105 22300 334400 SH DEFINED 01 334400
EMERSON ELEC CO COM 291011104 12332 214000 SH DEFINED 01 214000
ENRON CORP. COM 293561106 8308 215800 SH DEFINED 01 215800
FIRST UNION CORP. COM 337358105 7910 158000 SH DEFINED 01 158000
FLUOR DANIEL COM 343861100 6944 129500 SH DEFINED 01 129500
FORD MOTORS COM 345370100 3881 86000 SH DEFINED 01 86000
FOSTER WHEELER CORP COM 350244109 8875 202000 SH DEFINED 01 202000
GENERAL ELEC CO COM 369604103 29403 432000 SH DEFINED 01 432000
GENERAL MOTORS COM 370442105 3595 53700 SH DEFINED 01 53700
GTE CORP COM 362320103 11117 245000 SH DEFINED 01 245000
GLOBAL MARINE INC COM 379352404 4797 144000 SH DEFINED 01 144000
GUILFORD MLS INC COM 401794102 10436 401400 SH DEFINED 01 401400
HERCULES, INC. COM 427056106 7467 150100 SH DEFINED 01 150100
HEWLETT PACKARD CO COM 428236103 27825 400000 SH DEFINED 01 400000
IBP COM 449223106 6870 290800 SH DEFINED 01 290800
IMPERIAL CHEMICAL COM 452704505 24599 372000 SH DEFINED 01 372000
INTERNATIONAL BUSINESS MACHS COM 459200101 10812 102000 SH DEFINED 01 102000
JOHNSON & JOHNSON COM 478160104 11538 200000 SH DEFINED 01 200000
KELLWOOD COM 488044108 4412 124500 SH DEFINED 01 124500
<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
KERR-MCGEE CORP. COM 492386107 4266 62000 SH DEFINED 01 62000
LCI INTERNATIONAL INC. COM 501813109 2130 80000 SH DEFINED 01 80000
LOUISIANA PAC CORP COM 546347105 4050 162000 SH DEFINED 01 162000
MALLINCKRODT GROUP COM 561226101 1440 40000 SH DEFINED 01 40000
MARK IV INDUSTRIES, INC COM 570387100 2822 105000 SH DEFINED 01 105000
MCCORMICK & CO COM 579780206 7183 298500 SH DEFINED 01 298500
MEDPARTNERS, INC COM 58503X107 3216 150000 SH DEFINED 01 150000
MERCK & CO INC COM 589331107 9994 100000 SH DEFINED 01 100000
MODINE COM 607828100 1838 52700 SH DEFINED 01 52700
MORGAN J P & CO INC COM 616880100 10113 89000 SH DEFINED 01 89000
MOTOROLA COM 620076109 12219 170000 SH DEFINED 01 170000
MURPHY OIL CORP. COM 626717102 4570 80000 SH DEFINED 01 80000
NATIONAL HEALTH INVESTORS COM 63633D104 3538 91000 SH DEFINED 01 91000
NATIONSBANK COM 638585109 8415 136000 SH DEFINED 01 136000
NORWEST CORP. COM 669380107 13003 212300 SH DEFINED 01 212300
OGE ENERGY CORP. COM 678858101 3841 81400 SH DEFINED 01 81400
PALL CORP. COM 696429307 7073 328000 SH DEFINED 01 328000
PEPSICO INC COM 713448108 16225 400000 SH DEFINED 01 400000
PFIZER INC COM 717081103 24651 410000 SH DEFINED 01 410000
PROCTER & GAMBLE CO COM 742718109 29559 428000 SH DEFINED 01 428000
QUAKER OATS CO COM 747402105 504 10000 SH DEFINED 01 10000
R P SCHERER CORP COM 806528105 9061 146300 SH DEFINED 01 146300
RELIANCE GROUP HOLDING COM 759464100 9087 670000 SH DEFINED 01 670000
SARA LEE CORP COM 803111103 10346 200900 SH DEFINED 01 200900
SCHERING PLOUGH CORP COM 806605101 20600 400000 SH DEFINED 01 400000
SEQUENT COMPUTER COM 817338106 2481 100000 SH DEFINED 01 100000
SILICON GRAPHICS COM 827056102 6628 252500 SH DEFINED 01 252500
STORAGE TECHNOLOGY CORP. COM 862111200 7872 164000 SH DEFINED 01 164000
SYNOPSYS INC COM 871607107 9435 222000 SH DEFINED 01 222000
TEXACO INC COM 881694103 5923 96400 SH DEFINED 01 96400
THE LIMITED, INC COM 532716107 9689 396500 SH DEFINED 01 396500
TIDEWATER COM 886423102 4562 77000 SH DEFINED 01 77000
TOYS R US COM 892335100 9568 270000 SH DEFINED 01 270000
U S WEST INC COM 912889102 10164 264000 SH DEFINED 01 264000
U S WEST MEDIA GROUP COM 912889201 5891 264000 SH DEFINED 01 264000
U S FRIGHTWAYS CORP. COM 916906100 4899 145700 SH DEFINED 01 145700
UNITED HEALTHCARE COM 910581107 8180 163600 SH DEFINED 01 163600
UNIVERSAL FOODS COM 913538104 7937 197200 SH DEFINED 01 197200
UNOCAL CORP COM 915289102 4827 111600 SH DEFINED 01 111600
WAL MART STORES INC COM 931142103 13002 355000 SH DEFINED 01 355000
WARNER LAMBERT CO COM 934488107 25638 190000 SH DEFINED 01 190000
WASTE MANAGEMENT INC. COM 94106K101 12997 372000 SH DEFINED 01 372000
WEYERHAEUSER CO COM 962166104 9794 164600 SH DEFINED 01 164600
WHEELABRATOR TECHNOLOGIES COM 962901302 3826 239100 SH DEFINED 01 239100
YORK INTERNATIONAL COM 986670107 8458 189000 SH DEFINED 01 189000
ABBOTT LABS COM 002824100 940 14700 SH SOLE 14700
ALBERTSONS INC COM 013104104 467 13400 SH SOLE 13400
ALLEGHENY ENERGY INC. COM 017411109 269 8900 SH SOLE 8900
ALLERGAN, INC COM 018490102 445 12300 SH SOLE 12300
ALLTEL COM 020039103 545 15800 SH SOLE 15800
<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
AMERICAN GENERAL CORP COM 026351106 431 8300 SH SOLE 8300
AMGEN COM 031162100 393 8200 SH SOLE 8200
AMOCO CORP COM 031905102 1157 12000 SH SOLE 12000
ANHEUSER-BUSCH COM 035229103 623 13800 SH SOLE 13800
APPLEBEE'S INTERNATIONAL COM 037899101 275 11000 SH SOLE 11000
AVNET INC COM 053807103 1081 17000 SH SOLE 17000
BMC SOFTWARE COM 055921100 699 10800 SH SOLE 10800
BANC ONE COM 059438101 767 13700 SH SOLE 13700
BANTA COM 066821109 552 19800 SH SOLE 19800
BECKMAN INSTRUMENTS INC. COM 075816108 281 6600 SH SOLE 6600
BERGEN BRUNSWIG COM 083739102 822 20350 SH SOLE 20350
BIOMET INC. COM 090613100 694 28900 SH SOLE 28900
BRISTOL MYERS SQUIBB CO COM 110122108 1812 21900 SH SOLE 21900
BRUNSWICK COM 117043109 709 20100 SH SOLE 20100
CABOT CORP COM 127055101 383 14200 SH SOLE 14200
CARAUSTAR INDUSTRIES COM 140909102 319 9300 SH SOLE 9300
CHEVRON CORPORATION COM 166751107 1055 12700 SH SOLE 12700
CHRYSLER CORP COM 171196108 339 9200 SH SOLE 9200
COLUMBIA/HCA HEALTHCARE CORP COM 197677107 769 26750 SH SOLE 26750
COMPAQ COMPUTERS COM 204493100 1353 18100 SH SOLE 18100
COMERICA INC. COM 200340107 837 10600 SH SOLE 10600
CYPRESS MINERALS COM 232809103 331 13800 SH SOLE 13800
DTE ENERGY CO COM 250847100 538 17700 SH SOLE 17700
DATASCOPE CORP. COM 238113104 334 15200 SH SOLE 15200
DEXTER CORP. COM 252165105 369 9200 SH SOLE 9200
DU PONT E I DE NEMOURS & CO COM 263534109 609 9900 SH SOLE 9900
ELECTRONIC DATA SYSTEMS CORP COM 285661104 369 10400 SH SOLE 10400
ELF AQUITAINE SPONSORED ADR 286269105 1312 19680 SH SOLE 19680
EMERSON ELECTRIC COM 291011104 1003 17400 SH SOLE 17400
ENRON CORP. COM 293561106 616 16000 SH SOLE 16000
EXXON COM 302290101 231 3600 SH SOLE 3600
FIRST UNION CORP. COM 337358105 631 12600 SH SOLE 12600
FLUOR CORP COM 343861100 700 13050 SH SOLE 13050
FORD MOTORS COM 345370100 460 10200 SH SOLE 10200
FOSTER WHEELER CORP COM 350244109 655 14900 SH SOLE 14900
GTE CORP COM 362320103 585 12900 SH SOLE 12900
GENERAL ELEC CO COM 369604103 2396 35200 SH SOLE 35200
GENERAL MOTORS INC COM 370442105 582 8700 SH SOLE 8700
GENERAL SIGNAL COM 370838104 532 12300 SH SOLE 12300
GLOBAL MARINE INC COM 379352404 383 11500 SH SOLE 11500
GUILFORD MILLS COM 401794102 577 22200 SH SOLE 22200
HERCULES, INC. COM 427056106 602 12100 SH SOLE 12100
HEWLETT-PACCCKARD CO COM 428236103 1266 18200 SH SOLE 18200
IBP COM 449223106 463 19600 SH SOLE 19600
IMPERIAL CHEMICAL COM 452704505 1481 22400 SH SOLE 22400
JOHNSON & JOHNSON COM 478160104 669 11600 SH SOLE 11600
KERR-MCGEE CORP. COM 492386107 323 4700 SH SOLE 4700
LOUISIANA PACIFIC COM 546347105 325 13000 SH SOLE 13000
MARK IV INDUSTRIES INC COM 570387100 694 25830 SH SOLE 25830
MEDPARTNERS, INC. COM 58503X107 592 27600 SH SOLE 27600
<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
MERCK & CO INC COM 589331107 1039 10400 SH SOLE 10400
MORGAN J P & CO INC COM 616880100 795 7000 SH SOLE 7000
MODINE MANUFACTURING COM 607828100 335 9600 SH SOLE 9600
MORGAN STANLEY,DEAN WITTER COM 617446448 573 10600 SH SOLE 10600
MOTOROLA COM 620076109 510 7100 SH SOLE 7100
MURPHY OIL CORP. COM 626717102 360 6300 SH SOLE 6300
NATIONAL HEALTH INVESTORS COM 63633D104 556 14300 SH SOLE 14300
NATIONSBANK COM 638585109 1521 24578 SH SOLE 24578
NOBLE AFFILIATES COM 654894104 295 6600 SH SOLE 6600
NORWEST COM 669380107 1133 18500 SH SOLE 18500
OGE ENERGY CORP. COM 678858101 321 6800 SH SOLE 6800
OCCIDENTAL PETROLEUM COM 674599105 475 18300 SH SOLE 18300
PALL CORP. COM 696429307 533 24700 SH SOLE 24700
PEPSICO INC COM 713448108 2036 50200 SH SOLE 50200
PFIZER INC COM 717081103 1563 26000 SH SOLE 26000
PHARMACIA & UPJOHN INC COM 716941109 265 7250 SH SOLE 7250
PROCTER & GAMBLE CO COM 742718109 2079 30100 SH SOLE 30100
RELIANCE GROUP HOLDING COM 759464100 670 49400 SH SOLE 49400
SARA LEE CORP COM 803111103 767 14900 SH SOLE 14900
SBC COMMUNICATIONS INC COM 78387G103 584 9500 SH SOLE 9500
SCHERING PLOUGH CORP COM 806605101 2189 42500 SH SOLE 42500
SEQUENT COMPUTER SYSTEMS COM 817338106 434 17500 SH SOLE 17500
SILICON GRAPHICS COM 827056102 457 17400 SH SOLE 17400
STORAGE TECHNOLOGY COM 862111200 595 12400 SH SOLE 12400
SUN MICROSYSTEMS INC COM 866810104 735 15700 SH SOLE 15700
SYNOPSYS INC COM 871607107 731 17200 SH SOLE 17200
THE LIMITED, INC. COM 532716107 775 31700 SH SOLE 31700
TIDEWATER INC COM 886423102 373 6300 SH SOLE 6300
TOYS "R" US COM 892335100 411 11600 SH SOLE 11600
UNOCAL CORP COM 915289102 722 16700 SH SOLE 16700
UNITED HEALTHCARE COM 910581107 640 12800 SH SOLE 12800
UNIVERSAL FOODS COM 913538104 386 9600 SH SOLE 9600
U S WEST INC COM 912889102 604 15700 SH SOLE 15700
U S WEST MEDIA GROUP COM 912889201 288 12900 SH SOLE 12900
U S FRIGHTWAYS CORP. COM 916906100 350 10400 SH SOLE 10400
UST INC COM 902911106 364 11900 SH SOLE 11900
WALMART COM 931142103 711 19400 SH SOLE 19400
WARNER LAMBERT COM 934488107 216 1600 SH SOLE 1600
WASTE MANAGEMENT INC. COM 94106K101 943 27000 SH SOLE 27000
WEYERHAEUSER CO COM 962166104 643 10800 SH SOLE 10800
WHEELABRATOR TECHNOLOGIES COM 962901302 389 24300 SH SOLE 24300
YORK INTERNATIONAL COM 986670107 618 13800 SH SOLE 13800
ABBOTT LABS COM 002824100 7871 123100 SH DEFINED 01 123100
ALBERTSONS INC COM 013104104 3540 101500 SH DEFINED 01 101500
ALLERGAN INC COM 018490102 3130 86500 SH DEFINED 01 86500
ALLTEL COM 020039103 3688 106900 SH DEFINED 01 106900
AMAX GOLD COM 023120108 2385 360000 SH DEFINED 01 360000
AMERICAN GENERAL CORP COM 026351106 1250 24100 SH DEFINED 01 24100
AMERICAN STATES FINANCIAL COM 029861101 2712 57700 SH DEFINED 01 57700
AMGEN INC COM 031162100 1074 22400 SH DEFINED 01 22400
<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
AMOCO CORP COM 031905102 4433 46000 SH DEFINED 01 46000
ANHEUSER-BUSCH COM 035229103 4111 91100 SH DEFINED 01 91100
APPLEBEE'S INTERNATIONAL COM 037899101 1978 79100 SH DEFINED 01 79100
ARNOLD INDUSTRIES COM 042595108 1985 84900 SH DEFINED 01 84900
AVNET INC COM 053807103 3032 47700 SH DEFINED 01 47700
BALTIMORE GAS & ELECTRIC COM 059165100 730 26300 SH DEFINED 01 26300
BANC ONE COM 059438101 6374 114200 SH DEFINED 01 114200
BANTA COM 066821109 3682 132100 SH DEFINED 01 132100
BECKMAN INSTRUMENTS INC COM 075816108 915 21500 SH DEFINED 01 21500
BENEFICIAL CORP COM 081721102 2354 30900 SH DEFINED 01 30900
BERGEN BRUNSWIG COM 083739102 4406 109125 SH DEFINED 01 109125
BIOMET, INC. COM 090613100 2417 100700 SH DEFINED 01 100700
BMC SOFTWARE COM 055921100 2694 41600 SH DEFINED 01 41600
BRISTOL MYERS SQUIBB COM 110122108 232 2800 SH DEFINED 01 2800
BRUNSWICK COM 117043109 4699 133300 SH DEFINED 01 133300
CABOT CORP COM 127055101 943 35000 SH DEFINED 01 35000
CARAUSTAR INDUTRIES COM 140909102 2302 67200 SH DEFINED 01 67200
CENTERPOINT PROPERTIES COM 151895109 2353 64800 SH DEFINED 01 64800
CHEVRON CORPORATION COM 166751107 5923 71200 SH DEFINED 01 71200
CHRYSLER CORP COM 171196108 950 25800 SH DEFINED 01 25800
COCA COLA CO COM 191216100 1828 30000 SH DEFINED 01 30000
COLUMBIA HEALTHCARE COM 197677107 1419 49350 SH DEFINED 01 49350
COMERICA INC. COM 200340107 4657 59000 SH DEFINED 01 59000
COMPAQ COMPUTER CORP COM 204493100 6634 88750 SH DEFINED 01 88750
COVENANT TRANSPORT COM 22284P105 378 21000 SH DEFINED 01 21000
CRESCENT REAL ESTATE TRUST COM 225756105 2809 70000 SH DEFINED 01 70000
CYPRUS AMAX MINERALS CO COM 232809103 3336 139000 SH DEFINED 01 139000
DTE ENERGY CO. COM 250847100 2182 71700 SH DEFINED 01 71700
DATASCOPE CORP. COM 238113104 1126 51200 SH DEFINED 01 51200
DELUXE CORP. COM 248019101 1678 50000 SH DEFINED 01 50000
DEXTER CORP. COM 252165105 4695 117200 SH DEFINED 01 117200
DU PONT E I DE NEMOURS & CO COM 263534109 3484 56600 SH DEFINED 01 56600
ELECTRONIC DATA SYSTEMS CORP COM 285661104 2645 74500 SH DEFINED 01 74500
ELF AQUITAINE SPONSORED ADR 286269105 6295 94400 SH DEFINED 01 94400
ENRON COM 293561106 4050 105200 SH DEFINED 01 105200
EQUITY OFFICE PROPERTIES TRUST COM 294741103 339 10000 SH DEFINED 01 10000
EXXON COM 302290101 1986 31000 SH DEFINED 01 31000
FIRST UNION CORP. COM 337358105 5457 109000 SH DEFINED 01 109000
FLUOR CORP COM 343861100 4097 76400 SH DEFINED 01 76400
FORD MOTOR COMPANY COM 345370100 7344 162299 SH DEFINED 01 162299
FOSTER WHEELER CORP COM 350244109 1626 37000 SH DEFINED 01 37000
GTE CORP COM 362320103 2972 65500 SH DEFINED 01 65500
GENERAL ELECTRIC COM 369604103 381 5600 SH DEFINED 01 5600
GENERAL MOTORS COM 370442105 3481 52000 SH DEFINED 01 52000
GENERAL SIGNAL COM 370838104 4896 113200 SH DEFINED 01 113200
GIANT CEMENT HOLDING COM 374450104 1889 77500 SH DEFINED 01 77500
GLAFELTER P.H. COM 377316104 2086 94000 SH DEFINED 01 94000
GLOBAL MARINE INC COM 379352404 1300 39100 SH DEFINED 01 39100
GREENBRIAR COMPANIES COM 393657101 1060 63300 SH DEFINED 01 63300
GUILFORD MLS INC COM 401794102 2285 87900 SH DEFINED 01 87900
<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
HEALTH&RETIREMENT PPTYS TR COM 422169102 2133 113000 SH DEFINED 01 113000
HERCULES, INC. COM 427056106 3552 71400 SH DEFINED 01 71400
HEWLETT PACKARD CO COM 428236103 11200 161000 SH DEFINED 01 161000
HOSPITALITY PROPERTIES COM 44106M102 1769 50000 SH DEFINED 01 50000
HUDSON FOODS CL A 443782107 1194 56000 SH DEFINED 01 56000
IBP COM 449223106 1687 71400 SH DEFINED 01 71400
J & L SPECIALTY COM 466046109 356 26500 SH DEFINED 01 26500
JOHNSON & JOHNSON COM 478160104 2075 36000 SH DEFINED 01 36000
KERR-MCGEE CORP. COM 492386107 3131 45500 SH DEFINED 01 45500
LIBERTY TRUST PROPER COM 531172104 2020 75000 SH DEFINED 01 75000
LOUISIANA PAC CORP COM 546347105 1043 41700 SH DEFINED 01 41700
MARK IV INDUSTRIES INC. COM 570387100 2413 89775 SH DEFINED 01 89775
MCCORMICK & CO COM 579780206 3176 132000 SH DEFINED 01 132000
MEDPARTNERS INC. COM 58503X107 1389 64800 SH DEFINED 01 64800
MERCK & CO INC COM 589331107 2099 21000 SH DEFINED 01 21000
MITCHELL ENERGY & DEV. CLASS B COM 606592301 9868 349300 SH DEFINED 01 349300
MODINE MANUFACTURING COM 607828100 3962 113600 SH DEFINED 01 113600
MORGAN J P & CO INC COM 616880100 3556 31300 SH DEFINED 01 31300
MORGAN STANLEY, DEAN WITTER COM 617446448 6769 125200 SH DEFINED 01 125200
MOTOROLA COM 620076109 5398 75100 SH DEFINED 01 75100
MURPHY OIL CORP. COM 626717102 2074 36300 SH DEFINED 01 36300
NATIONAL HEALTH INVESTORS COM 63633D104 1780 45800 SH DEFINED 01 45800
NATIONSBANK CORP COM 638585109 6782 109600 SH DEFINED 01 109600
NEWBRIDGE NETWORKS COM 650901101 1952 32600 SH DEFINED 01 32600
NOBLE AFFILIATES INC. COM 654894104 1208 27000 SH DEFINED 01 27000
NORWEST CORP COM 669380107 6713 109600 SH DEFINED 01 109600
OGE ENERGY CORP. COM 678858101 2586 54800 SH DEFINED 01 54800
OCCIDENTAL PETROLEUM COM 674599105 3162 121900 SH DEFINED 01 121900
OMEGA HEALTHCARE INVS INC COM 681936100 2160 60000 SH DEFINED 01 60000
PACIFICARE CL B COM 695110205 790 11600 SH DEFINED 01 11600
PALL CORP. COM 696429307 3344 155100 SH DEFINED 01 155100
PEPSICO INC COM 713448108 10315 254300 SH DEFINED 01 254300
PFIZER INC COM 717081103 252 4200 SH DEFINED 01 4200
PROCTER & GAMBLE CO COM 742718109 4834 70000 SH DEFINED 01 70000
RAYTHEON CO COM 755111101 2956 50000 SH DEFINED 01 50000
RELIANCE GROUP HOLDING COM 759464100 4417 325700 SH DEFINED 01 325700
RJR NABISCO PERCS PFD 74960K876 1418 41248 SH DEFINED 01 41248
SARA LEE CORP COM 803111103 4620 89700 SH DEFINED 01 89700
SCHERING PLOUGH CORP COM 806605101 6716 130400 SH DEFINED 01 130400
SECURITY CAPITAL INDUSTRIAL PFD 814138301 1422 47000 SH DEFINED 01 47000
SEQUENT COMPUTER SYSTEMS COM 817338106 1851 74600 SH DEFINED 01 74600
SILICON GRAPHICS COM 827056102 1528 58200 SH DEFINED 01 58200
STORAGE TECHNOLOGY CORP COM 862111200 2046 42800 SH DEFINED 01 42800
ST PAUL CAP PFD PFD 792856205 1435 20000 SH DEFINED 01 20000
SUN MICROSYSTEMS INC COM 866810104 3431 73300 SH DEFINED 01 73300
SYNOPSYS INC COM 871607107 2563 60300 SH DEFINED 01 60300
TEXACO INC COM 881694103 3072 50000 SH DEFINED 01 50000
THE LIMITED INC COM 532716107 4472 183000 SH DEFINED 01 183000
TIDEWATER INC COM 886423102 2364 39900 SH DEFINED 01 39900
TOYS R US COM 892335100 1076 30300 SH DEFINED 01 30300
<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
UNION PACIFIC RESOURCES GROUP COM 907834105 1426 54455 SH DEFINED 01 54455
UNION TEXAS PETROLEUM COM 908640105 1008 42900 SH DEFINED 01 42900
UNITED HEALTHCARE COM 910581107 2210 44200 SH DEFINED 01 44200
UNIVERSAL FOODS COM 913538104 4279 106300 SH DEFINED 01 106300
U S WEST INC COM 912889102 4170 108300 SH DEFINED 01 108300
U S WEST MEDIA GROUP COM 912889201 1312 58800 SH DEFINED 01 58800
U S FRIGHTWAYS CORP. COM 916906100 2505 74500 SH DEFINED 01 74500
UST INC COM 902911106 2228 72900 SH DEFINED 01 72900
UNOCAL CORP COM 915289102 4455 103000 SH DEFINED 01 103000
UNOCAL PFD 915289102 4070 67000 SH DEFINED 01 67000
WAL MART STORES INC COM 931142103 2198 60000 SH DEFINED 01 60000
WARNER LAMBERT CO COM 934488107 607 4500 SH DEFINED 01 4500
WASTE MANAGEMENT INC. COM 94106K101 5073 145200 SH DEFINED 01 145200
WESTERN GAS RESOURCES PFD 958259301 1261 31000 SH DEFINED 01 31000
WEYERHAEUSER CO COM 962166104 2601 43800 SH DEFINED 01 43800
WHEELABRATOR TECH. COM 962901302 1570 98100 SH DEFINED 01 98100
WHIRLPOOL CORP COM 963320106 5106 77000 SH DEFINED 01 77000
YORK INTERNATIONAL COM 986670107 4113 91900 SH DEFINED 01 91900
REPORT SUMMARY 318 DATA RECORDS 1304654 1 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
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