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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: 06/30/98
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 08/13/98
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
AETNA COM 008117103 8016 105300 SH DEFINED 01 105300
ALBERTSONS INC COM 013104104 9036 174400 SH DEFINED 01 174400
ALLEGHENY ENERGY INC COM 017361106 3612 119900 SH DEFINED 01 119900
ALLIEDSIGNAL INC. COM 019512102 4659 105000 SH DEFINED 01 105000
ALLTEL COM 020039103 10579 227500 SH DEFINED 01 227500
AMERICAN GENERAL CORP COM 026351106 7012 98500 SH DEFINED 01 98500
AMOCO CORP COM 031905102 15030 360000 SH DEFINED 01 360000
ANALOG DEVICES, INC. COM 032654105 3439 140000 SH DEFINED 01 140000
ANHEUSER-BUSCH COM 035229103 8163 173000 SH DEFINED 01 173000
APPLEBEE'S INTERNATIONAL COM 037899101 3484 155700 SH DEFINED 01 155700
ASSOCIATES FIRST CAPITAL COM O46008108 1734 22538 SH DEFINED 01 22538
AVNET INC COM 053807103 12305 225000 SH DEFINED 01 225000
BANC ONE COM 059438101 9762 174900 SH DEFINED 01 174900
BANTA COM 066821109 8972 290600 SH DEFINED 01 290600
BECKMAN COULTER INC COM 075811109 6285 107900 SH DEFINED 01 107900
BERGEN BRUNSWIG COM 083739102 14777 320375 SH DEFINED 01 320375
BIOMET, INC. COM 090613100 12002 363000 SH DEFINED 01 363000
BRISTOL MYERS SQUIBB CO COM 110122108 24712 215000 SH DEFINED 01 215000
BRUNSWICK COM 117043109 6361 257000 SH DEFINED 01 257000
BURLINGTON COM 12189T104 5430 55300 SH DEFINED 01 55300
CARAUSTAR INDUSTRIES COM 140909102 1738 60200 SH DEFINED 01 60200
CENTEX COM 152312104 5002 132500 SH DEFINED 01 132500
CHRYSLER CORP. COM 171196108 9358 166000 SH DEFINED 01 166000
CIGNA COM 125509109 10764 156000 SH DEFINED 01 156000
CISCO SYSTEMS COM 17275R102 10827 117600 SH DEFINED 01 117600
COLTEX INDUSTRIES COM 196879100 3657 184000 SH DEFINED 01 184000
COMPAQ COMPUTER CORP COM 204493100 8144 287000 SH DEFINED 01 287000
COUNTRYWIDE CREDIT INDUSTRIES ICOM 222372104 10302 203000 SH DEFINED 01 203000
CYPRESS SEMICONDUCTOR COPR COM 232806109 4331 521000 SH DEFINED 01 521000
CYPRUS AMAX MINERALS CO COM 232809103 3519 265600 SH DEFINED 01 265600
DTE ENERGY CO. COM 233331107 4239 105000 SH DEFINED 01 105000
DILLARD DEPT STORES INC CL A 254067101 14545 351000 SH DEFINED 01 351000
DIME BANCROP INC. COM 25429q102 9550 319000 SH DEFINED 01 319000
ELF AQUITAINE SPONSORED ADR 286269105 24176 340500 SH DEFINED 01 340500
EMERSON ELEC CO COM 291011104 7788 129000 SH DEFINED 01 129000
ENRON CORP. COM 293561106 11667 215800 SH DEFINED 01 215800
FEDERATED DEPARTMENT STORES COM 31410h101 9471 176000 SH DEFINED 01 176000
FIRST DATA CORP. COM 319963104 9164 275100 SH DEFINED 01 275100
FIRST UNION CORP. COM 337358105 9204 158000 SH DEFINED 01 158000
FLOWSERVE CORP. COM 34354P105 5287 214700 SH DEFINED 01 214700
FORD MOTORS COM 345370100 5074 86000 SH DEFINED 01 86000
FOSTER WHEELER CORP COM 350244109 4330 202000 SH DEFINED 01 202000
GENERAL ELEC CO COM 369604103 27690 304700 SH DEFINED 01 304700
GENERAL MOTORS COM 370442105 3588 53700 SH DEFINED 01 53700
GTE CORP COM 362320103 13962 251000 SH DEFINED 01 251000
GLOBAL MARINE INC COM 379352404 2709 144000 SH DEFINED 01 144000
GUILFORD MLS INC COM 401794102 6210 310500 SH DEFINED 01 310500
HERCULES, INC. COM 427056106 6453 156900 SH DEFINED 01 156900
HEWLETT PACKARD CO COM 428236103 8083 135000 SH DEFINED 01 135000
IBP COM 449223106 5525 304800 SH DEFINED 01 304800
<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
IMPERIAL CHEMICAL COM 452704505 15944 247200 SH DEFINED 01 247200
INTEL CORP COM 458140100 17864 241000 SH DEFINED 01 241000
INTERNATIONAL BUSINESS MACHS COM 459200101 11711 102000 SH DEFINED 01 102000
INTERSTATE BAKERIES CORP. COM 46072h108 9923 299000 SH DEFINED 01 299000
J.P. MORGAN COM 616880100 10419 89000 SH DEFINED 01 89000
JOHNSON & JOHNSON COM 478160104 14800 200000 SH DEFINED 01 200000
KELLWOOD COM 488044108 2463 68900 SH DEFINED 01 68900
KERR-MCGEE CORP. COM 492386107 3588 62000 SH DEFINED 01 62000
KINROSS GOLD CORP. COM 496902107 1719 528903 SH DEFINED 01 528903
LOUISIANA PAC CORP COM 546347105 2957 162000 SH DEFINED 01 162000
LUCENT TECHNOLOGIES COM 549463107 16072 193200 SH DEFINED 01 193200
MALLINCKRODT GROUP COM 561226101 1188 40000 SH DEFINED 01 40000
MCCORMICK & CO COM 579780206 10662 298500 SH DEFINED 01 298500
MEDPARTNERS, INC COM 58503X107 1200 150000 SH DEFINED 01 150000
MEDIAONE GROUP INC. COM 58440j104 11600 264000 SH DEFINED 01 264000
MERCK & CO INC COM 589331107 13375 100000 SH DEFINED 01 100000
MICROSOFT CORP COM 594918104 29131 268800 SH DEFINED 01 268800
MURPHY OIL CORP. COM 626717102 4055 80000 SH DEFINED 01 80000
NATIONSBANK COM 638585109 10430 136000 SH DEFINED 01 136000
NETWORK ASSOCIATES INC. COM 640938106 4883 102000 SH DEFINED 01 102000
NORWEST CORP. COM 669380107 15923 424600 SH DEFINED 01 424600
OGE ENERGY CORP. COM 670837103 4396 162800 SH DEFINED 01 162800
OFFICE MAX COM 67622M108 4769 289000 SH DEFINED 01 289000
PALL CORP. COM 696429307 6724 328000 SH DEFINED 01 328000
PFIZER INC COM 717081103 44562 410000 SH DEFINED 01 410000
PRAXAIR, INC. COM 74005P104 8379 179000 SH DEFINED 01 179000
PROCTER & GAMBLE CO COM 742718109 39339 432000 SH DEFINED 01 432000
RELIANCE GROUP HOLDING COM 759464100 11725 670000 SH DEFINED 01 670000
SAFEWAY INC. COM 786514208 10131 249000 SH DEFINED 01 249000
SCHERING PLOUGH CORP COM 806605101 36650 400000 SH DEFINED 01 400000
SYNOPSYS INC COM 871607107 10157 222000 SH DEFINED 01 222000
TEXACO INC COM 881694103 5754 96400 SH DEFINED 01 96400
TIDEWATER COM 886423102 2660 80600 SH DEFINED 01 80600
TIFFANY & CO. COM 886547108 5136 107000 SH DEFINED 01 107000
TOYS R US COM 892335100 6328 270000 SH DEFINED 01 270000
US WEST, INC. COM 91273h101 12696 271208 SH DEFINED 01 271208
U.S. INDUSTRIES, INC. COM 912080108 4034 163000 SH DEFINED 01 163000
U S FRIGHTWAYS CORP. COM 916906100 4785 145700 SH DEFINED 01 145700
UNITED HEALTHCARE COM 910581107 10419 163600 SH DEFINED 01 163600
UNIVERSAL FOODS COM 913538104 8751 394400 SH DEFINED 01 394400
UNOCAL CORP COM 915289102 3990 111600 SH DEFINED 01 111600
WAL MART STORES INC COM 931142103 22058 363100 SH DEFINED 01 363100
WARNER LAMBERT CO COM 934488107 39544 570000 SH DEFINED 01 570000
WASTE MANAGEMENT INC. COM 94106K101 13020 372000 SH DEFINED 01 372000
WEYERHAEUSER CO COM 962166104 7602 164600 SH DEFINED 01 164600
YORK INTERNATIONAL COM 986670107 8233 189000 SH DEFINED 01 189000
ABBOTT LABS COM 002824100 1021 24900 SH SOLE 24900
AETNA COM 008117103 670 8800 SH SOLE 8800
ALBERTSONS INC COM 013104104 705 13600 SH SOLE 13600
ALLEGHENY ENERGY INC. COM 017361106 291 9650 SH SOLE 9650
<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
ALLIEDSIGNAL INC. COM 019512102 377 8500 SH SOLE 8500
ALLTEL COM 020039103 744 16000 SH SOLE 16000
AMERICAN GENERAL CORP COM 026351106 605 8500 SH SOLE 8500
AMOCO CORP COM 031905102 1006 24100 SH SOLE 24100
ANALOG DEVICES, INC. COM 032654105 260 10600 SH SOLE 10600
ANHEUSER-BUSCH COM 035229103 654 13850 SH SOLE 13850
APPLEBEE'S INTERNATIONAL COM 037899101 246 11000 SH SOLE 11000
ASSOCIATES FIRST CAPITAL COM 046008108 211 2748 SH SOLE 2748
AVNET INC COM 053807103 932 17050 SH SOLE 17050
BMC SOFTWARE COM 055921100 1122 21600 SH SOLE 21600
BANC ONE COM 059438101 850 15230 SH SOLE 15230
BANTA COM 066821109 630 20400 SH SOLE 20400
BECKMAN COULTER INC COM 075811109 384 6600 SH SOLE 6600
BERGEN BRUNSWIG COM 083739102 939 20350 SH SOLE 20350
BIOMET INC. COM 090613100 956 28900 SH SOLE 28900
BRISTOL MYERS SQUIBB CO COM 110122108 2546 22150 SH SOLE 22150
BRUNSWICK COM 117043109 502 20300 SH SOLE 20300
CABOT CORP COM 127055101 343 10600 SH SOLE 10600
CARAUSTAR INDUSTRIES COM 140909102 222 7700 SH SOLE 7700
CENTEX COM 152312104 385 10200 SH SOLE 10200
CHEVRON CORPORATION COM 166751107 1064 12700 SH SOLE 12700
CHRYSLER CORP COM 171196108 564 10000 SH SOLE 10000
CIGNA CORP. COM 125509109 869 12600 SH SOLE 12600
CISCO SYSTEMS COM 17275R102 824 8950 SH SOLE 8950
COLTEC INDUSTRIES COM 196879100 296 14900 SH SOLE 14900
COMERICA INC. COM 200340107 932 14100 SH SOLE 14100
COMPAQ COMPUTERS COM 204493100 568 20000 SH SOLE 20000
COUNTRYWIDE CREDIT INDUSTRIES COM 222372104 817 16100 SH SOLE 16100
CYPRESS SEMICONDUCTOR CORP COM 232806109 331 39800 SH SOLE 39800
CYPRESS MINERALS COM 232809103 183 13800 SH SOLE 13800
DTE ENERGY CO COM 233331107 715 17700 SH SOLE 17700
DIME BANCORP INC COM 25429q102 724 24200 SH SOLE 24200
ELF AQUITAINE SPONSORED ADR 286269105 1525 21480 SH SOLE 21480
EMERSON ELECTRIC COM 291011104 712 11800 SH SOLE 11800
ENRON CORP. COM 293561106 881 16300 SH SOLE 16300
EXXON COM 302290101 257 3600 SH SOLE 3600
FEDERATED DEPARTMENT STORE COM 31410h101 705 13100 SH SOLE 13100
FIRST DATA CORP. COM 319963104 720 21600 SH SOLE 21600
FIRST UNION CORP. COM 337358105 746 12800 SH SOLE 12800
FLOWSERVE CORP. COM 34354P105 426 17300 SH SOLE 17300
FORD MOTORS COM 345370100 620 10500 SH SOLE 10500
FOSTER WHEELER CORP COM 350244109 319 14900 SH SOLE 14900
GTE CORP COM 362320103 737 13250 SH SOLE 13250
GENERAL ELEC CO COM 369604103 2176 23950 SH SOLE 23950
GENERAL MOTORS INC COM 370442105 601 9000 SH SOLE 9000
GLOBAL MARINE INC COM 379352404 216 11500 SH SOLE 11500
HERCULES, INC. COM 427056106 498 12100 SH SOLE 12100
HEWLETT-PACKARD CO. COM 428236103 557 9300 SH SOLE 9300
IBP COM 449223106 355 19600 SH SOLE 19600
IMPERIAL CHEMICAL COM 452704505 1277 19800 SH SOLE 19800
<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
INTEL CORP. COM 458140100 1323 17850 SH SOLE 17850
INTERSTATE BAKERIES CORP. COM 46072h108 820 24700 SH SOLE 24700
J.P. MORGAN COM 616880100 819 7000 SH SOLE 7000
JOHNSON & JOHNSON COM 478160104 858 11600 SH SOLE 11600
KERR-MCGEE CORP. COM 492386107 272 4700 SH SOLE 4700
LOUISIANA PACIFIC COM 546347105 237 13000 SH SOLE 13000
LUCENT TECHNOLOGIES COM 549463107 1215 14600 SH SOLE 14600
MEDPARTNERS, INC. COM 58503X107 221 27600 SH SOLE 27600
MEDIAONE GROUP INC. COM 58440j104 652 14850 SH SOLE 14850
MERCK & CO INC COM 589331107 1404 10500 SH SOLE 10500
MICROSOFT CORP COM 594918104 2200 20300 SH SOLE 20300
MORGAN STANLEY,DEAN WITTER COM 617446448 941 10300 SH SOLE 10300
MURPHY OIL CORP. COM 626717102 324 6400 SH SOLE 6400
NATIONSBANK COM 638585109 1895 24715 SH SOLE 24715
NETWORK ASSOCIATES INC. COM 640938106 381 7950 SH SOLE 7950
NORWEST COM 669380107 1374 36650 SH SOLE 36650
OGE ENERGY CORP. COM 670837103 394 14600 SH SOLE 14600
OFFICE MAX COM 67622M108 363 22000 SH SOLE 22000
PACIFICARE HEALTH SYSTEM B COM 695112201 230 2600 SH SOLE 2600
PALL CORP. COM 696429307 506 24700 SH SOLE 24700
PFIZER INC COM 717081103 2826 26000 SH SOLE 26000
PHARMACIA & UPJOHN INC COM 716941109 334 7250 SH SOLE 7250
PRAXAIR, INC. COM 74005P104 676 14450 SH SOLE 14450
PROCTER & GAMBLE CO COM 742718109 2750 30200 SH SOLE 30200
RELIANCE GROUP HOLDING COM 759464100 875 50000 SH SOLE 50000
SBC COMMUNICATIONS INC COM 78387G103 720 18000 SH SOLE 18000
SAFEWAY INC. COM 786514208 781 19200 SH SOLE 19200
SCHERING PLOUGH CORP COM 806605101 3793 41400 SH SOLE 41400
SUN MICROSYSTEMS INC COM 866810104 647 14900 SH SOLE 14900
SYNOPSYS INC COM 871607107 787 17200 SH SOLE 17200
TIDEWATER INC COM 886423102 208 6300 SH SOLE 6300
TIFFANY & CO. COM 886547108 403 8400 SH SOLE 8400
TOYS "R" US COM 892335100 272 11600 SH SOLE 11600
US WEST, INC. COM 91273h101 763 16299 SH SOLE 16299
US INDUSTRIES INC. COM 912080108 334 13500 SH SOLE 13500
U S FRIGHTWAYS CORP. COM 916906100 342 10400 SH SOLE 10400
UST INC COM 902911106 254 9400 SH SOLE 9400
UNITED HEALTHCARE COM 910581107 815 12800 SH SOLE 12800
UNIVERSAL FOODS COM 913538104 477 21500 SH SOLE 21500
UNOCAL CORP COM 915289102 601 16800 SH SOLE 16800
WALMART COM 931142103 1254 20650 SH SOLE 20650
WARNER-LAMBERT COM 934488107 340 4900 SH SOLE 4900
WASTE MANAGEMENT INC. COM 94106K101 964 27550 SH SOLE 27550
WEYERHAEUSER CO COM 962166104 499 10800 SH SOLE 10800
YORK INTERNATIONAL COM 986670107 601 13800 SH SOLE 13800
ABBOTT LABS COM 002824100 10063 246200 SH DEFINED 01 246200
ADVANCED HEALTH CORP. COM 00756h108 522 94900 SH DEFINED 01 94900
AETNA COM 008117103 2185 28700 SH DEFINED 01 28700
ALBERTSONS INC COM 013104104 5259 101500 SH DEFINED 01 101500
ALLIEDSIGNAL INC. COM 019512102 2600 58600 SH DEFINED 01 58600
<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
ALLTEL COM 020039103 4971 106900 SH DEFINED 01 106900
AMERICAN GENERAL CORP COM 026351106 1716 24100 SH DEFINED 01 24100
AMOCO CORP COM 031905102 3830 92000 SH DEFINED 01 92000
ANALOG DEVICES, INC. COM 032654105 1673 68100 SH DEFINED 01 68100
ANHEUSER-BUSCH COM 035229103 4299 91100 SH DEFINED 01 91100
APPLEBEE'S INTERNATIONAL COM 037899101 1770 79100 SH DEFINED 01 79100
ASSOCIATES FIRST CAPITAL COM 046008108 3330 43320 SH DEFINED 01 43320
AVNET INC COM 053807103 2652 48500 SH DEFINED 01 48500
BALTIMORE GAS & ELECTRIC COM 059165100 817 26300 SH DEFINED 01 26300
BANC ONE COM 059438101 7011 125620 SH DEFINED 01 125620
BANTA COM 066821109 4079 132100 SH DEFINED 01 132100
BECKMAN COULTER INC. COM 075811109 1346 23100 SH DEFINED 01 23100
BERGEN BRUNSWIG COM 083739102 5061 109125 SH DEFINED 01 109125
BIOMET, INC. COM 090613100 3329 100700 SH DEFINED 01 100700
BMC SOFTWARE COM 055921100 4321 83200 SH DEFINED 01 83200
BRISTOL MYERS SQUIBB COM 110122108 322 2800 SH DEFINED 01 2800
BRUNSWICK COM 117043109 3314 133900 SH DEFINED 01 133900
CABOT CORP COM 127055101 1015 31400 SH DEFINED 01 31400
CARAUSTAR INDUTRIES COM 140909102 1940 67200 SH DEFINED 01 67200
CENTERPOINT PROPERTIES COM 151895109 2142 64800 SH DEFINED 01 64800
CENTEX COM 152312104 1299 34400 SH DEFINED 01 34400
CHEVRON CORPORATION COM 166751107 5914 71200 SH DEFINED 01 71200
CHRYSLER CORP COM 171196108 4183 74200 SH DEFINED 01 74200
CIGNA CORP. COM 125509109 5320 77100 SH DEFINED 01 77100
CISCO SYSTEMS COM 17275R102 2854 31000 SH DEFINED 01 31000
COCA COLA CO COM 191216100 2565 30000 SH DEFINED 01 30000
COLTEC INDUSTRIES COM 196879100 1167 58700 SH DEFINED 01 58700
COMERICA INC. COM 200340107 5863 88500 SH DEFINED 01 88500
COMPAQ COMPUTER CORP COM 204493100 1930 68000 SH DEFINED 01 68000
COUNTRYWIDE CREDIT INDUSTRIES ICOM 222372104 2903 57200 SH DEFINED 01 57200
CRESCENT REAL ESTATE TRUST COM 225756105 2354 70000 SH DEFINED 01 70000
CYPRESS SEMICONDUCTOR CORP. COM 232806109 1968 236700 SH DEFINED 01 236700
CYPRUS AMAX MINERALS CO COM 232809103 1868 141000 SH DEFINED 01 141000
DTE ENERGY CO. COM 233331107 2895 71700 SH DEFINED 01 71700
DELUXE CORP. COM 248019101 1791 50000 SH DEFINED 01 50000
DIME BANCORP INC. COM 25429q102 2545 85000 SH DEFINED 01 85000
ELF AQUITAINE SPONSORED ADR 286269105 10146 142900 SH DEFINED 01 142900
ENRON COM 293561106 5709 105600 SH DEFINED 01 105600
EQUITY OFFICE PROPERTIES TRUST COM 294741103 284 10000 SH DEFINED 01 10000
EXXON COM 302290101 2211 31000 SH DEFINED 01 31000
FEDERATED DEPT STORES, INC. COM 31410h101 2475 46000 SH DEFINED 01 46000
FIRST DATA CORP. COM 319963104 3608 108300 SH DEFINED 01 108300
FIRST UNION CORP. COM 337358105 6349 109000 SH DEFINED 01 109000
FLOWSERVE CORP. COM 34354P105 2687 109100 SH DEFINED 01 109100
FORD MOTOR COMPANY COM 345370100 9753 165299 SH DEFINED 01 165299
FOSTER WHEELER CORP COM 350244109 793 37000 SH DEFINED 01 37000
GTE CORP COM 362320103 3643 65500 SH DEFINED 01 65500
GENERAL ELECTRIC COM 369604103 6980 76700 SH DEFINED 01 76700
GENERAL MOTORS COM 370442105 3260 48800 SH DEFINED 01 48800
GENERAL SIGNAL COM 370838104 3330 92500 SH DEFINED 01 92500
<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
GLAFELTER P.H. COM 377316104 1486 94000 SH DEFINED 01 94000
GLOBAL MARINE INC COM 379352404 744 39800 SH DEFINED 01 39800
HEALTH&RETIREMENT PPTYS TR COM 422169102 1958 104100 SH DEFINED 01 104100
HERCULES, INC. COM 427056106 2936 71400 SH DEFINED 01 71400
HEWLETT PACKARD CO COM 428236103 6832 114100 SH DEFINED 01 114100
HOSPITALITY PROPERTIES COM 44106M102 1606 50000 SH DEFINED 01 50000
IBP COM 449223106 1294 71400 SH DEFINED 01 71400
INTEL CORP COM 458140100 4507 60800 SH DEFINED 01 60800
INTERSTATE BAKERIES CORP COM 46072h108 5267 158700 SH DEFINED 01 158700
J.P. MORGAN COM 616880100 3666 31300 SH DEFINED 01 31300
JOHNSON & JOHNSON COM 478160104 2626 35600 SH DEFINED 01 35600
KERR-MCGEE CORP. COM 492386107 2633 45500 SH DEFINED 01 45500
KINROSS GOLD CORP. COM 496902107 962 296147 SH DEFINED 01 296147
LIBERTY TRUST PROPER COM 531172104 1917 75000 SH DEFINED 01 75000
LOUISIANA PAC CORP COM 546347105 761 41700 SH DEFINED 01 41700
LUCENT TECHNOLOGIES COM 549463107 4143 49800 SH DEFINED 01 49800
MAPICS, INC. COM 564910107 1772 90000 SH DEFINED 01 90000
MASTEC, INC. COM 576323109 1170 49000 SH DEFINED 01 49000
MCCORMICK & CO COM 579780206 4715 132000 SH DEFINED 01 132000
MEDPARTNERS INC. COM 58503X107 518 64800 SH DEFINED 01 64800
MEDIAONE GROUP INC. COM 58440j104 2584 58800 SH DEFINED 01 58800
MERCK & CO INC COM 589331107 2809 21000 SH DEFINED 01 21000
MICROSOFT CORP COM 594918104 7543 69600 SH DEFINED 01 69600
MORGAN STANLEY, DEAN WITTER COM 617446448 11422 125000 SH DEFINED 01 125000
MURPHY OIL CORP. COM 626717102 1840 36300 SH DEFINED 01 36300
NATIONSBANK CORP COM 638585109 8384 109600 SH DEFINED 01 109600
NETWORK ASSOCIATES INC. COM 640938106 1537 32100 SH DEFINED 01 32100
NORWEST CORP COM 669380107 8193 219200 SH DEFINED 01 219200
OGE ENERGY CORP. COM 670837103 1102 40800 SH DEFINED 01 40800
OFFICE MAX COM 67622M108 1241 75200 SH DEFINED 01 75200
OMEGA HEALTHCARE INVS INC COM 681936100 2108 60000 SH DEFINED 01 60000
OMEGA WORLDWIDE INC. COM 68210b108 150 19893 SH DEFINED 01 19893
PACIFICARE CL B COM 695112201 3049 34500 SH DEFINED 01 34500
PALL CORP. COM 696429307 3180 155100 SH DEFINED 01 155100
PFIZER INC COM 717081103 456 4200 SH DEFINED 01 4200
PRAXAIR, INC. COM 74005P104 4321 92300 SH DEFINED 01 92300
PROCTER & GAMBLE CO COM 742718109 6447 70800 SH DEFINED 01 70800
RAYTHEON CO COM 755111408 2956 50000 SH DEFINED 01 50000
RELIANCE GROUP HOLDING COM 759464100 5700 325700 SH DEFINED 01 325700
REPUBLIC SERVICES INC. COM 760759100 960 40000 SH DEFINED 01 40000
RJR NABISCO PERCS COM 74960K876 980 41248 SH DEFINED 01 41248
SAFEWAY INC. COM 786514208 2812 69100 SH DEFINED 01 69100
SCHERING PLOUGH CORP COM 806605101 11948 130400 SH DEFINED 01 130400
SECURITY CAPITAL INDUSTRIAL PFD 814138301 1475 47000 SH DEFINED 01 47000
ST. PAUL CAPITAL PFD 792856205 1440 20000 SH DEFINED 01 20000
STRATUS COMPUTERS, INC. COM 863155107 1683 66500 SH DEFINED 01 66500
SUN MICROSYSTEMS INC COM 866810104 3184 73300 SH DEFINED 01 73300
SYNOPSYS INC COM 871607107 2759 60300 SH DEFINED 01 60300
TEXACO INC COM 881694103 2984 50000 SH DEFINED 01 50000
TIDEWATER INC COM 886423102 1333 40400 SH DEFINED 01 40400
<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
TIFFANY & CO. COM 886547108 1411 29400 SH DEFINED 01 29400
TOYS R US COM 892335100 700 29700 SH DEFINED 01 29700
TYSON FOODS INC. COM 902494103 729 33600 SH DEFINED 01 33600
U S WEST INC COM 912889102 5165 109904 SH DEFINED 01 109904
U.S. INDUSTRIES INC. COM 912080108 2294 92700 SH DEFINED 01 92700
U S FRIGHTWAYS CORP. COM 916906100 2447 74500 SH DEFINED 01 74500
UST INC COM 902911106 1828 67700 SH DEFINED 01 67700
UNION PACIFIC RESOURCES GROUP COM 907834105 977 55609 SH DEFINED 01 55609
UNITED HEALTHCARE COM 910581107 2864 45100 SH DEFINED 01 45100
UNIVERSAL FOODS COM 913538104 4717 212600 SH DEFINED 01 212600
UNOCAL CORP COM 915289102 3682 103000 SH DEFINED 01 103000
UNOCAL PFD 91528T207 3610 67000 SH DEFINED 01 67000
WAL MART STORES INC COM 931142103 3645 60000 SH DEFINED 01 60000
WARNER LAMBERT CO COM 934488107 937 13500 SH DEFINED 01 13500
WASTE MANAGEMENT INC. COM 94106K101 5082 145200 SH DEFINED 01 145200
WEYERHAEUSER CO COM 962166104 2023 43800 SH DEFINED 01 43800
WHIRLPOOL CORP COM 963320106 5294 77000 SH DEFINED 01 77000
XEROX CORP. COM 984121103 5742 56500 SH DEFINED 01 56500
YORK INTERNATIONAL COM 986670107 4003 91900 SH DEFINED 01 91900
REPORT SUMMARY 319 DATA RECORDS 1453494 1 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
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