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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: 03/31/98
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 05/11/98
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 8786 105300 SH DEFINED 01 105300
ALBERTSONS INC COM 013104104 9200 174400 SH DEFINED 01 174400
ALLEGHENY ENERGY INC COM 017361106 4024 119900 SH DEFINED 01 119900
ALLTEL COM 020039103 9939 227500 SH DEFINED 01 227500
AMAX GOLD COM 023120108 2022 660400 SH DEFINED 01 660400
AMERICAN GENERAL CORP COM 026351106 6372 98500 SH DEFINED 01 98500
AMOCO CORP COM 031905102 15548 180000 SH DEFINED 01 180000
ANALOG DEVICES, INC. COM 032654105 4655 140000 SH DEFINED 01 140000
ANHEUSER-BUSCH COM 035229103 8001 173000 SH DEFINED 01 173000
APPLEBEE'S INTERNATIONAL COM 037899101 3601 155700 SH DEFINED 01 155700
AVNET INC COM 053807103 12952 225000 SH DEFINED 01 225000
BANC ONE COM 059438101 11062 174900 SH DEFINED 01 174900
BANTA COM 066821109 8990 290600 SH DEFINED 01 290600
BECKMAN COULTER INC COM 075811109 6184 107900 SH DEFINED 01 107900
BERGEN BRUNSWIG COM 083739102 13656 320375 SH DEFINED 01 320375
BIOMET, INC. COM 090613100 10890 363000 SH DEFINED 01 363000
BRISTOL MYERS SQUIBB CO COM 110122108 22427 215000 SH DEFINED 01 215000
BRUNSWICK COM 117043109 8963 257000 SH DEFINED 01 257000
BURLINGTON COM 12189T104 5751 55300 SH DEFINED 01 55300
CARAUSTAR INDUSTRIES COM 140909102 1987 60200 SH DEFINED 01 60200
CHRYSLER CORP. COM 171196108 6910 166000 SH DEFINED 01 166000
COMPAQ COMPUTER CORP COM 204493100 12938 500000 SH DEFINED 01 500000
CIGNA COM 125509109 10660 52000 SH DEFINED 01 52000
CYPRESS SEMICONDUCTOR COPR COM 232806109 5243 521000 SH DEFINED 01 521000
CYPRUS AMAX MINERALS CO COM 232809103 4416 265600 SH DEFINED 01 265600
DTE ENERGY CO. COM 233331107 4128 105000 SH DEFINED 01 105000
DILLARD DEPT STORES INC CL A 254067101 12965 351000 SH DEFINED 01 351000
ELECTRONIC DATA SYSTEMS CORP COM 285661104 10368 226000 SH DEFINED 01 226000
ELF AQUITAINE SPONSORED ADR 286269105 22047 340500 SH DEFINED 01 340500
EMERSON ELEC CO COM 291011104 8409 129000 SH DEFINED 01 129000
ENRON CORP. COM 293561106 10008 215800 SH DEFINED 01 215800
FIRST DATA CORP. COM 319963104 8941 275100 SH DEFINED 01 275100
FIRST UNION CORP. COM 337358105 8976 158000 SH DEFINED 01 158000
FLOWSERVE CORP. COM 34354P105 7005 214700 SH DEFINED 01 214700
FLUOR DANIEL COM 343861100 6443 129500 SH DEFINED 01 129500
FORD MOTORS COM 345370100 5574 86000 SH DEFINED 01 86000
FOSTER WHEELER CORP COM 350244109 6174 202000 SH DEFINED 01 202000
GENERAL ELEC CO COM 369604103 26261 304700 SH DEFINED 01 304700
GENERAL MOTORS COM 370442105 3638 53700 SH DEFINED 01 53700
GTE CORP COM 362320103 15029 251000 SH DEFINED 01 251000
GLOBAL MARINE INC COM 379352404 3582 144000 SH DEFINED 01 144000
GUILFORD MLS INC COM 401794102 9160 310500 SH DEFINED 01 310500
HERCULES, INC. COM 427056106 7747 156900 SH DEFINED 01 156900
HEWLETT PACKARD CO COM 428236103 25350 400000 SH DEFINED 01 400000
IBP COM 449223106 6839 304800 SH DEFINED 01 304800
IMPERIAL CHEMICAL COM 452704505 17768 247200 SH DEFINED 01 247200
INTEL CORP COM 458140100 18813 241000 SH DEFINED 01 241000
INTERNATIONAL BUSINESS MACHS COM 459200101 10595 102000 SH DEFINED 01 102000
J.P. MORGAN COM 616880100 11954 89000 SH DEFINED 01 89000
JOHNSON & JOHNSON COM 478160104 14688 200000 SH DEFINED 01 200000
<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
KELLWOOD COM 488044108 2127 68900 SH DEFINED 01 68900
KERR-MCGEE CORP. COM 492386107 4313 62000 SH DEFINED 01 62000
LOUISIANA PAC CORP COM 546347105 3767 162000 SH DEFINED 01 162000
MALLINCKRODT GROUP COM 561226101 1580 40000 SH DEFINED 01 40000
MARK IV INDUSTRIES, INC COM 570387100 7548 331800 SH DEFINED 01 331800
MCCORMICK & CO COM 579780206 9627 298500 SH DEFINED 01 298500
MEDPARTNERS, INC COM 58503X107 1538 150000 SH DEFINED 01 150000
MERCK & CO INC COM 589331107 12819 100000 SH DEFINED 01 100000
MODINE COM 607828100 1286 37000 SH DEFINED 01 37000
MOTOROLA COM 620076109 10328 170000 SH DEFINED 01 170000
MURPHY OIL CORP. COM 626717102 4010 80000 SH DEFINED 01 80000
NATIONAL HEALTH INVESTORS COM 63633D104 3617 91000 SH DEFINED 01 91000
NATIONSBANK COM 638585109 9920 136000 SH DEFINED 01 136000
NORWEST CORP. COM 669380107 17647 424600 SH DEFINED 01 424600
OGE ENERGY CORP. COM 670837103 4711 81400 SH DEFINED 01 81400
PALL CORP. COM 696429307 7052 328000 SH DEFINED 01 328000
PFIZER INC COM 717081103 40872 410000 SH DEFINED 01 410000
PRAXAIR, INC. COM 74005P104 9207 179000 SH DEFINED 01 179000
PROCTER & GAMBLE CO COM 742718109 36450 432000 SH DEFINED 01 432000
RELIANCE GROUP HOLDING COM 759464100 12730 670000 SH DEFINED 01 670000
SCHERING PLOUGH CORP COM 806605101 32700 400000 SH DEFINED 01 400000
SEQUENT COMPUTER COM 817338106 1825 100000 SH DEFINED 01 100000
SILICON GRAPHICS COM 827056102 3519 252500 SH DEFINED 01 252500
SYNOPSYS INC COM 871607107 7271 222000 SH DEFINED 01 222000
TEXACO INC COM 881694103 5808 96400 SH DEFINED 01 96400
TIDEWATER COM 886423102 3531 80600 SH DEFINED 01 80600
TIFFANY & CO. COM 886547108 5210 107000 SH DEFINED 01 107000
TOYS R US COM 892335100 8134 270000 SH DEFINED 01 270000
U S WEST INC COM 912889102 14421 264000 SH DEFINED 01 264000
U S WEST MEDIA GROUP COM 912889201 9174 264000 SH DEFINED 01 264000
U S FRIGHTWAYS CORP. COM 916906100 5245 145700 SH DEFINED 01 145700
UNITED HEALTHCARE COM 910581107 10593 163600 SH DEFINED 01 163600
UNIVERSAL FOODS COM 913538104 9663 197200 SH DEFINED 01 197200
UNOCAL CORP COM 915289102 4318 111600 SH DEFINED 01 111600
WAL MART STORES INC COM 931142103 18450 363100 SH DEFINED 01 363100
WARNER LAMBERT CO COM 934488107 32359 190000 SH DEFINED 01 190000
WASTE MANAGEMENT INC. COM 94106K101 11462 372000 SH DEFINED 01 372000
WEYERHAEUSER CO COM 962166104 9300 164600 SH DEFINED 01 164600
YORK INTERNATIONAL COM 986670107 8505 189000 SH DEFINED 01 189000
ABBOTT LABS COM 002824100 1107 14700 SH SOLE 14700
AETNA COM 008117103 734 8800 SH SOLE 8800
ALBERTSONS INC COM 013104104 717 13600 SH SOLE 13600
ALLEGHENY ENERGY INC. COM 017361106 324 9650 SH SOLE 9650
ALLTEL COM 020039103 699 16000 SH SOLE 16000
AMERICAN GENERAL CORP COM 026351106 550 8500 SH SOLE 8500
AMOCO CORP COM 031905102 1037 12000 SH SOLE 12000
ANALOG DEVICES, INC. COM 032654105 352 10600 SH SOLE 10600
ANHEUSER-BUSCH COM 035229103 638 13800 SH SOLE 13800
APPLEBEE'S INTERNATIONAL COM 037899101 254 11000 SH SOLE 11000
AVNET INC COM 053807103 979 17000 SH SOLE 17000
<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
BMC SOFTWARE COM 055921100 905 10800 SH SOLE 10800
BANC ONE COM 059438101 960 15180 SH SOLE 15180
BANTA COM 066821109 631 20400 SH SOLE 20400
BECKMAN COULTER INC COM 075811109 378 6600 SH SOLE 6600
BERGEN BRUNSWIG COM 083739102 867 20350 SH SOLE 20350
BIOMET INC. COM 090613100 867 28900 SH SOLE 28900
BRISTOL MYERS SQUIBB CO COM 110122108 2305 22100 SH SOLE 22100
BRUNSWICK COM 117043109 704 20200 SH SOLE 20200
CABOT CORP COM 127055101 524 14200 SH SOLE 14200
CARAUSTAR INDUSTRIES COM 140909102 307 9300 SH SOLE 9300
CHEVRON CORPORATION COM 166751107 1020 12700 SH SOLE 12700
CHRYSLER CORP COM 171196108 412 9900 SH SOLE 9900
CIGNA CORP. COM 125509109 861 4200 SH SOLE 4200
COMPAQ COMPUTERS COM 204493100 988 38200 SH SOLE 38200
COMERICA INC. COM 200340107 1122 10600 SH SOLE 10600
CYPRESS SEMICONDUCTOR CORP COM 232806109 400 39800 SH SOLE 39800
CYPRESS MINERALS COM 232809103 229 13800 SH SOLE 13800
DTE ENERGY CO COM 233331107 696 17700 SH SOLE 17700
ELECTRONIC DATA SYSTEMS CORP COM 285661104 486 10600 SH SOLE 10600
ELF AQUITAINE SPONSORED ADR 286269105 1388 21430 SH SOLE 21430
EMERSON ELECTRIC COM 291011104 769 11800 SH SOLE 11800
ENRON CORP. COM 293561106 754 16250 SH SOLE 16250
EXXON COM 302290101 243 3600 SH SOLE 3600
FIRST DATA CORP. COM 319963104 699 21500 SH SOLE 21500
FIRST UNION CORP. COM 337358105 727 12800 SH SOLE 12800
FLOWSERVE CORP. COM 34354P105 561 17200 SH SOLE 17200
FLUOR CORP COM 343861100 649 13050 SH SOLE 13050
FORD MOTORS COM 345370100 681 10500 SH SOLE 10500
FOSTER WHEELER CORP COM 350244109 455 14900 SH SOLE 14900
GTE CORP COM 362320103 790 13200 SH SOLE 13200
GENERAL ELEC CO COM 369604103 2060 23900 SH SOLE 23900
GENERAL MOTORS INC COM 370442105 610 9000 SH SOLE 9000
GENERAL SIGNAL COM 370838104 573 12300 SH SOLE 12300
GLOBAL MARINE INC COM 379352404 286 11500 SH SOLE 11500
HERCULES, INC. COM 427056106 597 12100 SH SOLE 12100
HEWLETT-PACKARD CO. COM 428236103 1153 18200 SH SOLE 18200
IBP COM 449223106 440 19600 SH SOLE 19600
IMPERIAL CHEMICAL COM 452704505 1423 19800 SH SOLE 19800
INTEL CORP. COM 458140100 1390 17800 SH SOLE 17800
J.P. MORGAN COM 616880100 940 7000 SH SOLE 7000
JOHNSON & JOHNSON COM 478160104 852 11600 SH SOLE 11600
KERR-MCGEE CORP. COM 492386107 327 4700 SH SOLE 4700
LOUISIANA PACIFIC COM 546347105 302 13000 SH SOLE 13000
MARK IV INDUSTRIES INC COM 570387100 597 26230 SH SOLE 26230
MEDPARTNERS, INC. COM 58503X107 283 27600 SH SOLE 27600
MERCK & CO INC COM 589331107 1346 10500 SH SOLE 10500
MORGAN STANLEY,DEAN WITTER COM 617446448 772 10600 SH SOLE 10600
MOTOROLA COM 620076109 486 8000 SH SOLE 8000
MURPHY OIL CORP. COM 626717102 321 6400 SH SOLE 6400
NATIONAL HEALTH INVESTORS COM 63633D104 568 14300 SH SOLE 14300
<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
NATIONSBANK COM 638585109 1810 24815 SH SOLE 24815
NORWEST COM 669380107 1540 37050 SH SOLE 37050
OGE ENERGY CORP. COM 670837103 417 7200 SH SOLE 7200
PALL CORP. COM 696429307 531 24700 SH SOLE 24700
PFIZER INC COM 717081103 2592 26000 SH SOLE 26000
PHARMACIA & UPJOHN INC COM 716941109 317 7250 SH SOLE 7250
PRAXAIR, INC. COM 74005P104 741 14400 SH SOLE 14400
PROCTER & GAMBLE CO COM 742718109 2540 30100 SH SOLE 30100
RELIANCE GROUP HOLDING COM 759464100 949 49950 SH SOLE 49950
SBC COMMUNICATIONS INC COM 78387G103 824 19000 SH SOLE 19000
SCHERING PLOUGH CORP COM 806605101 3474 42500 SH SOLE 42500
SEQUENT COMPUTER SYSTEMS COM 817338106 319 17500 SH SOLE 17500
SILICON GRAPHICS COM 827056102 243 17400 SH SOLE 17400
SUN MICROSYSTEMS INC COM 866810104 655 15700 SH SOLE 15700
SYNOPSYS INC COM 871607107 563 17200 SH SOLE 17200
TIDEWATER INC COM 886423102 276 6300 SH SOLE 6300
TIFFANY & CO. COM 886547108 409 8400 SH SOLE 8400
TOYS "R" US COM 892335100 349 11600 SH SOLE 11600
U S WEST INC COM 912889102 885 16200 SH SOLE 16200
U S WEST MEDIA GROUP COM 912889201 516 14850 SH SOLE 14850
U S FRIGHTWAYS CORP. COM 916906100 374 10400 SH SOLE 10400
UST INC COM 902911106 384 11900 SH SOLE 11900
UNITED HEALTHCARE COM 910581107 829 12800 SH SOLE 12800
UNIVERSAL FOODS COM 913538104 522 10650 SH SOLE 10650
UNOCAL CORP COM 915289102 646 16700 SH SOLE 16700
WALMART COM 931142103 1059 20850 SH SOLE 20850
WARNER-LAMBERT COM 934488107 273 1600 SH SOLE 1600
WASTE MANAGEMENT INC. COM 94106K101 846 27450 SH SOLE 27450
WEYERHAEUSER CO COM 962166104 607 10750 SH SOLE 10750
YORK INTERNATIONAL COM 986670107 621 13800 SH SOLE 13800
ABBOTT LABS COM 002824100 9271 123100 SH DEFINED 01 123100
AETNA COM 008117103 2395 28700 SH DEFINED 01 28700
ALBERTSONS INC COM 013104104 5341 101500 SH DEFINED 01 101500
ALLTEL COM 020039103 4670 106900 SH DEFINED 01 106900
AMAX GOLD COM 023120108 1133 370000 SH DEFINED 01 370000
AMERICAN GENERAL CORP COM 026351106 1559 24100 SH DEFINED 01 24100
AMOCO CORP COM 031905102 3973 46000 SH DEFINED 01 46000
ANALOG DEVICES, INC. COM 032564105 2264 68100 SH DEFINED 01 68100
ANHEUSER-BUSCH COM 035229103 4219 91100 SH DEFINED 01 91100
APPLEBEE'S INTERNATIONAL COM 037899101 1829 79100 SH DEFINED 01 79100
AVNET INC COM 053807103 2792 48500 SH DEFINED 01 48500
BALTIMORE GAS & ELECTRIC COM 059165100 860 26300 SH DEFINED 01 26300
BANC ONE COM 059438101 7945 125620 SH DEFINED 01 125620
BANTA COM 066821109 4087 132100 SH DEFINED 01 132100
BECKMAN COULTER INC. COM 075811109 1324 23100 SH DEFINED 01 23100
BERGEN BRUNSWIG COM 083739102 4651 109125 SH DEFINED 01 109125
BIOMET, INC. COM 090613100 3021 100700 SH DEFINED 01 100700
BMC SOFTWARE COM 055921100 3487 41600 SH DEFINED 01 41600
BRISTOL MYERS SQUIBB COM 110122108 292 2800 SH DEFINED 01 2800
BRUNSWICK COM 117043109 4670 133900 SH DEFINED 01 133900
<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
CABOT CORP COM 127055101 1291 35000 SH DEFINED 01 35000
CARAUSTAR INDUTRIES COM 140909102 2218 67200 SH DEFINED 01 67200
CENTERPOINT PROPERTIES COM 151895109 2248 64800 SH DEFINED 01 64800
CHEVRON CORPORATION COM 166751107 5718 71200 SH DEFINED 01 71200
CHRYSLER CORP COM 171196108 3084 74200 SH DEFINED 01 74200
CIGNA CORP. COM 125509109 5269 25700 SH DEFINED 01 25700
COCA COLA CO COM 191216100 2323 30000 SH DEFINED 01 30000
COMERICA INC. COM 200340107 6243 59000 SH DEFINED 01 59000
COMPAQ COMPUTER CORP COM 204493100 4612 178250 SH DEFINED 01 178250
CRESCENT REAL ESTATE TRUST COM 225756105 2520 70000 SH DEFINED 01 70000
CYPRESS SEMICONDUCTOR CORP. COM 232806109 2397 236700 SH DEFINED 01 236700
CYPRUS AMAX MINERALS CO COM 232809103 2344 141000 SH DEFINED 01 141000
DTE ENERGY CO. COM 233331107 2819 71700 SH DEFINED 01 71700
DELUXE CORP. COM 248019101 1647 50000 SH DEFINED 01 50000
ELECTRONIC DATA SYSTEMS CORP COM 285661104 3418 74500 SH DEFINED 01 74500
ELF AQUITAINE SPONSORED ADR 286269105 9253 142900 SH DEFINED 01 142900
ENRON COM 293561106 4897 105600 SH DEFINED 01 105600
EQUITY OFFICE PROPERTIES TRUST COM 294741103 306 10000 SH DEFINED 01 10000
EXXON COM 302290101 2096 31000 SH DEFINED 01 31000
FIRST DATA CORP. COM 319963104 3520 108300 SH DEFINED 01 108300
FIRST UNION CORP. COM 337358105 # 6186 109000 SH DEFINED 01 109000
FLOWSERVE CORP. COM 34354P105 3559 109100 SH DEFINED 01 109100
FLUOR CORP COM 343861100 3801 76400 SH DEFINED 01 76400
FORD MOTOR COMPANY COM 345370100 10713 165299 SH DEFINED 01 165299
FOSTER WHEELER CORP COM 350244109 1131 37000 SH DEFINED 01 37000
GTE CORP COM 362320103 3922 65500 SH DEFINED 01 65500
GENERAL ELECTRIC COM 369604103 6611 76700 SH DEFINED 01 76700
GENERAL MOTORS COM 370442105 3291 48800 SH DEFINED 01 48800
GENERAL SIGNAL COM 370838104 5292 113200 SH DEFINED 01 113200
GLAFELTER P.H. COM 377316104 1698 94000 SH DEFINED 01 94000
GLOBAL MARINE INC COM 379352404 985 39800 SH DEFINED 01 39800
HEALTH&RETIREMENT PPTYS TR COM 422169102 2274 113000 SH DEFINED 01 113000
HERCULES, INC. COM 427056106 3525 71400 SH DEFINED 01 71400
HEWLETT PACKARD CO COM 428236103 10203 161000 SH DEFINED 01 161000
HOSPITALITY PROPERTIES COM 44106M102 1772 50000 SH DEFINED 01 50000
IBP COM 449223106 1602 71400 SH DEFINED 01 71400
INTEL CORP COM 458140100 4746 60800 SH DEFINED 01 60800
J.P. MORGAN COM 616880100 4204 31300 SH DEFINED 01 31300
JOHNSON & JOHNSON COM 478160104 2610 35600 SH DEFINED 01 35600
KERR-MCGEE CORP. COM 492386107 3165 45500 SH DEFINED 01 45500
LIBERTY TRUST PROPER COM 531172104 2016 75000 SH DEFINED 01 75000
LOUISIANA PAC CORP COM 546347105 970 41700 SH DEFINED 01 41700
MAPICS, INC. COM 564910107 1592 90000 SH DEFINED 01 90000
MARK IV INDUSTRIES INC. COM 570387100 2042 89775 SH DEFINED 01 89775
MASTEC, INC. COM 576323109 1544 49000 SH DEFINED 01 49000
MCCORMICK & CO COM 579780206 4257 132000 SH DEFINED 01 132000
MEDPARTNERS INC. COM 58503X107 664 64800 SH DEFINED 01 64800
MERCK & CO INC COM 589331107 2696 21000 SH DEFINED 01 21000
MORGAN STANLEY, DEAN WITTER COM 617446448 9241 126800 SH DEFINED 01 126800
MOTOROLA COM 620076109 4553 75100 SH DEFINED 01 75100
<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
MURPHY OIL CORP. COM 626717102 1820 36300 SH DEFINED 01 36300
NATIONAL HEALTH INVESTORS COM 63633D104 1826 45800 SH DEFINED 01 45800
NATIONSBANK CORP COM 638585109 7994 109600 SH DEFINED 01 109600
NORWEST CORP COM 669380107 9111 219200 SH DEFINED 01 219200
OGE ENERGY CORP. COM 670837103 1181 20400 SH DEFINED 01 20400
OMEGA HEALTHCARE INVS INC COM 681936100 2340 60000 SH DEFINED 01 60000
PACIFICARE CL B COM 695112201 2596 34500 SH DEFINED 01 34500
PALL CORP. COM 696429307 3335 155100 SH DEFINED 01 155100
PFIZER INC COM 717081103 419 4200 SH DEFINED 01 4200
PRAXAIR, INC. COM 74005P104 4748 92300 SH DEFINED 01 92300
PROCTER & GAMBLE CO COM 742718109 5974 70800 SH DEFINED 01 70800
RAYTHEON CO COM 755111408 2919 50000 SH DEFINED 01 50000
RELIANCE GROUP HOLDING COM 759464100 6229 325700 SH DEFINED 01 325700
RJR NABISCO PERCS PFD 74960K876 1292 41248 SH DEFINED 01 41248
SCHERING PLOUGH CORP COM 806605101 10652 130400 SH DEFINED 01 130400
SECURITY CAPITAL INDUSTRIAL PFD 814138301 1528 47000 SH DEFINED 01 47000
SEQUENT COMPUTER SYSTEMS COM 817338106 1781 97600 SH DEFINED 01 97600
SILICON GRAPHICS COM 827056102 811 58200 SH DEFINED 01 58200
ST. PAUL CAPITAL PFD 792856205 1535 20000 SH DEFINED 01 20000
STRATUS COMPUTERS, INC. COM 863155107 2930 66500 SH DEFINED 01 66500
SUN MICROSYSTEMS INC COM 866810104 3058 73300 SH DEFINED 01 73300
SYNOPSYS INC COM 871607107 1975 60300 SH DEFINED 01 60300
TEXACO INC COM 881694103 3013 50000 SH DEFINED 01 50000
TIDEWATER INC COM 886423102 1770 40400 SH DEFINED 01 40400
TIFFANY & CO. COM 886547108 1431 29400 SH DEFINED 01 29400
TOYS R US COM 892335100 893 29700 SH DEFINED 01 29700
TYSON FOODS INC. COM 902494103 647 33600 SH DEFINED 01 33600
U S WEST INC COM 912889102 5929 108300 SH DEFINED 01 108300
U S WEST MEDIA GROUP COM 912889201 2043 58800 SH DEFINED 01 58800
U S FRIGHTWAYS CORP. COM 916906100 2682 74500 SH DEFINED 01 74500
UST INC COM 902911106 2351 72900 SH DEFINED 01 72900
UNION PACIFIC RESOURCES GROUP COM 907834105 1328 55609 SH DEFINED 01 55609
UNION TEXAS PETROLEUM COM 908640105 949 42900 SH DEFINED 01 42900
UNITED HEALTHCARE COM 910581107 2920 45100 SH DEFINED 01 45100
UNIVERSAL FOODS COM 913538104 5209 106300 SH DEFINED 01 106300
UNOCAL CORP COM 915289102 3985 103000 SH DEFINED 01 103000
UNOCAL PFD 915289102 3727 67000 SH DEFINED 01 67000
WAL MART STORES INC COM 931142103 3049 60000 SH DEFINED 01 60000
WARNER LAMBERT CO COM 934488107 766 4500 SH DEFINED 01 4500
WASTE MANAGEMENT INC. COM 94106K101 4474 145200 SH DEFINED 01 145200
WEYERHAEUSER CO COM 962166104 2475 43800 SH DEFINED 01 43800
WHIRLPOOL CORP COM 963320106 5279 77000 SH DEFINED 01 77000
XEROX CORP. COM 984121103 6014 56500 SH DEFINED 01 56500
YORK INTERNATIONAL COM 986670107 4136 91900 SH DEFINED 01 91900
REPORT SUMMARY 294 DATA RECORDS 1355291 1 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
</TABLE>
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