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Previous: KAYE GROUP INC, 10-Q, 1998-11-16 |
Next: HYSEQ INC, 10-Q, 1998-11-16 |
<TABLE>
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<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 09/30/98
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 281-334-2469
Signature, Place and Date of Signing:
/s/ BRENDA T. KOELEMAY GALVESTON TX 11/13/98
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 7318 105300 SH DEFINED 01 105300
ALBERTSONS INC COM 013104104 9439 174400 SH DEFINED 01 174400
ALLEGHENY ENERGY INC COM 017361106 3784 119900 SH DEFINED 01 119900
ALLIEDSIGNAL INC. COM 019512102 3714 105000 SH DEFINED 01 105000
ALLTEL COM 020039103 10721 227500 SH DEFINED 01 227500
AMERICAN GENERAL CORP COM 026351106 6292 98500 SH DEFINED 01 98500
AMOCO CORP COM 031905102 19395 360000 SH DEFINED 01 360000
ANHEUSER-BUSCH COM 035229103 9342 173000 SH DEFINED 01 173000
APPLEBEE'S INTERNATIONAL COM 037899101 2248 107700 SH DEFINED 01 107700
ASSOCIATES FIRST CAPITAL COM O46008108 1471 22538 SH DEFINED 01 22538
AVNET INC COM 053807103 5110 138800 SH DEFINED 01 138800
BANK ONE COPR COM 06423A103 7422 174900 SH DEFINED 01 174900
BANTA COM 066821109 7919 290600 SH DEFINED 01 290600
BECKMAN COULTER INC COM 075811109 5570 107900 SH DEFINED 01 107900
BERGEN BRUNSWIG COM 083739102 16199 320375 SH DEFINED 01 320375
BIOMET, INC. COM 090613100 12592 363000 SH DEFINED 01 363000
BRISTOL MYERS SQUIBB CO COM 110122108 22333 215000 SH DEFINED 01 215000
BRUNSWICK COM 117043109 689 53000 SH DEFINED 01 53000
BURLINGTON COM 12189T104 5350 165900 SH DEFINED 01 165900
CENTEX COM 152312104 4571 132500 SH DEFINED 01 132500
CHRYSLER CORP. COM 171196108 4213 88000 SH DEFINED 01 88000
CIGNA COM 125509109 10316 156000 SH DEFINED 01 156000
CISCO SYSTEMS COM 17275R102 10904 176400 SH DEFINED 01 176400
COLTEX INDUSTRIES COM 196879100 2783 184000 SH DEFINED 01 184000
COUNTRYWIDE CREDIT INDUSTRIES COM 222372104 8450 203000 SH DEFINED 01 203000
CYPRUS AMAX MINERALS CO COM 232809103 3519 265600 SH DEFINED 01 265600
DTE ENERGY CO. COM 233331107 4745 105000 SH DEFINED 01 105000
DILLARD DEPT STORES INC CL A 254067101 9938 351000 SH DEFINED 01 351000
DIME BANCROP INC. COM 25429q102 8075 319000 SH DEFINED 01 319000
ELF AQUITAINE SPONSORED ADR 286269105 21175 340500 SH DEFINED 01 340500
EMERSON ELEC CO COM 291011104 8030 129000 SH DEFINED 01 129000
ENRON CORP. COM 293561106 11545 215800 SH DEFINED 01 215800
FEDERATED DEPARTMENT STORES COM 31410h101 6402 176000 SH DEFINED 01 176000
FIRST DATA CORP. COM 319963104 331 14100 SH DEFINED 01 14100
FIRST UNION CORP. COM 337358105 8088 158000 SH DEFINED 01 158000
FLOWSERVE CORP. COM 34354P105 4348 214700 SH DEFINED 01 214700
FORD MOTORS COM 345370100 4042 86000 SH DEFINED 01 86000
FOSTER WHEELER CORP COM 350244109 165 12000 SH DEFINED 01 12000
GENERAL ELEC CO COM 369604103 24243 304700 SH DEFINED 01 304700
GENERAL MOTORS COM 370442105 2947 53700 SH DEFINED 01 53700
GTE CORP COM 362320103 13805 251000 SH DEFINED 01 251000
GLOBAL MARINE INC COM 379352404 1602 144000 SH DEFINED 01 144000
GUILFORD MLS INC COM 401794102 4619 310500 SH DEFINED 01 310500
HBO & CO. COM 404100109 4663 161500 SH DEFINED 01 161500
HERCULES, INC. COM 427056106 4717 156900 SH DEFINED 01 156900
IBP COM 449223106 6172 304800 SH DEFINED 01 304800
IMPERIAL CHEMICAL COM 452704505 7849 247200 SH DEFINED 01 247200
INTEL CORP COM 458140100 20666 241000 SH DEFINED 01 241000
INTERNATIONAL BUSINESS MACHS COM 459200101 13107 102000 SH DEFINED 01 102000
INTERSTATE BAKERIES CORP. COM 46072h108 9269 299000 SH DEFINED 01 299000
<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
J.P. MORGAN COM 616880100 7532 89000 SH DEFINED 01 89000
JOHNSON & JOHNSON COM 478160104 15650 200000 SH DEFINED 01 200000
KELLWOOD COM 488044108 1852 68900 SH DEFINED 01 68900
KINROSS GOLD CORP. COM 496902107 1620 528903 SH DEFINED 01 528903
LOUISIANA PAC CORP COM 546347105 3301 162000 SH DEFINED 01 162000
LUCENT TECHNOLOGIES COM 549463107 13379 193200 SH DEFINED 01 193200
MCCORMICK & CO COM 579780206 8675 298500 SH DEFINED 01 298500
MEDIAONE GROUP INC. COM 58440j104 11732 264000 SH DEFINED 01 264000
MERCK & CO INC COM 589331107 12956 100000 SH DEFINED 01 100000
MICROSOFT CORP COM 594918104 29585 268800 SH DEFINED 01 268800
MURPHY OIL CORP. COM 626717102 3100 80000 SH DEFINED 01 80000
NATIONSBANK COM 638585109 7276 136000 SH DEFINED 01 136000
NETWORK ASSOCIATES INC. COM 640938106 3621 102000 SH DEFINED 01 102000
NORTHERN TELECOM COM 665815106 2850 88900 SH DEFINED 01 88900
NORWEST CORP. COM 669380107 15286 424600 SH DEFINED 01 424600
NOVELL INC. COM 670006105 5261 429500 SH DEFINED 01 429500
OGE ENERGY CORP. COM 670837103 4701 162800 SH DEFINED 01 162800
OFFICE MAX COM 67622M108 2836 289000 SH DEFINED 01 289000
PALL CORP. COM 696429307 7278 328000 SH DEFINED 01 328000
PFIZER INC COM 717081103 38070 360000 SH DEFINED 01 360000
PRAXAIR, INC. COM 74005P104 5851 179000 SH DEFINED 01 179000
PROCTER & GAMBLE CO COM 742718109 30726 432000 SH DEFINED 01 432000
RELIANCE GROUP HOLDING COM 759464100 9422 670000 SH DEFINED 01 670000
SAFEWAY INC. COM 786514208 11485 249000 SH DEFINED 01 249000
SCHERING PLOUGH CORP COM 806605101 41475 400000 SH DEFINED 01 400000
SERVICE CORP INTERNATIONAL COM 817565104 9381 294300 SH DEFINED 01 294300
SYNOPSYS INC COM 871607107 7395 222000 SH DEFINED 01 222000
TEXACO INC COM 881694103 6031 96400 SH DEFINED 01 96400
TIDEWATER COM 886423102 1672 80600 SH DEFINED 01 80600
TIFFANY & CO. COM 886547108 3357 107000 SH DEFINED 01 107000
TOYS R US COM 892335100 324 20000 SH DEFINED 01 20000
US WEST, INC. COM 91273h101 14238 271208 SH DEFINED 01 271208
U.S. INDUSTRIES, INC. COM 912080108 2455 163000 SH DEFINED 01 163000
U S FRIGHTWAYS CORP. COM 916906100 2896 145700 SH DEFINED 01 145700
UNITED HEALTHCARE COM 910581107 5726 163600 SH DEFINED 01 163600
UNIVERSAL FOODS COM 913538104 8233 394400 SH DEFINED 01 394400
UNOCAL CORP COM 915289102 4046 111600 SH DEFINED 01 111600
WAL MART STORES INC COM 931142103 19834 363100 SH DEFINED 01 363100
WARNER LAMBERT CO COM 934488107 43035 570000 SH DEFINED 01 570000
WASTE MANAGEMENT INC. COM 94106L109 12962 269700 SH DEFINED 01 269700
WEYERHAEUSER CO COM 962166104 6944 164600 SH DEFINED 01 164600
YORK INTERNATIONAL COM 986670107 6308 189000 SH DEFINED 01 189000
ABBOTT LABS COM 002824100 1056 24300 SH SOLE 24300
AETNA COM 008117103 619 8900 SH SOLE 8900
ALBERTSONS INC COM 013104104 742 13700 SH SOLE 13700
ALLEGHENY ENERGY INC. COM 017361106 308 9750 SH SOLE 9750
ALLIEDSIGNAL INC. COM 019512102 304 8600 SH SOLE 8600
ALLTEL COM 020039103 763 16200 SH SOLE 16200
AMERICAN GENERAL CORP COM 026351106 549 8600 SH SOLE 8600
AMOCO CORP COM 031905102 1325 24600 SH SOLE 24600
<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
ANHEUSER-BUSCH COM 035229103 759 14050 SH SOLE 14050
APPLEBEE'S INTERNATIONAL COM 037899101 230 11000 SH SOLE 11000
AVNET INC COM 053807103 598 16250 SH SOLE 16250
BMC SOFTWARE COM 055921100 1285 21400 SH SOLE 21400
BANK ONE CORP. COM 06423A103 655 15430 SH SOLE 15430
BANTA COM 066821109 556 20400 SH SOLE 20400
BECKMAN COULTER INC COM 075811109 346 6700 SH SOLE 6700
BERGEN BRUNSWIG COM 083739102 1044 20650 SH SOLE 20650
BIOMET INC. COM 090613100 1018 29350 SH SOLE 29350
BRISTOL MYERS SQUIBB CO COM 110122108 2332 22450 SH SOLE 22450
BRUNSWICK COM 117043109 269 20700 SH SOLE 20700
CABOT CORP COM 127055101 264 10600 SH SOLE 10600
CENTEX COM 152312104 355 10300 SH SOLE 10300
CHEVRON CORPORATION COM 166751107 1068 12700 SH SOLE 12700
CHRYSLER CORP COM 171196108 491 10250 SH SOLE 10250
CIGNA CORP. COM 125509109 840 12700 SH SOLE 12700
CISCO SYSTEMS COM 17275R102 844 13650 SH SOLE 13650
COLTEC INDUSTRIES COM 196879100 228 15100 SH SOLE 15100
COMERICA INC. COM 200340107 773 14100 SH SOLE 14100
COUNTRYWIDE CREDIT INDUSTRIES COM 222372104 683 16400 SH SOLE 16400
CYPRESS MINERALS COM 232809103 186 14000 SH SOLE 14000
DTE ENERGY CO COM 233331107 804 17800 SH SOLE 17800
DIME BANCORP INC COM 25429q102 620 24500 SH SOLE 24500
ELF AQUITAINE SPONSORED ADR 286269105 1398 22480 SH SOLE 22480
EMERSON ELECTRIC COM 291011104 741 11900 SH SOLE 11900
ENRON CORP. COM 293561106 888 16600 SH SOLE 16600
EXXON COM 302290101 254 3600 SH SOLE 3600
FEDERATED DEPARTMENT STORE COM 31410h101 484 13300 SH SOLE 13300
FIRST DATA CORP. COM 319963104 510 21700 SH SOLE 21700
FIRST UNION CORP. COM 337358105 660 12900 SH SOLE 12900
FLOWSERVE CORP. COM 34354P105 358 17700 SH SOLE 17700
FORD MOTORS COM 345370100 475 10100 SH SOLE 10100
FOSTER WHEELER CORP COM 350244109 202 14700 SH SOLE 14700
GTE CORP COM 362320103 745 13550 SH SOLE 13550
GENERAL ELEC CO COM 369604103 1935 24325 SH SOLE 24325
GENERAL MOTORS INC COM 370442105 494 9000 SH SOLE 9000
GLOBAL MARINE INC COM 379352404 129 11600 SH SOLE 11600
HBO & CO. COM 404100109 326 11300 SH SOLE 11300
HERCULES, INC. COM 427056106 367 12200 SH SOLE 12200
IBP COM 449223106 401 19800 SH SOLE 19800
IMPERIAL CHEMICAL COM 452704505 641 20200 SH SOLE 20200
INTEL CORP. COM 458140100 1544 18000 SH SOLE 18000
INTERNATIONAL BUSINESS MACHINE COM 459200101 206 1600 SH SOLE 1600
INTERSTATE BAKERIES CORP. COM 46072h108 775 25000 SH SOLE 25000
J.P. MORGAN COM 616880100 601 7100 SH SOLE 7100
JOHNSON & JOHNSON COM 478160104 923 11800 SH SOLE 11800
KERR-MCGEE CORP. COM 492386107 218 4800 SH SOLE 4800
LOUISIANA PACIFIC COM 546347105 267 13100 SH SOLE 13100
LUCENT TECHNOLOGIES COM 549463107 1028 14850 SH SOLE 14850
MEDPARTNERS, INC. COM 58503X107 90 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
MEDIAONE GROUP INC. COM 58440j104 673 15150 SH SOLE 15150
MERCK & CO INC COM 589331107 1373 10600 SH SOLE 10500
MICROSOFT CORP COM 594918104 2262 20550 SH SOLE 20300
MORGAN STANLEY,DEAN WITTER COM 617446448 444 10300 SH SOLE 10300
MURPHY OIL CORP. COM 626717102 252 6500 SH SOLE 6400
NATIONSBANK COM 638585109 1336 24965 SH SOLE 24715
NETWORK ASSOCIATES INC. COM 640938106 286 8050 SH SOLE 7950
NORTHERN TELECOM COM 665815106 208 6500 SH SOLE 6500
NORWEST COM 669380107 1343 37300 SH SOLE 36650
NOVELL, INC. COM 670006105 379 30900 SH SOLE 30900
OGE ENERGY CORP. COM 670837103 433 15000 SH SOLE 14600
OFFICE MAX COM 67622M108 218 22200 SH SOLE 22000
PALL CORP. COM 696429307 555 25000 SH SOLE 24700
PFIZER INC COM 717081103 2792 26400 SH SOLE 26000
PHARMACIA & UPJOHN INC COM 716941109 364 7250 SH SOLE 7250
PRAXAIR, INC. COM 74005P104 484 14800 SH SOLE 14450
PROCTER & GAMBLE CO COM 742718109 2187 30750 SH SOLE 30200
RELIANCE GROUP HOLDING COM 759464100 713 50700 SH SOLE 50000
SBC COMMUNICATIONS INC COM 78387G103 799 18000 SH SOLE 18000
SAFEWAY INC. COM 786514208 899 19500 SH SOLE 19200
SCHERING PLOUGH CORP COM 806605101 4347 41925 SH SOLE 41400
SERVICE CORP. INTERNATIONAL COM 817565104 685 21500 SH SOLE 21500
SUN MICROSYSTEMS INC COM 866810104 732 14700 SH SOLE 14900
SYNOPSYS INC COM 871607107 580 17400 SH SOLE 17200
TIFFANY & CO. COM 886547108 264 8400 SH SOLE 8400
TOYS "R" US COM 892335100 191 11600 SH SOLE 11600
US WEST, INC. COM 91273h101 874 16649 SH SOLE 16299
US INDUSTRIES INC. COM 912080108 205 13600 SH SOLE 13500
U S FRIGHTWAYS CORP. COM 916906100 209 10500 SH SOLE 10400
UST INC COM 902911106 275 9300 SH SOLE 9400
UNITED HEALTHCARE COM 910581107 452 12900 SH SOLE 12800
UNIVERSAL FOODS COM 913538104 461 22100 SH SOLE 21500
UNOCAL CORP COM 915289102 620 17100 SH SOLE 17100
WALMART COM 931142103 1153 21100 SH SOLE 21100
WARNER-LAMBERT COM 934488107 419 5550 SH SOLE 5550
WASTE MANAGEMENT INC. COM 94106L109 974 20271 SH SOLE 20271
WEYERHAEUSER CO COM 962166104 464 11000 SH SOLE 11000
YORK INTERNATIONAL COM 986670107 467 14000 SH SOLE 14000
ABBOTT LABS COM 002824100 10694 246200 SH DEFINED 01 246200
AEROQUIP VICKERS INC COM 007869100 805 28000 SH DEFINED 01 28000
AETNA COM 008117103 1995 28700 SH DEFINED 01 28700
ALBERTSONS INC COM 013104104 5494 101500 SH DEFINED 01 101500
ALLIEDSIGNAL INC. COM 019512102 2073 58600 SH DEFINED 01 58600
ALLTEL COM 020039103 5064 106900 SH DEFINED 01 106900
AMERICAN GENERAL CORP COM 026351106 1539 24100 SH DEFINED 01 24100
AMOCO CORP COM 031905102 4957 92000 SH DEFINED 01 92000
ANHEUSER-BUSCH COM 035229103 5459 101100 SH DEFINED 01 101100
APPLEBEE'S INTERNATIONAL COM 037899101 1651 79100 SH DEFINED 01 79100
ASSOCIATES FIRST CAPITAL COM 046008108 2827 43320 SH DEFINED 01 43320
AVNET INC COM 053807103 1785 48500 SH DEFINED 01 48500
<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
BALTIMORE GAS & ELECTRIC COM 059165100 878 26300 SH DEFINED 01 26300
BANC ONE COM 06423A103 5355 125620 SH DEFINED 01 125620
BANTA COM 066821109 3600 132100 SH DEFINED 01 132100
BECKMAN COULTER INC. COM 075811109 1193 23100 SH DEFINED 01 23100
BERGEN BRUNSWIG COM 083739102 5518 109125 SH DEFINED 01 109125
BIOMET, INC. COM 090613100 3493 100700 SH DEFINED 01 100700
BMC SOFTWARE COM 055921100 4997 83200 SH DEFINED 01 83200
BRISTOL MYERS SQUIBB COM 110122108 291 2800 SH DEFINED 01 2800
BRUNSWICK COM 117043109 1732 133900 SH DEFINED 01 133900
CABOT CORP COM 127055101 783 31400 SH DEFINED 01 31400
CARAUSTAR INDUTRIES COM 140909102 1529 67200 SH DEFINED 01 67200
CENTERPOINT PROPERTIES COM 151895109 2349 64800 SH DEFINED 01 64800
CENTEX COM 152312104 1187 34400 SH DEFINED 01 34400
CHEVRON CORPORATION COM 166751107 6641 79000 SH DEFINED 01 79000
CHRYSLER CORP COM 171196108 3552 74200 SH DEFINED 01 74200
CIGNA CORP. COM 125509109 5098 77100 SH DEFINED 01 77100
CISCO SYSTEMS COM 17275R102 2874 46500 SH DEFINED 01 46500
COCA COLA CO COM 191216100 1729 30000 SH DEFINED 01 30000
COLTEC INDUSTRIES COM 196879100 888 58700 SH DEFINED 01 58700
COMERICA INC. COM 200340107 4851 88500 SH DEFINED 01 88500
CONAGRA, INC. COM 205887102 1266 47000 SH DEFINED 01 47000
COUNTRYWIDE CREDIT INDUSTRIES COM 222372104 2381 57200 SH DEFINED 01 57200
CRESCENT REAL ESTATE TRUST COM 225756105 1768 70000 SH DEFINED 01 70000
CYPRUS AMAX MINERALS CO COM 232809103 1868 141000 SH DEFINED 01 141000
DTE ENERGY CO. COM 233331107 3240 71700 SH DEFINED 01 71700
DEERE & CO COM 244199105 3146 104000 SH DEFINED 01 104000
DELUXE CORP. COM 248019101 1422 50000 SH DEFINED 01 50000
DIME BANCORP INC. COM 25429q102 2152 85000 SH DEFINED 01 85000
ELF AQUITAINE SPONSORED ADR 286269105 8887 142900 SH DEFINED 01 142900
ENRON COM 293561106 5577 105600 SH DEFINED 01 105600
EQUITY OFFICE PROPERTIES TRUST COM 294741103 245 10000 SH DEFINED 01 10000
EXXON COM 302290101 2878 41000 SH DEFINED 01 41000
FEDERATED DEPT STORES, INC. COM 31410h101 1673 46000 SH DEFINED 01 46000
FIRST DATA CORP. COM 319963104 2545 108300 SH DEFINED 01 108300
FIRST UNION CORP. COM 337358105 5579 109000 SH DEFINED 01 109000
FLOWSERVE CORP. COM 34354P105 2209 109100 SH DEFINED 01 109100
FORD MOTOR COMPANY COM 345370100 7759 165299 SH DEFINED 01 165299
FOSTER WHEELER CORP COM 350244109 509 37000 SH DEFINED 01 37000
GTE CORP COM 362320103 3603 65500 SH DEFINED 01 65500
GENERAL ELECTRIC COM 369604103 6102 76700 SH DEFINED 01 76700
GENERAL MOTORS COM 370442105 2669 48800 SH DEFINED 01 48800
GENERAL SIGNAL COM 370838104 3139 92500 SH DEFINED 01 92500
GLAFELTER P.H. COM 377316104 1228 94000 SH DEFINED 01 94000
GLOBAL MARINE INC COM 379352404 440 39800 SH DEFINED 01 39800
GOODRICH BF CO. COM 382388106 2615 80000 SH DEFINED 01 80000
GROUP 1 AUTOMOTIVE INC. COM 398905109 1200 80000 SH DEFINED 01 80000
HBO & CO. COM 404100109 2067 71600 SH DEFINED 01 71600
HRPT PROPERTIES TRUST COM 40426W101 1679 104100 SH DEFINED 01 104100
HERCULES, INC. COM 427056106 2146 71400 SH DEFINED 01 71400
HOSPITALITY PROPERTIES COM 44106M102 1488 50000 SH DEFINED 01 50000
<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
IBP COM 449223106 1446 71400 SH DEFINED 01 71400
INTEL CORP COM 458140100 5214 60800 SH DEFINED 01 60800
INTERSTATE BAKERIES CORP COM 46072h108 4920 158700 SH DEFINED 01 158700
J.P. MORGAN COM 616880100 2649 31300 SH DEFINED 01 31300
JOHNSON & JOHNSON COM 478160104 2786 35600 SH DEFINED 01 35600
KELLOGG CO COM 487836108 1219 37000 SH DEFINED 01 37000
KERR-MCGEE CORP. COM 492386107 2070 45500 SH DEFINED 01 45500
KINROSS GOLD CORP. COM 496902107 907 296147 SH DEFINED 01 296147
LIBERTY TRUST PROPER COM 531172104 1786 75000 SH DEFINED 01 75000
LOUISIANA PAC CORP COM 546347105 850 41700 SH DEFINED 01 41700
LUCENT TECHNOLOGIES COM 549463107 3439 49800 SH DEFINED 01 49800
MAPICS, INC. COM 564910107 1986 90000 SH DEFINED 01 90000
MCCORMICK & CO COM 579780206 3836 132000 SH DEFINED 01 132000
MEDPARTNERS INC. COM 58503X107 211 64800 SH DEFINED 01 64800
MEDIAONE GROUP INC. COM 58440j104 2613 58800 SH DEFINED 01 58800
MERCK & CO INC COM 589331107 2721 21000 SH DEFINED 01 21000
MICROSOFT CORP COM 594918104 7661 69600 SH DEFINED 01 69600
MORGAN STANLEY, DEAN WITTER COM 617446448 5383 125000 SH DEFINED 01 125000
MURPHY OIL CORP. COM 626717102 1407 36300 SH DEFINED 01 36300
NATIONSBANK CORP COM 638585109 5864 109600 SH DEFINED 01 109600
NETWORK ASSOCIATES INC. COM 640938106 1140 32100 SH DEFINED 01 32100
NORTHERN TELECOM COM 665815106 1251 39100 SH DEFINED 01 39100
NORWEST CORP COM 669380107 7850 219200 SH DEFINED 01 219200
NOVELL, INC. COM 670006105 2363 192900 SH DEFINED 01 192900
OGE ENERGY CORP. COM 670837103 1178 40800 SH DEFINED 01 40800
OFFICE MAX COM 67622M108 738 75200 SH DEFINED 01 75200
OMEGA HEALTHCARE INVS INC COM 681936100 1961 60000 SH DEFINED 01 60000
OMEGA WORLDWIDE INC. COM 68210b108 102 19893 SH DEFINED 01 19893
PACIFICARE CL B COM 695112201 2570 34500 SH DEFINED 01 34500
PALL CORP. COM 696429307 3441 155100 SH DEFINED 01 155100
PFIZER INC COM 717081103 445 4200 SH DEFINED 01 4200
PRAXAIR, INC. COM 74005P104 3017 92300 SH DEFINED 01 92300
PROCTER & GAMBLE CO COM 742718109 5022 70800 SH DEFINED 01 70800
PROLOGIS TRUST PFD 74341033 1351 47000 SH DEFINED 01 47000
RAYTHEON CO COM 755111408 2697 50000 SH DEFINED 01 50000
RELIANCE GROUP HOLDING COM 759464100 4580 325700 SH DEFINED 01 325700
REPUBLIC SERVICES INC. COM 760759100 1665 85400 SH DEFINED 01 40000
RJR NABISCO PERCS COM 74960K876 1039 41248 SH DEFINED 01 41248
ROYAL DUTCH PETROLEUM CO. ADR COM 780257804 5286 111000 SH DEFINED 01 111000
SAFEWAY INC. COM 786514208 3205 69100 SH DEFINED 01 69100
SCHERING PLOUGH CORP COM 806605101 13505 130400 SH DEFINED 01 130400
SCHLUMBERGER LTD. COM 806857108 4880 97000 SH DEFINED 01 97000
SERVICE COPR INTERNATIONAL COM 817565104 4437 139200 SH DEFINED 01 139200
ST. PAUL CAPITAL PFD 792856205 1235 20000 SH DEFINED 01 20000
STRATUS COMPUTERS, INC. COM 863155107 2240 66500 SH DEFINED 01 66500
SUN MICROSYSTEMS INC COM 866810104 3651 73300 SH DEFINED 01 73300
SYNOPSYS INC COM 871607107 2009 60300 SH DEFINED 01 60300
TCF FINANCIAL CORP COM 872275102 1908 96000 SH DEFINED 01 96000
TEXACO INC COM 881694103 3134 50000 SH DEFINED 01 50000
TIDEWATER INC COM 886423102 1378 66400 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 922 29400 SH DEFINED 01 29400
TOYS R US COM 892335100 481 29700 SH DEFINED 01 29700
TYSON FOODS INC. COM 902494103 668 33600 SH DEFINED 01 33600
U S WEST INC COM 91273h101 5763 109904 SH DEFINED 01 109904
U.S. INDUSTRIES INC. COM 912080108 1396 92700 SH DEFINED 01 92700
U S FRIGHTWAYS CORP. COM 916906100 1481 74500 SH DEFINED 01 74500
UST INC COM 902911106 2001 67700 SH DEFINED 01 67700
UNION PACIFIC RESOURCES GROUP COM 907834105 1234 100201 SH DEFINED 01 55609
UNITED HEALTHCARE COM 910581107 1579 45100 SH DEFINED 01 45100
UNIVERSAL FOODS COM 913538104 4438 212600 SH DEFINED 01 212600
UNOCAL CORP COM 915289102 3734 103000 SH DEFINED 01 103000
UNOCAL CORP PFD 91528T207 3509 67000 SH DEFINED 01 67000
WAL MART STORES INC COM 931142103 3278 60000 SH DEFINED 01 60000
WARNER LAMBERT CO COM 934488107 1019 13500 SH DEFINED 01 13500
WASTE MANAGEMENT INC. COM 94106l109 5060 105270 SH DEFINED 01 105270
WEYERHAEUSER CO COM 962166104 1848 43800 SH DEFINED 01 43800
WHIRLPOOL CORP COM 963320106 3619 77000 SH DEFINED 01 77000
XEROX CORP. COM 984121103 4788 56500 SH DEFINED 01 56500
YORK INTERNATIONAL COM 986670107 3067 91900 SH DEFINED 01 91900
REPORT SUMMARY 319 DATA RECORDS 1307002 1 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
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