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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: 12/31/97
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 02/12/98
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 2110 29900 SH DEFINED 01 29900
ALBERTSONS INC COM 013104104 8240 174400 SH DEFINED 01 174400
ALLEGHENY POWER COM 017411109 3572 109900 SH DEFINED 01 109900
ALLERGAN, INC COM 018490102 7132 212500 SH DEFINED 01 212500
ALLTEL COM 020039103 9342 227500 SH DEFINED 01 227500
AMAX GOLD COM 023120108 1527 660400 SH DEFINED 01 660400
AMERICAN GENERAL CORP COM 026351106 5325 98500 SH DEFINED 01 98500
AMOCO CORP COM 031905102 14982 176000 SH DEFINED 01 176000
ANHEUSER-BUSCH COM 037899101 7304 166000 SH DEFINED 01 166000
APPLEBEE'S INTERNATIONAL COM 037899101 2812 155700 SH DEFINED 01 155700
AVNET INC COM 053807103 14850 225000 SH DEFINED 01 225000
BANC ONE COM 059438101 8636 159000 SH DEFINED 01 159000
BANTA COM 066821109 7846 290600 SH DEFINED 01 290600
BECKMAN INSTRUMENTS INC. COM 075816108 4316 107900 SH DEFINED 01 107900
BERGEN BRUNSWIG COM 083739102 13159 312375 SH DEFINED 01 312375
BIOMET, INC. COM 090613100 9302 363000 SH DEFINED 01 363000
BRISTOL MYERS SQUIBB CO COM 110122108 20344 215000 SH DEFINED 01 215000
BRUNSWICK COM 117043109 7790 257000 SH DEFINED 01 257000
BURLINGTON COM 12189T104 5139 55300 SH DEFINED 01 55300
CARAUSTAR INDUSTRIES COM 140909102 2062 60200 SH DEFINED 01 60200
CHRYSLER CORP. COM 171196108 5841 166000 SH DEFINED 01 166000
COMPAQ COMPUTER CORP COM 204493100 14125 250000 SH DEFINED 01 250000
CIGNA COM 125509109 8636 50100 SH DEFINED 01 50100
CYPRUS AMAX MINERALS CO COM 232809103 4084 265600 SH DEFINED 01 265600
DTE ENERGY CO. COM 250847100 3642 105000 SH DEFINED 01 105000
DATASCOPE CORP. COM 238113104 3170 122500 SH DEFINED 01 122500
DEXTER CORP. COM 252165105 5096 118000 SH DEFINED 01 118000
DILLARD DEPT STORES INC CL A 254067101 12373 351000 SH DEFINED 01 351000
DU PONT E I DE NEMOURS & CO COM 263534109 7328 122000 SH DEFINED 01 122000
EASTMAN CHEM CO COM 277432100 3276 55000 SH DEFINED 01 55000
ELECTRONIC DATA SYSTEMS CORP COM 285661104 9763 222200 SH DEFINED 01 222200
ELF AQUITAINE SPONSORED ADR 286269105 19604 334400 SH DEFINED 01 334400
EMERSON ELEC CO COM 291011104 12078 214000 SH DEFINED 01 214000
ENRON CORP. COM 293561106 8969 215800 SH DEFINED 01 215800
FIRST DATA CORP. COM 319963104 8047 275100 SH DEFINED 01 275100
FIRST UNION CORP. COM 337358105 8098 158000 SH DEFINED 01 158000
FLOWSERVE CORP. COM 34354P105 5998 214700 SH DEFINED 01 214700
FLUOR DANIEL COM 343861100 4840 129500 SH DEFINED 01 129500
FORD MOTORS COM 345370100 4176 86000 SH DEFINED 01 86000
FOSTER WHEELER CORP COM 350244109 5467 202000 SH DEFINED 01 202000
GENERAL ELEC CO COM 369604103 31698 432000 SH DEFINED 01 432000
GENERAL MOTORS COM 370442105 3262 53700 SH DEFINED 01 53700
GTE CORP COM 362320103 12801 245000 SH DEFINED 01 245000
GLOBAL MARINE INC COM 379352404 3537 144000 SH DEFINED 01 144000
GUILFORD MLS INC COM 401794102 10988 401400 SH DEFINED 01 401400
HERCULES, INC. COM 427056106 7514 150100 SH DEFINED 01 150100
HEWLETT PACKARD CO COM 428236103 24950 400000 SH DEFINED 01 400000
IBP COM 449223106 6089 290800 SH DEFINED 01 290800
IMPERIAL CHEMICAL COM 452704505 24157 372000 SH DEFINED 01 372000
INTERNATIONAL BUSINESS MACHS COM 459200101 10672 102000 SH DEFINED 01 102000
<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
JOHNSON & JOHNSON COM 478160104 13175 200000 SH DEFINED 01 200000
KELLWOOD COM 488044108 2067 68900 SH DEFINED 01 68900
KERR-MCGEE CORP. COM 492386107 3925 62000 SH DEFINED 01 62000
LOUISIANA PAC CORP COM 546347105 3078 162000 SH DEFINED 01 162000
MALLINCKRODT GROUP COM 561226101 1520 40000 SH DEFINED 01 40000
MARK IV INDUSTRIES, INC COM 570387100 7258 331800 SH DEFINED 01 331800
MCCORMICK & CO COM 579780206 8358 298500 SH DEFINED 01 298500
MEDPARTNERS, INC COM 58503X107 3356 150000 SH DEFINED 01 150000
MERCK & CO INC COM 589331107 10600 100000 SH DEFINED 01 100000
MODINE COM 607828100 1798 52700 SH DEFINED 01 52700
MORGAN J P & CO INC COM 616880100 10046 89000 SH DEFINED 01 89000
MOTOROLA COM 620076109 9722 170000 SH DEFINED 01 170000
MURPHY OIL CORP. COM 626717102 4335 80000 SH DEFINED 01 80000
NATIONAL HEALTH INVESTORS COM 63633D104 3811 91000 SH DEFINED 01 91000
NATIONSBANK COM 638585109 8271 136000 SH DEFINED 01 136000
NORWEST CORP. COM 669380107 16453 424600 SH DEFINED 01 424600
OGE ENERGY CORP. COM 678858101 4452 81400 SH DEFINED 01 81400
PALL CORP. COM 696429307 6786 328000 SH DEFINED 01 328000
PFIZER INC COM 717081103 30571 410000 SH DEFINED 01 410000
PRAXAIR, INC. COM 74005P104 8055 179000 SH DEFINED 01 179000
PROCTER & GAMBLE CO COM 742718109 34160 428000 SH DEFINED 01 428000
RELIANCE GROUP HOLDING COM 759464100 9464 670000 SH DEFINED 01 670000
SCHERING PLOUGH CORP COM 806605101 24850 400000 SH DEFINED 01 400000
SEQUENT COMPUTER COM 817338106 2000 100000 SH DEFINED 01 100000
SILICON GRAPHICS COM 827056102 3109 252500 SH DEFINED 01 252500
STORAGE TECHNOLOGY CORP. COM 862111200 4088 66000 SH DEFINED 01 66000
SYNOPSYS INC COM 871607107 7937 222000 SH DEFINED 01 222000
TEXACO INC COM 881694103 5242 96400 SH DEFINED 01 96400
TIDEWATER COM 886423102 4264 77000 SH DEFINED 01 77000
TIFFANY & CO. COM 886547108 3859 107000 SH DEFINED 01 107000
TOYS R US COM 892335100 8488 270000 SH DEFINED 01 270000
U S WEST INC COM 912889102 11913 264000 SH DEFINED 01 264000
U S WEST MEDIA GROUP COM 912889201 7623 264000 SH DEFINED 01 264000
U S FRIGHTWAYS CORP. COM 916906100 4735 145700 SH DEFINED 01 145700
UNITED HEALTHCARE COM 910581107 8129 163600 SH DEFINED 01 163600
UNIVERSAL FOODS COM 913538104 8332 197200 SH DEFINED 01 197200
UNOCAL CORP COM 915289102 4331 111600 SH DEFINED 01 111600
WAL MART STORES INC COM 931142103 14000 355000 SH DEFINED 01 355000
WARNER LAMBERT CO COM 934488107 23596 190000 SH DEFINED 01 190000
WASTE MANAGEMENT INC. COM 94106K101 10230 372000 SH DEFINED 01 372000
WEYERHAEUSER CO COM 962166104 8076 164600 SH DEFINED 01 164600
WHEELABRATOR TECHNOLOGIES COM 962901302 3841 239100 SH DEFINED 01 239100
YORK INTERNATIONAL COM 986670107 7477 189000 SH DEFINED 01 189000
ABBOTT LABS COM 002824100 963 14700 SH SOLE 14700
AETNA COM 008117103 621 8800 SH SOLE 8800
ALBERTSONS INC COM 013104104 643 13600 SH SOLE 13600
ALLEGHENY ENERGY INC. COM 017411109 312 9600 SH SOLE 9600
ALLERGAN, INC COM 018490102 423 12600 SH SOLE 12600
ALLTEL COM 020039103 657 16000 SH SOLE 16000
AMERICAN GENERAL CORP COM 026351106 460 8500 SH SOLE 8500
<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
AMOCO CORP COM 031905102 1022 12000 SH SOLE 12000
ANHEUSER-BUSCH COM 035229103 607 13800 SH SOLE 13800
APPLEBEE'S INTERNATIONAL COM 037899101 199 11000 SH SOLE 11000
AVNET INC COM 053807103 1122 17000 SH SOLE 17000
BMC SOFTWARE COM 055921100 709 10800 SH SOLE 10800
BANC ONE COM 059438101 744 13700 SH SOLE 13700
BANTA COM 066821109 551 20400 SH SOLE 20400
BECKMAN INSTRUMENTS INC. COM 075816108 264 6600 SH SOLE 6600
BERGEN BRUNSWIG COM 083739102 857 20350 SH SOLE 20350
BIOMET INC. COM 090613100 741 28900 SH SOLE 28900
BRISTOL MYERS SQUIBB CO COM 110122108 2072 21900 SH SOLE 21900
BRUNSWICK COM 117043109 609 20100 SH SOLE 20100
CABOT CORP COM 127055101 392 14200 SH SOLE 14200
CARAUSTAR INDUSTRIES COM 140909102 319 9300 SH SOLE 9300
CHEVRON CORPORATION COM 166751107 978 12700 SH SOLE 12700
CHRYSLER CORP COM 171196108 324 9200 SH SOLE 9200
CIGNA CORP. COM 125509109 724 4200 SH SOLE 4200
COLUMBIA/HCA HEALTHCARE CORP COM 197677107 792 26750 SH SOLE 26750
COMPAQ COMPUTERS COM 204493100 1023 18100 SH SOLE 18100
COMERICA INC. COM 200340107 957 10600 SH SOLE 10600
CYPRESS MINERALS COM 232809103 212 13800 SH SOLE 13800
DTE ENERGY CO COM 250847100 614 17700 SH SOLE 17700
DEXTER CORP. COM 252165105 397 9200 SH SOLE 9200
DU PONT E I DE NEMOURS & CO COM 263534109 595 9900 SH SOLE 9900
ELECTRONIC DATA SYSTEMS CORP COM 285661104 457 10400 SH SOLE 10400
ELF AQUITAINE SPONSORED ADR 286269105 1165 19880 SH SOLE 19880
EMERSON ELECTRIC COM 291011104 982 17400 SH SOLE 17400
ENRON CORP. COM 293561106 665 16000 SH SOLE 16000
EXXON COM 302290101 220 3600 SH SOLE 3600
FIRST DATA CORP. COM 319963104 629 21500 SH SOLE 21500
FIRST UNION CORP. COM 337358105 656 12800 SH SOLE 12800
FLOWSERVE CORP. COM 34354P105 481 17200 SH SOLE 17200
FLUOR CORP COM 343861100 488 13050 SH SOLE 13050
FORD MOTORS COM 345370100 495 10200 SH SOLE 10200
FOSTER WHEELER CORP COM 350244109 403 14900 SH SOLE 14900
GTE CORP COM 362320103 684 13100 SH SOLE 13100
GENERAL ELEC CO COM 369604103 2583 35200 SH SOLE 35200
GENERAL MOTORS INC COM 370442105 529 8700 SH SOLE 8700
GENERAL SIGNAL COM 370838104 519 12300 SH SOLE 12300
GLOBAL MARINE INC COM 379352404 282 11500 SH SOLE 11500
GUILFORD MILLS COM 401794102 608 22200 SH SOLE 22200
HERCULES, INC. COM 427056106 606 12100 SH SOLE 12100
HEWLETT-PACCCKARD CO COM 428236103 1135 18200 SH SOLE 18200
IBP COM 449223106 410 19600 SH SOLE 19600
IMPERIAL CHEMICAL COM 452704505 1455 22400 SH SOLE 22400
JOHNSON & JOHNSON COM 478160104 764 11600 SH SOLE 11600
KERR-MCGEE CORP. COM 492386107 298 4700 SH SOLE 4700
LOUISIANA PACIFIC COM 546347105 247 13000 SH SOLE 13000
MARK IV INDUSTRIES INC COM 570387100 574 26230 SH SOLE 26230
MEDPARTNERS, INC. COM 58503X107 618 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 1113 10500 SH SOLE 10500
MORGAN J P & CO INC COM 616880100 790 7000 SH SOLE 7000
MODINE MANUFACTURING COM 607828100 328 9600 SH SOLE 9600
MORGAN STANLEY,DEAN WITTER COM 617446448 627 10600 SH SOLE 10600
MOTOROLA COM 620076109 406 7100 SH SOLE 7100
MURPHY OIL CORP. COM 626717102 347 6400 SH SOLE 6400
NATIONAL HEALTH INVESTORS COM 63633D104 599 14300 SH SOLE 14300
NATIONSBANK COM 638585109 1495 24578 SH SOLE 24578
NORWEST COM 669380107 1434 37000 SH SOLE 37000
OGE ENERGY CORP. COM 678858101 394 7200 SH SOLE 7200
OCCIDENTAL PETROLEUM COM 674599105 536 18300 SH SOLE 18300
PALL CORP. COM 696429307 511 24700 SH SOLE 24700
PFIZER INC COM 717081103 1939 26000 SH SOLE 26000
PHARMACIA & UPJOHN INC COM 716941109 266 7250 SH SOLE 7250
PRAXAIR, INC. COM 74005P104 648 14400 SH SOLE 14400
PROCTER & GAMBLE CO COM 742718109 2402 30100 SH SOLE 30100
RELIANCE GROUP HOLDING COM 759464100 698 49400 SH SOLE 49400
SBC COMMUNICATIONS INC COM 78387G103 696 9500 SH SOLE 9500
SCHERING PLOUGH CORP COM 806605101 2640 42500 SH SOLE 42500
SEQUENT COMPUTER SYSTEMS COM 817338106 350 17500 SH SOLE 17500
SILICON GRAPHICS COM 827056102 214 17400 SH SOLE 17400
SUN MICROSYSTEMS INC COM 866810104 626 15700 SH SOLE 15700
SYNOPSYS INC COM 871607107 615 17200 SH SOLE 17200
TIDEWATER INC COM 886423102 349 6300 SH SOLE 6300
TIFFANY & CO. COM 886547108 303 8400 SH SOLE 8400
TOYS "R" US COM 892335100 365 11600 SH SOLE 11600
U S WEST INC COM 912889102 731 16200 SH SOLE 16200
U S WEST MEDIA GROUP COM 912889201 398 13800 SH SOLE 13800
U S FRIGHTWAYS CORP. COM 916906100 338 10400 SH SOLE 10400
UST INC COM 902911106 440 11900 SH SOLE 11900
UNITED HEALTHCARE COM 910581107 636 12800 SH SOLE 12800
UNIVERSAL FOODS COM 913538104 406 9600 SH SOLE 9600
UNOCAL CORP COM 915289102 648 16700 SH SOLE 16700
WALMART COM 931142103 765 19400 SH SOLE 19400
WASTE MANAGEMENT INC. COM 94106K101 754 27400 SH SOLE 27400
WEYERHAEUSER CO COM 962166104 530 10800 SH SOLE 10800
WHEELABRATOR TECHNOLOGIES COM 962901302 390 24300 SH SOLE 24300
YORK INTERNATIONAL COM 986670107 546 13800 SH SOLE 13800
ABBOTT LABS COM 002824100 8071 123100 SH DEFINED 01 123100
AETNA COM 008117103 1983 28100 SH DEFINED 01 28100
ALBERTSONS INC COM 013104104 4809 101500 SH DEFINED 01 101500
ALLERGAN INC COM 018490102 2903 86500 SH DEFINED 01 86500
ALLTEL COM 020039103 4390 106900 SH DEFINED 01 106900
AMAX GOLD COM 023120108 833 360000 SH DEFINED 01 360000
AMERICAN GENERAL CORP COM 026351106 1303 24100 SH DEFINED 01 24100
AMOCO CORP COM 031905102 3916 46000 SH DEFINED 01 46000
ANALOG DEVICES, INC. COM 032564105 941 34000 SH DEFINED 01 34000
ANHEUSER-BUSCH COM 035229103 4008 91100 SH DEFINED 01 91100
APPLEBEE'S INTERNATIONAL COM 037899101 1429 79100 SH DEFINED 01 79100
AVNET INC COM 053807103 3148 47700 SH DEFINED 01 47700
<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 896 26300 SH DEFINED 01 26300
BANC ONE COM 059438101 6202 114200 SH DEFINED 01 114200
BANTA COM 066821109 3567 132100 SH DEFINED 01 132100
BECKMAN INSTRUMENTS INC COM 075816108 888 22200 SH DEFINED 01 22200
BENEFICIAL CORP COM 081721102 2569 30900 SH DEFINED 01 30900
BERGEN BRUNSWIG COM 083739102 4597 109125 SH DEFINED 01 109125
BIOMET, INC. COM 090613100 2580 100700 SH DEFINED 01 100700
BMC SOFTWARE COM 055921100 2730 41600 SH DEFINED 01 41600
BRISTOL MYERS SQUIBB COM 110122108 265 2800 SH DEFINED 01 2800
BRUNSWICK COM 117043109 4041 133300 SH DEFINED 01 133300
CABLETRON SYSTEMS INC. COM 126920107 585 39000 SH DEFINED 01 39000
CABOT CORP COM 127055101 967 35000 SH DEFINED 01 35000
CARAUSTAR INDUTRIES COM 140909102 2302 67200 SH DEFINED 01 67200
CENTERPOINT PROPERTIES COM 151895109 2276 64800 SH DEFINED 01 64800
CHEVRON CORPORATION COM 166751107 5482 71200 SH DEFINED 01 71200
CHRYSLER CORP COM 171196108 626 17800 SH DEFINED 01 17800
CIGNA CORP. COM 125509109 4448 25700 SH DEFINED 01 25700
COCA COLA CO COM 191216100 1999 30000 SH DEFINED 01 30000
COLUMBIA HEALTHCARE COM 197677107 1462 49350 SH DEFINED 01 49350
COMERICA INC. COM 200340107 5325 59000 SH DEFINED 01 59000
COMPAQ COMPUTER CORP COM 204493100 5009 88750 SH DEFINED 01 88750
CRESCENT REAL ESTATE TRUST COM 225756105 2756 70000 SH DEFINED 01 70000
CYPRUS AMAX MINERALS CO COM 232809103 2137 139000 SH DEFINED 01 139000
DTE ENERGY CO. COM 250847100 2487 71700 SH DEFINED 01 71700
DELUXE CORP. COM 248019101 1725 50000 SH DEFINED 01 50000
DEXTER CORP. COM 252165105 5062 117200 SH DEFINED 01 117200
DU PONT E I DE NEMOURS & CO COM 263534109 3400 56600 SH DEFINED 01 56600
ELECTRONIC DATA SYSTEMS CORP COM 285661104 3273 74500 SH DEFINED 01 74500
ELF AQUITAINE SPONSORED ADR 286269105 5534 94400 SH DEFINED 01 94400
ENRON COM 293561106 4372 105200 SH DEFINED 01 105200
EQUITY OFFICE PROPERTIES TRUST COM 294741103 316 10000 SH DEFINED 01 10000
EXXON COM 302290101 1897 31000 SH DEFINED 01 31000
FIRST DATA CORP. COM 319963104 3168 108300 SH DEFINED 01 108300
FIRST UNION CORP. COM 337358105 5586 109000 SH DEFINED 01 109000
FLOWSERVE CORP. COM 34354P105 3031 108500 SH DEFINED 01 108500
FLUOR CORP COM 343861100 2855 76400 SH DEFINED 01 76400
FORD MOTOR COMPANY COM 345370100 8048 165299 SH DEFINED 01 165299
FOSTER WHEELER CORP COM 350244109 1001 37000 SH DEFINED 01 37000
GTE CORP COM 362320103 3422 65500 SH DEFINED 01 65500
GENERAL ELECTRIC COM 369604103 411 5600 SH DEFINED 01 5600
GENERAL MOTORS COM 370442105 2886 47600 SH DEFINED 01 47600
GENERAL SIGNAL COM 370838104 4776 113200 SH DEFINED 01 113200
GIANT CEMENT HOLDING COM 374450104 1792 77500 SH DEFINED 01 77500
GLAFELTER P.H. COM 377316104 1751 94000 SH DEFINED 01 94000
GLOBAL MARINE INC COM 379352404 958 39100 SH DEFINED 01 39100
GUILFORD MLS INC COM 401794102 2406 87900 SH DEFINED 01 87900
HEALTH&RETIREMENT PPTYS TR COM 422169102 2260 113000 SH DEFINED 01 113000
HERCULES, INC. COM 427056106 3574 71400 SH DEFINED 01 71400
HEWLETT PACKARD CO COM 428236103 10063 161000 SH DEFINED 01 161000
HOSPITALITY PROPERTIES COM 44106M102 1644 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
HUDSON FOODS CL A 443782107 1152 56000 SH DEFINED 01 56000
IBP COM 449223106 1495 71400 SH DEFINED 01 71400
J & L SPECIALTY COM 466046109 121 12000 SH DEFINED 01 12000
JOHNSON & JOHNSON COM 478160104 2345 35600 SH DEFINED 01 35600
KERR-MCGEE CORP. COM 492386107 2881 45500 SH DEFINED 01 45500
LIBERTY TRUST PROPER COM 531172104 2142 75000 SH DEFINED 01 75000
LOUISIANA PAC CORP COM 546347105 792 41700 SH DEFINED 01 41700
MAPICS, INC. COM 564910107 979 90000 SH DEFINED 01 90000
MARK IV INDUSTRIES INC. COM 570387100 1964 89775 SH DEFINED 01 89775
MASTEC, INC. COM 576323109 1121 49000 SH DEFINED 01 49000
MCCORMICK & CO COM 579780206 3696 132000 SH DEFINED 01 132000
MEDPARTNERS INC. COM 58503X107 1450 64800 SH DEFINED 01 64800
MERCK & CO INC COM 589331107 2231 21000 SH DEFINED 01 21000
MODINE MANUFACTURING COM 607828100 3877 113600 SH DEFINED 01 113600
MORGAN J P & CO INC COM 616880100 3533 31300 SH DEFINED 01 31300
MORGAN STANLEY, DEAN WITTER COM 617446448 7497 126800 SH DEFINED 01 126800
MOTOROLA COM 620076109 4285 75100 SH DEFINED 01 75100
MURPHY OIL CORP. COM 626717102 1967 36300 SH DEFINED 01 36300
NATIONAL HEALTH INVESTORS COM 63633D104 1918 45800 SH DEFINED 01 45800
NATIONSBANK CORP COM 638585109 6665 109600 SH DEFINED 01 109600
NEWBRIDGE NETWORKS COM 650901101 1137 32600 SH DEFINED 01 32600
NORWEST CORP COM 669380107 8467 219200 SH DEFINED 01 219200
OGE ENERGY CORP. COM 678858101 2997 54800 SH DEFINED 01 54800
OCCIDENTAL PETROLEUM COM 674599105 3907 133300 SH DEFINED 01 133300
OMEGA HEALTHCARE INVS INC COM 681936100 2318 60000 SH DEFINED 01 60000
PACIFICARE CL B COM 695110205 1807 34500 SH DEFINED 01 34500
PALL CORP. COM 696429307 3209 155100 SH DEFINED 01 155100
PFIZER INC COM 717081103 313 4200 SH DEFINED 01 4200
PRAXAIR, INC. COM 74005P104 4127 91700 SH DEFINED 01 91700
PROCTER & GAMBLE CO COM 742718109 5587 70000 SH DEFINED 01 70000
RAYTHEON CO COM 755111101 2525 50000 SH DEFINED 01 50000
RELIANCE GROUP HOLDING COM 759464100 4601 325700 SH DEFINED 01 325700
RJR NABISCO PERCS PFD 74960K876 1547 41248 SH DEFINED 01 41248
SCHERING PLOUGH CORP COM 806605101 8101 130400 SH DEFINED 01 130400
SECURITY CAPITAL INDUSTRIAL PFD 814138301 1498 47000 SH DEFINED 01 47000
SEQUENT COMPUTER SYSTEMS COM 817338106 1952 97600 SH DEFINED 01 97600
SILICON GRAPHICS COM 827056102 724 58200 SH DEFINED 01 58200
STRATUS COMPUTERS, INC. COM 863155107 2515 66500 SH DEFINED 01 66500
ST PAUL CAP PFD PFD 792856205 1440 20000 SH DEFINED 01 20000
SUN MICROSYSTEMS INC COM 866810104 2923 73300 SH DEFINED 01 73300
SYNOPSYS INC COM 871607107 2156 60300 SH DEFINED 01 60300
TEXACO INC COM 881694103 2719 50000 SH DEFINED 01 50000
TIDEWATER INC COM 886423102 2199 39900 SH DEFINED 01 39900
TIFFANY & CO. COM 886547108 1060 29400 SH DEFINED 01 29400
TOYS R US COM 892335100 934 29700 SH DEFINED 01 29700
U S WEST INC COM 912889102 4887 108300 SH DEFINED 01 108300
U S WEST MEDIA GROUP COM 912889201 1698 58800 SH DEFINED 01 58800
U S FRIGHTWAYS CORP. COM 916906100 2421 74500 SH DEFINED 01 74500
UST INC COM 902911106 2693 72900 SH DEFINED 01 72900
UNION PACIFIC RESOURCES GROUP COM 907834105 1321 54455 SH DEFINED 01 54455
<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 TEXAS PETROLEUM COM 908640105 893 42900 SH DEFINED 01 42900
UNITED HEALTHCARE COM 910581107 2196 44200 SH DEFINED 01 44200
UNIVERSAL FOODS COM 913538104 4491 106300 SH DEFINED 01 106300
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 2366 60000 SH DEFINED 01 60000
WARNER LAMBERT CO COM 934488107 558 4500 SH DEFINED 01 4500
WASTE MANAGEMENT INC. COM 94106K101 3993 145200 SH DEFINED 01 145200
WEYERHAEUSER CO COM 962166104 2149 43800 SH DEFINED 01 43800
WHEELABRATOR TECH. COM 962901302 1576 98100 SH DEFINED 01 98100
WHIRLPOOL CORP COM 963320106 4235 77000 SH DEFINED 01 77000
XEROX CORP. COM 984121103 2214 30000 SH DEFINED 01 30000
YORK INTERNATIONAL COM 986670107 3636 91900 SH DEFINED 01 91900
REPORT SUMMARY 313 DATA RECORDS 1250705 1 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
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