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<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 12/31/98
Institutional Investment Manager:
SECURITIES MANAGEMENT AND RESEARCH, INC.
2450 SOUTH SHORE BLVD
LEAGUE CITY TX 77573
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 LEAGUE CITY TX 01/11/99
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
AXA ADR COM 054536107 238 3300 SH DEFINED 01 3300
AETNA COM 008117103 8279 105300 SH DEFINED 01 105300
ALBERTSONS INC COM 013104104 11107 174400 SH DEFINED 01 174400
ALLEGHENY ENERGY INC COM 017361106 4137 119900 SH DEFINED 01 119900
ALLEGHENY TELEDYNE INC. COM 017415100 5379 263200 SH DEFINED 01 263200
ALLIEDSIGNAL INC. COM 019512102 4653 105000 SH DEFINED 01 105000
ALLTEL COM 020039103 13607 227500 SH DEFINED 01 227500
AMERICAN GENERAL CORP COM 026351106 7683 98500 SH DEFINED 01 98500
AMOCO CORP COM 031905102 21555 360000 SH DEFINED 01 360000
ANHEUSER-BUSCH COM 035229103 11353 173000 SH DEFINED 01 173000
ASSOCIATES FIRST CAPITAL COM O46008108 1910 45076 SH DEFINED 01 45076
AVNET INC COM 053807103 8397 138800 SH DEFINED 01 138800
BP AMOCO PLC ADR COM 055622104 309 3400 SH DEFINED 01 3400
BANK ONE COPR. COM 06423A103 8931 174900 SH DEFINED 01 174900
BANK OF TOKYO-MITSUBISHI LTD. ACOM 065379109 270 25700 SH DEFINED 01 25700
BANKAMERICA COPR. COM 06605f102 8616 143300 SH DEFINED 01 143300
BANTA COM 066821109 7955 290600 SH DEFINED 01 290600
BECKMAN COULTER INC COM 075811109 5854 107900 SH DEFINED 01 107900
BERGEN BRUNSWIG COM 083739102 22346 640750 SH DEFINED 01 640750
BIOMET, INC. COM 090613100 14611 363000 SH DEFINED 01 363000
BRISTOL MYERS SQUIBB CO COM 110122108 28770 215000 SH DEFINED 01 215000
BRITISH TELECOMMUNICATIONS PLC COM 111021408 349 2300 SH DEFINED 01 2300
BURLINGTON COM 12189T104 5682 165900 SH DEFINED 01 165900
CARAUSTAR INDUSTRIES COM 140909102 220 7700 SH DEFINED 01 7700
CENTEX COM 152312104 5971 132500 SH DEFINED 01 132500
CIGNA COM 125509109 12061 156000 SH DEFINED 01 156000
CISCO SYSTEMS COM 17275R102 16372 176400 SH DEFINED 01 176400
CITIGROUP INC. COM 172967101 10877 21890 SH DEFINED 01 21890
COLTEC INDUSTRIES COM 196879100 3588 184000 SH DEFINED 01 184000
COUNTRYWIDE CREDIT INDUSTRIES ICOM 222372104 10188 203000 SH DEFINED 01 203000
DTE ENERGY CO. COM 233331107 4522 105000 SH DEFINED 01 105000
DAIMLERCHRYSLER COM D1668R123 5751 59868 SH DEFINED 01 59868
DEERE & CO. COM 244199105 302 9200 SH DEFINED 01 9200
DEUTSCHE TELEKOM AG ADR COM 251566105 432 13200 SH DEFINED 01 13200
DILLARD DEPT STORES INC CL A 254067101 9960 351000 SH DEFINED 01 351000
DIME BANCROP INC. COM 25429q102 8374 319000 SH DEFINED 01 319000
ENI SPA ADR COM 26874r108 474 7000 SH DEFINED 01 7000
ELF AQUITAINE SPONSORED ADR 286269105 19451 343500 SH DEFINED 01 343500
EMERSON ELEC CO COM 291011104 7805 129000 SH DEFINED 01 129000
ENRON CORP. COM 293561106 12314 215800 SH DEFINED 01 215800
FEDERATED DEPARTMENT STORES COM 31410h101 7667 176000 SH DEFINED 01 176000
FIRST DATA CORP. COM 319963104 449 14100 SH DEFINED 01 14100
FIRST UNION CORP. COM 337358105 9608 158000 SH DEFINED 01 158000
FLOWSERVE CORP. COM 34354P105 3556 214700 SH DEFINED 01 214700
FORD MOTORS COM 345370100 5047 86000 SH DEFINED 01 86000
FOSTER WHEELER CORP COM 350244109 158 12000 SH DEFINED 01 12000
FRANCE TELECOM ADR COM 35177q105 426 5400 SH DEFINED 01 5400
GENERAL ELEC CO COM 369604103 31079 304700 SH DEFINED 01 304700
GENERAL MOTORS COM 370442105 3843 53700 SH DEFINED 01 53700
GTE CORP COM 362320103 16315 251000 SH DEFINED 01 251000
<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
GLAXO HOLDINGS ADR COM 37733W105 445 6400 SH DEFINED 01 6400
GLOBAL MARINE INC COM 379352404 1296 144000 SH DEFINED 01 144000
HBO & CO. COM 404100109 4633 161500 SH DEFINED 01 161500
IBP COM 449223106 8877 304800 SH DEFINED 01 304800
IMPERIAL CHEMICAL COM 452704505 8661 247900 SH DEFINED 01 247900
INTEL CORP COM 458140100 28574 241000 SH DEFINED 01 241000
INTERNATIONAL BUSINESS MACHS COM 459200101 18806 102000 SH DEFINED 01 102000
INTERSTATE BAKERIES CORP. COM 46072h108 7905 299000 SH DEFINED 01 299000
J C PENNY COM 708160106 8081 172400 SH DEFINED 01 172400
J.P. MORGAN COM 616880100 9351 89000 SH DEFINED 01 89000
JOHNSON & JOHNSON COM 478160104 16775 200000 SH DEFINED 01 200000
KINROSS GOLD CORP. COM 496902107 1223 528903 SH DEFINED 01 528903
LTV CORP COM 501921100 5271 916700 SH DEFINED 01 916700
LUCENT TECHNOLOGIES COM 549463107 21240 193200 SH DEFINED 01 193200
MCCORMICK & CO COM 579780206 10093 298500 SH DEFINED 01 298500
MEDIAONE GROUP INC. COM 58440j104 12408 264000 SH DEFINED 01 264000
MERCK & CO INC COM 589331107 14750 100000 SH DEFINED 01 100000
MICROSOFT CORP COM 594918104 37279 268800 SH DEFINED 01 268800
MURPHY OIL CORP. COM 626717102 3300 80000 SH DEFINED 01 80000
NESTLE ADR COM 641069406 414 3800 SH DEFINED 01 3800
NETWORK ASSOCIATES INC. COM 640938106 6758 102000 SH DEFINED 01 102000
NEWS CORP LTD ADR COM 652487703 219 8300 SH DEFINED 01 8300
NIPPON TELEGRAPH & TELEPHONE COCOM 654624105 623 16600 SH DEFINED 01 16600
NOKIA OYJ ADR COM 654902204 241 2000 SH DEFINED 01 2000
NORTHERN TELECOM COM 665815106 4445 88900 SH DEFINED 01 88900
NOVARTIS ADR COM 66987v109 600 6100 SH DEFINED 01 6100
NOVELL INC. COM 670006105 7785 429500 SH DEFINED 01 429500
OFFICE MAX COM 67622M108 3540 289000 SH DEFINED 01 289000
PALL CORP. COM 696429307 8303 328000 SH DEFINED 01 328000
PFIZER INC COM 717081103 45000 360000 SH DEFINED 01 360000
PRAXAIR, INC. COM 74005P104 6310 179000 SH DEFINED 01 179000
PROCTER & GAMBLE CO COM 742718109 39447 432000 SH DEFINED 01 432000
RELIANCE GROUP HOLDING COM 759464100 7210 560000 SH DEFINED 01 560000
ROYAL DUTCH PETROLEUM CO. ADR COM 780257804 244 5100 SH DEFINED 01 5100
SAP ADR COM 803054204 224 6200 SH DEFINED 01 6200
SAFEWAY INC. COM 786514208 15173 249000 SH DEFINED 01 249000
SCHERING PLOUGH CORP COM 806605101 44200 800000 SH DEFINED 01 800000
SERVICE CORP INTERNATIONAL COM 817565104 11202 294300 SH DEFINED 01 294300
SHELL TRANSPORT & TRADING CO. ACOM 822703609 219 5900 SH DEFINED 01 5900
SMITHKLINE BEECHAM PLC ADR COM 832378301 271 3900 SH DEFINED 01 3900
SYNOPSYS INC COM 871607107 12044 222000 SH DEFINED 01 222000
TEXACO INC COM 881694103 5109 96400 SH DEFINED 01 96400
TIDEWATER COM 886423102 1869 80600 SH DEFINED 01 80600
TIFFANY & CO. COM 886547108 5551 107000 SH DEFINED 01 107000
TOYOTA MOTOR CORP. ADR COM 892331307 569 10700 SH DEFINED 01 10700
TOYS R US COM 892335100 339 20000 SH DEFINED 01 20000
US WEST, INC. COM 91273h101 17527 271208 SH DEFINED 01 271208
U.S. INDUSTRIES, INC. COM 912080108 2995 163000 SH DEFINED 01 163000
U S FRIGHTWAYS CORP. COM 916906100 4244 145700 SH DEFINED 01 145700
USX US STEEL CORPORATION COM 9033T101 4848 210800 SH DEFINED 01 210800
<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
UNITED HEALTHCARE COM 910581107 7045 163600 SH DEFINED 01 163600
UNIVERSAL FOODS COM 913538104 10821 394400 SH DEFINED 01 394400
UNOCAL CORP COM 915289102 3257 111600 SH DEFINED 01 111600
UTILICORP UNITED, INC. COM 918005109 3423 93300 SH DEFINED 01 93300
WAL MART STORES INC COM 931142103 20368 250100 SH DEFINED 01 250100
WARNER LAMBERT CO COM 934488107 42857 570000 SH DEFINED 01 570000
WASTE MANAGEMENT INC. COM 94106L109 12575 269700 SH DEFINED 01 269700
WELLS FARGO CO. COM 949746101 16957 424600 SH DEFINED 01 424600
WEYERHAEUSER CO COM 962166104 8364 164600 SH DEFINED 01 164600
ABBOTT LABS COM 002824100 1196 24400 SH SOLE 24300 24400
AETNA COM 008117103 700 8900 SH SOLE 8900 8900
ALBERTSONS INC COM 013104104 866 13600 SH SOLE 13700 13600
ALLEGHENY ENERGY INC. COM 017361106 333 9650 SH SOLE 9750 9650
ALLEGHENY TELEDYNE INC. COM 017415100 229 11200 SH SOLE 11200 11200
ALLIEDSIGNAL INC. COM 019512102 377 8500 SH SOLE 8600 8500
ALLTEL COM 020039103 969 16200 SH SOLE 16200 16200
AMERICAN GENERAL CORP COM 026351106 663 8500 SH SOLE 8600 8500
AMOCO CORP COM 031905102 1455 24300 SH SOLE 24600 24300
ANHEUSER-BUSCH COM 035229103 919 14000 SH SOLE 14050 14000
APPLEBEE'S INTERNATIONAL COM 037899101 227 11000 SH SOLE 11000 11000
ASSOCIATES FIRST CAPITAL COM 046008108 215 5078 SH SOLE 5078 5078
AVNET INC COM 053807103 983 16250 SH SOLE 16250 16250
BMC SOFTWARE COM 055921100 927 20800 SH SOLE 21400 20800
BANK AMERICA CORP. COM 06605f102 1492 24815 SH SOLE 24815 24815
BANK ONE CORP. COM 06423A103 774 15160 SH SOLE 15430 15160
BANTA COM 066821109 561 20500 SH SOLE 20400 20500
BECKMAN COULTER INC COM 075811109 363 6700 SH SOLE 6700 6700
BERGEN BRUNSWIG COM 083739102 1432 41050 SH SOLE 20650 41050
BIOMET INC. COM 090613100 1167 29000 SH SOLE 29350 29000
BRISTOL MYERS SQUIBB CO COM 110122108 2917 21800 SH SOLE 22450 21800
BRUNSWICK COM 117043109 505 20400 SH SOLE 20700 20400
CENTEX COM 152312104 464 10300 SH SOLE 10300 10300
CHEVRON CORPORATION COM 166751107 1045 12600 SH SOLE 12700 12600
CIGNA CORP. COM 125509109 982 12700 SH SOLE 12700 12700
CISCO SYSTEMS COM 17275R102 1263 13611 SH SOLE 13650 13611
CITIGROUP INC. COM 172967101 1451 29200 SH SOLE 29200 29200
COLTEC INDUSTRIES COM 196879100 289 14800 SH SOLE 15100 14800
COMERICA INC. COM 200340107 941 13800 SH SOLE 14100 13800
COUNTRYWIDE CREDIT INDUSTRIES COM 222372104 811 16150 SH SOLE 16400 16150
CYPRESS MINERALS COM 232809103 109 10900 SH SOLE 14000 10900
DTE ENERGY CO COM 233331107 762 17700 SH SOLE 17800 17700
DAIMLERCHRYSLER COM D1668R123 695 7233 SH SOLE 7233 7233
DIME BANCORP INC COM 25429q102 643 24500 SH SOLE 24500 24500
ELF AQUITAINE SPONSORED ADR 286269105 1259 22230 SH SOLE 22480 22230
EMERSON ELECTRIC COM 291011104 714 11800 SH SOLE 11900 11800
ENRON CORP. COM 293561106 933 16350 SH SOLE 16600 16350
EXXON COM 302290101 263 3600 SH SOLE 3600 3600
FEDERATED DEPARTMENT STORE COM 31410h101 584 13400 SH SOLE 13300 13400
FIRST DATA CORP. COM 319963104 685 21500 SH SOLE 21700 21500
FIRST UNION CORP. COM 337358105 772 12700 SH SOLE 12900 12700
<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
FLOWSERVE CORP. COM 34354P105 288 17400 SH SOLE 17700 17400
FORD MOTORS COM 345370100 581 9900 SH SOLE 10100 9900
FOSTER WHEELER CORP COM 350244109 164 12400 SH SOLE 14700 12400
GTE CORP COM 362320103 871 13400 SH SOLE 13550 13400
GENERAL ELEC CO COM 369604103 2458 24100 SH SOLE 24325 24100
GENERAL MOTORS INC COM 370442105 658 9200 SH SOLE 9000 9200
GLOBAL MARINE INC COM 379352404 104 11500 SH SOLE 11600 11500
HBO & CO. COM 404100109 324 11300 SH SOLE 11300 11300
HERCULES, INC. COM 427056106 330 12100 SH SOLE 12200 12100
IBP COM 449223106 571 19600 SH SOLE 19800 19600
IMPERIAL CHEMICAL COM 452704505 695 19900 SH SOLE 20200 19900
INTEL CORP. COM 458140100 2119 17875 SH SOLE 18000 17875
INTERNATIONAL BUSINESS MACHINESCOM 459200101 295 1600 SH SOLE 1600 1600
INTERSTATE BAKERIES CORP. COM 46072h108 653 24700 SH SOLE 25000 24700
J.C. PENNY COM 708160106 553 11800 SH SOLE 11800 11800
J.P. MORGAN COM 616880100 735 7000 SH SOLE 7100 7000
JOHNSON & JOHNSON COM 478160104 990 11800 SH SOLE 11800 11800
LTV CORP. COM 501921100 174 30300 SH SOLE 30300 30300
LUCENT TECHNOLOGIES COM 549463107 1641 14925 SH SOLE 14850 14925
MEDPARTNERS, INC. COM 58503X107 143 27300 SH SOLE 27600 27300
MEDIAONE GROUP INC. COM 58440j104 707 15050 SH SOLE 15150 15050
MERCK & CO INC COM 589331107 1534 10400 SH SOLE 10500 10400
MICROSOFT CORP COM 594918104 2847 20525 SH SOLE 20300 20525
MORGAN STANLEY,DEAN WITTER COM 617446448 731 10300 SH SOLE 10300 10300
MURPHY OIL CORP. COM 626717102 264 6400 SH SOLE 6400 6400
NETWORK ASSOCIATES INC. COM 640938106 523 7900 SH SOLE 7950 7900
NORTHERN TELECOM COM 665815106 325 6500 SH SOLE 6500 6500
NOVELL, INC. COM 670006105 560 30900 SH SOLE 30900 30900
OFFICE MAX COM 67622M108 272 22200 SH SOLE 22000 22200
PALL CORP. COM 696429307 628 24800 SH SOLE 24700 24800
PFIZER INC COM 717081103 3200 25600 SH SOLE 26000 25600
PHARMACIA & UPJOHN INC COM 716941109 411 7250 SH SOLE 7250 7250
PRAXAIR, INC. COM 74005P104 520 14750 SH SOLE 14450 14750
PROCTER & GAMBLE CO COM 742718109 2785 30500 SH SOLE 30200 30500
RELIANCE GROUP HOLDING COM 759464100 647 50250 SH SOLE 50000 50250
SBC COMMUNICATIONS INC COM 78387G103 965 18000 SH SOLE 18000 18000
SAFEWAY INC. COM 786514208 1170 19200 SH SOLE 19200 19200
SCHERING PLOUGH CORP COM 806605101 3901 70600 SH SOLE 41400 70600
SERVICE CORP. INTERNATIONAL COM 817565104 818 21500 SH SOLE 21500 21500
SUN MICROSYSTEMS INC COM 866810104 1284 15000 SH SOLE 14900 15000
SYNOPSYS INC COM 871607107 933 17200 SH SOLE 17200 17200
TIFFANY & CO. COM 886547108 441 8500 SH SOLE 8400 8500
TOYS "R" US COM 892335100 198 11700 SH SOLE 11600 11700
US WEST, INC. COM 91273h101 1066 16497 SH SOLE 16299 16497
US INDUSTRIES INC. COM 912080108 246 13400 SH SOLE 13500 13400
U S FRIGHTWAYS CORP. COM 916906100 312 10700 SH SOLE 10400 10700
UST INC COM 902911106 324 9300 SH SOLE 9400 9300
USX-U.S. STEEL COPROTATION COM 90337T101 255 11100 SH SOLE 11100 11100
UNITED HEALTHCARE COM 910581107 551 12800 SH SOLE 12800 12800
UNIVERSAL FOODS COM 913538104 604 22000 SH SOLE 21500 22000
<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
UNOCAL CORP COM 915289102 493 16900 SH SOLE 17100 16900
UTILICORP UNITED, INC. COM 918005109 416 11350 SH SOLE 11350 11350
WALMART COM 931142103 1462 17950 SH SOLE 21100 17950
WARNER-LAMBERT COM 934488107 414 5500 SH SOLE 5550 5500
WASTE MANAGEMENT INC. COM 94106L109 941 20176 SH SOLE 20271 20176
WELLS FARGO CO. COM 949746101 1472 36850 SH SOLE 36850 36850
WEYERHAEUSER CO COM 962166104 501 9850 SH SOLE 11000 9850
YORK INTERNATIONAL COM 986670107 571 14000 SH SOLE 14000 14000
ABBOTT LABS COM 002824100 12064 246200 SH DEFINED 01 246200
AEROQUIP VICKERS INC COM 007869100 838 28000 SH DEFINED 01 28000
AETNA COM 008117103 2257 28700 SH DEFINED 01 28700
ALBERTSONS INC COM 013104104 6464 101500 SH DEFINED 01 101500
ALLEGHENY TELEDYNE INC. COM 017415100 2575 126000 SH DEFINED 01 126000
ALLIEDSIGNAL INC. COM 019512102 2597 58600 SH DEFINED 01 58600
ALLTEL COM 020039103 6394 106900 SH DEFINED 01 106900
AMERICAN GENERAL CORP COM 026351106 1880 24100 SH DEFINED 01 24100
AMOCO CORP COM 031905102 5555 92000 SH DEFINED 01 92000
ANHEUSER-BUSCH COM 035229103 6635 101100 SH DEFINED 01 101100
APPLEBEE'S INTERNATIONAL COM 037899101 743 36000 SH DEFINED 01 36000
ASCEND COMMUNICATIONS INC. COM 043491109 3279 49875 SH DEFINED 01 49875
ASSOCIATES FIRST CAPITAL COM 046008108 3671 86640 SH DEFINED 01 86640
AVNET INC COM 053807103 2934 48500 SH DEFINED 01 48500
BALTIMORE GAS & ELECTRIC COM 059165100 812 26300 SH DEFINED 01 26300
BANC ONE COM 06423A103 6414 125620 SH DEFINED 01 125620
BANKAMERICA CORP. COM 06605f102 6590 109600 SH DEFINED 01 109600
BANTA COM 066821109 3616 132100 SH DEFINED 01 132100
BECKMAN COULTER INC. COM 075811109 1253 23100 SH DEFINED 01 23100
BERGEN BRUNSWIG COM 083739102 7611 218250 SH DEFINED 01 218250
BIOMET, INC. COM 090613100 4053 100700 SH DEFINED 01 100700
BMC SOFTWARE COM 055921100 3708 83200 SH DEFINED 01 83200
BRISTOL MYERS SQUIBB COM 110122108 375 2800 SH DEFINED 01 2800
BRUNSWICK COM 117043109 3314 133900 SH DEFINED 01 133900
CABOT CORP COM 127055101 877 31400 SH DEFINED 01 31400
CARAUSTAR INDUTRIES COM 140909102 1919 67200 SH DEFINED 01 67200
CENTERPOINT PROPERTIES COM 151895109 2191 64800 SH DEFINED 01 64800
CENTEX COM 152312104 1550 34400 SH DEFINED 01 34400
CHEVRON CORPORATION COM 166751107 6552 79000 SH DEFINED 01 79000
CIGNA CORP. COM 125509109 5961 77100 SH DEFINED 01 77100
CISCO SYSTEMS COM 17275R102 4316 46500 SH DEFINED 01 46500
CITIGROUP INC. COM 172967101 8925 180300 SH DEFINED 01 180300
COCA COLA CO COM 191216100 2006 30000 SH DEFINED 01 30000
COLTEC INDUSTRIES COM 196879100 1145 58700 SH DEFINED 01 58700
COMERICA INC. COM 200340107 5694 83500 SH DEFINED 01 83500
CONAGRA, INC. COM 205887102 1481 47000 SH DEFINED 01 47000
COUNTRYWIDE CREDIT INDUSTRIES ICOM 222372104 2871 57200 SH DEFINED 01 57200
CRESCENT REAL ESTATE TRUST COM 225756105 1610 70000 SH DEFINED 01 70000
CYPRUS AMAX MINERALS CO COM 232809103 900 90000 SH DEFINED 01 90000
DTE ENERGY CO. COM 233331107 3074 71700 SH DEFINED 01 71700
DAIMLER CHRYSLER COM D1668R123 4444 46261 SH DEFINED 01 46261
DEERE & CO COM 244199105 3445 104000 SH DEFINED 01 104000
<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
DELUXE CORP. COM 248019101 1828 50000 SH DEFINED 01 50000
DIME BANCORP INC. COM 25429q102 2247 85000 SH DEFINED 01 85000
ELF AQUITAINE SPONSORED ADR 286269105 8092 142900 SH DEFINED 01 142900
ENRON COM 293561106 6026 105600 SH DEFINED 01 105600
EQUITY OFFICE PROPERTIES TRUST COM 294741103 240 10000 SH DEFINED 01 10000
EXXON COM 302290101 2998 41000 SH DEFINED 01 41000
FEDERATED DEPT STORES, INC. COM 31410h101 2004 46000 SH DEFINED 01 46000
FIRST UNION CORP. COM 337358105 4318 71000 SH DEFINED 01 71000
FLOWSERVE CORP. COM 34354P105 1807 109100 SH DEFINED 01 109100
FORD MOTOR COMPANY COM 345370100 9701 165299 SH DEFINED 01 165299
FOSTER WHEELER CORP COM 350244109 488 37000 SH DEFINED 01 37000
GTE CORP COM 362320103 4258 65500 SH DEFINED 01 65500
GENERAL ELECTRIC COM 369604103 7828 76700 SH DEFINED 01 76700
GENERAL MOTORS COM 370442105 3492 48800 SH DEFINED 01 48800
GLAFELTER P.H. COM 377316104 1163 94000 SH DEFINED 01 94000
GLOBAL MARINE INC COM 379352404 366 39800 SH DEFINED 01 39800
GOODRICH BF CO. COM 382388106 2870 80000 SH DEFINED 01 80000
GROUP 1 AUTOMOTIVE INC. COM 398905109 2080 80000 SH DEFINED 01 80000
HBO & CO. COM 404100109 2054 71600 SH DEFINED 01 71600
HRPT PROPERTIES TRUST COM 40426W101 1464 104100 SH DEFINED 01 104100
HERCULES, INC. COM 427056106 1955 71400 SH DEFINED 01 71400
HOSPITALITY PROPERTIES COM 44106M102 1206 50000 SH DEFINED 01 50000
IBP COM 449223106 2080 71400 SH DEFINED 01 71400
INTEL CORP COM 458140100 7209 60800 SH DEFINED 01 60800
INTERSTATE BAKERIES CORP COM 46072h108 4196 158700 SH DEFINED 01 158700
J.C. PENNY COM 708160106 5358 114300 SH DEFINED 01 114300
J.P. MORGAN COM 616880100 2700 25700 SH DEFINED 01 25700
JOHNSON & JOHNSON COM 478160104 2986 35600 SH DEFINED 01 35600
KERR-MCGEE CORP. COM 492386107 1740 45500 SH DEFINED 01 45500
KINROSS GOLD CORP. COM 496902107 685 296147 SH DEFINED 01 296147
LTV CORP. COM 501921100 2494 429000 SH DEFINED 01 429000
LIBERTY TRUST PROPER COM 531172104 1847 75000 SH DEFINED 01 75000
LUCENT TECHNOLOGIES COM 549463107 5478 49800 SH DEFINED 01 49800
MAPICS, INC. COM 564910107 1485 90000 SH DEFINED 01 90000
MCCORMICK & CO COM 579780206 4463 132000 SH DEFINED 01 132000
MEDIAONE GROUP INC. COM 58440j104 2764 58800 SH DEFINED 01 58800
MERCK & CO INC COM 589331107 3101 21000 SH DEFINED 01 21000
MICROSOFT CORP COM 594918104 9653 69600 SH DEFINED 01 69600
MORGAN STANLEY, DEAN WITTER COM 617446448 8087 113900 SH DEFINED 01 113900
MURPHY OIL CORP. COM 626717102 1497 36300 SH DEFINED 01 36300
NETWORK ASSOCIATES INC. COM 640938106 2127 32100 SH DEFINED 01 32100
NORTHERN TELECOM COM 665815106 1960 39100 SH DEFINED 01 39100
NOVELL, INC. COM 670006105 3496 192900 SH DEFINED 01 192900
OFFICE MAX COM 67622M108 921 75200 SH DEFINED 01 75200
OMEGA HEALTHCARE INVS INC COM 681936100 1811 60000 SH DEFINED 01 60000
OMEGA WORLDWIDE INC. COM 68210b108 87 19893 SH DEFINED 01 19893
PACIFICARE CL B COM 695112201 2743 34500 SH DEFINED 01 34500
PALL CORP. COM 696429307 3926 155100 SH DEFINED 01 155100
PFIZER INC COM 717081103 527 4200 SH DEFINED 01 4200
PRAXAIR, INC. COM 74005P104 3254 92300 SH DEFINED 01 92300
<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
PROCTER & GAMBLE CO COM 742718109 6465 70800 SH DEFINED 01 70800
PROLOGIS TRUST 7.00% CONV. PFD PFD 743410300 1240 47000 SH DEFINED 01 47000
RAYTHEON CO COM 755111408 2663 50000 SH DEFINED 01 50000
RELIANCE GROUP HOLDING COM 759464100 4193 325700 SH DEFINED 01 325700
REPUBLIC SERVICES INC. COM 760759100 1575 85400 SH DEFINED 01 85400
RJR NABISCO PERCS COM 74960K876 1225 41248 SH DEFINED 01 41248
ROYAL DUTCH PETROLEUM CO. ADR COM 780257804 5314 111000 SH DEFINED 01 111000
SAFEWAY INC. COM 786514208 4211 69100 SH DEFINED 01 69100
SCHERING PLOUGH CORP COM 806605101 14409 260800 SH DEFINED 01 260800
SCHLUMBERGER LTD. COM 806857108 4474 97000 SH DEFINED 01 97000
SERVICE COPR INTERNATIONAL COM 817565104 5298 139200 SH DEFINED 01 139200
SMITHFIELD FOODS INC. COM 832248108 1609 47500 SH DEFINED 01 47500
ST. PAUL CAPITAL PFD 792856205 1290 20000 SH DEFINED 01 20000
SUN MICROSYSTEMS INC COM 866810104 6276 73300 SH DEFINED 01 73300
SYNOPSYS INC COM 871607107 3271 60300 SH DEFINED 01 60300
TCF FINANCIAL CORP COM 872275102 2322 96000 SH DEFINED 01 96000
TEXACO INC COM 881694103 2644 50000 SH DEFINED 01 50000
TIDEWATER INC COM 886423102 1540 66400 SH DEFINED 01 66400
TIFFANY & CO. COM 886547108 1525 29400 SH DEFINED 01 29400
TYSON FOODS INC. COM 902494103 714 33600 SH DEFINED 01 33600
U S WEST INC COM 91273h101 7103 109904 SH DEFINED 01 109904
U.S. INDUSTRIES INC. COM 912080108 1727 92700 SH DEFINED 01 92700
U S FRIGHTWAYS CORP. COM 916906100 2170 74500 SH DEFINED 01 74500
UST INC COM 902911106 2361 67700 SH DEFINED 01 67700
USX-U.S. STEEL CORPORATION COM 90337T101 2323 101000 SH DEFINED 01 101000
UNION PACIFIC RESOURCES GROUP COM 907834105 908 100201 SH DEFINED 01 100201
UNITED HEALTHCARE COM 910581107 1942 45100 SH DEFINED 01 45100
UNIVERSAL FOODS COM 913538104 5833 212600 SH DEFINED 01 212600
UNOCAL CORP COM 915289102 3006 103000 SH DEFINED 01 103000
UNOCAL CORP PFD 91528T207 3275 67000 SH DEFINED 01 67000
UTILICORP UNITED, INC. COM 918005109 1163 31700 SH DEFINED 01 31700
WAL MART STORES INC COM 931142103 2443 30000 SH DEFINED 01 30000
WARNER LAMBERT CO COM 934488107 1015 13500 SH DEFINED 01 13500
WASTE MANAGEMENT INC. COM 94106l109 4908 105270 SH DEFINED 01 105270
WELLS FARGO CO. COM 949746101 6298 91900 SH DEFINED 01 91900
WEYERHAEUSER CO COM 962166104 2226 91900 SH DEFINED 01 91900
WHIRLPOOL CORP COM 963320106 3433 91900 SH DEFINED 01 91900
XEROX CORP. COM 984121103 6667 91900 SH DEFINED 01 91900
YORK INTERNATIONAL COM 986670107 3751 91900 SH DEFINED 01 91900
REPORT SUMMARY 339 DATA RECORDS 1541096 1 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
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