UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: June 30, 1999
--------------------------------
Check here if Amendment [ ]; Amendment Number: ___
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: CROFT-LEOMINSTER, INC.
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Address: c/o Canton House
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300 Water Street
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Baltimore, MD 21202
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Form 13F File Number: 28-03999
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The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Carla Reedinger
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Title: Assistant Vice President
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Phone: 410-576-8231
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Signature, Place, and Date of Signing:
/s/ Carla Reedinger Baltimore, MD August xx, 1999
---------------------------- ---------------------------- -----------
[Signature] [City, State] [Date]
Report Type (Check only one.):
[ X ] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.
[ ] 13F NOTICE. (Check here if no holdings reported are in this report,
and all holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for
this reporting manager are reported in this report and a portion are
reported by other reporting manager(s).)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
NONE
<PAGE>
Form 13F SUMMARY PAGE
Report Summary:
Number of Included Managers: 0
Form 13F Information Table Entry Total: 163
Form 13F Information Table Value Total: $ 330.3211
List of Other Included Managers: N/A
NONE
<PAGE>
Name of Reporting Manager: Croft-Leominster, Inc.
Filing for Quarter-Ending: June 30, 1999
*NOTE: Unless Otherwise Indicated
ITEM 6: Investment Discretion: SOLE
ITEM 7: Voting Authority: NONE
<TABLE>
<CAPTION>
FORM 13F INFORMATION TABLE
VALUE SHARES SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
-------------- -------------- ----- -------- ------- --- ---- ------- -------- ---- ------ ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
A T & T Corp COM 001957109 $ 1.0425 18,679 SH SOLE 18,679
- ------------------------------------------------------------------------------------------------------------------------------------
Advanced Lighting Techs COM 00753C102 $ 0.0925 10,275 SH SOLE 10,275
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Inc COM 008117103 $ 0.6592 7,370 SH SOLE 7,370
- ------------------------------------------------------------------------------------------------------------------------------------
Agrium Inc. COM 008916108 $ 0.9208 104,489 SH SOLE 104,489
- ------------------------------------------------------------------------------------------------------------------------------------
Aluminum Co of America COM 013817101 $ 0.4910 7,936 SH SOLE 7,936
- ------------------------------------------------------------------------------------------------------------------------------------
Alliance World Dollar Gvt II COM 01879R106 $ 0.2267 23,100 SH SOLE 23,100
- ------------------------------------------------------------------------------------------------------------------------------------
Allmerica Financial Corp COM 019754100 $ 5.8389 96,015 SH SOLE 96,015
- ------------------------------------------------------------------------------------------------------------------------------------
Allstate Corp COM 020002101 $ 0.8257 23,015 SH SOLE 23,015
- ------------------------------------------------------------------------------------------------------------------------------------
Alpine Group, Inc. COM 020825105 $ 1.3767 85,709 SH SOLE 85,709
- ------------------------------------------------------------------------------------------------------------------------------------
American Home Products Corp COM 026609107 $ 4.2368 73,844 SH SOLE 73,844
- ------------------------------------------------------------------------------------------------------------------------------------
Ameritech COM 030954101 $ 0.3308 4,500 SH SOLE 4,500
- ------------------------------------------------------------------------------------------------------------------------------------
Anadarko Petroleum Corp COM 032511107 $ 0.9654 26,225 SH SOLE 26,225
- ------------------------------------------------------------------------------------------------------------------------------------
Apache Corp COM 037411105 $ 0.9399 24,100 SH SOLE 24,100
- ------------------------------------------------------------------------------------------------------------------------------------
Asia Tigers Fund Inc COM 04516T105 $ 0.6508 68,500 SH SOLE 68,500
- ------------------------------------------------------------------------------------------------------------------------------------
Assisted Living Concepts, Inc COM 04543L109 $ 0.0546 19,000 SH SOLE 19,000
- ------------------------------------------------------------------------------------------------------------------------------------
Astoria Financial Corp COM 046265104 $ 1.6325 37,155 SH SOLE 37,155
- ------------------------------------------------------------------------------------------------------------------------------------
Atlantic Richfield COM 048825103 $ 0.2169 2,596 SH SOLE 2,596
- ------------------------------------------------------------------------------------------------------------------------------------
Aviaton Sales Corp COM 053672101 $ 0.2884 7,300 SH SOLE 7,300
- ------------------------------------------------------------------------------------------------------------------------------------
Bank United Corp. - Cl A COM 065412108 $ 1.8470 45,960 SH SOLE 45,960
- ------------------------------------------------------------------------------------------------------------------------------------
BankAtlantic Bancorp, Inc. COM 065908501 $ 0.2088 28,800 SH SOLE 28,800
- ------------------------------------------------------------------------------------------------------------------------------------
Bellwether Exploration Co COM NEW 079895207 $ 2.6772 486,769 SH SOLE 486,769
- ------------------------------------------------------------------------------------------------------------------------------------
Benton Oil & Gas Co COM 083288100 $ 0.0970 48,500 SH SOLE 48,500
- ------------------------------------------------------------------------------------------------------------------------------------
Bethlehem Steel $5.00 cv. pfd PFD CV $5 087509303 $ 0.6610 12,100 SH SOLE 12,100
- ------------------------------------------------------------------------------------------------------------------------------------
Blackrock Invt Quality Muni COM 09247D105 $ 0.2505 17,200 SH SOLE 17,200
- ------------------------------------------------------------------------------------------------------------------------------------
Boise Cascade Corp COM 097383103 $ 10.2240 238,460 SH SOLE 238,460
- ------------------------------------------------------------------------------------------------------------------------------------
Bowater Inc COM 102183100 $ 0.2902 6,125 SH SOLE 6,125
- ------------------------------------------------------------------------------------------------------------------------------------
Brown & Sharpe Manufacturing C COM 115223109 $ 0.4432 81,500 SH SOLE 81,500
- ------------------------------------------------------------------------------------------------------------------------------------
Burlington Resources Inc COM 122014103 $ 0.8189 18,935 SH SOLE 18,935
- ------------------------------------------------------------------------------------------------------------------------------------
CBS Inc COM 12490K107 $ 17.8315 409,332 SH SOLE 409,332
- ------------------------------------------------------------------------------------------------------------------------------------
Cablevision Systems -Cl A COM 12686C109 $ 0.2282 3,260 SH SOLE 3,260
- ------------------------------------------------------------------------------------------------------------------------------------
Capital One Financial Corp COM 14040H105 $ 12.3631 222,009 SH SOLE 222,009
- ------------------------------------------------------------------------------------------------------------------------------------
Central European Equity Fund I COM 153436100 $ 1.6357 125,218 SH SOLE 125,218
- ------------------------------------------------------------------------------------------------------------------------------------
Chancellor Media Corp. COM 158915108 $ 0.2205 4,000 SH SOLE 4,000
- ------------------------------------------------------------------------------------------------------------------------------------
Chase Manhattan Bank COM 16161A108 $ 2.3900 27,630 SH SOLE 27,630
- ------------------------------------------------------------------------------------------------------------------------------------
Chubb Corporation COM 171232101 $ 0.4518 6,500 SH SOLE 6,500
- ------------------------------------------------------------------------------------------------------------------------------------
Citigroup, Inc. COM 172967101 $ 16.4696 346,728 SH SOLE 346,728
- ------------------------------------------------------------------------------------------------------------------------------------
Clear Channel Communications, COM 184502102 $ 0.3212 4,660 SH SOLE 4,660
- ------------------------------------------------------------------------------------------------------------------------------------
Coca-Cola Co COM 191216100 $ 0.5764 9,296 SH SOLE 9,296
- ------------------------------------------------------------------------------------------------------------------------------------
Colonial Invest Grd Muni Tr SH BEN INT 195768106 $ 0.1960 20,100 SH SOLE 20,100
- ------------------------------------------------------------------------------------------------------------------------------------
Comcast Corp. Special CL A COM 200300200 $ 0.2925 7,610 SH SOLE 7,610
- ------------------------------------------------------------------------------------------------------------------------------------
Comstock Resources Inc COM NEW 205768203 $ 1.3461 406,380 SH SOLE 406,380
- ------------------------------------------------------------------------------------------------------------------------------------
Corn Products International COM 219023108 $ 0.3564 11,710 SH SOLE 11,710
- ------------------------------------------------------------------------------------------------------------------------------------
Countrywide Credit Ind Inc COM 222372104 $ 1.1767 27,525 SH SOLE 27,525
- ------------------------------------------------------------------------------------------------------------------------------------
Crescent Real Estate Equties C COM 225756105 $ 0.2660 11,200 SH SOLE 11,200
- ------------------------------------------------------------------------------------------------------------------------------------
Crompton & Knowles Corp COM 227111101 $ 0.3318 16,800 SH SOLE 16,800
- ------------------------------------------------------------------------------------------------------------------------------------
DII Group Inc. COM 232949107 $ 1.1530 30,900 SH SOLE 30,900
- ------------------------------------------------------------------------------------------------------------------------------------
Dana Corporation COM 235811106 $ 1.7331 37,625 SH SOLE 37,625
- ------------------------------------------------------------------------------------------------------------------------------------
Dime Bancorp Inc COM 25429Q102 $ 1.2125 60,250 SH SOLE 60,250
- ------------------------------------------------------------------------------------------------------------------------------------
Dow Chemical Co COM 260543103 $ 0.2284 1,800 SH SOLE 1,800
- ------------------------------------------------------------------------------------------------------------------------------------
Dresdner RCM Europe Fund COM 26156W106 $ 1.4192 112,100 SH SOLE 112,100
- ------------------------------------------------------------------------------------------------------------------------------------
Dreyfus Strategic Municipals I COM 261932107 $ 0.1764 19,200 SH SOLE 19,200
- ------------------------------------------------------------------------------------------------------------------------------------
Dreyfus Strategic Muni Bond Fu COM 26202F107 $ 0.3275 37,700 SH SOLE 37,700
- ------------------------------------------------------------------------------------------------------------------------------------
Dura Pharmaceuticals COM 26632S109 $ 0.1325 11,100 SH SOLE 11,100
- ------------------------------------------------------------------------------------------------------------------------------------
Equitable Companies Inc COM 29444G107 $ 0.6499 9,700 SH SOLE 9,700
- ------------------------------------------------------------------------------------------------------------------------------------
Equity Oil Co COM 294749106 $ 1.0973 975,400 SH SOLE 975,400
- ------------------------------------------------------------------------------------------------------------------------------------
Esenjay Exploration Inc COM 296426109 $ 0.0942 41,878 SH SOLE 41,878
- ------------------------------------------------------------------------------------------------------------------------------------
Fairchild Corp. CL A 303698104 $ 0.3073 24,100 SH SOLE 24,100
- ------------------------------------------------------------------------------------------------------------------------------------
Federal-Mogul Corp COM 313549107 $ 16.8298 323,650 SH SOLE 323,650
- ------------------------------------------------------------------------------------------------------------------------------------
Felcor Lodging Trust COM 31430F101 $ 0.2428 11,700 SH SOLE 11,700
- ------------------------------------------------------------------------------------------------------------------------------------
First Australia Prime Income F COM 318653102 $ 0.3530 54,300 SH SOLE 54,300
- ------------------------------------------------------------------------------------------------------------------------------------
First Union Corp COM 337358105 $ 2.4146 51,239 SH SOLE 51,239
- ------------------------------------------------------------------------------------------------------------------------------------
Foster Wheeler Corp COM 350244109 $ 0.6258 44,500 SH SOLE 44,500
- ------------------------------------------------------------------------------------------------------------------------------------
Foundation Health Services, In COM 350404109 $ 0.8783 58,550 SH SOLE 58,550
- ------------------------------------------------------------------------------------------------------------------------------------
Franklin Resources Inc COM 354613101 $ 6.8287 168,090 SH SOLE 168,090
- ------------------------------------------------------------------------------------------------------------------------------------
Freeport McMoran Copper & Gold CL B 35671D857 $ 0.1824 10,167 SH SOLE 10,167
- ------------------------------------------------------------------------------------------------------------------------------------
GTE Corp COM 362320103 $ 0.5632 7,460 SH SOLE 7,460
- ------------------------------------------------------------------------------------------------------------------------------------
Gaylord Container Corporation CL A 368145108 $ 0.3294 41,500 SH SOLE 41,500
- ------------------------------------------------------------------------------------------------------------------------------------
General Electric Co COM 369604103 $ 0.6023 5,330 SH SOLE 5,330
- ------------------------------------------------------------------------------------------------------------------------------------
Gothic Energy Corp COM 383482106 $ 0.2967 678,100 SH SOLE 678,100
- ------------------------------------------------------------------------------------------------------------------------------------
Great Lakes Chemical Corp COM 390568103 $ 0.2994 6,500 SH SOLE 6,500
- ------------------------------------------------------------------------------------------------------------------------------------
M.A. Hanna Company COM 410522106 $ 0.3978 24,200 SH SOLE 24,200
- ------------------------------------------------------------------------------------------------------------------------------------
Hartford Financial Services Gr COM 416515104 $ 7.4735 128,163 SH SOLE 128,163
- ------------------------------------------------------------------------------------------------------------------------------------
Hibernia Corp Class A CL A 428656102 $ 1.2644 80,600 SH SOLE 80,600
- ------------------------------------------------------------------------------------------------------------------------------------
Highlands Insurance Group COM 431032101 $ 1.3547 129,020 SH SOLE 129,020
- ------------------------------------------------------------------------------------------------------------------------------------
Highwoods Properties, Inc. COM 431284108 $ 0.3155 11,500 SH SOLE 11,500
- ------------------------------------------------------------------------------------------------------------------------------------
Hussmann International Inc. COM 448110106 $ 0.1756 10,600 SH SOLE 10,600
- ------------------------------------------------------------------------------------------------------------------------------------
The India Fund Inc COM 454089103 $ 0.1043 10,500 SH SOLE 10,500
- ------------------------------------------------------------------------------------------------------------------------------------
Infinity Corp COM NEW 45663L304 $ 0.0638 28,350 SH SOLE 28,350
- ------------------------------------------------------------------------------------------------------------------------------------
Insured Municipal Income Fund COM 45809F104 $ 0.3429 26,000 SH SOLE 26,000
- ------------------------------------------------------------------------------------------------------------------------------------
Int'l Business Machines Corp. COM 459200101 $ 0.2536 1,962 SH SOLE 1,962
- ------------------------------------------------------------------------------------------------------------------------------------
International Game Technology COM 459902102 $ 0.2257 12,200 SH SOLE 12,200
- ------------------------------------------------------------------------------------------------------------------------------------
International Paper Co COM 460146103 $ 0.5933 11,807 SH SOLE 11,807
- ------------------------------------------------------------------------------------------------------------------------------------
Jardine Fleming India Fund COM 471112102 $ 0.2793 39,900 SH SOLE 39,900
- ------------------------------------------------------------------------------------------------------------------------------------
Kansas City Southern Inds COM 485170104 $ 19.7867 310,075 SH SOLE 310,075
- ------------------------------------------------------------------------------------------------------------------------------------
Kennametal, Inc. COM 489170100 $ 1.6709 53,900 SH SOLE 53,900
- ------------------------------------------------------------------------------------------------------------------------------------
Kinder Morgan Energy Partners UT LTD PARTNER 494550106 $ 0.9272 25,060 SH SOLE 25,060
- ------------------------------------------------------------------------------------------------------------------------------------
Koninklije Philips Electronics SPONSORED ADR 500472105 $ 8.7316 86,559 SH SOLE 86,559
- ------------------------------------------------------------------------------------------------------------------------------------
Lockheed Martin Corporation COM 539830109 $ 0.4353 11,685 SH SOLE 11,685
- ------------------------------------------------------------------------------------------------------------------------------------
Lucent Technologies Inc COM 549463107 $ 0.2370 3,514 SH SOLE 3,514
- ------------------------------------------------------------------------------------------------------------------------------------
Lyondell Chemical Company COM 552078107 $ 1.0534 51,075 SH SOLE 51,075
- ------------------------------------------------------------------------------------------------------------------------------------
MCI Worldcom Inc. COM 55268B106 $ 10.4019 120,864 SH SOLE 120,864
- ------------------------------------------------------------------------------------------------------------------------------------
Magnum Hunter Resources Inc COM PAR $0.002 55972F203 $ 0.4697 123,200 SH SOLE 123,200
- ------------------------------------------------------------------------------------------------------------------------------------
Mallon Resources Corp COM NEW 561240201 $ 0.1221 17,600 SH SOLE 17,600
- ------------------------------------------------------------------------------------------------------------------------------------
McKesson HBOC, Inc COM 58155Q103 $ 2.5082 77,925 SH SOLE 77,925
- ------------------------------------------------------------------------------------------------------------------------------------
MediaOne Group Inc. COM 58440J104 $ 0.4950 6,655 SH SOLE 6,655
- ------------------------------------------------------------------------------------------------------------------------------------
MediaOne Fin Trust COM 584458202 $ 0.2354 8,800 SH SOLE 8,800
- ------------------------------------------------------------------------------------------------------------------------------------
Mellon Bank Corp COM 585509102 $ 9.9267 272,900 SH SOLE 272,900
- ------------------------------------------------------------------------------------------------------------------------------------
Merck & Co COM 589331107 $ 0.4506 6,120 SH SOLE 6,120
- ------------------------------------------------------------------------------------------------------------------------------------
Meridian Resource Corp COM 58977Q109 $ 3.1492 812,684 SH SOLE 812,684
- ------------------------------------------------------------------------------------------------------------------------------------
Metris Companies, Inc. COM 591598107 $ 0.6561 16,100 SH SOLE 16,100
- ------------------------------------------------------------------------------------------------------------------------------------
Millenium Chemicals Inc COM 599903101 $ 0.3116 13,225 SH SOLE 13,225
- ------------------------------------------------------------------------------------------------------------------------------------
Morgan Stanley Emerg Mkt Debt COM 61744H105 $ 0.1559 19,341 SH SOLE 19,341
- ------------------------------------------------------------------------------------------------------------------------------------
Morgan Stanley Asia-Pacific FD COM 61744U106 $ 0.4970 51,636 SH SOLE 51,636
- ------------------------------------------------------------------------------------------------------------------------------------
Morgan Stanley India Invt FD COM 61745C105 $ 0.3110 32,100 SH SOLE 32,100
- ------------------------------------------------------------------------------------------------------------------------------------
NL Industries Inc COM NEW 629156407 $ 0.6230 56,000 SH SOLE 56,000
- ------------------------------------------------------------------------------------------------------------------------------------
Newell Rubbermaid Co. COM 651229106 $ 2.3958 51,662 SH SOLE 51,662
- ------------------------------------------------------------------------------------------------------------------------------------
News Corp LTD ADR ADR NEW 652487703 $ 0.6709 19,000 SH SOLE 19,000
- ------------------------------------------------------------------------------------------------------------------------------------
NEXTEL Communications CL A 65332V103 $ 0.5119 10,200 SH SOLE 10,200
- ------------------------------------------------------------------------------------------------------------------------------------
Niagra Mohawk Holdings COM 653520106 $ 0.2731 17,000 SH SOLE 17,000
- ------------------------------------------------------------------------------------------------------------------------------------
Oak Industries Inc COM NEW 671400505 $ 0.6651 15,160 SH SOLE 15,160
- ------------------------------------------------------------------------------------------------------------------------------------
Owens-Corning COM 69073F103 $ 8.3883 244,022 SH SOLE 244,022
- ------------------------------------------------------------------------------------------------------------------------------------
PNC Bank Corp COM 693475105 $ 0.4295 7,454 SH SOLE 7,454
- ------------------------------------------------------------------------------------------------------------------------------------
Panaco Inc COM 698106101 $ 1.2666 1,621,200 SH SOLE 1,621,200
- ------------------------------------------------------------------------------------------------------------------------------------
Pepsi Bottling Group, Inc. COM 713409100 $ 0.6186 26,750 SH SOLE 26,750
- ------------------------------------------------------------------------------------------------------------------------------------
PepsiCo, Inc COM 713448108 $ 6.3191 163,337 SH SOLE 163,337
- ------------------------------------------------------------------------------------------------------------------------------------
Portugal Fund COM 737265108 $ 0.1862 12,900 SH SOLE 12,900
- ------------------------------------------------------------------------------------------------------------------------------------
Potash Corp of Saskatchewan COM 73755L107 $ 0.2421 4,679 SH SOLE 4,679
- ------------------------------------------------------------------------------------------------------------------------------------
Potomac Electric Power Co. COM 737679100 $ 0.3158 10,728 SH SOLE 10,728
- ------------------------------------------------------------------------------------------------------------------------------------
Praxair Inc COM 74005P104 $ 0.3386 6,919 SH SOLE 6,919
- ------------------------------------------------------------------------------------------------------------------------------------
Prison Realty Corp. COM 74264N105 $ 0.1599 16,300 SH SOLE 16,300
- ------------------------------------------------------------------------------------------------------------------------------------
Provident Bankshares Corp. COM 743859100 $ 2.0578 88,507 SH SOLE 88,507
- ------------------------------------------------------------------------------------------------------------------------------------
Putnam Inv Grade Muni Tr III SH BEN INT 746807106 $ 0.2728 21,500 SH SOLE 21,500
- ------------------------------------------------------------------------------------------------------------------------------------
Qwest Communications Intl Inc. COM 749121109 $ 4.8347 146,228 SH SOLE 146,228
- ------------------------------------------------------------------------------------------------------------------------------------
Reliance Group Holdings COM 759464100 $ 0.9676 130,100 SH SOLE 130,100
- ------------------------------------------------------------------------------------------------------------------------------------
Resource Bancshares Mtg Grp COM 761197102 $ 0.1896 18,500 SH SOLE 18,500
- ------------------------------------------------------------------------------------------------------------------------------------
Rite Aid Corp. COM 767754104 $ 3.0441 123,620 SH SOLE 123,620
- ------------------------------------------------------------------------------------------------------------------------------------
SPX Corp COM 784635104 $ 26.9488 322,741 SH SOLE 322,741
- ------------------------------------------------------------------------------------------------------------------------------------
St. Paul Cos COM 792860108 $ 0.4690 14,744 SH SOLE 14,744
- ------------------------------------------------------------------------------------------------------------------------------------
Salomon Bros Worldwide Income COM 79548T109 $ 0.3852 32,100 SH SOLE 32,100
- ------------------------------------------------------------------------------------------------------------------------------------
Santa Fe Snyder Corp. COM 80218k105 $ 4.7662 595,780 SH SOLE 595,780
- ------------------------------------------------------------------------------------------------------------------------------------
Smith Barney Intmed Muni Fd COM 831802103 $ 0.1264 13,300 SH SOLE 13,300
- ------------------------------------------------------------------------------------------------------------------------------------
Smith Barney Municipal Fd COM 831902101 $ 0.1779 13,300 SH SOLE 13,300
- ------------------------------------------------------------------------------------------------------------------------------------
Smurfit-Stone Container Corp COM 832727101 $ 17.4763 849,911 SH SOLE 849,911
- ------------------------------------------------------------------------------------------------------------------------------------
STAR Telecommunications, Inc. COM 854923109 $ 0.1609 20,600 SH SOLE 20,600
- ------------------------------------------------------------------------------------------------------------------------------------
Starwood Hotels & Resorts Worl PAIRED CTF 85590A203 $ 1.7026 55,709 SH SOLE 55,709
- ------------------------------------------------------------------------------------------------------------------------------------
Summit Bancorp. COM 866005101 $ 0.7995 19,120 SH SOLE 19,120
- ------------------------------------------------------------------------------------------------------------------------------------
Templeton Emerging Mkts Inc Fd COM 880192109 $ 0.4096 37,665 SH SOLE 37,665
- ------------------------------------------------------------------------------------------------------------------------------------
Terex Corporation COM 880779103 $ 2.4190 79,475 SH SOLE 79,475
- ------------------------------------------------------------------------------------------------------------------------------------
Texas Industries, Inc. COM 882491103 $ 0.4805 12,400 SH SOLE 12,400
- ------------------------------------------------------------------------------------------------------------------------------------
Titan Exploration, Inc. COM 888289105 $ 0.2140 42,800 SH SOLE 42,800
- ------------------------------------------------------------------------------------------------------------------------------------
Town & Country Trust SH BEN INT 892081100 $ 0.2471 13,825 SH SOLE 13,825
- ------------------------------------------------------------------------------------------------------------------------------------
Travelers Property Casualty Co CL A 893939108 $ 0.3922 10,025 SH SOLE 10,025
- ------------------------------------------------------------------------------------------------------------------------------------
Tyco International Ltd COM 902124106 $ 2.4872 26,250 SH SOLE 26,250
- ------------------------------------------------------------------------------------------------------------------------------------
USA Detergents Inc COM 902938109 $ 0.1300 21,440 SH SOLE 21,440
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Timberlands Company L.P. COM UNITS 902977107 $ 0.4396 31,400 SH SOLE 31,400
- ------------------------------------------------------------------------------------------------------------------------------------
Union Pacific Resources Group COM 907834105 $ 1.4136 86,655 SH SOLE 86,655
- ------------------------------------------------------------------------------------------------------------------------------------
Union Planters Corp COM 908068109 $ 0.3396 7,600 SH SOLE 7,600
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Industries, Inc. COM 912080108 $ 0.3213 18,900 SH SOLE 18,900
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. West, Inc. COM 91273H101 $ 0.9953 16,942 SH SOLE 16,942
- ------------------------------------------------------------------------------------------------------------------------------------
Van Kampen Merr Value Mun Tr COM 921132106 $ 0.1485 10,800 SH SOLE 10,800
- ------------------------------------------------------------------------------------------------------------------------------------
Varian Inc. COM 922206107 $ 0.8362 61,940 SH SOLE 61,940
- ------------------------------------------------------------------------------------------------------------------------------------
Varian Semiconductor Equipment COM 922207105 $ 0.3973 23,370 SH SOLE 23,370
- ------------------------------------------------------------------------------------------------------------------------------------
Varian Medical Systems, Inc. COM 92220P105 $ 0.3972 15,730 SH SOLE 15,730
- ------------------------------------------------------------------------------------------------------------------------------------
Viad Corp COM 92552R109 $ 3.1335 101,286 SH SOLE 101,286
- ------------------------------------------------------------------------------------------------------------------------------------
Warner Lambert Co COM 934488107 $ 6.0288 87,216 SH SOLE 87,216
- ------------------------------------------------------------------------------------------------------------------------------------
Washington Mutual, Inc. COM 939322103 $ 7.9569 223,745 SH SOLE 223,745
- ------------------------------------------------------------------------------------------------------------------------------------
Westwood One Inc COM 961815107 $ 0.2864 8,025 SH SOLE 8,025
- ------------------------------------------------------------------------------------------------------------------------------------
Whirlpool Corporation COM 963320106 $ 0.2183 2,950 SH SOLE 2,950
- ------------------------------------------------------------------------------------------------------------------------------------
Whitman Corp. COM 96647r107 $ 0.4932 27,400 SH SOLE 27,400
- ------------------------------------------------------------------------------------------------------------------------------------
Xerox Corp COM 984121103 $ 0.6653 11,265 SH SOLE 11,265
- ------------------------------------------------------------------------------------------------------------------------------------
Fruit of the Loom Inc. CL A ORD CL A G3682L105 $ 0.2876 29,500 SH SOLE 29,500
- ------------------------------------------------------------------------------------------------------------------------------------
PartnerRe Ltd COM G6852T105 $ 2.1322 57,050 SH SOLE 57,050
- ------------------------------------------------------------------------------------------------------------------------------------
Triton Energy Ltd ORD G90751101 $ 0.1509 14,200 SH SOLE 14,200
- ------------------------------------------------------------------------------------------------------------------------------------
$ 330.3211 14,571,697
</TABLE>
