-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: keymaster@town.hall.org
Originator-Key-Asymmetric:
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 pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ==
MIC-Info: RSA-MD5,RSA,
 otrAEnZLwisj/yrH2sgijQ8zSNN9UxkNGhRKoO7tspLylgtKNOhLg8TP8jp5gETF
 WLjDoKYi9dGdWX4QmRyPvw==

<IMS-DOCUMENT>0000950109-95-000026.txt : 19950109
<IMS-HEADER>0000950109-95-000026.hdr.sgml : 19950109
ACCESSION NUMBER:		0000950109-95-000026
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		19950106
SROS:			NYSE

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SABINE ROYALTY TRUST
		CENTRAL INDEX KEY:			0000710752
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL ROYALTY TRADERS [6792]
		IRS NUMBER:				756297143
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-35089
		FILM NUMBER:		95500466

	BUSINESS ADDRESS:	
		STREET 1:		901 MAIN ST - 12TH FLR
		STREET 2:		NATIONABANK OF TEXAS N A - TRUST DIV
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75202
		BUSINESS PHONE:		2145082400

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FUND AMERICAN ENTERPRISES HOLDINGS INC
		CENTRAL INDEX KEY:			0000776867
		STANDARD INDUSTRIAL CLASSIFICATION:	MORTGAGE BANKERS & LOAN CORRESPONDENTS [6162]
		IRS NUMBER:				942708455
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		THE 1820 HOUSE MAIN STREET
		CITY:			NORWICH
		STATE:			VT
		ZIP:			05055
		BUSINESS PHONE:		8026493633

	MAIL ADDRESS:	
		STREET 1:		1820 HOUSE MAIN STREET
		CITY:			NORWICH
		STATE:			VT
		ZIP:			05055

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FUND AMERICAN COMPANIES INC
		DATE OF NAME CHANGE:	19920701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIREMANS FUND CORP
		DATE OF NAME CHANGE:	19900211
</IMS-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<DESCRIPTION>AMENDMENT #9
<TEXT>

<PAGE>
 
                                 SCHEDULE 13D


                   Under the Securities Exchange Act of 1934
                               (Amendment No. 9)

                           The Sabine Royalty Trust
                     ------------------------------------
                               (Name of Issuer)


                         Units of Beneficial Interest
                    --------------------------------------
                        (Title of Class of Securities)


                                   785688102
                         -----------------------------
                                (CUSIP Number)

                              Michael S. Paquette
                  Vice President and Chief Accounting Officer
                   Fund American Enterprises Holdings, Inc.
                                The 1820 House,
                                 Main Street,
                          Norwich, Vermont 05055-0850
                                (802) 649-3633
                        ------------------------------
           (Name, Address and Telephone Number of Person Authorized
                    to Receive Notices and Communications)

                               December 29, 1994
                       ---------------------------------
            (Date of Event which Requires Filing of this Statement)

        If the filing person has previously filed a statement on Schedule 13G
to report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the following box
_____.

        Check the following box if a fee is being paid with this statement
_____. (A fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent of
the class of securities described in Item 1; and (2) has filed no amendment
subsequent thereto re-porting beneficial ownership of five percent or less of
such class. See Rule 13d-7.)

        NOTE: Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) for other parties to whom copies
are to be sent.

                                      
<PAGE>
 
                             CUSIP NO. 785688 10 2

- --------------------------------------------------------------------------------

(1)   Name of Reporting Person. S.S. or I.R.S. Identification No. of Above 
      Person

                   Fund American Enterprises Holdings, Inc.
                                  94-2708455

- --------------------------------------------------------------------------------

(2)   Check the Appropriate Box if a Member      (a)  _________
      of a Group (See Instructions)
                                                 (b)  _________

(3)   (SEC Use Only)

- --------------------------------------------------------------------------------

(4)   Source of Funds (See Instructions)

- --------------------------------------------------------------------------------

(5)   Check if Disclosure of Legal Proceedings is Required Pursuant to Items 
      2(d) or 2(e)

- --------------------------------------------------------------------------------

(6)   Citizenship or Place of Organization         Delaware
                                                   --------
 
      Number of Units                         (7)  Sole Voting Power           
      Beneficially Owned                           -----------------
      by Each Reporting                       
      Person With                             (8)  Shared Voting Power    
                                                   ------------------- 
                                                   999,200
                                              
                                              (9)  Sole Dispositive Power     
                                                   ----------------------

                                              (10) Shared Dispositive Power  
                                                   ------------------------
                                                   999,200                     

(11)  Aggregate Amount Beneficially Owned by Each Reporting Person
      999,200

- --------------------------------------------------------------------------------

(12)  Check if the Aggregate Amount in Row (11) Excludes Certain Units (See
      Instructions)

- --------------------------------------------------------------------------------

(13)  Percent of Class Represented by Amount in Row (11)
      Approximately 6.9%

- --------------------------------------------------------------------------------

(14)  Type of Reporting Person (See Instructions)  HC, CO

- --------------------------------------------------------------------------------


                                    2 of 7

                                      
<PAGE>
 
                             CUSIP NO. 785688 10 2

- --------------------------------------------------------------------------------

(1)   Name of Reporting Person. S.S. or I.R.S. Identification No. of Above
      Person

                        Fund American Enterprises, Inc.
                                  51-0328932

- --------------------------------------------------------------------------------

(2)   Check the Appropriate Box if a Member      (a) _________ 
      of a Group (See Instructions)
                                                 (b) _________

(3)   (SEC Use Only)

- --------------------------------------------------------------------------------

(4)   Source of Funds (See Instructions)

- --------------------------------------------------------------------------------

(5)   Check if Disclosure of Legal Proceedings is Required Pursuant to Items 
      2(d) or 2(e)

- --------------------------------------------------------------------------------

(6)   Citizenship or Place of Organization       Delaware
                                                 --------
 
      Number of Units                       (7)  Sole Voting Power
      Beneficially Owned                         -----------------
      by Each Reporting
      Person With                           (8)  Shared Voting Power
                                                 -------------------
                                                 999,200
                                            (9)  Sole Dispositive Power
                                                 ----------------------

                                            (10) Shared Dispositive Power
                                                 ------------------------
                                                 999,200             

(11)  Aggregate Amount Beneficially Owned by Each Reporting Person
      999,200

- --------------------------------------------------------------------------------

(12)  Check if the Aggregate Amount in Row (11) Excludes Certain Units (See
      Instructions)

- --------------------------------------------------------------------------------

(13)  Percent of Class Represented by Amount in Row (11)
      Approximately 6.9%

- --------------------------------------------------------------------------------

(14)  Type of Reporting Person (See Instructions)  CO

- --------------------------------------------------------------------------------


                                    3 of 7


<PAGE>
 
ONLY ITEMS REPORTED IN THIS AMENDMENT NO. 9 TO SCHEDULE 13D ARE AMENDED FROM THE
FILING ON SCHEDULE 13D FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON
DECEMBER 20, 1990, AS AMENDED BY AMENDMENT NO. 1 DATED SEPTEMBER 29, 1992,
AMENDMENT NO. 2 DATED MARCH 8, 1993, AMENDMENT NO. 3 DATED JUNE 23, 1993,
AMENDMENT NO. 4 DATED OCTOBER 4, 1993, AMENDMENT NO. 5 DATED APRIL 7, 1994,
AMENDMENT NO. 6 DATED JUNE 3, 1994, AMENDMENT NO. 7 DATED JULY 22, 1994 AND
AMENDMENT NO. 8 DATED NOVEMBER 9, 1994.  ALL OTHER ITEMS REMAIN UNCHANGED.
UNLESS OTHERWISE SPECIFIED, ALL DEFINED TERMS USED HEREIN HAVE THE MEANING
PREVIOUSLY ASCRIBED TO THEM IN THE SCHEDULE 13D.



Item 1. Security and Issuer.
        --------------------



Item 2. Identity and Background.
        ------------------------
 


Item 3. Source and Amount of Funds or Other Consideration.
        --------------------------------------------------



Item 4. Purpose of Transaction.
        -----------------------

        Sales by FAE outlined in Schedule II attached hereto, which is
incorporated herein by reference, were made in the ordinary course of business
and not for the purpose or effect of changing or influencing the control of the
Issuer or in connection with, or as a participant in, any transaction having
such purpose or effect.


                                    4 of 7


<PAGE>
 
Item 5. Interest in Securities of the Issuer.
        -------------------------------------

        (a)&(b)  FAEH owns all 999,200 Units indirectly through FAE.  The
aggregate number of Units and the corresponding percentage of the outstanding
Units such number represents is as follows:

<TABLE>
<CAPTION>
                                              Percentage of
                            Units                 Units
                        Beneficially           Beneficially
     Person                Owned                   Owned
     ------             ------------           ------------   
     <S>                <C>                   <C>
     FAEH                  999,200                  6.9%
 
     FAE                   999,200                  6.9%
 </TABLE>

        FAEH shares voting power and dispositive power with respect to its
999,200 Units with FAE.
                                    5 of 7

            
<PAGE>
 
                                   SIGNATURE

        After reasonable inquiry and to the best of the knowledge and belief of
the undersigned, the undersigned certifies that the information set forth in
this statement is true, complete and correct.


Dated:  January 3, 1995

                                     FUND AMERICAN ENTERPRISES HOLDINGS, INC.


                                     BY:           /S/
                                         ----------------------------
                                     Name:   Michael S. Paquette
                                     Title:  Vice President and
                                             Chief Accounting Officer




                                     FUND AMERICAN ENTERPRISES, INC.


                                     BY:           /S/
                                         ----------------------------
                                     Name:   Terry L. Baxter
                                     Title:  President and Secretary



                                    6 of 7


<PAGE>
 


                          SCHEDULE II TO SCHEDULE 13D
                          ---------------------------

        Sales of Units of Beneficial Interest of The Sabine Royalty Trust by the
Reporting Persons and by persons listed in Schedule I, attached hereto, within
the last 60 days.

<TABLE>
<CAPTION>
        Sold by            Date               Number Sold           Unit Price
        -------            ----               -----------           ----------
        <S>              <C>                  <C>                   <C>    
         FAE             11-02-94                4,000              $12.875
         FAE             11-04-94                6,000              $12.7854
         FAE             11-09-94               15,000              $12.545
         FAE             11-16-94               33,900              $12.4856 
         FAE             11-30-94               22,000              $12.00

         FAE             12-01-94                5,500              $11.875
         FAE             12-05-94                2,100              $11.50
         FAE             12-09-94               10,000              $11.1688
         FAE             12-14-94               19,500              $11.00
         FAE             12-15-94               10,000              $11.125
         FAE             12-21-94                6,000              $10.8688
         FAE             12-29-94               88,400              $10.00
</TABLE>


                                    7 of 7


</TEXT>
</DOCUMENT>
</IMS-DOCUMENT>
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