UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended:03/31/99
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: Fraser Management Associates
Address: 309 South Willard Street
Burlington VT 05401
Form 13F File Number: 28-5216
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: James L. Fraser
Title: President
Phone: 802-658-0322
Signature, Place, and Date of Signing:
James L. Fraser Burlington, VT 4/26/99
[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).)
<PAGE>
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 87
Form 13F Information Table Value Total: $115428
(thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column
headings and list entries.]
NONE
<PAGE>
<TABLE> <C> <C>
NAME OF ISSUER TITLE OF VALUE SHARES/ SH PUT/ INVSTMT OTHER VOTING AUTHORITY
CLASS CUSIP (X$1000) PRN AMT PRN CALL DSCRETN MNGRS SOLE SH NONE
GENERAL ELECTRIC COM 369604103 11214 101372SH SOLE 101372
EXXON COM 302290101 6159 87290SH SOLE 87290
UNISYS COM 909214108 5214 188301SH SOLE 188301
WICOR COM 929253102 4255 210102SH SOLE 210102
AT&T COM 001957109 3827 47950SH SOLE 47950
PNC BANK COM 693475105 3545 63800SH SOLE 63800
AQUARION COM 03838W101 3168 115200SH SOLE 115200
MOBIL COM 607059102 3125 35514SH SOLE 35514
UTILICORP COM 918005109 3073 135075SH SOLE 135075
NCR COM 6288GE108 3050 61000SH SOLE 61000
AMERON INTERNATIONAL COM 030710107 2981 83960SH SOLE 83960
REPSOL ADR 76026T205 2908 56750SH SOLE 56750
KMART CV PFD T PFD 498778208 2275 37600SH SOLE 37600
BLUEGREEN COM 703365106 2030 416486SH SOLE 416486
BLUEGREEN C.V.8.25 DUE5-15-02 NOTE 703365AB2 2005 2179000PRN SOLE 0
US WEST COM 912889102 1928 35016SH SOLE 35016
FRONTIER COM 35906P105 1921 37024SH SOLE 37024
PEPSICO COM 713448108 1830 46700SH SOLE 46700
GENERAL MILLS COM 370334104 1814 24000SH SOLE 24000
GTE COM 362320103 1777 29369SH SOLE 29369
INTERMAGNETICS GENERAL COM 458771102 1629 197497SH SOLE 197497
DUPONT, E.I. COM 263534109 1585 27212SH SOLE 27212
UNITED WATER RES. COM 913190104 1533 73900SH SOLE 73900
NORTHWEST PIPE COM 667746101 1431 86725SH SOLE 86725
EASTMAN KODAK COM 277461109 1372 21474SH SOLE 21474
AUSTRALIA & NZ BANKING GROUP ADR 052528304 1316 36500SH SOLE 36500
AMERITECH COM 030954101 1292 22425SH SOLE 22425
CORNING INC COM 219350105 1275 21250SH SOLE 21250
ENERGY RESEARCH COM 29271E100 1201 141350SH SOLE 141350
BP AMOCO ADR 055622104 1176 11644SH SOLE 11644
CHEMED COM 163596109 1156 44900SH SOLE 44900
PROCTOR & GAMBLE COM 742718109 1156 11800SH SOLE 11800
HEALTH CARE REIT COM 42217K106 1113 51750SH SOLE 51750
SOUTHERN CO COM 842587107 1104 47366SH SOLE 47366
UNISYS CV PFD A PFD 909214207 1101 21226SH SOLE 21226
GREEN MOUNTAIN COFFEE COM 393122106 1055 165450SH SOLE 165450
NABORS IND COM 629568106 989 54950SH SOLE 54950
TEXACO COM 881694103 965 17000SH SOLE 17000
ULTRALIFE BATTERIES COM 903899102 961 189900SH SOLE 189900
EQUITABLE RESOURCES COM 294549100 936 35919SH SOLE 35919
HSB GROUP COM 40428N109 924 24900SH SOLE 24900
BCE COM 05534B109 908 20500SH SOLE 20500
CMS ENERGY CLASS G COM 125896209 881 42200SH SOLE 42200
LAYNE CHRISTENSEN COM 521050104 872 153400SH SOLE 153400
FLOW INTERNATIONAL COM 343468104 868 87900SH SOLE 87900
IBM COM 459200101 827 4663SH SOLE 4663
BRISTOL MYERS SQUIBB COM 110122108 823 12830SH SOLE 12830
IMPERIAL OIL COM 453038408 815 42600SH SOLE 42600
INCO LTD CV 7.75 DUE 3-15-16 NOTE 453258AH8 728 820000PRN SOLE 820000
PHILIPPINE LONG DISTANCE ADR 718252604 713 27550SH SOLE 27550
KAMAN COM 483548103 632 49350SH SOLE 49350
CHEVRON COM 166751107 616 6968SH SOLE 6968
TRANSCANADA PIPELINES COM 893526103 580 45300SH SOLE 45300
DE BEERS CONS MNS ADR 240253302 574 30300SH SOLE 30300
JOHNSON & JOHNSON COM 478160104 568 6080SH SOLE 6080
FREQUENCY ELECTRONICS COM 358010106 568 75750SH SOLE 75750
PENNZOIL-QUAKER STATE COM 709323109 567 45780SH SOLE 45780
US FILTER COM 911843209 546 17830SH SOLE 17830
COMMUNITY BANK OF SOUTH FLOR COM n/a 538 11828SH SOLE 11828
MORRISON KNUDSEN COM 485797104 528 53100SH SOLE 53100
PENNZENERGY COM 70931Q109 479 45580SH SOLE 45580
WARNER-LAMBERT COM 934488107 477 7200SH SOLE 7200
MERCK COM 589331107 460 5746SH SOLE 5746
PACIFICORP COM 695114108 451 26150SH SOLE 26150
ABC-NACO COM 000752105 441 34900SH SOLE 34900
PHILIP MORRIS COM 718154107 423 12000SH SOLE 12000
KENT ELECTRONICS CV 4.5 DUE 9-01NOTE 490553AA2 409 545000PRN SOLE 545000
MORGAN STANLEY DEAN WITTER D COM 617446448 400 4000SH SOLE 4000
QUALCOMM FIN TR 5.75 CV PFD PFD 74752R402 392 4700SH SOLE 4700
CONSOLIDATED NATURAL GAS COM 209615103 390 8000SH SOLE 8000
IRISH INVEST FUND FUND 462710104 388 21400SH SOLE 21400
PLUM CREEK TIMBER COM 729237107 375 13150SH SOLE 13150
AMERICAN HOME PRODUCTS COM 026609107 365 5600SH SOLE 5600
ALLSTATE COM 020002101 297 8000SH SOLE 8000
GLOBAL INDUSTRIAL TECHNOLOGI COM 379335102 294 28300SH SOLE 28300
INCO COM 453258402 290 21800SH SOLE 21800
UNION PACIFIC COM 907818108 289 5400SH SOLE 5400
ROYAL DUTCH PETROLEUM COM 780257705 260 5000SH SOLE 5000
EASTMAN CHEMICAL COM 277432100 258 6133SH SOLE 6133
INACOM COM 45323G109 252 32500SH SOLE 32500
SEARS ROEBUCK COM 812387108 249 5500SH SOLE 5500
IDT COM 448947101 236 13100SH SOLE 13100
MICROSOFT COM 594918104 215 2400SH SOLE 2400
MASCOTECH CV 4.5 DUE 12-15-03 NOTE 574670AB1 207 265000PRN SOLE 265000
US FILTER 4.5 DUE 12-15-01 NOTE 911843AF7 206 210000PRN SOLE 210000
BELL SOUTH COM 079860102 206 5132SH SOLE 5132
ASARCO 043413103 200 14500SH SOLE 14500
</TABLE>
