UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: __09/30/99_______________
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 __11.11.99_________
[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: ___89___________
Form 13F Information Table Value Total: $___126,392___________
(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 12114 102172SH SOLE 102172
UNISYS COM 909214108 6879 152452SH SOLE 152452
EXXON COM 302290101 6618 87075SH SOLE 87075
WICOR COM 929253102 5755 198018SH SOLE 198018
AMERON INTERNATIONAL COM 030710107 3872 82497SH SOLE 82497
AQUARION COM 03838W101 3760 104811SH SOLE 104811
MOBIL COM 607059102 3558 35314SH SOLE 35314
FUELCELL ENERGY COM 29271E100 3517 133350SH SOLE 133350
PNC BANK COM 693475105 3125 59303SH SOLE 59303
UTILICORP COM 918005109 2835 134600SH SOLE 134600
AT&T COM 001957109 2820 64825SH SOLE 64825
UNITED WATER RES. COM 913190104 2416 74057SH SOLE 74057
GTE COM 362320103 2231 29017SH SOLE 29017
BLUEGREEN C.V. 8.25% 05-15-12 BOND 703365AB2 1987 2232800SH SOLE 2232800
GENERAL MILLS COM 370334104 1947 24000SH SOLE 24000
NCR COM 6288GE108 1933 58450SH SOLE 58450
GLOBAL CROSSING LTD COM G3921A100 1866 70425SH SOLE 70425
BLUEGREEN COM 703365106 1823 383805SH SOLE 383805
US WEST COM 912889102 1770 31016SH SOLE 31016
KMART CV PFD T PFD 498778208 1760 36953SH SOLE 36953
LAYNE CHRISTENSEN COM 521050104 1677 156000SH SOLE 156000
EASTMAN KODAK COM 277461109 1624 21474SH SOLE 21474
CHEMED COM 163596109 1583 52320SH SOLE 52320
SOUTHERN CO COM 842587107 1557 60466SH SOLE 60466
DUPONT, E.I. COM 263534109 1525 25212SH SOLE 25212
AMERITECH COM 030954101 1477 22125SH SOLE 22125
FLOW INTERNATIONAL COM 343468104 1457 140450SH SOLE 140450
GREEN MOUNTAIN COFFEE COM 393122106 1441 159000SH SOLE 159000
PEPSICO COM 713448108 1373 45001SH SOLE 45001
BP AMOCO ADR ADR 055622104 1371 12371SH SOLE 12371
NORTHWEST PIPE COM 667746101 1360 87025SH SOLE 87025
INTERMAGNETICS GENERAL COM 458771102 1336 222607SH SOLE 222607
EVERCEL COM 299759100 1331 106512SH SOLE 106512
HEALTH CARE REIT COM 42217K106 1253 62655SH SOLE 62655
NABORS IND COM 629568106 1228 49100SH SOLE 49100
AUSTRALIA & NZ BANKING GROUP ADR 052528304 1226 36200SH SOLE 36200
EQUITABLE RESOURCES COM 294549100 1220 32273SH SOLE 32273
PROCTER & GAMBLE COM 742718109 1186 12650SH SOLE 12650
IBM COM 459200101 1128 9326SH SOLE 9326
PLUM CREEK TIMBER COM 729237107 1078 34350SH SOLE 34350
TEXACO COM 881694103 1073 17000SH SOLE 17000
BCE COM 05534B109 1021 20500SH SOLE 20500
CMS ENERGY CLASS G COM 125896209 964 41007SH SOLE 41007
HSB GROUP COM 40428N109 922 26200SH SOLE 26200
REGIONS FINANCIAL COM 758940100 886 29531SH SOLE 29531
BRISTOL MYERS SQUIBB COM 110122108 864 12800SH SOLE 12800
DOLE FOOD COM 256605106 859 45200SH SOLE 45200
IMPERIAL OIL COM 453038408 839 40311SH SOLE 40311
REPSOL ADR ADR 76026T205 803 40258SH SOLE 40258
INCO LTD CV 7.75% 03-15-16 BOND 453258AH8 788 875000SH SOLE 875000
DEVON ENERGY COM 25179M103 773 18665SH SOLE 18665
ULTRALIFE BATTERIES COM 903899102 747 186700SH SOLE 186700
TRANSCANADA PIPELINES COM 893526103 681 52100SH SOLE 52100
COMPUTER TASK GRP COM 205477102 646 43800SH SOLE 43800
FREQUENCY ELECTRONICS COM 358010106 627 67750SH SOLE 67750
CHEVRON COM 166751107 618 6968SH SOLE 6968
HEALTHSOUTH COM 421924101 578 94400SH SOLE 94400
PHARMAPRINT COM 716950100 565 117455SH SOLE 117455
ODS NETWORKS COM 67082N109 563 98500SH SOLE 98500
JOHNSON & JOHNSON COM 478160104 559 6080SH SOLE 6080
DE BEERS CONS MNS ADR ADR 240253302 556 20600SH SOLE 20600
PACIFICORP COM 695114108 555 27600SH SOLE 27600
MORRISON KNUDSEN COM 485797104 549 53274SH SOLE 53274
NO STATES POWER CO MINN COM 665772109 541 25100SH SOLE 25100
KAMAN COM 483548103 537 42150SH SOLE 42150
PENNZOIL-QUAKER STATE COM 709323109 520 41180SH SOLE 41180
HARMON IND COM 413136102 519 41350SH SOLE 41350
RITE AID COM 767754104 504 36500SH SOLE 36500
CONSOLIDATED NATURAL GAS COM 209615103 499 8000SH SOLE 8000
WARNER-LAMBERT COM 934488107 478 7200SH SOLE 7200
INCO COM 453258402 466 21800SH SOLE 21800
KENT ELECTRONICS C.V. 4.5% BOND 490553AA2 438 545800SH SOLE 545800
MERCK COM 589331107 433 6686SH SOLE 6686
PHILIP MORRIS COM 718154107 410 12000SH SOLE 12000
HOST MARRIOTT COM 441078102 394 41500SH SOLE 41500
PEOPLESOFT COM 712713106 379 22400SH SOLE 22400
MORGAN STANLEY DEAN WITTER D COM 617446448 312 3500SH SOLE 3500
ROYAL DUTCH PETROLEUM COM 780257705 295 5000SH SOLE 5000
INACOM COM 45323G109 283 30800SH SOLE 30800
UNION PACIFIC COM 907818108 260 5400SH SOLE 5400
CYPRUS AMAX MINERALS COM 232809103 257 13100SH SOLE 13100
EASTMAN CHEMICAL COM 277432100 245 6133SH SOLE 6133
GLOBAL INDUSTRIAL TECHNOLOGI COM 379335102 243 19800SH SOLE 19800
TELETECH HOLDINGS COM 879939106 241 16900SH SOLE 16900
AMERICAN HOME PRODUCTS COM 026609107 232 5600SH SOLE 5600
US RESTAURANT PROP COM 902971100 228 12005SH SOLE 12005
MICROSOFT COM 594918104 217 2400SH SOLE 2400
BELL SOUTH COM 079860102 204 4532SH SOLE 4532
PHELPS DODGE COM 717265102 204 3700SH SOLE 3700
</TABLE>
