UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 1999
Check her if Amendment [ ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Franklin Street Advisors, Inc.
Address: 6330 Quadrangle Drive
Suite 200
Chapel Hill, NC 27514
13F File Number: 28-5428
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: Carol E. Manzon
Title: Secretary/Treasurer
Phone: 919-489-2600
Signature, Place, and Date of Signing:
Carol E. Manzon Chapel Hill, NC May 18, 1999
Report Type (Check only one.):
[x] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager:
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE AT OF 1934.
<PAGE>
<TABLE>
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>
AAR CORP COMMON 000361105 534 30000.00 SH SOLE 30000.00
ABACAN RES CORP COMMON 002919108 175 1016700.00SH SOLE 1016700.00
ABBOTT LABORATORIES COMMON 002824100 7793 166466.00SH SOLE 166466.00
ABERCROMBIE&FITCH COMMON 002896207 4060 44005.92 SH SOLE 44005.92
ACTION PERF CO COMMON 004933107 753 25000.00 SH SOLE 25000.00
ADC TELECOM INC COMMON 000886101 1192 25000.00 SH SOLE 25000.00
AETNA LIFE & CASUALTY COMMON 008117103 8300 100000.00SH SOLE 100000.00
AGOURON PHAR COMMON 008488108 328 5800.00 SH SOLE 5800.00
AHL SERVICES INC COMMON 001296102 923 45000.00 SH SOLE 45000.00
AIR PRODUCTS COMMON 009158106 212 6200.00 SH SOLE 6200.00
AIR TRANSPORTATION COMMON 009224304 67 18500.00 SH SOLE 18500.00
AIRBORNE FREIGHT COMMON 009266107 1240 40000.00 SH SOLE 40000.00
ALCOA INC COMMON 013817101 3412 82850.00 SH SOLE 82850.00
ALLIED-SIGNAL INC COMMON 019512102 14439 293560.00SH SOLE 293560.00
ALPHARMA INC 'A' COMMON 020813101 1570 40000.00 SH SOLE 40000.00
AMER ELEC PWR INC COM COMMON 025537101 198 5000.00 SH SOLE 5000.00
AMERICAN EXPRESS COMMON 025816109 17911 152108.00SH SOLE 152108.00
AMERICAN GENERAL CORP COMMON 026351106 341 4831.00 SH SOLE 4831.00
AMERICAN HOME PRODUCTS COMMON 026609107 8026 123000.00SH SOLE 123000.00
AMERICAN INTL GROUP COMMON 026874107 14320 118711.00SH SOLE 118711.00
AMERICAN TELEPHONE & TELE COMMON 001957109 16827 210827.00SH SOLE 210827.00
AMP INC COMMON 031897101 233 4361.00 SH SOLE 4361.00
ANADARKO PETROLEUM COMMON 032511107 1425 37750.00 SH SOLE 37750.00
APPLIED MATERIALS COMMON 038222105 3010 48800.00 SH SOLE 48800.00
ASSOCIATES FIRST CAPITAL COMMON 046008108 13586 301900.00SH SOLE 301900.00
AT & T LIBERTY MEDIA GROUP COMMON 001957208 237 4499.00 SH SOLE 4499.00
AUTOMATIC DATA PROCESSING COMMON 053015103 230 5560.00 SH SOLE 5560.00
AVAX TECHNOLOGIES INC COMMON 053495305 145 28600.00 SH SOLE 28600.00
AVERY-DENNISON COMMON 053611109 11529 200500.00SH SOLE 200500.00
AVIATION SALES COMMON 053672101 668 15000.00 SH SOLE 15000.00
BANC ONE CORP COMMON 06423a103 4 75.00 SH SOLE 75.00
BANK OF AMERICA CORP COMMON 060505104 4586 64932.00 SH SOLE 64932.00
BASIN EXP COMMON 070107107 1313 94600.00 SH SOLE 94600.00
BELLSOUTH CORP COMMON 079860102 585 14600.00 SH SOLE 14600.00
BERKSHIRE HATHAWAY-CL B COMMON 084670207 3917 1666.00 SH SOLE 1666.00
BIOCHEM PHARMA COMMON 09058T108 1871 87800.00 SH SOLE 87800.00
BIOMET COMMON 090613100 4722 112600.00SH SOLE 112600.00
BJ SERVICES COMMON 055482103 581 25000.00 SH SOLE 25000.00
BOMBAY CO COMMON 097924104 1000 250000.00SH SOLE 250000.00
BORON LEPORE & ASSOC COMMON 10001p102 3030 292000.00SH SOLE 292000.00
10 1000.00 SH DEFINED 1000.00
BOWATER COMMON 102183100 4953 125000.00SH SOLE 125000.00
BP AMOCO PLC COMMON 055622104 7974 78955.00 SH SOLE 78955.00
BRISTOL MYERS SQUIBB CO COMMON 110122108 133 2068.00 SH SOLE 2068.00
BURLINGTON INDS COMMON 121693105 822 124000.00SH SOLE 124000.00
BURLINGTON RESOURCES COMMON 122014103 2040 51080.00 SH SOLE 51080.00
C & F FINANCIAL CORP COMMON 12466Q104 667 36800.00 SH SOLE 36800.00
C3 INC/NC COMMON 22942p109 321 30000.00 SH SOLE 30000.00
CABLETRON SYSTEMS COMMON 126920107 819 100000.00SH SOLE 100000.00
CALLON PETROLEUM COMMON 13123x102 490 44000.00 SH SOLE 44000.00
CAPITAL ONE FINANCIAL COMMON 14040h105 1427 9450.00 SH SOLE 9450.00
CARNIVAL CORP COMMON 143658102 97 2000.00 SH SOLE 2000.00
CARRIER ACCESS CORP COMMON 144460102 1392 18000.00 SH SOLE 18000.00
CATALYTICA INC. COMMON ctal 1100 100000.00SH SOLE 100000.00
CENDANT CORP COMMON 151313103 6799 426630.00SH SOLE 426630.00
CHEVRON CORP COMMON 166751107 5042 56815.00 SH SOLE 56815.00
CISCO SYSTEMS INC COMMON 17275r102 13457 122825.00SH SOLE 122825.00
CITIGROUP INC. COMMON 172967101 28959 453365.00SH SOLE 453365.00
CLARIFY INC COMMON 180492100 667 25000.00 SH SOLE 25000.00
COCA-COLA CO COMMON 191216100 207 3365.00 SH SOLE 3365.00
COLGATE-PALMOLIVE CO COMMON 194162103 8 85.00 SH SOLE 85.00
COLLATERAL THERAPEUTICS COMMON 193921103 900 100000.00SH SOLE 100000.00
COMCAST CL A SPL (NON-VTG) COMMON 200300200 2798 44450.00 SH SOLE 44450.00
COMPAQ COMPUTER CORP COMMON 204493100 238 7500.00 SH SOLE 7500.00
COMPUTER ASSOCIATES INTERNATIO COMMON 204912109 3058 86000.00 SH SOLE 86000.00
COMPUTER SCIENCES CORP COMMON 205363104 8111 146965.00SH SOLE 146965.00
CONCENTRIC NETWORK CORP COMMON 20589r107 1121 15000.00 SH SOLE 15000.00
CONCORD EFS, INC. COMMON 1378 50000.00 SH SOLE 50000.00
CONE MILLS COMMON 206814105 341 70000.00 SH SOLE 70000.00
CONRAD INDUSTRIES COMMON 208305102 489 135000.00SH SOLE 135000.00
CORE LABS COMMON N22717107 627 35600.00 SH SOLE 35600.00
COUNTRYWIDE CREDIT COMMON 222372104 197 5250.00 SH SOLE 5250.00
CREDENCE SYST COMMON 225302108 1072 50000.00 SH SOLE 50000.00
CREE RESEARCH COMMON 225447101 2605 55500.00 SH SOLE 55500.00
DAIMLERCHRYSLER AG COMMON d1668r123 527 6139.00 SH SOLE 6139.00
DAYTON HUDSON COMMON 239753106 12354 185420.00SH SOLE 185420.00
DELL COMPUTER COMMON 247025109 425 10400.00 SH SOLE 10400.00
DENALI INC COMMON 248221103 976 110000.00SH SOLE 110000.00
DISNEY (WALT) CO COMMON 254687106 7640 245470.00SH SOLE 245470.00
DOVER CORP COMMON 260003108 317 9650.00 SH SOLE 9650.00
DRIL-QUIP COMMON 262037104 552 25000.00 SH SOLE 25000.00
DSP COMMUNICATIONS INC. COMMON 23332k106 1191 75000.00 SH SOLE 75000.00
DUKE ENERGY COMMON 264399106 181 3300.00 SH SOLE 3300.00
DUPONT COMMON 263534109 987 17000.00 SH SOLE 17000.00
EDAP TMS SA ADR COMMON 268311107 39 25200.00 SH SOLE 25200.00
EMC CORP COMMON 268648102 16671 130500.00SH SOLE 130500.00
EMERSON ELECTRIC COMMON 291011104 4608 87050.00 SH SOLE 87050.00
EMULEX COMMON 292475209 330 10000.00 SH SOLE 10000.00
ENSCO INTERNATIONAL INC COMMON 26874Q100 1992 149600.00SH SOLE 149600.00
ENTREMED INC COMMON 29382f103 211 10000.00 SH SOLE 10000.00
EQUITY INCOME FUND (AT & T) COMMON 294700703 210 1183.00 SH SOLE 1183.00
EXXON CORP COMMON 302290101 5711 80933.00 SH SOLE 80933.00
FANNIE MAE COMMON 313586109 20272 292740.00SH SOLE 292740.00
FEDERAL HOME LOAN MTGE COMMON 313400301 387 6761.00 SH SOLE 6761.00
FEDERATED DEPT STORES COMMON 31410H101 3701 92225.00 SH SOLE 92225.00
FIAT SPA ADR COMMON 1040 64500.00 SH SOLE 64500.00
FINOVA GROUP COMMON 317928109 778 15000.00 SH SOLE 15000.00
FIRST DATA CORP COMMON 319963104 376 8784.00 SH SOLE 8784.00
FIRST UNION CORP COMMON 337358105 1230 23024.00 SH SOLE 23024.00
FIRSTENERGY CORP COMMON 337932107 210 7500.00 SH SOLE 7500.00
FNB CORP PA COMMON 302520101 220 9582.00 SH SOLE 9582.00
FUNDTECH LTD COMMON 753 25000.00 SH SOLE 25000.00
GENERAL ELECTRIC COMMON 369604103 16861 152416.00SH SOLE 152416.00
GILEAD COMMON 375558103 1069 23500.00 SH SOLE 23500.00
GILLETTE CO COMMON 375766102 220 3700.00 SH SOLE 3700.00
GLAXO WELLCOME PLC-SPONSORED A COMMON 37733W105 6707 100200.00SH SOLE 100200.00
GLOBAL MARINE COMMON 379352404 1175 100000.00SH SOLE 100000.00
GREY WOLF INC COMMON 397888108 288 200000.00SH SOLE 200000.00
GTE CORP COMMON 362320103 170 2813.00 SH SOLE 2813.00
GULF ISLAND FAB COMMON 402307102 578 55000.00 SH SOLE 55000.00
GULFSTREAM AERO COMMON 402734107 8512 196250.00SH SOLE 196250.00
HALLIBURTON CO COMMON 406216101 9408 244370.00SH SOLE 244370.00
HANOVER COMPRESSOR COMMON 410768105 1325 50000.00 SH SOLE 50000.00
HARTFORD LIFE CL-A COMMON 416592103 2727 49575.00 SH SOLE 49575.00
HEALTHSOUTH CORP COMMON 421924101 3137 302400.00SH SOLE 302400.00
HERSHEY FOODS COMMON 427866108 34 600.00 SH SOLE 600.00
HEWLETT-PACKARD COMMON 428236103 11033 162700.00SH SOLE 162700.00
HIBERNIA CORP CL'A COMMON 428656102 659 50000.00 SH SOLE 50000.00
HIE INC COMMON 40419w100 900 200000.00SH SOLE 200000.00
HOME DEPOT COMMON 437076102 2066 33182.00 SH SOLE 33182.00
HOUSEHOLD INTL INC COMMON 441815107 5711 125170.00SH SOLE 125170.00
HOUSTON EXPLORATION COMMON 442120101 353 20300.00 SH SOLE 20300.00
HUMAN GENOME COMMON 444903108 694 20000.00 SH SOLE 20000.00
HUNT (JB) COMMON 445658107 1575 75000.00 SH SOLE 75000.00
IBM COMMON 459200101 1359 7668.00 SH SOLE 7668.00
ICG COMMUNICATIONS INC COMMON 800 40000.00 SH SOLE 40000.00
IDEXX LABORATORIES COMMON 45168d104 1197 50000.00 SH SOLE 50000.00
IMAGYN MEDICAL TECH COMMON 45244e100 17 29500.00 SH SOLE 29500.00
IMC GLOBAL INC COMMON 449669100 1635 80000.00 SH SOLE 80000.00
INTEL CORP COMMON 458140100 12033 101221.00SH SOLE 101221.00
INTERDENT INC COMMON 45865r109 459 83500.00 SH SOLE 83500.00
INTERFACE COMMON 481 50000.00 SH SOLE 50000.00
INTERMEDIA COMMUNICATIONS COMMON 458801107 3328 125000.00SH SOLE 125000.00
INTERPUBLIC GROUP OF COS COMMON 460690100 38 487.00 SH SOLE 487.00
IRI INTL CORP COMMON 45004f107 609 150000.00SH SOLE 150000.00
JEFFERSON-PILOT COMMON 475070108 23714 350023.00SH SOLE 350023.00
JOHNSON & JOHNSON COMMON 478160104 5672 60663.00 SH SOLE 60663.00
JONES APPAREL COMMON 480074103 559 20000.00 SH SOLE 20000.00
KELLSTRON INDS COMMON 488035106 794 50000.00 SH SOLE 50000.00
KMART COMMON 482584109 15131 900000.00SH SOLE 900000.00
LIGAND PHARM COMMON 53220K207 2447 298900.00SH SOLE 298900.00
LUCENT TECH INC COMMON 549463107 2771 25655.00 SH SOLE 25655.00
MARINE DRILLING COMMON 568240204 1653 150300.00SH SOLE 150300.00
MATTELL INC COMMON 577081102 251 10050.00 SH SOLE 10050.00
MCI WORLDCOM INC COMMON 55268b106 16347 184580.00SH SOLE 184580.00
MEDAREX INC COMMON 583916101 210 66000.00 SH SOLE 66000.00
6 2000.00 SH DEFINED 2000.00
MELLON BANK CORP COMMON 585509102 56 800.00 SH SOLE 800.00
MERCK & CO COMMON 589331107 11800 147274.00SH SOLE 147274.00
MERRILL LYNCH & CO INC COMMON 590188108 17753 200600.00SH SOLE 200600.00
MICROSOFT CORP COMMON 594918104 11971 133570.00SH SOLE 133570.00
MOBIL CORP COMMON 607059102 15835 179946.00SH SOLE 179946.00
MODIS PROFESSIONAL SVCS COMMON 607830106 227 25000.00 SH SOLE 25000.00
MONSANTO CO COMMON 611662107 222 4834.00 SH SOLE 4834.00
MORGAN ST DEAN WITTER, DISC & COMMON 617446448 8994 90000.00 SH SOLE 90000.00
NATIONAL COMMERCE BANC COMMON 635449101 1825 80000.00 SH SOLE 80000.00
NATIONAL-OILWELL INC COMMON 637071101 578 50000.00 SH SOLE 50000.00
NBTY INC COMMON 628782104 244 50000.00 SH SOLE 50000.00
NETGRAVITY COMMON 641114103 1117 27000.00 SH SOLE 27000.00
NIAGARA MOHAWK PWR CP COMMON 653522102 5378 400220.00SH SOLE 400220.00
NOBLE DRILLING COMMON 655421071 1390 80000.00 SH SOLE 80000.00
NORTH AM VAC COMMON 657201109 391 63900.00 SH SOLE 63900.00
NOVELLUS SYSTEMS COMMON 670008101 1103 20000.00 SH SOLE 20000.00
OAKWOOD HOMES COMMON 674098108 2577 184100.00SH SOLE 184100.00
OCEAN ENERGY INC COMMON 67481e106 2719 399080.00SH SOLE 399080.00
OSTEOTECH COMMON 688582105 818 23787.00 SH SOLE 23787.00
PAGING NETWORK INC COMMON 695542100 820 175000.00SH SOLE 175000.00
PANDA PROJECT COMMON 69833f104 194 539100.00SH SOLE 539100.00
PARAMETRIC TECHNOLOGY COMMON 699173100 4163 210780.00SH SOLE 210780.00
PARKER DRILLING COMMON 701081101 53 15000.00 SH SOLE 15000.00
PATTERSON ENGY COMMON 703414102 575 103300.00SH SOLE 103300.00
PEERLESS SYSTEMS CORP COMMON 705536100 850 100000.00SH SOLE 100000.00
PENNSYLVANIA REAL ESTATE INV T COMMON 709102107 4730 253100.00SH SOLE 253100.00
PEPSI-COLA PUERTO RICO BOTTLE COMMON 713434108 77 12829.00 SH SOLE 12829.00
PEPSICO INC COMMON 713448108 674 17200.00 SH SOLE 17200.00
PFIZER INC COMMON 717081103 175 1260.00 SH SOLE 1260.00
PHARMA PROD DEV COMMON 717124101 648 19300.00 SH SOLE 19300.00
PHARMACEUTICAL RESOURCES COMMON 717125108 3304 455700.00SH SOLE 455700.00
PITNEY BOWES INC COMMON 724479100 1320 20700.00 SH SOLE 20700.00
POGO PRODUCING CO COMMON 730448107 2040 156900.00SH SOLE 156900.00
PRI AUTOMATION COMMON 69357h106 525 25000.00 SH SOLE 25000.00
PRIDE PETROLEUM COMMON 741932107 837 101490.00SH SOLE 101490.00
PRIORITY HEALTHCARE CORP-B COMMON 74264t102 679 15000.00 SH SOLE 15000.00
PROCTER & GAMBLE CO COMMON 742718109 10101 103136.00SH SOLE 103136.00
PROTEIN DESIGN LABS INC COMMON 74369l103 753 50000.00 SH SOLE 50000.00
PROVIDIAN FINANCIAL CORP COMMON 74406A102 14949 135900.00SH SOLE 135900.00
PUBLIC SERVICE OF NC COMMON 744516105 284 10000.00 SH SOLE 10000.00
QUANTUM CORP COM COMMON 747906105 5400 300000.00SH SOLE 300000.00
QUINTILES TRANSNAT'L COMMON 748767100 7352 194750.00SH SOLE 194750.00
R & B FALCON CORP COMMON 74912e101 2975 344880.00SH SOLE 344880.00
17 2000.00 SH DEFINED 2000.00
REPLIGEN CORP COMMON 759916109 31 10000.00 SH SOLE 10000.00
REXALL SUNDOWN COMMON 761648104 480 25000.00 SH SOLE 25000.00
RITE AID CORP COMMON 767754104 9730 389180.00SH SOLE 389180.00
ROYAL DUTCH PETE CO COMMON 780257804 156 3000.00 SH SOLE 3000.00
S & P 400 MID-CAP DEP RECPT COMMON 595635103 436 6330.00 SH SOLE 6330.00
SAKS INC COMMON 79377w108 4784 184005.00SH SOLE 184005.00
SANTA FE INTL COMMON g7805c108 3903 208850.00SH SOLE 208850.00
19 1000.00 SH DEFINED 1000.00
SCB COMPUTER COMMON 78388n107 684 150000.00SH SOLE 150000.00
SCHERING PLOUGH CORP COMMON 806605101 354 6400.00 SH SOLE 6400.00
SCHLUMBERGER LTD COMMON 806857108 385 6400.00 SH SOLE 6400.00
SEALED AIR CORP COMMON 81211k100 14756 300000.00SH SOLE 300000.00
SHIRE PHARMACEUTICALS GRP COMMON g81083100 3648 479700.00SH SOLE 479700.00
SKYTEL COMMUN INC COMMON 83087q104 831 50000.00 SH SOLE 50000.00
SMITHFIELD FOODS COMMON 832248108 567 25000.00 SH SOLE 25000.00
SMITHKLINE BEECHAM ADS COMMON 832378301 579 8100.00 SH SOLE 8100.00
SOUTHWEST SECURITIES COMMON 565 20000.00 SH SOLE 20000.00
STAFF LEASING CORP COMMON 852381102 344 24000.00 SH SOLE 24000.00
STANDARD & POOR'S DEP RCPTS COMMON 78462f103 5451 42464.00 SH SOLE 42464.00
STOLT COMEX SEAWAY S.A. COMMON 385 40000.00 SH SOLE 40000.00
STOLT COMEX SEAWAY S.A. - ADR COMMON 861567105 168 20000.00 SH SOLE 20000.00
STORAGE TECH COMMON 862111200 836 30000.00 SH SOLE 30000.00
SUPERIOR CONSULTANT HLDGS COMMON 868146101 1194 35000.00 SH SOLE 35000.00
TEXAS BIOTECH CORP COMMON 88221t104 1632 348200.00SH SOLE 348200.00
TEXAS INSTRUMENTS COMMON 882508104 12942 130400.00SH SOLE 130400.00
THE LITTLE BANK, INC COMMON 53700p106 578 55000.00 SH SOLE 55000.00
THERMO ELECTRON COMMON 883556102 8138 600000.00SH SOLE 600000.00
TOMMY HILFIGER COMMON g8915z102 1136 16500.00 SH SOLE 16500.00
TRANSOCEAN COMMON 893817106 594 20600.00 SH SOLE 20600.00
TRIANGLE BANCORP INC COMMON 895835106 528 31650.00 SH SOLE 31650.00
TRUSTMARK CORP COMMON 898402102 1083 55000.00 SH SOLE 55000.00
TUBOSCOPE VETCO COMMON 898600101 900 100000.00SH SOLE 100000.00
TYCO INTL COMMON 902124106 2457 34250.00 SH SOLE 34250.00
UNIFAB INTL COMMON 90467l100 553 68000.00 SH SOLE 68000.00
UNILEVER NV NEW YORK SHS COMMON 904784501 10597 159500.00SH SOLE 159500.00
UNITED TECHNOLOGIES CORP COMMON 913017109 433 3196.00 SH SOLE 3196.00
UNUM CORP COMMON 903192102 11974 251750.00SH SOLE 251750.00
US FILTER COMMON 911843209 2903 94780.00 SH SOLE 94780.00
UST CORP COMMON 902900109 874 40000.00 SH SOLE 40000.00
USWEB CORP COMMON 917327108 1238 30000.00 SH SOLE 30000.00
USX - MARATHON GROUP COMMON 902905827 248 9000.00 SH SOLE 9000.00
VASOMEDICAL INC COMMON 922321104 17 12000.00 SH SOLE 12000.00
VENTANA MEDICAL SYSTEMS COMMON 92276h106 295 13200.00 SH SOLE 13200.00
VERSUS TECHNOLOGY INC COMMON 925313108 5 25000.00 SH SOLE 25000.00
VERTEX PHARMACEUTICALS COMMON 92532f100 303 12000.00 SH SOLE 12000.00
WACHOVIA CORP NEW COMMON 929771103 888 10936.00 SH SOLE 10936.00
WAL-MART STORES COMMON 931142103 5458 59200.00 SH SOLE 59200.00
WARNER LAMBERT CO COMMON 934488107 113 1700.00 SH SOLE 1700.00
WATSON PHARMACEUTICALS COMMON 942683103 17079 387050.00SH SOLE 387050.00
WINSTAR COMMUNICATIONS INC COMMON 975515107 545 15000.00 SH SOLE 15000.00
WINSTON HOTELS INC COMMON 97563a102 650 80000.00 SH SOLE 80000.00
WORLD ACCESS INC COMMON 98141a101 650 80000.00 SH SOLE 80000.00
XEROX CORP COMMON 984121103 240 4600.00 SH SOLE 4600.00
TEXAS INSTRUMENTS APRIL 95 CAL CALL -388 -500 SH CALL SOLE -500
CCB EQUITY FUND MF 12500e307 2474 110407.770SH SOLE 110407.770
VANGUARD H/Y TAX-EXEMPT FD MF 922907407 321 29436.336SH SOLE 29436.336
</TABLE>
