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SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 12/31/1998
Institutional Investment Manager:
KNIGHT, BAIN, SEATH & HOLBROOK CAPITAL MANAGEMENT I
1 TORONTO STREET, SUITE 708
TORONTO A6 M5C 2V6
I REPRESENT THAT I AM AUTHORIZED TO SUBMIT THIS FORM AND THAT ALL INFORMATION
IN THIS FORM AND THE ATTACHMENTS TO IT IS TRUE, CORRECT AND COMPLETE AND I
UNDERSTAND THAT ALL REQUIRED ITEMS, STATEMENTS AND SCHEDULES ARE INTEGRAL
PARTS OF THIS FORM AND THAT THE SUBMISSION OF ANY AMENDMENT REPRESENTS THAT
ALL UNAMENDED ITEMS, STATEMENTS AND SCHEDULES REMAIN TRUE, CORRECT AND
COMPLETE AS PREVIOUSLY SUBMITTED.
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934.
Name, Title and Telephone Number of Person Submitting Report:
PETER GEORGE PENNAL SECRETARY/TREASURER 416-863-1433
Signature, Place and Date of Signing:
/s/ PETER GEORGE PENNAL TORONTO A6 02/09/1999
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VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
ADAPTEC INC COM 00651F108 4389 249900 SH SOLE 249900
AIRTOUCH COMMUNICATNS COM 00949T100 7678 106000 SH SOLE 106000
ALASKA AIR GROUP INC COM 011659109 16806 379800 SH SOLE 379800
AMERICAN INTL GROUP INC COM 026874107 6853 70920 SH SOLE 70920
AMERICAN PWR CONVERSN COM 029066107 5081 104900 SH SOLE 104900
AMERIN CORP COM 03070X106 4012 169800 SH SOLE 169800
BANK NEW YORK INC COM 064057102 8448 209900 SH SOLE 209900
BERGEN BRUNSWIG CORP COM 083739102 3864 110800 SH SOLE 110800
BIOGEN INC COM 090597105 3818 46000 SH SOLE 46000
BIOMET INC COM 090613100 3715 92300 SH SOLE 92300
CHASE MANHATTAN CORP NEW COM 16161A108 7320 103100 SH SOLE 103100
COCA-COLA FEMSA S A DE C COM 191241108 1232 93000 SH SOLE 93000
COGNICASE INC (US) COM 192423101 17745 798100 SH SOLE 798100
COMPANHIA BRASILEIRA DE COM 20440T201 1054 68000 SH SOLE 68000
COMPANIA TELECOM CHILE COM 204449300 1696 82000 SH SOLE 82000
CORN PRODS INTL INC COM 219023108 5300 174500 SH SOLE 174500
COSTCO COMPANIES INC COM 22160Q102 5681 78700 SH SOLE 78700
DELTA AIR LINES INC DEL COM 247361108 8242 158500 SH SOLE 158500
DOLLAR THRIFTY AUTOMOTIV COM 256743105 7406 575200 SH SOLE 575200
E M C CORP MASS COM 268648102 9486 111600 SH SOLE 111600
ELSEVIER N V COM 290259100 224 8000 SH SOLE 8000
ERICSSON L M TEL CO COM 294821400 11610 485000 SH SOLE 485000
ESPIRITO SANTO FINL COM 29665F200 5478 280000 SH SOLE 280000
FDX CORP COM 31304N107 4406 49400 SH SOLE 49400
FEDERAL HOME LN MTG CORP COM 313400301 7906 122700 SH SOLE 122700
GST TELECOMMUNICATIONS I COM 361942105 5950 906700 SH SOLE 906700
GANNETT INC COM 364730101 3638 56400 SH SOLE 56400
GAP INC DEL COM 364760108 3410 60750 SH SOLE 60750
GENERAL CIGAR HLDGS INC COM 36933P100 3412 392800 SH SOLE 392800
H T E INC COM 403926108 2176 435100 SH SOLE 435100
HCR MANOR CARE INC COM 404134108 8122 276500 SH SOLE 276500
HELLENIC TELECOM ORGANIZ COM 423325307 530 40000 SH SOLE 40000
HOME DEPOT INC COM 437076102 8554 139800 SH SOLE 139800
INCO LIMITED BND CV 453258AH8 14 16000 SH SOLE 16000
INTIMATE BRANDS INC COM 461156101 9572 320400 SH SOLE 320400
JEFFERSON PILOT CORP COM 475070108 5783 77100 SH SOLE 77100
LAFARGE CORP COM 505862102 11769 290600 SH SOLE 290600
LEXMARK INTL GROUP INC COM 529771107 15216 151400 SH SOLE 151400
LOWES COS INC COM 548661107 7443 145400 SH SOLE 145400
LUCENT TECHNOLOGIES INC COM 549463107 9367 85200 SH SOLE 85200
MBNA CORP COM 55262L100 8011 322859 SH SOLE 322859
MCI WORLDCOM INC COM 55268B106 10310 143700 SH SOLE 143700
MARSH & MCLENNAN COS INC COM 571748102 6387 109300 SH SOLE 109300
MERCK & CO INC COM 589331107 7950 53900 SH SOLE 53900
MICROSOFT CORP COM 594918104 8723 62900 SH SOLE 62900
MYLAN LABS INC COM 628530107 3871 122900 SH SOLE 122900
NEW YORK TIMES CO COM 650111107 5387 155300 SH SOLE 155300
NOKIA CORP COM 654902204 7588 63000 SH SOLE 63000
OFFICE DEPOT INC COM 676220106 8154 220000 SH SOLE 220000
ORACLE CORP COM 68389X105 8345 193500 SH SOLE 193500
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VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
ORBITAL ENGINE LTD COM 685563306 518 180100 SH SOLE 180100
PAYLESS SHOESOURCE INC COM 704379106 6713 141700 SH SOLE 141700
PETROLEUM GEO-SVCS A/S COM 716597109 1890 120000 SH SOLE 120000
QLOGIC CORP COM 747277101 8245 63000 SH SOLE 63000
SCI SYS INC COM 783890106 10695 185200 SH SOLE 185200
SAFEWAY INC COM 786514208 6100 100100 SH SOLE 100100
SAP AKTIENGESELLSCHAFT COM 803054204 2885 80000 SH SOLE 80000
SCHERING PLOUGH CORP COM 806605101 9304 168400 SH SOLE 168400
SCHLUMBERGER LTD COM 806857108 7912 170600 SH SOLE 170600
SOUTHDOWN INC COM 841297104 7304 123400 SH SOLE 123400
STERIS CORP COM 859152100 5599 196900 SH SOLE 196900
SUNGARD DATA SYS INC COM 867363103 9096 229200 SH SOLE 229200
TELEFONICA DE ARGENTINA COM 879378206 894 32000 SH SOLE 32000
TELEPHONE & DATA SYS INC COM 879433100 6997 155700 SH SOLE 155700
TIME WARNER INC COM 887315109 10544 169900 SH SOLE 169900
TRIUMPH GROUP INC NEW COM 896818101 2986 93300 SH SOLE 93300
TUBOS DE ACERO DE MEX COM 898592506 579 90000 SH SOLE 90000
TYCO INTL LTD NEW COM 902124106 11889 157600 SH SOLE 157600
UNIBANCO-UNIAO DE BANCOS COM 90458E107 1011 70000 SH SOLE 70000
VINA CONCHA Y TORO S A COM 927191106 1371 53000 SH SOLE 53000
WAL MART STORES INC COM 931142103 3258 40000 SH SOLE 40000
WALGREEN CO COM 931422109 5950 101600 SH SOLE 101600
WELLPOINT HEALTH NETWORK COM 94973H108 9248 106300 SH SOLE 106300
WESCAST INDS INC (U.S.) COM 950813105 3976 136500 SH SOLE 136500
YPF SOCIEDAD ANONIMA COM 984245100 1257 45000 SH SOLE 45000
EXEL LTD NEW COM G32429105 7333 97767 SH SOLE 97767
SANTA FE INTL CORP COM G7805C108 5801 400100 SH SOLE 400100
MILLICOM INBTL CELLULA COM L6388F102 1848 53000 SH SOLE 53000
GILAT SATELLITE NETWKS COM M51474100 1654 30000 SH SOLE 30000
REPORT SUMMARY 79 DATA RECORDS 481989 0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
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