GRANAHAN INVESTMENT MANAGEMENT INC/MA
13F-HR, 2000-01-10
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FORM 13F
INFORMATION REQUIRED OF INSTITUTIONAL INVESTMENT
MANAGERS PURSUANT TO SECTION 13 (f) OF THE SECURITIES
EXCHANGE ACT OF 1934 AND RULES THEREUNDER

Securities and Exchange Commission
Washington, D.C.  20524

Report of the Calendar Quarter Ending December 31, 1999

If amended report check here:____

Name of Institutional Investment Manager:

Granahan Investment Management, Inc.	S.E.C. File Number 28-5876

Business Address:

275 Wyman Street	Suite 270	Waltham	MA	02451
Street			Suite #		City		State	Zip

Name, Phone no. and Title of Person Duly Authorized to Submit this Report:

John J. Granahan, President	(781)890-4412

ATTENTION - Intentional misstatements of omissions of facts constitute Federal
Criminal Violations.  Sec 18 U.S.C. 1991 and 15 U.S.C. 78 ff(a).

The institutional investment manager submitting this Form and its attachments
and the person by whom it is signed represent hereby that all information
contained therein is true, correct and complete.  It is understood that all
required items, statements and schedules are considered 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.

Pursuant to the requirements of Securities Exchange Act of 1934, the undersigned
 institutional investment manager has caused this report to be signed on its
behalf in the City of Waltham and State of Massachusetts on the 10th day of
January, 2000.

                              Granahan Investment Management, Inc.
                             (Name of Institutional Investment Mgr.)



                                     ________________________________
                                     By:  John J. Granahan, President




Item 6
For all Securities:  Sole Investment Discretion

Item 7
Name and 13F file numbers of ALL Institutional Investment Manager with respect
to which this schedule is filed (other than the one filing this report) (List
in alphabetical order).

			NONE


<TABLE>
Granahan Investment Management
December 31, 1999

Item 1                        Item 2   Item 3      Item 4Item 5 Item Item 7
                              Title of             Mkt Val
Name of Issuer                Class    Cusip       (x$100QuantitSole  None
<S>                           <C>      <C>         <C>   <C>    <C>  <C>
ABGENIX, INC                  COMMON   00339B107   32,622246,200    0246,200
ACUSON                        COMMON   005113105    7,412590,000    0590,000
ACXIOM                        COMMON   005125109   17,078711,600    0711,600
AMER HOMESTAR                 COMMON   026651109    3,419868,220    0868,220
AMERN PWR CONVN               COMMON   029066107   23,687898,100    0898,100
AMES DEPT STORE               COMMON   030789507   22,255772,400    0772,400
ARROW INT'L                   COMMON   042764100   10,484361,500    0361,500
ASPECT DEV                    COMMON   045234101    8,693126,900    0126,900
AVANT                         COMMON   053487104   12,603840,200    0840,200
BEI TECHNOLOGIES              COMMON   05538P104    2,284149,800    0149,800
BEVERLY ENTERPRISE            COMMON   087851309    3,938900,000    0900,000
BINDVIEW DEVELOPMENT          COMMON   090327107    1,565 31,500    0 31,500
BIOCHEM PHARMA                COMMON   09058T108    6,525300,000    0300,000
BIOMET                        COMMON   090613100    5,460136,500    0136,500
BJ'S WHOLESALE                COMMON   05548J106   27,787761,300    0761,300
BLUESTONE SOFTWARE            COMMON   09623P102   26,715232,300    0232,300
BURR BROWN                    COMMON   122574106   10,160281,250    0281,250
CAIS INTERNET                 COMMON   12476Q102   15,173427,400    0427,400
CELERA GENOMICS               COMMON   69332S201   47,352317,800    0317,800
CELL GENESYS INC              COMMON   150921104    5,937463,350    0463,350
CEPHALON                      COMMON   156708109   11,319327,500    0327,500
CH ROBINSON                   COMMON   12541W100   10,923274,800    0274,800
CHERRY CORP                   COMMON   164541401    1,455136,900    0136,900
CHIEFTAIN INT'L               COMMON   16867C101    8,572496,900    0496,900
CHIRON                        COMMON   170040109   18,560438,000    0438,000
CLAYTON HOMES                 COMMON   184190106    9,6471,050,0    01,050,0
COMPUTER NETWORK TECHNOLOGY   COMMON   204925101    2,092 91,200    0 91,200
CONCORD EFS                   COMMON   206197105   16,208629,423    0629,423
CONCURRENT                    COMMON   206710204    7,475400,000    0400,000
CORE LABS                     COMMON   n22717107    8,160408,000    0408,000
CORPORATE EXEC BOARD          COMMON   21988R102    6,733120,500    0120,500
COVENANT TRANS                COMMON   22284P105   11,869683,100    0683,100
CROSSROADS SYSTEMS            COMMON   22765D100   10,486124,100    0124,100
CSG SYSTEMS                   COMMON   126349109    9,546239,400    0239,400
CV THERAPEUTICS               COMMON   126667104    1,316 50,500    0 50,500
DEL GLOBAL                    COMMON   245073101    1,166150,500    0150,500
DENTSPLY                      COMMON   249030107   18,867798,600    0798,600
DONALDSON                     COMMON   257651109    6,521271,000    0271,000
DOVER DOWNS                   COMMON   260086103   16,363872,700    0872,700
DRESS BARN                    COMMON   261570105    8,386504,400    0504,400
ENTRUST TECH                  COMMON   293848107      899 15,000    0 15,000
EQUITY RESIDENTIAL            COMMON   29476l107   13,225309,800    0309,800
ESHARE TECHNOLOGIES           COMMON   296428105      915 53,600    0 53,600
EXCHANGE APPLICATIONS         COMMON   300867108   25,758461,000    0461,000
FEDERAL REALTY                COMMON   313747206    7,525400,000    0400,000
FIDELITY NATL FINL            COMMON   316326107    4,319300,420    0300,420
FINISAR                       COMMON   31787A101   13,661152,000    0152,000
FIRST WASHINGTON              COMMON   337489504    7,572405,200    0405,200
FOREST LABS                   COMMON   345838106   25,773419,500    0419,500
GENZYME                       COMMON   372917104   11,624258,300    0258,300
HEARTLAND EXPR                COMMON   422347104   19,9341,265,6    01,265,6
HOLLYWOOD PARK                COMMON   436255103   22,108985,300    0985,300
HUMAN GENOME SCIENCES         COMMON   444903108   41,896274,500    0274,500
INSIGHT COMM                  COMMON   45768V108   21,982742,000    0742,000
INVESTMENT TECHNOLOGY GROUP   COMMON   46145F105   21,556749,763    0749,763
INVISION TECH                 COMMON   461851107      206 50,000    0 50,000
ISS GROUP                     COMMON   450306105   19,488274,000    0274,000
JASON                         COMMON   471171108    1,069147,500    0147,500
JONES APPAREL GROUP           COMMON   480074103      461 17,000    0 17,000
LATITUDE COMM                 COMMON   518292107   13,896531,900    0531,900
LEARNING TREE                 COMMON   522015106   20,062716,500    0716,500
LINDSAY MFG                   COMMON   535555106    7,116389,900    0389,900
LINENS N THINGS               COMMON   535679104      800 27,000    0 27,000
LIPOSOME                      COMMON   536310105    3,417280,000    0280,000
M S CARRIERS                  COMMON   553533100   12,830537,400    0537,400
MACROVISION                   COMMON   555904101   22,962310,300    0310,300
MANUFACT HOME                 COMMON   564682102   20,307835,250    0835,250
MAPQUEST.COM                  COMMON   565644101      113  5,000    0  5,000
MARCUS                        COMMON   566330106    9,535709,600    0709,600
MARIMBA                       COMMON   56781Q109    4,238 92,000    0 92,000
MARINE DRILLING               COMMON   568240204    7,229322,200    0322,200
MAXWELL TECHNOLOGIES          COMMON   577767106    3,135313,500    0313,500
MEDAREX                       COMMON   583916101   13,563364,100    0364,100
METTLER TOLEDO                COMMON   592688105   38,5201,008,7    01,008,7
MICROSTRATEGY                 COMMON   594972101   14,511 69,100    0 69,100
MILLENNIUM PHARM              COMMON   599902103   18,584152,326    0152,326
MISSION CRITICAL SOFTWARE     COMMON   605047109      700 10,000    0 10,000
MOVADO GROUP                  COMMON   624580106   11,770539,600    0539,600
MP3.COM                       COMMON   62473M109      488 15,400    0 15,400
MTI TECH                      COMMON   553903105      811 22,000    0 22,000
NCO GROUP                     COMMON   628858102    9,941330,000    0330,000
NEW HORIZONS                  COMMON   645526104    1,360114,500    0114,500
NEWGEN RESULTS                COMMON   651359101    1,099104,000    0104,000
NEWPORT CORP                  COMMON   651824104    2,699 59,000    0 59,000
OAK TECHNOLOGY                COMMON   671802106   12,8631,363,0    01,363,0
ON COMMAND                    COMMON   682160106   10,003540,700    0540,700
ONEIDA                        COMMON   682505102   15,044691,700    0691,700
OSHKOSH TRUCKING              COMMON   688239201   12,585429,350    0429,350
PAIRGAIN                      COMMON   695934109   10,435735,500    0735,500
PALM HARBOR HMS               COMMON   696639103   14,561808,956    0808,956
PATHOGENESIS                  COMMON   70321E104    6,770315,800    0315,800
PATTERSON DNTL                COMMON   703412106   16,071377,025    0377,025
PETCO                         COMMON   716016100    6,054407,000    0407,000
PLANTRONICS                   COMMON   727493108   18,427257,500    0257,500
POLARIS                       COMMON   731068102   19,017524,600    0524,600
POLYCOM                       COMMON   73172K104   17,056267,800    0267,800
POLYMER GROUP                 COMMON   731745105    9,517521,500    0521,500
PROFIT RECOVERY GROUP         COMMON   743168106   12,046453,500    0453,500
PROTEIN DESIGN                COMMON   74369L103   21,756310,800    0310,800
PROXICOM                      COMMON   744282104   10,256 82,500    0 82,500
QAD                           COMMON   74727D108    3,763270,000    0270,000
RAYOVAC                       COMMON   755081106    1,031 54,600    0 54,600
REALNETWORKS                  COMMON   75605L104    7,447 61,900    0 61,900
REGENCY REALTY                COMMON   758939102   12,000600,000    0600,000
REMEDY                        COMMON   759548100   18,417388,750    0388,750
RENT-A-CENTER                 COMMON   76009N100   12,264619,000    0619,000
RSA SECURITY                  COMMON   749719100   30,613395,000    0395,000
RUSS BERRIE & CO              COMMON   782233100    2,063 78,600    0 78,600
SAPIENT                       COMMON   803062108    6,751 47,900    0 47,900
SAUL CENTERS                  COMMON   804395101    5,815413,500    0413,500
SEACHANGE                     COMMON   811699107   26,841758,750    0758,750
SHOPKO                        COMMON   824911101   17,199747,800    0747,800
SILKNET                       COMMON   827094103   22,990138,700    0138,700
SL INDUSTRIES                 COMMON   784413106    1,158 99,600    0 99,600
SOFTWARE.COM                  COMMON   83402P104    9,744101,500    0101,500
ST MARY LAND&EX               COMMON   792228108   13,142531,000    0531,000
SUN COMMUNITIES               COMMON   866674104   22,176688,950    0688,950
SYBASE                        COMMON   871130100    4,395258,500    0258,500
TERAYON COMMUNICATION         COMMON   880775101   10,710170,500    0170,500
THERMO ELECTRON               COMMON   883556102    9,000600,000    0600,000
TIDEWATER                     COMMON   886423102   25,349704,150    0704,150
TOO INC                       COMMON   890333107      466 27,000    0 27,000
TRIMBLE NAVIGATION            COMMON   896239100   12,283568,000    0568,000
TUPPERWARE                    COMMON   899896104    5,022296,500    0296,500
UNITED THERAPEUTICS           COMMON   91307C102    7,061153,500    0153,500
US CAN                        COMMON   90328W105    1,616 81,300    0 81,300
VALMONT                       COMMON   920253101    5,158321,100    0321,100
VALUEVISION                   COMMON   92047K107   10,918190,500    0190,500
VERITY                        COMMON   92343c106    2,916 68,500    0 68,500
VERTEX PHARM                  COMMON   92532F100   25,253721,500    0721,500
WABASH NATL                   COMMON   929566107   14,061937,400    0937,400
WATCHGUARD TECHNOLOGIES       COMMON   941105108    6,858226,700    0226,700
WIND RIVER SYSTEMS            COMMON   973149107   17,675482,600    0482,600
ZALE CORP                     COMMON   988858106   21,227438,800    0438,800
</TABLE>
Report Summary:

Number of Other Included Managers:        None

Form 13F Information Table Entry Total:   134

Information Table Value                   $1,713 million



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