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United States Securities and Exchange Commission
Washington, DC 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 1999
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: Cypress Asset Management
Address: 2929 Allen Parkway, Suite 2200
Houston, TX 77019
13F File Number: 28-5956
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: Will Garwood
Title: President
Phone: 713-512-2100
Signature, Place, and Date of Signing:
/s/ Will Garwood
---------------------------------------
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).)
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FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 109
Form 13F Information Value Total (thousands): 293,343
Confidential Information has been omitted from the public Form 13F and filed
separately with the Commission.
List of Other Included Managers None
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FORM 13F
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(SEC USE ONLY)
Page 1 of 7 3/31/99 Name of Reporting Manager: Cypress Asset Management, Inc.
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ITEM 5: ITEM 6: ITEM 8:
Item 1: Item 2: Item 3: Item 4: Shares of Investment Discretion Item 7: Voting Authority (Shares)
----------------------------- -------------------------
Name of Issuer Title of CUSIP Fair Market Principal (b)Shared - Managers
Class Number Value Amount (a)Sole as Defined (c)Shared- See Instr.V (a)Sole (b)Shared (c)None
in Instr.V Other
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<S> <C> <C> <C> <C> <C> <C> <C>
3 COM Common 885535104 $391,650 16,800 X 14,600 2,200
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ABBOTT LABS Common 002824100 $7,633,902 163,074 X 131,960 31,114
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ADVANCED NEURO Common 00757T101 $773,781 112,550 X 93,450 19,100
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AFLAC INC Common 001055102 $244,969 4,500 X 4,500 0
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ALBERTSONS Common 013104104 $348,509 6,402 X 5,077 1,325
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ALTERA Common 021441100 $1,126,038 18,925 X 12,400 6,525
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ALZA CL A Common 022615108 $349,299 9,132 X 7,532 1,600
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AMER EXPRESS Common 025816109 $320,869 2,725 X 1,025 1,700
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AMER GENERAL Common 026351106 $4,668,863 66,225 X 54,440 11,785
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AMER HOME PROD Common 026609107 $6,872,522 105,326 X 88,431 16,895
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AMER INTL GROUP Common 026874107 $7,348,837 60,923 X 50,623 10,300
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AMER STORES Common 030096101 $3,030,060 91,820 X 74,720 17,100
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AMERITECH Common 030954101 $510,558 8,860 X 6,960 1,900
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AMGEN Common 031162100 $1,664,846 22,235 X 20,035 2,200
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ANALOG DEVICES Common 032654105 $4,172,438 140,250 X 119,400 20,850
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ASCEND COMMUNICATIONS Common 043491109 $451,913 5,400 X 4,000 1,400
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COLUMN TOTALS $39,909,050
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FORM 13F
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(SEC USE ONLY)
Page 2 of 7 3/31/99 Name of Reporting Manager: Cypress Asset Management, Inc.
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ITEM 5: ITEM 6: ITEM 8:
Item 1: Item 2: Item 3: Item 4: Shares of Investment Discretion Item 7: Voting Authority (Shares)
----------------------------- -------------------------
Name of Issuer Title of CUSIP Fair Market Principal (b)Shared - Managers
Class Number Value Amount (a)Sole as Defined (c)Shared- See Instr.V (a)Sole (b)Shared (c)None
in Instr.V Other
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<S> <C> <C> <C> <C> <C> <C> <C>
ASSOC FIRST CAP Common 046008108 $223,110 4,958 X 2,356 2,602
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BANK OF AMERICA Common 06605F102 $3,852,947 54,555 X 39,270 15,285
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BANK OF NEW YORK Common 064057102 $3,469,227 96,535 X 79,835 16,700
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BANK ONE Common 06423A103 $3,135,259 56,940 X 49,550 7,390
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BECTON DICKINSON Common 075887109 $325,656 8,500 X 8,000 500
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BELLSOUTH Common 079860102 $230,800 5,761 X 5,761 0
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BELO, A H SER A Common 080555105 $218,088 11,950 X 11,950 0
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BERKSHIRE HATHAWAY CL B Common 084670207 $2,182,904 928 X 772 156
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BOSTON SCIENTIFIC Common 101137107 $251,875 6,200 X 6,200 0
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BP AMOCO Common 055622104 $2,654,970 26,287 X 21,078 5,209
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BRISTOL-MYERS Common 110122108 $7,969,134 124,275 X 104,705 19,570
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BURLINGTON RESRS Common 122014103 $573,103 14,350 X 10,250 4,100
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CABLEVISION SYS Common 12686C109 $200,138 2,700 X 2,700 0
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CHASE MANHATTAN Common 16161A108 $449,678 5,526 X 3,370 2,156
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CHEVRON Common 166751107 $454,731 5,124 X 5,124 0
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CHRIS-CRAFT Common 170520100 $1,588,298 34,812 X 27,291 7,521
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COLUMN TOTALS $27,779,916
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FORM 13F
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(SEC USE ONLY)
Page 3 of 7 3/31/99 Name of Reporting Manager: Cypress Asset Management, Inc.
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ITEM 5: ITEM 6: ITEM 8:
Item 1: Item 2: Item 3: Item 4: Shares of Investment Discretion Item 7: Voting Authority (Shares)
----------------------------- -------------------------
Name of Issuer Title of CUSIP Fair Market Principal (b)Shared - Managers
Class Number Value Amount (a)Sole as Defined (c)Shared- See Instr.V (a)Sole (b)Shared (c)None
in Instr.V Other
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<S> <C> <C> <C> <C> <C> <C> <C>
CISCO SYSTEMS Common 17275R102 $5,025,495 45,869 X 37,969 7,900
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CITIGROUP Common 172967101 $11,623,973 181,980 X 149,420 32,560
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COCA COLA ENTERPRISES Common 191219104 $211,750 7,000 X 7,000 0
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COCA-COLA Common 191216100 $7,286,440 118,720 X 94,535 24,185
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COMPAQ Common 204493100 $1,732,989 54,690 X 42,870 11,820
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CONAGRA Common 205887102 $248,563 9,700 X 9,700 0
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COSTCO Common 22160Q102 $357,094 3,900 X 3,650 250
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DAYTON HUDSON Common 239753106 $3,287,278 49,340 X 42,190 7,150
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DIAGEO PLC ADR Common 25243Q205 $2,817,971 61,595 X 48,815 12,780
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DISNEY, WALT Common 254687106 $5,713,772 183,575 X 152,775 30,800
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DOLLAR GENERAL Common 256669102 $204,000 6,000 X 6,000 0
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EDS Common 285661104 $3,329,738 68,390 X 58,615 9,775
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EMERSON ELECTRIC Common 291011104 $2,828,980 53,440 X 43,515 9,925
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ERICSSON Common 294821400 $4,236,006 177,890 X 136,160 41,730
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EXXON Common 302290101 $1,877,527 26,608 X 23,883 2,725
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FAMILY DOLLAR STORE Common 307000109 $207,000 9,000 X 9,000 0
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COLUMN TOTALS $50,988,574
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FORM 13F
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(SEC USE ONLY)
Page 4 of 7 3/31/99 Name of Reporting Manager: Cypress Asset Management, Inc.
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ITEM 5: ITEM 6: ITEM 8:
Item 1: Item 2: Item 3: Item 4: Shares of Investment Discretion Item 7: Voting Authority (Shares)
----------------------------- -------------------------
Name of Issuer Title of CUSIP Fair Market Principal (b)Shared - Managers
Class Number Value Amount (a)Sole as Defined (c)Shared- See Instr.V (a)Sole (b)Shared (c)None
in Instr.V Other
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<S> <C> <C> <C> <C> <C> <C> <C>
FANNIE MAE Common 313586109 $5,268,540 76,080 X 58,780 17,300
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FIRST UNION Common 337358105 $408,797 7,650 X 5,125 2,525
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FORD Common 345370100 $329,695 5,816 X 3,835 1,981
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GENERAL ELECTRIC Common 369604103 $9,442,065 85,352 X 71,945 13,407
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GENERAL MILLS Common 370334104 $4,123,823 54,575 X 45,015 9,560
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GILLETTE Common 375766102 $5,054,268 85,035 X 70,255 14,780
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GRAINGER W W Common 384802104 $320,816 7,450 X 7,450 0
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GTE Common 362320103 $981,310 16,220 X 12,120 4,100
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GUIDANT 401698105 $1,701,865 28,130 24,380 3,750
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HARTFORD LIFE A Common 416592103 $2,609,750 47,450 X 40,590 6,860
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HERSHEY FOODS Common 427866108 $408,696 7,290 X 5,100 2,190
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HEWLETT PACKARD Common 428236103 $4,951,330 73,015 X 58,690 14,325
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HUBBELL CL B Common 443510201 $2,667,280 66,682 X 51,657 15,025
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IBM Common 459200101 $7,259,274 40,955 X 33,925 7,030
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INTEL Common 458140100 $2,697,868 22,695 X 18,170 4,525
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JOHNSON & JOHN Common 478160104 $9,084,928 97,165 X 77,935 19,230
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COLUMN TOTALS $57,310,303
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FORM 13F
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(SEC USE ONLY)
Page 5 of 7 3/31/99 Name of Reporting Manager: Cypress Asset Management, Inc.
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ITEM 5: ITEM 6: ITEM 8:
Item 1: Item 2: Item 3: Item 4: Shares of Investment Discretion Item 7: Voting Authority (Shares)
----------------------------- -------------------------
Name of Issuer Title of CUSIP Fair Market Principal (b)Shared - Managers
Class Number Value Amount (a)Sole as Defined (c)Shared- See Instr.V (a)Sole (b)Shared (c)None
in Instr.V Other
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<S> <C> <C> <C> <C> <C> <C> <C>
KELLOGG Common 487836108 $297,550 8,800 X 1,200 7,600
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KROGER Common 501044101 $299,375 5,000 X 5,000 0
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LEVEL ONE Common 527295109 $1,966,638 40,445 X 36,000 4,445
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LILLY, ELI Common 532457108 $1,485,313 17,500 X 14,375 3,125
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LUCENT TECH Common 549463107 $458,676 4,247 X 2,854 1,393
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MBNA Common 55262L100 $283,205 11,862 X 11,105 757
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MEDIAONE Common 58440J104 $237,066 3,737 X 3,737 0
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MELLON BANK Common 585509102 $2,371,638 33,700 X 29,100 4,600
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MERCK Common 589331107 $7,740,155 96,601 X 78,165 18,436
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MERRILL LYNCH Common 590188108 $2,898,818 32,755 X 26,305 6,450
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MICROSOFT Common 594918104 $4,474,080 49,920 X 39,820 10,100
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MINN MINING&MFG Common 604059105 $1,066,344 15,072 X 11,940 3,132
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MOBIL Common 607059102 $553,080 6,285 X 4,210 2,075
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MOLEX Common 608554101 $929,278 31,635 X 29,285 2,350
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MOLEX CL A Common 608554200 $4,072,622 157,396 X 130,061 27,335
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MORGAN STANLEY Common 617446448 $6,552,902 65,570 X 56,004 9,566
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COLUMN TOTALS $35,686,739
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FORM 13F
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(SEC USE ONLY)
Page 6 of 7 3/31/99 Name of Reporting Manager: Cypress Asset Management, Inc.
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ITEM 5: ITEM 6: ITEM 8:
Item 1: Item 2: Item 3: Item 4: Shares of Investment Discretion Item 7: Voting Authority (Shares)
----------------------------- -------------------------
Name of Issuer Title of CUSIP Fair Market Principal (b)Shared - Managers
Class Number Value Amount (a)Sole as Defined (c)Shared- See Instr.V (a)Sole (b)Shared (c)None
in Instr.V Other
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<S> <C> <C> <C> <C> <C> <C> <C>
MOTOROLA Common 620076109 $3,827,679 52,255 X 39,005 13,250
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NATIONAL CITY Common 635312101 $491,175 7,400 X 7,400 0
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NESTLE SA ADR Common 641069406 $214,800 2,400 X 1,800 600
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NEWBRIDGE NETWORKS Common 650901101 $248,850 7,900 X 6,500 1,400
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PEPSICO Common 713448108 $6,206,673 158,384 X 124,259 34,125
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PFIZER Common 717081103 $6,771,694 48,805 X 39,775 9,030
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PHILIP MORRIS Common 718154107 $336,041 9,550 X 9,550 0
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PROCTER GAMBLE Common 742718109 $6,655,245 67,954 X 53,265 14,689
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PROVIDENT COMPANIES Common 743862104 $343,897 9,950 X 7,800 2,150
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RIVIANA FOODS Common 769536103 $735,144 31,450 X 28,950 2,500
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ROYAL DUTCH Common 780257804 $4,125,160 79,330 X 65,880 13,450
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SABRE HOLDINGS CORP. CL Common 785905100 $1,052,700 23,200 X 16,550 6,650
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SCHERING PLOUGH Common 806605101 $2,870,238 51,950 X 40,995 10,955
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SONY Common 835699307 $2,551,728 27,945 X 23,100 4,845
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T ROWE PRICE ASSOC Common 741477103 $359,219 10,450 X 7,300 3,150
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TEXAS INSTRMTS Common 882508104 $8,998,998 90,670 X 75,535 15,135
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COLUMN TOTALS $45,789,238
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FORM 13F
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(SEC USE ONLY)
Page 7 of 7 3/31/99 Name of Reporting Manager: Cypress Asset Management, Inc.
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ITEM 5: ITEM 6: ITEM 8:
Item 1: Item 2: Item 3: Item 4: Shares of Investment Discretion Item 7: Voting Authority (Shares)
----------------------------- -------------------------
Name of Issuer Title of CUSIP Fair Market Principal (b)Shared - Managers
Class Number Value Amount (a)Sole as Defined (c)Shared- See Instr.V (a)Sole (b)Shared (c)None
in Instr.V Other
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<S> <C> <C> <C> <C> <C> <C> <C>
THOMAS & BETTS Common 884315102 $232,888 6,200 X 6,200 0
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TIME WARNER Common 887315109 $6,290,274 88,830 X 76,705 12,125
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UNILEVER NV Common 904784709 $214,261 3,225 X 2,625 600
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UNOCAL Common 915289102 $250,344 6,789 X 6,789 0
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US WEST INC. Common 91273H101 $221,957 4,031 X 3,431 600
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VIACOM CL B Common 925524308 $6,718,358 80,040 X 66,880 13,160
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WAL-MART Common 931142103 $8,169,656 88,620 X 73,170 15,450
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WALGREEN Common 931422109 $293,800 10,400 X 8,000 2,400
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WARNER LAMBERT Common 934488107 $374,313 5,650 X 5,650 0
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WASHINGTON MUTUAL Common 939322103 $220,725 5,400 X 5,400 0
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WM WRIGLEY Common 982526105 $521,824 5,770 X 4,470 1,300
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XILINX Common 983919101 $10,106,147 249,150 X 212,700 36,450
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XL CAPITAL Common G98255105 $2,264,578 37,277 X 31,610 5,667
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COLUMN TOTALS $35,879,124
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