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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, 2000
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: 123
Form 13F Information Value Total (thousands): 481,471
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 03/31/2000 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> <C> <C> <C> <C>
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3 COM COMMON 885535104 $778,194 13,990 X 11,590 2,400
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A T & T COMMON 001957109 $932,704 16,563 X 12,163 4,400
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ABBOTT LABS COMMON 002824100 $5,949,467 169,079 X 139,320 29,759
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ADELPHIA BUSINESS SOL
CL A COMMON 006847107 $346,641 5,625 X 5,625 0
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AFLAC INC COMMON 001055102 $200,250 4,500 X 4,500 0
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AGILENT TECHNOLOGIES COMMON 00846U101 $269,325 2,565 X 2,565 0
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ALBERTSONS COMMON 013104104 $644,292 20,868 X 17,307 3,561
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ALLSTATE COMMON 020002101 $415,814 17,462 X 14,562 2,900
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ALTERA COMMON 021441100 $2,420,906 27,125 X 16,725 10,400
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ALZA CL A COMMON 022615108 $627,744 16,712 X 15,882 830
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AMER EXPRESS COMMON 025816109 $472,877 3,175 X 1,475 1,700
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AMER GENERAL COMMON 026351106 $6,841,525 121,898 X 103,303 18,595
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AMER HOME PROD COMMON 026609107 $6,142,120 114,272 X 97,727 16,545
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AMER INTL GROUP COMMON 026874107 $10,155,139 92,741 X 79,398 13,343
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AMER PWR CONVERSION COMMON 029066107 $554,802 12,940 X 12,940 0
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AMERICA ONLINE COMMON 02364J104 $418,112 6,200 X 6,200 0
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AMGEN COMMON 031162100 $2,134,929 34,785 X 31,835 2,950
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ANALOG DEVICES COMMON 032654105 $21,305,532 264,665 X 226,465 38,200
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ATMEL CORP. COMMON 049513104 $309,750 6,000 X 6,000 0
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BANK OF AMERICA COMMON 06605F102 $4,583,929 87,417 X 70,347 17,070
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COLUMN TOTAL $65,504,052
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FORM 13F
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(SEC USE ONLY)
Page 2 of 7 03/31/2000 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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BANK OF NEW YORK COMMON 064057102 $4,667,469 112,300 X 92,885 19,415
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BANK ONE COMMON 06423A103 $293,906 8,550 X 7,950 600
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BELL ATLANTIC COMMON 077853109 $216,871 3,548 X 2,320 1,228
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BERKSHIRE HATHAWAY CL B COMMON 084670207 $2,287,740 1,257 X 1,043 214
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BMC SOFTWARE COMMON 055921100 $864,803 17,515 X 15,635 1,880
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BP AMOCO COMMON 055622104 $222,106 4,171 X 2,329 1,842
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BRISTOL-MYERS COMMON 110122108 $7,953,830 137,135 X 114,015 23,120
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BURLINGTON RESRS COMMON 122014103 $1,263,735 34,155 X 28,755 5,400
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CABLEVISION SYS COMMON 12686C109 $203,875 3,500 X 3,500 0
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CHASE MANHATTAN COMMON 16161A108 $638,997 7,329 X 5,573 1,756
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CHEVRON COMMON 166751107 $782,877 8,469 X 8,469 0
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CHRIS-CRAFT COMMON 170520100 $644,646 10,122 X 6,226 3,896
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CISCO SYSTEMS COMMON 17275R102 $15,226,929 196,953 X 166,153 30,800
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CITIGROUP COMMON 172967101 $17,072,578 285,137 X 236,348 48,789
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COCA-COLA COMMON 191216100 $6,971,815 148,534 X 122,624 25,910
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COMDISCO INC COMMON 200336105 $2,035,266 46,125 X 40,650 5,475
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COMMERCE ONE INC COMMON 200693109 $217,905 1,460 X 1,460 0
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COSTCO WHOLESALE COMMON 22160K105 $720,106 13,700 X 13,200 500
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CYPRESS SEMICONDUCTOR COMMON 232806109 $354,600 7,200 X 7,200 0
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DIAGEO PLC ADR COMMON 25243Q205 $449,134 14,909 X 8,574 6,335
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COLUMN TOTAL $63,089,188
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<PAGE>
FORM 13F
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(SEC USE ONLY)
Page 3 of 7 03/31/2000 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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DISNEY, WALT COMMON 254687106 $8,844,289 214,407 X 182,632 31,775
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EDS COMMON 285661104 $4,092,916 63,765 X 52,630 11,135
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EMC COMMON 268648102 $1,480,500 11,750 X 10,414 1,336
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EMERSON ELECTRIC COMMON 291011104 $910,562 17,140 X 11,940 5,200
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ERICSSON COMMON 294821400 $830,241 8,850 X 1,300 7,550
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EXXON MOBIL CORPORATION COMMON 30231G102 $2,749,812 35,254 X 32,289 2,965
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FANNIE MAE COMMON 313586109 $4,103,779 72,553 X 56,653 15,900
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FEDEX CORP COMMON 31428X106 $2,713,576 69,915 X 60,690 9,225
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FIRST INVESTORS FINCL
SVCS COMMON 32058A101 $104,995 19,999 X 19,999 0
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FIRST UNION COMMON 337358105 $227,970 6,120 X 4,220 1,900
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FORD COMMON 345370100 $419,042 9,122 X 6,316 2,806
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FOREST LABORATORIES COMMON 345838106 $320,000 4,000 X 4,000 0
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FREDDIE MAC COMMON 313400301 $297,824 6,740 X 6,640 100
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GENERAL ELECTRIC COMMON 369604103 $16,747,668 107,616 X 91,284 16,332
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GENERAL MILLS COMMON 370334104 $582,619 16,100 X 10,500 5,600
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GILLETTE COMMON 375766102 $4,171,441 110,685 X 94,055 16,630
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GLOBAL CROSSING LTD COMMON G3921A100 $4,344,861 106,134 X 91,079 15,055
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GOLDMAN SACHS GROUP INC COMMON 38141G104 $666,759 6,335 X 5,745 590
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GTE COMMON 362320103 $2,802,725 39,475 X 32,705 6,770
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GUIDANT COMMON 401698105 $2,267,865 38,520 X 34,620 3,900
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COLUMN TOTAL $58,679,444
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FORM 13F
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(SEC USE ONLY)
Page 4 of 7 03/31/2000 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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HEWLETT PACKARD COMMON 428236103 $10,940,118 82,528 X 66,498 16,030
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HOME DEPOT COMMON 437076102 $254,710 3,949 X 3,174 775
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HUBBELL CL B COMMON 443510201 $340,134 12,425 X 6,775 5,650
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IBM COMMON 459200101 $11,285,780 95,440 X 80,695 14,745
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INTEL COMMON 458140100 $12,015,152 91,067 X 77,158 13,909
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INTERNET CAPITAL GROUP COMMON 46059C106 $247,005 2,735 X 2,360 375
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IPC COMMUNICATIONS COMMON 44980K206 $289,430 1,405 X 1,305 100
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JOHNSON & JOHN COMMON 478160104 $7,381,659 105,077 X 85,111 19,966
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KROGER COMMON 549463107 $175,625 10,000 X 10,000 0
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LILLY, ELI COMMON 532457108 $886,144 14,150 X 10,805 3,345
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LINEAR TECH COMMON 535678106 $4,121,150 74,930 X 66,880 8,050
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LSI LOGIC COMMON 502161102 $563,085 7,740 X 7,740 0
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LUCENT TECH COMMON 549463107 $8,353,880 134,740 X 111,054 23,686
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MBNA COMMON 55262L100 $317,781 12,462 X 11,705 757
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MEDTRONIC COMMON 585055106 $1,922,374 37,373 X 33,173 4,200
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MELLON FINANCIAL COMMON 58551A108 $1,634,019 54,925 X 46,925 8,000
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MERCK COMMON 589331107 $8,276,727 133,227 X 111,726 21,501
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MERRILL LYNCH COMMON 590188108 $3,471,825 33,065 X 26,865 6,200
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MICROSOFT COMMON 594918104 $8,597,537 80,918 X 65,863 15,055
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COLUMN TOTAL $81,662,605
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FORM 13F
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(SEC USE ONLY)
Page 5 of 7 03/31/2000 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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MINN MINING&MFG COMMON 604059105 $280,300 3,165 X 2,390 775
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MOLEX COMMON 608554101 $1,419,606 24,163 X 21,477 2,686
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MOLEX CL A COMMON 608554200 $10,045,147 226,369 X 192,826 33,543
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MORGAN STANLEY
DEAN WITTER COMMON 617446448 $11,853,197 143,025 X 125,573 17,452
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MOTOROLA COMMON 620076109 $9,590,036 65,685 X 50,595 15,090
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NATL SEMICONDUCTOR COMMON 637640103 $516,071 8,495 X 8,495 0
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NEWBRIDGE NETWORKS COMMON 650901101 $233,550 7,200 X 7,200 0
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NOKIA ADR COMMON 654902204 $10,796,970 48,635 X 41,010 7,625
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NOVELL COMMON 670006105 $424,222 14,820 X 12,820 2,000
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ORACLE COMMON 68389X105 $220,527 2,825 X 2,825 0
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PEPSICO COMMON 713448108 $5,973,564 171,285 X 137,195 34,090
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PFIZER COMMON 717081103 $5,491,870 150,205 X 126,270 23,935
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PHARMACIA CORP COMMON 611662107 $1,406,465 27,310 X 23,360 3,950
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PROCTER GAMBLE COMMON 742718109 $4,602,936 81,109 X 65,270 15,839
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RIVIANA FOODS COMMON 769536103 $269,875 17,000 X 17,000 0
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ROYAL DUTCH COMMON 780257804 $4,972,164 86,005 X 71,555 14,450
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SABRE HOLDINGS CORP.
CL A COMMON 785905100 $661,181 17,900 X 12,075 5,825
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SBC COMM COMMON 78387G103 $2,356,894 55,950 X 48,725 7,225
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SCHERING PLOUGH COMMON 806605101 $3,937,884 105,715 X 87,095 18,620
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SMITH KLINE BEECHAM COMMON 832378301 $237,495 3,595 X 3,420 175
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COLUMN TOTAL $75,289,954
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FORM 13F
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(SEC USE ONLY)
Page 6 of 7 03/31/2000 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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SONERA CORPORATION ADS COMMON 835433202 $919,294 13,850 X 13,280 570
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SONY COMMON 835699307 $8,043,789 28,715 X 24,510 4,205
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SPRINT COMMON 852061100 $4,732,245 75,115 X 64,625 10,490
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SUN MICROSYSTEMS COMMON 866810104 $220,202 2,350 X 2,350 0
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SUNGUARD DATA SYSTEMS COMMON 867363103 $493,581 13,075 X 12,425 650
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SYNOPSYS INC COMMON 871607107 $924,544 18,965 X 17,365 1,600
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TARGET CORP. COMMON 239753106 $5,214,934 69,765 X 59,890 9,875
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TEXACO COMMON 881694103 $560,720 10,432 X 8,932 1,500
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TEXAS INSTRMTS COMMON 882508104 $29,029,600 181,435 X 151,250 30,185
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TIME WARNER COMMON 887315109 $14,388,000 143,880 X 123,620 20,260
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UNILEVER NV COMMON 904784709 $1,740,922 36,175 X 32,165 4,010
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UNUMPROVIDENT
CORPORATION COMMON 91529Y106 $388,800 22,955 X 18,830 4,125
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US WEST INC. COMMON 91273H101 $803,232 11,060 X 10,220 840
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VIACOM CL B COMMON 925524308 $10,025,929 190,065 X 161,670 28,395
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VIANT COMMON 92553N107 $337,345 10,070 X 9,670 400
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VODAFONE AIRTOUCH PLC COMMON 92857T107 $5,153,700 92,755 X 78,650 14,105
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WAL-MART COMMON 931142103 $11,092,814 196,333 X 162,698 33,635
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WALGREEN COMMON 931422109 $254,925 9,900 X 7,500 2,400
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WARNER LAMBERT COMMON 934488107 $7,710,767 78,933 X 66,743 12,190
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WELLS FARGO COMMON 949746101 $516,506 12,675 X 11,275 1,400
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COLUMN TOTAL $102,551,849
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FORM 13F
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(SEC USE ONLY)
Page 7 of 7 03/31/2000 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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WM WRIGLEY COMMON 982526105 $300,998 3,925 X 3,425 500
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WORLDCOM INC. COMMON 55268B106 $332,367 7,335 X 5,070 2,265
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XILINX COMMON 983919101 $34,060,781 411,300 X 347,770 63,530
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COLUMN TOTAL $34,694,146
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</TABLE>