UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 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: Paragon Investment Management, Inc.
Address: 1420 Fifth Avenue
Suite 3020
Seattle, WA 98101
13F File Number: 801-39191
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 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: Marjanne K. Masterman
Title: Vice-President
Phone: (206) 583-8300
Signature, Place, and Date of Signing:
Marjanne K. Masterman Seattle, WA February 9, 2000
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 ACT OF 1934.
<PAGE>
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 68
Form 13F Information Table Value Total: 203,737,000
List of other Included Managers:
No.
13F File Number
Name
<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>
Amer Intl Group com 026874107 4664 43134 SH SOLE
43134
American Express com 025816109 5046 30350 SH SOLE
30350
Amgen Inc. com 031162100 24534 408476 SH SOLE
408476
Anheuser-Busch com 035229103 921 13000 SH SOLE
13000
BP Amoco PLC - Spons ADR com 055622104 269 4538 SH SOLE
4538
Bank of America Corp (n/c 4/99 com 060505104 846 16859 SH SOLE
16859
Bank of New York Inc com 064057102 1560 39000 SH SOLE
39000
Biogen Inc com 090597105 5205 61600 SH SOLE
61600
Black & Decker Corp com 091797100 4156 79550 SH SOLE
79550
Boeing com 097023105 675 16300 SH SOLE
16300
Bristol-Myers Squibb Co. com 110122108 972 15150 SH SOLE
15150
Chevron Corp com 166751107 363 4188 SH SOLE
4188
Chubb Corp com 171232101 225 4000 SH SOLE
4000
Ciena Corp com 171779101 4855 84430 SH SOLE
84430
Cisco Systems, Inc. com 17275R102 6629 61878 SH SOLE
61878
Citigroup Inc. (name chg 10/8 com 172967101 4807 86314 SH SOLE
86314
Coca Cola Co. com 191216100 926 15900 SH SOLE
15900
Costco Wholesale Corp (n/c 8/9 com 22160k105 205 2250 SH SOLE
2250
DuPont E I DeNemours & Co com 263534109 224 3400 SH SOLE
3400
EMC Corporation com 268648102 9975 91300 SH SOLE
91300
Exxon Mobil Corporation com 30231g102 830 10304 SH SOLE
10304
Ford Motor Co. com 345370100 336 6300 SH SOLE
6300
Gap Inc. com 364760108 2834 61600 SH SOLE
61600
General Electric com 369604103 6007 38820 SH SOLE
38820
Genzyme Corp com 372917104 3685 81900 SH SOLE
81900
Genzyme Surgical Products com 372917609 78 13372 SH SOLE
13372
Guidant Corporation (spinoff f com 401698105 376 8000 SH SOLE
8000
Halliburton Co com 406216101 3251 80767 SH SOLE
80767
Hewlett-Packard com 428236103 227 2000 SH SOLE
2000
Home Depot com 437076102 5847 85050 SH SOLE
85050
I. B. M. com 459200101 5370 49782 SH SOLE
49782
Intel Corp. com 458140100 7602 92350 SH SOLE
92350
Johnson & Johnson com 478160104 598 6416 SH SOLE
6416
Kimberly Clark Corp. com 494368103 5302 81017 SH SOLE
81017
Lilly (Eli) com 532457108 3275 49250 SH SOLE
49250
Lucent Technologies Inc com 549463107 267 3564 SH SOLE
3564
MCI Worldcom Inc (name changed com 98155K102 1194 22500 SH SOLE
22500
Merck & Co. com 589331107 1276 18992 SH SOLE
18992
Microsoft com 594918104 12106 103692 SH SOLE
103692
Minnesota Mining com 604059105 218 2228 SH SOLE
2228
Morgan St Dean Witter Discover com 24240V101 4104 28750 SH SOLE
28750
Nike Inc Class B com 654106103 14001 282500 SH SOLE
282500
Nordstrom Inc (smbl chng 6/10/ com 655664100 2626 99800 SH SOLE
99800
Paccar Inc. com 693718108 402 9080 SH SOLE
9080
Pfizer com 717081103 3078 94900 SH SOLE
94900
Philip Morris com 718154107 269 11700 SH SOLE
11700
Procter & Gamble com 742718109 686 6265 SH SOLE
6265
Quaker Oats Co. com 747402105 361 5500 SH SOLE
5500
Qwest Communications Intl (sym com 749121109 2683 62400 SH SOLE
62400
Rayovac Corporation com 755081106 2286 121100 SH SOLE
121100
Reuters Group PLC - Spons ADR com 76132m102 252 3120 SH SOLE
3120
S&P Mid-Cap 400 Depository Rec com 595635103 4596 56650 SH SOLE
56650
Safeco Corp. com 786429100 435 17500 SH SOLE
17500
SmithKline Beecham PLC ADR rep com 832378301 256 4000 SH SOLE
4000
Spiegel Inc -Cl A com 848457107 1013 144100 SH SOLE
144100
Starbucks Corporation com 855244109 3874 159734 SH SOLE
159734
State Street Corporation com 857477103 3424 46866 SH SOLE
46866
Telefonica de Espana com 879382208 502 6365 SH SOLE
6365
Tiffany & Company com 886547108 6420 71934 SH SOLE
71934
U.S. Bancorp com 902973106 232 9747 SH SOLE
9747
Weatherford Int'l (name & sym com 947074100 3138 78584 SH SOLE
78584
Weyerhaeuser Co. com 962166104 654 9112 SH SOLE
9112
American Re Capital Pfd 8.50% prd 029162203 329 13700 SH SOLE
13700
Alliance Mortgage Secs Income fdeq 018639104 85 10560.692SH SOLE
10560.692
D Witter Select Eqty Utility S fdeq 24241x262 22 26085.000SH SOLE
26085.000
Fidelity Advisor Equity Growth fdeq 315805200 371 5187.431 SH SOLE
5187.431
Fidelity Advisor Growth Oppty fdeq 444 9508.812 SH SOLE
9508.812
Vanguard S&P 500 Index Fund fdeq 9443 69775.197SH SOLE
69775.197
</TABLE>
