UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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: Liberty Mutual Insurance Company
Address: 175 Berkeley Street
Boston, Massachusetts 02117
Form 13F File Number: 28-33
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: Joyce B. Riegel
Title: Vice President and Chief Compliance Officer
Phone: (312) 368-7727
Signature, Place, and Date of Signing:
/s/ Joyce B. Riegel Chicago, Illinois May 12, 2000
Report Type (Check only one.):
[XX] 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).)
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 298
Form 13F Information Table Value Total: $748,605
(thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file
number(s) of all institutional investment managers with respect
to which this report is filed, other than the manager filing this
report.
[If there are no entries in this list, state "NONE" and omit the
column headings and list entries.]
NONE
<PAGE>
<TABLE>
FORM 13F INFORMATION TABLE
<CAPTION>
Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
Name of Issuer Title Fair Mrk Shares Voting Authority
of CUSIP Value or Prin Investment Other (A) (B) (C)
Class Number (+$000) Amount Discretion Managers Sole Shared None
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AEGON NV ISIN NLO ADR 000301745 2,451 30,450 Defined 30,450
ADC TELECOMMUNICATIONS COM 000886101 43 800 Sole 800
AES CORP COM 00130H105 3,189 40,500 Defined 40,500
AT&T CORP COM 001957109 79 1,400 Sole 1,400
AT&T CORP COM 001957109 2,686 47,750 Defined 47,750
AT&T CORP LIBERTY MEDIA CL A 001957208 356 6,000 Sole 6,000
ABBOT LABORATORIES COM 002824100 21 600 Sole 600
A C NIELSEN CORP. COM 004833109 1,623 72,148 Sole 72,148
ADAPTEC INC COM 00651F108 39 1,000 Sole 1,000
AIR PRODUCTS & CHEMICALS INC COM 009158106 11,270 396,324 Sole 396,324
CHECK POINT SOFTWARE TECH ISIN ILO ADR 010824113 1,950 11,400 Defined 10,546 854
ALBERTSONS INC COM 013104104 15 500 Sole 500
ALCOA INC COM 013817101 472 6,722 Sole 6,722
ALCATEL SA Spn ADR 013904305 1,932 44,100 Defined 44,100
ORCKIT COMMUNICATIONS LTD ISIN ILO ADR 018023461 366 5,460 Defined 5,100 360
ALLTEL CORP. COM 020039103 11 170 Sole 170
AMERADA HESS CORP COM 023551104 65 1,000 Defined 1,000
AMERICAN GENERAL CORP COM 026351106 18 325 Sole 325
AMERICAN HOME PRODUCTS COM 026609107 344 6,400 Sole 6,400
AMERICAN INTL GROUP INC COM 026874107 16 150 Sole 150
AMERICAN INTL GROUP INC. COM 026874107 1,629 14,875 Defined 14,875
AMGEN COM 031162100 215 3,500 Sole 3,500
AMSOUTH BANCORPORATION COM 032165102 967 64,736 Defined 64,736
ANALOG DEVICES INC. COM 032654105 403 5,000 Sole 5,000
ARACRUZ CELULOSE SA ADR 038496204 64 3,000 Defined 3,000
ASIASINFO HOLDINGS INC ADR 04518A104 908 15,000 Defined 5,100 9,900
ASSOCIATE FIRST CAPITAL COM 046008108 30 1,400 Defined 1,400
ATLANTIC RICHFIELD CO COM 048825103 26 300 Sole 300
AUTOWEB COM, INC. COM 053331104 0 5 Sole 5
BISYS GROUP COM 055472104 200 3,000 Sole 3,000
BP AMOCO PLC ADR 055622104 2,442 46,024 Defined 46,024
BANK OF AMERICA CORP COM 060505104 1,175 22,400 Defined 22,400
BANK OF AMERICA CORP COM 060505104 171 3,253 Sole 3,253
JAPAN OTC FUND INC. ISIN BE0 COM 068316281 688 250 Defined 250
BED BATH & BEYOND, INC. COM 075896100 315 8,000 Sole 8,000
BELL ATLANTIC CORP COM 077853109 1,485 24,300 Defined 24,300
BELL ATLANTIC CORP COM 077853109 37 600 Sole 600
BELLSOUTH CORP COM 079860102 281 6,000 Sole 6,000
H & R BLOCK COM 093671105 179 4,000 Defined 4,000
BRISTOL-MYERS CO. COM 110122108 628 11,000 Sole 11,000
BROADWING INC COM 111620100 2,566 69,000 Defined 69,000
CBS COM 12490K107 255 4,500 Sole 4,500
CSG SYS IN'T COM 126349109 195 4,000 Sole 4,000
CADENCE DESIGN SYSTEM COM 127387108 21 1,000 Sole 1,000
CALPINE CORP. COM 131347106 2,820 30,000 Defined 30,000
CARNIVAL CORP CLASS-A CL A 143658102 136 5,500 Sole 5,500
CENTEX CORP. COM 152312104 33 1,400 Defined 1,400
CENTURYTEL, INC COM 156700106 479 12,900 Sole 12,900
CHARTERED SEMICONDUCTOR ADR 16133R106 358 3,800 Defined 800 3,000
CHASE MANHATTAN CORP COM 16161A108 684 7,850 Sole 7,850
CHASE MANHATTAN CORP COM 16161A108 1,526 17,500 Defined 17,500
CHEVRON CORP COM 166751107 252 2,725 Sole 2,725
CHEVRON CORP COM 166751107 28 300 Defined 300
CHILECTRA S.A. ADR 168884104 76 4,400 Defined 4,400
CHINA TELECOM HK LTD Spn ADR 169428109 1,276 7,200 Defined 7,200
CISCO SYSTEM INC. COM 17275R102 1,546 20,000 Sole 20,000
CISCO SYSTEM INC. COM 17275R102 2,984 38,400 Defined 38,400
CINTAS CORP. COM 172908105 176 4,500 Sole 4,500
CITIGROUP INC. COM 172967101 653 10,900 Sole 10,900
CITIGROUP INC. COM 172967101 1,607 27,100 Defined 27,100
CLEAR CHANNEL COMMUNICATIONS COM 184502102 242 3,500 Sole 3,500
CLOROX CO. COM 189054109 33 1,000 Defined 1,000
COSTAL CORP. COM 190441105 2,217 48,200 Defined 48,200
COLT TELECOM GRP. Spn ADR 196877104 3,047 15,400 Defined 15,400
COMCAST CORP CL A SPEC COM CL A SPL 200300200 230 5,300 Sole 5,300
CIA TELECOM CHILE ADR 204449300 59 2,600 Defined 2,600
COMPUTER ASSOC INTL INC COM 204912109 41 700 Sole 700
COMPUTER SCIENCES CORP COM 205363104 158 2,000 Sole 2,000
COMPUWARE CORP. COM 205638109 25 1,200 Sole 1,200
COMPUWARE CORP. COM 205638109 878 41,700 Defined 41,700
CONOCO INC. CL B 208251405 730 28,492 Defined 28,492
CONSTELLATION ENERGY GRP COM 210371100 1,970 61,800 Defined 61,800
CHINA.COM ISIN ILKYG ADR 2108N1097 79 974 Defined 974
COOPER TIRE & RUBBER CO COM 216831107 11 900 Sole 900
COSTCO WHOLESALE COM 22160K105 16 300 Sole 300
COX COMUNICATIONS INC. CL A 224044107 2,139 44,100 Defined 44,100
CRAYFISH CO. LTD. ADR 225226109 190 5,000 Defined 5,000
DTE ENERGY COMPANY COM 233331107 10 350 Sole 350
DANAHER CORPORATION COM 235851102 306 6,000 Sole 6,000
DARDEN RESTAURANTS INC. COM 237194105 7,919 444,600 Sole 444,600
DELUXE CORPORATION COM 248019101 2,127 80,264 Sole 80,264
DEVRY INC. COM 251893103 397 13,000 Sole 13,000
DONALDSON CO INC COM 257651109 180 8,000 Sole 8,000
DORCHESTER HUGOTON (DHULZ) COM 258205202 100 10,000 Defined 10,000
DOW CHEMICAL CO COM 260543103 22 190 Sole 190
DUPONT COM 263534109 716 13,541 Defined 13,541
DUN & BRADSTREET CORP. COM 26483B106 6,196 216,446 Sole 216,446
EMC CORPORATION COM 268648102 882 7,000 Sole 7,000
EMC CORPORATION COM 268648102 3,475 27,800 Defined 27,800
EASTMAN KODAK CO COM 277461109 11 200 Sole 200
EL PASO ELECTRIC CO. COM 283677854 295 28,404 Sole 28,404
EL PASO ENERGY COM 283905107 1,938 48,000 Defined 48,000
EMBRATEL PARTICIPACOES ADR 29081N100 1,620 63,200 Defined 4,800 58,400
EMERSON ELECTRIC CO COM 291011104 21 400 Sole 400
ENRON CORP. COM 293561106 5,106 68,200 Defined 68,200
ENTERGY CORP COM 29364G103 32 1,600 Sole 1,600
EQUANT NV NY REG 294409107 1,491 17,523 Defined 15,893 1,630
ERICSSON LM TEL ADR 294821400 4,823 51,416 Defined 30,816 20,600
ERICSSON LM 4.25% PRFD 294821509 4,896 188,300 Defined 188,300
EXODUS COMMUNICATIONS COM 302088109 141 1,000 Sole 1,000
EXXON MOBIL CORP. COM 30231G102 1,154 14,795 Sole 14,795
EXXON MOBIL CORP. COM 30231G102 31 396 Defined 396
FEDERAL NATL MTG ASSN COM 313586109 40 700 Sole 700
FIFTH THIRD BANCORP. COM 316773100 189 3,000 Sole 3,000
FIRST DATA CORP. COM 319963104 27 600 Sole 600
FIRST UN CORP COM 337358105 30 800 Sole 800
FIRSTAR CORPORATION COM 33763V109 282 12,300 Sole 12,300
FLEETBOSTON FINL CORP COM 339030108 26 700 Sole 700
FORD MOTOR CO COM 345370100 32 700 Sole 700
FORD MOTOR CO COM 345370100 1,323 28,800 Defined 28,800
FORMENTO ECONOMICO MEX ADR 344419106 122 2,700 Defined 2,700
FURNITURE BRANDS INTL. INC. COM 360921100 43 2,300 Defined 2,300
GTE CORP COM 362320103 646 9,100 Sole 9,100
GANNETT CO INC COM 364730101 3,786 53,802 Sole 53,802
GARTNER GROUP COM 366651206 750 56,362 Sole 56,362
GENERAL DYNAMICS CORP COM 369550108 226 4,550 Sole 4,550
GENERAL DYNAMICS CORP COM 369550108 25 500 Defined 500
GENERAL ELECTRIC CO COM 369604103 90,514 581,614 Sole 581,614
GENERAL ELECTRIC CO COM 369604103 1,955 12,600 Defined 12,600
GENERAL MILLS INC COM 370334104 25,564 706,444 Sole 706,444
GOLDMAN SACHS GROUP COM 38141G104 258 2,450 Sole 2,450
GRAINGER W W INC COM 384802104 10,524 193,992 Sole 193,992
GULF CANADA RESOURCES INC. COM 40218L305 35,052 9,506,827 Sole 9,506,827
GULF INDONESIA RESOURCES ADR 402284103 3,520 443,500 Defined 443,500
HSB GROUP INC. COM 40428N109 13,829 477,900 Sole 477,900
HEWLETT-PACKARD CO COM 428236103 13,281 100,186 Sole 100,186
HEWLETT-PACKARD CO COM 428236103 1,657 12,500 Defined 12,500
HONEYWELL INTERNATIONAL COM 438516106 14 275 Sole 275
HOUSEHOLD INTL INC COM 441815107 7 200 Sole 200
IMS HEALTH INC. COM 449934108 7,332 432,892 Sole 432,892
ILLINOIS TOOL WORKS INC COM 452308109 210 3,800 Sole 3,800
ILLINOIS TOOL WORKS INC COM 452308109 67 1,212 Defined 1,212
INFOSYS TECHNOLOGIES ADR 456788108 1,456 7,546 Defined 7,546
INTEL CORP COM 458140100 627 4,750 Sole 4,750
INTEL CORP COM 458140100 2,494 18,900 Defined 18,900
INTERNATIONAL BUS MACHS CORP COM 459200101 497 4,200 Sole 4,200
INTERNATIONAL BUS MACHS CORP COM 459200101 1,723 14,600 Defined 14,600
INTERNATIONAL PAPER CO COM 460146103 12 275 Sole 275
INTERPUBLIC GROUP COS INC COM 460690100 298 6,300 Sole 6,300
IRISH INVESTMENT FUND COM 462710104 1,905 120,000 Defined 120,000
JOS UNIPHASES COM 46612J101 149 1,240 Sole 1,240
JOHNSON & JOHNSON COM 478160104 56,577 805,366 Sole 805,366
JOHNSON CONTROLS INC COM 478366107 23 425 Sole 425
KELLOGG CO. COM 487836108 38 1,500 Defined 1,500
KIMBERLY CLARK CORP COM 494368103 45 800 Sole 800
KIMBERLY CLARK MEX ADR 494386204 86 5,000 Defined 5,000
KINDER MORGAN ENERGY PARTNERS COM 494550106 3,334 84,000 Defined 84,000
PHILIPS ELECTRONICS NY SHR 500472204 552 3,220 Sole 3,220
PHILIPS ELECTRONICS NY SHR 500472204 3,729 21,768 Defined 21,768
KEPCO ADR 500631106 1,009 63,800 Defined 63,800
KOREA FUND COM 500634100 85 5,700 Defined 5,700
KOREA TELECOM ADR 50063P103 29,105 665,264 Defined 175,800 489,464
LEVEL 3 COMMUNICATIONS COM 52729N100 2,147 20,300 Defined 20,300
LIBERTY ALL-STAR GROWTH FUND COM 529900102 3,087 280,670 Sole 280,670
LIBERTY ALL-STAR EQUITY FUND ShBenInt 530158104 81,262 7,263,996 Sole 7,263,996
LILLY ELI & CO COM 532457108 232 3,700 Sole 3,700
LILLY ELI & CO. COM 532457108 219 3,500 Defined 3,500
LOWES CO COM 548661107 18 300 Sole 300
LUCENT TECHNOLOGIES INC. COM 549463107 1,488 24,500 Defined 24,500
MBIA, INC. COM 55262C100 208 4,000 Sole 4,000
MCI WORLDCOM INC COM 55268B106 34 750 Sole 750
MCI WORLDCOM INC COM 55268B106 3,276 72,300 Defined 72,300
MGIC INVESTMENT CORP. COM 552848103 20 450 Sole 450
MATAV RT Spn ADR 559776109 455 10,200 Defined 10,200
MARSH & MCLENNAN COS INC COM 571748102 19 175 Sole 175
MATTEL INC COM 577081102 11 1,000 Sole 1,000
MAY DEPT STORES CO COM 577778103 6 200 Sole 200
MCDONALDS CORP COM 580135101 74,749 1,999,960 Sole 1,999,960
MEDIAONE GROUP COM 58440J104 321 3,961 Sole 3,961
MEDTRONIC INC COM 585055106 411 8,000 Sole 8,000
MERCANTILE BANKSHARES CORP. COM 587405101 183 6,000 Sole 6,000
MERCK & CO INC COM 589331107 29,833 480,208 Sole 480,208
MERCK & CO INC COM 589331107 1,255 20,200 Defined 20,200
METASOLV SOFTWARE COM 591393103 2,772 46,932 Sole 46,932
METROMEDIA FIBER NETWORK COM 591689104 4,187 43,300 Defined 43,300
MICROSOFT CORP. COM 594918104 660 6,215 Sole 6,215
MICROSOFT CORP. COM 594918104 1,891 17,800 Defined 17,800
MINNESOTA MNG & MFG CO COM 604059105 15 175 Sole 175
MONTANA POWER CO. COM 612085100 3,584 56,000 Defined 56,000
MORGAN STANLEY, DEAN WITTER, DISCO COM 617446448 50 600 Sole 600
MSDW EMERGING MKT. FUNDS COM 61744G107 950 54,700 Defined 54,700
MOTOROLA INC COM 620076109 540 3,700 Sole 3,700
NTL INC. COM 629407107 197 2,125 Sole 2,125
NTL INC. COM 629407107 2,422 26,100 Defined 26,100
NABISCO HOLDING CORP. COM 629526104 65 2,000 Defined 2,000
NATIONAL CITY CORP. COM 635405103 25 1,200 Sole 1,200
NEW YORK TIMES CO CL A 650111107 163 3,800 Sole 3,800
NOKIA CORP ADR Spn ADR 654902204 533 2,400 Sole 2,400
NOKIA CORP ADR Spn ADR 654902204 8,225 37,048 Defined 36,655 393
NORFOLK SOUTHERN CORP COM 655844108 17 1,200 Sole 1,200
NORTEL NETWORKS CORP. COM 656569100 198 1,575 Sole 1,575
NORTEL NETWORKS CORP. COM 656569100 1,512 12,000 Defined 12,000
NORTHERN TRUST CORP. COM 665859104 203 3,000 Sole 3,000
NUCOR CORP COM 670346105 25 500 Sole 500
OFFICE DEPOT INC COM 676220106 17 1,500 Sole 1,500
OLD REP INTL CORP COM 680223104 10 700 Sole 700
ORACLE CORP COM 68389X105 141 1,800 Sole 1,800
ORACLE CORP COM 68389X105 156 2,000 Defined 2,000
PECO ENERGY CO. COM 693304107 2,076 56,300 Defined 56,300
PAPA JOHNS INT'L INC. COM 698813102 231 7,000 Sole 7,000
PEPSICO INC. COM 713448108 41 1,200 Defined 1,200
PHARMACIA & UPJOHN INC. COM 716941109 1,629 27,500 Defined 27,500
PHILIP MORRIS COS INC COM 718154107 33 1,600 Sole 1,600
PLDT ADR 718252604 70 3,200 Defined 3,200
PHILLIPS PETROLEUM CO COM 718507106 23 500 Sole 500
PINNACLE WEST COM 723484101 1,925 68,300 Defined 68,300
POHANG IRON AND STEEL ADR 730450103 503 18,300 Defined 18,300
PORTUGAL TELECOM ADR 737273102 591 47,500 Defined 47,500
POTASH CORP SASKATCHEWAN COM 73755L107 55 1,100 Defined 1,100
PRAXAIR INC - WI COM 74005P104 23 550 Sole 550
PROCTER & GAMBLE CO COM 742718109 11 200 Sole 200
QUALCOMM INC. COM 747525103 173 1,160 Sole 1,160
QUINTILES TRANSNATIONAL COM 748767100 7 400 Sole 400
R. H. DONNELLEY CORP COM 74955W307 736 43,290 Sole 43,290
REPSOL S A Spn ADR 76026T205 51 2,400 Sole 2,400
REUTERS GROUP PLC ADR 76132M102 1,691 14,166 Defined 12,022 2,144
RITE AID CORP COM 767754104 6 1,100 Defined 1,100
ROYAL DUTCH COM 780257804 685 11,900 Defined 11,900
SBC COMMUNICATIONS INC COM 78387G103 38 900 Sole 900
SBC COMMUNICATIONS INC COM 78387G103 2,156 51,339 Defined 51,339
SK TELECOM CO LTD ADR 78440P108 3,969 101,774 Defined 42,100 59,674
SAFEWAY INC. COM 786514208 131 1,900 Defined 1,900
SANDY SPRING BANCORP, INC. COM 800363103 531 25,604 Sole 25,604
SATYAM INFOWAY ADR 804099109 113 2,100 Defined 2,100
SCHERING PLOUGH CORP COM 806605101 205 5,500 Sole 5,500
SCHERING PLOUGH CORP COM 806605101 40 1,100 Defined 1,100
SCHLUMBERGER LTD. COM 806857108 941 12,300 Defined 12,300
SCOTTISH POWER PLC ADR 81013T105 2,811 88,700 Defined 88,700
SCUDDER NEW ASIA FUND INC. COM 811183102 903 49,500 Defined 49,500
SHERWIN WILLIAMS CO COM 824348106 35 1,600 Sole 1,600
SPRINIT CORP (FON GROUP) COM 852061100 3,389 53,800 Defined 53,800
SPRINIT CORP. PCS COM 852061506 3,044 46,600 Defined 46,600
SMITHKLINE BEECHAM ADR 832378301 2,184 33,054 Defined 29,868 3,186
SOUTHERN CO COM 842587107 33 1,500 Sole 1,500
SOUTHWEST AIRLS COMPANY COM 844741108 33 1,600 Sole 1,600
SPRINT COM 852061100 400 6,350 Sole 6,350
STAFF LEASING INC. COM 852381102 1,162 200,000 Sole 200,000
SUN MICROSYSTEMS INC COM 866810104 1,087 11,600 Sole 11,600
SUN MICROSYSTEMS INC. COM 866810104 2,474 26,400 Defined 26,400
SUNGARD DATA SYSTEMS INC. COM 867363103 1,574 41,700 Defined 41,700
SUPER VALU STORES COM 868536103 15 800 Sole 800
SYBRON INT'L CORP - WISC COM 87114F106 348 12,000 Sole 12,000
SYNOPSYS, INC. COM 871607107 11 225 Sole 225
SYSCO CORP COM 871829107 7 200 Sole 200
TJX COS INC COM 872540109 111 5,000 Sole 5,000
TAIWAN FUND COM 874036106 2,847 117,100 Defined 69,700 47,400
TAIWAN SEMICONDUCTOR ADR 874039100 1,653 29,000 Defined 29,000
TELECENTRO SUL ADR 879239101 105 1,300 Defined 1,300
TELE DANMARK A/S ADR 879242105 1,328 28,600 Defined 28,600
TELENORTE LESTE PAT. ADR ADR 879246106 3,650 137,100 Defined 137,100
TELESUDESTE CELLULAR PART ADR 879252104 125 2,500 Defined 2,500
TELECOM NEW ZEALAND Spn ADR 879278208 2,572 70,100 Defined 70,100
TELECOM ARGENTIAN ADR 879273209 424 12,200 Defined 12,200
TELEBRAS SPR ADR PFD BLOCK Spn ADR 879287308 3,873 25,877 Defined 25,877
TELECOMMUNICATIONS DE SAO PAULO AS COM 87929A102 448 15,100 Defined 2,700 12,400
TELEFONICA SA ADR 879382208 7,520 101,108 Defined 7,514 93,594
TELEFONOS DE MEXICO Spn ADR 879403780 1,655 24,700 Defined 7,000 17,700
TELLABS, INC. COM 879664100 11 170 Sole 170
TELLABS, INC. COM 879664100 2,696 42,800 Defined 42,800
TEMPLETON EMERGING MKT. FUND COM 880191101 471 43,300 Defined 43,300
TERRA NETWORK ADS 88100W103 275 3,500 Defined 2,800 700
TEXACO COM 881694103 917 17,100 Defined 17,100
TEXAS INSTRUMENTS INC COM 882508104 16 100 Sole 100
TEXAS INSTRUMENTS INC COM 882508104 2,528 15,800 Defined 15,800
THAI FUND COM 882904105 415 69,100 Defined 69,100
TEXTRON INC COM 883203101 12 200 Sole 200
TEXTRON INC. COM 883203101 18 300 Defined 300
TORCHMARK CORP COM 891027104 28 1,200 Sole 1,200
TREND MICRO INC. Spn ADR 89486M107 162 9,300 Defined 9,300
TYCO INTERNATIONAL LTD. COM 902124106 15 300 Sole 300
TYCO INTERNATIONAL LTD. COM 902124106 2,234 44,800 Defined 44,800
UNISYS CORP COM 909214108 10 400 Sole 400
US WEST, INC. COM 91273H101 18 250 Sole 250
US WEST, INC. COM 91273H101 2,266 31,200 Defined 31,200
UNITED TECHNOLOGIES CORP. COM 913017109 44 700 Defined 700
UTSTARCOM INC. COM 918076100 1,561 20,000 Defined 20,000
VIACOM INC. CL B 925524308 1,539 28,800 Defined 28,800
VIDESH SANCHAR NIGAM ADR 92659G105 38 1,450 Defined 1,450
VINA CONCHA Y TORA ADR 927191106 100 2,600 Defined 2,600
VODAFONE AIRTOUCH Spn ADR 92857T107 575 10,342 Sole 10,342
VODAFONE AIRTOUCH Spn ADR 92857T107 3,800 68,400 Defined 3,400 65,000
VOICESTREAM WIRELESS CORP. COM 928615103 193 1,500 Sole 1,500
VULCAN MATERIALS CO. COM 929160109 16 350 Sole 350
WEBS - JAPAN INDES SERIES COM 92923H889 23 1,400 Defined 1,400
WAL MART STORES INC. COM 931142103 1,843 33,200 Defined 33,200
WARNER LAMBERT CO COM 934488107 15 150 Sole 150
WARNER LAMBERT CO COM 934488107 1,921 19,700 Defined 19,700
WASHINGTON MUTUAL COM 939322103 32 1,200 Defined 1,200
WELLS FARGO COMPANY COM 949746101 16 400 Sole 400
WHIRLPOOL CORP COM 963320106 18 300 Sole 300
WILLIAMS COMPANIES COM 969457100 738 16,800 Sole 16,800
WILLIAMS COMPANIES COM 949457100 2,421 55,100 Defined 55,100
XEROX CORP COM 984121103 18 700 Sole 700
YORK INTERNATIONAL CORP. COM 986670107 21 900 Sole 900
TRANSOCEAN SEDCO FOREX INC. COM G90078109 10 193 Defined 193
ORBOTECH LTD ADR M75253100 969 11,400 Defined 11,400
FLEXTRONICS INT'L COM Y2573F102 282 4,000 Sole 4,000
GIGAMEDIA LIMITED ADR Y2711Y104 534 9,850 Defined 4,200 5,650
</TABLE>
