UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: 06/30/99
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: Mitchell A. Danaher
Title: Assistant Comptroller
Phone: (203) 373-3563
13F File Number:
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: Mitchell A. Danaher
Title: Assistant Comptroller
Phone: (203) 373-3563
Signature, Place, and Date of Signing:
Mitchell A. Danaher Fairfield, CT 06431 August 16, 1999
- ------------------- ------------- ----- --------------
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
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: 1
Form 13F Information Table Entry Total: 438
Form 13F Information Table Entry Total: $4006774
List of Other Included Managers:
No. Form 13F File Number Name
01 Employers Reinsurance Company
<PAGE>
<TABLE>
FORM 13F INFORMATION TABLE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER ---VOTING AUTHORITY----
NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
GLOBALSTAR TELECOMMUNICATIONS COM G3930H104 222249 10044760 SH SOLE 10044760
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 845 19800 SH SOLE 19800
TEEKAY SHIPPING COM V89564104 285 20000 SH SOLE 20000
ADC TELECOMMUNICATIONS COM 000886101 960 22800 SH SOLE 22800
AHL SERVICES INC COM 001296102 571 22600 SH SOLE 22600
AMR CORP COM 001765106 561 10126 SH SOLE 10126
AT&T CORPORATION COM 001957109 1851 34200 SH SOLE 34200
ABERCROMBIE & FITCH CO - CL A COM 002896207 1299 29200 SH SOLE 29200
ACTIVISION, INC. COM 004930202 163 12380 SH SOLE 12380
ACTION PERFORMANCE COS INC COM 004933107 481 13800 SH SOLE 13800
ADAPTEC INC CV BOND 00651FAC2 806 1000000 PRN SOLE 1000000
ADVENT SOFTWARE INC COM 007974108 491 8200 SH SOLE 8200
AETNA INC COM 008117103 4286 47100 SH SOLE 47100
AIR PRODUCTS AND CHEMICALS INC COM 009158106 2107 51400 SH SOLE 51400
ALLIEDSIGNAL INC COM 019512102 1198 18400 SH SOLE 18400
ALLSTATE CORP COM 020002101 2516 71000 SH SOLE 71000
ALTERA CORPORATION COM 021441100 1465 39600 SH SOLE 39600
ALZA CORP COM 022615108 1300 26300 SH SOLE 26300
ALZA CORPORATION CV BOND 022615AC2 1039 1500000 PRN SOLE 1500000
ALZA CORPORATION CV BOND 022615AD0 431 300000 PRN SOLE 300000
AMERADA HESS CORP COM 023551104 1406 23700 SH SOLE 23700
AMERICA ONLINE INC COM 02364J104 13216 123800 SH SOLE 123800
AMERICA WEST COM 023657203 364 20892 SH SOLE 20892
AMERICAN ELECTRIC POWER COM 025537101 778 18700 SH SOLE 18700
AMERICAN PHYSICIAN PART. COM 028880102 2813 416700 SH SOLE 416700
AHSC HOLDINGS CORPORATION COM 03071P102 1308 51300 SH SOLE 51300
AMGEN INC COM 031162100 2439 43800 SH SOLE 43800
AMPHENOL COM 032095101 1994 50000 SH SOLE 50000
ANNTAYLOR STORES CORP COM 036115103 1500 35400 SH SOLE 35400
APARTMENT INVESTMENT & MGMT CO COM 03748R101 2780 66728 SH SOLE 66728
APPLE COMPUTER INC COM 037833100 588 13900 SH SOLE 13900
APEX PC SOLUTIONS INC COM 037945102 328 18350 SH SOLE 18350
APPLIED MICRO CIRCUITS CORP COM 03822W109 1363 18300 SH SOLE 18300
ARCHER DANIELS MIDLAND COM 039483102 2433 162866 SH SOLE 162866
ARCHSTONE CMNTY TR PFD 039581202 2332 88000 SH SOLE 88000
@ ENTERTAINMENT COM 045920105 26498 1447024 SH SOLE 1447024
ATLANTIC GULF COMMUNITIES CORP. COM 048556104 17 20395 SH SOLE 20395
ATLANTIC RICHFIELD COM 048825103 945 11100 SH SOLE 11100
AUTHENTIC FITNESS COM 052661105 32226 1809200 SH SOLE 1809200
AUTOBYTEL.COM COM 05275N106 39145 1825828 SH SOLE 1825828
AUTOMATIC DATA PROCESSING CV BOND 053015AC7 1198 1200000 PRN SOLE 1200000
AVNET INC COM 053807103 290 5827 SH SOLE 5827
BANK ONE CORP COM 06423A103 325 6050 SH SOLE 6050
BANK ONE CORP COM 06423A103 4517 82600 SH SOLE 82600
BANKBOSTON CORPORATION COM 06605R106 5599 117100 SH SOLE 117100
BAXTER INTERNATIONAL INC COM 071813109 2548 41900 SH SOLE 41900
BEAR STEARNS COMPANIES INC COM 073902108 2474 59535 SH SOLE 59535
BELL ATLANTIC CORP COM 077853109 2280 38638 SH SOLE 38638
BERGEN BRUNSWIG CORP COM 083739102 260 15300 SH SOLE 15300
BERKSHIRE HATWY COM 084670108 4485 65 SH SOLE 65
BEST BUY COMPANY INC COM 086516101 2381 37200 SH SOLE 37200
BINDVIEW DEVELOPMENT CORP COM 090327107 318 15300 SH SOLE 15300
BIOMET INC COM 090613100 957 24700 SH SOLE 24700
BLYTH INDUSTRIES INC COM 09643P108 707 21850 SH SOLE 21850
BURLINGTON NORTHERN SANTA FE COM 12189T104 2693 85500 SH SOLE 85500
BURLINGTON RESOURCES COM 122014103 3238 77900 SH SOLE 77900
CDW COMPUTER CENTERS INC COM 125129106 284 6400 SH SOLE 6400
CEC ENTERTAINMENT INC COM 125137109 585 14500 SH SOLE 14500
CIGNA CORP COM 125509109 1963 22100 SH SOLE 22100
CSX CORPORATION COM 126408103 2224 49900 SH SOLE 49900
CABLEVISION SYSTEMS COM 12686C109 1042 14800 SH SOLE 14800
CAMDEN PROPERTY TRUST COM 133131102 490 20000 SH SOLE 20000
CHAMPION INTERNATIONAL COM 158525105 1663 33600 SH SOLE 33600
CHASE MANHATTAN CORP NEW COM 16161A108 5168 64600 SH SOLE 64600
CHEVRON COM 166751107 2850 47608 SH SOLE 47608
CHUBB CORP COM 171232101 3996 58679 SH SOLE 58679
CITADEL COMMUNICATIONS CORP COM 172853202 512 17000 SH SOLE 17000
CINTAS CORP COM 172908105 891 14720 SH SOLE 14720
CIRCUS CIRCUR ENTERPR INC COM 172909103 1715 81200 SH SOLE 81200
CITIGROUP INC COM 172967101 5027 114750 SH SOLE 114750
CLARIFY INC COM 180492100 1317 36700 SH SOLE 36700
COACH USA INC COM 18975L106 519 12200 SH SOLE 12200
COASTAL CORP COM 190441105 1209 29900 SH SOLE 29900
COGNEX CORP COM 192422103 731 23200 SH SOLE 23200
COMPAQ COMPUTER CORP COM 204493100 2527 111400 SH SOLE 111400
COMPDENT CORP COM 20449F103 8033 446300 SH SOLE 446300
COMVERSE TECHNOLOGY INC COM 205862402 2772 38776 SH SOLE 38776
CONAGRA INC COM 205887102 1874 71900 SH SOLE 71900
CONCORD COMMUNICATIONS INC COM 206186108 469 11300 SH SOLE 11300
CONCORD EFS INC COM 206197105 704 18975 SH SOLE 18975
CONOCO INC COM 208251306 2726 102400 SH SOLE 102400
CONVERGYS CORP COM 212485106 1204 60200 SH SOLE 60200
COOPER CAMERON CORP COM 216640102 815 23500 SH SOLE 23500
COOPER INDUSTRIES INC COM 216669101 3207 72688 SH SOLE 72688
CROWN CORK & SEAL CO INC COM 228255105 1529 53300 SH SOLE 53300
DANA CORP COM 235811106 2891 61100 SH SOLE 61100
DANAHER CORP COM 235851102 2907 48800 SH SOLE 48800
DEERE & CO COM 244199105 1933 48100 SH SOLE 48100
DELL COMPUTER CORP COM 247025109 6817 178800 SH SOLE 178800
DENDRITE INTERNATIONAL INC COM 248239105 718 21200 SH SOLE 21200
DIAL CORP COM 25247D101 1075 32200 SH SOLE 32200
DIAMOND TECH PARTNERS INC COM 252762109 496 21000 SH SOLE 21000
DOLLAR TREE STORES INC COM 256747106 476 11950 SH SOLE 11950
DREYERS GRAND PFD CONV 261878102 43865 2900176 SH SOLE 2900176
DUPONT E I DE NEMOURS & CO COM 263534109 2374 35900 SH SOLE 35900
E*TRADE GROUP INC COM 269246104 1123 29400 SH SOLE 29400
EASTMAN KODAK COM 277461109 2385 34200 SH SOLE 34200
ECLIPSYS CORP COM 278856109 310 15100 SH SOLE 15100
EMERSON ELECTRIC CO COM 291011104 1831 28300 SH SOLE 28300
ENERGY EAST CORP COM 29266M109 804 30000 SH SOLE 30000
EURONET SERVICES INC. COM 298736109 940 417900 SH SOLE 417900
EXPRESS SCRIPTS A COM 302182100 752 12500 SH SOLE 12500
FAMILY DOLLAR STORES COM 307000109 1363 59100 SH SOLE 59100
FREDDIE MAC COM 313400301 2287 42700 SH SOLE 42700
FANNIE MAE COM 313586109 3207 51100 SH SOLE 51100
FEDERATED DEPT STORES INC NEW COM 31410H101 2938 55100 SH SOLE 55100
FINOVA GROUP INC COM 317928109 1841 37100 SH SOLE 37100
FIRST DATA CORP COM 319963104 2235 49400 SH SOLE 49400
FIRSERV INC COM 337738108 1297 37950 SH SOLE 37950
FIRSTENERGY CORP COM 337932107 1065 33600 SH SOLE 33600
FLEET FINANCIAL GROUP COM 338915101 1190 28800 SH SOLE 28800
FORD MOTOR CO DEL COM 345370100 927 17200 SH SOLE 17200
FORT JAMES CORP COM 347471104 6933 178808 SH SOLE 178808
FOUNDATION HEALTH SYSTEMS COM 350404109 1813 110700 SH SOLE 110700
FRONTIER CORPORATION COM 35906P105 659 11000 SH SOLE 11000
FURNITURE BRANDS INTL INC COM 360921100 1370 52700 SH SOLE 52700
GTE CORPORATION COM 362320103 2845 41200 SH SOLE 41200
GALILEO INTERNATIONAL INC COM 363547100 1094 21500 SH SOLE 21500
GANNETT CO COM 364730101 1244 17600 SH SOLE 17600
GENERAL MOTORS CORP COM 370442105 1913 30300 SH SOLE 30300
GOODYEAR TIRE & RUBBER COM 382550101 1910 33800 SH SOLE 33800
GREENPOINT FINANCIAL CORP COM 395384100 1368 42000 SH SOLE 42000
HEALTH & REHABILITATION COM 40426W101 465 34000 SH SOLE 34000
HALLIBURTON COMPANY COM 406216101 1332 32400 SH SOLE 32400
HARRAHS ENTERTAINMENT INC COM 413619107 998 46300 SH SOLE 46300
HEALTHSOUTH CORP COM 421924101 1101 75300 SH SOLE 75300
HEALTHSOUTH CORPORATION CV BOND 421924AF8 16879 20350000 PRN SOLE 20350000
JACK HENRY & ASSOCIATES INC COM 426281101 353 9600 SH SOLE 9600
HILTON HOTELS CORP COM 432848109 807 59200 SH SOLE 59200
HOUSEHOLD INTERNATIONAL INC COM 441815107 1066 22800 SH SOLE 22800
IDEXX LABORATORIES INC COM 45168D104 526 24100 SH SOLE 24100
IMPERIAL TOBACCO GROUP COM 453142101 203 8750 SH SOLE 8750
INSIGHT ENTERPRISES INC COM 45765U103 853 35525 SH SOLE 35525
INTERNATIONL BUSINESS MACHINES COM 459200101 6422 52400 SH SOLE 52400
INTL NETWORK SERVICES COM 460053101 806 22400 SH SOLE 22400
INTERNATIONAL PAPER CO COM 460146103 2841 53600 SH SOLE 53600
INTERVOICE INC COM 461142101 220 17700 SH SOLE 17700
INTEVAC INC CV BOND 461148AC2 704 1000000 PRN SOLE 1000000
INTUIT INC COM 461202103 1412 16800 SH SOLE 16800
JABIL CIRCUIT INC COM 466313103 1339 31700 SH SOLE 31700
KEY CORP NEW COM 493267108 349 10900 SH SOLE 10900
KIMBERLY-CLARK CORP COM 494368103 1657 29000 SH SOLE 29000
KIMCO REALTY CORP COM 49446R109 529 14000 SH SOLE 14000
KRAUSE FURNITURE COM 500760202 13750 5000000 SH SOLE 5000000
KROLL-O'GARA COMPANY COM 501050108 299 12600 SH SOLE 12600
LSI LOGIC CORP COM 502161102 813 18500 SH SOLE 18500
LADISH COMPANY INC COM 505754200 1224 173334 SH SOLE 173334
ESTEE LAUDER COMPANY COM 518439104 1763 37600 SH SOLE 37600
LEGATO SYSTEMS INC COM 524651106 895 15600 SH SOLE 15600
LEXFORD RESIDENTIAL TRUST COM 528933104 496 23328 SH SOLE 23328
LEXMARK INTL GROUP INC COM 529771107 1956 30800 SH SOLE 30800
LINENS 'N THINGS COM 535679104 1540 35400 SH SOLE 35400
LOEWS CORP COM 540424108 977 12400 SH SOLE 12400
M&T BANK CORPORATION COM 55261F104 925 1680 SH SOLE 1680
MBIA INC COM 55262C100 539 8400 SH SOLE 8400
MBNA CORP COM 55262L100 3678 127650 SH SOLE 127650
MCI WORLDCOM INC COM 55268B106 5142 55555 SH SOLE 55555
MGIC INVESTMENT CORP COM 552848103 4430 96300 SH SOLE 96300
MGM GRAND INC COM 552953101 2466 51500 SH SOLE 51500
MAC-GRAY COM 554153106 321 35154 SH SOLE 35154
MACROMEDIA INC COM 556100105 1503 38900 SH SOLE 38900
MAGNA INTERNATIONAL COM 559222401 599 10000 SH SOLE 10000
MASCO CORP COM 574599106 2280 80900 SH SOLE 80900
MAXIM INTEGRATED PRODUCTS COM 57772K101 1181 19400 SH SOLE 19400
MAY DEPARTMENT STORES COM 577778103 1960 47950 SH SOLE 47950
MCKESSON HBOC INC COM 58155Q103 4413 137900 SH SOLE 137900
MCLEOD INC COM 582266102 1101 21500 SH SOLE 21500
MEDICAL MANAGER CORP COM 58461C103 363 8300 SH SOLE 8300
MEDICIS PHARMACEUTICAL COM 584690309 531 19850 SH SOLE 19850
MEDQUIST INC COM 584949101 696 18200 SH SOLE 18200
MEDTRONIC COM 585055106 2641 35800 SH SOLE 35800
MERCURY INTERACTIVE CORP COM 589405109 1008 28500 SH SOLE 28500
METAMOR WORLDWIDE INC COM 59133P100 26840 1169300 SH PUT SOLE 1169300
METAMOR WORLDWIDE INC COM 59133P100 292 13050 SH SOLE 13050
MICROFIELD GRAPHICS COM 59506W104 36 34239 SH SOLE 34239
MICROSOFT COM 594918104 10116 113746 SH SOLE 113746
MIDCOAST ENERGY RESOURCES COM 59563W104 201 12383 SH SOLE 12383
MIRAGE RESORTS INC COM 60462E104 1343 75950 SH SOLE 75950
MOHAWK INDUSTRIES INC COM 608190104 1152 38080 SH SOLE 38080
MOTIVEPOWER INDUSTRIES INC COM 61980K101 578 30200 SH SOLE 30200
MULTEX COM INC COM 625367107 14514 555556 SH SOLE 555556
NABI INC CV BOND 628716AB8 981 1500000 PRN SOLE 1500000
NATIONAL DATA CORP COM 635621105 3255 72957 SH SOLE 72957
NATIONAL OIL WELL COM 637071101 26030 2135800 SH SOLE 2135800
NETWORK APPLIANCE INC COM 64120L104 2198 43900 SH SOLE 43900
NEW ERA OF NETWORKS INC. COM 644312100 861 21700 SH SOLE 21700
NOBLE AFFILIATES INC COM 654894104 894 27285 SH SOLE 27285
NORTHERN TRUST CORP COM 665859104 1337 14400 SH SOLE 14400
NOVASTAR FINANCIAL COM 669947400 4667 666666 SH SOLE 666666
INTL TECHNOLOGY CORP CV BOND 670839AA7 665 700000 PRN SOLE 700000
OCCIDENTAL PETROLEUM CORP COM 674599105 1188 55100 SH SOLE 55100
OMNICOM GROUP CV COM 681919106 3207 58030 SH SOLE 58030
ON COMMAND (SPECTRAVISION) COM 682160106 15496 932117 SH SOLE 932117
ON COMMAND (SPECTRAVISION) WARRANTS 682160122 1687 296900 SH SOLE 296900
PC CONNECTION INC COM 69318J100 161 12300 SH SOLE 12300
PPG INDUSTRIES INC COM 693506107 1587 25700 SH SOLE 25700
PRI AUTOMATION INC COM 69357H106 397 12200 SH SOLE 12200
PAINE WEBBER GROUP INC COM 695629105 1240568 31555300 SH SOLE 31555300
PAPA JOHN'S INTERNATIONAL INC COM 698813102 918 21800 SH SOLE 21800
PEPSICO INC COM 713448108 998 28200 SH SOLE 28200
PEREGRINE SYSTEMS INC COM 71366Q101 653 26200 SH SOLE 26200
PHARMACIA & UPJOHN INC COM 716941109 652 11944 SH SOLE 11944
PHARMOR WARRANTS 717113112 121 131664 SH SOLE 131664
PHARMOR COM 717113203 463 99299 SH SOLE 99299
PHILIP MORRIS COS INC COM 718154107 794 19600 SH SOLE 19600
PINNACLE SYSTEMS INC. COM 723481107 913 30900 SH SOLE 30900
POLYCOM INC COM 73172K104 785 22200 SH SOLE 22200
POWER INTERGRATIONS INC COM 739276103 733 11800 SH SOLE 11800
PRAXAIR INC COM 74005P104 2143 44300 SH SOLE 44300
PREVIEW TRAVEL COM 74137R101 10556 555555 SH SOLE 555555
PRIME RETAIL INC COM 741570105 698 87264 SH SOLE 87264
PROFESSIONAL DETAILING INC COM 74312N107 485 18300 SH SOLE 18300
PROXICOM COM 744282104 35812 918241 SH SOLE 918241
PROXIM INC COM 744284100 640 13400 SH SOLE 13400
QLOGIC CORP COM 747277101 1367 10900 SH SOLE 10900
QUALCOMM CORP COM 747525103 2989 23400 SH SOLE 23400
RF MICRO DEVICES INC COM 749941100 1349 22300 SH SOLE 22300
RAYTHEON CO COM 755111309 1200 17700 SH SOLE 17700
RAYTHEON CO COM 755111408 489 7100 SH SOLE 7100
RECKSON COM 75621K106 1836 77938 SH SOLE 77938
RECYCLING INDUSTRIES COM 756285102 183 833300 SH SOLE 833300
REDHOOK ALE COM 757473103 1507 478285 SH SOLE 478285
REMEDY CORP COM 759548100 231 10400 SH SOLE 10400
ROBOTIC VISION COM 771074101 3045 1133000 SH SOLE 1133000
ROCHESTER G & E COM 771367109 392 15000 SH SOLE 15000
SCP POOL COM 784028102 799 53259 SH SOLE 53259
SPX CORP COM 784635104 217 4319 SH SOLE 4319
ST. PAUL COMPANIES COM 792860108 2055 62500 SH SOLE 62500
SCHLUMBERGER LTD COM 806857108 670 11300 SH SOLE 11300
SEAGATE TECHNOLOGY INC COM 811804103 1366 46300 SH SOLE 46300
SEALED AIR CORP COM 81211K100 603 9500 SH SOLE 9500
SEARS ROEBUCK & CO COM 812387108 1751 37600 SH SOLE 37600
SERVICE CORPORATION INTL COM 817565104 710 19933 SH SOLE 19933
LODGIAN COM 817648108 101 15672 SH SOLE 15672
SILICON GRAPHICS COM 827056102 319 20000 SH SOLE 20000
SMALL FRY SNACK FOODS COM 831912100 2221 888300 SH SOLE 888300
SMITH INTERNATIONAL INC COM 832110100 899 21628 SH SOLE 21628
SOLECTRON CORP COM 834182107 977 15500 SH SOLE 15500
STANDARD CHEMICAL CORP CV BOND 853258AA9 494 644000 PRN SOLE 644000
STARWOOD HOTELS & RESORTS COM 85590A203 5314 181300 SH SOLE 181300
STEEL DYNAMICS COM 858119100 65189 4310000 SH SOLE 4310000
STORAGE TECHNOLOGY CORP COM 862111200 2812 146551 SH SOLE 146550
SUIZA FOODS COM 865077101 396 10535 SH SOLE 10535
SUN INC CV BOND 866762AG2 515 500000 PRN SOLE 500000
SYNC RESEARCH COM 785065103 88 38153 SH SOLE 38153
SYMBOL TECHNOLOGIES INC COM 871508107 1308 35700 SH SOLE 35700
TCA CABLE TV INC COM 872241104 1262 24000 SH SOLE 24000
THE TJX COMPANIES COM 872540109 1293 40000 SH SOLE 40000
TARRANT APPAREL GROUP COM 876289109 289 11000 SH SOLE 11000
TELESCAN COM 879516102 26540 1220237 SH SOLE 1220237
TENET HEALTHCARE COM 88033G100 1648 89100 SH SOLE 89100
TENNECO COM 88037E101 680 27900 SH SOLE 27900
TERADYNE INC COM 880770102 1206 18200 SH SOLE 18200
TETRA TECH INC COM 88162G103 684 36844 SH SOLE 36844
TEXACO INC COM 881694103 580 9200 SH SOLE 9200
TEXAS UTILITIES CO COM 882848104 1512 35900 SH SOLE 35900
TOYS "R" US INC COM 892335100 3771 171400 SH SOLE 171400
TRANSACTION SYSTEMS ARCHITECTS COM 893416107 422 11400 SH SOLE 11400
TRANSWITH CORP COM 894065101 723 19950 SH SOLE 19950
TRICON GLOBAL RESTAURANTS COM 895953107 868 17500 SH SOLE 17500
USX MARATHON GROUP COM 902905827 764 24000 SH SOLE 24000
UNUM CORPORATION COM 903192102 1811 31300 SH SOLE 31300
U. S. FOODSERVICE COM 90331R101 1326 30800 SH SOLE 30800
UNICOM COM 904911104 1138 32000 SH SOLE 32000
UNION PACIFIC RESOURCES GRP IN COM 907834105 1483 90200 SH SOLE 90200
UNIROYAL TECHNOLOGY CORP COM 909163107 300 25534 SH SOLE 25534
UNITED HEALTHCARE CORP COM 910581107 4367 69800 SH SOLE 69800
UNITED RENTALS INC COM 911363109 496 18900 SH SOLE 18900
UNOCAL CORP COM 915289102 2191 54700 SH SOLE 54700
VALUE VISION COM 92047K107 104000 4000000 SH SOLE 4000000
VERITAS SOFTWARE CORPORATION COM 923436109 2020 21600 SH SOLE 21600
VIRTUAL FUND.COM COM 92825A909 718 410300 SH SOLE 410300
WMF GROUP COM 929289106 130 20833 SH SOLE 20833
WMX TECHNOLOGIES CV BOND 92929QAF4 3013 3000000 PRN SOLE 3000000
WASHINGTON MUTUAL INC COM 939322103 5868 169480 SH SOLE 169480
WATERS CORPORATION COM 941848103 1108 20800 SH SOLE 20800
WATSON PHARMACEUTICALS COM 942683103 1534 38300 SH SOLE 38300
WESTPOINT STEVENS INC COM 961238102 1305 46000 SH SOLE 46000
WHITTMAN-HART INC COM 966834103 746 27700 SH SOLE 27700
WHOLE FOODS MARKET INC COM 966837106 466 10500 SH SOLE 10500
ZIONS BANCORPORATION COM 989701107 1357 22800 SH SOLE 22800
<PAGE>
</TABLE>
<TABLE>
FORM 13F INFORMATION TABLE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER ---VOTING AUTHORITY---
NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
ABBOTT LABORATORIES COM 002824100 21993 492848 SH SOLE 01 492848
AIR PRODUCTS AND CHEMICALS INC COM 009158106 22064 489635 SH SOLE 01 489635
AIRTOUCH COMMUNICATIONS INC COM 00949T100 35718 323424 SH SOLE 01 323424
ALLIEDSIGNAL INC COM 019512102 44196 666490 SH SOLE 01 666490
ALLTEL CORP. COM 020039103 518 7051 SH SOLE 01 7051
ALTERA CORPORATION COM 021441100 525 13914 SH SOLE 01 13914
AMERADA HESS CORP COM 023551104 516 8423 SH SOLE 01 8423
AMERICAN EXPRESS COMPANY COM 025816109 26110 207640 SH SOLE 01 207640
AMERICAN HOME PRODUCTS CORP COM 026609107 13939 253152 SH SOLE 01 253152
AMERICAN INTERNATIONAL GROUP COM 026874107 13011 107367 SH SOLE 01 107367
ANALOG DEVICES COM 032654105 3706 81009 SH SOLE 01 81009
ANDARKO PETROLEUM CORPORATION COM 032511107 516 13186 SH SOLE 01 13186
ANHEUSER BUSCH COS. INC COM 035229103 19623 265853 SH SOLE 01 265853
APACHE CORP COM 037411105 530 13914 SH SOLE 01 13914
ASSOCIATES FIRST CAPITAL CORP COM 046008108 2589 65456 SH SOLE 01 65456
AUTOMATIC DATA PROCESSING INC COM 053015103 27079 656469 SH SOLE 01 656469
AVON PRODUCTS INC COM 054303102 11355 211274 SH SOLE 01 211274
AT AND T CORP COM 001957208 5568 160812 SH SOLE 01 160812
AT AND T CORP COM 001957109 27905 514384 SH SOLE 01 514384
BAKER HUGHES INC COM 057224107 3283 94995 SH SOLE 01 94995
BANKAMERICA CORPORATION COM 06605F102 29990 417993 SH SOLE 01 417993
BANKBOSTON CORPORATION COM 06605R106 8483 174923 SH SOLE 01 174923
BELL ATLANTIC CORP COM 077853109 8063 133000 SH SOLE 01 133000
BELLSOUTH CORPORATION COM 079860102 492 10710 SH SOLE 01 10710
BERKSHIRE HATHAWAY COM 084670207 17607 7583 SH SOLE 01 7583
BOWATER INC COM 102183100 505 9737 SH SOLE 01 9737
BRISTOL-MYERS SQUIBB COMPANY COM 110122108 47686 701276 SH SOLE 01 701276
BROADCOM CORP COM 111320107 586 5187 SH SOLE 01 5187
BURLINGTON NORTHERN SANTA FE COM 12189T104 16276 518764 SH SOLE 01 518764
BURLINGTON RESOURCES INC COM 122014103 11607 257583 SH SOLE 01 257583
BP AMOCO PLC-SPONSORED ADR COM 055622104 5641 50204 SH SOLE 01 50204
CARDINAL HEALTH INC COM 14149Y108 17799 304260 SH SOLE 01 304260
CENDANT CORPORATION COM 151313103 1412 72682 SH SOLE 01 72682
CHASE MANHATTAN CORP COM 16161A108 25455 319938 SH SOLE 01 319938
CIRCUS CIRCUS ENTERPRISES INC COM 172909103 2711 122198 SH SOLE 01 122198
CISCO SYSTEMS INC COM 17275R102 20900 178070 SH SOLE 01 178070
CITIGROUP INC. COM 172967101 40365 861131 SH SOLE 01 861131
COFLEXIP SAADR COM 192384105 1328 29694 SH SOLE 01 29694
COLGATE-PALMOLIVE COMPANY COM 194162103 8894 88560 SH SOLE 01 88560
COLUMBIA/HCA HEALTHCARE COM 197677107 500 21011 SH SOLE 01 21011
COMCAST CORPORATION COM 200300200 19388 496355 SH SOLE 01 496355
COMVERSE TECHNOLOGY INC COM 205862402 2479 32626 SH SOLE 01 32626
CBS CORPORATION COM 12490K107 13731 327424 SH SOLE 01 327424
DANIELSON HOLDING CORP COM 236274106 96 17489 SH SOLE 01 17489
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