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, 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: Benefit Capital Management Corporation
Address: 39 Old Ridgebury Road
Section E2
Danbury, CT 06817-0001
13F File Number: 28-2036
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: Elizabeth Leppla
Title: Controller
Phone: 203-794-7346
Signature, Place, and Date of Signing:
Elizabeth Leppla Danbury, Connecticut May 11, 1999
Report Type (Check only one):
[x ] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager:
I AM SENDING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF
1934.
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FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 88
Form 13F Information Table Value Total: $2,249,244
List of Other Included Managers: None
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FORM 13F INFORMATION TABLE
TILE OF VALUE SHARES SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER CLASS CUSIP ($1,000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
AT&T CORP COM 00195710 9410 117900 SH SOLE 117900 0 0
ALLIEDSIGNAL INC COM 01951210 9598 195126 SH SOLE 195126 0 0
AMERICAN EXPRESS CO COM 02581610 38569 327550 SH SOLE 327550 0 0
AMERICAN HOME PRODS COM 02660910 14322 219500 SH SOLE 219500 0 0
AMERICAN INTL GROUP COM 02687410 74950 621345 SH SOLE 621345 0 0
AUTOMATIC DATA PROC COM 05301510 28787 695750 SH SOLE 695750 0 0
BMC SOFTWARE INC COM 05592110 6783 183000 SH SOLE 183000 0 0
BANK AMER CORP COM 06050510 11159 158002 SH SOLE 158002 0 0
BESTFOODS COM 08658U10 11507 244832 SH SOLE 244832 0 0
BRISTOL MYERS SQUIB COM 11012210 27349 426500 SH SOLE 426500 0 0
CBS CORP COM 12490K10 45711 1120000 SH SOLE 1120000 0 0
CARNIVAL CORP COM 14365810 29283 603000 SH SOLE 603000 0 0
CHASE MANHATTAN CO COM 16161A10 50651 622440 SH SOLE 622440 0 0
CISCO SYS INC COM 17275R10 50111 457373 SH SOLE 457373 0 0
CITIGROUP INC COM 17296710 45463 711750 SH SOLE 711750 0 0
COCA COLA CO COM 19121610 30005 488876 SH SOLE 488876 0 0
COLGATE PALMOLIVE COM 19416210 27324 297000 SH SOLE 297000 0 0
COMPUTER ASSOC INTL COM 20491210 19631 552000 SH SOLE 552000 0 0
CONOCO INC COM 20825130 14996 610500 SH SOLE 610500 0 0
CONSOLIDATED STORES COM 21014910 19582 646000 SH SOLE 646000 0 0
D S T SYSTEMS COM 23332610 3123 52000 SH SOLE 52000 0 0
DELL COMPUTER CORP COM 24702510 27305 668000 SH SOLE 668000 0 0
DIAL CORP COM 25247D10 18563 540000 SH SOLE 540000 0 0
DISNEY WALT CO COM 25468710 32651 1049044 SH SOLE 1049044 0 0
EASTMAN KODAK CO COM 27746110 6579 103000 SH SOLE 103000 0 0
ECOLAB INC COM 27886510 11289 318000 SH SOLE 318000 0 0
EMERSON ELEC CO COM 29101110 13980 264084 SH SOLE 264084 0 0
EXXON CORP COM 30229010 40071 567876 SH SOLE 567876 0 0
FEDERAL HOME LN COM 31340030 23556 411000 SH SOLE 411000 0 0
FEDERAL NATL MTG AS COM 31358610 30534 440919 SH SOLE 440919 0 0
FLEET FINL GROUP IN COM 33891510 3537 94000 SH SOLE 94000 0 0
FOX ENTMT GROUP INC COM 35138T10 15014 553500 SH SOLE 553500 0 0
GANNETT INC COM 36473010 22491 357000 SH SOLE 357000 0 0
GENERAL ELEC CO COM 36960410 96093 868634 SH SOLE 868634 0 0
GENERAL MILLS INC COM 37033410 18159 240313 SH SOLE 240313 0 0
GILLETTE CO COM 37576610 42275 711250 SH SOLE 711250 0 0
GREENPOINT FINL COR COM 39538410 3579 103000 SH SOLE 103000 0 0
HALLIBURTON CO COM 40621610 14823 385000 SH SOLE 385000 0 0
HEINZ H J COM 42307410 474 10000 SH SOLE 10000 0 0
HEWLETT PACKARD CO COM 42823610 31720 467750 SH SOLE 467750 0 0
HOME DEPOT INC COM 43707610 63402 1018500 SH SOLE 1018500 0 0
HONEYWELL INC COM 43850610 29264 386000 SH SOLE 386000 0 0
INFINITY BROADCAST COM 45662S10 13596 528000 SH SOLE 528000 0 0
INTEL CORP COM 45814010 39371 331200 SH SOLE 331200 0 0
INTERNATIONAL BUSI COM 45920010 71445 403076 SH SOLE 403076 0 0
INTERPUBLIC GROUP COM 46069010 18262 234500 SH SOLE 234500 0 0
JOHNSON & JOHNSON COM 47816010 31145 333100 SH SOLE 333100 0 0
KOHLS CORP COM 50025510 7655 108000 SH SOLE 108000 0 0
LAUDER ESTEE COS COM 51843910 30580 323600 SH SOLE 323600 0 0
LILLY ELI & CO COM 53245710 23341 275000 SH SOLE 275000 0 0
MCI WORLDCOM INC COM 55268B10 14170 160000 SH SOLE 160000 0 0
MARRIOTT INTL INC COM 57190320 15840 471084 SH SOLE 471084 0 0
MASCO CORP COM 57459910 16388 580100 SH SOLE 580100 0 0
MCDONALDS CORP COM 58013510 36715 810250 SH SOLE 810250 0 0
MCGRAW HILL CO COM 58064510 39812 730500 SH SOLE 730500 0 0
MELLON BK CORP COM 58550910 19494 277000 SH SOLE 277000 0 0
MERCK & CO INC COM 58933110 46272 577500 SH SOLE 577500 0 0
MEREDITH CORP COM 58943310 13141 418000 SH SOLE 418000 0 0
METTLER TOLEDO INT COM 59268810 21236 858000 SH SOLE 858000 0 0
MICROSOFT CORP COM 59491810 75715 844800 SH SOLE 844800 0 0
MOBIL CORP COM 60705910 9977 113376 SH SOLE 113376 0 0
MOLEX COM 60855410 7163 243863 SH SOLE 243863 0 O
MONSANTO CO COM 61166210 2986 65000 SH SOLE 65000 0 0
OFFICE DEPOT INC COM 67622010 27124 724500 SH SOLE 724500 0 0
OUTDOOR SYS INC COM 69005710 26483 882774 SH SOLE 882774 O O
PEPSI BOTTLING GRO COM 71340910 9369 432000 SH SOLE 432000 0 0
PEPSICO INC COM 71344810 33241 848250 SH SOLE 848250 0 0
PERKIN ELMER CORP COM 71404110 27433 282634 SH SOLE 282634 O O
PFIZER INC COM 71708110 50810 366200 SH SOLE 366200 0 0
PHILIP MORRIS COS COM 71815410 10891 309500 SH SOLE 309500 0 0
PROCTER & GAMBLE COM 74271810 33830 345426 SH SOLE 345426 O O
REPUBLIC SVCS INC COM 76075910 5714 353000 SH SOLE 353000 0 0
SARA LEE CORP COM 80311110 11421 461450 SH SOLE 461450 0 O
SCHERING PLOUGH COM 80660510 31714 574000 SH SOLE 574000 O O
SCHLUMBERGER LTD COM 80685710 22315 370750 SH SOLE 370750 O O
STAPLES INC COM 85503010 28889 878750 SH SOLE 878750 O O
STATE STR CORP COM 85747710 17026 207000 SH SOLE 207000 O O
SUN MICROSYSTEMS COM 86681010 15508 124000 SH SOLE 124000 0 0
TEXACO INC COM 88169410 26843 473000 SH SOLE 473000 O O
TIME WARNER INC COM 88731510 41815 590500 SH SOLE 590500 0 0
TRICON GLOBAL RES COM 89595310 11558 164525 SH SOLE 164525 O O
WARNER LAMBERT CO COM 93448810 46739 705499 SH SOLE 705499 O O
WASHINGTON MUT INC COM 93932210 14508 354940 SH SOLE 354940 O O
WATERS CORP COM 94184810 15865 151000 SH SOLE 151000 0 0
WELLS FARGO & CO COM 94974610 12412 354000 SH SOLE 354000 0 0
WESTPOINT STEVENS COM 96123810 30000 1083500 SH SOLE 1083500 0 0
WRIGLEY WM JR CO COM 98252610 7416 82000 SH SOLE 82000 0 0
ROYAL CARIBBEAN CR COM V7780T10 22347 573000 SH SOLE 573000 0 0
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