MARVIN & PALMER ASSOCIATES INC
13F-HR, 2000-02-11
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                               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:          Marvin & Palmer Associates, Inc.
Address:       1201 N. Market Street
               Suite 2300
               Wilmington, Delaware 19801

Form 13F File Number: 28-2633

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:          Karen T. Buckley
Title:         Senior Vice President
Phone:         (302) 573-3570

Signature, Place, and Date of Signing:

/s/ Karen T. Buckley      Wilmington, Delaware      February 11, 2000

Report Type (Check only one.):

[ ]     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).)

[X]     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).)

List of Other Managers Reporting for this Manager:

  Form 13F File Number          Name

  28-2427                       Citigroup, Inc.




                           Form 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:           3

Form 13F Information Table Entry Total:      160

Form 13F Information Table Value Total:      $3,078,999
                                             (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.

  No.      Form 13F File Number         Name

  1        [File Number Pending]        Atlas Asset Management, Inc

  2        28-7164                      Bear Stearns Asset Management Inc.

  3        28-551                       U.S. Bancorp




                         Form 13F INFORMATION TABLE


<TABLE>
<CAPTION>

- -------------------------------------------------------------------------------------------------------------------------------
           Column 1             Column 2    Column 3    Column 4     Column 5    Column 6     Column 7       Column 8
- -------------------------------------------------------------------------------------------------------------------------------
        Name of Issuer          Title of     CUSIP       VALUE       SHRS OR    INVESTMENT     OTHER       VOTING AUTHORITY
                                 Class                   (x$1000)     SH/PUT/    DISCRETION    MANAGERS        SOLE SHARED
                                                                      PRN AMT                                    NONE
                                                                      PRN CALL
- -------------------------------------------------------------------------------------------------------------------------------
<S>                             <C>          <C>          <C>          <C>       <C>           <C>           <C>
Affymetrix Inc                  COM          00826T108      23,451       138,200 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Amazon.com                      COM           23135106      45,069       592,000 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
America Online                  COM          02364J104      84,817     1,124,300 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
American Express Company        COM           25816109       4,505        27,100 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
American Intl Group             COM           26874107      28,324       261,943 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Amgen Inc.                      COM           31162100      89,309     1,487,000 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Ariba Inc                       COM          04033V104      23,308       131,400 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
ASM International - ADR         ADR          N07045102       1,771        77,000 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
ASM Lithography Holding - ADR   ADR          N07059111       1,820        16,000 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
AT&T Corp                       COM            1957109       8,729       172,000 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Banc One Corporation            COM          06423A103       3,793       118,300 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Bank of America Corp            COM           60505104       3,915        78,000 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Bell Atlantic Corp              COM           77853109       5,559        90,300 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
BellSouth Corp                  COM           79860102       5,842       124,800 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Bristol Myers Co                COM          110122108       6,207        96,700 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Broadcom Corp                   COM          111320107      48,974       179,800 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Broadvision Inc                 COM          111412102      21,138       124,300 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Brocade Communications          COM          111621108      20,337       114,900 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
CBS                             COM          12490K107       4,246        66,400 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Charles Schwab                  COM          808513105       1,528        39,800 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Check Point Software            COM          M22465104      87,987       442,700 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Check Point Software            COM          M22465104         219         1,100 Defined                     1 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Check Point Software            COM          M22465104         239         1,200 Defined                     2 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Check Point Software            COM          M22465104       8,984        45,200 Defined                     3 Sole
- -------------------------------------------------------------------------------------------------------------------------------
China Telecom HK LTD - ADR      ADR          169428109      49,110       382,000 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
China Telecom HK LTD - ADR      ADR          169428109         951         7,400 Defined                     1 Sole
- -------------------------------------------------------------------------------------------------------------------------------
China Telecom HK LTD - ADR      ADR          169428109       2,558        19,900 Defined                     3 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Chinadotcom Corporation         COM          G2108N109      13,556       172,400 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Chinadotcom Corporation         COM          G2108N109          79         1,000 Defined                     1 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Chinadotcom Corporation         COM          G2108N109         676         8,600 Defined                     3 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Cisco Systems                   COM          17275R102     113,792     1,062,182 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Citigroup                       COM          172967101      73,223     1,317,900 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
CMGI Inc                        COM          125750109      27,217        98,300 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Coca-Cola Company               COM          191216100       7,508       128,900 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Colt Telecom Group Spons ADR    ADR          196877104       5,222        25,600 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Columbia/HCA Healthcare Corp    COM          197677107      10,335       352,600 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Comcast Class A Special         COM          200300200      20,219       399,900 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Computer Associates Intl        COM          204912109      16,387       234,300 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Comverse Technology Inc.        COM          205862402      12,210        84,350 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Comverse Technology Inc.        COM          205862402          94           650 Defined                     1 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Comverse Technology Inc.        COM          205862402         919         6,350 Defined                     3 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Disney Walt Co                  COM          254687106       4,007       137,000 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Doubleclick Inc                 COM          258609304      29,380       116,100 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
E*Trade Group Inc.              COM          269246104      13,494       516,400 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
E.I. DuPont De Nemours & Co.    COM          263534109       4,098        62,200 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Ebay Inc                        COM          278642103      14,096       112,600 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
EL Sitio                        COM          G30177102       5,171       140,700 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
EL Sitio                        COM          G30177102         393        10,700 Defined                     3 Sole
- -------------------------------------------------------------------------------------------------------------------------------
EMC Corp                        COM          268648102      21,544       197,200 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Ericsson LM Tele Co ADR         ADR          294821400     497,451     7,572,700 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Ericsson LM Tele Co ADR         ADR          294821400       5,938        90,400 Defined                     1 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Ericsson LM Tele Co ADR         ADR          294821400       1,695        25,800 Defined                     2 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Ericsson LM Tele Co ADR         ADR          294821400      39,559       602,200 Defined                     3 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Exodus Communications Inc       COM          302088109      42,611       479,800 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Exxon Mobile Corporation        COM          30231G102      13,043       161,900 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Ford Mtr Co                     COM          345370100       8,310       155,500 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
General Electric Company        COM          369604103      23,785       153,700 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
General Motors Corp             COM          370442105       4,034        55,500 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Glaxo Wellcome ADR              ADR          37733W105       9,947       178,000 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Global Telesystems Group Inc    COM          37936U104         187         5,400 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Grupo Televisa  S.A. Global     COM          40049J206      85,128     1,247,300 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Grupo Televisa  S.A. Global     COM          40049J206         266         3,900 Defined                     1 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Grupo Televisa  S.A. Global     COM          40049J206         218         3,200 Defined                     2 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Grupo Televisa  S.A. Global     COM          40049J206      10,435       152,900 Defined                     3 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Hewlett-Packard                 COM          428236103       4,102        36,000 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Home Depot Inc                  COM          437076102      29,063       423,900 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Honeywell                       COM          438516106       4,211        73,000 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
IDEC Pharmaceuticals Corp.      COM          449370105      20,063       204,200 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Immunex Corp                    COM          452528102      26,521       242,200 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Infonet Services                COM          45666T106      50,075     1,907,600 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Infonet Services                COM          45666T106         197         7,500 Defined                     2 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Infonet Services                COM          45666T106       5,345       203,600 Defined                     3 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Infosys Technologies - ADR      ADR          456788108      17,787        53,900 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Infosys Technologies - ADR      ADR          456788108          99           300 Defined                     1 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Infosys Technologies - ADR      ADR          456788108         990         3,000 Defined                     3 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Inktomi Corp                    COM          457277101      13,827       155,800 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Intel Corp                      COM          458140100      57,617       700,000 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
International Business Machine  COM          459200101       9,677        89,600 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Internet Initiative - ADR       ADR          46059T109       8,281        85,200 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Internet Initiative - ADR       ADR          46059T109         700         7,200 Defined                     1 Sole
- -------------------------------------------------------------------------------------------------------------------------------
JDS Uniphase Corp               COM          46612J101      30,488       189,000 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Juniper Networks Inc            COM          48203R104      22,712        66,800 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Korea Electric Power Corp-ADR   ADR          500631106       8,139       485,900 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Korea Electric Power Corp-ADR   ADR          500631106          97         5,800 Defined                     1 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Korea Electric Power Corp-ADR   ADR          500631106         508        30,300 Defined                     3 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Korea Telecom - ADR             ADR          50063P103      85,327     1,141,500 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Korea Telecom - ADR             ADR          50063P103         277         3,700 Defined                     1 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Korea Telecom - ADR             ADR          50063P103         247         3,300 Defined                     2 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Korea Telecom - ADR             ADR          50063P103       7,707       103,100 Defined                     3 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Lehman Brothers Holdings Inc    COM          524908100      13,305       157,100 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Longview Fibre Company          COM          543213102       2,405       168,800 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Lucent                          COM          549463107       7,167        95,800 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
MCI Worldcom,  Inc.             COM          55268B106       7,657       144,300 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Medimmune Inc.                  COM          584699102       3,019        18,200 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Merck & Co. Inc.                COM          589331107       7,819       116,600 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Micron Technology Inc           COM          595112103       2,091        26,900 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Microsoft Corp                  COM          594918104      25,790       220,900 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Morgan St  Dean Witter & Co     COM          617446448      33,960       237,900 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Motorola Inc                    COM          620076109       4,152        28,200 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Net2Phone Inc                   COM          64108N106         381         8,300 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Nextel Communications Inc-A     COM          65332V103      33,641       326,200 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Nippon Telegraph & Teleph ADR   ADR          654624105         138         1,600 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Nortel Networks Corp            COM          656569100      73,871       731,400 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Nortel Networks Corp            COM          656569100         293         2,900 Defined                     2 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Nortel Networks Corp            COM          656569100       7,009        69,400 Defined                     3 Sole
- -------------------------------------------------------------------------------------------------------------------------------
NY Times A                      COM          650111107       1,887        38,400 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Oracle Corporations             COM          68389X105      21,953       195,900 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
P Acucar Cbd - ADR              ADR          20440T201         510        15,800 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Partner Communications - ADR    ADR          70211M109      10,339       399,500 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Partner Communications - ADR    ADR          70211M109          62         2,400 Defined                     1 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Partner Communications - ADR    ADR          70211M109         559        21,600 Defined                     3 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Pepsico Inc                     COM          713448108       3,983       113,000 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Pfizer Inc                      COM          717081103       5,745       177,100 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Phone.Com Inc                   COM          71920Q100       2,713        23,400 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
PMC Sierra                      COM          69344F106      51,476       321,100 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
PMC Sierra                      COM          69344F106         208         1,300 Defined                     2 Sole
- -------------------------------------------------------------------------------------------------------------------------------
PMC Sierra                      COM          69344F106       5,258        32,800 Defined                     3 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Pohang Iron & Steel ADR         ADR          730450103      14,112       403,200 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Pohang Iron & Steel ADR         ADR          730450103          74         2,100 Defined                     1 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Pohang Iron & Steel ADR         ADR          730450103         648        18,500 Defined                     3 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Procter & Gamble Co.            COM          742718109       7,976        72,800 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Qiagen N.V.                     COM          N72482107       1,752        23,200 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Qualcomm Inc                    COM          747525103      64,111       364,000 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Realnetworks                    COM          75605L104      10,238        85,100 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Research In Motion              COM          760975102      31,733       687,000 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Research In Motion              COM          760975102         152         3,300 Defined                     2 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Research In Motion              COM          760975102       3,631        78,600 Defined                     3 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Royal Dutch Petro - ADR         ADR          780257804       7,718       127,700 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Satyam Infoway Ltd ADR          ADR          804099109      10,835        69,900 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Satyam Infoway Ltd ADR          ADR          804099109          93           600 Defined                     1 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Satyam Infoway Ltd ADR          ADR          804099109         775         5,000 Defined                     3 Sole
- -------------------------------------------------------------------------------------------------------------------------------
SBC Communications Inc          COM          78387G103       8,873       182,000 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
SK Telecom                      COM          78440P108      60,352     1,572,489 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
SK Telecom                      COM          78440P108         336         8,748 Defined                     1 Sole
- -------------------------------------------------------------------------------------------------------------------------------
SK Telecom                      COM          78440P108       2,528        65,865 Defined                     3 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Sony Corp - ADR                 ADR          835699307       2,193         7,700 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Sprint Corporation PCS Group    COM          852061506      13,776       134,400 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
State Street Corp               COM          857477103      17,534       240,000 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Sycamore Networks Inc           COM          871206108      18,511        60,100 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Taiwan Semi Man - ADR           ADR          874039100      11,664       259,200 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Taiwan Semi Man - ADR           ADR          874039100          23           500 Defined                     1 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Taiwan Semi Man - ADR           ADR          874039100         176         3,900 Defined                     3 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Telebanc Financial Corp         COM          87925R109       1,040        40,000 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Telecentro Sul Participa ADR    ADR          879239101       6,697        73,800 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Telecentro Sul Participa ADR    ADR          879239101          54           600 Defined                     1 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Telecentro Sul Participa ADR    ADR          879239101         490         5,400 Defined                     3 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Telecom Brazilia ADR            ADR          879287308      41,223       320,800 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Telecom Brazilia ADR            ADR          879287308         244         1,900 Defined                     1 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Telecom Brazilia ADR            ADR          879287308       1,478        11,500 Defined                     3 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Telefonos de Mexico  ADR        ADR          879403780      51,784       460,300 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Telefonos de Mexico  ADR        ADR          879403780         270         2,400 Defined                     1 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Telefonos de Mexico  ADR        ADR          879403780       1,823        16,200 Defined                     3 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Texas Instruments Inc           COM          882508104      52,577       542,700 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Time Warner                     COM          887315109       4,346        60,000 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Trend Micro Inc - ADR           ADR          89486M107       2,709       111,700 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Trend Micro Inc - ADR           ADR          89486M107         485        20,000 Defined                     1 Sole
- -------------------------------------------------------------------------------------------------------------------------------
Veritas Software Corp           COM          923436109      42,689       298,250 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Wal Mart Stores Inc             COM          931142103      13,937       201,600 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Company             COM          949746101      14,037       347,100 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------
Yahoo Inc                       COM          984332106     102,937       237,900 Sole                          Sole
- -------------------------------------------------------------------------------------------------------------------------------

</TABLE>



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