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: M.D. Sass Investors Services, Inc.
Address: 1185 Avenue of the Americas, 18th Floor New York, New York 10036
Form 13F File Number: 28-2771
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: Martin E. Winter
Title: Senior Vice President, Finance
Phone: 212-730-2000
Signature, Place, and Date of Signing:
/s/ Martin E. Winter, New York, New York, May 11, 1999
________________________________________________
[Signature] [City, State] [Date]
Report Type (Check only one.):
[X] 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).)
List of Other Managers Reporting for this Manager:
Name: 13F File No.
1. M.D. Sass Associates, Inc. 28-2770
2. M.D. Sass Management, Inc. Pending
3. Resurgence Asset Management, L.L.C. Pending
<TABLE>
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <c: >
AT&T CORP COMMON 001957109 1459292 18284 18284 18284
AT&T CORP COMMON 001957208 1833125 34857 34857 34857
AVX CORP NEW COMMON 002444107 3337600 208600 208600 198900 9700
ABOVENET
COMMUNICATIONS COMMON 003743101 261750 2000 2000 2000
ADVANCED
NEUROMODULATION COMMON 00757T101 82500 12000 12000 12000
AIR EXPRESS
INTL CORP COMMON 009104100 2848038 188300 188300 179800 8500
ALTERNATIVE
RESOURCES COMMON 02145R102 1552313 243500 243500 232800 10700
AMERICAN REAL
ESTATE PAR COMMON 029169109 163750 20000 20000 20000
AMGEN INC COMMON 031162100 868550 11600 11600 11600
AMPAL AMERN
ISRAEL CORP COMMON 032015109 85313 21000 21000 21000
ANDREW CORP COMMON 034425108 2673044 217100 217100 207400 9700
ASPEN
TECHNOLOGIES INC COMMON 045327103 1645750 116000 116000 116000
AVON PRODS INC COMMON 054303102 2823750 60000 60000 57200 2800
BIO TECHNOLOGY
GEN CORP COMMON 090578105 128925 21600 21600 21600
BLACK BOX CORP COMMON 091826107 3927700 126700 126700 120900 5800
BOTTOMLINE
TECH DEL INC COMMON 101388106 236106 3700 3700 3700
CAI WIRELESS
SYS INC COMMON 12476P203 1954410 248179 248179 248179
CHANCELLOR MEDIA
CORP COMMON 158915108 329875 7000 7000 7000
COMSTOCK RES INC COMMON 205768203 122500 40000 40000 40000
CORPORATE
RENAISSANCE GR MUTUAL 220033104 832669 117900 117900 117900
DELIA*S INC COMMON 246885107 315000 10000 10000 10000
DEPARTMENT 56 INC COMMON 249509100 4032969 132500 132500 126900 5600
DIEBOLD INC COMMON 253651103 3716400 154850 154850 148150 6700
DOUBLECLICK INC COMMON 258609304 218475 1200 1200 1200
DUSA
PHARMACEUTICALS INC COMMON 266898105 81813 11000 11000 11000
ECI TELECOM LTD COMMON 268258100 210000 6000 6000 6000
ESC MED SYS LTD BND CV 269025AB8 139376 200000 200000 200000
EAGLE GEOPHYSICAL
INC COMMON 269524104 152500 40000 40000 40000
EDWARDS AG INC COMMON 281760108 3343931 102300 102300 98000 4300
ENZON INC COMMON 293904108 295000 20000 20000 20000
EQUITY RESIDENTIAL
PPTYS COMMON 29476L107 1066354 25851 25851 25851
EXODUS
COMMUNICATIONS IN COMMON 302088109 228650 1700 1700 1700
FAMILY GOLF
CTRS INC COMMON 30701A106 89250 12000 12000 12000
FEDERAL HOME LN
MTG CORP COMMON 313400301 4673834 81550 81550 77900 3650
FEDERAL NATL
MTG ASSN COMMON 313586109 5283775 76300 76300 73500 2800
FINLAY ENTERPRISES
INC COMMON 317884203 124344 11500 11500 11500
FIRST HEALTH
GROUP CORP COMMON 320960107 4099150 255200 255200 243700 11500
FRANKLIN COVEY CO COMMON 353469109 1689300 187700 187700 180300 7400
GTE CORP COMMON 362320103 325490 5380 5380 5380
GAYLORD CONTAINER
CORP COMMON 368145108 23057348 3074313 3074313 3074313
GENERAL ELEC CO COMMON 369604103 5387438 48700 48700 46000 2700
GILDAN ACTIVEWEAR
INC COMMON 375916103 122500 10000 10000 10000
GLOBAL INDUSTRIES
LTD COMMON 379336100 121500 12000 12000 12000
GRAINGER W W INC COMMON 384802104 361725 8400 8400 8400
HARLEY DAVIDSON INC COMMON 412822108 2455650 42800 42800 42800
HARTFORD FINL SVCS
GROUP COMMON 416515104 340875 6000 6000 6000
IGEN INC COMMON 449536101 801600 33400 33400 33400
IXC COMMUNICATIONS
INC COMMON 450713102 357825 7800 7800 7800
INFOSPACE COM INC COMMON 45678T102 203838 2300 2300 2300
INTEL CORP COMMON 458140100 4124963 34700 34700 33150 1550
INTL PRECIOUS METALS COMMON 459960100 260 40000 40000 40000
INTERPUBLIC GROUP
COS IN COMMON 460690100 1518563 19500 19500 19500
KAYDON CORP COMMON 486587108 3896434 134650 134650 128650 6000
LANDSTAR SYS INC COMMON 515098101 2565200 77440 77440 73640 3800
MCI WORLDCOM INC COMMON 55268B106 1224968 13831 13831 13831
MADDEN STEVEN LTD COMMON 556269108 88594 10500 10500 10500
MATRITECH INC COMMON 576818108 34375 22000 22000 22000
MAXIM GROUP INC COMMON 57772J104 100300 11800 11800 11800
MELLON BK CORP COMMON 585509102 4427151 62908 62908 61456 1452
MERCK & CO INC COMMON 589331107 5323665 66442 66442 62902 3540
MIDCOM COMMUNI
CATIONS IN BND CV 59563XAA0 1056000 6400000 6400000 6400000
MIDCOM COMMUNI
CATIONS IN BND CV 59563XAC6 1056000 6400000 6400000 6400000
MULTEX COM INC COMMON 625367107 275000 4400 4400 4400
NOODLE KIDOODLE INC COMMON 655370104 115109 17375 17375 17375
OBJECT DESIGN INC COMMON 674416102 102500 20000 20000 20000
OFFICEMAX INC COMMON 67622M108 172500 20000 20000 20000
PNC BANK CORP COMMON 693475105 3767138 67800 67800 65500 2300
PALL CORP COMMON 696429307 1465781 88500 88500 84600 3900
PFIZER INC COMMON 717081103 4766063 34350 34350 32950 1400
PHILIP SVCS CORP COMMON 71819M103 2617 10000 10000 10000
PHYSICIANS RESOURCE
GROU BND CV 71941SAA9 45488520 91896000 91896000 91896000
PIER 1 IMPORTS INC COMMON 720279108 383906 47250 47250 47250
RANGER INDS INC COMMON 752907105 40368 86072 86072 86072
RAYTHEON CO COMMON 755111408 328300 5600 5600 5600
REALNETWORKS INC COMMON 75605L104 219938 1800 1800 1800
REYNOLDS &
REYNOLDS CO COMMON 761695105 4656900 245100 245100 234500 10600
SCHLUMBERGER LTD COMMON 806857108 683128 11350 11350 11350
SECURE COMPUTING
CORP COMMON 813705100 288750 27500 27500 27500
7TH LEVEL INC COMMON 817916109 83125 14000 14000 14000
SIGMA ALDRICH CORP COMMON 826552101 4595175 157100 157100 149900 7200
SKYWEST INC COMMON 830879102 202125 7000 7000 7000
SKYTEL COMMUNI
CATIONS IN COMMON 83087Q104 674975 40600 40600 40600
SMARTALK TELE
SERVICES IN BND CV 83169AAA8 3069605 12529000 12529000 12529000
SMARTALK TELE
SERVICES IN BND CV 83169AAC4 4116000 16800000 16800000 16800000
SOCRATES TECH
NOLOGIES CO COMMON 833719107 122313 51500 51500 51500
SONOCO PRODS CO COMMON 835495102 3698538 160806 160806 153598 7208
STRATOSPHERE CORP COMMON 863106308 1753700 67450 67450 67450
SUPERIOR ENERGY
SVCS INC COMMON 868157108 97031 27000 27000 27000
SYSTEM SOFTWARE
ASSOC IN COMMON 871839106 45000 20000 20000 20000
TAVA TECH
NOLOGIES INC COMMON 872169107 65000 13000 13000 13000
TMP WORLDWIDE INC COMMON 872941109 207400 3200 3200 3200
TACO CABANA INC COMMON 873425102 114563 13000 13000 13000
TANDY CORP COMMON 875382103 638125 10000 10000 10000
TELEBANC FINANCIAL
CORP COMMON 87925R109 271150 3400 3400 3400
TENET HEALTHCARE
CORP COMMON 88033G100 4928295 260240 260240 255700 4540
TEXACO INC COMMON 881694103 272400 4800 4800 4800
TIME WARNER INC COMMON 887315109 849750 12000 12000 12000
TRANS WORLD
AIRLS INC COMMON 893349837 271452 52328 52328 52328
TRANSNATIONAL FINL
CORP COMMON 893776104 796250 130000 130000 130000
TUPPERWARE CORP COMMON 899896104 2575800 143100 143100 137100 6000
UNIVERSAL
FOODS CORP COMMON 913538104 4061063 196900 196900 187500 9400
VERIO INC COMMON 923433106 207563 4500 4500 4500
VERTICALNET INC COMMON 92532L107 228525 2200 2200 2200
VIAGRAFIX CORP COMMON 925909103 108375 17000 17000 17000
WELLSFORD REAL
PPTYS INC COMMON 950240101 419790 47976 47976 47976
WESTOWER CORP COMMON 96121E101 3227188 115000 115000 115000
WOLVERINE TUBE INC COMMON 978093102 3512031 166250 166250 158450 7800
ZORAN CORP COMMON 98975F101 296388 18100 18100 18100
ACE LTD COMMON G0070K103 636225 20400 20400 20400
XL CAP LTD COMMON G98255105 303750 5000 5000 5000
BVR TECHNOLOGIES LTD COMMON M20514101 28275 11600 11600 11600
ELBIT VISION SYS LTD COMMON M37576101 88375 50500 50500 50500
ELSCINT LTD NEW COMMON M40168102 267950 23300 23300 23300
ESC MEDICAL SYS LTD COMMON M40868107 96250 14000 14000 14000
GALILEO TECH
NOLOGY LTD COMMON M47298100 263250 9000 9000 9000
GILAT SATELLITE
NETWKS COMMON M51474100 240000 4000 4000 4000
M SYS FLASH
DISK PIONEER COMMON M7061C100 75572 18600 18600 18600
RIT TECHNOLOGIES LTD COMMON M8215N109 115875 61800 61800 61800
TOWER SEMI
CONDUCTOR LTD COMMON M87915100 65000 10000 10000 10000
SAPIENS INTL CORP NV COMMON N7716A102 672175 64400 64400 64400
--------- --------- ------ --------- --------- --------- --------- ---------
COLUMN TOTALS 1431872 167800 167800 167800
--------- --------- -------- --------- --------- --------- --------- ---------
REPORT TOTALS 222997244 143555982 143555982 143387442 168540
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</TABLE>
