<PAGE>
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: 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, February 14, 2000 _________________
_________________________________
[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
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FORM 13F 12/31/99
REPORTING MANAGER; M. D. SASS PAGE 1
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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>
AMFM INC COMMON 001693100 547750 7000 7000 7000
AT&T CORP COMMON 001957109 1393584 27426 27426 27426
AT&T CORP COMMON 001957208 3960627 69714 69714 69714
AVX CORP NEW COMMON 002444107 3752553 75145 75145 70745 4400
ABGENIX INC COMMON 00339B107 397500 3000 3000 3000
ACTIVISION INC NEW COMMON 004930202 169969 11100 11100 11100
ADVANCED FIBRE COMMUNICA COMMON 00754A105 290469 6500 6500 6500
AIR EXPRESS INTL CORP COMMON 009104100 3434819 106300 106300 99700 6600
ALKERMES INC COMMON 01642T108 206325 4200 4200 4200
ALTERNATIVE RESOURCES CO COMMON 02145R102 999900 181800 181800 171100 10700
AMERICAN CLASSIC VOYAGES COMMON 024928103 210000 6000 6000 6000
AMERICAN REAL ESTATE PAR COMMON 029169109 152500 20000 20000 20000
AMGEN INC COMMON 031162100 1483544 24700 24700 24700
AMPAL AMERN ISRAEL CORP COMMON 032015109 508750 55000 55000 55000
ANDREW CORP COMMON 034425108 2600119 137300 137300 137000 300
ANSWERTHINK CONSULTING G COMMON 036916104 205500 6000 6000 6000
APTARGROUP INC COMMON 038336103 2746163 109300 109300 102600 6700
ARCH COMMUNICATIONS GROU COMMON 039381504 60425758 9164096 9164096 9164096
ASPEN TECHNOLOGY INC COMMON 045327103 2921344 110500 110500 110500
--------- --------- --------- --------- --------- --------- --------- ---------
COLUMN TOTALS 86407172 10125081 10125081 10096381 28700
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<CAPTION>
FORM 13F 12/31/99
REPORTING MANAGER; M. D. SASS PAGE 2
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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>
ASYST TECHNOLOGY CORP COMMON 04648X107 268806 4100 4100 4100
AVALONBAY CMNTYS INC COMMON 053484101 311625 9000 9000 9000
AVON PRODS INC COMMON 054303102 1345740 40780 40780 37800 2980
BINDVIEW DEV CORP COMMON 090327107 288188 5800 5800 5800
BLACK BOX CORP DEL COMMON 091826107 4844100 72300 72300 68300 4000
BLUE SQUARE - ISRAEL LTD COMMON 096055108 191250 15000 15000 15000
BOSTON PROPERTIES INC COMMON 101121101 217875 7000 7000 7000
CT HLDGS INC COMMON 12643Y103 316173 67000 67000 67000
CAPTEC NET LEASE REALTY COMMON 140724105 158250 21100 21100 21100
CHEMDEX CORP COMMON 163595101 388500 3500 3500 3500
CORPORATE OFFICE PPTYS T COMMON 22002T108 108275 14200 14200 14200
CORPORATE RENAISSANCE GR MUTUAL 220033104 1245319 117900 117900 117900
CRESCENT REAL ESTATE EQU COMMON 225756105 314213 17100 17100 17100
CUBIST PHARMACEUTICALS I COMMON 229678107 798875 41500 41500 41500
CYBERONICS INC COMMON 23251P102 159375 10000 10000 10000
CYTYC CORP COMMON 232946103 390800 6400 6400 6400
DEPARTMENT 56 INC COMMON 249509100 2203675 97400 97400 95600 1800
DIEBOLD INC COMMON 253651103 1274875 54250 54250 53550 700
DOUBLE EAGLE PETE & MNG COMMON 258570209 55781 17500 17500 17500
--------- --------- --------- --------- --------- --------- --------- ---------
COLUMN TOTALS 14881694 621830 621830 612350 9480
</TABLE>
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<TABLE>
<CAPTION>
FORM 13F 12/31/99
REPORTING MANAGER; M. D. SASS PAGE 3
- ------------------------------------------------------------------------------------------------------------------------------------
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>
DUSA PHARMACEUTICALS INC COMMON 266898105 410400 14400 14400 14400
E PIPHANY INC COMMON 26881V100 401625 1800 1800 1800
ESC MED SYS LTD BND CV 269025AB8 329600 463000 463000 463000
EASTGROUP PPTY INC COMMON 277276101 495800 26800 26800 26800
EDUCATION MGMT CORP COMMON 28139T101 2224600 158900 158900 158400 500
EDWARDS AG INC COMMON 281760108 2103300 65600 65600 65600
ELECTRO SCIENTIFIC INDS COMMON 285229100 277400 3800 3800 3800
EMISPHERE TECHNOLOGIES I COMMON 291345106 279581 9300 9300 9300
ENTERTAINMENT PPTYS TR COMMON 29380T105 349469 26500 26500 26500
ENZON INC COMMON 293904108 932563 21500 21500 21500
EQUITY RESIDENTIAL PPTYS COMMON 29476L107 1103515 25851 25851 25851
FEDERAL HOME LN MTG CORP COMMON 313400301 2804925 59600 59600 55900 3700
FEDERAL NATL MTG ASSN COMMON 313586109 3743128 59950 59950 57200 2750
FINLAY ENTERPRISES INC COMMON 317884203 311750 21500 21500 21500
FIRST HEALTH GROUP CORP COMMON 320960107 4302688 160100 160100 150000 10100
FOCUS ENHANCEMENTS INC COMMON 344159108 2033625 246500 246500 246500
GTE CORP COMMON 362320103 379626 5380 5380 5380
GAYLORD CONTAINER CORP COMMON 368145108 22369614 3283613 3283613 3283613
GENERAL ELEC CO COMMON 369604103 4185988 27050 27050 25400 1650
--------- --------- --------- --------- --------- --------- --------- ---------
COLUMN TOTALS 49039195 4681144 4681144 4662444 18700
</TABLE>
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<CAPTION>
FORM 13F 12/31/99
REPORTING MANAGER; M. D. SASS PAGE 4
- ------------------------------------------------------------------------------------------------------------------------------------
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>
GLENBOROUGH RLTY TR INC COMMON 37803P105 173875 13000 13000 13000
GRAINGER W W INC COMMON 384802104 401625 8400 8400 8400
GREY WOLF INC COMMON 397888108 123625 43000 43000 43000
GULF CDA RES LTD COMMON 40218L305 118125 35000 35000 35000
HARLEY DAVIDSON INC COMMON 412822108 2741875 42800 42800 42800
HARTFORD FINL SVCS GROUP COMMON 416515104 284250 6000 6000 6000
HIGHWOODS PPTYS INC COMMON 431284108 271688 11500 11500 11500
HOMESEEKERS COM INC COMMON 437605108 229688 17500 17500 17500
IMAGEX COM INC COMMON 45244D102 339188 8100 8100 8100
IMMUNOMEDICS INC COMMON 452907108 416500 34000 34000 34000
INET TECHNOLOGIES INC COMMON 45662V105 349375 5000 5000 5000
INNERDYNE INC COMMON 45764D102 126000 36000 36000 36000
INNKEEPERS USA TR COMMON 4576J0104 102344 12500 12500 12500
INTEL CORP COMMON 458140100 3177263 38600 38600 36350 2250
INTERPUBLIC GROUP COS IN COMMON 460690100 2249813 39000 39000 39000
INTERSTATE NATL DEALER S COMMON 46102P104 148200 24700 24700 24700
INTERVU INC COMMON 46114R106 241500 2300 2300 2300
INVESTMENT TECHNOLOGY GR COMMON 46145F105 2909500 101200 101200 101000 200
JONES PHARMA INC COMMON 480236108 251938 5800 5800 5800
--------- --------- --------- --------- --------- --------- --------- ---------
COLUMN TOTALS 14656369 484400 484400 481950 2450
</TABLE>
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<CAPTION>
FORM 13F 12/31/99
REPORTING MANAGER; M. D. SASS PAGE 5
- ------------------------------------------------------------------------------------------------------------------------------------
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>
KAYDON CORP COMMON 486587108 2242866 83650 83650 83450 200
KEY ENERGY SVCS INC COMMON 492914106 186750 36000 36000 36000
KING PHARMACEUTICALS INC COMMON 495582108 308344 5500 5500 5500
KNIGHT/TRIMARK GROUP INC COMMON 499068104 276000 6000 6000 6000
KOGER EQUITY INC COMMON 500228101 261563 15500 15500 15500
LTX CORP COMMON 502392103 201375 9000 9000 9000
LA JOLLA PHARMACEUTICAL COMMON 503459109 220219 87000 87000 87000
MCI WORLDCOM INC COMMON 55268B106 1451949 27363 27363 27363
MTI TECHNOLOGY CORP COMMON 553903105 295000 8000 8000 8000
MACK CALI RLTY CORP COMMON 554489104 281475 10800 10800 10800
MARINE DRILLING COS INC COMMON 568240204 258031 11500 11500 11500
MARKETCENTRAL NET CORP COMMON 57059T106 595000 68000 68000 68000
MELLON FINL CORP COMMON 58551A108 3673981 107860 107860 104956 2904
MERCK & CO INC COMMON 589331107 3329006 49548 49548 46258 3290
MIDCOM COMMUNICATIONS IN BND CV 59563XAA0 1024000 6400000 6400000 6400000
MIDCOM COMMUNICATIONS IN BND CV 59563XAC6 1024000 6400000 6400000 6400000
MISSION CRITICAL SOFTWAR COMMON 605047109 210000 3000 3000 3000
MULTEX COM INC COMMON 625367107 225750 6000 6000 6000
MYRIAD GENETICS INC COMMON 62855J104 266800 5800 5800 5800
--------- --------- --------- --------- --------- --------- --------- ---------
COLUMN TOTALS 16332109 13340521 13340521 13334127 6394
</TABLE>
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<TABLE>
<CAPTION>
FORM 13F 12/31/99
REPORTING MANAGER; M. D. SASS PAGE 6
- ------------------------------------------------------------------------------------------------------------------------------------
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>
NBTY INC COMMON 628782104 185000 16000 16000 16000
NETWORK EVENT THEATER IN COMMON 640924106 223125 7500 7500 7500
NETMANAGE INC COMMON 641144100 529794 107300 107300 107300
NICE SYS LTD COMMON 653656108 216425 4400 4400 4400
NUCENTRIX BROADBAND NETW COMMON 670198100 24380318 995115 995115 995115
ONYX SOFTWARE CORP COMMON 683402101 351500 9500 9500 9500
OPEN MKT INC COMMON 68370M100 306850 6800 6800 6800
PNC BK CORP COMMON 693475105 2149350 48300 48300 45600 2700
PACIFIC GULF PPTYS INC COMMON 694396102 267300 13200 13200 13200
PALL CORP COMMON 696429307 1377844 63900 63900 60000 3900
PARADIGM GEOPHYSICAL LTD COMMON 69900J104 157000 32000 32000 32000
PARAMETRIC TECHNOLOGY CO COMMON 699173100 214660 7932 7932 7932
PENNACO ENERGY INC COMMON 708046107 136000 17000 17000 17000
PFIZER INC COMMON 717081103 2470181 76152 76152 71952 4200
PHARMOS CORP COMMON 717139208 200531 93000 93000 93000
PHILIP SVCS CORP COMMON 71819M103 1150 10000 10000 10000
PHILIPS INTL RLTY CORP COMMON 718333107 207113 12600 12600 12600
PHYSICIANS RESOURCE GROU COMMON 71941S101 206250 625000 625000 625000
PHYSICIANS RESOURCE GROU BND CV 71941SAA9 77246650 118841000 118841000 118841000
--------- --------- --------- --------- --------- --------- --------- ---------
COLUMN TOTALS 110827039 120986699 120986699 120975899 10800
</TABLE>
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<TABLE>
<CAPTION>
FORM 13F 12/31/99
REPORTING MANAGER; M. D. SASS PAGE 7
- ------------------------------------------------------------------------------------------------------------------------------------
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>
PIER 1 IMPORTS INC COMMON 720279108 301219 47250 47250 47250
PRIME GROUP REALTY TRUST COMMON 74158J103 189844 12500 12500 12500
PROJECT SOFTWARE & DEV I COMMON 74339P101 555000 10000 10000 10000
QUALCOMM INC COMMON 747525103 211350 1200 1200 1200
RANGER INDS INC COMMON 752907105 86072 86072 86072 86072
RECKSON SVC INDS INC COMMON 75621J109 311875 5000 5000 5000
REDBACK NETWORKS INC COMMON 757209101 319500 1800 1800 1800
REMINGTON OIL & GAS CORP COMMON 759594302 96875 25000 25000 25000
REYNOLDS & REYNOLDS CO COMMON 761695105 3219750 143100 143100 133600 9500
SRS LABS INC COMMON 78464M106 85188 14500 14500 14500
SCHLUMBERGER LTD COMMON 806857108 637019 11350 11350 11350
SCIENTIFIC LEARNING CORP COMMON 808760102 219000 6000 6000 6000
SERENA SOFTWARE INC COMMON 817492101 309375 10000 10000 10000
SHOP AT HOME INC COMMON 825066301 119250 12000 12000 12000
SIGMA ALDRICH CORP COMMON 826552101 3472219 115500 115500 108500 7000
SMARTALK TELESERVICES IN BND CV 83169AAA8 27565030 49444000 49444000 49444000
SMARTALK TELESERVICES IN BND CV 83169AAC4 29069165 52142000 52142000 52142000
SONOCO PRODS CO COMMON 835495102 2908679 127854 127854 120146 7708
SONY CORP COMMON 835699307 427125 1500 1500 1500
--------- --------- --------- --------- --------- --------- --------- ---------
COLUMN TOTALS 70103533 102216626 102216626 102192418 24208
</TABLE>
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<TABLE>
<CAPTION>
FORM 13F 12/31/99
REPORTING MANAGER; M. D. SASS PAGE 8
- ------------------------------------------------------------------------------------------------------------------------------------
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>
SPECTRASITE HLDGS INC COMMON 84760T100 2263620 208149 208149 208149
STRATOSPHERE CORP COMMON 863106308 1416450 67450 67450 67450
TANDY CORP COMMON 875382103 983750 20000 20000 20000
TELEHUBLINK CORP COMMON 87942L101 68250 42000 42000 42000
TELESCAN INC COMMON 879516102 234531 9500 9500 9500
TELETECH HOLDINGS INC COMMON 879939106 269625 8000 8000 8000
TENET HEALTHCARE CORP COMMON 88033G100 3810645 161725 161725 161725
TENGASCO INC COMMON 88033R205 255000 24000 24000 24000
TEVA PHARMACEUTICAL INDS COMMON 881624209 358438 5000 5000 5000
TEXACO INC COMMON 881694103 260700 4800 4800 4800
3DO CO COMMON 88553W105 150047 16500 16500 16500
THREE FIVE SYS INC COMMON 88554L108 368959 8999 8999 8999
TIME WARNER INC COMMON 887315109 867750 12000 12000 12000
TOPPS INC COMMON 890786106 207500 20000 20000 20000
TRANS WORLD AIRLS INC COMMON 893349837 147173 52328 52328 52328
TRANSWITCH CORP COMMON 894065101 304763 4200 4200 4200
TUPPERWARE CORP COMMON 899896104 1221194 72100 72100 67600 4500
TUT SYSTEMS COMMON 901103101 225225 4200 4200 4200
TWEETER HOME ENTMT GROUP COMMON 901167106 248500 7000 7000 7000
--------- --------- --------- --------- --------- --------- --------- ---------
COLUMN TOTALS 13662119 747951 747951 743451 4500
</TABLE>
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<TABLE>
<CAPTION>
FORM 13F 12/31/99
REPORTING MANAGER; M. D. SASS PAGE 9
- ------------------------------------------------------------------------------------------------------------------------------------
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>
UTI ENERGY CORP COMMON 903387108 207563 9000 9000 9000
UNIVERSAL FOODS CORP COMMON 913538104 2980863 146300 146300 136800 9500
VALUEVISION INTL INC COMMON 92047K107 578856 10100 10100 10100
VENTIV HEALTH INC COMMON 922793104 183750 20000 20000 20000
VINTAGE PETE INC COMMON 927460105 144750 12000 12000 12000
VISUAL NETWORKS INC COMMON 928444108 237750 3000 3000 3000
VIVID TECHNOLOGIES INC COMMON 928538107 125875 19000 19000 19000
WELLSFORD REAL PPTYS INC COMMON 950240101 407796 47976 47976 47976
WINFIELD CAP CORP COMMON 973859101 300000 8000 8000 8000
WOLVERINE TUBE INC COMMON 978093102 1540331 109050 109050 108850 200
ZALE CORP NEW COMMON 988858106 203175 4200 4200 4200
ZORAN CORP COMMON 98975F101 574225 10300 10300 10300
ALADDIN KNOWLEDGE SYS LT COMMON M0392N101 345100 20300 20300 20300
BVR TECHNOLOGIES LTD COMMON M20514101 129425 16700 16700 16700
CIMATRON LTD COMMON M23798107 169256 53100 53100 53100
ECTEL LTD COMMON M29925100 200750 11000 11000 11000
ELBIT VISION SYS LTD COMMON M37576101 73800 49200 49200 49200
ESC MEDICAL SYS LTD COMMON M40868107 119531 12500 12500 12500
FUNDTECH LTD COMMON M47095100 225500 11000 11000 11000
--------- --------- --------- --------- --------- --------- --------- ---------
COLUMN TOTALS 8748296 572726 572726 563026 9700
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FORM 13F 12/31/99
REPORTING MANAGER; M. D. SASS PAGE 10
- ------------------------------------------------------------------------------------------------------------------------------------
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>
GALILEO TECHNOLOGY LTD COMMON M47298100 332925 13800 13800 13800
GILAT SATELLITE NETWORKS COMMON M51474100 593750 5000 5000 5000
HEALTHCARE TECHNOLOGIES COMMON M5296L135 97406 103900 103900 103900
NEXUS TELECOMMUNICATN SY COMMON M74919107 109825 38200 38200 38200
POINT OF SALE LTD COMMON M7945W108 203288 13900 13900 13900
TOP IMAGE SYSTEMS LTD COMMON M87896102 163000 16300 16300 16300
SAPIENS INTL CORP N V COMMON N7716A102 754481 45900 45900 45900
PHYSICIANS RESOURCE GROU BND CV VV4011548 227500 350000 350000 350000
--------- --------- --------- --------- --------- --------- --------- ---------
COLUMN TOTALS 2482175 587000 587000 587000
--------- --------- --------- --------- --------- --------- --------- ---------
REPORT TOTALS 387139701 254363978 254363978 254249046 114932
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</TABLE>
