OSTERWEIS CAPITAL MANAGEMENT INC
13F-HR, 1999-05-14
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<TABLE>                        <C>                                            <C>
                                                              FORM 13F INFORMATION TABLE
                                                           VALUE    SHARES  SH/ PUT/ INVSTMT    OTHER     VOTING AUTHORITY          
        NAME OF ISSUER          TITLE OF CLASS    CUSIP   (x$1000) PRN AMT  PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE  
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
AT&T                           COM              00195710        32      402          SOLE                               402         
AT&T                           COM              00195710        43      536          SOLE                                        536
AT&T CORP. - LIBERTY MEDI      COM LBRTY MED A  00195720        37      696          SOLE                               696         
ABBOTT LABORATORIES            COM              00282410      1077    23000          SOLE                             23000         
ABBOTT LABORATORIES            COM              00282410       356     7600          SOLE                     7600                  
AC NIELSON CORPORATION         COM              00483310      2697    99411          SOLE                             99411         
AC NIELSON CORPORATION         COM              00483310      2992   110311          SOLE                                     110311
AC NIELSON CORPORATION         COM              00483310      7071   260692          SOLE                   260692                  
ALBERTSONS, INC.               COM              01310410       338     6200          SOLE                     6200                  
ALLSTATE CORP.                 COM              02000210       206     5562          SOLE                              5562         
ALLSTATE CORP.                 COM              02000210       268     7218          SOLE                                       7218
ALZA CORPORATION, CLASS A      COM              02261510        80     2100          SOLE                                       2100
ALZA CORP. WARRANTS            WT   12-31-1999  02261515         0       80          SOLE                                80         
AMERICAN EXPRESS COMPANY       COM              02581610       377     3200          SOLE                     3200                  
AMERICAN HERITAGE LIFE IN      COM              02652210        23     1000          SOLE                     1000                  
AMERICAN HOME PRODUCTS CO      COM              02660910        91     1400          SOLE                              1400         
AMERICAN HOME PRODUCTS CO      COM              02660910       444     6812          SOLE                     6812                  
AMERICAN INTERNATIONAL GR      COM              02687410       489     4050          SOLE                              4050         
AMERITECH CORPORATION, NE      COM              03095410        46      800          SOLE                      800                  
ANADARKO PETROLEUM CORPOR      COM              03251110       121     3200          SOLE                     3200                  
ANHEUSER-BUSCH INC.            COM              03522910      1873    24600          SOLE                             24600         
ANHEUSER-BUSCH INC.            COM              03522910       137     1800          SOLE                                       1800
ANHEUSER-BUSCH INC.            COM              03522910      2253    29600          SOLE                    29600                  
ASSOCIATES FIRST CAPITAL       CL A             04600810      4253    94500          SOLE                             94500         
ASSOCIATES FIRST CAPITAL       CL A             04600810      4028    89500          SOLE                                      89500
ASSOCIATES FIRST CAPITAL       CL A             04600810     10035   223000          SOLE                   223000                  
ATLANTIC RICHFIELD COMPAN      COM              04882510        29      400          SOLE                               400         
AUTOMATIC DATA PROCESSING      COM              05301510       497    12000          SOLE                             12000         
AVAX TECHNOLOGIES, INC.        COM PAR $0.004   05349530         0      250          SOLE                      250                  
AVON PRODUCTS INC.             COM              05430310      6291   133680          SOLE                            133680         
AVON PRODUCTS INC.             COM              05430310      4607    97900          SOLE                                      97900
AVON PRODUCTS INC.             COM              05430310     13690   290890          SOLE                   290890                  
BP AMOCO PLC - SPONS ADR       ADR SPONSORED    05562210        43      423          SOLE                               423         
BP AMOCO PLC - SPONS ADR       ADR SPONSORED    05562210       107     1058          SOLE                                       1058
BP AMOCO PLC - SPONS ADR       ADR SPONSORED    05562210        43      423          SOLE                      423                  
BAKER HUGHES INC.              COM              05722410        31     1261          SOLE                     1261                  
BANKAMERICA CORP (NEW)         COM              06605F10      3683    52154          SOLE                             52154         
BANKAMERICA CORP (NEW)         COM              06605F10      2896    41003          SOLE                                      41003
BANKAMERICA CORP (NEW)         COM              06605F10      5650    79993          SOLE                    79993                  
BANKBOSTON CORPORATION         COM              06605R10       173     4000          SOLE                     4000                  
BATTLE MOUNTAIN GOLD CO C      CL A             07159310         3     1100          SOLE                     1100                  
BELLSOUTH CORPORATION          COM              07986010        72     1800          SOLE                              1800         
BELLSOUTH CORPORATION          COM              07986010        48     1200          SOLE                     1200                  
BERKSHIRE HATHAWAY CL A        CL A             08467010       714       10          SOLE                                10         
BRISTOL MYERS SQUIBB CO.       COM              11012210       862    13438          SOLE                             13438         
BRISTOL MYERS SQUIBB CO.       COM              11012210       128     2000          SOLE                                       2000
BRISTOL MYERS SQUIBB CO.       COM              11012210      1950    30408          SOLE                    30408                  
BURLINGTON NORTHERN SANTA      COM              12189T10        99     3000          SOLE                     3000                  
CBS CORPORATION                COM              12490K10     12300   301385          SOLE                            301385         
CBS CORPORATION                COM              12490K10      6082   149024          SOLE                                     149024
CBS CORPORATION                COM              12490K10     30615   750133          SOLE                   750133                  
CALIFORNIA WATER SERVICE       COM              13078810       112     4570          SOLE                              4570         
CALPINE CORPORATION            COM              13134710      8045   220800          SOLE                            220800         
CALPINE CORPORATION            COM              13134710      6189   169850          SOLE                                     169850
CALPINE CORPORATION            COM              13134710     18995   521300          SOLE                   521300                  
CATELLUS DEVELOPMENT CORP      COM              14911110        17     1250          SOLE                              1250         
CATELLUS DEVELOPMENT CORP      COM              14911110        54     4066          SOLE                                       4066
CATELLUS DEVELOPMENT CORP      COM              14911110       246    18383          SOLE                    18383                  
CEDAR FAIR L.P.                DEPOSITARY UNIT  15018510       151     6000          SOLE                     6000                  
CELLULAR COMM OF PUERTO R      COM              15116N10       716    26502          SOLE                             26502         
CELLULAR COMM OF PUERTO R      COM              15116N10       543    20115          SOLE                                      20115
CELLULAR COMM OF PUERTO R      COM              15116N10      1911    70761          SOLE                    70761                  
CHEVRON CORPORATION            COM              16675110       180     2032          SOLE                              2032         
CHEVRON CORPORATION            COM              16675110        89     1000          SOLE                                       1000
CHEVRON CORPORATION            COM              16675110       254     2860          SOLE                     2860                  
COCA-COLA COMPANY, THE         COM              19121610       748    12180          SOLE                             12180         
COCA-COLA COMPANY, THE         COM              19121610       368     6000          SOLE                                       6000
COCA-COLA COMPANY, THE         COM              19121610       420     6850          SOLE                     6850                  
COEUR  D ALENE MINES CORP      COM              19210810         0       15          SOLE                                         15
COLTEC INDUSTRIES INC.         COM              19687910       640    35200          SOLE                             35200         
COLTEC INDUSTRIES INC.         COM              19687910       677    37200          SOLE                                      37200
COLTEC INDUSTRIES INC.         COM              19687910      2250   123700          SOLE                   123700                  
CONVERGYS CORP                 COM              21248510      3891   227200          SOLE                            227200         
CONVERGYS CORP                 COM              21248510      3197   186700          SOLE                                     186700
CONVERGYS CORP                 COM              21248510      8195   478550          SOLE                   478550                  
CORNERSTONE PROPERTIES IN      CDT-COM          21922H10         7      500          SOLE                      500                  
CRESCENT REAL ESTATE EQUI      COM              22575610      2557   118950          SOLE                            118950         
CRESCENT REAL ESTATE EQUI      COM              22575610      2559   119000          SOLE                                     119000
CRESCENT REAL ESTATE EQUI      COM              22575610      5956   277000          SOLE                   277000                  
CURRENT INCOME SHARES, IN      COM              23129810         0     3600          SOLE                     3600                  
DEERE                          COM              24419910        58     1500          SOLE                              1500         
DIME BANCORP INC.              COM              25429Q10        49     2100          SOLE                     2100                  
DISCOVERY LABORATORIES, I      COM              25466810        13     2500          SOLE                     2500                  
DISNEY (WALT) HLDG COMPAN      COM              25468710       821    26367          SOLE                             26367         
DISNEY (WALT) HLDG COMPAN      COM              25468710       999    32100          SOLE                                      32100
DISNEY (WALT) HLDG COMPAN      COM              25468710      3069    98608          SOLE                    98608                  
DORCHESTER HOUGHTON DEP R      ADR              25820520        10     1000          SOLE                                       1000
DOW CHEMICAL COMPANY, THE      COM              26054310       114     1227          SOLE                     1227                  
DU PONT E I DE NEMOURS &       COM              26353410       325     5600          SOLE                     5600                  
EASTMAN KODAK COMPANY          COM              27746110       332     5200          SOLE                              5200         
EASTMAN KODAK COMPANY          COM              27746110       130     2037          SOLE                                       2037
EASTMAN KODAK COMPANY          COM              27746110       561     8775          SOLE                     8775                  
ECHELON CORP                   COM              27874N10       100    10000          SOLE                    10000                  
ECHOSTAR COMMUNICATIONS        CL A             27876210      1935    23700          SOLE                             23700         
ECHOSTAR COMMUNICATIONS        CL A             27876210      1453    17800          SOLE                                      17800
ECHOSTAR COMMUNICATIONS        CL A             27876210      2400    29400          SOLE                    29400                  
EMERSON ELECTRIC CO            COM              29101110        58     1100          SOLE                              1100         
ENDOREX CORP.                  COM NEW          29264N30        22    10810          SOLE                    10810                  
EXXON CORPORATION              COM              30229010       188     2668          SOLE                              2668         
EXXON CORPORATION              COM              30229010       351     4972          SOLE                                       4972
EXXON CORPORATION              COM              30229010      1752    24826          SOLE                    24826                  
FEDERAL NATIONAL MORTGAGE      COM              31358610        42      600          SOLE                      600                  
FORE SYSTEMS INC.              COM              34544910        77     4084          SOLE                     4084                  
FOREST LABORATORIES INC        COM              34583810      3535    62700          SOLE                             62700         
FOREST LABORATORIES INC        COM              34583810      4525    80266          SOLE                                      80266
FOREST LABORATORIES INC        COM              34583810      9863   174951          SOLE                   174951                  
GATX CORP.                     COM              36144810      2933    89050          SOLE                             89050         
GATX CORP.                     COM              36144810      2459    74650          SOLE                                      74650
GATX CORP.                     COM              36144810      6849   207950          SOLE                   207950                  
GTE CORP.                      COM              36232010        54      900          SOLE                               900         
GTE CORP.                      COM              36232010        97     1606          SOLE                     1606                  
GENERAL ELECTRIC COMPANY       COM              36960410      1252    11319          SOLE                             11319         
GENERAL ELECTRIC COMPANY       COM              36960410       118     1064          SOLE                                       1064
GENERAL ELECTRIC COMPANY       COM              36960410      3618    32701          SOLE                    32701                  
GENERAL MILLS, INC.            COM              37033410       393     5200          SOLE                     5200                  
GENERAL MOTORS CORPORATIO      COM              37044210        71      820          SOLE                                        820
GOLDEN WEST FINANCIAL          COM              38131710       115     1200          SOLE                     1200                  
HCR MANOR CARE                 COM              40413410      2201    96500          SOLE                             96500         
HCR MANOR CARE                 COM              40413410      1922    84250          SOLE                                      84250
HCR MANOR CARE                 COM              40413410      4333   189950          SOLE                   189950                  
HALLIBURTON CO.                COM              40621610        77     2000          SOLE                     2000                  
HEWLETT-PACKARD COMPANY        COM              42823610       281     4142          SOLE                              4142         
INGERSOLL RAND                 COM              45686610      1137    22902          SOLE                    22902                  
INTEL CORP.                    COM              45814010       134     1125          SOLE                              1125         
INTERCARDIA INC.               COM              45844M10         5      600          SOLE                      600                  
I B M CORPORATION              COM              45920010       447     2520          SOLE                              2520         
I B M CORPORATION              COM              45920010       142      800          SOLE                      800                  
IT GROUP INC.                  COM              46526610      2475   192269          SOLE                            192269         
IT GROUP INC.                  COM              46526610      2996   232712          SOLE                                     232712
IT GROUP INC.                  COM              46526610      7606   590759          SOLE                   590759                  
JOHNSON & JOHNSON              COM              47816010      1833    19600          SOLE                             19600         
JOHNSON & JOHNSON              COM              47816010      1580    16894          SOLE                    16894                  
KELLEY OIL & GAS CONVERT.      SBNTCV07.875 99  487736AB      1119  1645000          SOLE                           1645000         
KELLEY OIL & GAS CONVERT.      SBNTCV07.875 99  487736AB       923  1358000          SOLE                                    1358000
KELLEY OIL & GAS CONVERT.      SBNTCV07.875 99  487736AB      2897  4260000          SOLE                  4260000                  
KIMBERLY CLARK CORPORATIO      COM              49436810      1177    24550          SOLE                             24550         
KIMBERLY CLARK CORPORATIO      COM              49436810        24      500          SOLE                                        500
KIMBERLY CLARK CORPORATIO      COM              49436810      1086    22650          SOLE                    22650                  
KINDER MORGAN ENERGY PART      UT LTD PT INT    49455010      3506   101268          SOLE                            101268         
KINDER MORGAN ENERGY PART      UT LTD PT INT    49455010      2455    70891          SOLE                                      70891
KINDER MORGAN ENERGY PART      UT LTD PT INT    49455010      6309   182206          SOLE                   182206                  
LILLY (ELI) AND COMPANY        COM              53245710      1394    16427          SOLE                             16427         
LILLY (ELI) AND COMPANY        COM              53245710      1850    21800          SOLE                                      21800
LILLY (ELI) AND COMPANY        COM              53245710     10656   125545          SOLE                   125545                  
LOEWS CINEPLEX ENTERTAINM      COM              54042310        40     4000          SOLE                              4000         
LOEWS CORP.                    COM              54042410       363     4860          SOLE                     4860                  
MCI WORLDCOM INC.              COM              55268B10       177     2000          SOLE                     2000                  
MGM GRAND INC                  COM              55295310       907    26961          SOLE                             26961         
MGM GRAND INC                  COM              55295310      1838    54648          SOLE                                      54648
MGM GRAND INC                  COM              55295310      4187   124509          SOLE                   124509                  
MANUFACTURED HOME COMMUNI      COM              56468210      1840    76660          SOLE                             76660         
MANUFACTURED HOME COMMUNI      COM              56468210      1180    49150          SOLE                                      49150
MANUFACTURED HOME COMMUNI      COM              56468210      3261   135868          SOLE                   135868                  
MATTEL, INC.                   COM              57708110       325    13035          SOLE                             13035         
MATTEL, INC.                   COM              57708110       165     6598          SOLE                     6598                  
MAY DEPARTMENT STORES COM      COM              57777810       158     4039          SOLE                     4039                  
MC DONALD'S CORPORATION        COM              58013510        73     1600          SOLE                              1600         
MC DONALD'S CORPORATION        COM              58013510       317     7000          SOLE                     7000                  
MCKESSON HBOC, INC.            COM              58155Q10       158     2400          SOLE                              2400         
MERCK & COMPANY, INC.          COM              58933110       331     4134          SOLE                              4134         
MERCK & COMPANY, INC.          COM              58933110       481     6006          SOLE                                       6006
MERCK & COMPANY, INC.          COM              58933110      2874    35872          SOLE                    35872                  
MICROSOFT                      COM              59491810        52      580          SOLE                               580         
MICROSOFT                      COM              59491810       535     5972          SOLE                                       5972
MINNESOTA MNG. & MFG. CO.      COM              60405910       226     3200          SOLE                              3200         
MINNESOTA MNG. & MFG. CO.      COM              60405910       230     3248          SOLE                     3248                  
MOBIL CORPORATION              COM              60705910        23      260          SOLE                               260         
MOBIL CORPORATION              COM              60705910        35      400          SOLE                      400                  
MONSANTO CO.                   COM              61166210        92     2000          SOLE                              2000         
MORGAN (J.P.) & COMPANY,       COM              61688010       107      864          SOLE                      864                  
MOTOROLA                       COM              62007610        50      688          SOLE                      688                  
NTL INCORPORATED               COM              62940710      4270    52468          SOLE                             52468         
NTL INCORPORATED               COM              62940710      5025    61751          SOLE                                      61751
NTL INCORPORATED               COM              62940710     12537   154061          SOLE                   154061                  
NETWORKS ASSOCIATES INC.       COM              64093810        20      640          SOLE                               640         
NEWHALL LAND & FARMING CO      COM              65142610      2626   110000          SOLE                            110000         
NEWHALL LAND & FARMING CO      COM              65142610      2380    99700          SOLE                                      99700
NEWHALL LAND & FARMING CO      COM              65142610      2776   116269          SOLE                   116269                  
NEWPARK RESOURCES              COM PAR$0.01NEW  65171850      2438   336300          SOLE                            336300         
NEWPARK RESOURCES              COM PAR$0.01NEW  65171850      1019   140600          SOLE                                     140600
NEWPARK RESOURCES              COM PAR$0.01NEW  65171850      4680   645500          SOLE                   645500                  
OHM CORP CVT                   SBDBCV08.000 06  670839AA       254   273000          SOLE                            273000         
OHM CORP CVT                   SBDBCV08.000 06  670839AA        83    89000          SOLE                                      89000
OHM CORP CVT                   SBDBCV08.000 06  670839AA      1537  1653000          SOLE                  1653000                  
OWENS-ILLINOIS INC             COM NEW          69076840       736    29450          SOLE                             29450         
OWENS-ILLINOIS INC             COM NEW          69076840       528    21100          SOLE                                      21100
OWENS-ILLINOIS INC             COM NEW          69076840      3580   143200          SOLE                   143200                  
PIMCO ADVISORS HOLDINGS,       UNIT L P INT     69338P10       105     3340          SOLE                              3340         
PALATIN TECHNOLOGIES INC       COM NEW          69607730        71    12500          SOLE                    12500                  
PAYLESS SHOESOURCE INC.        COM              70437910        12      256          SOLE                      256                  
PEGASUS COMMUNICATIONS CO      CL A             70590410       290    10350          SOLE                             10350         
PEGASUS COMMUNICATIONS CO      CL A             70590410       140     5000          SOLE                                       5000
PEGASUS COMMUNICATIONS CO      CL A             70590410      2930   104650          SOLE                   104650                  
PEPSICO, INC.                  COM              71344810       658    16800          SOLE                             16800         
PEPSICO, INC.                  COM              71344810        42     1066          SOLE                                       1066
PHARMACYCLICS INC              COM              71693310        17     1000          SOLE                              1000         
PHILIP MORRIS COMPANIES I      COM              71815410       101     2865          SOLE                              2865         
PHILIP MORRIS COMPANIES I      COM              71815410       175     4965          SOLE                                       4965
PHILLIPS VAN HEUSEN            COM              71859210        81    12000          SOLE                    12000                  
PIONEER NATURAL RESOURCES      COM              72378710        31     4000          SOLE                                       4000
PIONEER NATURAL RESOURCES      COM              72378710         2      200          SOLE                      200                  
PLAYTEX PRODUCTS INC           COM              72813P10      1399    92500          SOLE                             92500         
PLAYTEX PRODUCTS INC           COM              72813P10      1425    94200          SOLE                                      94200
PLAYTEX PRODUCTS INC           COM              72813P10      3765   248933          SOLE                   248933                  
PRIMEDIA INC.                  COM              74157K10      2174   155300          SOLE                            155300         
PRIMEDIA INC.                  COM              74157K10      1911   136533          SOLE                                     136533
PRIMEDIA INC.                  COM              74157K10      3715   265370          SOLE                   265370                  
PROCTER & GAMBLE COMPANY       COM              74271810      1624    16579          SOLE                             16579         
PROCTER & GAMBLE COMPANY       COM              74271810      3095    31600          SOLE                                      31600
PROCTER & GAMBLE COMPANY       COM              74271810      7677    78389          SOLE                    78389                  
ROBERT HALF INTERNATIONAL      COM              77032310        33      992          SOLE                               992         
ROBERT HALF INTERNATIONAL      COM              77032310         4      137          SOLE                                        137
ROBERT HALF INTERNATIONAL      COM              77032310         9      271          SOLE                      271                  
ROYAL DUTCH PETROLEUM-NY       NY REG SHS 1.25  78025780       874    16800          SOLE                             16800         
ROYAL DUTCH PETROLEUM-NY       NY REG SHS 1.25  78025780       178     3426          SOLE                                       3426
ROYAL DUTCH PETROLEUM-NY       NY REG SHS 1.25  78025780       250     4800          SOLE                     4800                  
SAFECO CORPORATION             COM              78642910        32      800          SOLE                      800                  
SAN JUAN BASIN ROYALTY TR      UNIT BEN INT     79824110       657    97350          SOLE                             97350         
SAN JUAN BASIN ROYALTY TR      UNIT BEN INT     79824110       571    84650          SOLE                                      84650
SAN JUAN BASIN ROYALTY TR      UNIT BEN INT     79824110      1781   263909          SOLE                   263909                  
SARA LEE CORP.                 COM              80311110        89     3600          SOLE                              3600         
SCANDINAVIAN BROADCASTING      SDBCV  7.250 05  805906AA       318   285000          SOLE                            285000         
SCANDINAVIAN BROADCASTING      SDBCV  7.250 05  805906AA        78    70000          SOLE                                      70000
SCANDINAVIAN BROADCASTING      SDBCV  7.250 05  805906AA      1732  1553000          SOLE                  1553000                  
SCHLUMBERGER LIMITED           COM              80685710      1405    23350          SOLE                             23350         
SCHLUMBERGER LIMITED           COM              80685710      1026    17050          SOLE                                      17050
SCHLUMBERGER LIMITED           COM              80685710      2725    45268          SOLE                    45268                  
SEARS, ROEBUCK AND COMPAN      COM              81238710       109     2403          SOLE                              2403         
SEARS, ROEBUCK AND COMPAN      COM              81238710       141     3113          SOLE                                       3113
SERVICEMASTER COMPANY          COM              81760N10      8112   399371          SOLE                            399371         
SERVICEMASTER COMPANY          COM              81760N10      4429   218038          SOLE                                     218038
SERVICEMASTER COMPANY          COM              81760N10     14079   693100          SOLE                   693100                  
SNYDER OIL CORPORATION         COM              83348210      2422   163500          SOLE                            163500         
SNYDER OIL CORPORATION         COM              83348210      2592   175000          SOLE                                     175000
SNYDER OIL CORPORATION         COM              83348210      5302   357949          SOLE                   357949                  
SPRINT CORPORATION             COM              85206110        48      489          SOLE                               489         
SPRINT CORP (PCS GROUP)        PCS GROUP COM 1  85206150        11      244          SOLE                               244         
SUNGLASS HUT INT'L. INC.       COM              86736F10      2870   273350          SOLE                            273350         
SUNGLASS HUT INT'L. INC.       COM              86736F10      3319   316050          SOLE                                     316050
SUNGLASS HUT INT'L. INC.       COM              86736F10      8335   793765          SOLE                   793765                  
TCW/DEAN WITTER TERM TRUS      SH BEN INT       87234T10         0      500          SOLE                               500         
TCW/DEAN WITTER TERM TRUS      SH BEN INT       87234U10         0      500          SOLE                               500         
TCW/DEAN WITTER TERM TRUS      SH BEN INT       87234V10         0      500          SOLE                               500         
TANDY CORPORATION              COM              87538210      4636    72652          SOLE                             72652         
TANDY CORPORATION              COM              87538210      3407    53388          SOLE                                      53388
TANDY CORPORATION              COM              87538210     10278   161062          SOLE                   161062                  
TANGER FACTORY OUTLET CEN      COM              87546510       633    33100          SOLE                             33100         
TANGER FACTORY OUTLET CEN      COM              87546510       809    42325          SOLE                                      42325
TANGER FACTORY OUTLET CEN      COM              87546510      1271    66449          SOLE                    66449                  
TEXACO INC                     COM              88169410        12      214          SOLE                               214         
TEXAS PACIFIC LAND TRUST       COM              88261010        25      500          SOLE                      500                  
TITAN PHARMACEUTICALS          COM              88831410        25    25000          SOLE                    25000                  
TRIBUNE COMPANY                COM              89604710       301     4600          SOLE                              4600         
TRINET CORPORATE REALTY T      COM              89628710       444    17500          SOLE                             17500         
TRINET CORPORATE REALTY T      COM              89628710        79     3100          SOLE                                       3100
TRINET CORPORATE REALTY T      COM              89628710      1944    76600          SOLE                    76600                  
UNION PACIFIC CORPORATION      COM              90781810        53      985          SOLE                               985         
UNION PACIFIC CORPORATION      COM              90781810       155     2900          SOLE                     2900                  
US WEST COMMUNICATIONS GR      COM              91273H10        22      400          SOLE                               400         
UNOCAL CORP.                   COM              91528910         4      100          SOLE                                        100
UNOCAL CORP.                   COM              91528910        41     1100          SOLE                     1100                  
UNOVA, INC.                    COM              91529B10         7      501          SOLE                      501                  
WALGREEN COMPANY               COM              93142210       509    18000          SOLE                             18000         
WEATHERFORD INTERNATIONAL      COM              94707410       431    16500          SOLE                                      16500
WEATHERFORD INTERNATIONAL      COM              94707410        26     1000          SOLE                     1000                  
WELLS FARGO COMPANY            COM              94974610       188     5360          SOLE                              5360         
WESTAMERICA BANCORPORATIO      COM              95709010       150     4740          SOLE                     4740                  
WESTWOOD ONE                   COM              96181510      1402    49193          SOLE                             49193         
WESTWOOD ONE                   COM              96181510      1621    56867          SOLE                                      56867
WESTWOOD ONE                   COM              96181510      2446    85810          SOLE                    85810                  
CORECOMM LIMITED               COM              G2422R10       974    26502          SOLE                             26502         
CORECOMM LIMITED               COM              G2422R10       739    20115          SOLE                                      20115
CORECOMM LIMITED               COM              G2422R10      2599    70714          SOLE                    70714                  
LORAL SPACE & COMMUNICATI      COM              G5646210       995    68900          SOLE                             68900         
LORAL SPACE & COMMUNICATI      COM              G5646210       845    58500          SOLE                                      58500
LORAL SPACE & COMMUNICATI      COM              G5646210      2309   159900          SOLE                   159900                  
SBS BROADCASTING SA            ORD              L8137F10      1022    31800          SOLE                             31800         
SBS BROADCASTING SA            ORD              L8137F10       230     7150          SOLE                                       7150
SBS BROADCASTING SA            ORD              L8137F10      1712    53300          SOLE                    53300                  
</TABLE>


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