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: Westcap Investors, LLC
Address: 11111 Santa Monica Blvd.
Suite 820
Los Angeles, CA 90025
13F File Number: 28-5420
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: Geoffrey I. Edelstein
Title: Managing Director
Phone: (310) 996-3234
Signature, Place, and Date of Signing:
Geoffrey I. Edelstein Los Angeles, CA May 4, 1999
Report Type (Check only one.):
[ X] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
List of Other Manager Reporting for this Manager:
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934.
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WESTCAP INVESTORS
FORM 13F SUMMARY PAGE
REPORT SUMMARY:
NUMBER OF OTHER INCLUDED MANAGERS: 0
FORM 13F INFORMATION TABLE ENTRY TOTAL: 192
FORM 13F INFORMATION TABLE VALUE TOTAL: $861,555,000
LIST OF OTHER INCLUDED MANAGERS:
NO. 13F FILE NUMBER NAME
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<TABLE> <C> <C>
WESTCAP INVESTORS PAGE 1
FORM 13F INFORMATION TABLE
AS OF DATE: 03/31/99
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
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
ABBOTT LABS COM 002824100 4488 95873 SH SOLE 95873 0 0
ADVANCED RADIO TELECOM CORP CO COM 00754U101 132 11480 SH SOLE 11480 0 0
AIRTOUCH COMMUNICATIONS COM 00949T100 370 3830 SH SOLE 3830 0 0
ALBERTSONS INC COM 013104104 1941 35650 SH SOLE 35650 0 0
ALKERMES INC PFD CON EX 3.25 CONVERTIBLE PREF 01642T405 450 8175 SH SOLE 8175 0 0
ALLERGAN INC COM 018490102 16245 184864 SH SOLE 184864 0 0
ALLIEDSIGNAL INC COM 019512102 497 10100 SH SOLE 10100 0 0
ALLSTATE CORP COM 020002101 560 15118 SH SOLE 15118 0 0
ALZA CORP 0.000% 07/14/14 CONVERTIBLE BOND 022615AC2 69 130000 PRN SOLE 130000 0 0
ALZA CORP 5.000% 05/01/06 CONVERTIBLE BOND 022615AD0 1065 910000 PRN SOLE 910000 0 0
ALZA CORP DEL CL A COM 022615108 1063 27800 SH SOLE 27800 0 0
AMERICAN EXPRESS CO COM 025816109 436 3700 SH SOLE 3700 0 0
AMERICAN HOME PRODS CORP COM 026609107 1565 23982 SH SOLE 23982 0 0
AMERICAN INTL GROUP INC COM 026874107 43456 360260 SH SOLE 360260 0 0
AMERICAN RETIREMENT CORP CV 5. CONVERTIBLE BOND 028913AA9 423 505000 PRN SOLE 505000 0 0
AMERITECH CORP NEW COM 030954101 334 5800 SH SOLE 5800 0 0
AMGEN INC COM 031162100 749 10000 SH SOLE 10000 0 0
ANADARKO PETROLEUM COM 032511107 302 8000 SH SOLE 8000 0 0
ANHEUSER BUSCH COS I COM 035229103 370 4866 SH SOLE 4866 0 0
ARCHER DANIELS MIDLAND COM 039483102 331 22523 SH SOLE 22523 0 0
ARCHSTONE CMNTYS TR PFD SER A CONVERTIBLE PREF 039581202 326 12300 SH SOLE 12300 0 0
ASCEND COMMUNICATIONS INC COM COM 043491109 343 4100 SH SOLE 4100 0 0
ASSOCIATES FIRST CAPITAL CORP COM 046008108 1984 44082 SH SOLE 44082 0 0
ATLANTIC RICHFIELD C COM 048825103 826 11300 SH SOLE 11300 0 0
AT&T CORP COM 001957109 1108 20826 SH SOLE 20826 0 0
AUTOMATIC DATA PROCESSING COM 053015103 2179 52658 SH SOLE 52658 0 0
BANK ONE CORP COM 06423A103 508 9229 SH SOLE 9229 0 0
BANKAMERICA CORP NEW COM 06605F102 18627 263741 SH SOLE 263741 0 0
BELL ATLANTIC FINL 4.250% 09/1 CONVERTIBLE BOND U0778KAD4 1120 1030000 PRN SOLE 1030000 0 0
BESTFOODS COM 08658U101 2921 62152 SH SOLE 62152 0 0
BP AMOCO ADS COM 055622104 7244 71719 SH SOLE 71719 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 17782 277307 SH SOLE 277307 0 0
BURLINGTON NORTHN SANTA FE COM 12189T104 247 7500 SH SOLE 7500 0 0
BURLINGTON RES INC COM 122014103 1596 39950 SH SOLE 39950 0 0
CABLEVISION SYS CORP PFD I DEP CONVERTIBLE PREF 126304203 1126 10100 SH SOLE 10100 0 0
CAMPBELL SOUP CO COM 134429109 423 10400 SH SOLE 10400 0 0
CARDINAL HEALTH INC COM COM 14149Y108 7353 111412 SH SOLE 111412 0 0
CARNIVAL CORP CL A COM 143658102 508 10460 SH SOLE 10460 0 0
CENTOCOR INC. 4.750% 02/15/05 CONVERTIBLE BOND 152342AE1 409 420000 PRN SOLE 420000 0 0
CHASE MANHATTAN CORPORATION COM 16161A108 851 10457 SH SOLE 10457 0 0
CHEVRON CORP COM 166751107 17603 198340 SH SOLE 198340 0 0
CISCO SYS INC COM 17275R102 30123 274936 SH SOLE 274936 0 0
CITIGROUP INC. COM 172967101 23060 361021 SH SOLE 361021 0 0
CITY NATL CORP COM COM 178566105 1847 59822 SH SOLE 59822 0 0
CLEAR CHANNEL 2.625% 04/01/03 CONVERTIBLE BOND 184502AB8 619 500000 PRN SOLE 500000 0 0
CNF TRUST I TECONS SER A CONVERTIBLE PREF 12612V205 1018 18350 SH SOLE 18350 0 0
COCA COLA CO COM 191216100 10245 166920 SH SOLE 166920 0 0
COLGATE PALMOLIVE CO COM 194162103 865 9400 SH SOLE 9400 0 0
COMPUTER SCIENCES CORP COM 205363104 17604 318990 SH SOLE 318990 0 0
COSTCO COMPANIES 0.000% 08/19/ CONVERTIBLE BOND 22160QAC6 901 840000 PRN SOLE 840000 0 0
COSTCO COMPANIES INC COM 22160Q102 3969 43346 SH SOLE 43346 0 0
COX COMMUNICATIONS INC N CL A COM 224044107 614 8121 SH SOLE 8121 0 0
CVS CORP TRACES 6.000% 05/15/0 CONVERTIBLE PREF 126645209 502 5875 SH SOLE 5875 0 0
DATA GEN CORP CVT. BOND 6.000% CONVERTIBLE BOND 237688AG1 319 395000 PRN SOLE 395000 0 0
DAYTON HUDSON CORP COM 239753106 733 11000 SH SOLE 11000 0 0
DEERE & CO COM 244199105 227 5882 SH SOLE 5882 0 0
DISNEY WALT PRODTNS COM 254687106 1410 45291 SH SOLE 45291 0 0
DOLLAR GEN STRYPES TRUST 8.500 CONVERTIBLE PREF 256678103 538 12750 SH SOLE 12750 0 0
DU PONT E I DE NEMOU COM 263534109 412 7100 SH SOLE 7100 0 0
E M C CORP MASS COM 268648102 2453 19200 SH SOLE 19200 0 0
EL PASO ENERGY CORP DEL COM COM 283905107 335 10252 SH SOLE 10252 0 0
ELAN PLC ADR COM 284131208 1991 28550 SH SOLE 28550 0 0
ELAN/ATHENA NEUROSCIENCES 4.75 CONVERTIBLE BOND 046854AB1 1330 1095000 PRN SOLE 1095000 0 0
EMERSON ELEC CO COM 291011104 3056 57735 SH SOLE 57735 0 0
ENRON CORP COM 293561106 329 5123 SH SOLE 5123 0 0
EQUITY RESIDENTIAL PPTYS TR DE CONVERTIBLE PREF 29476L859 343 15950 SH SOLE 15950 0 0
ERICSSON L M TEL CO ADR CL B S COM 294821400 356 14960 SH SOLE 14960 0 0
ESTEE LAUDER ACES TRT 6.250% 0 CONVERTIBLE PREF 518438205 352 3900 SH SOLE 3900 0 0
ESTEE LAUDER TRACES 6.250% 06/ CONVERTIBLE PREF 518437207 1034 13000 SH SOLE 13000 0 0
EXXON CORP COM 302290101 14586 206710 SH SOLE 206710 0 0
FEDERAL HOME LN MTG CORP COM 313400301 488 8510 SH SOLE 8510 0 0
FEDERAL NATL MTG ASSOC COM 313586109 13163 190078 SH SOLE 190078 0 0
FIRST DATA CORP COM 319963104 3806 89035 SH SOLE 89035 0 0
FLEET FINL GROUP INC NEW COM 338915101 269 7146 SH SOLE 7146 0 0
FORD MTR CO DEL COM 345370100 796 14037 SH SOLE 14037 0 0
FRONTIER CORPORATION COM 35906P105 18222 351272 SH SOLE 351272 0 0
GAP INC DEL COM 364760108 242 3600 SH SOLE 3600 0 0
GENERAL ELEC CO COM 369604103 31267 282638 SH SOLE 282638 0 0
GENETECH CONV. SUB. DEB 5.000% CONVERTIBLE BOND 368710AA7 49 50000 PRN SOLE 50000 0 0
GILLETTE CO COM 375766102 18596 312873 SH SOLE 312873 0 0
GLAXO WELLCOME PLC SPONSORED A COM 37733W105 288 4300 SH SOLE 4300 0 0
GTE CORP COM 362320103 5818 96172 SH SOLE 96172 0 0
GUIDANT CORP COM 401698105 2271 37536 SH SOLE 37536 0 0
HEWLETT PACKARD CO COM 428236103 448 6600 SH SOLE 6600 0 0
HILTON HOTELS CV SB NT 5.000% CONVERTIBLE BOND 432848AL3 990 1056000 PRN SOLE 1056000 0 0
HOME DEPOT CVT. BOND 3.250% 10 CONVERTIBLE BOND 437076AE2 1261 465000 PRN SOLE 465000 0 0
HOME DEPOT INC COM 437076102 25039 402232 SH SOLE 402232 0 0
HOUSEHOLD INTL INC COM 441815107 401 8790 SH SOLE 8790 0 0
HOUSTON INDUSTRIES EXCH TIME W CONVERTIBLE PREF 442161204 1407 11675 SH SOLE 11675 0 0
HSBC HLDGS PLC ADR SPONSORED FOREIGN COMMON S 404280307 236 750 SH SOLE 750 0 0
I B M COM 459200101 19447 109715 SH SOLE 109715 0 0
ILLINOIS TOOL WORKS COM 452308109 1990 32160 SH SOLE 32160 0 0
INGERSOLL-RAND INCOME PRIDE 6. CONVERTIBLE PREF 456867209 924 36605 SH SOLE 36605 0 0
INTEL CORP COM 458140100 15938 268152 SH SOLE 268152 0 0
INTERPUBLIC GROUP COS IN COM 460690100 12587 161631 SH SOLE 161631 0 0
JACOR COMM INC 0.000% 02/09/18 CONVERTIBLE BOND 469858AB0 564 1075000 PRN SOLE 1075000 0 0
JEFFERSON PT CO EXCH NATIONSBA CONVERTIBLE PREF 475070207 2028 17335 SH SOLE 17335 0 0
JOHNSON & JOHNSON COM 478160104 7222 77243 SH SOLE 77243 0 0
K-MART CVT PFD 7.75% CONVERTIBLE PREF 498778208 924 15275 SH SOLE 15275 0 0
LAUDER ESTEE COS INC CL A COM 518439104 2283 24158 SH SOLE 24158 0 0
LILLY ELI & CO COM 532457108 1981 23344 SH SOLE 23344 0 0
LINCOLN NATIONAL INCOME PRIDES CONVERTIBLE PREF 534187604 2489 93920 SH SOLE 93920 0 0
LUCENT TECHNOLOGIES INC COM COM 549463107 19574 362474 SH SOLE 362474 0 0
MARRIOTT INTL INC NEW CL A COM 571903202 813 24192 SH SOLE 24192 0 0
MCDONALDS CORP COM 580135101 3230 71280 SH SOLE 71280 0 0
MCI WORLDCOM COM 55268B106 27045 305379 SH SOLE 305379 0 0
MCKESSON HBOC INC. COM 58155Q103 4059 61507 SH SOLE 61507 0 0
MEDIAONE GROUP INC COM COM 58440J104 6145 96860 SH SOLE 96860 0 0
MEDIAONE GROUP INC SERD CV PFD CONVERTIBLE PREF 58440J203 10531 81915 SH SOLE 81915 0 0
MEDTRONIC INC COM 585055106 11435 159090 SH SOLE 159090 0 0
MERCK & CO INC COM 589331107 21692 270724 SH SOLE 270724 0 0
MERRILL LYNCH PREFERRED 7.28% PREFERRED STOCKS 59021K205 203 8000 SH SOLE 8000 0 0
MERRILL LYNCH STRYPE COX COM 6 CONVERTIBLE PREF 590188777 2751 45425 SH SOLE 45425 0 0
MERRILL LYNCH & CO INC COM 590188108 224 2533 SH SOLE 2533 0 0
MERRILL LYNCH & CO INC SAI STR CONVERTIBLE PREF 590188769 904 12215 SH SOLE 12215 0 0
METROMEDIA INTL. GROUP INC. 7. CONVERTIBLE PREF 591695200 249 9325 SH SOLE 9325 0 0
MICROSOFT CORP COM 594918104 36869 411372 SH SOLE 411372 0 0
MICROSOFT CORP PFD SER A CNV CONVERTIBLE PREF 594918203 1495 15175 SH SOLE 15175 0 0
MINNESOTA MNG & MFG CO COM 604059105 730 10319 SH SOLE 10319 0 0
MOBIL CORP COM 607059102 4149 47150 SH SOLE 47150 0 0
MOLEX INC COM 608554101 2190 74555 SH SOLE 74555 0 0
MOLEX INC CL A COM 608554200 209 8065 SH SOLE 8065 0 0
MORGAN ST DEAN WITTER WCOM 6.0 CONVERTIBLE PREF 617446257 993 113509 SH SOLE 113509 0 0
MORGAN STANLEY DEAN WITTER DIS COM 617446448 485 4854 SH SOLE 4854 0 0
NESTLE S A SPON ADR REG FOREIGN COMMON S 641069406 320 3550 SH SOLE 3550 0 0
NEWELL FINL TR I $2.625 PFD CONVERTIBLE PREF 651195307 1378 24440 SH SOLE 24440 0 0
NEWELL RUBBERMAID INC. COM 651229106 10609 223352 SH SOLE 223352 0 0
NEWS AMER HLDGS INC LYONS 0.00 CONVERTIBLE BOND 652478AS7 743 1165000 PRN SOLE 1165000 0 0
OMNICARE 5.000% 12/01/07 CONVERTIBLE BOND 681904AD0 558 685000 PRN SOLE 685000 0 0
OMNICOM 2.250% 01/06/13 CONVERTIBLE BOND 681919AG1 749 430000 PRN SOLE 430000 0 0
OMNICOM GROUP CVT BOND 4.250% CONVERTIBLE BOND 681919AE6 835 325000 PRN SOLE 325000 0 0
ORYX ENERGY COMPANY SDCV 7.500 CONVERTIBLE BOND 68763FAD2 30 30000 PRN SOLE 30000 0 0
PENNZENERGY CO 4.950% 08/15/08 CONVERTIBLE BOND 70931QAB5 85 85000 PRN SOLE 85000 0 0
PEPSICO INC COM 713448108 4732 120750 SH SOLE 120750 0 0
PERKIN ELMER CORP COM 714041100 7858 80963 SH SOLE 80963 0 0
PFIZER INC COM 717081103 25159 181327 SH SOLE 181327 0 0
PHILIP MORRIS COS INC COM 718154107 2270 64516 SH SOLE 64516 0 0
PITNEY BOWES INC COM 724479100 998 15650 SH SOLE 15650 0 0
PLATINUM ENTMT INC COM COM 727909103 80 12460 SH SOLE 12460 0 0
PLC CAPITAL TRUST II CONVERTIBLE PREF 743674202 1150 18450 SH SOLE 18450 0 0
PPG INDS INC COM 693506107 876 17100 SH SOLE 17100 0 0
PRICE T ROWE & ASSOCIATE COM 741477103 403 11720 SH SOLE 11720 0 0
PROCTER & GAMBLE CO COM 742718109 14198 144970 SH SOLE 144970 0 0
PROLOGIS TR PFD CNV SH BN B CONVERTIBLE PREF 743410300 781 30700 SH SOLE 30700 0 0
QUADRAMED CORP 5.250% 05/01/05 CONVERTIBLE BOND 74730WAC5 289 490000 PRN SOLE 490000 0 0
RALSTON PURINA CO. EXCH NT 7.0 CONVERTIBLE PREF 751277401 963 21395 SH SOLE 21395 0 0
RITE AID SUB NOTE 5.250% 09/15 CONVERTIBLE BOND 767754AL8 1294 1250000 PRN SOLE 1250000 0 0
ROYAL DUTCH PETRO-NY SHARES COM 780257804 3700 71151 SH SOLE 71151 0 0
ROYCE FD PA MUT FD II MUTUAL FUNDS 780905832 55 10477 SH SOLE 10477 0 0
SAFEWAY INC COM NEW COM 786514208 11902 231950 SH SOLE 231950 0 0
SARA LEE CORP COM 803111103 473 19118 SH SOLE 19118 0 0
SBC COMMUNICATIONS INC COM 78387G103 433 9186 SH SOLE 9186 0 0
SCANDINAVIAN BROADCASTING 7.00 CONVERTIBLE BOND 805906AC8 283 225000 PRN SOLE 225000 0 0
SCANDINAVIAN BROADCASTING 7.25 CONVERTIBLE BOND 805906AA2 185 160000 PRN SOLE 160000 0 0
SCHERING PLOUGH CORP COM 806605101 17915 324245 SH SOLE 324245 0 0
SCHLUMBERGER LTD COM 806857108 1927 32016 SH SOLE 32016 0 0
SCHWAB CHARLES CORP NEW COM 808513105 6379 66358 SH SOLE 66358 0 0
SCI SYS INC COM COM 783890106 10344 349177 SH SOLE 349177 0 0
SCI SYSTEMS CV SB DB 5.000% 05 CONVERTIBLE BOND 783890AD8 586 475000 PRN SOLE 475000 0 0
SEALED AIR CORP NEW PFD CONV A CONVERTIBLE PREF 81211K209 1351 27300 SH SOLE 27300 0 0
SEARS ROEBUCK & CO COM 812387108 320 7088 SH SOLE 7088 0 0
SERVICE CORP INTL COM 817565104 203 14250 SH SOLE 14250 0 0
SINCLAIR BROADCAST GROUP CNV P CONVERTIBLE PREF 829226505 245 6000 SH SOLE 6000 0 0
SMTEK INTL INC COM COM 832688105 3 10000 SH SOLE 10000 0 0
SOUTHWEST AIRLS CO COM 844741108 715 23625 SH SOLE 23625 0 0
STRYKER CORP COM 863667101 928 18400 SH SOLE 18400 0 0
SYSCO CORP COM 871829107 9357 355602 SH SOLE 355602 0 0
TELE COMMUNICATION INTL 4.500% CONVERTIBLE BOND 87924HAA0 733 655000 PRN SOLE 655000 0 0
TEXAS INSTRS INC COM 882508104 9929 100038 SH SOLE 100038 0 0
TIME WARNER INC COM 887315109 21162 298842 SH SOLE 298842 0 0
TRICON GLOBAL RESTAURANTS COM COM 895953107 274 3900 SH SOLE 3900 0 0
TRW INC COM 872649108 328 7200 SH SOLE 7200 0 0
UNION CAMP CORP COM 905530101 302 4500 SH SOLE 4500 0 0
UNITED TECHNOLOGIES CORP COM 913017109 389 2870 SH SOLE 2870 0 0
UNOCAL CORP TOPRS CONV $3.125 CONVERTIBLE PREF 91528T207 1404 25825 SH SOLE 25825 0 0
UNOVA INC COM COM 91529B106 226 17125 SH SOLE 17125 0 0
UNUM CORP COM 903192102 11007 231420 SH SOLE 231420 0 0
US BANCORP COM 902973106 889 26100 SH SOLE 26100 0 0
USX-MARATHON GROUP COM NEW COM 902905827 233 8480 SH SOLE 8480 0 0
WAL MART STORES INC COM 931142103 9300 201762 SH SOLE 201762 0 0
WALGREEN CO COM 931422109 1085 38400 SH SOLE 38400 0 0
WARNER LAMBERT CO COM 934488107 235 3540 SH SOLE 3540 0 0
WASHINGTON MUT INC COM COM 939322103 1231 30119 SH SOLE 30119 0 0
WASTE MGMT CV NOTE 4.000% 02/0 CONVERTIBLE BOND 94106LAA7 748 645000 PRN SOLE 645000 0 0
WELLS FARGO NEW COM 949746101 2648 75530 SH SOLE 75530 0 0
WENDY'S INTL TECON $2.50 CONVERTIBLE PREF 950588202 1375 22825 SH SOLE 22825 0 0
WEYERHAEUSER CO COM 962166104 338 6093 SH SOLE 6093 0 0
WILLIAMS COS INC COM 969457100 21250 537974 SH SOLE 537974 0 0
WILLIAMS COS INC CV PFD $3.50 CONVERTIBLE PREF 969457506 769 4125 SH SOLE 4125 0 0
WMX TECHNOLOGIES INCNOTE 2.000 CONVERTIBLE BOND 92929QAF4 77 80000 PRN SOLE 80000 0 0
WRIGLEY WM JR CO COM 982526105 891 9850 SH SOLE 9850 0 0
XEROX CORP COM 984121103 560 10744 SH SOLE 10744 0 0
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