UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: June 30, 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 August 10, 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.
<PAGE>
WESTCAP INVESTORS
FORM 13F SUMMARY PAGE
REPORT SUMMARY:
NUMBER OF OTHER INCLUDED MANAGERS: 0
FORM 13F INFORMATION TABLE ENTRY TOTAL: 236
FORM 13F INFORMATION TABLE VALUE TOTAL: $992,510,413
LIST OF OTHER INCLUDED MANAGERS:
NO. 13F FILE NUMBER NAME
<PAGE>
<TABLE> <C> <C>
WESTCAP INVESTORS
FORM 13F INFORMATION TABLE
AS OF DATE: 06/30/99
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 4350 95873 SH SOLE 95873 0 0
ACTIVISION INC NEW COM NEW COM 004930202 418 28720 SH SOLE 28720 0 0
ADVANCED RADIO TELECOM CORP CO COM 00754U101 406 28240 SH SOLE 28240 0 0
AERIAL COMMUNICATIONS INC COM COM 007655103 234 17370 SH SOLE 17370 0 0
AFFYMETRIX INC COM 00826T108 538 10905 SH SOLE 10905 0 0
AHL SVCS INC COM COM 001296102 319 12800 SH SOLE 12800 0 0
ALBERTSONS INC COM 013104104 2385 46260 SH SOLE 46260 0 0
ALKERMES INC COM COM 01642T108 212 9175 SH SOLE 9175 0 0
ALKERMES INC PFD CON EX 3.25 CONVERTIBLE PREF 01642T405 392 8175 SH SOLE 8175 0 0
ALLERGAN INC COM 018490102 17296 155824 SH SOLE 155124 0 700
ALLIEDSIGNAL INC COM 019512102 636 10100 SH SOLE 10100 0 0
ALLSTATE CORP COM 020002101 564 15718 SH SOLE 15718 0 0
ALTERA CORP COM 021441100 230 6246 SH SOLE 6246 0 0
AMERICAN EXPRESS CO COM 025816109 481 3700 SH SOLE 3700 0 0
AMERICAN HOME PRODS CORP COM 026609107 1385 24132 SH SOLE 24132 0 0
AMERICAN INTL GROUP INC COM 026874107 42728 455416 SH SOLE 455416 0 0
AMERICAN WOODMARK CORP COM COM 030506109 274 7770 SH SOLE 7770 0 0
AMERITECH CORP NEW COM 030954101 426 5800 SH SOLE 5800 0 0
AMGEN INC COM 031162100 578 9500 SH SOLE 9500 0 0
ANADARKO PETROLEUM COM 032511107 295 8000 SH SOLE 8000 0 0
ANHEUSER BUSCH COS I COM 035229103 345 4866 SH SOLE 4866 0 0
ANN TAYLOR 0.550% 06/18/19 CONVERTIBLE BOND 036115AA1 125 200000 PRN SOLE 200000 0 0
APACHE CORP COM 037411105 7045 180640 SH SOLE 180640 0 0
APACHE CORP 6.500% 05/15/02 CONVERTIBLE PREF 037411600 1166 31510 SH SOLE 31510 0 0
ARCHER DANIELS MIDLAND COM 039483102 348 22523 SH SOLE 22523 0 0
ARCHSTONE CMNTYS TR PFD SER A CONVERTIBLE PREF 039581202 361 12300 SH SOLE 12300 0 0
ASSOCIATES FIRST CAPITAL CORP COM 046008108 1950 44182 SH SOLE 44182 0 0
ATLANTIC RICHFIELD C COM 048825103 944 11300 SH SOLE 11300 0 0
AT&T CORP COM 001957109 1182 21175 SH SOLE 21175 0 0
AT&T CORP LIBERTY MEDIA CL A COM 001957208 1284 34948 SH SOLE 34948 0 0
AUTOMATIC DATA PROCESSING COM 053015103 2176 49458 SH SOLE 49458 0 0
BANK OF AMERICA COM 060505104 21975 299735 SH SOLE 299235 0 500
BANK ONE CORP COM 06423A103 530 8899 SH SOLE 8899 0 0
BELL ATLANTIC CORP COM 077853109 879 13452 SH SOLE 13452 0 0
BELL ATLANTIC FINL 4.250% 09/1 CONVERTIBLE BOND U0778KAD4 1045 1045000 PRN SOLE 1045000 0 0
BENCHMARK ELECTRS INC COM COM 08160H101 482 13420 SH SOLE 13420 0 0
BESTFOODS COM 08658U101 3205 64735 SH SOLE 64735 0 0
BLACK & DECKER CORP COM 091797100 215 3400 SH SOLE 3400 0 0
BP AMOCO ADS COM 055622104 7727 71219 SH SOLE 71219 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 21727 308455 SH SOLE 308455 0 0
BURLINGTON RES INC COM 122014103 1797 41550 SH SOLE 41550 0 0
CABLEVISION SYS CORP PFD I DEP CONVERTIBLE PREF 126304203 983 9100 SH SOLE 9100 0 0
CAMPBELL SOUP CO COM 134429109 362 7800 SH SOLE 7800 0 0
CARDINAL HEALTH INC COM COM 14149Y108 16260 253567 SH SOLE 252917 0 650
CARNIVAL CORP CL A COM 143658102 507 10460 SH SOLE 10460 0 0
CASH AMER INTL INC COM COM 14754D100 466 36160 SH SOLE 36160 0 0
CENTOCOR INC. 4.750% 02/15/05 CONVERTIBLE BOND 152342AE1 475 430000 PRN SOLE 430000 0 0
CHASE MANHATTAN CORPORATION COM 16161A108 905 10457 SH SOLE 10457 0 0
CHEVRON CORP COM 166751107 21960 231000 SH SOLE 230550 0 450
CHOICEPOINT INC COM COM 170388102 411 6130 SH SOLE 6130 0 0
CIBER INC COM COM 17163B102 397 20770 SH SOLE 20770 0 0
CISCO SYS INC COM 17275R102 36388 564152 SH SOLE 563552 0 600
CITIGROUP INC. COM 172967101 27128 571115 SH SOLE 570290 0 825
CITY NATL CORP COM COM 178566105 2213 59122 SH SOLE 59122 0 0
CLEAR CHANNEL 2.625% 04/01/03 CONVERTIBLE BOND 184502AB8 634 500000 PRN SOLE 500000 0 0
CNF TRUST I TECONS SER A CONVERTIBLE PREF 12612V205 1048 18350 SH SOLE 18350 0 0
COASTAL CORP COM 190441105 318 7900 SH SOLE 7900 0 0
COCA COLA CO COM 191216100 11356 183150 SH SOLE 183150 0 0
COLGATE PALMOLIVE CO COM 194162103 926 18800 SH SOLE 18800 0 0
COMPUTER SCIENCES CORP COM 205363104 23682 342294 SH SOLE 341894 0 400
CONMED CORP COM COM 207410101 249 8130 SH SOLE 8130 0 0
CONNING CORP COM COM 208215103 341 20960 SH SOLE 20960 0 0
COSTCO COMPANIES 0.000% 08/19/ CONVERTIBLE BOND 22160QAC6 793 840000 PRN SOLE 840000 0 0
COSTCO COMPANIES INC COM 22160Q102 4858 60676 SH SOLE 60676 0 0
COX COMMUNICATIONS INC N CL A COM 224044107 760 20642 SH SOLE 20642 0 0
CVS CORP TRACES 6.000% 05/15/0 CONVERTIBLE PREF 126645209 535 5875 SH SOLE 5875 0 0
DAYTON HUDSON CORP COM 239753106 715 11000 SH SOLE 11000 0 0
DEERE & CO COM 244199105 231 5882 SH SOLE 5882 0 0
DISNEY WALT PRODTNS COM 254687106 1374 44591 SH SOLE 44591 0 0
DOLLAR GEN STRYPES TRUST 8.500 CONVERTIBLE PREF 256678103 547 12750 SH SOLE 12750 0 0
DOW CHEMICAL COMPANY COM 260543103 216 1705 SH SOLE 1705 0 0
DU PONT E I DE NEMOU COM 263534109 485 7100 SH SOLE 7100 0 0
E DIGITAL CORP COM COM 26841Y103 25 10000 SH SOLE 10000 0 0
E M C CORP MASS COM 268648102 2090 38000 SH SOLE 38000 0 0
EL PASO ENERGY CAP TR I PFD CO CONVERTIBLE PREF 283678209 825 16675 SH SOLE 16675 0 0
EL PASO ENERGY CORP DEL COM COM 283905107 466 13252 SH SOLE 13252 0 0
ELAN PLC ADR COM 284131208 1687 60800 SH SOLE 59800 0 1000
ELAN/ATHENA NEUROSCIENCES 4.75 CONVERTIBLE BOND 046854AB1 1147 1095000 PRN SOLE 1095000 0 0
EMERSON ELEC CO COM 291011104 3634 57735 SH SOLE 57735 0 0
ENHANCE FINL SVCS GROUP INC CO COM 293310108 246 12450 SH SOLE 12450 0 0
ENRON CORP COM 293561106 14704 179863 SH SOLE 179863 0 0
EQUITY RESIDENTIAL PPTYS TR DE CONVERTIBLE PREF 29476L859 380 15950 SH SOLE 15950 0 0
ERICSSON L M TEL CO ADR CL B S COM 294821400 493 14960 SH SOLE 14960 0 0
ESTEE LAUDER ACES TRT 6.250% 0 CONVERTIBLE PREF 518438205 368 3900 SH SOLE 3900 0 0
ESTEE LAUDER TRACES 6.250% 06/ CONVERTIBLE PREF 518437207 1121 13000 SH SOLE 13000 0 0
EXXON CORP COM 302290101 18513 240043 SH SOLE 240043 0 0
FEDERAL HOME LN MTG CORP COM 313400301 494 8510 SH SOLE 8510 0 0
FEDERAL NATL MTG ASSOC COM 313586109 3787 55480 SH SOLE 55480 0 0
FIRST DATA CORP COM 319963104 5106 104335 SH SOLE 104335 0 0
FIRST ESSEX BANCORP COM COM 320103104 304 18695 SH SOLE 18695 0 0
FIRST YRS INC COM COM 337610109 299 19955 SH SOLE 19955 0 0
FLEET FINL GROUP INC NEW COM 338915101 317 7146 SH SOLE 7146 0 0
FORD MTR CO DEL COM 345370100 783 13869 SH SOLE 13869 0 0
FRONTIER CORP COM 35906P105 4 70 SH SOLE 70 0 0
GENERAL ELEC CO COM 369604103 33656 297841 SH SOLE 296641 0 1200
GENETECH CONV. SUB. DEB 5.000% CONVERTIBLE BOND 368710AA7 48 50000 PRN SOLE 50000 0 0
GENZYME CORP 5.250% 06/01/05 CONVERTIBLE BOND 372917AF1 557 405000 PRN SOLE 405000 0 0
GILLETTE CO COM 375766102 13455 328180 SH SOLE 327580 0 600
GLAXO WELLCOME PLC SPONSORED A COM 37733W105 243 4300 SH SOLE 4300 0 0
GTE CORP COM 362320103 18195 240991 SH SOLE 240491 0 500
GUIDANT CORP COM 401698105 1919 37536 SH SOLE 37536 0 0
HADCO CORP COM COM 404681108 493 12390 SH SOLE 12390 0 0
HALLIBURTON CO COM 406216101 511 11300 SH SOLE 11300 0 0
HARBINGER CORP COM COM 41145C103 364 29140 SH SOLE 29140 0 0
HENRY JACK & ASSOC INC COM COM 426281101 257 6550 SH SOLE 6550 0 0
HEWLETT PACKARD CO COM 428236103 650 6465 SH SOLE 6465 0 0
HILTON HOTELS CV SB NT 5.000% CONVERTIBLE BOND 432848AL3 961 1056000 PRN SOLE 1056000 0 0
HOME DEPOT CVT. BOND 3.250% 10 CONVERTIBLE BOND 437076AE2 1301 465000 PRN SOLE 465000 0 0
HOME DEPOT INC COM 437076102 26947 418187 SH SOLE 413289 0 4898
HOOPER HOLMES INC COM COM 439104100 435 21330 SH SOLE 21330 0 0
HOUSEHOLD INTL INC COM 441815107 416 8790 SH SOLE 8790 0 0
HOUSTON INDUSTRIES EXCH TIME W CONVERTIBLE PREF 442161204 1386 11625 SH SOLE 11625 0 0
HSBC HLDGS PLC ADR SPONSORED FOREIGN COMMON S 404280307 277 750 SH SOLE 750 0 0
HUTCHINSON TECHNOLOGY INC COM COM 448407106 316 11400 SH SOLE 11400 0 0
I B M COM 459200101 30001 232115 SH SOLE 231715 0 400
ILLINOIS TOOL WORKS COM 452308109 2613 31960 SH SOLE 31960 0 0
IMAX CORP COM COM 45245E109 330 14685 SH SOLE 14685 0 0
INCYTE PHARMACEUTICALS INC COM COM 45337C102 324 12260 SH SOLE 12260 0 0
INGERSOLL-RAND INCOME PRIDE 6. CONVERTIBLE PREF 456867209 1098 36605 SH SOLE 36605 0 0
INHALE THERAPEUTIC SYS COM COM 457191104 256 10740 SH SOLE 10740 0 0
INTEL CORP COM 458140100 17258 290040 SH SOLE 288640 0 1400
INTERPUBLIC GROUP COS IN COM 460690100 15225 351022 SH SOLE 350022 0 1000
INTL PAPER CO COM 460146103 336 6682 SH SOLE 6682 0 0
IXC COMMUNICATIONS INC COM COM 450713102 415 10555 SH SOLE 10555 0 0
JACOR COMM INC 0.000% 02/09/18 CONVERTIBLE BOND 469858AB0 601 1075000 PRN SOLE 1075000 0 0
JEFFERIES GROUP INC NEW COM COM 472319102 318 10955 SH SOLE 10955 0 0
JEFFERSON PT CO EXCH NATIONSBA CONVERTIBLE PREF 475070207 2132 17335 SH SOLE 17335 0 0
JOHNSON & JOHNSON COM 478160104 7508 76613 SH SOLE 76613 0 0
KIMBERLY CLARK CORP COM 494368103 648 11370 SH SOLE 11370 0 0
KONINKLIJKE PHILIPS ELECTRS AD COM 500472204 204 2024 SH SOLE 2024 0 0
K-MART CVT PFD 7.75% CONVERTIBLE PREF 498778208 894 15275 SH SOLE 15275 0 0
LAUDER ESTEE COS INC CL A COM 518439104 2414 48166 SH SOLE 48166 0 0
LILLY ELI & CO COM 532457108 1615 22544 SH SOLE 22544 0 0
LINCOLN NATIONAL INCOME PRIDES CONVERTIBLE PREF 534187604 2592 95320 SH SOLE 95320 0 0
LUCENT TECHNOLOGIES INC COM COM 549463107 25842 383198 SH SOLE 382598 0 600
MARRIOTT INTL INC NEW CL A COM 571903202 904 24192 SH SOLE 23192 0 1000
MASCO CORP COM 574599106 206 7140 SH SOLE 7140 0 0
MCDONALDS CORP COM 580135101 2950 71740 SH SOLE 71740 0 0
MCI WORLDCOM COM 55268B106 27310 317328 SH SOLE 316328 0 1000
MCKESSON PFD 5.000% 06/01/27 CONVERTIBLE PREF 58155P501 1079 21000 SH SOLE 21000 0 0
MEDIAONE GROUP INC COM COM 58440J104 8808 118420 SH SOLE 117870 0 550
MEDIAONE GROUP INC SERD CV PFD CONVERTIBLE PREF 58440J203 11103 74115 SH SOLE 74115 0 0
MEDTRONIC INC COM 585055106 522 6700 SH SOLE 6700 0 0
MERCK & CO INC COM 589331107 20887 283697 SH SOLE 283697 0 0
MERRILL LYNCH & CO INC COM 590188108 201 2533 SH SOLE 2533 0 0
METROMEDIA INTL GROUP INC COM COM 591695101 379 50470 SH SOLE 50470 0 0
METROMEDIA INTL. GROUP INC. 7. CONVERTIBLE PREF 591695200 364 10425 SH SOLE 10425 0 0
MICROSOFT CORP COM 594918104 38451 426348 SH SOLE 425948 0 400
MICROSOFT CORP PFD SER A CNV CONVERTIBLE PREF 594918203 1517 15175 SH SOLE 15175 0 0
MIDCOAST ENERGY RES INC COM COM 59563W104 377 23389 SH SOLE 23389 0 0
MINNESOTA MNG & MFG CO COM 604059105 845 9719 SH SOLE 9719 0 0
MOBIL CORP COM 607059102 1156 11709 SH SOLE 11709 0 0
MOLEX INC COM 608554101 2944 79555 SH SOLE 79555 0 0
MOLEX INC CL A COM 608554200 254 8065 SH SOLE 8065 0 0
MORGAN ST DEAN WITTER WCOM 6.0 CONVERTIBLE PREF 617446257 1022 113509 SH SOLE 113509 0 0
MORGAN STANLEY DEAN WITTER DIS COM 617446448 498 4854 SH SOLE 4854 0 0
NATION WIDE FINANCIAL COM 638612101 1609 35550 SH SOLE 35550 0 0
NESTLE S A SPON ADR REG FOREIGN COMMON S 641069406 402 4450 SH SOLE 4450 0 0
NEWELL FINL TR I $2.625 PFD CONVERTIBLE PREF 651195307 1381 24640 SH SOLE 24640 0 0
NEWELL RUBBERMAID INC. COM 651229106 13679 294970 SH SOLE 294970 0 0
NEWS AMER HLDGS INC LYONS 0.00 CONVERTIBLE BOND 652478AS7 846 1165000 PRN SOLE 1165000 0 0
NOVOSTE CORP COM COM 67010C100 249 11835 SH SOLE 11835 0 0
OMNICARE 5.000% 12/01/07 CONVERTIBLE BOND 681904AD0 499 685000 PRN SOLE 685000 0 0
OMNICOM 2.250% 01/06/13 CONVERTIBLE BOND 681919AG1 728 430000 PRN SOLE 430000 0 0
OMNICOM GROUP CVT BOND 4.250% CONVERTIBLE BOND 681919AE6 831 325000 PRN SOLE 325000 0 0
OPEN MKT INC COM COM 68370M100 327 23075 SH SOLE 23075 0 0
ORYX ENERGY COMPANY SDCV 7.500 CONVERTIBLE BOND 68763FAD2 30 30000 PRN SOLE 30000 0 0
PACIFIC GATEWAY EXCHANGE INCCO COM 694327107 318 10910 SH SOLE 10910 0 0
PE BIOSYSTEMS GROUP COM COM 69332S102 10288 179090 SH SOLE 178390 0 700
PE CORP COM CLRA GENOMC COM 69332S201 1126 69588 SH SOLE 69413 0 175
PENNZENERGY CO 4.950% 08/15/08 CONVERTIBLE BOND 70931QAB5 896 875000 PRN SOLE 875000 0 0
PEPSICO INC COM 713448108 4672 120750 SH SOLE 120750 0 0
PFIZER INC COM 717081103 25164 691876 SH SOLE 690076 0 1800
PHILIP MORRIS COS INC COM 718154107 2593 64516 SH SOLE 64516 0 0
PHILLIPS PETE CO COM 718507106 503 10000 SH SOLE 10000 0 0
PITNEY BOWES INC COM 724479100 7970 124035 SH SOLE 124035 0 0
PLC CAPITAL TRUST II CONVERTIBLE PREF 743674202 1075 18530 SH SOLE 18530 0 0
PPG INDS INC COM 693506107 1010 17100 SH SOLE 17100 0 0
PRICE T ROWE & ASSOCIATE COM 741477103 450 11720 SH SOLE 11720 0 0
PRIMUS TELECOMM GROUP INC COM COM 741929103 396 17640 SH SOLE 17640 0 0
PROCTER & GAMBLE CO COM 742718109 13826 154915 SH SOLE 154915 0 0
PROLOGIS TR PFD CNV SH BN B CONVERTIBLE PREF 743410300 796 30700 SH SOLE 30700 0 0
PROSPERITY BANCSHARES INC COM COM 743606105 374 25565 SH SOLE 25565 0 0
QUADRAMED CORP 5.250% 05/01/05 CONVERTIBLE BOND 74730WAC5 268 490000 PRN SOLE 490000 0 0
RALSTON PURINA CO. EXCH NT 7.0 CONVERTIBLE PREF 751277401 986 21195 SH SOLE 21195 0 0
RAYTHEON CO CL A COM 755111309 383 5554 SH SOLE 5554 0 0
RITE AID SUB NOTE 5.250% 09/15 CONVERTIBLE BOND 767754AL8 1238 1250000 PRN SOLE 1250000 0 0
ROYAL DUTCH PETRO-NY SHARES COM 780257804 3955 65651 SH SOLE 65651 0 0
ROYCE FD PA MUT FD II MUTUAL FUNDS 780905832 73 10477 SH SOLE 10477 0 0
SAFEWAY INC COM NEW COM 786514208 11226 226788 SH SOLE 226788 0 0
SARA LEE CORP COM 803111103 325 14318 SH SOLE 14318 0 0
SBC COMMUNICATIONS INC COM 78387G103 533 9186 SH SOLE 9186 0 0
SCANDINAVIAN BROADCASTING 7.00 CONVERTIBLE BOND 805906AC8 281 225000 PRN SOLE 225000 0 0
SCANDINAVIAN BROADCASTING 7.25 CONVERTIBLE BOND 805906AA2 183 160000 PRN SOLE 160000 0 0
SCHERING PLOUGH CORP COM 806605101 18938 360719 SH SOLE 360719 0 0
SCHLUMBERGER LTD COM 806857108 1956 30716 SH SOLE 30716 0 0
SCHWAB CHARLES CORP NEW COM 808513105 6248 114644 SH SOLE 108786 0 5858
SCI SYS INC COM COM 783890106 16573 349823 SH SOLE 349823 0 0
SEAGRAMS ACES 7.500% 06/21/02 CONVERTIBLE PREF 811850205 743 15000 SH SOLE 15000 0 0
SEALED AIR CORP NEW PFD CONV A CONVERTIBLE PREF 81211K209 1809 28950 SH SOLE 28950 0 0
SEARS ROEBUCK & CO COM 812387108 316 7088 SH SOLE 7088 0 0
SERVICE CORP INTL COM 817565104 274 14250 SH SOLE 14250 0 0
SINCLAIR BROADCAST GROUP CNV P CONVERTIBLE PREF 829226505 575 13300 SH SOLE 13300 0 0
SMITH BARNEY INCOME FDS DIVERS MUTUAL FUNDS 83181A856 107 14117 SH SOLE 14117 0 0
SOUTHWEST AIRLS CO COM 844741108 735 35438 SH SOLE 35438 0 0
STERLING COMM INC COM COM 859205106 250 6800 SH SOLE 6800 0 0
STRYKER CORP COM 863667101 1106 18400 SH SOLE 18400 0 0
SYSCO CORP COM 871829107 11823 396573 SH SOLE 396573 0 0
TEXAS INSTRS INC COM 882508104 17548 121865 SH SOLE 121515 0 350
TIME WARNER INC COM 887315109 22857 314723 SH SOLE 314223 0 500
TODD AO CORP COM COM 888896107 139 12620 SH SOLE 12620 0 0
TRICON GLOBAL RESTAURANTS COM COM 895953107 211 3900 SH SOLE 3900 0 0
TRW INC COM 872649108 395 7200 SH SOLE 7200 0 0
TYCO INTL LTD NEW COM COM 902124106 13673 144299 SH SOLE 144299 0 0
UNITED TECHNOLOGIES CORP COM 913017109 445 6186 SH SOLE 6186 0 0
UNOCAL CORP TOPRS CONV $3.125 CONVERTIBLE PREF 91528T207 1492 26765 SH SOLE 26765 0 0
UNUM CORP COM 903192102 14936 272800 SH SOLE 272100 0 700
US BANCORP COM 902973106 871 26100 SH SOLE 26100 0 0
UST INC COM 902911106 205 7000 SH SOLE 7000 0 0
USX-MARATHON GROUP COM NEW COM 902905827 276 8480 SH SOLE 8480 0 0
VALUEVISION INTL INCCL A COM 92047K107 542 27275 SH SOLE 27275 0 0
VITESSE SEMICONDUCTOR CORP COM COM 928497106 310 4600 SH SOLE 4600 0 0
VODAFONE GROUP PLC ADR SPONSOR COM 92857T107 377 1915 SH SOLE 1915 0 0
WAL MART STORES INC COM 931142103 11455 237418 SH SOLE 237418 0 0
WALGREEN CO COM 931422109 1128 38400 SH SOLE 38400 0 0
WARNER LAMBERT CO COM 934488107 210 3040 SH SOLE 3040 0 0
WASHINGTON MUT INC COM COM 939322103 671 18879 SH SOLE 18879 0 0
WASTE MGMT CV NOTE 4.000% 02/0 CONVERTIBLE BOND 94106LAA7 996 760000 PRN SOLE 760000 0 0
WELLS FARGO NEW COM 949746101 4210 98490 SH SOLE 98490 0 0
WENDY'S INTL TECON $2.50 CONVERTIBLE PREF 950588202 1381 22825 SH SOLE 22825 0 0
WEYERHAEUSER CO COM 962166104 419 6093 SH SOLE 6093 0 0
WILLIAMS COS INC COM 969457100 17402 408849 SH SOLE 408249 0 600
WILLIAMS COS INC CV PFD $3.50 CONVERTIBLE PREF 969457506 559 2800 SH SOLE 2800 0 0
WMX TECHNOLOGIES INCNOTE 2.000 CONVERTIBLE BOND 92929QAF4 87 80000 PRN SOLE 80000 0 0
WRIGLEY WM JR CO COM 982526105 878 9850 SH SOLE 9850 0 0
XEROX CORP COM 984121103 5549 93944 SH SOLE 93944 0 0
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