HBK INVESTMENTS L P
13F-HR, 1999-11-12
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 13F

FORM 13F COVER PAGE

Report for the Calendar Quarter ended:	9/30/99

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:	HBK INVESTMENTS L.P.
Address:	300 CRESCENT COURT, SUITE 700
		DALLAS, TEXAS 75201

Form 13F File Number:	28-6078

	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 Report Manager:

Name:	Laurence H. Lebowitz
Title:	Managing Director
Phone:	(214) 758-6124

Signature, Place, and Date of Signing:

	/X/ Laurence H. Lebowitz		Dallas, Texas		November 12, 1999
	    Managing Director

Report Type (Check only one.):

	X	13F HOLDINGS REPORT.

		13F NOTICE.

		13F COMBINATION REPORT.

I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934.
<PAGE>

FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:	0

Form 13F Information Table Entry Total:	43

Form 13F Information Table Value Total:	 $274,862(thousands)

	Information for which we are requesting confidential treatment has been
omitted and filed separately with the Securities and Exchange Commission.

List of Other Included Managers:  NONE
<PAGE>

<TABLE>

FORM 13F INFORMATION TABLE

<CAPTION>

	TITLE OF	VALUE	SHARES/	SH/	PUT/	INVSTMNT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	CLASS	CUSIP	(X$1000)	PRN AMT	PRN	CALL	DISCRETN	MANAGERS	SOLE	SHARED	NONE
- ----------------------	-----	-----	--------	-------	---	----	--------	--------	----	------	----
<S>	<C>	<C>	<C>	<C>	<C>	<C>	<C>	<C>	<C>	<C>	<C>
ALTERNATIVE LIVING SVCS INC	SB DB CV 5.25%02	02145KAB3	10237	14571	PRN	SOLE	0	0	0
AMERICAN GENERAL CORP	COM	026351106	1832	29000	SHR	SOLE	0	0	0
AMF BOWLING INC	COM	03113V109	619	150000	SHR	SOLE	0	0	0
AMF BOWLING INC	DEB CV ZERO   18	03113VAB5	284	2917	PRN	SOLE	0	0	0
AMKOR TECHNOLOGY INC	COM	031652100	2921	181500	SHR	SOLE	0	0	0
AMKOR TECHNOLOGY INC	SB NT CV 5.75%03	031652AA8	13670	10612	PRN	SOLE	0	0	0
AT HOME CORP	SB DB CV 144A 18	045919AA5	10351	16200	PRN	SOLE	0	0	0
AXOGEN LTD	COM	G0690R108	30075	936200	SHR	SOLE	0	0	0
BJ SVCS CO	WT EXP  041300	055482111	2674	77200	SHR	SOLE	0	0	0
BRIGHTPOINT INC	SB LYON ZERO  18	109473AC2	12580	50275	PRN	SOLE	0	0	0
CAMPBELL SOUP CO	COM	134429109	700	18000	SHR	SOLE	0	0	0
CAPSTAR HOTEL CO	SUB NT CV4.75%04	140918AC7	5439	7060	PRN	SOLE	0	0	0
CHASTAIN CAP CORP	COM	161697107	3628	520600	SHR	SOLE	0	0	0
CKE RESTAURANTS INC	SB NT CV 4.25%04	12561EAB1	4992	7725	PRN	SOLE	0	0	0
CNET INC	SB NT CV 144A 06	125945AA3	12685	7750	PRN	SOLE	0	0	0
DELL COMPUTER CORP	COM	247025109	1254	30000	SHR	SOLE	0	0	0
ECHOSTAR COMMUNICATIONS NEW	PFD CV SER C	278762307	26636	71300	SHR	SOLE	0	0	0
ELAN PLC	WT EXP  123101	284131703	8275	218463	SHR	SOLE	0	0	0
ELAN PLC	WT EXP  011403	284131802	4981	200500	SHR	SOLE	0	0	0
FIDELITY HLDGS INC	COM	31617J108	279	16738	SHR	SOLE	0	0	0
FUISZ TECHNOLOGIES LTD	SB DB CV    7%04	359536AB5	6688	7040	PRN	SOLE	0	0	0
HEALTHCARE RLTY TR	SB DB CV 6.55%02	421946AA2	226	250	PRN	SOLE	0	0	0
HRPT PPTYS TR	SB DBCV-A 7.5%03	40426WAB7	4761	5012	PRN	SOLE	0	0	0
JACOR COMMUNUNICATIONS INC	WT EXP  091801	469858138	282	21000	SHR	SOLE	0	0	0
KAFUS INDS LTD	COM	482910106	602	66000	SHR	SOLE	0	0	0
KELLOGG CO	COM	487836108	678	18000	SHR	SOLE	0	0	0
KELLSTROM INDS INC	SB NT CV 5.75%02	488035AC0	3235	4390	PRN	SOLE	0	0	0
KELLSTROM INDS INC	SUB NT CV 144A02	488035AA4	516	700	PRN	SOLE	0	0	0
LABORATORY CORP AMER HLDGS	COM	50540R102	275	100000	SHR	SOLE	0	0	0
LEHMAN BROS HLDGS INC	COM	524908100	641	11000	SHR	SOLE	0	0	0
LUCENT TECHNOLOGIES INC	COM	549463107	2206	34000	SHR	SOLE	0	0	0
MBL INTL FIN BERMUDA TR	GTD NT EXCH 3%02	55262XAA2	58215	48920	PRN	SOLE	0	0	0
MCI WORLDCOM INC	COM	55268B106	7256	101000	SHR	SOLE	0	0	0
MEDITRUST CORP	DEB CONV  7.5%01	58501TAC2	18525	19337	PRN	SOLE	0	0	0
NATIONAL HEALTH INVS INC	SUBDB CV 7.75%01	63633DAB0	484	550	PRN	SOLE	0	0	0
NEOTHERAPEUTICS INC	COM	640656104	366	32524	SHR	SOLE	0	0	0
NORTH AMERN VACCINE INC	COM	657201109	743	99058	SHR	SOLE	0	0	0
NORTH AMERN VACCINE INC	SUB NT CV 6.5%03	657201AC3	2204	5065	PRN	SOLE	0	0	0
SARA LEE CORP	COM	803111103	853	36000	SHR	SOLE	0	0	0
TELEFONOS DE MEXICO S A	SR DB CV 4.25%04	879403AD5	6615	7000	PRN	SOLE	0	0	0
TERA COMPUTER CO	COM	88076P108	2583	640593	SHR	SOLE	0	0	0
THERMO FIBERTEK INC	SUB DB CV 144A04	88355WAA3	1618	1949	PRN	SOLE	0	0	0
THRUSTMASTER INC	COM	886027101	1176	73500	SHR	SOLE	0	0	0

</TABLE>


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