UNITED STATES
SECURITIES AND EXCHANGE COMMISION
Washington, D.C. 20549
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: TQA Investors, LLC
Address: 405 Lexington Avenue
45th Floor
New Town, NY 10174
13F File Number: 28-6206
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 intergral parts of
this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Bartholomew C. Tesoriero
Title: CFO
Phone: 212-599-4200
Signature, Place, and Date of Signing:
Bartholomew C. Tesoriero New York, New York August 13, 1999
Report Type (Check only one.):
[ X] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager: None
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: None
Form 13F Information Table Entry Total: 203
Form 13F Information Table Value Total: $371,397,804
List of Other Included Managers: None
No. 13F File Number Name
01
02
03
<PAGE>
<TABLE> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FORM 13F
FOR THE QUARTER ENDED JUNE 30, 1999 (SEC USE ONLY)
NAME OF REPORTING MANAGER: TQA INVESTORS, L.L.C.
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Investment Discression Item 7: Item 8: Voting Authority
Name of Issuer Title of Class CUSIP Fair Market Shares or (a) Sole (b) Shared (c) Shared - Managers (a) Sole (b) Shared (c) None
Number Value Principal as Defined Other See
Amount in Instr. V Instr. V
AES TRUST SER A 5.375% 3/27CVP STOCK 001033208 2,050,000 25,000,000 25,000,000 0 0 25,000,000 0 0
AES CORP. 5.5% 9/30/12 CVP STOCK 001034305 3,078,000 54,000,000 54,000,000 0 0 54,000,000 0 0
ALZA CORP 5% 5/1/06 DEBT 022615AD0 6,207,503 4,486,000,000 4,486,000,000 0 0 4,486,000,000 0 0
AMERICA ON LINE 4% 11/15/02 T DEBT 02364JAA2 30,501,000 3,600,000,000 3,600,000,000 0 0 3,600,000,000 0 0
AMERICA ON LINE 4% 11/15/02 DEBT 02364JAB0 43,209,750 5,100,000,000 5,100,000,000 0 0 5,100,000,000 0 0
AMER RETIRE 5.75 10/1/02 DEBT 028913AA9 3,000,888 3,835,000,000 3,835,000,000 0 0 3,835,000,000 0 0
AMKOR TECH. 5.75% 05/01/03 DEBT 031652AA8 5,970,000 6,000,000,000 6,000,000,000 0 0 6,000,000,000 0 0
ANTEC CORP. 4.5% 5/15/03 T DEBT 03664PAA3 885,000 600,000,000 600,000,000 0 0 600,000,000 0 0
ATRIX 7% 12/01/04 T DEBT 04962LAA9 2,379,000 3,050,000,000 3,050,000,000 0 0 3,050,000,000 0 0
AVIRON 5.75% 4/1/05 T DEBT 053762AA8 4,993,750 4,700,000,000 4,700,000,000 0 0 4,700,000,000 0 0
AVIRON 5.75% 4/1/05 DEBT 053762AC4 1,062,500 1,000,000,000 1,000,000,000 0 0 1,000,000,000 0 0
BANKATLANTIC 6.75% 7/1/06 DEBT 065908AB1 2,595,715 2,267,000,000 2,267,000,000 0 0 2,267,000,000 0 0
BANKATLANTIC 5.625% 12/1/07 DEBT 065908AC9 1,220,175 1,479,000,000 1,479,000,000 0 0 1,479,000,000 0 0
CALLON PETROL $2.125 CVP STOCK 13123X201 914,375 35,000,000 35,000,000 0 0 35,000,000 0 0
CAREMATRIX 6.25% 8/15/04 DEBT 141706AC5 1,750,000 2,500,000,000 2,500,000,000 0 0 2,500,000,000 0 0
CENTOCOR 4.75% 2/05 DEBT 152342AE1 1,115,000 1,000,000,000 1,000,000,000 0 0 1,000,000,000 0 0
CHANCELLOR MEDIA 7% CVP STOCK 158915306 2,308,125 15,000,000 15,000,000 0 0 15,000,000 0 0
CHANCELLOR $3 12/31/49 CVP STOCK 158915405 6,295,275 57,100,000 57,100,000 0 0 57,100,000 0 0
CHECKPOINT 5.25% 11-01-05 T DEBT 162825AA1 151,500 200,000,000 200,000,000 0 0 200,000,000 0 0
CHECKPOINT SYSTEM 5.25%11/1/05 DEBT 162825AB9 2,322,495 3,066,000,000 3,066,000,000 0 0 3,066,000,000 0 0
CHOCK FULL O NUTS 7% 4/1/12 DEBT 170268AC0 399,548 319,000,000 319,000,000 0 0 319,000,000 0 0
CIRRUS LOGIC 6% 12-15-03 T DEBT 172755AA8 1,546,875 2,250,000,000 2,250,000,000 0 0 2,250,000,000 0 0
CIRRUS LOGIC 6% 12/15/03 DEBT 172755AC4 2,979,625 4,334,000,000 4,334,000,000 0 0 4,334,000,000 0 0
CITIZENS UTILITIES TRUST 5% STOCK 177351202 2,567,600 52,400,000 52,400,000 0 0 52,400,000 0 0
COMVERSE TECH. 5.75% 10-1-06T DEBT 205862AC9 3,666,850 1,475,000,000 1,475,000,000 0 0 1,475,000,000 0 0
COMVERSE TECH 5.75% 10/1/06 DEBT 205862AE5 6,277,150 2,525,000,000 2,525,000,000 0 0 2,525,000,000 0 0
CONCENTRA MGD CARE 6% 12/15/01 DEBT 20589TAA1 3,300,500 3,500,000,000 3,500,000,000 0 0 3,500,000,000 0 0
COSTCO COMPANIES 0% 8/19/17 DEBT 22160QAC6 4,731,250 5,000,000,000 5,000,000,000 0 0 5,000,000,000 0 0
DRS TECHNOLOGIES 9% 10/1/03 DEBT 23330XAB6 240,000 200,000,000 200,000,000 0 0 200,000,000 0 0
EMC CORP 3.25% 3/15/02 DEBT 26865YAA2 9,718,000 2,000,000,000 2,000,000,000 0 0 2,000,000,000 0 0
ECHOSTAR 6.75% 12/31/49 CVP STOCK 278762307 26,753,750 85,000,000 85,000,000 0 0 85,000,000 0 0
EMCOR GROUP 5.75% 4/1/05 DEBT 29084QAC4 3,727,500 3,500,000,000 3,500,000,000 0 0 3,500,000,000 0 0
FAMILY GOLF 5.75% 10/15/04 T DEBT 30701AAA4 781,250 1,250,000,000 1,250,000,000 0 0 1,250,000,000 0 0
D WTS FEDERATED DEPT 12/19/01 STOCK 31410H127 1,337,500 50,000,000 50,000,000 0 0 50,000,000 0 0
FIRST UNION REAL8.4% 12/49 CVP STOCK 337400303 1,249,600 56,800,000 56,800,000 0 0 56,800,000 0 0
GENESCO 5.5% 4/15/05 T DEBT 371532AK8 4,073,400 4,380,000,000 4,380,000,000 0 0 4,380,000,000 0 0
HMT TECHNOLOGY 5.75% 1/15/04 DEBT 403917AD9 774,000 2,000,000,000 2,000,000,000 0 0 2,000,000,000 0 0
HEXCEL CORP 7% 8/1/03 DEBT 428291AA6 3,307,725 3,615,000,000 3,615,000,000 0 0 3,615,000,000 0 0
HOME DEPOT 3.25% 10/1/01 DEBT 437076AE2 4,089,085 1,463,000,000 1,463,000,000 0 0 1,463,000,000 0 0
HOMEBASE 5.25% 11/1/04 T DEBT 43738EAA6 3,020,875 3,575,000,000 3,575,000,000 0 0 3,575,000,000 0 0
HOMEBASE INC. 5.25% 11/1/04 DEBT 43738EAB4 1,985,750 2,350,000,000 2,350,000,000 0 0 2,350,000,000 0 0
HUTCHINSON TECH. 6% 3/15/05 DEBT 448407AC0 7,035,000 6,000,000,000 6,000,000,000 0 0 6,000,000,000 0 0
ITRON INC. 6.75% 3/31/04 DEBT 465741AC0 721,640 1,071,000,000 1,071,000,000 0 0 1,071,000,000 0 0
KELLSTROM 5.5% 6/15/03 DEBT 488035AE6 827,500 1,000,000,000 1,000,000,000 0 0 1,000,000,000 0 0
LENNAR CORP. 0% 7/29/18 DEBT 526057AA2 441,250 1,000,000,000 1,000,000,000 0 0 1,000,000,000 0 0
MITSUBISHI BK OF TOKYO 3%11/02 DEBT 55262XAA2 2,255,000 2,000,000,000 2,000,000,000 0 0 2,000,000,000 0 0
MAGNA INTL 4.875 02/15/05 T DEBT 559222AF1 5,614,500 5,700,000,000 5,700,000,000 0 0 5,700,000,000 0 0
MEDIMMUNE INC 7.00% 07/01/03 T DEBT 584699AA0 12,048,750 1,750,000,000 1,750,000,000 0 0 1,750,000,000 0 0
MEDIMMUNE 7% 7/1/03 DEBT 584699AC6 10,327,500 1,500,000,000 1,500,000,000 0 0 1,500,000,000 0 0
METRICOM 8% 9/15/03 144A DEBT 591596AA9 486,500 350,000,000 350,000,000 0 0 350,000,000 0 0
METRICOM 8% 9/15/03 DEBT 591596AC5 1,598,500 1,150,000,000 1,150,000,000 0 0 1,150,000,000 0 0
NCS HEALTHCARE 5.75% 8/15/04 DEBT 628874AC3 447,500 1,000,000,000 1,000,000,000 0 0 1,000,000,000 0 0
NEXSTAR PHARM. 6.25% 8/1/04 DEBT 65333BAC0 1,290,000 1,000,000,000 1,000,000,000 0 0 1,000,000,000 0 0
NINE WEST 5.5% 7/15/03 DEBT 65440DAC6 2,207,468 2,213,000,000 2,213,000,000 0 0 2,213,000,000 0 0
OAK INDUSTRIES 4.875% 3/1/08 T DEBT 671400AJ8 2,585,000 2,000,000,000 2,000,000,000 0 0 2,000,000,000 0 0
OAK INDUSTRIES 4.875% 3/1/08 DEBT 671400AL3 1,292,500 1,000,000,000 1,000,000,000 0 0 1,000,000,000 0 0
PARK ELECTRO 5.5% 3-1-06 DEBT 700416AB6 226,250 250,000,000 250,000,000 0 0 250,000,000 0 0
PENN TREATY 6.25% 12-1-03 T DEBT 707874AA1 1,617,525 1,575,000,000 1,575,000,000 0 0 1,575,000,000 0 0
PENN TREATY 6.25% 12/01/03 DEBT 707874AC7 1,745,900 1,700,000,000 1,700,000,000 0 0 1,700,000,000 0 0
PERSONNEL GROUP 5.75% 7/1/04 DEBT 715338AE9 1,715,000 2,000,000,000 2,000,000,000 0 0 2,000,000,000 0 0
PETSMART INC 6.75% 11/1/04 T DEBT 716768AA4 4,257,500 3,250,000,000 3,250,000,000 0 0 3,250,000,000 0 0
PETSMART INC. 6.75% 11/1/04 DEBT 716768AB2 655,000 500,000,000 500,000,000 0 0 500,000,000 0 0
PHILIPPINE $3.5 12-31-49 CVP STOCK 718252703 1,035,000 20,000,000 20,000,000 0 0 20,000,000 0 0
PLATINUM TECH 6.75% 11-15-01 DEBT 72764TAA9 8,997,450 4,305,000,000 4,305,000,000 0 0 4,305,000,000 0 0
PROLOGIS TRUST 7% PRFD STOCK 743410300 1,122,000 44,000,000 44,000,000 0 0 44,000,000 0 0
RECKSON 7.625% 12/31/49 CVP STOCK 75621K205 4,185,625 185,000,000 185,000,000 0 0 185,000,000 0 0
RES CARE INC. 6% 12/01/04 T DEBT 760943AA8 1,237,500 1,000,000,000 1,000,000,000 0 0 1,000,000,000 0 0
RES CARE INC. 6% 12/01/04 DEBT 760943AC4 315,563 255,000,000 255,000,000 0 0 255,000,000 0 0
SABRATEK 6% 4/15/05 DEBT 78571UAA6 938,000 1,400,000,000 1,400,000,000 0 0 1,400,000,000 0 0
SEALED AIR $2 4/1/18 CVP STOCK 81211K209 16,330,625 265,000,000 265,000,000 0 0 265,000,000 0 0
SENSORMATIC 6.5% 12/31/49CVP T STOCK 817265200 3,335,000 145,000,000 145,000,000 0 0 145,000,000 0 0
SEPRACOR 6.25% 2/15/05 T DEBT 817315AC8 2,898,192 1,565,000,000 1,565,000,000 0 0 1,565,000,000 0 0
SEPRACOR 6.25% 2/15/05 DEBT 817315AE4 11,453,878 6,185,000,000 6,185,000,000 0 0 6,185,000,000 0 0
SEPRACOR 7% 12/15/05 DEBT 817315AF1 9,750,000 10,000,000,000 10,000,000,000 0 0 10,000,000,000 0 0
SINCLAIR BROAD 6% 12/31/49 CVP STOCK 829226505 4,835,600 109,900,000 109,900,000 0 0 109,900,000 0 0
SKYTEL COMM $2.25 12/31/49 CVP STOCK 83087Q302 4,283,750 115,000,000 115,000,000 0 0 115,000,000 0 0
SOUTHERN PACIFIC 6.75% 10/15/6 DEBT 843576AA7 124,500 1,500,000,000 1,500,000,000 0 0 1,500,000,000 0 0
SPACEHAB 8% 10\15\97 DEBT 846243AA1 369,000 600,000,000 600,000,000 0 0 600,000,000 0 0
SPORTS AUTHOR 5.25% 9/15/01 DEBT 849176AC6 700,000 1,000,000,000 1,000,000,000 0 0 1,000,000,000 0 0
SUNRISE ASSIST 5.5% 6/15/02 DEBT 86768KAC0 1,939,000 1,750,000,000 1,750,000,000 0 0 1,750,000,000 0 0
SYNETIC INC. 5% 2-15-07 DEBT 87160FAB5 5,111,838 3,955,000,000 3,955,000,000 0 0 3,955,000,000 0 0
SYSTEM SOFT 7% 09/15/02 DEBT 871839AA4 511,200 1,420,000,000 1,420,000,000 0 0 1,420,000,000 0 0
SYSTEMS & COMP 5% 10/15/04 DEBT 871873AB1 2,267,025 2,715,000,000 2,715,000,000 0 0 2,715,000,000 0 0
THERMO INSTRUMENT 4% 1/15/05 DEBT 883559AE6 1,239,375 1,500,000,000 1,500,000,000 0 0 1,500,000,000 0 0
THERMOQUEST 5% 8/15/00 T DEBT 883655AA0 3,007,500 3,000,000,000 3,000,000,000 0 0 3,000,000,000 0 0
TOWER AUTOMOTIVE 5% 8/01/04 DEBT 891707AE1 5,208,000 4,650,000,000 4,650,000,000 0 0 4,650,000,000 0 0
UNITED GLOBALCOM - PRFD STOCK 913247102 2,000,000 40,000,000 40,000,000 0 0 40,000,000 0 0
WESTERN DIGITAL 0% 2/18/18 T DEBT 958102AF2 730,000 4,000,000,000 4,000,000,000 0 0 4,000,000,000 0 0
WORLD COLOR 6% 10/1/07 DEBT 981443AA2 2,880,000 3,000,000,000 3,000,000,000 0 0 3,000,000,000 0 0
ARKANSAS BEST CORP STOCK 040790107 39,500 4,000,000 4,000,000 0 0 4,000,000 0 0
ADVO INC. STOCK 007585102 31,125 1,500,000 1,500,000 0 0 1,500,000 0 0
AIR EXPRESS INTERNATIONAL CORP STOCK 009104100 25,125 1,000,000 1,000,000 0 0 1,000,000 0 0
AGCO CORP STOCK 001084102 33,938 3,000,000 3,000,000 0 0 3,000,000 0 0
APRIA HEALTHCARE GROUP STOCK 037933108 40,800 2,400,000 2,400,000 0 0 2,400,000 0 0
AK STEEL HOLDING CORP. STOCK 001547108 24,750 1,100,000 1,100,000 0 0 1,100,000 0 0
ABERCROMBIE & FITCH STOCK 002896207 48,000 1,000,000 1,000,000 0 0 1,000,000 0 0
ANN TAYLOR STOCK 036115103 10,578 250,000 250,000 0 0 250,000 0 0
ARVIN INDUSTRIES INC STOCK 043339100 34,088 900,000 900,000 0 0 900,000 0 0
AMERICAN STANDARD CO. INC. STOCK 029712106 52,800 1,100,000 1,100,000 0 0 1,100,000 0 0
BANKATLANTIC STOCK 065908501 14,500 2,000,000 2,000,000 0 0 2,000,000 0 0
BROWN GROUP INC. STOCK 115657108 43,500 2,000,000 2,000,000 0 0 2,000,000 0 0
BMC INDUSTRIES INC MINN STOCK 055607105 36,094 3,500,000 3,500,000 0 0 3,500,000 0 0
BOWNE & CO., INC. STOCK 103043105 26,000 2,000,000 2,000,000 0 0 2,000,000 0 0
BELDEN, INC. STOCK 077459105 28,725 1,200,000 1,200,000 0 0 1,200,000 0 0
CATO CORP. STOCK 149205106 34,500 3,000,000 3,000,000 0 0 3,000,000 0 0
CASEY'S GENERAL STORES STOCK 147528103 31,369 2,100,000 2,100,000 0 0 2,100,000 0 0
CAREY DIVERSIFIED LLC STOCK 14174P105 32,894 1,900,000 1,900,000 0 0 1,900,000 0 0
CEC ENTERTIANMENT, INC. STOCK 125137109 42,250 1,000,000 1,000,000 0 0 1,000,000 0 0
CONSOLIDATED GRAPHICS STOCK 209341106 20,000 400,000 400,000 0 0 400,000 0 0
CHAMPION ENTERPRISES STOCK 158496109 55,875 3,000,000 3,000,000 0 0 3,000,000 0 0
COMAIR HOLDINGS, INC. STOCK 199789108 31,125 1,500,000 1,500,000 0 0 1,500,000 0 0
CRANE STOCK 224399105 28,294 900,000 900,000 0 0 900,000 0 0
CARLISLE COMPANY, INC. STOCK 142339100 28,875 600,000 600,000 0 0 600,000 0 0
COOPER TIRE & RUBBER CO STOCK 216831107 35,438 1,500,000 1,500,000 0 0 1,500,000 0 0
CENTEX CORP STOCK 152312104 26,294 700,000 700,000 0 0 700,000 0 0
C-CUBE MICROSYSTEMS STOCK 125015107 47,438 1,500,000 1,500,000 0 0 1,500,000 0 0
CUMMINS ENGINE CO INC STOCK 231021106 45,700 800,000 800,000 0 0 800,000 0 0
CYTEC INDS. STOCK 232820100 35,063 1,100,000 1,100,000 0 0 1,100,000 0 0
D.R. HORTON STOCK 23331A109 23,275 1,400,000 1,400,000 0 0 1,400,000 0 0
DOLLAR TREE STORES, INC. STOCK 256747106 26,363 600,000 600,000 0 0 600,000 0 0
DIAMOND OFFSHORE STOCK 25271C102 116,338 4,100,000 4,100,000 0 0 4,100,000 0 0
DSP COMMUNICATIONS STOCK 23332K106 34,650 1,200,000 1,200,000 0 0 1,200,000 0 0
DURA PHARMACEUTICALS STOCK 26632S109 25,988 2,200,000 2,200,000 0 0 2,200,000 0 0
BRINKER INTL. STOCK 109641100 40,781 1,500,000 1,500,000 0 0 1,500,000 0 0
ELECTRO SCIENTIFIC STOCK 285229100 25,013 600,000 600,000 0 0 600,000 0 0
FINOVA FINANCE 5.5%12-31-16CVP STOCK 31808E207 1,220,625 17,500,000 17,500,000 0 0 17,500,000 0 0
FOODMAKER INC STOCK 344839204 34,050 1,200,000 1,200,000 0 0 1,200,000 0 0
OSHKOSH B GOSH INC CL A STOCK 688222207 47,581 2,300,000 2,300,000 0 0 2,300,000 0 0
GTECH HOLDINGS CORP STOCK 400518106 23,563 1,000,000 1,000,000 0 0 1,000,000 0 0
GYMBOREE CORP. STOCK 403777105 33,600 3,200,000 3,200,000 0 0 3,200,000 0 0
HADCO CCORP STOCK 404681108 39,625 1,000,000 1,000,000 0 0 1,000,000 0 0
HANGER ORTHOPEDIC STOCK 41043F208 25,538 1,800,000 1,800,000 0 0 1,800,000 0 0
HUBCO, INC. STOCK 404382103 27,563 900,000 900,000 0 0 900,000 0 0
HEXCEL CORP STOCK 428291108 12,150 1,200,000 1,200,000 0 0 1,200,000 0 0
IBP INC STOCK 449223106 28,500 1,200,000 1,200,000 0 0 1,200,000 0 0
INTERNATIONAL FIBERCOM, INC. STOCK 45950T101 45,470 5,000,000 5,000,000 0 0 5,000,000 0 0
IKON OFFICE SOLUTIONS STOCK 451713101 46,500 3,100,000 3,100,000 0 0 3,100,000 0 0
INNOVEX, INC. STOCK 457647105 33,000 2,400,000 2,400,000 0 0 2,400,000 0 0
INTERIM SERVICES, INC. STOCK 45868P100 30,938 1,500,000 1,500,000 0 0 1,500,000 0 0
ITRON STOCK 465741106 25,689 3,000,000 3,000,000 0 0 3,000,000 0 0
JACK HENRY & ASSOCIATES STOCK 426281101 27,300 700,000 700,000 0 0 700,000 0 0
KAUFMAN & BROAD STOCK 486168107 22,388 900,000 900,000 0 0 900,000 0 0
KEY ENERGY GROUP, INC. STOCK 492914106 115,781 32,500,000 32,500,000 0 0 32,500,000 0 0
KRONOS INC STOCK 501052104 52,350 1,200,000 1,200,000 0 0 1,200,000 0 0
LYDALL INC. STOCK 550819106 25,300 2,200,000 2,200,000 0 0 2,200,000 0 0
LEAR CORPORATION STOCK 521865105 39,800 800,000 800,000 0 0 800,000 0 0
LATTICE SEMICONDUCTOR STOCK 518415104 43,400 700,000 700,000 0 0 700,000 0 0
LASON INC. STOCK 51808R107 19,850 400,000 400,000 0 0 400,000 0 0
LA-Z-BOY CORP. STOCK 505336107 39,100 1,700,000 1,700,000 0 0 1,700,000 0 0
M.A. HANNA CO. STOCK 410522106 36,163 2,200,000 2,200,000 0 0 2,200,000 0 0
BANK OF TOYKO MITSUBISHI ADR STOCK 065379109 145,625 10,000,000 10,000,000 0 0 10,000,000 0 0
MOORE CORP LTD STOCK 615785102 25,125 3,000,000 3,000,000 0 0 3,000,000 0 0
MICROS STOCK 594901100 34,000 1,000,000 1,000,000 0 0 1,000,000 0 0
MUELLER INDUSTRIES, INC. STOCK 624756102 47,513 1,400,000 1,400,000 0 0 1,400,000 0 0
MERITOR AUTHOMOTIVE,INC. STOCK 59000G100 35,700 1,400,000 1,400,000 0 0 1,400,000 0 0
MS CARRIERS STOCK 553533100 23,700 800,000 800,000 0 0 800,000 0 0
MANITOWOC CO, INC. STOCK 563571108 49,950 1,200,000 1,200,000 0 0 1,200,000 0 0
INCO LTD STOCK 453258402 39,600 2,200,000 2,200,000 0 0 2,200,000 0 0
NAVISTAR INTERNATIONAL CORP STOCK 63934E108 45,000 900,000 900,000 0 0 900,000 0 0
NCS HEALTHCARE STOCK 628874109 17,000 3,200,000 3,200,000 0 0 3,200,000 0 0
INSIGHT ENTERPRISES, INC. STOCK 45765U103 29,625 1,200,000 1,200,000 0 0 1,200,000 0 0
QUANEX CORP STOCK 747620102 51,300 1,800,000 1,800,000 0 0 1,800,000 0 0
OWENS CORNING STOCK 69073F103 24,063 700,000 700,000 0 0 700,000 0 0
OXFORD HEALTH PLANS STOCK 691471106 21,700 1,400,000 1,400,000 0 0 1,400,000 0 0
PACIFICARE STOCK 695112201 21,581 300,000 300,000 0 0 300,000 0 0
PARK ELECTROCHEMICAL CORP STOCK 700416209 23,000 800,000 800,000 0 0 800,000 0 0
PLEXUS CORP STOCK 729132100 29,500 1,000,000 1,000,000 0 0 1,000,000 0 0
PENTAIR, INC. STOCK 709631105 32,025 700,000 700,000 0 0 700,000 0 0
PREPAID LEGAL SERVICE INC. STOCK 740065107 27,188 1,000,000 1,000,000 0 0 1,000,000 0 0
PACIFIC SUNWEAR OF CALIF. INC. STOCK 694873100 36,563 1,500,000 1,500,000 0 0 1,500,000 0 0
QUEENS COUNTY BANCORP. STOCK 748242104 29,081 900,000 900,000 0 0 900,000 0 0
QUORUM HEALTH GROUP STOCK 749084109 31,406 2,500,000 2,500,000 0 0 2,500,000 0 0
RENAL CARE GROUP STOCK 759930100 23,231 900,000 900,000 0 0 900,000 0 0
ROSS STORES, INC. STOCK 778296103 40,150 800,000 800,000 0 0 800,000 0 0
ROBERTS INTERNATIONAL STOCK 770491108 31,525 1,300,000 1,300,000 0 0 1,300,000 0 0
SANTA BARBERA RESTAURANT STOCK 801378100 30,494 11,900,000 11,900,000 0 0 11,900,000 0 0
SOUTHDOWN INC STOCK 841297104 25,700 400,000 400,000 0 0 400,000 0 0
S3 INC STOCK 784849101 19,031 2,100,000 2,100,000 0 0 2,100,000 0 0
SNYDER COMMUNICATIONS INC. STOCK 832914105 26,200 800,000 800,000 0 0 800,000 0 0
SONIC CORP STOCK 835451105 35,338 1,100,000 1,100,000 0 0 1,100,000 0 0
STANDARD PACIFIC STOCK 85375C101 23,288 1,800,000 1,800,000 0 0 1,800,000 0 0
SILICON STORAE TECH., INC. STOCK 827057100 35,450 5,000,000 5,000,000 0 0 5,000,000 0 0
LONE STAR STEAKHOUSE STOCK 542307103 24,219 2,500,000 2,500,000 0 0 2,500,000 0 0
MENS WEARHOUSE INC STOCK 587118100 25,500 1,000,000 1,000,000 0 0 1,000,000 0 0
AT&T CORP STOCK 001957109 1,865 33,000 33,000 0 0 33,000 0 0
TIMBERLAND CO. STOCK 887100105 34,031 500,000 500,000 0 0 500,000 0 0
TIFFANY & CO. STOCK 886547108 38,600 400,000 400,000 0 0 400,000 0 0
TOPPS CO., INC. STOCK 890786106 36,406 5,000,000 5,000,000 0 0 5,000,000 0 0
SPORTS AUTHORITY STOCK 849176102 17,750 4,000,000 4,000,000 0 0 4,000,000 0 0
TORO COMPANY STOCK 891092108 39,375 1,000,000 1,000,000 0 0 1,000,000 0 0
TUPPERWARE CORP. STOCK 899896104 40,800 1,600,000 1,600,000 0 0 1,600,000 0 0
TOWER AUTO STOCK 891707101 40,701 1,600,000 1,600,000 0 0 1,600,000 0 0
UCAR INTL. INC. STOCK 90262K109 32,825 1,300,000 1,300,000 0 0 1,300,000 0 0
US FREIGHTWAYS CORP STOCK 916906100 41,400 900,000 900,000 0 0 900,000 0 0
ULTRATECH STEPPER, INC. STOCK 904034105 33,000 2,200,000 2,200,000 0 0 2,200,000 0 0
VINTAGE PETROLEUM CORP. STOCK 927460105 32,250 3,000,000 3,000,000 0 0 3,000,000 0 0
WANG LABS STOCK 93369N109 270,709 9,255,000 9,255,000 0 0 9,255,000 0 0
WALLACE COMPUTER SVCS. INC. STOCK 932270101 25,000 1,000,000 1,000,000 0 0 1,000,000 0 0
WHX SER A 6.5% 12/31/49 CVP STOCK 929248201 1,303,125 41,700,000 41,700,000 0 0 41,700,000 0 0
WORLD COLOR PRESS STOCK 981443104 33,000 1,200,000 1,200,000 0 0 1,200,000 0 0
WATTS INDUSTRIES, INC. STOCK 942749102 38,375 2,000,000 2,000,000 0 0 2,000,000 0 0
XIRCOM, INC. STOCK 983922105 30,063 1,000,000 1,000,000 0 0 1,000,000 0 0
ZALE CORP NEW STOCK 988858106 36,000 900,000 900,000 0 0 900,000 0 0
<PAGE>
GRAND TOTAL 371,397,804
</TABLE>
