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 [ x ]; Amendment Number: 1
This Amendment (Check only one.): [ x ] 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 31, 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: 190
Form 13F Information Table Value Total: $365,906,373
List of Other Included Managers: None
No. 13F File Number Name
01
02
03
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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
AGCO CORP Common Stk. 001084102 32,625 3,000 SOLE N/A 3,000
AK STEEL HOLDING CORP. Common Stk. 001547108 24,750 1,100 SOLE N/A 1,100
ABERCROMBIE & FITCH Common Stk. 002896207 48,000 1,000 SOLE N/A 1,000
ADVO INC. Common Stk. 007585102 31,125 1,500 SOLE N/A 1,500
AIR EXPRESS INTERNATIONAL CORP Common Stk. 009104100 25,125 1,000 SOLE N/A 1,000
ALZA CORP 5% 5/1/06 Conv. Bond 022615AD0 6,207,503 4,486,000 SOLE N/A 4,486,000
AMERICA ON LINE 4% 11/15/02 T Conv. Bond 02364JAA2 30,501,000 3,600,000 SOLE N/A 3,600,000
AMERICA ON LINE 4% 11/15/02 Conv. Bond 02364JAB0 43,209,750 5,100,000 SOLE N/A 5,100,000
AMER RETIRE 5.75 10/1/02 Conv. Bond 028913AA9 3,000,888 3,835,000 SOLE N/A 3,835,000
AMERICAN STANDARD CO. INC. Common Stk. 029712106 52,800 1,100 SOLE N/A 1,100
AMKOR TECH. 5.75% 05/01/03 Conv. Bond 031652AA8 5,970,000 6,000,000 SOLE N/A 6,000,000
ANN TAYLOR Common Stk. 036115103 10,578 250 SOLE N/A 250
ANTEC CORP. 4.5% 5/15/03 T Conv. Bond 03664PAA3 885,000 600,000 SOLE N/A 600,000
APRIA HEALTHCARE GROUP Common Stk. 037933108 40,800 2,400 SOLE N/A 2,400
ARKANSAS BEST CORP Common Stk. 040790107 39,500 4,000 SOLE N/A 4,000
ARVIN INDUSTRIES INC Common Stk. 043339100 34,088 900 SOLE N/A 900
ATRIX 7% 12/01/04 T Conv. Bond 04962LAA9 2,379,000 3,050,000 SOLE N/A 3,050,000
AVIRON 5.75% 4/1/05 T Conv. Bond 053762AA8 4,993,750 4,700,000 SOLE N/A 4,700,000
AVIRON 5.75% 4/1/05 Conv. Bond 053762AC4 1,062,500 1,000,000 SOLE N/A 1,000,000
BMC INDUSTRIES INC MINN Common Stk. 055607105 36,094 3,500 SOLE N/A 3,500
BANK OF TOYKO MITSUBISHI ADR Common Stk. 065379109 145,625 10,000 SOLE N/A 10,000
BANKATLANTIC 6.75% 7/1/06 Conv. Bond 065908AB1 2,595,715 2,267,000 SOLE N/A 2,267,000
BANKATLANTIC 5.625% 12/1/07 Conv. Bond 065908AC9 1,220,175 1,479,000 SOLE N/A 1,479,000
BELDEN, INC. Common Stk. 077459105 28,725 1,200 SOLE N/A 1,200
BOWNE & CO., INC. Common Stk. 103043105 26,000 2,000 SOLE N/A 2,000
BRINKER INTL. Common Stk. 109641100 40,781 1,500 SOLE N/A 1,500
C-CUBE MICROSYSTEMS Common Stk. 125015107 47,438 1,500 SOLE N/A 1,500
CEC ENTERTIANMENT, INC. Common Stk. 125137109 42,250 1,000 SOLE N/A 1,000
CALLON PETROL $2.125 CVP Conv. Pfd. 13123X201 914,375 35,000 SOLE N/A 35,000
CAREMATRIX 6.25% 8/15/04 Conv. Bond 141706AC5 1,750,000 2,500,000 SOLE N/A 2,500,000
CAREY DIVERSIFIED LLC Common Stk. 14174P105 32,894 1,900 SOLE N/A 1,900
CARLISLE COMPANY, INC. Common Stk. 142339100 28,875 600 SOLE N/A 600
CASEY'S GENERAL STORES Common Stk. 147528103 31,369 2,100 SOLE N/A 2,100
CATO CORP. Common Stk. 149205106 34,500 3,000 SOLE N/A 3,000
CENTEX CORP Common Stk. 152312104 26,294 700 SOLE N/A 700
CENTOCOR 4.75% 2/05 Conv. Bond 152342AE1 1,115,000 1,000,000 SOLE N/A 1,000,000
CHAMPION ENTERPRISES Common Stk. 158496109 55,875 3,000 SOLE N/A 3,000
CHANCELLOR MEDIA 7% CVP Conv. Pfd. 158915306 2,308,125 15,000 SOLE N/A 15,000
CHANCELLOR $3 12/31/49 CVP Conv. Pfd. 158915405 6,295,275 57,100 SOLE N/A 57,100
CHECKPOINT 5.25% 11-01-05 T Conv. Bond 162825AA1 151,500 200,000 SOLE N/A 200,000
CHECKPOINT SYSTEM 5.25%11/1/05 Conv. Bond 162825AB9 2,322,495 3,066,000 SOLE N/A 3,066,000
CHOCK FULL O NUTS 7% 4/1/12 Conv. Bond 170268AC0 399,548 319,000 SOLE N/A 319,000
CIRRUS LOGIC 6% 12-15-03 T Conv. Bond 172755AA8 1,546,875 2,250,000 SOLE N/A 2,250,000
CIRRUS LOGIC 6% 12/15/03 Conv. Bond 172755AC4 2,979,625 4,334,000 SOLE N/A 4,334,000
CITIZENS UTILITIES TRUST 5% Conv. Pfd. 177351202 2,567,600 52,400 SOLE N/A 52,400
COMAIR HOLDINGS, INC. Common Stk. 199789108 31,125 1,500 SOLE N/A 1,500
COMVERSE TECH. 5.75% 10-1-06T Conv. Bond 205862AC9 3,666,850 1,475,000 SOLE N/A 1,475,000
COMVERSE TECH 5.75% 10/1/06 Conv. Bond 205862AE5 6,277,150 2,525,000 SOLE N/A 2,525,000
CONCENTRA MGD CARE 6% 12/15/01 Conv. Bond 20589TAA1 3,300,500 3,500,000 SOLE N/A 3,500,000
CONSOLIDATED GRAPHICS Common Stk. 209341106 20,000 400 SOLE N/A 400
COOPER TIRE & RUBBER CO Common Stk. 216831107 35,438 1,500 SOLE N/A 1,500
COSTCO COMPANIES 0% 8/19/17 Conv. Bond 22160QAC6 4,731,250 5,000,000 SOLE N/A 5,000,000
CRANE Common Stk. 224399105 28,294 900 SOLE N/A 900
CUMMINS ENGINE CO INC Common Stk. 231021106 45,700 800 SOLE N/A 800
CYTEC INDS. Common Stk. 232820100 35,063 1,100 SOLE N/A 1,100
DRS TECHNOLOGIES 9% 10/1/03 Conv. Bond 23330XAB6 240,000 200,000 SOLE N/A 200,000
D.R. HORTON Common Stk. 23331A109 23,275 1,400 SOLE N/A 1,400
DSP COMMUNICATIONS Common Stk. 23332K106 34,650 1,200 SOLE N/A 1,200
DIAMOND OFFSHORE Common Stk. 25271C102 116,338 4,100 SOLE N/A 4,100
DOLLAR TREE STORES, INC. Common Stk. 256747106 26,363 600 SOLE N/A 600
DURA PHARMACEUTICALS Common Stk. 26632S109 25,988 2,200 SOLE N/A 2,200
EMC CORP 3.25% 3/15/02 Conv. Bond 26865YAA2 9,718,000 2,000,000 SOLE N/A 2,000,000
ECHOSTAR 6.75% 12/31/49 CVP Conv. Pfd. 278762307 26,753,750 85,000 SOLE N/A 85,000
ELECTRO SCIENTIFIC Common Stk. 285229100 25,013 600 SOLE N/A 600
EMCOR GROUP 5.75% 4/1/05 Conv. Bond 29084QAC4 3,727,500 3,500,000 SOLE N/A 3,500,000
FAMILY GOLF 5.75% 10/15/04 T Conv. Bond 30701AAA4 781,250 1,250,000 SOLE N/A 1,250,000
D WTS FEDERATED DEPT 12/19/01 Warrant 31410H127 1,337,500 50,000 SOLE N/A 50,000
FINOVA FINANCE 5.5%12-31-16CVP Conv. Pfd. 31808E207 1,220,625 17,500 SOLE N/A 17,500
FIRST UNION REAL8.4% 12/49 CVP Conv. Pfd. 337400303 1,249,600 56,800 SOLE N/A 56,800
FOODMAKER INC Common Stk. 344839204 34,050 1,200 SOLE N/A 1,200
GENESCO 5.5% 4/15/05 T Conv. Bond 371532AK8 4,073,400 4,380,000 SOLE N/A 4,380,000
GTECH HOLDINGS CORP Common Stk. 400518106 23,563 1,000 SOLE N/A 1,000
GYMBOREE CORP. Common Stk. 403777105 33,600 3,200 SOLE N/A 3,200
HMT TECHNOLOGY 5.75% 1/15/04 Conv. Bond 403917AD9 774,000 2,000,000 SOLE N/A 2,000,000
HUBCO, INC. Common Stk. 404382103 27,563 900 SOLE N/A 900
HADCO CCORP Common Stk. 404681108 39,625 1,000 SOLE N/A 1,000
HANGER ORTHOPEDIC Common Stk. 41043F208 25,538 1,800 SOLE N/A 1,800
M.A. HANNA CO. Common Stk. 410522106 36,163 2,200 SOLE N/A 2,200
JACK HENRY & ASSOCIATES Common Stk. 426281101 27,300 700 SOLE N/A 700
HEXCEL CORP 7% 8/1/03 Conv. Bond 428291AA6 3,307,725 3,615,000 SOLE N/A 3,615,000
HOME DEPOT 3.25% 10/1/01 Conv. Bond 437076AE2 4,089,085 1,463,000 SOLE N/A 1,463,000
HOMEBASE 5.25% 11/1/04 T Conv. Bond 43738EAA6 3,020,875 3,575,000 SOLE N/A 3,575,000
HOMEBASE INC. 5.25% 11/1/04 Conv. Bond 43738EAB4 1,985,750 2,350,000 SOLE N/A 2,350,000
HUTCHINSON TECH. 6% 3/15/05 Conv. Bond 448407AC0 7,035,000 6,000,000 SOLE N/A 6,000,000
IBP INC Common Stk. 449223106 28,500 1,200 SOLE N/A 1,200
IKON OFFICE SOLUTIONS Common Stk. 451713101 46,500 3,100 SOLE N/A 3,100
INNOVEX, INC. Common Stk. 457647105 33,000 2,400 SOLE N/A 2,400
INSIGHT ENTERPRISES, INC. Common Stk. 45765U103 29,625 1,200 SOLE N/A 1,200
INTERIM SERVICES, INC. Common Stk. 45868P100 30,938 1,500 SOLE N/A 1,500
INTERNATIONAL FIBERCOM, INC. Common Stk. 45950T101 45,470 5,000 SOLE N/A 5,000
ITRON INC. 6.75% 3/31/04 Conv. Bond 465741AC0 721,640 1,071,000 SOLE N/A 1,071,000
KAUFMAN & BROAD Common Stk. 486168107 22,388 900 SOLE N/A 900
KELLSTROM 5.5% 6/15/03 Conv. Bond 488035AE6 827,500 1,000,000 SOLE N/A 1,000,000
KEY ENERGY GROUP INC COM Common Stk. 492914106 115,781 32,500 SOLE N/A 32,500
KRONOS INC Common Stk. 501052104 52,350 1,200 SOLE N/A 1,200
LA-Z-BOY CORP. Common Stk. 505336107 39,100 1,700 SOLE N/A 1,700
LASON INC. Common Stk. 51808R107 19,850 400 SOLE N/A 400
LATTICE SEMICONDUCTOR Common Stk. 518415104 43,400 700 SOLE N/A 700
LEAR CORPORATION Common Stk. 521865105 39,800 800 SOLE N/A 800
LENNAR CORP. 0% 7/29/18 Conv. Bond 526057AA2 441,250 1,000,000 SOLE N/A 1,000,000
LONE STAR STEAKHOUSE Common Stk. 542307103 24,219 2,500 SOLE N/A 2,500
LYDALL INC. Common Stk. 550819106 25,300 2,200 SOLE N/A 2,200
MITSUBISHI BK OF TOKYO 3%11/02 Conv. Bond 55262XAA2 2,255,000 2,000,000 SOLE N/A 2,000,000
MS CARRIERS Common Stk. 553533100 23,700 800 SOLE N/A 800
MAGNA INTL 4.875 02/15/05 T Conv. Bond 559222AF1 5,614,500 5,700,000 SOLE N/A 5,700,000
MANITOWOC CO, INC. Common Stk. 563571108 49,950 1,200 SOLE N/A 1,200
MEDIMMUNE INC 7.00% 07/01/03 T Conv. Bond 584699AA0 12,048,750 1,750,000 SOLE N/A 1,750,000
MEDIMMUNE 7% 7/1/03 Conv. Bond 584699AC6 10,327,500 1,500,000 SOLE N/A 1,500,000
MENS WEARHOUSE INC Common Stk. 587118100 25,500 1,000 SOLE N/A 1,000
MERITOR AUTHOMOTIVE,INC. Common Stk. 59000G100 35,700 1,400 SOLE N/A 1,400
METRICOM 8% 9/15/03 144A Conv. Bond 591596AA9 486,500 350,000 SOLE N/A 350,000
METRICOM 8% 9/15/03 Conv. Bond 591596AC5 1,598,500 1,150,000 SOLE N/A 1,150,000
MICROS Common Stk. 594901100 34,000 1,000 SOLE N/A 1,000
MOORE CORP LTD Common Stk. 615785102 25,125 3,000 SOLE N/A 3,000
MUELLER INDUSTRIES, INC. Common Stk. 624756102 47,513 1,400 SOLE N/A 1,400
NCS HEALTHCARE 5.75% 8/15/04 Conv. Bond 628874AC3 447,500 1,000,000 SOLE N/A 1,000,000
NAVISTAR INTERNATIONAL CORP Common Stk. 63934E108 45,000 900 SOLE N/A 900
NEXSTAR PHARM. 6.25% 8/1/04 Conv. Bond 65333BAC0 1,290,000 1,000,000 SOLE N/A 1,000,000
NINE WEST 5.5% 7/15/03 Conv. Bond 65440DAC6 2,207,468 2,213,000 SOLE N/A 2,213,000
OAK INDUSTRIES 4.875% 3/1/08 T Conv. Bond 671400AJ8 2,585,000 2,000,000 SOLE N/A 2,000,000
OAK INDUSTRIES 4.875% 3/1/08 Conv. Bond 671400AL3 1,292,500 1,000,000 SOLE N/A 1,000,000
OSHKOSH B GOSH INC CL A Common Stk. 688222207 47,581 2,300 SOLE N/A 2,300
OWENS CORNING Common Stk. 69073F103 24,063 700 SOLE N/A 700
OXFORD HEALTH PLANS Common Stk. 691471106 21,700 1,400 SOLE N/A 1,400
PACIFIC SUNWEAR OF CALIF. INC. Common Stk. 694873100 36,563 1,500 SOLE N/A 1,500
PACIFICARE Common Stk. 695112201 21,581 300 SOLE N/A 300
PARK ELECTRO 5.5% 3-1-06 Conv. Bond 700416AB6 226,250 250,000 SOLE N/A 250,000
PENN TREATY 6.25% 12-1-03 T Conv. Bond 707874AA1 1,617,525 1,575,000 SOLE N/A 1,575,000
PENN TREATY 6.25% 12/01/03 Conv. Bond 707874AC7 1,745,900 1,700,000 SOLE N/A 1,700,000
PENTAIR, INC. Common Stk. 709631105 32,025 700 SOLE N/A 700
PERSONNEL GROUP 5.75% 7/1/04 Conv. Bond 715338AE9 1,715,000 2,000,000 SOLE N/A 2,000,000
PETSMART INC 6.75% 11/1/04 T Conv. Bond 716768AA4 4,257,500 3,250,000 SOLE N/A 3,250,000
PETSMART INC. 6.75% 11/1/04 Conv. Bond 716768AB2 655,000 500,000 SOLE N/A 500,000
PHILIPPINE $3.5 12-31-49 CVP Conv. Pfd. 718252703 1,035,000 20,000 SOLE N/A 20,000
PLATINUM TECH 6.75% 11-15-01 Conv. Bond 72764TAA9 8,997,450 4,305,000 SOLE N/A 4,305,000
PLEXUS CORP Common Stk. 729132100 29,500 1,000 SOLE N/A 1,000
PREPAID LEGAL SERVICE INC. Common Stk. 740065107 27,188 1,000 SOLE N/A 1,000
PROLOGIS TRUST 7% PRFD Conv. Pfd. 743410300 1,122,000 44,000 SOLE N/A 44,000
QUANEX CORP Common Stk. 747620102 51,300 1,800 SOLE N/A 1,800
QUEENS COUNTY BANCORP. Common Stk. 748242104 29,081 900 SOLE N/A 900
QUORUM HEALTH GROUP Common Stk. 749084109 31,406 2,500 SOLE N/A 2,500
RECKSON 7.625% 12/31/49 CVP Conv. Pfd. 75621K205 4,185,625 185,000 SOLE N/A 185,000
RENAL CARE GROUP Common Stk. 759930100 23,231 900 SOLE N/A 900
RES CARE INC. 6% 12/01/04 T Conv. Bond 760943AA8 1,237,500 1,000,000 SOLE N/A 1,000,000
RES CARE INC. 6% 12/01/04 Conv. Bond 760943AC4 315,563 255,000 SOLE N/A 255,000
ROBERTS INTERNATIONAL Common Stk. 770491108 31,525 1,300 SOLE N/A 1,300
ROSS STORES, INC. Common Stk. 778296103 40,150 800 SOLE N/A 800
S3 INC Common Stk. 784849101 19,031 2,100 SOLE N/A 2,100
SABRATEK 6% 4/15/05 Conv. Bond 78571UAA6 938,000 1,400,000 SOLE N/A 1,400,000
SANTA BARBERA RESTAURANT Common Stk. 801378100 30,494 11,900 SOLE N/A 11,900
SEALED AIR $2 4/1/18 CVP Conv. Pfd. 81211K209 16,330,625 265,000 SOLE N/A 265,000
SENSORMATIC 6.5% 12/31/49CVP T Conv. Pfd. 817265200 3,335,000 145,000 SOLE N/A 145,000
SEPRACOR 6.25% 2/15/05 T Conv. Bond 817315AC8 2,898,192 1,565,000 SOLE N/A 1,565,000
SEPRACOR 6.25% 2/15/05 Conv. Bond 817315AE4 11,453,878 6,185,000 SOLE N/A 6,185,000
SEPRACOR 7% 12/15/05 Conv. Bond 817315AF1 9,750,000 10,000,000 SOLE N/A 10,000,000
SILICON STORAE TECH., INC. Common Stk. 827057100 35,450 5,000 SOLE N/A 5,000
SINCLAIR BROAD 6% 12/31/49 CVP Conv. Pfd. 829226505 4,835,600 109,900 SOLE N/A 109,900
SKYTEL COMM $2.25 12/31/49 CVP Conv. Pfd. 83087Q302 4,283,750 115,000 SOLE N/A 115,000
SONIC CORP Common Stk. 835451105 35,338 1,100 SOLE N/A 1,100
SOUTHDOWN INC Common Stk. 841297104 25,700 400 SOLE N/A 400
SPACEHAB 8% 10\15\97 Conv. Bond 846243AA1 369,000 600,000 SOLE N/A 600,000
SPORTS AUTHORITY Common Stk. 849176102 17,750 4,000 SOLE N/A 4,000
SPORTS AUTHOR 5.25% 9/15/01 Conv. Bond 849176AC6 700,000 1,000,000 SOLE N/A 1,000,000
STANDARD PACIFIC Common Stk. 85375C101 23,288 1,800 SOLE N/A 1,800
SUNRISE ASSIST 5.5% 6/15/02 Conv. Bond 86768KAC0 1,939,000 1,750,000 SOLE N/A 1,750,000
SYNETIC INC. 5% 2-15-07 Conv. Bond 87160FAB5 5,111,838 3,955,000 SOLE N/A 3,955,000
SYSTEM SOFT 7% 09/15/02 Conv. Bond 871839AA4 511,200 1,420,000 SOLE N/A 1,420,000
SYSTEMS & COMP 5% 10/15/04 Conv. Bond 871873AB1 2,267,025 2,715,000 SOLE N/A 2,715,000
THERMO INSTRUMENT 4% 1/15/05 Conv. Bond 883559AE6 1,239,375 1,500,000 SOLE N/A 1,500,000
THERMOQUEST 5% 8/15/00 T Conv. Bond 883655AA0 3,007,500 3,000,000 SOLE N/A 3,000,000
TIFFANY & CO. Common Stk. 886547108 38,600 400 SOLE N/A 400
TIMBERLAND CO. Common Stk. 887100105 34,031 500 SOLE N/A 500
TOPPS CO., INC. Common Stk. 890786106 36,406 5,000 SOLE N/A 5,000
TORO COMPANY Common Stk. 891092108 39,375 1,000 SOLE N/A 1,000
TOWER AUTOMOTIVE 5% 8/01/04 Conv. Bond 891707AE1 5,208,000 4,650,000 SOLE N/A 4,650,000
TUPPERWARE CORP. Common Stk. 899896104 40,800 1,600 SOLE N/A 1,600
UCAR INTL. INC. Common Stk. 90262K109 32,825 1,300 SOLE N/A 1,300
ULTRATECH STEPPER, INC. Common Stk. 904034105 33,000 2,200 SOLE N/A 2,200
UNITED GLOBALCOM - PRFD Conv. Pfd. 913247102 2,000,000 40,000 SOLE N/A 40,000
US FREIGHTWAYS CORP Common Stk. 916906100 41,400 900 SOLE N/A 900
VINTAGE PETROLEUM CORP. Common Stk. 927460105 32,250 3,000 SOLE N/A 3,000
WHX SER A 6.5% 12/31/49 CVP Conv. Pfd. 929248201 1,303,125 41,700 SOLE N/A 41,700
WALLACE COMPUTER SVCS. INC. Common Stk. 932270101 25,000 1,000 SOLE N/A 1,000
WANG LABS Common Stk. 93369N109 270,709 9,255 SOLE N/A 9,255
WATTS INDUSTRIES, INC. Common Stk. 942749102 38,375 2,000 SOLE N/A 2,000
WESTERN DIGITAL 0% 2/18/18 T Conv. Bond 958102AF2 730,000 4,000,000 SOLE N/A 4,000,000
WORLD COLOR 6% 10/1/07 Conv. Bond 981443AA2 2,880,000 3,000,000 SOLE N/A 3,000,000
XIRCOM, INC. Common Stk. 983922105 30,063 1,000 SOLE N/A 1,000
ZALE CORP NEW Common Stk. 988858106 36,000 900 SOLE N/A 900
INCO LTD Common Stk. 453258402 39,600 2,200 SOLE N/A 2,200
<PAGE>
GRAND TOTAL 365,906,373
</TABLE>
