UNITED STATES
SECURITIES AND EXCHANGE COMMISION
Washington, D.C. 20549
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 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: 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 November 15, 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.
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FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: None
Form 13F Information Table Entry Total: 77
Form 13F Information Table Value Total: $307,709,860.
List of Other Included Managers: None
No. 13F File Number Name
01
02
03
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FORM 13F
FOR THE QUARTER ENDED December 31, 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
AMFM INC. 7% CVP STOCK 001693209 3,240,000.00 15,000 15,000 15,000
AMER RETIRE 5.75 10/1/02 DEBT 028913AA9 934,500.00 1,335,000 1,335,000 1,335,000
APARTMENT INV. 8% CVP STOCK 03748R705 1,482,375.00 59,000 59,000 59,000
ATRIX 7% 12/01/04 T DEBT 04962LAA9 1,738,500.00 3,050,000 3,050,000 3,050,000
AVIRON 5.75% 4/1/05 T DEBT 053762AA8 3,138,750.00 4,500,000 4,500,000 4,500,000
AVIRON 5.75% 4/1/05 DEBT 053762AC4 837,000.00 1,200,000 1,200,000 1,200,000
BANKATLANTIC 6.75% 7/1/06 DEBT 065908AB1 1,110,560.00 1,262,000 1,262,000 1,262,000
BANKATLANTIC 5.625% 12/1/07 DEBT 065908AC9 898,492.50 1,479,000 1,479,000 1,479,000
CNET INC. 5% 3/1/06 T DEBT 125945AA3 10,168,000.00 6,200,000 6,200,000 6,200,000
CALLON PETROL $2.125 CVP STOCK 13123X201 1,172,500.00 35,000 35,000 35,000
CENTOCOR 4.75% 2/05 DEBT 152342AE1 6,650,000.00 5,000,000 5,000,000 5,000,000
CEPHALON INC. 7.25% 12/31/49 T STOCK 156708307 6,965,000.00 70,000 70,000 70,000
CHECKPOINT 5.25% 11-01-05 T DEBT 162825AA1 146,000.00 200,000 200,000 200,000
CHECKPOINT SYSTEM 5.25%11/1/05 DEBT 162825AB9 1,471,680.00 2,016,000 2,016,000 2,016,000
CIRRUS LOGIC 6% 12-15-03 T DEBT 172755AA8 1,878,750.00 2,250,000 2,250,000 2,250,000
CIRRUS LOGIC 6% 12/15/03 DEBT 172755AC4 3,618,890.00 4,334,000 4,334,000 4,334,000
CITIZENS UTILITIES TRUST 5% STOCK 177351202 4,535,212.51 81,900 81,900 81,900
DRS TECHNOLOGIES 9% 10/1/03 DEBT 23330XAB6 220,500.00 200,000 200,000 200,000
DOUBLECLICK 4.75% 3/15/06 T DEBT 258609AA4 13,750,500.00 4,450,000 4,450,000 4,450,000
EMC CORP 3.25% 3/15/02 DEBT 26865YAA2 19,276,000.00 2,000,000 2,000,000 2,000,000
ECHOSTAR 6.75% 12/31/49 CVP STOCK 278762307 68,000,000.00 85,000 85,000 85,000
EMCOR GROUP 5.75% 4/1/05 DEBT 29084QAC4 3,062,500.00 3,500,000 3,500,000 3,500,000
FAMILY GOLF 5.75% 10/15/04 T DEBT 30701AAA4 325,000.00 1,250,000 1,250,000 1,250,000
D WTS FEDERATED DEPT 12/19/01 WARRENT 31410H127 1,109,400.00 50,000 50,000 50,000
FINOVA FINANCE 5.5%12-31-16CVP STOCK 31808E207 2,188,750.00 42,500 42,500 42,500
FIRST UNION REAL8.4% 12/49 CVP STOCK 337400303 1,136,000.00 56,800 56,800 56,800
FRONTIER INS 6.25%10/15/26CVPT STOCK 35907U103 612,000.00 34,000 34,000 34,000
GENESCO 5.5% 4/15/05 T DEBT 371532AK8 3,733,950.00 4,380,000 4,380,000 4,380,000
GENESCO 5.5% 4/15/05 DEBT 371532AL6 383,625.00 450,000 450,000 450,000
HMT TECHNOLOGY 5.75% 1/15/04 DEBT 403917AD9 780,000.00 2,000,000 2,000,000 2,000,000
HEXCEL CORP 7% 8/1/03 DEBT 428291AA6 2,620,875.00 3,615,000 3,615,000 3,615,000
HOMEBASE 5.25% 11/1/04 T DEBT 43738EAA6 2,145,000.00 3,575,000 3,575,000 3,575,000
HOMEBASE INC. 5.25% 11/1/04 DEBT 43738EAB4 1,344,600.00 2,241,000 2,241,000 2,241,000
HUTCHINSON TECH. 6% 3/15/05 DEBT 448407AC0 5,715,000.00 6,000,000 6,000,000 6,000,000
ITRON INC. 6.75% 3/31/04 DEBT 465741AC0 615,825.00 1,071,000 1,071,000 1,071,000
KELLSTROM 5.5% 6/15/03 DEBT 488035AE6 660,000.00 1,000,000 1,000,000 1,000,000
KMART FINANC 7.75%6/15/16 CVP STOCK 498778208 3,360,000.00 76,800 76,800 76,800
LSI LOGIC 4.25% 3/15/04 T DEBT 502161AB8 4,181,000.00 1,850,000 1,850,000 1,850,000
LSI LOGIC 4.25% 3/15/04 DEBT 502161AD4 4,520,000.00 2,000,000 2,000,000 2,000,000
MITSUBISHI BK OF TOKYO 3%11/02 DEBT 55262XAA2 1,103,750.00 1,000,000 1,000,000 1,000,000
MEDICAL MANAGER 5% 2/15/07 DEBT 58461UAA1 5,537,000.00 3,955,000 3,955,000 3,955,000
METRICOM 8% 9/15/03 144A DEBT 591596AA9 1,891,050.00 350,000 350,000 350,000
METRICOM 8% 9/15/03 DEBT 591596AC5 6,213,450.00 1,150,000 1,150,000 1,150,000
BANK OF TOYKO MITSUBISHI ADR STOCK 065379109 278,749.99 20,000 20,000 20,000
OAK INDUSTRIES 4.875% 3/1/08 T DEBT 671400AJ8 3,825,000.00 1,500,000 1,500,000 1,500,000
PENN TREATY 6.25% 12-1-03 T DEBT 707874AA1 1,197,000.00 1,575,000 1,575,000 1,575,000
PENN TREATY 6.25% 12/01/03 DEBT 707874AC7 1,482,000.00 1,950,000 1,950,000 1,950,000
PERSONNEL GROUP 5.75% 7/1/04 DEBT 715338AE9 1,600,000.00 2,000,000 2,000,000 2,000,000
PETSMART INC 6.75% 11/1/04 T DEBT 716768AA4 2,591,943.75 3,195,000 3,195,000 3,195,000
PETSMART INC. 6.75% 11/1/04 DEBT 716768AB2 247,431.25 305,000 305,000 305,000
PROLOGIS TRUST 7% PRFD STOCK 743410300 1,084,160.00 44,000 44,000 44,000
PSINET 12/31/49 6.75% CVP STOCK 74437C309 6,583,750.00 115,000 115,000 115,000
QUADRAMED 5.25% 05/01/05 DEBT 74730WAC5 2,068,000.00 4,400,000 4,400,000 4,400,000
QUINTILES 4.25% 5-31-00 REG DEBT 748767AC4 2,940,000.00 3,000,000 3,000,000 3,000,000
RECKSON 7.625% 12/31/49 CVP STOCK 75621K205 4,335,828.00 218,100 218,100 218,100
RES CARE INC. 6% 12/01/04 T DEBT 760943AA8 810,000.00 1,000,000 1,000,000 1,000,000
RES CARE INC. 6% 12/01/04 DEBT 760943AC4 206,550.00 255,000 255,000 255,000
SABRATEK 6% 4/15/05 DEBT 78571UAA6 392,000.00 1,400,000 1,400,000 1,400,000
SEALED AIR $2 4/1/18 CVP STOCK 81211K209 13,382,500.00 265,000 265,000 265,000
SENSORMATIC 6.5% 12/31/49CVP T STOCK 817265200 3,570,625.00 145,000 145,000 145,000
SEPRACOR 6.25% 2/15/05 T DEBT 817315AC8 3,416,395.00 1,565,000 1,565,000 1,565,000
SEPRACOR 6.25% 2/15/05 DEBT 817315AE4 13,501,855.00 6,185,000 6,185,000 6,185,000
SEPRACOR 7% 12/15/05 T DEBT 817315AF1 8,956,500.00 8,400,000 8,400,000 8,400,000
SINCLAIR BROAD 6% 12/31/49 CVP STOCK 829226505 3,928,925.00 109,900 109,900 109,900
SPACEHAB 8% 10\15\97 DEBT 846243AA1 372,000.00 600,000 600,000 600,000
SPORTS AUTHOR 5.25% 9/15/01 DEBT 849176AC6 570,000.00 1,000,000 1,000,000 1,000,000
SYSTEM SOFT 7% 09/15/02 DEBT 871839AA4 130,200.00 420,000 420,000 420,000
SYSTEMS & COMP 5% 10/15/04 DEBT 871873AB1 1,044,900.00 1,215,000 1,215,000 1,215,000
TELEFONOS MEXICO 4.25% 6/15/04 DEBT 879403AD5 6,512,500.00 5,000,000 5,000,000 5,000,000
THERMO INSTRUMENT 4% 1/15/05 DEBT 883559AE6 1,110,000.00 1,500,000 1,500,000 1,500,000
THERMOQUEST 5% 8/15/00 T DEBT 883655AA0 970,000.00 1,000,000 1,000,000 1,000,000
TOWER AUTOMOTIVE 5% 8/01/04 DEBT 918905AC4 930,000.00 1,500,000 1,500,000 1,500,000
WEBS MEXICO STOCK 92923H863 198,687.50 11,000 11,000 11,000
WHX SER A 6.5% 12/31/49 CVP STOCK 929248201 1,344,825.00 41,700 41,700 41,700
WMX TECH.INC 2% 1/24/05 DEBT 92929QAF4 5,569,300.00 6,710,000 6,710,000 6,710,000
WORLD COLOR 6% 10/1/07 DEBT 981443AA2 3,978,000.00 3,900,000 3,900,000 3,900,000
SANTA FE SNYDER STOCK 80218K105 190,625.00 25,000 25,000 25,000
TOTAL 307,709,860.50
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