----------------------------
OMB APPROVAL
----------------------------
OMB Number: 3235-0006
Expires: February 28, 1997
Estimated average burden
hours per response.....24.60
----------------------------
SEC USE ONLY
----------------------------
----------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
INFORMATION REQUIRED OF INSTITUTIONAL INVESTMENT MANAGERS PURSUANT
TO SECTION 13(f) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULES THEREUNDER
Report for the Calendar Year or Quarter Ended December 31, 1998
- --------------------------------------------------------------------------------
(Please read instructions before preparing form.)
- --------------------------------------------------------------------------------
If amended report check here: |_|
Loeb Arbitrage Management Inc.
- --------------------------------------------------------------------------------
Name of Institutional Investment Manager
61 Broadway New York N.Y. 10006
- --------------------------------------------------------------------------------
Business Address (Street) (City) (State) (Zip)
Edward Campbell 212-483-7078 Vice President
- --------------------------------------------------------------------------------
Name, Phone No., and Title of Person Duly Authorized to Submit This Report.
- ------------------------------------ATTENTION-----------------------------------
Intentional misstatements or omissions of facts constitute
Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
- --------------------------------------------------------------------------------
The institutional investment manager submitting this Form and its
attachments and the person by whom it is signed represent hereby that all
information contained therein is true, correct and complete. It is understood
that all required items, statements and schedules are considered integral parts
of this Form and that the submission of any amendment represents that all
unamended items, statements and schedules remain true, correct and complete as
previously submitted.
Pursuant to the requirements of Securities Exchange Act of 1934, the
undersigned institutional investment manager has caused this report to be signed
on its behalf in the City of New York and State of New York on the 12 day of
February, 1999.
Loeb Arbitrage Management Inc.
------------------------------------------
(Name of Institutional Investment Manager)
/s/ EDWARD CAMPBELL
------------------------------------------
(Manual Signature of Person Duly
Authorized to Submit This Report)
Name and 13F file numbers of ALL Institutional Investment Managers with respect
to which this schedule is filled (other than the one filing this report): (List
in alphabetical order).
13F File Numbers will be assigned to Institutional Investment Managers after
they file their first report.
Name: 13F File No.:
- --------------------------------------------- ------------------------------
1. Loeb Partners Corp.
- --------------------------------------------- ------------------------------
2. Loeb Partners Management Inc.
- --------------------------------------------- ------------------------------
3.
- --------------------------------------------- ------------------------------
4.
- --------------------------------------------- ------------------------------
5.
- --------------------------------------------- ------------------------------
SEC 1685 (5/91)
<PAGE>
LOEB ARBITRAGE MANAGEMENT
FORM 13F
DECEMBER 31, 1998
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
FAIR INVESTMENT DISCRETION VOTING AUTHORITY
TITLE MARKET SHARES OR SHARED
NAME OF ISSUER OF CUSIP VALUE PRINCIPAL SOLE SHARED OTHER MANA- SOLE SHARED NONE
CLASS NUMBER (x$1000) AMOUNT (A) (B) (C) GERS (A) (B) (C)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ASTRA AB APR 20 CALL CALL 046298105 20,625 100 x 100
CAMBRIDGE TECH JAN 25 CALL CALL 1325249A9 5,000 100 x 100
WASTE MANAGEMENT JAN 25 CA CALL 94106J9A4 437,500 500 x 500
WASTE MANAGEMENT JAN 30 CA CALL 94106JA40 213,400 550 x 550
1st BERGEN BANCORP COM 318915105 400,500 18,000 x 18,000
3COM CORP COM 885535104 67,220 1,500 2 1 1,500
3COM CORP COM 885535104 134,439 3,000 x 3,000
ABBOTT MEAD VICKERS PLC OR COM G00308109 1,197,000 175,000 x 175,000
ACNIELSEN CORP COM 004833109 226,000 8,000 2 1 8,000
ACNIELSEN CORP COM 004833109 137,549 4,869 2 2 4,869
ADVANCED NEUROMODULATION S COM 00757T101 405,263 64,200 x 64,200
ADVANTA CORP CL B NON VTG COM 007942204 177,874 16,079 x 16,079
AEROSONIC CORP COM 008015307 178,406 16,500 x 16,500
AEROSPACE CREDITORS LIQD T COM 008017105 -- 80,000 x 80,000
AFLAC INC COM 001055102 879,736 19,994 2 1 19,994
AIRPORT SYSTEMS INTL INC COM 00949N103 77,991 42,300 x 42,300
AIRTOUCH COMMUNICATIONS INC COM 00949T100 245,225 3,400 2 1 3,400
AIRTOUCH COMMUNICATIONS INC COM 00949T100 577,000 8,000 x 8,000
ALBERTSONS INC COM 013104104 146,482 2,300 2 1 2,300
ALBERTSONS INC COM 013104104 318,440 5,000 x 5,000
ALCIDE CORP NEW COM 013742507 365,602 24,172 2 1 24,172
ALCIDE CORP NEW COM 013742507 4,477 296 2 2 296
ALIANT COMMUNICATIONS INC COM 016090102 1,257,244 30,900 x 30,900
ALLEGIANCE CORP COM 017475104 14,635,588 313,900 x 313,900
ALLEGIANCE CORP COM 017475104 175,310 3,760 2 1 1,080 2,680
ALLEGIANCE CORP COM 017475104 138,010 2,960 2 2 2,960
ALLIED GROUP INC COM 019220102 1,679,100 34,800 x 34,800
ALLMERICA FINANCIAL CORP COM 019754100 231,500 4,000 2 1 4,000
ALLSTATE CORP COM 020002101 710,700 18,400 2 1 1,300 17,100
ALLTEL CORP COM 020039103 65,734 1,099 2 1 1,099
ALLTEL CORP COM 020039103 418,691 7,000 x 7,000
AMERICA SERVICE GROUP INC COM 02364L109 933,400 71,800 x 71,800
AMERICAN BANK OF CONNECTIC COM 024327108 261,625 11,500 x 11,500
AMERICAN COMMUNICATIONS & COM 025201104 -- 20,000 2 1 20,000
AMERICAN INTERNATIONAL GRO COM 026874107 -- 202,041 x 202,041
AMERICAN INTERNATIONAL GROU COM 026874107 2,521,140 26,092 2 1 26,092
AMERICAN INTERNATIONAL GROU COM 026874107 483,125 5,000 x 5,000
AMERICAN INTL GRP RSTD COM 026874107 -- 10,978 x 10,978
AMERICAN MEDICAL ELECTRONI COM 027425776 -- 124,900 x 124,900
AMERICAN MEDICAL ELECTRONI COM 027425990 -- 124,900 x 124,900
AMERICAN PACIFIC CORP COM 028740108 805,225 103,900 x 103,900
AMERICAN SAFETY RAZOR CO COM 029362100 386,400 32,200 x 32,200
AMERICAN SHARED HOSP SVCS COM 029595105 53,081 44,700 x 44,700
AMERICAN STORES CO NEW COM 030096101 7,841,831 212,300 x 212,300
AMERIHOST PROPERTIES INC N COM 03070D209 171,944 45,100 x 45,100
AMERIN CORP COM 03070X106 1,433,175 59,100 x 59,100
AMERITECH CORP NEW COM 030954101 344,760 5,440 2 1 5,440
AMERITECH CORP NEW COM 030954101 253,500 4,000 2 2 4,000
AMERITECH CORP NEW COM 030954101 507,000 8,000 x 8,000
AMGEN INC W/RTS TO PUR COM COM 031162100 41,825 400 2 1 200 200
AMGEN INC W/RTS TO PUR COM COM 031162100 286,503 2,740 2 2 2,740
AMOCO CORP COM 031905102 28,959,125 461,500 x 461,500
AMOCO CORP COM 031905102 208,365 3,480 2 1 1,000 2,480
AMOCO CORP COM 031905102 1,628,600 27,200 2 2 27,200
AMP INC COM 031897101 22,012,494 422,809 x 422,809
APPLIED EXTRUSION TECHNOLO COM 038196101 175,200 21,900 x 21,900
APRIA HEALTHCARE GROUP INC COM 037933108 2,212,031 247,500 x 247,500
AQUILA GAS PIPELINE CORP COM 03839B106 1,343,456 156,900 x 156,900
ARGENTINA GOLD CORP COM 04011L102 33,966 10,200 x 10,200
ARLEN CORP COM 041327107 -- 10,500 2 1 10,500
ARTERIAL VASCULAR ENGINEER COM 043013101 5,869,463 112,200 x 112,200
ARTESYN TECHNOLOGIES INC COM 043127109 143,220 10,230 x 10,230
ASCEND COMMUNICATIONS INC COM 043491109 328,750 5,000 x 5,000
ASSISTED LIVING CONCEPTS I COM 04543L109 1,850,625 141,000 x 141,000
ASSOCIATES FIRST CAPITAL CO COM 046008108 589,013 13,900 2 1 13,900
ASSOCIATES FIRST CAPITAL CO COM 046008108 567,825 13,400 2 2 13,400
ASSOCIATES FIRST CAPITAL CO COM 046008108 1,017,000 24,000 x 24,000
ASTORIA FINANCIAL CORP COM 046265104 1,170,788 25,591 x 25,591
ASTRA AB SPONSORED ADR SER COM 046298105 3,103,125 150,000 x 150,000
ASTROSYSTEMS INC NY COM 046465100 205,533 82,213 x 82,213
AT&T CORP COM 001957109 935,132 12,427 2 1 12,427
AT&T CORP COM 001957109 120,400 1,600 2 2 1,600
AT&T CORP COM 001957109 752,500 10,000 x 10,000
ATLAS STEELS INC UTS 100 B COM NOT AVAIL 936,360 20,808 x 20,808
AURORA BIOSCIENCES CORP COM 051920106 332,201 51,600 2 1 51,600
AUTONOMOUS TECHNOLOGIES CO COM 05329H105 748,038 144,200 x 144,200
AVALONBAY COMMUNITIES INC COM 053484101 282,563 8,250 2 1 8,250
AVANT IMMUNOTHERAPEUTICS I COM 053491114 -- 15,509 x 15,509
AVCOM INTERNATIONAL INC ES COM 053543997 2,006 32,100 x 32,100
AVECOR CARDIOVASCULAR INC COM 053547105 2,800,093 228,579 x 228,579
AXSYS TECHNOLOGIES INC COM 054615109 617,260 44,090 x 44,090
AZTEC TECHNOLOGY PARTNERS COM 05480L101 124,232 34,271 x 34,271
BA MERCHANTS SERVICES INC COM 055239107 4,381,213 217,700 x 217,700
BALLARD MEDICAL PRODUCTS COM 058566100 3,768,438 155,000 x 155,000
BANK OF NEW YORK CO INC COM 064057102 3,179,750 79,000 2 1 16,000 63,000
BANK OF NEW YORK CO INC COM 064057102 7,072,569 175,716 2 2 175,716
BANK ONE CORP COM 06423A103 394,155 7,719 2 1 7,719
BANK ONE CORP COM 06423A103 408,504 8,000 x 8,000
BANKAMERICA CORP NEW COM 06605f102 524,771 8,728 2 1 8,728
BANKERS TRUST CORP COM 066365107 2,990,313 35,000 x 35,000
BANNER AEROSPACE INC (bar) COM 066525106 494,525 52,400 x 52,400
BATTLE MOUNTAIN GOLD CO COM 071593107 51,554 12,498 x 12,498
BAXTER INTERNATIONAL INC COM 071813109 392,309 6,100 2 1 200 5,900
BAXTER INTERNATIONAL INC COM 071813109 128,626 2,000 2 2 2,000
BAXTER INTL INC CONT PYMT COM 071813125 14,474 180,931 x 180,931
BAY STATE GAS CO COM 072612609 4,666,025 117,200 x 117,200
BAYARD DRILLING TECHNOLOGI COM 072700107 1,351,500 270,300 x 270,300
BAYONNE BANCSHARES INC COM 072883101 1,409,734 85,116 x 85,116
BB&T CORP COM 054937107 201,565 5,000 x 5,000
BCE INC COM 05534B109 220,040 5,800 2 1 1,200 4,600
BCE INC COM 05534B109 356,617 9,400 2 2 9,400
BECTON DICKINSON & CO COM 075887109 243,322 5,700 2 1 5,700
BECTON DICKINSON & CO COM 075887109 546,406 12,800 2 2 12,800
BELL ATLANTIC CORP COM 077853109 244,296 4,524 2 1 4,524
BELL ATLANTIC CORP COM 077853109 432,000 8,000 x 8,000
BELLSOUTH CORP COM 079860102 287,280 5,760 2 1 5,760
BENSONS CRISPS ORD 10p COM NOT AVAIL 8,720 12,500 x 12,500
BERKSHIRE REALTY CO INC COM 084710102 357,200 37,600 x 37,600
BESTFOODS COM 08658U101 383,400 7,200 2 2 7,200
BF REALTY HOLDINGS LTD COM 05540l109 -- 32,000 2 1 32,000
BJS WHOLESALE CLUB INC COM 05548J106 240,828 5,200 2 1 5,200
BJS WHOLESALE CLUB INC COM 05548J106 185,252 4,000 2 2 4,000
BOOLE & BABBAGE INC COM 098586100 4,109,625 140,500 x 140,500
BORDEN CHEMICALS & PLASTIC COM 099541203 82,031 17,500 x 17,500
BRANDYWINE REALTY TRUST-SBI COM 105368203 330,688 18,500 2 1 1,300 17,200
BRC HOLDINGS INC COM 05564D108 335,869 17,913 x 17,913
BRISTOL MYERS SQUIBB CO COM 110122108 2,662,879 19,900 2 1 800 19,100
BRISTOL MYERS SQUIBB CO COM 110122108 776,115 5,800 2 2 5,800
BRISTOL MYERS SQUIBB CO COM 110122108 1,070,504 8,000 x 8,000
BROUGHTON FOODS CO COM 114838303 1,672,529 94,227 x 94,227
BRT REALTY TRUST SBI-NEW COM 055645303 237,788 37,300 2 1 37,300
BRT REALTY TRUST SBI-NEW COM 055645303 25,500 4,000 2 2 4,000
BRT REALTY TRUST SBI-NEW COM 055645303 133,875 21,000 x 21,000
BRYLANE INC COM 117661108 2,325,000 100,000 x 100,000
BUILDING ONE SERVICES CORP COM 120114103 934,313 45,300 x 45,300
BURLINGTON RESOURCES INC COM 122014103 127,709 3,566 2 1 3,566
BURLINGTON RESOURCES INC COM 122014103 164,238 4,586 2 2 4,586
C ATS SOFTWARE INC COM 124778101 493,594 67,500 x 67,500
CADILLAC FAIRVIEW CORP (cd COM 126929207 326,153 17,453 x 17,453
CADILLAC FAIRVIEW CORP WTS COM 126929116 114,667 17,641 x 17,641
CALMAT CO COM 131271108 2,698,475 87,400 x 87,400
CAMCO FINANCIAL CORP COM 132618109 653,804 45,482 x 45,482
CAPSTAR BROADCASTING CORP COM 14067G105 3,843,000 168,000 x 168,000
CARDINAL HEALTH INC COM 14149y108 379,375 5,000 x 5,000
CARDIOGENESIS CORP COM 14159K105 1,102,388 215,100 x 215,100
CARR GOTTSTEIN FOODS CO COM 14441E107 515,565 46,084 x 46,084
CARTER WALLACE INC COM 146285101 588,750 30,000 x 30,000
CBS CORP COM 12490K107 1,240,636 37,882 2 1 800 37,082
CBS CORP COM 12490K107 491,250 15,000 x 15,000
CCC INFORMATION SERVICES GR COM 12487Q109 305,549 17,713 2 1 17,713
CCC INFORMATION SERVICES GR COM 12487Q109 258,750 15,000 x 15,000
CELADON GROUP INC INC COM 150838100 1,086,413 78,300 x 78,300
CELLSTAR CORP COM 150925105 114,450 16,800 x 16,800
CELLULAR COMMUNICATIONS IN COM 150918100 2,312,000 34,000 x 34,000
CENTENNIAL CELLULAR CORP-C COM 15133V109 5,383,300 131,300 x 131,300
CENTENNIAL HEALTHCARE CORP COM 150937100 708,788 46,100 x 46,100
CENTRAL BANKING SYSTEMS IN COM 152609103 -- 206,296 x 206,296
CENTRAL REALTY INVESTORS IN COM 155052103 -- 13,000 2 1 13,000
CENTURY COMMUNICATIONS COR COM 156503104 892,175 28,100 x 28,100
CENTURY COMMUNICATIONS CORP COM 156503104 354,016 11,161 2 1 11,161
CERIDIAN CORP COM 15677T106 1,396 20 2 1 20
CERIDIAN CORP COM 15677T106 349,065 5,000 x 5,000
CHANCELLOR MEDIA CORP COM 158915108 134,050 2,800 2 1 2,800
CHANCELLOR MEDIA CORP COM 158915108 191,500 4,000 2 2 4,000
CHARTER FEDERAL SAVINGS BA COM 161223987 5,764 92,230 x 92,230
CHASE MANHATTAN CORP NEW COM 16161A108 491,959 7,228 2 1 7,228
CHASE MANHATTAN CORP NEW COM 16161A108 88,890 1,306 2 2 1,306
CHAUVCO RESOURCES INTL LTD COM G19472102 -- 133,256 x 133,256
CHESAPEAKE ENERGY CORP COM 165167107 23,450 25,000 2 1 25,000
CHEVRON CORP COM 166751107 182,464 2,200 2 1 1,000 1,200
CHEVRON CORP COM 166751107 497,628 6,000 2 2 6,000
CHRIS-CRAFT INDUSTRIES INC COM 170520100 280,551 5,822 2 2 5,822
CHRISTIANA COMPANIES INC COM 170819106 2,275,350 118,200 x 118,200
CHRYSLER CORP COM 172967101 660,578 13,345 2 1 13,345
CHRYSLER CORP COM 172967101 2,054,201 41,499 2 2 41,499
CIGNA CORP (ci) COM 125509109 2,319,375 30,000 x 30,000
CINCINNATI BELL COM 171870108 2,117,500 56,000 x 56,000
CINCINNATI BELL INC-W/RTS T COM 171870108 321,411 8,500 2 2 8,500
CINCINNATI BELL INC-W/RTS T COM 171870108 302,504 8,000 x 8,000
CIRCON CORP COM 172736100 3,820,594 255,772 x 255,772
CISCO SYSTEMS INC COM 17275R102 1,778,019 19,157 2 1 19,157
CISCO SYSTEMS INC COM 17275R102 64,969 700 2 2 700
CISCO SYSTEMS INC COM 17275R102 928,130 10,000 x 10,000
CITATION COMPUTER SYSTEMS COM 172894107 137,531 81,500 x 81,500
CITIZENS UTILITIES CO SER B COM 177342201 1,135,477 139,751 2 1 1,533 138,218
CITIZENS UTILITIES CO SER B COM 177342201 271,757 33,447 2 2 33,447
CITIZENS UTILITIES CO SER B COM 177342201 164,938 20,300 x 20,300
CITIZENS UTILITIES CO-SER COM 177342201 480,894 59,187 x 59,187
CITY NATIONAL CORP COM 178566105 208,125 5,000 2 1 5,000
CITY NATIONAL CORP COM 178566105 208,125 5,000 2 2 5,000
CLEAR CHANNEL COMMUNICATION COM 184502102 174,400 3,200 2 1 3,200
CLEAR CHANNEL COMMUNICATION COM 184502102 436,000 8,000 x 8,000
CLOROX CO COM 189054109 829,372 7,100 2 1 7,100
CLOROX CO COM 189054109 321,236 2,750 2 2 2,750
CLOROX CO COM 189054109 584,065 5,000 x 5,000
COAST FEDERAL LITIG RTS COM 19034Q110 684,469 104,300 x 104,300
COLEMAN CO COM 193559101 1,563,113 171,300 x 171,300
COLONIAL GAS CO COM 195674106 2,838,825 81,400 x 81,400
COLTEC INDUSTRIES COM 196879100 234,000 12,000 x 12,000
COLUMBIA/HCA HEALTHCARE CO COM 197677107 331,551 13,396 x 13,396
COLUMBIAN NORTHLAND EXPL COM 198675100 -- 27,300 27,300
COMERICA INC COM 200340107 388,672 5,700 2 1 5,700
COMMERCIAL FEDERAL CORP (c COM 201647104 218,797 9,436 x 9,436
COMPAQ COMPUTER CORP COM 204493100 41,938 1,000 2 1 1,000
COMPAQ COMPUTER CORP COM 204493100 293,566 7,000 x 7,000
COMPDENT CORP COM 20449F103 210,617 20,548 x 20,548
COMSAT SERIES 1 COM 20564D107 1,361,700 37,825 x 37,825
CONCENTRA MANAGED CARE INC COM 20589T103 690,900 65,800 x 65,800
CONSOLIDATED CIGAR HOLDING COM 20902E106 1,995,150 112,800 x 112,800
CONSUMERS FINANCIAL CORP COM 210520102 3,221 25,768 x 25,768
CONSUMERS WATER CO COM 210723102 3,422,375 109,516 x 109,516
COPLEY PHARMACEUTICAL INC COM 21745K101 489,038 48,300 x 48,300
CORRECTIONS CORP OF AMERIC COM 220256101 6,037,763 336,600 x 336,600
CRESTAR FINANCIAL COM 226091106 22,009,601 299,695 x 299,695
CROSS CONTINENT AUTO RETAI COM 227480100 588,900 60,400 x 60,400
CRW FINANCIAL INC COM 126276104 1,808,541 267,932 x 267,932
CSF HOLDINGS ESCROW COM 126335991 3,419 27,350 x 27,350
CYBERCASH INC COM 232462101 317,250 21,150 2 1 21,150
D & N FINANCIAL CORP COM 232864108 895,313 38,200 x 38,200
D&N FINANCIAL CORP COM 232864108 233,888 9,900 2 1 9,900
DAIMLERCHRYSLER AG COM D1668R123 4,507,060 46,918 x 46,918
DAN RIVER INC-GA CL A COM 235774106 205,895 17,523 x 17,523
DATA TRANSMISSION NETWORK COM 238017107 3,735,992 130,515 x 130,515
DATAWORKS CORP COM 237924105 2,971,657 295,100 x 295,100
DAVEL COMMUNICATIONS INC ( COM 238341101 206,581 11,557 x 11,557
DAYTON HUDSON CORP COM 239753106 271,250 5,000 x 5,000
DBL LIQUIDATING TRUST (dbl COM 233038108 -- 13,000 x 13,000
DELTA & PINE LAND CO COM 247357106 8,783,800 237,400 x 237,400
DIME BANCORP INC COM 25429Q102 1,792,496 67,800 2 1 1,000 66,800
DISCREET LOGIC INC COM 25467V104 4,314,375 230,100 x 230,100
DOLE FOOD CO INC COM 256605106 60,000 2,000 2 1 2,000
DOLE FOOD CO INC COM 256605106 186,450 6,215 2 2 6,215
DUANE READE INC COM 263578106 1,155,000 30,000 x 30,000
DUN & BRADSTREET CORP DEL COM 26483B106 388,225 12,300 2 1 12,300
DUN & BRADSTREET CORP DEL COM 26483B106 454,886 14,412 2 2 14,412
DYNASTY CLASSICS COM 268127107 -- 14,415 x 14,415
DYNATECH CORP NEW (dyna) COM 268140100 43,949 16,399 x 16,399
EAGLE HARDWARE AND GARDEN COM 26959B101 4,428,900 136,800 x 136,800
EASTERN ENVIRONMENTAL SERV COM 276369105 8,271,003 276,900 x 276,900
EBS BUILDING LLC RSTD CL A COM NOT AVAIL 630,731 265,571 x 265,571
EBS LITIGATION LLC RSTD CL COM NOT AVAIL 171,244 778,382 x 778,382
EBS PENSION LLC RSTD CL A COM NOT AVAIL 352,557 783,461 x 783,461
EDUSOFT LTD-ORD COM M3040Q104 130,975 16,900 x 16,900
EL PASO ENERGY CORP COM 283905107 267,433 7,682 2 1 7,682
EL PASO ENERGY CORP COM 283905107 417,756 12,000 2 2 12,000
ELCOM INTERNATIONAL INC COM 284434107 281,519 145,300 x 145,300
ELSAG BAILEY PROCESS COM N2925S101 2,738,750 70,000 x 70,000
EMC CORP-MASS COM 268648102 681,700 8,020 2 1 8,020
EMC CORP-MASS COM 268648102 824,500 9,700 2 2 9,700
EMC CORP-MASS COM 268648102 935,000 11,000 x 11,000
EMMIS COMMUNICATIONS CORP-C COM 291525103 216,875 5,000 2 1 5,000
EMMIS COMMUNICATIONS CORP-C COM 291525103 130,125 3,000 2 2 3,000
END OF THE ROAD TRUST CL A COM 292567104 984,576 450,092 x 450,092
ENEX RESOURCES COM 292744208 133,121 19,363 x 19,363
ENRON OIL AND GAS CO COM 293562104 1,678,425 97,300 x 97,300
ENTERPRISE FEDERAL BANCORP COM 293711107 1,257,600 26,200 x 26,200
ENTERPRISE SOFTWARE INC COM 29379K107 271,345 53,599 x 53,599
ENVOY CORP COM 293982104 4,881,350 83,800 x 83,800
EQK REALTY INVESTORS 1 SBI COM 268820107 14,517 21,100 2 1 21,100
EQUITABLE COMPANIES INC COM 29444G107 746,588 12,900 2 1 12,900
EQUITABLE COMPANIES INC COM 29444G107 376,188 6,500 2 2 6,500
EQUITY CORPORATION INTL COM 294644109 5,650,056 212,708 x 212,708
EQUITY OFFICE PROPERTIES TR COM 294741103 250,248 10,427 2 1 1,125 9,302
EQUITY RESIDENTIAL PPTYS T COM 29476L883 1,403,906 59,900 x 59,900
ESKIMO PIE CORP COM 296443104 1,639,025 123,700 x 123,700
ESPRIT TELECOM GROUP PLC S COM 29665W104 3,186,600 67,800 x 67,800
ESSEX INTL INC DEL COM 297025108 1,097,578 31,699 x 31,699
EVERGREEN BANCORP INC DEL COM 300182102 689,620 20,500 x 20,500
EXCEL INDUSTRIES INC COM 300657103 1,200,500 68,600 x 68,600
EXECUTIVE RISK INC COM 301586103 340,616 6,200 2 1 400 5,800
EXXON CORP COM 302290101 136,890 1,872 2 1 1,872
EXXON CORP COM 302290101 380,250 5,200 2 2 5,200
FANNIE MAE COM 313586109 680,800 9,200 2 1 9,200
FANNIE MAE COM 313586109 111,000 1,500 2 2 1,500
FANNIE MAE COM 313586109 370,000 5,000 x 5,000
FEDERATED DEPARTMENT STORES COM 31401H101 261,378 6,000 2 1 6,000
FINANCIAL BANCORP INC-NY COM 31738T100 2,937,800 79,400 x 79,400
FINANCIAL FEDERAL CORP COM 317492106 2,159,165 87,239 2 1 1,050 86,189
FIRST BRANDS CORP COM 319356101 5,422,656 137,500 x 137,500
FIRST COASTAL BANKSHARES I COM 319697108 4,206,430 178,997 x 178,997
FIRST MUTUAL BANCORP INC COM 320941107 1,346,870 75,880 x 75,880
FIRST REPUBLIC BANCORP INC COM 336158100 947,782 37,816 2 1 37,816
FIRST REPUBLIC BANCORP INC COM 336158100 125,315 5,000 2 2 5,000
FIRST UNION CORP COM 337358105 407,447 6,700 2 1 6,700
FIRST UNION CORP COM 337358105 486,504 8,000 x 8,000
FIRSTAR CORP WIS-NEW COM 33763v109 335,700 3,600 2 1 3,600
FNB ROCHESTER CORP COM 302908108 485,100 14,700 x 14,700
FOAMEX INTERNATIONAL INC COM 344123104 2,244,300 187,025 x 187,025
FORT BEND HOLDING CORP COM 346824105 558,988 22,700 x 22,700
FRED MEYER INC-DEL COM 592907109 8,133,750 135,000 x 135,000
FRESNIUS MED CARE HDLGS PF COM 358030203 14,100 225,600 x 225,600
FULTON FINANCIAL CORP-PA COM 360271100 522,566 24,026 x 24,026
FUSION SYSTEMS CORP CVR RT COM 361129117 -- 98,300 x 98,300
GADZOOKS INC COM 362553109 315,425 40,700 x 40,700
GANNETT CO INC COM 364730101 211,802 3,200 2 2 3,200
GENENTECH INC NEW COM 368710307 2,006,133 25,175 x 25,175
GENENTECH INC-SPECIAL COMMO COM 368710307 637,504 8,000 2 1 8,000
GENENTECH INC-SPECIAL COMMO COM 368710307 470,159 5,900 x 5,900
GENERAL ELECTRIC CO COM 369604103 1,951,445 19,120 2 1 19,120
GENERAL ELECTRIC CO COM 369604103 102,063 1,000 2 2 1,000
GENERAL ELECTRIC CO COM 369604103 1,530,945 15,000 x 15,000
GENERAL INSTRUMENT CORP-DEL COM 370120107 722,879 21,300 2 1 21,300
GENERAL MICROWAVE CORP COM 370307100 939,400 48,800 x 48,800
GENERAL SCANNING INC COM 370737108 260,688 43,000 x 43,000
GENOVESE DRUG STORES CL A COM 372442202 5,027,400 176,400 x 176,400
GETCHELL GOLD CORP COM 374265106 4,725,150 173,400 x 173,400
GILLETTE CO COM 375766102 91,022 1,884 2 1 1,884
GILLETTE CO COM 375766102 386,504 8,000 x 8,000
GLAXO WELLCOME PLC SPONSORE COM 37733W105 528,200 7,600 2 1 7,600
GLAXO WELLCOME PLC SPONSORE COM 37733W105 143,587 2,066 2 2 2,066
GLAXO WELLCOME PLC SPONSORE COM 37733W105 903,500 13,000 x 13,000
GLOBAL INDUSTRIAL TECHNOLO COM 379335102 1,466,325 137,200 x 137,200
GLOBAL MOTORSPORT GROUP IN COM 378937106 251,550 12,900 x 12,900
GOLDEN STATE BANCORP WTS COM 381197136 106,826 23,739 x 23,739
GRAND CASINOS INC COM 385269105 1,785,290 221,500 x 221,500
GREYHOUND LINES INC COM 398048108 2,239,031 377,100 x 377,100
GRYPHON HOLDINGS INC COM 400515102 2,348,613 126,100 x 126,100
GTE CORP COM 362320103 516,912 7,665 2 1 500 7,165
GTE CORP COM 362320103 246,958 3,662 2 2 3,662
GTE CORP COM 362320103 674,380 10,000 x 10,000
GUARDIAN ROYAL EX COM G41944136 67,071 12,000 x 12,000
GULFMARK INTERNATIONAL INC COM 402629109 613,935 38,980 2 1 38,980
GULFMARK INTERNATIONAL INC COM 402629109 119,700 7,600 2 2 7,600
GULFPORT ENERGY CORP COM 402635106 87,421 1,748,423 x 1,748,423
HALLIBURTON CO COM 406216101 284,400 9,600 2 1 9,600
HARRAHS ENTERTAINMENT INC COM 413619107 1,493,688 95,200 x 95,200
HARVEY'S CASINO RESORTS COM 417826104 2,558,325 92,400 x 92,400
HBO & CO COM 404100109 12,199,044 425,239 x 425,239
HCC INSURANCE HOLDINGS INC COM 404132102 176,250 10,000 2 1 10,000
HEADLANDS MORTGAGE CO COM 421980103 1,191,516 57,250 x 57,250
HEWLETT PACKARD CO COM 428236103 341,565 5,000 2 1 5,000
HEWLETT PACKARD CO COM 428236103 102,470 1,500 2 2 1,500
HIBERNIA CORP-CL A COM 428656102 339,768 19,555 x 19,555
HOLLINGER INTERNATIONAL INC COM 435569108 97,566 7,000 2 1 7,000
HOLLINGER INTERNATIONAL INC COM 435569108 209,070 15,000 2 2 15,000
HOLLY CORP NEW COM 435758305 968,625 57,400 x 57,400
HOLLYWOOD PARK (hpk) COM 436255103 276,191 33,226 x 33,226
HOME DEPOT INC COM 437076102 458,910 7,500 2 1 7,500
HOME DEPOT INC COM 437076102 611,880 10,000 x 10,000
HOST MARRIOTT CORP-NEW REIT COM 44107P104 593,959 43,000 2 1 1,000 42,000
HOST MARRIOTT CORP-NEW REIT COM 44107P104 41,439 3,000 2 2 3,000
HOUSEHOLD INTL INC COM 441815107 285,300 7,200 2 1 7,200
ICON CMT CORP COM 450918107 4,504,762 281,900 x 281,900
IMPERIAL HOLLY CORP COM 452835101 357,386 43,986 x 43,986
IMS HEALTH INC COM 449934108 716,661 9,500 2 1 9,500
IMS HEALTH INC COM 449934108 1,087,212 14,412 2 2 14,412
INCO LTD CL VBN (VOYSEY BA COM 453258709 266,716 52,400 x 52,400
INDIANA ENERGY INC COM 454707100 215,346 8,745 2 2 8,745
INFORMATION STORAGE DEVICE COM 456753102 964,253 128,567 x 128,567
INSIGNIA PROPERTIES TRUST COM 45767U101 863,111 67,695 x 67,695
INTEGRATED CIRCUIT SYSTEMS COM 45811K109 308,438 17,500 x 17,500
INTEGRATED PROCESS EQUIPME COM 45812K108 1,716,775 159,700 x 159,700
INTEL CORP COM 458140100 948,504 8,000 x 8,000
INTERCARGO CORP COM 45844C108 1,108,625 98,000 x 98,000
INTERLAKE CORP COM 458702107 563,500 80,500 x 80,500
INTERLINQ SOFTWARE CORP COM 458753100 152,663 17,700 x 17,700
INTERMAGNETICS GENERAL CORP COM 458771102 98,686 16,112 2 1 16,112
INTERNATIONAL BUSINESS MACH COM 459200101 852,067 4,612 2 1 4,612
INTERNATIONAL BUSINESS MACH COM 459200101 87,202 472 2 2 472
INTERNATIONAL BUSINESS MACH COM 459200101 1,293,250 7,000 x 7,000
INTERPUBLIC GROUP OF COS IN COM 460690100 546,128 6,848 2 1 6,848
INTL MANUFACTURING SERVICE COM 45985A101 2,535,840 256,664 x 256,664
IRVINE APARTMENT COMMUNITI COM 463606103 2,311,734 72,525 x 72,525
IT GROUP INC (itx) COM 465266104 593,719 53,368 x 53,368
JACOR COMMUNICATIONS INC COM 469858401 7,712,125 119,800 x 119,800
JCC HOLDING CO CL A (jaz) COM 46611Q205 57,564 17,056 x 17,056
JOHN HANCOCK BANK & THRIFT COM 409735107 615,629 57,600 2 1 57,600
JOHN HANCOCK BANK & THRIFT COM 409735107 106,880 10,000 x 10,000
JOHNSON & JOHNSON COM 478160104 2,373,663 28,300 2 1 500 27,800
JOHNSON & JOHNSON COM 478160104 662,613 7,900 2 2 7,900
JOHNSON & JOHNSON COM 478160104 419,375 5,000 x 5,000
JPS PACKAGING CO COM 46623H102 76,684 20,449 x 20,449
K N ENERGY INC COM 482620101 43,650 1,200 2 1 1,200
K N ENERGY INC COM 482620101 258,263 7,100 2 2 7,100
KANSAS CITY POWER & LIGHT COM 485134100 4,657,050 157,200 x 157,200
KANSAS CITY SO COM 485170104 245,940 5,000 2 2 5,000
KARRINGTON HEALTH INC COM 485762108 2,741,040 171,315 x 171,315
KAYNAR TECHNOLOGIES INC COM 486605108 1,093,138 40,300 x 40,300
KDI CORP-CONTINGENT PMT UNI COM 482452307 -- 149,500 149,500
KEYCORP NEW (key) COM 493267108 416,896 13,028 x 13,028
KIMBERLY CLARK COM 494368103 5,450 100 2 1 100
KIMBERLY CLARK COM 494368103 152,600 2,800 2 2 2,800
KIMBERLY CLARK COM 494368103 272,500 5,000 x 5,000
KIMCO REALTY CORP 7.5% PFD COM 49446R877 211,399 8,170 x 8,170
KLAMATH FIRST BANCORP INC COM 49842P103 656,964 34,128 x 34,128
KROGER CO COM 501044101 302,500 5,000 x 5,000
LAB HOLDINGS INC COM 505353102 1,408,445 81,649 x 81,649
LABORATORY CORP AMER WTS 4 COM 50540R110 -- 21,445 x 21,445
LABORATORY CORP OF AMERICA COM 50540R201 371,070 8,835 x 8,835
LAKEVIEW FINANCIAL CORP-N. COM 512222100 440,288 19,900 x 19,900
LANDCARE USA INC COM 51476F104 1,500,594 154,900 x 154,900
LANDRYS SEAFOOD RESTAURANT COM 51508L103 788,559 108,300 x 108,300
LANDSING PACIFIC FUND COM 515096105 818 81,850 x 81,850
LCS INDUSTRIES INC COM 501822209 2,457,813 143,000 x 143,000
LEARNING COMPANY INC COM 522008101 5,490,969 211,700 x 211,700
LIFELINE SYSTEMS INC COM 532192101 3,065,000 122,600 x 122,600
LITTLE SWITZERLAND INC COM 537528101 296,775 131,900 x 131,900
LOCKHEED MARTIN CORP COM 539830109 339,000 4,000 2 2 4,000
LOGANS ROADHOUSE INC COM 541198107 2,734,556 117,300 x 117,300
LONE STAR LIQUIDATING TRUS COM 54229R102 1,323,385 9,802,855 x 9,802,855
LUCENT TECHNOLOGIES INC COM 549463107 526,020 4,782 2 1 400 4,382
LUCENT TECHNOLOGIES INC COM 549463107 245,080 2,228 2 2 2,228
LUCENT TECHNOLOGIES INC COM 549463107 550,000 5,000 x 5,000
LUTHER MEDICAL PRODUCTS IN COM 550553408 745,604 163,420 x 163,420
MACK-CALI REALTY CORP COM 554489104 247,000 8,000 2 1 8,000
MAINSTREET FINANCIAL CORP COM 560633109 2,945,981 63,100 x 63,100
MANUGISTICS GROUP INC COM 565011103 921,619 74,100 x 74,100
MARINER POST-ACUTE NETWORK COM 568459101 153,300 33,600 x 33,600
MARQUEE GROUP INC (mrt) COM 570906107 2,095,200 465,600 x 465,600
MATLACK SYSTEMS INC COM 576901102 473,525 61,100 x 61,100
MATRIX CAPITAL CORP COM 576819106 1,402,299 103,874 x 103,874
MBO PROPERTIES INC (mbopq) COM 55263L109 3,067,285 360,857 x 360,857
MCDONALDS CORP COM 580135101 839,044 10,950 2 1 10,950
MCDONALDS CORP COM 580135101 168,575 2,200 2 2 2,200
MCDONALDS CORP COM 580135101 996,125 13,000 x 13,000
MCI WORLDCOM INC COM 55268B106 35,875 500 2 1 500
MCI WORLDCOM INC COM 55268B106 717,500 10,000 x 10,000
MEDIAONE GROUP INC COM 912889201 708,760 15,080 2 1 15,080
MEDIAONE GROUP INC COM 912889201 282,000 6,000 2 2 6,000
MEDIAONE GROUP INC COM 912889201 376,000 8,000 x 8,000
MEDICAL RESOURCES INC-NEW COM 58461Q409 23,999 10,666 x 10,666
MEDITRUST CORP PAIRED CTF COM 58501T306 344,850 22,800 x 22,800
MEDIWARE INFORMATION SYSTE COM 584946107 543,400 57,200 x 57,200
MELLON BANK CORP-W/RTS TO P COM 585509102 137,500 2,000 2 2 2,000
MELLON BANK CORP-W/RTS TO P COM 585509102 220,000 3,200 2 1 3,200
MELLON BANK CORP-W/RTS TO P COM 585509102 343,750 5,000 x 5,000
MEMCO SOFTWARE LTD ORD COM M69065106 2,544,025 168,200 x 168,200
MERCANTILE BANCORP COM 587342106 1,385,687 30,042 x 30,042
MERCK & CO INC COM 589331107 679,365 4,600 2 2 4,600
MERCOM INC (meeo) COM 58935D109 251,485 21,403 x 21,403
MERIDIAN INDUSTRISL TRUST COM 589643105 1,585,075 67,450 x 67,450
MERIDIAN MEDICAL TECHNOLOG COM 589658103 97,781 22,350 x 22,350
MERIDIAN RESOURCE CORP (TH COM 58977Q109 131,025 41,106 x 41,106
MERIDITH CORP COM 589433101 310,575 8,200 2 1 8,200
MERISTAR HOTELS & RESORTS COM 589988104 338,888 129,100 x 129,100
MERRILL LYNCH & CO INC COM 590188108 333,750 5,000 x 5,000
MERRY LAND PROPERTIES INC COM 590441101 47,880 12,768 x 12,768
METROCALL INC RTS COM 591647110 -- 67,749 x 67,749
MGI SOFTWARE CORP COM 55288J105 23,581 15,700 x 15,700
MICRION CORP COM 59479P102 930,407 80,035 x 80,035
MICRODYNE CORP COM 595067109 1,677,000 344,000 x 344,000
MICROS TO MAINFRAMES INC COM 594944100 448,088 217,255 x 217,255
MICROSOFT CORP COM 594918104 463,218 3,340 2 1 700 2,640
MICROSOFT CORP COM 594918104 776,653 5,600 2 2 5,600
MICROSOFT CORP COM 594918104 693,440 5,000 x 5,000
MIDAMERICAN ENERGY HOLDING COM 595920109 806,250 30,000 x 30,000
MILESTONE PROP INC .78 CV COM 599358207 622,102 256,009 x 256,009
MILESTONE PROPERTIES INC ( COM 599358108 49,374 63,300 x 63,300
MOBIL CORP COM 607059102 6,098,750 70,000 x 70,000
MOBIL CORP COM 607059102 140,097 1,608 2 1 1,608
MOBIL CORP COM 607059102 247,435 2,840 2 2 2,840
MONSANTO CO COM 611662107 285,000 6,000 2 2 6,000
MONSANTO CO COM 611662107 23,750 500 2 1 500
MOORE MEDICAL CORP COM 615799103 488,700 36,200 x 36,200
NATIONAL CITY CORP COM 635405103 340,750 4,700 2 1 4,700
NATIONAL INFORMATION GROUP COM 63648P100 2,041,875 99,000 x 99,000
NAVIGANT INTERNATIONAL INC COM 63935R108 131,718 17,134 x 17,134
NESTLE SA-SPONSORED ADR COM 641069406 946,978 8,700 2 1 8,700
NESTLE SA-SPONSORED ADR COM 641069406 1,055,826 9,700 2 2 9,700
NESTLE SA-SPONSORED ADR COM 641069406 544,240 5,000 x 5,000
NETSCAPE COMMUNICATIONS CO COM 641149109 10,260,575 170,300 x 170,300
NEW PLAN EXCEL REALTY TRUST COM 648053106 258,490 11,650 2 1 11,650
NEWPARK RESOURCES INC NEW COM 651718507 68,130 10,000 2 2 10,000
NEWS CORP LTD-SPONSORED ADR COM 652487802 74,064 3,000 2 1 3,000
NEWS CORP LTD-SPONSORED ADR COM 652487802 148,128 6,000 x 6,000
NOBEL INSURANCE LTD COM 654885102 116,115 163,612 x 163,612
NOBEL LEARNING COMMUNITIES COM 654889104 162,287 29,340 x 29,340
NOEL GROUP INC COM 655260107 278,775 247,800 x 247,800
NOMAS CORP (nmas) COM 655319101 134,095 26,819 x 26,819
NORDIC AMERICAN TANKER SHI COM G65773106 281,359 24,466 x 24,466
NORTH AMERICAN BANK & TRUST COM 656751104 55,000 10,000 2 1 10,000
NORTH CAROLINA NATURAL GAS COM 658221106 371,700 11,200 x 11,200
NORTH FORK BANCORPORATION I COM 659424105 359,070 15,000 2 1 15,000
NORTHEAST BANCORP ESCROW/R COM 664058989 1,530 153,030 x 153,030
NORTHROP GRUMMAN CORP COM 666807102 731,250 10,000 x 10,000
NOVACARE INC COM 669930109 157,325 62,930 x 62,930
NOVARTIC AF SPONS ADR COM 66987V109 737,175 7,500 2 2 7,500
NOVARTIC AF SPONS ADR COM 66987V109 491,450 5,000 x 5,000
NTL INCORPORATED COM 629407107 1,360,099 24,099 2 1 24,099
NTL INCORPORATED COM 629407107 101,588 1,800 2 2 1,800
OCAL INC COM 674489109 724,319 212,644 x 212,644
OCEAN ENEGY INC NEW (oei) COM 674812201 879,963 139,400 x 139,400
OMNIAMERICA INC COM 68211J100 3,064,950 97,300 x 97,300
OMNICOM GROUP INC COM 681919106 75,400 1,300 2 1 1,300
OMNICOM GROUP INC COM 681919106 290,000 5,000 x 5,000
OPTI INC COM 683960108 585,369 128,300 x 128,300
ORANGE & ROCKLAND UTILITIE COM 684065105 1,635,900 28,700 x 28,700
ORCAD INC COM 685568107 583,950 68,700 x 68,700
ORTHOFIX INT NV COM N6748L102 373,849 27,189 x 27,189
ORYX ENERGY CO COM 68763F100 4,313,438 321,000 x 321,000
OZEMAIL LTD SPONS ADR COM 692674104 591,275 26,800 x 26,800
PALL CORP COM 696429307 1,466,205 57,923 2 1 1,000 56,923
PALL CORP COM 696429307 76,774 3,033 2 2 3,033
PALL CORP COM 696429307 126,565 5,000 x 5,000
PC DOCS GROUP INTERNATIONA COM 69318L105 382,394 100,300 x 100,300
PEAK INTERNATIONAL LTD COM G69586108 896,594 110,350 x 110,350
PEEKSKILL FINANCIAL CORP COM 705385102 893,675 56,517 x 56,517
PENNZOIL-QUAKER STATE CO ( COM 709323109 840,097 56,725 x 56,725
PEOPLES BANCORP INC NEW COM 709909105 1,107,250 103,000 x 103,000
PEP BOYS MANNY MOE & JACK COM 713278109 1,342,850 85,600 x 85,600
PEPSICO COM 713448108 50,763 1,240 2 1 1,240
PEPSICO COM 713448108 16,375 400 2 2 400
PEPSICO COM 713448108 204,690 5,000 x 5,000
PERKIN ELMER CORP E WTS COM 714041118 -- 15,550 x 15,550
PETERSEN COMPANIES INC CL COM 716335104 2,439,000 72,000 x 72,000
PETRIE STORES LIQUIDATING COM 716437108 383,780 186,075 x 186,075
PETROFINA SA WTS 8/5/03 COM 716485123 528,750 70,500 x 70,500
PFIZER INC COM 717081103 1,323,371 10,550 2 1 1,200 9,350
PFIZER INC COM 717081103 1,781,220 14,200 2 2 14,200
PFIZER INC COM 717081103 878,066 7,000 x 7,000
PHARMACEUTICAL MKTG SVCS I COM 717123103 3,501,750 243,600 x 243,600
PHARMERICA INC (dose) COM 717135107 222,138 37,023 x 37,023
PHARMHOUSE CORP COM 717137103 372,568 131,013 x 131,013
PHOENIX NETWORK INC-ESCROW COM 718910995 -- 120,100 x 120,100
PHOENIX TECHNOLOGIES LTD COM 719153108 306,714 35,561 x 35,561
PHYMATRIX CORP COM 718925100 329,875 150,800 x 150,800
PHYSICIAN RELIANCE NETWORK COM 71940G108 1,365,000 104,000 x 104,000
PITNEY BOWES INC COM 724479100 330,315 5,000 x 5,000
PIXTECH INC COM 72583K109 175,879 73,100 2 1 73,100
PLAYCORE INC (pco) COM 72811G102 230,005 50,412 x 50,412
PLAYERS INTERNATIONAL INC COM 727903106 446,506 71,800 x 71,800
PNB FINANCIAL GROUP COM 693470106 937,462 32,182 x 32,182
POOL ENERGY COM 732788104 352,600 32,800 x 32,800
POSITIVE RESPONSE TELEVISI COM 73739N997 -- 129,070 x 129,070
PREMIERE PAGE INC ESCROW COM 74058E998 -- 27,000 x 27,000
PREMIERE TECHNOLOGIES INC COM 74058F102 395,175 53,583 x 53,583
PRIMADONNA RESORTS INC COM 741548101 1,989,788 230,700 x 230,700
PRIME HOSPITALITY CORP COM 741917108 452,096 42,800 2 1 42,800
PRIME HOSPITALITY CORP COM 741917108 21,126 2,000 2 2 2,000
PRIME HOSPITALITY CORP COM 741917108 221,823 21,000 x 21,000
PRIME RETAIL INC 8.5% CV P COM 741570303 369,042 22,198 x 22,198
PROCTER & GAMBLE CO COM 742718109 1,261,946 13,820 2 1 13,820
PROCTER & GAMBLE CO COM 742718109 146,101 1,600 2 2 1,600
PROCTER & GAMBLE CO COM 742718109 456,565 5,000 x 5,000
PROLOGIS TRUST SH BEN INT COM 743410102 201,275 9,700 2 1 800 8,900
PROPERTY CAPITAL TRUST-SBI COM 743437105 42,075 37,400 x 37,400
PROSPECT GROUP NEW (pros) COM 742918501 2,822 18,811 x 18,811
PROVIDENT BANKSHARES CORP COM 743859100 3,286,336 132,114 2 1 1,702 130,412
PROVIDENT BANKSHARES CORP COM 743859100 408,050 16,404 2 2 16,404
PULSE BANCORP COM 745860106 1,697,190 55,500 x 55,500
QUALITY SEMICONDUCTOR INC COM 74758B104 925,100 255,200 x 255,200
QUALIX GROUP INC COM 747586105 1,872,625 211,000 x 211,000
QUICKTURN DESIGN SYSTEMS I COM 74838E102 2,959,440 207,680 x 207,680
QUIPP INC COM 748802105 375,550 20,300 x 20,300
QWEST COMMUNICATIONS INTERN COM 749121109 250,000 5,000 x 5,000
R & B FALCON CORP (flc) COM 74912E101 156,000 20,459 x 20,459
RAMAPO FINANCIAL CORP COM 751366105 1,054,650 94,800 x 94,800
RANGE RESOURCES CORP COM 75281A109 453,162 131,829 x 131,829
RCN CORP COM 749361101 940,975 53,200 x 53,200
RED BRICK SYSTEMS INC COM 756422101 1,117,971 189,166 x 189,166
RELIASTAR FINANCIAL CORP COM 75952U103 322,875 7,000 2 1 7,000
RELIASTAR FINANCIAL CORP COM 75952U103 276,750 6,000 2 2 6,000
REPUBLIC SECURITY FINCL CO COM 760758102 258,994 21,810 x 21,810
RESPONSE USA INC COM 761235506 91,756 27,700 x 27,700
RICHEY ELECTRONICS INC COM 763302106 610,500 59,200 x 59,200
RIVAL CO COM 768020109 2,011,600 150,400 x 150,400
RIVERA HOLDINGS CORP RTS COM 769627118 -- 52,475 x 52,475
RIVIERA HOLDINGS CORP COM 769627100 191,516 43,775 x 43,775
RJR NABISCO HOLDINGS CORP COM 74960K876 3,892,031 131,100 x 131,100
ROCHE HOLDING LED SPONS ADR COM 771195104 2,610,136 21,390 2 1 400 20,990
ROCHE HOLDING LED SPONS ADR COM 771195104 1,220,260 10,000 2 2 10,000
ROCHE HOLDING LED SPONS ADR COM 771195104 610,130 5,000 x 5,000
ROCKFORD INDUSTRIES INC COM 773259106 794,697 72,658 x 72,658
ROCKWELL INTL CORP COM 773903109 971,250 20,000 x 20,000
ROHN INC COM 775381106 690,491 208,450 x 208,450
ROTONICS MANUFACTURING COM 778903104 200,200 200,200 x 200,200
ROYAL DUTCH PETROLEUM CO NY COM 780257804 191,500 4,000 2 1 2,000 2,000
ROYAL DUTCH PETROLEUM CO NY COM 780257804 191,500 4,000 2 2 4,000
RUBBERMAID INC COM 781088109 9,195,469 292,500 x 292,500
RUTHERFORD MORAN OIL CORP COM 783286107 62,370 22,176 x 22,176
RYERSON TULL INC-CL A (rt) COM 783755101 1,122,225 115,100 x 115,100
SAFETY KLEEN INC NEW COM COM 78648R203 397,520 28,143 x 28,143
SAKS INC (sks) COM 79377W108 394,942 12,513 x 12,513
SAVIN CORP ESCROW COM 805176989 -- 26,050 x 26,050
SBARRO INC COM 805844107 5,978,606 228,300 x 228,300
SBC COMMUNICATIONS INC COM 78387G103 490,562 9,148 2 1 9,148
SBC COMMUNICATIONS INC COM 78387G103 536,250 10,000 x 10,000
SCHERING PLOUGH CORP COM 806605101 243,100 4,400 2 1 4,400
SCHERING PLOUGH CORP COM 806605101 922,675 16,700 2 2 16,700
SCHERING PLOUGH CORP COM 806605101 442,000 8,000 x 8,000
SCHLUMBERGER LTD COM 806857108 39,206 850 2 1 850
SCHLUMBERGER LTD COM 806857108 282,839 6,132 2 2 6,132
SCHOOL SPECIALTY INC COM 807863105 300,062 14,038 x 14,038
SEACOAST FINANCIAL SERVICE COM 81170Q106 446,783 43,856 x 43,856
SEAGRAM CO LTD COM 811850106 267,900 7,050 2 1 500 6,550
SEAGRAM CO LTD COM 811850106 342,000 9,000 2 2 9,000
SEALED AIR CORP $2 CONV PF COM 81211K209 527,673 10,172 x 10,172
SEALED AIR CORP NEW COM 81211K100 153,189 3,000 2 1 3,000
SEALED AIR CORP NEW COM 81211K100 255,315 5,000 x 5,000
SEALY CORP WTS COM 812139111 18,147 82,486 x 82,486
SEQUUS PHARMACEUTICALS INC COM 817471105 4,650,888 231,100 x 231,100
SHERWIN WILLIAMS CO COM 824348106 146,875 5,000 2 1 5,000
SHERWIN WILLIAMS CO COM 824348106 58,750 2,000 2 2 2,000
SHIVA CORP COM 824851109 1,697,277 300,071 x 300,071
SIEMENS AG-ADR NEW COM 826197402 377,582 5,850 2 1 5,850
SIENA HOLDINGS INC COM 826203101 99,198 116,704 x 116,704
SIGNAL CORP COM 826631103 1,285,778 38,670 x 38,670
SILICON VALLEY COM 827066101 233,881 18,434 x 18,434
SILICON VALLEY GROUP INC COM 827066101 773,925 60,700 2 1 1,000 59,700
SIZZLER INTERNATIONAL INC COM 830139101 304,369 135,275 x 135,275
SOFAMOR/DANEK GROUP INC COM 834005100 6,696,250 55,000 x 55,000
SOUTHERN PACIFIC PETROLEUM COM 843581307 29,316 14,000 2 1 14,000
SOUTHWEST GAS CORP COM 844895102 1,290,000 48,000 x 48,000
SOUTHWEST NATIONAL CORP-PA COM 845186105 748,654 10,537 x 10,537
SOVEREIGN BANCORP COM 845905108 277,020 19,440 2 1 1,440 18,000
SPAGHETTI WAREHOUSE INC COM 846329100 1,022,513 134,100 x 134,100
SPECTRANETICS CORP COM 84760C107 58,719 20,878 x 20,878
SPYGLASS INC COM 852192103 336,160 15,280 2 1 15,280
ST JOHN KNITS INC COM 790289102 4,604,600 177,100 x 177,100
ST PAUL BANCORP COM 792848103 542,853 19,967 x 19,967
STANDARD & POORS DEPOSITOR COM 78462F103 2,467,483 20,010 x 20,010
STARWOOD HOTELS & RESORTS W COM 85590a203 453,374 19,983 2 1 19,983
STATE FINANCIAL SERVICES C COM 856855101 773,411 51,994 x 51,994
STB SYSTEMS INC COM 784741100 699,513 104,600 x 104,600
STORAGE TRUST REALTY COM 861909109 1,736,763 74,300 x 74,300
STRAWBRIDGE & CLOTHIER ESC COM 863200986 1,817 181,668 x 181,668
SULCUS HOSPITALITY TECHNOL COM 865091102 239,175 106,300 x 106,300
SUMMIT BANCORP COM 866005101 301,447 6,900 2 1 6,900
SUMMIT BANCORP COM 866005101 43,688 1,000 2 2 1,000
SUN FINANCING 1-7% CONV TR COM 866749203 367,500 30,000 x 30,000
SUN MEDIA CORP COM 866950108 185,085 13,500 x 13,500
SUN MICROSYSTEMS INC COM 866810104 256,875 3,000 x 3,000
SUNAMERICA INC COM 866930100 922,500 11,250 2 1 11,250
SUNGLASS HUT INTERNATIONAL COM 86736F106 201,188 29,000 x 29,000
SUPERIOR ENERGY SERVICE IN COM 868157108 797,500 290,000 x 290,000
SUPERTEL HOSPITALITY INC COM 868524109 361,305 39,060 x 39,060
SWISHER INTL GROUP COM 870809100 590,400 65,600 x 65,600
SWISS HELVETIA FUND INC COM 870875101 806,400 50,400 2 1 50,400
SWISS HELVETIA FUND INC COM 870875101 89,600 5,600 2 2 5,600
SYBASE COM 871130100 174,050 23,600 x 23,600
T R FINANCIAL CORP COM 872630108 5,355,469 137,100 x 137,100
T ROWE PRICE U S TREASURY F COM 77957t107 181,314 33,269 2 1 33,269
TELEBACKUP SYSTEMS INC COM 878927102 666,114 100,500 x 100,500
TELE-COMMUNICATIONS INC NE COM 87924V101 1,696,500 72,000 x 72,000
TELE-COMMUNICATIONS INC NEW COM 87924V507 3,235,235 70,235 2 1 1,200 69,035
TELE-COMMUNICATIONS INC NEW COM 87924V507 555,888 12,068 2 2 12,068
TELE-COMMUNICATIONS INC NEW COM 87924v101 232,315 4,200 2 1 4,200
TELE-COMMUNICATIONS INC NEW COM 87924V887 2,356,347 100,002 2 1 800 99,202
TELE-COMMUNICATIONS INC NEW COM 87924V887 241,662 10,256 2 2 10,256
TELE-COMMUNICATIONS INC NEW COM 87924V887 541,949 23,000 x 23,000
TELE-COMMUNICATIONS INC SE COM 87924V101 8,005,821 144,738 x 144,738
TELEPHONE DATA SYSTEMS COM 879433100 772,934 17,200 2 1 17,200
TELEPHONE DATA SYSTEMS COM 879433100 256,147 5,700 2 2 5,700
TELEPHONE DATA SYSTEMS COM 879433100 314,566 7,000 x 7,000
TELETOUCH COMMUNICATIONS I COM 87951V206 42,750 19,000 x 19,000
TELOS CORP 12% PFD COM 87969B200 49,299 14,607 x 14,607
TELXON CORP COM 879700102 769,350 55,200 x 55,200
TERA COMPUTER CO COM 88076P108 298,438 47,750 2 1 47,750
TEXAS UTILITIES CO COM 882848104 202,486 4,337 2 1 4,337
THERATECH INC DEL COM 883383101 4,990,688 309,500 x 309,500
THERMO SENTRON INC COM 883593105 124,619 12,700 x 12,700
THERMO VOLTEK CORP COM 883602104 987,075 147,600 x 147,600
THERMWOOD CORP NEW COM 883672305 107,494 18,900 x 18,900
TIG HOLDINGS INC COM 872469101 2,745,225 176,400 x 176,400
TIG HOLDINGS INC COM 872469101 6,225 400 2 1 400
TIG HOLDINGS INC COM 872469101 222,644 14,306 2 2 14,306
TIME WARNER INC (HOLDING CO COM 887315109 3,075,842 49,560 2 1 800 48,760
TIME WARNER INC (HOLDING CO COM 887315109 2,404,321 38,740 2 2 38,740
TIME WARNER INC (HOLDING CO COM 887315109 993,008 16,000 x 16,000
TJX COMPANIES INC NEW COM 872540109 377,000 13,000 2 1 13,000
TLC BEATRICE COM NOT AVAIL 675,000 15,000 x 15,000
TOASTMASTER INC COM 888791100 254,100 36,300 x 36,300
TODAYS MAN INC (tman) COM 888910106 182,011 85,652 x 85,652
TODD AO CORP CL A COM 888896107 118,400 14,800 2 2 14,800
TORCHMARK CORP COM 891027104 215,409 6,100 2 1 6,100
TORCHMARK CORP COM 891027104 98,876 2,800 2 2 2,800
TORCHMARK CORP COM 891027104 282,504 8,000 x 8,000
TOTAL CONTAINMENT INC. COM 89149T101 364,715 56,110 x 56,110
TOTAL CONTROL PRODUCTS INC COM 89149V106 830,454 76,805 x 76,805
TOWER REALTY TRUST INC COM 89185E109 2,549,838 126,700 x 126,700
TOWN & COUNTRY CONV 6% PFD COM 892027400 1,762 14,093 x 14,093
TPI ENTERPRISES COM 872623103 -- 534,249 x 534,249
TRAK AUTO CORP COM 892887100 72,500 10,000 x 10,000
TRANSCEND THERAPEUTICS INC COM 89353T102 29,450 24,800 x 24,800
TRANSITION SYSTEMS INC COM 893715102 3,162,170 209,000 x 209,000
TRIARC COMPANIES INC CL A COM 895927101 400,000 25,000 x 25,000
TRIATHLON BROADCASTING CO COM 89589P106 2,040,478 175,525 x 175,525
TRIKON TECHNOLOGIES INC COM 896187994 24,960 624,004 x 624,004
TRIKON TECHNOLOGIES INC PF COM 896187986 53,948 35,965 x 35,965
TRION INC COM 896726106 58,650 20,400 x 20,400
TRO LEARNING INC COM 87263R109 229,600 28,700 x 28,700
TYCO INTERNATIONAL LTD COM 902124106 2,416,279 32,030 2 1 400 31,630
TYCO INTERNATIONAL LTD COM 902124106 656,311 8,700 2 2 8,700
TYCO INTERNATIONAL LTD COM 902124106 754,380 10,000 x 10,000
U S HOMECARE CORP COM 911819100 150 10,000 2 1 10,000
UDC HOMES SER C SUB NTS 0% COM 90264JAA8 -- 89,940 x 89,940
UNILEVER NV-NEW YORK SHARES COM 904784501 414,690 5,000 2 2 5,000
UNILEVER NV-NEW YORK SHARES COM 904784501 165,876 2,000 2 1 2,000
UNION CAMP CORP COM 905530101 10,719,000 158,800 x 158,800
UNION CARBIDE COM 905581104 850,000 20,000 x 20,000
UNIQUE CASUAL RESTAURANT COM 90915K100 1,140,356 184,300 x 184,300
UNIT INSTRUMENTS INC COM 90921C100 2,399,871 254,291 x 254,291
UNITED STATES CELLULAR COR COM 911684108 611,800 16,100 x 16,100
UNITED STATES LEATHER INC COM 912134103 256,487 186,536 x 186,536
UNITED TECHNOLOGIES CORP COM 913017109 184,875 1,700 2 1 1,700
UNITED TECHNOLOGIES CORP COM 913017109 87,000 800 2 2 800
UNITED TECHNOLOGIES CORP COM 913017109 543,750 5,000 x 5,000
UNITEL VIDEO INC COM 913253100 22,100 10,400 x 10,400
UNITOG CO COM 913267100 1,854,375 64,500 x 64,500
UNITY BANCORP INC-DEL (unt COM 913290102 367,818 33,438 x 33,438
UNUM CORP COM 903192102 115,583 1,980 2 1 1,980
UNUM CORP COM 903192102 105,075 1,800 2 2 1,800
US DIAGNOSTIC INC COM 90328Q108 26,000 32,000 x 32,000
US SATELLITE BROADCASTING COM 912534104 837,675 61,200 x 61,200
USB HOLDING CO INC COM 902910108 716,006 42,430 x 42,430
UST CORP COM 902900109 237,656 10,113 x 10,113
VALLEY FORGE CORP COM 919640102 854,700 46,200 x 46,200
VANGUARD CELLULAR SYSTEMS COM 922022108 3,481,400 135,200 x 135,200
VANSTAR CORP COM 92208M108 1,387,500 150,000 x 150,000
VARIFLEX INC COM 922242102 396,827 75,586 x 75,586
VERMONT FINANCIAL SRVCS COM 924180102 1,848,700 55,600 x 55,600
VIACOM HOLDING CL B COM 925524308 368,742 4,983 2 1 4,983
VIACOM HOLDING CL B COM 925524308 20,942 283 2 2 283
VIACOM HOLDING CL B COM 925524308 740,000 10,000 x 10,000
VIACOM INC COM 925524100 333,093 4,528 2 1 4,528
VIDEO UPDATE INC-CL A COM 92657V104 203,659 108,618 x 108,618
VINCAM GROUP COM 92719B104 3,701,250 211,500 x 211,500
VISKASE COMPANIES INC COM 92831R102 361,763 87,700 x 87,700
WABASH NATIONAL CORP PFD S COM 92931KAB2 838,300 16,766 x 16,766
WAL-MART STORES INC COM 931142103 386,831 4,750 2 1 4,750
WAL-MART STORES INC COM 931142103 1,221,570 15,000 x 15,000
WALT DISNEY CO HOLDING CO COM 254687106 1,072,350 35,745 2 1 35,745
WARNER LAMBERT CO. COM 934488107 383,456 5,100 x 5,100
WASHINGTON MUTUAL INC COM 939322103 331,472 8,680 2 1 8,680
WASHINGTON MUTUAL INC COM 939322103 128,312 3,360 2 2 3,360
WEATHERFORD INTERNATIONAL I COM 947074100 719,859 37,154 2 1 166 36,988
WEATHERFORD INTERNATIONAL I COM 947074100 374,054 19,306 2 2 19,306
WELLS FARGO & CO-NEW COM 949746101 678,946 17,000 2 1 17,000
WELLS FARGO & CO-NEW COM 949746101 399,380 10,000 x 10,000
WESBANCO INC COM 950810101 489,346 16,588 x 16,588
WESTERN RESOURCES INC COM 959425109 335,825 10,100 2 1 10,100
WEYCO GROUP INC. COM 962149100 770,625 30,825 x 30,825
WHITTAKER CORP NEW COM 966680407 395,297 23,425 x 23,425
WILLIAMS COMPANIES INC COM 969457100 760,987 24,400 2 1 24,400
WILLIAMS COMPANIES INC COM 969457100 168,415 5,400 2 2 5,400
WILLIAMS SONOMA INC COM 969904101 201,565 5,000 x 5,000
WM WRIGLEY JR CO COM 982526105 806,067 9,000 2 2 9,000
WORKFLOW MANAGEMENT INC COM 98137N109 151,355 22,846 x 22,846
WORLD ACCESS INC COM 98141A101 1,217,627 56,965 x 56,965
WRT CREDITORS LIQUIDATING COM 92931K965 -- 126,667 x 126,667
WRT ENERGY CORP WTS COM 92931K130 -- 12,000 x 12,000
WTS IGENE BIOTECHNOLOGY INC COM 451695142 -- 131,414 2 1 131,414
XEROX CORP COM 984121103 531,000 4,500 2 1 4,500
XTRA CORP COM 984138107 1,232,975 29,800 x 29,800
YPF SOCIEDAD ANOMINA COM 984245100 427,444 15,300 x 15,300
AAMES FINCL CORP SUB DEB 5 FIXED 00253AAE1 1,995,000 4,750,000 x 4,750,000
AMERITRUCK DIST CORP 12.25 FIXED 03071XAC9 386,250 5,150,000 x 5,150,000
BANK OF NEW ENGLAND NOTE 9 FIXED 063840AC6 2,393,550 2,955,000 x 2,955,000
BARINGS BV-- FRN 1/22/01 FIXED 1,195,000 2,000,000 x 2,000,000
BUILDERS TRANSPORT 6.5% 5/ FIXED 120084AB4 15,140 1,514,000 x 1,514,000
BUILDERS TRANSPORT 8% 8/15 FIXED 120084AA6 13,260 1,326,000 x 1,326,000
CLARIDGE HOT & CASINO 11.7 FIXED 180476AA1 1,464,020 2,062,000 x 2,062,000
COLOR TILE INC SR NT 10.75 FIXED 196267AD0 119,522 17,385,000 x 17,385,000
EDISON BROS STORES SR NT 1 FIXED 280875AB1 351,055 1,032,500 x 1,032,500
FAMILY RESTAURANTS 9.75% 2 FIXED 307054AA4 1,890,000 3,000,000 x 3,000,000
FARM FRESH INC SER A 12.25 FIXED 307669AE1 450,000 500,000 x 500,000
FIRST REPUB BK ESC 11.25% FIXED 3361609C2 -- 1,325,000 x 1,325,000
FPA MEDICAL MGMT 6.5% 12/1 FIXED 302543AD5 443,788 27,310,000 x 27,310,000
HARRAHS JAZZ FINCL 14.25% FIXED 413623AA7 20,000 2,000,000 x 2,000,000
HOME HOLD INC EON SER I 7/ FIXED 436934AE3 1,319,395 11,500 x 11,500
INTL SEMI TECH MICRO SR 0% FIXED 46031KAA9 348,175 3,665,000 x 3,665,000
JAZZ CASINO CO SR NT 8% 11 FIXED 472143AA4 422,380 862,000 x 862,000
LEVITZ FURN CORP SR NT 13. FIXED 527480AJ6 1,082,700 2,005,000 x 2,005,000
LOMAS FINCL CORP NEW 9% 10 FIXED 5415359A0 206,250 2,750,000 x 2,750,000
LOUISIANA ST AG FIN AUTH 8 FIXED 546418AB0 -- 1,500,000 x 1,500,000
MOBILEMEDIA COMM SR DEFD 1 FIXED 607414AA7 85,000 1,000,000 x 1,000,000
OLYMPIA YORK MAID LN 10.37 FIXED 681444AA3 2,347,260 3,306,000 x 3,306,000
P&C FOOD MKT SR NT 11.5% 1 FIXED 692766AE8 3,250,000 6,500,000 x 6,500,000
PEOPLES CHOICE TV SR DISC FIXED 710847AA2 185,000 1,000,000 x 1,000,000
PLASMA & MATLS TECH 7.125% FIXED 72753MAA7 300,000 600,000 x 600,000
READ RITE CORP CV SUB 6.5% FIXED 755246AA3 380,000 500,000 x 500,000
SELLCO CORP 12% 12/15/04 ( FIXED 81641KAA8 104,676 8,374,100 x 8,374,100
SIGNATURE RESORTS SUB NT 5 FIXED 82668BAA4 420,000 600,000 x 600,000
SOUTHEAST BK CORP 10.5% 4/ FIXED 841338AD8 1,000,000 2,000,000 x 2,000,000
SPECIALTY FOODS ACQ CP 13% FIXED 847498AC6 135,000 1,500,000 x 1,500,000
SUNBEAM CORP CV 0% 3/25/18 FIXED 867071AA0 1,156,250 9,250,000 x 9,250,000
TRANS WORLD AIRLINE 8% 11/ FIXED 893349AV2 -- 1,000,000 x 1,000,000
TRUMPS CASTLE 11.75% 11/15 FIXED 898178AE8 367,677 448,400 x 448,400
WIRELESS ONE INC SR 13% 10 FIXED 97652HAB5 250,000 2,500,000 x 2,500,000
WIRELESS ONE INC SR 13.5% FIXED 97652HAC3 560,000 7,000,000 x 7,000,000
WRT ENERGY CORP 13.875% 3/ FIXED 92931KAB2 -- 1,500,000 x 1,500,000
ROSLYN BANC JAN 25 PUT PUT 7781629M1 90,625 250 x 250
-----------
GRAND TOTAL 816,893,168
===========
</TABLE>
