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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 SEPTEMBER 30, 1998
- --------------------------------------------------------------------------------
(Please read instructions before preparing form.)
- --------------------------------------------------------------------------------
If amended report check here: |X|
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 5th day of
November, 1998.
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 Corporation
- --------------------------------------------- ------------------------------
2. Loeb Partners Management, Inc.
- --------------------------------------------- ------------------------------
3.
- --------------------------------------------- ------------------------------
4.
- --------------------------------------------- ------------------------------
5.
- --------------------------------------------- ------------------------------
SEC 1685 (5/91)
<PAGE>
LOEB ARBITRAGE MANAGEMENT
FORM 13F
SEPTEMBER 30, 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> <C>
FIRSTPLUS FINCL OCT 25 CAL CALL 33763B9J4 5,000 40,000 x 40,000
WASTE MANAGEMENT JAN 25 CA CALL 94106J9A4 506,250 50,000 x 50,000
WASTE MANAGEMENT JAN 30 CA CALL 94106JA40 323,125 55,000 x 55,000
AFLAC INC COM 001055102 571,069 19,994 2 1 19,994
AT&T CORP COM 001957109 273,310 4,677 2 1 4,677
AT&T CORP COM 001957109 93,499 1,600 2 2 1,600
ATEC GROUP INC NEW COM 00206X604 131,200 32,800 x 32,800
ATL ULTRASOUND INC (atli) COM 00207N100 2,145,998 42,495 x 42,495
AAMES FINANCIAL CORP COM 00253A101 252,958 41,725 x 41,725
ABBOTT LABORATORIES COM 002824100 17,375 400 2 1 400
ABBOTT LABORATORIES COM 002824100 217,185 5,000 x 5,000
ACCESS HEALTH INC COM 00431L102 2,828,606 77,100 x 77,100
ACNIELSEN CORP COM 004833109 178,000 8,000 2 1 8,000
ACNIELSEN CORP COM 004833109 108,335 4,869 2 2 4,869
ADVANCED NEUROMODULATION S COM 00757T101 425,325 64,200 x 64,200
ADVANCED MICRO DEVICES INC COM 007903107 537,741 28,970 2 1 28,970
ADVANTA CORP CL B NON VTG COM 007942204 162,800 16,079 x 16,079
AEROSPACE CREDITORS LIQD T COM 008017105 0 80,000 x 80,000
H F AHMANSON & CO COM 008677106 10,023,300 180,600 x 180,600
AIRPORT SYSTEMS INTL INC COM 00949N103 140,119 42,300 x 42,300
ALBANK FINANCIAL CORP COM 012046108 2,939,751 52,613 x 52,613
ALCIDE CORP NEW COM 013742507 418,466 24,172 2 1 24,172
ALCIDE CORP NEW COM 013742507 5,124 296 2 2 296
ALLEGIANCE CORP COM 017475104 127,330 4,280 2 1 1,080 3,200
ALLEGIANCE CORP COM 017475104 88,060 2,960 2 2 2,960
ALLIED GROUP INC COM 019220102 6,127,750 127,000 x 127,000
ALLIED LIFE FINANCIAL CP COM 019246107 2,300,850 76,695 x 76,695
ALLIED SIGNAL INC COM 019512102 505,863 14,300 2 1 14,300
ALLIED SIGNAL INC COM 019512102 106,125 3,000 2 2 3,000
ALLMERICA FINANCIAL CORP COM 019754100 238,500 4,000 2 1 4,000
ALLSTATE CORP COM 020002101 817,065 19,600 2 1 1,300 18,300
ALTRON INC COM 022092100 1,122,500 89,800 x 89,800
AMERICA SERVICE GROUP INC COM 02364L109 742,775 80,300 x 80,300
AMERICAN BANK OF CONNECTIC COM 024327108 205,563 11,500 x 11,500
AMERICAN BANKERS INSURANCE COM 024456105 4,046,000 95,200 x 95,200
AMERICAN COMMUNICATIONS & COM 025201104 -- 20,000 2 1 20,000
AMERICAN DISPOSAL SERVICES COM 025389107 4,816,625 124,300 x 124,300
AMERICAN GENERAL CORP COM 026351106 690,297 10,807 2 1 10,807
AMERICAN GENERAL CORP COM 026351106 228,417 3,576 2 2 3,576
AMERICAN HOME PRODUCTS COR COM 026609107 68,088 1,300 2 1 1,300
AMERICAN HOME PRODUCTS COR COM 026609107 261,875 5,000 x 5,000
AMERICAN INTERNATIONAL GRO COM 026874107 0 202,041 x 202,041
AMERICAN INTERNATIONAL GRO COM 026874107 2,005,773 26,049 2 1 26,049
AMERICAN INTL GRP RSTD COM 026874107 0 10,978 x 10,978
AMERICAN MATERIALS & TECHN COM 027397108 1,213,013 231,050 x 231,050
AMERICAN MEDICAL ELECTRONI COM 027425776 7,806 124,900 x 124,900
AMERICAN MEDICAL ELECTRONI COM 027425990 7,806 124,900 x 124,900
AMERICAN SAFETY RAZOR CO COM 029362100 466,050 47,800 x 47,800
AMERICAN SHARED HOSP SVCS COM 029595105 41,906 44,700 x 44,700
AMERICAN STORES CO NEW COM 030096101 4,837,781 150,300 x 150,300
AMERIHOST PROPERTIES INC N COM 03070D209 173,575 52,400 x 52,400
AMERITECH CORP NEW COM 030954101 181,920 3,840 2 1 3,840
AMERITECH CORP NEW COM 030954101 189,500 4,000 2 2 4,000
AMGEN INC W/RTS TO PUR COM COM 031162100 30,225 400 2 1 200 200
AMGEN INC W/RTS TO PUR COM COM 031162100 207,040 2,740 2 2 2,740
AMP INC. COM 031897101 2,152,150 60,200 x 60,200
AMOCO CORP COM 031905102 187,485 3,480 2 1 1,000 2,480
AMOCO CORP COM 031905102 1,465,400 27,200 2 2 27,200
AMOCO CORP COM 031905102 6,734,375 125,000 x 125,000
APRIA HEALTHCARE GROUP INC COM 037933108 1,380,313 315,500 x 315,500
AQUILA GAS PIPELINE CORP COM 03839B106 951,206 156,900 x 156,900
ARLEN CORP COM 041327107 -- 10,500 2 1 10,500
ARTESYN TECHNOLOGIES INC COM 043127109 173,910 10,230 x 10,230
ASTEC INDUSTRIES INC COM 046224101 682,000 16,000 2 1 16,000
ASTEC INDUSTRIES INC COM 046224101 85,250 2,000 2 2 2,000
ASTEC INDUSTRIES INC COM 046224101 370,838 8,700 x 8,700
ASTROSYSTEMS INC NY COM 046465100 189,912 82,213 x 82,213
AUDIO COMMUNICATIONS NETWO COM 05069E106 283,069 48,700 x 48,700
AURORA BIOSCIENCES CORP COM 051920106 331,200 55,200 2 1 55,200
AVALON BAY COMMUNITIES INC COM 053373106 287,824 8,450 2 1 8,450
AVANT IMMUNOTHERAPEUTICE I COM 053491114 0 15,509 x 15,509
AVCOM INTERNATIONAL ESCROW COM 053543997 2,006 32,100 x 32,100
AVECOR CARDIOVASCULAR INC COM 053547105 689,700 72,600 x 72,600
AWARD SOFTWARE INTL INC COM 054531108 995,605 144,500 x 144,500
AZTEC TECHNOLOGY PARTNERS COM 05480L101 179,923 34,271 x 34,271
BCE INC COM 05534B109 162,035 5,800 2 1 1,200 4,600
BCE INC COM 05534B109 262,608 9,400 2 2 9,400
BF REALTY HOLDINGS LTD COM 05540l109 -- 32,000 2 1 32,000
BJS WHOLESALE CLUB INC COM 05548J106 227,850 6,200 2 1 6,200
BJS WHOLESALE CLUB INC COM 05548J106 147,000 4,000 2 2 4,000
BRT REALTY TRUST SBI-NEW COM 055645303 251,177 42,300 2 1 42,300
BRT REALTY TRUST SBI-NEW COM 055645303 23,752 4,000 2 2 4,000
BRT REALTY TRUST SBI-NEW COM 055645303 124,698 21,000 x 21,000
BT OFFICE PRODUCTS INT'L I COM 055816102 354,750 25,800 x 25,800
BANK OF LOS ANGELES-CALIF COM 063304109 1,381,800 112,800 x 112,800
BANK OF NEW YORK CO INC COM 064057102 2,195,475 80,200 2 1 16,000 64,200
BANK OF NEW YORK CO INC COM 064057102 4,810,226 175,716 2 2 175,716
BANK OF NEW YORK CO INC COM 064057102 219,000 8,000 x 8,000
BANK ONE CORP COM 06423A103 329,022 7,719 2 1 7,719
BANK ONE CORP COM 06423A103 213,125 5,000 x 5,000
BANKAMERICA CORP COM 066050105 12,204,864 201,600 x 201,600
BATTLE MTN GOLD COM 071593107 621,394 102,498 x 102,498
BAXTER INTERNATIONAL INC COM 071813109 362,950 6,100 2 1 200 5,900
BAXTER INTERNATIONAL INC COM 071813109 119,000 2,000 2 2 2,000
BAXTER INTERNATIONAL INC COM 071813109 476,000 8,000 x 8,000
BAXTER INTL INC CONT PYMT COM 071813125 14,474 180,931 x 180,931
BAY STATE GAS CO COM 072612609 4,563,475 117,200 x 117,200
BAYONNE BANCSHARES INC COM 072883101 577,939 40,916 x 40,916
BECTON DICKINSON & CO COM 075887109 234,413 5,700 2 1 5,700
BECTON DICKINSON & CO COM 075887109 526,400 12,800 2 2 12,800
BECTON DICKINSON & CO COM 075887109 205,625 5,000 x 5,000
BEDFORD PROPERTY INVESTORS COM 076446301 1,395,000 77,500 x 77,500
BELL ATLANTIC CORP COM 077853109 219,129 4,524 2 1 4,524
BELLSOUTH CORP COM 079860102 216,720 2,880 2 1 2,880
BERG ELECTRONICS CORP COM 08372L106 4,511,638 130,300 x 130,300
BERKSHIRE REALTY CO INC COM 084710102 392,450 37,600 x 37,600
BESTFOODS COM 08658U101 348,746 7,200 2 2 7,200
BETZDEARBORN INC (btl) COM 087779104 7,119,875 103,000 x 103,000
BIBB CO (bib) COM 088667100 1,141,705 92,259 x 92,259
BRANDYWINE REALTY TRUST-SB COM 105368203 439,875 23,000 2 1 1,300 21,700
BRANDYWINE REALTY TRUST-SB COM 105368203 191,250 10,000 x 10,000
BRISTOL MYERS SQUIBB CO COM 110122108 2,124,244 20,450 2 1 800 19,650
BRISTOL MYERS SQUIBB CO COM 110122108 602,475 5,800 2 2 5,800
BURLINGTON RESOURCES INC COM 122014103 146,286 3,914 2 1 3,914
BURLINGTON RESOURCES INC COM 122014103 171,402 4,586 2 2 4,586
CCC INFORMATION SERVICES G COM 12487Q109 230,163 18,413 2 1 18,413
CCC INFORMATION SERVICES G COM 12487Q109 187,500 15,000 x 15,000
CBS CORP COM 12490K107 983,144 40,542 2 1 800 39,742
CKS GROUP INC COM 12561L109 1,278,800 73,600 x 73,600
CRW FINANCIAL INC COM 126276104 1,329,731 253,282 x 253,282
CSF HOLDINGS ESCROW COM 126335991 3,419 27,350 x 27,350
CABLE MICHIGAN INC (cabl) COM 12685T103 1,171,206 33,948 x 33,948
CABLEVISION SYSTEMS CORP-C COM 12686C109 215,935 5,000 x 5,000
CADILLAC FAIRVIEW CORP WTS COM 126929116 88,205 17,641 x 17,641
CADILLAC FAIRVIEW CORP-- O COM 126929207 309,791 17,453 x 17,453
CALGON CARBON CORP COM 129603106 101,150 13,600 x 13,600
CAMCO FINANCIAL CORP COM 132618109 716,342 45,482 x 45,482
CAPSTONE CAPITAL CORP COM 14066R102 1,682,894 79,900 x 79,900
CARR GOTTSTEIN FOODS CO COM 14441E107 527,086 46,084 x 46,084
CARTER WALLACE INC COM 146285101 470,625 30,000 x 30,000
CELADON GROUP INC INC COM 150838100 332,644 33,900 x 33,900
CELLSTAR CORP COM 150925105 72,450 16,800 x 16,800
CENTENNIAL CELLULAR CORP-C COM 15133V109 2,805,000 88,000 x 88,000
CENTRAL BANKING SYSTEMS IN COM 152609103 0 206,296 x 206,296
CENTRAL REALTY INVESTORS I COM 155052103 -- 13,000 2 1 13,000
CENTURY COMMUNICATIONS COR COM 156503104 266,469 11,161 2 1 11,161
CHAMPION INTL CORP COM 158525105 313,125 10,000 x 10,000
CHANCELLOR MEDIA CORP COM 158915108 93,450 2,800 2 1 2,800
CHANCELLOR MEDIA CORP COM 158915108 133,500 4,000 2 2 4,000
CHARTER FED SR BIC ESCROW COM 161223987 5,764 92,230 x 92,230
CHASE MANHATTAN CORP NEW COM 16161A108 312,611 7,228 2 1 7,228
CHASE MANHATTAN CORP NEW COM 16161A108 56,485 1,306 2 2 1,306
CHESAPEAKE ENERGY CORP COM 165167107 21,366 18,000 2 1 18,000
CHESAPEAKE ENERGY CORP COM 165167107 256,106 215,668 x 215,668
CHEVRON CORP COM 166751107 184,936 2,200 2 1 1,000 1,200
CHEVRON CORP COM 166751107 504,372 6,000 2 2 6,000
CHRIS-CRAFT INDUSTRIES INC COM 170520100 257,257 5,822 2 2 5,822
CHRIS-CRAFT INDUSTRIES INC COM 170520100 227,563 5,150 x 5,150
CHRISTIANA COMPANIES INC COM 170819106 1,418,888 72,300 x 72,300
CHRYSLER CORP COM 171196108 14,467,825 302,200 x 302,200
CHUBB CORP COM 171232101 270,900 4,300 2 1 4,300
CIENA CORP COM 171779101 284,819 19,900 x 19,900
CINCINNATI BELL INC-W/RTS COM 171870108 221,000 8,500 2 2 8,500
CIRCON CORP COM 172736100 1,555,834 163,772 x 163,772
CISCO SYSTEMS INC COM 17275R102 561,686 9,087 2 1 9,087
CISCO SYSTEMS INC COM 17275R102 309,060 5,000 x 5,000
CITATION COMPUTER SYSTEMS COM 172894107 234,313 81,500 x 81,500
CITICORP COM 173034cg2 1,758,688 19,000 x 19,000
CITIZENS UTILITIES CO SER COM 177342201 1,229,816 151,362 2 1 1,522 149,840
CITIZENS UTILITIES CO SER COM 177342201 270,091 33,242 2 2 33,242
CITIZENS UTILITIES CO SER COM 177342201 163,719 20,150 x 20,150
CITIZENS UTILITIES CO-SER COM 177342201 246,082 30,287 x 30,287
CITY NATIONAL CORP COM 178566105 156,560 5,000 2 1 5,000
CITY NATIONAL CORP COM 178566105 156,560 5,000 2 2 5,000
CLEARVIEW CINEMA GROUP INC COM 185070109 1,228,500 54,600 x 54,600
CLIFFS DRILLING CO COM 18682C100 3,576,725 181,100 x 181,100
CLOROX CO COM 189054109 585,750 7,100 2 1 7,100
CLOROX CO COM 189054109 198,000 2,400 2 2 2,400
COAST FEDERAL LITIG RTS COM 19034Q110 919,144 104,300 x 104,300
COLEMAN CO COM 193559101 1,539,200 166,400 x 166,400
COLUMBIA HCA HEALTHCARE COM 197677107 268,757 13,396 x 13,396
COLUMBIAN NORTHLAND EXPL COM 198675100 -- 27,300 x 27,300
COMERICA INC COM 200340107 312,428 5,700 2 1 5,700
COMMERCIAL FEDERAL CORP (c COM 201647104 222,336 9,436 x 9,436
COMPDENT CORP COM 20449F103 272,261 20,548 x 20,548
COMSAT SERIES 1 COM 20564D107 1,502,531 42,625 x 42,625
CONSUMERS FINANCIAL CORP COM 210520102 9,019 25,768 x 25,768
CONSUMERS WATER CO COM 210723102 2,565,185 90,803 x 90,803
CONTINENTAL NATURAL GAS IN COM 211789102 930,448 107,878 x 107,878
COOKER RESTAURANT CORP NEW COM 216284208 315,270 31,000 x 31,000
COPLEY PHARMACEUTICAL INC COM 21745K101 619,850 64,400 x 64,400
CORRECTIONS CP OF AMERICA COM 220256101 515,375 38,000 x 38,000
COUNTRYWIDE CREDIT INDS IN COM 222372104 208,125 5,000 x 5,000
CRESTAR FINANCIAL COM 226091106 9,085,391 160,095 x 160,095
D&N FINANCIAL CORP COM 232864108 218,625 11,000 2 1 11,000
DBL LIQUIDATING TRUST COM 233038108 0 13,000 x 13,000
DATA TRANSMISSION NETWORK COM 238017107 2,484,000 82,800 x 82,800
DEKALB GENITICS CORP-CL B COM 244878203 9,540,400 103,700 x 103,700
DELTA & PINE LAND CO COM 247357106 3,986,400 90,600 x 90,600
DEPUY INC COM 249726100 9,100,000 260,000 x 260,000
DIME BANCORP INC COM 25429Q102 1,784,496 70,500 2 1 1,000 69,500
DIME BANCORP INC COM 25429Q102 253,120 10,000 x 10,000
DISCREET LOGIC INC COM 25467V104 1,091,400 85,600 x 85,600
WALT DISNEY CO HOLDING CO COM 254687106 904,777 35,745 2 1 35,745
DOLE FOOD CO INC COM 256605106 72,250 2,000 2 1 2,000
DOLE FOOD CO INC COM 256605106 296,767 8,215 2 2 8,215
DOMINICKS SUPERMARKETS INC COM 257159103 3,394,350 79,400 x 79,400
DRAVO CORP COM 261471106 700,688 55,500 x 55,500
DRESSER INDUSTRY COM 261597108 714,063 25,000 x 25,000
EI DUPONT DE NEMOURS COM 263534109 280,625 5,000 x 5,000
DUN & BRADSTREET CORP DEL COM 26483B106 332,100 12,300 2 1 12,300
DUN & BRADSTREET CORP DEL COM 26483B106 389,124 14,412 2 2 14,412
DYNASTY CLASSICS COM 268127107 0 14,415 x 14,415
DYNATECH CORP NEW (dyna) COM 268140100 45,097 16,399 x 16,399
EQK REALTY INVESTORS 1 SBI COM 268820107 17,154 21,100 2 1 21,100
EASTERN ENVIRONMENTAL SERV COM 276369105 2,885,975 95,800 x 95,800
EL PASO ENERGY CORP COM 283905107 249,181 7,682 2 1 7,682
EL PASO ENERGY CORP COM 283905107 389,244 12,000 2 2 12,000
ELAN CORP COM 284131208 36,031 500 2 1 500
ELAN CORP COM 284131208 360,310 5,000 x 5,000
ELCOM INTERNATIONAL INC COM 284434107 172,544 145,300 x 145,300
EMMIS COMMUNICATIONS CORP- COM 291525103 188,750 5,000 2 1 5,000
EMMIS COMMUNICATIONS CORP- COM 291525103 113,250 3,000 2 2 3,000
ENEX RESOURCES COM 292744208 193,630 19,363 x 19,363
ENVIROTEST SYSTEMS INC-CL COM 294109W10 1,727,625 162,600 x 162,600
EQUITABLE COMPANIES INC COM 29444G107 533,738 12,900 2 1 12,900
EQUITABLE COMPANIES INC COM 29444G107 268,938 6,500 2 2 6,500
EQUITY CORPORATION INT'L COM 294644109 1,125,000 50,000 x 50,000
EQUITY OFFICE PROPERTIES T COM 294741103 284,935 11,630 2 1 1,125 10,505
EQUITY RESIDENTIAL PPTYS T COM 29476L883 1,467,550 59,900 x 59,900
ESSEX COUNTY GAS COMPANY COM 296772106 5,261,891 105,491 x 105,491
EVERGREEN BANCORP INC DEL COM 300182102 367,500 14,700 x 14,700
EXCEL COMMUNICATION INC COM 30065K104 5,079,313 224,500 x 224,500
EXECUTIVE RISK INC COM 301586103 279,384 6,200 2 1 400 5,800
EXXON CORP COM 302290101 131,390 1,872 2 1 1,872
EXXON CORP COM 302290101 364,972 5,200 2 2 5,200
FED ONE BANCORP INC COM 313091100 2,338,108 61,127 x 61,127
FREDDIE MAC-VOTING COMMON COM 313400301 247,185 5,000 x 5,000
FANNIE MAE COM 313586109 514,000 8,000 2 1 8,000
FEDERATED DEPARTMENT STORE COM 31401H101 254,625 7,000 2 1 7,000
FELCOR SUITE HOTELS INC COM 314305103 252,845 10,400 2 1 800 9,600
FINANCIAL BANCORP INC-N.Y. COM 31738T100 1,017,250 31,300 x 31,300
FINANCIAL FEDERAL CORP COM 317492106 2,029,480 92,514 2 1 1,050 91,464
FIRST CHICAGO NBD CORP (fc COM 31945A100 1,637,150 23,900 x 23,900
FIRST MUTUAL BANCORP INC COM 320941107 783,216 47,830 x 47,830
FIRST PALM BEACH BANCORP I COM 33589B105 1,480,500 42,300 x 42,300
FIRST REPUBLIC BANCORP INC COM 336158100 1,216,218 39,876 2 1 39,876
FIRST REPUBLIC BANCORP INC COM 336158100 152,500 5,000 2 2 5,000
FIRST UNION CORP COM 337358105 368,546 7,200 2 1 7,200
FIRSTAR CORP NEW COM 33761C103 9,266,906 183,050 x 183,050
FIRSTPLUS FINANCIAL GROUP COM 33763B103 343,125 30,000 x 30,000
FLORIDA EAST COAST INDS IN COM 340632108 446,600 15,400 x 15,400
FOAMEX INTERNATIONAL INC COM 344123104 2,478,902 170,225 x 170,225
FRESNIUS MED CARE HOLDINGS COM 358030203 14,100 225,600 x 225,600
FULTON FINANCIAL CORP-PA COM 360271100 844,520 42,226 x 42,226
FUSION SYSTEMS CORP CVR RT COM 361129117 3,072 98,300 x 98,300
GT BICYCLES INC COM 36229H101 538,559 67,850 x 67,850
GTE CORP COM 362320103 168,575 3,065 2 1 500 2,565
GTE CORP COM 362320103 162,910 2,962 2 2 2,962
GADZOOKS INC COM 362553109 254,700 28,300 x 28,300
GALOOB TOYS INC COM 364091108 1,495,813 131,500 x 131,500
GAMMA BIOLOGICALS INC COM 364657106 637,500 120,000 x 120,000
GAYLORD CONTAINER CL A COM 368145108 36,195 11,137 x 11,137
GENENTECH INC NEW COM 368710307 1,989,141 27,675 x 27,675
GENERAL CABLE PLC SPONS AD COM 36930Q101 1,729,200 88,000 x 88,000
GENERAL ELECTRIC CO COM 369604103 1,201,386 15,100 2 1 15,100
GENERAL ELECTRIC CO COM 369604103 397,810 5,000 x 5,000
GENERAL INSTRUMENT CORP-DE COM 370120107 414,768 19,180 2 1 19,180
GENERAL RE CORP COM 370563108 7,551,803 37,201 x 37,201
GENERAL SIGNAL CORP COM 370838104 5,816,888 171,400 x 171,400
GENOVESE DRUG STORES CL A COM 372442202 956,725 49,700 x 49,700
GIANT FOOD INC-CL A NON VO COM 374478105 8,214,263 190,200 x 190,200
GIBRALTER PACKAGING COM 374758100 19,779 15,823 x 15,823
GLAXO WELLCOME PLC SPONSOR COM 37733W105 285,625 5,000 2 1 5,000
GLAXO WELLCOME PLC SPONSOR COM 37733W105 118,020 2,066 2 2 2,066
GLOBAL MOTORSPORT GROUP IN COM 378937106 1,651,650 109,200 x 109,200
GLOBALINK INC COM 37936V102 1,134,496 234,400 x 234,400
GOLDEN BOOKS FNCL TR 8.75% COM 38080R400 20,000 10,000 x 10,000
GOLDEN STATE BANCORP WTS COM 381197136 99,407 23,739 x 23,739
GOLDEN WEST FINANCIAL CORP COM 381317106 409,060 5,000 x 5,000
GULFMARK INTERNATIONAL INC COM 402629109 693,105 40,180 2 1 40,180
GULFMARK INTERNATIONAL INC COM 402629109 131,100 7,600 2 2 7,600
GULFPORT ENERGY CORP COM 402635105 43,452 173,806 x 173,806
HCC INSURANCE HOLDINGS INC COM 404132102 251,875 13,000 2 1 13,000
HCR MANOR CARE INC COM 404134108 293,833 10,025 x 10,025
HFNC FINANCIAL COM 404177107 252,756 23,800 x 23,800
HUBCO INC COM 404382103 464,210 18,294 x 18,294
HALLIBURTON CO COM 406216101 274,195 9,600 2 1 9,600
JOHN HANCOCK BANK & THRIFT COM 409735107 516,375 48,600 2 1 48,600
JOHN HANCOCK BANK & THRIFT COM 409735107 106,250 10,000 x 10,000
HARVEY'S CASINO RESORTS COM 417826104 2,154,375 90,000 x 90,000
HAVEN BANCORP INC COM 419352109 248,438 15,900 2 1 15,900
HEWLETT PACKARD CO COM 428236103 264,685 5,000 2 1 5,000
HEWLETT PACKARD CO COM 428236103 79,406 1,500 2 2 1,500
HIBERNIA CORP-CL A COM 428656102 282,325 19,555 x 19,555
HOLLINGER INTERNATIONAL IN COM 435569108 316,250 22,000 2 1 22,000
HOLLINGER INTERNATIONAL IN COM 435569108 215,625 15,000 2 2 15,000
HOLLY CORP NEW COM 435758305 889,700 57,400 x 57,400
HOLLYWOOD PARK (hpk) COM 436255103 344,720 33,226 x 33,226
HOLOPAK TECH. COM 436451108 44,569 26,411 x 26,411
HOME BANCORP OF ELGIN INC COM 436892103 855,900 63,400 x 63,400
HOME CHOICE HOLDINGS INC COM 437063100 840,938 65,000 x 65,000
HOMEBASE INC (hbi) COM 43738E108 83,594 12,500 x 12,500
HOMEOWNERS GROUP INC ESCRO COM 43739N982 69,368 266,800 x 266,800
HOSPITAL STAFFING SERVICES COM 440900108 0 32,900 x 32,900
HOST MARRIOTT CORP COM 441078102 621,663 49,000 2 1 1,000 48,000
HOST MARRIOTT CORP COM 441078102 38,061 3,000 2 2 3,000
HOUSEHOLD INTL INC COM 441815107 270,000 7,200 2 1 7,200
IMS HEALTH INC COM 449934108 619,370 10,000 2 1 10,000
IMS HEALTH INC COM 449934108 892,636 14,412 2 2 14,412
ICON CMT CORP COM 450918107 2,712,275 243,800 x 243,800
WTS IGENE BIOTECHNOLOGY IN COM 451695142 -- 131,414 2 1 131,414
IMPERIAL HOLLY CORP COM 452835101 352,256 52,186 x 52,186
IMNET SYSTEMS INC COM 452921109 4,600,800 191,700 x 191,700
INCO LTD CL VBN (VOYSEY BA COM 453258709 209,076 52,400 x 52,400
INDIANA ENERGY INC COM 454707100 205,820 6,560 2 2 6,560
INFORMATION STORAGE DEVICE COM 456753102 230,331 34,767 x 34,767
INNOVA CORP-WASH COM 45766A106 128,250 45,600 x 45,600
INSIGNIA PROPERTIES TRUST COM 45767U101 805,533 66,095 x 66,095
INTEGRATED CIRCUIT SYSTEMS COM 45811K109 172,813 17,500 x 17,500
INTERMAGNETICS GENERAL COR COM 458771102 112,784 16,112 2 1 16,112
INTERNATIONAL BUSINESS MAC COM 459200101 449,536 3,512 2 1 3,512
INTERNATIONAL BUSINESS MAC COM 459200101 60,416 472 2 2 472
INTERNATIONAL BUSINESS MAC COM 459200101 640,000 5,000 x 5,000
INTERNATIONAL TECHNOLOGY COM 460465404 597,159 88,468 x 88,468
INTERPORE INTERNATIONAL COM 46062W107 80,000 20,000 x 20,000
INTERPUBLIC GROUP OF COS I COM 460690100 369,361 6,848 2 1 6,848
INTERPUBLIC GROUP OF COS I COM 460690100 269,685 5,000 x 5,000
J&L SPECIALTY STEEL INC COM 466046109 1,192,088 229,800 x 229,800
JPS PACKAGING CO COM 46623H102 79,240 20,449 x 20,449
JPS TEXTILE GROUP INC (jps COM 46624E405 197,830 38,601 x 38,601
JOHNSON & JOHNSON COM 478160104 1,979,725 25,300 2 1 500 24,800
JOHNSON & JOHNSON COM 478160104 539,925 6,900 2 2 6,900
JOHNSON & JOHNSON COM 478160104 391,250 5,000 x 5,000
KANSAS CITY POWER & LIGHT COM 482134100 4,784,775 157,200 x 157,200
KDI CORP-CONTINGENT PMT UN COM 482452307 -- 149,500 x 149,500
K N ENERGY INC COM 482620101 61,500 1,200 2 1 1,200
K N ENERGY INC COM 482620101 363,875 7,100 2 2 7,100
KELLEY OIL & GAS CORP COM 487906109 21,366 18,000 2 1 18,000
KERR MCGEE CORP COM 492386107 341,250 7,500 x 7,500
KIMCO REALTY CORP 7.5 PFD COM 49446R877 203,739 8,170 x 8,170
LAB HOLDINGS INC COM 505353102 1,245,147 81,649 x 81,649
LABORATORY CORP OF AMER COM 50540R102 158,573 101,487 x 101,487
LABORATORY CORP OF AMER WT COM 50540R110 648 41,445 x 41,445
LABORATORY CORP OF AMERICA COM 50540R201 393,158 8,835 x 8,835
LANDSING PACIFIC FUND COM 515096105 818 81,850 x 81,850
LIBERTE INVESTORS INC COM 530154103 59,012 20,300 2 1 20,300
LIFE RE CORP COM 532160108 4,146,381 45,100 x 45,100
LIFE TECHNOLOGIES INC NEW COM 532177201 2,329,800 70,600 x 70,600
LITTLE SWITZERLAND INC COM 537528101 428,675 131,900 x 131,900
LOCKHEED MARTIN CORP COM 539830109 403,248 4,000 2 2 4,000
LOEWEN GROUP INC (lwn) COM 54042l100 324,500 22,000 x 22,000
LONE STAR LIQUIDATING TRUS COM 54229R102 1,470,428 9,802,855 x 9,802,855
LONE STAR TECHNOLOGIES COM 542312103 355,725 27,900 x 27,900
LONG ISLAND BANCORP INC COM 542662101 9,818,304 202,690 x 202,690
LUCENT TECHNOLOGIES INC COM 549463107 330,254 4,782 2 1 400 4,382
LUCENT TECHNOLOGIES INC COM 549463107 153,870 2,228 2 2 2,228
MBO PROPERTIES INC COM 55263L109 2,977,070 360,857 x 360,857
MCI WORLDCOM INC COM 55268B106 24,438 500 2 1 500
MCI WORLDCOM INC COM 55268B106 391,000 8,000 x 8,000
MCI WORLDCOM INC COM 55268B106 921,343 18,851 x 18,851
MGI SOFTWARE CORP COM 55288J105 129,624 146,800 x 146,800
MACK-CALI REALTY CORP COM 554489104 270,000 9,000 2 1 9,000
MARINER POST-ACUTR NETWORK COM 568459101 172,200 33,600 x 33,600
MARQUEE GROUP INC (mrt) COM 570906107 906,775 315,400 x 315,400
MARQUETTE MEDICAL SYSTEMS COM 571490101 2,215,313 51,000 x 51,000
MARYLAND FEDERAL BANCORP I COM 574061107 1,916,480 53,000 x 53,000
MATRIX CAPITAL CORP COM 576819106 1,837,844 169,974 x 169,974
MATRIX SERVICES INC COM 576853105 52,725 11,400 x 11,400
MATLACK SYSTEMS INC COM 576901102 427,700 61,100 x 61,100
MCDONALD & CO INVESTMENTS COM 580047108 4,947,600 159,600 x 159,600
MCGRAW HILL INC-W/RTS TO P COM 580645109 15,850 200 2 1 200
MCGRAW HILL INC-W/RTS TO P COM 580645109 396,250 5,000 x 5,000
MEDICAL RESOURCES INC-NEW COM 58461Q409 27,332 10,666 x 10,666
MEDIWARE INFORMATION SYSTE COM 584946107 350,350 57,200 x 57,200
MEDITRUST CORP PAIRED CTF COM 58501T306 730,275 42,800 x 42,800
MEDPARTNERS INC NEW (mdm) COM 58503X107 57,818 17,790 x 17,790
MEGO FINANCIAL CORP COM 585162100 34,375 50,000 x 50,000
MELLON BANK CORP COM 585509102 457,294 8,305 x 8,305
MERCANTILE BANCORP COM 587342106 959,857 19,842 x 19,842
MERCK & CO INC COM 589331107 595,985 4,600 2 2 4,600
MERCOM INC (meeo) COM 58935D109 232,758 21,403 x 21,403
MERCURY FINANCE CO COM 589395102 21,250 170,000 x 170,000
MERIDITH CORP COM 589433101 262,400 8,200 2 1 8,200
MERIDIAN MEDICAL TECHNOLOG COM 589658103 164,831 22,350 x 22,350
MERIDIAN RESOURCE CORP (TH COM 58977Q109 177,270 41,106 x 41,106
MERISTAR HOTELS & RESORTS COM 589988104 355,025 129,100 x 129,100
MERRY LAND & INVESTMENT CO COM 590438107 5,079,125 227,000 x 227,000
METROCALL INC RTS COM 591647110 0 67,749 x 67,749
MICRO FOCUS GROUP PLC COM 594836306 535,965 22,929 x 22,929
MICROSOFT CORP COM 594918104 257,545 2,340 2 1 700 1,640
MICROSOFT CORP COM 594918104 616,347 5,600 2 2 5,600
MICROS TO MAINFRAMES INC COM 594944100 502,402 217,255 x 217,255
MILESTONE PROPERTIES INC COM 599358108 41,325 55,100 x 55,100
MILESTONE PORPERTIES INC . COM 599358207 519,963 252,409 x 252,409
MOBIL CORP COM 607059102 122,107 1,608 2 1 1,608
MOBIL CORP COM 607059102 215,661 2,840 2 2 2,840
MOLECULAR DYNAMICS INC COM 608514105 229,600 11,200 x 11,200
MONSANTO CO COM 611662107 338,250 6,000 2 2 6,000
MONSANTO CO COM 611662107 2,779,288 49,300 x 49,300
MOORE MEDICAL CORP COM 615799103 443,450 36,200 x 36,200
MYCOGEN CORP COM 628452104 3,886,333 139,420 x 139,420
NACT TELECOMMUNICATIONS IN COM 628726109 3,514,300 248,800 x 248,800
NSS BANCORP INC COM 62938H109 2,038,300 43,600 x 43,600
NTL INCORPORATED COM 629407107 1,142,596 26,572 2 1 26,572
NTL INCORPORATED COM 629407107 77,400 1,800 2 2 1,800
NATIONAL CITY CORP COM 635405103 309,904 4,700 2 1 4,700
NATIONAL CITY CORP COM 635405103 659,370 10,000 x 10,000
NATIONAL GAS & OIL CO COM 636195109 428,738 33,300 x 33,300
NATIONSBANK CORP COM 638585109 466,948 8,728 2 1 8,728
NATIONSBANK CORP COM 638585109 267,500 5,000 x 5,000
NAVIGANT INTERNATIONAL INC COM 63935R108 100,662 17,134 x 17,134
NESTLE SA-SPONSORED ADR COM 641069406 905,195 9,100 2 1 9,100
NESTLE SA-SPONSORED ADR COM 641069406 964,878 9,700 2 2 9,700
NESTLE SA-SPONSORED ADR COM 641069406 497,360 5,000 x 5,000
NEW PLAN EXCEL REALTY TRUS COM 648053106 271,585 11,650 2 1 11,650
NEWMONT MINING COM 651639106 1,055,142 43,511 x 43,511
NEWPARK RESOURCES INC NEW COM 651718507 68,750 10,000 2 2 10,000
NOBEL EDUCATION DYNAMICS I COM 654884204 194,378 29,340 x 29,340
NOBEL INSURANCE LTD COM 654885102 112,483 163,612 x 163,612
NOEL GROUP INC COM 655260107 309,750 247,800 x 247,800
NOMAS CORP (nmas) COM 655319101 134,095 26,819 x 26,819
NORTH AMERICAN BANK & TRUS COM 656751104 55,000 10,000 2 1 10,000
NORTH FORK BANCORPORATION COM 659424105 320,000 16,000 2 1 16,000
NORTHEAST BANCORP ESCROW/R COM 664058989 1,530 153,030 x 153,030
NORTHROP GRUMMAN CORP COM 666807102 547,500 7,500 x 7,500
NORTHSTAR ENERGY CORP COM 66703R101 2,414,355 346,641 x 346,641
NORWEST CORP COM 669380107 608,804 17,000 2 1 17,000
NORWEST CORP COM 669380107 286,496 8,000 x 8,000
NORWOOD PROMOTIONAL PRODUC COM 669729105 1,120,669 59,769 x 59,769
NOVARTIC AF SPONS ADR COM 66987V109 601,110 7,500 2 2 7,500
NOVACARE INC COM 669930109 192,723 62,930 x 62,930
OPTI INC COM 683960108 625,463 128,300 x 128,300
ORANGE & ROCKLAND UTILITIE COM 684065105 1,574,913 28,700 x 28,700
ORCAD INC COM 685568107 283,500 42,000 x 42,000
OVID TECHNOLOGIES INC COM 690466107 219,538 9,100 x 9,100
PALL CORP COM 696429307 1,365,011 61,523 2 1 1,000 60,523
PALL CORP COM 696429307 67,293 3,033 2 2 3,033
PATRIOT AMERICAN HOSPITALI COM 703352203 140,250 11,000 2 1 11,000
PEERLESS GROUP INC COM 705499101 373,163 64,200 x 64,200
PENEDERM INC COM 706867108 2,734,325 134,200 x 134,200
PENNZOIL CO COM 709903108 880,069 25,100 x 25,100
PEOPLES TELEPHONE CO INC COM 712574102 579,338 220,700 x 220,700
PERKIN ELMER CORP COM 714041100 672,102 9,785 2 1 9,785
PETSEC ENERGY LTD SPONS AD COM 715796108 70,500 12,000 x 12,000
PETRIE STORES LIQUIDATING COM 716437108 418,669 186,075 x 186,075
PETROFINA SA WTS 8/5/03 COM 716485123 224,719 70,500 x 70,500
PHARMACIA & UPJOHN INC COM 716941109 516,680 10,295 x 10,295
PFIZER INC COM 717081103 540,279 5,100 2 1 1,200 3,900
PFIZER INC COM 717081103 1,398,368 13,200 2 2 13,200
PFIZER INC COM 717081103 529,685 5,000 x 5,000
PHARMACEUTICAL MKTG SVCS I COM 717123103 795,600 88,400 x 88,400
PHARMERICA INC COM 717135107 168,688 31,023 x 31,023
PHILIPS PETROLEUM CO COM 718507106 270,750 6,000 2 1 6,000
PHOENIX NETWORK INC-ESCROW COM 718910995 0 120,100 x 120,100
PHYMATRIX CORP COM 718925100 556,075 150,800 x 150,800
PHONETEL TECHNOLOGIES INC COM 71921H406 9,956 106,200 x 106,200
PHYSICIANS RESOURCE GROUP COM 71941S101 66,984 35,725 x 35,725
PHYSIO-CONTROL INTN'L CORP COM 719431108 6,578,150 241,400 x 241,400
PIXTECH INC COM 72583K109 283,934 69,900 2 1 69,900
PLAYCORE INC (pco) COM 72811G102 198,497 50,412 x 50,412
PLAYCORE INC RTS 10% 2/12/ COM 72811G995 0 55,368 x 55,368
POLYGRAM NV COM 731733101 3,405,000 60,000 x 60,000
POLYPHASE CORP (ply) COM 731791109 17,281 39,500 x 39,500
POSITIVE RESPONSE TELEVISI COM 73739N997 0 129,070 x 129,070
PREMIERE PAGE INC ESCROW COM 74058E998 0 27,000 x 27,000
PREMIERE TECHNOLOGIES INC COM 74058F102 251,170 53,583 x 53,583
PRICE ENTERPRISES INC-MD COM 741444202 201,250 40,000 x 40,000
PRIME RETAIL INC COM 741570105 269,010 27,415 x 27,415
PRIME RETAIL INC 8.5% CV P COM 741570303 377,366 22,198 x 22,198
PRIME HOSPITALITY CORP COM 741917108 334,600 47,800 2 1 47,800
PRIME HOSPITALITY CORP COM 741917108 28,000 4,000 2 2 4,000
PRIME HOSPITALITY CORP COM 741917108 147,000 21,000 x 21,000
PROCTER & GAMBLE CO COM 742718109 831,382 11,720 2 1 11,720
PROCTER & GAMBLE CO COM 742718109 113,499 1,600 2 2 1,600
PROSPECT GROUP NEW COM 742918501 2,822 18,811 x 18,811
PROLOGIS TRUST SH BEN INT COM 743410102 242,088 10,700 2 1 800 9,900
PROPERTY CAPITAL TRUST-SBI COM 743437105 42,075 37,400 x 37,400
PROVIDENT BANKSHARES CORP COM 743859100 3,665,825 144,466 2 1 1,702 142,764
PROVIDENT BANKSHARES CORP COM 743859100 416,252 16,404 2 2 16,404
PULSE BANCORP COM 745860106 1,452,600 53,800 x 53,800
QUAKER STATE CORP COM 747410108 889,769 61,100 x 61,100
QUANTUM CORP COM 747906105 1,189,047 74,877 x 74,877
QUESTECH INC COM 748357100 343,544 20,900 x 20,900
QUICKTURN DESIGN SYSTEMS I COM 74838E102 874,000 87,400 x 87,400
QUIPP INC COM 748802105 535,350 34,400 x 34,400
RCN CORPORATION COM 749361101 618,800 47,600 x 47,600
RF POWER PRODUCTS INC COM 749553103 543,600 241,600 x 241,600
RFS HOTEL INVESTORS INC COM 74955J108 540,000 45,000 x 45,000
RJR NABISCO HOLDINGS CORP COM 74960K876 1,790,831 71,100 x 71,100
RANGE RESOURCES CORP COM 75281A109 931,042 131,829 x 131,829
RELIASTAR FINANCIAL CORP COM 75952U103 312,000 8,000 2 1 8,000
RELIASTAR FINANCIAL CORP COM 75952U103 234,000 6,000 2 2 6,000
RELIASTAR FINANCIAL CORP COM 75952U103 195,000 5,000 x 5,000
RESPONSE USA INC COM 761235506 87,875 18,500 x 18,500
RIO HOTEL & CASINO INC COM 767147101 1,680,981 121,700 x 121,700
RIVIERA HOLDINGS CORP COM 769627100 280,456 48,775 x 48,775
RIVERA HOLDINGS CORP RTS COM 769627118 0 52,475 x 52,475
ROCHE HOLDING LED SPONS AD COM 771195104 2,216,205 20,590 2 1 400 20,190
ROCHE HOLDING LED SPONS AD COM 771195104 1,076,350 10,000 2 2 10,000
ROHN INC COM 775381106 372,741 205,650 x 205,650
ROSES HOLDINGS INC (rses) COM 777756107 20,618 10,309 x 10,309
ROTONICS MANUFACTURING COM 778903104 236,425 270,200 x 270,200
T ROWE PRICE U S TREASURY COM 77957T107 186,970 33,269 2 1 33,269
ROYAL DUTCH PETROLEUM CO N COM 780257804 190,500 4,000 2 1 2,000 2,000
ROYAL DUTCH PETROLEUM CO N COM 780257804 190,500 4,000 2 2 4,000
RYERSON TULL INC-CL A (rt) COM 783755101 1,470,406 111,500 x 111,500
SBC COMMUNICATIONS INC COM 78387G103 348,742 7,848 2 1 7,848
SIS BANCORP INC COM 78427E100 1,475,539 38,388 x 38,388
SPS TRANSACTION SERVICES I COM 784627101 3,279,150 104,100 x 104,100
SAFETY KLEEN CORP COM 786484105 980,758 296,078 x 296,078
ST PAUL BANCORP COM 792848103 253,757 11,667 x 11,667
SAKS INC (sks) COM 79377W108 1,420,585 63,313 x 63,313
SANDWICH BANCORP-MASS COM 800217101 2,765,750 48,100 x 48,100
SAVIN CORP ESCROW COM 805176989 0 26,050 x 26,050
SBARRO INC COM 805844107 4,547,288 203,800 x 203,800
SCHERING PLOUGH CORP COM 806605101 828,496 8,000 2 2 8,000
SCHERING PLOUGH CORP COM 806605101 98,384 950 2 1 950
SCHLUMBERGER LTD COM 806857108 93,077 1,850 2 1 1,850
SCHLUMBERGER LTD COM 806857108 308,513 6,132 2 2 6,132
SCHLUMBERGER LTD COM 806857108 251,560 5,000 x 5,000
SCHOOL SPECIALTY INC COM 807863105 214,080 14,038 x 14,038
SEAGRAM CO LTD COM 811850106 273,961 9,550 2 1 500 9,050
SEAGRAM CO LTD COM 811850106 258,183 9,000 2 2 9,000
SEALED AIR CORP $2 CONV PF COM 81211K209 374,291 10,361 x 10,361
SEALY CORP WTS COM 812139111 18,147 82,486 x 82,486
SECURITY FIRST CORP COM 81425K102 602,311 29,381 x 29,381
SIENA HOLDINGS INC COM 826203101 139,782 106,704 x 106,704
SIGNAL CORP COM 826631103 479,100 15,970 x 15,970
SILICON VALLEY GROUP INC COM 827066101 506,400 63,300 2 1 1,800 61,500
SILICON VALLEY GROUP INC COM 827066101 56,320 7,040 2 2 7,040
SIZZLER INTERNATIONAL INC COM 830139101 245,186 135,275 x 135,275
SODEXHO MARRIOTT SERVICES COM 833793102 240,000 8,000 2 1 8,000
SOUTHERN NEW ENGLAND TELEC COM 843485103 7,257,813 92,900 x 92,900
SOUTHERN PACIFIC PETROLEUM COM 843581307 30,000 15,000 2 1 15,000
SOUTHWEST NATIONAL CORP-PA COM 845186105 438,042 6,637 x 6,637
SOVEREIGN BANCORP COM 845905108 297,124 22,320 2 1 1,440 20,880
SOVEREIGN BANCORP COM 845905108 106,496 8,000 x 8,000
SOVEREIGN BANCORP INC COM 845905108 507,204 38,461 x 38,461
SPAGHETTI WAREHOUSE INC COM 846329100 890,531 123,900 x 123,900
SPECIAL DEVICES INC COM 847409109 2,231,345 68,525 x 68,525
SPECTRANETICS CORP COM 84760C107 36,537 20,878 x 20,878
SPICE ENTERTAINMENT CO COM 848432100 144,375 27,500 x 27,500
SPORTS AUTHORITY INC COM 849176102 434,625 57,000 x 57,000
STAR BANC CORP COM 855083101 238,050 3,600 2 1 3,600
STAR BANC CORP COM 855083101 330,625 5,000 x 5,000
STARWOOD LODGING TRUST COM 855905204 721,295 23,649 2 1 183 23,466
STARWOOD LODGING TRUST COM 855905204 67,192 2,203 2 2 2,203
STATESMAN GROUP INC ESCROW COM 857645998 28,475 113,900 x 113,900
STATION CASINOS INC COM 857689103 397,375 74,800 x 74,800
STONE CONTAINER CORP COM 861589109 935,813 108,500 x 108,500
STORAGE TRUST REALTY COM 861909109 1,102,150 46,900 x 46,900
STRATUS COMPUTER INC COM 863155107 8,405,031 249,500 x 249,500
STRAWBRIDGE & CLOTHIER ESC COM 863200986 1,817 181,668 x 181,668
STUART ENTERTAINMENT COM 863689105 7,840 14,000 x 14,000
SUMMA FOUR INC COM 865628101 2,973,884 188,818 x 188,818
SUMMIT BANCORP COM 866005101 397,500 10,600 2 1 10,600
SUMMIT HOLDING SOUTHEAST I COM 866078108 2,039,961 61,817 x 61,817
SUN FINANCING 1-7% CONV TR COM 866749203 560,000 40,000 x 40,000
SUNAMERICA INC COM 866930100 686,250 11,250 2 1 11,250
SUNGLASS HUT INTERNATIONAL COM 86736F106 109,250 19,000 x 19,000
SUPERTEL HOSPITALITY INC COM 868524109 445,525 50,200 x 50,200
SWISS HELVITIA FUND INC COM 870875101 730,913 26,700 2 1 26,700
SWISS HELVITIA FUND INC COM 870875101 76,650 2,800 2 2 2,800
SWISS HELVITIA FUND INC COM 870875101 43,800 1,600 x 1,600
SYBASE COM 871130100 141,600 23,600 x 23,600
TIG HOLDINGS INC COM 872469101 5,625 400 2 1 400
TIG HOLDINGS INC COM 872469101 201,171 14,306 2 2 14,306
TJX COMPANIES INC NEW COM 872540109 231,556 13,000 2 1 13,000
TPI ENTERPRISES COM 872623103 0 534,249 x 534,249
T R FINANCIAL CORP COM 872630108 2,449,063 92,200 x 92,200
TRO LEARNING INC COM 87263R109 165,463 21,700 x 21,700
TAKECARE INC ESCROW COM 874055585 0 78,152 x 78,152
TELCO SYSTEMS INC COM 878904101 2,177,750 217,775 x 217,775
TELEBACKUP SYSTEMS INC COM 878927102 491,980 85,000 x 85,000
TELECOMMUNICATIONS INTL IN COM 87924H102 728,325 35,100 x 35,100
TELE-COMMUNICATIONS INC NE COM 87924V101 589,875 33,000 x 33,000
TELE-COMMUNICATIONS INC SE COM 87924V101 4,919,499 125,738 x 125,738
TELE-COMMUNICATIONS INC NE COM 87924V507 2,692,275 73,385 2 1 1,200 72,185
TELE-COMMUNICATIONS INC NE COM 87924V507 442,739 12,068 2 2 12,068
TELE-COMMUNICATIONS INC NE COM 87924V887 1,318,405 73,502 2 1 73,502
TELE-COMMUNICATIONS INC NE COM 87924V887 183,962 10,256 2 2 10,256
TELE-COMMUNICATIONS INC NE COM 87924V887 358,740 20,000 x 20,000
TELEPHONE DATA SYSTEMS COM 879433100 240,638 6,900 2 1 6,900
TELEPHONE DATA SYSTEMS COM 879433100 163,913 4,700 2 2 4,700
TELEPHONE DATA SYSTEMS COM 879433100 348,750 10,000 x 10,000
TELETOUCH COMMUNICATIONS I COM 87951V107 104,273 36,269 x 36,269
TELOS CORP 12% PFD COM 87969B200 58,428 14,607 x 14,607
TELXON CORP COM 879700102 1,020,600 50,400 x 50,400
TERA COMPUTER CO COM 88076P108 244,513 31,550 2 1 31,550
TEXACO INC COM 881694103 161,356 2,574 2 2 2,574
TEXACO INC COM 881694103 313,435 5,000 x 5,000
TEXAS UTILITIES CO COM 882848104 201,939 4,337 2 1 4,337
THERMO VOLTEK CORP COM 883602104 596,913 90,100 x 90,100
THERMWOOD CORP NEW COM 883672305 182,513 18,600 x 18,600
TIME WARNER INC (HOLDING C COM 887315109 2,126,005 24,280 2 1 400 23,880
TIME WARNER INC (HOLDING C COM 887315109 1,696,076 19,370 2 2 19,370
TODD AO CORP CL A COM 888896107 109,150 14,800 2 2 14,800
TODAYS MAN INC COM 888910106 107,065 85,652 x 85,652
TORCHMARK CORP COM 891027104 219,216 6,100 2 1 6,100
TORCHMARK CORP COM 891027104 100,624 2,800 2 2 2,800
TOTAL CONTAINMENT INC. COM 89149T101 322,633 56,110 x 56,110
TOWN & COUNTRY CONV 6% PFD COM 892027400 1,762 14,093 x 14,093
TRAK AUTO CORP COM 892887100 68,750 10,000 x 10,000
TRAVELERS INC COM 894190107 387,938 10,345 2 1 10,345
TRAVELERS INC COM 894190107 1,556,213 41,499 2 2 41,499
TRIATHLON BROADCASTING CO COM 89589P106 1,713,559 173,525 x 173,525
TRIKON TECHNOLOGIES INC PF COM 896187986 156,519 34,782 x 34,782
TRION INC COM 896726106 96,900 20,400 x 20,400
SUMITOMO BANK OF CALIFONIA COM 898600101 652,004 17,158 x 17,158
TYCO INTERNATIONAL LTD COM 902124106 1,523,795 27,580 2 1 400 27,180
TYCO INTERNATIONAL LTD COM 902124106 442,000 8,000 2 2 8,000
TYCO INTERNATIONAL LTD COM 902124106 276,250 5,000 x 5,000
UDC HOMES SER C SUB NTS 0% COM 90264JAA8 11,243 89,940 x 89,940
UST CORP COM 902900109 214,901 10,113 x 10,113
USB HOLDING CO INC COM 902910108 690,897 44,574 x 44,574
US SERVIS INC COM 902941103 743,208 162,895 x 162,895
U S RENTAL INC (usr) COM 902966100 2,868,480 124,500 x 124,500
UNUM CORP COM 903192102 112,293 2,260 2 1 2,260
UNUM CORP COM 903192102 89,437 1,800 2 2 1,800
US DIAGNOSTIC INC COM 90328Q108 62,000 32,000 x 32,000
USCS INTERNATIONAL INC COM 90330X109 1,587,200 49,600 x 49,600
UNILEVER NV-- NEW YORK SHA COM 904784501 306,250 5,000 2 2 5,000
UNILEVER NV-- NEW YORK SHA COM 904784501 122,500 2,000 2 1 2,000
UNIQUE CASUAL RESTAURANT COM 90915K100 789,800 143,600 x 143,600
UNIT INSTRUMENTS INC COM 90921C100 472,865 102,241 x 102,241
U S HOMECARE CORP COM 911819100 4,220 10,000 2 1 10,000
UNITED STATES LEATHER INC COM 912134103 466,340 186,536 x 186,536
UNITED STATES SURGICAL COR COM 912707106 9,471,400 227,200 x 227,200
US WEST MEDIA GROUP COM 912889201 634,560 14,280 2 1 14,280
US WEST MEDIA GROUP COM 912889201 177,748 4,000 2 2 4,000
US WEST MEDIA GROUP COM 912889201 222,185 5,000 x 5,000
UNITEL VIDEO INC COM 913253100 31,200 10,400 x 10,400
UNITY BANCORP INC-DEL (unt COM 913290102 242,038 20,599 x 20,599
VIACOM INC COM 925524100 208,035 3,618 2 1 3,618
VIDEO UPDATE INC-CL A COM 92657V104 118,618 118,618 x 118,618
VISKASE COMPANIES INC COM 92831R102 384,800 96,200 x 96,200
VLASIC FOODS INTERNATIONAL COM 928559103 93,435 5,000 2 2 5,000
VLASIC FOODS INTERNATIONAL COM 928559103 108,385 5,800 x 5,800
WCI STEEL ESCROW COM 92923J984 0 115,000 x 115,000
WRT ENERGY CORP WTS COM 92931K130 0 12,000 x 12,000
WRT CREDITORS LIQUIDATING COM 92931K965 0 126,667 x 126,667
WALSHIRE ASSURANCE CO COM 933132102 654,751 85,869 x 85,869
WASHINGTON MUTUAL INC COM 939322103 236,250 7,000 2 1 7,000
WASHINGTON MUTUAL INC COM 939322103 270,000 8,000 x 8,000
WASTE MANAGEMENT INTL PLC COM 940906100 3,794,425 329,950 x 329,950
WAYNE BANCORP INC-DEL COM 944291103 1,355,200 48,400 x 48,400
WEATHERFORD INTERNATIONAL COM 947074100 847,484 39,190 2 1 166 39,024
WEATHERFORD INTERNATIONAL COM 947074100 417,492 19,306 2 2 19,306
WEATHERFORD INTERNATIONAL COM 947074100 108,125 5,000 x 5,000
WELLS FARGO CO COM 949740104 5,857,500 16,500 x 16,500
WESBANCO INC COM 950810101 455,260 17,510 x 17,510
WEST CO INC COM 953348109 540,500 18,800 x 18,800
WESTERN RESOURCES INC COM 959425109 674,413 16,300 2 1 16,300
WEYCO GROUP INC. COM 962149100 816,863 30,825 x 30,825
WHITMAN CORP COM 96647K102 675,729 42,400 2 1 42,400
WHITTAKER CORP NEW COM 966680407 332,170 22,425 x 22,425
WILLIAMS COMPANIES INC COM 969457100 759,000 26,400 2 1 26,400
WILLIAMS COMPANIES INC COM 969457100 212,750 7,400 2 2 7,400
WORKFLOW MANAGEMENT INC COM 98137N109 132,792 22,846 x 22,846
WM WRIGLEY JR CO COM 982526105 683,433 9,000 2 2 9,000
XEROX CORP COM 984121103 406,800 4,800 2 1 4,800
XTRA CORP COM 984138107 1,513,281 32,500 x 32,500
CHAUVCO RESOURCES INTL LTD COM G19472102 0 137,928 x 137,928
COMCAST UK CABLE PARTNERS COM G22984101 4,129,700 270,800 x 270,800
WESSEX WATER PLC-ORD 60P COM G9542T188 2,140,480 200,000 x 200,000
TELEDATA COMMUNICATION LTD COM M8762U100 1,041,600 74,400 x 74,400
ELSAG BAILEY PROCESS COM N2925S101 947,813 45,000 x 45,000
ORTHOFIX INT NV COM N6748L102 319,471 27,189 x 27,189
ATLAS STEELS INC UTS 100 B COM NOT AVAIL 1,831,104 20,808 x 20,808
BENSONS CRISPS ORD 10p COM NOT AVAIL 8,813 12,500 x 12,500
EBS BUILDING LLC RSTD CL A COM NOT AVAIL 690,018 262,864 x 262,864
EBS LITIGATION LLC RSTD CL COM NOT AVAIL 550,741 775,692 x 775,692
EBS PENSION LLC RSTD CL A COM NOT AVAIL 20,311 58,030 x 58,030
ROBERT WALTERS ORD 5P COM NOT AVAIL 713,496 150,000 x 150,000
TLC BEATRICE COM NOT AVAIL 765,000 15,000 x 15,000
TRIKON TECHNOLOGIES INC RS COM NOT AVAIL 34,501 276,004 x 276,004
WALHALLA MINING CO NL-ORD COM Q95233146 324 12,000 2 1 12,000
AMERITRUCK DIST CORP 12.25 FIXED 03071XAC9 1,287,500 51,500 x 51,500
BANK OF NEW ENGLAND NOTE 9 FIXED 063840AC6 2,245,800 29,550 x 29,550
CLARIDGE HOT & CASINO 11.7 FIXED 180476AA1 1,649,600 20,620 x 20,620
COLOR TILE INC SR NT 10.75 FIXED 196267AD0 192,313 153,850 x 153,850
FPA MEDICAL MGMT 6.5% 12/1 FIXED 302543AD5 99,750 28,500 x 28,500
FAMILY RESTAURANTS 9.75% 2 FIXED 307054AA4 1,650,000 30,000 x 30,000
FARM FRESH INC SER A 12.25 FIXED 307669AE1 485,000 5,000 x 5,000
FIRST REPUB BK ESC 11.25% FIXED 3361609C2 0 13,250 x 13,250
FRUEHAUF TRAILOR CORP 14.7 FIXED 359397AA4 1,817,200 25,960 x 25,960
HARRAHS JAZZ FINCL 14.25% FIXED 413623AA7 430,000 20,000 x 20,000
HOME HOLDINGS INC SR NT 8. FIXED 436934AA1 31,500 15,000 x 15,000
HOME HOLDINGS INC SR NT 7. FIXED 436934AB9 191,940 91,400 x 91,400
HOME HOLD INC SR NT NEW 5. FIXED 436934AD5 2,578,950 26,050 x 26,050
HOME HOLD INC EON SER I 7/ FIXED 436934AE3 1,491,490 115 x 115
INTL SEMI TECH MICRO SR 11 FIXED 46031KAA9 200,000 10,000 x 10,000
LEVITZ FURN CORP SR NT 13. FIXED 527480AJ6 2,173,100 35,050 x 35,050
LOMAS FINCL CORP NEW SR CV FIXED 5415359A0 213,125 27,500 x 27,500
LOUISIANA ST AG FIN AUTH 8 FIXED 546418AB0 12,188 15,000 x 15,000
OLYMPIA YORK MAID LN 10.37 FIXED 681444AA3 2,042,880 26,880 x 26,880
P&C FOOD MKT SR NT 11.5% 1 FIXED 692766AE8 4,030,000 65,000 x 65,000
PLASMA & MATLS TECH 7.125% FIXED 72753MAA7 384,000 6,000 x 6,000
READ RITE CORP CV SUB 6.5% FIXED 755246AA3 285,000 5,000 x 5,000
SELLCO CORP 12% 12/15/04 ( FIXED 81641KAA8 98,751 79,001 x 79,001
SHARON STEEL DEBS SF 13.5% FIXED 819785AB2 0 17,500 x 17,500
SOUTHEAST BK CORP 10.5% 4/ FIXED 841338AD8 1,160,000 20,000 x 20,000
SPECIALTY FOODS ACQ CP 13% FIXED 847498AC6 135,000 15,000 x 15,000
SPECTRUM HOLOBYTE SUB NOTE FIXED 84762JAB6 961,000 9,610 x 9,610
SUNBEAM CORP CV 0% 3/25/18 FIXED 867071AA0 1,618,750 92,500 x 92,500
TRANS WORLD AIRLINE 8% 11/ FIXED 893349AV2 0 10,000 x 10,000
TRUMPS CASTLE 11.75% 11/15 FIXED 898178AE8 351,983 4,484 x 4,484
WRT ENERGY CORP 13.875% 3/ FIXED 92931KAB2 0 15,000 x 15,000
WIRELESS ONE INC SR 13% 10 FIXED 97652HAB5 320,000 20,000 x 20,000
BANKERS TRUST OCT 60 PUT PUT 0663659V1 32,500 10,000 x 10,000
RUSSELL 2000 INDEX OCT 335 PUT 12484L9V7 43,750 12,500 x 12,500
DEUTSCHE MARK CURRENCY DEC PUT 6929059X2 3,125 31,250 x 31,250
SUNBEAM CORP INC OCT 7.5 A PUT 8670719V6 11,250 12,000 x 12,000
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REPORT TOTAL 633,895,844
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</TABLE>
