FORM 13F
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F COVER PAGE
If amended report check here [ ]
Name of Institutional Investment Manager:
Forest Investment Management, LLC
13F File Number:
28-7052
Business Address (Street, City, State and Zip Code):
53 Forest Avenue, Old Greenwich, CT 06870
Name, Phone, and Title of Person Authorized to Submit
This Report:
Michael A. Boyd, (203) 637-7773
Report for the Calendar Year or Quarter Ended:
March 31, 1999
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 the Securities
Exchange Act of 1934, the undersigned institutional
investment manager has caused this report to be signed
on its behalf in the City of Old Greenwich, State of
Connecticut on the 30th day of April, 1999.
FOREST INVESTMENT MANAGEMENT, LLC
By: Michael A. Boyd, Chairman
Report Type:
13F Holdings Report
List of other managers reporting for this manager:
NA
Summary Page
Report Summary:
Other Managers: NA
Information Table Entry Total:156
Information Table Value Total:$900,704
<TABLE> <C> <C>
Name of Issuer Title of Class Cusip Fair Shares of Investment DiscretManagers Voting Authority
Market ValuePrincipal AmSole Shared None Sole Shared None
ACTIVISION INC NEW SUB NT CV 14 004930AA1 864,969 1,000,000x NA x
ALZA CORP DEL SUB DB CONV 022615AD0 5,180,936 4,500,000x NA x
AMERICA ONLINE INC DEL SUB NT CONV 02364JAB0 19,041,739 1,702,000x NA x
ARCH COMMUNICATIONS GROUP INC SDBCV144A6.7 039381AA6 2,365,012 6,864,000x NA x
ARMCO INC PFD CVA $3.6 42170407 1,692,150 38,900x NA x
ARV ASSISTED LIVING INC SB NT CV 144 00204CAA5 5,546,000 11,800,000x NA x
ASPECT TELECOMMUNICATIONS CORP SD CV ZRO 14 045237AB0 4,204,266 22,000,000x NA x
ATRIX LABS INC SB NT CV 144 04962LAA9 3,247,200 3,960,000x NA x
AUTOMATIC COM EXCH SEC TR II TRACES RW 05300A202 3,938,400 300,000x NA x
AVADO FING I TERM CV A $3 05336Q205 5,953,033 191,100x NA x
AVATAR HLDGS INC SUB NT CONV 053494AD2 1,478,488 1,718,000x NA x
AVIRON SB NT CV 5.7 053762AC4 1,740,304 2,000,000x NA x
BAKER J INC SUB NT CONV 057232AA8 6,798,896 10,534,000x NA x
BEAZER HOMES USA INC PFD CV EX A 07556Q204 4,514,911 159,700x NA x
BJ SVCS CO WT EXP 0413 55482111 2,108,269 108,700x NA x
BLUEGREEN CORP SB DB CV 8.2 096231AA3 1,964,726 2,435,000x NA x
BRIGHTPOINT INC SB LYON ZERO 109473AC2 4,521,752 18,500,000x NA x
CALIFORNIA MICROWAVE INC DEB CONV 5.2 130442AA4 2,484,968 3,840,000x NA x
CALLON PETE CO DEL PFD A CV EXC 13123X201 2,754,688 102,500x NA x
CAREMATRIX CORP SB NT CV 6.2 141706AC5 6,288,544 7,430,000x NA x
C-CUBE MICROSYSTEMS INC SBNT CV 5.87 125015AA5 607,200 660,000x NA x
CELLSTAR CORP SUB NT CV 14 150925AA3 332,244 440,000x NA x
CELLSTAR CORP SUB NT CONV 150925AC9 4,363,480 5,750,000x NA x
CENTOCOR INC SB DB CV 4.7 152342AE1 15,560,000 16,000,000x NA x
CENTRAL GARDEN & PET CO SBNTCV 144A 153527AA4 667,500 750,000x NA x
CENTRAL GARDEN & PET CO SUB NT CONV 153527AC0 3,604,500 4,050,000x NA x
CHANCELLOR MEDIA CORP PFD CONV EX 158915405 7,663,939 80,250x NA x
CHECKPOINT SYS INC SB DB CV 5.2 162825AB9 5,393,842 7,647,000x NA x
CHIEFTAIN INTL FDG CORP PFD CV $1.81 168672202 7,528,400 342,200x NA x
CHIQUITA BRANDS INTL INC PFD A NON VT 170032403 6,321,600 175,600x NA x
CINCINNATI FINL CORP SR CV DB 5. 172062AB7 14,668,199 5,988,000x NA x
CITIZENS UTILS TR PFD EPPICS C 177351202 1,280,000 32,000x NA x
CNET INC SB NT CV 144 125945AA3 27,834,000 20,000,000x NA x
COEUR D ALENE MINES CORP IDAHO SB DB CV 7.2 192108AG3 2,110,244 3,605,000x NA x
COEUR D ALENE MINES CORP IDAHO SB DB CV 144 192108AF5 6,608,692 11,290,000x NA x
COMVERSE TECHNOLOGY INC SUB DB CV 4. 205862AG0 18,000,884 12,325,000x NA x
CONTINENTAL AIRLS INC SB NT CV 6.7 210795AS9 17,222,463 13,685,000x NA x
CRESCENT REAL ESTATE EQUITIES PFD CV A 6.7 225756204 2,369,400 150,000x NA x
DATA GEN CORP SUB NT CONV 237688AG1 3,264,527 4,150,000x NA x
DRS TECHNOLOGIES INC SR SB DB CV 23330XAB6 6,322,389 6,247,000x NA x
EL PASO ENERGY CAP TR I PFD CV TR SE 283678209 5,673,862 121,100x NA x
EMCOR GROUP INC SB NT CV 5.7 29084QAC4 4,336,610 5,000,000x NA x
EMERITUS CORP SDCV144A 6.2 291005AA4 2,917,031 4,375,000x NA x
EQUITY RESIDENTIAL PPTYS TR PFD CV J $2. 29476L826 3,461,471 131,700x NA x
FAMILY GOLF CTRS INC SB NT CV 5.7 30701AAC0 10,232,096 17,000,000x NA x
FEDERATED DEPT STORES INC DEL WT C EX 1219 31410H119 1,189,260 78,300x NA x
FEDERATED DEPT STORES INC DEL WT D EX 1219 31410H127 3,039,660 203,300x NA x
FINANCIAL FED CORP SUB NT CV 4. 317492AC0 6,407,029 7,423,000x NA x
FIRST UN REAL EST EQ&MTG INVTS PFD CONV SER 337400303 573,105 27,100x NA x
FNB CORP PA PFD CV SER B 302520200 575,356 11,100x NA x
FREEPORT-MCMORAN COPPER & GOLD PFD CV 0.05S 35671D501 1,587,146 100,600x NA x
FUISZ TECHNOLOGIES LTD SB DB CV 359536AB5 310,031 441,000x NA x
FUISZ TECHNOLOGIES LTD SB DB CV 144 359536AA7 2,467,594 3,520,000x NA x
GENZYME CORP SB NT CV 5.2 372917AF1 20,213,522 14,000,000x NA x
GLOBAL TELESYSTEMS GROUP SRSB BD CV14 37936UAA2 1,398,440 500,000x NA x
GOLDEN ST BANCORP INC WT EXP 0821 381197128 2,083,419 136,100x NA x
GST TELECOMMUNICATIONS INC SSBDISC144AC 361942AA3 4,423,500 3,600,000x NA x
HECTOR COMMUNICATIONS CORP SB DB CONV8. 422730AA9 681,980 679,000x NA x
HEXCEL CORP SB DEB CV 428290AA8 561,052 791,000x NA x
HEXCEL CORP NEW SUB NT CV 428291AA6 1,982,859 2,459,000x NA x
HMT TECHNOLOGY CORP SB NT CV 5.7 403917AD9 6,905,000 13,810,000x NA x
HOMEBASE INC SB NT CV 144 43738EAA6 1,423,498 2,000,000x NA x
HOMEBASE INC SB NT CV 5.2 43738EAB4 5,034,057 7,080,000x NA x
HOWELL CORP PFD A CV $3. 443051206 1,760,000 100,000x NA x
HUTCHINSON TECHNOLOGY INC SB NT CV 448407AC0 12,947,701 11,930,000x NA x
ICO HLDGS INC PFD CV DEP 1 449293307 525,414 46,459x NA x
IMC GLOBAL INC WT EXP 1222 449669118 258,259 516,517x NA x
INTERIM SVCS INC SUB NT CV 4. 45868PAA8 1,156,389 1,500,000x NA x
INTERMAGNETICS GEN CORP SBDB144A 5.7 458771AB8 4,300,000 5,375,000x NA x
ITRON INC SB NT CV 144 465741AA4 270,516 383,000x NA x
ITRON INC SB NT CV 6.7 465741AC0 1,804,347 2,556,000x NA x
JACOR COMMUNUNICATIONS INC WT EXP 0918 469858146 3,956,565 920,688x NA x
KELLSTROM INDS INC SB NT CV 5. 488035AE6 1,017,563 1,325,000x NA x
KELLSTROM INDS INC SB NT CV 5.7 488035AC0 6,794,550 8,255,000x NA x
KMART FING I PFD TRCV 7.7 498778208 4,793,048 80,000x NA x
LEASING SOLUTIONS INC SUBNTCV 6.87 522113AA7 291,088 2,690,000x NA x
LONE STAR INDS INC WT EXP 1231 542290119 18,883,220 434,100x NA x
LORAL SPACE & COMMUNICATIONS PFD CONV C 6 G56462149 6,749,835 150,000x NA x
MAGNA INTL INC SUB DEB CV 5 559222AE4 27,634,539 25,085,000x NA x
MARSH SUPERMARKETS INC SUB DB CONV 571783AB5 3,158,740 3,292,000x NA x
MASCOTECH INC SBDB CONV 4. 574670AB1 3,905,265 5,000,000x NA x
MERCURY AIR GROUP INC SB DB CV 7.7 589354AA7 1,688,383 1,782,000x NA x
METRICOM INC SB NT CONV 591596AC5 322,781 550,000x NA x
METROMEDIA INTL GROUP INC PFD CONV % 591695200 10,412,756 390,175x NA x
MICHAELS STORES INC SUB NT CV4.7 594087AC2 491,925 525,000x NA x
NATIONAL DATA CORP SUB NT CONV 635621AA3 3,051,999 2,950,000x NA x
NORTH AMERN VACCINE INC SB NT CV 144 657201AA7 364,381 750,000x NA x
NORTHWEST NAT GAS CO DEB CONV 7.2 667655AM6 809,371 740,000x NA x
OAK INDS INC SB NT CV4.87 671400AL3 3,550,449 3,500,000x NA x
OCCIDENTAL PETE CORP DEL PFD CV $3 C 674599790 3,307,898 67,400x NA x
OMNICARE INC SUB DEB CV 681904AD0 806,525 1,000,000x NA x
PENN TREATY AMERN CORP SB NT CV 144 707874AA1 4,226,186 4,100,000x NA x
PENN TREATY AMERN CORP SB NT CV 6.2 707874AC7 7,060,761 6,850,000x NA x
PERSONNEL GROUP AMER INC SB NT CV 5.7 715338AE9 6,821,613 9,000,000x NA x
PETSMART INC SB NT CV 6.7 716768AB2 16,633,590 15,000,000x NA x
PHILIPPINE LONG DISTANCE TEL SPN GLB DEP 718252703 10,882,159 230,500x NA x
PIER 1 IMPORTS INC SB NT CV 5.7 720279AF5 17,280,300 15,000,000x NA x
PIONEER FINL SVCS INC SUB NT CV 6. 723672AE1 14,494,039 12,836,000x NA x
PLATINUM TECHNOLOGY INTL INC SB NT CV 6.2 72764TAD3 8,032,500 8,500,000x NA x
PLATINUM TECHNOLOGY INTL INC SB NT CV 6.7 72764TAA9 26,540,625 14,250,000x NA x
POTOMAC ELEC PWR CO DEB CONV 737679BL3 2,075,550 2,055,000x NA x
PRIDE INTL INC SB DB CV 6.2 741932AA5 4,478,103 5,050,000x NA x
QUADRAMED CORP SB DB CV 5.2 74730WAC5 5,743,880 10,000,000x NA x
QUANEX CORP SB DB CV 6.8 747620AC6 18,146,804 21,229,000x NA x
QUINTILES TRANSNATIONAL CORP SB NT CV 4.2 748767AC4 2,129,876 2,000,000x NA x
READERS DIGEST AUTO COM EXCH TRACES 755271202 300,000 10,000x NA x
RECKSON ASSOCS RLTY CORP PFD CV SER A 75621K205 1,724,954 86,000x NA x
REPTRON ELECTRONICS INC SB NT CV 6.7 76026WAA7 2,028,363 4,450,000x NA x
RES-CARE INC SR NT CONV 760943AC4 4,123,507 3,200,000x NA x
RES-CARE INC SB NT CV 144 760943AA8 5,625,547 4,365,000x NA x
ROBBINS & MYERS INC SUB NT CV 6. 770196AA1 13,382,545 15,362,000x NA x
ROUSE CO PFD CONV SER 779273309 1,904,695 50,000x NA x
S3 INC SB NT CV 5.7 784849AC5 1,256,539 1,650,000x NA x
SABRATEK CORP NT CV 78571UAA6 1,212,750 1,925,000x NA x
SBS BROADCASTING SA SB DB CV 7.2 805906AA2 14,898,322 12,924,000x NA x
SEACOR SMIT INC SUBNTCV 5.37 811904AE1 13,137,072 12,996,000x NA x
SEALED AIR CORP NEW PFD CV A $2 81211K209 9,625,749 196,200x NA x
SENSORMATIC ELECTRS CORP PFD 1/10CV6. 817265200 3,518,771 199,650x NA x
SEPRACOR INC SB DB CV 6.2 817315AE4 980,555 400,000x NA x
SEQUA CORPORATION PFD CONV $5 817320302 9,467,500 108,200x NA x
SINCLAIR BROADCAST GROUP INC PFD CV EXCH 829226505 6,174,645 148,500x NA x
SKYTEL COMMUNICATIONS INC PFD CV EX$2. 83087Q302 5,018,415 174,700x NA x
SOUTHERN PAC FDG CORP SB NT CV 6.7 843576AA7 3,146,290 25,150,000x NA x
SPACEHAB INC SB NT CV 144 846243AA1 436,325 600,000x NA x
SPEEDWAY MOTORSPORTS INC SB DB CV 5.7 847788AC0 2,155,056 1,488,000x NA x
SPRINT CORP DECS EXCH 20 852061407 2,958,251 41,200x NA x
STATION CASINOS INC PFD CONV 857689202 11,188,950 230,700x NA x
STILLWATER MNG CO SUB NT CONV 86074QAC6 19,916,066 13,421,000x NA x
SUN HEALTHCARE GROUP INC SD CV 144A 866933AA2 572,112 2,910,000x NA x
SUNRISE ASSISTED LIVING INC SB NT CV 144 86768KAA4 1,336,000 1,000,000x NA x
SUNRISE ASSISTED LIVING INC SUB NT CV 5. 86768KAC0 21,629,840 16,190,000x NA x
SYNETIC INC SUB DB CONV 87160FAB5 15,602,758 15,150,000x NA x
SYSTEM SOFTWARE ASSOC INC SB NT CV 7% 871839AA4 2,593,750 5,000,000x NA x
SYSTEMS & COMPUTER TECHNOLOGY SUB DB CONV 871873AB1 3,398,079 4,750,000x NA x
TELXON CORP SUB DB CV 7. 879700AA0 734,277 1,096,000x NA x
TESORO PETE CORP PIES CV 1/10 881609408 1,125,200 92,800x NA x
THERMOQUEST CORP GTDSDCV 144A 883655AA0 1,831,257 1,860,000x NA x
TITAN CORP SB DB CV 8.2 888266AA1 2,346,540 1,554,000x NA x
TOWER AUTOMOTIVE INC SB NT CV 891707AE1 10,151,601 10,750,000x NA x
U S DIAGNOSTIC INC SRSBDBCV144A 90328QAA6 452,965 734,000x NA x
UNISYS CORP PFD A CV $3. 909214207 35,797,889 703,644x NA x
UNITED STATES CELLULAR CORP LYON ZERO 911684AA6 5,520,000 12,000,000x NA x
UNITED STATES FILTER CORP NEW SUB NT CV 4. 911843AF7 2,968,425 3,000,000x NA x
VERITAS SOFTWARE CO SB NT CV 5.2 923436AB5 5,365,319 2,598,000x NA x
VETERINARY CTRS AMER INC SB DB CV 5.2 925514AB7 1,762,500 2,350,000x NA x
WALBRO CAP TR PFD CONV TR 931152201 3,103,887 179,200x NA x
WANG LABS INC NEW PFD 1/20B 6. 93369N604 5,024,413 111,500x NA x
WENDYS FING I TECONS SER A 950588202 1,269,192 21,100x NA x
WESTERN DIGITAL CORP SD CV ZERO14 958102AF2 3,647,316 17,000,000x NA x
WESTERN DIGITAL CORP SB DB CV ZER 958102AH8 3,728,879 17,380,000x NA x
WHX CORP PFD CV SER A 929248201 15,891,701 460,629x NA x
WMX TECHNOLOGIES INC SUB NTS CV 92929QAF4 11,807,988 12,300,000x NA x
WORLD ACCESS INC SB NT CV 4. 98141AAC5 2,128,293 3,830,000x NA x
WORLD ACCESS INC SB DB CV 144 98141AAA9 3,772,347 6,790,000x NA x
YOUTH SVCS INTL INC SUB DB CONV 987816AB1 7,507,500 9,750,000x NA x
ZYDECO ENERGY INC WT EXP 0101 989854112 2,926 30,900
900,703,646 752,800,012
</TABLE>
