UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Quarter Ended: MARCH 31, 1999
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: PACIFIC LIFE INSURANCE COMPANY
Address: 700 Newport Center Drive
Newport Beach, CA 92660
13F File Number: 28-351
The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person
signing the report is authorized to submit it, that all
information contained herein is true, correct and complete, and
that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of
this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Yves Pinkowitz
Title: VP, Securities Administration
Phone: 949-219-5093
Signature, Place, and Date of Signing
Yves Pinkowitz Newport Beach, CA May 11, 1999
Report Type (Check only one.):
[X] 13F Holdings Report.
[ ] 13F Notice.
[ ] 13F Combination Report.
List of Other Managers Reporting for this Manager:
None
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934
<PAGE>
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 241
Form 13F Information Table Value Total: $10,926,367
List of Other Included Managers:
None
<PAGE>
PACIFIC LIFE INSURANCE COMPANY
SEC REPORT 13-F
AS OF : 03/31/1999
<TABLE>
NAME OF ISSUER CLASS CUSIP FAIR MKT SHARES OR SH/ INVEST VOTING
VALUE PRINCIPAL PRN DISCRETION AUTHORITY
$(000) AMOUNT
<S> <C> <C> <C> <S> <C>
AC INTL FIN CO GTD CONV BD EURO DEB G00714AK4 6420 6000000 PRN SOLE 0
ADAPTEC INC CONV SUB NT 144A DEB 00651FAA6 412 500000 PRN SOLE 0
ADVANCED MICRO DEVICES CONV SUB NT DEB 007903AC1 1438 2000000 PRN SOLE 0
AES CORP CONV JR SUB NT DEB 00130HAN5 1423 1500000 PRN SOLE 0
AES TRUST II CONV PFD SER B $50 PAR PFD 001034305 863 20000 SH SOLE 0
AIRTOUCH COMM CONV PFD CL C $50 PAR PFD 00949T308 1560 11600 SH SOLE 0
ALBERTO CULVER CO CL A COM 13068200 542 25500 SH SOLE 25500
ALLIED CAPITAL CORP COM 01903Q108 772 42034 SH SOLE 42034
ALTUS CORP COM 02215P101 0 48698 SH SOLE 48698
ALZA CORP SUB DEB CONV DEB 022615AD0 1159 1000000 PRN SOLE 0
AMAZON.COM INC CONV SUB 144A DEB 023135AD8 1905 1500000 PRN SOLE 0
AMERICAN BUYING RETIREMENT SVCS INC COM 02480#101 1428 204000 SH SOLE 204000
AMERICAN BUYING RETIREMENT SVCS WRNTS COM 02480#9C3 0 11429 SH SOLE 11429
AMERICAN GEN CONV PFD MIPS $50 PAR PFD 02637G200 2730 30500 SH SOLE 0
AMERICAN TELEPHONE & TEL COM 001957109 1312 16437 SH SOLE 16437
ATHENA NEUROSCIENCES CONV 144A DEB 046854AA3 609 500000 PRN SOLE 0
ATHENA NEUROSCIENCES INC CONV DEB 046854AB1 1213 1000000 PRN SOLE 0
AUTOMATIC DATA PROCESSING CONVPT 2/20/97 DEB 053015AC7 2143 2000000 PRN SOLE 0
AVIRON CONV SUB NT 144A DEB 053762AA8 425 500000 PRN SOLE 0
AXA SA CONV EURO BOND DEB EC0974658 6073 3300000 PRN SOLE 0
BANGKO SENTRAL NG PILIPINAS SR UNSEC NT DEB 871928AP2 3077 24000000 PRN SOLE 0
BANGKO SENTRAL NG PILIPINAS SR UNSEC NT DEB 871928AM9 12760 100000000 PRN SOLE 0
BANGKOK BK PUB CO EURO CONV DEB DEB Y0606RAA9 1172 2500000 PRN SOLE 0
BBN CORP CONV DEB DEB 055283AA3 1450 1500000 PRN SOLE 0
BEA SYSTEMS INC CONV SUB NT 144A DEB 073325AA0 384 500000 PRN SOLE 0
BELL ATLANTIC FIN SRV (TEL)CONV 144A DEB 07785GAB6 28024 26500000 PRN SOLE 0
BELL ATLANTIC FINL SERV REGS CONV DEB U0778KAD4 4400 4000000 PRN SOLE 0
BOYD GAMING CORP COM 103304101 213 50000 SH SOLE 50000
BRANDES INTERNATIONAL EQUITY COM 552748105 2161 182388.69 SH SOLE 182388.69
BRUNSWICK RUSSIAN EMRG EURO EQUITIES TR COM L12577109 542 306122 SH SOLE 306122
BUDGET GR CP TR CONV PFD$50PAR PT6/15/05 PFD 119001303 713 20000 SH SOLE 0
CALENERGY CAP TR CONV PFD $50 PAR PFD 129465308 518 10000 SH SOLE 0
CALENERGY CAP TR CONV PFD $50 PAR 144A PFD 129465209 518 10000 SH SOLE 0
CALENERGY CAP TR II CNV PFD $50PAR 144A PFD 12946P205 455 10000 SH SOLE 0
CALENERGY CAP TR III CNV PFD $50PAR 144A PFD 12946N200 1100 25000 SH SOLE 0
CALIF ECONOMIC DEV LENDING CL D COM 13017@102 250 250000 SH SOLE 250000
CENDANT CORP CONV PFD $50PAR PRIDES PFD 151313301 1153 40000 SH SOLE 0
CENTOCOR INC CONV SUB NT DEB 152342AE1 1940 2000000 PRN SOLE 0
CGA GROUP LTD CLASS A COM G1252#102 11409 3341703.07 SH SOLE 3341703.07
CGA GROUP LTD SER C CONV PFD $.01PAR PFD G1252#9A1 15830 10553309 SH SOLE 0
CGA GROUP LTD WRNT COM G1252#136 0 200000 SH SOLE 200000
CHANCELLOR MEDIA CORP CONV PFD $50 PAR PFD 158915306 1321 10000 SH SOLE 0
CHEVRON CORP COM 166751107 960 10817 SH SOLE 10817
CHIQUITA BRANDS CONV SUB DEB DEB 170032AH9 1285 1360000 PRN SOLE 0
CIBA SPEC CHEM INV CONV EURO DEB G2133DAA8 844 1000000 PRN SOLE 0
CITIZENS UTILITIES CO CONV PFD$50 PAR PFD 177351202 224 5600 SH SOLE 0
CITRIX SYS INC CONV SUB DEB PUT3/22/04 DEB 177376AA8 1360 4000000 PRN SOLE 0
CLEAR CHANNEL COMM CONV NT DEB 184502AB8 1230 1000000 PRN SOLE 0
CNF TRUST I SER A CONV PFD $50 PAR PFD 12612V205 1665 30000 SH SOLE 0
COMMUNITY BANK OF THE BAY SER A COM 203485107 50 10000 SH SOLE 10000
CORNERSTONE PROPANE PARTNERS LP COM 218916104 35494 2244690 SH SOLE 2244690
COSMETIC THERAPEUTICS CONV PFD $1PAR PFD 22124#119 500 500000 SH SOLE 0
COSTCO COMPANIES INC CONV SUB NT DEB 22160QAC6 20188 19000000 PRN SOLE 0
COUNTRYWIDE EQUITY FUND CLASS A COM 221909500 1761 79593.46 SH SOLE 79593.46
COUNTRYWIDE INTERMEDIATE TERM GOVT FUND COM 221910201 1383 129021.57 SH SOLE 129021.57
CREDIT SUISSE FOB CONV SR MTN DTD 4/8/99 DEB 2254C0AM9 1008 1000000 PRN SOLE 0
CUC INTERNATIONAL INC CONV SUB NT DEB 126545AD4 905 1000000 PRN SOLE 0
CUC INTERNATIONAL INC CONV SUB NT 144A DEB 126545AB8 10408 11500000 PRN SOLE 0
CYMER INC CONV SUB DEB STEP UP 144A DEB 232572AA5 1209 1500000 PRN SOLE 0
DELTA ELECTR INDL CONV PT3/6/02 144A DEB 247629AA6 5069 4650000 PRN SOLE 0
DEVON FINANCING TR CONV PFD$50PAR 144A PFD 251910204 1040 20000 SH SOLE 0
DIAMOND OFFSHORE DRILL CONV SUB NT DEB 25271CAA0 2581 2500000 PRN SOLE 0
DOLE FOOD ACES TR CONV PFD $39.25 PAR PFD 256601204 766 25000 SH SOLE 0
EL PASO ENER CAP TRUST CONV PFD $50 PAR PFD 283678209 1425 40000 SH SOLE 0
EMSI HOLDING CO WTS COM 26871#115 0 146438.16 SH SOLE 146438.16
ESTEE LAUDER CO CONV PFD TRACES $60.88 PFD 518437207 1113 14000 SH SOLE 0
ETM ENTERTAINMENT NETWORK INC WRNT COM 2689456*8 0 75000 SH SOLE 75000
ETM ENTERTAINMENT NETWORK WRNT FOR STK COM 26894#9A1 0 30000 SH SOLE 30000
ETM ENTERTAINMENT NETWORK WRNT FOR STK COM 26894#9B2 0 60000 SH SOLE 60000
ETM ENTERTAINMENT NETWORK WRNT FOR STK COM 26894#9H8 0 25000 SH SOLE 25000
ETM ENTERTAINMENT NETWORK WRNT FOR STK COM 26894#9J0 0 100000 SH SOLE 100000
ETM ENTERTAINMENT NETWORK WRNT FOR STK COM 2689455*9 0 500000 SH SOLE 500000
ETM ENTERTAINMENT NETWORK WRNT FOR STK COM 29391#9E6 0 22909 SH SOLE 22909
ETM ENTERTAINMENT NETWORK WTS COM 26894#9K1 0 100000 SH SOLE 100000
EVERGREEN MEDIA CORP CONV PFD 144A 50PAR PFD 300248408 958 10000 SH SOLE 0
FAMILY GOLF CENTER INC CONV SUB NTS144A DEB 30701AAA4 303 500000 PRN SOLE 0
FAR EASTERN DEPT STORES CONV UNSUB EURO DEB Y24315AA4 948 1050000 PRN SOLE 0
FIDELITY MARKET INDEX FUND COM 315912204 519 5806.23 SH SOLE 5806.23
FINANCIAL FEDERAL CONV SUB NT 144A DEB 317492AA4 1780 2000000 PRN SOLE 0
FINLAYSON GLOBAL CORP ZERO CPN CONV 144A DEB 317897AC0 1030 1000000 PRN SOLE 0
FINOVA FINANCE TR CONV PFD $50 PAR PFD 31808E207 720 10000 SH SOLE 0
FLEXI INTERNATIONAL SOFTWARE INC COM 338923105 27 25396 SH SOLE 25396
FMC CORP CONV SUB BD EURO DEB U30249AA1 1601 1750000 PRN SOLE 0
FORMOSA CHEMICAL CONV EURO BD DEB Y25946AA5 13395 12000000 PRN SOLE 0
FRANCE TELECOM CONV BOND DEB F4113CCE1 7409 44030720 PRN SOLE 0
GALAXY INVESTORS LLC UNIT MEMBERSHIP INT COM 36172@104 130 130000 SH SOLE 130000
GENEVA STEEL WTS 144A COM 372252122 0 169800 SH SOLE 169800
GENZYME CORP CONV SUB NT 144A DEB 372917AE4 1436 1000000 PRN SOLE 0
GLOBAL CROSSING LTD COM G3921A100 18364 794100 SH SOLE 794100
GLOBAL TELESYSTEMS GRP INC CONV SR SUB DEB 37936UAE4 1185 1000000 PRN SOLE 0
GVC CORP CONV LTD 144A DEB 36237YAA2 1669 1500000 PRN SOLE 0
HEALTHSOUTH CORP CONV SUB DEB DEB 421924AF8 407 500000 PRN SOLE 0
HILTON HOTELS CORP CONV SUB NT DEB 432848AL3 2353 2500000 PRN SOLE 0
HOLLINGER INTL INC COM 435569108 312 23000 SH SOLE 23000
HOME DEPOT INC CONV SUB NT DEB 437076AE2 37905 14000000 PRN SOLE 0
HOST MARRIOTT FIN TR CONV PFD 144A $50 PFD 441079209 788 20000 SH SOLE 0
HOUSTON IND CONV PFD $46PAR(TIME WARNER) PFD 442161204 3013 25000 SH SOLE 0
HUANENG POWER INTL PLC CONV PT5/21/02 DEB 443304AA8 11651 13000000 PRN SOLE 0
HYSAN DEV FIN LTD CONV 144A DEB 40414JAB0 9950 10000000 PRN SOLE 0
INTERIM SERVICES INC CONV SUB NT DEB 45868PAA8 1545 2000000 PRN SOLE 0
INTERMEDIA COMM CONV PFD SER E $25PAR PFD 458801834 1300 50000 SH SOLE 0
INTERPUBLIC GROUP COS CONV SUB 144A DEB 460690AD2 3409 3000000 PRN SOLE 0
INTL PAPER CONV PFD $50 PAR 144A PFD 460137201 474 10000 SH SOLE 0
KMART FINANCING CONV PFD $50 PAR PFD 498778208 605 10000 SH SOLE 0
LARGE CAP VALUE VALUE PDB COM 694809815 10775 1054132.98 SH SOLE 1054132.98
LEAR CORP COM 521865105 775 18150 SH SOLE 18150
LERNOUT & HAUSPIE CONV PFD $50PAR 144A PFD 501608202 580 20000 SH SOLE 0
LIFE RE CAP TRUST II CONV PFD $66 PAR PFD 532163300 43147 567720 SH SOLE 0
LITE-ON TECH CORP ZERO CPN CONV 144A DEB 536759AB9 1038 1000000 PRN SOLE 0
LODGIAN CAP TRUST I CONV PFD $50PAR 144A PFD 540217106 380 20000 SH SOLE 0
LORAL SPACE & COMM CONV PFD SER C $50PAR PFD G56462149 475 10000 SH SOLE 0
LSI LOGIC CORP CONV SUB NT 144A DEB 502161AB8 597 500000 PRN SOLE 0
LUKINTER FINANCE BV CONV 144A DEB 549874AA3 3420 6000000 PRN SOLE 0
M FD INC ENHANCED US EQUITY COM 552748402 11152 589267.95 SH SOLE 589267.95
M FD INC FRONTIER APPRECIATION COM 552748303 10788 726474.64 SH SOLE 726474.64
M FD INC TURNER CORE GROWTH COM 552748204 4517 232478.49 SH SOLE 232478.49
MAGNA INTL INC CONV SUB DEB DEB 559222AG9 1998 2000000 PRN SOLE 0
MAGNA INTL INC CONV SUB DEB 144A DEB 559222AF1 499 500000 PRN SOLE 0
MARK IV INDUSTRIES CONV SUB NT DEB 570387AR1 813 1000000 PRN SOLE 0
MARK IV INDUSTRIES CONV SUB NT 144A DEB 570387AN0 1625 2000000 PRN SOLE 0
MASCOTECH INC CONV SUB DEB DEB 574670AB1 771 1000000 PRN SOLE 0
MCN CORP CONV PFD (PRIDES) $23 PAR PFD 55267J209 519 30000 SH SOLE 0
MCN ENERGY GROUP INC PFD 55267J308 962 30000 SH SOLE 0
MEDIAONE GROUP INC CONV PFD $58.13PAR PFD 58440J401 4138 50000 SH SOLE 0
MEDITRUST CONV DEB REIT DEB 58501TAC2 2706 2800000 PRN SOLE 0
MEDITRUST CONV SR NT DEB 58501TAG3 22111 22334000 PRN SOLE 0
MERRILL LYNCH CONV PFD (COX) $23 PAR PFD 590188777 878 14500 SH SOLE 0
MID CAP VALUE VALUE PDB COM 694809823 8298 824144.9 SH SOLE 824144.9
MONSANTO CO CONV PFD $40PAR (ACES) PFD 611662305 1395 30000 SH SOLE 0
MORGAN STANLEY GRP MAND CONV EXCHG AMD S PFD 617446455 170 10900 SH SOLE 0
NABORS INDUSTRIES CONV SUB NT DEB 629568AA4 1126 1000000 PRN SOLE 0
NAN YA PLASTICS CORP CONV UNSUB EURO DEB Y62061AA7 31402 27500000 PRN SOLE 0
NATL AUSTRALIA BANK LTD CONV PFD $25PAR PFD 632525309 1879 60000 SH SOLE 0
NEIGHBORHOOD DVLPMT BK SER A COM 639912104 60 10000 SH SOLE 10000
NETWORK ASSOC INC CONV SUB144A PT2/13/03 DEB 640938AA4 900 2500000 PRN SOLE 0
NEWELL FINANCIAL TR 1 PFD CONV $50 144A PFD 651195208 1105 20000 SH SOLE 0
NIPSCO INDS CONV PFD $50 PAR PFD 629140302 1010 20000 SH SOLE 0
NM HLDGS LLC CAPITAL CERT INT (FOX) COM 629204108 180 180000 SH SOLE 180000
NTL INCORPORATED CONV SUB NT 144A DEB 629407AK3 763 500000 PRN SOLE 0
OMNICOM GRP CONV SUB DEB PT01/03/03 DEB 681919AC0 2573 1000000 PRN SOLE 0
OWENS CRN CAP CONV PFD144AMIPSCUM $50PAR PFD 690733209 898 20000 SH SOLE 0
OWENS ILLINOIS INC CONV PFD $50PAR PFD 690768502 2186 60000 SH SOLE 0
P G & E CORPORATION COM 69331C108 245 7880 SH SOLE 7880
PACIFIC INNOVATIONS AGGRESSIVE GRWTH FD COM 694440603 4487 482473.5 SH SOLE 482473.5
PACIFIC INNOVATIONS BLUE CHIP FUND COM 694440405 28863 1799450.32 SH SOLE 1799450.32
PACIFIC INNOVATIONS CAP INCOME FUND COM 694440306 19982 1680551.89 SH SOLE 1680551.89
PACIFIC INNOVATIONS INTERNATIONAL FUND COM 694440801 5649 490367.08 SH SOLE 490367.08
PACIFIC INNOVATIONS MANAGED BOND FUND COM 694440207 12729 1257845.88 SH SOLE 1257845.88
PACIFIC INNOVATIONS MID-CAP EQUITY FUND COM 694440504 8300 604963.82 SH SOLE 604963.82
PACIFIC SELECT AGGRESSIVE EQTY COM 694809831 25888919763869.98 SH SOLE 19763869.98
PACIFIC SELECT BOND AND INCOMESERIES COM 694809864 20681516218731.51 SH SOLE 16218731.51
PACIFIC SELECT EMERGING MKTS COM 694809849 12902217298272.54 SH SOLE 17298272.54
PACIFIC SELECT EQUITY SERIES COM 694809856 604668 18824308.9 SH SOLE 18824308.9
PACIFIC SELECT EQUITY INCOME SERIES COM 694809609 137454349643032.45 SH SOLE 49643032.45
PACIFIC SELECT EQUITY INDEX SERIES COM 694809880 168184749716583.39 SH SOLE 49716583.39
PACIFIC SELECT GOVT SECURITIESSERIES COM 694809302 21498020068165.72 SH SOLE 20068165.72
PACIFIC SELECT GROWTH SERIES COM 694809500 25535011181101.23 SH SOLE 11181101.23
PACIFIC SELECT GROWTH LT COM 694809872 167664851601783.17 SH SOLE 51601783.17
PACIFIC SELECT HIGH YIELD BONDSERIES COM 694809401 42935246068769.88 SH SOLE 46068769.88
PACIFIC SELECT INTERNATIONAL SERIES COM 694809807 104584767358533.29 SH SOLE 67358533.29
PACIFIC SELECT MANAGED BOND SERIES COM 694809203 89046180162068.66 SH SOLE 80162068.66
PACIFIC SELECT MONEY MARKET SERIES COM 694809104 63444863041083.93 SH SOLE 63041083.93
PACIFIC SELECT MULTI STRATEGY SERIES COM 694809708 62370035631603.56 SH SOLE 35631603.56
PENNZENERGY CO SR CONV DEB DEB 70931QAA7 6656 6715000 PRN SOLE 0
PENNZENERGY CO SR CONV DEB DEB 70931QAB5 8990 9001000 PRN SOLE 0
PEP BYS MANNY MOE&JACK SUB CNV PT9/20/01 DEB 713278AJ8 9049 17700000 PRN SOLE 0
PHILA CONS HLDG CONV $10 PAR PRIDES PFD 717528301 472 50000 SH SOLE 0
PIMCO CAPITAL APPRECIATION FUND COM 69338T864 2676 105630.69 SH SOLE 105630.69
PIMCO MID CAP EQUITY FUND COM 69338T625 5225 361856.91 SH SOLE 361856.91
POTOMAC ELECTRIC POWER CO CONV DEB DEB 737679BT6 8309 8700000 PRN SOLE 0
PREMIER FARNELL CONV PFD $1.35$25 PAR PFD 74050U206 355 20000 SH SOLE 0
PREMIER PARKS INC CONV PFD $54 PAR PFD 740540307 695 10000 SH SOLE 0
PRIDE INTL CONV SUB ZERO CPN PT4/24/03 DEB 741932AB3 253 1000000 PRN SOLE 0
PRISON REALTY CORP COM 74264N105 76280 5023346 SH SOLE 5023346
PRIVATE HEALTH CARE SYSTEM INC CL B COM 74266#118 560 2000 SH SOLE 2000
QUALCOMM FINL TR INC CONV CUM PFD$50PAR PFD 74752R204 906 10000 SH SOLE 0
QWEST TRENDS TR CONV PFD$41.75 PAR 144A PFD 74912L105 1954 30000 SH SOLE 0
RALSTON PURINA CO CONV PFD $62 PAR PFD 751277401 900 20000 SH SOLE 0
REIT VALUE PDB COM 694809781 3071 316325.35 SH SOLE 316325.35
RENAL TREATMENT CNTRS CNV BOND144A DEB 759671AA8 575 750000 PRN SOLE 0
REPUBLIC INDUSTRIES INC CONV (TRACERS) PFD 05300A202 290 20000 SH SOLE 0
RITE AID CORP CONV SUB NT DEB 767754AL8 3068 3000000 PRN SOLE 0
ROCHE HLDGS CONV LYON PUT4/20/99 144A DEB 771196AC6 6007 12000000 PRN SOLE 0
ROGERS COMM INC CONV DEB 775109AE1 1525 2000000 PRN SOLE 0
SAGE ANALYTICS INTL STK/WTS COM 7866252*3 17 33333 SH SOLE 33333
SALOMON INC-FSA CONV PFD $26.62 PAR PFD 79549B800 1223 30000 SH SOLE 0
SALOMON-CINC BELL CNV PFD DECS $55.75PAR PFD 79549B867 1049 15200 SH SOLE 0
SAMSUNG CORP SR CONV EURO DEB Y7470RAA7 5023 4750000 PRN SOLE 0
SANDOZ CONV NT 144A DEB 800055AA3 3897 2500000 PRN SOLE 0
SAVE MART SUPERMARKETS WTS COM 8051172#4 6143 90829 SH SOLE 90829
SBC COMMUNICATIONS INC CONV PFD(TELEMEX) PFD 78387G202 1160 20000 SH SOLE 0
SEACOR HOLDINGS INC CONV BD SUB NT DEB 811904AE1 505 500000 PRN SOLE 0
SEALED AIR CORP CONV PFD SER A $50PAR PFD 81211K209 2723 55000 SH SOLE 0
SMALL-CAP INDEX VALUE PDB COM 694809799 8665 911185.48 SH SOLE 911185.48
SNYDER STRYPES TRUST CVT EXCH PFD $25.81 PFD 833502107 1433 55000 SH SOLE 0
SOLECTRON CORP CONV NT 144A PT 1/27/2002 DEB 834182AG2 739 1500000 PRN SOLE 0
SONOCO PRODUCTS CO COM 835495102 430 18700 SH SOLE 18700
SOVEREIGN BANCORP INC COM 845905108 665 54312 SH SOLE 54312
SPRINT CONV PFD $31.88 PAR PFD 852061407 1460 20000 SH SOLE 0
ST GEORGE HOLDINGS LLC CLASS A COM G8522#101 106 1064516 SH SOLE 1064516
ST PAUL CAPITAL CONV PFD MIPS $ 50 PAR PFD 792856205 1733 30000 SH SOLE 0
STATION CASINOS INC COM 857689103 204 16000 SH SOLE 16000
SUIZA CAPITAL TRUST II CONV PFD $50 PAR PFD 86507G408 1380 40000 SH SOLE 0
SUIZA FOODS CONV PFD 144A PAR$50 PFD 86507G200 1035 30000 SH SOLE 0
SUIZA FOODS CORP COM 865077101 17482 518941.13 SH SOLE 518941.13
SWISS LIFE FIN GLAXO WELLCOM CONV 144A DEB 870883AA3 1673 1500000 PRN SOLE 0
TAIWAN SEMICONDUCTOR CONV ZERO CPN EURO DEB Y84629AA5 1836 1500000 PRN SOLE 0
TELECOMMUNICATIONS INTL INC CONV SUB DEB DEB 87924HAA0 844 750000 PRN SOLE 0
TELEFONICA EUROPE BV COMP GTD CONV 144A DEB 879385AA0 10808 7500000 PRN SOLE 0
TESORO PETROLEUM CORP CONV PFD $15PAR PFD 881609408 955 80000 SH SOLE 0
THERMO ELECTRON CORP SR SUB CONV 144A DEB 883556AF9 2663 3000000 PRN SOLE 0
THERMO FIBERTEK INC SUB CONV BD 144A DEB 88355WAA3 1643 2000000 PRN SOLE 0
THERMO INSTRUMENT SYS CONV SR DEB 144A DEB 883559AC0 3570 4000000 PRN SOLE 0
THERMO INSTRUMENT SYSTEMS CONV DEB 883559AE6 1213 1500000 PRN SOLE 0
THERMO REMEDIATION INC SUB DEB CONV 144A DEB 883592AA5 730 750000 PRN SOLE 0
THERMO REMEDIATION UNSEC SUB CT NT EURO DEB U88414AA2 12977 13340000 PRN SOLE 0
THERMOLASE CORP CONV SUB DEB 144A DEB 883624AA6 9675 12000000 PRN SOLE 0
THERMOQUEST CORPORATION CONV 144A DEB 883655AA0 2431 2500000 PRN SOLE 0
THERMOTREX CORP CONV SUB DEB DEB 883666AA7 2010 3000000 PRN SOLE 0
TIMET CAP TR CONV PFD W/RR 144A $50 PAR PFD 887381200 191 10000 SH SOLE 0
TOSCO FIN TRUST CONV PFD 144A $50 PAR PFD 891491201 716 15000 SH SOLE 0
TOTAL ACCESS COMM CONV PUT5/31/01 144A DEB 89149UAA6 4000 5000000 PRN SOLE 0
TRIBUNE CO CONV PFD $27.94PAR DECS PFD 896047206 1650 60000 SH SOLE 0
TWR AUTOMOTIVE CAP TR CONV PFD 144A $50 PFD 891706202 428 10000 SH SOLE 0
TXI CAPITAL TRUST I CONV PFD $50 PAR PFD 873119200 640 20000 SH SOLE 0
U S FILTER CORP CONV SUB NT DEB 911843AF7 1960 2000000 PRN SOLE 0
U S RESTAURANT PROPERTIES MASTER LP UNIT COM 902971100 33501 1734661 SH SOLE 1734661
UNION BK SWITZERLAND FIN NV EURO CONV DEB N89600BB0 626 500000 PRN SOLE 0
UNION PACIFIC CAP TRUST CONV 144A $50PAR PFD 907824205 499 10000 SH SOLE 0
UNION PACIFIC CAP TRUST CONV PFD $50 PAR PFD 907824403 998 20000 SH SOLE 0
UNITED WASTE SYSTEMS CONV 144A DEB 913174AB4 756 500000 PRN SOLE 0
USX CORP(RMI TITANIUM)CONV PFD $21.38PAR PFD 902905793 190 20000 SH SOLE 0
VALERO ENERGY CORP-NEW COM 91913Y100 354 14225 SH SOLE 14225
WASTE MGMT INC CONV SUB NT DEB 94106LAA7 1173 1000000 PRN SOLE 0
WENDYS FIN I SER A CONV PFD $50PAR PFD 950588202 603 10000 SH SOLE 0
WESTPAC BANKING (STRYPES)CONV PFD$31.35 PFD 929229102 403 11800 SH SOLE 0
WILLIAMS CO CONV PFD $50 PAR 144A PFD 969457506 1863 10000 SH SOLE 0
WIND RIVER SYSTEMS INC CONV SUB NT DEB 973149AC1 439 500000 PRN SOLE 0
WMX TECHNOLOGIES CONV PUT2/12/98 DEB 92929QAF4 956 1000000 PRN SOLE 0
WYMAN-GORDON CO COM 983085101 467 50500 SH SOLE 50500
XEROX CREDIT CORP CONV MTN DTD7/1/97 DEB 983931BG0 1151 1000000 PRN SOLE 0
</TABLE>
