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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 2000
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: SLS Management, LLC
Address: 140 West 57th Street, Suite 7B
New York, New York 10019
Form 13F File Number: 28-05389
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: Steven Rohlfing
Title: Controller
Phone: (212)537-3605
Signature, Place, and Date of Signing:
/s/ Steven Rohlfing New York, New York 5/15/00
_______________________ _____________________ _________
[Signature] [City, State] [Date]
Report Type (Check only one.):
[ ] 13F HOLDINGS REPORT. (Check here if all holdings of
this reporting manager are reported in this report.)
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[ ] 13F NOTICE. (Check her if no holdings reported are in
this report, and all holdings are reported by other
reporting manger(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the
holdings for this reporting manager are reported in this
report and a portion are reported by other reporting
manager(s).)
List of Other Managers Reporting for this Manager: NONE
[If there are no entries in this list, omit this section.]
Form 13F File Number Name
28-
[Repeat as necessary.]
2
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Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 52
Form 13F Information Table Value Total: $136,987
[thousands]
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file
number(s) of all institutional investment managers with respect
to which this report is filed, other than the manager filing this
report.
[If there are no entries in this list, state "NONE" and omit the
column headings and list entries.]
No. Form 13F File Number Name
28-
[Repeat as necessary.]
3
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PORTFOLIO APPRAISAL
FORM 13F
March 31, 2000
<CAPTION>
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
------ ------ ------ ------ ------ ------ ------ ------
FAIR INVESTMENT
TITLE CUSIP MARKET SHRS OR DISCRETION OTHER VOTING AUTHORITY
NAME OF ISSUER OF CLASS NUMBER VALUE PRN AMT SH/PRN SOLE SHARED MANAGERS SOLE SHARED NONE
(thousands)
- -------------- -------- ------ ------ ------- ------ -------- ----------- -------- ---- ------ ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Birmingham Steel
Corp Common 091250100 8,357 1,630,600 1,507,848 122,752 NO 1,507,848 122,752
Bally Total
Fitness Hldgs Common 05873K108 6,828 278,699 257,801 20,898 NO 257,801 20,898
C-Cube Microsystems Common 125015107 6,422 88,200 81,516 6,684 NO 81,516 6,684
Kroger Company Common 501044101 6,147 350,000 322,511 27,489 NO 322,511 27,489
OfficeMax, Inc. Common 67622M108 6,018 925,800 856,766 69,034 NO 856,766 69,034
Cendant Corpora-
tion Common 151313103 5,793 310,000 285,963 24,037 NO 285,963 24,037
AT&T Corp Common 001957109 5,631 100,000 92,420 7,580 NO 92,420 7,580
Park Place
Entertainment Common 700690100 5,625 486,500 449,622 36,878 NO 449,622 36,878
Laser Mortgage
Mgt., Inc. Common 51806D100 5,461 1,386,800 1,280,586 106,214 NO 1,280,586 106,214
Global Telesystems
Group Common 37936U104 5,043 246,000 227,355 18,645 NO 227,355 18,645
Healthsouth Corp. Common 421924101 4,765 837,800 774,410 63,390 NO 774,410 63,390
Williams Companies,
Inc. Common 969457100 4,587 104,400 96,487 7,913 NO 96,487 7,913
Tyco International
Ltd. Common 902124106 4,511 90,000 83,178 6,822 NO 83,178 6,822
Triad Hospitals,
Inc. Common 89579K109 4,147 247,600 229,324 18,276 NO 229,324 18,276
General Motors
Corp. Common 370442105 4,141 50,000 46,210 3,790 NO 46,210 3,790
Casino Data
Systems Common 147583108 3,884 757,804 680,614 77,190 NO 680,614 77,190
Xerox Corp. Common 984121103 3,640 140,000 129,388 10,612 NO 129,388 10,612
Avista Corp. Common 05379B107 3,464 85,000 78,558 6,442 NO 78,558 6,442
Marvel Enterprises
Inc. Common 57383M108 3,285 553,200 513,716 39,484 NO 513,716 39,484
Qwest Communications
International Common 749121109 2,880 60,000 55,456 4,544 NO 55,456 4,544
UnitedGlobalCom Inc. Common 913247508 2,627 35,000 32,348 2,652 NO 32,348 2,652
Phelps Dodge Corp Common 717265102 2,369 50,000 46,210 3,790 NO 46,210 3,790
Unisys Corp Common 909214108 2,312 90,000 83,180 6,820 NO 83,180 6,820
4
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Total Renal Care
Holdings Common 89151A107 2,296 734,600 676,122 58,478 NO 676,122 58,478
Laboratory Corpor-
ation of America Common 50540R409 2,189 515,000 475,711 39,289 NO 475,711 39,289
Harmonic Inc. Common 413160102 2,081 25,000 23,106 1,894 NO 23,106 1,894
Pactiv Corporation Common 695257105 1,930 222,200 204,758 17,442 NO 204,758 17,442
Progressive Corp Common 743315103 1,902 25,000 23,106 1,894 NO 23,106 1,894
CMS Energy Corp. Common 125896100 1,813 100,000 92,420 7,580 NO 92,420 7,580
Radio Unica Communi-
cations Corp Common 75040Q106 1,796 152,000 140,075 11,925 NO 140,075 11,925
Telespectrum
Worldwide Common 87951U109 1,796 256,500 238,195 18,305 NO 238,195 18,305
MBNA Corporation Common 55262L100 1,785 70,000 64,694 5,306 NO 64,694 5,306
AT& T Canada Common 00207Q202 1,769 29,000 26,803 2,197 NO 26,803 2,197
Fairchild Semi-
conductor Inter-
national Inc. Common 303726103 1,460 40,000 36,968 3,032 NO 36,968 3,032
Equifax, Incorporated Common 294429105 1,263 50,000 46,210 3,790 NO 46,210 3,790
USX US Steel Group Common 90337T101 1,250 50,000 46,210 3,790 NO 46,210 3,790
Tenet Healthcare Common 88033G100 1,150 50,000 46,210 3,790 NO 46,210 3,790
Global Light Tele-
communications Ins. Common 37934X100 1,128 55,000 50,832 4,168 NO 50,832 4,168
Gateway, Inc. Common 367626108 1,114 21,000 19,408 1,592 NO 19,408 1,592
MDU Communications
Intl Common 582828109 650 100,000 92,420 7,580 NO 92,420 7,580
BCE, Inc. Common 05534B109 504 4,017 0 4,017 NO 0 4,017
C-Cube Semiconductor
W/I Common 12501P103 428 15,000 13,864 1,136 NO 13,864 1,136
3Com Corporation Common 885535104 184 3,300 3,050 250 NO 3,050 250
Goldman Sachs Put
April Strike 100 Common 38141G0DT 234 550 Put 550 0 NO 550 0
Unisys Corp Put May
Strike 25 Common 9092140QE 138 500 Put 462 38 NO 462 38
Tenet Healthcare Call
April 20 Common 88033G0DD 94 300 Call 277 23 NO 277 23
Qwest Communications
Int'l Inc Call
April Strike 60 Common 7491211DL 9 500 Call 462 38 NO 462 38
SPX Put April Strike
1325 Common 648815MPE 12 66 Put 61 5 NO 61 5
SPX Put April Strike
1350 Common 648815MPJ 35 132 Put 122 10 NO 122 10
SPX Put April Strike
1400 Common 648815YPT 36 60 Put 56 4 NO 56 4
SPX Put April Strike
1425 Common 648815YPE 36 40 37 3 NO 37 3
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02740001.AA5
