UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31, 1999
Kellner DiLeo & Co.
900 Third Avenue
10th Floor, Suite 1000
New York, NY 10022-4728
[CIK] 1093570
13F File Number:
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: Mr. Glen M. Friedman
Title: CFO
Phone: 212 350-0262
Signature, Place, and Date of Signing:
Glen M. Friedman New Yor**********
Report Type: 13F HOLDINGS REPORT
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FORM 13F SUMMARY PAGE
Number of other included managers: 0
Form 13F Information Ta 464,571
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NAME OF REPORTING MANAGER : KELLNER, DILEO & CO.
Fair Investmen Voting
Name of Issuer Title of CUSIP Market Shares or DiscretioAuthori
Class Number Value Principal
(tho Amount
AIR EXPRESS COM 009104100 11,487 355,500 SOLE SOLE
AMFM COM 001693100 14,480 185,000 SOLE SOLE
BURLINGTON rESOURCES COM 122014103 3,900 118,100 SOLE SOLE
CBS COM 12490K107 7,440 116,300 SOLE SOLE
CLARIFY COM 180492100 12,980 103,000 SOLE SOLE
BOC GROUP PLC SPONSORED055617609 560 13,200 SOLE SOLE
DII GROUP COM 232949107 9,790 138,000 SOLE SOLE
EASTERN UTILITIES COM 277173100 12,550 414,000 SOLE SOLE
FOREMOST CORP AMER COM 345469100 8,810 310,500 SOLE SOLE
GENESYS TELE COM 371931106 7,420 137,400 SOLE SOLE
GENERAL INSTR. COM 370120107 41,060 483,100 SOLE SOLE
GTE CORP COM 362320103 7,660 108,600 SOLE SOLE
HANNAFORD BROS COM 410522106 7,040 101,500 SOLE SOLE
JOSTENS CORP COM 481088102 3,360 138,000 SOLE SOLE
KROLL O'GARA COM 501050108 1,708 103,500 SOLE SOLE
MIDAMERICAN ENERGY COM 59562V107 15,110 448,500 SOLE SOLE
MAPQUEST COM 565644101 2,020 89,700 SOLE SOLE
MONSANTO COM 611662107 2,550 71,900 SOLE SOLE
MTC JAN 45 CALL 611622907 10 552 C SOLE SOLE
MICRO WAREHOUSE COM 59501B105 5,110 276,000 SOLE SOLE
MEDIAONE GROUP INC COM 58440J104 49,960 650,400 SOLE SOLE
NEW ENGLAND ELECTRIC COM 644001109 12,510 241,800 SOLE SOLE
NATIONAL WESTMINSTER COM 638539403 840 39,600 SOLE SOLE
OAK INDUSTRIES COM 671400AL8 19,260 181,500 SOLE SOLE
OAK MAR 45 PUT (40) 822 P SOLE SOLE
OMINPOINT CORP COM 68212D102 25,680 212,900 SOLE SOLE
OPTICAL COATING COM 683829105 14,300 48,300 SOLE SOLE
PIERCE LEAHY CORP COM 720722107 3,010 69,600 SOLE SOLE
PITTWAY CLASS A COM 725790208 9,280 207,000 SOLE SOLE
REYNOLDS METAL CO COM 761763101 20,640 269,400 SOLE SOLE
RLM MAY 60 PUT 761763901 (190) 1,100 P SOLE SOLE
REPUBLIC NEW YORK CORP COM 760719104 23,590 327,700 SOLE SOLE
UST CORP COM 902900109 13,662 430,300 SOLE SOLE
UNION CARBIDE CORP COM 905581104 16,580 248,400 SOLE SOLE
U S WEST INC NEW COM 91273H101 7,440 103,400 SOLE SOLE
VISIO CORP COM 927914101 13,020 274,000 SOLE SOLE
WARNER LAMBERT COM 934488107 13,000 158,700 SOLE SOLE
YESMAIL.COM COM 98583Q101 2,100 62,200 SOLE SOLE
ZIFF-DAVIS INC COM ZD 989511100 2,610 165,000 SOLE SOLE
ALKERMES INC PVD 01642T405 6,040 69,740 SOLE SOLE
ALZA CORP 5%-'06 BD 5% '06022615AD0 1,060 1,000 SOLE SOLE
AT HOME 144A 4.7045919AD9 950 1,000 SOLE SOLE
BANK UNITED COM 065412108 1,130 28,700 SOLE SOLE
BROADWING JR PFD CV111620209 5,780 17,500 SOLE SOLE
CALLON PETROLEUM PVD 13123X201 340 10,100 SOLE SOLE
CEPHALON INC 144A 156708307 2,520 25,000 SOLE SOLE
CHARMING SHOPPES BD 7% '02161133AA1 1,560 1,500 SOLE SOLE
CHIQUITA BRANDS INTL INPFD CV A 170032403 310 15,700 SOLE SOLE
CNF TRANSPORT PFD CVTD 12612V205 898 18,700 SOLE SOLE
ECHOSTAR COMM PFD 144A 278762307 1,841 1,500 SOLE SOLE
GLOBAL TELESYSTEMS 144A 37936UAA2 2,468 43,450 SOLE SOLE
MEDICAL MANAGERS BD 5% '0758461UAA1 1,607 1,132 SOLE SOLE
PENNCORP PFD 708094206 530 49,680 SOLE SOLE
TOWER AUTOMOTIVE BD 5% '04891707AE1 900 1,000 SOLE SOLE
FREEPORT MCMORAN PFD A 35671D501 400 21,000 SOLE SOLE
PATINA OIL & GAS CORP PFD CV 703224204 310 11,850 SOLE SOLE
PHILIPPINE LONG DISTANCSPONSORED718252703 3,200 67,100 SOLE SOLE
PSINET PFD C CV 74437C309 1,830 31,400 SOLE SOLE
SEALED AIR CORP NEW PFD CV A 81211K209 6,510 129,000 SOLE SOLE
UNITED GLOBAL PFD D DEP913247805 1,260 20,000 SOLE SOLE
WHX CORP PFD CV SE929248201 830 25,500 SOLE SOLE
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