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: Gryphon Capital Management, LLC
Address: Four Maritime Plaza
San Francisco, CA 94111
Form 13F File Number: 28-05481
The institutional investment manager filing this report and the person by
whom it is signed hereby represent 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: Joseph E. Sweeney III
Title: Manager
Phone: 415-274-6850
Signature, Place and Date of Signing:
/s/ Joseph E. Sweeney San Francisco, CA May 11, 2000
Joseph E. Sweeney [City, State] [Date]
Report Type (Check only one.):
_X_ 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.)
___ 13F NOTICE. (Check here if no holdings reported are in this report,
and all holdings are reported by other reporting manager(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
<PAGE>
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: _________0___
Form 13F Information Table Entry Total: ________49___
Form 13F Information Table Value Total: ___233,750___
List of Other Included Managers: None
<Page
<TABLE>
NAME OF INSURER TITLE OF CUSIP VALUE SHARES PUT OTHER AUTH
CLASS X1000 CALL MGR SOLE SHR NONE
<C> <C> <C>
ABITIBI-CONSOLIDATED INC COMMON 003924107 3825 400,000 Sole
APROPOS TECHNOLOGY COMMON 038334108 6660 180,000 Sole
ARGOSY GAMING COMMON 040228108 1310 91,961 Sole
ART TECHNOLOGY GROUP COMMON 04289L107 16093 245,000 Sole
BIOJECT MEDICAL TECH. COMMON 09059T206 170 15,000 Sole
CATALYTICA INC. COMMON 148885106 583 40,000 Sole
CE FRANKLIN LTD COMMON 125151100 3625 500,000 Sole
CENALTA ENERGY SVCS COMMON 151293107 362 100,000 Sole
CHARLES SCHWAB CORP COMMON 808513105 568 10,000 Sole
CUNNINGHAM GRAPHICS COMMON 231157108 5841 236,900 Sole
DANKA BUSINESS SYS COMMON 236277109 34476 730,800 Sole
ECOLLEGE.COM COMMON 27887E100 3521 502,959 Sole
EGREETINGS NETWORK COMMON 282343102 683 120,000 Sole
ELOQUENT INC COMMON 290140102 815 40,000 Sole
FEDEX CORP COMMON 31428X106 776 20,000 Sole
GLOBAL MARINE INC COMMON 379352404 4568 180,000 Sole
GOOD GUYS, INC COMMON 382091106 1 112,500 CALL Sole
GREY WOLF COMMON 397888108 911 231,300 Sole
GULF ISLAND FABRICATION COMMON 402307102 1430 97,800 Sole
IBASIS INC COMMON 450732102 3080 75,000 Sole
INDEPENDENT ENERGY COMMON 45384X108 9873 220,000 Sole
IT GROUP INC COMMON 465266104 2685 355,000 Sole
JETFORM CORP COMMON 477155105 1305 180,000 Sole
LOUISIANA PACIFIC CORP. COMMON 546347105 555 40,000 Sole
MAXTOR CORP COMMON 577729205 13 1,000 Sole
MEAD CORPORATION COMMON 582834107 4193 120,000 Sole
MEDIA 100 INC COMMON 58440W105 6975 200,000 Sole
METRON TECHNOLOGY COMMON N5665B105 5040 240,000 Sole
MSI HOLDINGS INC. COMMON 553654104 855 30,000 Sole
NABORS INDUSTRIES INC COMMON 629568106 13973 360,000 Sole
NATIONAL-OILWELL, INC. COMMON 637071101 2470 80,000 Sole
NET PERCEPTIONS INC COMMON 64107U101 10010 271,000 Sole
PANJA INC COMMON 698493103 922 40,100 Sole
POINT OF SALE LTD COMMON M7945W108 2100 100,000 Sole
PRECISION DRILLING CORP COMMON 74022D100 6008 180,000 Sole
R&B FALCON CORP COMMON 74912E101 3938 200,000 Sole
RADCOM LTD COMMON M81865103 1758 132,700 Sole
RENTECH INC COMMON 760112102 251 75,000 Sole
SANTA FE INTL CORP COMMON G7805C108 8880 240,000 Sole
SEAGATE TECHNOLOGY COMMON 811804103 26553 430,000 Sole
STAPLES, INC COMMON 855030102 2000 100,000 Sole
SYSCAN INTERNATIONAL COMMON 871827101 586 260,000 Sole
TELESPECTRUM WORLDWIDE COMMON 87951U109 7732 1,104,500 Sole
TESCO CORP COMMON 88157K101 956 136,500 Sole
USX-MARATHON GROUP COMMON 902905827 1204 1,800 CALL Sole
VERTICALNET INC COMMON 92532L107 204 1,500 Sole
WAVE SYSTEMS COMMON 943526103 4793 120,000 Sole
WEATHERFORD INTL COMMON 947074100 11700 200,000 Sole
WMS INDS INC COMMON 929297109 6925 701,250 Sole
</TABLE>
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