ANGELO GORDON & CO LP/NY
13F-HR, 1999-08-16
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                                               FORM 13F SUMMARY PAGE



                UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                               Form 13F COVER PAGE

          Report for the Calendar Year or Quarter Ended: June 30, 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:             Angelo, Gordon & Co., L.P.
Address:          245 Park Avenue, 26th Floor
                  New York, New York  10167

Form 13F File Number:  28-2616

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:             Michael L. Gordon
Title:            Chief Operating Officer
Phone:            212-692-2000

Signature, Place, and Date of Signing:

/S/ MICHAEL L. GORDON
______________________________________
[Signature]

New York, New York
______________________________________
[City, State]

August 16, 1999
______________________________________
[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).)



<PAGE>


                              Form 13F Summary Page

                                 Report Summary:

Number of Other Included Managers:

         0

Form 13F Information Table Entry Total:

         196

Form 13F Information Table Value Total:

         $1,475,146 (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.


NONE

<PAGE>


                                            FORM 13F INFORMATION TABLE
<TABLE>
<CAPTION>


                                                        Value                      Put/  Investment   Other           Voting
                                                                                                                    Authority
Name of Issuer                  Title of    CUSIP     (x$1000)    Shrs or   SH/PRN Call  Discretion  Managers   Sole   Shared   None
- --------------                  --------    -----     --------    --------  ------ ----  ----------  --------   ----   ------   ----
                                 Class                            prn amt
                                 -----                            -------
<S>                              <C>       <C>          <C>       <C>          <C> <C>   <C>                    <C>
AEROQUIP-VICKERS INC             COM       007869100     18,311     319,500    SH        SOLE                   319,500
ADVANCED TISSUE SCIENCES INC     COM       00755F 10 3      406     124,881    SH        SOLE                   124,881
ALLEGHENY ENERGY INC             COM       017361 10 6    4,627     144,300    SH        SOLE                   144,300
ALLIANCE GAMING CORP             COM NEW   01859P 60 9      885     235,914    SH        SOLE                   235,914
AMAZON COM INC                   COM       023135 10 6      494       3,950    SH        SOLE                     3,950
AMERICA ONLINE INC DEL           COM       02364J 10 4    1,502      13,590    SH        SOLE                    13,590
AMERICAN BANKERS INS GROUP INC   COM       024456 10 5   49,032     900,700    SH        SOLE                   900,700
AMERICAN BANKERS INS GROUP INC   PFD B     024456 20 4   32,032     293,200    SH        SOLE                   293,200
                                 CV$3.125
AMERICAN INDL PPTYS REIT         COM NEW   026791 20 2    1,265      89,540    SH        SOLE                    89,540
AMERITECH CORP NEW               COM       030954 10 1   18,272     248,600    SH        SOLE                   248,600
AMGEN INC                        COM       031162 10 0      207       3,400    SH        SOLE                     3,400
AQUARION CO                      COM       03838W 10 1    3,155      90,800    SH        SOLE                    90,800
ARMCO INC                        PFD CVA   042170 40 7    2,839      56,500    SH        SOLE                    56,500
                                 $3.625
ASHTON TECHNOLOGY GROUP INC      WT EXP    045084 11 8      880     110,000    SH        SOLE                   110,000
                                 050202
AT ENTMT INC                     COM       045920 10 5    3,167     168,900    SH        SOLE                   168,900
AT HOME CORP                     COM SER A 045919 10 7    3,046      56,480    SH        SOLE                    56,480
AT HOME CORP                     SB DB CV  045919 AA 5   19,007  23,750,000   PRN        SOLE                23,750,000
                                 144A 18
ATLANTIC RICHFIELD CO            COM       048825 10 3   31,035     371,400    SH        SOLE                   371,400
AVANIR PHARMACEUTICALS           CL A      05348P 10 4      348     428,657    SH        SOLE                   428,657
AVISTA CORP                      RECONS L  05379B 50 3    5,262     309,500    SH        SOLE                   309,500
                                 1/10S
AVISTA CORP                      COM       05379B 10 7    1,926     118,500    SH        SOLE                   118,500
AXCESS INC                       COM       054546 10 6       90      39,021    SH        SOLE                    39,021
BANK OF AMERICA CORPORATION      COM       060505 10 4      257       3,500    SH        SOLE                     3,500
BEC ENERGY CORP                  COM       05538M 10 1    8,749     212,100    SH        SOLE                   212,100
BOEING CO                        COM       097023 10 5      292       6,600    SH        SOLE                     6,600
BROADCOM CORP                    COM       111320 10 7      694       4,800    SH        SOLE                     4,800
BROWNING  FERRIS INDS            COM       115885 10 5   36,524     849,400    SH        SOLE                   849,400
CAROLINA PWR & LT  CO            COM       144141 10 8    6,079     142,000    SH        SOLE                   142,000
CASCADE NAT GAS CORP             COM       147339 10 5    1,609      84,700    SH        SOLE                    84,700
CASE CORP                        COM       14743R 10 3   21,159     439,669    SH        SOLE                   439,669
CATERPILLAR INC DEL              COM       149123 10 1      246       4,100    SH        SOLE                     4,100
CENTURY COMMUNICATIONS CORP.     COM       156503 10 4    6,900     150,000    SH        SOLE                   150,000
CHARTWELL RE CORPORATION         COM       16139W 10 9      745      40,000    SH        SOLE                    40,000
CILCORP INC                      COM       171794 10 0    2,044      32,700    SH        SOLE                    32,700
CINERGY CORP                     COM       172474 10 8    6,893     215,400    SH        SOLE                   215,400
CISCO SYS INC                    COM       17275R 10 2    2,204      34,198    SH        SOLE                    34,198
CITIZENS UTILS CO  DEL           CL B      177342 20 1    1,472     132,358    SH        SOLE                   132,358
CLECO CORP                       COM       12561M 10 7    1,355      44,600    SH        SOLE                    44,600
CMP GROUP INC                    COM       125887 10 9    8,660     330,700    SH        SOLE                   330,700
CMS ENERGY CORP                  COM CL G  125896 20 9    1,669      71,000    SH        SOLE                    71,000
CNET INC                         SB NT CV  125945 AA 3    4,702   2,750,000   PRN        SOLE                 2,750,000
                                 144A 06
COACH USA INC                    COM       18975L 10 6   10,644     253,800    SH        SOLE                   253,800
COEUR D ALENE MINES CORP IDAHO   MARCS     192108 20 7    4,081     680,200    SH        SOLE                   680,200
COEUR D ALENE MINES CORP IDAHO   SB DB CV  192108 AG 3    2,114   3,500,000   PRN        SOLE                 3,500,000
                                 7.25%05
COLONIAL GAS CO                  COM       195674 10 6    2,179      58,900    SH        SOLE                    58,900
COLTEC INDS INC                  COM       196879 10 0   14,646     675,300    SH        SOLE                   675,300
COLUMBIA ENERGY GROUP            COM       197648 10 8    3,498      55,800    SH        SOLE                    55,800
COMMONWEALTH ENERGY SYS          COM SH    202800 10 8    7,266     173,000    SH        SOLE                   173,000
                                 BEN INT
COMPAQ COMPUTER CORP             COM       204493 10 0      403      17,000    SH        SOLE                    17,000
CONECTIV  INC                    COM       206829 10 3   13,299     544,200    SH        SOLE                   544,200
CONNECTICUT ENERGY CORP          COM       207567 10 8    4,928     127,800    SH        SOLE                   127,800
CONSOLIDATED NAT  GAS CO         COM       209615 10 3   60,483     995,600    SH        SOLE                   995,600
CONSTELLATION ENERGY CORP        COM       210371 10 0    2,666      90,000    SH        SOLE                    90,000
COSTCO COMPANIES INC             SB NT CV  22160Q AC 6   15,192  15,540,000   PRN        SOLE                15,540,000
                                 ZERO 17
CRANE CO                         COM       224399 10 5      280       8,900    SH        SOLE                     8,900
CTG RES INC                      COM       125957 10 0    7,806     214,600    SH        SOLE                   214,600
DEERE & CO                       COM       244199 10 5      222       5,600    SH        SOLE                     5,600
DELL COMPUTER CORP               COM       247025 10 9      736      19,900    SH        SOLE                    19,900
DELTA AIR LINES INC DEL          COM       247361 10 8      202       3,500    SH        SOLE                     3,500
DELTA & PINE LD CO               COM       247357 10 6   10,679     339,000    SH        SOLE                   339,000
DOUBLECLICK INC                  COM       258609 30 4      320       3,500    SH        SOLE                     3,500
DPL INC                          COM       233293 10 9    2,833     154,200    SH        SOLE                   154,200
DQE INC                          COM       23329J 10 4    5,706     142,200    SH        SOLE                   142,200
DRS TECHNOLOGIES INC             SR SB DB  23330X AB 6      307     250,000   PRN        SOLE                   250,000
                                 CV 9%03

<PAGE>

                                                        Value                      Put/  Investment   Other           Voting
                                                                                                                    Authority
Name of Issuer                  Title of    CUSIP     (x$1000)    Shrs or   SH/PRN Call  Discretion  Managers   Sole   Shared   None
- --------------                  --------    -----     --------    --------  ------ ----  ----------  --------   ----   ------   ----
                                 Class                            prn amt
                                 -----                            -------
<S>                              <C>       <C>          <C>       <C>          <C> <C>   <C>                    <C>

DU PONT  E I  DE NEMOURS & CO    COM       263534 10 9      260       3,800    SH        SOLE                     3,800
E M C CORP MASS                  COM       268648 10 2      330       6,000    SH        SOLE                     6,000
EAST WEST BANCORP INC            COM       27579R 10 4   13,086   1,300,500    SH        SOLE                 1,300,500
EASTERN ENTERPRISES              COM       27637F 10 0    1,598      40,200    SH        SOLE                    40,200
EASTERN UTILS ASSOC              COM       277173 10 0   44,998   1,545,000    SH        SOLE                 1,545,000
EDISON INTL                      COM       281020 10 7   11,877     444,000    SH        SOLE                   444,000
EL PASO ELEC CO                  COM NEW   283677 85 4    1,108     124,000    SH        SOLE                   124,000
EMPIRE DIST ELEC CO              COM       291641 10 8      933      35,800    SH        SOLE                    35,800
ENERGEN CORP                     COM       29265N 10 8      652      35,000    SH        SOLE                    35,000
ENERGY EAST CORP                 COM       29266M 10 9    2,870     110,400    SH        SOLE                   110,400
ENRON OIL & GAS CO               COM       293562 10 4    3,054     150,800    SH        SOLE                   150,800
EVEREN CAPITAL CORP              COM       299761 10 6    7,307     245,100    SH        SOLE                   245,100
FIRST UN REAL EST EQ & MTG       PFD CONV  337400 30 3      389      17,000    SH        SOLE                    17,000
INVTS                            SER A
FIRST UN REAL EST EQ&MTG INVTS   SH BEN    337400 10 5    2,137     474,880    SH        SOLE                   474,880
                                 INT
FLEET FINL GROUP INC NEW         WT EXP    338915 11 9    1,661      36,900    SH        SOLE                    36,900
                                 012701
FOAMEX INTL INC                  COM       344123 10 4    1,161     208,800    SH        SOLE                   208,800
FORT JAMES CORP                  COM       347471 10 4      258       6,800    SH        SOLE                     6,800
FPL GROUP INC                    COM       302571 10 4   15,748     288,300    SH        SOLE                   288,300
FRONTIER CORPORATION             COM       35906P 10 5   16,467     279,100    SH        SOLE                   279,100
GILEAD SCIENCES INC              PUT       375558 95 3    6,662     127,500    SH  PUT                          127,500
GLOBAL CROSSINGS LTD             COM       G3921A 10 0    7,071     165,900    SH        SOLE                   165,900
GULFSTREAM AEROSPACE CORP        COM       402734 10 7   47,469     702,600    SH        SOLE                   702,600
HARNISCHFEGER INDS INC           PUT       413345 95 9      204     102,000    SH  PUT                          102,000
HERCULES INC                     COM       427056 10 6      338       8,600    SH        SOLE                     8,600
HOMEBASE INC                     SB NT CV  43738E AB 4    5,498   6,250,000   PRN        SOLE                 6,250,000
                                 5.25%04
HOUSTON EXPL CO                  COM       442120 10 1      670      35,400    SH        SOLE                    35,400
ILLINOVA CORP                    COM       452317 10 0    8,595     315,400    SH        SOLE                   315,400
INPRISE CORP                     COM       45766C 10 2    4,626     948,830    SH        SOLE                   948,830
INTEL CORP                       COM       458140 10 0      726      12,200    SH        SOLE                    12,200
INTERLEAF INC "RSTD"             COM       458729 20 9      211      35,994    SH        SOLE                    35,994
INTERNATIONAL PAPER CO           COM       460146 10 3      254       5,023    SH        SOLE                     5,023
INTERPUBLIC GROUP COS INC        PUT       460690 95 0    1,733      20,000    SH  PUT   SOLE                    20,000
KANSAS CITY PWR & LT  CO         COM       485134 10 0   18,707     733,600    SH        SOLE                   733,600
KING WORLD PRODTNS INC           COM       495667 10 7   19,418     557,800    SH        SOLE                   557,800
KMART FING I                     PFD TRCV  498778 20 8   43,998     752,100    SH        SOLE                   752,100
                                 7.75%
KN ENERGY INC                    CALL      482620 90 1      268      20,000    SH  CALL  SOLE                    20,000
KNOLL INC                        COM       498904 10 1   16,561     622,000    SH        SOLE                   622,000
LACLEDE GAS CO                   COM       505588 10 3      946      40,700    SH        SOLE                    40,700
LEVEL ONE COMMUNICATIONS INC     COM       527295 10 9   27,097     553,700    SH        SOLE                   553,700
LEVEL ONE COMMUNICATIONS INC     PUT       527295 95 9      196       4,000    SH  PUT   SOLE                     4,000
LEVIATHAN GAS PIPELINE PARTNRS   COM UNIT  527367 20 5      319      13,500    SH        SOLE                    13,500
LG&E ENERGY CORP                 COM       501917 10 8    3,950     188,100    SH        SOLE                   188,100
LOCAL FINL CORP                  COM       539553 10 7    6,260     626,000    SH        SOLE                   626,000
LORAL SPACE & COMMUNICATIONS     PFD CONV  G56462 14 9    6,837     130,000    SH        SOLE                   130,000
                                 C 6%
LYCOS INC                        COM       550818 10 8    2,361      25,700    SH        SOLE                    25,700
MACMILLAN BLOEDEL LTD            COM       554783 20 9   21,218   1,183,700    SH        SOLE                 1,183,700
MADISON GAS & ELECTRIC CO        COM       557497 10 4      943      46,000    SH        SOLE                    46,000
MAGNA INTL INC                   SUB DEB   559222 AE 4   23,612  21,646,000   PRN        SOLE                21,646,000
                                 CV 5%02
MAINE PUB SVC CO                 COM       560483 10 9      353      19,900    SH        SOLE                    19,900
MCI WORLDCOM INC                 COM       55268B 10 6    1,407      16,350    SH        SOLE                    16,350
MCN ENERGY GROUP                 COM       55267J 10 0    3,868     186,400    SH        SOLE                   186,400
MEDIAONE GROUP INC               COM       58440J 10 4   54,219     729,000    SH        SOLE                   729,000
MEDICAL TECHNOLOGY & INNOVATNS   COM       58462M 10 0       16     107,000    SH        SOLE                   107,000
MERCK & CO INC                   COM       589331 10 7      370       5,000    SH        SOLE                     5,000
METRICOM INC                     SB NT     591596 AC 5    2,198   1,575,000   PRN        SOLE                 1,575,000
                                 CONV 8%03
MICROSOFT CORP.                  COM       594918 10 4    3,093      34,300    SH        SOLE                    34,300
MIDAMERICAN ENERGY HLDGS NEW     COM       59562V 10 7    6,014     173,700    SH        SOLE                   173,700
MINNESOTA PWR INC                COM       604110 10 6    1,988     100,000    SH        SOLE                   100,000
MONTANA POWER CO                 COM       612085 10 0    1,304      18,500    SH        SOLE                    18,500
MOSAIX INC                       COM       619454 10 1    4,171     321,600    SH        SOLE                   321,600
NALCO CHEM CO                    COM       629853 10 2   11,413     220,000    SH        SOLE                   220,000
NATIONAL FUEL GAS CO N J         COM       636180 10 1    4,806      99,100    SH        SOLE                    99,100
NATIONAL PWR PLC                 SPON ADR  637194 40 8    1,384      45,000    SH        SOLE                    45,000
                                 FINAL
NEVADA POWER CO                  COM       641423 10 8    5,923     236,900    SH        SOLE                   236,900
NEW CENTURY ENERGIES             COM       64352U 10 3    1,494      38,500    SH        SOLE                    38,500
NEW ENGLAND ELEC SYS             COM       644001 10 9   28,606     570,700    SH        SOLE                   570,700
NEW WORLD COFFEE-MANHATN BAGEL   COM       648904 10 0       92     122,027    SH        SOLE                   122,027
NEXSTAR PHARMACEUTICALS INC      COM       65333B 10 6    8,240     413,300    SH        SOLE                   413,300


<PAGE>

                                                        Value                      Put/  Investment   Other           Voting
                                                                                                                    Authority
Name of Issuer                  Title of    CUSIP     (x$1000)    Shrs or   SH/PRN Call  Discretion  Managers   Sole   Shared   None
- --------------                  --------    -----     --------    --------  ------ ----  ----------  --------   ----   ------   ----
                                 Class                            prn amt
                                 -----                            -------
<S>                              <C>       <C>          <C>       <C>          <C> <C>   <C>                    <C>

NEXSTAR PHARMACEUTICALS INC      SB DB CV  65333B AC 0    9,985   7,500,000   PRN        SOLE                 7,500,000
                                 6.25%04
NEXTEL COMMUNICATIONS INC        CALL      65332V 90 3    1,004      20,000    SH  CALL  SOLE                    20,000
NIAGARA MOHAWK HLDGS INC         COM       653520 10 6    7,859     489,300    SH        SOLE                   489,300
NICOR INC                        COM       654086 10 7    3,532      92,800    SH        SOLE                    92,800
NORTH CAROLINA NAT GAS CORP      COM       658221 10 6    1,485      43,600    SH        SOLE                    43,600
NORTHEAST UTILS                  COM       664397 10 6    5,722     323,500    SH        SOLE                   323,500
OMNIPOINT CORP                   COM       68212D 10 2    8,681     300,000    SH        SOLE                   300,000
ORACLE CORP.                     COM       68389X 10 5      351       9,450    SH        SOLE                     9,450
ORANGE & ROCKLAND UTILS INC      COM       684065 10 5    3,933      67,300    SH        SOLE                    67,300
OUTDOOR SYS  INC                 COM       690057 10 4   21,597     591,700    SH        SOLE                   591,700
PACIFICORP                       COM       695114 10 8    2,139     116,400    SH        SOLE                   116,400
PECO ENERGY CO                   COM       693304 10 7   13,308     317,800    SH        SOLE                   317,800
PIEDMONT NAT GAS INC             COM       720186 10 5    1,192      38,300    SH        SOLE                    38,300
PINNACLE WEST CAPITAL CORP       COM       723484 10 1    6,983     173,500    SH        SOLE                   173,500
PIONEER HI BRED INTL INC         COM       723686 10 1   37,306     958,100    SH        SOLE                   958,100
PROTECTION ONE INC               COM       743663 30 4      949     176,500    SH        SOLE                   176,500
PROVIDENCE ENERGY CORP           COM       743743 10 6    1,174      44,000    SH        SOLE                    44,000
PUBLIC SERVICE ENTERPRISE GROUP  COM       744573 10 6   19,395     474,500    SH        SOLE                   474,500
PUBLIC SVC CO N MEX              COM       744499 10 4    1,073      54,000    SH        SOLE                    54,000
PUBLIC SVC CO NC INC             COM       744516 10 5    3,656     125,000    SH        SOLE                   125,000
QUESTAR CORP                     COM       748356 10 2    2,104     110,000    SH        SOLE                   110,000
QUINTILES TRANSNATIONAL CORP     SB NT CV  748767 AC 4    1,677   1,500,000   PRN        SOLE                 1,500,000
                                 4.25%00
QWEST COMMUNICATIONS INTL        COM       749121 10 9      228       6,900    SH        SOLE                     6,900
RAYCHEM CORP DEL                 COM       754603 10 8   13,142     355,200    SH        SOLE                   355,200
REPTRON ELECTRONICS INC          SB NT CV  76026W AA 7    1,507   3,100,000   PRN        SOLE                 3,100,000
                                 6.75%04
REPUBLIC N Y CORP                COM       760719 10 4   31,373     460,100    SH        SOLE                   460,100
REYNOLDS METALS CO               COM       761763 10 1      266       4,500    SH        SOLE                     4,500
RICHFOOD HLDGS INC               CALL      763408 90 1      881      50,000    SH  CALL  SOLE                    50,000
RICHFOOD HLDGS INC               COM       763408 10 1   15,669     889,000    SH        SOLE                   889,000
ROWECOM INC                      COM       77957X 10 8      198      13,000    SH        SOLE                    13,000
SAFEGUARD SCIENTIFICS INC        COM       786449 10 8      744      12,000    SH        SOLE                    12,000
SAVILLE SYS PLC                  SPONSORED 805174 10 9   10,330     712,400    SH        SOLE                   712,400
                                 ADR
SEALED AIR CORP NEW              PFD CV A  81211K 20 9   32,219     515,500    SH        SOLE                   515,500
                                 $2
SEPRACOR INC                     SB DB CV  817315 AE 4   21,298  11,500,000   PRN        SOLE                11,500,000
                                 6.25%05


<PAGE>


                                                        Value                      Put/  Investment   Other           Voting
                                                                                                                    Authority
Name of Issuer                  Title of    CUSIP     (x$1000)    Shrs or   SH/PRN Call  Discretion  Managers   Sole   Shared   None
- --------------                  --------    -----     --------    --------  ------ ----  ----------  --------   ----   ------   ----
                                 Class                            prn amt
                                 -----                            -------
<S>                              <C>       <C>          <C>       <C>          <C> <C>   <C>                    <C>

SIGCORP INC                      COM       826912 10 7    3,253     114,900    SH        SOLE                   114,900
SKYTEL COMMUNCATIONS INC         COM       83087Q 10 4    3,649     174,300    SH        SOLE                   174,300
SKYTEL COMMUNICATIONS INC        PFD CV    83087Q 30 2   16,979     468,000    SH        SOLE                   468,000
                                 EX$2.25
SONAT INC                        COM       835415 10 0      802      24,200    SH        SOLE                    24,200
SOUTH JERSEY INDS INC            COM       838518 10 8    2,707      95,600    SH        SOLE                    95,600
SOUTHERN CO                      COM       842587 10 7    6,294     237,500    SH        SOLE                   237,500
SOUTHWEST GAS CORP               COM       844895 10 2    6,498     227,000    SH        SOLE                   227,000
SPDR TR                          UNIT SER  78462F 10 3   14,169     103,420    SH        SOLE                   103,420
                                 1
SPORTS AUTH INC                  SB NT CV  849176 AC 6    1,730   2,350,000   PRN        SOLE                 2,350,000
                                 5.25%01
ST JOSEPH LT & PWR CO            COM       790654 10 7      625      30,400    SH        SOLE                    30,400
STANFORD TELECOMMUNICATIONS      COM       854402 10 4    5,697     192,300    SH        SOLE                   192,300
SUN MICROSYSTEMS INC             COM       866810 10 4      365       5,300    SH        SOLE                     5,300
SUNBEAM CORP                     SRSDCV    867071 AA 0    7,364  43,000,000   PRN        SOLE                43,000,000
                                 ZRO144A18
SYNETIC INC                      SUB DB    87160F AB 5    3,619   3,500,000   PRN        SOLE                 3,500,000
                                 CONV 5%07
TCA CABLE TV INC                 COM       872241 10 4    3,474      62,600    SH        SOLE                    62,600
TEXAS UTILS CO                   COM       882848 10 4    1,526      37,000    SH        SOLE                    37,000
TII INDS INC                     COM NEW   872479 20 9      512     268,464    SH        SOLE                   268,464
TNP ENTERPRISES INC              COM       872594 10 6    5,840     161,100    SH        SOLE                   161,100
TRANSAMERICA CORP                COM       893485 10 2   44,010     586,800    SH        SOLE                   586,800
U  S WEST INC NEW                COM       91273H 10 1   11,868     202,000    SH        SOLE                   202,000
U S DIAGNOSTIC INC               SUB DB    90328Q AB 4    2,634   3,835,000   PRN        SOLE                 3,835,000
                                 CONV 9%03
UGI CORP NEW                     COM       902681 10 5    6,066     300,500    SH        SOLE                   300,500
UNICOM CORP                      COM       904911 10 4    8,557     221,900    SH        SOLE                   221,900
UTILICORP UTD INC                COM       918005 10 9    2,441     100,400    SH        SOLE                   100,400
VALLEY RES INC                   COM       920062 10 6      203      15,800    SH        SOLE                    15,800
VODAFONE GROUP PLC               SPONSORED 92857T 10 7      207       1,050    SH        SOLE                     1,050
                                 ADR
WASHINGTON GAS LT CO             COM       938837 10 1    2,639     101,500    SH        SOLE                   101,500
WESTCOAST ENERGY INC             COM       95751D 10 2      691      35,000    SH        SOLE                    35,000
WICOR INC                        COM       929253 10 2    2,126      76,100    SH        SOLE                    76,100
YAHOO INC                        COM       984332 10 6      310       1,800    SH        SOLE                     1,800
YANKEE ENERGY SYS INC            COM       984779 10 8   19,510     491,600    SH        SOLE                   491,600





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