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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, 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: GEM Capital Management, Inc.
Address: 70 East 55th Street - 12th Floor
New York, New York 10022
13F File Number: 28-2943
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: Gerald B. Unterman
Title: President
Phone: (212) 753-0700
Signature, Place, and Date of Signing:
Gerald B.Unterman New York, New York May 7, 1999
Report Type (Check only one):
[X] 13F HOLDINGS REPORT
[ ] 13F NOTICE
[ ] 13F COMBINATION REPORT
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FORM 13F INFORMATION TABLE
<TABLE>
<CAPTION>
NAME OF TITLE OF CUSIP VALUE SHARES/ SH/PRN PUT/ INVSTMT OTHER VOTING VOTING VOTING
ISSUER CLASS (x$1000) PRN AMT CALL DSCRETN MANAGERS AUTHORITY AUTHORITY AUTHORITY
SOLE SHARED NONE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Advantica COM 00758B109 3,096 619,344 SH SOLE 619,344
Rest. Group
Advantica WT 00758B117 570 536,419 SOLE
Rest. Group
Alza Corp. SB DB CV 022515AC2 92 79,000 PRN SOLE
5% 06
Autom. TRACES 05300A202 3,294 227,189 SH SOLE 227,189
Com. Exch
BEA SB NT CV 07332AAO 10,221 13,000,000 PRN SOLE
Systems Inc. 144 A05
Calif. Fed Cont. Litig. 130209604 1,457 132,419 SOLE
Bank FSB REC
Cell COM 15114R101 399 54,054 SH SOLE 54,054
Pathways
Inc.
Cendant COM 151313013 11,472 719,800 SH SOLE 719,800
Corp.
Centocor SB DB CV 152342AD3 3,091 3,195,000 PRN SOLE
Inc. 4.75% 05
Costco SB CV 2216OQAA 83 80,000 SH SOLE 80,000
Companies 144A 17 O
Costco SB NT CV 22160QAC6 13,832 13,300,000 PRN SOLE
Companies 17
Citigroup COM 172967101 1,617 25,000 SH SOLE 25,000
Inc.
</TABLE>
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<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Comverse SB NT CV 205862AF2 5,969 4,047,000 PRN SOLE
Technology 144A 04
Inc.
Dime COM 25429Q102 2,349 102,128 SH SOLE 102,128
Bancorp Inc.
EMC Corp. COM 268648102 4,879 38,194 SH SOLE 38,194
EMC Corp. SB NT CV 268648AC6 22,388 3,988,000 PRN SOLE
144A02
EMC Corp. SB NT CV 268648AD4 31,437 5,600,000 PRN SOLE
ACRD02
Empresas SB DB CV 292448AC1 10,656 16,269,00 PRN SOLE
ICA 5%04
Sociedad
France DEP BD CV 35177QAB1 3,796 3,923,000 PRN SOLE
Telecom 144A 04
Genzyme SB NT CV 372917AE4 20,574 14,238,000 PRN SOLE
Corp. 144A 05
Golden COM 381197102 18,371 825,656 SH SOLE 825,656
State
Bancorp
Golden WT EX 381197136 3,892 808,656 SOLE
State 0000
Bancorp
Home Depot SB NT CV 437076AE2 4,832 1,803,000 PRN SOLE
3.25% 01
Interpublic SB NT CV 460690AD2 8,950 8,000,000 PRN SOLE
Group 144A
Littlefuse COM 537008104 1,084 59,000 SH SOLE 59,000
Inc.
Loral Space PRD CV 6% G56462149 16,577 348,994 SH SOLE 348,994
MCI COM 55268B106 15,206 171,815 SH SOLE 171,815
Worldcom
Inc.
</TABLE>
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<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Mediaone PFD CV. 5844OJ203 24,802 299,719 SH SOLE 299,719
Group Inc. SER D
Metamor SB NT CV 59133PAA8 5,991 9,146,000 PRN SOLE
Worldwide 2.94%
Inc.
National CAP UTS 632525309 20,422 652,195 SH SOLE 652,195
Australia EXCH LB
Bank Ltd.
Nextel CLA 65332V103 5,063 138,234 SH SOLE 138,234
Communicat
ions
Occidental PFD CV $3 674599790 9,236 188,407 SH SOLE 188,407
Pete
Omnicom SB DB CV 681919ACO 4,848 2,000,000 PRN SOLE
Group Inc. 144A 07
Owens PFD CV 690768502 6,658 182,736 SH SOLE 182,736
Illinois $.01
PMI Group COM 69344M101 140 3,096 SH SOLE 3,096
Inc.
Pogo SB NT CV 730448AC1 15,939 20,938,000 PRN SOLE
Producting 144A
Corp. 5.5% 06
Royal PFD CV V7780T111 3,431 28,036 SH SOLE 28,036
Carribean
Cruises
Safeguard SB NT CV 786449AC2 17,795 7,695,000 PRN SOLE
Scientifics 144A 6% 06
Inc.
Sinclair PFD CV 829226505 1,197 29,315 SH SOLE 29,315
Broadcast.
Snyder Oil COM 833482102 2,459 166,003 SH SOLE 166,003
Corp.
Tesoro Pete CV 1/100 881609408 4,304 360,532 SH SOLE 360,532
Corp.
</TABLE>
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<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Tower SB NT CV 891707AE1 230 247,000 PRN SOLE
Automotive 5% 04
Vornado PFD CV 929042208 2,369 48,351 SH SOLE 48,351
Realty Trust SER A
Waste SB NT CV 94106LAA7 36 752 SH SOLE 752
Manag. Inc. 4$ 02
WinStar COM 975515107 2,020 55,622 SH SOLE 55,622
Communcati
ons Inc.
World Color SR SB NT 981443AA2 1,132 1,256,000 PRN SOLE
Press CV 6% 07
</TABLE>
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FORM 13F SUMMARY PAGE
Report Summary
<TABLE>
<S> <C>
Number of Other Included Managers: -0-
Form 13F Information Table Entry Total: 46
Form 13F Information Table Value Total: $340,256
List of Other Included Managers: None
</TABLE>
