<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
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: 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 August 10, 1999
Report Type (Check only one):
[ X ] 13F HOLDINGS REPORT
[ ] 13F NOTICE
[ ] 13F COMBINATION REPORT
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FORM 13F SUMMARY PAGE
Report Summary
<TABLE>
<CAPTION>
<S> <C>
Number of Other Included Managers: -0-
Form 13F Information Table Entry Total: 53
Form 13F Information Table Value Total: $416,713
List of Other Included Managers: None
</TABLE>
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FORM 13F INFORMATION TABLE
<TABLE>
<CAPTION>
NAME OF TITLE OF CUSIP VALUE SHARES/ SH/PRN PUT/ INVSTMT OTHER
ISSUER CLASS (x$1000) PRN AMT CALL DSCRETN MANAGERS
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Adelphia PFD CV 006848402 8,746 43,510 SH SOLE
Comm. SER D
Corp.
Advantica COM 00758B109 1,524 442,897 SH SOLE
Rest. Group
AT&T COM LIB 001952708 20,455 558,430 SH SOLE
Corp. GRP B
Autom. TRACES 05300A202 4,550 252,753 SH SOLE
Com. Exch
BEA SB NT CV 073325AAO 17,957 15,250,000 PRN SOLE
Systems Inc. 144 A05
Calif. Fed Cont. Litig. 130209604 232 103,089 SOLE
Bank FSB REC
Cell COM 15114R101 625 54,054 SH SOLE
Pathways
Inc.
Cendant COM 151313013 1,943 94,800 SH SOLE
Corp.
Centocor SB DB CV 152342AD3 3,091 3,309,000 PRN SOLE
Inc. 4.75% 05
Clear COM 184502102 4,880 70,779 SH SOLE
Channel
Commun.
Costco SB CV 22160QAA 75 80,000 PRN SOLE
Companies 144A 17 O
Costco SB NT CV 22160QAC6 12,553 13,300,000 PRN SOLE
Companies 17
NAME OF VOTING VOTING VOTING
ISSUER AUTHORITY AUTHORITY AUTHORITY
SOLE SHARED NONE
- -----------------------------------------------------
<S> <C> <C> <C>
Adelphia 43,510 0 0
Comm.
Corp.
Advantica 442,897 0 0
Rest. Group
AT&T 558,430 0 0
Corp.
Autom. 252,753 0 0
Com. Exch
BEA 0 0
Systems Inc.
Calif. Fed 0 0
Bank FSB
Cell 54,054 0 0
Pathways
Inc.
Cendant 94,800 0 0
Corp.
Centocor 0 0
Inc.
Clear 70,779 0 0
Channel
Commun.
Costco 80,000 0 0
Companies
Costco 0 0
Companies
</TABLE>
<PAGE> 4
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Citigroup COM 172967101 713 15,000 SH SOLE
Inc.
Comverse SB NT CV 205862AF2 7,520 4,035,000 PRN SOLE
Technology 144A 04
Inc.
Dime COM 25429Q102 1,629 80,928 SH SOLE
Bancorp Inc.
EMC Corp. COM 268648102 1,451 26,388 SH SOLE
EMC Corp. SB NT CV 268648AC6 16,610 3,409,000 PRN SOLE
144A02
EMC Corp. SB NT CV 268648AD4 21,926 4,500,000 PRN SOLE
ACRD02
Empresas SB DB CV 292448AC1 7,117 10,112,000 PRN SOLE
ICA 5%04
Sociedad
France DEP BD CV 35177QAB1 3,597 3,923,000 PRN SOLE
Telecom 144A 04
Genzyme SB NT CV 372917AE4 18,230 13,115,000 PRN SOLE
Corp. 144A 05
Golden COM 381197102 11,149 495,504 SH SOLE
State
Bancorp
Golden WT EX 381197136 762 580,482 SOLE
State 0000
Bancorp
Home Depot SB NT CV 437076AE2 5,028 1,803,000 PRN SOLE
3.25% 01
Interpublic SB NT CV 460690AD2 9,600 8,000,000 PRN SOLE
Group 144A
Kmart Corp. COM 482584109 329 20,000 SH SOLE
Kmart Corp. PFD TR CV 498778208 23,391 399,853 SH SOLE
7.75%
<S> <C> <C> <C>
Citigroup 15,000 0 0
Inc.
Comverse 0 0
Technology
Inc.
Dime 80,928 0 0
Bancorp Inc.
EMC Corp. 26,388 0 0
EMC Corp. 0 0
EMC Corp. 0 0
Empresas 0 0
ICA
Sociedad
France 0 0
Telecom
Genzyme 0 0
Corp.
Golden 495,504 0 0
State
Bancorp
Golden 0 0
State
Bancorp
Home Depot 0 0
Interpublic 0 0
Group
Kmart Corp. 20,000 0 0
Kmart Corp. 399,853 0 0
</TABLE>
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<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
LSI Logic SUB NT CV 502161AB8 2,022 1,250,000 PRN SOLE
Corp. 144A 04
Littlefuse COM 537008104 1,103 59,000 SH SOLE
Inc.
Loral Space PRD CV 6% G56462149 17,591 349,161 SH SOLE
MCI COM 55268B106 12,018 139,740 SH SOLE
Worldcom
Inc.
Mediaone PFD CV. 5844OJ203 40,775 450,554 SH SOLE
Group Inc. SER D
Metamor SB NT CV 59133PAA8 8,164 10,188,000 PRN SOLE
Worldwide 2.94%
Inc.
National CAP UTS 632525309 19,925 655,874 SH SOLE
Australia EXCH LB
Bank Ltd.
Nextel CLA 65332V103 6,160 122,734 SH SOLE
Communicat
ions
Occidental PFD CV $3 674599790 10,916 188,407 SH SOLE
Pete
Omnicom SB DB CV 681919ACO 5,060 2,000,000 PRN SOLE
Group Inc. 144A 07
PMI Group COM 69344M101 194 3,096 SH SOLE
Inc.
Pogo Trust I QUIPS SER 73044P208 1,967 38,988 SH SOLE
A
Pogo SB NT CV 730448AC1 14,134 17,422,000 PRN SOLE
Producting 144A
Corp. 5.5% 06
Qwest COM 749121109 53 1,600 SH SOLE
Commn.
Inc.
<S> <C> <C> <C>
LSI Logic 0 0
Corp.
Littlefuse 59,000 0 0
Inc.
Loral Space 349,161 0 0
MCI 139,740 0 0
Worldcom
Inc.
Mediaone 450,554 0 0
Group Inc.
Metamor 0 0
Worldwide
Inc.
National 655,874 0 0
Australia
Bank Ltd.
Nextel 122,734 0 0
Communicat
ions
Occidental 188,407 0 0
Pete
Omnicom 0 0
Group Inc.
PMI Group 3,096 0 0
Inc.
Pogo Trust I 38,988 0 0
Pogo 0 0
Producting
Corp.
Qwest 1,600 0 0
Commn.
Inc.
</TABLE>
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<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Royal PFD CV V7780T111 2,984 24,864 SH SOLE
Caribbean
Cruises
Safeguard SB NT CV 786449ADO 1,324 1,268,000 PRN SOLE
Scientifics 144A 6% 06
Inc.
Safeguard COM 786449108 16,460 265,479 SH SOLE
Scientifics
Inc.
Sanmina SB DB CV 800907AA5 12,600 10,000,000 PRN SOLE
Corp. 144A 04
Sinclair PFD CV 829226505 714 16,515 SH SOLE
Broadcast.
Telefonos SR DB CV 879403AD5 16,590 16,068,000 PRN SOLE
De Mexico 4.25% 04
SA
Tower SB NT CV 891707AE1 251 223,000 PRN SOLE
Automotive 5% 04
Vornado PFD CV 929042208 1,748 34,614 SH SOLE
Realty Trust SER A
Washington Com 939322103 16,527 467,126 SH SOLE
Mut Inc.
Waste SB NT CV 94106LAA7 40 752 SH SOLE
Manag. Inc. 4$ 02
WinStar COM 975515107 1,642 33,673 SH SOLE
Communicati
ons Inc.
World Color SR SB NT 981443AA2 68 72,000 PRN SOLE
Press CV 6% 07
<S> <C> <C> <C>
Royal 24,864 0 0
Caribbean
Cruises
Safeguard 0 0
Scientifics
Inc.
Safeguard 265,479 0 0
Scientifics
Inc.
Sanmina 0 0
Corp.
Sinclair 16,515 0 0
Broadcast.
Telefonos 0 0
De Mexico
SA
Tower 0 0
Automotive
Vornado 34,614 0 0
Realty Trust
Washington 467,126 0 0
Mut Inc.
Waste 752 0 0
Manag. Inc.
WinStar 33,673 0 0
Communicati
ons Inc.
World Color 0 0
Press
</TABLE>
