<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: December 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:
/s/ Gerald B. Unterman New York, New York February 8, 2000
Report Type (Check only one):
[ X ] 13F HOLDINGS REPORT
[ ] 13F NOTICE
[ ] 13F COMBINATION REPORT
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FORM 13F SUMMARY PAGE
Report Summary
Number of Other Included Managers: -0-
Form 13F Information Table Entry Total: 46
Form 13F Information Table Value Total: $656,257
List of Other Included Managers: None
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FORM 13F INFORMATION TABLE
<TABLE>
<CAPTION>
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VOTING VOTING VOTING
AUTHORITY AUTHORITY AUTHORITY
TITLE OF VALUE SHARES/ PUT/ INVSTMT OTHER
NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT SH/PRN CALL DSCRETN MANAGERS SOLE SHARED N
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AMFM Inc. COM 001693100 6,730 86,000 SH SOLE 86,000 0 0
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COM LIB
AT&T Corp. GRP B 001952708 459 8,112 SH SOLE 8,112 0 0
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American
Tower Corp. NTCV 144A09 029912AA0 27,416 19,600,000 PRN SOLE 0 0 0
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BEA Systems SB NT CV
Inc. 144A 05 073325AAO 64,965 12,246,000 PRN SOLE 0 0 0
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Calif. Fed Cont.
Bank FSB Litig. REC 130209604 106 77,247 SOLE 0 0 0
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Canadian Nat
Ry PFD CV 136375409 714 17,000 SH SOLE 17,000 0 0
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Cell Pathways
Inc. COM 15114R101 500 54,054 SH SOLE 54,054 0 0
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Cendant Corp. COM 151313013 3,887 146,330 SH SOLE 146,330 0 0
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SB DB CV
Centocor Inc. 4.75% 05 152342AD3 8,062 6,056,000 PRN SOLE 0 0 0
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Checkfree SB NT CV
Holdings Corp. 144A06 162816102 6,350 4,000,000 PRN SOLE 0 0 0
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Citigroup Inc. COM 172967101 1,806 32,500 SH SOLE 32,500 0 0
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</TABLE>
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FORM 13F INFORMATION TABLE
<TABLE>
<CAPTION>
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Citrix Sys SD CV ZRO
Inc. 144A 19 177376AA8 69,718 79,000,000 PRN SOLE 0 0 0
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Comverse
Technology SB NT CV
Inc. 144A 04 205862AF2 13,659 4,010,000 PRN SOLE 0 0 0
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Danaher Corp. COM 235851102 820 17,000 SH SOLE 17,000 0 0
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Dime Bancorp
Inc. COM 25429Q102 1,821 120,328 SH SOLE 120,328 0 0
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SB NT CV
EMC Corp. 144A02 268648AC6 32,819 3,400,000 PRN SOLE 0 0 0
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SB NT CV
EMC Corp. ACRD02 268648AD4 31,969 3,312,000 PRN SOLE 0 0 0
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SB NT CV
EMC Corp. 6%04 268648AE2 1,857 1,357,000 PRN SOLE 0 0 0
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DEP BD CV
France Telecom 144A 04 35177QAB1 4,855 3,670,000 PRN SOLE 0 0 0
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Golden State
Bancorp COM 381197102 6,192 358,969 SH SOLE 358,969 0 0
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Golden State
Bancorp WT EX 0000 381197136 391 443,947 SOLE 0 0 0
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Interpublic SB NT CV
Group 144A 460690AD2 12,560 8,000,000 PRN SOLE 0 0 0
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Kmart Corp. COM 482584109 129 12,800 SH SOLE 12,800 0 0
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</TABLE>
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FORM 13F INFORMATION TABLE
<TABLE>
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Kmart PFD TR CV
Corp. 7.75% 498778208 17,066 390,070 SH SOLE 390,070 0 0
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Kulicke & SB NT CV
Soffa Inds. 144A06 501242AC6 12,445 11,250,000 PRN SOLE 0 0 0
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LSI Logic SUB NT CV
Corp. 144A 04 502161AB8 2,833 1,250,000 PRN SOLE 0 0 0
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Lattice Semi-
conductor SB NT CV
Corp. 144A04 518415AA2 6,531 5,000,000 PRN SOLE 0 0 0
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Littlefuse
Inc. COM 537008104 1,442 59,000 SH SOLE 59,000 0 0
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MCI Worldcom
Inc. COM 55268B106 2,167 40,882 SH SOLE 40,882 0 0
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Mediaone PFD CV.
Group Inc. SER D 58440J203 47,273 450,475 SH SOLE 450,475 0 0
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National
Australia CAP UTS
Bank Ltd. EXCH LB 632525309 18,585 672,779 SH SOLE 672,779 0 0
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Omnicom Group SB DB CV
Inc. 144A 07 681919ACO 6,360 2,000,000 PRN SOLE 0 0 0
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PSI Net Inc. PFD CV 6.75 74437C309 59,368 1,017,008 SH SOLE 1,017,008 0 0
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Pogo Trust I QUIPS SER A 74437P208 5,962 121,065 SH SOLE 121,065 0 0
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Pogo SB NT CV
Producting 144A
Corp. 5.5% 06 730448AC1 10,106 12,712,000 PRN SOLE 0 0 0
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</TABLE>
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FORM 13F INFORMATION TABLE
<TABLE>
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Qwest Commn.
Inc. COM 749121109 606 14,100 SH SOLE 14,100 0 0
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Royal
Caribbean
Cruises PFD CV V7780T111 2,745 14,179 SH SOLE 14,179 0 0
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Safeguard
Scientifics SB NT CV
Inc. 144A 6% 06 786449ADO 2,864 1,268,000 PRN SOLE 0 0 0
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SB DB CV
Sanmina Corp. 144A 04 800907AA5 13,175 10,000,000 PRN SOLE 0 0 0
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Sovereign
Bancorp.
Inc. COM 845905108 81,913 11,060 SH SOLE 11,060 0 0
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Stmicro- SB LYON
electronics Zero 09 861012AB8 30,543 22,335,000 PRN SOLE 0 0 0
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US West
Inc. COM 91273H101 540 7,500 SH SOLE 7,500 0 0
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Veritas SB NT CV
Software Co. 5.25% 04 923436AB5 27,182 10,100,000 PRN SOLE 0 0 0
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Washington
Mut Inc. Com 939322103 4,586 176,386 SH SOLE 176,386 0 0
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Waste Manag. SB NT CV
Inc. 4$ 02 94106LAA7 13 752 SH SOLE 752 0 0
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WinStar
Communcations
Inc. COM 975515107 4,167 55,468 SH SOLE 55,468 0 0
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</TABLE>
