<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: 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: 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 May 4, 2000
Report Type (Check only one):
[X] 13F HOLDINGS REPORT
[ ] 13F NOTICE
[ ] 13F COMBINATION REPORT
<PAGE> 2
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: $423,782
List of Other Included Managers: None
<PAGE> 3
FORM 13F INFORMATION TABLE
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
NAME OF ISSUER TITLE OF CUSIP VALUE SHARES/ SH/PRN PUT/ INVSTMT OTHER VOTING VOTING VOTING
CLASS (x$1000) PRN AMT CALL DSCRETN MANAGERS AUTHORITY AUTHORITY AUTHORITY
SOLE SHARED N
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Advanced Radio COM 00754U101 222 6,700 SH SOLE 6,700 0 0
Telecom
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
AT&T Corp. COM LIB 001952708 481 8,112 SH SOLE 8,112 0 0
GRP B
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
America Com 02364JAA2 370 5,500 SH SOLE 5,500 0 0
Online Inc.
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
American NTCV 144A09 029912AA0 34,983 16,550,000 PRN SOLE 0 0 0
Tower Corp.
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
At Home Corp. SB NT CV 045919AD9 8,150 10,000,000 PRN SOLE 0 0 0
144A 06
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
BEA 073325AB8 8,902 1,665,000 PRN SOLE 0 0 0
Systems SB NT
Inc. CV 4% 05
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
BEA Systems SB NT CV 073325AAO 8,109 6,500,000 PRN SOLE 0 0 0
Inc. 144A 05
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Calif. Fed Cont. 130209604 117 75,027 SOLE 0 0 0
Bank FSB Litig. REC
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Canadian Nat PFD CV 136375409 416 10,000 SH SOLE 10,000 0 0
Ry
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Cell Pathways COM 15114R101 1,855 53,954 SH SOLE 53,954 0 0
Inc.
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Cendant Corp. COM 151313013 1,501 81,150 SH SOLE 81,150 0 0
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
NAME OF ISSUER TITLE OF CUSIP VALUE SHARES/ SH/PRN PUT/ INVSTMT OTHER VOTING VOTING VOTING
CLASS (x$1000) PRN AMT CALL DSCRETN MANAGERS AUTHORITY AUTHORITY AUTHORITY
SOLE SHARED N
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Checkfree SB NT CV 162816102 4,450 4,000,000 PRN SOLE 0 0 0
Holdings Corp. 144A06
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Citigroup Inc. COM 172967101 593 10,000 SH SOLE 10,000 0 0
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Citrix Sys SD CV ZRO 177376AA8 60,174 64,100,000 PRN SOLE 0 0 0
Inc. 144A 19
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Comverse SB NT CV 205862AF2 43 10,000 PRN SOLE 0 0 0
Technology 144A 04
Inc.
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Danaher Corp. COM 235851102 876 17,180 SH SOLE 17,180 0 0
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Diamond SB NT CV 25271CAA0 234 205,000 PRN SOLE 0 0 0
Offshore 3.75% 07
Drilling Inc.
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Dime Bancorp COM 25429Q102 1,327 71,728 SH SOLE 71,728 0 0
Inc.
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
EMC Corp. COM 268648102 33,625 268,998 SH SOLE 268,998 0 0
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
EMC Corp. SB NT CV 268648AE2 6,033 3,937,000 PRN SOLE 0 0 0
6%04
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
France Telecom DEP BD CV 35177QAB1 7,193 3,670,000 PRN SOLE 0 0 0
144A 04
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Golden State COM 381197102 4,686 313,689 SH SOLE 313,689 0 0
Bancorp
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
</TABLE>
<PAGE> 5
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
NAME OF ISSUER TITLE OF CUSIP VALUE SHARES/ SH/PRN PUT/ INVSTMT OTHER VOTING VOTING VOTING
CLASS (x$1000) PRN AMT CALL DSCRETN MANAGERS AUTHORITY AUTHORITY AUTHORITY
SOLE SHARED N
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Golden State WT EX 0000 381197136 540 411,453 SOLE 0 0 0
Bancorp
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Interpublic SB NT CV 460690AD2 9,656 7,500,000 PRN SOLE 0 0 0
Group 144A
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Kmart Corp. COM 482584109 122 12,600 SH SOLE 12,600 0 0
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Kmart PFD TR CV 498778208 17,898 415,638 SH SOLE 415,638 0 0
Corp. 7.75%
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Kulicke & SB NT CV 501242AC6 19,492 12,750,000 PRN SOLE 0 0 0
Soffa Inds. 144A06
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Kroger Co. COM 501044101 653 37,200 SH SOLE 37,200 0 0
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Leap Wireless COM 521863100 102 1,032 SH SOLE 1,032 0 0
Inc.
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
LSI Logic SUB NT CV 502161AB8 2,762 600,000 PRN SOLE 0 0 0
Corp. 144A 04
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Lattice Semi- SB NT CV 518415AA2 8,744 5,000,000 PRN SOLE 0 0 0
conductor 144A04
Corp.
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Littlefuse COM 537008104 675 18,385 SH SOLE 18,385 0 0
Inc.
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
MCI Worldcom COM 55268B106 370 8,150 SH SOLE 8,150 0 0
Inc.
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
National CAP UTS 632525309 15,863 655,825 SH SOLE 655,825 0 0
Australia EXCH LB
Bank Ltd.
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
</TABLE>
<PAGE> 6
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
NAME OF ISSUER TITLE OF CUSIP VALUE SHARES/ SH/PRN PUT/ INVSTMT OTHER VOTING VOTING VOTING
CLASS (x$1000) PRN AMT CALL DSCRETN MANAGERS AUTHORITY AUTHORITY AUTHORITY
SOLE SHARED N
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
PSI Net Inc. PFD CV 6.75 74437C309 14,506 226,658 SH SOLE 226,658 0 0
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Pogo Trust I QUIPS SER A 74437P208 16,693 255,835 SH SOLE 255,835 0 0
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Pogo SB NT CV 730448AC1 10,115 11,544,000 PRN SOLE 0 0 0
Producting 144A
Corp. 5.5% 06
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Qualcomm Inc. COM 747525103 65,138 436,068 SH SOLE 436,068 0 0
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Qwest Commn. COM 749121109 699 14,335 SH SOLE 14,335 0 0
Inc.
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Royal PFD CV V7780T111 495 5,629 SH SOLE 5,629 0 0
Caribbean
Cruises
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Sanmina Corp. SB DB CV 800907AA5 16,113 10,000,000 PRN SOLE 0 0 0
144A 04
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Siebel SB NT 821670AA0 8,456 3,300,000 PRN SOLE 0 0 0
Systems Inc. CV 144A 06
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Sovereign COM 845905108 78 10,300 SH SOLE 10,300 0 0
Bancorp.
Inc.
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Stmicro- SB LYON 861012AB8 25,828 15,385,000 PRN SOLE 0 0 0
electronics Zero 09
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
US West COM 91273H101 704 9,700 SH SOLE 9,700 0 0
Inc.
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Vodafone ADR 92857T107 11 200 SH SOLE 200 0 0
Airtouch.
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Washington Com 939322103 398 15,000 SH SOLE 15,000 0 0
Mut Inc.
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
Waste Manag. SB NT CV 94106LAA7 10 752 SH SOLE 752 0 0
Inc. 4$ 02
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
WinStar COM 975515107 3,324 55,575 SH SOLE 55,575 0 0
Communcations
Inc.
- --------------- ------------ ------------ ------------ ------------ ------- ------ ------- -------- --------- ------------ ---------
</TABLE>
