<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, 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 August 10, 2000
Report Type (Check only one):
[ X ] 13F HOLDINGS REPORT
[ ] 13F NOTICE
[ ] 13F COMBINATION REPORT
<PAGE> 2
FORM 13F SUMMARY PAGE
Report Summary
<TABLE>
<S> <C>
Number of Other Included Managers: -0-
Form 13F Information Table Entry Total: 63
Form 13F Information Table Value Total: $523,563
List of Other Included Managers: None
</TABLE>
<PAGE> 3
FORM 13F INFORMATION TABLE
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------
NAME OF TITLE OF CUSIP VALUE SHARES/ SH/PRN PUT/
ISSUER CLASS (x$1000) PRN AMT CALL
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Advanced COM 00754U101 366 25,000 SH
Radio
Telecom
---------------------------------------------------------------------------------------
AT&T Corp. COM LIB 001952708 119 4,926 SH
GRP B
---------------------------------------------------------------------------------------
America Com 02364JAA2 1,424 27,000 SH
Online Inc.
---------------------------------------------------------------------------------------
American NTCV 029912AA0 26,882 14,600,000 PRN
Tower Corp. 144A09
---------------------------------------------------------------------------------------
NTCV
American 144A 029912AE2 15,410 15,220,000 PRN
Tower Corp. 5% 10
---------------------------------------------------------------------------------------
American NTCV 029912AF9 506 500,000 PRN
Tower 5% 10
Corp.
---------------------------------------------------------------------------------------
At Home Corp. SB NT CV 045919AD9 7,025 10,000,000 PRN
144A 06
---------------------------------------------------------------------------------------
BEA 073325AB8 9,672 1,290,5000 PRN
Systems SB NT
Inc. CV 4% 05
---------------------------------------------------------------------------------------
BEA Systems SB NT CV 073325AAO 10,173 6,500,000 PRN
Inc. 144A 05
---------------------------------------------------------------------------------------
Calif. Fed Cont. 130209604 113
Bank FSB Litig. REC 75,027
---------------------------------------------------------------------------------------
Canadian Nat PFD CV 136375409 455 10,000 SH
Ry
---------------------------------------------------------------------------------------
Cell Pathways COM 15114R101 1,275 54,854 SH
Inc.
---------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------
NAME OF INVSTMT OTHER VOTING VOTING VOTING
ISSUER DSCRETN MANAGERS AUTHORITY AUTHORITY AUTHORITY
SOLE SHARED N
----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Advanced SOLE 25,000 0 0
Radio
Telecom
----------------------------------------------------------------------
AT&T Corp. SOLE 4,926 0 0
----------------------------------------------------------------------
America SOLE 27,000 0 0
Online Inc.
----------------------------------------------------------------------
American SOLE 0 0 0
Tower Corp.
----------------------------------------------------------------------
American SOLE 0 0 0
Tower Corp.
----------------------------------------------------------------------
American SOLE 0 0 0
Tower
Corp.
----------------------------------------------------------------------
At Home Corp. SOLE 0 0 0
----------------------------------------------------------------------
BEA SOLE 0 0 0
Systems
Inc.
----------------------------------------------------------------------
BEA Systems SOLE 0 0 0
Inc.
----------------------------------------------------------------------
Calif. Fed SOLE 0 0 0
Bank FSB
----------------------------------------------------------------------
Canadian Nat SOLE 10,000 0 0
Ry
----------------------------------------------------------------------
Cell Pathways SOLE 54,854 0 0
Inc.
----------------------------------------------------------------------
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Cendant Corp. COM 151313013 1,177 81,150 SH
----------------------------------------------------------------------------------------------
Cendant RT PUR 151313111 1,870 221,645 RT
Corp. PRIDCS
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
Checkfree SB NT CV 162816102 4,887 5,165,000 PRN
Holdings Corp. 144A06
----------------------------------------------------------------------------------------------
Citigroup Inc. COM 172967101 604 10,000 SH
----------------------------------------------------------------------------------------------
Citrix Sys SD CV ZRO 177376AA8 29,902 83,350,000 PRN
Inc. 144A 19
----------------------------------------------------------------------------------------------
SB DB 177376AB6 448 1,250,000 PRN
Citrix Sys CV 2R0
Inc. 19
----------------------------------------------------------------------------------------------
Comverse SB NT CV 205862AF2 44 10,000 PRN
Technology 144A 04
Inc.
----------------------------------------------------------------------------------------------
Danaher Corp. COM 235851102 800 16,180 SH
----------------------------------------------------------------------------------------------
Diamond SB NT CV 25271CAA0 170 164,000 PRN
Offshore 3.75% 07
Drilling Inc.
----------------------------------------------------------------------------------------------
EMC Corp. COM 268648102 10,837 140,850 SH
----------------------------------------------------------------------------------------------
France Telecom DEP BD CV 35177QAB1 5,927 3,670,000 PRN
144A 04
----------------------------------------------------------------------------------------------
Global PFDCV G3921A126 47,410 608,800 SH
Crossing 6.375%
Ltd.
----------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Cendant Corp. SOLE 81,150 0 0
------------------------------------------------------------------------------
Cendant SOLE 0 0 0
Corp.
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Checkfree SOLE 0 0 0
Holdings Corp.
------------------------------------------------------------------------------
Citigroup Inc. SOLE 10,000 0 0
------------------------------------------------------------------------------
Citrix Sys SOLE 0 0 0
Inc.
------------------------------------------------------------------------------
SOLE
Citrix Sys 0 0 0
Inc.
------------------------------------------------------------------------------
Comverse SOLE 0 0 0
Technology
Inc.
------------------------------------------------------------------------------
Danaher Corp. SOLE 16,180 0 0
------------------------------------------------------------------------------
Diamond SOLE 0 0 0
Offshore
Drilling Inc.
------------------------------------------------------------------------------
EMC Corp. SOLE 140,850 0 0
------------------------------------------------------------------------------
France Telecom SOLE 0 0 0
------------------------------------------------------------------------------
Global SOLE 608,8000 0 \0
Crossing
Ltd.
------------------------------------------------------------------------------
</TABLE>
<PAGE> 5
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
COM G3921A100 10 375 SH
Global
Crossing
Ltd.
---------------------------------------------------------------------------------------------
Golden State COM 381197102 4,675 259,724 SH
Bancorp
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Golden State WT EX 0000 381197136 339 301,475
Bancorp
---------------------------------------------------------------------------------------------
Interpublic SB NT CV 460690AD2 7,402 6,273,000 PRN
Group 144A
---------------------------------------------------------------------------------------------
SB NT 48203RAA2 27,404 24,800,000
Juniper CV
Networks 4.75% 07
Inc.
---------------------------------------------------------------------------------------------
Kmart Corp. COM 482584109 52 7,600 SH
---------------------------------------------------------------------------------------------
Kmart PFD TR CV 498778208 18,432 505,839 SH
Corp. 7.75%
---------------------------------------------------------------------------------------------
SB DB 492386AP2 11,906 10,342,000 PRN
Kerr McGee CV
Corp. 5.25% 10
---------------------------------------------------------------------------------------------
SB NT 501242AE1 434 300,000 PRN
Kulicke & CV
Soffa Inds. 4.75% 06
---------------------------------------------------------------------------------------------
Kulicke & SB NT CV 501242AC6 18,440 12,750,000 PRN
Soffa Inds. 144A06
---------------------------------------------------------------------------------------------
Kroger Co. COM 501044101 343 15,550 SH
---------------------------------------------------------------------------------------------
LSI Logic SUB NT CV 502161AB8 2,078 600,000 PRN
Corp. 144A 04
---------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SOLE 375 0 0
Global
Crossing
Ltd.
-------------------------------------------------------------------------------
Golden State SOLE 259,724 0 0
Bancorp
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Golden State SOLE 0 0 0
Bancorp
-------------------------------------------------------------------------------
Interpublic SOLE 0 0 0
Group
-------------------------------------------------------------------------------
SOLE 0 0 0
Jniper
Networks
Inc.
-------------------------------------------------------------------------------
Kmart Corp. SOLE 7,600 0 0
-------------------------------------------------------------------------------
Kmart SOLE 505,839 0 0
Corp.
-------------------------------------------------------------------------------
SOLE 0 0 0
Kerr McGee
Corp.
-------------------------------------------------------------------------------
0 0 0
SOLE
Kulicke &
Soffa Inds.
-------------------------------------------------------------------------------
Kulicke & SOLE 0 0 0
Soffa Inds.
-------------------------------------------------------------------------------
Kroger Co. SOLE 15,550 0 0
-------------------------------------------------------------------------------
LSI Logic SOLE 0 0 0
Corp.
-------------------------------------------------------------------------------
</TABLE>
<PAGE> 6
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Lattice Semi- SB NT CV 518415AA2 8,975 5,000,000 PRN
conductor 144A04
Corp.
----------------------------------------------------------------------------------------------
Littlefuse COM 537008104 901 18,385 SH
Inc.
----------------------------------------------------------------------------------------------
MCI Worldcom COM 55268B106 303 6,651 SH
Inc.
----------------------------------------------------------------------------------------------
MGC PFD CV 552763952 3,861 71,500 SH
Communication SER D
Inc.
----------------------------------------------------------------------------------------------
Millenium SB NT CV 599902AA1 8,174 5,500,000 PRN
Pharm. 144A07
----------------------------------------------------------------------------------------------
National CAP UTS 632525309 20,337 718,299 SH
Australia EXCH LB
Bank Ltd.
----------------------------------------------------------------------------------------------
Nextel CLA 65332V103 10,863 183,928 Sh
Communication
Inc.
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
PSI Net Inc. PFD CV 6.75 74437C309 74,746 1,529,325 SH
----------------------------------------------------------------------------------------------
PSI Net COM 74437C101 883 35,125 SH
Inc.
----------------------------------------------------------------------------------------------
Pogo Trust I QUIPS SER A 74437P208 13,863 266,605 SH
----------------------------------------------------------------------------------------------
Pogo SB NT CV 730448AC1 9,370 11,238,000 PRN
Producting 144A
Corp. 5.5% 06
----------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Lattice Semi- SOLE 0 0 0
conductor
Corp.
----------------------------------------------------------------------------
Littlefuse SOLE 18,385 0 0
Inc.
----------------------------------------------------------------------------
MCI Worldcom SOLE 6,651 0 0
Inc.
----------------------------------------------------------------------------
MGC SOLE 71,500 0 0
Communication
Inc.
----------------------------------------------------------------------------
Millenium SOLE 0 0 0
Pharm.
----------------------------------------------------------------------------
National SOLE 718,299 0 0
Australia
Bank Ltd.
----------------------------------------------------------------------------
Nextel SOLE 183,928 0 0
Communication
Inc.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
PSI Net Inc. SOLE 1,529,325 0 0
----------------------------------------------------------------------------
0 0
PSI Net SOLE 35,125
Inc.
----------------------------------------------------------------------------
Pogo Trust I SOLE 266,605 0 0
----------------------------------------------------------------------------
Pogo SOLE 0 0 0
Producting
Corp.
----------------------------------------------------------------------------
</TABLE>
<PAGE> 7
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
COM 747525103 18,653 310,556 SH
Qualcomm Inc.
----------------------------------------------------------------------------------------------
COM 749121109 712 14,335 SH
Qwest Commn.
Inc.
----------------------------------------------------------------------------------------------
Royal PFD CV V7780T111 275 14,860 SH
Caribbean
Cruises
----------------------------------------------------------------------------------------------
SB NT 783890AF3 202 207,000 PRN
SCI Sys CV
Inc. 3% 07
----------------------------------------------------------------------------------------------
Sanmina Corp. SB DB CV 800907AA5 15,910 7,900,500 PRN
144A 04
----------------------------------------------------------------------------------------------
Semtech SB NT 816850AB7 5,181 5,000,000 PRN
Corp. CV
144A07
----------------------------------------------------------------------------------------------
Siebel SB NT 821670AA0 10,919 3,050,000 PRN
Systems Inc. CV 144A 06
----------------------------------------------------------------------------------------------
Sovereign COM 845905108 37 5,230 SH
Bancorp.
Inc.
----------------------------------------------------------------------------------------------
Stmicro- SB LYON 861012AB8 26,481 15,385,000 PRN
electronics Zero 09
----------------------------------------------------------------------------------------------
US West COM 91273H101 643 7,500 SH
Inc.
----------------------------------------------------------------------------------------------
Vitesse SB DB 928497AA4 8,303 9,000,000 PRN
Semiconductor CV
Corp. 144A05
----------------------------------------------------------------------------------------------
Vodafone ADR 92857T107 8 200 SH
Airtouch.
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SOLE 310,556 0 0
Qualcomm Inc.
-----------------------------------------------------------------------------
SOLE 14,335 0 0
Qwest Commn.
Inc.
-----------------------------------------------------------------------------
Royal SOLE 14,860 0 0
Caribbean
Cruises
-----------------------------------------------------------------------------
SOLE 0 0 0
SCI Sys
Inc.
-----------------------------------------------------------------------------
Sanmina Corp. SOLE 0 0 0
-----------------------------------------------------------------------------
Semtech SOLE 0 0 0
Corp.
-----------------------------------------------------------------------------
Siebel SOLE 0 0 0
Systems Inc.
-----------------------------------------------------------------------------
Sovereign SOLE 5,230 0 0
Bancorp.
Inc.
-----------------------------------------------------------------------------
Stmicro- SOLE 0 0 0
electronics
-----------------------------------------------------------------------------
US West SOLE 7,500 0 0
Inc.
-----------------------------------------------------------------------------
Vitesse SOLE 0 0 0
Semiconductor
Corp.
-----------------------------------------------------------------------------
Vodafone SOLE 200 0 0
Airtouch.
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
</TABLE>
<PAGE> 8
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Washington Com 939322103 433 15,000 SH
Mut Inc.
---------------------------------------------------------------------------------------------
Waste Manag. SB NT CV 94106LAA7 14 752 SH
Inc. 4$ 02
---------------------------------------------------------------------------------------------
WinStar COM 975515107 931 27,371 SH
Communcations
Inc.
---------------------------------------------------------------------------------------------
Young & SB NT 987425AA3 13,574 13,390,000 PRN
Rubican CV
Inc. 144A05
---------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Washington SOLE 15,000 0 0
Mut Inc.
-----------------------------------------------------------------------------
Waste Manag. SOLE 752 0 0
Inc.
-----------------------------------------------------------------------------
WinStar SOLE 27,371 0 0
Communcations
Inc.
-----------------------------------------------------------------------------
Young & SOLE 0 0 0
Rubican
Inc.
-----------------------------------------------------------------------------
</TABLE>
