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: KRAMER SPELLMAN, L.P.
Address: 2050 CENTER AVENUE, SUITE 300
FORT LEE, NEW JERSEY 07024
13 File Number:
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
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: ORIN S. KRAMER
Title: GENERAL PARTNER
Phone: 201-592-1234
Signature, Place and Date of Signing:
ORIN S. KRAMER Fort Lee, NJ May 13, 1999
Report Type (Check only one.):
[ X] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934
<PAGE>
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 60
Form 13F Information Table Value Total: 72618
<PAGE>
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FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP x($1000) PRN AMT PRN CALL DISCRETN MANAGERS SOLE SHARED NONE
------------------------------ ---------------- --------- -------- -------- --- ---- -------- --------- -------- -------- --------
D AMBASE CORPORATION COMMON STOCK 023164106 3380 1444800 SH SOLE 1444800 0 0
D AMERICAN BUSINESS FINL SVCS IN COMMON STOCK 02476B106 875 71500 SH SOLE 71500 0 0
D AMERICREDIT CORP COM COMMON STOCK 03060R101 183 14000 SH SOLE 14000 0 0
D AMERITRADE HOLDINGS CORP-CL A OPTIONS - PUTS 03072H0QF 4322 70000 SH PUT SOLE 70000 0 0
D ANNALY MORTGAGE MANAGEMENT COMMON STOCK 035710409 185 18500 SH SOLE 18500 0 0
D ANTHRACITE CAPITAL INC COMMON STOCK 037023108 1291 172200 SH SOLE 172200 0 0
D ARM FINL GROUP INC CL A COM COMMON STOCK 001944107 188 12600 SH SOLE 12600 0 0
D ATLANTIC BK & TR CO BOSTON MAS COMMON STOCK 04822G102 453 43200 SH SOLE 43200 0 0
D BANK ONE CORP COM COMMON STOCK 06423A103 1090 19800 SH SOLE 19800 0 0
D BNC MORTGAGE INC COM COMMON STOCK 05561Y105 655 145700 SH SOLE 145700 0 0
D BORDEN CHEMICALS & PLASTICS COMMON STOCK 099541203 1069 138000 SH SOLE 138000 0 0
D BROADWAY FINANCIAL CORPORATION COMMON STOCK 111444105 78 12000 SH SOLE 12000 0 0
D BUILDING ONE SERVICES CORP COMMON STOCK 120114103 1203 70000 SH SOLE 70000 0 0
D CHASTAIN CAPITAL CORP COMMON STOCK 161697107 1236 230000 SH SOLE 230000 0 0
D COMDISCO INC COM COMMON STOCK 200336105 357 20000 SH SOLE 20000 0 0
D COMPASS BANCSHARES INC COMMON STOCK 20449H109 331 9600 SH SOLE 9600 0 0
D COUNTRYWIDE CR INDS INC COM COMMON STOCK 222372104 1312 35000 SH SOLE 35000 0 0
D CREDIT ACCEPTANCE CO RP MICH COMMON STOCK 225310101 113 20000 SH SOLE 20000 0 0
D DYNEX CAPITAL INC COM COMMON STOCK 26817Q100 2171 655500 SH SOLE 655500 0 0
D FIRST AMERN CORP TENN COM COMMON STOCK 318900107 368 10000 SH SOLE 10000 0 0
D FIRST INVS FINL SVCS GROUP IN COMMON STOCK 32058A101 177 30200 SH SOLE 30200 0 0
D FIRST SIERRA FINL INC COMMON STOCK 335944104 205 22800 SH SOLE 22800 0 0
D FRANCHISE MTG ACCEPTANCE CO CO COMMON STOCK 35181D108 980 135300 SH SOLE 135300 0 0
D FRONTIER INS GRP INC COM NEW COMMON STOCK 359081106 409 34500 SH SOLE 34500 0 0
D GOLDEN STATE BANCORP LITIG WT WARRANTS 381197136 217 44900 SH SOLE 44900 0 0
D GREENPOINT FINL CORP COM COMMON STOCK 395384100 1540 44330 SH SOLE 44330 0 0
D HAWTHORNE FINL CORP COM COMMON STOCK 420542102 220 14700 SH SOLE 14700 0 0
D HEALTHCARE FINANCIAL PARTNERS COMMON STOCK 42219W108 337 12900 SH SOLE 12900 0 0
D IMPERIAL CREDIT COMML MTG INV COMMON STOCK 45272T102 1103 114700 SH SOLE 114700 0 0
D IMPERIAL CREDIT INDS INC COMMON STOCK 452729106 2768 378550 SH SOLE 378550 0 0
D ITLA CAPITAL CORP COM COMMON STOCK 450565106 660 45550 SH SOLE 45550 0 0
D LASER MORTGAGE MGMT INC COMMON STOCK 51806D100 163 30000 SH SOLE 30000 0 0
D LEASING SOLUTIONS INC COM COMMON STOCK 522113109 725 313700 SH SOLE 313700 0 0
D LNR PROPERTY CORP COM COMMON STOCK 501940100 3209 162500 SH SOLE 162500 0 0
D LOCAL FINANCIAL CORPORATION COMMON STOCK 539553107 145 15600 SH SOLE 15600 0 0
D LONG BEACH FIANACIAL CORP COM COMMON STOCK 542446109 2932 304700 SH SOLE 304700 0 0
D MELLON BK CORP COM COMMON STOCK 585509102 964 13700 SH SOLE 13700 0 0
D MERITOR SAVINGS BANK COMMON STOCK 590007100 227 88800 SH SOLE 88800 0 0
D METRIS COMPANIES INC COM COMMON STOCK 591598107 504 12500 SH SOLE 12500 0 0
D METRO-GOLDWYN-MAYER INC COMMON STOCK 591610100 525 40000 SH SOLE 40000 0 0
D NAVISTAR INTL CORP NEW COMMON STOCK 63934E108 1808 45000 SH SOLE 45000 0 0
D NEOTHERAPEUTICS INC COM COMMON STOCK 640656104 615 67400 SH SOLE 67400 0 0
D NEWHALL LD & FARMING CO CALIF COMMON STOCK 651426108 482 20200 SH SOLE 20200 0 0
D OCWEN ASSET INVT CRP COM COMMON STOCK 67574M106 1276 346100 SH SOLE 346100 0 0
D OCWEN FINL CORP COM COMMON STOCK 675746101 1291 146600 SH SOLE 146600 0 0
D ON STAGE ENTERTAINMENT INC COMMON STOCK 68219Q106 33 35500 SH SOLE 35500 0 0
D ORION CAP CORP COM COMMON STOCK 686268103 4656 149000 SH SOLE 149000 0 0
D PIONEER GROUP INC COM COMMON STOCK 723684106 399 27000 SH SOLE 27000 0 0
D PROFESSIONAL BANCORP COM COMMON STOCK 743112104 415 23400 SH SOLE 23400 0 0
D RESOURCE AMER INC CL A COM NEW COMMON STOCK 761195205 5775 669600 SH SOLE 669600 0 0
D RESOURCE ASSET INVT TRUST COMMON STOCK 761196104 2227 189600 SH SOLE 189600 0 0
D REVLON INC CL A COM COMMON STOCK 761525500 2891 140200 SH SOLE 140200 0 0
D SOUTHWEST SECS GROUP INC COMMON STOCK 845224104 1073 38000 SH SOLE 38000 0 0
D SUMMIT BANCORP COM COMMON STOCK 866005101 1411 36200 SH SOLE 36200 0 0
D UCBH HOLDINGS INC COM COMMON STOCK 90262T308 1778 129333 SH SOLE 129333 0 0
D UGLY DUCKLING CORP COM COMMON STOCK 903512101 2371 428830 SH SOLE 428830 0 0
D UNION CARBIDE CORP COM COMMON STOCK 905581104 2259 50000 SH SOLE 50000 0 0
D USABANCSHARES, INC. COMMON STOCK 917289100 131 16383 SH SOLE 16383 0 0
D WESTERN BANCORP COM COMMON STOCK 957683105 943 30500 SH SOLE 30500 0 0
D WILSHIRE REAL ESTATE INVST TR REITS/RICS 971892104 1914 537500 SH SOLE 537500 0 0
S REPORT SUMMARY 60 DATA RECORDS 72618 0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
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