UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 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: KRAMER SPELLMAN, L.P.
Address: 2050 CENTER AVENUE, SUITE 300
FORT LEE, NEW JERSEY 07024
13 File Number: 28-xxxx
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 November 8, 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
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FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 64
Form 13F Information Table Value Total: 56925
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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 ACE LTD COM COMMON STOCK G0070K103 1117 66000 SH SOLE 66000 0 0
D ADVANTA CORP USD.01 CL-B NONVT COMMON STOCK 007942204 896 76300 SH SOLE 76300 0 0
D ALGOS PHARMACEUTICAL CORP COM COMMON STOCK 015869100 637 75000 SH SOLE 75000 0 0
D AMBASE CORP COM COMMON STOCK 023164106 1242 1469900 SH SOLE 1469900 0 0
D AMERITRADE HOLDINGS CORP-CL A OPTIONS - PUTS 03072H1WE 624 34000 SH PUT SOLE 34000 0 0
D AMERITRADE HOLDINGS CORP-CL A OPTIONS - PUTS 03072H1WF 367 20000 SH PUT SOLE 20000 0 0
D ANTHRACITE CAPITAL INC COMMON STOCK 037023108 928 135100 SH SOLE 135100 0 0
D BANK PLUS CORP COM COMMON STOCK 064446107 204 47500 SH SOLE 47500 0 0
D BERKLEY W R CORP COM COMMON STOCK 084423102 609 26500 SH SOLE 26500 0 0
D BNC MORTGAGE INC COM COMMON STOCK 05561Y105 489 71200 SH SOLE 71200 0 0
D BORDEN CHEMICALS & PLASTICS COMMON STOCK 099541203 789 191500 SH SOLE 191500 0 0
D BROADWAY FINANCIAL CORPORATION COMMON STOCK 111444105 82 12000 SH SOLE 12000 0 0
D CAPITAL ONE FINL CORP COM COMMON STOCK 14040H105 312 8000 SH SOLE 8000 0 0
D CENTRIS GROUP INC COM COMMON STOCK 155904105 1110 110400 SH SOLE 110400 0 0
D COAST FED LITIGATION CONTIGENT RIGHTS 19034Q110 170 165000 SH SOLE 165000 0 0
D COASTAL BANCORP INC COM COMMON STOCK 19041P105 347 20000 SH SOLE 20000 0 0
D COMDISCO INC COM COMMON STOCK 200336105 2271 117600 SH SOLE 117600 0 0
D COMPUCREDIT CORP COMMON STOCK 20478N100 408 22000 SH SOLE 22000 0 0
D CONSECO INC COM OPTIONS - PUTS 2084640WF 190 10000 SH PUT SOLE 10000 0 0
D COUNTRYWIDE CR INDS INC COM COMMON STOCK 222372104 1673 51900 SH SOLE 51900 0 0
D DVI INC COM COMMON STOCK 233343102 181 11100 SH SOLE 11100 0 0
D DYNEX CAPITAL INC 9.55% SER B PFRD STK CONV SU 26817Q308 256 25000 SH SOLE 25000 0 0
D DYNEX CAPITAL INC 9.73% SER C PFRD STK CONV SU 26817Q407 132 10000 SH SOLE 10000 0 0
D DYNEX CAPITAL INC COM COMMON STOCK 26817Q506 2098 310925 SH SOLE 310925 0 0
D DYNEX CAPTL PRA COM STK COMMON STOCK 26817Q209 103 10000 SH SOLE 10000 0 0
D EAST WEST BANCORP INC COMMON STOCK 27579R104 415 35000 SH SOLE 35000 0 0
D ESG RE LTD COM STK COMMON STOCK G31215109 226 25500 SH SOLE 25500 0 0
D FINOVA GROUP INC COM COMMON STOCK 317928109 1387 38000 SH SOLE 38000 0 0
D FIRST CASH FINANCIAL SVCS INC COMMON STOCK 31942D107 313 28500 SH SOLE 28500 0 0
D FIRST FINL FD INC COM REITS/RICS 320228109 207 25700 SH SOLE 25700 0 0
D FIRST INVS FINL SVCS GROUP IN COMMON STOCK 32058A101 163 32700 SH SOLE 32700 0 0
D FIRSTCITY FINL CORP COM COMMON STOCK 33761X107 21 14000 SH SOLE 14000 0 0
D FRANCHISE MTG ACCEPTANCE CO CO COMMON STOCK 35181D108 79 11100 SH SOLE 11100 0 0
D FRONTIER INS GRP INC COM NEW COMMON STOCK 359081106 1157 132300 SH SOLE 132300 0 0
D GENERAL CABLE CORP COM COMMON STOCK 369300108 1219 101600 SH SOLE 101600 0 0
D GREENPOINT FINL CORP COM COMMON STOCK 395384100 423 15942 SH SOLE 15942 0 0
D HIGHLAND BANCORP INC COM STK N COMMON STOCK 429879109 392 21000 SH SOLE 21000 0 0
D IMPERIAL CREDIT INDS INC COMMON STOCK 452729106 3036 694050 SH SOLE 694050 0 0
D ITLA CAPITAL CORP COM COMMON STOCK 450565106 522 35450 SH SOLE 35450 0 0
D LNR PROPERTY CORP COM COMMON STOCK 501940100 2915 143100 SH SOLE 143100 0 0
D MERITOR SVGS BK PA COM COMMON STOCK 590007100 118 83800 SH SOLE 83800 0 0
D METRIS COMPANIES INC COM COMMON STOCK 591598107 1652 56000 SH SOLE 56000 0 0
D MICROFINANCIAL INC COMMON STOCK 595072109 1261 116000 SH SOLE 116000 0 0
D NAVISTAR INTL CORP NEW COMMON STOCK 63934E108 697 15000 SH SOLE 15000 0 0
D NEOTHERAPEUTICS INC COM COMMON STOCK 640656104 1103 97000 SH SOLE 97000 0 0
D NEWHALL LD & FARMING CO CALIF COMMON STOCK 651426108 997 40500 SH SOLE 40500 0 0
D OCWEN ASSET INVT CRP COM COMMON STOCK 67574M106 2306 534800 SH SOLE 534800 0 0
D OCWEN FINL CORP COM COMMON STOCK 675746101 1611 241000 SH SOLE 241000 0 0
D ON STAGE ENTERTAINMENT INC COMMON STOCK 68219Q106 7 20500 SH SOLE 20500 0 0
D ORION CAP CORP COM OPTIONS - CALLS 6862680JI 1421 30000 SH CALL SOLE 30000 0 0
D PACIFIC CREST CAP INC COM COMMON STOCK 694166109 132 10600 SH SOLE 10600 0 0
D PIMCO ADVISOR HLDG L/P COMMON STOCK 69338P102 2583 82000 SH SOLE 82000 0 0
D PIONEER GROUP INC COM COMMON STOCK 723684106 315 21000 SH SOLE 21000 0 0
D PROFESSIONAL BANCORP COM COMMON STOCK 743112104 181 15800 SH SOLE 15800 0 0
D PROVIDIAN FINL CORP COM COMMON STOCK 74406A102 475 6000 SH SOLE 6000 0 0
D RELIANCE GROUP HLDGS INC COM COMMON STOCK 759464100 217 49000 SH SOLE 49000 0 0
D RESOURCE AMER INC CL A COM NEW COMMON STOCK 761195205 3285 441800 SH SOLE 441800 0 0
D RESOURCE ASSET INVT TRUST COMMON STOCK 761196104 1477 132800 SH SOLE 132800 0 0
D RESOURCE BANCSHARES MTG GROUP COMMON STOCK 761197102 313 63000 SH SOLE 63000 0 0
D RYDER SYSTEM INC COMMON STOCK 783549108 1935 95000 SH SOLE 95000 0 0
D TRENWICK GROUP INC COM COMMON STOCK 895290104 571 34500 SH SOLE 34500 0 0
D UCBH HOLDINGS INC COM COMMON STOCK 90262T308 289 15833 SH SOLE 15833 0 0
D UGLY DUCKLING CORP COM COMMON STOCK 903512101 2342 328730 SH SOLE 328730 0 0
D WILSHIRE REAL ESTATE INVSTMENT REITS/RICS 971892104 1927 616800 SH SOLE 616800 0 0
S REPORT SUMMARY 64 DATA RECORDS 56925 0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
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