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: BNP/Cooper Neff Advisors, Inc.
Address: 3 Radnor Corporate Center, Suite 130
Radnor, PA 19087
13F File Number: 28-5262
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: Catherine J. Beckett
Title: Chief Financial Officer
Phone: 610-296-2502
Signature, Place, and Date of Signing:
Catherine J. Beckett
Radnor, PA
May 5, 1999
Report Type (Check only one.):
[ X] 13F HOLDINGS REPORT. (Check here if all holdings of
this reporting manager are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in
this report, and all holdings are reported by other
reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the
holdings for this reporting manager are reported in this
report and a portion are reported by other reporting
managers(s).)
List of Other Managers Reporting for this Manager:
**NONE**
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: 270
Form 13F Information Table Value Total: 1469491
List of Other Included Managers:
No. 13F File Number Name
**NONE**
<PAGE>
<TABLE>
<CAPTION>
Manager: BNP/Cooper Neff Advisors, Inc. Period End Date: March 31, 1999 Page 1 of 6
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
- ------------------------------ ------------------ --------- --------- ------------------ ------- -------- ---------------------
Value Shrs or SH/ PUT/ Other
Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None
- ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3 COM CORP COM 885535104 4663 200000 SH PUT SOLE 200000 0 0
3 COM CORP COM 885535104 4802 206000 SH SOLE 206000 0 0
3 COM CORP COM 885535104 4196 180000 SH CALL SOLE 180000 0 0
ABBOTT LABORATORIES COM 002824100 267 5700 SH SOLE 5700 0 0
ACTION PERFORMANCE COS CONV SU BOND CV 004933AB3 799 920000 PRN SOLE 0 0 0
ADOBE SYSTEMS INC COM 00724F101 2497 44000 SH PUT SOLE 44000 0 0
ADOBE SYSTEMS INC COM 00724F101 2497 44000 SH CALL SOLE 44000 0 0
ADVANCED MICRO DEVICES INDUSTR BOND CV 007903AC1 393 550000 PRN SOLE 0 0 0
AES TRUST II CONV PRFD PFD CV 001034305 1580 35835 SH SOLE 35835 0 0
AFFILIATED COMPUTER SVCS BOND CV 008190AD2 9572 7650000 PRN SOLE 0 0 0
AIRTOUCH COMMUNICATIONS INC PFD CV 00949T209 6919 88700 SH SOLE 88700 0 0
ALPHARMA INC CONV 144A PVT PLC BOND CV 020813AA9 7957 5250000 PRN SOLE 0 0 0
ALTERNATIVE LIVING SERVICES BOND CV 02145KAB3 4963 5460000 PRN SOLE 0 0 0
AMAZON.COM INC CONV SUB NTS 14 BOND CV 023135AD8 3796 3000000 PRN SOLE 0 0 0
AMERICA ONLINE INC COM 02364J104 8820 60000 SH PUT SOLE 60000 0 0
AMERICA ONLINE INC COM 02364J104 14744 100300 SH SOLE 100300 0 0
AMERICA ONLINE INC COM 02364J104 19845 135000 SH CALL SOLE 135000 0 0
AMERICAN ELECTRIC POWER CO COM 025537101 222 5600 SH SOLE 5600 0 0
AMERICAN EXPRESS CO COM 025816109 5334 45300 SH SOLE 45300 0 0
AMERICAN GREETINGS CORP COM 026375105 685 27000 SH CALL SOLE 27000 0 0
AMERICAN GREETINGS CORP COM 026375105 685 27000 SH PUT SOLE 27000 0 0
AMERICAN INTL GROUP INC COM 026874107 4367 36200 SH SOLE 36200 0 0
AMERICAN RETIREMENT CORP CONV. BOND CV 028913AA9 2108 2520000 PRN SOLE 0 0 0
AMERITECH CORPORATION COM 030954101 248 4300 SH SOLE 4300 0 0
AMGEN INC COM 031162100 33956 453500 SH CALL SOLE 453500 0 0
AMGEN INC COM 031162100 52675 703500 SH PUT SOLE 703500 0 0
AMKOR TECHNOLOGIES INC BOND CV 031652AA8 5818 6850000 PRN SOLE 0 0 0
ANTEC CORPORATION CONV 144A BOND CV 03664PAA3 5567 5070000 PRN SOLE 0 0 0
APPLE COMPUTER INC COM 037833100 1438 40000 SH CALL SOLE 40000 0 0
APPLIED MATERIALS INC COM 038222105 4627 75000 SH PUT SOLE 75000 0 0
APPLIED MATERIALS INC COM 038222105 7711 125000 SH CALL SOLE 125000 0 0
ASCEND COMMUNICATION INC COM 043491109 385 4600 SH SOLE 4600 0 0
AVRION CONV SUB NOTES BOND CV 053762AC4 3850 4430000 PRN SOLE 0 0 0
BANK ONE CORP COM 06423A103 2203 40000 SH SOLE 40000 0 0
BANKAMERICA CORP COM 06605F102 1003 14200 SH SOLE 14200 0 0
BARRICKS GOLD CORP. COM 067901108 2244 131500 SH SOLE 131500 0 0
BARRICKS GOLD CORP. COM 067901108 1706 100000 SH CALL SOLE 100000 0 0
BARRICKS GOLD CORP. COM 067901108 2389 140000 SH PUT SOLE 140000 0 0
BAXTER INTERNATIONAL INC COM 071813109 3300 50000 SH CALL SOLE 50000 0 0
BAXTER INTERNATIONAL INC COM 071813109 1056 16000 SH SOLE 16000 0 0
BAXTER INTERNATIONAL INC COM 071813109 3960 60000 SH PUT SOLE 60000 0 0
BEA SYSTEMS INC INDS 144A NTS BOND CV 073325AA0 7494 9425000 PRN SOLE 0 0 0
BEAR STEARNS COS INC COM 073902108 447 10000 SH CALL SOLE 10000 0 0
BEAR STEARNS COS INC COM 073902108 447 10000 SH PUT SOLE 10000 0 0
BELL ATLANTIC COM 077853109 631 12200 SH SOLE 12200 0 0
BELL ATLANTIC FINL SERV 144A P BOND CV 07785GAB6 266 250000 PRN SOLE 0 0 0
BELL ATLANTIC FINL SERV EXCH N BOND CV 07785GAC4 6050 5500000 PRN SOLE 0 0 0
BELLSOUTH CORP COM 079860102 401 10000 SH SOLE 10000 0 0
BIG FLOWER TRUST I INDS PFD CV 089164305 1843 30000 SH SOLE 30000 0 0
BLACK & DECKER MANUFACTURING COM 091797100 4380 79000 SH CALL SOLE 79000 0 0
BLACK & DECKER MANUFACTURING COM 091797100 2162 39000 SH PUT SOLE 39000 0 0
BOEING CO COM 097023105 6800 200000 SH PUT SOLE 200000 0 0
BOEING CO COM 097023105 2139 62900 SH SOLE 62900 0 0
<PAGE>
<CAPTION>
Manager: BNP/Cooper Neff Advisors, Inc. Period End Date: March 31, 1999 Page 2 of 6
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
- ------------------------------ ------------------ --------- --------- ------------------ ------- -------- ---------------------
Value Shrs or SH/ PUT/ Other
Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None
- ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BURLINGTON NORTHERN SANTE FE COM 12189T104 2137 65000 SH CALL SOLE 65000 0 0
BURLINGTON NORTHERN SANTE FE COM 12189T104 5424 165000 SH PUT SOLE 165000 0 0
BURLINGTON NORTHERN SANTE FE COM 12189T104 2166 65900 SH SOLE 65900 0 0
C R BARD INCORPORATED COM 067383109 202 4000 SH SOLE 4000 0 0
CALENERGY CAPITAL TRUST PFD CV 12946N200 532 11850 SH SOLE 11850 0 0
CANDESCENT TECH CORP CONV DEBE BOND CV 137392AA4 1000 1000000 PRN SOLE 0 0 0
CAREMATRIX CORP CONV SUB NOTES BOND CV 141706AC5 2833 3250000 PRN SOLE 0 0 0
CAREMATRIX CORP CONV SUB NOTES BOND CV 141706AA9 2179 2500000 PRN SOLE 0 0 0
CBS CORP COM 12490K107 9591 235000 SH PUT SOLE 235000 0 0
CBS CORP COM 12490K107 11632 285000 SH CALL SOLE 285000 0 0
CENDANT CORPORATION COM 151313103 3188 200000 SH CALL SOLE 200000 0 0
CENDANT CORPORATION COM 151313103 1744 109400 SH SOLE 109400 0 0
CENDANT CORPORATION COM 151313103 3188 200000 SH PUT SOLE 200000 0 0
CENTEX CORPORATION COM 152312104 217 6500 SH SOLE 6500 0 0
CENTOCOR INC CONV BOND BOND CV 152342AE1 4408 4500000 PRN SOLE 0 0 0
CENTOCOR INC CONV SUB DEBS 144 BOND CV 152342AC5 490 500000 PRN SOLE 0 0 0
CENTRAL PARKING FIN TRUST PFD CV 154787303 719 35000 SH SOLE 35000 0 0
CHARLES SCHWAB CORP NEW COM 808513105 442 4600 SH SOLE 4600 0 0
CHASE MANHATTAN CORP NEW COM 16161A108 326 4000 SH SOLE 4000 0 0
CHEVRON CORPORATION COM 166751107 701 7900 SH SOLE 7900 0 0
CISCO SYS INC COM 17275R102 16160 147500 SH PUT SOLE 147500 0 0
CISCO SYS INC COM 17275R102 35991 328500 SH CALL SOLE 328500 0 0
CITIGROUP INC COM 172967101 3992 62500 SH PUT SOLE 62500 0 0
CITIGROUP INC COM 172967101 3992 62500 SH CALL SOLE 62500 0 0
CKE RESTURANTS INC CONV SUB NO BOND CV 12561EAB1 232 300000 PRN SOLE 0 0 0
CNET INC SERIES 144A BOND CV 125945AA3 2808 2000000 PRN SOLE 0 0 0
COCA COLA CO COM 191216100 3069 50000 SH CALL SOLE 50000 0 0
COLGATE PALMOLIVE CO COM 194162103 267 2900 SH SOLE 2900 0 0
COLTEC CAPITAL TRUST 5.25% CON PFD CV 196878409 213 5000 SH SOLE 5000 0 0
COMPAQ COMPUTER CORP COM 204493100 6179 195000 SH CALL SOLE 195000 0 0
COMPAQ COMPUTER CORP COM 204493100 1901 60000 SH PUT SOLE 60000 0 0
COMPUTER SCIENCES CORPORATION COM 205363104 252 4566 SH SOLE 4566 0 0
COMVERSE TECHNOLOGY INC BOND CV 205862AG0 1463 1000000 PRN SOLE 0 0 0
CSC HOLDINGS INC PRFD STK PFD CV 126304203 5746 52000 SH SOLE 52000 0 0
DELL COMPUTER COM 247025109 773 18900 SH SOLE 18900 0 0
DELL COMPUTER COM 247025109 25751 630000 SH CALL SOLE 630000 0 0
DELL COMPUTER COM 247025109 8993 220000 SH PUT SOLE 220000 0 0
DESIGNER FINANCE TR 6% CONV PF PFD CV 250570207 291 8200 SH SOLE 8200 0 0
DISNEY WALT CO COM 254687106 778 25000 SH CALL SOLE 25000 0 0
DISNEY WALT CO COM 254687106 2792 89700 SH SOLE 89700 0 0
DISNEY WALT CO COM 254687106 3113 100000 SH PUT SOLE 100000 0 0
DOUBLECLICK INC CONV 144A BOND CV 258609AA4 8002 6350000 PRN SOLE 0 0 0
DU PONT E I DE NEMOURS & CO COM 263534109 2903 50000 SH PUT SOLE 50000 0 0
EASTMAN KODAK COMPANY COM 277461109 11804 184800 SH SOLE 184800 0 0
EASTMAN KODAK COMPANY COM 277461109 18204 285000 SH CALL SOLE 285000 0 0
EASTMAN KODAK COMPANY COM 277461109 22037 345000 SH PUT SOLE 345000 0 0
ECOLAB INC COM 278865100 206 5800 SH SOLE 5800 0 0
EMCOR GROUP INC CONV NOTES BOND CV 29084QAC4 889 1000000 PRN SOLE 0 0 0
ERICSSON L M TEL CO ADR CL B COM 294821400 1824 76600 SH SOLE 76600 0 0
EVI INC INDS 5.00% CONV PFRD S PFD CV 268939402 1314 40000 SH SOLE 40000 0 0
EXODUS COMMUNICATION INC SERIE BOND CV 302088AC3 10547 6550000 PRN SOLE 0 0 0
EXXON CORP COM 302290101 22580 320000 SH PUT SOLE 320000 0 0
EXXON CORP COM 302290101 21169 300000 SH CALL SOLE 300000 0 0
<PAGE>
<CAPTION>
Manager: BNP/Cooper Neff Advisors, Inc. Period End Date: March 31, 1999 Page 3 of 6
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
- ------------------------------ ------------------ --------- --------- ------------------ ------- -------- ---------------------
Value Shrs or SH/ PUT/ Other
Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None
- ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FDX CORP COM 31304N107 930 10000 SH PUT SOLE 10000 0 0
FDX CORP COM 31304N107 930 10000 SH CALL SOLE 10000 0 0
FEDERAL HOME LOAN MTG CORP COM 313400301 1146 20000 SH PUT SOLE 20000 0 0
FEDERAL HOME LOAN MTG CORP COM 313400301 441 7700 SH SOLE 7700 0 0
FEDERAL NATIONAL MORTGAGE COM 313586109 13158 190000 SH PUT SOLE 190000 0 0
FEDERAL NATIONAL MORTGAGE COM 313586109 13158 190000 SH CALL SOLE 190000 0 0
FIN FED CORP CONV 144A PRIV PL BOND CV 317492AA4 3761 4350000 PRN SOLE 0 0 0
FINANCIAL FEDERAL CORP CONV SU BOND CV 317492AC0 562 650000 PRN SOLE 0 0 0
FLEETWOOD CAP TRUST 6.00% PRFD PFD CV 339072407 3155 72235 SH SOLE 72235 0 0
FORD MOTOR COMPANY COM 345370100 442 7800 SH SOLE 7800 0 0
GENERAL ELECTRIC COMPANY COM 369604103 1682 15200 SH SOLE 15200 0 0
GENERAL MTRS CORP COM 370442105 1766 20300 SH SOLE 20300 0 0
GENZYME CORP 144A PVT PLCMT BOND CV 372917AE4 7454 5135000 PRN SOLE 0 0 0
GETTY IMAGES INC INDS PRIV PLC BOND CV 374276AA1 3525 3700000 PRN SOLE 0 0 0
GILAT SATELLITE NETWORKS BOND CV 375255AB2 799 518000 PRN SOLE 0 0 0
GILLETTE COMPANY COM 375766102 1486 25000 SH CALL SOLE 25000 0 0
GILLETTE COMPANY COM 375766102 4904 82500 SH PUT SOLE 82500 0 0
GILLETTE COMPANY COM 375766102 1742 29300 SH SOLE 29300 0 0
GLOBAL TELESYSTEMS GROUP CONVE BOND CV 37936UAE4 2055 1750000 PRN SOLE 0 0 0
GLOBALSTAR TELECOMM LTD CONV P PFD CV 379364508 822 20000 SH SOLE 20000 0 0
GTE CORPORATION COM 362320103 647 10700 SH SOLE 10700 0 0
H.J.HEINZ COMPANY COM 423074103 488 10300 SH SOLE 10300 0 0
HEWLETT-PACKARD INCORPORATED COM 428236103 6781 100000 SH CALL SOLE 100000 0 0
HOME DEPOT INCORPORATED COM 437076102 710 11400 SH SOLE 11400 0 0
HUTCHINSON TECH INC CONV SUB N BOND CV 448407AC0 5494 5000000 PRN SOLE 0 0 0
INTEL CORP COM 458140100 31264 263000 SH CALL SOLE 263000 0 0
INTEL CORP COM 458140100 25261 212500 SH PUT SOLE 212500 0 0
INTEL CORP COM 458140100 2187 18400 SH SOLE 18400 0 0
INTERMEDIA COMMUN PFD STKPRIV PFD CV 458801826 223 10000 SH SOLE 10000 0 0
INTERNATIONAL PAPER COMPANY COM 460146103 2498 59200 SH SOLE 59200 0 0
INTERNATIONAL PAPER COMPANY COM 460146103 7889 187000 SH PUT SOLE 187000 0 0
INTERNATIONAL PAPER COMPANY COM 460146103 6033 143000 SH CALL SOLE 143000 0 0
INTL BUSINESS MACHINES INC COM 459200101 12009 67750 SH SOLE 67750 0 0
INTL BUSINESS MACHINES INC COM 459200101 4431 25000 SH CALL SOLE 25000 0 0
INTL BUSINESS MACHINES INC COM 459200101 58138 328000 SH PUT SOLE 328000 0 0
INTL FLAVORS & FRAGRANCES INC COM 459506101 252 6700 SH SOLE 6700 0 0
JOHNSON & JOHNSON INCORPORATE COM 478160104 19635 210000 SH CALL SOLE 210000 0 0
JOHNSON & JOHNSON INCORPORATE COM 478160104 51425 550000 SH PUT SOLE 550000 0 0
JOHNSON CONTROLS INCORPORATED COM 478366107 237 3800 SH SOLE 3800 0 0
K MART CORPORATION COM 482584109 215 12800 SH SOLE 12800 0 0
KANSAS CITY SOUTHN INDS INC COM 485170104 570 10000 SH SOLE 10000 0 0
KELLSTROM INDS INC CONV SUB NO BOND CV 488035AC0 2231 2680000 PRN SOLE 0 0 0
KLA INSTRUMENTS CORP COM 482480100 2146 44200 SH SOLE 44200 0 0
KLA INSTRUMENTS CORP COM 482480100 2428 50000 SH PUT SOLE 50000 0 0
KOREA ELECTRIC POWER CONVERTIB BOND CV 500631AF3 1104 1150000 PRN SOLE 0 0 0
LEHMAN BROTHERS HLDGS INC COM 524908100 8066 135000 SH PUT SOLE 135000 0 0
LEHMAN BROTHERS HLDGS INC COM 524908100 2091 35000 SH CALL SOLE 35000 0 0
LIMITED INCORPORATED COM 532716107 499 12600 SH SOLE 12600 0 0
LSI LOGIC CORP 144A PRV PLCMT BOND CV 502161AB8 299 250000 PRN SOLE 0 0 0
LSI LOGIC CORPORATION COM 502161102 11695 375000 SH PUT SOLE 375000 0 0
LSI LOGIC CORPORATION COM 502161102 5458 175000 SH CALL SOLE 175000 0 0
LSI LOGIC CORPORATION COM 502161102 6038 193600 SH SOLE 193600 0 0
LUCENT TECHNOLGY COM 549463107 10800 100000 SH CALL SOLE 100000 0 0
<PAGE>
<CAPTION>
Manager: BNP/Cooper Neff Advisors, Inc. Period End Date: March 31, 1999 Page 4 of 6
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
- ------------------------------ ------------------ --------- --------- ------------------ ------- -------- ---------------------
Value Shrs or SH/ PUT/ Other
Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None
- ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MAYTAG COMPANY COM 578592107 12679 210000 SH CALL SOLE 210000 0 0
MAYTAG COMPANY COM 578592107 6641 110000 SH PUT SOLE 110000 0 0
MBNA CORP COM 55262L100 253 10600 SH SOLE 10600 0 0
MCDONALDS CORPORATION COM 580135101 304 6700 SH SOLE 6700 0 0
MCI WORLDCOM INC COM 55268B106 343 3869 SH SOLE 3869 0 0
MERCK & CO. INC COM 589331107 4247 53000 SH CALL SOLE 53000 0 0
MERCK & CO. INC COM 589331107 4247 53000 SH PUT SOLE 53000 0 0
MERRILL LYNCH & CO INC COM 590188108 11726 132500 SH CALL SOLE 132500 0 0
MERRILL LYNCH & CO INC COM 590188108 11726 132500 SH PUT SOLE 132500 0 0
MICROSOFT CORP COM 594918104 58704 655000 SH CALL SOLE 655000 0 0
MICROSOFT CORP COM 594918104 40331 450000 SH PUT SOLE 450000 0 0
MICROSOFT CORP COM 594918104 1093 12200 SH SOLE 12200 0 0
MINNESOTA MINING & MFG CO COM 604059105 354 5000 SH SOLE 5000 0 0
MOBIL CORPORATION COM 607059102 510 5800 SH SOLE 5800 0 0
MORGAN ST DEAN WITTER DISCOVE COM 617446448 680 6800 SH SOLE 6800 0 0
MOTOROLA INCORPORATED COM 620076109 23440 320000 SH PUT SOLE 320000 0 0
MOTOROLA INCORPORATED COM 620076109 15199 207500 SH CALL SOLE 207500 0 0
MRV COMMUNICATIONS INC BOND CV 553477AA8 1573 3000000 PRN SOLE 0 0 0
NATL AUSTRALIA BK LTD PFD CV 632525309 9063 286900 SH SOLE 286900 0 0
NCS HEALTHCARE 5.75% CONV STK BOND CV 628874AC3 2472 3750000 PRN SOLE 0 0 0
NCS HEALTHCARE INC PVT PLCMT 1 BOND CV 628874AA7 1088 1650000 PRN SOLE 0 0 0
NEXTAR PHARM SUN DEB CONV BOND CV 65333BAC0 3488 3000000 PRN SOLE 0 0 0
NIKE INCORPORATED CLASS B COM 654106103 6403 111000 SH PUT SOLE 111000 0 0
NIKE INCORPORATED CLASS B COM 654106103 6403 111000 SH CALL SOLE 111000 0 0
NORTHERN TELECOM LTD COM 665815106 230 3700 SH SOLE 3700 0 0
NOVELL INC COM 670006105 5038 200000 SH PUT SOLE 200000 0 0
NOVELL INC COM 670006105 1259 50000 SH CALL SOLE 50000 0 0
NTL INCORPORATED 144A CONV NOT BOND CV 629407AK3 3785 2500000 PRN SOLE 0 0 0
OAK IDUSTRIES INC INDS CONV SU BOND CV 671400AL3 5124 5000000 PRN SOLE 0 0 0
OMNIPOINT CORP CONV 7.00% CONV PFD CV 68212D607 268 8000 SH SOLE 8000 0 0
ORACLE SYSTEMS CORP COM 68389X105 791 30000 SH PUT SOLE 30000 0 0
ORACLE SYSTEMS CORP COM 68389X105 783 29700 SH SOLE 29700 0 0
ORACLE SYSTEMS CORP COM 68389X105 659 25000 SH CALL SOLE 25000 0 0
OWENS & MINOR TRI PRFD CONV PFD CV 690905203 729 20000 SH SOLE 20000 0 0
OWENS & MINOR TRUST I PFD CV 690905302 1657 45421 SH SOLE 45421 0 0
PEPSICO INCORPORATED COM 713448108 3919 100000 SH CALL SOLE 100000 0 0
PEPSICO INCORPORATED COM 713448108 2586 66000 SH SOLE 66000 0 0
PEPSICO INCORPORATED COM 713448108 5878 150000 SH PUT SOLE 150000 0 0
PFIZER INCORPORATED COM 717081103 1041 7500 SH SOLE 7500 0 0
PHARMACIA & UPJOHN INC COM 716941109 1934 31000 SH CALL SOLE 31000 0 0
PHARMACIA & UPJOHN INC COM 716941109 686 11000 SH PUT SOLE 11000 0 0
PHILIP MORRIS COS INC COM 718154107 7189 204300 SH SOLE 204300 0 0
PHILIP MORRIS COS INC COM 718154107 3519 100000 SH CALL SOLE 100000 0 0
PHILIP MORRIS COS INC COM 718154107 14075 400000 SH PUT SOLE 400000 0 0
PP&L RESOURCES INC COM 693499105 329 13300 SH SOLE 13300 0 0
PROCTER & GAMBLE COMPANY COM 742718109 4897 50000 SH CALL SOLE 50000 0 0
PROGRESSIVE CORP (OHIO) COM 743315103 373 2600 SH SOLE 2600 0 0
QUADRAMED CORP CONV BOND CV 74730WAC5 1978 3500000 PRN SOLE 0 0 0
QUALCOMM FIANANCIAL TRUST 5.75 PFD CV 74752R402 3507 38500 SH SOLE 38500 0 0
RECKSON ASSOCIATION REALTY 7.6 PFD CV 75621K205 1246 61700 SH SOLE 61700 0 0
RENOLDS NABISCO HOLDINGS CORP COM 74960K876 675 27000 SH CALL SOLE 27000 0 0
RENOLDS NABISCO HOLDINGS CORP COM 74960K876 3125 125000 SH PUT SOLE 125000 0 0
RENOLDS NABISCO HOLDINGS CORP COM 74960K876 1095 43800 SH SOLE 43800 0 0
<PAGE>
<CAPTION>
Manager: BNP/Cooper Neff Advisors, Inc. Period End Date: March 31, 1999 Page 5 of 6
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
- ------------------------------ ------------------ --------- --------- ------------------ ------- -------- ---------------------
Value Shrs or SH/ PUT/ Other
Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None
- ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
RES-CARE INC CONV SUB NOTES BOND CV 760943AC4 4657 3585000 PRN SOLE 0 0 0
RES-CARE INC PRV PLCT 144A BOND CV 760943AA8 974 750000 PRN SOLE 0 0 0
SABRATEK CORP CONV 144A PRIV BOND CV 78572EAA1 1719 2700000 PRN SOLE 0 0 0
SABRATEK CORP CONVER NOTES BOND CV 78571UAA6 955 1500000 PRN SOLE 0 0 0
SAFEWAY INC COM 786514208 210 4100 SH SOLE 4100 0 0
SBC COMMUNICATIONS INC COM 78387G103 326 6900 SH SOLE 6900 0 0
SCHERING-PLOUGH CORP COM 806605101 381 6900 SH SOLE 6900 0 0
SCHLUMBERGER LIMITED COM 806857108 3009 50000 SH PUT SOLE 50000 0 0
SCHLUMBERGER LIMITED COM 806857108 3009 50000 SH CALL SOLE 50000 0 0
SEAGATE TECHNOLOGY INC COM 811804103 2211 74800 SH SOLE 74800 0 0
SEAGATE TECHNOLOGY INC COM 811804103 2191 74100 SH PUT SOLE 74100 0 0
SEAGATE TECHNOLOGY INC COM 811804103 2191 74100 SH CALL SOLE 74100 0 0
SEALED AIR CORP CONVERTIBLE PFD CV 81211K209 9210 185500 SH SOLE 185500 0 0
SEARS ROEBUCK & COMPANY COM 812387108 2259 50000 SH CALL SOLE 50000 0 0
SEARS ROEBUCK & COMPANY COM 812387108 2259 50000 SH PUT SOLE 50000 0 0
SECURITY CAP US REALTY CONV 14 BOND CV 814136AA5 405 500000 PRN SOLE 0 0 0
SENSORMATIC ELECTRON ICS 6.50% PFD CV 817265200 1407 81000 SH SOLE 81000 0 0
SL GREEN CORP PFRD INCOME EQUI PFD CV 78440X200 1007 47000 SH SOLE 47000 0 0
SOLECTRON CORP COM 834182107 248 5100 SH SOLE 5100 0 0
SOUTHERN COMPANY COM 842587107 200 8600 SH SOLE 8600 0 0
SOUTHERN PAC FUNDING CONV SUB BOND CV 843576AA7 35 235000 PRN SOLE 0 0 0
SOUTHTRUST CORP COM 844730101 257 6900 SH SOLE 6900 0 0
SPEEDWAY MOTORSPORTS INCCONV 0 BOND CV 847788AC0 4872 3350000 PRN SOLE 0 0 0
SPORTSLINE USA INC CONV 144A BOND CV 848934AA3 6677 7250000 PRN SOLE 0 0 0
SUIZA CAP TRUST 11 5.50% PRFD PFD CV 86507G408 1618 46465 SH SOLE 46465 0 0
SUIZA CAP TRUST II 5.50% CONV PFD CV 86507G200 2786 80000 SH SOLE 80000 0 0
SUN MICROSYSTEMS INC COM 866810104 16571 132500 SH PUT SOLE 132500 0 0
SUN MICROSYSTEMS INC COM 866810104 15008 120000 SH CALL SOLE 120000 0 0
SUN MICROSYSTEMS INC COM 866810104 2539 20300 SH SOLE 20300 0 0
SUNRISE ASSISTED LIVING BOND CV 86768KAC0 8383 6250000 PRN SOLE 0 0 0
SYNETIC INC SUB DEBENTURES BOND CV 87160FAB5 7417 7080000 PRN SOLE 0 0 0
TANDY CORPORATION COM 875382103 3191 50000 SH CALL SOLE 50000 0 0
TELLABS INCORPORATED COM 879664100 9775 100000 SH CALL SOLE 100000 0 0
TEXAS INSTRUMENTS INCORPORATE COM 882508104 5955 60000 SH CALL SOLE 60000 0 0
TEXAS INSTRUMENTS INCORPORATE COM 882508104 15880 160000 SH PUT SOLE 160000 0 0
THE AES CORPORATION CONV JR SU BOND CV 00130HAN5 3615 3775000 PRN SOLE 0 0 0
TIME WARNER INC COM 887315109 304 4300 SH SOLE 4300 0 0
TOWER AUTOMOTIVE INC SUB NOTES BOND CV 891707AE1 5923 6250000 PRN SOLE 0 0 0
TXI CAPITAL TRUST I SPECIAL PU PFD CV 873119200 1772 53700 SH SOLE 53700 0 0
U S T INC FORMERLY COM 902911106 233 8900 SH SOLE 8900 0 0
U. S. STRIPS COUPON DUE 08/15/ BOND CV 912833CE8 17229 19400000 PRN SOLE 0 0 0
UNISYS CORP COM 909214108 5814 210000 SH CALL SOLE 210000 0 0
UNISYS CORP COM 909214108 4873 176000 SH SOLE 176000 0 0
UNISYS CORP COM 909214108 7199 260000 SH PUT SOLE 260000 0 0
UNITED RENTAL TRUST I PFD CV 91136H207 7501 165300 SH SOLE 165300 0 0
UNITED TECHNOLOGIES CORP COM 913017109 637 4700 SH SOLE 4700 0 0
US RESTAURANT PROPERTIES SERIE PFD CV 902971209 515 26200 SH SOLE 26200 0 0
WAL-MART STORES INC COM 931142103 4609 50000 SH CALL SOLE 50000 0 0
WAL-MART STORES INC COM 931142103 4609 50000 SH PUT SOLE 50000 0 0
WARNER-LAMBERT COMPANY COM 934488107 530 8000 SH SOLE 8000 0 0
WASTE MANAGEMENT INC COM 94106L109 706 15900 SH SOLE 15900 0 0
WASTE MANAGEMENT INC COM 94106L109 1553 35000 SH CALL SOLE 35000 0 0
WASTE MANAGEMENT INC COM 94106L109 1553 35000 SH PUT SOLE 35000 0 0
<PAGE>
<CAPTION>
Manager: BNP/Cooper Neff Advisors, Inc. Period End Date: March 31, 1999 Page 6 of 6
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
- ------------------------------ ------------------ --------- --------- ------------------ ------- -------- ---------------------
Value Shrs or SH/ PUT/ Other
Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None
- ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
WELLS FARGO COMPANY COM 949746101 680 19400 SH SOLE 19400 0 0
XEROX CORPORATION COM 984121103 6724 129000 SH CALL SOLE 129000 0 0
XEROX CORPORATION COM 984121103 6724 129000 SH PUT SOLE 129000 0 0
YAHOO INC. COM 984332106 11786 70000 SH CALL SOLE 70000 0 0
YAHOO INC. COM 984332106 1852 11000 SH PUT SOLE 11000 0 0
</TABLE>
