UNITED STATE
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 13F
FORM 13F COVER PAGE
Report fo the Calender Year of Quarter Ended: 03/31/99
Check here if Amendment [ ]; Amendment Number: _________
This Amendement (Check only one.)[ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: BEL AIR INVESTMENT ADVISORS LLC
Address: 1999 AVENUE OF THE STARS, SUITE 2800
LOS ANGELES, CA 90067
13F File Number: PENDING
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: MICHAEL A. SANCHEZ
Title: CHIEF COMPLIANCE OFFICER
Phone: 310-229-1529
Signature, Place and Date of Signing:
MICHAEL A. SANCHEZ LOS ANGELES, CA MAY 5, 1999
Report Type (Check only one.):
[ X ] 13 F HOLDINGS REPORT
[ ] 13F NOTICE
[ ] 13F COMBINATION REPORT
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: NONE
Form 13F Information Table Entry Total: 273
Form 13F Information Table Value Total (x$1000): 1,338,022
<PAGE>
<TABLE> <C> <C>
FORM 13F INFORMATION TABLE
TITLE VALUE SHRS OR PUT/INVESTMENT OTHER
NAME OF ISSUER OF CLASS CUSIP (x$1000) PRIN AMT CALLDISCRETION MANAGERS SOLESHARED NONE
AT&T CORP COM 001957109 5,228 65,499SHS SOLE 65,499
CALL AT&T CORP JAN 080 CALL 0301799a5 54 50CALL SOLE 50
ABBOTT LABORATORIES COM 002824100 35,288 753,805SHS SOLE 753,805
AFFILIATED MANAGERS GROUP INC COM 008252108 2,109 81,100SHS SOLE 81,100
AIRTOUCH COMMUNICATIONS INC COM 00949t100 43,520 450,398SHS SOLE 450,398
AKSYS LTD COM 010196103 120 20,000SHS SOLE 20,000
AMAZON.COM INC COM 023135106 444 2,580SHS SOLE 2,580
CALL AMAZON COM JAN 46.625 CALL 02313m9a9 381 30CALL SOLE 30
CALL AMAZON COM JAN 080 CALL 64299w9a5 299 30CALL SOLE 30
CALL AMER ONLINE JAN 160 CALL 0236419a3 116 35CALL SOLE 35
AMERICA ONLINE INC-DEL COM 02364j104 21,088 144,441SHS SOLE 144,441
CALL AMER ONLINE JAN 120 CALL 75899w9a5 471 70CALL SOLE 70
CALL AMER ONLINE JAN 160 CALL 75899w9a5 204 40CALL SOLE 40
CALL AMER ONLINE JAN 100 CALL 75899w9a5 753 100CALL SOLE 100
CALL AMER ONLINE JAN 125 CALL 76299w9a9 245 50CALL SOLE 50
CALL AMER ONLINE JAN 050 CALL 27499w9a0 840 80CALL SOLE 80
CALL AMER ONLINE JAN 075 CALL 27499w9a0 670 75CALL SOLE 75
CALL AMER ONLINE JAN 075 CALL 19799w9a4 396 50CALL SOLE 50
CALL AMER ONLINE JAN 27.5 CALL 02364m9a7 970 80CALL SOLE 80
CALL AMER ONLINE JAN 080 CALL 02364z9a8 378 50CALL SOLE 50
CALL AMER ONLINE JUL 100 CALL 18799w9g3 235 45CALL SOLE 45
CALL AMER ONLINE JUL 130 CALL 18799w9g3 125 40CALL SOLE 40
AMERICAN EXPRESS COMPANY COM 025816109 1,175 10,003SHS SOLE 10,003
AMERICAN HOME PRODUCTS CORP COM 026609107 2,312 35,431SHS SOLE 35,431
AMERICAN INTERNATIONAL GROUP INC COM 026874107 15,073 124,954SHS SOLE 124,954
AMERITECH CORP NEW COM 030954101 19,549 337,775SHS SOLE 337,775
AMGEN INC COM 031162100 621 8,300SHS SOLE 8,300
ANSWERTHINK CONSULTING GROUP INC COM 036916104 420 15,000SHS SOLE 15,000
APPLIED MATERIALS INC COM 038222105 432 7,000SHS SOLE 7,000
AT HOME CORP-SER A COM 045919107 2,048 13,000SHS SOLE 13,000
CALL AT HOME CORP MAY 155 CALL 48199w9e1 38 20CALL SOLE 20
CALL AT HOME CORP JAN 120 CALL 0459229a1 371 60CALL SOLE 60
ASSOCIATES FIRST CAPITAL CORP CL COM 046008108 456 10,132SHS SOLE 10,132
ATLANTIC RICHFIELD CO COM 048825103 5,877 80,500SHS SOLE 80,500
CALL AT RICHFIELD JUL 065 CALL 0488259g0 -15 -15CALL SOLE -15
AUTOMATIC DATA PROCESSING INC COM 053015103 4,801 116,035SHS SOLE 116,035
BHC COMMUNICATIONS INC-CL A COM 055448104 381 3,123SHS SOLE 3,123
BP AMOCO P L C SPONSORED ADR COM 055622104 486 4,817SHS SOLE 4,817
BAKER HUGHES INC COM 057224107 243 10,000SHS SOLE 10,000
BANK ONE CORP COM 06423a103 28,372 515,273SHS SOLE 515,273
BANKAMERICA CORP NEW COM 06605f102 25,691 363,772SHS SOLE 363,772
PUT BANKAMERICA APR 065 PUT 06605f9p9 -2 -50PUT SOLE -50
BEST BUY COMPANY INC COM 086516101 312 6,000SHS SOLE 6,000
CALL BEYOND COM C SEP 020 CALL 08860e9i4 247 250CALL SOLE 250
BRISTOL MYERS SQUIBB CO COM 110122108 11,851 184,278SHS SOLE 184,278
BROADCAST COM INC COM 111310108 236 2,000SHS SOLE 2,000
BURLINGTON RESOURCES INC COM 122014103 1,760 44,060SHS SOLE 44,060
CBS CORP COM 12490k107 33,231 811,733SHS SOLE 811,733
CMGI INC COM 125750109 2,911 15,900SHS SOLE 15,900
CALL CMGI INC JUN 200 CALL 40499w9f2 -70 -30CALL SOLE -30
CALL CMG INFO SYS JAN 160 CALL 12575c9a3 413 60CALL SOLE 60
CALL CMGI INC JAN 100 CALL 12575g9a4 177 15CALL SOLE 15
CAMBRIDGE HEART INC COM 131910101 560 70,000SHS SOLE 70,000
CARNIVAL CORP. - CL A COM 143658102 40,372 831,334SHS SOLE 831,334
CATERPILLAR INC COM 149123101 512 11,150SHS SOLE 11,150
CENDANT CORP COM 151313103 382 24,225SHS SOLE 24,225
CENTURY TELEPHONE ENTERPRISES INC COM 156686107 351 5,000SHS SOLE 5,000
CHARTER PACIFIC BANK-AGOURA CA COM 16132l100 35 10,000SHS SOLE 10,000
CHARTWELL TECHNOLOGY INC. COM 16140r107 50 35,000SHS SOLE 35,000
CHASE MANHATTAN CORP NEW COM 16161a108 13,404 164,848SHS SOLE 164,848
CHEROKEE INC-DEL NEW COM 16444h102 173 21,500SHS SOLE 21,500
CHEVRON CORP COM 166751107 572 6,468SHS SOLE 6,468
CHUBB CORP COM 171232101 299 5,107SHS SOLE 5,107
CALL CIENA CORP JUL 025 CALL 1717799g8 28 100CALL SOLE 100
CISCO SYSTEMS INC COM 17275r102 29,599 270,158SHS SOLE 270,158
CALL CISCO SYS JAN 100 CALL 17275p9a6 258 100CALL SOLE 100
CALL CISCO SYSTEM JAN 080 CALL 17275t9a8 235 50CALL SOLE 50
CALL CISCO SYSTEM JAN 090 CALL 17275t9a8 124 30CALL SOLE 30
CITIGROUP INC COM 172967101 71,769 1,123,588SHS SOLE 1,123,588
CALL CITIGROUP JUN 065 CALL 1729679f0 -30 -70CALL SOLE -70
CALL CNET INC JUL 100 CALL 33699w9g3 34 20CALL SOLE 20
CALL CNET INC OCT 090 CALL 33699w9j7 126 45CALL SOLE 45
COCA COLA CO COM 191216100 14,724 239,902SHS SOLE 239,902
COLGATE PALMOLIVE CO COM 194162103 18,744 203,742SHS SOLE 203,742
CALL COLGATE PALM APR 095 CBOE CALL 1941629d7 -6 -40CALL SOLE -40
COLUMBIA/HCA HEALTHCARE CORP COM 197677107 17,412 919,428SHS SOLE 919,428
COMCAST CORP-SPECIAL CL A COM 200300200 340 5,400SHS SOLE 5,400
COMPAQ COMPUTER CORP COM 204493100 8,004 252,597SHS SOLE 252,597
COSTCO COMPANIES INC COM 22160q102 4,686 51,175SHS SOLE 51,175
COX COMMUNICATIONS INC NEW CL A COM 224044107 2,909 38,470SHS SOLE 38,470
CROMPTON & KNOWLES CORP COM 227111101 236 15,000SHS SOLE 15,000
CROSS TIMBERS ROYALTY TRUST COM 22757r109 144 15,800SHS SOLE 15,800
DAYTON HUDSON CORP COM 239753106 1,039 15,600SHS SOLE 15,600
DELL COMPUTER CORP COM 247025109 1,961 47,980SHS SOLE 47,980
CALL DELL COMPUTR JAN 045 CALL 24499w9a7 163 200CALL SOLE 200
CALL DELL COMPUTR JAN 035 CALL 2469069a1 233 140CALL SOLE 140
CALL DELL COMPUTR JAN 040 CALL 2469069a1 229 150CALL SOLE 150
CALL DELL COMPUTR AUG 040 CALL 2470259h4 145 200CALL SOLE 200
PUT DELL COMPUTR MAY 030 PUT 2470259q4 -6 -100PUT SOLE -100
WALT DISNEY CO HOLDING CO COM 254687106 10,865 349,081SHS SOLE 349,081
PUT WALT DISNEY APR 030 PUT 2546879p3 -3 -50PUT SOLE -50
DOUBLECLICK INC COM 258609304 3,813 20,945SHS SOLE 20,945
CALL DOUBLECLICK OCT 140 CALL 43799w9j5 220 30CALL SOLE 30
DOVER CORP COM 260003108 1,993 60,626SHS SOLE 60,626
E I DU PONT DE NEMOURS & CO COM 263534109 21,529 370,781SHS SOLE 370,781
EMC CORP-MASS COM 268648102 12,309 96,355SHS SOLE 96,355
CALL EMC CORP OCT 100 CALL 26999w9j8 186 50CALL SOLE 50
CALL EMC CORP JAN 075 CALL 2689249a7 294 50CALL SOLE 50
CALL EMC CORP JAN 100 CALL 2689269a2 267 50CALL SOLE 50
E TRADE GROUP INC COM 269246104 350 6,000SHS SOLE 6,000
CALL E TRADE GRP APR 060 CALL 2692469d8 24 75CALL SOLE 75
CALL E TRADE GRP JUL 040 CALL 2692469g1 168 75CALL SOLE 75
CALL E TRADE GRP OCT 050 CALL 2692469j5 145 75CALL SOLE 75
EASTMAN KODAK CO COM 277461109 1,268 19,850SHS SOLE 19,850
CALL EASTMAN KODK APR 070 CBOE CALL 2774619d3 -2 -50CALL SOLE -50
PUT EASTMAN KODK APR 065 CBOE PUT 2774619p6 -10 -50PUT SOLE -50
EBAY INC COM 278642103 10 75SHS SOLE 75
CALL EBAY INC JUL 160 CALL 2786429g0 170 80CALL SOLE 80
EL PASO ENERGY CORP COM 283905107 11,373 347,916SHS SOLE 347,916
CALL EL PASO ENER JUL 035 AMEX CALL 2839059g4 -16 -100CALL SOLE -100
EMERSON ELECTRIC CO COM 291011104 797 15,053SHS SOLE 15,053
ENRON CORP COM 293561106 2,855 44,430SHS SOLE 44,430
EVEREST REINSURANCE HOLDINGS INC COM 299808105 4,728 151,600SHS SOLE 151,600
EXCITE INC COM 300904109 4,298 30,700SHS SOLE 30,700
CALL EXCITE INC APR 100 CALL 3009049d3 103 25CALL SOLE 25
FDX CORP COM 31304n107 232 2,500SHS SOLE 2,500
CALL FDX CORP MAY 090 CBOE CALL 31304n9e9 39 50CALL SOLE 50
FREDDIE MAC-VOTING COMMON COM 313400301 52,149 912,899SHS SOLE 912,899
FANNIE MAE COM 313586109 22,119 319,408SHS SOLE 319,408
FEDERATED DEPARTMENT STORES INC COM 31410h101 209 5,200SHS SOLE 5,200
FERRELLGAS PARTNERS LP UNITS LP PFD 315293100 253 15,000PFD SOLE 15,000
FLEET FINANCIAL GROUP INC NEW COM 338915101 203 5,400SHS SOLE 5,400
FORD MOTOR CO COM 345370100 1,313 23,131SHS SOLE 23,131
GAP INC COM 364760108 2,340 34,764SHS SOLE 34,764
GENERAL ELECTRIC CO COM 369604103 22,282 201,416SHS SOLE 201,416
GENERAL SURGICAL INNOVATIONS INC COM 371013103 39 10,000SHS SOLE 10,000
GILLETTE CO COM 375766102 39,490 664,386SHS SOLE 664,386
GLOBAL MARINE INC NEW COM 379352404 141 12,000SHS SOLE 12,000
GRUPO TELEVISA SA DE CV-GDS COM 40049j206 220 7,000SHS SOLE 7,000
GUESS INC COM 401617105 123 20,000SHS SOLE 20,000
GUIDANT CORP COM 401698105 15,088 249,384SHS SOLE 249,384
HALLIBURTON CO COM 406216101 7,640 198,446SHS SOLE 198,446
HEALTHSOUTH CORP COM 421924101 2,474 238,450SHS SOLE 238,450
HEALTHEON CORP COM 422209106 383 9,000SHS SOLE 9,000
HOME DEPOT INC COM 437076102 984 15,800SHS SOLE 15,800
HOUSTON INDUSTRIES INC-7% PFD 442161204 482 4,000PFD SOLE 4,000
PUT IBP INC MAY 020 PUT 4492239q1 -19 -100PUT SOLE -100
IMPERIAL BANCORP COM 452556103 556 32,496SHS SOLE 32,496
INFINITY BROADCASTING CORP CL A COM 45662s102 3,659 142,107SHS SOLE 142,107
INKTOMI CORP COM 457277101 485 5,660SHS SOLE 5,660
INTEL CORP COM 458140100 51,692 433,933SHS SOLE 433,933
CALL INTEL CORP APR 14 CALL 4581409d4 -1 -25CALL SOLE -25
PUT INTEL CORP APR 105 PUT 4581409p7 -5 -50PUT SOLE -50
INTERNATIONAL BUSINESS MACHINES COM 459200101 44,320 250,043SHS SOLE 250,043
CALL IBM APR 195 CBOE CALL 4592009d5 -1 -25CALL SOLE -25
IVILLAGE INC COM 46588h105 251 2,500SHS SOLE 2,500
JOHNSON & JOHNSON COM 478160104 13,176 140,634SHS SOLE 140,634
KIMBERLY CLARK CORP COM 494368103 23,285 485,728SHS SOLE 485,728
KINDER MORGAN ENERGY PARTNERS LP COM 494550106 886 25,600SHS SOLE 25,600
LCA-VISION INC NEW COM 501803209 100 25,000SHS SOLE 25,000
LAKEHEAD PIPE LINE PARTNERS LP COM 511557100 293 6,500SHS SOLE 6,500
LASER VISION CENTERS INC COM 51807h100 458 12,000SHS SOLE 12,000
CALL LASER VISION SEP 030 CALL 51807h9i3 455 350CALL SOLE 350
ESTEE LAUDER COMPANIES INC CL A COM 518439104 31,857 337,113SHS SOLE 337,113
ELI LILLY & CO COM 532457108 28,980 341,442SHS SOLE 341,442
LOWES COMPANIES INC COM 548661107 303 5,000SHS SOLE 5,000
LUCENT TECHNOLOGIES INC COM 549463107 10,254 95,164SHS SOLE 95,164
CALL LUCENT TECH JAN 105 CALL 5494649a5 338 150CALL SOLE 150
CALL LUCENT TECH JAN 095 CALL 5494659a2 274 75CALL SOLE 75
CALL LUCENT TECH JAN 110 CALL 54946c9a7 75 25CALL SOLE 25
CALL LYCOS INC JUL 090 CALL 5508189g5 81 50CALL SOLE 50
CALL LYCOS INC OCT 090 CALL 5508189j9 69 35CALL SOLE 35
MBNA CORP COM 55262l100 26,751 1,120,452SHS SOLE 1,120,452
MCI WORLDCOM INC COM 55268b106 4,028 45,478SHS SOLE 45,478
MATTEL INC COM 577081102 10,590 425,740SHS SOLE 425,740
MEDIAONE GROUP INC COM 58440j104 390 6,137SHS SOLE 6,137
MEDIAONE GROUP PREM INC 6.25% PFD 58440j401 2,838 34,300SHS SOLE 34,300
MEDTRONIC INC COM 585055106 273 3,810SHS SOLE 3,810
MELLON BANK CORP COM 585509102 631 8,960SHS SOLE 8,960
MERCK & CO INC COM 589331107 12,993 162,026SHS SOLE 162,026
MERRILL LYNCH & CO INC COM 590188108 3,954 44,709SHS SOLE 44,709
CALL MERRIL LYNCH APR 095 CALL 5901889d2 -7 -50CALL SOLE -50
MICROSOFT CORP COM 594918104 64,784 722,830SHS SOLE 722,830
CALL MICROSOFT JAN 070 CALL 5949189a4 325 100CALL SOLE 100
CALL MICROSOFT JAN 085 CALL 5949189a4 490 200CALL SOLE 200
CALL MICROSOFT JAN 100 CALL 5949189a4 360 200CALL SOLE 200
CALL MICROSOFT CP APR 090 CALL 5949189d8 -11 -40CALL SOLE -40
CALL MICROSOFT CP JAN 080 CALL 5949349a1 459 240CALL SOLE 240
CALL MICROSOFT CP JAN 085 CALL 5949349a1 320 200CALL SOLE 200
MOBIL CORP COM 607059102 1,842 20,929SHS SOLE 20,929
MONSANTO CO COM 611662107 14,746 320,990SHS SOLE 320,990
MONSANTO CO - 6.50% PFD COM 611662305 1,609 34,600SHS SOLE 34,600
J P MORGAN & CO INC COM 616880100 1,164 9,434SHS SOLE 9,434
MORGAN STANLEY DEAN WITTER & CO COM 617446448 1,499 15,000SHS SOLE 15,000
MOTOROLA INC COM 620076109 21,313 290,963SHS SOLE 290,963
CALL MOTOROLA CP APR 075 CALL 6200769d3 -4 -20CALL SOLE -20
CALL MOTOROLA CP JAN 070 CALL 6200789a5 53 40CALL SOLE 40
NABISCO HOLDINGS CORP-CL A COM 629526104 1,305 31,400SHS SOLE 31,400
NASDAQ 100 SHARES UNIT SER 1 COM 631100104 210 2,000SHS SOLE 2,000
NETWORKS ASSOCIATES INC COM 640938106 336 10,950SHS SOLE 10,950
NETWORK SOLUTIONS INC-CL A COM 64121q102 317 3,000SHS SOLE 3,000
CALL NETWORK SOLU OCT 090 CALL 64121q9j3 206 50CALL SOLE 50
NEWS CORP LTD-ADR NEW COM 652487703 236 8,010SHS SOLE 8,010
NEWS CORP LTD-SPONSORED ADR COM 652487802 275 10,000SHS SOLE 10,000
NOKIA CORP-SPONSORED ADR COM 654902204 1,059 6,800SHS SOLE 6,800
NOVELL INC COM 670006105 3,992 158,500SHS SOLE 158,500
PUT NOVELL INC APR 22.5 PUT 6700069p2 -1 -50PUT SOLE -50
ORACLE CORP COM 68389x105 890 33,750SHS SOLE 33,750
CALL ORACLE CORP JAN 030 CALL 6839649a0 221 300CALL SOLE 300
PAGING NETWORK INC COM 695542100 94 20,000SHS SOLE 20,000
PAXSON COMMUNICATIONS CORP CL A COM 704231109 214 25,000SHS SOLE 25,000
PEPSICO INC COM 713448108 1,099 28,050SHS SOLE 28,050
PFIZER INC COM 717081103 25,223 181,786SHS SOLE 181,786
PHILIP MORRIS COMPANIES INC COM 718154107 3,436 97,657SHS SOLE 97,657
PLAINS RESOURCES INC NEW COM 726540503 375 25,000SHS SOLE 25,000
PLUM CREEK TIMBER CO LP COM 729237107 544 19,090SHS SOLE 19,090
POGO PRODUCING CO COM 730448107 143 11,000SHS SOLE 11,000
PROCTER & GAMBLE CO COM 742718109 9,707 99,114SHS SOLE 99,114
PROVIDIAN FINANCIAL CORP COM 74406a102 404 3,670SHS SOLE 3,670
PSINET INC COM 74437c101 213 5,000SHS SOLE 5,000
CALL QWEST COMMUN JAN 055 CALL 74913a9a8 121 50CALL SOLE 50
ROCHE HOLDING LTD SPONSORED ADR COM 771195104 244 2,000SHS SOLE 2,000
ROGERS COMMUNICATIONS INC CL B COM 775109200 181 10,000SHS SOLE 10,000
ROYAL DUTCH PETROLEUM CO COM 780257804 9,932 190,991SHS SOLE 190,991
PUT ROYAL DUTCH MAY 050 PUT 7802579q6 -8 -50PUT SOLE -50
SBC COMMUNICATIONS INC COM 78387g103 865 18,356SHS SOLE 18,356
S3 INC COM 784849101 150 20,000SHS SOLE 20,000
SAFEWAY INC COM 786514208 1,194 23,267SHS SOLE 23,267
SARA LEE CORP COM 803111103 1,015 41,026SHS SOLE 41,026
SCHERING PLOUGH CORP COM 806605101 2,323 42,000SHS SOLE 42,000
SCHLUMBERGER LTD COM 806857108 2,540 42,206SHS SOLE 42,206
CHARLES SCHWAB CORP NEW COM 808513105 6,812 70,867SHS SOLE 70,867
7TH LEVEL INC COM 817916109 59 10,000SHS SOLE 10,000
STAPLES INC COM 855030102 222 6,750SHS SOLE 6,750
STARBUCKS CORP COM 855244109 982 35,000SHS SOLE 35,000
STATION CASINOS INC-$3.50 CONV PF COM 857689202 218 4,500SHS SOLE 4,500
SUN MICROSYSTEMS INC COM 866810104 6,959 55,700SHS SOLE 55,700
CALL SUN MICRO JUL 110 CALL 8668109g1 119 50CALL SOLE 50
CALL SUN MICRO JAN 100 CALL 8668119a2 396 100CALL SOLE 100
CALL SUN MICROS JAN 075 CALL 8668129a0 385 60CALL SOLE 60
CALL SUN MICROS JAN 080 CALL 8668129a0 943 150CALL SOLE 150
TCA CABLE TV INC COM 872241104 305 7,000SHS SOLE 7,000
TANDY CORP COM 875382103 319 5,000SHS SOLE 5,000
CALL TANDY CORP APR 060 CALL 8753829d7 -24 -50CALL SOLE -50
TELE-COMMUNICATIONS INC COM 87924v507 2,117 40,229SHS SOLE 40,229
TEXACO INC COM 881694103 1,901 33,500SHS SOLE 33,500
TIME WARNER INC COM 887315109 35,174 494,966SHS SOLE 494,966
TRIBUNE CO NEW COM 896047107 436 6,665SHS SOLE 6,665
PUT U S BANCORP JUN 030 PUT 9029739r9 -9 -100PUT SOLE -100
USA NETWORKS INC COM 902984103 351 9,800SHS SOLE 9,800
USG CORP NEW COM 903293405 438 8,518SHS SOLE 8,518
UNILEVER NV-NEW YORK SHARES COM 904784501 299 4,500SHS SOLE 4,500
UNION PACIFIC RESOURCES GROUP INC COM 907834105 243 20,485SHS SOLE 20,485
UNITED TECHNOLOGIES CORP COM 913017109 7,155 52,832SHS SOLE 52,832
UNIVISION COMMUNICATIONS INC CL A COM 914906102 450 9,000SHS SOLE 9,000
UNOCAL CORP COM 915289102 205 5,575SHS SOLE 5,575
WTS VIACOM INC WTS 925524134 87 5,457WTS SOLE 5,457
VIACOM INC-CL B COM 925524308 11,548 137,573SHS SOLE 137,573
VISX INC-DEL COM 92844s105 215 2,000SHS SOLE 2,000
CALL VISX INC APR 100 CALL 92844s9d9 239 225CALL SOLE 225
CALL VISX INC JUN 070 CALL 92844s9f4 388 100CALL SOLE 100
CALL VISX INCJUN 080 CALL 92844s9f4 311 100CALL SOLE 100
CALL VISX INC SEP 095 CALL 92844s9i8 125 50CALL SOLE 50
CALL VISX INC SEP 100 CALL 92844s9i8 225 100CALL SOLE 100
VODAFONE GROUP PLCADR COM 92857t107 2,304 12,270SHS SOLE 12,270
WAL-MART STORES INC COM 931142103 962 10,430SHS SOLE 10,430
WARNER-LAMBERT CO COM 934488107 704 10,630SHS SOLE 10,630
PUT WARNER LAMBT MAY 060 PUT 9344889q2 -11 -70PUT SOLE -70
WELLS FARGO & CO-NEW COM 949746101 2,303 65,680SHS SOLE 65,680
WOLVERINE WORLD WIDE INC COM 978097103 238 25,000SHS SOLE 25,000
CALL MCI WORLDCOM JAN 090 CALL 9819169a9 330 150CALL SOLE 150
XILINX INC COM 983919101 203 5,000SHS SOLE 5,000
XEROX CORP COM 984121103 38,847 727,809SHS SOLE 727,809
YAHOO INC COM 984332106 1,897 11,265SHS SOLE 11,265
CALL YAHOO INC JAN 080 CALL 9839689a8 394 35CALL SOLE 35
CALL YAHOO INC JAN 115 CALL 98399w9a2 673 85CALL SOLE 85
YOUNG & RUBICAM INC COM 987425105 5,734 140,700SHS SOLE 140,700
GLOBAL CROSSING LTD COM g3921a100 231 5,000SHS SOLE 5,000
CALL GLOBAL CROSS JUL 040 CALL g3921a9g7 31 30CALL SOLE 30
GLOBALSTAR TELECOMM LTD-ORD COM g3930h104 555 40,000SHS SOLE 40,000
KNIGHTSBRIDGE TANKERS LTD COM g5299g106 178 10,300SHS SOLE 10,300
SANTA FE INTERNATIONAL CORP COM g7805c108 981 52,500SHS SOLE 52,500
ROYAL CARIBBEAN CRUISES LTD COM v7780t103 538 13,800SHS SOLE 13,800
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