UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: 31 December 1998
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: Beta Management Limited
Address: Second Floor, Zephyr House, Mary Street
P.O. Box 709
George Town, Grand Cayman
Cayman Islands, BWI
13F 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 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: Rajpal Arulpragasam
Title: President
Phone: (203) 497-8750
Rajpal Arulpragasam New Haven, CT 12 May 1999
Report Type (Check only one)
[X] 13F HOLDINGS REPORT
[ ] 13F NOTICE
[ ] 13F COMBINATION REPORT
List of Other Managers Reporting for this Manager:
<TABLE> <C> <C>
FORM 13F INFORMATION TABLE
NAME OF TITLE OF CUSIP VALUE SHARES SH/PRN INVST OTHER VOTING AUTHORITY
ISSUER CLASS (x$1000) DESC MGR SOLE SHARED NONE
- ------------------------------------------------------------------------------------------------------------------------
ADC TELECOM STK COM 000886101 202 5800 SH SOLE 1500 0 4300
ADOBE SYS STK COM 00724F101 51 1100 SH SOLE 200 0 900
ADV MICRO DEV STK COM 007903107 499 17200 SH SOLE 7600 0 9600
ADV TISSUE SCI STK COM 00755F103 68 26400 SH SOLE 15700 0 10700
AIRGAS STK COM 2005423 49 5500 SH SOLE 1200 0 4300
ALCATEL ALSTHOM ADR COM 013904305 426 17430 SH SOLE 6816 0 10614
ALLEGIANCE STK COM 017475104 280 6000 SH SOLE 2500 0 3500
AMER WASTE SVCS STK COM 030406102 1065 45100 SH SOLE 19700 0 25400
AMERICA ONLINE STK COM 02364J104 2063 13300 SH SOLE 4800 0 8500
ANALOG DEVICES STK COM 032654105 198 6300 SH SOLE 2400 0 3900
ANDREW STK COM 034425108 215 13000 SH SOLE 6800 0 6200
APPLE COMPUTER STK COM 037833100 1154 28200 SH SOLE 9400 0 18800
ASPECT TELECOMS STK COM 045237104 602 34900 SH SOLE 15600 0 19300
ATLANTIC SE AIR STK COM 04338Q107 1427 46800 SH SOLE 16400 0 30400
ATMEL STK COM 049513104 542 35400 SH SOLE 13600 0 21800
AUTO DESK STK COM 052769106 115 2700 SH SOLE 900 0 1800
AVID TECH STK COM 05367P100 1171 50100 SH SOLE 19400 0 30700
BALL STK COM 058498106 865 18900 SH SOLE 4800 0 14100
BANKAMERICA STK COM 06605F102 286 4754 SH SOLE 2379 0 2375
BARNES & NOBLE STK COM 067774109 510 12000 SH SOLE 6000 0 6000
BATTLE MTN GOLD STK COM 071593107 539 132600 SH SOLE 48900 0 83700
BERGEN BRUNSWIG STK COM 083739102 983 28200 SH SOLE 5800 0 22400
BILLING INFO STK COM 090063108 161 14600 SH SOLE 3900 0 10700
BMC INDUSTRIES STK COM 071900104 576 92100 SH SOLE 32700 0 59400
BMC SOFTWARE STK COM 055921100 290 6500 SH SOLE 2400 0 4100
BOEING STK COM 097023105 1077 33000 SH SOLE 13300 0 19700
BORDERS GROUP STK COM 099709107 217 8700 SH SOLE 4800 0 3900
BRIGHTPOINT STK COM 109473108 320 23300 SH SOLE 7100 0 16200
BROWNING FERRIS STK COM 115885105 176 6200 SH SOLE 2100 0 4100
BURR BROWN STK COM 122574106 473 20200 SH SOLE 10300 0 9900
CABLETRON SYS STK COM 126920107 469 56000 SH SOLE 24700 0 31300
CADENCE DESIGN STK COM 127387108 360 12100 SH SOLE 6500 0 5600
CEC ENTERTAINMENT COM 125137109 605 21800 SH SOLE 10800 0 11000
CENDANT STK COM 151313103 898 46500 SH SOLE 10000 0 36500
CEPHALON STK COM 156708109 381 42300 SH SOLE 11000 0 31300
CERNER STK COM 156782104 1011 37800 SH SOLE 14300 0 23500
CIBER INC COM 17163B102 414 14900 SH SOLE 4800 0 10100
CISCO SYSTEMS STK COM 17275R102 863 9300 SH SOLE 3700 0 5600
COMAIR STK COM 199789108 1080 32000 SH SOLE 12800 0 19200
COMDISCO STK COM 200336105 1169 69300 SH SOLE 15800 0 53500
COMMSCOPE STK COM 203372107 407 24200 SH SOLE 5700 0 18500
COMPUSA STK COM 6217354 984 75300 SH SOLE 31200 0 44100
COMPUTER TASK STK COM 205477102 1465 54000 SH SOLE 13000 0 41000
COMPUWARE STK COM 205638109 1563 20000 SH SOLE 7500 0 12500
COMSAT STK COM 20564D107 90 2500 SH SOLE 600 0 1900
COMVERSE TECH STK COM 205862402 1562 22000 SH SOLE 8700 0 13300
COR THERAPEUTICS STK COM 217753102 277 20900 SH SOLE 8200 0 12700
CORPORATE EXP STK COM 219888104 1169 225400 SH SOLE 89000 0 136400
DATA GENERAL STK COM 237688106 393 23900 SH SOLE 9800 0 14100
DIGITAL MICROWAV STK COM 253859102 32 4700 SH SOLE 1700 0 3000
DURA PHARMS STK COM 26632S109 348 22900 SH SOLE 9800 0 13100
E TRADE GROUP STK COM 269246104 1651 35300 SH SOLE 13300 0 22000
ELECTRONICS IMAG STK COM 286082102 800 20000 SH SOLE 7100 0 12900
ERICSSON ADR COM 294821400 994 41539 SH SOLE 10700 0 30839
ETEC SYSTEMS STK COM 26922C103 648 16200 SH SOLE 6800 0 9400
ETHAN ALLEN STK COM 297602104 472 11500 SH SOLE 3300 0 8200
FEDERAL MOGUL STK COM 313549107 1077 18100 SH SOLE 5700 0 12400
FIDELITY NATL STK COM 316326107 128 4200 SH SOLE 1900 0 2300
FIRST AMER FINCL STK COM 318522307 2583 80400 SH SOLE 23500 0 56900
FIRST UNION STK COM 337358105 1362 22400 SH SOLE 10700 0 11700
FORE SYSTEMS STK COM 345449102 51 2800 SH SOLE 1500 0 1300
FOUND HEALTH SYSTEMS COM 350404109 257 21600 SH SOLE 5100 0 16500
GEN NUTRITION STK COM 37047F103 458 28200 SH SOLE 8200 0 20000
GENESIS HEALTH STK COM 371912106 82 9700 SH SOLE 7200 0 2500
HA-LO INDUSTRIES COM 404429102 139 3700 SH SOLE 2500 0 1200
HADCO STK COM 404681108 305 8700 SH SOLE 3300 0 5400
HALTER STK COM 40642Y105 1031 211400 SH SOLE 72000 0 139400
HARBINGER STK COM 41145C103 162 20200 SH SOLE 8400 0 11800
HERMAN MILLER STK COM 600544100 796 29600 SH SOLE 11700 0 17900
HLTH CARE RETIRE STK COM 421937103 206 7000 SH SOLE 5300 0 1700
HNC SOFTWARE STK COM 40425P107 3393 83900 SH SOLE 31700 0 52200
HUMANA STK COM 444859102 194 10900 SH SOLE 7600 0 3300
HYPERION SOLUTIONS COM 44914M104 877 48700 SH SOLE 18700 0 30000
ICN PHARMACEU COM 448924100 1045 46200 SH SOLE 20800 0 25400
IKON OFFICE SOLUTION COM 451713101 629 73500 SH SOLE 35000 0 38500
INLAND STEEL STK COM 457472108 116 6900 SH SOLE 1700 0 5200
INNOVEX STK COM 457647105 893 65100 SH SOLE 16400 0 48700
INPUT/OUTPUT COM 457652105 319 43600 SH SOLE 23100 0 20500
INTER HLTH SVCS STK COM 45812C106 3 200 SH SOLE 0 0 200
INTERFACE STK A COM 458665106 348 37500 SH SOLE 14700 0 22800
INTL RECTIFIER STK COM 460254105 325 33300 SH SOLE 4800 0 28500
JONES MEDICAL STK COM 480236108 416 11400 SH SOLE 4000 0 7400
JP MORGAN STK COM 616880100 546 5200 SH SOLE 2200 0 3000
KANSAS CITY STHN STK COM 485170104 1741 35400 SH SOLE 15900 0 19500
KAUFMAN & BROAD STK COM 486168107 1676 58300 SH SOLE 24000 0 34300
KEANE STK COM 486665102 1138 28500 SH SOLE 11000 0 17500
KEMET STK COM 488360108 807 71700 SH SOLE 27700 0 44000
KENNAMETAL STK COM 489170100 442 20800 SH SOLE 9400 0 11400
KENT ELECTRONICS STK COM 490553104 102 8000 SH SOLE 4100 0 3900
LEGG MASON STK COM 524901105 906 28700 SH SOLE 10900 0 17800
LEHMAN BROS HLD STK COM 524908100 159 3600 SH SOLE 200 0 3400
LONE STAR STEAKH STK COM 542307103 289 31500 SH SOLE 11800 0 19700
MACROMEDIA STK COM 556100105 145 4300 SH SOLE 1800 0 2500
MATTEL STK COM 577081102 667 28400 SH SOLE 10700 0 17700
MCDERMOTT INTL STK COM 580037109 1523 61700 SH SOLE 29700 0 32000
MICROAGE STK COM 594928103 155 10100 SH SOLE 2700 0 7400
MUELLER INDS STK COM 624756102 611 30100 SH SOLE 11000 0 19100
MYLAN LABS STK COM 628530107 728 23100 SH SOLE 8000 0 15100
NATIONAL SVC IND STK COM 637657107 923 24300 SH SOLE 8100 0 16200
NATL SEMICONDUCT STK COM 637640103 882 65300 SH SOLE 24100 0 41200
NBTY STK COM 628782104 532 74700 SH SOLE 25200 0 49500
NETSCAPE COMM STK COM 641149109 899 14800 SH SOLE 5800 0 9000
NETWORK ASSOCIATES COM 640938106 1014 15300 SH SOLE 6600 0 8700
NEWMONT MINING STK COM 651639106 810 44400 SH SOLE 19000 0 25400
NIKE STK COM 654106103 576 14200 SH SOLE 7900 0 6300
NINE WEST GROUP STK COM 65440D102 392 25200 SH SOLE 7500 0 17700
NORTHERN TELECOM STK COM 665815106 3120 62400 SH SOLE 22800 0 39600
OCEAN ENERGY STK COM 674812201 312 49000 SH SOLE 17700 0 31300
OFFICEMAX STK COM 67622M108 2441 199300 SH SOLE 78100 0 121200
OLSTEN CP STK COM 6653691 167 22700 SH SOLE 10900 0 11800
OMNICARE STK COM 681904108 1873 53900 SH SOLE 18500 0 35400
OMNICOM STK COM 681919106 267 4600 SH SOLE 2000 0 2600
OWEN CORNING STK COM 69073F103 1315 37100 SH SOLE 14600 0 22500
PAINE WEBBER STK COM 695629105 502 13000 SH SOLE 5300 0 7700
PAIRGAIN STK COM 695934109 291 37800 SH SOLE 12800 0 25000
PARAMETRIC TECH STK COM 699173100 1450 89200 SH SOLE 33300 0 55900
PEOPLESOFT STK COM 712713106 78 4100 SH SOLE 3600 0 500
PHOTRONICS STK COM 719405102 201 8400 SH SOLE 4100 0 4300
PHYCOR STK COM 71940F100 42 6200 SH SOLE 2300 0 3900
PIER 1 IMPORTS STK COM 720279108 998 103000 SH SOLE 38800 0 64200
PIONEER NAT STK COM 723787107 545 62300 SH SOLE 19700 0 42600
PLACER DOME STK COM 725906101 184 16000 SH SOLE 8100 0 7900
PLATINUM TECH STK COM 72764T101 1639 85700 SH SOLE 32500 0 53200
POGO PRODUCING STK COM 730448107 488 37500 SH SOLE 7500 0 30000
POOL ENERGY SVCS STK COM 732788104 145 13400 SH SOLE 3200 0 10200
PRIM HOSPITALITY STK COM 741917108 776 73500 SH SOLE 28000 0 45500
PRIMARK INTL STK COM 741903108 127 4700 SH SOLE 1300 0 3400
PROVIDIAN STK COM 74406A102 405 5400 SH SOLE 1200 0 4200
RAYTHEON CO B STK COM 755111408 841 15800 SH SOLE 6700 0 9100
READ RITE STK COM 755246105 949 64200 SH SOLE 23700 0 40500
REEBOK INTL STK COM 758110100 488 32800 SH SOLE 16500 0 16300
REPUBLIC NY STK COM 760719104 793 17400 SH SOLE 2900 0 14500
ROWAN COMPANIES STK COM 779382100 491 49700 SH SOLE 17600 0 32100
S3 STK COM 784849101 99 13400 SH SOLE 4400 0 9000
SANMINA STK COM 800907107 1194 19100 SH SOLE 6000 0 13100
SCHERING PLOUGH STK COM 806605101 376 6800 SH SOLE 0 0 6800
SEAGATE TECH STK COM 811804103 178 5900 SH SOLE 2900 0 3000
SEAGULL ENERGY STK COM 812007102 304 48100 SH SOLE 19900 0 28200
SENSORMATIC ELTR STK COM 817265101 495 71300 SH SOLE 36100 0 35200
SEQUENT COMPUTER STK COM 817338106 65 5400 SH SOLE 2500 0 2900
SHARED MED SYS STK COM 819486101 933 18700 SH SOLE 6700 0 12000
SIGMA ALDRICH STK COM 826552101 1087 37000 SH SOLE 12500 0 24500
SILICON GRAPHICS STK COM 6793111 99 7700 SH SOLE 0 0 7700
SOLA INTL STK COM 6821807 512 29700 SH SOLE 8100 0 21600
SONAT STK COM 835415100 133 4900 SH SOLE 1200 0 3700
SOTHEBYS STK COM 835898107 384 12000 SH SOLE 4900 0 7100
SPORTS AUTHOR COM 849176102 427 81300 SH SOLE 32400 0 48900
STET SOCIETA STK COM 859152100 469 16500 SH SOLE 4600 0 11900
STEWART STEVEN STK COM 860342104 675 69200 SH SOLE 14600 0 54600
STORAGE TECH STK COM 862111200 1042 29200 SH SOLE 10900 0 18300
SUN MICROSYS STK COM 866810104 822 9600 SH SOLE 2400 0 7200
SYBASE STK COM 871130100 71 9600 SH SOLE 2000 0 7600
SYBRON STK COM 87114F106 41 1500 SH SOLE 500 0 1000
SYMANTEC STK COM 871503108 811 37300 SH SOLE 14900 0 22400
SYNOVUS STK COM 87161C105 476 19850 SH SOLE 9450 0 10400
SYSTEM SOFTWARE STK COM 871839106 40 5700 SH SOLE 2500 0 3200
T ROWE PRICE STK COM 741477103 466 13600 SH SOLE 6000 0 7600
TECH SOLUTIONS STK COM 87872T108 262 24400 SH SOLE 9000 0 15400
THE AES CO COM 130H105 895 18900 SH SOLE 8700 0 10200
THERMO ELECTRON STK COM 883556102 357 21100 SH SOLE 4100 0 17000
TIDEWATER STK COM 886423102 805 34700 SH SOLE 11500 0 23200
TOTAL RENAL CARE STK COM 89151A107 689 23300 SH SOLE 9200 0 14100
TRANSOCEAN OFF COM 893817106 416 15500 SH SOLE 7900 0 7600
TURBOSCOPE INC STK COM 898600101 827 101800 SH SOLE 24500 0 77300
UCAR INTL STK COM 90262K109 629 35300 SH SOLE 10900 0 24400
UNION PACIF RSC STK COM 907834105 502 55400 SH SOLE 13400 0 42000
UNISYS STK COM 909214108 2070 60100 SH SOLE 24500 0 35600
UNITRODE STK COM 913283107 26 1500 SH SOLE 700 0 800
VANTIVE STK COM 922091103 63 7900 SH SOLE 4900 0 3000
VARCO INTL STK COM 922126107 95 12200 SH SOLE 5600 0 6600
VENATOR STOCK COM 922944103 128 19700 SH SOLE 10700 0 9000
VITESSE SEMICON STK COM 928497106 621 13600 SH SOLE 5700 0 7900
VLSI TECHNOLOGY STK COM 918270109 552 50500 SH SOLE 17600 0 32900
WABASH NATL STK COM 929566107 380 18700 SH SOLE 7100 0 11600
WHOLE FOODS STK COM 966837106 605 12500 SH SOLE 3900 0 8600
WORLDCOM STK COM 98155K102 1290 17983 SH SOLE 7124 0 10859
XIRCOM STK COM 983922105 398 11700 SH SOLE 5300 0 6400
XYLAN STK COM 984151100 776 42800 SH SOLE 19000 0 23800
</TABLE>
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 178
Form 13F Information Table Value Total: $116076 (x1000)
List of Other Included Managers:
