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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year Ended: March 31, 2000
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: BBT Fund, L.P.
Address: 201 Main Street, Suite 3200
Fort Worth, Texas 76102
Form 13F File Number: 28-5275
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 and 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 Report Manager:
Name: W.R. Cotham
Title: Vice President of General Partner of General Partner
Phone: 817/390-8400
Signature, Place, and Date of Signing:
_/s/ W. R. Cotham Fort Worth, Texas May 12, 2000
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: 187
Form 13F Information Table Value Total: $982,555 (thousands)
List of Other Included Managers:
NONE
<PAGE>
<TABLE>
FORM 13F INFORMATION TABLE
<CAPTION>
TITLE VALUE SHARES SH/ PUT INVSTMNT OTHR VOTING AUTHORITY
OF / /
NAME OF ISSUER CLASS CUSIP (X$10 PRN PRN CLL DISCRETN MGRS SOLE SHRD NONE
00) AMT
<S> <C>
AGL RES INC COM 001204 805 43800 SH Sole 43800
106
AMR CORP COM 001765 1626 51000 SH Sole 51000
106
AT&T CORP COM 001957 281 5000 SH Sole 5000
109
AT&T CORP OPT 001957 5625 10000 PR CAL
109 0 N L
AT&T CORP OPT 001957 1687 30000 PR PUT
109 5 0 N
ABERCROMBIE & FITCH CL A 002896 960 60000 SH Sole 60000
CO 207
AFFYMETRIX INC SB NT 00826T 8490 12000 PR Sole 120
CV 1 AC2 N 00
ALLEGHENY ENERGY INC COM 017361 1240 45000 SH Sole 450000
106 3 0
ALPHARMA INC SR SB 020813 1838 1500 PR Sole 150
CV 1 AC5 N 0
ALPHARMA INC SR SB 020813 4288 3500 PR Sole 350
NT C AD3 N 0
AMERICAN HOME PRODS OPT 026609 9250 17250 PR CAL
CORP 107 0 N L
AMERICAN HOME PRODS OPT 026609 4076 76000 PR PUT
CORP 107 N
AMERICAN TOWER CORP NT CV 029912 8456 7500 PR Sole 750
144A AE2 N 0
AMGEN INC OPT 031162 6138 10000 PR PUT
100 0 N
ANADARKO PETROLEUM 032511 1216 22000 PR Sole 220
CORP AP2 9 N 00
ANNTAYLOR STORES COM 036115 1150 50000 SH Sole 50000
CORP 103
AT HOME CORP COM SER 045919 352 10700 SH Sole 10700
A 107
ATLANTIC RICHFIELD OPT 048825 1700 20000 PR CAL
CO 103 N L
ATMOS ENERGY CORP COM 049560 563 34400 SH Sole 34400
105
BP AMOCO PLC - OPT 055622 4351 82000 PR CAL
SPONSORED ADR 104 N L
BP AMOCO PLC - OPT 055622 4351 82000 PR PUT
SPONSORED ADR 104 N
BERINGER WINE CL B 084102 1112 31000 SH Sole 31000
ESTATES HOLDINGS 102
BOEING CO COM 097023 1650 43500 SH Sole 43500
105
BOEING CO OPT 097023 3794 10000 PR CAL
105 0 N L
BOEING CO OPT 097023 3794 10000 PR PUT
105 0 N
BOISE CASCADE OFFICE COM 097403 4053 24750 SH Sole 247500
PRODS 109 0
BURR BROWN CORP SB NT 122574 5488 5000 PR Sole 500
CV 1 AD8 N 0
CBS CORP COM 12490K 8635 15250 SH Sole 152500
107 0
C-CUBE MICROSYSTEMS COM 125015 7645 10500 SH Sole 105000
INC 107 0
CKE RESTAURANTS INC SB NT 12561E 3461 6500 PR Sole 650
CV 4 AB1 N 0
CLECO CORP NEW COM 12561W 5553 16700 SH Sole 167000
105 0
CMP GROUP INC COM 125887 7782 26720 SH Sole 267200
109 0
CMS ENERGY CORP COM 125896 3514 19389 SH Sole 1938900
100 3 00
CVS CORP COM 126650 1878 50000 SH Sole 50000
100
CHAMPION INTL CORP COM 158525 602 11300 SH Sole 11300
105
CHECKFREE HLDGS CORP SUB NT 162816 5713 5000 PR Sole 500
CV AA0 N 0
CINERGY CORP COM 172474 6450 30000 SH Sole 300000
108 0
COLUMBIA ENERGY COM 197648 5510 93000 SH Sole 93000
GROUP 108
COMCAST CORP CL A 200300 586 13500 PR Sole 135
SPL 200 N 00
COMCAST CORPORATION OPT 200300 2603 60000 PR CAL
200 N L
COMCAST CORPORATION OPT 200300 2169 50000 PR PUT
200 N
COMPUTER ASSOC INTL COM 204912 2368 40000 SH Sole 40000
INC 109
COMPUTER ASSOC INTL OPT 204912 2368 40000 PR PUT
INC 109 N
CONCENTRIC NETWORK COM 20589R 1240 22560 SH Sole 225600
CORP 107 8 0
CONECTIV INC COM 206829 8612 49210 SH Sole 492100
103 0
CONEXANT SYSTEMS INC SB NT 207142 9075 10000 PR Sole 100
CV 1 AD2 N 00
CONSOLIDATED PAPERS COM 209759 6008 15630 SH Sole 156300
INC 109 0
CONSTELLATION ENERGY COM 210371 1433 44970 SH Sole 449700
CORP 100 4 0
CORDANT TECHNOLOGIES COM 218412 2828 50000 SH Sole 50000
INC 104
COSTCO WHSL CORP NEW COM 22160K 263 5000 SH Sole 5000
105
DII GROUP INC COM 232949 1684 14900 SH Sole 149000
107 6 0
DQE INC COM 23329J 4550 10000 SH Sole 100000
104 0
DELPHI AUTOMOTIVE OPT 247126 1600 10000 PR CAL
SYS CORP 105 0 N L
DELPHI AUTOMOTIVE OPT 247126 1600 10000 PR PUT
SYS CORP 105 0 N
DOUBLECLICK INC OPT 258609 4681 50000 PR CAL
304 N L
DUKE ENERGY CORP COM 264399 3150 60000 SH Sole 60000
106
ETEC SYS INC COM 26922C 734 6000 SH Sole 6000
103
E TRADE GROUP INC SUB NT 269246 8505 6000 PR Sole 600
CV 9AA2 N 0
ECHOSTAR 278762 7375 4000 PR Sole 400
COMMUNICATIONS AB5 N 0
CORP
EDISON INTL COM 281020 4969 30000 SH Sole 300000
107 0
EFFICIENT NETWORKS SB NT 282056 1424 14000 PR Sole 140
INC CV 1 AA8 5 N 00
EL PASO ELEC CO COM NEW 283677 5706 55000 SH Sole 550000
854 0
EL PASO ENERGY CORP COM 283905 2019 50000 SH Sole 50000
DEL 107
ENERGY EAST CORP COM 29266M 9906 50000 SH Sole 500000
109 0
ENTERGY CORP NEW COM 29364G 6597 32680 SH Sole 326800
103 0
EQUITABLE RES INC COM 294549 2241 50000 SH Sole 50000
100
FPL GROUP INC COM 302571 1151 25000 SH Sole 250000
104 6 0
FAMILY DLR STORES COM 307000 624 30000 SH Sole 30000
INC 109
FLOWERS INDS INC COM 343496 703 46300 SH Sole 46300
105
FRIEDE GOLDMAN SR SB 358430 5596 11000 PR Sole 110
HALTER INC NTCV AA4 N 00
GPU INC COM 36225X 2463 90000 SH Sole 900000
100 8 0
GTE CORP COM 362320 4040 56900 SH Sole 56900
103
GTE CORPORATION OPT 362320 7810 11000 PR CAL
103 0 N L
GAP INC DEL OPT 364760 3736 75000 PR CAL
108 N L
GAP INC DEL OPT 364760 3736 75000 PR PUT
108 N
GENERAL MTRS CORP COM 370442 1656 20000 SH Sole 20000
105
GENESCO INC SUB NT 371532 2163 2500 PR Sole 250
CV AL6 N 0
GILAT SATELLITE 375255 8794 10500 PR Sole 105
NETWORKS LTD ACO N 00
GLOBAL CROSSING LTD COM G3921A 2047 50000 SH Sole 50000
100
GLOBAL CROSSING LTD OPT G3921A 2047 50000 PR CAL
100 N L
GLOBAL CROSSING LTD OPT G3921A 2047 50000 PR PUT
100 N
HEALTHSOUTH CORP COM 421924 509 88500 SH Sole 88500
101
HEALTHSOUTH CORP SB DB 421924 7183 9180 PR Sole 918
CV 3 AF8 N 0
INPRISE CORP COM 45766C 409 60000 SH Sole 60000
102
INTERIM SVCS INC SUB NT 45868P 2540 3150 PR Sole 315
CV AA8 N 0
INTERPUBLIC GROUP OPT 460690 5906 12500 PR CAL
COS INC 100 0 N L
INTERPUBLIC GROUP OPT 460690 95 2000 PR PUT
COS INC 100 N
IPALCO ENTERPRISES COM 462613 7800 40000 SH Sole 400000
INC 100 0
I2 TECHNOLOGIES INC SUBNTCV 465754 3483 2000 PR Sole 200
14 AD1 N 0
JUNIPER NETWORKS INC SB NT 48203R 7000 7000 PR Sole 700
CV 4 AA2 N 0
KANSAS CITY PWR & LT COM 485134 7395 25500 SH Sole 255000
CO 100 0
LAMAR ADVERTISING CO NT CV 5 512815 8041 7000 PR Sole 700
AF8 N 0
LATTICE SUB NT 518415 4478 2550 PR Sole 255
SEMICONDUCTOR CV AA2 N 0
CORP
LENNAR CORP SR DB 526057 3978 9500 PR Sole 950
CV Z AA2 N 0
LINENS N THINGS INC COM 535679 1808 52800 SH Sole 52800
104
LOWES COS INC COM 548661 3024 51800 SH Sole 51800
107
MARK IV INDUSTRIES 570387 4313 5000 PR Sole 500
INC AR1 N 0
MCLEODUSA INC COM 582266 458 5400 SH Sole 5400
102
MEDIAONE GROUP INC COM 58440J 2843 35110 SH Sole 351100
104 9 0
MEDTRONIC INC COM 585055 237 4600 SH Sole 4600
106
MEDTRONIC INC OPT 585055 2572 50000 PR PUT
106 N
METRICOM INC COM 591596 3573 40000 SH Sole 40000
101
MICROSOFT CORP COM 594918 3613 34000 SH Sole 34000
104
MICROSOFT CORP OPT 594918 1062 10000 PR PUT
104 5 0 N
MILLENIUM SUB NT 599902 6510 7000 PR Sole 700
PHARMACEUTICALS INC CV AA1 N 0
MINNESOTA PWR INC COM 604110 4988 30000 SH Sole 300000
106 0
MIRAGE RESORTS INC COM 60462E 4908 25330 SH Sole 253300
104 0
MOLEX INC CL A 608554 444 10000 SH Sole 10000
200
MONSANTO CO OPT 71713U 5150 10000 PR CAL
102 0 N L
MONSANTO CO OPT 71713U 2575 50000 PR PUT
102 N
NFO WORLDWIDE INC COM 62910N 2101 95500 SH Sole 95500
108
NUI CORP COM 629430 4580 17700 SH Sole 177000
109 0
NATIONAL FUEL GAS CO COM 636180 4528 10160 SH Sole 101600
N J 101 0
NEW JERSEY RES COM 646025 2138 50000 SH Sole 50000
106
NEWBRIDGE NETWORKS COM 650901 4437 13680 SH Sole 136800
CORP 101 0
NEWBRIDGE NETWORKS OPT 650901 1752 54000 PR CAL
CORP 101 N L
NEWBRIDGE NETWORKS OPT 650901 292 9000 PR PUT
CORP 101 N
NEXTLINK OPT 6533H7 1669 13500 PR CAL
COMMUNICATIONS INC 07 8 0 N L
NIAGARA MOHAWK HLDGS COM 653520 2700 20000 SH Sole 200000
INC 106 0
NICOR INC COM 654086 3294 10000 SH Sole 100000
107 0
NORTHWEST NAT GAS CO COM 667655 472 24200 SH Sole 24200
104
OGDEN CORP COM 676346 370 31000 SH Sole 31000
109
P-COM INC SB NT 693262 4764 5250 PR Sole 525
CV 4 AC1 N 0
PG&E CORP COM 69331C 8385 39930 SH Sole 399300
108 0
PPL CORP COM 69351T 4188 20000 SH Sole 200000
106 0
PAIRGAIN COM 695934 2728 14600 SH Sole 146000
TECHNOLOGIES INC 109 0
PAIRGAIN OPT 695934 2803 15000 PR PUT
TECHNOLOGIES INC 109 0 N
PALM INC COM 696642 754 16800 SH Sole 16800
107
PALM INC OPT 696642 2693 60000 PR PUT
107 N
PEOPLES ENERGY CORP COM 711030 8061 29380 SH Sole 293800
106 0
PERSONNEL GROUP AMER SB NT 715338 990 1500 PR Sole 150
INC CV 5 AE9 N 0
PINNACLE HLDGS 72346N 4998 5500 PR Sole 550
AC5 N 0
PINNACLE WEST CAP COM 723484 1127 40000 SH Sole 400000
CORP 101 5 0
PRECISION RESPONSE COM 740314 1276 52600 SH Sole 52600
CORP 109
PRIDE INTL INC SB DB 741932 2972 7500 PR Sole 750
CV Z AB3 N 0
PUBLIC SVC CO N MEX COM 744499 3199 20310 SH Sole 203100
104 0
PUBLIC SVC COM 744573 7421 25050 SH Sole 250500
ENTERPRISE GROUP 106 0
QUESTAR CORP COM 748356 2784 15000 SH Sole 150000
102 0
QWEST COMMUNICATIONS OPT 749121 4801 99000 PR CAL
INTL INC 109 5 0 N L
READ-RITE CORP COM 755246 205 43700 SH Sole 43700
105
READ RITE 755246 1040 10000 PR Sole 100
CORPORATION AB1 0 N 00
REDBACK NETWORKS 757209 8058 8350 PR Sole 835
AA9 N 0
RES-CARE INC SR NT 760943 7864 12945 PR Sole 129
CONV AC4 N 45
SFX ENTMT INC CL A 784178 347 8500 SH Sole 8500
105
ST LAURENT COM 790907 3064 16000 SH Sole 160000
PAPERBOARD INC 109 0
SALTON INC COM 795757 1171 27000 SH Sole 27000
103
SCANA CORP NEW COM 80589M 7860 32000 SH Sole 320000
102 0
SCHWAB CHARLES CORP COM 808513 2903 51100 SH Sole 51100
NEW 105
SCHWAB CHARLES CORP OPT 808513 1417 24950 PR PUT
NEW 105 5 0 N
SEAGATE TECHNOLOGY COM 811804 8929 14820 SH Sole 148200
103 0
SEAGATE TECHNOLOGY OPT 811804 3193 53000 PR CAL
INC 103 N L
SEAGATE TECHNOLOGY OPT 811804 1506 25000 PR PUT
INC 103 N
SIERRA PAC RES NEW COM 826428 530 42400 SH Sole 42400
104
SIGCORP INC COM 826912 2113 84500 SH Sole 84500
107
SNYDER COM SNC 832914 2804 12460 SH Sole 124600
COMMUNICATIONS INC 105 0
SOUTH JERSEY INDS COM 838518 2867 10170 SH Sole 101700
INC 108 0
SPORTS AUTH INC SB NT 849176 6840 9500 PR Sole 950
CV 5 AC6 N 0
STANDARD MTR PRODS SB DB 853666 2489 3500 PR Sole 350
INC CV 6 AB1 N 0
SUNBEAM CORP SRSDCV 867071 5288 30000 PR Sole 300
ZRO AAO N 00
SUNBEAM CORP SR SD 867071 1763 10000 PR Sole 100
CV Z AD4 N 00
SUNRISE ASSISTED SUB NT 86768K 3160 4000 PR Sole 400
LIVING INC CV ACO N 0
3COM CORP COM 885535 1558 28000 SH Sole 28000
104
TIME WARNER INC COM 887315 670 6700 SH Sole 6700
109
TIME WARNER INC OPT 887315 1200 12000 PR PUT
109 0 0 N
TIMES MIRROR CO NEW COM SER 887364 1394 15000 SH Sole 150000
A 107 1 0
TRAVELERS PPTY CAS CL A 893939 5156 12500 SH Sole 125000
CORP 108 0
UGI CORP NEW COM 902681 2703 12500 SH Sole 125000
105 0
U S FOODSERVICE COM 90331R 5794 22500 SH Sole 225000
101 0
UNION CARBIDE CORP COM 905581 2163 37100 SH Sole 37100
104
UNISOURCE ENERGY COM 909205 573 39000 SH Sole 39000
CORP 106
US WEST INC NEW COM 91273H 6536 90000 SH Sole 90000
101
US WEST OPT 91273H 5810 80000 PR CAL
101 N L
US WEST, INC. OPT 91273H 3631 50000 PR PUT
101 N
UTILICORP UTD INC COM 918005 5937 32870 SH Sole 328700
109 0
VERITAS SOFTWARE CO COM 923436 3013 23000 SH Sole 23000
109
VIACOM CLASS B OPT 925524 2110 40000 PR PUT
308 N
VITESSE SB DB 928497 1048 10000 PR Sole 100
SEMICONDUCTOR CORP CV 1 AA4 8 N 00
WARNER LAMBERT CO COM 934488 8151 83600 SH Sole 83600
107
WASHINGTON GAS LT CO COM 938837 2719 10000 SH Sole 100000
101 0
WESTELL TECHNOLOGIES OPT 957541 1163 36500 PR CAL
INC 105 N L
WESTERN DIGITAL CORP COM 958102 3719 50000 SH Sole 500000
105 0
WHOLE FOODS MKT INC SB DB 966837 8972 25000 PR Sole 250
CV Z ACO N 00
WILLIAMS COS INC DEL COM 969457 5101 11610 SH Sole 116100
100 0
YOUNG & RUBICAM INC SUB NT 987425 9263 10000 PR Sole 100
CV AA3 N 00
ZIFF-DAVIS INC COM ZD 989511 3172 20300 SH Sole 203000
100 0
ZIFF-DAVIS INC COM 989511 914 43000 SH Sole 43000
ZDNET 209
ZIONS BANCORPORATION OPT 989701 3538 85000 PR CAL
107 N L
</TABLE>
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