DYNATECH CORP
SC 13G/A, 1995-01-26
COMPUTER PERIPHERAL EQUIPMENT, NEC
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<PAGE>

                                                    ----------------------------
                         UNITED STATES                     OMB APPROVAL
              SECURITIES AND EXCHANGE COMMISSION    OMB NUMBER       3235-0145
                    WASHINGTON, D.C. 20549          EXPIRES:  OCTOBER 31, 1994
                                                    ESTIMATED AVERAGE BURDEN
                                                    HOURS PER RESPONSE ... 14.90
                                                    ----------------------------


                                 SCHEDULE 13G
 
 
                   UNDER THE SECURITIES EXCHANGE ACT OF 1934
                               (AMENDMENT NO. )*
 
                             Dynatech Corporation
- - --------------------------------------------------------------------------------
                               (Name of Issuer)

                                 Common Stock
- - --------------------------------------------------------------------------------
                        (Title of Class of Securities)
                                   268138104
                      ----------------------------------
                                (CUSIP Number)

Check the following box if a fee is being paid with this statement [X].  (A fee
is not required only if the filing person:  (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

SEC 1745                        PAGE 1 OF 9 PAGES
<PAGE>

- - ----------------------                                  ----------------------
CUSIP NO. 268138104                13G                  PAGE 2 OF 9 PAGES 
- - ----------------------                                  ---------------------- 

- - --------------------------------------------------------------------------------
   1    NAME OF REPORTING PERSON
        S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

        John Hancock Mutual Life Insurance Company
        I.R.S. No. 04-1414660
- - --------------------------------------------------------------------------------
   2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*        (a)[_]
                                                                 (b)[_]
        N/A

- - --------------------------------------------------------------------------------
   3    SEC USE ONLY



- - --------------------------------------------------------------------------------
   4    CITIZENSHIP OR PLACE OF ORGANIZATION

        Commonwealth of Massachusetts

- - --------------------------------------------------------------------------------
                5  SOLE VOTING POWER
 Number of         
  Shares           -0-

              ------------------------------------------------------------------
Beneficially    6  SHARED VOTING POWER
  Owned by        
    Each           -0-

              ------------------------------------------------------------------
 Reporting      7  SOLE DISPOSITIVE POWER
  Person          
    With           -0-
  
              ------------------------------------------------------------------
                8  SHARED DISPOSITIVE POWER

                   -0-

- - --------------------------------------------------------------------------------
   9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

        None, except through its indirect, wholly-owned subsidiaries, NM Capital
        Management, Inc. and John Hancock Advisers, Inc.
- - --------------------------------------------------------------------------------
   10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

        N/A

- - --------------------------------------------------------------------------------
   11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

        See line 9, above.

- - --------------------------------------------------------------------------------
   12   TYPE OF REPORTING PERSON*

        IC, BD, IA, HC

- - --------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               PAGE 2 OF 9 PAGES
<PAGE>

- - -----------------------                                 ----------------------
CUSIP No. 268138104               13G                   Page 3 of 9 Pages
- - -----------------------                                 ---------------------- 

- - --------------------------------------------------------------------------------
   1    NAME OF REPORTING PERSON
        S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

        John Hancock Subsidiaries, Inc.
        I.R.S. No. 04-2687223
- - --------------------------------------------------------------------------------
   2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*      (a) [_]
                                                               (b) [_]
        N/A

- - --------------------------------------------------------------------------------
   3    SEC USE ONLY



- - --------------------------------------------------------------------------------
   4    CITIZENSHIP OR PLACE OF ORGANIZATION

        Delaware


- - --------------------------------------------------------------------------------
                5  SOLE VOTING POWER
  Number of 
   Shares          -0-
            
              ------------------------------------------------------------------
                6  SHARED VOTING POWER
Beneficially
  Owned by         -0-
   Each      
              ------------------------------------------------------------------
                7  SOLE DISPOSITIVE POWER
             
 Reporting         -0-
  Person    
    With      ------------------------------------------------------------------
                8  SHARED DISPOSITIVE POWER

                   -0-

- - --------------------------------------------------------------------------------
   9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

        None, except through its indirect, wholly-owned subsidiaries, NM Capital
        Management, Inc. and John Hancock Advisers, Inc.
- - --------------------------------------------------------------------------------
   10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

        N/A

- - --------------------------------------------------------------------------------
   11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

        See line 9, above.

- - --------------------------------------------------------------------------------
   12   TYPE OF REPORTING PERSON*

        HC

- - --------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               PAGE 3 OF 9 PAGES
<PAGE>
 
- - -----------------------                                 ---------------------
CUSIP No. 268138104                13G                  Page 4 of 9 Pages
- - -----------------------                                 ---------------------

- - --------------------------------------------------------------------------------
   1    NAME OF REPORTING PERSON
        S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

        The Berkeley Financial Group
        I.R.S. No. 04-3145626
- - --------------------------------------------------------------------------------
   2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*      (a) [_]
                                                               (b) [_]
        N/A

- - --------------------------------------------------------------------------------
   3    SEC USE ONLY



- - --------------------------------------------------------------------------------
   4    CITIZENSHIP OR PLACE OF ORGANIZATION

        Commonwealth of Massachusetts

- - --------------------------------------------------------------------------------
                5  SOLE VOTING POWER
  Number of 
   Shares          -0-
             
- - --------------------------------------------------------------------------------
Beneficially    6  SHARED VOTING POWER
  Owned by  
    Each           -0-
            
- - --------------------------------------------------------------------------------
 Reporting      7  SOLE DISPOSITIVE POWER
  Person    
    With           -0-

- - --------------------------------------------------------------------------------
                8  SHARED DISPOSITIVE POWER

                   -0-

- - --------------------------------------------------------------------------------
   9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

        789,620: 784,720 through its direct, wholly-owned subsidiary, NM Capital
        Management, Inc. and 4,900 through its direct, wholly-owned subsidiary,
        John Hancock Advisers, Inc.
- - --------------------------------------------------------------------------------
   10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

        N/A

- - --------------------------------------------------------------------------------
  11    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

        9.0%

- - --------------------------------------------------------------------------------
  12    TYPE OF REPORTING PERSON*

        HC

- - --------------------------------------------------------------------------------

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               PAGE 4 OF 9 PAGES
<PAGE>
 
- - ----------------------                                  ----------------------
CUSIP No. 268138104                13G                  Page 5 of 9 Pages
- - ----------------------                                  ---------------------- 

- - --------------------------------------------------------------------------------
   1    NAME OF REPORTING PERSON
        S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

        NM Capital Management, INc.
        I.R.S. No. 85-0268885
- - --------------------------------------------------------------------------------
   2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*      (a) [_]
                                                               (b) [_]
        N/A

- - --------------------------------------------------------------------------------
   3    SEC USE ONLY



- - --------------------------------------------------------------------------------
   4    CITIZENSHIP OR PLACE OF ORGANIZATION

        New Mexico

- - --------------------------------------------------------------------------------
                5  SOLE VOTING POWER
  Number of 
   Shares          132,810
            
              ------------------------------------------------------------------
                6  SHARED VOTING POWER
Beneficially
  Owned by         -0-
    Each     
              ------------------------------------------------------------------
                7  SOLE DISPOSITIVE POWER
             
 Reporting         784,720
  Person    
   With       ------------------------------------------------------------------
                8  SHARED DISPOSITIVE POWER

                   -0-

- - --------------------------------------------------------------------------------
   9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

        784,720

- - --------------------------------------------------------------------------------
   10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

        N/A

- - --------------------------------------------------------------------------------
   11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

        9.0%

- - --------------------------------------------------------------------------------
   12   TYPE OF REPORTING PERSON*

        IA

- - --------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               PAGE 5 OF 9 PAGES
<PAGE>
 
          The original statement shall be signed by each person on whose behalf
the statement is filed or his authorized representative.  If the statement is
signed on behalf of a person by his authorized representative other than an
executive officer or general partner of the filing person, evidence of the
representative's authority to sign on behalf of such person shall be filed with
the statement, provided, however, that a power of attorney for this purpose
which is already on file with the Commission may be incorporated by reference.
The name and any tittle of each person who signs the statement shall be typed or
printed beneath his signature.

Note:  Six copies of this statement, including all exhibits, should be filed
with the Commission.

     Attention:  Intentional misstatements or omissions of fact constitute
Federal criminal violations (See 18 U.S.C. 1001)


          Item 1(a) Name of Issuer:
                    --------------   
                    Dynatech Corporation
                    
          Item 1(b) Address of Issuer's Principal Executive Offices:
                    -----------------------------------------------
                    3 New England Executive Park
                    Burlington, MA  01803
                    
          Item 2(a) Name of Person Filing:
                    ---------------------
                    This filing is made on behalf of John Hancock Mutual Life
                    Insurance Company ("JHMLICO"), JHMLICO's direct, 
                    wholly-owned subsidiary, John Hancock Subsidiaries, Inc.
                    ("JHSI"), JHSI's direct, wholly-owned subsidiary, The
                    Berkeley Financial Group ("TBFG") and TBFG's direct, 
                    wholly-owned subsidiary, NM Capital Management, Inc. ("NM").
                    
          Item 2(b) Address of the Principal Offices:
                    --------------------------------
                    The principal business offices of JHMLICO and JHSI are
                    located at John Hancock Place, P.O. Box 111, Boston, MA
                    02117. The principal business offices of TBFG is located at
                    101 Huntington Avenue, Boston, Massachusetts 02199. The
                    principal business office of NM is 6501 Americas Parkway,
                    Suite 950, Albuquerque, NM 87110-5372.
                    
          Item 2(c) Citizenship:
                    -----------  
                    JHMLICO and TBFG were organized and exist under the laws of
                    the Commonwealth of Massachusetts. JHSI was organized and
                    exists under Delaware. NM was organized and exists under the
                    laws of the State of the laws of the State of New Mexico.
                    
                    
          Item 2(d) Title of Class of Securities:
                    ----------------------------
                    Common Stock.
                    
          Item 2(e) CUSIP Number:
                    ------------
                    268138104
                    
          Item 3    If the Statement is being filed pursuant to Rule 13d-1(b),
                    ----------------------------------------------------------
                    or 13d-2(b), check whether the person filing is a:
                    ------------------------------------------------- 
                    
                    JHMLICO:  (a)(X) Broker or Dealer registered under (S)15
                                     of the Act.
                                 
                              (c)(X) Insurance Company as defined in (S)3(a)
                                     (19) of the Act.
                                 
                              (e)(X) Investment Adviser registered under (S)203
                                     of the Investment Advisers Act of 1940.
                                 
                              (g)(X) Parent Holding Company, in accordance with
                                     (S)240.13d-1(b)(ii)(G).

                              PAGE 6 OF 9 PAGES 
<PAGE>
 
                    JHSI      (g)(X) Parent Holding Company, in accordance with
                                     (S)240.13d-1(b)(ii)(G).
                                 
                    TBFG      (g)(X) Parent Holding Company, in accordance with
                                     (S)240.13d-1(b)(ii)(G).
                                 
                    NM        (e)(X) Investment Adviser registered under (S)203
                                     of the Investment Advisers Act of 1940.
 
          Item 4    Ownership:
                    ---------
                    (a)  Amount Beneficially Owned:
                         -------------------------
                         NM beneficially owns 784,720 shares of Common Stock in
                         various advisory accounts. In addition to the shares
                         owned by NM, TBFG beneficially owns 4,900 shares of
                         Common Stock through its direct, wholly-owned 
                         subsidiary, John Hancock Advisers, Inc.  ("Advisers")
                         which manages the John Hancock Special Value Fund under
                         an advisory agreement dated October 1, 1993.
  
                    (b)  Percent of Class:
                         ----------------
                         TBFG - 9.0%
                         NM   - 9.0%

                    (c)  (i)   sole power to vote or to direct the vote:
                               NM           - 132,810 shares
                               Advisers     -   4,900 shares

                         (ii)  shared power to vote or to direct the
                               vote:  -0-

                         (iii) sole power to dispose or to direct the 
                               disposition of:
                               NM           - 784,720 shares
                               Advisers     -   4,900 shares
 
                         (iv)  shared power to dispose or to direct the 
                               disposition of:   -0-

          Item 5    Ownership of Five Percent or Less of a Class:
                    --------------------------------------------
                    Not applicable.

          Item 6    Ownership of More than Five Percent on Behalf of Another
                    --------------------------------------------------------
                    Person: 
                    ------
                    See Item 4(a).

          Item 7    Identification and Classification of the Subsidiary which 
                    ---------------------------------------------------------
                    Acquired the Security Being Reported on by the Parent 
                    -----------------------------------------------------
                    Holding Company:
                    ---------------
                    See Items 2(a), 3 and 4.

          Item 8    Identification and Classification of Members of the Group:
                    ---------------------------------------------------------
                    Not applicable.

          Item 9    Notice of Dissolution of a Group:
                    --------------------------------
                    Not applicable.

          Item 10   Certification:
                    -------------
                    By signing below the undersigned certifies that, to the best
                    of its knowledge and belief, the securities referred to
                    above were acquired in the ordinary course of business and
                    were not acquired for the purpose of and do not have the
                    effect of changing or influencing the control of the issuer
                    of such securities and were not acquired in connection with
                    or as a participant in any transaction having such purpose
                    or effect.


                               PAGE 7 OF 9 PAGES
<PAGE>
 
                                   SIGNATURE

          After reasonable inquiry and to the best of its knowledge and belief,
each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.

                                                                                
                                                                                
                                   JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY   
                                                                                
                                   By:      /s/John T. Farady                   
                                      ----------------------------------------- 
                                   Name:    John T. Farady                      
                                        --------------------------------------- 
Dated: January 23, 1995            Title:   Senior Vice President & Treasurer   
      -----------------                  -------------------------------------- 
                                                                                
                                                                                
                                   JOHN HANCOCK SUBSIDIARIES, INC.              
                                                                                
                                   By:      /s/John T. Farady                   
                                      ----------------------------------------- 
                                   Name:    John T. Farady                      
                                        --------------------------------------- 
Dated: January 23, 1995            Title:   Treasurer                           
      -----------------                  -------------------------------------- 
                                                                                
                                                                                
                                   THE BERKELEY FINANCIAL GROUP                 
                                                                                
                                   By:      /s/Susan S. Newton                  
                                      ----------------------------------------- 
                                   Name:    Susan S. Newton                     
                                        --------------------------------------- 
Dated: January 23, 1995            Title:   Vice President                      
      -----------------                  -------------------------------------- 
                                                                                
                                   NM CAPITAL MANAGEMENT, INC.                  
                                                                                
                                   By:      /s/Susan S. Newton                  
                                      ----------------------------------------- 
                                   Name:    Susan S. Newton                     
                                        --------------------------------------- 
Dated: January 23, 1995            Title:   Assistant Secretary                 
      -----------------                  -------------------------------------- 


                               PAGE 8 OF 9 PAGES
<PAGE>
 
                                                                       EXHIBIT A

                            JOINT FILING AGREEMENT
                            ----------------------


          John Hancock Mutual Life Insurance Company, John Hancock Subsidiaries,
Inc., The Berkeley Financial Group and NM Capital Mangement, Inc. agree that the
Initial Schedule 13G, to which this Agreement is attached, relating to the
Common Stock of Dynatech Corporation is filed on behalf of each of them.



                                                                                

                                   JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY   
                                                                                
                                   By:      /s/John T. Farady                   
                                      ----------------------------------------- 
                                   Name:    John T. Farady                      
                                        --------------------------------------- 
Dated: January 23, 1995            Title:   Senior Vice President & Treasurer   
      -----------------                  -------------------------------------- 
                                                                                
                                                                                
                                   JOHN HANCOCK SUBSIDIARIES, INC.              
                                                                                
                                   By:      /s/John T. Farady                   
                                      ----------------------------------------- 
                                   Name:    John T. Farady                      
                                        --------------------------------------- 
Dated: January 23, 1995            Title:   Treasurer                           
      -----------------                  -------------------------------------- 
                                                                                
                                                                                
                                   THE BERKELEY FINANCIAL GROUP                 
                                                                                
                                   By:      /s/Susan S. Newton                  
                                      ----------------------------------------- 
                                   Name:    Susan S. Newton                     
                                        --------------------------------------- 
Dated: January 23, 1995            Title:   Vice President                      
      -----------------                  -------------------------------------- 
                                                                                
                                   NM CAPITAL MANAGEMENT, INC.                  
                                                                                
                                   By:      /s/Susan S. Newton                  
                                      ----------------------------------------- 
                                   Name:    Susan S. Newton                     
                                        --------------------------------------- 
Dated: January 23, 1995            Title:   Assistant Secretary                 
      -----------------                  -------------------------------------- 

                            PAGE 9 OF 9 PAGES 


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