MCDONALD & CO INVESTMENTS INC
SC 13G, 1997-01-10
SECURITY BROKERS, DEALERS & FLOTATION COMPANIES
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<PAGE>   1

                                UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C.  20549
                                      
                                      
                                 SCHEDULE 13G
                                      
                                      
                  UNDER THE SECURITIES EXCHANGE ACT OF 1934
                              (Amendment No. )*


                              PSH MASTER L.P.I.
- --------------------------------------------------------------------------------
                               (Name of Issuer)



                                 COMMON STOCK
- --------------------------------------------------------------------------------
                        (Title of Class of Securities)


                                  693626103
- --------------------------------------------------------------------------------
                                (CUSIP Number)




Check the following box if a fee is being paid with this statement /  /.    (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).




                                      
                     (Continued on the following page(s))
                                      
                               Page 1 of 5 Pages
<PAGE>   2
                                                SCHEDULE 13G
<TABLE>
 CUSIP NO. 74435P-10-4                                                                 PAGE 2 OF 5 PAGES
<S>     <C>               

- -----------------------------------------------------------------------------------------------------------
|   1 | NAME OF REPORTING PERSON MCDONALD & COMPANY SECURITIES                                            |
|     | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON                                                 |
|     |                                                                                                   |
|     |   34-1391952                                                                                      |
|-----|---------------------------------------------------------------------------------------------------|
|   2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                                       (a) [   ] |
|     |                                                                                              ---- |
|     |                                                                                         (b) [   ] |
|     |     INAPPLICABLE                                                                             ---- |
|-----|---------------------------------------------------------------------------------------------------|
|   3 | SEC USE ONLY                                                                                      |
|     |                                                                                                   |
|-----|---------------------------------------------------------------------------------------------------|
|   4 | SOURCE OF FUNDS*                                                                                  |
|     |                                                                                                   |
|     |                                                                                                   |
|     |       WC                                                                                          |
|     |                                                                                                   |
|-----|---------------------------------------------------------------------------------------------------|
|   5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT                                 |
|     | TO ITEMS 2(d) OR 2(e)                                                                       [   ] |
|     |                                                                                              ---- |
|     |        INAPPLICABLE                                                                               | 
|     |                                                                                                   | 
|-----|---------------------------------------------------------------------------------------------------| 
|   6 | CITIZENSHIP OR PLACE OF ORGANIZATION                                                              | 
|     |                                                                                                   |
|     |      CLEVELAND, OH                                                                                |
|-------------------------------|-------|-----------------------------------------------------------------|
|            NUMBER OF          |     7 |  SOLE VOTING POWER                                              |
|                               |       |                                                                 |
|             SHARES            |       |  565,575                                                        |
|                               |-------|-----------------------------------------------------------------|
|          BENEFICIALLY         |     8 |  SHARED VOTING POWER                                            |
|                               |       |                                                                 |
|            OWNED BY           |       |     0                                                           |
|                               |-------|-----------------------------------------------------------------|
|              EACH             |     9 |  SOLE DISPOSITIVE POWER                                         |
|                               |       |                                                                 |
|            REPORTING          |       |  565,575                                                        |
|                               |       |                                                                 |
|             PERSON            |-------|-----------------------------------------------------------------|
|                               |    10 |  SHARED DISPOSITIVE POWER                                       |
|              WITH             |       |                                                                 |
|                               |       |                                                                 |
|-------------------------------|-------|-----------------------------------------------------------------|
|  11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON                                      |
|     |                                                                                                   |
|     |       565,575                                                                                     |
|-----|---------------------------------------------------------------------------------------------------|
|  12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN                                    |
|     | SHARES*                                                                                     [   ] | 
|     |                                                                                              ---- | 
|-----|---------------------------------------------------------------------------------------------------|
|  13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                                                |
|     |                                                                                                   |
|     | 18.18                                                                                             |
|-----|---------------------------------------------------------------------------------------------------|
|  14 | TYPE OF REPORTING PERSON*                                                                         |
|     |                                                                                                   |
|     |  B/D                                                                                              |
- -----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>   3
                                       
                      SECURITIES AND EXCHANGE COMMISSION
                                       
                            WASHINGTON  D.C.  20549
                                       
                                 SCHEDULE 13G
                                       
                 Under the Securities and Exchange Act of 1934
                                       
                               (Amendment No. )


ITEM 1 (A).  NAME OF ISSUER:

                PSH MASTER L.P.I.
- -----------------------------------------------------------------------------
                                                                            

ITEM 1 (B).  ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:               
                                                                            
                P.O. BOX 18035
- -----------------------------------------------------------------------------
                COLUMBUS, OH 43218
- -----------------------------------------------------------------------------
                                                                            

ITEM 2 (A).  NAME OF PERSON FILING:                                         
                                                                            
        SENIOR VICE PRESIDENT & GENERAL COUNSEL MCDONALD & CO SECURITIES
        HENRY KERR
- -----------------------------------------------------------------------------

                                                                            
ITEM 2 (B).  ADDRESS OF PRINCIPAL BUSINESS OFFICE:                          
                                                                            
        800 SUPERIOR AVE
- -----------------------------------------------------------------------------
        CLEVELAND, OH 44114
- -----------------------------------------------------------------------------

                                                                            
ITEM 2 (C).  PLACE OF ORGANIZATION:                                         
                                                                            
        OHIO
- -----------------------------------------------------------------------------
                                                                            

ITEM 2 (D).  TITLE OF CLASS OF SECURITIES:                                  
                                                                            
        COMMON STOCK
- -----------------------------------------------------------------------------

                                                                            
ITEM 2 (E).  CUSIP NUMBER:                                                  
                                                                            
        693626103
- -----------------------------------------------------------------------------

                                                                            
ITEM 3.         IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b), OR  
                     13d - 2 (b), INDICATE TYPE OF PERSON FILING:          

        BROKER-DEALER
- -----------------------------------------------------------------------------
                                                                            
                                                                            
                               Page 3 of 5 Pages
<PAGE>   4
<TABLE>                                                        
<S>      <C>                                                               <C>      
ITEM 4.  OWNERSHIP:                                            
                                                               
          (a)  Amount of beneficially owned:                                    shares 565,575
                                                                            ---------------------
          (b)  Percent of class:                                                         18.18%
                                                                            ---------------------
          (c)  Number of shares as to which such person has:               
                                                               
              (i) Sole power to vote or to direct the vote                             565,575        
                                                                                       ----------
             (ii) Shared power to vote or to direct the vote                                 0
                                                                                       ----------
            (iii) Sole power to dispose or to direct the disposition of                565,575         
                                                                                       ----------
             (iv) Shared power to dispose or to direct the disposition of                    0
                                                                                       ----------
</TABLE>
                                                               

ITEM 5.   OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:

          INAPPLICABLE
          --------------

ITEM 6.   OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER
          PERSON:

          Other persons are known to have the right to receive or
          the power to direct the receipt of dividends or the
          proceeds from the sale of these securities.  Those persons 
          whose interest relates to more than five percent of the 
          class are:

          INAPPLICABLE
          ------------

ITEM 7.   IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARIES
          WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE
          PARENT HOLDING COMPANY:

          Identification:   INAPPLICABLE
                           ---------------------
          Classification:  
                           -------------------------------
                           
                           -------------------

ITEM 8.   IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE
          GROUP:

          INAPPLICABLE
          --------------

ITEM 9.   NOTICE OF DISSOLUTION OF GROUP:

          INAPPLICABLE
          --------------



                               Page 4 of 5 Pages

<PAGE>   5
ITEM 10.  CERTIFICATION

The undersigned expressly declares that the filing of the Schedule 13G shall
not be construed as an admission that the undersigned is, for purposes of
Section 13(d) and 13(g) of the Securities Exchange Act of 1934, the beneficial
owner of any securities covered by this Schedule 13G.


By signing below, I certify that, to the best of my knowledge and belief, the
securities referred to above 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 purposes or effect.


After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.


Date: 1/10/97
      -------



By: /s/ Henry V. Kerr
    --------------------


Senior Vice President, General Counsel





                              Page 5 of 5 Pages


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