OUTBOARD MARINE CORP
SC 13G, 1995-02-07
ENGINES & TURBINES
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<PAGE>
 
                         UNITED STATES            OMB APPROVAL                 
              SECURITIES AND EXCHANGE COMMISSION  OMB Number     3235-0145     
                    Washington, D.C. 20549        Expires:  October 3l, 1994   
                                                  Estimated average burden     
                                                  hours per response . . . 14.90




                                 SCHEDULE 13G
 
 
                   Under the Securities Exchange Act of 1934
                               (Amendment No. )*
 
                                Outboard Marine
- --------------------------------------------------------------------------------
                               (Name of Issuer)

                                 Common Stock
- --------------------------------------------------------------------------------
                        (Title of Class of Securities)

                                   690020102
- --------------------------------------------------------------------------------
                                (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).





SEC 1745                    PAGE  1  OF  9  PAGES
<PAGE>
 
CUSIP No. 690020102                     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            -0-  
                         
      SHARES       -----------------------------------------------------------
                     6    SHARED VOTING POWER
   BENEFICIALLY           
                          -0-
     OWNED BY
                   -----------------------------------------------------------
       EACH          7    SOLE DISPOSITIVE POWER
                           
    REPORTING             -0-
 
      PERSON       -----------------------------------------------------------
                     8    SHARED DISPOSITIVE POWER
       WITH               
                          -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. 690020102                      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            -0-  
                        
      SHARES       -----------------------------------------------------------
                     6    SHARED VOTING POWER
   BENEFICIALLY           
                          -0-
     OWNED BY
                   -----------------------------------------------------------
       EACH          7    SOLE DISPOSITIVE POWER
                           
    REPORTING             -0-
 
      PERSON       -----------------------------------------------------------
                     8    SHARED DISPOSITIVE POWER
       WITH               
                          -0-
- ------------------------------------------------------------------------------
 9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
      
      1,174,729: 1,158,829 through its indirect, wholly-owned subsidiary, NM
      Capital Management, Inc., 15,400 through its indirect, wholly-owned
      subsidiary John Hancock Advisers, Inc. and 500 through its direct, wholly-
      owned subsidiary, Independence Investment Associates, 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
      
      5.9%

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

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

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!
                               PAGE 3 OF 9 PAGES
<PAGE>
 
CUSIP No. 690020102                      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            -0-
 
      SHARES       -----------------------------------------------------------
                     6    SHARED VOTING POWER
   BENEFICIALLY           
                          -0-
     OWNED BY
                   -----------------------------------------------------------
       EACH          7    SOLE DISPOSITIVE POWER
                           
    REPORTING             -0-
 
      PERSON       -----------------------------------------------------------
                     8    SHARED DISPOSITIVE POWER
       WITH               
                          -0-
- ------------------------------------------------------------------------------
 9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
      
      1,174,229: 1,158,829 through its direct, wholly-owned subsidiary, NM
      Capital Management, Inc. and 15,400 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
      
      5.9%

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

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

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!
                             PAGE  4  OF  9  PAGES
<PAGE>
 
CUSIP No. 690020102                      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            196,330
 
      SHARES       -----------------------------------------------------------
                     6    SHARED VOTING POWER
   BENEFICIALLY           
                          -0-
     OWNED BY
                   -----------------------------------------------------------
       EACH          7    SOLE DISPOSITIVE POWER
                           
    REPORTING             1,158,829
 
      PERSON       -----------------------------------------------------------
                     8    SHARED DISPOSITIVE POWER
       WITH               
                          -0-
- ------------------------------------------------------------------------------
 9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
      
      1,158,829

- ------------------------------------------------------------------------------
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
      
      5.8%   
   
- ------------------------------------------------------------------------------
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 title 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:
                -------------- 
                Outboard Marine

     Item 1(b)  Address of Issuer's Principal Executive Offices:
                ----------------------------------------------- 
                100 Sea Horse Drive
                Waukegan, IL  60085

     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 the laws of the State of Delaware. NM was organized and 
                exists under the laws of the State of New Mexico.

     Item 2(d)  Title of Class of Securities:
                ---------------------------- 
                Common Stock.

     Item 2(e)  CUSIP Number:
                ------------ 
                690020102

     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).

                JHSI      (g) (X) Parent Holding Company, in accordance with
                                  (S)240.13d-1(b)(ii)(G).
 
                             PAGE  6  OF  9  PAGES
<PAGE>
 
                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 1,158,829 shares of Common Stock in
                     various advisory accounts. In addition to the shares owned
                     by NM, TBFG beneficially owns 15,400 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.

                     JHMLICO and JHSI have indirect beneficial ownership of the
                     1,174,729 shares of Common Stock through their indirect,
                     wholly-owned subsidiaries, NM Capital Management, Inc., and
                     John Hancock Advisers, Inc.

                     A direct, wholly-owned subsidiary of JHSI, Independence
                     Investment Associates ("Independence") has direct,
                     beneficial ownership of 500 shares of Common Stock held in
                     an advisory account. Independence is an Investment Adviser
                     registered under (S)203 of the Investment Advisers Act of
                     1940. JHMLICO and JHSI thus have indirect, beneficial
                     ownership of the 500 shares of Common Stock.

                (b)  Percent of Class:
                     ---------------- 
                     JHSI - 5.9%
                     TBFG - 5.9%
                     NM   - 5.8%

                (c)  (i)   sole power to vote or to direct the vote:
                           NM             - 196,330 shares
                           Advisers       -  15,400 shares
                           Independence   -     500 shares

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

                     (iii) sole power to dispose or to direct the disposition
                           of:
                           NM             - 1,158,829 shares
                           Advisers       -    15,400 shares
                           Independence   -       500 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.


                             PAGE  7  OF  9  PAGES
<PAGE>
 
     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.



                                   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 31, 1995       Title:  Senior Vice President & Treasurer
      ------------------            ------------------------------------



                              JOHN HANCOCK SUBSIDIARIES, INC.
                              By: /s/ John T. Farady
                                 ---------------------------------------
                              Name:   John T. Farady 
                                   -------------------------------------
Dated: January 31, 1995       Title:  Treasurer
      ------------------            ------------------------------------



                              THE BERKELEY FINANCIAL GROUP
                              By: /s/ Susan S. Newton
                                 ---------------------------------------
                              Name:   Susan S. Newton
                                   -------------------------------------
Dated: February 1, 1995       Title:  Vice President 
      ------------------            ------------------------------------



                              NM CAPITAL MANAGEMENT, INC.
                              By: /s/ Susan S. Newton
                                 ---------------------------------------
                              Name:   Susan S. Newton
                                   -------------------------------------
Dated: February 1, 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 Management, Inc. agree that
the Initial Schedule 13G, to which this Agreement is attached, relating to the
Common Stock of Outboard Marine 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 31, 1995       Title:  Senior Vice President & Treasurer
      ------------------            ------------------------------------



                              JOHN HANCOCK SUBSIDIARIES, INC.
                              By: /s/ John T. Farady
                                 ---------------------------------------
                              Name:   John T. Farady 
                                   -------------------------------------
Dated: January 31, 1995       Title:  Treasurer
      ------------------            ------------------------------------



                              THE BERKELEY FINANCIAL GROUP
                              By: /s/ Susan S. Newton
                                 ---------------------------------------
                              Name:   Susan S. Newton
                                   -------------------------------------
Dated: February 1, 1995       Title:  Vice President 
      ------------------            ------------------------------------



                              NM CAPITAL MANAGEMENT, INC.
                              By: /s/ Susan S. Newton
                                 ---------------------------------------
                              Name:   Susan S. Newton
                                   -------------------------------------
Dated: February 1, 1995       Title:  Assistant Secretary
      ------------------            ------------------------------------



                             PAGE  9  OF  9  PAGES


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