UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 1999
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: NWQ INVESTMENT MANAGEMENT CO INC/MA
Address: 2049 Century Park East 4th Floor
Los Angeles, CA 90067
13F File Number: 28-______
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: MARY-GENE SLAVEN
Title: Managing-Director
Phone: 310-712-4002_
Signature, Place, and Date of Signing:
Mary-Gene Slaven Los Angeles __ 04/22/1999______
Report Type (Check only one.):
[X ] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager:
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934.
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FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers:
Form 13F Information Table Entry Total: 179
Form 13F Information Table Value Total: $5,026,555
List of Other Included Managers:
No. 13F File Number Name
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<TABLE> <C> <C> <C> <C> <C> <C>
FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTORITY
NAME OF ISSUER TITLE OF CLASS CUSIP NO (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ----------- -------- -------- --------
AT&T CORP NEW LIBERTY MEDIA GROUP CL A 001957208 39903 758755 SH DEFINED 427380 0 331375
ACTEL CORPORATION COM 004934105 1146 69715 SH DEFINED 56100 0 13615
AETNA INC COM 008117103 130312 1570019 SH DEFINED 775662 0 794357
AIR PRODUCTS & CHEMICALS INC COM 009158106 58865 1718700 SH DEFINED 606254 0 1112446
ALBERTO-CULVER CO. CLASS A COM 013068200 7749 364646 SH DEFINED 215900 0 148746
ALEXANDRIA REAL EST EQUITIES COM 015271109 1881 71159 SH DEFINED 58125 0 13034
ALIGN-RITE INTERNATIONAL COM 016251100 710 61422 SH DEFINED 49700 0 11722
ALLEGHENY TELEDYNE INC COM 017415100 971 51300 SH SOLE 51300 0 0
ALLEN TELECOM INC COM 018091108 2241 344826 SH DEFINED 123400 0 221426
ALLIED SIGNAL INC COM 019512102 526 10700 SH DEFINED 700 0 10000
ALLSTATE CORPORATION COM 020002101 65118 1756980 SH DEFINED 924237 0 832743
ALLTEL CORP COM 020039103 21297 341440 SH DEFINED 164532 0 176908
AMERICAN GREETINGS CORP CL A COM 026375105 20411 804357 SH DEFINED 645495 0 158862
AMERICAN INTL GROUP INC COM 026874107 47681 395286 SH DEFINED 163163 0 232123
AMERUS LIFE HOLDINGS INC-A COM 030732101 1429 59521 SH DEFINED 0 0 59521
ANHEUSER BUSCH COS INC COM 035229103 236 3100 SH SOLE 3100 0 0
ANTEC CORPORATION COM 03664P105 1430 66490 SH DEFINED 50675 0 15815
ASSISTED LIVING CONCEPTS INC. COM 04543L109 315 88559 SH DEFINED 68150 0 20409
@ENTERTAINMENT INC. COM 045920105 2889 304100 SH DEFINED 289100 0 15000
ATCHISON CASTING CORP COM 046613105 1745 216435 SH DEFINED 123850 0 92585
BJ SERVICES CO COM 055482103 42278 1818411 SH DEFINED 434350 0 1384061
BAKER HUGHES INC COM 057224107 243 10000 SH SOLE 10000 0 0
BANK OF NEW YORK COM 064057102 88852 2472413 SH DEFINED 827547 0 1644866
BANK ONE CORP (NEW) COM 06423A103 133888 2431570 SH DEFINED 1079775 0 1351795
BANKAMERICA CORP (NEW) COM 06605F102 112810 1597313 SH DEFINED 780637 0 816676
BEAR STEARNS COMPANIES INC COM 073902108 84910 1900073 SH DEFINED 849673 0 1050400
BELDEN INC COM 077459105 1020 59752 SH DEFINED 46700 0 13052
BELL ATLANTIC CORP COM 077853109 439 8487 SH DEFINED 0 0 8487
BESTFOODS COM 08658U101 588 12500 SH SOLE 12500 0 0
BON-TON STORES COM 09776J101 1541 208897 SH DEFINED 169600 0 39297
BORG WARNER AUTOMOTIVE INC COM 099724106 2311 48331 SH DEFINED 39345 0 8986
BURLINGTON NORTHERN SANTA FE COM 12189T104 21821 663743 SH DEFINED 33760 0 629983
BURLINGTON RESOURCES INC COM 122014103 727 18213 SH DEFINED 8575 0 9638
CIGNA CORP COM 125509109 120339 1435813 SH DEFINED 536095 0 899718
CAL DIVE INTL INC. COM 127914109 540 25882 SH DEFINED 19100 0 6782
CASE CORP COM 14743R103 53807 2120482 SH DEFINED 904769 0 1215713
CATERPILLAR INC COM 149123101 531 11560 SH DEFINED 9160 0 2400
CELLULAR COMM PF PUERTO RICO COM 15116N108 22695 840539 SH DEFINED 550000 0 290539
CHASE MANHATTAN CORP COM 16161A108 161991 1990672 SH DEFINED 725953 0 1264719
CIRCUS CIRCUS ENTERPRISES INC COM 172909103 10979 625126 SH DEFINED 302200 0 322926
CITIGROUP INC COM 172967101 68898 1078637 SH DEFINED 304770 0 773867
CLAIRE'S STORES INC COM 179584107 2544 84432 SH DEFINED 66275 0 18157
COASTAL CORP COM 190441105 53799 1630265 SH DEFINED 434702 0 1195563
COFLEXIP-SPONSORED ADR COM 192384105 610 17695 SH DEFINED 14250 0 3445
COLUMBIA/HCA HEALTHCARE CORP COM 197677107 60296 3183973 SH DEFINED 1007791 0 2176182
COMCAST CORP CL A SPL COM 200300200 220 3500 SH SOLE 3500 0 0
COMMERCIAL BANK OF NEW YORK COM 201462108 751 57735 SH DEFINED 44175 0 13560
COMMERCIAL FEDERAL CORP COM 201647104 2495 107588 SH DEFINED 83687 0 23901
COOPER INDUSTRIES INCORPORATED COM 216669101 11007 258237 SH DEFINED 226350 0 31887
COX COMMUNICATIONS INC CL A COM 224044107 25328 334910 SH DEFINED 205850 0 129060
DARDEN RESTAURANTS INC COM 237194105 8854 429267 SH DEFINED 141700 0 287567
DEERE & CO COM 244199105 69104 1789111 SH DEFINED 985814 0 803297
DEL MONTE FOODS CO COM 24522P103 1718 130308 SH DEFINED 98950 0 31358
DELPHI AUTOMOTIVE SYSTEMS CORP COM 247126105 2867 161500 SH DEFINED 135400 0 26100
DELTA AIR LINES, INC COM 247361108 80781 1162312 SH DEFINED 517169 0 645143
DIAMOND OFFSHORE DRILLING COM 25271C102 3495 110500 SH DEFINED 105125 0 5375
DONCASTERS PLC-SPONSORED ADR COM 257692103 963 62632 SH DEFINED 48030 0 14602
DU PONT (E.I.) DE NEMOURS COM 263534109 38622 665185 SH DEFINED 162645 0 502540
EASTMAN KODAK COMPANY COM 277461109 211 3300 SH SOLE 3300 0 0
ELDER-BEERMAN STORES CORP COM 284470101 1083 125612 SH DEFINED 94500 0 31112
EMERSON ELECTRIC COMPANY COM 291011104 65319 1233887 SH DEFINED 748572 0 485315
ENTERGY CORP COM 29364G103 652 23700 SH SOLE 23700 0 0
EXXON CORPORATION COM 302290101 833 11800 SH SOLE 11800 0 0
FPIC INSURANCE GROUP INC COM 302563101 2363 56929 SH DEFINED 44925 0 12004
FARM FAMILY HOLDINGS INC COM 307901108 2413 75989 SH DEFINED 60125 0 15864
FEDERAL-MOGUL CORP COM 313549107 6285 147017 SH DEFINED 123200 0 23817
FEDERAL NATL MTG ASSN COM 313586109 104645 1511122 SH DEFINED 602320 0 908802
FEDERATED DEPART STORES INC (NEW) 31410H101 78004 1944016 SH DEFINED 770666 0 1173350
FIRST DATA CORP COM 319963104 201 4700 SH DEFINED 400 0 4300
FIRST SECURITY CORP/DEL COM 336294103 6521 337646 SH DEFINED 269800 0 67846
FIRST UNION CORP COM 337358105 159265 2980396 SH DEFINED 1477640 0 1502756
FLOWSERVE CORP COM 34354P105 3007 193192 SH DEFINED 182462 0 10730
FORD MOTOR COMPANY COM 345370100 28881 509477 SH DEFINED 235400 0 274077
FORT JAMES CORPORATION COM 347471104 574 18100 SH SOLE 18100 0 0
FORTUNE BRANDS, INC. COM 349631101 107000 2779225 SH DEFINED 1272795 0 1506430
FOSTER WHEELER CORP COM 350244109 325 26800 SH SOLE 26800 0 0
FRESENIUS MED CARE HLDGS INC SPEC DIV PFD S358030203 7 337432 SH DEFINED 302615 0 34817
GAYLORD CONTAINER CORP CL A COM 368145108 2620 349327 SH DEFINED 271525 0 77802
GENERAL ELECTRIC COMPANY COM 369604103 2891 26135 SH DEFINED 21135 0 5000
GRAINGER W W INC COM 384802104 43112 1001140 SH DEFINED 886790 0 114350
GRIFFON CORP COM 398433102 979 142375 SH DEFINED 113025 0 29350
HSB GROUP INC COM 40428N109 1857 50007 SH DEFINED 39560 0 10447
HALLIBURTON COMPANY COM 406216101 170404 4426080 SH DEFINED 1771297 0 2654783
HALTER MARINE GROUP INC COM 40642Y105 198 34033 SH SOLE 34033 0 0
HARNISCHFEGER INDS INC COM 413345109 64 11250 SH DEFINED 7150 0 4100
HARRIS CORP DEL COM 413875105 3571 124750 SH DEFINED 103650 0 21100
HARTFORD FINL SERVICES GRP INC COM 416515104 63559 1118758 SH DEFINED 424500 0 694258
HASBRO INC COM 418056107 30551 1055758 SH DEFINED 615700 0 440058
HAYES LEMMERZ INTL INC COM 420781106 9226 392611 SH DEFINED 223350 0 169261
HELLER FINANCIAL INC COM 423328103 15664 666567 SH DEFINED 418800 0 247767
HEWLETT-PACKARD COMPANY COM 428236103 77202 1138465 SH DEFINED 388045 0 750420
HIGHLANDS INS GROUP INC COM 431032101 425 40270 SH DEFINED 38232 0 2038
HONEYWELL INC COM 438506107 55385 730546 SH DEFINED 181300 0 549246
HOUSEHOLD INTL INC COM 441815107 3883 85100 SH DEFINED 70100 0 15000
IMC GLOBAL INC COM 449669100 29131 1425379 SH DEFINED 299970 0 1125409
IMCO RECYCLING COM 449681105 692 53740 SH DEFINED 37050 0 16690
INDYMAC MORTGATE HLDGS INC COM 456607100 8600 790803 SH DEFINED 485200 0 305603
INGERSOLL RAND CO COM 456866102 101470 2044728 SH DEFINED 795140 0 1249588
INTEGRATED HEALTH SERVICES COM 45812C106 240 43550 SH DEFINED 34775 0 8775
INTERNATIONAL PAPER COM 460146103 313 7409 SH DEFINED 0 0 7409
INTERNATIONAL RECTIFIER COM 460254105 110 15700 SH SOLE 15700 0 0
INTL SPECIALTY PROD COM 460337108 1056 139578 SH DEFINED 110400 0 29178
KENNAMETAL INC COM 489170100 14802 839836 SH DEFINED 741555 0 98281
KEY ENERGY SERVICES INC COM 492914106 267 57004 SH DEFINED 31700 0 25304
LANCE INCORPORATED COM 514606102 1531 94229 SH DEFINED 72798 0 21431
LEAR CORPORATION COM 521865105 15925 373053 SH DEFINED 161900 0 211153
LOCKHEED MARTIN CORP. COM 539830109 62890 1665957 SH DEFINED 688890 0 977067
LOEWS CORP DEL COM 540424108 143582 1924045 SH DEFINED 873434 0 1050611
MGIC INVESTMENT CORP COM 552848103 7866 224354 SH DEFINED 194900 0 29454
MAYTAG CORP COM 578592107 29430 487452 SH DEFINED 427650 0 59802
MEDIAONE GROUP INC COM 58440J104 206349 3252793 SH DEFINED 1505670 0 1747123
MERIDIAN RESOURCE GROUP COM 58977Q109 208 61764 SH DEFINED 51764 0 10000
MIRAGE RESORTS INC COM 60462E104 1073 50500 SH DEFINED 42000 0 8500
MOBIL CORPORATION COM 607059102 322 3662 SH SOLE 3662 0 0
MORGAN J P & CO INC COM 616880100 204 1650 SH SOLE 1650 0 0
MORTON INTL INC OF INDIANA COM 619335102 38482 1047125 SH DEFINED 912975 0 134150
NAC RE CORP COM 628907107 1826 34019 SH DEFINED 26460 0 7559
NTL INC COM 629407107 41462 509517 SH DEFINED 292425 0 217092
NABISCO HOLDINGS CORP-CL A COM 629526104 338 8133 SH DEFINED 0 0 8133
NATIONAL CITY CORP CLEVELAND COM 635405103 16814 253318 SH DEFINED 246954 0 6364
NOBLE AFFILIATES INC COM 654894104 11428 394068 SH DEFINED 261950 0 132118
NOBLE DRILLING CORP COM 655042109 26251 1510875 SH DEFINED 1324700 0 186175
NORTHERN TRUST CORP COM 665859104 533 6000 SH SOLE 6000 0 0
OCEAN ENERGY INC (NEW) COM 67481E106 21503 3156335 SH DEFINED 2464732 0 691603
PENNEY J C COMPANY COM 708160106 263 6488 SH DEFINED 0 0 6488
PHARMACIA & UPJOHN INC. COM 716941109 22358 358439 SH DEFINED 173200 0 185239
PFIZER INC COM 717081103 1421 10244 SH SOLE 10244 0 0
PHARMERICA INC. COM 717135107 718 143621 SH DEFINED 107500 0 36121
PHILADELPHIA CONS HLDG CO COM 717528103 1483 73677 SH DEFINED 57850 0 15827
PHILIP MORRIS COMPANIES INC COM 718154107 135323 3845771 SH DEFINED 1760250 0 2085521
PRAXAIR INC. COM 74005P104 100669 2791511 SH DEFINED 1197280 0 1594231
PROVIDENT COMPANIES, INC COM 743862104 21266 615278 SH DEFINED 398400 0 216878
QUAKER FABRIC CORP COM 747399103 409 73600 SH DEFINED 62300 0 11300
QUANTUM CORP. COM 747906105 14545 808070 SH DEFINED 521900 0 286170
RJR NABISCO HOLDINGS CORP COM 74960K876 454 18178 SH DEFINED 0 0 18178
RAYCHEM CORP COM 754603108 3707 164282 SH DEFINED 14300 0 149982
RAYONIER INC COM 754907103 1459 36421 SH DEFINED 28605 0 7816
RITCHIE BROS. AUCTIONEERS COM 767744105 846 25117 SH DEFINED 19650 0 5467
SBC COMMUNICATIONS INC COM 78387G103 680 14400 SH SOLE 14400 0 0
SCHLUMBERGER LIMITED COM 806857108 303 5040 SH SOLE 5040 0 0
SCRIPPS E W CO (NEW) COM 811054204 15952 360500 SH DEFINED 319900 0 40600
SEALED AIR CORP (NEW) COM 81211K100 216 4391 SH DEFINED 3748 0 643
SHAW GROUP INC COM 820280105 721 51717 SH DEFINED 41400 0 10317
SOUTHDOWN INC COM 841297104 287 5346 SH SOLE 5346 0 0
STOLT COMEX SEAWAY ADR CL A COM 861567105 123 14650 SH SOLE 14650 0 0
STORAGE TECHNOLOGY CORP COM 862111200 15354 550825 SH DEFINED 315500 0 235325
SUNDSTRAND CORPORATION COM 867323107 57837 832193 SH DEFINED 747927 0 84266
TELEPHONE & DATA SYS INC COM 879433100 26711 473804 SH DEFINED 284700 0 189104
TEXAS INSTRUMENTS INCORPORATED COM 882508104 182602 1839819 SH DEFINED 732139 0 1107680
TEXTRON INC COM 883203101 30515 394372 SH DEFINED 102575 0 291797
THOMAS & BETTS CORP COM 884315102 20456 544597 SH DEFINED 463547 0 81050
TIME WARNER INC. COM 887315109 156520 2210351 SH DEFINED 703465 0 1506886
TITAN INTERNATIONAL INC COM 88830M102 258 33600 SH SOLE 33600 0 0
TORCHMARK CORP COM 891027104 18105 572503 SH DEFINED 371700 0 200803
TOSCO CORP COM NEW COM 891490302 17399 701212 SH DEFINED 428000 0 273212
TOYS R US COM 892335100 1040 55300 SH SOLE 55300 0 0
TRANSOCEAN OFFSHORE INC. COM 893817106 39054 1355462 SH DEFINED 658765 0 696697
TRAVELERS PROP CASUALTY CL A COM 893939108 18028 504275 SH DEFINED 424950 0 79325
TROPICAL SPORTSWEAR INTL. COM 89708P102 1897 93108 SH DEFINED 73650 0 19458
U S BANCORP DEL COM 902973106 355 10434 SH SOLE 10434 0 0
UNILEVER N V NEW YORK SHRS COM 904784501 23357 351556 SH DEFINED 104404 0 247152
UNICOM CORP COM 904911104 1581 43253 SH DEFINED 16100 0 27153
UNION PACIFIC RESOURCE GROUP COM 907834105 32183 2710179 SH DEFINED 55755 0 2654424
UNIONBANCAL CORPORATION COM 908906100 13567 398300 SH DEFINED 349200 0 49100
UNITED TECHNOLOGIES CORP COM 913017109 420 3100 SH DEFINED 2200 0 900
WACKENHUT CORP - CL B COM 929794303 1557 91584 SH DEFINED 70425 0 21159
WADDELL & REED FINANCIAL COM 930059100 8428 411142 SH DEFINED 380039 0 31103
WADDELL & REED FINL INC CL B COM 930059209 1144 57536 SH DEFINED 49774 0 7762
WASTE MANAGEMENT INC COM 94106L109 123842 2790799 SH DEFINED 1404740 0 1386059
WEATHERFORD INTERNATIONAL COM 947074100 29893 1144247 SH DEFINED 1050302 0 93945
WEIDER NUTRITION INTL INC COM 948603105 637 134175 SH DEFINED 114675 0 19500
WELLPOINT HEALTH NETWORKS COM 94973H108 356 4700 SH SOLE 4700 0 0
WELLS FARGO & CO (NEW) COM 949746101 178394 5087893 SH DEFINED 2265408 0 2822485
WEYERHAEUSER COMPANY COM 962166104 966 17400 SH DEFINED 200 0 17200
WHITNEY HOLDING CO COM 966612103 1350 36584 SH DEFINED 27950 0 8634
XEROX CORP COM 984121103 113870 2184549 SH DEFINED 814314 0 1370235
YORK INTL CORP NEW COM 986670107 17393 492540 SH DEFINED 336970 0 155570
CORECOMM LIMITED ORD COM G2422R109 31733 863486 SH DEFINED 553900 0 309586
STOLT COMEX SEAWAY COM L8873E103 1155 119992 SH DEFINED 83175 0 36817
</TABLE>