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<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 09/30/95
Institutional Investment Manager:
GRANTHAM, MAYO, VAN OTTERLOO & CO.
40 ROWES WHARF
BOSTON MA 02110
I REPRESENT THAT I AM AUTHORIZED TO SUBMIT THIS FORM AND THAT ALL INFORMATION IN
THIS FORM AND THE ATTACHMENTS TO IT IS TRUE, CORRECT AND COMPLETE AND I
UNDERSTAND THAT ALL REQUIRED ITEMS, STATEMENTS AND SCHEDULES ARE INTEGRAL PARTS
OF THIS FORM AND THAT THE SUBMISSION OF ANY AMENDMENT REPRESENTS THAT ALL
UNAMENDED ITEMS, STATEMENTS AND SCHEDULES REMAIN TRUE, CORRECT AND COMPLETE AS
PREVIOUSLY SUBMITTED.
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES AND EXCHANGE ACT OF 1934.
Name, Title and Telephone Number of Person Submitting Report:
FORREST BERKLEY PARTNER (617) 346-7578
Signature, Place and Date of Signing:
/s/ FORREST BERKLEY BOSTON MA 11/28/95
Other Managers on Whose Behalf this Report is Filed:
01 STRATEGIC INVESTMENT MANAGEMENT 028-02437
02 STRATEGIC INVESTMENT MANAGEMENT INTERNATIONAL 028-02495
03 STRATEGIC INVESTMENT PARTNERS, INC. 028-02436
<PAGE> PAGE 2
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
FIRST CENTRAL FINANCI CONVERT 109228006 270 270000 SH SOLE 0 0 270000
OHM CORPORATION 8.000 CONVERT 670839AA7 465 500000 SH SOLE 0 0 500000
ACE LTD COMMON G0070K103 1203 35000 SH SOLE 25000 0 10000
J RAY MCDERMOTT S A COMMON P64658100 225 10000 SH SOLE 10000 0 0
AMLI RESIDENTIAL PROP COMMON 001735109 1829 95000 SH SOLE 70000 0 25000
AMR CORP COMMON 001765106 13343 185000 SH OTHER 114600 22400 48000
AT & T CORP. COMMON 001957109 10750 163502 SH OTHER 98702 23000 41800
A T & T CAP CORP COMMON 00206J100 480 12500 SH OTHER 5000 7500 0
ABITIBI PRICE IND COMMON 003680105 174 10000 SH OTHER 10000 0 0
ADVANCED MICRO DEVICE COMMON 007903107 2184 75000 SH OTHER 45000 17500 12500
AETNA LIFE & CAS CO COMMON 008140105 20252 276000 SH OTHER 167700 34800 73500
AIR TOUCH COMMUNICATI COMMON 00949T100 3216 105000 SH OTHER 80000 5000 20000
ALBEMARLE CORP COM COMMON 012653101 5250 280000 SH OTHER 145000 56000 79000
ALCAN ALUMINIUM LTD COMMON 013716105 3561 110000 SH OTHER 47500 45000 17500
ALEXANDER & ALEXANDER COMMON 014476105 24856 1025000 SH OTHER 714500 7000 303500
ALEXANDER & ALEXANDER CONVERT 014476501 13905 270000 SH OTHER 181700 7000 81300
ALLEGHENY LUDLUM CORP COMMON 016900102 275 13500 SH OTHER 5000 5000 3500
ALLERGAN INC COMMON 018490102 5173 155000 SH OTHER 108500 23200 23300
ALLSTATE COMMON 020002101 15341 433656 SH OTHER 255644 66297 111715
AMERADA HESS CORP COMMON 023551104 7294 150000 SH OTHER 95800 12700 41500
AMERICA WEST AIRLS IN COMMON 023650203 290 18700 SH SOLE 13700 0 5000
AMERICAN BRANDS INC COMMON 024703100 6232 147500 SH OTHER 58500 64000 25000
AMERICAN EXPRESS COMMON 025816109 40936 922500 SH OTHER 534800 168600 219100
AMERICAN GENERAL CORP COMMON 026351106 561 15000 SH OTHER 5000 10000 0
AMERICAN GREETINGS CO COMMON 026375105 644 21100 SH OTHER 0 21100 0
AMERICAN SAFETY RAZOR COMMON 029362100 2565 270000 SH OTHER 186500 7500 76000
AMERICAN STORES COMMON 030096101 6101 215000 SH OTHER 135000 25300 54700
ANALOG DEVICES INC COMMON 032654105 554 16000 SH OTHER 15700 300 0
ANHEUSER BUSCH COS IN COMMON 035229103 2807 45000 SH OTHER 32500 5000 7500
ANTHONY INDS INC COMMON 036798106 3318 175200 SH OTHER 105200 7500 62500
AON CORP COMMON 037389103 307 7500 SH OTHER 4000 3500 0
ARCHER DANIELS MIDLAN COMMON 039483102 1614 105000 SH OTHER 68250 21000 15750
ARMCO INC COMMON 042170100 2681 412500 SH OTHER 217500 55000 140000
ARMCO CONV. PFD. 7.25 CONVERT 042170407 3105 60000 SH OTHER 32800 5000 22200
ASARCO INC COMMON 043413103 1890 60000 SH OTHER 33500 21500 5000
ASHLAND INC. COMMON 044204105 417 12500 SH OTHER 7500 5000 0
ASHLAND 3.125% CONV P CONVERT 044204204 4579 82500 SH SOLE 64000 0 18500
ASIA PULP & PAPER CO COMMON 04516V100 2031 167500 SH OTHER 147500 10000 10000
ATLANTIC RICHFIELD CO COMMON 048825103 1074 10000 SH OTHER 10000 0 0
ATLANTIC RICHFIELD PF CONVERT 048825137 956 37500 SH SOLE 37500 0 0
AU BON PAIN INC COMMON 050103100 833 107500 SH OTHER 65000 20000 22500
AVNET COMMON 053807103 24403 475000 SH OTHER 315100 29200 130700
BAT INDUST SPONSORED COMMON 055270508 1105 65000 SH OTHER 54600 400 10000
BCE INC COMMON 05534B109 668 20000 SH SOLE 20000 0 0
BANK BOSTON COPR COMMON 060716107 2381 50000 SH OTHER 26000 0 24000
BANKAMERICA CORP COMMON 066050105 4343 72527 SH OTHER 15527 32500 24500
BANYAN SYS INC COM COMMON 066908104 557 55000 SH OTHER 27500 0 27500
BATTLE MTN GOLD CONV CONVERT 071593305 269 5000 SH SOLE 5000 0 0
BAXTER INTL INC COMMON 071813109 35573 865000 SH OTHER 581800 39100 244100
BAY NETWORK COMMON 072510100 200 3750 SH OTHER 3750 0 0
<PAGE> PAGE 3
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
BAYER AG SPONS ADR COMMON 072730302 2174 85000 SH OTHER 37500 22500 25000
BELL ATLANTIC CORP COMMON 077853109 3683 60000 SH OTHER 38200 2800 19000
BETHLEHEM STL CORP COMMON 087509105 1695 120000 SH OTHER 67500 30000 22500
BEVERLY ENTERPRISES COMMON 087851101 13063 950000 SH OTHER 570000 158000 222000
BLACK & DECKER CORP COMMON 091797100 21158 620000 SH OTHER 427000 20100 172900
BOEING CO COMMON 097023105 406 5950 SH SOLE 5950 0 0
BOISE CASCADE PFD G CONVERT 097383863 3026 90000 SH OTHER 65000 25000 0
BOMBAY CO INC COM COMMON 097924104 325 40000 SH SOLE 15000 0 25000
BORDEN CHEM & PLASTIC COMMON 099541203 4095 227500 SH OTHER 138500 21500 67500
BRASCAN LTD CL A COMMON 105502405 1801 110000 SH OTHER 89200 0 20800
BRISTOL MYERS SQUIBB COMMON 110122108 292 4000 SH SOLE 4000 0 0
BURLINGTON INDS INC N COMMON 121693105 4040 320000 SH OTHER 220000 35000 65000
C B I INDUSTRIES COMMON 124800103 14488 610000 SH OTHER 377100 75200 157700
CIGNA CORP COMMON 125509109 10152 97500 SH OTHER 66500 5800 25200
CMS ENERGY CORP COMMON 125896100 2231 85000 SH OTHER 57200 12700 15100
CAMPBELL SOUP CO COMMON 134429109 578 11500 SH SOLE 10000 0 1500
CANADIAN PACIFIC LIMI COMMON 136440302 20400 1275000 SH OTHER 751900 203000 320100
CAREMARK INTERNATIONA COMMON 141704106 2043 95000 SH OTHER 85000 5000 5000
CELLULAR COMMUNICATIO CONVERT 150917201 224 5000 SH OTHER 0 5000 0
CENTERIOR ENERGY CORP COMMON 151883105 8428 775000 SH OTHER 452400 96500 226100
CENTOCOR INC COMMON 152342101 2719 250000 SH OTHER 165000 12500 72500
CHAMPION INTL CORP COMMON 158525105 4579 85000 SH OTHER 41500 13500 30000
CHARTER MED CORP COMMON 161241708 533 26000 SH OTHER 16600 2900 6500
CHASE MANHATTAN CORP COMMON 161610100 16351 267500 SH OTHER 174500 29200 63800
CHEMICAL BANKING CORP COMMON 163722101 26481 435000 SH OTHER 269900 59000 106100
CHRYSLER CORP COMMON 171196108 530 10000 SH SOLE 10000 0 0
CINCINNATI MILACRON I COMMON 172172108 4331 137500 SH OTHER 92500 0 45000
CINERGY CORP COMMON 172474108 2551 91500 SH OTHER 45000 41500 5000
CITICORP COMMON 173034109 43163 610081 SH OTHER 352403 111298 146380
CITICORP PREFERRED 1. CONVERT 173034430 5587 275879 SH OTHER 104075 126121 45683
CITICORP 5.375% CONV. CONVERT 173034513 20039 102500 SH OTHER 48500 35000 19000
COCA COLA ENTERPRISES COMMON 191219104 6095 247500 SH OTHER 174100 300 73100
COLTEC INDS INC COM COMMON 196879100 3084 257000 SH OTHER 177000 0 80000
COMMUNITY PSYCHIATRIC COMMON 204015101 911 77500 SH SOLE 50000 0 27500
COMPUWARE COMMON 205638109 550 25000 SH OTHER 20000 0 5000
COMSAT CORP COMMON 20564D107 1697 75000 SH OTHER 52500 5000 17500
CONE MLS CORP N C COM COMMON 206814105 1806 135000 SH OTHER 92500 0 42500
CONSOLIDATED FREIGHTW COMMON 209237106 1485 60000 SH OTHER 47500 0 12500
COORS ADOLPH COMPANY COMMON 217016104 7477 412500 SH OTHER 252200 62000 98300
CORDIANT PLC SPONSORE COMMON 218514107 1170 240000 SH OTHER 178000 0 62000
CORNING INC COMMON 219350105 13597 475000 SH OTHER 269600 80300 125100
CRAY RESEARCH INC COMMON 225224104 6007 271500 SH OTHER 192500 0 79000
CROWN AMERICAN RLTY T COMMON 228186102 5363 650000 SH OTHER 405900 45100 199000
CROWN VANTAGE INC COM COMMON 228622106 884 39750 SH OTHER 25570 4190 9990
CUMMINS ENGINE INC COMMON 231021106 6064 157500 SH OTHER 108600 6900 42000
CYPRUS AMAX MINERALS COMMON 232809103 2391 85000 SH OTHER 38500 35000 11500
CYTEC INDS INC COM COMMON 232820100 3812 66000 SH OTHER 50500 0 15500
DPL INC COMMON 233293109 2435 105300 SH OTHER 55000 22800 27500
DARDEN RESTAURANTS, I COMMON 237194105 345 30000 SH OTHER 25000 5000 0
DATA GEN CORP COMMON 237688106 5265 507500 SH OTHER 300000 62500 145000
<PAGE> PAGE 4
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
DAYTON HUDSON CORP COMMON 239753106 683 9000 SH OTHER 5000 1000 3000
DEBARTOLO RLTY CORP C COMMON 242733103 700 50000 SH SOLE 50000 0 0
DELTA AIRLINES INC COMMON 247361108 4674 67500 SH OTHER 40000 3500 24000
DELTA 7% CONV PFD CONVERT 247361306 1706 30000 SH OTHER 16500 3500 10000
DETROIT EDISON CO COMMON 250847100 1129 35000 SH SOLE 30000 0 5000
DIGITAL EQUIPMENT COMMON 253849103 48203 1056500 SH OTHER 633300 152900 270300
DISNEY WALT PRODTNS COMMON 254687106 247 4300 SH SOLE 4300 0 0
DOW CHEMICAL COMMON 260543103 4679 62800 SH OTHER 30800 15700 16300
DRESSER INDS INC COMMON 261597108 2328 97500 SH OTHER 57500 16900 23100
DU PONT E I DE NEMOUR COMMON 263534109 6806 99000 SH OTHER 72000 9800 17200
DUN & BRADSTREET INC COMMON 264830100 4778 82560 SH OTHER 50460 10000 22100
EASTMAN KODAK COMMON 277461109 62894 1061500 SH OTHER 661100 125000 275400
ECHO BAY CONV PFD CONVERT 27875L207 1990 61704 SH OTHER 36111 130 25463
ECHO BAY MINES COM COMMON 278751102 1081 99369 SH OTHER 58163 208 40998
ELF AQUITAINE SPONSOR COMMON 286269105 1168 35000 SH OTHER 24500 1000 9500
DENSERCH EXPL INC COMMON 29356V100 2100 200000 SH OTHER 100000 45500 54500
ENSERCH CORP COMMON 293567103 7466 452500 SH OTHER 280200 58700 113600
ENTERGY CORP NEW COM COMMON 29364G103 3396 130000 SH OTHER 60000 55000 15000
ETHYL CORP COMMON 297659104 389 35000 SH OTHER 0 10000 25000
EVANS WITHYCOMBE RESI COMMON 299212100 2683 132500 SH OTHER 66400 13600 52500
EXXON CORP COMMON 302290101 1096 15165 SH OTHER 0 15165 0
FMC CORP NEW COMMON 302491303 12494 164400 SH OTHER 113000 1500 49900
FEDERAL MOGUL CORP COMMON 313549107 842 44000 SH OTHER 44000 0 0
FEDERATED DEPARTMENT COMMON 31410H101 12201 430000 SH OTHER 297700 13600 118700
FIRST CHICAGO CORP COMMON 319455101 13210 192500 SH OTHER 130800 2900 58800
FIRST COLONY CORP COM COMMON 319741104 882 32500 SH OTHER 17500 15000 0
FIRST INTERSTATE BANC COMMON 320548100 15717 156000 SH OTHER 109800 3000 43200
FISHER SCIENTIFIC INT COMMON 338032105 6637 205000 SH OTHER 117500 41000 46500
FLEETWOOD ENTERPRISES COMMON 339099103 3776 190000 SH OTHER 124000 5000 61000
FLEMING COS INC COMMON 339130106 240 10000 SH OTHER 0 10000 0
FOOD LION INC CLASS A COMMON 344775200 1667 275000 SH SOLE 175000 0 100000
FORD MOTOR COMMON 345370100 856 27500 SH OTHER 10000 17500 0
FORD MOTOR CO DEPOSIT CONVERT 345370209 915 9000 SH OTHER 4000 0 5000
FORT HOWARD CORP NEW COMMON 347461105 2475 161000 SH OTHER 92500 15000 53500
FREEPORT MCMORAN COPP CONVERT 35671D600 6786 192500 SH OTHER 119700 19200 53600
GTE CORP COMMON 362320103 57768 1476500 SH OTHER 907500 192300 376700
ARTHUR J GALLAGHER & COMMON 363576109 4384 123500 SH OTHER 81400 2900 39200
GENCORP INC COMMON 368682100 2125 200000 SH OTHER 130000 7500 62500
GENERAL ELECTRIC COMMON 369604103 17691 277500 SH OTHER 190800 15100 71600
GENERAL MTRS CORP COMMON 370442105 15188 324000 SH OTHER 169300 78800 75900
GENERAL PUB UTILS COR COMMON 370550105 1167 37500 SH OTHER 15000 22500 0
GENERAL RE CORP COMMON 370563108 604 4000 SH OTHER 2500 1500 0
GEORGIA GULF CORP COM COMMON 373200203 5606 162500 SH OTHER 108700 5000 48800
GERBER SCIENTIFIC INS COMMON 373730100 313 17500 SH OTHER 17500 0 0
GIDDINGS & LEWIS INC COMMON 375048105 4359 250000 SH OTHER 140500 27500 82000
GLAXO PLC SPONSORED A COMMON 37733W105 4343 180000 SH OTHER 130700 4300 45000
GRACE W R & CO COMMON 383883105 968 14500 SH SOLE 2000 0 12500
GRAND MET PLC SPONSOR COMMON 386090302 322 11500 SH OTHER 2500 3500 5500
GREAT WESTN FINL CORP COMMON 391442100 1544 65000 SH OTHER 27500 20000 17500
GRIFFON CORP COM COMMON 398433102 5822 675000 SH OTHER 452500 22500 200000
<PAGE> PAGE 5
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
HALLIBURTON CO COMMON 406216101 1983 47500 SH OTHER 32500 0 15000
HANSON TR PLC SPONSOR COMMON 411352305 9913 610000 SH OTHER 381900 73200 154900
HARRIS CORP COMMON 413875105 384 7000 SH OTHER 1000 1500 4500
HASBRO BRADLEY INC COMMON 418056107 623 20000 SH SOLE 15000 0 5000
HERCULES INC COMMON 427056106 319 5500 SH OTHER 5300 200 0
HILB ROGAL & HAMILTON COMMON 431294107 1338 100000 SH OTHER 72500 0 27500
HOMESTAKE MNG CO COMMON 437614100 170 10000 SH SOLE 0 0 10000
HOST MARRIOTT CORP COMMON 441078102 619 50000 SH OTHER 50000 0 0
HUNT J B TRANS SVCS I COMMON 445658107 3176 210000 SH OTHER 138900 5600 65500
IMC GLOBAL INC COMMON 449669100 2693 42500 SH SOLE 20000 0 22500
ITT CORP COMMON 450679105 1674 13500 SH OTHER 4500 6500 2500
ILLANOVA CORP COM COMMON 452317100 814 30000 SH OTHER 5000 25000 0
IMPERIAL OIL LTD COM COMMON 453038408 4843 130000 SH OTHER 82500 10000 37500
INCO LTD COMMON 453258402 1884 55000 SH OTHER 2500 52500 0
INFORMATION RES INC COMMON 456905108 2488 186000 SH OTHER 131000 5000 50000
INTEL CORP COMMON 458140100 11033 183500 SH OTHER 126000 26500 31000
INTERGRAPH CORP COMMON 458683109 1122 92500 SH OTHER 65000 0 27500
INTERMET CORP COMMON 45881K104 1688 150000 SH OTHER 105000 0 45000
INTERNATIONAL BUSINES COMMON 459200101 49754 526500 SH OTHER 304800 76500 145200
INTL FLAVORS & FRAGRA COMMON 459506101 1641 34000 SH OTHER 14000 17500 2500
INTERNATIONAL PAPER C COMMON 460146103 2818 67100 SH OTHER 30600 36500 0
INTL TECHNOLOGY CORP COMMON 460465107 1620 480000 SH OTHER 317500 0 162500
INTERNATIONAL TECH 1. CONVERT 460465305 1630 80000 SH OTHER 67500 0 12500
IRVINE APT CMNTYS INC COMMON 463606103 925 52500 SH SOLE 35000 0 17500
JP RLTY INC COM COMMON 46624A106 21553 1045000 SH OTHER 713600 44200 287200
JAMES RIVER CORP COMMON 470349101 12800 400000 SH OTHER 256000 36900 107100
JR CORP SERIES P 9% CONVERT 470349887 17690 580000 SH OTHER 325300 116500 138200
JOHN ALDEN FINL CORP COMMON 477838106 848 37500 SH OTHER 27500 0 10000
JOHN NUVEEN CO CL A COMMON 478035108 495 20000 SH OTHER 14000 4100 1900
JOHNSON & JOHNSON COMMON 478160104 3966 53500 SH OTHER 34200 6800 12500
K MART CORP COMMON 482584109 12912 890500 SH OTHER 548900 109800 231800
KELLWOOD COMMON 488044108 2217 107500 SH OTHER 75000 5000 27500
KEMPER CORP COMMON 488396102 13269 275000 SH OTHER 115800 109000 50200
KERR-MCGEE CORP COMMON 492386107 1776 32000 SH OTHER 19100 6000 6900
KUHLMAN CORP COMMON 501206106 479 39500 SH OTHER 39500 0 0
LASMO ADR FOREIGN 501730204 7498 967500 SH OTHER 674200 10500 282800
LTV CORP NEW COM COMMON 501921100 1050 75000 SH OTHER 25000 10000 40000
LSI LOGIC CORP COMMON 502161102 232 4000 SH SOLE 4000 0 0
LABORATORY CORP AMER COMMON 50540R102 2666 270000 SH OTHER 150000 65000 55000
LIBERTY CORP S C COMMON 530370105 2438 75000 SH OTHER 50000 0 25000
LIFE PARTNERS GROUP I COMMON 532157104 216 12500 SH OTHER 5000 0 7500
LIFE RE CORP COM COMMON 532160108 5526 264700 SH OTHER 158500 30700 75500
LILLY ELI & CO COMMON 532457108 13796 153500 SH OTHER 99700 17500 36300
LIMITED STORES INC COMMON 532716107 287 15000 SH OTHER 15000 0 0
LIN BROADCASTING CORP COMMON 532763109 259 2000 SH SOLE 2000 0 0
LINCOLN NATL CORP IND COMMON 534187109 1966 42500 SH OTHER 20700 8800 13000
LOCKHEED MARTIN CORP COMMON 539830109 772 11500 SH OTHER 1500 2500 7500
LOEWS CORP COMMON 540424108 1828 12500 SH OTHER 2500 7500 2500
LUBRIZOL CORP COMMON 549271104 5954 182500 SH OTHER 102500 31900 48100
MITSUBISHI BANK 3.000 CONVERT 55262XAA2 1048 1000000 SH OTHER 500000 150000 350000
<PAGE> PAGE 6
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
MCI COMMUNICATIONS CO COMMON 552673105 19612 752500 SH OTHER 449500 116500 186500
MARSH MCLENNAN COMMON 571748102 791 9000 SH OTHER 5000 2500 1500
MASCOTECH INC COM COMMON 574670105 23738 2110000 SH OTHER 1235700 349900 524400
MASCOTECH PFD DIV ENH CONVERT 574670303 1259 95000 SH OTHER 58300 26200 10500
MAXUS ENERGY CORP $4 CONVERT 577730203 497 12500 SH OTHER 12500 0 0
MAY DEPT STORES CO COMMON 577778103 875 20000 SH OTHER 15000 5000 0
MAYTAG CO COMMON 578592107 9275 530000 SH OTHER 304000 101500 124500
MCDERMOTT INTERNATION COMMON 580037109 839 42500 SH OTHER 15000 10000 17500
MERCK & CO COMMON 589331107 719 12831 SH OTHER 0 5331 7500
METHANEX CORP COM COMMON 59151K108 979 145000 SH OTHER 90000 30000 25000
MINNESOTA MNG & MFG C COMMON 604059105 1466 26000 SH OTHER 16000 10000 0
MITCHELL ENERGY & DEV COMMON 606592202 657 36500 SH OTHER 30500 1000 5000
MITCHELL ENERGY & DEV COMMON 606592301 3481 197500 SH OTHER 124100 14500 58900
MOBIL CORP COMMON 607059102 8219 82500 SH OTHER 49000 10300 23200
MOORE LTD COMMON 615785102 2616 130000 SH OTHER 89500 5000 35500
MORNINGSTAR GROUP INC COMMON 617698105 3719 425000 SH OTHER 238500 37500 149000
MOTOROLA INC COMMON 620076109 1986 26000 SH OTHER 16000 2500 7500
NABISCO HLDGS CORP COMMON 629526104 518 17500 SH OTHER 5000 1000 11500
NATIONAL CITY CORP COMMON 635405103 772 25000 SH OTHER 0 25000 0
NATIONAL RE HLDGS COR COMMON 637340209 6580 186000 SH OTHER 112500 16000 57500
NATIONAL STL CORP COMMON 637844309 3613 235000 SH OTHER 157500 27500 50000
NATIONSBANK CORP COM COMMON 638585109 5649 84000 SH OTHER 48500 12000 23500
NAVISTAR INTL CORP PF CONVERT 638901405 17890 327500 SH OTHER 208050 38100 81350
NAVISTAR INTL CORP CO COMMON 63934E108 4230 352500 SH OTHER 230500 10000 112000
NESTLES ADR FOREIGN 641069406 28583 555000 SH OTHER 392400 23700 138900
NETWORK PERIPHERALS I COMMON 64121R100 788 50000 SH SOLE 0 0 50000
NEW YORK TIMES CO CLA COMMON 650111107 579 21150 SH SOLE 6150 0 15000
NEWMONT GOLD CO COM COMMON 651637100 405 10000 SH SOLE 0 0 10000
NEWMONT MNG CORP COMMON 651639106 255 6000 SH SOLE 6000 0 0
NEWS COPR LTD COMMON 652487703 220 10000 SH OTHER 10000 0 0
NIAGARA MOHAWK PWR CO COMMON 653522102 23953 1825000 SH OTHER 1054500 333800 436700
NOBLE AFFILIATES COMMON 654894104 298 11301 SH OTHER 10901 400 0
NORAM ENERGY CORP COM COMMON 655419109 10631 1350000 SH OTHER 850700 100500 398800
NORAM ENERGY CORP PFD CONVERT 655419208 1925 50000 SH SOLE 49000 0 1000
NORTHEAST UTILS COMMON 664397106 5484 225000 SH OTHER 136300 26500 62200
NORTH WESTERN STEEL A COMMON 668367204 3150 360000 SH OTHER 250000 10000 100000
NOVELL INC COMMON 670006105 484 26500 SH OTHER 23000 0 3500
NYNEX CORP COMMON 670768100 597 12500 SH SOLE 2500 0 10000
OHM CORP COM COMMON 670839109 1350 150000 SH OTHER 110000 5000 35000
OCCIDENTAL PETE CORP COMMON 674599105 7766 355000 SH OTHER 215200 49200 90600
OGDEN CORP COMMON 676346109 1704 72500 SH OTHER 55000 5000 12500
OHIO CASUALTY CORP COMMON 677240103 358 10000 SH OTHER 5000 5000 0
OHIO EDISON CO COMMON 677347106 2275 100000 SH OTHER 51500 25000 23500
OLIN CORP COMMON 680665205 516 7500 SH SOLE 7500 0 0
ORYX ENERGY CO COMMON 68763F100 1853 142500 SH OTHER 97500 0 45000
OVERSEAS SHIPHOLDING COMMON 690368105 3727 187500 SH OTHER 112500 16500 58500
OWENS & MINOR INC NEW COMMON 690732102 3092 242500 SH OTHER 174800 25000 42700
OWENS CORNING FIBERGL COMMON 690734207 22647 507500 SH OTHER 323400 45000 139100
OWENS ILLINOIS COM NE COMMON 690768403 821 65000 SH SOLE 35000 0 30000
PNC FINANCIAL CORP COMMON 693475105 488 17500 SH OTHER 7500 5000 5000
<PAGE> PAGE 7
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
PACIFIC TELESIS GROUP COMMON 694890104 3921 127500 SH OTHER 64500 43000 20000
PACIFICORP COMMON 695114108 2375 125000 SH OTHER 79000 5000 41000
PANHANDLE EASTERN COR COMMON 698462108 34608 1270000 SH OTHER 848900 86400 334700
PEGASUS GOLD INC COMMON 70556K106 2861 210000 SH OTHER 160000 25000 25000
PEPSICO INC COMMON 713448108 642 12580 SH OTHER 1000 8080 3500
PERRIGO CO COM COMMON 714290103 1838 150000 SH OTHER 122500 10000 17500
PETRO-CDA 1ST INSTAL COMMON 71644E300 1219 250000 SH OTHER 250000 0 0
PHILIP MORRIS COMMON 718154107 209 2500 SH OTHER 0 2500 0
PHILIPS N V NEW YORK COMMON 718337504 2876 59000 SH OTHER 36500 5000 17500
PINKERTONS INC NEW CO COMMON 723429106 4050 202500 SH OTHER 132500 10000 60000
PINNACLE WEST CAP COR COMMON 723484101 263 10000 SH SOLE 10000 0 0
PITTSTON COMPANY COMMON 725701106 543 20000 SH OTHER 15000 5000 0
PITTSTON CO MINERLS G COMMON 725701205 3218 292500 SH OTHER 197500 40000 55000
PLACER DOME INC COMMON 725906101 5119 195000 SH OTHER 137800 700 56500
POPE & TALBOT INC COMMON 732827100 194 12500 SH SOLE 12500 0 0
PRAXAIR INC COM COMMON 74005P104 3076 115000 SH OTHER 85600 4400 25000
PRICE / COSTCO INC CO COMMON 74143W102 24746 1445000 SH OTHER 883300 199800 361900
PROCTER & GAMBLE CO COMMON 742718109 2477 32164 SH OTHER 29000 3164 0
PROVIDENT LIFE & ACC COMMON 743889305 448 16500 SH OTHER 8800 200 7500
PUBLIC SVC CO N MEX COMMON 744499104 1146 70000 SH OTHER 45000 25000 0
PUBLIC SVC ENTERPRISE COMMON 744573106 3570 120000 SH OTHER 45000 47000 28000
QANTAS AIRWAYS FOREIGN 74726M109 353 20000 SH OTHER 0 10000 10000
QUAKER ST CORP COMMON 747410108 585 40000 SH SOLE 32500 0 7500
QUESTAR CORP COMMON 748356102 400 12500 SH SOLE 12500 0 0
QUICKTURN DESIGN SYS COMMON 74838E102 493 47500 SH OTHER 15000 2500 30000
RJR NABISCO PFD C CONVERT 74960K884 21992 3258000 SH OTHER 1885000 703000 670000
RAYCHEM CORP COMMON 754603108 225 5000 SH OTHER 4800 200 0
READING & BATES PFD 6 CONVERT 755281888 1800 50000 SH SOLE 25000 0 25000
REGENCY RLTY CORP COM COMMON 758939102 617 35000 SH OTHER 30000 5000 0
RELIANCE GROUP HLDGS COMMON 759464100 17823 2337500 SH OTHER 1412500 335000 590000
REPUBLIC ENGINRD STEE COMMON 760391102 1238 165000 SH OTHER 150000 0 15000
REYNOLDS METALS CO COMMON 761763101 3762 65000 SH OTHER 37000 10500 17500
RIVIANA FOODS INC DEL COMMON 769536103 829 65000 SH OTHER 47500 12500 5000
ROCHE 0% 4/20/10 CONVERT 771196AC6 3634 9000000 SH OTHER 5750000 1750000 1500000
ROCKWELL INTERNATIONA COMMON 774347108 29649 627500 SH OTHER 407600 51700 168200
ROWAN COS INC COMMON 779382100 281 37500 SH OTHER 25000 12500 0
ROYAL DUTCH PETE CO N COMMON 780257705 614 5000 SH OTHER 0 5000 0
RYDER SYS INC COMMON 783549108 7168 282500 SH OTHER 174300 36700 71500
SCI SYS INC COMMON 783890106 3191 92500 SH OTHER 70000 7500 15000
SHL SYSTEMHOUSE INC COMMON 78424R104 33288 2663000 SH OTHER 1682500 282500 698000
SAFETY KLEEN CORP COMMON 786484105 146 10000 SH OTHER 0 10000 0
SALOMON INC DEC COM E COMMON 79549B511 5589 131500 SH OTHER 83700 0 47800
SANTA FE ENERGY RES I COMMON 802012104 380 40000 SH OTHER 34000 0 6000
SANTA FE CONV PFD A CONVERT 802012401 250 25000 SH SOLE 25000 0 0
SANTA FE PAC GOLD COR COMMON 802176107 442 35000 SH OTHER 26000 0 9000
SARA LEE CORP COMMON 803111103 5504 185000 SH OTHER 112000 27500 45500
SCOTTS CO CL A COMMON 810186106 1604 72500 SH OTHER 52500 5000 15000
SEAGATE TECHNOLOGY COMMON 811804103 2317 55000 SH OTHER 34000 6000 15000
SEAGULL ENERGY CORP C COMMON 812007102 608 30000 SH OTHER 5000 20000 5000
SEARS ROEBUCK & CO COMMON 812387108 7191 195000 SH OTHER 121100 22000 51900
<PAGE> PAGE 8
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
SEDGWICK GROUP ADR FOREIGN 815673207 1931 225000 SH OTHER 145000 15000 65000
SHAWMUT NATL CORP COMMON 820484103 504 15000 SH SOLE 15000 0 0
SHERRITT GORDON LTD COMMON 824280101 1417 107500 SH OTHER 97500 0 10000
SIMON PROPERTY GROUP COMMON 828805101 381 15000 SH SOLE 10000 0 5000
SMITHKLINE BEECHAM PL COMMON 832378400 3038 60000 SH OTHER 42500 2500 15000
SMITHS FOOD & DRUG CT COMMON 832388102 263 13000 SH SOLE 13000 0 0
SOUTHERN CO COMMON 842587107 1763 75000 SH OTHER 49500 25000 500
SOUTHERN PACIFIC RAIL COMMON 843584103 2115 87209 SH OTHER 46719 3115 37375
SOUTHWEST AIRLS CO COMMON 844741108 377 15000 SH OTHER 14400 600 0
SPECIAL DEVICES INC COMMON 847409109 259 15000 SH SOLE 15000 0 0
SPRINT CORP COM COMMON 852061100 2608 74500 SH OTHER 40500 24500 9500
SPRINT EXCHANGE CONV. CONVERT 852061407 2084 58300 SH OTHER 45000 800 12500
STONE CONTAINER CORP COMMON 861589109 1805 95000 SH OTHER 58500 10000 26500
STORAGE TECHNOLOGY CO COMMON 862111200 3509 142500 SH OTHER 87800 6000 48700
STORAGE TECHNOLOGY 7% CONVERT 862111309 4151 72500 SH OTHER 48300 3700 20500
SUMMIT PPTYS INC COM COMMON 866239106 12033 637500 SH OTHER 394800 109900 132800
SUN CO COMMON 866762107 527 20459 SH OTHER 8184 12275 0
SUPERVALU INC COMMON COMMON 868536103 220 7500 SH SOLE 7500 0 0
TBC CORP COM COMMON 872180104 1925 200000 SH OTHER 130000 5000 65000
TIG HOLDINGS COMMON 872469101 5913 220000 SH OTHER 123000 37900 59100
TJX COS INC NEW COMMON 872540109 2375 200000 SH OTHER 117800 33700 48500
TANDEM COMPUTERS INC COMMON 875370108 30013 2450000 SH OTHER 1508600 303500 637900
TELE COMMUNICATIONS I COMMON 87924V101 5775 330000 SH OTHER 193500 56500 80000
TELE COMMUNICATIONS I COMMON 87924V507 983 36750 SH OTHER 24625 5000 7125
TELEDYNE INC COMMON 879335107 31533 1162500 SH OTHER 699500 161800 301200
TELEDYNE INC PFD SER PREFERR 879335602 525 37864 SH OTHER 22302 6080 9482
TEMPLE INLAND INC COMMON 879868107 1544 29000 SH OTHER 20000 7500 1500
TENET HEALTH CARE COMMON 88033G100 2494 142500 SH OTHER 70000 30000 42500
TENNECO INC COMMON 880370101 14569 315000 SH OTHER 179400 57500 78100
TERADYNE INC COMMON 880770102 1008 28000 SH OTHER 23000 0 5000
TEVA PHARMACEUTICAL I COMMON 881624209 892 24700 SH OTHER 24000 700 0
TEXACO INC COMMON 881694103 4960 76900 SH OTHER 41400 17500 18000
TEXAS INSTRUMENTS INC COMMON 882508104 1358 17000 SH SOLE 10000 0 7000
TEXAS UTILS CO COMMON 882848104 7585 217500 SH OTHER 83100 104400 30000
TIME WARNER FING TR P COMMON 88731L203 3169 97500 SH OTHER 37500 45000 15000
TOYS R US COMMON 892335100 203 7500 SH OTHER 0 7500 0
TRANSAMERICA CORP COMMON 893485102 16922 237500 SH OTHER 154600 24300 58600
TRANSCANADA PIPELINES COMMON 893526103 6891 525000 SH OTHER 339900 47300 137800
TRAVELERS INC COMMON 894190107 20060 377594 SH OTHER 234634 42060 100900
USX MARATHON GROUP CO COMMON 902905827 17973 910000 SH OTHER 555600 130200 224200
US F&G CORP COMMON 903290104 9833 507500 SH OTHER 324300 44800 138400
USG CORP COMMON 903293405 1451 51808 SH OTHER 51808 0 0
USX-DELHI GROUP COM COMMON 90336X103 152 15000 SH SOLE 15000 0 0
USX US STEEL GROUP CO COMMON 90337T101 5921 191000 SH OTHER 113300 22000 55700
UNILEVER N V COMMON 904784501 325 2500 SH SOLE 2500 0 0
UNICOM CORP COM COMMON 904911104 5294 175000 SH OTHER 41500 106000 27500
UNION TEX PETE HLDGS COMMON 908640105 5211 287500 SH OTHER 161000 68000 58500
U S AIR GROUP INC COMMON 911905107 403 35000 SH OTHER 35000 0 0
U S AIR CONV PFD 8.75 CONVERT 911905305 5077 142500 SH OTHER 79500 37500 25500
U S WEST INC COMMON 912889102 12959 275000 SH OTHER 156000 49600 69400
<PAGE> PAGE 9
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
UNITED TECHNOLOGIES C COMMON 913017109 22315 252500 SH OTHER 188200 25300 39000
UNOCAL CORP COMMON 915289102 22016 772500 SH OTHER 454300 127200 191000
UNOCAL 7% CONV PREFER CONVERT 915289201 9675 180000 SH OTHER 109900 35800 34300
UPJOHN CO COMMON 915302103 1740 39000 SH OTHER 14000 20000 5000
USLIFE CORP COMMON 917318107 1316 45000 SH OTHER 22500 0 22500
VALERO ENERGY CORP COMMON 919138107 298 12500 SH OTHER 0 10000 2500
WMX TECHNOLOGIES INC COMMON 92929Q107 2565 90000 SH OTHER 7500 77500 5000
WACKENHUT CORP COM SE COMMON 929794303 660 48000 SH OTHER 27500 500 20000
WAL MART STORES INC COMMON 931142103 12375 500000 SH OTHER 310700 66700 122600
WALDEN RESIDENTIAL PP COMMON 931210108 10664 565000 SH OTHER 345300 85500 134200
WASHINGTON NATL CORP COMMON 939339107 7868 316300 SH OTHER 211300 700 104300
WEIRTON STL CORP COM COMMON 948774104 5594 1147500 SH OTHER 712000 123500 312000
WELLMAN INC COMMON 949702104 7779 317500 SH OTHER 192800 32400 92300
WENDYS INTERNATIONAL COMMON 950590109 1709 80900 SH OTHER 23400 30000 27500
WESTCOAST ENERGY COMMON 95751D102 2149 144500 SH OTHER 77500 34500 32500
WESTERN ATLAS INC COM COMMON 957674104 355 7500 SH OTHER 5000 0 2500
WESTINGHOUSE ELEC COR COMMON 960402105 11925 795000 SH OTHER 459500 129000 206500
WESTINGHOUSE PFD CONVERT 960402709 45753 3025000 SH OTHER 1766200 522500 736300
WEYERHAEUSER CO COMMON 962166104 10448 229000 SH OTHER 150600 10700 67700
WHEELABRATOR TECH INC COMMON 962901302 744 50000 SH OTHER 32500 5000 12500
WILLIAMS CO COMMON 969457100 1365 35000 SH OTHER 27500 0 7500
WILLIAMS SONOMA INC C COMMON 969904101 2127 102500 SH OTHER 67500 0 35000
WILLIS CORROON PLC AD COMMON 970624201 7949 805000 SH OTHER 560300 63100 181600
XEROX CORP COMMON 984121103 11623 86500 SH OTHER 58600 3800 24100
YPF SOCIEDAD ANONIMA FOREIGN 984245100 3396 190000 SH OTHER 122200 9500 58300
ZEIGLER COAL HLDG CO COMMON 989286109 793 67500 SH SOLE 37500 0 30000
ZURICH REINS CNTRE HL COMMON 989822101 292 9800 SH SOLE 9800 0 0
REPORT SUMMARY 377 DATA RECORDS 2159510 3 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
</TABLE>
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