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Previous: GMO TRUST, 13F-E, 1996-04-26 |
Next: GMO TRUST, 24F-2NT, 1996-04-26 |
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<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 03/31/96
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
ACE LTD COMMON G0070K103 223 5000 SH SOLE 5000 0 0
J RAY MCDERMOTT S A COMMON P64658100 291 15000 SH OTHER 12500 2500 0
CHASE MANHATTAN CORP COMMON 0000000 18743 255000 SH OTHER 168200 25700 61100
AMLI RESIDENTIAL PROP COMMON 001735109 2013 100000 SH OTHER 70000 5000 25000
AMR CORP COMMON 001765106 14768 165000 SH OTHER 102600 19900 42500
AT & T CORP. COMMON 001957109 8845 144701 SH OTHER 86501 20100 38100
A T & T CAP CORP COMMON 00206J100 520 12500 SH OTHER 5000 7500 0
ABITIBI PRICE IND COMMON 003680105 409 30000 SH OTHER 5000 25000 0
ADVANCED MICRO DEVICE COMMON 007903107 1103 63500 SH OTHER 35000 25000 3500
AETNA LIFE & CAS CO COMMON 008140105 17176 227500 SH OTHER 140700 26800 60000
AIR TOUCH COMMUNICATI COMMON 00949T100 1868 60000 SH OTHER 50000 0 10000
ALBEMARLE CORP COM COMMON 012653101 4386 196000 SH OTHER 127500 16000 52500
ALCAN ALUMINIUM LTD COMMON 013716105 3144 97500 SH OTHER 42500 37500 17500
ALEXANDER & ALEXANDER COMMON 014476105 19724 1045000 SH OTHER 694000 61800 289200
ALEXANDER & ALEXANDER CONVERT 014476501 12960 270000 SH OTHER 181700 7000 81300
ALLERGAN INC COMMON 018490102 4609 125000 SH OTHER 86500 18200 20300
ALLMERICA FINL CORP C COMMON 019754100 1385 52500 SH OTHER 16500 28500 7500
ALLSTATE COMMON 020002101 16612 395527 SH OTHER 238231 47768 109528
ALPHARMA INC CL A COMMON 020813101 1163 50000 SH OTHER 7600 27900 14500
AMCOL INTL CORP COMMON 02341W103 5429 430000 SH OTHER 216000 89000 125000
AMERADA HESS CORP COMMON 023551104 8157 148300 SH OTHER 92900 14900 40500
AMERICAN BRANDS INC COMMON 024703100 3507 82500 SH OTHER 32500 32500 17500
AMERICAN EXPRESS COMMON 025816109 38019 770000 SH OTHER 467300 112100 190600
AMERICAN GREETINGS CO COMMON 026375105 10815 391500 SH OTHER 209200 84300 98000
AMERICAN SAFETY RAZOR COMMON 029362100 2166 225000 SH OTHER 155000 5000 65000
AMERICAN STORES COMMON 030096101 11220 340000 SH OTHER 188100 77200 74700
ANHEUSER BUSCH COS IN COMMON 035229103 4076 60500 SH OTHER 35500 17500 7500
ANTHONY INDS INC COMMON 036798106 2385 90000 SH OTHER 60000 0 30000
APACHE CORP COMMON 037411105 1814 67500 SH OTHER 47500 15000 5000
ARCHER DANIELS MIDLAN COMMON 039483102 1744 94925 SH OTHER 64800 12625 17500
ARMCO INC COMMON 042170100 1653 307500 SH OTHER 202500 0 105000
ARMCO CONV. PFD. 7.25 CONVERT 042170407 3000 60000 SH OTHER 32800 5000 22200
ASARCO INC COMMON 043413103 2310 66000 SH OTHER 38500 22500 5000
ASHLAND 3.125% CONV P CONVERT 044204204 4990 80000 SH OTHER 64000 1000 15000
ASIA PULP & PAPER CO COMMON 04516V100 145 15000 SH SOLE 15000 0 0
ASTRA AB COMMON 046298105 456 10000 SH OTHER 0 10000 0
ATLANTIC RICHFIELD CO COMMON 048825103 2678 22500 SH OTHER 12500 10000 0
ATLANTIC RICHFIELD PF CONVERT 048825137 1078 37500 SH SOLE 37500 0 0
AU BON PAIN INC COMMON 050103100 804 94600 SH OTHER 52500 22100 20000
AVNET COMMON 053807103 21713 450000 SH OTHER 299200 29200 121600
BAT INDUST SPONSORED COMMON 055270508 665 44150 SH OTHER 36300 350 7500
BCE INC COMMON 05534B109 708 20000 SH SOLE 20000 0 0
BANK BOSTON COPR COMMON 060716107 2059 41500 SH OTHER 21500 0 20000
BANKAMERICA CORP COMMON 066050105 4936 63696 SH OTHER 13496 28700 21500
BATTLE MTN GOLD CONV CONVERT 071593305 266 5000 SH SOLE 5000 0 0
BAXTER INTL INC COMMON 071813109 31675 700000 SH OTHER 475100 32900 192000
BAYER AG SPONS ADR COMMON 072730302 2469 72500 SH OTHER 30000 17500 25000
BELL ATLANTIC CORP COMMON 077853109 2475 40000 SH OTHER 29700 300 10000
BETHLEHEM STL CORP COMMON 087509105 1247 95000 SH OTHER 50000 27500 17500
BEVERLY ENTERPRISES COMMON 087851101 9570 870000 SH OTHER 534800 128500 206700
<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
BLACK & DECKER CORP COMMON 091797100 18464 487500 SH OTHER 338200 9300 140000
BOEING CO COMMON 097023105 511 5900 SH SOLE 5900 0 0
BOISE CASCADE PFD G CONVERT 097383863 2829 82000 SH OTHER 62000 20000 0
BORDEN CHEM & PLASTIC COMMON 099541203 3177 211800 SH OTHER 135000 14300 62500
BRASCAN LTD CL A COMMON 105502405 1737 96500 SH OTHER 76500 0 20000
FIRST CENTRAL FINANCI CONVERT 109228006 270 270000 SH OTHER 0 0 270000
BRISTOL MYERS SQUIBB COMMON 110122108 685 8000 SH OTHER 5500 2500 0
BROWNING FERRIS INDS COMMON 115885105 236 7500 SH OTHER 0 5000 2500
BURLINGTON INDS INC N COMMON 121693105 3377 267500 SH OTHER 195000 22500 50000
CIGNA CORP COMMON 125509109 8969 78500 SH OTHER 54300 3300 20900
CMS ENERGY CORP COMMON 125896100 2277 77200 SH OTHER 54700 7400 15100
CANADIAN PACIFIC LIMI COMMON 136440302 26250 1312500 SH OTHER 740800 261200 310500
CAREMARK INTERNATIONA COMMON 141704106 4585 182500 SH OTHER 125000 27500 30000
CENTERIOR ENERGY CORP COMMON 151883105 4560 570000 SH OTHER 330000 55000 185000
CENTOCOR INC COMMON 152342101 3974 110000 SH OTHER 85000 0 25000
CHAMPION INTL CORP COMMON 158525105 5068 112000 SH OTHER 53000 28000 31000
CHARTWELL RE CORP COM COMMON 16139W109 1251 55000 SH OTHER 10000 40000 5000
CHEESECAKE FACTORY IN COMMON 163072101 203 7500 SH OTHER 2500 5000 0
CHEMICAL BANKING CORP COMMON 163722101 30668 435000 SH OTHER 259400 69500 106100
CHRYSLER CORP COMMON 171196108 1463 23500 SH OTHER 15000 8500 0
CINCINNATI MILACRON I COMMON 172172108 3150 120000 SH OTHER 82500 0 37500
CINERGY CORP COMMON 172474108 2505 83500 SH OTHER 39000 39500 5000
CITICORP COMMON 173034109 68566 857079 SH OTHER 483466 187742 185871
COCA COLA ENTERPRISES COMMON 191219104 5017 162500 SH OTHER 112600 300 49600
COFLEXIP SPONSORED AD COMMON 192384105 1977 92500 SH OTHER 60000 2500 30000
COLTEC INDS INC COM COMMON 196879100 3338 275300 SH OTHER 175000 15300 85000
COMDISCO INC COMMON 200336105 664 30000 SH OTHER 10000 20000 0
COMINCO LTD COM COMMON 200435105 297 12500 SH SOLE 12500 0 0
COMMUNITY PSYCHIATRIC COMMON 204015101 2785 332500 SH OTHER 174700 81500 76300
COMSAT CORP COMMON 20564D107 2045 87500 SH OTHER 45000 27500 15000
CONE MLS CORP N C COM COMMON 206814105 3429 295000 SH OTHER 177500 50000 67500
CONSOLIDATED FREIGHTW COMMON 209237106 700 27300 SH OTHER 20000 2300 5000
COORS ADOLPH COMPANY COMMON 217016104 6793 380000 SH OTHER 240400 48000 91600
CORDIANT PLC SPONSORE COMMON 218514107 2672 475000 SH OTHER 351000 0 124000
CORESTATES FINL CORP COMMON 218695104 424 10000 SH OTHER 0 10000 0
CORNING INC COMMON 219350105 24500 700000 SH OTHER 395500 131600 172900
COTT CORP QUE COM COMMON 22163N106 765 120000 SH OTHER 50000 0 70000
CRAY RESEARCH INC COMMON 225224104 6262 215000 SH OTHER 160000 0 55000
CROWN AMERICAN RLTY T COMMON 228186102 4537 595000 SH OTHER 338300 63000 193700
CUMMINS ENGINE INC COMMON 231021106 6012 148900 SH OTHER 100600 6300 42000
CYPRUS AMAX MINERALS COMMON 232809103 2359 83500 SH OTHER 41000 32500 10000
CYTEC INDS INC COM COMMON 232820100 1901 22500 SH OTHER 12500 0 10000
DPL INC COMMON 233293109 2430 101800 SH OTHER 52500 21800 27500
DTE ENERGY CO COM COMMON 233331107 1009 30000 SH OTHER 25000 0 5000
DARDEN RESTAURANTS, I COMMON 237194105 1013 75000 SH OTHER 42500 30000 2500
DATA GEN CORP COMMON 237688106 6033 412500 SH OTHER 289000 11000 112500
DEBARTOLO RLTY CORP C COMMON 242733103 750 50000 SH SOLE 50000 0 0
DELTA AIRLINES INC COMMON 247361108 4805 62500 SH OTHER 37500 1000 24000
DELTA 7% CONV PFD CONVERT 247361306 1834 30000 SH OTHER 16500 3500 10000
DEXTER CORP COMMON 252165105 1020 38500 SH OTHER 10000 8500 20000
<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
DIGITAL EQUIPMENT COMMON 253849103 49060 892000 SH OTHER 554100 107800 230100
DISNEY WALT PRODTNS COMMON 254687106 913 14300 SH OTHER 4300 10000 0
DOW CHEMICAL COMMON 260543103 4802 55200 SH OTHER 29800 12900 12500
DRESSER INDS INC COMMON 261597108 2428 79600 SH OTHER 51500 12500 15600
DU PONT E I DE NEMOUR COMMON 263534109 6972 84000 SH OTHER 63000 5300 15700
DUN & BRADSTREET INC COMMON 264830100 4153 68500 SH OTHER 38200 11300 19000
ENI SPA FOREIGN 26874R108 8309 230000 SH OTHER 157500 14000 58500
EASTERN UTILS ASSOC COMMON 277173100 381 17700 SH OTHER 7500 8500 1700
EASTMAN KODAK COMMON 277461109 71107 1001500 SH OTHER 629800 110800 260900
ECHO BAY MINES COM COMMON 278751102 3240 239995 SH OTHER 138454 500 101041
EDISON INTERNATIONAL COMMON 281020107 1541 90000 SH OTHER 25000 65000 0
ELF AQUITAINE SPONSOR COMMON 286269105 1101 32500 SH OTHER 22000 1000 9500
ENSERCH EXPL INC COMMON 29356V100 1504 145000 SH OTHER 60000 32500 52500
ENSERCH CORP COMMON 293567103 9937 611500 SH OTHER 351600 131800 128100
ENTERGY CORP NEW COM COMMON 29364G103 4200 150000 SH OTHER 72500 57500 20000
EQUITY RESIDENTIAL PP COMMON 29476L107 313 10000 SH OTHER 2500 7500 0
ETHYL CORP COMMON 297659104 385 40000 SH OTHER 0 20000 20000
EVANS WITHYCOMBE RESI COMMON 299212100 3139 135000 SH OTHER 66400 16100 52500
EXIDE CORP COM COMMON 302051107 297 12700 SH SOLE 12700 0 0
EXXON CORP COMMON 302290101 1169 14345 SH OTHER 0 14345 0
FMC CORP NEW COMMON 302491303 12321 164000 SH OTHER 110500 3600 49900
FED HOME LOAN MTG COR COMMON 313400301 639 7500 SH OTHER 0 7500 0
FEDERAL MOGUL CORP COMMON 313549107 1211 65000 SH OTHER 40000 25000 0
FEDERATED DEPARTMENT COMMON 31410H101 12900 400000 SH OTHER 280200 12200 107600
FIRST CHICAGO NBD COR COMMON 31945A100 13288 320188 SH OTHER 216736 3224 100228
FIRST COLONY CORP COM COMMON 319741104 836 35000 SH OTHER 22500 12500 0
FIRST INTERSTATE BANC COMMON 320548100 19953 115000 SH OTHER 84600 2900 27500
FISHER SCIENTIFIC INT COMMON 338032105 6675 174500 SH OTHER 96000 31000 47500
FLEETWOOD ENTERPRISES COMMON 339099103 4022 162500 SH OTHER 107500 2500 52500
FLEMING COS INC COMMON 339130106 143 10000 SH OTHER 0 10000 0
FOOD LION INC CLASS A COMMON 344775200 1163 200000 SH OTHER 100000 0 100000
FORD MOTOR COMMON 345370100 2441 71000 SH OTHER 21000 45000 5000
FORD MOTOR CO DEPOSIT CONVERT 345370209 1008 9000 SH OTHER 4000 0 5000
FOREST OIL CORP COM N COMMON 346091606 1547 125000 SH OTHER 52500 47500 25000
FREEPORT MCMORAN COPP CONVERT 35671D600 9294 252900 SH OTHER 131800 62300 58800
FUJI PHOTO ADR NEW COMMON 359586302 289 5000 SH OTHER 0 5000 0
GTE CORP COMMON 362320103 56547 1292500 SH OTHER 788600 165500 338400
ARTHUR J GALLAGHER & COMMON 363576109 2546 70000 SH OTHER 54600 400 15000
GENCORP INC COMMON 368682100 1781 142500 SH OTHER 87500 0 55000
GENERAL ELECTRIC COMMON 369604103 22282 286120 SH OTHER 187800 25820 72500
GENERAL MTRS CORP COMMON 370442105 16428 308500 SH OTHER 168300 68800 71400
GENERAL PUB UTILS COR COMMON 370550105 1064 32500 SH OTHER 15000 17500 0
GENERAL RE CORP COMMON 370563108 510 3500 SH OTHER 1000 2500 0
GEORGIA GULF CORP COM COMMON 373200203 5063 135000 SH OTHER 87700 3500 43800
GERBER SCIENTIFIC INS COMMON 373730100 225 15000 SH SOLE 15000 0 0
GIDDINGS & LEWIS INC COMMON 375048105 5083 267500 SH OTHER 137500 48000 82000
GLAXO PLC SPONSORED A COMMON 37733W105 4188 167500 SH OTHER 116200 3800 47500
GRACE W R & CO COMMON 383883105 818 10400 SH OTHER 1900 0 8500
GREAT WESTN FINL CORP COMMON 391442100 3317 137500 SH OTHER 53700 60800 23000
GRIFFON CORP COM COMMON 398433102 5297 565000 SH OTHER 368300 15000 181700
<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
HAEMONETICS CORP COM COMMON 405024100 249 15000 SH OTHER 7500 5000 2500
HALLIBURTON CO COMMON 406216101 1792 31500 SH OTHER 16500 0 15000
HANSON TR PLC SPONSOR COMMON 411352305 29043 1952500 SH OTHER 1013600 488000 450900
HERCULES INC COMMON 427056106 620 10000 SH OTHER 4800 5200 0
HILB ROGAL & HAMILTON COMMON 431294107 1100 80000 SH OTHER 62500 0 17500
HOST MARRIOTT CORP COMMON 441078102 338 25000 SH SOLE 25000 0 0
HUNT J B TRANS SVCS I COMMON 445658107 2814 142500 SH OTHER 94500 0 48000
IMC GLOBAL INC COMMON 449669100 2281 62500 SH OTHER 30000 0 32500
ITT HARTFORD GROUP IN COMMON 45068H106 1225 25000 SH OTHER 7000 15500 2500
ITT INDS INC COM WHEN COMMON 450911102 255 10000 SH OTHER 0 10000 0
ILLANOVA CORP COM COMMON 452317100 537 19100 SH OTHER 0 19100 0
IMPERIAL OIL LTD COM COMMON 453038408 4444 112500 SH OTHER 80000 7500 25000
INCO LTD COMMON 453258402 1423 45000 SH OTHER 4000 41000 0
INFORMATION RES INC COMMON 456905108 3734 257500 SH OTHER 151500 26000 80000
INTEGRATED DEVICE TEC COMMON 458118106 796 70000 SH OTHER 37500 32500 0
INTEL CORP COMMON 458140100 10863 191000 SH OTHER 126500 33500 31000
INTERGRAPH CORP COMMON 458683109 1600 100000 SH OTHER 60000 5000 35000
INTERMET CORP COMMON 45881K104 1903 145000 SH OTHER 90000 10000 45000
INTERNATIONAL BUSINES COMMON 459200101 56571 508500 SH OTHER 303000 65300 140200
INTL FLAVORS & FRAGRA COMMON 459506101 359 7500 SH OTHER 2500 5000 0
INTERNATIONAL PAPER C COMMON 460146103 2903 73500 SH OTHER 30800 42700 0
INTL TECHNOLOGY CORP COMMON 460465107 875 350000 SH OTHER 262500 0 87500
INTERNATIONAL TECH 1. CONVERT 460465305 1380 80000 SH OTHER 67500 0 12500
IRVINE APT CMNTYS INC COMMON 463606103 1004 52500 SH OTHER 35000 0 17500
IVAX CORP COMMON 465823102 323 12500 SH OTHER 5000 5000 2500
JP RLTY INC COM COMMON 46624A106 21223 1067800 SH OTHER 704900 77800 285100
JAMES RIVER CORP COMMON 470349101 8498 330000 SH OTHER 210400 29400 90200
JR CORP SERIES P 9% CONVERT 470349887 15288 617700 SH OTHER 337000 139200 141500
JEFFERSON SMURFIT COR COMMON 475087102 362 32500 SH OTHER 20000 7500 5000
JOHN ALDEN FINL CORP COMMON 477838106 529 30000 SH OTHER 20000 0 10000
JOHN NUVEEN CO CL A COMMON 478035108 463 19000 SH OTHER 13000 4100 1900
JOHNSON & JOHNSON COMMON 478160104 5710 61900 SH OTHER 30700 18700 12500
JOSTENS INC COMMON 481088102 302 13500 SH OTHER 1000 5000 7500
K MART CORP COMMON 482584109 7641 815000 SH OTHER 451500 93000 270500
KELLOGG CO COMMON 487836108 379 5000 SH OTHER 0 5000 0
KELLWOOD COMMON 488044108 3720 240000 SH OTHER 170000 40000 30000
KERR-MCGEE CORP COMMON 492386107 1588 25000 SH OTHER 17500 2500 5000
KIMBERLY CLARK CORP COMMON 494368103 563 7570 SH OTHER 0 7570 0
LASMO ADR FOREIGN 501730204 8118 955000 SH OTHER 666700 10500 277800
LTV CORP NEW COM COMMON 501921100 618 47500 SH OTHER 25000 5000 17500
LABORATORY CORP AMER COMMON 50540R102 1968 235000 SH OTHER 135000 45000 55000
LAFARGE CORP COMMON 505862102 566 30000 SH OTHER 15000 15000 0
LANDMARK GRAPHICS COR COMMON 514913102 166 10000 SH OTHER 0 10000 0
LIBERTY CORP S C COMMON 530370105 2063 62500 SH OTHER 38500 0 24000
LIFE RE CORP COM COMMON 532160108 5910 218900 SH OTHER 150000 10000 58900
LILLY ELI & CO COMMON 532457108 17778 273500 SH OTHER 183100 22900 67500
LIMITED STORES INC COMMON 532716107 883 46450 SH OTHER 21975 21755 2720
LOEWS CORP COMMON 540424108 1623 21500 SH OTHER 6500 10000 5000
LUBRIZOL CORP COMMON 549271104 4056 137500 SH OTHER 84000 19400 34100
MCI COMMUNICATIONS CO COMMON 552673105 26318 870000 SH OTHER 498500 152300 219200
<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
MAGELLAN HEALTH SERVI COMMON 559079108 731 32500 SH OTHER 17100 1000 14400
MARSH MCLENNAN COMMON 571748102 687 7400 SH OTHER 5000 2400 0
MASCOTECH INC COM COMMON 574670105 32368 2420000 SH OTHER 1391400 440500 588100
MASCOTECH PFD DIV ENH CONVERT 574670303 1350 96400 SH OTHER 60800 25100 10500
MAXUS ENERGY CORP $4 CONVERT 577730203 541 12500 SH SOLE 12500 0 0
MAY DEPT STORES CO COMMON 577778103 362 7500 SH OTHER 5000 2500 0
MAYTAG CO COMMON 578592107 9943 485000 SH OTHER 281500 79000 124500
MCDERMOTT INTERNATION COMMON 580037109 527 27400 SH OTHER 5000 7400 15000
MELVILLE CORP COMMON 585745102 1680 46500 SH OTHER 15000 31500 0
MERCK & CO COMMON 589331107 610 9800 SH OTHER 0 4800 5000
METHANEX CORP COM COMMON 59151K108 911 135000 SH OTHER 85000 25000 25000
MICROSOFT CORP COMMON 594918104 258 2500 SH OTHER 0 2500 0
MICRON TECHNOLOGY INC COMMON 595112103 1660 52500 SH OTHER 22500 20000 10000
MINNESOTA MNG & MFG C COMMON 604059105 1034 16000 SH OTHER 5000 11000 0
MITCHELL ENERGY & DEV COMMON 606592202 1076 62400 SH OTHER 45000 5000 12400
MITCHELL ENERGY & DEV COMMON 606592301 8865 513900 SH OTHER 283600 114900 115400
MOBIL CORP COMMON 607059102 9340 80600 SH OTHER 47500 9900 23200
MOORE LTD COMMON 615785102 1365 70000 SH OTHER 50000 0 20000
MORNINGSTAR GROUP INC COMMON 617698105 4150 425000 SH OTHER 236000 35000 154000
MOTOROLA INC COMMON 620076109 1643 31000 SH OTHER 15500 8000 7500
NABISCO HLDGS CORP COMMON 629526104 328 10000 SH OTHER 2500 2500 5000
NATIONAL CITY CORP COMMON 635405103 790 22500 SH OTHER 0 22500 0
NATIONAL RE HLDGS COR COMMON 637340209 4894 145000 SH OTHER 95000 5000 45000
NATL SEMICONDUCTOR COMMON 637640103 1041 75000 SH OTHER 35000 35000 5000
NATIONAL STL CORP COMMON 637844309 2520 180000 SH OTHER 122500 12500 45000
NATIONSBANK CORP COM COMMON 638585109 6330 79000 SH OTHER 45000 10500 23500
NAVISTAR INTL CORP PF CONVERT 638901405 18355 328500 SH OTHER 209150 38000 81350
NAVISTAR INTL CORP CO COMMON 63934E108 3476 335000 SH OTHER 218000 10000 107000
NESTLES ADR FOREIGN 641069406 29728 550000 SH OTHER 390300 25200 134500
NETWORK PERIPHERALS I COMMON 64121R100 329 22500 SH OTHER 0 0 22500
NEW YORK TIMES CO CLA COMMON 650111107 1088 37500 SH OTHER 13650 10000 13850
NEWMONT GOLD CO COM COMMON 651637100 421 7500 SH OTHER 0 0 7500
NEWMONT MNG CORP COMMON 651639106 566 10000 SH OTHER 5000 2500 2500
NIAGARA MOHAWK PWR CO COMMON 653522102 11759 1775000 SH OTHER 978800 377000 419200
NOBLE AFFILIATES COMMON 654894104 367 11301 SH OTHER 10901 400 0
NORAM ENERGY CORP COM COMMON 655419109 11447 1237500 SH OTHER 804200 75500 357800
NORAM ENERGY CORP PFD CONVERT 655419208 2025 50000 SH OTHER 49000 0 1000
NORTHEAST UTILS COMMON 664397106 4424 224000 SH OTHER 137400 24400 62200
NORTH WESTERN STEEL A COMMON 668367204 2094 335000 SH OTHER 210000 42500 82500
NOVELL INC COMMON 670006105 1070 80000 SH OTHER 50000 30000 0
NYNEX CORP COMMON 670768100 599 12000 SH OTHER 2000 0 10000
OHM CORPORATION 8.000 CONVERT 670839AA7 435 500000 SH OTHER 0 0 500000
OHM CORP COM COMMON 670839109 996 135000 SH OTHER 100000 0 35000
OCCIDENTAL PETE CORP COMMON 674599105 8720 327500 SH OTHER 197700 39200 90600
OGDEN CORP COMMON 676346109 1658 85000 SH OTHER 60000 7500 17500
OHIO EDISON CO COMMON 677347106 3430 151600 SH OTHER 62900 54500 34200
ORYX ENERGY CO COMMON 68763F100 1388 100000 SH OTHER 70000 0 30000
OVERSEAS SHIPHOLDING COMMON 690368105 2975 163000 SH OTHER 100000 10000 53000
OWENS CORNING COMMON 69073F103 19862 495000 SH OTHER 313200 54000 127800
OWENS & MINOR INC NEW COMMON 690732102 2840 236700 SH OTHER 168300 25700 42700
<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
OWENS ILLINOIS COM NE COMMON 690768403 242 15000 SH SOLE 15000 0 0
PNC FINANCIAL CORP COMMON 693475105 2306 75000 SH OTHER 31500 36000 7500
PACIFIC TELESIS GROUP COMMON 694890104 3261 117500 SH OTHER 59500 38000 20000
PACIFICORP COMMON 695114108 2386 115000 SH OTHER 79000 0 36000
PANENERGY COMMON 698462108 36416 1170000 SH OTHER 768600 92200 309200
PEGASUS GOLD INC COMMON 70556K106 2523 172500 SH OTHER 147500 5000 20000
PENNZOIL CO COMMON 709903108 696 17500 SH OTHER 10000 7500 0
PEPSICO INC COMMON 713448108 1112 17580 SH OTHER 3500 11580 2500
PERRIGO CO COM COMMON 714290103 2025 150000 SH OTHER 122500 10000 17500
PETRO-CDA 1ST INSTAL COMMON 71644E300 313 50000 SH SOLE 50000 0 0
PHARMACIA & UPJOHN, I COMMON 716941109 798 20000 SH OTHER 5000 15000 0
PFIZER INC COMMON 717081103 673 10000 SH OTHER 0 10000 0
PHILIPS N V NEW YORK COMMON 718337504 1637 45000 SH OTHER 30000 5000 10000
PINKERTONS INC NEW CO COMMON 723429106 4894 225000 SH OTHER 132500 30000 62500
PITTSTON CO MINERLS G COMMON 725701205 3702 251000 SH OTHER 177500 18500 55000
PLACER DOME INC COMMON 725906101 5114 177100 SH OTHER 130200 400 46500
PRAXAIR INC COM COMMON 74005P104 758 19000 SH OTHER 17200 1800 0
PRICE / COSTCO INC CO COMMON 74143W102 26672 1422500 SH OTHER 860800 209800 351900
PROCTER & GAMBLE CO COMMON 742718109 2048 24164 SH OTHER 23500 664 0
PROVIDENT COS INC COM COMMON 743862104 532 17500 SH OTHER 7600 2400 7500
PUBLIC SVC ENTERPRISE COMMON 744573106 3559 130000 SH OTHER 57000 45000 28000
QUAKER ST CORP COMMON 747410108 995 71100 SH OTHER 45000 23600 2500
QUESTAR CORP COMMON 748356102 416 12600 SH OTHER 10000 2500 100
RJR NABISCO PFD C CONVERT 74960K884 20764 3390000 SH OTHER 1943000 754500 692500
RALCORP HOLDINGS, INC COMMON 751025107 384 15000 SH OTHER 5000 5000 5000
READING & BATES PFD 6 CONVERT 755281888 1444 25000 SH SOLE 25000 0 0
REGENCY RLTY CORP COM COMMON 758939102 675 40000 SH OTHER 32500 7500 0
RELIANCE GROUP HLDGS COMMON 759464100 21066 2675000 SH OTHER 1532000 472500 670500
REPUBLIC ENGINRD STEE COMMON 760391102 88 20000 SH SOLE 20000 0 0
REYNOLDS METALS CO COMMON 761763101 3991 67500 SH OTHER 28500 21500 17500
RIVIANA FOODS INC DEL COMMON 769536103 1222 85000 SH OTHER 52500 27500 5000
ROCHE 0% 4/20/10 CONVERT 771196AC6 3857 8500000 SH OTHER 5750000 1750000 1000000
ROCKWELL INTERNATIONA COMMON 774347108 30115 511500 SH OTHER 334500 34200 142800
ROYAL DUTCH PETE CO N COMMON 780257705 636 4500 SH OTHER 0 4500 0
RYDER SYS INC COMMON 783549108 6608 242500 SH OTHER 160100 24200 58200
SCI SYS INC COMMON 783890106 916 25000 SH SOLE 25000 0 0
SGS-THOMSON MICROELEC COMMON 784213100 3081 85000 SH OTHER 60000 12500 12500
SAFETY KLEEN CORP COMMON 786484105 216 15000 SH SOLE 15000 0 0
SALOMON INC DEC COM E COMMON 79549B511 6213 131500 SH OTHER 83700 0 47800
SANTA FE ENERGY RES I COMMON 802012104 7613 725000 SH OTHER 440500 115000 169500
SANTA FE CONV PFD A CONVERT 802012401 2391 225000 SH OTHER 140000 70000 15000
SANTA FE PAC GOLD COR COMMON 802176107 560 35000 SH OTHER 26000 0 9000
SARA LEE CORP COMMON 803111103 5835 177500 SH OTHER 99500 32500 45500
SCHERING PLOUGH CORP COMMON 806605101 312 5360 SH OTHER 0 5360 0
SCHLUMBERGER COMMON 806857108 317 4000 SH OTHER 1000 3000 0
SCOTTS CO CL A COMMON 810186106 2041 115000 SH OTHER 70500 18500 26000
SEAGATE TECHNOLOGY COMMON 811804103 821 15000 SH OTHER 10000 0 5000
SEAGRAM COMMON 811850106 405 12500 SH OTHER 0 12500 0
SEARS ROEBUCK & CO COMMON 812387108 6021 123500 SH OTHER 76700 5800 41000
SEDGWICK GROUP ADR FOREIGN 815673207 6098 587500 SH OTHER 388500 51500 147500
<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
SEQUENT COMPUTER SYS COMMON 817338106 581 50000 SH OTHER 47500 2500 0
SHERRITT GORDON LTD COMMON 824280101 3949 307500 SH OTHER 200000 40000 67500
SILICON GRAPHICS INC COMMON 827056102 1813 72500 SH OTHER 62500 5000 5000
SILICON VY GROUP INC COMMON 827066101 244 10000 SH SOLE 10000 0 0
SIMON PROPERTY GROUP COMMON 828805101 347 15000 SH OTHER 10000 0 5000
SMITHKLINE BEECHAM PL COMMON 832378400 11150 216500 SH OTHER 124500 46000 46000
SOUTHERN CO COMMON 842587107 1671 70000 SH OTHER 45600 23900 500
SOUTHERN PACIFIC RAIL COMMON 843584103 1763 75000 SH OTHER 40000 7500 27500
SOUTHWEST AIRLS CO COMMON 844741108 565 19000 SH OTHER 18500 500 0
SPRINT CORP COM COMMON 852061100 1425 37500 SH OTHER 25000 10000 2500
SPRINT EXCHANGE CONV. CONVERT 852061407 2131 55000 SH OTHER 45000 0 10000
STONE CONTAINER CORP COMMON 861589109 1618 115600 SH OTHER 70500 17500 27600
STORAGE TECHNOLOGY CO CONVERT 862111AH4 4930 4250000 SH OTHER 2490000 685000 1075000
STORAGE TECHNOLOGY CO COMMON 862111200 27105 1037500 SH OTHER 596500 216800 224200
SUMMIT PPTYS INC COM COMMON 866239106 14020 701000 SH OTHER 401100 160900 139000
SUN CO COMMON 866762107 289 10000 SH OTHER 0 10000 0
SYMANTEC CORP COM COMMON 871503108 740 57500 SH OTHER 25000 32500 0
TBC CORP COM COMMON 872180104 816 112500 SH OTHER 77500 0 35000
TIG HOLDINGS COMMON 872469101 6013 185000 SH OTHER 114000 26000 45000
TJX COS INC NEW COMMON 872540109 1309 52100 SH OTHER 32100 2500 17500
TANDEM COMPUTERS INC COMMON 875370108 25294 2850000 SH OTHER 1685500 455500 709000
TELE COMMUNICATIONS I COMMON 87924V101 6961 375010 SH OTHER 209300 62510 103200
TELE COMMUNICATIONS I COMMON 87924V507 989 37500 SH OTHER 17500 15000 5000
TELEDYNE INC COMMON 879335107 30100 1075000 SH OTHER 670300 125000 279700
TELEDYNE INC PFD SER PREFERR 879335602 869 59943 SH OTHER 36128 8584 15231
TEMPLE INLAND INC COMMON 879868107 1359 29000 SH OTHER 20200 7300 1500
TENET HEALTH CARE COMMON 88033G100 1785 85000 SH OTHER 37500 12500 35000
TENNECO INC COMMON 880370101 12991 232500 SH OTHER 128500 43700 60300
TERADYNE INC COMMON 880770102 469 28000 SH OTHER 23000 0 5000
TEXACO INC COMMON 881694103 5702 66500 SH OTHER 38500 13000 15000
TEXAS INSTRUMENTS INC COMMON 882508104 763 15000 SH OTHER 10000 0 5000
TEXAS UTILS CO COMMON 882848104 5689 137500 SH OTHER 42000 68000 27500
TIME WARNER FING TR P COMMON 88731L203 2683 72500 SH OTHER 30000 32500 10000
TIME WARNER INC COMMON 887315109 204 5000 SH OTHER 0 5000 0
TOTAL S A SPONSORED A COMMON 89151E109 1105 32500 SH OTHER 10000 11500 11000
TOYS R US COMMON 892335100 270 10000 SH OTHER 0 10000 0
TRANSAMERICA CORP COMMON 893485102 14863 198500 SH OTHER 132100 13300 53100
TRANSCANADA PIPELINES COMMON 893526103 7562 545000 SH OTHER 352300 57400 135300
TRAVELERS INC COMMON 894190107 22611 342594 SH OTHER 214634 36060 91900
UAL CORP COM COMMON 902549500 834 4000 SH OTHER 0 4000 0
USX MARATHON GROUP CO COMMON 902905827 30896 1605000 SH OTHER 854300 412000 338700
US F&G CORP COMMON 903290104 14841 957500 SH OTHER 515700 216800 225000
USG CORP COMMON 903293405 1269 50000 SH SOLE 50000 0 0
USX US STEEL GROUP CO COMMON 90337T101 6059 175000 SH OTHER 101800 20000 53200
UNILEVER N V COMMON 904784501 2240 16500 SH OTHER 8000 8500 0
UNICOM CORP COM COMMON 904911104 7763 287500 SH OTHER 88000 167000 32500
UNION CARBIDE CORP COMMON 905581104 223 4500 SH SOLE 4500 0 0
UNION PAC CORP COMMON 907818108 240 3500 SH OTHER 0 3500 0
UNION TEX PETE HLDGS COMMON 908640105 5777 292500 SH OTHER 158500 71500 62500
U S AIR GROUP INC COMMON 911905107 411 22500 SH SOLE 22500 0 0
<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
U S AIR CONV PFD 8.75 CONVERT 911905305 6909 133500 SH OTHER 75500 30200 27800
U S WEST INC COMMON 912889102 8777 271100 SH OTHER 146000 62100 63000
U S WEST INC COM-MEDI COMMON 912889201 5528 268000 SH OTHER 165000 46100 56900
UNITED TECHNOLOGIES C COMMON 913017109 26323 234500 SH OTHER 176700 22300 35500
UNOCAL CORP COMMON 915289102 27702 830000 SH OTHER 477000 152900 200100
UNOCAL 7% CONV PREFER CONVERT 915289201 10170 180000 SH OTHER 111000 34700 34300
USLIFE CORP COMMON 917318107 881 30000 SH OTHER 20000 0 10000
VLSI TECH 8.250% 10/0 CONVERT 918270AB5 9325 100000 SH OTHER 49500 18500 32000
VLSI TECHNOLOGY INC COMMON 918270109 161 12500 SH OTHER 7500 5000 0
VINTAGE PETE INC COMMON 927460105 1223 60000 SH OTHER 32500 25000 2500
WMX TECHNOLOGIES INC COMMON 92929Q107 54531 1717500 SH OTHER 935000 379500 403000
WACKENHUT CORP COM SE COMMON 929794303 664 41500 SH OTHER 20000 0 21500
WAL MART STORES INC COMMON 931142103 16215 705000 SH OTHER 353100 214400 137500
WALDEN RESIDENTIAL PP COMMON 931210108 13563 620000 SH OTHER 378400 94900 146700
WASHINGTON NATL CORP COMMON 939339107 6754 252500 SH OTHER 171300 700 80500
WEIRTON STL CORP COM COMMON 948774104 3640 910000 SH OTHER 580000 65000 265000
WELLMAN INC COMMON 949702104 7168 305000 SH OTHER 181600 31800 91600
WELLS FARGO & CO COMMON 949740104 653 2500 SH OTHER 0 2500 0
WENDYS INTERNATIONAL COMMON 950590109 1948 107500 SH OTHER 47000 35500 25000
WESTCOAST ENERGY COMMON 95751D102 10285 680000 SH OTHER 383400 128500 168100
WESTERN ATLAS INC COM COMMON 957674104 210 3500 SH SOLE 3500 0 0
WESTINGHOUSE ELEC COR COMMON 960402105 8622 445000 SH OTHER 285500 44000 115500
WESTINGHOUSE PFD CONVERT 960402709 54375 3000000 SH OTHER 1768700 505000 726300
WEYERHAEUSER CO COMMON 962166104 10493 227500 SH OTHER 145300 19500 62700
WHEELABRATOR TECH INC COMMON 962901302 1039 62500 SH OTHER 22500 22500 17500
WILLIAMS SONOMA INC C COMMON 969904101 2218 97500 SH OTHER 62500 0 35000
WILLIS CORROON PLC AD COMMON 970624201 10055 812500 SH OTHER 559800 72600 180100
XEROX CORP COMMON 984121103 10103 80500 SH OTHER 55900 3300 21300
YPF SOCIEDAD ANONIMA FOREIGN 984245100 2918 145000 SH OTHER 102200 4500 38300
ZEIGLER COAL HLDG CO COMMON 989286109 544 37500 SH OTHER 12500 12500 12500
ZURICH REINS CNTRE HL COMMON 989822101 1060 32500 SH OTHER 12500 10000 10000
REPORT SUMMARY 381 DATA RECORDS 2328094 3 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
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