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<TABLE>
<C> <C>
<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 06/30/96
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
J RAY MCDERMOTT S A COMMON P64658100 438 17500 SH OTHER 15000 0 2500
AMLI RESIDENTIAL PROP COMMON 001735109 2075 100000 SH OTHER 70000 5000 25000
AMR CORP COMMON 001765106 14879 163500 SH OTHER 102600 19900 41000
AT & T CORP. COMMON 001957109 8897 143501 SH OTHER 86101 20800 36600
ABITIBI PRICE IND COMMON 003680105 307 22500 SH SOLE 0 22500 0
ADVANCED MICRO DEVICE COMMON 007903107 831 61000 SH OTHER 35000 22500 3500
AETNA LIFE & CAS CO COMMON 008140105 14729 206000 SH OTHER 132300 22300 51400
AIR TOUCH COMMUNICATI COMMON 00949T100 1624 57500 SH OTHER 50000 0 7500
ALBEMARLE CORP COM COMMON 012653101 2738 150000 SH OTHER 100000 10000 40000
ALCAN ALUMINIUM LTD COMMON 013716105 2898 95000 SH OTHER 42500 37500 15000
ALEXANDER & ALEXANDER COMMON 014476105 20145 1020000 SH OTHER 684000 59300 276700
ALEXANDER & ALEXANDER CONVERT 014476501 12960 270000 SH OTHER 182700 8500 78800
ALLERGAN INC COMMON 018490102 4345 110000 SH OTHER 78000 14200 17800
ALLMERICA FINL CORP C COMMON 019754100 2091 70000 SH OTHER 37500 27500 5000
ALLSTATE COMMON 020002101 17567 385027 SH OTHER 234731 44268 106028
ALPHARMA INC CL A COMMON 020813101 696 35000 SH OTHER 5000 15000 15000
AMCOL INTL CORP COMMON 02341W103 8092 535000 SH OTHER 292000 85500 157500
AMERADA HESS CORP COMMON 023551104 7615 142000 SH OTHER 89600 13400 39000
AMERICAN BRANDS INC COMMON 024703100 3517 77500 SH OTHER 27500 32500 17500
AMERICAN EXPRESS COMMON 025816109 32799 735000 SH OTHER 444800 107100 183100
AMERICAN GREETINGS CO COMMON 026375105 11087 405000 SH OTHER 218200 86300 100500
AMERICAN SAFETY RAZOR COMMON 029362100 2025 200000 SH OTHER 135000 5000 60000
AMERICAN STORES COMMON 030096101 9169 225000 SH OTHER 138700 34300 52000
ANHEUSER BUSCH COS IN COMMON 035229103 4088 54500 SH OTHER 36000 13500 5000
APACHE CORP COMMON 037411105 493 15000 SH SOLE 15000 0 0
ARCHER DANIELS MIDLAN COMMON 039483102 1576 82425 SH OTHER 52300 12625 17500
ARMCO INC COMMON 042170100 1000 200000 SH OTHER 160000 0 40000
ARMCO CONV. PFD. 7.25 CONVERT 042170407 2843 60000 SH OTHER 32800 6000 21200
ASARCO INC COMMON 043413103 1707 61500 SH OTHER 36500 20000 5000
ASHLAND 3.125% CONV P CONVERT 044204204 5078 79500 SH OTHER 63500 1000 15000
ASTRA AB COMMON 046298105 656 15000 SH OTHER 5000 10000 0
ATLANTIC RICHFIELD CO COMMON 048825103 2069 17500 SH OTHER 7500 10000 0
ATLANTIC RICHFIELD PF CONVERT 048825137 914 37500 SH SOLE 37500 0 0
AU BON PAIN INC COMMON 050103100 755 100600 SH OTHER 55500 24100 21000
AVNET COMMON 053807103 18215 432400 SH OTHER 290600 26700 115100
BAT INDUST SPONSORED COMMON 055270508 698 44150 SH OTHER 36300 350 7500
BCE INC COMMON 05534B109 790 20000 SH SOLE 20000 0 0
BANK BOSTON COPR COMMON 060716107 1980 40000 SH OTHER 20000 0 20000
BANKAMERICA CORP COMMON 066050105 4419 58337 SH OTHER 13337 25000 20000
BATTLE MTN GOLD CONV CONVERT 071593305 245 5000 SH SOLE 5000 0 0
BAXTER INTL INC COMMON 071813109 30240 640000 SH OTHER 437900 31400 170700
BAY NETWORK COMMON 072510100 386 15000 SH OTHER 10000 5000 0
BAYER AG SPONS ADR FOREIGN 072730302 2560 72500 SH OTHER 30000 17500 25000
BELL ATLANTIC CORP COMMON 077853109 2550 40000 SH OTHER 29700 300 10000
BETHLEHEM STL CORP COMMON 087509105 891 75000 SH OTHER 37500 20000 17500
BEVERLY ENTERPRISES COMMON 087851101 10230 852500 SH OTHER 519800 131000 201700
BLACK & DECKER CORP COMMON 091797100 16898 437500 SH OTHER 307300 9200 121000
BLOCK H & R INC COMMON 093671105 11053 337500 SH OTHER 175500 90300 71700
BOEING CO COMMON 097023105 514 5900 SH SOLE 5900 0 0
BOISE CASCADE PFD G CONVERT 097383863 2211 72500 SH OTHER 52500 20000 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
BORDEN CHEM & PLASTIC COMMON 099541203 2197 211800 SH OTHER 135000 14300 62500
BOSTON EDISON CO COMMON 100599109 1040 40800 SH OTHER 5000 35800 0
BRASCAN LTD CL A COMMON 105502405 938 50000 SH OTHER 40000 0 10000
FIRST CENTRAL FINANCI CONVERT 109228006 270 270000 SH SOLE 0 0 270000
BRISTOL MYERS SQUIBB COMMON 110122108 720 8000 SH OTHER 5500 2500 0
BROWNING FERRIS INDS COMMON 115885105 435 15000 SH OTHER 0 7500 7500
BURLINGTON INDS INC N COMMON 121693105 3884 275000 SH OTHER 190000 25000 60000
BURLINGTON RESOURCES COMMON 122014103 538 12500 SH OTHER 1500 6000 5000
CIGNA CORP COMMON 125509109 8428 71500 SH OTHER 53000 3300 15200
CMS ENERGY CORP COMMON 125896100 2306 74700 SH OTHER 54700 7400 12600
CABOT OIL & GAS CORP COMMON 127097103 514 30000 SH OTHER 2500 2500 25000
CANADIAN PACIFIC LIMI COMMON 136440302 27390 1245000 SH OTHER 710800 233700 300500
CANYON RES CORP COM COMMON 138869102 884 321477 SH SOLE 321477 0 0
CAREMARK INTERNATIONA COMMON 141704106 4671 185000 SH OTHER 127500 22500 35000
CENTERIOR ENERGY CORP COMMON 151883105 3450 460000 SH OTHER 255000 35000 170000
CENTOCOR INC COMMON 152342101 1927 64500 SH SOLE 64500 0 0
CHAMPION INTL CORP COMMON 158525105 4488 107500 SH OTHER 52000 27000 28500
CHARTWELL RE CORP COM COMMON 16139W109 5166 233500 SH OTHER 107100 90600 35800
CHASE MANHATTAN CORPO COMMON 16161A108 48303 683936 SH OTHER 425964 96328 161644
CHRYSLER CORP COMMON 171196108 1250 20000 SH OTHER 15000 5000 0
CINCINNATI MILACRON I COMMON 172172108 19320 805000 SH OTHER 432500 207300 165200
CINERGY CORP COMMON 172474108 2320 72500 SH OTHER 30000 37500 5000
CITICORP COMMON 173034109 68195 824107 SH OTHER 472546 173742 177819
COCA COLA ENTERPRISES COMMON 191219104 4588 132500 SH OTHER 92600 300 39600
COFLEXIP SPONSORED AD COMMON 192384105 3475 200000 SH OTHER 122000 31000 47000
COLTEC INDS INC COM COMMON 196879100 3923 275300 SH OTHER 175000 15300 85000
COMMUNITY PSYCHIATRIC COMMON 204015101 2969 312500 SH OTHER 165500 71500 75500
COMSAT CORP COMMON 20564D107 1040 40000 SH OTHER 7500 22500 10000
CONE MLS CORP N C COM COMMON 206814105 3375 300000 SH OTHER 182500 50000 67500
CONSOLIDATED EDISON N COMMON 209111103 878 30000 SH OTHER 5000 25000 0
CONSOLIDATED FREIGHTW COMMON 209237106 528 25000 SH OTHER 20000 0 5000
COORS ADOLPH COMPANY COMMON 217016104 6748 377500 SH OTHER 237900 50500 89100
CORDIANT PLC SPONSORE COMMON 218514107 2325 465000 SH OTHER 350000 0 115000
CORNING INC COMMON 219350105 25711 670000 SH OTHER 383000 126600 160400
COTT CORP QUE COM COMMON 22163N106 150 16000 SH SOLE 0 0 16000
CROWN AMERICAN RLTY T COMMON 228186102 4611 595000 SH OTHER 338300 68000 188700
CUMMINS ENGINE INC COMMON 231021106 5410 134000 SH OTHER 92100 2900 39000
CYPRUS AMAX MINERALS COMMON 232809103 1773 77500 SH OTHER 37500 30000 10000
DPL INC COMMON 233293109 2360 96800 SH OTHER 50000 21800 25000
DTE ENERGY CO COM COMMON 233331107 926 30000 SH OTHER 25000 0 5000
DARDEN RESTAURANTS, I COMMON 237194105 3724 346400 SH OTHER 167500 100100 78800
DASSAULT SYS S A SPON COMMON 237545108 543 17500 SH OTHER 10000 7500 0
DATA GEN CORP COMMON 237688106 5199 399900 SH OTHER 283900 13500 102500
DEBARTOLO RLTY CORP C COMMON 242733103 806 50000 SH SOLE 50000 0 0
DELTA AIRLINES INC COMMON 247361108 4648 56000 SH OTHER 32500 1000 22500
DELTA 7% CONV PFD CONVERT 247361306 1890 30000 SH OTHER 16500 3500 10000
DEVON ENERGY CORP COM COMMON 251799102 316 12900 SH OTHER 0 2900 10000
DEXTER CORP COMMON 252165105 595 20000 SH OTHER 2500 2500 15000
DIGITAL EQUIPMENT COMMON 253849103 40816 904500 SH OTHER 552800 125800 225900
DISNEY WALT PRODTNS COMMON 254687106 1179 18750 SH OTHER 4250 13500 1000
<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
DOW CHEMICAL COMMON 260543103 3990 52500 SH OTHER 29300 10700 12500
DRESSER INDS INC COMMON 261597108 2201 74600 SH OTHER 51500 10000 13100
DU PONT E I DE NEMOUR COMMON 263534109 6330 80000 SH OTHER 60500 4300 15200
DUN & BRADSTREET INC COMMON 264830100 4375 70000 SH OTHER 35200 14800 20000
ENI SPA FOREIGN 26874R108 2100 42000 SH OTHER 40000 2000 0
EASTERN UTILS ASSOC COMMON 277173100 1219 62500 SH OTHER 14000 44500 4000
EASTMAN KODAK COMMON 277461109 73474 945000 SH OTHER 595800 107300 241900
ECHO BAY MINES COM COMMON 278751102 2495 232125 SH OTHER 135544 500 96081
EDISON INTERNATIONAL COMMON 281020107 2644 150000 SH OTHER 50000 85000 15000
ELF AQUITAINE SPONSOR COMMON 286269105 1194 32500 SH OTHER 22000 1000 9500
ENSERCH EXPL INC COMMON 29356V100 1387 127500 SH OTHER 47500 32500 47500
ENRON OIL & GAS CO CO COMMON 293562104 348 12500 SH OTHER 5000 1000 6500
ENSERCH CORP COMMON 293567103 12828 589800 SH OTHER 338900 128800 122100
ENTERGY CORP NEW COM COMMON 29364G103 4540 160000 SH OTHER 75000 65000 20000
EQUITY RESIDENTIAL PP COMMON 29476L107 247 7500 SH SOLE 0 7500 0
ETHYL CORP COMMON 297659104 337 35000 SH OTHER 0 20000 15000
EVANS WITHYCOMBE RESI COMMON 299212100 2714 130000 SH OTHER 66400 16100 47500
EXXON CORP COMMON 302290101 1246 14345 SH SOLE 0 14345 0
FMC CORP NEW COMMON 302491303 12724 195000 SH OTHER 122300 19300 53400
FED HOME LOAN MTG COR COMMON 313400301 428 5000 SH SOLE 0 5000 0
FEDERAL MOGUL CORP COMMON 313549107 1194 65000 SH OTHER 40000 25000 0
FEDERATED DEPARTMENT COMMON 31410H101 13222 387450 SH OTHER 275150 9700 102600
FIRST CHICAGO NBD COR COMMON 31945A100 11329 289560 SH OTHER 200483 3224 85853
FIRST COLONY CORP COM COMMON 319741104 1163 37500 SH OTHER 25000 12500 0
FISHER SCIENTIFIC INT COMMON 338032105 5438 145000 SH OTHER 85000 20000 40000
FLEETWOOD ENTERPRISES COMMON 339099103 4495 145000 SH OTHER 95000 0 50000
FLEMING COS INC COMMON 339130106 144 10000 SH SOLE 0 10000 0
FOOD LION INC CLASS A COMMON 344775200 397 50000 SH SOLE 50000 0 0
FORD MOTOR COMMON 345370100 2023 62500 SH OTHER 20000 42500 0
FORD MOTOR CO DEPOSIT CONVERT 345370209 956 9000 SH OTHER 4000 0 5000
FOREST OIL CORP COM N COMMON 346091606 1499 110000 SH OTHER 42500 42500 25000
FREEPORT MCMORAN COPP CONVERT 35671D600 10057 291500 SH OTHER 157300 66900 67300
FUJI PHOTO ADR NEW COMMON 359586302 319 10000 SH SOLE 0 10000 0
GTE CORP COMMON 362320103 56497 1262500 SH OTHER 776100 170500 315900
ARTHUR J GALLAGHER & COMMON 363576109 2096 65500 SH OTHER 50100 400 15000
GENCORP INC COMMON 368682100 1513 100000 SH OTHER 60000 0 40000
GENERAL ELECTRIC COMMON 369604103 23943 276000 SH OTHER 182000 25000 69000
GENERAL MTRS CORP COMMON 370442105 15713 300000 SH OTHER 167300 63800 68900
GENERAL PUB UTILS COR COMMON 370550105 969 27500 SH OTHER 10000 17500 0
GENERAL RE CORP COMMON 370563108 381 2500 SH SOLE 0 2500 0
GEORGIA GULF CORP COM COMMON 373200203 3803 130000 SH OTHER 85200 3500 41300
GERBER SCIENTIFIC INS COMMON 373730100 242 15000 SH SOLE 15000 0 0
GIDDINGS & LEWIS INC COMMON 375048105 4306 265000 SH OTHER 135000 48000 82000
GLAXO PLC SPONSORED A COMMON 37733W105 4213 157500 SH OTHER 108700 3800 45000
GRACE W R & CO COMMON 383883105 312 4400 SH OTHER 1900 0 2500
GREAT WESTN FINL CORP COMMON 391442100 3223 135000 SH OTHER 53700 60800 20500
GRIFFON CORP COM COMMON 398433102 4266 525000 SH OTHER 343300 15000 166700
HAEMONETICS CORP COM COMMON 405024100 947 51900 SH OTHER 24000 5000 22900
HALLIBURTON CO COMMON 406216101 1665 30000 SH OTHER 15000 0 15000
HANSON TR PLC SPONSOR COMMON 411352305 40647 2865000 SH OTHER 1535400 609000 720600
<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
HECLA MNG CO COMMON 422704106 263 37500 SH OTHER 12500 25000 0
HERCULES INC COMMON 427056106 354 6400 SH OTHER 3700 2700 0
HILB ROGAL & HAMILTON COMMON 431294107 902 65000 SH OTHER 50000 0 15000
HOST MARRIOTT CORP COMMON 441078102 195 15000 SH SOLE 15000 0 0
HUNT J B TRANS SVCS I COMMON 445658107 2766 132500 SH OTHER 87000 0 45500
IMC GLOBAL INC COMMON 449669100 1787 47500 SH OTHER 27500 0 20000
ITT HARTFORD GROUP IN COMMON 45068H106 799 15000 SH OTHER 2500 10000 2500
ITT INDS INC COM WHEN COMMON 450911102 440 17500 SH SOLE 0 17500 0
ILLANOVA CORP COM COMMON 452317100 549 19100 SH SOLE 0 19100 0
IMMULOGIC PHARMACEUTI COMMON 45252R100 1766 193500 SH OTHER 50000 76000 67500
IMPERIAL OIL LTD COM COMMON 453038408 3908 92500 SH OTHER 65000 7500 20000
INCO LTD COMMON 453258402 1451 45000 SH OTHER 4000 41000 0
INFORMATION RES INC COMMON 456905108 5255 429000 SH OTHER 230000 78500 120500
INTEGRATED DEVICE TEC COMMON 458118106 468 44000 SH OTHER 19000 25000 0
INTEL CORP COMMON 458140100 13402 182500 SH OTHER 120000 32500 30000
INTERGRAPH CORP COMMON 458683109 18673 1540000 SH OTHER 856300 318200 365500
INTERMET CORP COMMON 45881K104 1463 105000 SH OTHER 70000 0 35000
INTERNATIONAL BUSINES COMMON 459200101 46530 470000 SH OTHER 285700 61600 122700
INTL FLAVORS & FRAGRA COMMON 459506101 238 5000 SH SOLE 0 5000 0
INTERNATIONAL PAPER C COMMON 460146103 2655 72000 SH OTHER 30500 41500 0
INTL TECHNOLOGY CORP COMMON 460465107 756 275000 SH OTHER 212500 0 62500
INTERNATIONAL TECH 1. CONVERT 460465305 1480 80000 SH OTHER 67500 0 12500
IRVINE APT CMNTYS INC COMMON 463606103 1057 52500 SH OTHER 35000 0 17500
IVAX CORP COMMON 465823102 2024 128500 SH OTHER 53500 30000 45000
JP RLTY INC COM COMMON 46624A106 23192 1085000 SH OTHER 706100 98800 280100
JAMES RIVER CORP COMMON 470349101 8242 312500 SH OTHER 200400 26900 85200
JR CORP SERIES P 9% CONVERT 470349887 15597 617700 SH OTHER 337000 146700 134000
JEFFERSON SMURFIT COR COMMON 475087102 272 25000 SH OTHER 17500 7500 0
JOHN ALDEN FINL CORP COMMON 477838106 443 20000 SH OTHER 10000 0 10000
JOHN NUVEEN CO CL A COMMON 478035108 440 17700 SH OTHER 12200 4100 1400
JOHNSON & JOHNSON COMMON 478160104 6128 123800 SH OTHER 61400 37400 25000
JOSTENS INC COMMON 481088102 389 19700 SH OTHER 3500 6700 9500
K MART CORP COMMON 482584109 1856 150000 SH OTHER 122500 2500 25000
K2 INC COM COMMON 482732104 543 20000 SH SOLE 20000 0 0
KELLWOOD COMMON 488044108 3721 202500 SH OTHER 152500 35000 15000
KERR-MCGEE CORP COMMON 492386107 1065 17500 SH OTHER 15000 0 2500
KIMBERLY CLARK CORP COMMON 494368103 469 6070 SH SOLE 0 6070 0
LASMO ADR FOREIGN 501730204 7460 932500 SH OTHER 654200 10500 267800
LTV CORP NEW COM COMMON 501921100 512 45000 SH OTHER 25000 5000 15000
LABORATORY CORP AMER COMMON 50540R102 2044 272500 SH OTHER 160000 52500 60000
LAFARGE CORP COMMON 505862102 557 27500 SH OTHER 12500 15000 0
LANDMARK GRAPHICS COR COMMON 514913102 193 10000 SH SOLE 0 10000 0
LIBERTY CORP S C COMMON 530370105 1857 58500 SH OTHER 36000 0 22500
LIFE RE CORP COM COMMON 532160108 4940 160000 SH OTHER 120000 5000 35000
LILLY ELI & CO COMMON 532457108 16900 260000 SH OTHER 172100 24400 63500
LIMITED STORES INC COMMON 532716107 952 44298 SH OTHER 15219 27719 1360
LINCOLN NATL CORP IND COMMON 534187109 278 6000 SH OTHER 2500 3500 0
LOEWS CORP COMMON 540424108 2169 27500 SH OTHER 7500 13500 6500
LUBRIZOL CORP COMMON 549271104 4101 135000 SH OTHER 84000 19400 31600
MCN CORP PFD IDE SECS CONVERT 55267J209 383 15000 SH SOLE 15000 0 0
<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 20116 785000 SH OTHER 456000 132300 196700
MAGELLAN HEALTH SERVI COMMON 559079108 753 35000 SH OTHER 17100 1000 16900
MARSH MCLENNAN COMMON 571748102 714 7400 SH OTHER 5000 2400 0
MASCOTECH INC COM COMMON 574670105 35216 2387500 SH OTHER 1390100 442000 555400
MASCOTECH PFD DIV ENH CONVERT 574670303 1536 102400 SH OTHER 60800 31100 10500
MAXUS ENERGY CORP $4 CONVERT 577730203 622 12500 SH SOLE 12500 0 0
MAY DEPT STORES CO COMMON 577778103 394 9000 SH OTHER 5000 4000 0
MAYTAG CO COMMON 578592107 10330 489000 SH OTHER 278000 91500 119500
MCCLATCHY NEWSPAPERS COMMON 579489105 746 27000 SH OTHER 5000 17000 5000
MCDERMOTT INTERNATION COMMON 580037109 2294 109900 SH OTHER 36000 38900 35000
MELVILLE CORP COMMON 585745102 911 22500 SH OTHER 7500 15000 0
MERCK & CO COMMON 589331107 633 9800 SH OTHER 0 4800 5000
METHANEX CORP COM COMMON 59151K108 975 130000 SH OTHER 80000 25000 25000
MICROSOFT CORP COMMON 594918104 300 2500 SH SOLE 0 2500 0
MICRON TECHNOLOGY INC COMMON 595112103 841 32500 SH OTHER 12500 15000 5000
MINNESOTA MNG & MFG C COMMON 604059105 723 10500 SH OTHER 2500 8000 0
MITCHELL ENERGY & DEV COMMON 606592202 1444 75000 SH OTHER 50000 10000 15000
MITCHELL ENERGY & DEV COMMON 606592301 13279 698900 SH OTHER 404300 126400 168200
MOBIL CORP COMMON 607059102 8945 79600 SH OTHER 47500 9900 22200
MOORE LTD COMMON 615785102 1274 67500 SH OTHER 47500 0 20000
MORNINGSTAR GROUP INC COMMON 617698105 4506 405000 SH OTHER 231000 20000 154000
MOTOROLA INC COMMON 620076109 1632 26000 SH OTHER 10000 8500 7500
NATIONAL CITY CORP COMMON 635405103 439 12500 SH SOLE 0 12500 0
NATIONAL RE HLDGS COR COMMON 637340209 3964 105000 SH OTHER 75000 0 30000
NATL SEMICONDUCTOR COMMON 637640103 1201 77500 SH OTHER 37500 35000 5000
NATIONAL STL CORP COMMON 637844309 1930 177500 SH OTHER 122500 12500 42500
NATIONSBANK CORP COM COMMON 638585109 6280 76000 SH OTHER 43500 9500 23000
NAVISTAR INTL CORP PF CONVERT 638901405 18156 326400 SH OTHER 209150 38400 78850
NAVISTAR INTL CORP CO COMMON 63934E108 3160 320000 SH OTHER 208000 10000 102000
NESTLES ADR FOREIGN 641069406 31166 546000 SH OTHER 390000 26500 129500
NEW YORK TIMES CO CLA COMMON 650111107 672 20600 SH OTHER 10600 0 10000
NEWMONT GOLD CO COM COMMON 651637100 378 7500 SH SOLE 0 0 7500
NEWMONT MNG CORP COMMON 651639106 370 7500 SH OTHER 5000 2500 0
NIAGARA MOHAWK PWR CO COMMON 653522102 13950 1800000 SH OTHER 1006300 374500 419200
NOBLE AFFILIATES COMMON 654894104 427 11301 SH OTHER 10901 400 0
NORAM ENERGY CORP COM COMMON 655419109 12398 1140000 SH OTHER 767000 50500 322500
NORAM ENERGY CORP PFD CONVERT 655419208 1906 50000 SH OTHER 49000 0 1000
NORTHEAST UTILS COMMON 664397106 2995 223900 SH OTHER 124000 37000 62900
NORTH WESTERN STEEL A COMMON 668367204 1586 295000 SH OTHER 190000 35000 70000
NOVELL INC COMMON 670006105 902 65000 SH OTHER 45000 20000 0
NYNEX CORP COMMON 670768100 570 12000 SH OTHER 2000 0 10000
OHM CORPORATION 8.000 CONVERT 670839AA7 430 500000 SH SOLE 0 0 500000
OHM CORP COM COMMON 670839109 770 110000 SH OTHER 85000 0 25000
OCCIDENTAL PETE CORP COMMON 674599105 7858 317500 SH OTHER 194200 36700 86600
OFFICE DEPOT INC COM COMMON 676220106 405 20000 SH OTHER 5000 0 15000
OGDEN CORP COMMON 676346109 2039 112500 SH OTHER 70000 30000 12500
OHIO EDISON CO COMMON 677347106 4539 207500 SH OTHER 69200 80400 57900
ORYX ENERGY CO COMMON 68763F100 1219 75000 SH OTHER 50000 0 25000
OVERSEAS SHIPHOLDING COMMON 690368105 2900 160000 SH OTHER 100000 10000 50000
OWENS CORNING COMMON 69073F103 23285 541500 SH OTHER 315900 93500 132100
<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 & MINOR INC NEW COMMON 690732102 4162 358000 SH OTHER 195500 62300 100200
OWENS ILLINOIS COM NE COMMON 690768403 240 15000 SH SOLE 15000 0 0
PNC FINANCIAL CORP COMMON 693475105 3942 132500 SH OTHER 56500 43500 32500
PACIFIC TELESIS GROUP COMMON 694890104 3966 117500 SH OTHER 59500 38000 20000
PACIFICORP COMMON 695114108 3845 172800 SH OTHER 84800 40500 47500
PANENERGY CORP COM COMMON 697926103 36984 1125000 SH OTHER 749600 92200 283200
PEGASUS GOLD INC COMMON 70556K106 2052 167500 SH OTHER 142500 5000 20000
PENNZOIL CO COMMON 709903108 624 13500 SH OTHER 8500 5000 0
PEPSICO INC COMMON 713448108 1106 31160 SH OTHER 7000 19160 5000
PERRIGO CO COM COMMON 714290103 1969 175000 SH OTHER 122500 22500 30000
PHARMACIA & UPJOHN, I COMMON 716941109 998 22500 SH OTHER 5000 17500 0
PFIZER INC COMMON 717081103 642 9000 SH SOLE 0 9000 0
PHILIPS N V NEW YORK COMMON 718337504 1387 42500 SH OTHER 27500 5000 10000
PINKERTONS INC NEW CO COMMON 723429106 4625 200000 SH OTHER 125000 17500 57500
PITTSTON CO MINERLS G COMMON 725701205 3281 250000 SH OTHER 180000 19000 51000
PLACER DOME INC COMMON 725906101 3880 162500 SH OTHER 121600 400 40500
PRAXAIR INC COM COMMON 74005P104 317 7500 SH OTHER 6500 1000 0
PRICE / COSTCO INC CO COMMON 74143W102 26977 1247500 SH OTHER 749600 171500 326400
PROCTER & GAMBLE CO COMMON 742718109 2099 23164 SH OTHER 22500 664 0
PROVIDENT COS INC COM COMMON 743862104 289 7800 SH OTHER 2600 200 5000
PUBLIC SVC ENTERPRISE COMMON 744573106 3520 128000 SH OTHER 55000 45000 28000
QUAKER ST CORP COMMON 747410108 992 66100 SH OTHER 40000 23600 2500
QUESTAR CORP COMMON 748356102 340 10000 SH OTHER 7500 2500 0
RJR NABISCO PFD C CONVERT 74960K884 21970 3380000 SH OTHER 1945500 754500 680000
READING & BATES PFD 6 CONVERT 755281888 1482 22500 SH SOLE 22500 0 0
REGENCY RLTY CORP COM COMMON 758939102 783 37500 SH OTHER 32500 5000 0
RELIANCE GROUP HLDGS COMMON 759464100 19875 2650000 SH OTHER 1532000 472500 645500
REPUBLIC NY CORP COMMON 760719104 1245 20000 SH OTHER 0 17500 2500
REYNOLDS METALS CO COMMON 761763101 3857 74000 SH OTHER 30000 27500 16500
RIVIANA FOODS INC DEL COMMON 769536103 998 66000 SH OTHER 41000 20000 5000
ROCHE 0% 4/20/10 CONVERT 771196AC6 3591 8500000 SH OTHER 5750000 1750000 1000000
ROCKWELL INTERNATIONA COMMON 774347108 28831 502500 SH OTHER 333000 34200 135300
ROYAL DUTCH PETE CO N COMMON 780257705 692 4500 SH SOLE 0 4500 0
RYDER SYS INC COMMON 783549108 6258 222500 SH OTHER 150100 19200 53200
SBC COMMUNICATIONS, I COMMON 78387G103 2339 47500 SH OTHER 4000 32700 10800
SGS-THOMSON MICROELEC COMMON 784213100 1256 35000 SH OTHER 30000 0 5000
SYNC RESH INC COM COMMON 785065103 428 30000 SH SOLE 30000 0 0
SAFETY KLEEN CORP COMMON 786484105 438 25000 SH OTHER 12500 7500 5000
SALOMON INC DEC COM E COMMON 79549B511 5837 129000 SH OTHER 83700 0 45300
SANTA FE ENERGY RES I COMMON 802012104 6531 550000 SH OTHER 375000 50000 125000
SANTA FE CONV PFD A CONVERT 802012401 2475 225000 SH OTHER 140000 70000 15000
SANTA FE PAC GOLD COR COMMON 802176107 494 35000 SH OTHER 26000 0 9000
SARA LEE CORP COMMON 803111103 7443 229000 SH OTHER 109500 66500 53000
SCOTTS CO CL A COMMON 810186106 1995 114000 SH OTHER 70500 18500 25000
SEAGATE TECHNOLOGY COMMON 811804103 675 15000 SH OTHER 10000 0 5000
SEAGRAM COMMON 811850106 420 12500 SH SOLE 0 12500 0
SEARS ROEBUCK & CO COMMON 812387108 3822 78600 SH OTHER 49200 800 28600
SEDGWICK GROUP ADR FOREIGN 815673207 6003 560000 SH OTHER 378500 46500 135000
SEQUENT COMPUTER SYS COMMON 817338106 135 10000 SH SOLE 10000 0 0
SILICON GRAPHICS INC COMMON 827056102 2743 114309 SH OTHER 92207 5000 17102
<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
SIMON PROPERTY GROUP COMMON 828805101 368 15000 SH OTHER 10000 0 5000
SMITHKLINE BEECHAM PL COMMON 832378301 11935 220000 SH OTHER 126700 46000 47300
SOUTHERN CO COMMON 842587107 1689 68600 SH OTHER 45600 22500 500
SOUTHERN PACIFIC RAIL COMMON 843584103 1125 45000 SH OTHER 30000 0 15000
SOUTHWEST AIRLS CO COMMON 844741108 553 19000 SH OTHER 18500 500 0
SPRINT CORP COM COMMON 852061100 1260 30000 SH OTHER 20000 10000 0
SPRINT EXCHANGE CONV. CONVERT 852061407 2214 55000 SH OTHER 45000 0 10000
STONE CONTAINER CORP COMMON 861589109 1470 105000 SH OTHER 62500 17500 25000
STORAGE TECHNOLOGY CO CONVERT 862111AH4 6389 3875000 SH OTHER 2415000 685000 775000
STORAGE TECHNOLOGY CO COMMON 862111200 35521 905000 SH OTHER 545600 155400 204000
SUMMIT PPTYS INC COM COMMON 866239106 14719 750000 SH OTHER 424100 166900 159000
SUN CO COMMON 866762107 228 7500 SH SOLE 0 7500 0
SYMANTEC CORP COM COMMON 871503108 406 32500 SH OTHER 12500 20000 0
TBC CORP COM COMMON 872180104 431 50000 SH OTHER 25000 0 25000
TIG HOLDINGS COMMON 872469101 5438 187500 SH OTHER 114000 31000 42500
TANDEM COMPUTERS INC COMMON 875370108 33567 2712500 SH OTHER 1628000 435500 649000
TELE COMMUNICATIONS I COMMON 87924V101 11056 610010 SH OTHER 319300 141510 149200
TELE COMMUNICATIONS I COMMON 87924V507 795 30000 SH OTHER 15000 10000 5000
TELEDYNE INC COMMON 879335107 33441 922500 SH OTHER 585300 96500 240700
TELEDYNE INC PFD SER PREFERR 879335602 881 57323 SH OTHER 34808 7859 14656
TEMPLE INLAND INC COMMON 879868107 1276 27300 SH OTHER 20000 7300 0
TENET HEALTH CARE COMMON 88033G100 1389 65000 SH OTHER 25000 10000 30000
TENNECO INC COMMON 880370101 11248 220000 SH OTHER 127000 44200 48800
TERADYNE INC COMMON 880770102 483 28000 SH OTHER 23000 0 5000
TEXACO INC COMMON 881694103 5242 62500 SH OTHER 35000 12500 15000
TEXAS INSTRUMENTS INC COMMON 882508104 748 15000 SH OTHER 10000 0 5000
TEXAS UTILS CO COMMON 882848104 5771 135000 SH OTHER 39500 68000 27500
TIME WARNER FING TR P COMMON 88731L203 2520 70000 SH OTHER 27500 32500 10000
TITAN WHEEL INTL INC COMMON 888328101 1560 97500 SH OTHER 40000 12500 45000
TOTAL S A SPONSORED A COMMON 89151E109 3434 92500 SH OTHER 42500 30000 20000
TRANSAMERICA CORP COMMON 893485102 15390 190000 SH OTHER 125600 13300 51100
TRANSCANADA PIPELINES COMMON 893526103 7891 535000 SH OTHER 347300 57400 130300
TRAVELERS INC COMMON 894190107 22249 487641 SH OTHER 314701 50090 122850
TUBOSCOPE VETCO INTL COMMON 898600101 111 10000 SH SOLE 0 0 10000
UAL CORP COM COMMON 902549500 753 14000 SH SOLE 0 14000 0
USX MARATHON GROUP CO COMMON 902905827 33709 1675000 SH OTHER 901300 412000 361700
US F&G CORP COMMON 903290104 15932 980400 SH OTHER 515700 207200 257500
USG CORP COMMON 903293405 1394 50000 SH SOLE 50000 0 0
USX US STEEL GROUP CO COMMON 90337T101 4753 167500 SH OTHER 97500 20000 50000
UNILEVER N V COMMON 904784501 2903 20000 SH OTHER 8000 12000 0
UNICOM CORP COM COMMON 904911104 19791 710000 SH OTHER 338400 213000 158600
UNION PAC RES GROUP I COMMON 907834105 1338 50000 SH OTHER 25000 8000 17000
UNION TEX PETE HLDGS COMMON 908640105 14235 730000 SH OTHER 360000 215500 154500
UNIONAMERICA HLDGS PL COMMON 909048100 189 12500 SH SOLE 0 12500 0
U S AIR GROUP INC COMMON 911905107 360 20000 SH SOLE 20000 0 0
U S AIR CONV PFD 8.75 CONVERT 911905305 7039 132500 SH OTHER 75000 30200 27300
U S WEST INC COMMON 912889102 10400 325000 SH OTHER 153000 105100 66900
U S WEST INC COM-MEDI COMMON 912889201 4928 270000 SH OTHER 165000 48100 56900
UNITED TECHNOLOGIES C COMMON 913017109 25990 226000 SH OTHER 171700 22300 32000
UNOCAL CORP COMMON 915289102 27404 815000 SH OTHER 467000 152900 195100
<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
UNOCAL 7% CONV PREFER CONVERT 915289201 10011 176400 SH OTHER 109900 34700 31800
USLIFE CORP COMMON 917318107 625 19000 SH OTHER 14000 0 5000
VLSI TECH 8.250% 10/0 CONVERT 918270AB5 8875 100000 SH OTHER 49500 18500 32000
VINTAGE PETE INC COMMON 927460105 638 25000 SH OTHER 15000 10000 0
VIRIDIAN INC COM COMMON 927919100 3789 287500 SH OTHER 182500 37500 67500
WMX TECHNOLOGIES INC COMMON 92929Q107 48552 1482500 SH OTHER 860000 270500 352000
WAL MART STORES INC COMMON 931142103 18460 727500 SH OTHER 376100 205800 145600
WALDEN RESIDENTIAL PP COMMON 931210108 12582 617500 SH OTHER 378400 92400 146700
WASHINGTON NATL CORP COMMON 939339107 6296 244500 SH OTHER 165800 700 78000
WEIRTON STL CORP COM COMMON 948774104 1800 600000 SH OTHER 475000 0 125000
WELLMAN INC COMMON 949702104 6928 296400 SH OTHER 179300 31500 85600
WELLS FARGO & CO COMMON 949740104 18365 76801 SH OTHER 54039 4432 18330
WENDYS INTERNATIONAL COMMON 950590109 1443 77500 SH OTHER 37500 25000 15000
WESTCOAST ENERGY COMMON 95751D102 10200 680000 SH OTHER 388400 128500 163100
WESTINGHOUSE ELEC COR COMMON 960402105 5663 300000 SH OTHER 207000 5500 87500
WESTINGHOUSE PFD CONVERT 960402709 51391 2875000 SH OTHER 1718700 477500 678800
WEYERHAEUSER CO COMMON 962166104 9605 226000 SH OTHER 145300 19500 61200
WHEELABRATOR TECH INC COMMON 962901302 1487 97500 SH OTHER 27500 55000 15000
WILLIAMS SONOMA INC C COMMON 969904101 1654 70000 SH OTHER 45000 0 25000
WILLIS CORROON PLC AD COMMON 970624201 9381 790000 SH OTHER 551300 67600 171100
XEROX CORP COMMON 984121103 12225 228500 SH OTHER 162000 8100 58400
YPF SOCIEDAD ANONIMA FOREIGN 984245100 2981 132500 SH OTHER 97000 500 35000
ZURICH REINS CNTRE HL COMMON 989822101 1024 32500 SH OTHER 12500 10000 10000
REPORT SUMMARY 373 DATA RECORDS 2366223 3 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
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