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<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 12/31/95
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
ACE LTD COMMON G0070K103 596 15000 SH SOLE 15000 0 0
J RAY MCDERMOTT S A COMMON P64658100 268 15000 SH SOLE 12500 0 2500
MLI RESIDENTIAL PROP COMMON 001735109 1900 95000 SH SOLE 70000 0 25000
AMR CORP COMMON 001765106 13432 180900 SH OTHER 114100 21300 45500
AT & T CORP. COMMON 001957109 10315 159302 SH OTHER 95202 22300 41800
ARV ASSISTED LIVING I COMMON 00204C107 147 12500 SH SOLE 12500 0 0
A T & T CAP CORP COMMON 00206J100 478 12500 SH OTHER 5000 7500 0
ABITIBI PRICE IND COMMON 003680105 290 20000 SH OTHER 5000 15000 0
ADVANCED MICRO DEVICE COMMON 007903107 1155 70000 SH OTHER 35000 25000 10000
AETNA LIFE & CAS CO COMMON 008140105 18351 265000 SH OTHER 165200 31800 68000
AIR TOUCH COMMUNICATI COMMON 00949T100 2953 105000 SH OTHER 75000 7500 22500
ALBEMARLE CORP COM COMMON 012653101 5038 260000 SH OTHER 145000 43500 71500
ALCAN ALUMINIUM LTD COMMON 013716105 3035 97500 SH OTHER 42500 37500 17500
ALCO STD CORP COMMON 013788104 456 10000 SH OTHER 0 10000 0
ALEXANDER & ALEXANDER COMMON 014476105 20188 1062500 SH OTHER 704000 59300 299200
ALEXANDER & ALEXANDER CONVERT 014476501 13365 270000 SH OTHER 181700 7000 81300
ALLERGAN INC COMMON 018490102 5177 159300 SH OTHER 112500 23500 23300
ALLSTATE COMMON 020002101 16632 404427 SH OTHER 242231 52168 110028
AMCOL INTL CORP COMMON 02341W103 499 35000 SH SOLE 25000 0 10000
AMERADA HESS CORP COMMON 023551104 8189 154500 SH OTHER 98100 14900 41500
AMERICAN BRANDS INC COMMON 024703100 4561 102500 SH OTHER 37500 42500 22500
AMERICAN EXPRESS COMMON 025816109 36617 885000 SH OTHER 525800 143600 215600
AMERICAN GENERAL CORP COMMON 026351106 349 10000 SH OTHER 5200 4800 0
AMERICAN GREETINGS CO COMMON 026375105 10636 385000 SH OTHER 206700 75300 103000
AMERICAN SAFETY RAZOR COMMON 029362100 1969 250000 SH OTHER 170000 7500 72500
AMERICAN STORES COMMON 030096101 8694 325000 SH OTHER 182000 68300 74700
AMP INC COMMON 031897101 287 7500 SH OTHER 7500 0 0
ANALOG DEVICES INC COMMON 032654105 566 24000 SH OTHER 23550 450 0
ANHEUSER BUSCH COS IN COMMON 035229103 4180 62500 SH OTHER 37000 18000 7500
ANTHONY INDS INC COMMON 036798106 3220 140000 SH OTHER 85000 5000 50000
APACHE CORP COMMON 037411105 2139 72500 SH OTHER 50000 15000 7500
ARCHER DANIELS MIDLAN COMMON 039483102 1665 92500 SH OTHER 65250 12625 14625
ARMCO INC COMMON 042170100 1983 337500 SH OTHER 205000 2500 130000
ARMCO CONV. PFD. 7.25 CONVERT 042170407 2985 60000 SH OTHER 32800 5000 22200
ASARCO INC COMMON 043413103 2240 70000 SH OTHER 41000 24000 5000
ASHLAND INC. COMMON 044204105 256 7300 SH OTHER 2500 4800 0
ASHLAND 3.125% CONV P CONVERT 044204204 4857 82500 SH SOLE 64000 0 18500
ASIA PULP & PAPER CO COMMON 04516V100 1065 131100 SH OTHER 125000 6100 0
ASTRA AB COMMON 046298105 400 10000 SH OTHER 0 10000 0
ATLANTIC RICHFIELD CO COMMON 048825103 2603 23500 SH OTHER 12500 11000 0
ATLANTIC RICHFIELD PF CONVERT 048825137 877 37500 SH SOLE 37500 0 0
AU BON PAIN INC COMMON 050103100 719 87100 SH OTHER 52500 14600 20000
AVERY DENNISON CORP C COMMON 053611109 376 7500 SH OTHER 0 7500 0
AVNET COMMON 053807103 20903 467100 SH OTHER 308700 28800 129600
BAT INDUST SPONSORED COMMON 055270508 918 49950 SH OTHER 42100 350 7500
BCE INC COMMON 05534B109 690 20000 SH SOLE 20000 0 0
BANK BOSTON COPR COMMON 060716107 2197 47500 SH OTHER 23500 0 24000
BANKAMERICA CORP COMMON 066050105 4418 68228 SH OTHER 15228 28700 24300
BANYAN SYS INC COM COMMON 066908104 205 20000 SH OTHER 10000 0 10000
BARNETT BANKS 9% CONV CONVERT 068055300 201 1800 SH SOLE 300 0 1500
<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
BATTLE MTN GOLD CONV CONVERT 071593305 249 5000 SH SOLE 5000 0 0
BAXTER INTL INC COMMON 071813109 34128 815000 SH OTHER 553300 35400 226300
BAY NETWORK COMMON 072510100 206 5000 SH SOLE 0 0 5000
BAYER AG SPONS ADR COMMON 072730302 2181 82500 SH OTHER 37500 20000 25000
BELL ATLANTIC CORP COMMON 077853109 3177 47500 SH OTHER 29700 2800 15000
BETHLEHEM STL CORP COMMON 087509105 1353 97500 SH OTHER 50000 27500 20000
BEVERLY ENTERPRISES COMMON 087851101 9644 907700 SH OTHER 552300 136200 219200
BLACK & DECKER CORP COMMON 091797100 18683 530000 SH OTHER 365000 9600 155400
BOEING CO COMMON 097023105 466 5950 SH SOLE 5950 0 0
BOISE CASCADE PFD G CONVERT 097383863 2576 90000 SH OTHER 66100 23900 0
BOMBAY CO INC COM COMMON 097924104 96 15000 SH SOLE 0 0 15000
BORDEN CHEM & PLASTIC COMMON 099541203 2778 220000 SH OTHER 138200 14300 67500
BRASCAN LTD CL A COMMON 105502405 1794 101800 SH OTHER 81800 0 20000
FIRST CENTRAL FINANCI CONVERT 109228006 270 270000 SH SOLE 0 0 270000
BRISTOL MYERS SQUIBB COMMON 110122108 344 4000 SH SOLE 4000 0 0
BROWNING FERRIS INDS COMMON 115885105 734 25000 SH OTHER 2500 7500 15000
BURLINGTON INDS INC N COMMON 121693105 3511 267500 SH OTHER 195000 22500 50000
C B I INDUSTRIES COMMON 124800103 18147 552000 SH OTHER 348300 63700 140000
CIGNA CORP COMMON 125509109 9494 91950 SH OTHER 61150 5600 25200
CMS ENERGY CORP COMMON 125896100 2381 79700 SH OTHER 57200 7400 15100
CANADIAN PACIFIC LIMI COMMON 136440302 23245 1282500 SH OTHER 740000 234200 308300
CAREMARK INTERNATIONA COMMON 141704106 5075 280000 SH OTHER 177500 61500 41000
CENTERIOR ENERGY CORP COMMON 151883105 6056 682400 SH OTHER 409400 72900 200100
CENTOCOR INC COMMON 152342101 7101 230000 SH OTHER 167500 2500 60000
CHAMPION INTL CORP COMMON 158525105 4410 105000 SH OTHER 53000 21000 31000
CHASE MANHATTAN CORP COMMON 161610100 16060 266000 SH OTHER 175100 27100 63800
CHEESECAKE FACTORY IN COMMON 163072101 215 10000 SH OTHER 0 6500 3500
CHEMICAL BANKING CORP COMMON 163722101 26038 443200 SH OTHER 268400 68700 106100
CHRYSLER CORP COMMON 171196108 1654 30000 SH OTHER 20000 10000 0
CINCINNATI MILACRON I COMMON 172172108 3478 132500 SH OTHER 90000 0 42500
CINERGY CORP COMMON 172474108 2557 83500 SH OTHER 39000 39500 5000
CITICORP COMMON 173034109 45511 676749 SH OTHER 380204 141335 155210
CITICORP 5.375% CONV. CONVERT 173034513 18745 102500 SH OTHER 48500 35000 19000
COCA COLA ENTERPRISES COMMON 191219104 4770 177500 SH OTHER 116600 300 60600
COFLEXIP SPONSORED AD COMMON 192384105 472 25000 SH SOLE 25000 0 0
COLTEC INDS INC COM COMMON 196879100 3284 282500 SH OTHER 175000 17500 90000
COMMUNITY PSYCHIATRIC COMMON 204015101 3369 275000 SH OTHER 165500 44000 65500
COMPAQ COMPUTER CORP COMMON 204493100 240 5000 SH OTHER 0 5000 0
COMSAT CORP COMMON 20564D107 1388 74500 SH OTHER 50000 7000 17500
CONE MLS CORP N C COM COMMON 206814105 3375 300000 SH OTHER 177500 50000 72500
CONSOLIDATED FREIGHTW COMMON 209237106 994 37500 SH OTHER 32500 0 5000
COORS ADOLPH COMPANY COMMON 217016104 8573 387500 SH OTHER 246400 45500 95600
CORDIANT PLC SPONSORE COMMON 218514107 1846 461500 SH OTHER 337500 0 124000
CORESTATES FINL CORP COMMON 218695104 568 15000 SH OTHER 0 15000 0
CORNING INC COMMON 219350105 14480 452500 SH OTHER 256100 76800 119600
COTT CORP QUE COM COMMON 22163N106 660 120000 SH SOLE 50000 0 70000
CRAY RESEARCH INC COMMON 225224104 5910 240000 SH OTHER 175000 0 65000
CROWN AMERICAN RLTY T COMMON 228186102 4883 620000 SH OTHER 356200 65100 198700
CROWN VANTAGE INC COM COMMON 228622106 519 36450 SH OTHER 23610 3490 9350
CUMMINS ENGINE INC COMMON 231021106 5546 149900 SH OTHER 101600 6300 42000
<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
CYPRUS AMAX MINERALS COMMON 232809103 2181 83500 SH OTHER 41000 32500 10000
CYTEC INDS INC COM COMMON 232820100 3431 55000 SH OTHER 42000 0 13000
DPL INC COMMON 233293109 2520 101800 SH OTHER 52500 21800 27500
DSC COMMUNICATION COR COMMON 233311109 830 22500 SH OTHER 12500 10000 0
DARDEN RESTAURANTS, I COMMON 237194105 208 17500 SH SOLE 17500 0 0
DATA GEN CORP COMMON 237688106 6778 497500 SH OTHER 324500 28000 145000
DEBARTOLO RLTY CORP C COMMON 242733103 650 50000 SH SOLE 50000 0 0
DELTA AIRLINES INC COMMON 247361108 4786 65000 SH OTHER 37500 3500 24000
DELTA 7% CONV PFD CONVERT 247361306 1781 30000 SH OTHER 16500 3500 10000
DETROIT EDISON CO COMMON 250847100 1208 35000 SH SOLE 30000 0 5000
DEXTER CORP COMMON 252165105 910 38500 SH OTHER 10000 8500 20000
DIAMOND SHAMROCK INC COMMON 252747100 261 10100 SH OTHER 2500 7600 0
DIGITAL EQUIPMENT COMMON 253849103 61720 962500 SH OTHER 590500 115200 256800
DISNEY WALT PRODTNS COMMON 254687106 1048 17800 SH OTHER 4300 13500 0
DOW CHEMICAL COMMON 260543103 4194 59700 SH OTHER 29800 14900 15000
DRESSER INDS INC COMMON 261597108 2306 94600 SH OTHER 56500 15000 23100
DU PONT E I DE NEMOUR COMMON 263534109 6603 94500 SH OTHER 70500 8300 15700
DUN & BRADSTREET INC COMMON 264830100 3889 60060 SH OTHER 36460 3000 20600
ENI SPA FOREIGN 26874R108 13700 400000 SH OTHER 293000 16500 90500
EASTMAN KODAK COMMON 277461109 69613 1039000 SH OTHER 649400 122500 267100
ECHO BAY MINES COM COMMON 278751102 2756 268880 SH OTHER 155725 596 112559
ELF AQUITAINE SPONSOR COMMON 286269105 1250 34000 SH OTHER 23500 1000 9500
ENSERCH EXPL INC COMMON 29356V100 1787 153700 SH OTHER 70000 31200 52500
ENSERCH CORP COMMON 293567103 8125 500000 SH OTHER 297700 89700 112600
ENTERGY CORP NEW COM COMMON 29364G103 4461 152500 SH OTHER 72500 60000 20000
ETHYL CORP COMMON 297659104 248 20000 SH SOLE 0 0 20000
EVANS WITHYCOMBE RESI COMMON 299212100 3010 140000 SH OTHER 66400 21100 52500
EXXON CORP COMMON 302290101 1140 14165 SH OTHER 0 14165 0
FMC CORP NEW COMMON 302491303 11226 166000 SH OTHER 112500 3600 49900
FED HOME LOAN MTG COR COMMON 313400301 835 10000 SH OTHER 0 10000 0
FEDERAL MOGUL CORP COMMON 313549107 687 35000 SH OTHER 35000 0 0
FEDERATED DEPARTMENT COMMON 31410H101 11480 421300 SH OTHER 291700 16000 113600
FIRST CHICAGO NBD COR COMMON 31945A100 13017 329555 SH OTHER 222053 3224 104278
FIRST COLONY CORP COM COMMON 319741104 952 37500 SH OTHER 22500 15000 0
FIRST DATA CORP COM COMMON 319963104 669 10000 SH OTHER 0 10000 0
FIRST INTERSTATE BANC COMMON 320548100 18428 135000 SH OTHER 97400 3000 34600
FISHER SCIENTIFIC INT COMMON 338032105 6435 192800 SH OTHER 105000 40300 47500
FLEETWOOD ENTERPRISES COMMON 339099103 4378 170000 SH OTHER 112500 0 57500
FOOD LION INC CLASS A COMMON 344775200 1573 275000 SH SOLE 175000 0 100000
FORD MOTOR COMMON 345370100 1444 50000 SH OTHER 15000 35000 0
FORD MOTOR CO DEPOSIT CONVERT 345370209 853 9000 SH OTHER 4000 0 5000
FORT HOWARD CORP NEW COMMON 347461105 281 12500 SH SOLE 0 0 12500
FREEPORT MCMORAN COPP CONVERT 35671D600 6392 193700 SH OTHER 120000 20100 53600
GTE CORP COMMON 362320103 62851 1432500 SH OTHER 873100 197300 362100
ARTHUR J GALLAGHER & COMMON 363576109 3353 90000 SH OTHER 64600 400 25000
GENCORP INC COMMON 368682100 1838 150000 SH OTHER 95000 0 55000
GENERAL ELECTRIC COMMON 369604103 21492 298500 SH OTHER 192800 30700 75000
GENERAL MTRS CORP COMMON 370442105 16788 317500 SH OTHER 171300 71300 74900
GENERAL PUB UTILS COR COMMON 370550105 1105 32500 SH OTHER 15000 17500 0
GENERAL RE CORP COMMON 370563108 620 4000 SH OTHER 1500 2500 0
<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
GEORGIA GULF CORP COM COMMON 373200203 4364 142500 SH OTHER 92700 3500 46300
GERBER SCIENTIFIC INS COMMON 373730100 242 15000 SH SOLE 15000 0 0
GIDDINGS & LEWIS INC COMMON 375048105 4496 272500 SH OTHER 142500 40500 89500
GLAXO PLC SPONSORED A COMMON 37733W105 4922 175000 SH OTHER 123700 3800 47500
GRACE W R & CO COMMON 383883105 857 14500 SH SOLE 2000 0 12500
GREAT WESTN FINL CORP COMMON 391442100 1766 69600 SH OTHER 27500 24500 17600
GRIFFON CORP COM COMMON 398433102 5400 600000 SH OTHER 398300 15000 186700
GYMBOREE CORP COM COMMON 403777105 309 15000 SH SOLE 15000 0 0
HAEMONETICS CORP COM COMMON 405024100 222 12500 SH OTHER 7500 5000 0
HALLIBURTON CO COMMON 406216101 1898 37500 SH OTHER 22500 0 15000
HANSON TR PLC SPONSOR COMMON 411352305 11170 732500 SH OTHER 427100 110500 194900
HARRIS CORP COMMON 413875105 273 5000 SH OTHER 1000 1500 2500
HASBRO BRADLEY INC COMMON 418056107 310 10000 SH SOLE 5000 0 5000
HERCULES INC COMMON 427056106 733 13000 SH OTHER 5300 7700 0
HILB ROGAL & HAMILTON COMMON 431294107 1115 83400 SH OTHER 62500 0 20900
HOMESTAKE MNG CO COMMON 437614100 155 10000 SH SOLE 0 0 10000
HOST MARRIOTT SVCS CO COMMON 440914109 70 10000 SH OTHER 10000 0 0
HOST MARRIOTT CORP COMMON 441078102 656 50000 SH OTHER 50000 0 0
HOUSEHOLD INTL CORP COMMON 441815107 238 4000 SH OTHER 0 4000 0
HUNT J B TRANS SVCS I COMMON 445658107 2848 170000 SH OTHER 112000 0 58000
IMC GLOBAL INC COMMON 449669100 2649 65000 SH SOLE 30000 0 35000
ITT HARTFORD GROUP IN COMMON 45068H106 1209 25000 SH OTHER 7000 15500 2500
ITT INDS INC COM WHEN COMMON 450911102 444 18500 SH OTHER 6000 10000 2500
ITT CORP NEW COM WHEN COMMON 450912100 371 7000 SH OTHER 4500 2500 0
ILLANOVA CORP COM COMMON 452317100 723 24100 SH OTHER 5000 19100 0
IMPERIAL OIL LTD COM COMMON 453038408 4425 122500 SH OTHER 80000 7500 35000
INCO LTD COMMON 453258402 1413 42500 SH OTHER 0 42500 0
INFORMATION RES INC COMMON 456905108 3372 272500 SH OTHER 160000 26000 86500
INTEGRATED DEVICE TEC COMMON 458118106 901 70000 SH OTHER 36000 31500 2500
INTEL CORP COMMON 458140100 10839 191000 SH OTHER 124000 36500 30500
INTERGRAPH CORP COMMON 458683109 1811 115000 SH OTHER 75000 5000 35000
INTERMET CORP COMMON 45881K104 1523 145000 SH OTHER 90000 10000 45000
INTERNATIONAL BUSINES COMMON 459200101 49434 541000 SH OTHER 315800 80500 144700
INTL FLAVORS & FRAGRA COMMON 459506101 600 12500 SH OTHER 7500 5000 0
INTERNATIONAL PAPER C COMMON 460146103 2549 67300 SH OTHER 32400 34900 0
INTL TECHNOLOGY CORP COMMON 460465107 1031 375000 SH OTHER 272500 0 102500
INTERNATIONAL TECH 1. CONVERT 460465305 1410 80000 SH SOLE 67500 0 12500
IRVINE APT CMNTYS INC COMMON 463606103 1011 52500 SH OTHER 35000 0 17500
JP RLTY INC COM COMMON 46624A106 22676 1036600 SH OTHER 704400 45000 287200
JAMES RIVER CORP COMMON 470349101 8806 365000 SH OTHER 233900 29400 101700
JR CORP SERIES P 9% CONVERT 470349887 14542 622100 SH OTHER 339700 139200 143200
JEFFERSON SMURFIT COR COMMON 475087102 333 35000 SH OTHER 25000 10000 0
JOHN ALDEN FINL CORP COMMON 477838106 626 30000 SH OTHER 20000 0 10000
JOHN NUVEEN CO CL A COMMON 478035108 470 19000 SH OTHER 13000 4100 1900
JOHNSON & JOHNSON COMMON 478160104 5121 59900 SH OTHER 30700 16700 12500
K MART CORP COMMON 482584109 8978 1260000 SH OTHER 755500 186500 318000
KELLOGG CO COMMON 487836108 502 6500 SH OTHER 0 6500 0
KELLWOOD COMMON 488044108 1732 85000 SH OTHER 60000 0 25000
KEMPER CORP COMMON 488396102 13647 275000 SH OTHER 120200 104600 50200
KERR-MCGEE CORP COMMON 492386107 1746 27500 SH OTHER 18100 3500 5900
<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
KIMBERLY CLARK CORP COMMON 494368103 626 7570 SH OTHER 0 7570 0
LASMO ADR FOREIGN 501730204 7740 967500 SH OTHER 674200 10500 282800
LTV CORP NEW COM COMMON 501921100 756 55000 SH OTHER 25000 5000 25000
LABORATORY CORP AMER COMMON 50540R102 2203 235000 SH OTHER 135000 45000 55000
LIBERTY CORP S C COMMON 530370105 2271 67300 SH OTHER 42300 0 25000
LIFE RE CORP COM COMMON 532160108 5988 239500 SH OTHER 158500 16000 65000
LILLY ELI & CO COMMON 532457108 15609 277500 SH OTHER 185600 22900 69000
LIMITED STORES INC COMMON 532716107 1456 85000 SH OTHER 37500 42500 5000
LINCOLN NATL CORP IND COMMON 534187109 403 7500 SH OTHER 3800 0 3700
LINEAR TECHNOLOGY COR COMMON 535678106 393 10000 SH OTHER 0 10000 0
LOEWS CORP COMMON 540424108 1489 19000 SH OTHER 5000 9000 5000
LUBRIZOL CORP COMMON 549271104 4798 172900 SH OTHER 97900 29400 45600
MCI COMMUNICATIONS CO COMMON 552673105 22206 850000 SH OTHER 491000 152300 206700
MAGELLAN HEALTH SERVI COMMON 559079108 840 35000 SH OTHER 19100 1500 14400
MALLINCKRODT COMMON 561226101 364 10000 SH OTHER 10000 0 0
MARSH MCLENNAN COMMON 571748102 879 9900 SH OTHER 6500 2400 1000
MASCOTECH INC COM COMMON 574670105 25984 2389300 SH OTHER 1367600 448800 572900
MASCOTECH PFD DIV ENH CONVERT 574670303 1205 96400 SH OTHER 60800 25100 10500
MAXUS ENERGY CORP $4 CONVERT 577730203 544 12500 SH OTHER 12500 0 0
MAY DEPT STORES CO COMMON 577778103 623 14800 SH OTHER 10000 4800 0
MAYTAG CO COMMON 578592107 10176 502500 SH OTHER 291500 86500 124500
MCDERMOTT INTERNATION COMMON 580037109 603 27400 SH OTHER 5000 7400 15000
MCKESSON CORP NEW COM COMMON 581557105 253 5000 SH OTHER 0 5000 0
MEDTRONIC INC COMMON 585055106 559 10000 SH OTHER 0 10000 0
MELVILLE CORP COMMON 585745102 1384 45000 SH OTHER 12500 32500 0
MERCK & CO COMMON 589331107 678 10331 SH OTHER 200 5131 5000
MERRILL LYNCH & CO. I COMMON 590188108 383 7500 SH SOLE 7500 0 0
METHANEX CORP COM COMMON 59151K108 1060 145000 SH OTHER 91100 28900 25000
MICROSOFT CORP COMMON 594918104 377 4300 SH OTHER 0 4300 0
MICRON TECHNOLOGY INC COMMON 595112103 1248 31500 SH OTHER 10000 19000 2500
MICROTOUCH SYS INC CO COMMON 595145103 194 16000 SH OTHER 3800 1200 11000
MINNESOTA MNG & MFG C COMMON 604059105 664 10000 SH OTHER 5000 5000 0
MITCHELL ENERGY & DEV COMMON 606592202 694 37500 SH OTHER 30000 2500 5000
MITCHELL ENERGY & DEV COMMON 606592301 4761 253900 SH OTHER 137600 44900 71400
MOBIL CORP COMMON 607059102 9175 82100 SH OTHER 49000 9900 23200
MOORE LTD COMMON 615785102 1594 85000 SH OTHER 59500 0 25500
MORNINGSTAR GROUP INC COMMON 617698105 3500 437500 SH OTHER 243500 40000 154000
MOTOROLA INC COMMON 620076109 1892 33200 SH OTHER 16000 9700 7500
NABISCO HLDGS CORP COMMON 629526104 816 25000 SH OTHER 5000 7500 12500
NATIONAL CITY CORP COMMON 635405103 828 25000 SH OTHER 1100 23900 0
NATIONAL RE HLDGS COR COMMON 637340209 5985 157500 SH OTHER 100000 5000 52500
NATL SEMICONDUCTOR COMMON 637640103 664 30000 SH OTHER 12500 15000 2500
NATIONAL STL CORP COMMON 637844309 2549 198000 SH OTHER 132500 20500 45000
NATIONSBANK CORP COM COMMON 638585109 5744 82500 SH OTHER 47500 10500 24500
NAVISTAR INTL CORP PF CONVERT 638901405 17821 328500 SH OTHER 209150 38000 81350
NAVISTAR INTL CORP CO COMMON 63934E108 3639 342500 SH OTHER 220500 10000 112000
NESTLES ADR FOREIGN 641069406 30470 550000 SH OTHER 389800 23700 136500
NETWORK PERIPHERALS I COMMON 64121R100 353 30000 SH SOLE 0 0 30000
NEW YORK TIMES CO CLA COMMON 650111107 627 21150 SH SOLE 6150 0 15000
NEWMONT GOLD CO COM COMMON 651637100 437 10000 SH SOLE 0 0 10000
<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
NEWMONT MNG CORP COMMON 651639106 726 16000 SH OTHER 9500 2500 4000
NEWS COPR LTD COMMON 652487703 265 12400 SH OTHER 0 12400 0
NIAGARA MOHAWK PWR CO COMMON 653522102 17661 1859100 SH OTHER 1048400 371500 439200
NOBLE AFFILIATES COMMON 654894104 338 11301 SH OTHER 10901 400 0
NORAM ENERGY CORP COM COMMON 655419109 11538 1300000 SH OTHER 834200 75500 390300
NORAM ENERGY CORP PFD CONVERT 655419208 1963 50000 SH SOLE 49000 0 1000
NORTHEAST UTILS COMMON 664397106 5432 224000 SH OTHER 137400 24400 62200
NORTH WESTERN STEEL A COMMON 668367204 2397 295000 SH OTHER 210000 0 85000
NORWEST CORP COMMON 669380107 413 12500 SH OTHER 0 12500 0
NOVELL INC COMMON 670006105 285 20000 SH SOLE 20000 0 0
NYNEX CORP COMMON 670768100 648 12000 SH SOLE 2000 0 10000
OHM CORPORATION 8.000 CONVERT 670839AA7 440 500000 SH SOLE 0 0 500000
OHM CORP COM COMMON 670839109 1069 145000 SH OTHER 110000 0 35000
OCCIDENTAL PETE CORP COMMON 674599105 7428 347500 SH OTHER 210200 46700 90600
OGDEN CORP COMMON 676346109 1603 75000 SH OTHER 60000 5000 10000
OHIO EDISON CO COMMON 677347106 2350 100000 SH OTHER 52600 23900 23500
OLIN CORP COMMON 680665205 371 5000 SH SOLE 5000 0 0
OLSTEN CORP COMMON 681385100 494 12500 SH OTHER 0 12500 0
ORYX ENERGY CO COMMON 68763F100 1404 105000 SH OTHER 70000 0 35000
OVERSEAS SHIPHOLDING COMMON 690368105 3095 162900 SH OTHER 100000 7900 55000
OWENS & MINOR INC NEW COMMON 690732102 2996 235000 SH OTHER 168300 24000 42700
OWENS CORNING FIBERGL COMMON 690734207 21877 487500 SH OTHER 318700 38000 130800
OWENS ILLINOIS COM NE COMMON 690768403 653 45000 SH SOLE 35000 0 10000
PACIFIC TELESIS GROUP COMMON 694890104 4020 120000 SH OTHER 59500 40500 20000
PACIFICARE HEALTH SYS COMMON 695110205 435 5000 SH OTHER 0 5000 0
PACIFICORP COMMON 695114108 2535 120000 SH SOLE 79000 0 41000
PANHANDLE EASTERN COR COMMON 698462108 34704 1245000 SH OTHER 823400 97400 324200
PARAMETRIC TECHNOLOGY COMMON 699173100 333 5000 SH OTHER 0 5000 0
PEGASUS GOLD INC COMMON 70556K106 2740 197500 SH OTHER 155000 22500 20000
PENNZOIL CO COMMON 709903108 739 17500 SH OTHER 10000 7500 0
PEPSICO INC COMMON 713448108 1010 18080 SH OTHER 3500 12080 2500
PERRIGO CO COM COMMON 714290103 1840 155000 SH OTHER 127500 10000 17500
PETRO-CDA 1ST INSTAL COMMON 71644E300 863 150000 SH OTHER 150000 0 0
PHARMACIA & UPJOHN, I COMMON 716941109 872 22500 SH OTHER 5000 16000 1500
PFIZER INC COMMON 717081103 977 15500 SH OTHER 0 15500 0
PHILIPS N V NEW YORK COMMON 718337504 2117 59000 SH OTHER 36500 5000 17500
PINKERTONS INC NEW CO COMMON 723429106 3900 200000 SH OTHER 132500 10000 57500
PINNACLE WEST CAP COR COMMON 723484101 216 7500 SH SOLE 7500 0 0
PITTSTON CO MINERLS G COMMON 725701205 3538 255000 SH OTHER 180000 20000 55000
PLACER DOME INC COMMON 725906101 4523 187500 SH OTHER 135300 700 51500
POPE & TALBOT INC COMMON 732827100 166 12500 SH OTHER 9600 2900 0
PRAXAIR INC COM COMMON 74005P104 1681 50000 SH OTHER 48100 1900 0
PRICE / COSTCO INC CO COMMON 74143W102 23409 1535000 SH OTHER 897800 262800 374400
PROCTER & GAMBLE CO COMMON 742718109 2172 26164 SH OTHER 25500 664 0
PROVIDENT COS INC COM COMMON 743862104 678 20000 SH OTHER 8800 3700 7500
PUBLIC SVC ENTERPRISE COMMON 744573106 3981 130000 SH OTHER 57000 45000 28000
QUAKER ST CORP COMMON 747410108 875 68600 SH OTHER 40000 21100 7500
QUESTAR CORP COMMON 748356102 335 10000 SH SOLE 10000 0 0
RJR NABISCO PFD C CONVERT 74960K884 21611 3390000 SH OTHER 1940000 757500 692500
RALCORP HOLDINGS, INC COMMON 751025107 424 17500 SH OTHER 7500 2500 7500
<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
RAYCHEM CORP COMMON 754603108 228 4000 SH OTHER 3800 200 0
READING & BATES PFD 6 CONVERT 755281888 2250 50000 SH SOLE 25000 0 25000
REGENCY RLTY CORP COM COMMON 758939102 630 36500 SH OTHER 31500 5000 0
RELIANCE GROUP HLDGS COMMON 759464100 19572 2269200 SH OTHER 1383200 321000 565000
REPUBLIC ENGINRD STEE COMMON 760391102 393 85000 SH OTHER 85000 0 0
REYNOLDS METALS CO COMMON 761763101 3213 56500 SH OTHER 34000 5000 17500
RIVIANA FOODS INC DEL COMMON 769536103 928 70000 SH OTHER 52500 12500 5000
ROCHE 0% 4/20/10 CONVERT 771196AC6 4005 9000000 SH OTHER 5750000 1750000 1500000
ROCKWELL INTERNATIONA COMMON 774347108 30139 570000 SH OTHER 373600 44200 152200
ROWAN COS INC COMMON 779382100 193 20000 SH SOLE 20000 0 0
ROYAL DUTCH PETE CO N COMMON 780257705 706 5000 SH OTHER 200 4800 0
RYANS FAMILY STEAK HO COMMON 783519101 280 40000 SH OTHER 40000 0 0
RYDER SYS INC COMMON 783549108 6457 260900 SH OTHER 171300 28600 61000
SCE CORP COMMON 783882103 353 20000 SH OTHER 0 20000 0
SCI SYS INC COMMON 783890106 2015 65000 SH OTHER 55000 5000 5000
SGS-THOMSON MICROELEC COMMON 784213100 5671 140900 SH OTHER 85000 16900 39000
SAFETY KLEEN CORP COMMON 786484105 233 15000 SH SOLE 15000 0 0
SALOMON INC DEC COM E COMMON 79549B511 6246 131500 SH OTHER 83700 0 47800
SANTA FE ENERGY RES I COMMON 802012104 385 40000 SH OTHER 34000 0 6000
SANTA FE CONV PFD A CONVERT 802012401 247 25000 SH SOLE 25000 0 0
SANTA FE PAC GOLD COR COMMON 802176107 424 35000 SH OTHER 26000 0 9000
SARA LEE CORP COMMON 803111103 5565 173900 SH OTHER 102500 25400 46000
SCHERING PLOUGH CORP COMMON 806605101 821 15000 SH OTHER 0 15000 0
SCHLUMBERGER COMMON 806857108 242 3500 SH OTHER 1000 2500 0
SCOTTS CO CL A COMMON 810186106 1211 62500 SH OTHER 42500 5000 15000
SEAGATE TECHNOLOGY COMMON 811804103 1900 40000 SH OTHER 21500 3500 15000
SEAGRAM COMMON 811850106 690 20000 SH OTHER 0 20000 0
SEARS ROEBUCK & CO COMMON 812387108 6533 167500 SH OTHER 99200 20800 47500
SEDGWICK GROUP ADR FOREIGN 815673207 5634 600000 SH OTHER 388500 54000 157500
SEQUENT COMPUTER SYS COMMON 817338106 363 25000 SH OTHER 22500 2500 0
SHERRITT GORDON LTD COMMON 824280101 323 25000 SH OTHER 12500 12500 0
SILICON GRAPHICS INC COMMON 827056102 1381 50000 SH OTHER 42500 2500 5000
SILICON VY GROUP INC COMMON 827066101 253 10000 SH OTHER 10000 0 0
SIMON PROPERTY GROUP COMMON 828805101 366 15000 SH SOLE 10000 0 5000
SMITHKLINE BEECHAM PL COMMON 832378400 11239 202500 SH OTHER 127000 32000 43500
SOUTHERN CO COMMON 842587107 1724 70000 SH OTHER 45600 23900 500
SOUTHERN PACIFIC RAIL COMMON 843584103 1980 82504 SH OTHER 43115 9389 30000
SOUTHWEST AIRLS CO COMMON 844741108 460 20000 SH OTHER 19400 600 0
SPRINT CORP COM COMMON 852061100 2278 57500 SH OTHER 42500 12500 2500
SPRINT EXCHANGE CONV. CONVERT 852061407 2215 58300 SH OTHER 45000 800 12500
STONE CONTAINER CORP COMMON 861589109 1617 112500 SH OTHER 68500 17500 26500
STORAGE TECHNOLOGY CO CONVERT 862111AH4 4760 4250000 SH OTHER 2490000 685000 1075000
STORAGE TECHNOLOGY CO COMMON 862111200 13728 575000 SH OTHER 344500 103100 127400
SUMMIT PPTYS INC COM COMMON 866239106 12670 637500 SH OTHER 398100 106600 132800
SUN CO COMMON 866762107 274 10000 SH OTHER 0 10000 0
TBC CORP COM COMMON 872180104 1164 135000 SH OTHER 90000 0 45000
TIG HOLDINGS COMMON 872469101 5843 205000 SH OTHER 118000 32000 55000
TJX COS INC NEW COMMON 872540109 2265 120000 SH OTHER 80000 10000 30000
TNT FREIGHTWAYS CORP COMMON 87259J103 372 18500 SH OTHER 8500 10000 0
TANDEM COMPUTERS INC COMMON 875370108 27359 2575000 SH OTHER 1551000 331000 693000
<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
TANDY CORP COMMON 875382103 311 7500 SH OTHER 0 7500 0
TELE COMMUNICATIONS I COMMON 87924V101 7255 365010 SH OTHER 200900 73410 90700
TELE COMMUNICATIONS I COMMON 87924V507 1122 41750 SH OTHER 18750 17500 5500
TELEDYNE INC COMMON 879335107 28059 1095000 SH OTHER 680300 130000 284700
TELEDYNE INC PFD SER PREFERR 879335602 706 49093 SH OTHER 29400 7309 12384
TELLABS INC COMMON 879664100 555 15000 SH OTHER 0 15000 0
TEMPLE INLAND INC COMMON 879868107 1272 29000 SH OTHER 20200 7300 1500
TENET HEALTH CARE COMMON 88033G100 2475 120000 SH OTHER 65000 15000 40000
TENNECO INC COMMON 880370101 13523 272500 SH OTHER 150000 53700 68800
TERADYNE INC COMMON 880770102 704 28000 SH OTHER 23000 0 5000
TEVA PHARMACEUTICAL I COMMON 881624209 325 7000 SH OTHER 6300 700 0
TEXACO INC COMMON 881694103 5895 75100 SH OTHER 41400 16700 17000
TEXAS INSTRUMENTS INC COMMON 882508104 1004 19500 SH OTHER 10000 2500 7000
TEXAS UTILS CO COMMON 882848104 5740 140000 SH OTHER 44500 68000 27500
TIME WARNER FING TR P COMMON 88731L203 2734 87500 SH OTHER 34100 43400 10000
TOTAL S A SPONSORED A COMMON 89151E109 1190 35000 SH OTHER 12500 10000 12500
TOYS R US COMMON 892335100 653 30000 SH OTHER 5000 25000 0
TRANSAMERICA CORP COMMON 893485102 15654 214800 SH OTHER 143700 13500 57600
TRANSCANADA PIPELINES COMMON 893526103 7563 550000 SH OTHER 354800 57400 137800
TRAVELERS INC COMMON 894190107 22551 360094 SH OTHER 224434 38560 97100
USX MARATHON GROUP CO COMMON 902905827 17599 902500 SH OTHER 553300 125200 224000
US F&G CORP COMMON 903290104 14344 850000 SH OTHER 479500 181500 189000
USG CORP COMMON 903293405 1554 51808 SH OTHER 51808 0 0
USX-DELHI GROUP COM COMMON 90336X103 271 26400 SH OTHER 0 26400 0
USX US STEEL GROUP CO COMMON 90337T101 5381 175000 SH OTHER 103300 17500 54200
UNILEVER N V COMMON 904784501 2463 17500 SH OTHER 8000 9500 0
UNICOM CORP COM COMMON 904911104 4782 146000 SH OTHER 44300 76700 25000
UNION PAC CORP COMMON 907818108 673 10200 SH OTHER 0 10200 0
UNION TEX PETE HLDGS COMMON 908640105 5782 298400 SH OTHER 159000 69400 70000
U S AIR GROUP INC COMMON 911905107 364 27500 SH OTHER 27500 0 0
U S AIR CONV PFD 8.75 CONVERT 911905305 5655 137500 SH OTHER 76000 33700 27800
U S WEST INC COMMON 912889102 10420 292500 SH OTHER 156000 67100 69400
U S WEST INC COM-MEDI COMMON 912889201 5558 292500 SH OTHER 172000 51100 69400
UNITED TECHNOLOGIES C COMMON 913017109 22685 239100 SH OTHER 177700 24400 37000
UNOCAL CORP COMMON 915289102 24611 845000 SH OTHER 492000 146400 206600
UNOCAL 7% CONV PREFER CONVERT 915289201 9675 180000 SH OTHER 111000 34700 34300
USLIFE CORP COMMON 917318107 1195 40000 SH OTHER 22500 0 17500
VLSI TECH 8.250% 10/0 CONVERT 918270AB5 6956 75000 SH OTHER 39750 13250 22000
VIACOM INC COM NON VT COMMON 925524308 237 5000 SH OTHER 0 5000 0
VINTAGE PETE INC COMMON 927460105 1631 72500 SH OTHER 42500 25000 5000
VODAFONE GROUP PLC SP COMMON 92857T107 264 7500 SH OTHER 0 7500 0
WMX TECHNOLOGIES INC COMMON 92929Q107 7438 250000 SH OTHER 71500 150000 28500
WACKENHUT CORP COM SE COMMON 929794303 643 51875 SH OTHER 26250 625 25000
WAL MART STORES INC COMMON 931142103 10502 472000 SH OTHER 291300 58200 122500
WALDEN RESIDENTIAL PP COMMON 931210108 12943 620000 SH OTHER 373400 94900 151700
WASHINGTON NATL CORP COMMON 939339107 7873 285000 SH OTHER 187800 700 96500
WEIRTON STL CORP COM COMMON 948774104 3981 965000 SH OTHER 607500 70000 287500
WELLMAN INC COMMON 949702104 7037 309300 SH OTHER 181600 36100 91600
WELLS FARGO & CO COMMON 949740104 1015 4700 SH OTHER 0 4700 0
WENDYS INTERNATIONAL COMMON 950590109 1275 60000 SH OTHER 20000 20000 20000
<PAGE> PAGE 10
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
WESTCOAST ENERGY COMMON 95751D102 2925 200000 SH OTHER 100500 57000 42500
WESTERN ATLAS INC COM COMMON 957674104 303 6000 SH OTHER 5000 0 1000
WESTINGHOUSE ELEC COR COMMON 960402105 9907 605000 SH OTHER 360000 99000 146000
WESTINGHOUSE PFD CONVERT 960402709 47754 3020000 SH OTHER 1781200 502500 736300
WEYERHAEUSER CO COMMON 962166104 10272 237500 SH OTHER 149100 20700 67700
WHEELABRATOR TECH INC COMMON 962901302 796 47500 SH OTHER 25000 5000 17500
WHIRLPOOL CORP COMMON 963320106 266 5000 SH OTHER 0 5000 0
WILLIAMS SONOMA INC C COMMON 969904101 1711 92500 SH OTHER 60000 0 32500
WILLIS CORROON PLC AD COMMON 970624201 9498 817000 SH OTHER 561700 73700 181600
XEROX CORP COMMON 984121103 11577 84500 SH OTHER 57400 3300 23800
YPF SOCIEDAD ANONIMA FOREIGN 984245100 3460 160000 SH OTHER 104700 4500 50800
ZEIGLER COAL HLDG CO COMMON 989286109 347 25000 SH OTHER 10000 0 15000
ZURICH REINS CNTRE HL COMMON 989822101 1139 37500 SH OTHER 17000 10500 10000
REPORT SUMMARY 413 DATA RECORDS 2208999 3 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
</TABLE>
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