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Previous: GMO TRUST, 13F-E, 1997-01-23 |
Next: VIDEO CITY INC, SC 13D, 1997-01-23 |
<TABLE>
<C> <C>
<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 12/31/96
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
AMLI RESIDENTIAL PROPERTY COMMON 001735109 2338 100000 SH OTHER 70000 5000 25000
AMR CORP COMMON 001765106 11016 125000 SH OTHER 68800 22200 34000
AT & T CORP. COMMON 001957109 4988 115001 SH OTHER 60701 16500 37800
ACNIELSEN CORP COM COMMON 004833109 198 12977 SH OTHER 7045 3432 2500
ADVANCED MICRO DEVICES COMMON 007903107 451 17500 SH OTHER 12500 5000 0
AETNA INC. COMMON 008117103 11400 142500 SH OTHER 86800 21300 34400
AGRIUM INC COM COMMON 008916108 413 30000 SH SOLE 25000 0 5000
AIR TOUCH COMMUNICATIONS COMMON 00949T100 631 25000 SH SOLE 25000 0 0
ALBEMARLE CORP COM COMMON 012653101 2402 132500 SH OTHER 82500 5000 45000
ALCAN ALUMINIUM LTD COMMON 013716105 1681 50000 SH OTHER 22500 12500 15000
ALEXANDER & ALEXANDER SVC COMMON 014476105 16419 945000 SH OTHER 506900 170400 267700
ALEXANDER & ALEXANDER CONV PFD CONVERT 014476501 13973 270000 SH OTHER 152500 38700 78800
ALLEGHENY TELEDYNE INC COM COMMON 017415100 28348 1232500 SH OTHER 692700 194100 345700
ALLEGIANCE CORP COM COMMON 017475104 176 6360 SH OTHER 5860 500 0
ALLERGAN INC COMMON 018490102 5575 156500 SH OTHER 86400 34000 36100
ALLMERICA FINL CORP COM COMMON 019754100 1843 55000 SH OTHER 32500 17500 5000
ALLSTATE COMMON 020002101 17797 307514 SH OTHER 164004 53582 89928
ALLTEL CORP COMMON 020039103 5 160 SH OTHER 0 160 0
ALPHARMA INC CL A COMMON 020813101 804 55000 SH OTHER 0 5000 50000
AMCOL INTL CORP COMMON 02341W103 8151 517500 SH OTHER 243500 118000 156000
AMERADA HESS CORP COMMON 023551104 7524 130000 SH OTHER 69800 21200 39000
AMERICA WEST HLDG CORP CL B COMMON 023657208 0 145000 SH OTHER 42500 12500 90000
AMERICAN BRANDS INC COMMON 024703100 2109 42500 SH OTHER 25000 5000 12500
AMERICAN EXPRESS COMMON 025816109 35030 620000 SH OTHER 348000 113100 158900
AMERICAN GREETINGS CORP CLASS COMMON 026375105 11847 417500 SH OTHER 217700 69300 130500
AMERICAN SAFETY RAZOR CO COM COMMON 029362100 1141 81500 SH OTHER 39000 17500 25000
AMERICAN STORES COMMON 030096101 6131 150000 SH OTHER 80200 31300 38500
ANALOG DEVICES INC COMMON 032654105 135 5332 SH SOLE 5332 0 0
ANHEUSER BUSCH COS INC COMMON 035229103 3000 75000 SH OTHER 55000 10000 10000
AQUILA GAS PIPELINE CORP COM COMMON 03839B106 159 10000 SH OTHER 5000 5000 0
ARCHER DANIELS MIDLAND COMMON 039483102 1210 55000 SH OTHER 45000 2500 7500
ARMCO INC COMMON 042170100 660 160000 SH OTHER 75000 50000 35000
ARMCO CONV. PFD. 7.25% CONVERT 042170407 2595 60000 SH OTHER 32800 6000 21200
ASARCO INC COMMON 043413103 1119 45000 SH OTHER 35000 5000 5000
ASHLAND 3.125% CONV PFD CONVERT 044204204 5456 79500 SH OTHER 63500 1000 15000
ATLANTIC RICHFIELD CO COMMON 048825103 994 7500 SH OTHER 5000 2500 0
ATLANTIC RICHFIELD PFD 9% CONVERT 048825137 806 37500 SH SOLE 37500 0 0
AU BON PAIN INC COMMON 050103100 260 40000 SH OTHER 20000 0 20000
AUTOMATIC DATA PROCESSING COMMON 053015103 124 2900 SH SOLE 2900 0 0
AVNET COMMON 053807103 23446 402500 SH OTHER 234000 64800 103700
BAT INDUST SPONSORED ADR COMMON 055270508 803 48650 SH OTHER 36500 4650 7500
BCE INC COMMON 05534B109 955 20000 SH SOLE 20000 0 0
BANK BOSTON COPR COMMON 060716107 1928 30000 SH SOLE 15000 0 15000
BANKAMERICA CORP COMMON 066050105 2976 29837 SH OTHER 12337 0 17500
BARD C R INC N J COMMON 067383109 140 5000 SH OTHER 0 5000 0
BARNETT BANKS INC COMMON 068055102 31 754 SH SOLE 754 0 0
BATTLE MTN GOLD CONV PFD CONVERT 071593305 250 5000 SH SOLE 5000 0 0
BAXTER INTL INC COMMON 071813109 22447 547500 SH OTHER 305500 94700 147300
BAY NETWORK COMMON 072510100 5145 245000 SH OTHER 119500 65000 60500
BAYER AG SPONS ADR FOREIGN 072730302 2133 52500 SH OTHER 25000 7500 20000
<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
BELL ATLANTIC CORP COMMON 077853109 2098 32400 SH OTHER 24800 100 7500
BERGEN BRUNSWIG CORP CLASS A COMMON 083739102 1438 50000 SH OTHER 25000 25000 0
BETHLEHEM STL CORP COMMON 087509105 178 20000 SH SOLE 20000 0 0
BEVERLY ENTERPRISES COMMON 087851101 9148 717500 SH OTHER 381000 142300 194200
BLACK & DECKER CORP COMMON 091797100 11583 384500 SH OTHER 225800 56200 102500
BLOCK H & R INC COMMON 093671105 31175 1075000 SH OTHER 562400 222400 290200
BOEING CO COMMON 097023105 2629 24686 SH OTHER 15763 3132 5791
BOISE CASCADE PFD G CONVERT 097383863 1372 52500 SH SOLE 52500 0 0
BORDEN CHEM & PLASTICS LTD DEP COMMON 099541203 1114 135000 SH OTHER 110000 0 25000
BOSTON EDISON CO COMMON 100599109 538 20000 SH OTHER 0 20000 0
FIRST CENTRAL FINANCIAL CORP 9 CONVERT 109228006 220 220000 SH SOLE 0 0 220000
BRISTOL MYERS SQUIBB CO COMMON 110122108 431 3950 SH SOLE 3950 0 0
BRITISH PETROLEUM LTD COMMON 110889409 141 1000 SH SOLE 1000 0 0
BROWNING FERRIS INDS INC COMMON 115885105 2100 80000 SH OTHER 26000 17500 36500
BURLINGTON INDS INC NEW COM COMMON 121693105 2035 185000 SH OTHER 110000 30000 45000
CIGNA CORP COMMON 125509109 7159 52400 SH OTHER 34100 5600 12700
CMS ENERGY CORP COMMON 125896100 2270 67500 SH OTHER 39700 15200 12600
CABOT OIL & GAS CORP CL A COMMON 127097103 2355 137500 SH OTHER 65000 18500 54000
CALPINE CP COMMON 131347106 2000 100000 SH SOLE 65000 0 35000
CANADIAN PAC LTD NEW COM COMMON 135923100 24248 915000 SH OTHER 496000 173500 245500
CANYON RES CORP COM COMMON 138869102 844 321477 SH OTHER 0 321477 0
CENTERIOR ENERGY CORP COMMON 151883105 1344 125000 SH OTHER 0 50000 75000
CENTOCOR INC COMMON 152342101 447 12500 SH SOLE 12500 0 0
CHAMPION INTL CORP COMMON 158525105 3884 89800 SH OTHER 41800 19500 28500
CHARTWELL RE CORP COM COMMON 16139W109 6375 238300 SH OTHER 92300 110000 36000
CHASE MANHATTAN CORPORATION COMMON 16161A108 53717 601024 SH OTHER 332516 112604 155904
CHEESECAKE FACTORY INC COM COMMON 163072101 136 7500 SH OTHER 2500 5000 0
CHEVRON CORP COMMON 166751107 130 2000 SH OTHER 800 1200 0
CHRYSLER CORP COMMON 171196108 908 27500 SH OTHER 15000 12500 0
CINCINNATI MILACRON INC COMMON 172172108 14875 680000 SH OTHER 347500 163500 169000
CINERGY CORP COMMON 172474108 1085 32500 SH OTHER 27500 5000 0
CITICORP COMMON 173034109 62179 603677 SH OTHER 349425 93352 160900
CITIZENS GROWTH PPTYS SHS BEN COMMON 174708107 10 1500 SH SOLE 1500 0 0
CLAYTON HOMES INC COM COMMON 184190106 203 15000 SH SOLE 0 0 15000
COCA COLA COMMON 191216100 16 300 SH OTHER 0 300 0
COCA COLA ENTERPRISES INC COMMON 191219104 243 5000 SH OTHER 5000 0 0
COFLEXIP SPONSORED ADR COMMON 192384105 4988 190000 SH OTHER 99500 51000 39500
COGNIZANT CORP COM COMMON 192441103 896 27150 SH OTHER 14650 5000 7500
COLTEC INDS INC COM COMMON 196879100 4153 220000 SH OTHER 100000 70000 50000
COMPUSERVE CORP DEL COM COMMON 20482G109 148 15000 SH OTHER 0 10000 5000
COMSAT CORP COMMON 20564D107 554 22500 SH OTHER 0 12500 10000
CONE MLS CORP N C COM COMMON 206814105 1851 235000 SH OTHER 102500 75000 57500
CONSOLDTD FREIGHTWAYS CORP COM COMMON 209232107 18 2000 SH OTHER 2000 0 0
CONSOLIDATED FREIGHTWAYS COMMON 209237106 278 12500 SH OTHER 12500 0 0
COORS ADOLPH COMPANY COMMON 217016104 5976 314500 SH OTHER 165300 70100 79100
CORDIANT PLC SPONSORED ADR COMMON 218514107 2125 425000 SH OTHER 265000 50000 110000
CORNING INC COMMON 219350105 27056 585000 SH OTHER 310100 124300 150600
COTT CORP QUE COM COMMON 22163N106 1722 237500 SH OTHER 107500 65000 65000
COX COMMUNICATIONS INC NEW COMMON 224044107 12083 522500 SH OTHER 238800 139000 144700
CRESTAR FINL CORP COMMON 226091106 186 2500 SH SOLE 2500 0 0
<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
CROWN AMERICAN RLTY TR COM COMMON 228186102 3600 480000 SH OTHER 224000 87500 168500
CUMMINS ENGINE INC COMMON 231021106 5180 112600 SH OTHER 65100 15000 32500
CYPRUS AMAX MINERALS CO COM COMMON 232809103 1116 47500 SH OTHER 25000 12500 10000
DPL INC COMMON 233293109 1819 75000 SH SOLE 50000 0 25000
DSC COMMUNICATION CORP COMMON 233311109 547 30600 SH OTHER 17500 8100 5000
DTE ENERGY CO COM COMMON 233331107 971 30000 SH SOLE 25000 0 5000
DARDEN RESTAURANTS, INC. COMMON 237194105 4244 485000 SH OTHER 215500 107100 162400
DATA GEN CORP COMMON 237688106 5343 368500 SH OTHER 223500 55000 90000
DELTA AIRLINES INC COMMON 247361108 5163 72842 SH OTHER 39941 8401 24500
DIGITAL EQUIPMENT COMMON 253849103 30323 836500 SH OTHER 443700 174600 218200
DISNEY WALT PRODTNS COMMON 254687106 464 6650 SH OTHER 4250 2400 0
DOW CHEMICAL COMMON 260543103 3801 48500 SH OTHER 23800 12200 12500
DRESSER INDS INC COMMON 261597108 1938 62500 SH OTHER 39200 10400 12900
DU PONT E I DE NEMOURS CO COMMON 263534109 6542 69500 SH OTHER 44900 10100 14500
DUN & BRADSTREET INC COMMON 264830100 1163 48950 SH OTHER 23650 10300 15000
EASTERN UTILS ASSOC COMMON 277173100 1347 77500 SH OTHER 16500 57000 4000
EASTMAN KODAK COMMON 277461109 65003 810000 SH OTHER 458800 129100 222100
ECHO BAY MINES COM COMMON 278751102 1325 199986 SH SOLE 116288 0 83698
EDISON INTERNATIONAL COMMON 281020107 696 35000 SH OTHER 25000 7500 2500
EL PASO NAT GAS CO COM NEW COMMON 283695872 569 11263 SH OTHER 5333 2417 3513
ELF AQUITAINE SPONSORED ADR COMMON 286269105 1403 31000 SH OTHER 17000 6000 8000
EMERSON ELEC CO COMMON 291011104 8 80 SH OTHER 0 80 0
ENGELHARD CORP COMMON 292845104 669 35000 SH OTHER 24000 8500 2500
ENSERCH EXPL INC COMMON 29356V100 1469 125000 SH OTHER 37500 37500 50000
ENRON OIL & GAS CO COM COMMON 293562104 8989 356000 SH OTHER 173000 77500 105500
ENSERCH CORP COMMON 293567103 10465 455000 SH OTHER 245500 103400 106100
ENTERGY CORP NEW COM COMMON 29364G103 3108 112500 SH OTHER 75000 17500 20000
ETHYL CORP COMMON 297659104 48 5000 SH OTHER 0 5000 0
EVANS WITHYCOMBE RESIDENTIAL COMMON 299212100 5250 250000 SH OTHER 106800 75700 67500
EXXON CORP COMMON 302290101 34 345 SH OTHER 0 345 0
FMC CORP NEW COMMON 302491303 12840 183100 SH OTHER 96100 33800 53200
FALCON BRIDGE FOREIGN 305915100 730 25000 SH SOLE 25000 0 0
FEDERAL EXPRESS CORP COMMON 313309106 120 2700 SH SOLE 2700 0 0
FEDERATED DEPARTMENT STORES NE COMMON 31410H101 12703 372250 SH OTHER 220950 56200 95100
FIRST CHICAGO NBD CORP COM COMMON 31945A100 13679 254500 SH OTHER 143100 40100 71300
FISHER SCIENTIFIC INTL INC COM COMMON 338032105 1410 30000 SH OTHER 20000 0 10000
FLEETWOOD ENTERPRISES INC COMMON 339099103 688 25000 SH OTHER 0 15000 10000
FORD MOTOR COMMON 345370100 1290 40000 SH OTHER 15000 25000 0
FORD MOTOR CO DEPOSITARY SHS CONVERT 345370209 934 9000 SH OTHER 4000 0 5000
FOREST OIL CORP COM NEW COMMON 346091606 617 35000 SH OTHER 25000 0 10000
FREEPORT MCMORAN COPPER & GOLD CONVERT 35671D600 9242 288800 SH OTHER 157300 64200 67300
FRESENIUS MED CARE AG SPONSORE COMMON 358029106 38 1362 SH SOLE 1362 0 0
FRESENIUS MEDICAL CARE PFD D PREFERR 358030203 0 1300 SH SOLE 1300 0 0
FRONTIER CORP COM COMMON 35906P105 113 5000 SH SOLE 5000 0 0
FUJI PHOTO ADR NEW COMMON 359586302 743 22500 SH OTHER 0 22500 0
GPU INC COM COMMON 36225X100 165 4900 SH SOLE 4900 0 0
GTE CORP COMMON 362320103 50707 1117500 SH OTHER 594800 222300 300400
ARTHUR J GALLAGHER & CO COMMON 363576109 1993 64300 SH OTHER 39100 10200 15000
GANNETT INC DEL COMMON 364730101 6 80 SH OTHER 0 80 0
GENENTECH INC SPL COM COMMON 368710307 48 900 SH SOLE 900 0 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
GENERAL ELECTRIC COMMON 369604103 24570 248500 SH OTHER 148500 32000 68000
GENERAL MTRS CORP COMMON 370442105 13241 237500 SH OTHER 135000 36100 66400
GEORGIA GULF CORP COM PAR $0.0 COMMON 373200203 2956 110000 SH OTHER 62000 17500 30500
GERBER SCIENTIFIC INSTR COMMON 373730100 223 15000 SH SOLE 15000 0 0
GIDDINGS & LEWIS INC WIS COM COMMON 375048105 3927 305000 SH OTHER 152500 75000 77500
GLAXO PLC SPONSORED ADR COMMON 37733W105 3953 124500 SH OTHER 79100 18400 27000
GRACE W R & CO DEL COM WHEN IS COMMON 383911104 67 1300 SH SOLE 1300 0 0
GREAT WESTN FINL CORP COMMON 391442100 2610 90000 SH OTHER 50000 24900 15100
GRIFFON CORP COM COMMON 398433102 5298 432500 SH OTHER 257500 35000 140000
HAEMONETICS CORP COM COMMON 405024100 1133 60000 SH OTHER 30000 6700 23300
HALLIBURTON CO COMMON 406216101 1205 20000 SH SOLE 5000 0 15000
HANSON TR PLC SPONSORED ADR COMMON 411352305 17837 2642500 SH OTHER 1264900 622600 755000
HECLA MNG CO COMMON 422704106 211 37500 SH OTHER 12500 25000 0
HERCULES INC COMMON 427056106 242 5600 SH OTHER 3600 2000 0
HOME DEPOT INC COMMON 437076102 25 500 SH OTHER 0 500 0
HOST MARRIOTT CORP COMMON 441078102 160 10000 SH SOLE 10000 0 0
HUMANA INC COMMON 444859102 6 300 SH SOLE 300 0 0
HUNT J B TRANS SVCS INC COMMON 445658107 1960 140000 SH OTHER 65000 35000 40000
IBP INC COMMON 449223106 121 5000 SH SOLE 5000 0 0
IMC GLOBAL INC COMMON 449669100 1565 40000 SH SOLE 25000 0 15000
ITT HARTFORD GROUP INC COM WHE COMMON 45068H106 169 2500 SH OTHER 2500 0 0
IMMULOGIC PHARMACEUTICAL COM COMMON 45252R100 622 97500 SH OTHER 25000 17500 55000
IMPERIAL OIL LTD COM NEW COMMON 453038408 1880 40000 SH OTHER 27500 5000 7500
IMPERIAL TOBACCO GROUP PLC COMMON 453142101 9210 713950 SH OTHER 365350 147725 200875
INFORMATION RES INC COMMON 456905108 6790 485000 SH OTHER 191500 139000 154500
INTEGRATED DEVICE TECH INC COMMON 458118106 273 20000 SH OTHER 15000 5000 0
INTEL CORP COMMON 458140100 20426 156000 SH OTHER 99000 28600 28400
INTERGRAPH CORP COMMON 458683109 14222 1387500 SH OTHER 705000 318000 364500
INTERMET CORP COMMON 45881K104 7700 477500 SH OTHER 205000 172500 100000
INTERNATIONAL BUSINESS MACHINE COMMON 459200101 53404 352500 SH OTHER 194000 55800 102700
INTERNATIONAL PAPER CO COMMON 460146103 1073 26500 SH SOLE 26500 0 0
INTL RECTIFIER CORP COMMON 460254105 6329 415000 SH OTHER 214000 92500 108500
INTERNATIONAL TECH 1.75 CONV P CONVERT 460465305 1350 80000 SH SOLE 67500 0 12500
INTL TECHNOLOGY CORP COM NEW COMMON 460465404 157 18750 SH OTHER 6250 12500 0
IRVINE APT CMNTYS INC COM COMMON 463606103 938 37500 SH SOLE 32500 0 5000
IVAX CORP COMMON 465823102 384 37500 SH OTHER 5000 7500 25000
JP RLTY INC COM COMMON 46624A106 28074 1085000 SH OTHER 576400 233500 275100
JAMES RIVER CORP COMMON 470349101 9275 280000 SH OTHER 155700 44100 80200
JR CORP SERIES P 9% CONVERT 470349887 16223 515000 SH OTHER 287000 96500 131500
JEFFERSON SMURFIT CORP COMMON 475087102 402 25000 SH OTHER 25000 0 0
JOHN NUVEEN CO CL A COMMON 478035108 331 12500 SH SOLE 11500 0 1000
JOHNSON & JOHNSON COMMON 478160104 7711 155000 SH OTHER 68850 49600 36550
JOSTENS INC COMMON 481088102 560 26500 SH OTHER 6500 10500 9500
K MART CORP COMMON 482584109 52 5000 SH OTHER 2500 2500 0
KELLWOOD COMMON 488044108 2000 100000 SH OTHER 60000 25000 15000
KERR-MCGEE CORP COMMON 492386107 720 10000 SH SOLE 10000 0 0
LASMO ADR FOREIGN 501730204 8675 722900 SH OTHER 416000 100000 206900
LTV CORP NEW COM COMMON 501921100 594 50000 SH OTHER 25000 10000 15000
LSI LOGIC CORP COMMON 502161102 107 4000 SH SOLE 4000 0 0
LABORATORY CORP AMER HLDGS COM COMMON 50540R102 733 255000 SH OTHER 135000 60000 60000
<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
LAFARGE CORP COMMON 505862102 2141 106400 SH OTHER 51400 40000 15000
LIBERTY CORP S C COMMON 530370105 1668 42500 SH OTHER 15000 7500 20000
LIFE RE CORP COM COMMON 532160108 2012 52100 SH SOLE 37100 0 15000
LILLY ELI & CO COMMON 532457108 16900 231500 SH OTHER 136600 35000 59900
LIMITED STORES INC COMMON 532716107 505 27500 SH OTHER 15000 12500 0
LIN TELEVISION CORP. COMMON 532776101 34 750 SH SOLE 750 0 0
LINCOLN NATL CORP IND COMMON 534187109 131 2500 SH OTHER 0 2500 0
LOEWS CORP COMMON 540424108 1272 13500 SH SOLE 7500 0 6000
LUBRIZOL CORP COMMON 549271104 2945 95000 SH OTHER 55800 15100 24100
LUCENT TECHNOLOGY COMMON 549463107 1451 31373 SH OTHER 17982 4481 8910
MCN CORP COMMON 55267J100 508 17600 SH OTHER 2600 5000 10000
MCN CORP PFD IDE SECS% CONVERT 55267J209 414 15000 SH SOLE 15000 0 0
MCI COMMUNICATIONS CORP COMMON 552673105 25496 780000 SH OTHER 414800 166000 199200
MAGELLAN HEALTH SERVICES COMMON 559079108 1008 45000 SH OTHER 22000 1000 22000
MANPOWER INC COM COMMON 56418H100 8369 257500 SH OTHER 131500 70700 55300
MASCOTECH INC COM COMMON 574670105 33536 2048000 SH OTHER 1121400 400700 525900
MASCOTECH PFD DIV ENHANC PFD CONVERT 574670303 1236 78500 SH OTHER 60800 7200 10500
MAY DEPT STORES CO COMMON 577778103 164 3500 SH SOLE 3500 0 0
MAYTAG CO COMMON 578592107 8730 442000 SH OTHER 237500 90000 114500
MCDERMOTT INTERNATIONAL INC. COMMON 580037109 2194 130000 SH OTHER 48000 36500 45500
MEDPARTNERS INC NEW COM COMMON 58503X107 4312 207800 SH OTHER 106300 59000 42500
MELLON BANK COMMON 585509102 156 2200 SH SOLE 2200 0 0
MERCK & CO COMMON 589331107 533 6700 SH OTHER 0 1700 5000
MICRON TECHNOLOGY INC COM COMMON 595112103 583 20000 SH OTHER 2500 12500 5000
MILLENNIUM CHEMICALS INC COM COMMON 599903101 2989 168417 SH OTHER 79561 37790 51066
MITCHELL ENERGY & DEV CORP CL COMMON 606592202 2238 100000 SH OTHER 55000 35000 10000
MITCHELL ENERGY & DEV CORP CL COMMON 606592301 15211 687500 SH OTHER 338600 181200 167700
MOBIL CORP COMMON 607059102 8130 66500 SH OTHER 37700 7600 21200
MORNINGSTAR GROUP INC COM COMMON 617698105 5446 277500 SH OTHER 177500 0 100000
MOTOROLA INC COMMON 620076109 306 5000 SH SOLE 0 0 5000
NIPSCO INDS INC COMMON 629140104 99 2500 SH SOLE 2500 0 0
NATL SEMICONDUCTOR COMMON 637640103 674 27500 SH OTHER 12500 10000 5000
NATIONAL STL CORP COMMON 637844309 648 70000 SH SOLE 40000 0 30000
NATIONSBANK CORP COM COMMON 638585109 4888 50000 SH OTHER 32500 2500 15000
NAVISTAR INTL CORP PFD G CV $6 CONVERT 638901405 17091 302500 SH OTHER 174150 49500 78850
NAVISTAR INTL CORP COM COMMON 63934E108 2601 285000 SH OTHER 135000 50000 100000
NELLCOR INC COMMON 640275103 547 25000 SH SOLE 25000 0 0
NESTLE S.A. REGISTERED SHRS. FOREIGN 641069109 431 300 SH SOLE 300 0 0
NESTLES ADR FOREIGN 641069406 29832 557500 SH OTHER 318700 109300 129500
S & P 500 INDEX JUN 700 OPTION 6488159RT 142 85 SH SOLE 85 0 0
S & P 500 INDEX JUN 775 OPTION 6488159RZ 294 80 SH SOLE 80 0 0
NEW YORK TIMES CO CLASS A COMMON 650111107 213 5600 SH SOLE 5600 0 0
NEWMONT GOLD CO COM COMMON 651637100 328 7500 SH SOLE 0 0 7500
NEWMONT MNG CORP COMMON 651639106 224 5000 SH SOLE 5000 0 0
NEWPORT NEWS SHIPBUILDING COMMON 652228107 398 26500 SH OTHER 12380 5560 8560
NIAGARA MOHAWK PWR CORP COMMON 653522102 14813 1500000 SH OTHER 785800 312500 401700
NOBLE AFFILIATES COMMON 654894104 464 9692 SH OTHER 9592 100 0
NORAM ENERGY CORP 6.000% 03/15 CONVERT 655419AC3 2156 2500000 SH SOLE 2450000 0 50000
NORAM ENERGY CORP COM COMMON 655419109 15423 995000 SH OTHER 539300 150100 305600
NORTHEAST UTILS COMMON 664397106 1641 125000 SH OTHER 50000 35000 40000
<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
NORTH WESTERN STEEL AND WIRE COMMON 668367204 1146 235000 SH OTHER 120000 75000 40000
NOVELL INC COMMON 670006105 237 25000 SH SOLE 25000 0 0
NYNEX CORP COMMON 670768100 578 12000 SH SOLE 2000 0 10000
OCCIDENTAL PETE CORP COMMON 674599105 8473 362500 SH OTHER 184900 76000 101600
OFFICE DEPOT INC COM COMMON 676220106 447 25000 SH SOLE 0 0 25000
OGDEN CORP COMMON 676346109 11389 599400 SH OTHER 303000 157900 138500
OHIO EDISON CO COMMON 677347106 4095 180000 SH OTHER 74200 47900 57900
OVERSEAS SHIPHOLDING GROUP COMMON 690368105 2499 147000 SH OTHER 72000 27500 47500
OWENS CORNING COMMON 69073F103 56734 1331000 SH OTHER 688700 278600 363700
OWENS & MINOR INC NEW COM COMMON 690732102 7995 780000 SH OTHER 334300 208200 237500
PNC FINANCIAL CORP COMMON 693475105 4421 117500 SH OTHER 46500 26000 45000
PACIFIC GAS & ELEC CO COMMON 694308107 5250 250000 SH OTHER 107500 82500 60000
PACIFIC TELESIS GROUP COMMON 694890104 3124 85000 SH OTHER 57000 8000 20000
PACIFICORP COMMON 695114108 3075 150000 SH OTHER 92000 15500 42500
PAINE WEBBER INC COMMON 695629105 56 2000 SH SOLE 2000 0 0
PANENERGY CORP COM COMMON 697926103 40388 897500 SH OTHER 522900 135900 238700
PEGASUS GOLD INC COMMON 70556K106 1191 157500 SH OTHER 30000 107500 20000
PEPSICO INC COMMON 713448108 590 20160 SH OTHER 0 15160 5000
PERRIGO CO COM COMMON 714290103 1483 162500 SH OTHER 77500 45000 40000
PFIZER INC COMMON 717081103 415 5000 SH OTHER 0 5000 0
PHILIP MORRIS COMMON 718154107 23 200 SH OTHER 0 200 0
PHILIPS N V NEW YORK SHS COMMON 718337504 200 5000 SH SOLE 5000 0 0
PICTURETEL CORP COM NEW COMMON 720035302 715 27500 SH OTHER 0 27500 0
PINKERTONS INC NEW COM COMMON 723429106 4899 195000 SH OTHER 108400 29100 57500
PITTSTON CO MINERLS GRP COM COMMON 725701205 3575 232500 SH OTHER 150000 30000 52500
PLACER DOME INC COMMON 725906101 3208 147500 SH OTHER 91600 25400 30500
POLAROID CORP COMMON 731095105 435 10000 SH OTHER 0 10000 0
PRAXAIR INC COM COMMON 74005P104 185 4000 SH OTHER 4000 0 0
PRICE / COSTCO INC COM COMMON 74143W102 25213 1003500 SH OTHER 553800 184800 264900
PROCTER & GAMBLE CO COMMON 742718109 1793 16664 SH OTHER 16500 164 0
PROVIDENT COS INC COM COMMON 743862104 135 2800 SH OTHER 2600 200 0
PUBLIC SVC ENTERPRISES COMMON 744573106 2319 85100 SH OTHER 45000 12000 28100
QUAKER ST CORP COMMON 747410108 770 55000 SH OTHER 40000 12500 2500
QUESTAR CORP COMMON 748356102 1058 28800 SH OTHER 21000 5000 2800
RJR NABISCO PFD C CONVERT 74960K884 18563 2750000 SH OTHER 1641000 441500 667500
RALCORP HOLDINGS, INC. COMMON 751025107 525 25000 SH OTHER 2500 17500 5000
REGENCY RLTY CORP COM COMMON 758939102 525 20000 SH SOLE 20000 0 0
RELIANCE GROUP HLDGS INC COM COMMON 759464100 22291 2442800 SH OTHER 1277900 499100 665800
REYNOLDS METALS CO COMMON 761763101 2396 42500 SH OTHER 20000 7500 15000
RIVIANA FOODS INC DELC COMMON 769536103 949 55000 SH OTHER 40000 15000 0
ROCHE 0% 4/20/10 CONVERT 771196AC6 3846 8500000 SH OTHER 5750000 1750000 1000000
ROCKWELL INTL CORP NEW COM COMMON 773903109 29737 488500 SH OTHER 268400 82200 137900
RUBBERMAID INC COMMON 781088109 113 5000 SH OTHER 0 5000 0
RYDER SYS INC COMMON 783549108 4781 170000 SH OTHER 104500 18800 46700
SBC COMMUNICATIONS, INC COMMON COMMON 78387G103 5680 109500 SH OTHER 32500 43700 33300
SAFETY KLEEN CORP COMMON 786484105 12977 792500 SH OTHER 359700 213400 219400
ST PAUL COS INC COMMON 792860108 76 1300 SH SOLE 1300 0 0
SANFILIPPO JOHN B & SON INC CO COMMON 800422107 25 5000 SH SOLE 0 0 5000
SANTA FE ENERGY RES INC COMMON 802012104 5481 395000 SH OTHER 201500 100000 93500
SANTA FE CONV PFD A CONVERT 802012401 2756 225000 SH OTHER 145000 65000 15000
<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
SANTA FE PAC GOLD CORP COM COMMON 802176107 308 20000 SH OTHER 17500 0 2500
SARA LEE CORP COMMON 803111103 6519 175000 SH OTHER 87500 37500 50000
SCHERING PLOUGH CORP COMMON 806605101 19 300 SH OTHER 0 300 0
SCHLUMBERGER COMMON 806857108 100 1000 SH SOLE 1000 0 0
SCOTTS CO CL A COMMON 810186106 2137 107500 SH OTHER 55000 32500 20000
SEAGATE TECHNOLOGY COMMON 811804103 593 15000 SH SOLE 5000 0 10000
SEARS ROEBUCK & CO COMMON 812387108 2070 45000 SH OTHER 24900 100 20000
SEDGWICK GROUP ADR FOREIGN 815673207 5766 512500 SH OTHER 303500 84000 125000
SILICON GRAPHICS INC COMMON 827056102 4080 160000 SH OTHER 70000 40000 50000
SIMON DEBARTOLO GROUP INC COM COMMON 828781104 1473 47500 SH SOLE 42500 0 5000
SMITHKLINE BEECHAM PLC ADR RPS COMMON 832378301 11390 167500 SH OTHER 79000 47000 41500
SOUTHERN CO COMMON 842587107 1018 45000 SH SOLE 44500 0 500
SOUTHWEST AIRLS CO COMMON 844741108 418 19000 SH OTHER 18900 100 0
SPRINT CORP COM COMMON 852061100 199 5000 SH SOLE 5000 0 0
SPRINT EXCHANGE CONV.PFD. CONVERT 852061407 1973 55000 SH SOLE 45000 0 10000
STONE CONTAINER CORP COMMON 861589109 1413 95000 SH OTHER 52500 15000 27500
STORAGE TECHNOLOGY CORP PAR $0 COMMON 862111200 71453 1492500 SH OTHER 804700 283800 404000
SUMMIT PPTYS INC COM COMMON 866239106 18640 842500 SH OTHER 427000 209000 206500
SUN INC DP 1/2 PREF A % PREFERR 866762404 311 12500 SH SOLE 12500 0 0
SUNDSTRAND CORP COMMON 867323107 4250 100000 SH OTHER 25000 45000 30000
SUPERVALU INC COMMON COMMON 868536103 5391 190000 SH OTHER 65000 66200 58800
TCI SATELLITE ENTMT INC CL A COMMON 872298104 501 50750 SH OTHER 23250 15000 12500
TIG HOLDINGS COMMON 872469101 58739 1734000 SH OTHER 906900 313300 513800
TANDEM COMPUTERS INC COMMON 875370108 49308 3586000 SH OTHER 1899900 694100 992000
TELE COMMUNICATIONS INC CLASS COMMON 87924V101 14304 1095010 SH OTHER 552800 268010 274200
TELE COMMUNICATIONS INC LIBERT COMMON 87924V507 428 15000 SH OTHER 5000 10000 0
TELXON CORP COMMON 879700102 12 1000 SH SOLE 1000 0 0
TEMPLE INLAND INC COMMON 879868107 812 15000 SH SOLE 15000 0 0
TENET HEALTH CARE COMMON 88033G100 820 37500 SH OTHER 12500 0 25000
TENNECO INC COMMON 88037E101 7446 165000 SH OTHER 95200 28500 41300
TERADYNE INC COMMON 880770102 561 23000 SH OTHER 23000 0 0
TEXACO INC COMMON 881694103 3827 39000 SH OTHER 20000 7500 11500
TEXAS INSTRUMENTS INC COMMON 882508104 701 11000 SH SOLE 6000 0 5000
TEXAS UTILS CO COMMON 882848104 16300 400000 SH OTHER 169600 103500 126900
TIME WARNER FING TR PERCS $ COMMON 88731L203 678 17500 SH SOLE 12500 0 5000
TIME WARNER INC COMMON 887315109 188 5000 SH OTHER 0 5000 0
TITAN WHEEL INTL INC COM COMMON 888328101 765 60000 SH SOLE 25000 0 35000
TOTAL S A SPONSORED ADR COMMON 89151E109 3321 82500 SH OTHER 32500 32500 17500
TRANSAMERICA CORP COMMON 893485102 11692 148000 SH OTHER 88300 16900 42800
TRANSCANADA PIPELINES LTD COMMON 893526103 8663 495000 SH OTHER 287600 82100 125300
TRANSITIONAL HOSPITALS CORP COMMON 893719104 2021 210000 SH OTHER 120000 37500 52500
TRAVELERS INC COMMON 894190107 26412 582087 SH OTHER 318791 103767 159529
UAL CORP COM COMMON 902549500 688 11000 SH OTHER 0 11000 0
USX MARATHON GROUP COM NEW COMMON 902905827 40408 1692500 SH OTHER 871300 357500 463700
UNUM CORP COMMON 903192102 108 1500 SH SOLE 1500 0 0
US F&G CORP COMMON 903290104 14529 696000 SH OTHER 371100 137900 187000
USG CORP COMMON 903293405 1694 50000 SH OTHER 50000 0 0
USX US STEEL GROUP COM COMMON 90337T101 4157 132500 SH OTHER 73500 10000 49000
UNILEVER N V COMMON 904784501 2191 12500 SH OTHER 5500 6500 500
UNICOM CORP COM COMMON 904911104 32200 1187100 SH OTHER 595900 275300 315900
<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
UNION CARBIDE CORP COMMON 905581104 184 4500 SH SOLE 4500 0 0
UNION PAC RES GROUP INC COM COMMON 907834105 218 7500 SH SOLE 7500 0 0
UNION TEX PETE HLDGS INC COM COMMON 908640105 12306 550000 SH OTHER 289000 119000 142000
UNIONAMERICA HLDGS PLC SPONSOR COMMON 909048100 103 5800 SH OTHER 0 5800 0
U S AIR GROUP INC COMMON 911905107 234 10000 SH SOLE 10000 0 0
U S AIR CONV PFD 8.75% CONVERT 911905305 6720 105000 SH OTHER 70000 7700 27300
U S WEST INC COMMON 912889102 10078 312500 SH OTHER 151200 86900 74400
U S WEST INC COM-MEDIA GROUP COMMON 912889201 5007 272500 SH OTHER 153200 42900 76400
UNITED TECHNOLOGIES CORP COMMON 913017109 26334 397500 SH OTHER 268900 65000 63600
UNOCAL CORP 6.25% TRUST CONV P CONVERT 91528T207 9946 172977 SH OTHER 104233 36046 32698
UNOCAL CORP COMMON 915289102 24858 610000 SH OTHER 326300 117100 166600
USLIFE CORP COMMON 917318107 449 13500 SH SOLE 8500 0 5000
VLSI TECH 8.250% 10/01/05 CONVERT 918270AB5 11000 110000 SH OTHER 49500 28500 32000
WMX TECHNOLOGIES INC COMMON 92929Q107 46833 1441000 SH OTHER 769400 275100 396500
WAL MART STORES INC COMMON 931142103 25753 1132000 SH OTHER 570100 260600 301300
WALDEN RESIDENTIAL PPTYS INC COMMON 931210108 13930 560000 SH OTHER 321800 91500 146700
WARNER LAMBERT CO COMMON 934488107 15 200 SH OTHER 0 200 0
WASHINGTON NATL CORP COMMON 939339107 5968 217000 SH OTHER 118300 35700 63000
WASTE MGMT INTL PLC SPONSORED COMMON 940906100 9867 1252900 SH OTHER 506200 380000 366700
WELLMAN INC COMMON 949702104 4538 265000 SH OTHER 128500 51500 85000
WELLS FARGO & CO COMMON 949740104 17942 66514 SH OTHER 41164 11550 13800
WENDYS INTERNATIONAL COMMON 950590109 410 20000 SH OTHER 15000 5000 0
WESTCOAST ENERGY COMMON 95751D102 10218 610000 SH OTHER 320900 136000 153100
WESTINGHOUSE ELEC CORP COMMON 960402105 2186 110000 SH OTHER 45000 30000 35000
WESTINGHOUSE PFD CONVERT 960402709 45323 2475000 SH OTHER 1363700 455000 656300
WEYERHAEUSER CO COMMON 962166104 9811 207100 SH OTHER 111900 34000 61200
WHEELABRATOR TECH INC NEW COMMON 962901302 11091 682500 SH OTHER 290500 186200 205800
WILLBROS GROUP INC COMMON 969199108 146 15000 SH SOLE 15000 0 0
WILLIAMS SONOMA INC COM COMMON 969904101 1273 35000 SH OTHER 20000 0 15000
WILLIS CORROON PLC ADR COMMON 970624201 8895 773500 SH OTHER 470200 136200 167100
WISCONSIN ENERGY CORP COMMON 976657106 1344 50000 SH OTHER 0 50000 0
XEROX CORP COMMON 984121103 10736 204000 SH OTHER 126400 27500 50100
XYLAN CORP COM COMMON 984151100 1150 40700 SH OTHER 0 1500 39200
YPF SOCIEDAD ANONIMA FOREIGN 984245100 3788 150000 SH OTHER 79500 38000 32500
ZURICH REINS CNTRE HLDINGS COMMON 989822101 3984 127500 SH OTHER 43800 37500 46200
REPORT SUMMARY 385 DATA RECORDS 2482175 3 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
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