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Previous: GMO TRUST, NSAR-B, 1997-04-29 |
Next: GMO TRUST, 24F-2NT, 1997-04-29 |
<TABLE>
<C> <C>
<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 03/31/97
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 PROP COMMON 001735109 2300 100000 SH OTHER 70000 5000 25000
AMR CORP COMMON 001765106 10106 122500 SH OTHER 68600 21900 32000
AT & T CORP. COMMON 001957109 4098 117501 SH OTHER 55701 26500 35300
ACNIELSEN CORP COM COMMON 004833109 157 10478 SH OTHER 6212 1766 2500
ADVANCED MICRO DEVICE COMMON 007903107 415 10000 SH SOLE 10000 0 0
AETNA INC. COMMON 008117103 8373 97500 SH OTHER 56300 11200 30000
AGRIUM INC COM COMMON 008916108 128 10000 SH SOLE 10000 0 0
ALBEMARLE CORP COM COMMON 012653101 2234 125000 SH OTHER 75000 5000 45000
ALCAN ALUMINIUM LTD COMMON 013716105 1440 42500 SH OTHER 20000 7500 15000
ALLEGHENY TELEDYNE IN COMMON 017415100 26719 950004 SH OTHER 533503 152001 264500
ALLERGAN INC COMMON 018490102 4223 145000 SH OTHER 82900 28900 33200
ALLMERICA FINL CORP C COMMON 019754100 1229 35000 SH SOLE 27500 0 7500
ALLSTATE COMMON 020002101 16900 284636 SH OTHER 150789 52919 80928
ALPHARMA INC CL A COMMON 020813101 550 40000 SH SOLE 0 0 40000
AMCOL INTL CORP COMMON 02341W103 7884 435000 SH OTHER 219500 89500 126000
AMERADA HESS CORP COMMON 023551104 6864 129500 SH OTHER 69700 21200 38600
AMERICA WEST HLDG COR COMMON 023657208 2344 150000 SH OTHER 40000 20000 90000
AMERICAN BRANDS INC COMMON 024703100 1266 25000 SH SOLE 15000 0 10000
AMERICAN EXPRESS COMMON 025816109 34650 578700 SH OTHER 317200 105600 155900
AMERICAN GREETINGS CO COMMON 026375105 14372 450000 SH OTHER 226200 90300 133500
AMERICAN SAFETY RAZOR COMMON 029362100 384 25000 SH OTHER 5000 15000 5000
AMERICAN STORES COMMON 030096101 5118 115000 SH OTHER 47800 29700 37500
ANHEUSER BUSCH COS IN COMMON 035229103 3919 95000 SH OTHER 61500 23500 10000
ARCHER DANIELS MIDLAN COMMON 039483102 1341 75000 SH OTHER 40000 27500 7500
ARMCO INC COMMON 042170100 439 109800 SH OTHER 50000 34800 25000
ARMCO CONV. PFD. 7.25 CONVERT 042170407 2498 60000 SH OTHER 32800 6000 21200
ASARCO INC COMMON 043413103 1055 37500 SH OTHER 27500 5000 5000
ASHLAND INC. COMMON 044204105 4947 122907 SH OTHER 98171 1546 23190
ATLANTIC RICHFIELD CO COMMON 048825103 675 5000 SH SOLE 5000 0 0
ATLANTIC RICHFIELD PF CONVERT 048825137 825 37500 SH SOLE 37500 0 0
AU BON PAIN INC COMMON 050103100 64 10000 SH SOLE 0 0 10000
AVNET COMMON 053807103 21704 385000 SH OTHER 222600 64700 97700
BAT INDUST SPONSORED COMMON 055270508 682 41050 SH OTHER 35900 150 5000
BANK BOSTON COPR COMMON 060716107 1508 22500 SH SOLE 12500 0 10000
BANKAMERICA CORP COMMON 066050105 1533 15200 SH OTHER 8700 0 6500
BATTLE MTN GOLD CONV CONVERT 071593305 250 5000 SH SOLE 5000 0 0
BAXTER INTL INC COMMON 071813109 20247 469500 SH OTHER 265000 74700 129800
BAY NETWORK COMMON 072510100 4335 242500 SH OTHER 113500 61000 68000
BAYER AG SPONS ADR FOREIGN 072730302 1873 45000 SH OTHER 25000 5000 15000
BELL ATLANTIC CORP COMMON 077853109 1482 24400 SH OTHER 19400 0 5000
BETHLEHEM STL CORP COMMON 087509105 165 20000 SH SOLE 20000 0 0
BEVERLY ENTERPRISES COMMON 087851101 9703 675000 SH OTHER 355500 138000 181500
BLACK & DECKER CORP COMMON 091797100 11645 362500 SH OTHER 208300 56200 98000
BLOCK H & R INC COMMON 093671105 51700 1760000 SH OTHER 909600 369700 480700
BOEING CO COMMON 097023105 1500 15211 SH OTHER 11253 43 3915
BOISE CASCADE PFD G CONVERT 097383863 1332 52500 SH SOLE 52500 0 0
BORDEN CHEM & PLASTIC COMMON 099541203 1063 105000 SH OTHER 85000 0 20000
FIRST CENTRAL FINANCI CONVERT 109228006 220 220000 SH SOLE 0 0 220000
BRISTOL MYERS SQUIBB COMMON 110122108 443 7500 SH SOLE 7500 0 0
BROWNING FERRIS INDS COMMON 115885105 1011 35000 SH SOLE 5000 0 30000
<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
BURLINGTON INDS INC N COMMON 121693105 1380 120000 SH OTHER 70000 25000 25000
CIGNA CORP COMMON 125509109 6351 43500 SH OTHER 26000 5500 12000
CMS ENERGY CORP COMMON 125896100 2134 64900 SH OTHER 39700 15200 10000
CABOT OIL & GAS CORP COMMON 127097103 2188 125000 SH OTHER 54500 15000 55500
CALPINE CP COMMON 131347106 1450 80000 SH SOLE 55000 0 25000
CANADIAN PAC LTD NEW COMMON 135923100 21120 880000 SH OTHER 466800 173400 239800
CANYON RES CORP COM COMMON 138869102 964 321477 SH OTHER 0 321477 0
CENTERIOR ENERGY CORP COMMON 151883105 1013 100000 SH OTHER 0 50000 50000
CHAMPION INTL CORP COMMON 158525105 3754 82500 SH OTHER 38800 15500 28200
CHARTWELL RE CORP COM COMMON 16139W109 6392 233500 SH OTHER 90800 107000 35700
CHASE MANHATTAN CORPO COMMON 16161A108 54451 580032 SH OTHER 317524 112404 150104
CHRYSLER CORP COMMON 171196108 825 27500 SH OTHER 15000 12500 0
CINCINNATI MILACRON I COMMON 172172108 12141 647500 SH OTHER 332500 146000 169000
CINERGY CORP COMMON 172474108 938 27500 SH OTHER 22500 5000 0
CITICORP COMMON 173034109 61983 572590 SH OTHER 329856 90834 151900
CLAYTON HOMES INC COM COMMON 184190106 164 12500 SH SOLE 0 0 12500
COFLEXIP SPONSORED AD COMMON 192384105 3690 120000 SH OTHER 55000 35000 30000
COLTEC INDS INC COM COMMON 196879100 3238 175000 SH OTHER 75000 50000 50000
COMPUSERVE CORP DEL C COMMON 20482G109 148 15000 SH OTHER 0 10000 5000
COMSAT CORP COMMON 20564D107 488 20000 SH OTHER 0 10000 10000
CONE MLS CORP N C COM COMMON 206814105 1659 225000 SH OTHER 92500 75000 57500
COORS ADOLPH COMPANY COMMON 217016104 6375 300000 SH OTHER 153400 67500 79100
CORDIANT PLC SPONSORE COMMON 218514107 2335 397500 SH OTHER 242500 50000 105000
CORNING INC COMMON 219350105 23297 525000 SH OTHER 278400 101000 145600
COSTCO COMPANIES INC COMMON 22160Q102 21617 782500 SH OTHER 422000 145500 215000
COTT CORP QUE COM COMMON 22163N106 1383 140000 SH OTHER 50000 45000 45000
COVANCE INC COM COMMON 222816100 242 15000 SH SOLE 15000 0 0
COX COMMUNICATIONS IN COMMON 224044107 10519 510000 SH OTHER 234800 133000 142200
CROWN AMERICAN RLTY T COMMON 228186102 3294 425000 SH OTHER 184000 87500 153500
CUMMINS ENGINE INC COMMON 231021106 4356 85000 SH OTHER 47500 15000 22500
CYPRUS AMAX MINERALS COMMON 232809103 1128 47500 SH OTHER 25000 12500 10000
DPL INC COMMON 233293109 1809 75000 SH SOLE 50000 0 25000
DTE ENERGY CO COM COMMON 233331107 403 15000 SH SOLE 15000 0 0
DARDEN RESTAURANTS, I COMMON 237194105 3544 450000 SH OTHER 182500 107100 160400
DATA GEN CORP COMMON 237688106 5525 325000 SH OTHER 197500 45000 82500
DELTA AIRLINES INC COMMON 247361108 6283 74690 SH OTHER 42690 8500 23500
DIGITAL EQUIPMENT COMMON 253849103 27786 1015000 SH OTHER 528700 215600 270700
DISNEY WALT PRODTNS COMMON 254687106 310 4250 SH SOLE 4250 0 0
DOW CHEMICAL COMMON 260543103 3874 48500 SH OTHER 22800 13200 12500
DRESSER INDS INC COMMON 261597108 1815 60000 SH OTHER 34200 10400 15400
DU PONT E I DE NEMOUR COMMON 263534109 6360 60000 SH OTHER 39300 10100 10600
DUN & BRADSTREET INC COMMON 264830100 455 17950 SH OTHER 6150 6800 5000
EASTERN UTILS ASSOC COMMON 277173100 1215 67500 SH OTHER 16500 49500 1500
EASTMAN KODAK COMMON 277461109 58254 766500 SH OTHER 429000 124100 213400
ECHO BAY MINES COM COMMON 278751102 944 142500 SH SOLE 85000 0 57500
ELF AQUITAINE SPONSOR COMMON 286269105 1231 25000 SH OTHER 11000 6000 8000
ENERGY GROUP PLC SPON COMMON 292691102 11711 364539 SH OTHER 176801 87813 99925
ENGELHARD CORP COMMON 292845104 525 25000 SH OTHER 17500 6000 1500
ENSERCH EXPL INC COMMON 29356V100 444 50000 SH OTHER 7500 30000 12500
ENRON OIL & GAS CO CO COMMON 293562104 12606 607500 SH OTHER 309300 141200 157000
<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
ENSERCH CORP COMMON 293567103 8303 405000 SH OTHER 211400 104800 88800
ENTERGY CORP NEW COM COMMON 29364G103 3553 145000 SH OTHER 75000 20000 50000
EVANS WITHYCOMBE RESI COMMON 299212100 5156 250000 SH OTHER 106900 75600 67500
FMC CORP NEW COMMON 302491303 11331 185000 SH OTHER 95100 35700 54200
FEDERATED DEPARTMENT COMMON 31410H101 14741 445000 SH OTHER 232650 84550 127800
FIRST CHICAGO NBD COR COMMON 31945A100 13261 245000 SH OTHER 133700 40000 71300
FLEETWOOD ENTERPRISES COMMON 339099103 500 20000 SH OTHER 0 10000 10000
FORD MOTOR COMMON 345370100 2165 69000 SH OTHER 23500 39000 6500
FORD MOTOR CO DEPOSIT CONVERT 345370209 932 9000 SH OTHER 4000 0 5000
FOREST OIL CORP COM N COMMON 346091606 199 15000 SH OTHER 15000 0 0
FREEPORT MCMORAN COPP CONVERT 35671D600 9058 288700 SH OTHER 157200 59200 72300
FUJI PHOTO ADR NEW COMMON 359586302 737 22500 SH OTHER 0 22500 0
GTE CORP COMMON 362320103 49003 1051000 SH OTHER 553800 207300 289900
ARTHUR J GALLAGHER & COMMON 363576109 1808 55000 SH OTHER 34800 10200 10000
GAYLORD CONTAINER COR COMMON 368145108 61 10000 SH SOLE 10000 0 0
GENERAL ELECTRIC COMMON 369604103 23919 241000 SH OTHER 142600 31900 66500
GENERAL MTRS CORP COMMON 370442105 12947 233800 SH OTHER 131800 36100 65900
GEORGIA GULF CORP COM COMMON 373200203 2651 105000 SH OTHER 57000 17500 30500
GIDDINGS & LEWIS INC COMMON 375048105 4611 310000 SH OTHER 157500 75000 77500
GLAXO PLC SPONSORED A COMMON 37733W105 4245 120000 SH OTHER 69200 23300 27500
GREAT WESTN FINL CORP COMMON 391442100 2025 50000 SH OTHER 32500 10000 7500
GRIFFON CORP COM COMMON 398433102 4710 392500 SH OTHER 237500 35000 120000
HAEMONETICS CORP COM COMMON 405024100 976 55000 SH OTHER 27500 5000 22500
HALLIBURTON CO COMMON 406216101 508 7500 SH SOLE 2500 0 5000
HANSON PLC COMMON 411352404 6710 294943 SH OTHER 134942 74063 85938
HECLA MNG CO COMMON 422704106 191 32500 SH OTHER 12500 20000 0
HERCULES INC COMMON 427056106 364 8600 SH OTHER 3600 5000 0
HILTON HOTEL CORP COMMON 432848109 243 10000 SH OTHER 0 10000 0
HUNT J B TRANS SVCS I COMMON 445658107 2081 150000 SH OTHER 70000 40000 40000
IBP INC COMMON 449223106 369 15000 SH SOLE 15000 0 0
IMC GLOBAL INC COMMON 449669100 1264 35000 SH SOLE 20000 0 15000
ILLANOVA CORP COM COMMON 452317100 286 12500 SH SOLE 12500 0 0
IMMULOGIC PHARMACEUTI COMMON 45252R100 350 80000 SH OTHER 25000 10000 45000
IMPERIAL OIL LTD COM COMMON 453038408 1399 30000 SH OTHER 20000 5000 5000
IMPERIAL TOBACCO GROU COMMON 453142101 9450 720000 SH OTHER 364425 146825 208750
INFORMATION RES INC COMMON 456905108 6278 465000 SH OTHER 183000 128500 153500
INTEL CORP COMMON 458140100 20869 150000 SH OTHER 96100 26000 27900
INTERGRAPH CORP COMMON 458683109 10540 1360000 SH OTHER 690900 307100 362000
INTERLINK CMPTR SCIEN COMMON 458747102 159 15000 SH OTHER 0 15000 0
INTERMET CORP COMMON 45881K104 5709 435000 SH OTHER 185000 157500 92500
INTERNATIONAL BUSINES COMMON 459200101 45430 331000 SH OTHER 183700 52200 95100
INTERNATIONAL PAPER C COMMON 460146103 1229 31500 SH OTHER 28000 1000 2500
INTL RECTIFIER CORP COMMON 460254105 6531 550000 SH OTHER 272500 110500 167000
INTERNATIONAL TECH 1. CONVERT 460465305 647 37500 SH SOLE 37500 0 0
INTL TECHNOLOGY CORP COMMON 460465404 705 102543 SH OTHER 65398 12500 24645
IVAX CORP COMMON 465823102 247 25000 SH SOLE 0 0 25000
JP RLTY INC COM COMMON 46624A106 28268 1066700 SH OTHER 568400 225700 272600
JAMES RIVER CORP COMMON 470349101 8519 292500 SH OTHER 159500 44000 89000
JR CORP SERIES P 9% CONVERT 470349887 13905 515000 SH OTHER 287000 96500 131500
JEFFERSON SMURFIT COR COMMON 475087102 119 10000 SH OTHER 10000 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
JOHNSON & JOHNSON COMMON 478160104 7403 140000 SH OTHER 63300 39200 37500
JOSTENS INC COMMON 481088102 735 32500 SH OTHER 11500 14000 7000
KERR-MCGEE CORP COMMON 492386107 309 5000 SH SOLE 5000 0 0
LASMO ADR FOREIGN 501730204 7897 665000 SH OTHER 377500 90000 197500
LTV CORP NEW COM COMMON 501921100 568 45000 SH OTHER 20000 10000 15000
LABORATORY CORP AMER COMMON 50540R102 875 250000 SH OTHER 130000 60000 60000
LAFARGE CORP COMMON 505862102 1820 80000 SH OTHER 37500 27500 15000
LIBERTY CORP S C COMMON 530370105 1365 32500 SH OTHER 5000 7500 20000
LILLY ELI & CO COMMON 532457108 17848 217000 SH OTHER 129700 34900 52400
LIMITED STORES INC COMMON 532716107 184 10000 SH OTHER 0 10000 0
LOEWS CORP COMMON 540424108 800 9000 SH SOLE 6500 0 2500
LUBRIZOL CORP COMMON 549271104 2457 75600 SH OTHER 39000 15000 21600
LUCENT TECHNOLOGY COMMON 549463107 516 9830 SH SOLE 7430 0 2400
MCN CORP PFD IDE SECS CONVERT 55267J209 257 9600 SH SOLE 9600 0 0
MCI COMMUNICATIONS CO COMMON 552673105 21731 610000 SH OTHER 320800 121500 167700
MAGELLAN HEALTH SERVI COMMON 559079108 825 33500 SH OTHER 16000 1000 16500
MANPOWER INC COM COMMON 56418H100 7020 195000 SH OTHER 89000 50000 56000
MASCOTECH INC COM COMMON 574670105 28393 1385000 SH OTHER 734800 266200 384000
MASCOTECH PFD DIV ENH CONVERT 574670303 1424 78000 SH OTHER 60300 7200 10500
MAYTAG CO COMMON 578592107 14283 692500 SH OTHER 324000 188000 180500
MCDERMOTT INTERNATION COMMON 580037109 2458 115000 SH OTHER 39000 33500 42500
MEDPARTNERS INC NEW C COMMON 58503X107 4463 210000 SH OTHER 95000 60000 55000
MELLON BANK COMMON 585509102 1215 16700 SH OTHER 1700 15000 0
MERCK & CO COMMON 589331107 227 2700 SH OTHER 0 200 2500
MILLENNIUM CHEMICALS COMMON 599903101 2392 127565 SH OTHER 51497 32856 43212
MITCHELL ENERGY & DEV COMMON 606592202 1936 95600 SH OTHER 55000 30600 10000
MITCHELL ENERGY & DEV COMMON 606592301 14038 684800 SH OTHER 338400 178700 167700
MOBIL CORP COMMON 607059102 8295 63500 SH OTHER 35000 7600 20900
MORNINGSTAR GROUP INC COMMON 617698105 3080 160000 SH OTHER 110000 0 50000
NATL SEMICONDUCTOR COMMON 637640103 275 10000 SH OTHER 5000 5000 0
NATIONAL STL CORP COMMON 637844309 271 35000 SH SOLE 20000 0 15000
NATIONSBANK CORP COM COMMON 638585109 3469 62500 SH OTHER 47500 0 15000
NATIONWIDE FINANCIAL COMMON 638612101 1416 55000 SH OTHER 15000 25000 15000
NAVISTAR INTL CORP PF CONVERT 638901405 17955 302400 SH OTHER 174050 49500 78850
NAVISTAR INTL CORP CO COMMON 63934E108 2672 285000 SH OTHER 135000 50000 100000
NELLCOR INC COMMON 640275103 220 12500 SH SOLE 12500 0 0
NESTLES ADR FOREIGN 641069406 32123 557500 SH OTHER 316300 109200 132000
S & P 500 INDEX JUN 7 OPTION 6488159RO 654 185 SH OTHER 175 10 0
S & P 500 INDEX JUN 7 OPTION 6488159RT 435 85 SH SOLE 85 0 0
S & P 500 INDEX DEC 7 OPTION 6488159XO 233 50 SH SOLE 50 0 0
NEW YORK TIMES CO CLA COMMON 650111107 243 5500 SH SOLE 5500 0 0
NEWMONT GOLD CO COM COMMON 651637100 301 7500 SH SOLE 0 0 7500
NEWS COPR LTD COMMON 652487703 11340 630000 SH OTHER 299000 156000 175000
NIAGARA MOHAWK PWR CO COMMON 653522102 12198 1435000 SH OTHER 723300 310000 401700
NOBLE AFFILIATES COMMON 654894104 336 8900 SH SOLE 8900 0 0
NORAM ENERGY CORP 6.0 CONVERT 655419AC3 2063 2500000 SH SOLE 2450000 0 50000
NORAM ENERGY CORP COM COMMON 655419109 14259 975000 SH OTHER 528500 150000 296500
NORTHEAST UTILS COMMON 664397106 512 65000 SH OTHER 25000 25000 15000
NORTH WESTERN STEEL A COMMON 668367204 724 190000 SH OTHER 100000 65000 25000
NOVELL INC COMMON 670006105 95 10000 SH SOLE 10000 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
NYNEX CORP COMMON 670768100 546 12000 SH SOLE 2000 0 10000
OCCIDENTAL PETE CORP COMMON 674599105 8619 350000 SH OTHER 173500 76000 100500
OFFICE DEPOT INC COM COMMON 676220106 408 20000 SH SOLE 0 0 20000
OGDEN CORP COMMON 676346109 11143 527500 SH OTHER 273000 134500 120000
OHIO EDISON CO COMMON 677347106 3780 180000 SH OTHER 74200 47900 57900
OVERSEAS SHIPHOLDING COMMON 690368105 2517 147000 SH OTHER 72000 27500 47500
OWENS CORNING COMMON 69073F103 46992 1167500 SH OTHER 608100 235900 323500
OWENS & MINOR INC NEW COMMON 690732102 8190 720000 SH OTHER 311000 189000 220000
PG&E CORP COM COMMON 69331C108 4700 200000 SH OTHER 87500 62500 50000
PNC FINANCIAL CORP COMMON 693475105 3700 92500 SH OTHER 39000 10000 43500
PACIFIC TELESIS GROUP COMMON 694890104 2831 75000 SH OTHER 52000 8000 15000
PACIFICORP COMMON 695114108 3028 142500 SH OTHER 89500 15500 37500
PANENERGY CORP COM COMMON 697926103 36980 857500 SH OTHER 488500 133300 235700
PEGASUS GOLD INC COMMON 70556K106 1280 157500 SH OTHER 30000 107500 20000
PEPSICO INC COMMON 713448108 329 10160 SH OTHER 0 7660 2500
PERRIGO CO COM COMMON 714290103 979 90000 SH OTHER 45000 45000 0
PFIZER INC COMMON 717081103 210 2500 SH OTHER 0 2500 0
PICTURETEL CORP COM N COMMON 720035302 475 40000 SH OTHER 2500 32500 5000
PINKERTONS INC NEW CO COMMON 723429106 4856 188600 SH OTHER 102000 29100 57500
PITTSTON CO MINERLS G COMMON 725701205 3071 210000 SH OTHER 137500 30000 42500
PLACER DOME INC COMMON 725906101 2625 144800 SH OTHER 88900 25400 30500
PROCTER & GAMBLE CO COMMON 742718109 402 3500 SH SOLE 3500 0 0
PUBLIC SVC ENTERPRISE COMMON 744573106 2234 85100 SH OTHER 45000 12000 28100
QUAKER ST CORP COMMON 747410108 2383 155000 SH OTHER 90000 44800 20200
QUEST DIAGNOSTICS INC COMMON 74834L100 1064 71521 SH OTHER 37789 15534 18198
QUESTAR CORP COMMON 748356102 936 26000 SH OTHER 18500 5000 2500
RJR NABISCO PFD C CONVERT 74960K884 17871 2697500 SH OTHER 1588500 441500 667500
RALCORP HLDGS INC NEW COMMON 751028101 205 20000 SH OTHER 2500 12500 5000
RELIANCE GROUP HLDGS COMMON 759464100 22706 2162500 SH OTHER 1127300 436000 599200
REYNOLDS METALS CO COMMON 761763101 3503 56500 SH OTHER 22000 13500 21000
RIVIANA FOODS INC DEL COMMON 769536103 863 50000 SH OTHER 37500 12500 0
ROCHE 0% 4/20/10 CONVERT 771196AC6 3910 8500000 SH OTHER 5750000 1750000 1000000
ROCKWELL INTL CORP NE COMMON 773903109 29194 450000 SH OTHER 247800 77100 125100
RYDER SYS INC COMMON 783549108 4826 165000 SH OTHER 97100 21200 46700
SBC COMMUNICATIONS, I COMMON 78387G103 5250 100000 SH OTHER 33500 38200 28300
SABRE GROUP HLDGS INC COMMON 785905100 2778 110000 SH OTHER 55000 20000 35000
SAFETY KLEEN CORP COMMON 786484105 20613 1397500 SH OTHER 711700 301000 384800
SANTA FE ENERGY RES I COMMON 802012104 4163 300000 SH OTHER 125000 100000 75000
SANTA FE CONV PFD A CONVERT 802012401 2644 225000 SH OTHER 145000 65000 15000
SARA LEE CORP COMMON 803111103 4253 105000 SH OTHER 42500 30000 32500
SCOTTS CO CL A COMMON 810186106 2369 103000 SH OTHER 50000 33000 20000
SEAGATE TECHNOLOGY COMMON 811804103 449 10000 SH SOLE 0 0 10000
SEDGWICK GROUP ADR FOREIGN 815673207 4961 490000 SH OTHER 290000 81500 118500
SILICON GRAPHICS INC COMMON 827056102 2291 117500 SH OTHER 47500 30000 40000
SIMON DEBARTOLO GROUP COMMON 828781104 1210 40000 SH SOLE 35000 0 5000
SMITHKLINE BEECHAM PL COMMON 832378301 8750 125000 SH OTHER 59000 32500 33500
SOUTHERN CO COMMON 842587107 739 35000 SH SOLE 34500 0 500
SOUTHWEST AIRLS CO COMMON 844741108 418 18900 SH OTHER 18900 0 0
SPRINT EXCHANGE CONV. CONVERT 852061407 1891 55000 SH SOLE 45000 0 10000
STONE CONTAINER CORP COMMON 861589109 1018 91500 SH OTHER 49000 15000 27500
<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
STORAGE TECHNOLOGY CO COMMON 862111200 55853 1414000 SH OTHER 745200 290000 378800
SUMMIT PPTYS INC COM COMMON 866239106 18225 900000 SH OTHER 455800 227500 216700
SUN INC DP 1/2 PREF A PREFERR 866762404 330 12500 SH SOLE 12500 0 0
SUNDSTRAND CORP COMMON 867323107 5639 130000 SH OTHER 50000 47500 32500
SUPERVALU INC COMMON COMMON 868536103 5935 199500 SH OTHER 65000 73200 61300
TCI SATELLITE ENTMT I COMMON 872298104 136 17500 SH OTHER 5000 7500 5000
TIG HOLDINGS COMMON 872469101 44768 1410000 SH OTHER 752000 274800 383200
TANDEM COMPUTERS INC COMMON 875370108 50291 4235000 SH OTHER 2209000 895000 1131000
TELE COMMUNICATIONS I COMMON 87924V101 12720 1060000 SH OTHER 536300 238500 285200
TELE COMMUNICATIONS I COMMON 87924V507 399 20000 SH OTHER 7500 12500 0
TENNECO INC COMMON 88037E101 6338 162500 SH OTHER 95200 28500 38800
TERADYNE INC COMMON 880770102 448 15500 SH OTHER 15500 0 0
TEXACO INC COMMON 881694103 3449 31500 SH OTHER 15000 7500 9000
TEXAS UTILS CO COMMON 882848104 44354 1295000 SH OTHER 623400 310500 361100
TIME WARNER FING TR P COMMON 88731L203 596 15000 SH SOLE 10000 0 5000
TIME WARNER INC COMMON 887315109 433 10000 SH OTHER 2500 7500 0
TITAN WHEEL INTL INC COMMON 888328101 148 10000 SH SOLE 0 0 10000
TOTAL S A SPONSORED A COMMON 89151E109 3178 75000 SH OTHER 27500 30000 17500
TOYS R US COMMON 892335100 5600 200000 SH OTHER 67500 82500 50000
TRANSAMERICA CORP COMMON 893485102 10516 117500 SH OTHER 66200 13300 38000
TRANSCANADA PIPELINES COMMON 893526103 7250 400000 SH OTHER 233000 67000 100000
TRANSITIONAL HOSPITAL COMMON 893719104 1509 175000 SH OTHER 97500 30000 47500
TRAVELERS INC COMMON 894190107 26643 555062 SH OTHER 307431 98766 148865
UAL CORP COM COMMON 902549500 484 7500 SH OTHER 0 7500 0
USX MARATHON GROUP CO COMMON 902905827 41813 1500000 SH OTHER 790300 298000 411700
US F&G CORP COMMON 903290104 11288 525000 SH OTHER 280200 106800 138000
USG CORP COMMON 903293405 1569 50000 SH OTHER 50000 0 0
USX US STEEL GROUP CO COMMON 90337T101 3594 135000 SH OTHER 73500 10000 51500
UNILEVER N V COMMON 904784501 1397 7500 SH OTHER 4000 3500 0
UNICOM CORP COM COMMON 904911104 28568 1465000 SH OTHER 723200 340000 401800
UNION TEX PETE HLDGS COMMON 908640105 11025 600000 SH OTHER 297000 151500 151500
US AIRWAYS CONV PFD 8 CONVERT 911905305 7875 105000 SH OTHER 70000 7700 27300
U S WEST INC COMMON 912889102 16853 497500 SH OTHER 225200 170400 101900
U S WEST INC COM-MEDI COMMON 912889201 18576 1004088 SH OTHER 507800 218500 277788
UNITED TECHNOLOGIES C COMMON 913017109 28406 375000 SH OTHER 250500 65000 59500
UNOCAL CORP 6.25% TRU CONVERT 91528T207 9880 182967 SH OTHER 106543 41806 34618
UNOCAL CORP COMMON 915289102 22189 582000 SH OTHER 313600 112000 156400
VLSI TECH 8.250% 10/0 CONVERT 918270AB5 10450 110000 SH OTHER 49500 28500 32000
WMX TECHNOLOGIES INC COMMON 92929Q107 62475 2040000 SH OTHER 1072200 413800 554000
WAL MART STORES INC COMMON 931142103 33032 1185000 SH OTHER 608700 260000 316300
WALDEN RESIDENTIAL PP COMMON 931210108 12953 536900 SH OTHER 306300 88900 141700
WASHINGTON NATL CORP COMMON 939339107 5503 197400 SH OTHER 114400 25500 57500
WASTE MGMT INTL PLC S COMMON 940906100 10088 1345000 SH OTHER 567900 391000 386100
WELLMAN INC COMMON 949702104 4375 250000 SH OTHER 113500 51500 85000
WELLS FARGO & CO COMMON 949740104 17052 60016 SH OTHER 38016 8500 13500
WESTCOAST ENERGY COMMON 95751D102 10663 605000 SH OTHER 315900 136000 153100
WESTINGHOUSE PFD CONVERT 960402709 38100 2400000 SH OTHER 1308700 452500 638800
WEYERHAEUSER CO COMMON 962166104 9037 202500 SH OTHER 107300 34000 61200
WHEELABRATOR TECH INC COMMON 962901302 11911 907500 SH OTHER 446500 245500 215500
WILLIAMS SONOMA INC C COMMON 969904101 431 15000 SH SOLE 0 0 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
WILLIS CORROON PLC AD COMMON 970624201 8791 725000 SH OTHER 435200 132700 157100
WISCONSIN ENERGY CORP COMMON 976657106 613 25000 SH OTHER 0 25000 0
WORTHINGTON ROUGE DEC CONVERT 981811201 2363 150000 SH OTHER 40000 72500 37500
XEROX CORP COMMON 984121103 10806 190000 SH OTHER 116000 25000 49000
XYLAN CORP COM COMMON 984151100 578 30000 SH SOLE 0 0 30000
YPF SOCIEDAD ANONIMA FOREIGN 984245100 3313 125000 SH OTHER 72000 30500 22500
YORK INTL CORP NEW CO COMMON 986670107 210 5000 SH OTHER 0 5000 0
ZURICH REINS CNTRE HL COMMON 989822101 3070 80000 SH OTHER 32500 22500 25000
REPORT SUMMARY 308 DATA RECORDS 2377136 3 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
</TABLE>
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