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Previous: GMO TRUST, 13F-E, 1997-10-28 |
Next: AMERICAN BUSINESS FINANCIAL SERVICES INC /DE/, DEF 14A, 1997-10-28 |
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<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 09/30/97
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
<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
AETNA INC. COMMON 008117103 7126 87500 SH OTHER 45300 11200 31000
ALBEMARLE CORP COM COMMON 012653101 4534 180000 SH OTHER 77500 36000 66500
ALCAN ALUMINIUM LTD COMMON 013716105 2519 72500 SH OTHER 30000 26500 16000
ALLEGHENY TELEDYNE IN COMMON 017415100 17891 625003 SH OTHER 320002 128001 177000
ALLERGAN INC COMMON 018490102 4614 127500 SH OTHER 72700 22100 32700
ALLMERICA FINL CORP C COMMON 019754100 1977 45000 SH OTHER 35000 10000 0
ALLSTATE COMMON 020002101 26950 335301 SH OTHER 164654 79619 91028
ALZA CORP COMMON 022615108 1015 35000 SH OTHER 15000 15000 5000
AMCOL INTL CORP COMMON 02341W103 10894 525000 SH OTHER 237000 139500 148500
AMERADA HESS CORP COMMON 023551104 15268 247500 SH OTHER 123900 62500 61100
AMERICA WEST HLDG COR COMMON 023657208 2272 156000 SH OTHER 29500 36500 90000
AMERICAN ELECTRIC POW COMMON 025537101 1593 35000 SH OTHER 0 35000 0
AMERICAN EXPRESS COMMON 025816109 42575 520000 SH OTHER 271100 103500 145400
AMERICAN GREETINGS CO COMMON 026375105 15764 427500 SH OTHER 211000 90000 126500
AMERICAN STORES COMMON 030096101 1950 80000 SH OTHER 27000 23000 30000
AMERITECH CORP NEW CO COMMON 030954101 1164 17500 SH OTHER 0 17500 0
AMGEN INC COMMON 031162100 479 10000 SH OTHER 0 10000 0
AMLI RESIDENTIAL PROP COMMON 001735109 2325 100000 SH OTHER 70000 5000 25000
AMR CORP COMMON 001765106 11456 103500 SH OTHER 58100 21200 24200
ANHEUSER BUSCH COS IN COMMON 035229103 29151 646000 SH OTHER 302600 179600 163800
ARCHER DANIELS MIDLAN COMMON 039483102 963 40250 SH OTHER 10000 25000 5250
ARMCO CONV. PFD. 7.25 CONVERT 042170407 3053 60000 SH OTHER 32800 6000 21200
ARMCO INC COMMON 042170100 300 50000 SH OTHER 25000 25000 0
ARTHUR J GALLAGHER & COMMON 363576109 1676 45000 SH OTHER 25000 10000 10000
ASARCO INC COMMON 043413103 1040 32500 SH OTHER 17500 10000 5000
ASHLAND INC. COMMON 044204105 2311 42500 SH SOLE 40000 0 2500
AT & T CORP. COMMON 001957109 4204 95001 SH OTHER 42901 26800 25300
AVNET COMMON 053807103 21135 332500 SH OTHER 185600 62700 84200
BAKER HUGHES INC COMMON 057224107 438 10000 SH OTHER 5000 2500 2500
BANKAMERICA CORP COMMON 066050105 550 7500 SH OTHER 6500 1000 0
BANKBOSTON CORP. COMMON 06605R106 663 7500 SH SOLE 2500 0 5000
BAT INDUST SPONSORED COMMON 055270508 367 20600 SH OTHER 18000 2600 0
BAXTER INTL INC COMMON 071813109 20769 397500 SH OTHER 213500 76700 107300
BAY NETWORK COMMON 072510100 5118 132500 SH OTHER 47500 37500 47500
BAYER AG SPONS ADR FOREIGN 072730302 1391 35000 SH OTHER 20000 5000 10000
BELL ATLANTIC CORP COMMON 077853109 1912 23776 SH OTHER 14436 500 8840
BEVERLY ENTERPRISES COMMON 087851101 11459 659500 SH OTHER 354000 149000 156500
BLACK & DECKER CORP COMMON 091797100 11175 300000 SH OTHER 173800 50200 76000
BLOCK H & R INC COMMON 093671105 60255 1560000 SH OTHER 792500 352300 415200
BOEING CO COMMON 097023105 982 18042 SH OTHER 18042 0 0
BOISE CASCADE CORP COMMON 097383103 316 7500 SH SOLE 7500 0 0
BOLIDEN LTD COMMON 097935209 1236 232500 SH OTHER 52500 55000 125000
BORDEN CHEM & PLASTIC COMMON 099541203 1246 136500 SH OTHER 60400 21100 55000
BOSTON PROPERTIES COMMON 101121101 9352 285000 SH OTHER 102500 130000 52500
BRISTOL MYERS SQUIBB COMMON 110122108 579 7000 SH SOLE 7000 0 0
BROWNING FERRIS INDS COMMON 115885105 285 7500 SH SOLE 0 0 7500
BURLINGTON INDS INC N COMMON 121693105 1260 90000 SH OTHER 55000 35000 0
BURLINGTON RESOURCES COMMON 122014103 513 10000 SH OTHER 0 10000 0
CABOT OIL & GAS CORP COMMON 127097103 2422 105000 SH OTHER 47500 15000 42500
CALGON CARBON CORP COMMON 129603106 131 10000 SH OTHER 0 10000 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
CALPINE CP COMMON 131347106 5963 290000 SH OTHER 130000 100000 60000
CANADIAN PAC LTD NEW COMMON 135923100 25054 847500 SH OTHER 445900 174300 227300
CANYON RES CORP COM COMMON 138869102 884 321477 SH OTHER 0 321477 0
CENTERIOR ENERGY CORP COMMON 151883105 1144 100000 SH OTHER 0 50000 50000
CHAMPION INTL CORP COMMON 158525105 4266 70000 SH OTHER 29300 13000 27700
CHARTWELL RE CORP COM COMMON 16139W109 9141 257500 SH OTHER 117700 87300 52500
CHASE MANHATTAN CORPO COMMON 16161A108 65911 558568 SH OTHER 296768 118100 143700
CHRYSLER CORP COMMON 171196108 2025 55000 SH OTHER 30000 22500 2500
CIGNA CORP COMMON 125509109 5308 28500 SH OTHER 17500 6000 5000
CINCINNATI MILACRON I COMMON 172172108 15184 565000 SH OTHER 282500 130000 152500
CINERGY CORP COMMON 172474108 920 27500 SH OTHER 22500 5000 0
CITICORP COMMON 173034109 68587 512083 SH OTHER 280049 88234 143800
CLAYTON HOMES INC COM COMMON 184190106 6729 362500 SH OTHER 172500 107500 82500
CMS ENERGY CORP COMMON 125896100 1758 47500 SH OTHER 27500 15000 5000
COCA COLA COMMON 191216100 1690 27700 SH OTHER 0 27700 0
COLTEC INDS INC COM COMMON 196879100 3006 139000 SH OTHER 60000 40000 39000
COMCAST SPECIAL A COMMON 200300200 1803 70000 SH OTHER 19000 46000 5000
COMPAQ COMPUTER CORP COMMON 204493100 57605 770641 SH OTHER 397531 183849 189262
COMSAT CORP COMMON 20564D107 238 10000 SH OTHER 0 5000 5000
CONE MLS CORP N C COM COMMON 206814105 1434 172500 SH OTHER 75000 65000 32500
COORS ADOLPH COMPANY COMMON 217016104 4492 118600 SH OTHER 57600 28500 32500
CORDIANT PLC SPONSORE COMMON 218514107 2550 425000 SH OTHER 257500 52500 115000
CORNING INC COMMON 219350105 45714 967500 SH OTHER 505000 227300 235200
COSTCO COMPANIES INC COMMON 22160Q102 19189 510000 SH OTHER 267500 110500 132000
COTT CORP QUE COM COMMON 22163N106 633 62500 SH OTHER 50000 12500 0
COX COMMUNICATIONS IN COMMON 224044107 18100 656700 SH OTHER 313900 175300 167500
CRESTAR FINL CORP COMMON 226091106 234 5000 SH SOLE 5000 0 0
CROWN AMERICAN RLTY T COMMON 228186102 3827 395000 SH OTHER 169000 87500 138500
CROWN CORK & SEAL INC COMMON 228255105 231 5000 SH SOLE 5000 0 0
CUMMINS ENGINE INC COMMON 231021106 1756 22500 SH OTHER 10000 10000 2500
CYPRUS AMAX MINERALS COMMON 232809103 1200 50000 SH OTHER 25000 15000 10000
DARDEN RESTAURANTS, I COMMON 237194105 4336 375000 SH OTHER 132500 107100 135400
DATA GEN CORP COMMON 237688106 5991 225000 SH OTHER 125000 42500 57500
DELTA AIRLINES INC COMMON 247361108 7347 78000 SH OTHER 43500 11000 23500
DIGITAL EQUIPMENT COMMON 253849103 48943 1130000 SH OTHER 579000 260000 291000
DISNEY WALT PRODTNS COMMON 254687106 314 3900 SH SOLE 3900 0 0
DOW CHEMICAL COMMON 260543103 4398 48500 SH OTHER 22800 13200 12500
DPL INC COMMON 233293109 2511 102500 SH OTHER 60000 5000 37500
DRESSER INDS INC COMMON 261597108 2399 55800 SH OTHER 35400 5400 15000
DU PONT E I DE NEMOUR COMMON 263534109 6618 107500 SH OTHER 73800 21200 12500
DUKE PWR CO COMMON 264399106 37036 749156 SH OTHER 413937 132069 203150
DUN & BRADSTREET INC COMMON 264830100 297 10450 SH OTHER 3650 6800 0
EASTERN UTILS ASSOC COMMON 277173100 498 25000 SH OTHER 12500 12500 0
EASTMAN KODAK COMMON 277461109 48053 740000 SH OTHER 398000 151100 190900
ELF AQUITAINE SPONSOR COMMON 286269105 567 8500 SH OTHER 7500 1000 0
ENERGY GROUP PLC SPON COMMON 292691102 10627 255312 SH OTHER 127812 72500 55000
ENGELHARD CORP COMMON 292845104 1188 55100 SH OTHER 20600 19000 15500
ENRON OIL & GAS CO CO COMMON 293562104 11888 534300 SH OTHER 266300 127200 140800
ENSERCH EXPL INC COMMON 29356V100 5732 636839 SH OTHER 297293 212638 126908
ENTERGY CORP NEW COM COMMON 29364G103 5082 195000 SH OTHER 87500 55000 52500
<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
ETHYL CORP COMMON 297659104 233 25000 SH OTHER 15000 10000 0
EVANS WITHYCOMBE RESI COMMON 299212100 6019 225000 SH OTHER 93700 73800 57500
FEDERATED DEPARTMENT COMMON 31410H101 47330 1097500 SH OTHER 549350 267650 280500
FIRST CENT FINL CORP CONVERT 318908AA8 101 220000 SH SOLE 0 0 220000
FIRST CHICAGO NBD COR COMMON 31945A100 16743 222500 SH OTHER 119700 39000 63800
FIRST UNION CORP COMMON 337358105 1001 20000 SH OTHER 0 20000 0
FMC CORP NEW COMMON 302491303 14067 158500 SH OTHER 77100 33900 47500
FORD MOTOR COMMON 345370100 1918 42500 SH OTHER 7000 31500 4000
FORD MOTOR CO DEPOSIT CONVERT 345370209 1333 9000 SH OTHER 4000 0 5000
FOREST OIL CORP COM N COMMON 346091606 593 32500 SH OTHER 10000 22500 0
FORT JAMES CORPORATIO COMMON 347471104 28331 618418 SH OTHER 328781 121396 168241
FREEPORT MCMORAN COPP CONVERT 35671D600 8805 288700 SH OTHER 157200 59200 72300
FRUIT OF THE LOOM CLA COMMON 359416104 875 31100 SH OTHER 10000 11100 10000
FUJI PHOTO ADR NEW COMMON 359586302 207 5000 SH OTHER 0 5000 0
GALLAHER GROUP PLC SP COMMON 363595109 240 12500 SH SOLE 7500 0 5000
GENERAL ELECTRIC COMMON 369604103 30968 455000 SH OTHER 258800 65900 130300
GENERAL MTRS CORP COMMON 370442105 15496 231500 SH OTHER 130200 37900 63400
GEORGIA GULF CORP COM COMMON 373200203 2680 87500 SH OTHER 40000 17500 30000
GLAXO PLC SPONSORED A COMMON 37733W105 4260 94800 SH OTHER 53400 21400 20000
GMO FOREIGN FD III MUTUAL 362007551 409 32774 SH SOLE 32774 0 0
GRIFFON CORP COM COMMON 398433102 5484 337500 SH OTHER 211000 36500 90000
GTE CORP COMMON 362320103 61392 1353000 SH OTHER 677500 321300 354200
GTECH HLDGS CORP COM COMMON 400518106 342 10000 SH SOLE 10000 0 0
HAEMONETICS CORP COM COMMON 405024100 1463 77500 SH OTHER 32500 20000 25000
HANSON PLC COMMON 411352404 2654 110000 SH OTHER 47500 37500 25000
HASBRO BRADLEY INC COMMON 418056107 1406 50000 SH OTHER 20000 30000 0
HEILIG MEYERS CO COMMON 422893107 384 25000 SH OTHER 10000 10000 5000
HERCULES INC COMMON 427056106 547 11000 SH OTHER 2600 5900 2500
HOUSTON INDUSTRIES IN COMMON 442161105 5488 252300 SH OTHER 168449 46729 37122
HUNT J B TRANS SVCS I COMMON 445658107 1945 125000 SH OTHER 55000 35000 35000
IDEXX LABORATORIES CO COMMON 45168D104 628 37500 SH OTHER 32500 5000 0
ILLANOVA CORP COM COMMON 452317100 5895 273400 SH OTHER 59400 174000 40000
IMC GLOBAL INC COMMON 449669100 969 27500 SH SOLE 17500 0 10000
IMPERIAL TOBACCO GROU COMMON 453142101 8473 713500 SH OTHER 355675 158825 199000
INFORMATION RES INC COMMON 456905108 8240 467500 SH OTHER 181000 139000 147500
INTEL CORP COMMON 458140100 23770 257500 SH OTHER 160400 49100 48000
INTERGRAPH CORP COMMON 458683109 13077 1202500 SH OTHER 598400 277100 327000
INTERLINK CMPTR SCIEN COMMON 458747102 79 15000 SH OTHER 0 15000 0
INTERMET CORP COMMON 45881K104 6913 395000 SH OTHER 165000 155000 75000
INTERNATIONAL PAPER C COMMON 460146103 1623 29500 SH OTHER 24100 400 5000
INTERNATIONAL TECH 1. CONVERT 460465305 727 37500 SH SOLE 37500 0 0
INTERNATIONBUSINESS M COMMON 459200101 62116 586000 SH OTHER 326700 93100 166200
INTL RECTIFIER CORP COMMON 460254105 14609 625000 SH OTHER 317800 145200 162000
IVAX CORP COMMON 465823102 448 37500 SH SOLE 0 0 37500
JOHNSON & JOHNSON COMMON 478160104 10095 175000 SH OTHER 84800 47200 43000
JOHNS-MANVILLE CORP N COMMON 478129109 283 25000 SH OTHER 15000 10000 0
JP RLTY INC COM COMMON 46624A106 28042 1097000 SH OTHER 564600 259600 272800
K MART CORP COMMON 482584109 140 10000 SH OTHER 0 10000 0
LABORATORY CORP AMER COMMON 50540R102 591 225000 SH OTHER 120000 60000 45000
LAFARGE CORP COMMON 505862102 1774 55000 SH OTHER 25000 25000 5000
<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
LASMO ADR FOREIGN 501730204 7399 563700 SH OTHER 338700 80000 145000
LIBERTY CORP S C COMMON 530370105 905 20000 SH OTHER 0 5000 15000
LILLY ELI & CO COMMON 532457108 25108 207500 SH OTHER 126600 32000 48900
LTV CORP NEW COM COMMON 501921100 317 25000 SH OTHER 10000 0 15000
LUBRIZOL CORP COMMON 549271104 945 22500 SH OTHER 12500 10000 0
LYONDELL PETROCHEMICA COMMON 552078107 845 32284 SH SOLE 32284 0 0
MANPOWER INC COM COMMON 56418H100 889 22500 SH OTHER 12500 0 10000
MASCOTECH INC COM COMMON 574670105 27682 1350335 SH OTHER 711635 297200 341500
MAYTAG CO COMMON 578592107 21158 620000 SH OTHER 286000 178500 155500
MCCORMICK & CO INC COMMON 579780206 1323 55000 SH OTHER 17500 35500 2000
MCDERMOTT INTERNATION COMMON 580037109 1643 45000 SH OTHER 20000 20000 5000
MCI COMMUNICATIONS CO COMMON 552673105 14247 485000 SH OTHER 239500 128000 117500
MEDPARTNERS INC NEW C COMMON 58503X107 12219 570000 SH OTHER 278000 146000 146000
MEDPARTNERS INC TAPS COMMON 58503X206 4823 225000 SH OTHER 96000 100500 28500
MELLON BANK COMMON 585509102 871 15900 SH OTHER 3400 12500 0
MERCK & CO COMMON 589331107 270 2700 SH OTHER 0 200 2500
MILLENNIUM CHEMICALS COMMON 599903101 1651 75036 SH OTHER 17142 27894 30000
MITCHELL ENERGY & DEV COMMON 606592202 4955 175000 SH OTHER 76500 88500 10000
MITCHELL ENERGY & DEV COMMON 606592301 17283 620000 SH OTHER 306000 166300 147700
MOBIL CORP COMMON 607059102 8880 120000 SH OTHER 67800 16400 35800
MONTEREY RES INC COM COMMON 612622100 1804 85908 SH OTHER 41463 44445 0
NATIONSBANK CORP COM COMMON 638585109 2630 42500 SH OTHER 32500 0 10000
NATIONWIDE FINANCIAL COMMON 638612101 3693 132500 SH OTHER 77500 37500 17500
NAVISTAR INTL CORP CO COMMON 63934E108 4144 150000 SH OTHER 80000 25000 45000
NAVISTAR INTL CORP PF CONVERT 638901405 18295 302400 SH OTHER 173450 50000 78950
NEIMAN MARCUS GROUPS COMMON 640204103 240 7500 SH OTHER 5000 2500 0
NESTLES ADR FOREIGN 641069406 42350 605000 SH OTHER 322800 145200 137000
NEW YORK TIMES CO CLA COMMON 650111107 289 5500 SH SOLE 5500 0 0
NEWMONT GOLD CO COM COMMON 651637100 346 7500 SH SOLE 0 0 7500
NEWMONT MNG CORP COMMON 651639106 225 5000 SH SOLE 5000 0 0
NEWS COPR LTD COMMON 652487703 6336 310000 SH OTHER 144500 96000 69500
NIAGARA MOHAWK PWR CO COMMON 653522102 13459 1407500 SH OTHER 703600 312200 391700
NOBLE AFFILIATES COMMON 654894104 398 8900 SH OTHER 8300 600 0
NORAM ENERGY CORP 6.0 CONVERT 655419AC3 2263 2500000 SH SOLE 2450000 0 50000
NORTH WESTERN STEEL A COMMON 668367204 258 75000 SH OTHER 25000 50000 0
NOVELL INC COMMON 670006105 90 10000 SH SOLE 10000 0 0
OCCIDENTAL PETE CORP COMMON 674599105 44353 1710000 SH OTHER 833600 446500 429900
OGDEN CORP COMMON 676346109 10868 460000 SH OTHER 238000 114500 107500
OHIO EDISON CO COMMON 677347106 4101 175000 SH OTHER 74200 47900 52900
OVERSEAS SHIPHOLDING COMMON 690368105 2399 92500 SH OTHER 45000 25000 22500
OWENS CORNING COMMON 69073F103 43983 1205000 SH OTHER 600900 282700 321400
OWENS & MINOR INC NEW COMMON 690732102 7838 550000 SH OTHER 235500 155500 159000
PACIFICORP COMMON 695114108 3133 140000 SH OTHER 87000 15500 37500
PEGASUS GOLD INC COMMON 70556K106 886 157500 SH OTHER 30000 107500 20000
PFIZER INC COMMON 717081103 301 5000 SH OTHER 0 5000 0
PG&E CORP COM COMMON 69331C108 4638 200000 SH OTHER 87500 62500 50000
PICTURETEL CORP COM N COMMON 720035302 130 12500 SH OTHER 0 12500 0
PINKERTONS INC NEW CO COMMON 723429106 3387 147250 SH OTHER 87500 33500 26250
PITTSTON CO MINERLS G COMMON 725701205 1843 167500 SH OTHER 122500 30000 15000
PLACER DOME INC COMMON 725906101 3156 165000 SH OTHER 86100 43400 35500
<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
PNC FINANCIAL CORP COMMON 693475105 3783 77500 SH OTHER 22500 10000 45000
PUBLIC SVC ENTERPRISE COMMON 744573106 2063 80100 SH OTHER 45000 12000 23100
QUAKER ST CORP COMMON 747410108 2346 137500 SH OTHER 77500 42500 17500
QUEST DIAGNOSTICS INC COMMON 74834L100 1286 75936 SH OTHER 39628 20922 15386
QUESTAR CORP COMMON 748356102 710 17500 SH OTHER 5000 7500 5000
RELIANCE GROUP HLDGS COMMON 759464100 24582 1812500 SH OTHER 930100 401000 481400
REYNOLDS METALS CO COMMON 761763101 3187 45000 SH OTHER 17500 10000 17500
RIVIANA FOODS INC DEL COMMON 769536103 773 37500 SH OTHER 32500 5000 0
RJR NABISCO HLDGS COR COMMON 74960K876 12031 350000 SH OTHER 188200 76000 85800
ROCHE 0% 4/20/10 CONVERT 771196AC6 4293 8500000 SH OTHER 5750000 1750000 1000000
ROCKWELL INTL CORP NE COMMON 773903109 25408 403700 SH OTHER 222200 79100 102400
RYDER SYS INC COMMON 783549108 5660 157500 SH OTHER 90900 22400 44200
S & P 500 DEC 950 PUT OPTION BLANK BLA 866 225 SH OTHER 200 25 0
SABRE GROUP HLDGS INC COMMON 785905100 2686 75000 SH OTHER 37500 22500 15000
SAFETY KLEEN CORP COMMON 786484105 29826 1246000 SH OTHER 632300 284000 329700
SAKS FIFTH AVE COMMON 79377R109 1461 70000 SH OTHER 32500 32500 5000
SANTA FE ENERGY RES I COMMON 802012104 3125 250001 SH OTHER 107500 130001 12500
SARA LEE CORP COMMON 803111103 515 10000 SH OTHER 0 10000 0
SBC COMMUNICATIONS, I COMMON 78387G103 9004 146549 SH OTHER 71049 42200 33300
SCOTTS CO CL A COMMON 810186106 1575 60000 SH OTHER 27500 22500 10000
SEAGATE TECHNOLOGY COMMON 811804103 363 10000 SH SOLE 0 0 10000
SEDGWICK GROUP ADR FOREIGN 815673207 4928 475000 SH OTHER 276500 85000 113500
SILICON GRAPHICS INC COMMON 827056102 2494 95000 SH OTHER 42500 30000 22500
SIMON DEBARTOLO GROUP COMMON 828781104 1320 40000 SH SOLE 35000 0 5000
SMITHKLINE BEECHAM PL COMMON 832378301 9531 195000 SH OTHER 83500 59000 52500
SOUTHERN CO COMMON 842587107 2538 112500 SH OTHER 39500 63500 9500
SOUTHWEST AIRLS CO COMMON 844741108 602 18800 SH OTHER 17100 1700 0
SPRINT EXCHANGE CONV. CONVERT 852061407 2069 55000 SH SOLE 45000 0 10000
STEWART & STEVENSON S COMMON 860342104 7219 300000 SH OTHER 100000 115000 85000
STONE CONTAINER CORP COMMON 861589109 1323 85000 SH OTHER 42500 10000 32500
STORAGE TECHNOLOGY CO COMMON 862111200 66192 1379000 SH OTHER 696700 330500 351800
SUMMIT PPTYS INC COM COMMON 866239106 23406 1070000 SH OTHER 532100 285700 252200
SUN INC DP 1/2 PREF A PREFERR 866762404 363 10000 SH SOLE 10000 0 0
SUNDSTRAND CORP COMMON 867323107 2737 47500 SH OTHER 10000 32500 5000
SUPERVALU INC COMMON COMMON 868536103 6280 160000 SH OTHER 51500 59200 49300
TELE COMMUNICATIONS I COMMON 87924V101 12066 588588 SH OTHER 288003 155852 144733
TELE COMMUNICATIONS I COMMON 87924V887 2400 116412 SH OTHER 57297 28648 30467
TELE COMMUNICATIONS I COMMON 87924V507 299 10000 SH OTHER 5000 5000 0
TENNECO INC COMMON 88037E101 6798 142000 SH OTHER 85900 25800 30300
TEXACO INC COMMON 881694103 2458 40000 SH OTHER 18000 15000 7000
TEXAS UTILS CO COMMON 882848104 50695 1408204 SH OTHER 701060 332353 374792
TIG HOLDINGS COMMON 872469101 65800 1880000 SH OTHER 937500 445300 497200
TIME WARNER FING TR P COMMON 88731L203 211 5000 SH SOLE 5000 0 0
TIME WARNER INC COMMON 887315109 4877 90000 SH OTHER 36000 38600 15400
TOTAL S A SPONSORED A COMMON 89151E109 3152 55000 SH OTHER 22500 22500 10000
TOYS R US COMMON 892335100 3101 87500 SH OTHER 30000 42500 15000
TRANSAMERICA CORP COMMON 893485102 6468 65000 SH OTHER 35900 11600 17500
TRANSCANADA PIPELINES COMMON 893526103 7266 375000 SH OTHER 214000 66000 95000
TRAVELERS INC COMMON 894190107 35547 520364 SH OTHER 280433 97899 142032
TUBOS DE ACERO DE MEX COMMON 898592506 985 42500 SH OTHER 17500 20000 5000
<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
U S WEST INC COMMON 912889102 24063 625000 SH OTHER 291900 169200 163900
U S WEST INC COM-MEDI COMMON 912889201 44404 1990074 SH OTHER 971700 489400 528974
U S WEST INC PFD CNV CONVERT 912889409 251 4743 SH SOLE 0 0 4743
UNICOM CORP COM COMMON 904911104 29803 1275000 SH OTHER 608700 312000 354300
UNION CARBIDE CORP COMMON 905581104 219 4500 SH OTHER 4000 500 0
UNION TEX PETE HLDGS COMMON 908640105 12573 535000 SH OTHER 260500 148500 126000
UNITED TECHNOLOGIES C COMMON 913017109 27500 339500 SH OTHER 218000 62000 59500
UNOCAL CORP COMMON 915289102 23563 544800 SH OTHER 282000 115200 147600
UNOCAL CORP 6.25% TRU CONVERT 91528T207 11161 182967 SH OTHER 106543 41806 34618
US AIRWAYS GROUP INC COMMON 911905107 7187 174762 SH OTHER 116116 17960 40686
US F&G CORP COMMON 903290104 8946 390000 SH OTHER 214400 87600 88000
USG CORP COMMON 903293405 2277 47500 SH OTHER 47500 0 0
USX MARATHON GROUP CO COMMON 902905827 39977 1075000 SH OTHER 545700 241600 287700
USX US STEEL GROUP CO COMMON 90337T101 3909 112500 SH OTHER 60000 10000 42500
VALERO ENERGY COM COMMON 91913Y100 656 20000 SH SOLE 20000 0 0
VLSI TECH 8.250% 10/0 CONVERT 918270AB5 11550 110000 SH OTHER 49500 28500 32000
WAL MART STORES INC COMMON 931142103 39647 1082500 SH OTHER 540200 246000 296300
WALDEN RESIDENTIAL PP COMMON 931210108 12787 506400 SH OTHER 274900 89800 141700
WASHINGTON NATL CORP COMMON 939339107 2936 90500 SH OTHER 52000 26000 12500
WASTE MANAGEMENT INC COMMON 94106K101 104813 3000000 SH OTHER 1507200 692800 800000
WASTE MGMT INTL PLC S COMMON 940906100 9730 1197500 SH OTHER 0 0 0
WELLMAN INC COMMON 949702104 5333 230000 SH OTHER 0 0 0
WELLS FARGO & CO COMMON 949740104 14854 54016 SH OTHER 0 0 0
WENDYS INTERNATIONAL COMMON 950590109 266 12500 SH OTHER 0 0 0
WESTCOAST ENERGY COMMON 95751D102 12193 587600 SH OTHER 0 0 0
WESTINGHOUSE ELEC COR COMMON 960402105 40337 1490498 SH OTHER 0 0 0
WEYERHAEUSER CO COMMON 962166104 12495 210000 SH OTHER 0 0 0
WHEELABRATOR TECH INC COMMON 962901302 11800 737500 SH OTHER 0 0 0
WILLIS CORROON PLC AD COMMON 970624201 8400 800000 SH OTHER 0 0 0
WORTHINGTON ROUGE DEC CONVERT 981811201 1938 125000 SH OTHER 0 0 0
XEROX CORP COMMON 984121103 14312 170000 SH OTHER 0 0 0
XYLAN CORP COM COMMON 984151100 1106 50000 SH OTHER 0 0 0
YPF SOCIEDAD ANONIMA FOREIGN 984245100 1749 47500 SH OTHER 0 0 0
REPORT SUMMARY 283 DATA RECORDS 2792877 2 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
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