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Previous: GMO TRUST, 13F-E, 1998-11-06 |
Next: CIRRUS LOGIC INC, SC 13D/A, 1998-11-06 |
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<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 09/30/98
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 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
ABITIBI-CONSOLIDATED COMMON 003924107 2450 278000 SH OTHER 110500 51000 116500
ACCUSTAFF INC COM COMMON 004401105 1254 85000 SH OTHER 42500 32500 10000
ACUSON CORP COMMON 005113105 3820 223900 SH OTHER 82800 54200 86900
ADVANCED MICRO DEVICE COMMON 007903107 789 42500 SH OTHER 10000 22500 10000
AETNA INC PFD CL C 6. CONVERT 008117202 2060 29400 SH OTHER 2900 8500 18000
AETNA INC. COMMON 008117103 3475 50000 SH OTHER 23600 6400 20000
AIRBORNE FREIGHT COMMON 009266107 3521 204000 SH OTHER 131500 45000 27500
ALBEMARLE CORP COM COMMON 012653101 2352 125000 SH OTHER 52500 12500 60000
ALCAN ALUMINIUM LTD COMMON 013716105 902 38500 SH OTHER 10000 7500 21000
ALLEGHENY TELEDYNE IN COMMON 017415100 5656 317529 SH OTHER 159500 18029 140000
ALLERGAN INC COMMON 018490102 350 6000 SH SOLE 6000 0 0
ALLSTATE COMMON 020002101 16809 405038 SH OTHER 197808 49730 157500
AMCOL INTL CORP COMMON 02341W103 7906 695000 SH OTHER 309500 93000 292500
AMD CONVERTIBLES 6% CONVERT 007903AC1 10832 140000 SH OTHER 56000 28500 55500
AMERADA HESS CORP COMMON 023551104 11249 195000 SH OTHER 89900 27300 77800
AMERICAN EXPRESS COMMON 025816109 24258 312500 SH OTHER 160000 33100 119400
AMERICAN GREETINGS CO COMMON 026375105 8605 217500 SH OTHER 87500 30000 100000
AMERICAN INTL GROUP COMMON 026874107 471 6005 SH OTHER 0 6005 0
AMLI RESIDENTIAL PROP COMMON 001735109 1758 82500 SH OTHER 42500 5000 35000
AMR CORP COMMON 001765106 7900 142500 SH OTHER 72300 3300 66900
ANALOG DEVICES INC COMMON 032654105 883 55000 SH OTHER 27500 2500 25000
ANHEUSER BUSCH COS IN COMMON 035229103 40230 745000 SH OTHER 360400 99100 285500
ARMCO CONV. PFD. 7.25 CONVERT 042170407 2434 55000 SH OTHER 27500 6300 21200
AT & T CORP. COMMON 001957109 1473 25201 SH OTHER 14401 800 10000
AVNET COMMON 053807103 8261 224400 SH OTHER 120350 18050 86000
BAKER HUGHES INC COMMON 057224107 4042 192500 SH OTHER 86000 30000 76500
BANC ONE CORP COMMON 059438101 3607 85000 SH OTHER 40000 15000 30000
BANK TOKYO-MITSUBISHI COMMON 065379109 213 32500 SH OTHER 0 10000 22500
BANKAMERICA CORP COMMON 066050105 413 6875 SH OTHER 5500 1375 0
BARRICK GOLD CORP COM COMMON 067901108 350 17500 SH OTHER 12500 0 5000
BAXTER INTL INC COMMON 071813109 15966 267500 SH OTHER 129700 23000 114800
BAYER AG SPONS ADR FOREIGN 072730302 760 20000 SH OTHER 10000 0 10000
BELL ATLANTIC CORP COMMON 077853109 1769 36518 SH OTHER 15494 3524 17500
BEVERLY ENTERPRISES I COMMON 087851309 3060 382500 SH OTHER 173400 49000 160100
BLACK & DECKER CORP COMMON 091797100 5515 132500 SH OTHER 81400 8600 42500
BLOCK H & R INC COMMON 093671105 46071 1113500 SH OTHER 532000 134800 446700
BOEING CO COMMON 097023105 541 15778 SH OTHER 14154 1624 0
BORDEN CHEM & PLASTIC COMMON 099541203 84 25000 SH OTHER 0 0 25000
BOSTON PROPERTIES COMMON 101121101 5130 180000 SH OTHER 57500 50000 72500
BRISTOL MYERS SQUIBB COMMON 110122108 675 6500 SH OTHER 5300 1200 0
BROWNING FERRIS INDS COMMON 115885105 27376 905000 SH OTHER 423500 120300 361200
BURLINGTON RESOURCES COMMON 122014103 1775 47500 SH OTHER 18500 10500 18500
CABOT OIL & GAS CORP COMMON 127097103 648 42500 SH OTHER 15000 2500 25000
CALENERGY INC COM COMMON 129466108 2517 95000 SH OTHER 15000 22500 57500
CANADIAN PAC LTD NEW COMMON 135923100 12361 597500 SH OTHER 288200 63100 246200
CANYON RES CORP COM COMMON 138869102 121 321477 SH OTHER 0 0 321477
CBS CORPORATION COMMON 12490K107 8245 340000 SH OTHER 191274 31226 117500
CHAMPION INTL CORP COMMON 158525105 1957 62500 SH OTHER 20300 9500 32700
CHARTWELL RE CORP COM COMMON 16139W109 5168 185000 SH OTHER 80000 42500 62500
CHASE MANHATTAN CORPO COMMON 16161A108 36552 847586 SH OTHER 402036 81550 364000
<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
CIGNA CORP COMMON 125509109 1818 27500 SH OTHER 21300 1200 5000
CINCINNATI MILACRON I COMMON 172172108 6561 425000 SH OTHER 198000 54500 172500
CINERGY CORP COMMON 172474108 3653 95500 SH OTHER 40000 18000 37500
CITICORP COMMON 173034109 29627 318575 SH OTHER 164402 18573 135600
CLAYTON HOMES INC COM COMMON 184190106 4812 275000 SH OTHER 125000 37500 112500
COCA COLA COMMON 191216100 202 3500 SH OTHER 0 3500 0
COLTEC INDS INC COM COMMON 196879100 492 32500 SH OTHER 0 0 32500
COMPAQ COMPUTER CORP COMMON 204493100 40416 1277992 SH OTHER 615919 174422 487651
CONE MLS CORP N C COM COMMON 206814105 762 152500 SH OTHER 55000 5000 92500
COORS ADOLPH COMPANY COMMON 217016104 366 7975 SH OTHER 6100 1875 0
CORDIANT COMM GROUP S COMMON 218514206 1356 142750 SH OTHER 69250 9450 64050
CORNING INC COMMON 219350105 27524 935000 SH OTHER 439300 119500 376200
COSTCO COMPANIES INC COMMON 22160Q102 1540 32500 SH OTHER 20700 1800 10000
COX COMMUNICATIONS IN COMMON 224044107 7921 145000 SH OTHER 89100 10900 45000
CRESTAR FINL CORP COMMON 226091106 284 5000 SH OTHER 2800 2200 0
CROWN AMERICAN RLTY T COMMON 228186102 1755 205000 SH OTHER 45000 0 160000
CROWN CORK & SEAL INC COMMON 228255105 669 25000 SH OTHER 17500 7500 0
CUMMINS ENGINE INC COMMON 231021106 1428 48000 SH OTHER 20500 5000 22500
CYPRUS AMAX MINERALS COMMON 232809103 199 15000 SH SOLE 15000 0 0
DARDEN RESTAURANTS, I COMMON 237194105 1520 95000 SH OTHER 0 15000 80000
DATA GEN CORP COMMON 237688106 7023 649500 SH OTHER 279000 105300 265200
DATA GENERAL CONVERTI CONVERT 237688AG1 4815 60000 SH OTHER 18500 11500 30000
DELTA AIRLINES INC COMMON 247361108 4133 42500 SH OTHER 22000 500 20000
DILLARDS INC CL A COMMON 254067101 283 10000 SH SOLE 10000 0 0
DISNEY WALT PRODTNS COMMON 254687106 266 10500 SH OTHER 9000 1500 0
DOMINION RES INC VA COMMON 257470104 5355 120000 SH OTHER 25000 33500 61500
DOW CHEMICAL COMMON 260543103 1367 16000 SH OTHER 8000 1500 6500
DPL INC COMMON 233293109 5004 255000 SH OTHER 110000 47500 97500
DU PONT E I DE NEMOUR COMMON 263534109 3375 60000 SH OTHER 36300 1200 22500
DUKE PWR CO COMMON 264399106 20353 307500 SH OTHER 153249 22251 132000
DUKE RLTY INVTS INC C COMMON 264411505 1074 46300 SH OTHER 35000 7500 3800
EASTMAN KODAK COMMON 277461109 38361 499000 SH OTHER 245400 61700 191900
EEX CORPORATION COMMON 26842V108 2879 590531 SH OTHER 236347 88773 265411
ELECTRONIC DATA SYS C COMMON 285661104 20078 605000 SH OTHER 286000 86300 232700
ELF AQUITAINE SPONSOR COMMON 286269105 311 5000 SH SOLE 5000 0 0
ENGELHARD CORP COMMON 292845104 2476 140000 SH OTHER 38500 40000 61500
ENRON OIL & GAS CO CO COMMON 293562104 8356 477500 SH OTHER 207300 63700 206500
ENTERGY CORP NEW COM COMMON 29364G103 307 10000 SH OTHER 0 0 10000
EQUITY OFFICE PROPERT COMMON 294741103 5145 210000 SH OTHER 78000 40500 91500
EQUITY ONE INC COM COMMON 294752100 87 10000 SH OTHER 0 10000 0
EQUITY RESIDENTIAL PP COMMON 29476L107 7277 172500 SH OTHER 64400 30600 77500
EXIDE CORP COM COMMON 302051107 374 32500 SH OTHER 7500 0 25000
EXXON CORP COMMON 302290101 275 3900 SH OTHER 0 3900 0
FEDERATED DEPARTMENT COMMON 31410H101 29555 812500 SH OTHER 380750 108850 322900
FIRST CENT FINL CORP CONVERT 318908AA8 90 220000 SH OTHER 0 0 220000
FIRST CHICAGO NBD COR COMMON 31945A100 9818 143325 SH OTHER 76300 4525 62500
FIRST UNION CORP COMMON 337358105 4479 87500 SH OTHER 34500 24000 29000
FIRSTENERGY CORP COM COMMON 337932107 3106 100000 SH OTHER 31700 30400 37900
FMC CORP NEW COMMON 302491303 6961 135000 SH OTHER 60600 7900 66500
FORD MOTOR COMMON 345370100 230 4898 SH SOLE 4898 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
FORT JAMES CORPORATIO COMMON 347471104 10201 310890 SH OTHER 152947 32943 125001
FREEPORT MCMORAN COPP CONVERT 35671D600 5265 273500 SH OTHER 131600 57200 84700
FRESH DEL MONTE PRODU COMMON G36738105 1530 90000 SH OTHER 35000 0 55000
GENERAL ELECTRIC COMMON 369604103 28444 357500 SH OTHER 191400 13500 152600
GENERAL MILLS INC COMMON 370334104 4305 61500 SH OTHER 27000 7800 26700
GENERAL MTRS CORP COMMON 370442105 16188 295000 SH OTHER 140500 36500 118000
GEORGIA GULF CORP COM COMMON 373200203 547 35000 SH OTHER 7500 0 27500
GILLETTE CO COMMON 375766102 337 8806 SH OTHER 5000 3806 0
GLAXO PLC SPONSORED A COMMON 37733W105 2085 36499 SH OTHER 24400 2099 10000
GMO FOREIGN FD III MUTUAL 362007551 1435 132774 SH OTHER 32774 100000 0
GMO REIT FD CL III MUTUAL 362007627 2797 284794 SH OTHER 234794 50000 0
GMO TR EM CTY DEBT II MUTUAL 362007270 869 137044 SH SOLE 137044 0 0
GRIFFON CORP COM COMMON 398433102 2144 245000 SH OTHER 137500 22500 85000
GTE CORP COMMON 362320103 54450 990000 SH OTHER 467500 131500 391000
GTECH HLDGS CORP COM COMMON 400518106 5447 207500 SH OTHER 85500 47000 75000
GULF CDA RES LTD ORD COMMON 40218L305 10003 2425000 SH OTHER 1026000 300000 1099000
HAEMONETICS CORP COM COMMON 405024100 2214 115000 SH OTHER 50000 16500 48500
HALLIBURTON CO COMMON 406216101 216 7500 SH OTHER 2500 5000 0
HEWLETT PACKARD COMMON 428236103 1800 34000 SH OTHER 17500 0 16500
HEXCEL CORP NEW COM COMMON 428291108 376 35000 SH OTHER 22500 10000 2500
HILTON HOTEL CORP COMMON 432848109 3145 185000 SH OTHER 72500 18500 94000
HOUSTON INDUSTRIES IN COMMON 442161105 5314 170735 SH OTHER 107337 25898 37500
HUMANA INC COMMON 444859102 164 10000 SH OTHER 5000 5000 0
ILLANOVA CORP COM COMMON 452317100 4662 162500 SH OTHER 22100 45400 95000
IMPERIAL TOBACCO GROU COMMON 453142101 7869 372488 SH OTHER 176300 53688 142500
INFORMATION RES INC COMMON 456905108 14306 1090000 SH OTHER 494000 148000 448000
INGERSOLL-RAND CO / I CONVERT 456867308 2085 120000 SH OTHER 10000 10000 100000
INTEL CORP COMMON 458140100 10376 121000 SH OTHER 69400 10000 41600
INTERGRAPH CORP COMMON 458683109 4517 695000 SH OTHER 317500 62500 315000
INTERMET CORP COMMON 45881K104 3299 260000 SH OTHER 80000 10000 170000
INTERNATIONAL PAPER C COMMON 460146103 932 20000 SH OTHER 8200 6800 5000
INTERNATIONBUSINESS M COMMON 459200101 53199 414000 SH OTHER 217200 17800 179000
INTL RECTIFIER CORP COMMON 460254105 8681 1673500 SH OTHER 795500 236000 642000
IVAX CORP COMMON 465823102 197 22500 SH OTHER 0 0 22500
JOHNSON & JOHNSON COMMON 478160104 6651 85000 SH OTHER 39700 13300 32000
JOSTENS INC COMMON 481088102 2334 112500 SH OTHER 25000 35000 52500
JP RLTY INC COM COMMON 46624A106 39772 1787500 SH OTHER 812600 252400 722500
KIMBERLY CLARK CORP COMMON 494368103 12555 310000 SH OTHER 132800 37700 139500
KLM ROYAL DUTCH AIRLI COMMON 482516101 1732 70000 SH OTHER 35000 12500 22500
LABORATORY CORP AMER COMMON 50540R102 162 100000 SH OTHER 50000 0 50000
LASMO ADR FOREIGN 501730204 2009 234600 SH OTHER 114600 0 120000
LIBERTY PPTY TR SH BE COMMON 531172104 298 12500 SH SOLE 12500 0 0
LILLY ELI & CO COMMON 532457108 24081 307500 SH OTHER 167900 9100 130500
LUBRIZOL CORP COMMON 549271104 266 10000 SH OTHER 1900 600 7500
MANPOWER INC COM COMMON 56418H100 12314 602500 SH OTHER 271500 82000 249000
MASCOTECH INC COM COMMON 574670105 13275 737500 SH OTHER 367175 94825 275500
MAYTAG CO COMMON 578592107 12654 265000 SH OTHER 123000 36000 106000
MCDONALDS COMMON 580135101 298 5000 SH SOLE 5000 0 0
MCI WORLDCOM COMMON 55268B106 730 14926 SH SOLE 14926 0 0
MEDAPHIS CORP COM COMMON 584028104 562 125000 SH OTHER 75000 15000 35000
<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
MEDIAONE GROUP INC CO COMMON 58440J104 31440 707500 SH OTHER 354800 99200 253500
MEDIAONE GROUP INC PF PREFERR 58440J203 445 4743 SH OTHER 0 0 4743
MEDPARTNERS INC NEW C COMMON 58503X107 146 45000 SH SOLE 45000 0 0
MERCK & CO COMMON 589331107 816 6300 SH OTHER 0 6300 0
MINNESOTA MNG & MFG C COMMON 604059105 1253 17000 SH OTHER 8500 6700 1800
MITCHELL ENERGY & DEV COMMON 606592202 2379 187500 SH OTHER 61000 39000 87500
MITCHELL ENERGY & DEV COMMON 606592301 7868 562000 SH OTHER 263500 71500 227000
MOBIL CORP COMMON 607059102 6861 90350 SH OTHER 53100 1850 35400
MYLAN LABS INC COMMON 628530107 2649 89800 SH OTHER 70500 9300 10000
NABISCO HLDGS CORP COMMON 629526104 359 10000 SH OTHER 0 0 10000
NATIONSBANK CORP COM COMMON 638585109 8292 155000 SH OTHER 78000 23500 53500
NATIONWIDE FINANCIAL COMMON 638612101 227 5000 SH SOLE 5000 0 0
NATL SEMICONDUCTOR COMMON 637640103 5173 534000 SH OTHER 253500 76500 204000
NAVISTAR INTL CORP CO COMMON 63934E108 622 27500 SH OTHER 10000 0 17500
NESTLES ADR FOREIGN 641069406 40540 409000 SH OTHER 217100 37700 154200
NEW YORK TIMES CO CLA COMMON 650111107 302 11000 SH OTHER 7600 3400 0
NEWMONT GOLD CO COM COMMON 651637100 256 10000 SH OTHER 0 0 10000
NEWMONT MNG CORP COMMON 651639106 485 20000 SH OTHER 15000 0 5000
NEWS CORP LTD COMMON 652487703 2819 110000 SH OTHER 45000 10000 55000
NIAGARA MOHAWK PWR CO COMMON 653522102 15260 992500 SH OTHER 505500 83000 404000
NOBLE AFFILIATES COMMON 654894104 274 8600 SH OTHER 6500 2100 0
NORAM ENERGY CORP 6.0 CONVERT 655419AC3 1680 1750000 SH OTHER 1700000 0 50000
NOVELL INC COMMON 670006105 1164 95000 SH OTHER 87500 7500 0
OCCIDENTAL PETE CORP COMMON 674599105 26230 1220000 SH OTHER 564100 151000 504900
OGDEN CORP COMMON 676346109 3341 117500 SH OTHER 62500 5000 50000
OWENS CORNING COMMON 69073F103 28981 890000 SH OTHER 420800 115700 353500
OWENS & MINOR INC NEW COMMON 690732102 3894 335000 SH OTHER 127500 39500 168000
PACIFICORP COMMON 695114108 2214 115000 SH OTHER 49000 10000 56000
PALL CORP COMMON 696429307 19470 877500 SH OTHER 417100 100400 360000
PEPSICO INC COMMON 713448108 270 9160 SH OTHER 0 7660 1500
PERRIGO CO COM COMMON 714290103 1282 140500 SH OTHER 40000 50000 50500
PFIZER INC COMMON 717081103 264 2500 SH OTHER 0 2500 0
PHARMERICA INC COM COMMON 717135107 1152 211781 SH OTHER 106472 15465 89844
PHYCOR INC COM COMMON 71940F100 3325 665000 SH OTHER 306500 72500 286000
PINKERTONS INC NEW CO COMMON 723429106 1588 115000 SH OTHER 60000 7500 47500
PLACER DOME INC COMMON 725906101 2139 154875 SH OTHER 75300 19075 60500
PNC FINANCIAL CORP COMMON 693475105 2317 51500 SH OTHER 17000 4500 30000
PUBLIC SVC ENTERPRISE COMMON 744573106 1671 42500 SH OTHER 17500 4500 20500
QUAKER ST CORP COMMON 747410108 364 25000 SH OTHER 0 10000 15000
QUEST DIAGNOSTICS INC COMMON 74834L100 382 23125 SH OTHER 10000 5000 8125
RAYTHEON CO CL B COMMON 755111408 1483 27500 SH OTHER 18500 2500 6500
RECKSON PFD A COMMON 75621K205 3828 175000 SH OTHER 70000 20000 85000
RELIANCE GROUP HLDGS COMMON 759464100 14027 997500 SH OTHER 480300 118700 398500
REUTERS GROUP PLC-SPO COMMON 76132M102 306 6151 SH OTHER 0 6151 0
REYNOLDS METALS CO COMMON 761763101 1798 35000 SH OTHER 12500 2500 20000
RJR NABISCO HLDGS COR COMMON 74960K876 4282 170000 SH OTHER 83200 13500 73300
ROCHE 0% 4/20/10 CONVERT 771196AC6 1525 2500000 SH OTHER 1750000 750000 0
ROCKWELL INTL CORP NE COMMON 773903109 7522 207500 SH OTHER 108000 16200 83300
ROYAL DUTCH PETRO-NY COMMON 780257804 238 5000 SH OTHER 0 0 5000
RYDER SYS INC COMMON 783549108 23693 952500 SH OTHER 459000 119600 373900
<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
S & P 500 INDEX DEC11 OPTION 6488153XT 403 40 SH SOLE 40 0 0
S & P 500 INDEX DEC11 OPTION 6488153XJ 675 50 SH SOLE 50 0 0
SAATCHI & SAATCHI PLC COMMON 785144205 1225 140000 SH OTHER 61000 5000 74000
SABRE GROUP HLDGS INC COMMON 785905100 4725 157500 SH OTHER 72500 15000 70000
SAFETY-KLEEN CORP COMMON 78648R104 1242 375000 SH OTHER 195000 60000 120000
SAKS INC COMMON 79377W108 16176 720937 SH OTHER 328915 94828 297194
SANTA FE ENERGY RES I COMMON 802012104 236 25000 SH OTHER 10000 0 15000
SBC COMMUNICATIONS, I COMMON 78387G103 5912 133218 SH OTHER 56098 17120 60000
SEARS ROEBUCK & CO COMMON 812387108 29628 670500 SH OTHER 302100 83700 284700
SEDGWICK GROUP ADR FOREIGN 815673207 7071 417500 SH OTHER 201500 38500 177500
SILICON GRAPHICS INC COMMON 827056102 609 65000 SH OTHER 15000 5000 45000
SIMON PPTY GROUP INC COMMON 828806109 1116 37500 SH OTHER 32500 0 5000
SMITHKLINE BEECHAM PL COMMON 832378301 8541 156000 SH OTHER 63500 17500 75000
SOUTHERN CO COMMON 842587107 1398 47500 SH OTHER 2000 20000 25500
SOUTHWEST AIRLS CO COMMON 844741108 729 36000 SH OTHER 33600 2400 0
SPIEKER PPTYS INC COM COMMON 848497103 3307 90000 SH OTHER 38500 2600 48900
ST JOE CO COM COMMON 790148100 716 30000 SH OTHER 5000 6500 18500
ST PAUL COS INC COMMON 792860108 1334 41055 SH OTHER 29627 3888 7540
STANLEY WORKS COMMON 854616109 10041 337500 SH OTHER 159700 44800 133000
STEWART & STEVENSON S COMMON 860342104 6551 557500 SH OTHER 250500 77000 230000
STONE CONTAINER CORP COMMON 861589109 86 10000 SH SOLE 10000 0 0
STORAGE TECHNOLOGY CO COMMON 862111200 35905 1411500 SH OTHER 674100 195500 541900
SUMMIT PPTYS INC COM COMMON 866239106 21375 1125000 SH OTHER 516700 164100 444200
SUNDSTRAND CORP COMMON 867323107 1507 32500 SH OTHER 5000 0 27500
SUPERVALU INC COMMON COMMON 868536103 350 15000 SH SOLE 15000 0 0
TELE COMMUNICATIONS I COMMON 87924V101 1763 45072 SH OTHER 15372 9700 20000
TENNECO INC COMMON 88037E101 7972 242500 SH OTHER 112400 39700 90400
TEXACO INC COMMON 881694103 2285 36530 SH OTHER 16530 0 20000
TEXAS UTILS CO COMMON 882848104 46561 999965 SH OTHER 467187 129053 403725
TEXAS UTILS CO INCOME CONVERT 882848203 4219 75000 SH OTHER 10000 20000 45000
TIG HOLDINGS COMMON 872469101 21705 1543500 SH OTHER 707700 200300 635500
TIME WARNER INC COMMON 887315109 2846 32500 SH OTHER 12500 2500 17500
TOTAL S A SPONSORED A COMMON 89151E109 2670 42500 SH OTHER 15000 10000 17500
TOWER RLTY TR INC COM COMMON 89185E109 2345 118000 SH OTHER 32500 20700 64800
TOYS R US COMMON 892335100 26450 1634000 SH OTHER 764000 241000 629000
TRANSAMERICA CORP COMMON 893485102 530 5000 SH SOLE 5000 0 0
TRANSCANADA PIPELINES COMMON 893526103 3646 250375 SH OTHER 125600 16775 108000
TRAVELERS INC COMMON 894190107 21983 586210 SH OTHER 290333 45329 250548
TRITON ENERGY LTD CL COMMON G90751101 1242 125000 SH OTHER 47500 5000 72500
U S WEST INC NEW COM COMMON 91273H101 18963 361191 SH OTHER 167199 46111 147881
UAL CORP COM COMMON 902549500 3046 47000 SH OTHER 18500 2000 26500
ULTRAMAR DIAMD SHAMRO COMMON 904000106 341 15000 SH OTHER 5000 5000 5000
UNICOM CORP COM COMMON 904911104 29573 791250 SH OTHER 371200 98750 321300
UNION PAC CONV PFD 6. CONVERT 907824205 7621 167500 SH OTHER 45000 38000 84500
UNION PAC RES GROUP I COMMON 907834105 22193 1802500 SH OTHER 825000 276000 701500
UNITED DOMINION RLTY COMMON 910197102 10380 912500 SH OTHER 415400 129600 367500
UNITED TECHNOLOGIES C COMMON 913017109 17122 224000 SH OTHER 135000 10500 78500
UNITRODE CORP COM COMMON 913283107 930 87500 SH OTHER 25000 0 62500
UNOCAL CORP COMMON 915289102 16579 457350 SH OTHER 212750 42000 202600
UNOCAL CORP 6.25% TRU CONVERT 91528T207 9209 176249 SH OTHER 80915 28446 66888
<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
US AIRWAYS GROUP INC COMMON 911905107 4208 83124 SH OTHER 47223 5400 30500
USG CORP COMMON 903293405 1946 45000 SH SOLE 45000 0 0
USX MARATHON GROUP CO COMMON 902905827 24277 685075 SH OTHER 336700 79675 268700
USX US STEEL GROUP CO COMMON 90337T101 1253 52500 SH OTHER 27500 0 25000
VALERO ENERGY COM COMMON 91913Y100 880 44300 SH OTHER 15000 16800 12500
VLSI TECH CONVERTIBLE CONVERT 918270AB5 9791 105000 SH OTHER 44500 18500 42000
WAL MART STORES INC COMMON 931142103 31796 582075 SH OTHER 276700 76075 229300
WALDEN RESIDENTIAL PP COMMON 931210108 10108 439475 SH OTHER 229000 28975 181500
WASTE MANAGEMENT INC COMMON 94106L109 83104 1729078 SH OTHER 812776 232505 683796
WASTE MGMT INTL PLC S COMMON 940906100 9487 825000 SH OTHER 247500 95000 482500
WELLMAN INC COMMON 949702104 3506 275000 SH OTHER 110000 27500 137500
WELLS FARGO & CO COMMON 949740104 12342 34766 SH OTHER 17883 1883 15000
WENDYS INTERNATIONAL COMMON 950590109 333 15000 SH OTHER 0 10000 5000
WESTCOAST ENERGY COMMON 95751D102 6404 345000 SH OTHER 173000 52000 120000
WESTERN GAS RES INC C COMMON 958259103 1114 135000 SH OTHER 7000 17500 110500
WEYERHAEUSER CO COMMON 962166104 7694 182375 SH OTHER 98300 10375 73700
WORTHINGTON ROUGE DEC CONVERT 981811201 152 25000 SH OTHER 5000 7500 12500
XEROX CORP COMMON 984121103 8941 105500 SH OTHER 57700 5300 42500
XYLAN CORP COM COMMON 984151100 199 15000 SH OTHER 0 0 15000
REPORT SUMMARY 269 DATA RECORDS 2029287 1 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
</TABLE>
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