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<TABLE>
<C> <C>
<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 03/31/98
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 03/31/98
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 2848 187500 SH OTHER 30500 106000 51000
ACUSON CORP COMMON 005113105 3707 204500 SH OTHER 71500 67500 65500
ADVANCED MICRO DEVICE COMMON 007903107 1671 57500 SH OTHER 7500 50000 0
AETNA INC PFD CL C 6. CONVERT 008117202 2202 27500 SH OTHER 1000 14000 12500
AETNA INC. COMMON 008117103 6337 75950 SH OTHER 38600 9850 27500
ALBEMARLE CORP COM COMMON 012653101 4798 190000 SH OTHER 70000 34500 85500
ALCAN ALUMINIUM LTD COMMON 013716105 2969 95000 SH OTHER 20000 49000 26000
ALCOA COMMON 022249106 447 6500 SH OTHER 0 6500 0
ALLEGHENY TELEDYNE IN COMMON 017415100 14313 514629 SH OTHER 229100 84529 201000
ALLERGAN INC COMMON 018490102 3890 102375 SH OTHER 63900 18275 20200
ALLSTATE COMMON 020002101 29813 324270 SH OTHER 143904 72416 107950
AMCOL INTL CORP COMMON 02341W103 12478 825000 SH OTHER 315500 194500 315000
AMERADA HESS CORP COMMON 023551104 16911 290000 SH OTHER 117900 78300 93800
AMERICA WEST HLDG COR COMMON 023657208 3395 132500 SH OTHER 17500 20000 95000
AMERICAN EXPRESS COMMON 025816109 42922 467500 SH OTHER 228900 88300 150300
AMERICAN GREETINGS CO COMMON 026375105 14835 322500 SH OTHER 133500 70000 119000
AMERICAN INTL GROUP COMMON 026874107 504 4004 SH OTHER 0 4004 0
AMERICAN STORES COMMON 030096101 3640 140000 SH OTHER 44500 45500 50000
AMGEN INC COMMON 031162100 1978 32500 SH OTHER 17500 7500 7500
AMLI RESIDENTIAL PROP COMMON 001735109 2294 100000 SH OTHER 70000 5000 25000
AMR CORP COMMON 001765106 14892 104000 SH OTHER 49400 21900 32700
ANHEUSER BUSCH COS IN COMMON 035229103 54566 1179800 SH OTHER 484700 334300 360800
ARCHER DANIELS MIDLAN COMMON 039483102 395 18000 SH OTHER 7500 5250 5250
ARMCO CONV. PFD. 7.25 CONVERT 042170407 3030 60000 SH OTHER 32500 6300 21200
ARTHUR J GALLAGHER & COMMON 363576109 693 16000 SH SOLE 16000 0 0
ASARCO INC COMMON 043413103 534 20000 SH OTHER 5000 15000 0
ASHLAND INC. COMMON 044204105 566 10000 SH SOLE 10000 0 0
AT & T CORP. COMMON 001957109 4254 64701 SH OTHER 21901 24300 18500
ATLANTIC RICHFIELD CO COMMON 048825103 393 5000 SH OTHER 0 5000 0
AVNET COMMON 053807103 16974 294875 SH OTHER 157000 44375 93500
BAKER HUGHES INC COMMON 057224107 2314 57500 SH OTHER 16000 15000 26500
BANK TOKYO-MITSUBISHI COMMON 065379109 1508 125000 SH OTHER 40000 57500 27500
BANKAMERICA CORP COMMON 066050105 1807 21875 SH OTHER 5500 16375 0
BAT INDUST SPONSORED COMMON 055270508 361 17500 SH OTHER 15500 2000 0
BAXTER INTL INC COMMON 071813109 22519 408500 SH OTHER 185700 75500 147300
BAY NETWORK COMMON 072510100 1628 60000 SH OTHER 0 22500 37500
BAYER AG SPONS ADR FOREIGN 072730302 1487 32500 SH OTHER 17500 5000 10000
BELL ATLANTIC CORP COMMON 077853109 1632 15959 SH OTHER 10197 1762 4000
BESTFOODS COMMON 08658U101 216 1850 SH OTHER 0 1850 0
BEVERLY ENTERPRISES I COMMON 087851309 9352 702500 SH OTHER 273200 197800 231500
BIRMINGHAM STEEL CORP COMMON 091250100 296 18100 SH OTHER 0 18100 0
BLACK & DECKER CORP COMMON 091797100 10606 199875 SH OTHER 112500 18875 68500
BLOCK H & R INC COMMON 093671105 77408 1627500 SH OTHER 692800 405000 529700
BOEING CO COMMON 097023105 822 15778 SH OTHER 14154 1624 0
BOISE CASCADE CORP COMMON 097383103 541 15000 SH OTHER 0 15000 0
BORDEN CHEM & PLASTIC COMMON 099541203 719 100000 SH OTHER 37500 17500 45000
BOSTON PROPERTIES COMMON 101121101 7389 210000 SH OTHER 62500 75000 72500
BRISTOL MYERS SQUIBB COMMON 110122108 678 6500 SH OTHER 5300 1200 0
BROWNING FERRIS INDS COMMON 115885105 30707 941200 SH OTHER 379000 258000 304200
BURLINGTON RESOURCES COMMON 122014103 695 14500 SH OTHER 3500 10800 200
<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
CABOT OIL & GAS CORP COMMON 127097103 2149 95000 SH OTHER 35000 25000 35000
CALENERGY INC COM COMMON 129466108 7698 272500 SH OTHER 60000 107500 105000
CALGON CARBON CORP COMMON 129603106 117 10000 SH OTHER 0 10000 0
CALPINE CP COMMON 131347106 3429 192500 SH OTHER 75000 92500 25000
CANADIAN PAC LTD NEW COMMON 135923100 26034 882500 SH OTHER 373200 223100 286200
CANYON RES CORP COM COMMON 138869102 522 642954 SH OTHER 0 321477 321477
CBS CORPORATION COMMON 12490K107 24436 720015 SH OTHER 318039 172476 229500
CHAMPION ENTERPRISES COMMON 158496109 801 30000 SH OTHER 22500 7500 0
CHAMPION INTL CORP COMMON 158525105 4752 87500 SH OTHER 26800 25500 35200
CHARTWELL RE CORP COM COMMON 16139W109 8926 263500 SH OTHER 106200 79800 77500
CHASE MANHATTAN CORPO COMMON 16161A108 86515 641443 SH OTHER 258068 167675 215700
CHRYSLER CORP COMMON 171196108 3434 82500 SH OTHER 22500 37500 22500
CIGNA CORP COMMON 125509109 3895 19000 SH OTHER 12100 3400 3500
CINCINNATI MILACRON I COMMON 172172108 17850 560000 SH OTHER 231000 169000 160000
CINERGY CORP COMMON 172474108 2120 57500 SH OTHER 22500 35000 0
CITICORP COMMON 173034109 77952 548958 SH OTHER 241485 117073 190400
CLAYTON HOMES INC COM COMMON 184190106 7796 385000 SH OTHER 127500 135000 122500
COCA COLA COMMON 191216100 387 5000 SH OTHER 0 5000 0
COLTEC INDS INC COM COMMON 196879100 2750 110000 SH OTHER 35000 25000 50000
COMPAQ COMPUTER CORP COMMON 204493100 28082 1085302 SH OTHER 471051 265651 348600
COMSAT CORP COMMON 20564D107 775 22500 SH OTHER 0 22500 0
CONE MLS CORP N C COM COMMON 206814105 2078 232500 SH OTHER 70000 80000 82500
COORS ADOLPH COMPANY COMMON 217016104 2992 85475 SH OTHER 33600 16875 35000
CORDIANT COMM GROUP S COMMON 218514206 1812 169500 SH OTHER 69750 35700 64050
CORNING INC COMMON 219350105 61458 1388875 SH OTHER 578500 384175 426200
COSTCO COMPANIES INC COMMON 22160Q102 10675 200000 SH OTHER 89700 30300 80000
COX COMMUNICATIONS IN COMMON 224044107 23310 555000 SH OTHER 238400 124100 192500
CRESCENT R E EQUITIES CONVERT 225756204 765 30000 SH OTHER 5000 25000 0
CRESTAR FINL CORP COMMON 226091106 296 5000 SH OTHER 2800 2200 0
CROWN AMERICAN RLTY T COMMON 228186102 3914 417500 SH OTHER 146500 77500 193500
CUMMINS ENGINE INC COMMON 231021106 3418 62000 SH OTHER 17000 22500 22500
CYPRESS SEMICONDUCTOR COMMON 232806109 126 12500 SH OTHER 0 12500 0
CYPRUS AMAX MINERALS COMMON 232809103 1330 80000 SH OTHER 20000 37500 22500
DARDEN RESTAURANTS, I COMMON 237194105 5058 325000 SH OTHER 67500 105000 152500
DATA GEN CORP COMMON 237688106 12691 712500 SH OTHER 327000 161100 224400
DATA GENERAL 6.000% 0 CONVERT 237688AG1 3970 40000 SH OTHER 1000 19000 20000
DELTA AIRLINES INC COMMON 247361108 9164 77500 SH OTHER 41000 8000 28500
DIGITAL EQUIPMENT COMMON 253849103 55516 1062500 SH OTHER 446550 261750 354200
DILLARDS INC CL A COMMON 254067101 462 12500 SH OTHER 0 12500 0
DISNEY WALT PRODTNS COMMON 254687106 374 3500 SH OTHER 3000 500 0
DOMTAR LTD COMMON 257561100 305 40000 SH OTHER 30000 0 10000
DOW CHEMICAL COMMON 260543103 3793 39000 SH OTHER 13800 12700 12500
DPL INC COMMON 233293109 3583 183750 SH OTHER 90000 37500 56250
DRESSER INDS INC COMMON 261597108 1202 25000 SH OTHER 22500 0 2500
DU PONT E I DE NEMOUR COMMON 263534109 6861 100900 SH OTHER 56200 18700 26000
DUKE PWR CO COMMON 264399106 32166 540044 SH OTHER 261982 90062 188000
EASTMAN KODAK COMMON 277461109 54836 845250 SH OTHER 358500 219350 267400
EEX CORPORATION COMMON 26842V108 8033 813452 SH OTHER 274856 284182 254414
ELECTRONIC DATA SYS C COMMON 285661104 1376 30000 SH OTHER 0 25000 5000
ELECTRONICS FOR IMAGI COMMON 286082102 5785 222500 SH OTHER 115000 60000 47500
<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
ELF AQUITAINE SPONSOR COMMON 286269105 550 8500 SH OTHER 7500 1000 0
ENERGY GROUP PLC SPON COMMON 292691102 5631 100000 SH OTHER 55000 35000 10000
ENGELHARD CORP COMMON 292845104 3420 180000 SH OTHER 67500 81000 31500
ENRON OIL & GAS CO CO COMMON 293562104 15827 690000 SH OTHER 270300 195700 224000
ENTERGY CORP NEW COM COMMON 29364G103 7586 255000 SH OTHER 67500 115000 72500
EQUITY RESIDENTIAL PP COMMON 29476L107 4397 87500 SH OTHER 32850 28400 26250
EXXON CORP COMMON 302290101 1109 16400 SH OTHER 0 16400 0
FEDERATED DEPARTMENT COMMON 31410H101 62227 1201000 SH OTHER 496650 310150 394200
FIRST CENT FINL CORP CONVERT 318908AA8 90 220000 SH OTHER 0 0 220000
FIRST CHICAGO NBD COR COMMON 31945A100 19284 218825 SH OTHER 96500 37025 85300
FIRST UNION CORP COMMON 337358105 7670 135000 SH OTHER 43500 56500 35000
FIRSTENERGY CORP COM COMMON 337932107 7087 230000 SH OTHER 54200 95400 80400
FMC CORP NEW COMMON 302491303 12960 165100 SH OTHER 59700 36400 69000
FORD MOTOR COMMON 345370100 1290 19898 SH OTHER 9898 10000 0
FORE SYS INC COM COMMON 345449102 394 25000 SH OTHER 2500 2500 20000
FOREST OIL CORP COM N COMMON 346091606 463 30000 SH OTHER 10000 10000 10000
FORT JAMES CORPORATIO COMMON 347471104 25488 552594 SH OTHER 221448 148644 182503
FREEPORT MCMORAN COPP CONVERT 35671D600 6680 282000 SH OTHER 144100 65700 72200
FRESH DEL MONTE PRODU COMMON G36738105 2624 170000 SH OTHER 55000 55900 59100
FUJI PHOTO ADR NEW COMMON 359586302 827 22500 SH OTHER 5000 10000 7500
GENERAL ELECTRIC COMMON 369604103 43826 508500 SH OTHER 235900 95300 177300
GENERAL MTRS CORP COMMON 370442105 20427 301500 SH OTHER 126700 86500 88300
GEORGIA GULF CORP COM COMMON 373200203 2170 80000 SH OTHER 32500 12500 35000
GLAXO PLC SPONSORED A COMMON 37733W105 3107 57399 SH OTHER 34900 7499 15000
GMO FOREIGN FD III MUTUAL 362007551 413 32774 SH SOLE 32774 0 0
GMO REIT FD CL III MUTUAL 362007627 2965 224456 SH SOLE 224456 0 0
GMO TR EM CTY DEBT II MUTUAL 362007270 1531 127673 SH SOLE 127673 0 0
GRIFFON CORP COM COMMON 398433102 4961 312500 SH OTHER 172500 35000 105000
GROUPE DANONE SPONSOR COMMON 399449107 3609 75000 SH OTHER 37500 7500 30000
GTE CORP COMMON 362320103 83810 1399750 SH OTHER 569700 373350 456700
GTECH HLDGS CORP COM COMMON 400518106 687 17500 SH OTHER 11000 1000 5500
GULF CDA RES LTD ORD COMMON 40218L305 6900 1200000 SH OTHER 460000 251000 489000
HAEMONETICS CORP COM COMMON 405024100 1794 100000 SH OTHER 55000 12500 32500
HANSON PLC COMMON 411352404 2506 82500 SH OTHER 7500 50000 25000
HEILIG MEYERS CO COMMON 422893107 176 12500 SH OTHER 5000 5000 2500
HILTON HOTEL CORP COMMON 432848109 7586 238000 SH OTHER 78500 82000 77500
HOUSTON INDUSTRIES IN COMMON 442161105 7374 256504 SH OTHER 133025 78398 45081
IDEXX LABORATORIES CO COMMON 45168D104 225 12500 SH OTHER 12500 0 0
ILLANOVA CORP COM COMMON 452317100 8679 287500 SH OTHER 35000 155000 97500
IMC GLOBAL INC COMMON 449669100 285 7500 SH OTHER 0 0 7500
IMPERIAL TOBACCO GROU COMMON 453142101 11656 791875 SH OTHER 298300 224825 268750
INCO LTD COMMON 453258402 981 52500 SH OTHER 1500 48500 2500
INFORMATION RES INC COMMON 456905108 19378 1192500 SH OTHER 446400 314100 432000
INGERSOLL-RAND CO / I CONVERT 456867308 4593 220000 SH OTHER 10000 110000 100000
INTEL CORP COMMON 458140100 16393 210000 SH OTHER 115900 32000 62100
INTERGRAPH CORP COMMON 458683109 11475 1355000 SH OTHER 513000 395000 447000
INTERMET CORP COMMON 45881K104 9788 435000 SH OTHER 110000 135000 190000
INTERNATIONAL PAPER C COMMON 460146103 3281 70000 SH OTHER 20700 44300 5000
INTERNATIONAL TECH 1. CONVERT 460465305 797 37500 SH SOLE 37500 0 0
INTERNATIONBUSINESS M COMMON 459200101 66220 637500 SH OTHER 283200 136800 217500
<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
INTL RECTIFIER CORP COMMON 460254105 8754 745000 SH OTHER 317800 170200 257000
IVAX CORP COMMON 465823102 306 35000 SH OTHER 0 0 35000
JOHNSON & JOHNSON COMMON 478160104 11196 152459 SH OTHER 57200 37800 57459
JOSTENS INC COMMON 481088102 7320 305000 SH OTHER 77500 165000 62500
JP RLTY INC COM COMMON 46624A106 43717 1722850 SH OTHER 735100 422750 565000
KIMBERLY CLARK CORP COMMON 494368103 2506 50000 SH OTHER 6000 42500 1500
KLM ROYAL DUTCH AIRLI COMMON 482516101 711 17500 SH OTHER 12500 5000 0
KNOLL INC COM COMMON 498904101 2892 75000 SH OTHER 0 37500 37500
LABORATORY CORP AMER COMMON 50540R102 533 275000 SH OTHER 95000 60000 120000
LAFARGE CORP COMMON 505862102 576 15000 SH OTHER 0 15000 0
LASMO ADR FOREIGN 501730204 5974 432500 SH OTHER 212500 50000 170000
LILLY ELI & CO COMMON 532457108 26831 450000 SH OTHER 226600 79400 144000
LIMITED STORES INC COMMON 532716107 717 25000 SH OTHER 0 25000 0
LTV CORP NEW COM COMMON 501921100 492 37500 SH OTHER 0 25000 12500
LUBRIZOL CORP COMMON 549271104 1059 27500 SH OTHER 6900 10600 10000
MANPOWER INC COM COMMON 56418H100 16558 410100 SH OTHER 165000 108600 136500
MASCOTECH INC COM COMMON 574670105 29693 1287500 SH OTHER 555175 315825 416500
MAYTAG CO COMMON 578592107 23548 492500 SH OTHER 184500 137500 170500
MCCORMICK & CO INC COMMON 579780206 500 15500 SH OTHER 10000 5500 0
MCI COMMUNICATIONS CO COMMON 552673105 7790 157375 SH OTHER 88700 21175 47500
MEDPARTNERS INC CONV CONVERT 58503X206 3592 275000 SH OTHER 96000 100500 78500
MEDPARTNERS INC NEW C COMMON 58503X107 5048 492500 SH OTHER 205000 130000 157500
MELLON BANK COMMON 585509102 210 3300 SH SOLE 3300 0 0
MERCK & CO COMMON 589331107 1000 7800 SH OTHER 0 7800 0
MILLENNIUM CHEMICALS COMMON 599903101 668 20000 SH OTHER 0 20000 0
MINNESOTA MNG & MFG C COMMON 604059105 228 2500 SH OTHER 0 1500 1000
MITCHELL ENERGY & DEV COMMON 606592202 5028 189300 SH OTHER 51300 80500 57500
MITCHELL ENERGY & DEV COMMON 606592301 17601 664175 SH OTHER 265000 176675 222500
MOBIL CORP COMMON 607059102 11291 147350 SH OTHER 64700 34350 48300
MYLAN LABS INC COMMON 628530107 18458 802500 SH OTHER 304000 240500 258000
NATIONSBANK CORP COM COMMON 638585109 3282 45000 SH OTHER 30000 5000 10000
NATIONWIDE FINANCIAL COMMON 638612101 2516 58000 SH OTHER 10000 28000 20000
NATL SEMICONDUCTOR COMMON 637640103 15829 756000 SH OTHER 313500 221500 221000
NAVISTAR INTL CORP CO COMMON 63934E108 4200 120000 SH OTHER 45000 20000 55000
NESTLES ADR FOREIGN 641069406 58996 617500 SH OTHER 287500 129800 200200
NEW YORK TIMES CO CLA COMMON 650111107 385 5500 SH OTHER 3800 1700 0
NEWMONT GOLD CO COM COMMON 651637100 313 10000 SH OTHER 0 0 10000
NEWMONT MNG CORP COMMON 651639106 306 10000 SH OTHER 5000 5000 0
NEWS CORP LTD COMMON 652487703 2963 110000 SH OTHER 12500 55000 42500
NIAGARA MOHAWK PWR CO COMMON 653522102 20669 1589900 SH OTHER 634000 441700 514200
NOBLE AFFILIATES COMMON 654894104 365 8775 SH OTHER 6500 2275 0
NORAM ENERGY CORP 6.0 CONVERT 655419AC3 2369 2500000 SH OTHER 2450000 0 50000
NOVELL INC COMMON 670006105 1393 130000 SH OTHER 110000 20000 0
OCCIDENTAL PETE CORP COMMON 674599105 50414 1727250 SH OTHER 684600 490250 552400
OGDEN CORP COMMON 676346109 6541 227500 SH OTHER 138500 14000 75000
OVERSEAS SHIPHOLDING COMMON 690368105 428 20000 SH OTHER 0 7500 12500
OWENS CORNING COMMON 69073F103 48246 1342500 SH OTHER 543200 355500 443800
OWENS & MINOR INC NEW COMMON 690732102 9302 515000 SH OTHER 180500 131500 203000
OXFORD HEALTH PLANS I COMMON 691471106 1083 72500 SH OTHER 12500 40000 20000
PACIFICORP COMMON 695114108 4925 200000 SH OTHER 84000 60000 56000
<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
PALL CORP COMMON 696429307 15211 707500 SH OTHER 312800 187500 207200
PEGASUS GOLD INC COMMON 70556K106 153 245000 SH OTHER 30000 105000 110000
PEPSICO INC COMMON 713448108 540 12660 SH OTHER 0 12660 0
PERRIGO CO COM COMMON 714290103 2083 170000 SH OTHER 52500 87500 30000
PFIZER INC COMMON 717081103 249 2500 SH OTHER 0 2500 0
PG&E CORP COM COMMON 69331C108 3135 95000 SH OTHER 20000 62500 12500
PHARMACIA & UPJOHN, I COMMON 716941109 219 5000 SH OTHER 0 5000 0
PHARMERICA INC COM COMMON 717135107 4557 306363 SH OTHER 120361 85894 100107
PHILIP SVCS CORP COM COMMON 71819M103 2494 237500 SH OTHER 212500 0 25000
PHYCOR INC COM COMMON 71940F100 1410 62500 SH OTHER 22500 15000 25000
PINKERTONS INC NEW CO COMMON 723429106 3843 166650 SH OTHER 85000 32900 48750
PITTSTON CO MINERLS G COMMON 725701205 1488 170000 SH OTHER 85000 50000 35000
PLACER DOME INC COMMON 725906101 2504 189875 SH OTHER 85300 44075 60500
PNC FINANCIAL CORP COMMON 693475105 4495 75000 SH OTHER 12500 30000 32500
PUBLIC SVC ENTERPRISE COMMON 744573106 3492 92500 SH OTHER 42500 27000 23000
QUAKER ST CORP COMMON 747410108 2822 150000 SH OTHER 47500 62500 40000
QUEST DIAGNOSTICS INC COMMON 74834L100 1443 85857 SH OTHER 36568 26040 23249
QUESTAR CORP COMMON 748356102 416 10000 SH OTHER 0 10000 0
RAYTHEON CO CL B COMMON 755111408 584 10000 SH OTHER 0 10000 0
RELIANCE GROUP HLDGS COMMON 759464100 32158 1692500 SH OTHER 707100 438400 547000
REUTERS GROUP PLC-SPO COMMON 76132M102 397 6153 SH OTHER 0 6153 0
REYNOLDS METALS CO COMMON 761763101 4239 69000 SH OTHER 15500 31000 22500
RIVIANA FOODS INC DEL COMMON 769536103 569 25000 SH OTHER 25000 0 0
RJR NABISCO HLDGS COR COMMON 74960K876 12131 387425 SH OTHER 122700 138925 125800
ROCHE 0% 4/20/10 CONVERT 771196AC6 4350 7500000 SH OTHER 5750000 1750000 0
ROCKWELL INTL CORP NE COMMON 773903109 18217 317500 SH OTHER 158000 47700 111800
RYDER SYS INC COMMON 783549108 5030 132375 SH OTHER 82900 7775 41700
S & P 500 JUN 950 PUT OPTION BLANK 244 250 SH SOLE 250 0 0
SAATCHI & SAATCHI PLC COMMON 785144205 2691 197500 SH OTHER 82750 35700 79050
SABRE GROUP HLDGS INC COMMON 785905100 19821 552500 SH OTHER 188000 159000 205500
SAFETY KLEEN CORP COMMON 786484105 21447 757500 SH OTHER 376400 137100 244000
SAKS FIFTH AVE COMMON 79377R109 16200 648000 SH OTHER 226700 182600 238700
SANTA FE ENERGY RES I COMMON 802012104 1375 125001 SH OTHER 10000 65000 50000
SBC COMMUNICATIONS, I COMMON 78387G103 11873 273718 SH OTHER 76598 121120 76000
SCOTTS CO CL A COMMON 810186106 260 7500 SH SOLE 7500 0 0
SEAGATE TECHNOLOGY COMMON 811804103 253 10000 SH OTHER 0 0 10000
SEARS ROEBUCK & CO COMMON 812387108 58586 1020000 SH OTHER 427300 253000 339700
SEDGWICK GROUP ADR FOREIGN 815673207 7323 547500 SH OTHER 236500 122500 188500
SILICON GRAPHICS INC COMMON 827056102 2300 165000 SH OTHER 42500 60000 62500
SIMON DEBARTOLO GROUP COMMON 828781104 1370 40000 SH OTHER 35000 0 5000
SMITHKLINE BEECHAM PL COMMON 832378301 12694 202500 SH OTHER 72500 47500 82500
SOUTHERN CO COMMON 842587107 3530 127500 SH OTHER 17000 82500 28000
SOUTHWEST AIRLS CO COMMON 844741108 783 26500 SH OTHER 24900 1600 0
SPRINT EXCHANGE CONV. CONVERT 852061407 1443 22500 SH SOLE 22500 0 0
STEWART & STEVENSON S COMMON 860342104 16663 692500 SH OTHER 284500 165000 243000
STONE CONTAINER CORP COMMON 861589109 813 65000 SH OTHER 30000 10000 25000
STORAGE TECHNOLOGY CO COMMON 862111200 83554 1094001 SH OTHER 461400 277401 355200
SUMMIT PPTYS INC COM COMMON 866239106 27722 1377500 SH OTHER 546100 428200 403200
SUNDSTRAND CORP COMMON 867323107 4175 69000 SH OTHER 7500 30000 31500
SUPERVALU INC COMMON COMMON 868536103 350 7500 SH SOLE 7500 0 0
<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
TELE COMMUNICATIONS I COMMON 87924V101 4044 130072 SH OTHER 56372 16200 57500
TENNECO INC COMMON 88037E101 17182 402500 SH OTHER 143900 148200 110400
TEXACO INC COMMON 881694103 5798 96237 SH OTHER 16737 47500 32000
TEXAS UTILS CO COMMON 882848104 58673 1492465 SH OTHER 597687 438553 456225
TIG HOLDINGS COMMON 872469101 56085 2131500 SH OTHER 857500 584500 689500
TIME WARNER INC COMMON 887315109 6300 87500 SH OTHER 22500 20000 45000
TOTAL S A SPONSORED A COMMON 89151E109 3844 64000 SH OTHER 22500 21500 20000
TOWER RLTY TR INC COM COMMON 89185E109 4194 170300 SH OTHER 25000 77500 67800
TOYS R US COMMON 892335100 28393 942500 SH OTHER 341200 287000 314300
TRANSAMERICA CORP COMMON 893485102 874 7500 SH SOLE 7500 0 0
TRANSCANADA PIPELINES COMMON 893526103 8738 369875 SH OTHER 183100 66775 120000
TRAVELERS INC COMMON 894190107 51464 857740 SH OTHER 388113 165579 304048
TRITON ENERGY LTD CL COMMON G90751101 625 17000 SH OTHER 5500 1000 10500
U S WEST COM-MEDIA GR COMMON 912889201 56556 1627500 SH OTHER 692200 399400 535900
U S WEST INC COMMON 912889102 32092 587500 SH OTHER 225800 176500 185200
U S WEST INC PFD CNV CONVERT 912889409 339 4743 SH OTHER 0 0 4743
UNICOM CORP COM COMMON 904911104 41116 1174750 SH OTHER 461700 311250 401800
UNILEVER N V COMMON 904784501 1029 15000 SH OTHER 0 15000 0
UNION CARBIDE CORP COMMON 905581104 226 4500 SH OTHER 4000 500 0
UNION PAC CONV PFD 6. CONVERT 907824205 15975 300000 SH OTHER 85000 124000 91000
UNION PAC RES GROUP I COMMON 907834105 1516 63500 SH OTHER 28500 20000 15000
UNION TEX PETE HLDGS COMMON 908640105 14105 637500 SH OTHER 220000 226500 191000
UNITED DOMINION RLTY COMMON 910197102 12688 875000 SH OTHER 262500 327500 285000
UNITED TECHNOLOGIES C COMMON 913017109 35494 384500 SH OTHER 185800 91200 107500
UNOCAL CORP COMMON 915289102 25528 659850 SH OTHER 261250 181000 217600
UNOCAL CORP 6.25% TRU CONVERT 91528T207 12695 227967 SH OTHER 101543 71806 54618
US AIRWAYS GROUP INC COMMON 911905107 14037 189369 SH OTHER 81969 62900 44500
US F&G CORP COMMON 903290104 4989 200050 SH OTHER 136900 13150 50000
USG CORP COMMON 903293405 2438 45000 SH SOLE 45000 0 0
USX MARATHON GROUP CO COMMON 902905827 40905 1087175 SH OTHER 451100 283375 352700
USX US STEEL GROUP CO COMMON 90337T101 4341 115000 SH OTHER 47500 25000 42500
VLSI TECH 8.250% 10/0 CONVERT 918270AB5 11760 120000 SH OTHER 49500 28500 42000
WAL MART STORES INC COMMON 931142103 49038 965075 SH OTHER 411700 248075 305300
WALDEN RESIDENTIAL PP COMMON 931210108 15074 596975 SH OTHER 266500 138975 191500
WASTE MANAGEMENT INC COMMON 94106K101 119804 3888175 SH OTHER 1573500 1053675 1261000
WASTE MGMT INTL PLC S COMMON 940906100 10786 1462500 SH OTHER 397500 484500 580500
WELLMAN INC COMMON 949702104 4920 227500 SH OTHER 86500 38500 102500
WELLS FARGO & CO COMMON 949740104 16651 50266 SH OTHER 25383 7883 17000
WENDYS INTERNATIONAL COMMON 950590109 2008 90000 SH OTHER 25000 47500 17500
WESTCOAST ENERGY COMMON 95751D102 13291 542500 SH OTHER 253000 129500 160000
WESTERN GAS RES INC C COMMON 958259103 3943 207500 SH OTHER 0 97500 110000
WEYERHAEUSER CO COMMON 962166104 13553 239875 SH OTHER 108300 52875 78700
WILLIS CORROON PLC AD COMMON 970624201 11569 865000 SH OTHER 428000 189000 248000
WINN-DIXIE STORES INC COMMON 974280109 1159 25000 SH OTHER 0 12500 12500
WORTHINGTON ROUGE DEC CONVERT 981811201 1334 87500 SH OTHER 30000 20000 37500
XEROX CORP COMMON 984121103 18094 170000 SH OTHER 83200 25300 61500
YPF SOCIEDAD ANONIMA FOREIGN 984245100 1360 40000 SH OTHER 10000 15000 15000
REPORT SUMMARY 297 DATA RECORDS 3371548 1 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
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