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Previous: GMO TRUST, 13F-E, 1998-02-02 |
Next: AMERICAN CENTURY GOVERNMENT INCOME TRUST, 497, 1998-02-02 |
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<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 12/31/97
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 12/31/97
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 2205 157500 SH OTHER 50500 48500 58500
ADVANCED MICRO DEVICE COMMON 007903107 355 20000 SH OTHER 10000 10000 0
AETNA INC PFD CL C 6. CONVERT 008117202 1251 17500 SH OTHER 1000 6500 10000
AETNA INC. COMMON 008117103 5821 82500 SH OTHER 42600 6400 33500
ALBEMARLE CORP COM COMMON 012653101 3880 162500 SH OTHER 65000 11000 86500
ALCAN ALUMINIUM LTD COMMON 013716105 2141 77500 SH OTHER 25000 16500 36000
ALLEGHENY TELEDYNE IN COMMON 017415100 12546 484880 SH OTHER 238600 25280 221000
ALLEGIANCE CORP COM COMMON 017475104 220 6200 SH OTHER 5100 1100 0
ALLERGAN INC COMMON 018490102 3692 110000 SH OTHER 66400 13400 30200
ALLMERICA FINL CORP C COMMON 019754100 1623 32500 SH OTHER 25000 7500 0
ALLSTATE COMMON 020002101 27829 307501 SH OTHER 148904 27569 131028
AMCOL INTL CORP COMMON 02341W103 10358 652500 SH OTHER 281750 78050 292700
AMERADA HESS CORP COMMON 023551104 14953 272500 SH OTHER 127900 35500 109100
AMERICA WEST HLDG COR COMMON 023657208 3632 195000 SH OTHER 43500 36500 115000
AMERICAN EXPRESS COMMON 025816109 42171 472500 SH OTHER 243400 43700 185400
AMERICAN GREETINGS CO COMMON 026375105 15161 387500 SH OTHER 183500 40000 164000
AMERICAN STORES COMMON 030096101 2159 105000 SH OTHER 44500 20500 40000
AMGEN INC COMMON 031162100 271 5000 SH SOLE 0 0 5000
AMLI RESIDENTIAL PROP COMMON 001735109 2225 100000 SH OTHER 70000 5000 25000
AMR CORP COMMON 001765106 12336 96000 SH OTHER 54400 6400 35200
ANHEUSER BUSCH COS IN COMMON 035229103 46266 1051500 SH OTHER 500600 139600 411300
ARCHER DANIELS MIDLAN COMMON 039483102 873 40250 SH SOLE 10000 0 30250
ARMCO CONV. PFD. 7.25 CONVERT 042170407 2805 60000 SH OTHER 32500 6300 21200
ARTHUR J GALLAGHER & COMMON 363576109 1340 38900 SH OTHER 21500 0 17400
ASARCO INC COMMON 043413103 505 22500 SH OTHER 12500 5000 5000
ASHLAND INC. COMMON 044204105 1611 30000 SH SOLE 30000 0 0
AT & T CORP. COMMON 001957109 3231 52701 SH OTHER 24401 800 27500
AVNET COMMON 053807103 17820 270000 SH OTHER 149500 22000 98500
BAKER HUGHES INC COMMON 057224107 720 16500 SH OTHER 0 6500 10000
BANKAMERICA CORP COMMON 066050105 548 7500 SH OTHER 5900 1600 0
BAT INDUST SPONSORED COMMON 055270508 386 20600 SH OTHER 18000 2600 0
BAXTER INTL INC COMMON 071813109 19166 380000 SH OTHER 194300 30900 154800
BAY NETWORK COMMON 072510100 1794 70000 SH OTHER 2500 12500 55000
BAYER AG SPONS ADR FOREIGN 072730302 1198 32500 SH OTHER 17500 5000 10000
BELL ATLANTIC CORP COMMON 077853109 1778 19534 SH OTHER 12697 1837 5000
BEVERLY ENTERPRISES I COMMON 087851309 7606 585050 SH OTHER 290500 43050 251500
BLACK & DECKER CORP COMMON 091797100 10645 272500 SH OTHER 152500 9000 111000
BLOCK H & R INC COMMON 093671105 65762 1467500 SH OTHER 732300 168000 567200
BOEING CO COMMON 097023105 776 15862 SH OTHER 14238 1624 0
BOLIDEN LTD COMMON 097935209 268 105000 SH OTHER 0 30000 75000
BORDEN CHEM & PLASTIC COMMON 099541203 873 105000 SH OTHER 37500 17500 50000
BOSTON PROPERTIES COMMON 101121101 7439 225000 SH OTHER 67500 60000 97500
BOWATER INC COMMON 102183100 1778 40000 SH OTHER 0 5000 35000
BRISTOL MYERS SQUIBB COMMON 110122108 662 7000 SH OTHER 5800 1200 0
BURLINGTON RESOURCES COMMON 122014103 784 17500 SH OTHER 6500 10800 200
CABOT OIL & GAS CORP COMMON 127097103 1827 94000 SH OTHER 40000 8000 46000
CALENERGY INC COM COMMON 129466108 7547 262500 SH OTHER 85000 57500 120000
CALGON CARBON CORP COMMON 129603106 108 10000 SH OTHER 0 10000 0
CALPINE CP COMMON 131347106 3533 237500 SH OTHER 100000 57500 80000
CANADIAN PAC LTD NEW COMMON 135923100 22073 810000 SH OTHER 410500 73300 326200
<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
CANYON RES CORP COM COMMON 138869102 362 321477 SH SOLE 0 0 321477
CBS CORPORATION COMMON 12490K107 30315 1029817 SH OTHER 522020 74297 433500
CHAMPION INTL CORP COMMON 158525105 2945 65000 SH OTHER 26800 3000 35200
CHARTWELL RE CORP COM COMMON 16139W109 8404 249000 SH OTHER 109200 62300 77500
CHASE MANHATTAN CORPO COMMON 16161A108 58207 531568 SH OTHER 264568 48800 218200
CHRYSLER CORP COMMON 171196108 2463 70000 SH OTHER 30000 15000 25000
CIGNA CORP COMMON 125509109 3861 22400 SH OTHER 12800 1100 8500
CINCINNATI MILACRON I COMMON 172172108 13526 521500 SH OTHER 248500 73000 200000
CINERGY CORP COMMON 172474108 1054 27500 SH OTHER 22500 5000 0
CITICORP COMMON 173034109 57792 457083 SH OTHER 244485 16198 196400
CLAYTON HOMES INC COM COMMON 184190106 5625 312500 SH OTHER 130000 57500 125000
CMS ENERGY CORP COMMON 125896100 220 5000 SH OTHER 5000 0 0
COCA COLA COMMON 191216100 1014 15200 SH OTHER 0 15200 0
COLTEC INDS INC COM COMMON 196879100 2783 120000 SH SOLE 55000 0 65000
COMCAST SPECIAL A COMMON 200300200 631 20000 SH OTHER 0 7500 12500
COMPAQ COMPUTER CORP COMMON 204493100 36544 646793 SH OTHER 313131 87661 246000
COMSAT CORP COMMON 20564D107 243 10000 SH SOLE 0 0 10000
CONE MLS CORP N C COM COMMON 206814105 1221 157500 SH OTHER 70000 5000 82500
COORS ADOLPH COMPANY COMMON 217016104 2597 78100 SH OTHER 33600 2000 42500
CORDIANT COMM GROUP S COMMON 218514206 1397 147000 SH OTHER 69750 13200 64050
CORNING INC COMMON 219350105 46941 1264400 SH OTHER 634900 153300 476200
COSTCO COMPANIES INC COMMON 22160Q102 15061 337500 SH OTHER 175200 17300 145000
COX COMMUNICATIONS IN COMMON 224044107 20532 512500 SH OTHER 245900 61600 205000
CRESTAR FINL CORP COMMON 226091106 285 5000 SH OTHER 2800 2200 0
CROWN AMERICAN RLTY T COMMON 228186102 3678 395000 SH OTHER 169000 12500 213500
CUMMINS ENGINE INC COMMON 231021106 1329 22500 SH SOLE 10000 0 12500
CYPRUS AMAX MINERALS COMMON 232809103 653 42500 SH SOLE 20000 0 22500
DARDEN RESTAURANTS, I COMMON 237194105 3938 315000 SH OTHER 92500 42500 180000
DATA GEN CORP COMMON 237688106 14177 813000 SH OTHER 420000 93100 299900
DELTA AIRLINES INC COMMON 247361108 8033 67500 SH OTHER 36000 3000 28500
DIGITAL EQUIPMENT COMMON 253849103 38629 1040500 SH OTHER 505800 129000 405700
DISNEY WALT PRODTNS COMMON 254687106 386 3900 SH OTHER 3400 500 0
DOMTAR LTD COMMON 257561100 330 47500 SH SOLE 37500 0 10000
DOW CHEMICAL COMMON 260543103 3218 31700 SH OTHER 15500 2700 13500
DPL INC COMMON 233293109 2947 153750 SH OTHER 90000 7500 56250
DRESSER INDS INC COMMON 261597108 1816 43300 SH OTHER 27500 800 15000
DU PONT E I DE NEMOUR COMMON 263534109 6006 100000 SH OTHER 64400 3100 32500
DUKE PWR CO COMMON 264399106 35564 642234 SH OTHER 347099 31025 264110
EASTMAN KODAK COMMON 277461109 44362 732500 SH OTHER 378500 78100 275900
EEX CORPORATION COMMON 26842V108 5904 651435 SH OTHER 277105 119916 254414
ELECTRONICS FOR IMAGI COMMON 286082102 7190 432500 SH OTHER 260000 70000 102500
ELF AQUITAINE SPONSOR COMMON 286269105 498 8500 SH OTHER 7500 1000 0
ENERGY GROUP PLC SPON COMMON 292691102 8913 200000 SH OTHER 100000 7500 92500
ENGELHARD CORP COMMON 292845104 1260 72500 SH OTHER 22500 32500 17500
ENRON OIL & GAS CO CO COMMON 293562104 13242 625000 SH OTHER 301300 87200 236500
ENTERGY CORP NEW COM COMMON 29364G103 5239 175000 SH OTHER 72500 20000 82500
EQUITY RESIDENTIAL PP COMMON 29476L107 5309 105000 SH OTHER 44100 19650 41250
FEDERATED DEPARTMENT COMMON 31410H101 45969 1067500 SH OTHER 509150 135350 423000
FIRST CENT FINL CORP CONVERT 318908AA8 90 220000 SH SOLE 0 0 220000
FIRST CHICAGO NBD COR COMMON 31945A100 15865 190000 SH OTHER 97500 4700 87800
<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
FIRSTENERGY CORP COM COMMON 337932107 5945 205000 SH OTHER 56700 47900 100400
FMC CORP NEW COMMON 302491303 9592 142500 SH OTHER 62100 8900 71500
FORD MOTOR COMMON 345370100 1457 30000 SH OTHER 6000 15000 9000
FORD MOTOR CO DEPOSIT CONVERT 345370209 1413 9000 SH OTHER 4000 0 5000
FOREST OIL CORP COM N COMMON 346091606 330 20000 SH OTHER 10000 0 10000
FORT JAMES CORPORATIO COMMON 347471104 21465 561176 SH OTHER 290406 47317 223453
FREEPORT MCMORAN COPP CONVERT 35671D600 6600 275000 SH OTHER 144600 58200 72200
FRESH DEL MONTE PRODU COMMON G36738105 439 30000 SH OTHER 10000 1100 18900
FRONTIER INS GROUP IN COMMON 359081106 686 30000 SH OTHER 12500 12500 5000
FRUIT OF THE LOOM CLA COMMON 359416104 513 20000 SH SOLE 5000 0 15000
GENERAL ELECTRIC COMMON 369604103 32835 447500 SH OTHER 244700 20000 182800
GENERAL MTRS CORP COMMON 370442105 13669 225000 SH OTHER 124800 11800 88400
GEORGIA GULF CORP COM COMMON 373200203 2373 77500 SH OTHER 35000 2500 40000
GLAXO PLC SPONSORED A COMMON 37733W105 3773 78800 SH OTHER 36200 2600 40000
GMO FOREIGN FD III MUTUAL 362007551 365 32774 SH SOLE 32774 0 0
GOODYEAR TIRE & RUBR COMMON 382550101 795 12500 SH SOLE 12500 0 0
GREAT LAKES CHEM CORP COMMON 390568103 558 12500 SH OTHER 12500 0 0
GRIFFON CORP COM COMMON 398433102 4371 298900 SH OTHER 180000 11400 107500
GROUPE DANONE SPONSOR COMMON 399449107 6524 182500 SH OTHER 80000 32500 70000
GTE CORP COMMON 362320103 64659 1237500 SH OTHER 602200 156100 479200
HAEMONETICS CORP COM COMMON 405024100 1400 100000 SH OTHER 52500 12500 35000
HANSON PLC COMMON 411352404 1323 57500 SH OTHER 10000 5000 42500
HEILIG MEYERS CO COMMON 422893107 240 20000 SH OTHER 10000 5000 5000
HERCULES INC COMMON 427056106 426 8500 SH OTHER 2600 5900 0
HOUSTON INDUSTRIES IN COMMON 442161105 6280 234755 SH OTHER 148048 28398 58309
HUNT J B TRANS SVCS I COMMON 445658107 2063 110000 SH OTHER 50000 5000 55000
IDEXX LABORATORIES CO COMMON 45168D104 199 12500 SH SOLE 12500 0 0
ILLANOVA CORP COM COMMON 452317100 6734 250000 SH OTHER 53500 56500 140000
IMC GLOBAL INC COMMON 449669100 409 12500 SH SOLE 5000 0 7500
IMPERIAL TOBACCO GROU COMMON 453142101 8342 660500 SH OTHER 303550 87950 269000
INFORMATION RES INC COMMON 456905108 12708 950100 SH OTHER 382100 146000 422000
INTEL CORP COMMON 458140100 15982 227500 SH OTHER 135400 17500 74600
INTERGRAPH CORP COMMON 458683109 11600 1160000 SH OTHER 558400 124600 477000
INTERMET CORP COMMON 45881K104 5644 322500 SH OTHER 117500 10000 195000
INTERNATIONAL PAPER C COMMON 460146103 1402 32500 SH OTHER 20700 6800 5000
INTERNATIONAL TECH 1. CONVERT 460465305 759 37500 SH SOLE 37500 0 0
INTERNATIONBUSINESS M COMMON 459200101 56811 543000 SH OTHER 288900 22400 231700
INTL RECTIFIER CORP COMMON 460254105 8357 707500 SH OTHER 339300 86200 282000
IVAX CORP COMMON 465823102 236 35000 SH SOLE 0 0 35000
JOHNSON & JOHNSON COMMON 478160104 9223 140000 SH OTHER 62000 22500 55500
JOHNS-MANVILLE CORP N COMMON 478129109 196 19500 SH OTHER 14500 5000 0
JP RLTY INC COM COMMON 46624A106 38323 1477500 SH OTHER 732100 188100 557300
LABORATORY CORP AMER COMMON 50540R102 394 225000 SH OTHER 95000 10000 120000
LAFARGE CORP COMMON 505862102 1183 40000 SH OTHER 15000 5000 20000
LASMO ADR FOREIGN 501730204 5678 447500 SH OTHER 250000 0 197500
LIBERTY CORP S C COMMON 530370105 935 20000 SH SOLE 0 0 20000
LILLY ELI & CO COMMON 532457108 27847 399960 SH OTHER 240400 9760 149800
LUBRIZOL CORP COMMON 549271104 645 17500 SH OTHER 6900 600 10000
LYONDELL PETROCHEMICA COMMON 552078107 265 10000 SH SOLE 10000 0 0
MANPOWER INC COM COMMON 56418H100 13748 390000 SH OTHER 183000 41000 166000
<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
MASCOTECH INC COM COMMON 574670105 22373 1217575 SH OTHER 616875 139200 461500
MAYTAG CO COMMON 578592107 19962 535000 SH OTHER 239500 62500 233000
MCCORMICK & CO INC COMMON 579780206 1652 59000 SH OTHER 15000 32000 12000
MCI COMMUNICATIONS CO COMMON 552673105 13593 317500 SH OTHER 151000 35000 131500
MEDPARTNERS INC CONV CONVERT 58503X206 4950 225000 SH OTHER 96000 50500 78500
MEDPARTNERS INC NEW C COMMON 58503X107 10293 460000 SH OTHER 222500 57500 180000
MELLON BANK COMMON 585509102 655 10800 SH SOLE 3300 0 7500
MERCK & CO COMMON 589331107 286 2700 SH OTHER 0 200 2500
MERITOR AUTOMOTIVE IN COMMON 59000G100 1291 61295 SH OTHER 25464 832 34999
MILLENNIUM CHEMICALS COMMON 599903101 940 40000 SH SOLE 0 0 40000
MITCHELL ENERGY & DEV COMMON 606592202 4312 146800 SH OTHER 53800 33000 60000
MITCHELL ENERGY & DEV COMMON 606592301 16601 570000 SH OTHER 268000 79300 222700
MOBIL CORP COMMON 607059102 8482 117500 SH OTHER 65200 2000 50300
NATIONSBANK CORP COM COMMON 638585109 2433 40000 SH SOLE 30000 0 10000
NATIONWIDE FINANCIAL COMMON 638612101 2962 82000 SH SOLE 44500 0 37500
NAVISTAR INTL CORP CO COMMON 63934E108 3474 140000 SH SOLE 75000 0 65000
NAVISTAR INTL CORP PF CONVERT 638901405 17991 301100 SH OTHER 171550 15600 113950
NESTLES ADR FOREIGN 641069406 43898 585000 SH OTHER 301200 66800 217000
NEW YORK TIMES CO CLA COMMON 650111107 364 5500 SH OTHER 3800 1700 0
NEWMONT GOLD CO COM COMMON 651637100 298 10000 SH SOLE 0 0 10000
NEWS CORP LTD COMMON 652487703 5355 240000 SH OTHER 95500 30000 114500
NIAGARA MOHAWK PWR CO COMMON 653522102 14438 1375000 SH OTHER 671100 137200 566700
NOBLE AFFILIATES COMMON 654894104 314 8900 SH OTHER 6500 2400 0
NORAM ENERGY CORP 6.0 CONVERT 655419AC3 2275 2500000 SH SOLE 2450000 0 50000
NOVELL INC COMMON 670006105 75 10000 SH SOLE 10000 0 0
OCCIDENTAL PETE CORP COMMON 674599105 42210 1440000 SH OTHER 697100 175500 567400
OGDEN CORP COMMON 676346109 8456 300000 SH OTHER 149500 15500 135000
OVERSEAS SHIPHOLDING COMMON 690368105 927 42500 SH OTHER 15000 0 27500
OWENS CORNING COMMON 69073F103 39496 1157400 SH OTHER 548200 152800 456400
OWENS & MINOR INC NEW COMMON 690732102 7576 522500 SH OTHER 215500 68000 239000
OXFORD HEALTH PLANS I COMMON 691471106 973 62500 SH OTHER 12500 20000 30000
PACIFICORP COMMON 695114108 4370 160000 SH OTHER 92000 10500 57500
PEGASUS GOLD INC COMMON 70556K106 88 140000 SH SOLE 30000 0 110000
PFIZER INC COMMON 717081103 373 5000 SH OTHER 0 5000 0
PG&E CORP COM COMMON 69331C108 2122 70000 SH OTHER 37500 7500 25000
PHARMERICA INC COM COMMON 717135107 2519 242794 SH OTHER 125381 15028 102386
PINKERTONS INC NEW CO COMMON 723429106 3402 144750 SH OTHER 85000 11000 48750
PITTSTON CO MINERLS G COMMON 725701205 1069 142500 SH OTHER 100000 5000 37500
PLACER DOME INC COMMON 725906101 2093 165000 SH OTHER 85300 19200 60500
PNC FINANCIAL CORP COMMON 693475105 2989 52500 SH OTHER 12500 5000 35000
PUBLIC SVC ENTERPRISE COMMON 744573106 2548 80100 SH OTHER 45000 2000 33100
QUAKER ST CORP COMMON 747410108 1554 110000 SH OTHER 55000 15000 40000
QUEST DIAGNOSTICS INC COMMON 74834L100 1229 72824 SH OTHER 37942 11546 23336
QUESTAR CORP COMMON 748356102 335 7500 SH OTHER 0 7500 0
RAYTHEON CO CL A COMMON 755111309 708 14348 SH OTHER 7958 752 5637
RELIANCE GROUP HLDGS COMMON 759464100 22593 1599500 SH OTHER 796600 171900 631000
REYNOLDS METALS CO COMMON 761763101 2490 41500 SH OTHER 16500 2500 22500
RIVIANA FOODS INC DEL COMMON 769536103 678 32500 SH SOLE 32500 0 0
RJR NABISCO HLDGS COR COMMON 74960K876 10313 275000 SH OTHER 130200 14000 130800
ROCHE 0% 4/20/10 CONVERT 771196AC6 4696 8500000 SH OTHER 5750000 1,750000 1000000
<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
ROCKWELL INTL CORP NE COMMON 773903109 17765 340000 SH OTHER 177600 25600 136800
RYDER SYS INC COMMON 783549108 4749 145000 SH OTHER 87900 5400 51700
S & P 500 JUN 950 PUT OPTION BLANK 968 225 SH SOLE 225 0 0
SAATCHI & SAATCHI PLC COMMON 785144205 1609 180000 SH OTHER 87750 13200 79050
SABRE GROUP HLDGS INC COMMON 785905100 14986 519000 SH OTHER 209000 41500 268500
SAFETY KLEEN CORP COMMON 786484105 24694 900000 SH OTHER 436700 114100 349200
SAKS FIFTH AVE COMMON 79377R109 1500 72500 SH OTHER 27500 2500 42500
SANTA FE ENERGY RES I COMMON 802012104 1041 92500 SH OTHER 10000 20000 62500
SARA LEE CORP COMMON 803111103 282 5000 SH SOLE 0 0 5000
SBC COMMUNICATIONS, I COMMON 78387G103 7805 106549 SH OTHER 43549 13000 50000
SCOTTS CO CL A COMMON 810186106 1134 37500 SH OTHER 10000 2500 25000
SEAGATE TECHNOLOGY COMMON 811804103 193 10000 SH SOLE 0 0 10000
SEARS ROEBUCK & CO COMMON 812387108 47621 1052400 SH OTHER 488800 144200 419400
SEDGWICK GROUP ADR FOREIGN 815673207 5818 472500 SH OTHER 236500 47500 188500
SILICON GRAPHICS INC COMMON 827056102 1478 120000 SH OTHER 47500 5000 67500
SIMON DEBARTOLO GROUP COMMON 828781104 1308 40000 SH SOLE 35000 0 5000
SMITHKLINE BEECHAM PL COMMON 832378301 9696 188500 SH OTHER 80000 21000 87500
SOUTHERN CO COMMON 842587107 2588 100000 SH OTHER 32000 33500 34500
SOUTHWEST AIRLS CO COMMON 844741108 694 28200 SH OTHER 24900 3300 0
SPRINT EXCHANGE CONV. CONVERT 852061407 2238 50000 SH SOLE 42500 0 7500
STEWART & STEVENSON S COMMON 860342104 12176 477500 SH OTHER 216500 68500 192500
STONE CONTAINER CORP COMMON 861589109 788 72500 SH OTHER 32500 10000 30000
STORAGE TECHNOLOGY CO COMMON 862111200 71848 1160000 SH OTHER 556900 142400 460700
SUMMIT PPTYS INC COM COMMON 866239106 22439 1062200 SH OTHER 521800 150700 389700
SUNDSTRAND CORP COMMON 867323107 2393 47500 SH OTHER 7500 7500 32500
SUPERVALU INC COMMON COMMON 868536103 5025 120000 SH OTHER 50000 25000 45000
TELE COMMUNICATIONS I COMMON 87924V101 5590 200072 SH OTHER 116872 16500 66700
TENNECO INC COMMON 88037E101 5234 132500 SH OTHER 76400 800 55300
TEXACO INC COMMON 881694103 2922 53737 SH OTHER 19237 2500 32000
TEXAS UTILS CO COMMON 882848104 52467 1264266 SH OTHER 624501 150640 489125
TIG HOLDINGS COMMON 872469101 58742 1770000 SH OTHER 863000 223300 683700
TIME WARNER INC COMMON 887315109 5363 86500 SH OTHER 25000 6400 55100
TOTAL S A SPONSORED A COMMON 89151E109 3011 54000 SH OTHER 22500 11500 20000
TOWER RLTY TR INC COM COMMON 89185E109 1847 75000 SH OTHER 15000 12500 47500
TOYS R US COMMON 892335100 3380 107500 SH OTHER 47500 15000 45000
TRANSAMERICA CORP COMMON 893485102 2929 27500 SH OTHER 20600 1900 5000
TRANSCANADA PIPELINES COMMON 893526103 8055 360000 SH OTHER 198100 16900 145000
TRAVELERS INC COMMON 894190107 40512 751965 SH OTHER 394113 43554 314298
U S WEST INC COMMON 912889102 24593 545000 SH OTHER 248000 68100 228900
U S WEST INC COM-MEDI COMMON 912889201 47933 1660000 SH OTHER 811200 217400 631400
U S WEST INC PFD CNV CONVERT 912889409 293 4743 SH SOLE 0 0 4743
UNICOM CORP COM COMMON 904911104 33825 1100000 SH OTHER 501700 146500 451800
UNION TEX PETE HLDGS COMMON 908640105 10198 490000 SH OTHER 225000 66500 198500
UNITED DOMINION RLTY COMMON 910197102 8363 600000 SH OTHER 245000 77500 277500
UNITED STATES SURGICA COMMON 912707106 220 7500 SH SOLE 0 0 7500
UNITED TECHNOLOGIES C COMMON 913017109 24465 336000 SH OTHER 205100 15900 115000
UNOCAL CORP COMMON 915289102 20472 527450 SH OTHER 263750 46100 217600
UNOCAL CORP 6.25% TRU CONVERT 91528T207 9922 177967 SH OTHER 101543 21806 54618
US AIRWAYS GROUP INC COMMON 911905107 8731 139704 SH OTHER 88208 5498 45998
US F&G CORP COMMON 903290104 7501 340000 SH OTHER 177900 26600 135500
<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
USG CORP COMMON 903293405 2328 47500 SH OTHER 47500 0 0
USX MARATHON GROUP CO COMMON 902905827 32822 972500 SH OTHER 481100 108700 382700
USX US STEEL GROUP CO COMMON 90337T101 3203 102500 SH SOLE 55000 0 47500
VALERO ENERGY COM COMMON 91913Y100 629 20000 SH SOLE 15000 0 5000
VLSI TECH 8.250% 10/0 CONVERT 918270AB5 10643 110000 SH OTHER 49500 18500 42000
WAL MART STORES INC COMMON 931142103 37268 945000 SH OTHER 464200 114500 366300
WALDEN RESIDENTIAL PP COMMON 931210108 12740 499600 SH OTHER 268000 40100 191500
WASTE MANAGEMENT INC COMMON 94106K101 85800 3120000 SH OTHER 1505000 387000 1228000
WASTE MGMT INTL PLC S COMMON 940906100 7028 1124400 SH OTHER 415000 110000 599400
WELLMAN INC COMMON 949702104 4046 207500 SH OTHER 87500 12500 107500
WELLS FARGO & CO COMMON 949740104 15721 46316 SH OTHER 25783 2033 18500
WESTCOAST ENERGY COMMON 95751D102 12133 527500 SH OTHER 268000 67000 192500
WEYERHAEUSER CO COMMON 962166104 10352 211000 SH OTHER 113300 14000 83700
WHEELABRATOR TECH INC COMMON 962901302 9035 562500 SH OTHER 236500 63000 263000
WILLIS CORROON PLC AD COMMON 970624201 9665 785000 SH OTHER 433000 109000 243000
WORTHINGTON ROUGE DEC CONVERT 981811201 1159 87500 SH OTHER 30000 7500 50000
XEROX CORP COMMON 984121103 12005 162500 SH OTHER 90500 5500 66500
YPF SOCIEDAD ANONIMA FOREIGN 984245100 940 27500 SH SOLE 10000 0 17500
REPORT SUMMARY 268 DATA RECORDS 2684828 1 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
</TABLE>
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