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Previous: CAMBRIDGE ADVANTAGED PROPERTIES II LIMITED PARTNERSHIP, 10-Q, 1998-08-04 |
Next: GMO TRUST, 13F-E, 1998-08-04 |
<TABLE>
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<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 06/30/98
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 MEMBER (617) 346-7675
Signature, Place and Date of Signing:
/s/ FORREST BERKLEY BOSTON MA 06/30/98
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 4068 317500 SH OTHER 143000 55500 119000
ACUSON CORP COMMON 005113105 4092 225000 SH OTHER 84000 60500 80500
ADVANCED MICRO DEVICE COMMON 007903107 1152 67500 SH OTHER 21500 28000 18000
AETNA INC PFD CL C 6. CONVERT 008117202 2209 29400 SH OTHER 2900 9000 17500
AETNA INC. COMMON 008117103 5138 67500 SH OTHER 36100 6400 25000
AIRBORNE FREIGHT COMMON 009266107 2655 76000 SH OTHER 48500 17000 10500
ALBEMARLE CORP COM COMMON 012653101 3210 145500 SH OTHER 60500 14500 70500
ALCAN ALUMINIUM LTD COMMON 013716105 1105 40000 SH OTHER 10000 9000 21000
ALLEGHENY TELEDYNE IN COMMON 017415100 8913 389629 SH OTHER 193100 18029 178500
ALLERGAN INC COMMON 018490102 756 16300 SH OTHER 15300 1000 0
ALLSTATE COMMON 020002101 21981 480138 SH OTHER 239808 52830 187500
AMCOL INTL CORP COMMON 02341W103 9017 747500 SH OTHER 330500 107000 310000
AMERADA HESS CORP COMMON 023551104 12763 235000 SH OTHER 112900 33300 88800
AMERICA WEST HLDG COR COMMON 023657208 571 20000 SH OTHER 0 0 20000
AMERICAN EXPRESS COMMON 025816109 41689 366500 SH OTHER 199500 35800 131200
AMERICAN GREETINGS CO COMMON 026375105 12352 242500 SH OTHER 111000 33500 98000
AMERICAN INTL GROUP COMMON 026874107 585 4004 SH OTHER 0 4004 0
AMERICAN STORES COMMON 030096101 3112 128700 SH OTHER 49500 26700 52500
AMLI RESIDENTIAL PROP COMMON 001735109 2144 100000 SH OTHER 65000 5000 30000
AMR CORP COMMON 001765106 10823 130000 SH OTHER 76800 2800 50400
ANHEUSER BUSCH COS IN COMMON 035229103 40817 865000 SH OTHER 436900 102600 325500
ARMCO CONV. PFD. 7.25 CONVERT 042170407 3083 60000 SH OTHER 32500 6300 21200
ARTHUR J GALLAGHER & COMMON 363576109 479 10700 SH SOLE 10700 0 0
AT & T CORP. COMMON 001957109 1782 31201 SH OTHER 16901 800 13500
AVNET COMMON 053807103 12004 219500 SH OTHER 122950 15550 81000
BAKER HUGHES INC COMMON 057224107 2333 67500 SH OTHER 23500 10000 34000
BANK TOKYO-MITSUBISHI COMMON 065379109 1155 105000 SH OTHER 35000 42500 27500
BANKAMERICA CORP COMMON 066050105 595 6875 SH OTHER 5500 1375 0
BAT INDUST SPONSORED COMMON 055270508 202 10000 SH OTHER 8000 2000 0
BAXTER INTL INC COMMON 071813109 16682 310000 SH OTHER 154700 23000 132300
BAY NETWORK COMMON 072510100 1683 52500 SH OTHER 10000 17500 25000
BAYER AG SPONS ADR FOREIGN 072730302 1028 20000 SH OTHER 10000 0 10000
BELL ATLANTIC CORP COMMON 077853109 1091 23918 SH OTHER 15394 3524 5000
BESTFOODS COMMON 08658U101 215 3700 SH OTHER 0 3700 0
BEVERLY ENTERPRISES I COMMON 087851309 6474 462450 SH OTHER 230700 45250 186500
BLACK & DECKER CORP COMMON 091797100 6100 100000 SH OTHER 63900 3600 32500
BLOCK H & R INC COMMON 093671105 51077 1212500 SH OTHER 608500 142300 461700
BOEING CO COMMON 097023105 703 15778 SH OTHER 14154 1624 0
BORDEN CHEM & PLASTIC COMMON 099541203 489 85000 SH OTHER 37500 7500 40000
BOSTON PROPERTIES COMMON 101121101 6120 180000 SH OTHER 57500 50000 72500
BRISTOL MYERS SQUIBB COMMON 110122108 747 6500 SH OTHER 5300 1200 0
BROWNING FERRIS INDS COMMON 115885105 29277 842500 SH OTHER 408500 93800 340200
BURLINGTON RESOURCES COMMON 122014103 560 13000 SH OTHER 4500 8500 0
CABOT OIL & GAS CORP COMMON 127097103 1100 55000 SH OTHER 27500 2500 25000
CALENERGY INC COM COMMON 129466108 3307 110000 SH OTHER 17500 30000 62500
CALGON CARBON CORP COMMON 129603106 99 10000 SH OTHER 0 10000 0
CALPINE CP COMMON 131347106 1817 90000 SH OTHER 60000 20000 10000
CANADIAN PAC LTD NEW COMMON 135923100 18302 645000 SH OTHER 330700 63100 251200
CANYON RES CORP COM COMMON 138869102 241 321477 SH OTHER 0 0 321477
CBS CORPORATION COMMON 12490K107 16114 507515 SH OTHER 260539 47476 199500
<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
CHAMPION ENTERPRISES COMMON 158496109 220 7500 SH SOLE 7500 0 0
CHAMPION INTL CORP COMMON 158525105 3443 70000 SH OTHER 27800 9500 32700
CHARTWELL RE CORP COM COMMON 16139W109 6520 221500 SH OTHER 98500 48000 75000
CHASE MANHATTAN CORPO COMMON 16161A108 71127 942086 SH OTHER 453636 86550 401900
CHRYSLER CORP COMMON 171196108 1973 35000 SH OTHER 15000 0 20000
CIGNA CORP COMMON 125509109 2070 30000 SH OTHER 21300 1200 7500
CINCINNATI MILACRON I COMMON 172172108 9360 385000 SH OTHER 190000 52500 142500
CINERGY CORP COMMON 172474108 3500 100000 SH OTHER 40000 22500 37500
CITICORP COMMON 173034109 55440 371458 SH OTHER 195485 16073 159900
CLAYTON HOMES INC COM COMMON 184190106 6479 341000 SH OTHER 167500 46000 127500
CNF TRANSN INC COM COMMON 12612W104 1275 30000 SH OTHER 15000 5000 10000
COCA COLA COMMON 191216100 428 5000 SH OTHER 0 5000 0
COLTEC INDS INC COM COMMON 196879100 1689 85000 SH OTHER 35000 0 50000
COMPAQ COMPUTER CORP COMMON 204493100 41611 1466485 SH OTHER 718251 183555 564678
CONE MLS CORP N C COM COMMON 206814105 1358 157500 SH OTHER 70000 5000 82500
COORS ADOLPH COMPANY COMMON 217016104 1546 45475 SH OTHER 18600 1875 25000
CORDIANT COMM GROUP S COMMON 218514206 1755 143250 SH OTHER 69750 9450 64050
CORNING INC COMMON 219350105 34815 1001875 SH OTHER 495700 124975 381200
COSTCO COMPANIES INC COMMON 22160Q102 2050 32500 SH OTHER 20700 1800 10000
COX COMMUNICATIONS IN COMMON 224044107 13805 285000 SH OTHER 147100 36400 101500
CRESTAR FINL CORP COMMON 226091106 273 5000 SH OTHER 2800 2200 0
CROWN AMERICAN RLTY T COMMON 228186102 2373 245000 SH OTHER 80000 0 165000
CUMMINS ENGINE INC COMMON 231021106 2563 50000 SH OTHER 21000 6000 23000
CYPRUS AMAX MINERALS COMMON 232809103 431 32500 SH OTHER 15000 0 17500
DARDEN RESTAURANTS, I COMMON 237194105 3175 200000 SH OTHER 25000 30000 145000
DATA GEN CORP COMMON 237688106 9299 622500 SH OTHER 325500 72600 224400
DATA GENERAL 6.000% 0 CONVERT 237688AG1 4644 50000 SH OTHER 16000 4000 30000
DELTA AIRLINES INC COMMON 247361108 7109 55000 SH OTHER 29500 500 25000
DISNEY WALT PRODTNS COMMON 254687106 368 10500 SH OTHER 9000 1500 0
DOMINION RES INC VA COMMON 257470104 5705 140000 SH OTHER 45000 33500 61500
DOMTAR LTD COMMON 257561100 236 35000 SH OTHER 25000 0 10000
DOW CHEMICAL COMMON 260543103 2417 25000 SH OTHER 9800 2700 12500
DPL INC COMMON 233293109 2696 148750 SH OTHER 85000 7500 56250
DRESSER INDS INC COMMON 261597108 441 10000 SH SOLE 10000 0 0
DU PONT E I DE NEMOUR COMMON 263534109 4855 65000 SH OTHER 41300 1200 22500
DUKE PWR CO COMMON 264399106 22959 387500 SH OTHER 194249 24751 168500
EASTMAN KODAK COMMON 277461109 45902 628250 SH OTHER 314500 64350 249400
EEX CORPORATION COMMON 26842V108 5665 604269 SH OTHER 259619 90246 254404
ELECTRONIC DATA SYS C COMMON 285661104 8786 220000 SH OTHER 124000 21900 74100
ELECTRONICS FOR IMAGI COMMON 286082102 1954 92500 SH OTHER 47500 10000 35000
ELF AQUITAINE SPONSOR COMMON 286269105 426 6000 SH OTHER 5000 1000 0
ENGELHARD CORP COMMON 292845104 3696 182500 SH OTHER 62500 48000 72000
ENRON OIL & GAS CO CO COMMON 293562104 10328 510000 SH OTHER 240300 68200 201500
ENTERGY CORP NEW COM COMMON 29364G103 2300 80000 SH OTHER 27500 12500 40000
EQUITY OFFICE PROPERT COMMON 294741103 2412 85000 SH OTHER 24000 28500 32500
EQUITY RESIDENTIAL PP COMMON 29476L107 3610 76200 SH OTHER 31600 18350 26250
EXIDE CORP COM COMMON 302051107 1219 72500 SH OTHER 43700 0 28800
EXXON CORP COMMON 302290101 278 3900 SH OTHER 0 3900 0
FEDERATED DEPARTMENT COMMON 31410H101 47490 882500 SH OTHER 434150 105650 342700
FIRST CENT FINL CORP CONVERT 318908AA8 90 220000 SH OTHER 0 0 220000
<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
FIRST CHICAGO NBD COR COMMON 31945A100 14253 160825 SH OTHER 83800 4525 72500
FIRST UNION CORP COMMON 337358105 4660 80000 SH OTHER 31000 26500 22500
FIRSTENERGY CORP COM COMMON 337932107 4151 135000 SH OTHER 44200 35400 55400
FMC CORP NEW COMMON 302491303 8967 131500 SH OTHER 57100 7900 66500
FORD MOTOR COMMON 345370100 289 4898 SH SOLE 4898 0 0
FOREST OIL CORP COM N COMMON 346091606 286 20000 SH OTHER 10000 0 10000
FORT JAMES CORPORATIO COMMON 347471104 15065 337591 SH OTHER 176447 28643 132502
FREEPORT MCMORAN COPP CONVERT 35671D600 5816 274500 SH OTHER 146600 55700 72200
FRESH DEL MONTE PRODU COMMON G36738105 2089 110300 SH OTHER 50000 2500 57800
FUJI PHOTO ADR NEW COMMON 359586302 432 12500 SH OTHER 5000 0 7500
GENERAL ELECTRIC COMMON 369604103 35305 388500 SH OTHER 209600 16800 162100
GENERAL MILLS INC COMMON 370334104 6381 93500 SH OTHER 42700 20500 30300
GENERAL MTRS CORP COMMON 370442105 13930 208500 SH OTHER 116200 6500 85800
GEORGIA GULF CORP COM COMMON 373200203 1255 55000 SH OTHER 22500 2500 30000
GLAXO PLC SPONSORED A COMMON 37733W105 2536 42399 SH OTHER 29900 2499 10000
GMO FOREIGN FD III MUTUAL 362007551 919 73691 SH OTHER 32774 40917 0
GMO REIT FD CL III MUTUAL 362007627 2754 220657 SH SOLE 220657 0 0
GMO TR EM CTY DEBT II MUTUAL 362007270 1330 123741 SH SOLE 123741 0 0
GRIFFON CORP COM COMMON 398433102 3844 300000 SH OTHER 164000 28500 107500
GTE CORP COMMON 362320103 58406 1050000 SH OTHER 506500 131000 412500
GTECH HLDGS CORP COM COMMON 400518106 7445 221000 SH OTHER 95500 43000 82500
GULF CDA RES LTD ORD COMMON 40218L305 13813 2762500 SH OTHER 1302500 346000 1114000
HAEMONETICS CORP COM COMMON 405024100 2160 135000 SH OTHER 75000 17500 42500
HALLIBURTON CO COMMON 406216101 222 5000 SH OTHER 0 5000 0
HEILIG MEYERS CO COMMON 422893107 215 17500 SH OTHER 5000 10000 2500
HERTZ CORP CL A COMMON 428040109 1108 25000 SH OTHER 24500 0 500
HILTON HOTEL CORP COMMON 432848109 4437 155000 SH OTHER 58500 16000 80500
HOUSTON INDUSTRIES IN COMMON 442161105 5536 179674 SH OTHER 111471 28398 39805
ILLANOVA CORP COM COMMON 452317100 3525 117500 SH OTHER 0 27500 90000
IMPERIAL TOBACCO GROU COMMON 453142101 7948 550000 SH OTHER 254425 64325 231250
INFORMATION RES INC COMMON 456905108 17899 967500 SH OTHER 433900 126600 407000
INGERSOLL-RAND CO / I CONVERT 456867308 2415 120000 SH OTHER 10000 10000 100000
INTEL CORP COMMON 458140100 12564 169500 SH OTHER 101400 10000 58100
INTERGRAPH CORP COMMON 458683109 7621 890000 SH OTHER 414500 86000 389500
INTERMET CORP COMMON 45881K104 5573 307500 SH OTHER 107500 10000 190000
INTERNATIONAL PAPER C COMMON 460146103 968 22500 SH OTHER 10700 6800 5000
INTERNATIONAL TECH 1. CONVERT 460465305 759 37500 SH SOLE 37500 0 0
INTERNATIONBUSINESS M COMMON 459200101 55397 482500 SH OTHER 262200 17800 202500
INTL RECTIFIER CORP COMMON 460254105 9492 1116700 SH OTHER 575800 151900 389000
IVAX CORP COMMON 465823102 231 25000 SH OTHER 0 0 25000
JOHNSON & JOHNSON COMMON 478160104 7955 107500 SH OTHER 46200 14300 47000
JOSTENS INC COMMON 481088102 3674 153900 SH OTHER 48900 45000 60000
JP RLTY INC COM COMMON 46624A106 42943 1822500 SH OTHER 856300 243700 722500
KIMBERLY CLARK CORP COMMON 494368103 14107 307500 SH OTHER 136500 36700 134300
KLM ROYAL DUTCH AIRLI COMMON 482516101 2501 61000 SH OTHER 31000 12500 17500
KNOLL INC COM COMMON 498904101 2835 96100 SH OTHER 0 0 96100
LABORATORY CORP AMER COMMON 50540R102 463 200000 SH OTHER 70000 10000 120000
LAIDLAW ENVIRONMENTAL COMMON 50730L105 3498 965000 SH OTHER 496000 168000 301000
LASMO ADR FOREIGN 501730204 3489 275000 SH OTHER 155000 0 120000
LILLY ELI & CO COMMON 532457108 23850 360000 SH OTHER 216600 9400 134000
<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
LTV CORP NEW COM COMMON 501921100 120 12500 SH OTHER 0 0 12500
LUBRIZOL CORP COMMON 549271104 378 12500 SH OTHER 1900 600 10000
MANPOWER INC COM COMMON 56418H100 18862 657500 SH OTHER 302200 88800 266500
MASCOTECH INC COM COMMON 574670105 21480 895000 SH OTHER 463675 104825 326500
MAYTAG CO COMMON 578592107 15800 320000 SH OTHER 148500 42000 129500
MCI COMMUNICATIONS CO COMMON 552673105 727 12500 SH OTHER 12000 500 0
MEDIAONE GROUP INC CO COMMON 58440J104 40642 925000 SH OTHER 466500 117500 341000
MEDPARTNERS INC CONV CONVERT 58503X206 2366 224000 SH OTHER 95000 50500 78500
MEDPARTNERS INC NEW C COMMON 58503X107 2120 265000 SH OTHER 110000 46500 108500
MELLON BANK COMMON 585509102 230 3300 SH SOLE 3300 0 0
MERCK & CO COMMON 589331107 843 6300 SH OTHER 0 6300 0
MINNESOTA MNG & MFG C COMMON 604059105 1397 17000 SH OTHER 10000 5200 1800
MITCHELL ENERGY & DEV COMMON 606592202 2760 138000 SH OTHER 33800 34200 70000
MITCHELL ENERGY & DEV COMMON 606592301 11521 598500 SH OTHER 292500 74000 232000
MOBIL CORP COMMON 607059102 8034 104850 SH OTHER 59700 1850 43300
MYLAN LABS INC COMMON 628530107 4538 150000 SH OTHER 78200 19300 52500
NABISCO HLDGS CORP COMMON 629526104 1082 30000 SH OTHER 2000 15000 13000
NATIONSBANK CORP COM COMMON 638585109 2684 35000 SH OTHER 17500 5000 12500
NATIONWIDE FINANCIAL COMMON 638612101 893 17500 SH OTHER 5000 0 12500
NATL SEMICONDUCTOR COMMON 637640103 7416 565000 SH OTHER 266500 85000 213500
NAVISTAR INTL CORP CO COMMON 63934E108 2166 75000 SH OTHER 30000 0 45000
NESTLES ADR FOREIGN 641069406 48838 457500 SH OTHER 243600 44700 169200
NEW YORK TIMES CO CLA COMMON 650111107 436 11000 SH OTHER 7600 3400 0
NEWMONT GOLD CO COM COMMON 651637100 247 10000 SH OTHER 0 0 10000
NEWMONT MNG CORP COMMON 651639106 354 15000 SH OTHER 10000 0 5000
NEWS CORP LTD COMMON 652487703 3694 115000 SH OTHER 45000 10000 60000
NIAGARA MOHAWK PWR CO COMMON 653522102 17552 1175000 SH OTHER 593000 88000 494000
NOBLE AFFILIATES COMMON 654894104 327 8600 SH OTHER 6500 2100 0
NORAM ENERGY CORP 6.0 CONVERT 655419AC3 1663 1750000 SH OTHER 1700000 0 50000
NOVELL INC COMMON 670006105 1434 112500 SH OTHER 102500 10000 0
OCCIDENTAL PETE CORP COMMON 674599105 35363 1309750 SH OTHER 634600 157750 517400
OGDEN CORP COMMON 676346109 4292 155000 SH OTHER 80000 10000 65000
OWENS CORNING COMMON 69073F103 40792 999500 SH OTHER 484200 119000 396300
OWENS & MINOR INC NEW COMMON 690732102 4050 405000 SH OTHER 155500 51500 198000
OXFORD HEALTH PLANS I COMMON 691471106 406 26500 SH OTHER 4000 2500 20000
PACIFICORP COMMON 695114108 3111 137500 SH OTHER 71500 10000 56000
PALL CORP COMMON 696429307 19014 927500 SH OTHER 474600 109400 343500
PEGASUS GOLD INC COMMON 70556K106 33 140000 SH OTHER 30000 0 110000
PERRIGO CO COM COMMON 714290103 1761 175000 SH OTHER 57500 60000 57500
PFIZER INC COMMON 717081103 272 2500 SH OTHER 0 2500 0
PHARMERICA INC COM COMMON 717135107 2761 228922 SH OTHER 118055 17625 93242
PHILIP SVCS CORP COM COMMON 71819M103 516 125000 SH OTHER 100000 0 25000
PHYCOR INC COM COMMON 71940F100 11801 712500 SH OTHER 339000 87500 286000
PINKERTONS INC NEW CO COMMON 723429106 2853 137500 SH OTHER 80000 10000 47500
PITTSTON CO MINERLS G COMMON 725701205 573 97500 SH OTHER 67500 5000 25000
PLACER DOME INC COMMON 725906101 1937 164875 SH OTHER 85300 19075 60500
PNC FINANCIAL CORP COMMON 693475105 2344 43500 SH OTHER 11500 4500 27500
PUBLIC SVC ENTERPRISE COMMON 744573106 2152 62500 SH OTHER 37500 2000 23000
QUAKER ST CORP COMMON 747410108 1269 77500 SH OTHER 30000 17500 30000
QUEST DIAGNOSTICS INC COMMON 74834L100 759 34677 SH OTHER 15570 6270 12837
<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
RECKSON PFD A COMMON 75621K205 4241 180000 SH OTHER 92500 15000 72500
RELIANCE GROUP HLDGS COMMON 759464100 20869 1192500 SH OTHER 605800 127200 459500
REUTERS GROUP PLC-SPO COMMON 76132M102 421 6151 SH OTHER 0 6151 0
REYNOLDS METALS CO COMMON 761763101 2151 38500 SH OTHER 13500 2500 22500
RJR NABISCO HLDGS COR COMMON 74960K876 5047 212500 SH OTHER 100700 13500 98300
ROCHE 0% 4/20/10 CONVERT 771196AC6 2850 5000000 SH OTHER 4250000 750000 0
ROCKWELL INTL CORP NE COMMON 773903109 12000 250000 SH OTHER 135000 16700 98300
RYDER SYS INC COMMON 783549108 6470 205000 SH OTHER 109000 19900 76100
S & P 500 JUN 950 PUT OPTION BLANK 2 250 SH SOLE 250 0 0
SAATCHI & SAATCHI PLC COMMON 785144205 1994 145000 SH OTHER 66000 5000 74000
SABRE GROUP HLDGS INC COMMON 785905100 12065 317500 SH OTHER 140000 22500 155000
SAKS FIFTH AVE COMMON 79377R109 26037 942500 SH OTHER 418900 131900 391700
SANTA FE ENERGY RES I COMMON 802012104 538 50000 SH OTHER 10000 0 40000
SBC COMMUNICATIONS, I COMMON 78387G103 6029 150718 SH OTHER 61098 19620 70000
SEAGATE TECHNOLOGY COMMON 811804103 478 20000 SH OTHER 10000 0 10000
SEARS ROEBUCK & CO COMMON 812387108 45644 747500 SH OTHER 357300 90500 299700
SEDGWICK GROUP ADR FOREIGN 815673207 5113 467500 SH OTHER 236500 42500 188500
SILICON GRAPHICS INC COMMON 827056102 1334 110000 SH OTHER 45000 5000 60000
SIMON DEBARTOLO GROUP COMMON 828781104 1300 40000 SH OTHER 35000 0 5000
SMITHKLINE BEECHAM PL COMMON 832378301 9983 165000 SH OTHER 67500 17500 80000
SOUTHERN CO COMMON 842587107 1730 62500 SH OTHER 7000 30000 25500
SOUTHWEST AIRLS CO COMMON 844741108 783 26500 SH OTHER 24900 1600 0
SPRINT EXCHANGE CONV. CONVERT 852061407 1290 22500 SH SOLE 22500 0 0
ST JOE CO COM COMMON 790148100 372 13600 SH OTHER 0 6100 7500
ST PAUL COS INC COMMON 792860108 1891 44967 SH OTHER 29630 5298 10039
STANLEY WORKS COMMON 854616109 4364 105000 SH OTHER 45000 10000 50000
STEWART & STEVENSON S COMMON 860342104 11385 632500 SH OTHER 295500 92000 245000
STONE CONTAINER CORP COMMON 861589109 273 17500 SH SOLE 17500 0 0
STORAGE TECHNOLOGY CO COMMON 862111200 66063 1510000 SH OTHER 738800 186800 584400
SUMMIT PPTYS INC COM COMMON 866239106 21021 1110000 SH OTHER 555500 146300 408200
SUNBEAM CORP COM COMMON 867071102 1461 140000 SH OTHER 135000 5000 0
SUNDSTRAND CORP COMMON 867323107 1861 32500 SH OTHER 5000 0 27500
SUPERVALU INC COMMON COMMON 868536103 333 7500 SH SOLE 7500 0 0
TELE COMMUNICATIONS I COMMON 87924V101 1732 45072 SH OTHER 15372 9700 20000
TENNECO INC COMMON 88037E101 10467 275000 SH OTHER 134400 45200 95400
TEXACO INC COMMON 881694103 2909 48736 SH OTHER 16736 2000 30000
TEXAS UTILS CO COMMON 882848104 43393 1042465 SH OTHER 515687 128053 398725
TIG HOLDINGS COMMON 872469101 37433 1627500 SH OTHER 777400 192100 658000
TIME WARNER INC COMMON 887315109 4699 55000 SH OTHER 20000 2500 32500
TOTAL S A SPONSORED A COMMON 89151E109 2877 44000 SH OTHER 15000 11500 17500
TOWER RLTY TR INC COM COMMON 89185E109 2909 130000 SH OTHER 30000 25700 74300
TOYS R US COMMON 892335100 19453 830000 SH OTHER 374900 103300 351800
TRANSAMERICA CORP COMMON 893485102 576 5000 SH SOLE 5000 0 0
TRANSCANADA PIPELINES COMMON 893526103 6572 295375 SH OTHER 170600 16775 108000
TRAVELERS INC COMMON 894190107 40631 670210 SH OTHER 346583 43079 280548
TRITON ENERGY LTD CL COMMON G90751101 718 20000 SH OTHER 5500 1500 13000
U S WEST INC NEW COM COMMON 91273H101 20637 440834 SH OTHER 214952 52690 173193
U S WEST INC PFD CNV CONVERT 912889409 350 4743 SH OTHER 0 0 4743
UAL CORP COM COMMON 902549500 5226 67000 SH OTHER 30000 8500 28500
UNICOM CORP COM COMMON 904911104 30583 872250 SH OTHER 421500 101950 348800
<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
UNION CARBIDE CORP COMMON 905581104 240 4500 SH OTHER 4000 500 0
UNION PAC CONV PFD 6. CONVERT 907824205 8954 190000 SH OTHER 62500 39000 88500
UNION PAC RES GROUP I COMMON 907834105 5576 317500 SH OTHER 130000 39500 148000
UNITED DOMINION RLTY COMMON 910197102 9456 681500 SH OTHER 282900 99600 299000
UNITED TECHNOLOGIES C COMMON 913017109 23911 258500 SH OTHER 152500 12500 93500
UNOCAL CORP COMMON 915289102 17333 484850 SH OTHER 241250 36000 207600
UNOCAL CORP 6.25% TRU CONVERT 91528T207 9835 176807 SH OTHER 90099 26204 60504
US AIRWAYS GROUP INC COMMON 911905107 8767 110624 SH OTHER 67223 5400 38000
USG CORP COMMON 903293405 2436 45000 SH SOLE 45000 0 0
USX MARATHON GROUP CO COMMON 902905827 27109 790075 SH OTHER 383200 88175 318700
USX US STEEL GROUP CO COMMON 90337T101 2145 65000 SH OTHER 37500 0 27500
VALERO ENERGY COM COMMON 91913Y100 998 30000 SH OTHER 7500 15000 7500
VLSI TECH 8.250% 10/0 CONVERT 918270AB5 10316 105000 SH OTHER 44500 18500 42000
WAL MART STORES INC COMMON 931142103 41922 690075 SH OTHER 339200 83075 267800
WALDEN RESIDENTIAL PP COMMON 931210108 11441 466975 SH OTHER 251500 28975 186500
WASTE MANAGEMENT INC COMMON 94106K101 103338 2952500 SH OTHER 1428500 347000 1177000
WASTE MGMT INTL PLC S COMMON 940906100 9816 897500 SH OTHER 285000 95000 517500
WELLMAN INC COMMON 949702104 4140 182500 SH OTHER 77500 10000 95000
WELLS FARGO & CO COMMON 949740104 14415 39066 SH OTHER 21183 1883 16000
WENDYS INTERNATIONAL COMMON 950590109 529 22500 SH OTHER 5000 5000 12500
WESTCOAST ENERGY COMMON 95751D102 8590 385000 SH OTHER 205500 54500 125000
WESTERN GAS RES INC C COMMON 958259103 1536 105000 SH OTHER 0 0 105000
WEYERHAEUSER CO COMMON 962166104 8770 189875 SH OTHER 105800 10375 73700
WILLIS CORROON PLC AD COMMON 970624201 9579 762500 SH OTHER 413000 94000 255500
WORTHINGTON ROUGE DEC CONVERT 981811201 878 67500 SH OTHER 22500 7500 37500
XEROX CORP COMMON 984121103 13160 129500 SH OTHER 75700 5300 48500
XYLAN CORP COM COMMON 984151100 671 22500 SH OTHER 0 0 22500
YPF SOCIEDAD ANONIMA FOREIGN 984245100 451 15000 SH OTHER 0 0 15000
REPORT SUMMARY 278 DATA RECORDS 2507019 1 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
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