UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: June 30, 1999
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Grantham, Mayo, Van Otterloo & Co.
Address: 40 Rowes Wharf
Boston, MA 02110
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Forrest Berkley
Title: Partner
Phone:(617) 346-7578
Signature, Place and Date of Signing:
/s/ Forrest Berkley Boston, MA June 30, 1999
------------------------------------------
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager:
Strategic Investment Management International
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES AND EXCHANGE ACT OF 1934.
<PAGE>
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Managers Included: 1
Form 13F Information Table Entry Total: 263
Form 13F Information Table Value Total: 2095947
List of Other Included Managers:
No. 13F File Number Name
01 28-2495 Strategic Investment Management International
<PAGE>
<TABLE>
<S> <C> <C>
FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
ABITIBI-CONSOLIDATED COMMON 003924107 7129 567500 SH OTHER 487500 0 80000
ACUSON CORP COMMON 005113105 10720 670000 SH OTHER 525000 0 145000
AETNA INC PFD CL C 6. CONVERT 008117202 1260 17400 SH OTHER 13400 0 4000
AETNA INC. COMMON 008117103 1329 15000 SH OTHER 14800 0 200
AIRBORNE FREIGHT COMMON 009266107 970 37500 SH OTHER 32500 0 5000
ALBEMARLE CORP COM COMMON 012653101 764 37500 SH OTHER 32500 0 5000
ALCAN ALUMINIUM LTD COMMON 013716105 3163 97500 SH OTHER 85000 0 12500
ALLEGHENY TELEDYNE IN COMMON 017415100 3403 147573 SH OTHER 132073 0 15500
ALLIED WASTE INDS INC COMMON 019589308 221 12500 SH SOLE 12500 0 0
ALLSTATE COMMON 020002101 15113 405038 SH OTHER 339538 0 65500
AMCOL INTL CORP COMMON 02341W103 6439 427500 SH OTHER 376000 0 51500
AMD CONVERTIBLES 6% CONVERT 007903AC1 7600 100000 SH OTHER 85000 0 15000
AMERADA HESS CORP COMMON 023551104 9860 160000 SH OTHER 130900 0 29100
AMERICAN EXPRESS COMMON 025816109 24557 183950 SH OTHER 162750 0 21200
AMERICAN GREETINGS CO COMMON 026375105 21943 705000 SH OTHER 586800 0 118200
AMERICAN INTL GROUP COMMON 026874107 721 6005 SH SOLE 6005 0 0
AMR CORP COMMON 001765106 7769 110000 SH OTHER 95200 0 14800
ANHEUSER BUSCH COS IN COMMON 035229103 32407 435000 SH OTHER 376700 0 58300
ARMCO CONV. PFD. 7.25 CONVERT 042170407 1847 36400 SH OTHER 28900 0 7500
AT & T CORP. COMMON 001957109 1835 32087 SH OTHER 31507 0 580
ATLANTIC RICHFIELD CO COMMON 048825103 661 7500 SH SOLE 7500 0 0
AUTOMATIC DATA PROCES COMMON 053015103 218 5000 SH SOLE 5000 0 0
AVALONBAY CMNTYS INC COMMON 053484101 4957 145000 SH OTHER 127500 0 17500
AVNET COMMON 053807103 2910 60000 SH OTHER 45500 0 14500
BAKER HUGHES INC COMMON 057224107 3860 115000 SH OTHER 85000 0 30000
BANGKOK BANK-FOR REG FOREIGN XR6077019 1215 376500 SH OTHER 251500 0 125000
BANK OF AMERICA COMMON 060505104 5350 71806 SH OTHER 66806 0 5000
BANK ONE CORP COMMON 06423A103 13740 229965 SH OTHER 198465 0 31500
BARRICK GOLD CORP COM COMMON 067901108 180 10000 SH OTHER 5000 0 5000
BAXTER INTL INC COMMON 071813109 6240 102500 SH OTHER 79000 0 23500
BECTON DICKINSON & CO COMMON 075887109 3327 117500 SH OTHER 100000 0 17500
BELL ATLANTIC CORP COMMON 077853109 5632 90018 SH OTHER 80018 0 10000
BERGEN BRUNSWIG CORP COMMON 083739102 7595 490000 SH OTHER 390000 0 100000
BEVERLY ENTERPRISES I COMMON 087851309 1761 245000 SH OTHER 189500 0 55500
BLACK & DECKER CORP COMMON 091797100 1508 25000 SH OTHER 24300 0 700
BLOCK H & R INC COMMON 093671105 53164 1017500 SH OTHER 851200 0 166300
BOEING CO COMMON 097023105 5225 117258 SH OTHER 108758 0 8500
BOSTON PROPERTIES COMMON 101121101 3809 115000 SH OTHER 106500 0 8500
BOWATER INC COMMON 102183100 578 11875 SH SOLE 11875 0 0
BRANDYWINE RLTY TR SH COMMON 105368203 13400 689400 SH OTHER 563400 0 126000
BRISTOL MYERS SQUIBB COMMON 110122108 920 12600 SH SOLE 12600 0 0
BROWNING FERRIS INDS COMMON 115885105 28786 667500 SH OTHER 561000 0 106500
BRUNSWICK CORP COMMON 117043109 6073 205000 SH OTHER 170000 0 35000
BURLINGTON NORTHN SAN COMMON 12189T104 1034 32500 SH SOLE 32500 0 0
BURLINGTON RESOURCES COMMON 122014103 3338 79000 SH OTHER 64000 0 15000
CABOT OIL & GAS CORP COMMON 127097103 1673 87500 SH OTHER 82500 0 5000
CANADIAN PAC LTD NEW COMMON 135923100 13082 519400 SH OTHER 439700 0 79700
CATERPILLAR INC COMMON 149123101 398 6500 SH OTHER 5000 0 1500
CBS CORPORATION COMMON 12490K107 3694 84075 SH OTHER 81575 0 2500
CHAMPION INTL CORP COMMON 158525105 1409 26000 SH OTHER 21000 0 5000
CHARTWELL RE CORP COM COMMON 16139W109 1567 82500 SH OTHER 65000 0 17500
CHASE MANHATTAN CORPO COMMON 16161A108 49629 582586 SH OTHER 493786 0 88800
CIGNA CORP COMMON 125509109 1144 12500 SH SOLE 12500 0 0
CINERGY CORP COMMON 172474108 6800 212500 SH OTHER 200000 0 12500
CITIGROUP INC. COMMON 172967101 67312 1375474 SH OTHER 1174249 0 201225
CLAYTON HOMES INC COM COMMON 184190106 5887 526250 SH OTHER 433750 0 92500
COLUMBIA/HCA HEALTHCA COMMON 197677107 977 42500 SH OTHER 37500 0 5000
COMPAQ COMPUTER CORP COMMON 204493100 21601 807532 SH OTHER 684232 0 123300
COMPUTER SCIENCES COR COMMON 205363104 11913 172500 SH OTHER 138500 0 34000
CONAGRA INC COMMON 205887102 11524 420000 SH OTHER 344000 0 76000
CONOCO INC CL A COMMON 208251306 1468 55000 SH OTHER 30000 0 25000
COORS ADOLPH COMPANY COMMON 217016104 410 7975 SH SOLE 7975 0 0
CORDIANT COMM GROUP S COMMON 218514206 1499 110500 SH OTHER 83000 0 27500
CORE LABORATORIES N V COMMON N22717107 1491 75000 SH OTHER 65000 0 10000
CORNERSTONE PPTYS INC COMMON 21922H103 197 12500 SH OTHER 2500 0 10000
CORNING INC COMMON 219350105 38863 531000 SH OTHER 449000 0 82000
COSTCO COMPANIES INC COMMON 22160Q102 387 4500 SH SOLE 4500 0 0
COX COMMUNICATIONS IN COMMON 224044107 1420 35000 SH OTHER 34000 0 1000
CRESCENT R E EQUITIES CONVERT 225756204 776 45000 SH OTHER 40000 0 5000
CROWN CORK & SEAL INC COMMON 228255105 2255 80000 SH OTHER 75000 0 5000
CUMMINS ENGINE INC COMMON 231021106 630 11000 SH OTHER 9000 0 2000
DATA GEN CORP COMMON 237688106 5512 315000 SH OTHER 260000 0 55000
DATA GENERAL CONVERTI CONVERT 237688AG1 3010 35000 SH OTHER 27500 0 7500
DELPHI AUTOMOTIVE SYS COMMON 247126105 2914 153849 SH OTHER 129953 0 23896
DELTA AIRLINES INC COMMON 247361108 3124 52500 SH SOLE 52500 0 0
DEVELOPERS DIVERSIFIE COMMON 251591103 319 20000 SH OTHER 15000 0 5000
DIAMOND OFFSHORE DRIL COMMON 25271C102 759 25000 SH SOLE 25000 0 0
DISNEY WALT PRODTNS COMMON 254687106 290 10500 SH SOLE 10500 0 0
DOMINION RES INC VA COMMON 257470104 3862 87900 SH OTHER 70400 0 17500
DONNELLEY R R & SONS COMMON 257867101 2459 70000 SH SOLE 70000 0 0
DPL INC COMMON 233293109 2773 145000 SH OTHER 132500 0 12500
DU PONT E I DE NEMOUR COMMON 263534109 3011 42000 SH OTHER 41000 0 1000
DUKE PWR CO COMMON 264399106 6601 120016 SH OTHER 103994 0 16022
DUKE-WEEKS RLTY CORP COMMON 264411505 1188 54000 SH OTHER 46200 0 7800
EASTMAN KODAK COMMON 277461109 37163 522500 SH OTHER 445600 0 76900
EEX CORP COMMON 26842V207 403 58575 SH OTHER 55242 0 3333
ELECTRONIC DATA SYS C COMMON 285661104 13950 225000 SH OTHER 201600 0 23400
ELF AQUITAINE SPONSOR COMMON 286269105 447 5000 SH SOLE 5000 0 0
EMERSON ELEC CO COMMON 291011104 1434 22500 SH SOLE 22500 0 0
ENGELHARD CORP COMMON 292845104 13014 580000 SH OTHER 449500 0 130500
ENRON OIL & GAS CO CO COMMON 293562104 6600 330000 SH OTHER 297000 0 33000
EQUITY OFFICE PROPERT COMMON 294741103 26554 1067500 SH OTHER 902500 0 165000
EQUITY RESIDENTIAL PP COMMON 29476L107 24647 550000 SH OTHER 461500 0 88500
EXXON CORP COMMON 302290101 508 6400 SH SOLE 6400 0 0
FEDERATED DEPARTMENT COMMON 31410H101 36616 660500 SH OTHER 565100 0 95400
FIRST CENT FINL CORP CONVERT 318908AA8 11 220000 SH SOLE 220000 0 0
FIRST UNION CORP COMMON 337358105 7637 162500 SH OTHER 140000 0 22500
FIRSTENERGY CORP COM COMMON 337932107 1151 37500 SH SOLE 37500 0 0
FMC CORP NEW COMMON 302491303 12741 182500 SH OTHER 149000 0 33500
FORD MOTOR COMMON 345370100 532 9500 SH SOLE 9500 0 0
FORT JAMES CORPORATIO COMMON 347471104 7657 195087 SH OTHER 171687 0 23400
FREEPORT MCMORAN COPP CONVERT 35671D600 3383 213100 SH OTHER 180600 0 32500
FRESH DEL MONTE PRODU COMMON G36738105 975 65000 SH OTHER 42500 0 22500
GENERAL ELECTRIC COMMON 369604103 25240 215500 SH OTHER 189300 0 26200
GENERAL MILLS INC COMMON 370334104 412 5000 SH SOLE 5000 0 0
GENERAL MTRS CORP COMMON 370442105 14581 220500 SH OTHER 183800 0 36700
GEORGIA GULF CORP COM COMMON 373200203 155 10000 SH SOLE 10000 0 0
GLAXO PLC SPONSORED A COMMON 37733W105 1282 23101 SH SOLE 23101 0 0
GLENBOROUGH RLTY TR I COMMON 37803P105 1514 85000 SH OTHER 72500 0 12500
GMO FOREIGN FD III MUTUAL 362007551 1700 125000 SH OTHER 0 0 125000
GMO JAPAN FD CL III MUTUAL 362007486 388 50000 SH SOLE 50000 0 0
GMO REIT FD CL III MUTUAL 362007627 2560 274125 SH SOLE 274125 0 0
GMO TR EM CTY DEBT II MUTUAL 362007270 1013 137044 SH SOLE 137044 0 0
GRIFFON CORP COM COMMON 398433102 305 40000 SH SOLE 40000 0 0
GTE CORP COMMON 362320103 47348 647500 SH OTHER 548900 0 98600
GTECH HLDGS CORP COM COMMON 400518106 3701 155000 SH OTHER 134000 0 21000
GULF CDA RES LTD ORD COMMON 40218L305 7109 1750000 SH OTHER 1356000 0 394000
HEWLETT PACKARD COMMON 428236103 4161 39000 SH OTHER 32000 0 7000
HIGHWOODS PROPERTIES COMMON 431284108 1776 68000 SH OTHER 39900 0 28100
HILTON HOTEL CORP COMMON 432848109 3092 217000 SH OTHER 192000 0 25000
HORACE MANN EDUCATORS COMMON 440327104 569 20000 SH OTHER 10000 0 10000
ILLANOVA CORP COM COMMON 452317100 11922 397400 SH OTHER 334500 0 62900
IMPERIAL TOBACCO GROU COMMON 453142101 2808 137814 SH OTHER 117314 0 20500
INCO LTD COMMON 453258402 595 32500 SH SOLE 32500 0 0
INFORMATION RES INC COMMON 456905108 9112 1143500 SH OTHER 922000 0 221500
INTEL CORP COMMON 458140100 9606 145000 SH OTHER 135500 0 9500
INTERMET CORP COMMON 45881K104 5473 405400 SH OTHER 333500 0 71900
INTERNATIONAL PAPER C COMMON 460146103 15654 302500 SH OTHER 257300 0 45200
INTERNATIONBUSINESS M COMMON 459200101 64223 467500 SH OTHER 394700 0 72800
INTL RECTIFIER CORP COMMON 460254105 14211 1072500 SH OTHER 891000 0 181500
JOHNSON & JOHNSON COMMON 478160104 4899 51000 SH OTHER 45000 0 6000
JOHNS-MANVILLE CORP N COMMON 478129109 1579 117500 SH OTHER 82500 0 35000
JOSTENS INC COMMON 481088102 995 47500 SH OTHER 42500 0 5000
JP RLTY INC COM COMMON 46624A106 34141 1686000 SH OTHER 1427500 0 258500
K N ENERGY INC COM COMMON 482620101 16374 867500 SH OTHER 655500 0 212000
KERR-MCGEE CORP COMMON 492386107 8547 160500 SH OTHER 134500 0 26000
KIMBERLY CLARK CORP COMMON 494368103 42913 786500 SH OTHER 666500 0 120000
KLM ROYAL DUTCH AIRLI COMMON 482516101 2117 77500 SH OTHER 62500 0 15000
LASMO ADR FOREIGN 501730204 2229 297200 SH OTHER 214500 0 82700
LIBERTY PPTY TR SH BE COMMON 531172104 425 17500 SH SOLE 17500 0 0
LILLY ELI & CO COMMON 532457108 15369 206300 SH OTHER 176800 0 29500
LOCKHEED MARTIN CORP COMMON 539830109 5415 142500 SH OTHER 114800 0 27700
LOEWS CORP COMMON 540424108 395 5000 SH SOLE 5000 0 0
MACK CALI RLTY CORP C COMMON 554489104 10397 351700 SH OTHER 287800 0 63900
MANPOWER INC COM COMMON 56418H100 15389 697500 SH OTHER 573300 0 124200
MASCOTECH INC COM COMMON 574670105 7872 470000 SH OTHER 407000 0 63000
MATTEL INC COMMON 577081102 1256 50000 SH SOLE 50000 0 0
MAXTOR CORP COM NEW COMMON 577729205 806 150000 SH OTHER 127500 0 22500
MAY DEPT STORES CO COMMON 577778103 431 10000 SH OTHER 0 0 10000
MAYTAG CO COMMON 578592107 3137 44900 SH OTHER 39900 0 5000
MCKESSON HBOC INC COM COMMON 58155Q103 805 25000 SH SOLE 25000 0 0
MEDIAONE GROUP INC CO COMMON 58440J104 29357 382500 SH OTHER 329000 0 53500
MEDIAONE GROUP INC PF PREFERR 58440J203 383 2500 SH SOLE 2500 0 0
MELLON BANK COMMON 585509102 244 6600 SH SOLE 6600 0 0
MERCK & CO COMMON 589331107 782 10400 SH SOLE 10400 0 0
MILACRON, INC. COMMON 598709103 5650 307500 SH OTHER 270000 0 37500
MINNESOTA MNG & MFG C COMMON 604059105 3403 38000 SH OTHER 35500 0 2500
MITCHELL ENERGY & DEV COMMON 606592202 1890 105000 SH OTHER 99000 0 6000
MITCHELL ENERGY & DEV COMMON 606592301 7110 395000 SH OTHER 312000 0 83000
MOBIL CORP COMMON 607059102 4869 47500 SH SOLE 47500 0 0
MODIS PROFESSIONAL SE COMMON 607830106 22330 1777500 SH OTHER 1427000 0 350500
MONSANTO CO COMMON 611662107 419 10000 SH SOLE 10000 0 0
MYLAN LABS INC COMMON 628530107 1397 50000 SH OTHER 49000 0 1000
NABISCO GROUP HOLDING COMMON 62952P102 2598 127500 SH OTHER 122500 0 5000
NATL SEMICONDUCTOR COMMON 637640103 1680 60000 SH SOLE 60000 0 0
NESTLES ADR FOREIGN 641069406 26594 287500 SH OTHER 241500 0 46000
NEW YORK TIMES CO CLA COMMON 650111107 742 18700 SH SOLE 18700 0 0
NEWMONT MNG CORP COMMON 651639106 458 25250 SH SOLE 25250 0 0
NEWS CORP LTD COMMON 652487703 2642 72500 SH OTHER 55000 0 17500
NIAGARA MOHAWK HOLIDN COMMON 653520106 12416 776000 SH OTHER 676000 0 100000
NOBLE AFFILIATES COMMON 654894104 248 8600 SH SOLE 8600 0 0
NORAM ENERGY CORP 6.0 CONVERT 655419AC3 455 500000 SH OTHER 0 0 500000
NORTHERN STS PWR CO M COMMON 665772109 1965 82500 SH OTHER 52500 0 30000
OCCIDENTAL PETE CORP COMMON 674599105 19412 892500 SH OTHER 782500 0 110000
OWENS CORNING COMMON 69073F103 30850 867500 SH OTHER 721500 0 146000
OWENS & MINOR INC NEW COMMON 690732102 2313 211500 SH OTHER 182500 0 29000
PACIFICORP COMMON 695114108 1659 90000 SH OTHER 77500 0 12500
PALL CORP COMMON 696429307 10710 510000 SH OTHER 429000 0 81000
PARAMETRIC TECHNOLOGY COMMON 699173100 13894 975000 SH OTHER 805000 0 170000
PEPSI BOTTLING GROUP COMMON 713409100 7509 314500 SH OTHER 221600 0 92900
PEPSICO INC COMMON 713448108 1739 45160 SH OTHER 35160 0 10000
PG&E CORP COM COMMON 69331C108 1235 37500 SH SOLE 37500 0 0
PHYCOR INC COM COMMON 71940F100 1976 340000 SH OTHER 270000 0 70000
PLACER DOME INC COMMON 725906101 773 75000 SH OTHER 70000 0 5000
PNC FINANCIAL CORP COMMON 693475105 3095 54000 SH SOLE 54000 0 0
PPG INDS INC COMMON 693506107 768 12500 SH SOLE 12500 0 0
PRIME GROUP RLTY TR S COMMON 74158J103 422 25000 SH SOLE 25000 0 0
PUBLIC SVC ENTERPRISE COMMON 744573106 1008 25000 SH SOLE 25000 0 0
QUESTAR CORP COMMON 748356102 1631 86400 SH OTHER 51400 0 35000
RALSTON PURINA CO COM COMMON 751277302 840 27500 SH SOLE 27500 0 0
RANGER OIL CDA LTD COMMON 752805101 116 25000 SH SOLE 25000 0 0
RAYTHEON CO CL B COMMON 755111408 368 5000 SH SOLE 5000 0 0
RECKSON ASSOCS RLTY C COMMON 75621K304 333 14078 SH OTHER 9686 0 4392
RECKSON ASSOCS RLTY C COMMON 75621K106 3756 168800 SH OTHER 113500 0 55300
RECKSON PFD A COMMON 75621K205 2330 105000 SH OTHER 80000 0 25000
RELIANCE GROUP HLDGS COMMON 759464100 5302 757500 SH OTHER 646000 0 111500
RELIANT ENERGY INC COMMON 75952J108 1102 40238 SH SOLE 40238 0 0
REPUBLIC SVCS INC CL COMMON 760759100 7202 335000 SH OTHER 260000 0 75000
REUTERS GROUP PLC-SPO COMMON 76132M102 470 5852 SH SOLE 5852 0 0
REYNOLDS METALS CO COMMON 761763101 1951 31500 SH OTHER 29000 0 2500
REYNOLDS R J TOB HLDG COMMON 76182K105 1112 38329 SH OTHER 36663 0 1666
ROCHE 0% 4/20/10 CONVERT 771196AC6 1278 2250000 SH OTHER 1250000 0 1000000
ROCKWELL INTL CORP NE COMMON 773903109 2236 35000 SH SOLE 35000 0 0
ROYAL DUTCH PETRO-NY COMMON 780257804 1992 31000 SH OTHER 26000 0 5000
RYDER SYS INC COMMON 783549108 20708 832500 SH OTHER 693100 0 139400
SAATCHI & SAATCHI PLC COMMON 785144205 647 35000 SH SOLE 35000 0 0
SAKS INC COMMON 79377W108 16108 622522 SH OTHER 508956 0 113566
SARA LEE CORP COMMON 803111103 2191 92500 SH OTHER 87500 0 5000
SBC COMMUNICATIONS, I COMMON 78387G103 6243 110620 SH OTHER 93120 0 17500
SEARS ROEBUCK & CO COMMON 812387108 20453 437500 SH OTHER 383800 0 53700
SEMPRA ENERGY COM COMMON 816851109 21736 942500 SH OTHER 762500 0 180000
SIMON PPTY GROUP INC COMMON 828806109 1218 45000 SH SOLE 45000 0 0
SMITHKLINE BEECHAM PL COMMON 832378301 6363 96500 SH OTHER 81500 0 15000
SOUTHERN CO COMMON 842587107 851 32500 SH SOLE 32500 0 0
SOUTHWEST AIRLS CO COMMON 844741108 923 28500 SH SOLE 28500 0 0
SPIEKER PPTYS INC COM COMMON 848497103 10123 262500 SH OTHER 223800 0 38700
ST JOE CO COM COMMON 790148100 1894 70000 SH OTHER 41500 0 28500
ST PAUL COS INC COMMON 792860108 334 11460 SH SOLE 11460 0 0
STANLEY WORKS COMMON 854616109 9898 319300 SH OTHER 261800 0 57500
STEWART & STEVENSON S COMMON 860342104 374 25000 SH SOLE 25000 0 0
STONERIDGE INC COM COMMON 86183P102 1378 90000 SH OTHER 72500 0 17500
STORAGE TECHNOLOGY CO COMMON 862111200 50340 2108501 SH OTHER 1768601 0 339900
SUMMIT PPTYS INC COM COMMON 866239106 23870 1182400 SH OTHER 1000200 0 182200
SUNTRUST BANKS INC COMMON 867914103 340 4800 SH SOLE 4800 0 0
TENNECO INC COMMON 88037E101 7962 327500 SH OTHER 282000 0 45500
TEXACO INC COMMON 881694103 1541 23500 SH SOLE 23500 0 0
TEXAS UTILS CO COMMON 882848104 31892 771978 SH OTHER 667591 0 104387
TEXAS UTILS CO INCOME CONVERT 882848203 2430 45000 SH OTHER 35000 0 10000
THOMAS & BETTS CORP COMMON 884315102 13077 277500 SH OTHER 207200 0 70300
TIME WARNER INC COMMON 887315109 1326 17500 SH SOLE 17500 0 0
TOTAL FINA SA SPONSOR COMMON 89151E109 1153 17500 SH OTHER 15000 0 2500
TOYS R US COMMON 892335100 29230 1580000 SH OTHER 1359000 0 221000
TRANSCANADA PIPELINES COMMON 893526103 2805 200375 SH OTHER 171875 0 28500
TRITON ENERGY LTD CL COMMON G90751101 2250 200000 SH OTHER 175000 0 25000
TRUE NORTH COMMUNICAT COMMON 897844106 706 25000 SH OTHER 20000 0 5000
TRW INC COMMON 872649108 1545 27500 SH OTHER 23500 0 4000
U S WEST INC NEW COM COMMON 91273H101 16584 284405 SH OTHER 253905 0 30500
UAL CORP COM COMMON 902549500 1683 26500 SH OTHER 20500 0 6000
UNICOM CORP COM COMMON 904911104 22799 548550 SH OTHER 469250 0 79300
UNION CARBIDE CORP COMMON 905581104 224 4500 SH SOLE 4500 0 0
UNION PAC CV PFD 6.25 CONVERT 907824403 7725 150000 SH OTHER 142500 0 7500
UNION PAC RES GROUP I COMMON 907834105 21834 1370000 SH OTHER 1196000 0 174000
UNITED DOMINION RLTY COMMON 910197102 8003 677500 SH OTHER 612500 0 65000
UNITED TECHNOLOGIES C COMMON 913017109 18079 258500 SH OTHER 227000 0 31500
UNOCAL CORP COMMON 915289102 19693 467500 SH OTHER 394300 0 73200
UNOCAL CORP 6.25% TRU CONVERT 91528T207 8125 146075 SH OTHER 120473 0 25602
US AIRWAYS GROUP INC COMMON 911905107 4141 92031 SH OTHER 74531 0 17500
USG CORP COMMON 903293405 2380 40000 SH SOLE 40000 0 0
USX MARATHON GROUP CO COMMON 902905827 22118 688500 SH OTHER 587000 0 101500
USX US STEEL GROUP CO COMMON 90337T101 1909 65000 SH OTHER 60000 0 5000
VLSI TECH CONVERTIBLE CONVERT 918270AB5 6353 64500 SH OTHER 45000 0 19500
WAL MART STORES INC COMMON 931142103 31406 655150 SH OTHER 572650 0 82500
WALDEN RESIDENTIAL PP COMMON 931210108 8941 437500 SH OTHER 392500 0 45000
WALDEN RESIDENTIAL PP PREFERR 931210603 1685 84251 SH SOLE 84251 0 0
WALDEN SERIES B WARRA WARRANT 999999999 280837 SH SOLE 280837 0 0
WASHINGTON MUT INC CO COMMON 939322103 7265 205000 SH OTHER 147500 0 57500
WASTE MANAGEMENT INC COMMON 94106L109 65695 2017500 SH OTHER 1729500 0 288000
WELLMAN INC COMMON 949702104 1137 65000 SH OTHER 45000 0 20000
WELLS FARGO NEW COMMON 949746101 11282 249660 SH OTHER 239660 0 10000
WESTCOAST ENERGY COMMON 95751D102 3546 179000 SH OTHER 154000 0 25000
WESTVACO CORP COMMON 961548104 462 15000 SH SOLE 15000 0 0
WEYERHAEUSER CO COMMON 962166104 8755 135075 SH OTHER 115075 0 20000
XEROX CORP COMMON 984121103 5417 92500 SH OTHER 82500 0 10000
</TABLE>
