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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: 12/31/98
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 12/31/98
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 7031 755000 SH OTHER 383000 113000 259000
ACUSON CORP COMMON 005113105 8288 559500 SH OTHER 285200 93500 180800
ADVANCED MICRO DEVICE COMMON 007903107 942 32500 SH OTHER 10000 17500 5000
AETNA INC PFD CL C 6. CONVERT 008117202 1514 19900 SH OTHER 5500 5900 8500
AETNA INC. COMMON 008117103 5229 66500 SH OTHER 22100 16400 28000
AIRBORNE FREIGHT COMMON 009266107 5229 145000 SH OTHER 97500 22500 25000
ALBEMARLE CORP COM COMMON 012653101 1757 74000 SH OTHER 45000 6000 23000
ALCAN ALUMINIUM LTD COMMON 013716105 806 29800 SH OTHER 7300 7500 15000
ALLEGHENY TELEDYNE IN COMMON 017415100 4184 204729 SH OTHER 127100 12629 65000
ALLERGAN INC COMMON 018490102 388 6000 SH SOLE 6000 0 0
ALLSTATE COMMON 020002101 13996 363538 SH OTHER 195308 48230 120000
AMCOL INTL CORP COMMON 02341W103 5727 580000 SH OTHER 302500 80000 197500
AMD CONVERTIBLES 6% CONVERT 007903AC1 9145 89000 SH OTHER 44000 17000 28000
AMERADA HESS CORP COMMON 023551104 8035 161500 SH OTHER 87400 18800 55300
AMERICA WEST HLDG COR COMMON 023657208 425 25000 SH OTHER 12500 12500 0
AMERICAN EXPRESS COMMON 025816109 26342 257000 SH OTHER 148000 28600 80400
AMERICAN GREETINGS CO COMMON 026375105 14167 345000 SH OTHER 175000 57300 112700
AMERICAN INTL GROUP COMMON 026874107 580 6005 SH OTHER 0 6005 0
AMLI RESIDENTIAL PROP COMMON 001735109 1557 70000 SH OTHER 40000 0 30000
AMR CORP COMMON 001765106 7077 119200 SH OTHER 72300 2500 44400
ANHEUSER BUSCH COS IN COMMON 035229103 38883 592500 SH OTHER 322400 79100 191000
ARMCO CONV. PFD. 7.25 CONVERT 042170407 2284 52500 SH OTHER 26500 5300 20700
AT & T CORP. COMMON 001957109 1114 14701 SH OTHER 9401 300 5000
AUTOMATIC DATA PROCES COMMON 053015103 200 5000 SH SOLE 5000 0 0
AVNET COMMON 053807103 5687 94000 SH OTHER 52450 6550 35000
BAKER HUGHES INC COMMON 057224107 3084 175000 SH OTHER 86000 25000 64000
BANK ONE CORP COMMON 06423A103 13167 257865 SH OTHER 152786 17329 87750
BANK TOKYO-MITSUBISHI COMMON 065379109 184 17500 SH OTHER 0 0 17500
BANKAMERICA CORP NEW COMMON 06605F102 5619 93447 SH OTHER 58893 9554 25000
BARRICK GOLD CORP COM COMMON 067901108 341 17500 SH OTHER 12500 0 5000
BAUSCH & LOMB INC COMMON 071707103 3450 57500 SH OTHER 41300 6200 10000
BAXTER INTL INC COMMON 071813109 13666 212500 SH OTHER 121200 17500 73800
BAYER AG SPONS ADR FOREIGN 072730302 417 10000 SH OTHER 0 0 10000
BELL ATLANTIC CORP COMMON 077853109 1567 29018 SH OTHER 15494 3524 10000
BEVERLY ENTERPRISES I COMMON 087851309 2126 315000 SH OTHER 173400 39000 102600
BLACK & DECKER CORP COMMON 091797100 2383 42500 SH OTHER 28900 3600 10000
BLOCK H & R INC COMMON 093671105 43312 962500 SH OTHER 526600 129700 306200
BOEING CO COMMON 097023105 3026 92758 SH OTHER 52634 17624 22500
BOSTON PROPERTIES COMMON 101121101 4270 140000 SH OTHER 55000 40000 45000
BOSTON SCIENTIFIC COR COMMON 101137107 201 7500 SH OTHER 0 7500 0
BRANDYWINE RLTY TR SH COMMON 105368203 7597 425000 SH OTHER 213000 72700 139300
BRISTOL MYERS SQUIBB COMMON 110122108 870 6500 SH OTHER 5300 1200 0
BROWNING FERRIS INDS COMMON 115885105 25651 902000 SH OTHER 472100 138100 291800
BURLINGTON RESOURCES COMMON 122014103 1253 35000 SH OTHER 17500 7500 10000
CABOT OIL & GAS CORP COMMON 127097103 562 37500 SH OTHER 15000 0 22500
CALENERGY INC COM COMMON 129466108 954 27500 SH OTHER 10000 5000 12500
CANADIAN PAC LTD NEW COMMON 135923100 9909 525000 SH OTHER 288200 55600 181200
CATERPILLAR INC COMMON 149123101 460 10000 SH SOLE 10000 0 0
CBS CORPORATION COMMON 12490K107 8583 261575 SH OTHER 146274 25301 90000
CHAMPION INTL CORP COMMON 158525105 2025 50000 SH OTHER 20300 7000 22700
<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
CHARTWELL RE CORP COM COMMON 16139W109 3384 142500 SH OTHER 77500 30000 35000
CHASE MANHATTAN CORPO COMMON 16161A108 49671 699586 SH OTHER 391036 68550 240000
CIGNA CORP COMMON 125509109 1546 20000 SH OTHER 18800 1200 0
CINERGY CORP COMMON 172474108 2234 65000 SH OTHER 40000 15000 10000
CITIGROUP INC. COMMON 172967101 57782 1162909 SH OTHER 671587 86024 405298
CLAYTON HOMES INC COM COMMON 184190106 9349 676875 SH OTHER 365625 94375 216875
COLUMBIA/HCA HEALTHCA COMMON 197677107 619 25000 SH OTHER 0 25000 0
COMPAQ COMPUTER CORP COMMON 204493100 44867 1068254 SH OTHER 587644 147959 332651
CONE MLS CORP N C COM COMMON 206814105 577 102500 SH OTHER 55000 5000 42500
CONOCO INC CL A COMMON 208251306 1452 70000 SH OTHER 25000 0 45000
COORS ADOLPH COMPANY COMMON 217016104 450 7975 SH OTHER 6100 1875 0
CORDIANT COMM GROUP S COMMON 218514206 1339 129050 SH OTHER 75300 9450 44300
CORNING INC COMMON 219350105 34875 775000 SH OTHER 421300 103500 250200
COSTCO COMPANIES INC COMMON 22160Q102 1805 25000 SH OTHER 15500 1500 8000
COX COMMUNICATIONS IN COMMON 224044107 3249 47000 SH OTHER 28600 900 17500
CRESCENT R E EQUITIES CONVERT 225756204 205 12500 SH SOLE 12500 0 0
CROWN AMERICAN RLTY T COMMON 228186102 949 122500 SH OTHER 37500 0 85000
CROWN CORK & SEAL INC COMMON 228255105 4160 135000 SH OTHER 70000 21000 44000
CUMMINS ENGINE INC COMMON 231021106 1065 30000 SH OTHER 18000 2500 9500
DARDEN RESTAURANTS, I COMMON 237194105 450 25000 SH OTHER 0 0 25000
DATA GEN CORP COMMON 237688106 7089 431300 SH OTHER 212000 61800 157500
DATA GENERAL CONVERTI CONVERT 237688AG1 4101 42500 SH OTHER 23500 11500 7500
DELTA AIRLINES INC COMMON 247361108 3848 74000 SH OTHER 39000 0 35000
DISNEY WALT PRODTNS COMMON 254687106 315 10500 SH OTHER 9000 1500 0
DOMINION RES INC VA COMMON 257470104 4091 87500 SH OTHER 22500 28500 36500
DOW CHEMICAL COMMON 260543103 1182 13000 SH OTHER 8000 0 5000
DPL INC COMMON 233293109 4812 222500 SH OTHER 110000 40000 72500
DU PONT E I DE NEMOUR COMMON 263534109 2696 50800 SH OTHER 36800 2700 11300
DUKE PWR CO COMMON 264399106 10785 168345 SH OTHER 107816 12029 48500
DUKE RLTY INVTS INC C COMMON 264411505 930 40000 SH OTHER 28700 7500 3800
EASTMAN KODAK COMMON 277461109 30780 427500 SH OTHER 238900 55200 133400
EEX CORP COMMON 26842V207 1028 146915 SH OTHER 64859 26914 55142
ELECTRONIC DATA SYS C COMMON 285661104 22710 452500 SH OTHER 241600 61200 149700
ELECTRONICS FOR IMAGI COMMON 286082102 200 5000 SH SOLE 5000 0 0
ELF AQUITAINE SPONSOR COMMON 286269105 283 5000 SH SOLE 5000 0 0
ENGELHARD CORP COMMON 292845104 1950 100000 SH OTHER 33500 30000 36500
ENRON OIL & GAS CO CO COMMON 293562104 6679 387200 SH OTHER 196500 49200 141500
EQUITY OFFICE PROPERT COMMON 294741103 26616 1109000 SH OTHER 557700 192800 358500
EQUITY ONE INC COM COMMON 294752100 91 10000 SH OTHER 0 10000 0
EQUITY RESIDENTIAL PP COMMON 29476L107 22978 570000 SH OTHER 303800 86200 180000
EXXON CORP COMMON 302290101 285 3900 SH OTHER 0 3900 0
FEDERATED DEPARTMENT COMMON 31410H101 32519 746500 SH OTHER 392650 111450 242400
FINGERHUT COS INC COM COMMON 317867109 3878 251200 SH OTHER 122200 79000 50000
FIRST CENT FINL CORP CONVERT 318908AA8 44 220000 SH OTHER 0 0 220000
FIRST UNION CORP COMMON 337358105 4257 70000 SH OTHER 41000 15000 14000
FIRSTENERGY CORP COM COMMON 337932107 1628 50000 SH OTHER 5000 25000 20000
FMC CORP NEW COMMON 302491303 9660 172500 SH OTHER 87600 22400 62500
FORD MOTOR COMMON 345370100 287 4898 SH SOLE 4898 0 0
FORT JAMES CORPORATIO COMMON 347471104 9863 246587 SH OTHER 150446 23641 72500
FOX ENTMT GROUP INC C COMMON 35138T107 1696 67500 SH OTHER 10000 12500 45000
<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
FREEPORT MCMORAN COPP CONVERT 35671D600 3896 261900 SH OTHER 130300 46900 84700
FRESH DEL MONTE PRODU COMMON G36738105 651 30000 SH OTHER 17500 0 12500
GENERAL ELECTRIC COMMON 369604103 29753 291700 SH OTHER 178300 10900 102500
GENERAL MILLS INC COMMON 370334104 1361 17500 SH OTHER 7500 2500 7500
GENERAL MTRS CORP COMMON 370442105 17712 247500 SH OTHER 139000 26500 82000
GEORGIA GULF CORP COM COMMON 373200203 281 17500 SH OTHER 0 0 17500
GLAXO PLC SPONSORED A COMMON 37733W105 2363 33999 SH OTHER 24400 2099 7500
GMO FOREIGN FD III MUTUAL 362007551 1651 133989 SH OTHER 33074 100915 0
GMO REIT FD CL III MUTUAL 362007627 2569 274125 SH OTHER 224125 50000 0
GMO TR EM CTY DEBT II MUTUAL 362007270 958 137044 SH SOLE 137044 0 0
GMO USCORE FD JAPAN F MUTUAL 362007486 324 50000 SH SOLE 50000 0 0
GRACE W R & CO DEL NE COMMON 38388F108 392 25000 SH OTHER 20000 0 5000
GRIFFON CORP COM COMMON 398433102 1833 172500 SH OTHER 122500 10000 40000
GTE CORP COMMON 362320103 51317 789500 SH OTHER 432800 104000 252700
GTECH HLDGS CORP COM COMMON 400518106 4869 190000 SH OTHER 88000 42000 60000
GULF CDA RES LTD ORD COMMON 40218L305 5815 1979500 SH OTHER 1008500 292500 678500
HAEMONETICS CORP COM COMMON 405024100 739 32500 SH OTHER 22500 0 10000
HEWLETT PACKARD COMMON 428236103 4698 68773 SH OTHER 39000 6500 23273
HEXCEL CORP NEW COM COMMON 428291108 147 17500 SH OTHER 15000 0 2500
HILTON HOTEL CORP COMMON 432848109 3251 170000 SH OTHER 77500 23500 69000
HOUSTON INDUSTRIES IN COMMON 442161105 4104 127987 SH OTHER 92089 20898 15000
ILLANOVA CORP COM COMMON 452317100 4362 174500 SH OTHER 50000 51400 73100
IMPERIAL TOBACCO GROU COMMON 453142101 6283 297425 SH OTHER 163300 35625 98500
INFORMATION RES INC COMMON 456905108 13626 1337500 SH OTHER 696000 213500 428000
INGERSOLL-RAND CO / I CONVERT 456867308 397 20000 SH OTHER 10000 10000 0
INTEL CORP COMMON 458140100 10671 90000 SH OTHER 56500 9400 24100
INTERGRAPH CORP COMMON 458683109 3134 545000 SH OTHER 292500 42500 210000
INTERMET CORP COMMON 45881K104 4507 345000 SH OTHER 165000 59000 121000
INTERNATIONAL PAPER C COMMON 460146103 560 12500 SH OTHER 8200 1800 2500
INTERNATIONBUSINESS M COMMON 459200101 57802 313500 SH OTHER 185900 15300 112300
INTL RECTIFIER CORP COMMON 460254105 13577 1392500 SH OTHER 747500 194500 450500
IVAX CORP COMMON 465823102 124 10000 SH OTHER 0 0 10000
JOHNSON & JOHNSON COMMON 478160104 5703 68000 SH OTHER 33700 10800 23500
JOHNS-MANVILLE CORP N COMMON 478129109 189 11500 SH OTHER 0 11500 0
JOSTENS INC COMMON 481088102 956 36500 SH OTHER 15000 21500 0
JP RLTY INC COM COMMON 46624A106 32303 1646000 SH OTHER 873600 262400 510000
KERR-MCGEE CORP COMMON 492386107 9237 241500 SH OTHER 127700 31200 82600
KIMBERLY CLARK CORP COMMON 494368103 14797 271500 SH OTHER 145500 41000 85000
KLM ROYAL DUTCH AIRLI COMMON 482516101 4650 155000 SH OTHER 85000 25000 45000
LASMO ADR FOREIGN 501730204 1131 210500 SH OTHER 121000 15500 74000
LIBERTY PPTY TR SH BE COMMON 531172104 308 12500 SH SOLE 12500 0 0
LILLY ELI & CO COMMON 532457108 21552 242500 SH OTHER 157400 9100 76000
MANPOWER INC COM COMMON 56418H100 14420 572500 SH OTHER 280500 106500 185500
MASCOTECH INC COM COMMON 574670105 10814 631500 SH OTHER 358675 79825 193000
MATTEL INC COMMON 577081102 764 32500 SH OTHER 25000 0 7500
MAYTAG CO COMMON 578592107 8871 142500 SH OTHER 78000 17000 47500
MCI WORLDCOM COMMON 55268B106 535 7462 SH SOLE 7462 0 0
MEDAPHIS CORP COM COMMON 584028104 361 110000 SH OTHER 60000 15000 35000
MEDIAONE GROUP INC CO COMMON 58440J104 28552 607500 SH OTHER 345800 83200 178500
MEDIAONE GROUP INC PF PREFERR 58440J203 451 4743 SH OTHER 0 0 4743
<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
MELLON BANK COMMON 585509102 227 3300 SH SOLE 3300 0 0
MERCK & CO COMMON 589331107 929 6300 SH OTHER 0 6300 0
MILACRON, INC. COMMON 598709103 7219 375000 SH OTHER 195500 47000 132500
MINNESOTA MNG & MFG C COMMON 604059105 711 10000 SH OTHER 5000 5000 0
MITCHELL ENERGY & DEV COMMON 606592202 1584 138450 SH OTHER 73000 37950 27500
MITCHELL ENERGY & DEV COMMON 606592301 5696 490000 SH OTHER 260900 57100 172000
MOBIL CORP COMMON 607059102 5450 62550 SH OTHER 43200 1850 17500
MODIS PROFESSIONAL SE COMMON 607830106 16139 1103500 SH OTHER 537000 206000 360500
MONSANTO CO COMMON 611662107 356 7500 SH OTHER 0 2500 5000
MOOG INC CLASS A COMMON 615394202 685 17500 SH OTHER 3500 14000 0
MYLAN LABS INC COMMON 628530107 1843 58500 SH OTHER 50500 8000 0
NATL SEMICONDUCTOR COMMON 637640103 6952 515000 SH OTHER 247500 92000 175500
NESTLES ADR FOREIGN 641069406 37947 353000 SH OTHER 214100 32200 106700
NEW YORK TIMES CO CLA COMMON 650111107 382 11000 SH OTHER 7600 3400 0
NEWMONT MNG CORP COMMON 651639106 461 25250 SH OTHER 15000 0 10250
NEWS CORP LTD COMMON 652487703 3569 135000 SH OTHER 62500 37500 35000
NIAGARA MOHAWK PWR CO COMMON 653522102 14230 882500 SH OTHER 498000 78000 306500
NOBLE AFFILIATES COMMON 654894104 212 8600 SH OTHER 6500 2100 0
NORAM ENERGY CORP 6.0 CONVERT 655419AC3 1680 1750000 SH OTHER 1700000 0 50000
OCCIDENTAL PETE CORP COMMON 674599105 17212 1020000 SH OTHER 561100 121500 337400
OGDEN CORP COMMON 676346109 2381 95000 SH OTHER 50000 0 45000
OWENS CORNING COMMON 69073F103 31876 899500 SH OTHER 472500 134000 293000
OWENS & MINOR INC NEW COMMON 690732102 3937 250000 SH OTHER 125000 32500 92500
PACIFICORP COMMON 695114108 2054 97500 SH OTHER 51500 15000 31000
PALL CORP COMMON 696429307 16491 651500 SH OTHER 361100 75400 215000
PARAMETRIC TECHNOLOGY COMMON 699173100 22750 1400000 SH OTHER 703000 219000 478000
PEPSICO INC COMMON 713448108 252 6160 SH OTHER 0 3660 2500
PERRIGO CO COM COMMON 714290103 705 80000 SH OTHER 20000 35000 25000
PFIZER INC COMMON 717081103 312 2500 SH OTHER 0 2500 0
PHARMERICA INC COM COMMON 717135107 270 45000 SH OTHER 30000 0 15000
PHYCOR INC COM COMMON 71940F100 3846 564500 SH OTHER 296000 57500 211000
PINKERTONS INC NEW CO COMMON 723429106 1865 87500 SH OTHER 57500 5000 25000
PLACER DOME INC COMMON 725906101 1390 120875 SH OTHER 73300 12075 35500
PNC FINANCIAL CORP COMMON 693475105 2376 44000 SH OTHER 14000 0 30000
PRIME GROUP RLTY TR S COMMON 74158J103 393 26000 SH OTHER 10000 6000 10000
PUBLIC SVC ENTERPRISE COMMON 744573106 800 20000 SH OTHER 12500 0 7500
QUEST DIAGNOSTICS INC COMMON 74834L100 178 10000 SH SOLE 10000 0 0
RECKSON PFD A COMMON 75621K205 2324 110000 SH OTHER 70000 5000 35000
RELIANCE GROUP HLDGS COMMON 759464100 10783 837500 SH OTHER 465300 101200 271000
REUTERS GROUP PLC-SPO COMMON 76132M102 390 6151 SH OTHER 0 6151 0
REYNOLDS METALS CO COMMON 761763101 1449 27500 SH OTHER 10000 2500 15000
RJR NABISCO HLDGS COR COMMON 74960K876 4379 147500 SH OTHER 71700 26500 49300
ROCHE 0% 4/20/10 CONVERT 771196AC6 1457 2250000 SH OTHER 1750000 500000 0
ROCKWELL INTL CORP NE COMMON 773903109 6435 132500 SH OTHER 86500 9200 36800
RYDER SYS INC COMMON 783549108 20969 806500 SH OTHER 444000 104100 258400
S & P 500 INDEX MAR11 OPTION 6488153OJ 272 100 SH SOLE 100 0 0
SAATCHI & SAATCHI PLC COMMON 785144205 1350 112500 SH OTHER 58000 5000 49500
SABRE GROUP HLDGS INC COMMON 785905100 2892 65000 SH OTHER 55000 10000 0
SAFETY-KLEEN CORP. NE COMMON 78648R203 1201 85000 SH OTHER 48750 6250 30000
SAKS INC COMMON 79377W108 18653 590986 SH OTHER 314554 85768 190664
<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
SANTA FE ENERGY RES I COMMON 802012104 72 10000 SH SOLE 10000 0 0
SBC COMMUNICATIONS, I COMMON 78387G103 5803 108218 SH OTHER 58598 12120 37500
SEARS ROEBUCK & CO COMMON 812387108 24595 578700 SH OTHER 305800 73700 199200
SILICON GRAPHICS INC COMMON 827056102 515 40000 SH OTHER 15000 5000 20000
SIMON PPTY GROUP INC COMMON 828806109 1425 50000 SH OTHER 32500 12500 5000
SMITHKLINE BEECHAM PL COMMON 832378301 8687 125000 SH OTHER 62500 12500 50000
SOUTHERN CO COMMON 842587107 363 12500 SH OTHER 2000 10000 500
SOUTHWEST AIRLS CO COMMON 844741108 817 36000 SH OTHER 33600 2400 0
SPIEKER PPTYS INC COM COMMON 848497103 5453 157500 SH OTHER 79800 16800 60900
ST JOE CO COM COMMON 790148100 809 34500 SH OTHER 7000 7500 20000
ST PAUL COS INC COMMON 792860108 590 16942 SH OTHER 15604 1338 0
STANLEY WORKS COMMON 854616109 9482 341700 SH OTHER 185400 53800 102500
STEWART & STEVENSON S COMMON 860342104 4290 440000 SH OTHER 224000 61000 155000
STORAGE TECHNOLOGY CO COMMON 862111200 50444 1413500 SH OTHER 747700 222000 443800
SUMMIT PPTYS INC COM COMMON 866239106 20096 1165000 SH OTHER 621200 173100 370700
SUNDSTRAND CORP COMMON 867323107 1375 26500 SH OTHER 15000 9000 2500
SUNTRUST BANKS INC COMMON 867914103 367 4800 SH OTHER 2688 2112 0
SUPERVALU INC COMMON COMMON 868536103 420 15000 SH SOLE 15000 0 0
TELE COMMUNICATIONS I COMMON 87924V101 2272 41072 SH OTHER 16872 5700 18500
TENNECO INC COMMON 88037E101 8822 259000 SH OTHER 129700 48700 80600
TEXACO INC COMMON 881694103 1009 19030 SH OTHER 16530 2500 0
TEXAS UTILS CO COMMON 882848104 39098 837440 SH OTHER 459687 111528 266225
TEXAS UTILS CO INCOME CONVERT 882848203 2537 45000 SH OTHER 10000 15000 20000
TIG HOLDINGS COMMON 872469101 19375 1245000 SH OTHER 639500 160000 445500
TIME WARNER INC COMMON 887315109 2017 32500 SH OTHER 15000 0 17500
TOTAL S A SPONSORED A COMMON 89151E109 1368 27500 SH OTHER 15000 5000 7500
TOWER RLTY TR INC COM COMMON 89185E109 1057 52500 SH OTHER 30000 10700 11800
TOYS R US COMMON 892335100 31504 1860000 SH OTHER 985000 279000 596000
TRANSAMERICA CORP COMMON 893485102 577 10000 SH SOLE 10000 0 0
TRANSCANADA PIPELINES COMMON 893526103 3103 210375 SH OTHER 125600 11775 73000
TRITON ENERGY LTD CL COMMON G90751101 1032 130000 SH OTHER 52500 5000 72500
U S WEST INC NEW COM COMMON 91273H101 17232 266651 SH OTHER 140258 35388 91005
UAL CORP COM COMMON 902549500 2716 45500 SH OTHER 18000 6000 21500
UNICOM CORP COM COMMON 904911104 25326 656750 SH OTHER 363700 84250 208800
UNION PAC CONV PFD 6. CONVERT 907824205 5604 122500 SH OTHER 47000 40500 35000
UNION PAC RES GROUP I COMMON 907834105 13979 1542500 SH OTHER 808000 236000 498500
UNITED DOMINION RLTY COMMON 910197102 7837 760000 SH OTHER 407000 110500 242500
UNITED TECHNOLOGIES C COMMON 913017109 18868 173500 SH OTHER 121000 10500 42000
UNOCAL CORP COMMON 915289102 12502 428350 SH OTHER 227350 60900 140100
UNOCAL CORP 6.25% TRU CONVERT 91528T207 7111 146249 SH OTHER 80915 23446 41888
US AIRWAYS GROUP INC COMMON 911905107 3730 71723 SH OTHER 46223 5000 20500
USG CORP COMMON 903293405 2292 45000 SH SOLE 45000 0 0
USX MARATHON GROUP CO COMMON 902905827 22112 734000 SH OTHER 401200 92100 240700
USX US STEEL GROUP CO COMMON 90337T101 977 42500 SH OTHER 27500 0 15000
VALERO ENERGY COM COMMON 91913Y100 637 30000 SH OTHER 25000 2500 2500
VLSI TECH CONVERTIBLE CONVERT 918270AB5 8300 95000 SH OTHER 44500 18500 32000
WAL MART STORES INC COMMON 931142103 37223 457075 SH OTHER 249200 57875 150000
WALDEN RESIDENTIAL PP COMMON 931210108 7705 377000 SH OTHER 224500 21000 131500
WASTE MANAGEMENT INC COMMON 94106L109 102928 2207565 SH OTHER 1167301 345665 694600
WELLMAN INC COMMON 949702104 2139 210000 SH OTHER 100000 25000 85000
<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
WELLS FARGO NEW COMMON 949746101 12187 305160 SH OTHER 181330 23830 100000
WESTCOAST ENERGY COMMON 95751D102 5416 272500 SH OTHER 154000 39500 79000
WESTERN GAS RES INC C COMMON 958259103 201 35000 SH OTHER 14500 2500 18000
WEYERHAEUSER CO COMMON 962166104 8022 157875 SH OTHER 94300 9875 53700
WORTHINGTON ROUGE DEC CONVERT 981811201 153 17500 SH OTHER 5000 0 12500
XEROX CORP COMMON 984121103 8260 70000 SH OTHER 42500 5000 22500
REPORT SUMMARY 256 DATA RECORDS 2042639 1 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
</TABLE>
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