UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 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 September 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.
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FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Managers Included: 1
Form 13F Information Table Entry Total: 261
Form 13F Information Table Value Total: 1831712
List of Other Included Managers:
No. 13F File Number Name
01 28-2495 Strategic Investment Management International
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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
ABITIBI-CONSOLIDATED COMMON 003924107 5579 462500 SH OTHER 382500 0 80000
ACUSON CORP COMMON 005113105 8224 645000 SH OTHER 500000 0 145000
AETNA INC. COMMON 008117103 7141 145005 SH OTHER 109256 0 35749
AIRBORNE FREIGHT COMMON 009266107 527 25000 SH OTHER 20000 0 5000
AK STL HLDG CORP PFD CONVERT 001547306 0 28900 SH OTHER 21400 0 7500
ALBERTSONS INC COMMON 013104104 11275 285000 SH OTHER 234500 0 50500
ALCAN ALUMINIUM LTD COMMON 013716105 3594 115000 SH OTHER 102500 0 12500
ALLEGHENY TELEDYNE IN COMMON 017415100 2192 129873 SH OTHER 124373 0 5500
ALLIED WASTE INDS INC COMMON 019589308 584 50000 SH OTHER 35000 0 15000
ALLSTATE COMMON 020002101 9103 365038 SH OTHER 307038 0 58000
AMCOL INTL CORP COMMON 02341W103 5679 385000 SH OTHER 341000 0 44000
AMD CONVERTIBLES 6% CONVERT 007903AC1 7300 100000 SH OTHER 82500 0 17500
AMERADA HESS CORP COMMON 023551104 9647 157500 SH OTHER 128400 0 29100
AMERICAN EXPRESS COMMON 025816109 16268 120500 SH OTHER 106300 0 14200
AMERICAN GREETINGS CO COMMON 026375105 16086 624700 SH OTHER 509000 0 115700
AMERICAN HOME PRODS C COMMON 026609107 519 12500 SH SOLE 12500 0 0
AMERICAN INTL GROUP COMMON 026874107 653 7506 SH SOLE 7506 0 0
AMR CORP COMMON 001765106 5804 106500 SH OTHER 91700 0 14800
AMSOUTH BANCORP COMMON 032165102 820 35000 SH OTHER 22500 0 12500
ANHEUSER BUSCH COS IN COMMON 035229103 25923 370000 SH OTHER 316700 0 53300
AT & T CORP. COMMON 001957109 1744 40087 SH OTHER 37007 0 3080
ATLANTIC RICHFIELD CO COMMON 048825103 443 5000 SH SOLE 5000 0 0
AUTOMATIC DATA PROCES COMMON 053015103 223 5000 SH SOLE 5000 0 0
AVALONBAY CMNTYS INC COMMON 053484101 4488 132500 SH OTHER 115000 0 17500
AVNET COMMON 053807103 3297 78500 SH OTHER 48500 0 30000
AVON PRODUCTS INC COMMON 054303102 248 10000 SH SOLE 10000 0 0
BAKER HUGHES INC COMMON 057224107 3045 105000 SH OTHER 80000 0 25000
BANGKOK BANK-FOR REG FOREIGN XR6077019 741 376500 SH OTHER 251500 0 125000
BANK OF AMERICA COMMON 060505104 4277 76806 SH OTHER 71806 0 5000
BANK ONE CORP COMMON 06423A103 8096 232565 SH OTHER 201565 0 31000
BAXTER INTL INC COMMON 071813109 4519 75000 SH OTHER 57500 0 17500
BECTON DICKINSON & CO COMMON 075887109 3045 108500 SH OTHER 88500 0 20000
BELL ATLANTIC CORP COMMON 077853109 4377 65018 SH OTHER 62518 0 2500
BERGEN BRUNSWIG CORP COMMON 083739102 7122 686500 SH OTHER 549000 0 137500
BEVERLY ENTERPRISES I COMMON 087851309 531 125000 SH OTHER 105000 0 20000
BLACK & DECKER CORP COMMON 091797100 914 20000 SH OTHER 19300 0 700
BLOCK H & R INC COMMON 093671105 37834 871000 SH OTHER 730700 0 140300
BOB EVANS FARMS COMMON 096761101 255 12500 SH OTHER 2500 0 10000
BOEING CO COMMON 097023105 3932 92258 SH OTHER 83758 0 8500
BOSTON PROPERTIES COMMON 101121101 3452 112500 SH OTHER 104000 0 8500
BRANDYWINE RLTY TR SH COMMON 105368203 11066 681000 SH SOLE 554000 0 127000
BRISTOL MYERS SQUIBB COMMON 110122108 851 12600 SH SOLE 12600 0 0
BRUNSWICK CORP COMMON 117043109 2736 110000 SH OTHER 97500 0 12500
BURLINGTON NORTHN SAN COMMON 12189T104 894 32500 SH SOLE 32500 0 0
BURLINGTON RESOURCES COMMON 122014103 5329 145000 SH OTHER 102200 0 42800
CABOT OIL & GAS CORP COMMON 127097103 2881 167000 SH OTHER 151900 0 15100
CALGON CARBON CORP COMMON 129603106 68 10000 SH SOLE 10000 0 0
CANADIAN PAC LTD NEW COMMON 135923100 10836 475000 SH OTHER 397800 0 77200
CBS CORPORATION COMMON 12490K107 1622 35075 SH SOLE 35075 0 0
CHARTWELL RE CORP COM COMMON 16139W109 397 27500 SH OTHER 12500 0 15000
CHASE MANHATTAN CORPO COMMON 16161A108 40144 532586 SH OTHER 446286 0 86300
CIGNA CORP COMMON 125509109 583 7500 SH SOLE 7500 0 0
CINERGY CORP COMMON 172474108 3964 140000 SH OTHER 132500 0 7500
CITIGROUP INC. COMMON 172967101 55882 1270041 SH OTHER 1072116 0 197925
CLAYTON HOMES INC COM COMMON 184190106 3692 425000 SH OTHER 361875 0 63125
COCA COLA ENTERPRISES COMMON 191219104 2256 100000 SH OTHER 99000 0 1000
COLUMBIA/HCA HEALTHCA COMMON 197677107 848 40000 SH OTHER 35000 0 5000
COMPAQ COMPUTER CORP COMMON 204493100 18186 795007 SH OTHER 671707 0 123300
COMPUTER SCIENCES COR COMMON 205363104 7031 100000 SH OTHER 82500 0 17500
CONAGRA INC COMMON 205887102 9758 432500 SH OTHER 345500 0 87000
CONOCO INC CL A COMMON 208251306 4024 145000 SH OTHER 117500 0 27500
CONOCO INC CL B COMMON 208251405 19710 720000 SH OTHER 586500 0 133500
COORS ADOLPH COMPANY COMMON 217016104 432 7975 SH SOLE 7975 0 0
CORDIANT COMM GROUP S COMMON 218514206 1378 95000 SH OTHER 69500 0 25500
CORNERSTONE PPTYS INC COMMON 21922H103 153 10000 SH OTHER 0 0 10000
CORNING INC COMMON 219350105 28625 417500 SH OTHER 350200 0 67300
COSTCO WHOLESALE CORP COMMON 22160K105 324 4500 SH SOLE 4500 0 0
COX COMMUNICATIONS IN COMMON 224044107 1357 32500 SH OTHER 31500 0 1000
CRESCENT R E EQUITIES CONVERT 225756204 675 45000 SH OTHER 40000 0 5000
CROWN CORK & SEAL INC COMMON 228255105 909 37500 SH SOLE 37500 0 0
CUMMINS ENGINE INC COMMON 231021106 374 7500 SH OTHER 5500 0 2000
DATA GEN CORP COMMON 237688106 790 37500 SH SOEL 37500 0 0
DATA GENERAL CONVERTI CONVERT 237688AG1 3623 35000 SH OTHER 27500 0 7500
DELPHI AUTOMOTIVE SYS COMMON 247126105 2363 147119 SH OTHER 123842 0 23277
DELTA AIRLINES INC COMMON 247361108 2546 52500 SH SOLE 52500 0 0
DEVELOPERS DIVERSIFIE COMMON 251591103 245 17500 SH OTHER 12500 0 5000
DILLARDS INC CL A COMMON 254067101 1219 60000 SH OTHER 22500 0 37500
DISNEY WALT PRODTNS COMMON 254687106 273 10500 SH SOLE 10500 0 0
DOMINION RES INC VA COMMON 257470104 2482 55000 SH OTHER 50000 0 5000
DONNELLEY R R & SONS COMMON 257867101 19765 684500 SH OTHER 563300 0 121200
DPL INC COMMON 233293109 1498 85000 SH OTHER 72500 0 12500
DU PONT E I DE NEMOUR COMMON 263534109 2087 34500 SH SOLE 34500 0 0
DUKE PWR CO COMMON 264399106 7305 132516 SH OTHER 113994 0 18522
DUKE-WEEKS RLTY CORP COMMON 264411505 1053 54000 SH OTHER 46200 0 7800
EASTMAN KODAK COMMON 277461109 37056 490000 SH OTHER 417600 0 72400
EEX CORP COMMON 26842V207 122 41668 SH OTHER 38335 0 3333
EL PASO ENERGY CORP D COMMON 283905107 8191 203500 SH OTHER 158500 0 45000
ELECTRONIC DATA SYS C COMMON 285661104 8338 157500 SH OTHER 134100 0 23400
EMERSON ELEC CO COMMON 291011104 1580 25000 SH SOLE 25000 0 0
ENGELHARD CORP COMMON 292845104 10631 582500 SH OTHER 450500 0 132000
EOG RESOURCES INC. COMMON 26875P101 5950 280000 SH OTHER 247500 0 32500
EQUITY OFFICE PROPERT COMMON 294741103 25808 1110000 SH OTHER 936500 0 173500
EQUITY RESIDENTIAL PP COMMON 29476L107 24726 583500 SH OTHER 490100 0 93400
EXXON CORP COMMON 302290101 486 6400 SH SOLE 6400 0 0
FDX CORPORATION COMMON 31304N107 7969 205000 SH OTHER 190000 0 15000
FEDERATED DEPARTMENT COMMON 31410H101 28615 655000 SH SOLE 553600 0 101400
FIRST CENT FINL CORP CONVERT 318908AA8 11 220000 SH SOLE 220000 0 0
FIRST UNION CORP COMMON 337358105 5878 165000 SH OTHER 140000 0 25000
FIRSTENERGY CORP COM COMMON 337932107 886 35000 SH SOLE 35000 0 0
FMC CORP NEW COMMON 302491303 8574 177700 SH OTHER 152700 0 25000
FORD MOTOR COMMON 345370100 854 17000 SH SOLE 17000 0 0
FORT JAMES CORPORATIO COMMON 347471104 5407 202587 SH OTHER 189187 0 13400
FREEPORT MCMORAN COPP CONVERT 35671D600 3402 175000 SH OTHER 150000 0 25000
FRESH DEL MONTE PRODU COMMON G36738105 727 65000 SH OTHER 42500 0 22500
GENERAL ELECTRIC COMMON 369604103 20156 170000 SH OTHER 148800 0 21200
GENERAL MTRS CORP COMMON 370442105 13374 212500 SH OTHER 175800 0 36700
GILLETTE CO COMMON 375766102 893 26306 SH SOLE 26306 0 0
GLAXO PLC SPONSORED A COMMON 37733W105 1721 33101 SH SOLE 33101 0 0
GLENBOROUGH RLTY TR I COMMON 37803P105 1403 85000 SH OTHER 72500 0 12500
GMO FOREIGN FD III MUTUAL 362007551 2440 175001 SH OTHER 0 0 175001
GMO JAPAN FD CL III MUTUAL 362007486 457 50000 SH SOLE 50000 0 0
GMO REIT FD CL III MUTUAL 362007627 2333 274125 SH SOLE 274125 0 0
GMO TR EM CTY DEBT II MUTUAL 362007270 1027 137266 SH SOLE 137266 0 0
GTE CORP COMMON 362320103 43627 567500 SH OTHER 476400 0 91100
GTECH HLDGS CORP COM COMMON 400518106 2573 120000 SH OTHER 99000 0 21000
GULF CDA RES LTD ORD COMMON 40218L305 7276 1737500 SH OTHER 1333500 0 404000
HASBRO BRADLEY INC COMMON 418056107 753 35000 SH SOLE 35000 0 0
HERCULES INC COMMON 427056106 358 12500 SH OTHER 7500 0 5000
HEWLETT PACKARD COMMON 428236103 1588 17500 SH OTHER 16500 0 1000
HIGHWOODS PROPERTIES COMMON 431284108 2393 92500 SH OTHER 61900 0 30600
HILTON HOTEL CORP COMMON 432848109 1876 190000 SH OTHER 165000 0 25000
ILLANOVA CORP COM COMMON 452317100 351 12500 SH SOLE 12500 0 0
IMC GLOBAL INC COMMON 449669100 299 20500 SH SOLE 20500 0 0
INCO LTD COMMON 453258402 321 15000 SH SOLE 15000 0 0
INFORMATION RES INC COMMON 456905108 11334 1024500 SH OTHER 824000 0 200500
INTEL CORP COMMON 458140100 9846 132500 SH OTHER 125500 0 7000
INTERMET CORP COMMON 45881K104 3282 387500 SH OTHER 317000 0 70500
INTERNATIONAL PAPER C COMMON 460146103 18624 387500 SH OTHER 331200 0 56300
INTERNATIONBUSINESS M COMMON 459200101 49489 409000 SH OTHER 345500 0 63500
INTL RECTIFIER CORP COMMON 460254105 12726 834500 SH OTHER 676000 0 158500
JOHNSON & JOHNSON COMMON 478160104 3813 41500 SH OTHER 37000 0 4500
JOHNS-MANVILLE CORP N COMMON 478129109 1137 86600 SH OTHER 51600 0 35000
JOSTENS INC COMMON 481088102 908 47500 SH OTHER 42500 0 5000
JP RLTY INC COM COMMON 46624A106 28642 1672500 SH OTHER 1389000 0 283500
K N ENERGY INC COM COMMON 482620101 7797 347500 SH OTHER 271000 0 76500
KERR-MCGEE CORP COMMON 492386107 5451 99000 SH OTHER 81500 0 17500
KIMBERLY CLARK COMMON 494368103 66993 1270000 SH OTHER 1062000 0 208000
KLM ROYAL DUTCH AIRLI COMMON 482516101 1894 72500 SH OTHER 57500 0 15000
LASMO ADR FOREIGN 501730204 1702 247500 SH OTHER 202000 0 45500
LIBERTY PPTY TR SH BE COMMON 531172104 2396 105600 SH SOLE 105600 0 0
LILLY ELI & CO COMMON 532457108 12902 201000 SH OTHER 167500 0 33500
LOCKHEED MARTIN CORP COMMON 539830109 9185 281000 SH OTHER 223300 0 57700
LOEWS CORP COMMON 540424108 351 5000 SH SOLE 5000 0 0
MACK CALI RLTY CORP C COMMON 554489104 15377 573500 SH OTHER 469300 0 104200
MANPOWER INC COM COMMON 56418H100 16310 560000 SH OTHER 448700 0 111300
MASCOTECH INC COM COMMON 574670105 6442 387500 SH OTHER 331000 0 56500
MATTEL INC COMMON 577081102 998 52500 SH SOLE 52500 0 0
MAXTOR CORP COM NEW COMMON 577729205 626 95000 SH OTHER 75000 0 20000
MAYTAG CO COMMON 578592107 580 17400 SH SOLE 17400 0 0
MCKESSON HBOC INC COM COMMON 58155Q103 2610 90000 SH SOLE 90000 0 0
MEDIAONE GROUP INC CO COMMON 58440J104 20835 305000 SH OTHER 260500 0 44500
MEDIAONE GROUP INC PF PREFERR 58440J203 338 2500 SH SOLE 2500 0 0
MELLON BANK COMMON 585509102 222 6600 SH SOLE 6600 0 0
MERCK & CO COMMON 589331107 674 10400 SH SOLE 10400 0 0
MILACRON, INC. COMMON 598709103 4171 235000 SH SOLE 200000 0 35000
MINNESOTA MNG & MFG C COMMON 604059105 1681 17500 SH OTHER 15500 0 2000
MITCHELL ENERGY & DEV COMMON 606592202 1894 77500 SH OTHER 76500 0 1000
MITCHELL ENERGY & DEV COMMON 606592301 7978 339500 SH OTHER 267000 0 72500
MOBIL CORP COMMON 607059102 3627 36000 SH SOLE 36000 0 0
MODIS PROFESSIONAL SE COMMON 607830106 21416 1616300 SH OTHER 1333300 0 283000
MONSANTO CO COMMON 611662107 268 7500 SH SOLE 7500 0 0
MYLAN LABS INC COMMON 628530107 919 50000 SH OTHER 49000 0 1000
NABISCO GROUP HOLDING COMMON 62952P102 1913 127500 SH OTHER 122500 0 5000
NESTLES ADR FOREIGN 641069406 25615 272500 SH OTHER 227500 0 45000
NEW YORK TIMES CO CLA COMMON 650111107 506 13500 SH SOLE 13500 0 0
NEWBRIDGE NETWORKS CO COMMON 650901101 391 15000 SH OTHER 12500 0 2500
NEWS CORP LTD COMMON 652487703 1706 60000 SH SOLE 45000 0 15000
NIAGARA MOHAWK HOLIDN COMMON 653520106 10816 695000 SH OTHER 595000 0 100000
NOBLE AFFILIATES COMMON 654894104 249 8600 SH SOLE 8600 0 0
NORAM ENERGY CORP 6.0 CONVERT 655419AC3 445 500000 SH OTHER 0 0 500000
NORTHERN STS PWR CO M COMMON 665772109 970 45000 SH OTHER 30000 0 15000
OCCIDENTAL PETE CORP COMMON 674599105 20177 872500 SH OTHER 747500 0 125000
OFFICE DEPOT INC COM COMMON 676220106 315 30000 SH OTHER 25000 0 5000
OWENS CORNING COMMON 69073F103 19844 915000 SH OTHER 754000 0 161000
OWENS & MINOR INC NEW COMMON 690732102 2021 210000 SH OTHER 182500 0 27500
PACIFICORP COMMON 695114108 1051 52200 SH OTHER 42200 0 10000
PALL CORP COMMON 696429307 10087 435000 SH OTHER 376500 0 58500
PARAMETRIC TECHNOLOGY COMMON 699173100 11475 850000 SH OTHER 727500 0 122500
PEPSI BOTTLING GROUP COMMON 713409100 27121 1589500 SH OTHER 1251100 0 338400
PEPSICO INC COMMON 713448108 1301 42660 SH OTHER 32660 0 10000
PG&E CORP COM COMMON 69331C108 970 37500 SH SOLE 37500 0 0
PHYCOR INC COM COMMON 71940F100 656 150000 SH OTHER 120000 0 30000
PLACER DOME INC COMMON 725906101 669 45000 SH OTHER 40000 0 5000
PNC FINANCIAL CORP COMMON 693475105 2187 41500 SH SOLE 41500 0 0
PPG INDS INC COMMON 693506107 300 5000 SH SOLE 5000 0 0
PRIME GROUP RLTY TR S COMMON 74158J103 338 22500 SH SOLE 22500 0 0
PUBLIC SVC ENTERPRISE COMMON 744573106 966 25000 SH SOLE 25000 0 0
QUESTAR CORP COMMON 748356102 3127 172500 SH OTHER 107500 0 65000
RALSTON PURINA CO COM COMMON 751277302 348 12500 SH SOLE 12500 0 0
RANGER OIL CDA LTD COMMON 752805101 106 25000 SH SOLE 25000 0 0
RAYTHEON CO CL B COMMON 755111408 1241 25000 SH SOLE 25000 0 0
RECKSON ASSOCS RLTY C COMMON 75621K304 204 9331 SH OTHER 5107 0 4224
RECKSON ASSOCS RLTY C COMMON 75621K106 4163 200000 SH OTHER 141200 0 58800
RECKSON PFD A COMMON 75621K205 2120 105000 SH OTHER 80000 0 25000
RELIANCE GROUP HLDGS COMMON 759464100 3273 737500 SH OTHER 615000 0 122500
RELIANT ENERGY INC COMMON 75952J108 615 22738 SH SOLE 22738 0 0
REPUBLIC SVCS INC CL COMMON 760759100 6326 581700 SH OTHER 461000 0 120700
REUTERS GROUP PLC-SPO COMMON 76132M102 389 5650 SH SOLE 5650 0 0
REYNOLDS METALS CO COMMON 761763101 1600 26500 SH OTHER 24000 0 2500
REYNOLDS R J TOB HLDG COMMON 76182K105 652 24166 SH SOLE 24166 0 0
ROCHE 0% 4/20/10 CONVERT 771196AC6 1333 2250000 SH OTHER 1250000 0 1000000
ROCKWELL INTL CORP NE COMMON 773903109 1019 19400 SH SOLE 19400 0 0
ROYAL DUTCH PETRO-NY COMMON 780257804 1240 21000 SH SOLE 21000 0 0
RYDER SYS INC COMMON 783549108 19407 952500 SH OTHER 779100 0 173400
SAATCHI & SAATCHI PLC COMMON 785144205 466 27500 SH OTHER 27500 0 0
SAKS INC COMMON 79377W108 12530 825000 SH OTHER 677690 0 147310
SARA LEE CORP COMMON 803111103 2338 100000 SH OTHER 95000 0 5000
SBC COMMUNICATIONS, I COMMON 78387G103 5776 113120 SH OTHER 93120 0 20000
SEARS ROEBUCK & CO COMMON 812387108 9648 307500 SH OTHER 255000 0 52500
SEMPRA ENERGY COM COMMON 816851109 19200 922500 SH OTHER 745000 0 177500
SIMON PPTY GROUP INC COMMON 828806109 898 40000 SH SOLE 40000 0 0
SMITHKLINE BEECHAM PL COMMON 832378301 5503 95500 SH OTHER 80500 0 15000
SOUTHERN CO COMMON 842587107 1352 52500 SH OTHER 47500 0 5000
SOUTHWEST AIRLS CO COMMON 844741108 649 42747 SH SOLE 42747 0 0
SPIEKER PPTYS INC COM COMMON 848497103 8759 252500 SH SOLE 213800 0 38700
ST JOE CO COM COMMON 790148100 5949 275900 SH OTHER 203700 0 72200
ST PAUL COS INC COMMON 792860108 315 11460 SH SOLE 11460 0 0
STANLEY WORKS COMMON 854616109 7053 280000 SH SOLE 227500 0 52500
STAPLES INC COMMON 855030102 2236 102500 SH OTHER 70000 0 32500
STORAGE TECHNOLOGY CO COMMON 862111200 44226 2290000 SH OTHER 1904500 0 385500
SUMMIT PPTYS INC COM COMMON 866239106 21034 1055000 SH OTHER 877300 0 177700
SUNTRUST BANKS INC COMMON 867914103 316 4800 SH SOLE 4800 0 0
TENNECO INC COMMON 88037E101 5440 320000 SH OTHER 276500 0 43500
TEXACO INC COMMON 881694103 1326 21000 SH SOLE 21000 0 0
TEXAS UTILS CO COMMON 882848104 25278 677478 SH OTHER 578381 0 99097
TEXAS UTILS CO INCOME CONVERT 882848203 1726 35000 SH OTHER 25000 0 10000
THOMAS & BETTS CORP COMMON 884315102 14535 285000 SH OTHER 221500 0 63500
TIME WARNER INC COMMON 887315109 911 15000 SH SOLE 15000 0 0
TOTAL FINA SA SPONSOR COMMON 89151E109 793 12500 SH SOLE 12500 0 0
TOYS R US COMMON 892335100 22088 1472500 SH OTHER 1241500 0 231000
TRANSCANADA PIPELINES COMMON 893526103 2617 200375 SH OTHER 171875 0 28500
TRITON ENERGY LTD CL COMMON G90751101 2883 205000 SH OTHER 175000 0 30000
TRW INC COMMON 872649108 249 5000 SH OTHER 3500 0 1500
U S WEST INC NEW COM COMMON 91273H101 14232 249405 SH OTHER 221405 0 28000
UAL CORP COM COMMON 902549500 1306 20000 SH OTHER 15000 0 5000
UNICOM CORP COM COMMON 904911104 18194 492550 SH OTHER 418250 0 74300
UNILEVER N V WI COMMON 904784709 341 5000 SH OTHER 0 0 5000
UNION CARBIDE CORP COMMON 905581104 256 4500 SH SOLE 4500 0 0
UNION PAC CV PFD 6.25 CONVERT 907824403 6825 150000 SH OTHER 142500 0 7500
UNION PAC RES GROUP I COMMON 907834105 20475 1260000 SH OTHER 1078500 0 181500
UNITED DOMINION RLTY COMMON 910197102 7132 637500 SH OTHER 572500 0 65000
UNITED TECHNOLOGIES C COMMON 913017109 13790 232500 SH OTHER 205000 0 27500
UNOCAL CORP COMMON 915289102 16863 455000 SH OTHER 384300 0 70700
UNOCAL CORP 6.25% TRU CONVERT 91528T207 7925 146075 SH OTHER 120473 0 25602
US AIRWAYS GROUP INC COMMON 911905107 2285 87031 SH OTHER 69531 0 17500
USEC INC COM COMMON 90333E108 3024 295000 SH OTHER 207500 0 87500
USG CORP COMMON 903293405 1905 40000 SH SOLE 40000 0 0
USX MARATHON GROUP CO COMMON 902905827 19524 667500 SH OTHER 566000 0 101500
USX US STEEL GROUP CO COMMON 90337T101 1609 62500 SH OTHER 57500 0 5000
VLSI TECH CONVERTIBLE CONVERT 918270AB5 6563 64500 SH OTHER 45000 0 19500
WAL MART STORES INC COMMON 931142103 27351 575050 SH OTHER 499850 0 75200
WALDEN RESIDENTIAL PP COMMON 931210108 7634 350000 SH OTHER 305000 0 45000
WALDEN RESIDENTIAL PP PREFERR 931210603 1285 84251 SH SOLE 84251 0 0
WALDEN SERIES B WARRA WARRANT 999999999 0 280837 SH SOLE 280837 0 0
WASHINGTON MUT INC CO COMMON 939322103 17246 589600 SH OTHER 491800 0 97800
WASTE MANAGEMENT INC COMMON 94106L109 39424 2048000 SH OTHER 1732000 0 316000
WELLS FARGO NEW COMMON 949746101 8902 224660 SH OTHER 214660 0 10000
WESTCOAST ENERGY COMMON 95751D102 3094 165000 SH OTHER 141000 0 24000
WEYERHAEUSER CO COMMON 962166104 7496 130075 SH OTHER 110075 0 20000
WHX CORP PFD CV SER B CONVERT 929248300 220 6600 SH SOLE 6600 0 0
XEROX CORP COMMON 984121103 3879 92500 SH OTHER 82500 0 10000
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