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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
INFORMATION REQUIRED OF INSTITUTIONAL INVESTMENT MANAGERS PURSUANT
TO SECTION 13(f) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULES THEREUNDER
Report for the Calendar Year or Quarter Ended March 31, 1999.
- --------------------------------------------------------------------------------
(Please read instructions before preparing form.)
- --------------------------------------------------------------------------------
If amended report check here: [ ]
Martingale Asset Management, L.P.
- --------------------------------------------------------------------------------
Name of Institutional Investment Manager
222 Berkeley Street Boston MA 02116
- --------------------------------------------------------------------------------
Business Address (Street) (City) (State) (Zip)
Patricia J. O'Connor, Chief Financial Officer, Senior Vice President
- --------------------------------------------------------------------------------
Name, Phone No., and Title of Person Duly Authorized to Submit This Report.
Form 13F File Number: 28-4632
-------
- ---------------------------------- ATTENTION -----------------------------------
INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE
FEDERAL CRIMINAL VIOLATIONS. SEE 18 U.S.C. 1001 AND 15 U.S.C. 78ff(a).
- --------------------------------------------------------------------------------
The institutional investment manager submitting this Form and its attachments
and the person by whom it is signed represent hereby that all information
contained therein is true, correct and complete. It is understood that all
required items, statements and schedules are considered 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.
Pursuant to the requirements of Securities Exchange Act of 1934, the
undersigned institutional investment manager has caused this report to be signed
on its behalf in the City of Boston and State of Massachusetts on the 10th day
of May 1999.
Martingale Asset Management, L.P.
-------------------------------------------
(Name of Institutional Investment Manager
Patricia J. O'Connor
-------------------------------------------
(Manual Signature of Person Duly Authorized
to Submit This Report)
Name and 13F file numbers of ALL Institutional Investment Managers with respect
to which this schedule is filled (other than the one filing this report): (List
in alphabetical order).
13F File Numbers will be assigned to Institutional Investment Managers after
they file their first report.
Name: 13F File No.: Name: 13F File No.:
- --------------------------------------- ---------------------------------------
1. 6.
- --------------------------------------- ---------------------------------------
2. 7.
- --------------------------------------- ---------------------------------------
3. 8.
- --------------------------------------- ---------------------------------------
4. 9.
- --------------------------------------- ---------------------------------------
5. 10.
- --------------------------------------- ---------------------------------------
SEC 1685 (5/91)
<PAGE> 2
<TABLE>
<CAPTION>
Martingale Asset Management
FORM 13F
March 31, 1999
Title Investment Discretion Voting Authority
of --------------------- ----------------
Security Class CUSIP Market Value Quantity Sole Share Other Managers Sole Share None
-------- ----- ----- ------------ -------- ---- ----- ----- -------- ---- ----- ----
<S> <C> <C> <C> <C> <C> <C> <C>
COMMON STOCK
A C Nielson COM 004833109 813,750.00 30,000.00 x 23,400.00 6,600.00
A M R Corporation COM 001765106 644,187.50 11,000.00 x 11,000.00
ADAC Labs COM 005313200 1,991,975.00 146,200.00 x 123,700.00 22,500.00
AK Steel Holding Corp COM 001547108 4,519,268.75 200,300.00 x 165,000.00 35,300.00
AT&T COM 001957109 14,709,443.75 184,300.00 x 132,300.00 54,200.00
Abbott Labs COM 002824100 884,756.25 18,900.00 x 8,600.00 10,300.00
Ace Limited COM G0070K103 1,044,781.25 33,500.00 x 6,300.00 27,200.00
Adaptec Inc COM 00651F108 2,691,875.00 118,000.00 x 85,100.00 32,900.00
Adobe Systems Inc COM 00724F101 249,700.00 4,400.00 x 4,400.00
Advanta Corp COM 007942105 223,462.50 20,200.00 x 20,200.00 800.00
Airtouch Communications COM 00949T100 5,227,412.50 54,100.00 x 54,100.00
Albany Int'l Cl A COM 012348108 1,465,500.00 78,160.00 x 64,860.00 13,300.00
Albemarle Corp COM 012653101 1,113,875.00 53,200.00 x 53,200.00
Alberto Culver COM 013068101 406,725.00 17,400.00 x 17,400.00
Albertson's Inc COM 013104104 1,404,487.50 25,800.00 x 700.00 25,700.00
Aliant Communication COM 016090102 307,031.25 7,500.00 x 7,500.00 100.00
Allamerica Fin'l COM 019754100 1,013,150.00 18,400.00 x 4,500.00 13,900.00
Allegheny Energy Inc COM 017361106 2,233,150.00 75,700.00 x 51,600.00 24,100.00
Allergan Inc COM 018490102 641,487.50 7,300.00 x 5,200.00 2,200.00
Allied-Signal Inc COM 019512102 1,952,743.75 39,700.00 x 26,200.00 14,200.00
Allstate Corp COM 020002101 19,413,337.50 523,800.00 x 397,200.00 129,100.00
Altera Corp COM 021441100 725,900.00 12,200.00 x 800.00 11,400.00
Ambac Finl Group COM 023139108 6,415,200.00 118,800.00 x 90,100.00 28,700.00
America Online Inc COM 02364J104 7,952,700.00 54,100.00 x 54,100.00
American Elec Power COM 025537101 908,843.75 22,900.00 x 22,900.00
American Greetings COM 026375105 865,287.50 34,100.00 x 34,100.00
American Int'l Group COM 026874107 13,485,875.00 111,800.00 x 92,700.00 19,800.00
American Oncology COM 028910107 516,600.00 57,400.00 x 35,800.00 21,600.00
Resources
-------------
Page Total 93,822,506.25
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
Martingale Asset Management
FORM 13F
March 31, 1999
Title Investment Discretion Voting Authority
of --------------------- ----------------
Security Class CUSIP Market Value Quantity Sole Share Other Managers Sole Share None
-------- ----- ----- ------------ -------- ---- ----- ----- -------- ---- ----- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Ameritech COM 030954101 3,584,275.00 62,200.00 x 19,600.00 42,800.00
Ametek Inc COM 031100100 386,900.00 21,200.00 x 21,200.00
Amgen Inc COM 031162100 9,366,862.50 125,100.00 x 125,100.00
Anchor Gaming COM 033037102 2,121,875.00 48,500.00 x 40,300.00 8,200.00
Andrew Corporation COM 034425108 3,839,037.50 311,800.00 x 311,800.00
Apache Corp COM 037411105 888,731.25 34,100.00 x 34,100.00
Apple Computer Inc COM 037833100 14,622,968.75 406,900.00 x 337,900.00 70,900.00
Applebees Intl Inc COM 037899101 1,699,656.25 68,500.00 x 64,400.00 4,100.00
Applied Materials COM 038222105 1,104,206.25 17,900.00 x 17,900.00
Applied Power -Cl A COM 038225108 1,400,650.00 51,400.00 x 51,400.00
Arch Chemicals Inc. COM 03937R102 548,562.50 32,750.00 x 26,000.00 6,750.00
Arrow Electrs Inc COM 042735100 4,350,000.00 290,000.00 x 277,400.00 12,600.00
Arvin Inds Inc COM 043339100 306,556.25 9,100.00 x 9,100.00
Ashland Inc. COM 044204105 2,624,093.75 64,100.00 x 35,800.00 28,300.00
Atmel Corp COM 049513104 1,494,450.00 98,400.00 x 98,400.00
Avery Dennison
Corporation COM 053611109 1,046,500.00 18,200.00 x 3,200.00 15,000.00
Avnet Inc COM 053807103 3,072,300.00 83,600.00 x 83,600.00
Avon Products Inc COM 054303102 315,318.75 6,700.00 x 6,700.00
B M C Software Inc. COM 055921100 2,401,650.00 64,800.00 x 58,700.00 6,100.00
BEC Energy COM 05538M101 679,875.00 18,500.00 x 13,100.00 5,400.00
BJ's Wholesale Club COM 05548J106 347,325.00 13,200.00 x 13,200.00
Ballard Medical COM 058566100 270,562.50 11,100.00 x 11,100.00
Baltimore Gas &
Electric COM 059165100 1,060,675.00 41,800.00 x 41,800.00
Banc One Corp COM 06423A103 17,728,363.00 321,968.00 x 204,668.00 120,500.00
Banctec Inc COM 059784108 178,531.25 14,500.00 x 14,500.00 200.00
Bancwest Corp COM 059790105 250,750.00 5,900.00 x 5,900.00 200.00
Bank of America
Corp COM 060505104 19,037,675.00 269,560.00 x 192,460.00 80,100.00
BankBoston COM 06605R106 1,992,375.00 46,000.00 x 19,400.00 26,900.00
Banta Corp COM 066821109 826,500.00 43,500.00 x 43,500.00
Barr Laboratories COM 068306109 1,918,450.00 62,900.00 x 54,800.00 8,100.00
Barrett Resources
Corp COM 068480201 383,456.25 15,300.00 x 15,300.00
-------------
Page Total 99,849,131.75
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
Martingale Asset Management
FORM 13F
March 31, 1999
Title Investment Discretion Voting Authority
of --------------------- ----------------
Security Class CUSIP Market Value Quantity Sole Share Other Managers Sole Share None
-------- ----- ----- ------------ -------- ---- ----- ----- -------- ---- ----- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Barrick Gold COM 067901108 3,673,556.25 215,300.00 x 176,400.00 38,900.00
Bear Stearns Co COM 073902108 1,669,525.00 37,360.00 x 15,960.00 22,000.00
Belden Inc COM 077459105 1,040,812.50 61,000.00 x 41,100.00 19,900.00
Bell Atlantic Corp COM 077853109 19,166,552.00 370,816.00 x 280,116.00 94,600.00
Bellsouth Corp COM 079860102 21,677,818.75 541,100.00 x 400,300.00 145,600.00
Bergen Brunswig COM 083739102 2,914,000.00 145,700.00 x 101,000.00 44,700.00
Best Buy Inc COM 086516101 1,695,200.00 32,600.00 x 32,600.00
Billing Info Concepts COM 090063108 1,056,875.00 89,000.00 x 89,000.00
Blyth Industries Inc COM 09643P108 531,562.50 22,500.00 x 1,700.00 20,800.00
Borders Group Inc. COM 099709107 149,062.50 10,600.00 x 10,600.00
Borg Warner Auto COM 099724106 545,062.50 11,400.00 x 5,400.00 6,100.00
Bowater Inc COM 102183100 737,025.00 18,600.00 x 18,600.00
Bowne & Co Inc COM 103043105 1,465,612.50 125,400.00 x 112,000.00 13,400.00
Bristol Meyers Squibb COM 110122108 10,208,700.00 159,200.00 x 159,200.00
Brunswick Corp COM 117043109 6,214,375.00 326,000.00 x 268,600.00 57,400.00
Burlington Coat Factory COM 121579106 442,975.00 37,700.00 x 37,700.00
Burlington Northern COM 12189T104 4,119,237.50 125,300.00 x 55,500.00 70,500.00
Burlington Resources COM 122014103 223,650.00 5,600.00 x 5,600.00
C B S Inc COM 12490K107 13,198,762.50 323,400.00 x 223,100.00 103,000.00
C D I Corp COM 125071100 1,289,750.00 53,600.00 x 53,600.00 100.00
C-Cube Microsystems Inc COM 125015107 505,218.75 25,500.00 x 25,500.00
CDW Computer Centers COM 125129106 1,725,000.00 25,000.00 x 25,000.00
CIGNA Corp COM 125509109 2,497,612.50 29,800.00 x 29,800.00
CMS Energy Corp COM 125896100 1,143,100.00 28,400.00 x 28,400.00
Cable Design
Technologies COM 126924109 1,421,200.00 129,200.00 x 108,700.00 20,500.00
Cambrex Corp COM 132011107 241,162.50 10,900.00 x 10,900.00 300.00
Canadian Pacific Ltd COM 135923100 6,150,450.00 314,400.00 x 276,800.00 37,600.00
Canandaigua Brands Cl A COM 137219200 5,188,625.00 103,000.00 x 96,400.00 6,800.00
Carlisle Cos Inc COM 142339100 402,050.00 8,600.00 x 8,600.00
Carmike Cinemas COM 143436103 368,475.00 20,400.00 x 20,400.00 400.00
Carnival Corp Cl A COM 143658102 2,782,631.25 57,300.00 x 48,700.00 8,600.00
--------------
Page Total 114,445,639.50
</TABLE>
<PAGE> 5
<TABLE>
<CAPTION>
Martingale Asset Management
FORM 13F
March 31, 1999
Title Investment Discretion Voting Authority
of --------------------- ----------------
Security Class CUSIP Market Value Quantity Sole Share Other Managers Sole Share None
-------- ----- ----- ------------ -------- ---- ----- ----- -------- ---- ----- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Carpenter Technology COM 144285103 306,062.50 11,800.00 x 100.00 11,700.00
Caseys General Stores
Inc COM 147528103 1,147,550.00 77,800.00 x 77,800.00
Cendant Corp COM 151313103 1,118,812.50 70,200.00 x 70,200.00
Centex Construction
Products COM 15231R109 257,612.50 7,400.00 x 7,400.00 200.00
Centex Corp COM 152312104 4,115,137.50 123,300.00 x 95,900.00 27,400.00
Central & So. West COM 152357109 1,563,281.25 66,700.00 x 24,500.00 42,200.00
Century Telephone COM 156686107 6,765,075.00 96,300.00 x 73,400.00 22,900.00
Ceridian Corp COM 15677T106 848,250.00 23,200.00 x 23,200.00
Charter One Finl COM 160903100 4,384,662.56 151,932.00 x 74,932.00 77,000.00
Chase Manhattan COM 16161A108 27,896,977.50 342,820.00 x 255,020.00 90,100.00
Checkpoint Systems COM 162825103 399,000.00 48,000.00 x 48,000.00
Chesapeake Corp COM 165159104 1,380,662.50 50,900.00 x 42,500.00 8,400.00
Chevron Corp COM 166751107 3,230,500.00 36,400.00 x 35,600.00 1,500.00
Chiquita Brands COM 170032106 184,393.75 18,100.00 x 18,100.00
Cincinnati Bell COM 171870108 946,862.50 42,200.00 x 42,200.00
Cisco Systems COM 17275R102 536,856.25 4,900.00 x 4,900.00
Citigroup Inc COM 172967101 23,333,537.50 365,300.00 x 270,100.00 99,800.00
City National Corp COM 178566105 2,019,225.00 65,400.00 x 32,600.00 32,800.00
Cke Restaurants Inc COM 12561E105 2,714,045.00 137,420.00 x 112,720.00 24,700.00
Claires Stores Inc COM 179584107 2,672,087.50 88,700.00 x 54,100.00 34,600.00
Clayton Homes Inc COM 184190106 131,367.19 11,875.00 x 11,875.00
Clear Channel Comm COM 184502102 824,868.75 12,300.00 x 12,300.00
Cleco Corporation COM 12561M107 377,600.00 12,800.00 x 12,800.00
Clorox Co COM 189054109 855,468.75 7,300.00 x 4,700.00 2,700.00
Coastal Corp COM 190441105 14,074,500.00 426,500.00 x 317,600.00 111,300.00
Coca-Cola Co COM 191216100 3,608,850.00 58,800.00 x 58,800.00
Columbia Energy Group COM 197648108 7,322,837.50 140,150.00 x 125,150.00 15,000.00
Comdisco Inc COM 200336105 3,925,350.00 219,600.00 x 158,800.00 60,800.00
Comerica Inc COM 200340107 1,367,381.25 21,900.00 x 21,900.00
Commerce Bancshare COM 200525103 327,442.50 8,505.00 x 8,505.00
Commercial Metals COM 201723103 400,000.00 20,000.00 x 16,800.00 3,200.00
--------------
Page Total 119,036,257.25
</TABLE>
<PAGE> 6
<TABLE>
<CAPTION>
Martingale Asset Management
FORM 13F
March 31, 1999
Title Investment Discretion Voting Authority
of --------------------- ----------------
Security Class CUSIP Market Value Quantity Sole Share Other Managers Sole Share None
-------- ----- ----- ------------ -------- ---- ----- ----- -------- ---- ----- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Compaq Computer Corp COM 204493100 2,100,881.25 66,300.00 x 66,300.00
Computer Assoc Int'l COM 204912109 3,499,350.00 98,400.00 x 85,800.00 12,600.00
Con Edison Of NY COM 209115104 734,062.50 16,200.00 x 16,200.00
Conagra Inc COM 205887102 553,500.00 21,600.00 x 21,600.00 500.00
Concord EFS Inc COM 206197105 1,168,650.00 42,400.00 x 42,400.00
Conmed Corp COM 207410101 359,600.00 11,600.00 x 11,600.00
Conseco Inc COM 208464107 17,129,450.00 554,800.00 x 437,600.00 120,000.00
Consolidated Freightways
Corp COM 209232107 157,450.00 13,400.00 x 13,400.00 300.00
Continental Airlines
Cl B COM 210795308 775,200.00 20,400.00 x 20,400.00
Cordant Technologies COM 218412104 5,900,212.50 148,200.00 x 120,600.00 27,600.00
Corn Products Intl COM 219023108 406,937.50 17,000.00 x 6,000.00 11,200.00
Countrywide Cr Inds COM 222372104 13,863,750.00 369,700.00 x 280,000.00 91,400.00
Crane Company COM 224399105 3,505,978.12 144,950.00 x 88,350.00 56,600.00
Crompton & Knowles COM 227111101 661,500.00 42,000.00 x 3,000.00 39,000.00
Cummins Engine COM 231021106 1,294,475.00 36,400.00 x 36,400.00
Cytec Industries COM 232820100 7,425,600.00 332,800.00 x 268,700.00 64,100.00
D.R. Horton COM 23331A109 1,179,200.00 70,400.00 x 36,600.00 33,800.00
DTE Holdings Inc COM 233331107 4,943,062.50 128,600.00 x 86,000.00 42,600.00
Dames & Moore Group COM 235713104 120,825.00 10,800.00 x 10,800.00 300.00
Dana Corp COM 235811106 798,000.00 21,000.00 x 21,000.00
Dayton Hudson COM 239753106 4,010,825.00 60,200.00 x 60,200.00
Delphi Finl Group COM 247131105 1,707,300.00 50,400.00 x 44,700.00 6,000.00
Delta Air Lines COM 247361108 6,512,150.00 93,700.00 x 75,700.00 19,100.00
Deluxe Corp COM 248019101 1,057,237.50 36,300.00 x 6,500.00 29,800.00
Dentsply Intl Inc COM 249030107 4,347,750.00 187,000.00 x 136,900.00 50,100.00
Devon Energy Corp COM 251799102 2,869,256.25 104,100.00 x 104,100.00
Dial Corp (New) COM 25247D101 3,468,437.50 100,900.00 x 100,900.00
Dillard's Inc. COM 254067101 4,653,775.00 183,400.00 x 135,400.00 48,000.00
Dime Bankcorp Inc COM 25429Q102 813,881.25 35,100.00 x 13,800.00 21,300.00
Disney (Walt) Prod COM 254687106 582,037.50 18,700.00 x 18,700.00
Dole Foods COM 256605106 1,908,000.00 63,600.00 x 63,600.00
-------------
Page Total 98,508,334.37
</TABLE>
<PAGE> 7
<TABLE>
<CAPTION>
Martingale Asset Management
FORM 13F
March 31, 1999
Title Investment Discretion Voting Authority
of --------------------- ----------------
Security Class CUSIP Market Value Quantity Sole Share Other Managers Sole Share None
-------- ----- ----- ------------ -------- ---- ----- ----- -------- ---- ----- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Donaldson Lufkin Inc. COM 257661108 1,625,175.00 23,300.00 x 23,300.00
Dow Chemical Company COM 260543103 428,662.50 4,600.00 x 600.00 4,000.00
Du Pont (E.I.) DeNemours COM 263534109 325,150.00 5,600.00 x 5,600.00
Dura Pharmaceuticals COM 26632S109 2,902,687.50 205,500.00 x 205,500.00
Dycom Industries COM 267475101 2,253,300.00 51,800.00 x 41,500.00 10,300.00
Dynegy Inc COM 26816L102 306,562.50 21,800.00 x 16,000.00 5,800.00
EMC Corp COM 268648102 868,700.00 6,800.00 x 6,800.00
EXXON Corp COM 302290101 40,171,231.25 569,300.00 x 423,000.00 150,200.00
Earthgrains Co COM 270319106 2,247,593.75 101,300.00 x 77,200.00 24,100.00
Edwards ( A.G.) Inc COM 281760108 1,003,506.25 30,700.00 x 30,700.00
Electronic Arts Inc COM 285512109 323,000.00 6,800.00 x 6,800.00
Energen Corp COM 29265N108 377,918.75 25,300.00 x 25,300.00 200.00
Energy East Corp COM 29266M109 3,227,337.50 61,400.00 x 61,400.00
Engelhard Corp COM 292845104 2,704,918.75 159,700.00 x 159,700.00
Entergy Corp COM 29364G103 1,413,500.00 51,400.00 x 51,400.00
Equitable Cos Inc COM 29444G107 7,091,000.00 101,300.00 x 101,300.00
Esterline Corp COM 297425100 516,206.25 39,900.00 x 39,900.00
FMC Corp COM 302491303 9,475,062.50 191,900.00 x 158,700.00 33,200.00
FPL Group Inc COM 302571104 3,503,850.00 65,800.00 x 65,800.00
Fannie Mae COM 313586109 3,642,550.00 52,600.00 x 45,600.00 8,100.00
Federated Dept Stores COM 31410H101 1,938,037.50 48,300.00 x 22,500.00 25,800.00
First American
Fin'l Cp Ca COM 318522307 398,475.00 25,200.00 x 25,200.00 400.00
First Citizens Bancsh
Cl A COM 31946M103 396,900.00 4,900.00 x 4,900.00 100.00
First Data Corp COM 319963104 919,125.00 21,500.00 x 13,500.00 8,000.00
First Health Group Corp COM 320960107 478,662.50 29,800.00 x 29,800.00
First Union Corp COM 337358105 20,151,281.25 377,100.00 x 278,000.00 101,000.00
FirstEnergy Corp COM 337932107 4,684,960.00 167,320.00 x 140,020.00 29,100.00
Fleet Fin'l Group COM 338915101 10,621,537.50 282,300.00 x 195,700.00 89,300.00
Fleetwood Enterprises COM 339099103 234,725.00 8,200.00 x 8,200.00
Fleming Companies COM 339130106 132,718.75 15,500.00 x 15,500.00 200.00
Ford Motor Company COM 345370100 18,032,293.75 318,100.00 x 243,700.00 76,400.00
--------------
Page Total 142,396,628.75
</TABLE>
<PAGE> 8
<TABLE>
<CAPTION>
Martingale Asset Management
FORM 13F
March 31, 1999
Title Investment Discretion Voting Authority
of --------------------- ----------------
Security Class CUSIP Market Value Quantity Sole Share Other Managers Sole Share None
-------- ----- ----- ------------ -------- ---- ----- ----- -------- ---- ----- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Fort James Corporation COM 347471104 6,106,181.25 192,700.00 x 138,700.00 54,000.00
Fortune Brands COM 349631101 1,501,500.00 39,000.00 x 39,000.00
Fremont General Corp COM 357288109 1,052,250.00 55,200.00 x 36,200.00 19,000.00
Frontier Ins Grp Inc COM 359081106 197,837.50 16,660.00 x 16,660.00
Fruit of the Loom COM G3682L105 161,250.00 15,000.00 x 15,000.00
GATX Corp COM 361448103 2,961,081.25 89,900.00 x 58,700.00 31,200.00
GPU, Inc. COM 36225X100 1,999,950.00 53,600.00 x 23,400.00 30,200.00
GTE Corp COM 362320103 12,541,650.00 207,300.00 x 136,800.00 70,800.00
Gannett Co COM 364730101 9,708,300.00 154,100.00 x 114,200.00 41,200.00
Gartner Group Cl A COM 366651107 3,686,712.50 163,400.00 x 163,400.00
Gen'l Nutrition Cos COM 37047F103 2,739,800.00 195,700.00 x 195,700.00
Gencorp Inc COM 368682100 1,220,400.00 67,800.00 x 67,800.00 400.00
General Electric COM 369604103 11,980,687.50 108,300.00 x 108,300.00
General Motors Corp COM 370442105 21,506,400.00 247,200.00 x 173,700.00 75,600.00
Genl Instrument Corp COM 370120107 933,625.00 30,800.00 x 30,800.00
Glatfelter P H Co COM 377316104 384,850.00 34,400.00 x 34,400.00
Gleason Corp COM 377339106 567,406.25 33,500.00 x 33,500.00 300.00
Golden West Finl COM 381317106 888,150.00 9,300.00 x 9,300.00
Goodrich (B.F.) COM 382388106 3,448,406.25 100,500.00 x 68,300.00 32,200.00
Gotham Partners COM 38346L9G3 7,879,692.25 5,932.39 x 5,932.39
Grace (W.R.) COM 38388F108 6,600,850.00 544,400.00 x 456,500.00 87,900.00
Greenpoint Financial COM 395384100 1,007,750.00 29,000.00 x 5,600.00 23,400.00
Gtech Hldgs Corp COM 400518106 2,929,875.00 120,200.00 x 120,200.00 200.00
Guidant Corp COM 401698105 4,967,050.00 82,100.00 x 82,100.00
Guilford Mills COM 401794102 101,500.00 11,600.00 x 11,600.00
HCC Insurance Holdings COM 404132102 1,203,125.00 62,500.00 x 62,500.00
HCR Manor Care COM 404134108 876,000.00 38,400.00 x 38,400.00
Handleman Company COM 410252100 214,000.00 16,000.00 x 16,000.00 400.00
Harman Intl Inds COM 413086109 286,650.00 7,800.00 x 7,800.00
Harrah's Entertainment COM 413619107 2,024,437.50 106,200.00 x 106,200.00
Harte-Hanks Inc COM 416196103 570,700.00 20,800.00 x 20,800.00
--------------
Page Total 112,248,067.25
</TABLE>
<PAGE> 9
<TABLE>
<CAPTION>
Martingale Asset Management
FORM 13F
March 31, 1999
Title Investment Discretion Voting Authority
of --------------------- ----------------
Security Class CUSIP Market Value Quantity Sole Share Other Managers Sole Share None
-------- ----- ----- ------------ -------- ---- ----- ----- -------- ---- ----- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Haverty Furniture COM 419596101 274,050.00 10,800.00 x 10,800.00 200.00
Healthsouth Corp COM 421924101 4,683,275.00 451,400.00 x 371,400.00 84,300.00
Heilig Meyers Co COM 422893107 290,500.00 56,000.00 x 56,000.00
Helmerich & Payne COM 423452101 3,820,575.00 168,400.00 x 168,400.00
Herbalife Intl COM 426908208 215,468.75 17,500.00 x 17,500.00 200.00
Hercules Inc COM 427056106 717,100.00 28,400.00 x 1,400.00 27,000.00
Hewlett-Packard Company COM 428236103 6,659,187.50 98,200.00 x 81,500.00 16,700.00
Home Depot COM 437076102 1,406,850.00 22,600.00 x 22,600.00
Homestake Mining COM 437614100 91,425.00 10,600.00 x 10,600.00
Honeywell Inc COM 438506107 6,542,618.75 86,300.00 x 68,900.00 17,800.00
Household Int'l COM 441815107 3,942,000.00 86,400.00 x 69,300.00 17,100.00
Hughes Supply Inc COM 444482103 1,371,825.00 60,300.00 x 60,300.00 300.00
Humana Inc COM 444859102 617,550.00 35,800.00 x 35,800.00
IBP Inc COM 449223106 8,140,987.50 437,100.00 x 377,900.00 59,200.00
ICN Pharmaceutical COM 448924100 8,346,525.00 332,200.00 x 271,800.00 60,400.00
IMC Global COM 449669100 2,840,812.50 139,000.00 x 139,000.00
Imperial Bancorp COM 452556103 2,320,780.00 135,520.00 x 117,376.00 18,144.00
Ingersoll-Rand Co COM 456866102 12,235,043.75 246,550.00 x 200,450.00 47,900.00
Ingram Micro COM 457153104 410,625.00 18,000.00 x 18,000.00
Intel Corp COM 458140100 13,052,475.00 109,800.00 x 104,400.00 5,400.00
Intermet Corp COM 45881K104 734,287.50 54,900.00 x 48,200.00 6,900.00
Interpool Inc COM 46062R108 143,100.00 10,600.00 x 10,600.00 200.00
Interpublic Group COM 460690100 630,787.50 8,100.00 x 8,100.00
Interstate Bakeries COM 46072H108 3,922,218.75 181,900.00 x 125,000.00 56,900.00
Intl Business Machines COM 459200101 22,741,175.00 128,300.00 x 95,700.00 33,600.00
Intl Game Tech COM 459902102 799,987.50 54,700.00 x 54,700.00
Intl Specialty Prod COM 460337108 127,050.00 16,800.00 x 16,800.00
JLG Industries Inc COM 466210101 967,375.00 71,000.00 x 60,100.00 10,900.00
Jefferson Pilot Co COM 475070108 3,685,600.00 54,400.00 x 49,700.00 4,800.00
Johnson & Johnson COM 478160104 785,400.00 8,400.00 x 8,400.00
Johnson Controls Inc COM 478366107 3,112,512.50 49,900.00 x 38,000.00 11,900.00
--------------
Page Total 115,629,167.50
</TABLE>
8
<PAGE> 10
<TABLE>
<CAPTION>
Martingale Asset Management
FORM 13F
March 31, 1999
Title Investment Discretion Voting Authority
of --------------------- ----------------
Security Class CUSIP Market Value Quantity Sole Share Other Managers Sole Share None
-------- ----- ----- ------------ -------- ---- ----- ----- -------- ---- ----- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Jones Apparel Group COM 480074103 1,732,125.00 62,000.00 x 62,000.00
Jostens Inc COM 481088102 531,250.00 25,000.00 x 12,100.00 12,900.00
Just for Feet COM 48213P106 1,338,750.00 107,100.00 x 107,100.00
K Mart Corp COM 482584109 4,470,443.75 265,900.00 x 265,900.00
Kansas City Life Ins Co COM 484836101 407,500.00 5,000.00 x 5,000.00
Kaufman & Broad Home COM 486168107 2,651,093.75 117,500.00 x 89,700.00 28,400.00
Keane Inc COM 486665102 2,710,950.00 127,200.00 x 99,500.00 27,700.00
Kimball Intl COM 494274103 202,300.00 13,600.00 x 13,600.00 400.00
Kimberly-Clark COM 494368103 9,088,950.00 189,600.00 x 145,800.00 45,400.00
King World Prod. COM 495667107 7,830,112.50 256,200.00 x 212,500.00 43,700.00
Knight Ridder COM 499040103 530,000.00 10,600.00 x 10,600.00
Koninklijke Philips
EL-NY COM 500472105 4,715,425.00 57,200.00 x 57,200.00
LG&E Energy Corp COM 501917108 1,267,481.25 60,900.00 x 31,800.00 29,100.00
Lancaster Colony
Corporation COM 513847103 2,671,818.75 100,350.00 x 88,950.00 11,400.00
Lear Corp COM 521865105 712,881.25 16,700.00 x 16,700.00
Lehman Brothers
Holding Company COM 524908100 2,593,150.00 43,400.00 x 43,400.00
Lennar Corp COM 526057104 3,092,225.00 138,200.00 x 138,200.00
Lexmark Intl Group COM 529771107 8,222,812.50 73,500.00 x 73,500.00
Libbey Inc COM 529898108 2,061,500.00 66,500.00 x 59,600.00 6,900.00
Liberty Corp S C COM 530370105 277,918.75 5,300.00 x 5,300.00 100.00
Lilly (Eli) Co COM 532457108 4,481,400.00 52,800.00 x 52,800.00
Lincoln Electric
Holdings COM 533900106 456,312.50 24,500.00 x 20,400.00 4,200.00
Lincoln Nat'l Corp COM 534187109 2,135,700.00 21,600.00 x 21,600.00
Litton Ind Inc COM 538021106 1,283,181.25 22,100.00 x 10,500.00 11,600.00
Loew's Corp COM 540424108 2,805,900.00 37,600.00 x 17,600.00 20,000.00
Louisiana Pacific
Corporation COM 546347105 1,527,250.00 82,000.00 x 44,800.00 37,200.00
Lowe's Companies COM 548661107 611,050.00 10,100.00 x 10,100.00
Lucent Technologies COM 549463107 4,503,600.00 41,700.00 x 36,700.00 5,000.00
M & T Bank
Corporation COM 55261F104 718,500.00 1,500.00 x 1,500.00
MBIA Inc COM 55262C100 1,073,000.00 18,500.00 x 18,500.00
MBNA Corp COM 55262L100 2,258,575.00 94,600.00 x 94,600.00
-------------
Page Total 78,963,156.25
</TABLE>
<PAGE> 11
<TABLE>
<CAPTION>
Martingale Asset Management
FORM 13F
March 31, 1999
Title Investment Discretion Voting Authority
of --------------------- ----------------
Security Class CUSIP Market Value Quantity Sole Share Other Managers Sole Share None
-------- ----- ----- ------------ -------- ---- ----- ----- -------- ---- ----- ----
<S> <C> <C> <C> <C> <C> <C> <C>
MCI Worldcom Inc COM 55268B106 5,021,493.75 56,700.00 x 40,400.00 17,700.00
MCN Energy Group, Inc. COM 55267J100 2,006,206.25 124,900.00 x 51,900.00 73,000.00
MDC Holdings COM 552676108 171,062.50 11,900.00 x 11,900.00 400.00
MDU Res Group Inc COM 552690109 263,062.50 11,500.00 x 11,500.00
MGIC Investment COM 552848103 4,901,737.50 139,800.00 x 139,800.00
Mac Dermid Inc COM 554273102 315,618.75 9,300.00 x 1,100.00 8,200.00
Magnetek Inc COM 559424106 642,362.50 76,700.00 x 76,700.00
Mallinckrodt Group COM 561232109 2,337,675.00 87,800.00 x 87,800.00
Manitowoc Inc COM 563571108 1,494,937.50 35,700.00 x 35,700.00
Manpower Inc COM 56418H100 1,369,775.00 58,600.00 x 30,600.00 28,000.00
Mark IV Inds Inc COM 570387100 637,000.00 49,000.00 x 49,000.00 400.00
McDonald's Corp COM 580135101 679,687.50 15,000.00 x 15,000.00
McKesson Corp COM 58155Q103 419,496.00 6,356.00 x 6,356.00
Media General Inc COM 584404107 2,106,450.00 45,300.00 x 45,300.00
Mediaone Group Inc. COM 58440J104 1,281,437.50 20,200.00 x 20,200.00 300.00
Mentor Corp COM 587188103 474,406.25 32,300.00 x 32,300.00
Merck & Co Inc COM 589331107 3,365,250.00 42,000.00 x 42,000.00
Mercury Gen'l Corp COM 589400100 2,838,825.00 81,400.00 x 58,300.00 23,100.00
Meredith Corp COM 589433101 1,263,787.50 40,200.00 x 26,200.00 14,000.00
Michael's Stores Inc COM 594087108 3,248,875.00 131,600.00 x 110,100.00 21,600.00
Microsoft Corp COM 594918104 17,566,500.00 196,000.00 x 196,000.00
Midamerican Energy
Holdings Co COM 59562V107 798,000.00 28,500.00 x 23,600.00 4,900.00
Milacron Inc COM 598709103 491,400.00 31,200.00 x 31,200.00
Mobil Corp COM 607059102 9,697,600.00 110,200.00 x 78,600.00 33,600.00
Modis Prof Services COM 607830106 4,545,750.00 501,600.00 x 431,600.00 70,000.00
Morgan Stanley Dean
Witter & Co. COM 617446448 17,915,795.62 179,270.00 x 134,570.00 46,300.00
Mylan Labs Inc COM 628530107 570,700.00 20,800.00 x 20,800.00
NCR Corp COM 62886E108 305,000.00 6,100.00 x 6,100.00
NTL Inc COM 629407107 341,775.00 4,200.00 x 4,200.00
NVR Inc COM 62944T105 387,550.00 9,200.00 x 9,200.00 200.00
Nacco Inds Inc COM 629579103 318,468.75 4,300.00 x 4,300.00
-------------
Page Total 87,777,685.37
</TABLE>
<PAGE> 12
<TABLE>
<CAPTION>
Martingale Asset Management
FORM 13F
March 31, 1999
Title Investment Discretion Voting Authority
of --------------------- ----------------
Security Class CUSIP Market Value Quantity Sole Share Other Managers Sole Share None
-------- ----- ----- ------------ -------- ---- ----- ----- -------- ---- ----- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Nat'l City Corp COM 635405103 1,247,850.00 18,800.00 x 18,800.00 600.00
Nat'l Data Corp COM 635621105 2,381,400.00 56,700.00 x 39,200.00 17,500.00
Navistar Intl COM 63934E108 2,901,537.50 72,200.00 x 72,200.00
Neiman Marcus Group COM 640204103 479,650.00 21,200.00 x 21,200.00
Network Associates Inc COM 640938106 681,262.50 22,200.00 x 22,200.00
Nicor Corp COM 654086107 887,656.25 24,700.00 x 15,200.00 9,500.00
Noble Affiliates COM 654894104 812,000.00 28,000.00 x 28,000.00
Nortek Inc COM 656559101 284,625.00 11,500.00 x 11,500.00 100.00
OGE Energy Company COM 670837103 390,331.25 17,300.00 x 17,300.00
Office Depot Inc COM 676220106 651,412.50 17,400.00 x 17,400.00
Officemax Inc COM 67622M108 1,629,262.50 188,900.00 x 188,900.00
Old Republic Int'l COM 680223104 4,018,650.00 220,200.00 x 220,200.00
Olin Corp COM 680665205 659,093.75 65,500.00 x 52,000.00 13,500.00
Olsten Corp COM 681385100 68,681.25 11,100.00 x 11,100.00
Omnicom Group Inc COM 681919106 4,636,375.00 58,000.00 x 58,000.00
Oneok Inc COM 682680103 272,250.00 11,000.00 x 11,000.00 300.00
Outback Steakhouse COM 689899102 638,625.00 19,500.00 x 19,500.00
Owens & Minor Inc COM 690732102 106,312.50 10,500.00 x 10,500.00
Owens Illinois Inc COM 690768403 5,822,500.00 232,900.00 x 179,100.00 53,800.00
PNC Financial COM 693475105 8,695,531.25 156,500.00 x 127,500.00 30,100.00
PPG Industries COM 693506107 6,672,750.00 130,200.00 x 106,800.00 24,500.00
Paccar Inc COM 693718108 910,243.75 22,100.00 x 22,100.00
Pacific Century Finl COM 694058108 1,235,800.00 59,200.00 x 43,300.00 15,900.00
Paine Webber Inc COM 695629105 3,596,725.00 90,200.00 x 88,400.00 1,800.00
Paxar Corp COM 704227107 667,887.50 89,800.00 x 89,800.00
Payless Shoesource COM 704379106 6,347,250.00 136,500.00 x 122,400.00 14,100.00
Peco Energy COM 693304107 11,812,250.00 255,400.00 x 188,700.00 67,900.00
Pentair Inc COM 709631105 756,000.00 22,400.00 x 3,500.00 18,900.00
Peoples Heritage Finl COM 711147108 205,200.00 11,400.00 x 11,400.00
Pfizer Inc. COM 717081103 4,093,125.00 29,500.00 x 29,500.00
Pharmacia & Upjohn COM 716941109 237,025.00 3,800.00 x 3,800.00
-------------
Page Total 73,799,262.50
</TABLE>
<PAGE> 13
<TABLE>
<CAPTION>
Martingale Asset Management
FORM 13F
March 31, 1999
Title Investment Discretion Voting Authority
of --------------------- ----------------
Security Class CUSIP Market Value Quantity Sole Share Other Managers Sole Share None
-------- ----- ----- ------------ -------- ---- ----- ----- -------- ---- ----- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Philip Morris Inc COM 718154107 580,593.75 16,500.00 x 16,500.00
Phillips Pete COM 718507106 4,621,050.00 97,800.00 x 84,400.00 15,100.00
Pilgrims Pride Corp Cl B COM 721467108 356,693.75 21,700.00 x 17,300.00 4,400.00
Pillowtex Corp COM 721501104 412,856.25 29,100.00 x 29,100.00 500.00
Pioneer Standard
Electronics COM 723877106 435,093.75 66,300.00 x 66,300.00 500.00
Pittston Brinks Group COM 725701106 225,600.00 9,600.00 x 9,600.00
Polaris Inds Inc COM 731068102 2,638,425.00 83,100.00 x 73,300.00 9,900.00
Potomac Elec Power COM 737679100 827,793.75 35,700.00 x 35,700.00
Praxair COM 74005P104 616,668.75 17,100.00 x 17,100.00 300.00
Precision Castparts COM 740189105 1,086,750.00 27,000.00 x 27,000.00 200.00
Premark Int'l Inc COM 740459102 5,727,831.25 173,900.00 x 126,200.00 47,700.00
Procter & Gamble Co COM 742718109 7,364,900.00 75,200.00 x 75,200.00
Protective Life Co COM 743674103 518,887.50 13,700.00 x 13,700.00
Providian Finl Corp COM 74406A102 5,241,500.00 47,650.00 x 47,650.00
Public Service Ent COM 744573106 8,657,106.25 226,700.00 x 226,700.00
Public Service New
Mexico COM 744499104 1,337,900.00 78,700.00 x 78,700.00
Puget Sound Pwr COM 745332106 382,837.50 16,600.00 x 16,600.00
Pulte Corporation COM 745867101 245,587.50 11,800.00 x 11,800.00
Quaker Oats Company COM 747402105 7,588,275.00 121,900.00 x 121,900.00
Qualcomm Inc COM 747525103 3,320,812.50 26,700.00 x 26,700.00
Quanex Corp COM 747620102 224,750.00 14,500.00 x 14,500.00 300.00
Quantum Corporation COM 747906105 5,497,200.00 305,400.00 x 254,700.00 50,700.00
Questar Corp COM 748356102 743,556.25 43,900.00 x 43,900.00
RJR Nabisco Holdings COM 74960K876 232,500.00 9,300.00 x 9,300.00
Ralcorp Holdings COM 751028101 1,827,800.00 96,200.00 x 78,800.00 17,400.00
Ralston Purina Group COM 751277302 240,187.50 9,000.00 x 400.00 9,000.00
Raychem Corp COM 754603108 2,707,500.00 120,000.00 x 120,000.00
Rayonier Inc COM 754907103 276,431.25 6,900.00 x 6,900.00 300.00
Recoton Corp COM 756268108 172,200.00 12,300.00 x 12,300.00 200.00
Reliance Group
Holdings COM 759464100 395,906.25 51,500.00 x 26,200.00 25,300.00
Reliastar Corp COM 75952U103 997,425.00 23,400.00 x 23,400.00
-------------
Page Total 65,502,618.75
</TABLE>
<PAGE> 14
<TABLE>
<CAPTION>
Martingale Asset Management
FORM 13F
March 31, 1999
Title Investment Discretion Voting Authority
of --------------------- ----------------
Security Class CUSIP Market Value Quantity Sole Share Other Managers Sole Share None
-------- ----- ----- ------------ -------- ---- ----- ----- -------- ---- ----- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Republic Group COM 760473108 275,643.75 18,300.00 x 18,300.00 100.00
Republic Industries COM 760516104 2,301,750.00 186,000.00 x 168,600.00 19,300.00
Republic New York Corp COM 760719104 3,570,075.00 77,400.00 x 71,000.00 6,400.00
Reynolds & Reynolds COM 761695105 5,093,900.00 268,100.00 x 231,200.00 36,900.00
Reynolds Metals Co COM 761763101 975,912.50 20,200.00 x 14,400.00 5,800.00
Richfood Holdings COM 763408101 3,652,687.50 169,400.00 x 169,400.00
Roberts Pharmaceutical
Corp COM 770491108 2,568,850.00 123,800.00 x 103,400.00 20,700.00
Rockwell Int'l COM 773903109 2,092,168.75 49,300.00 x 28,100.00 21,200.00
Rollins Truck Leasing COM 775741101 1,389,200.00 147,200.00 x 147,200.00 400.00
Ross Stores Inc COM 778296103 6,431,675.00 146,800.00 x 146,800.00
Royal Dutch Pet. COM 780257804 2,823,600.00 54,300.00 x 54,300.00
Ruby Tuesday COM 781182100 371,825.00 21,400.00 x 21,400.00
Ryans Family Steak House COM 783519101 1,185,743.75 98,300.00 x 98,300.00 200.00
Ryder Systems Inc COM 783549108 2,831,562.50 102,500.00 x 102,500.00
SBC Communications COM 78387G103 24,428,968.75 517,700.00 x 413,400.00 108,300.00
SCI Systems Inc COM 783890106 4,277,850.00 144,400.00 x 133,600.00 10,800.00
SPS Technologies Inc COM 784626103 1,012,650.00 25,800.00 x 21,700.00 4,100.00
Safeskin Corp COM 786454108 1,522,456.25 204,700.00 x 189,900.00 14,800.00
Safeway Inc COM 786514208 5,567,406.25 108,500.00 x 95,700.00 12,800.00
Saks Holdings Inc COM 79377W108 2,776,800.00 106,800.00 x 54,500.00 52,300.00
Sanmina Corp COM 800907107 248,625.00 3,900.00 x 3,900.00
Sara Lee Corp COM 803111103 762,300.00 30,800.00 x 30,800.00
Scana Corp COM 805898103 292,781.25 13,500.00 x 13,500.00
Schering Plough Corp COM 806605101 7,502,950.00 135,800.00 x 135,800.00
Schulman A Inc COM 808194104 862,462.50 63,300.00 x 63,300.00
Schwab Charles Corp COM 808513105 221,087.50 2,300.00 x 2,300.00
Seagate Technology COM 811804103 8,877,618.75 300,300.00 x 232,100.00 70,700.00
Sears Roebuck COM 812387108 9,389,962.50 207,800.00 x 160,800.00 47,600.00
Shared Med Sys Corp COM 819486101 6,615,675.00 118,800.00 x 103,000.00 15,800.00
Shopko Stores Inc COM 824911101 1,714,825.00 57,400.00 x 57,400.00 100.00
Shorewood Packaging COM 825229107 920,412.50 46,900.00 x 40,000.00 6,900.00
--------------
Page Total 112,559,425.00
</TABLE>
<PAGE> 15
<TABLE>
<CAPTION>
Martingale Asset Management
FORM 13F
March 31, 1999
Title Investment Discretion Voting Authority
of --------------------- ----------------
Security Class CUSIP Market Value Quantity Sole Share Other Managers Sole Share None
-------- ----- ----- ------------ -------- ---- ----- ----- -------- ---- ----- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Skytel Communications
Inc COM 83087Q104 1,421,437.50 85,500.00 x 71,700.00 13,800.00
Smith, A.O. COM 831865209 254,600.00 13,400.00 x 13,400.00
Smithfield Foods Inc COM 832248108 5,245,350.00 231,200.00 x 209,100.00 22,100.00
Solectron Corp COM 834182107 3,676,181.25 75,700.00 x 75,700.00
Sonoco Products Co COM 835495102 846,400.00 36,800.00 x 36,800.00
Southdown Inc COM 841297104 2,093,812.50 39,000.00 x 34,900.00 4,100.00
Southern Company COM 842587107 3,557,487.50 152,600.00 x 143,000.00 10,800.00
Sprint COM 852061100 9,724,187.50 99,100.00 x 82,500.00 17,200.00
St. Jude Med Inc COM 790849103 2,171,812.50 89,100.00 x 71,400.00 17,700.00
Standard Pacific Cp COM 85375C101 175,100.00 13,600.00 x 13,600.00
Standard Products COM 853836104 303,875.00 18,700.00 x 18,700.00 300.00
Sterling Software Inc COM 859547101 3,617,125.00 152,300.00 x 120,500.00 31,800.00
Student Loan Corp COM 863902102 250,412.50 6,700.00 x 6,700.00 100.00
Suiza Foods Corp COM 865077101 6,447,787.50 191,400.00 x 171,300.00 20,100.00
Sundstrand Corp COM 867323107 3,481,950.00 50,100.00 x 42,900.00 7,200.00
Sungard Data Systems COM 867363103 728,000.00 18,200.00 x 18,200.00
Sunoco Inc COM 86764P109 4,962,200.00 137,600.00 x 118,900.00 18,700.00
Superior Telecom Inc COM 868365107 213,287.50 11,300.00 x 11,300.00 100.00
Supervalu Inc COM 868536103 2,829,750.00 137,200.00 x 137,200.00
Symantec COM 871503108 5,785,850.00 341,600.00 x 296,700.00 44,900.00
TCA Cable TV COM 872241104 3,253,800.00 74,800.00 x 49,800.00 25,000.00
TJX Companies Inc COM 872540109 5,181,600.00 152,400.00 x 152,400.00
TV Guide Inc COM 87307Q109 586,312.50 15,900.00 x 15,900.00
Tandy Corp COM 875382103 4,868,893.75 76,300.00 x 76,300.00
Tech Data COM 878237106 3,725,050.00 162,400.00 x 154,700.00 7,700.00
Tecumseh Products COM 878895200 1,793,000.00 35,200.00 x 30,800.00 4,800.00
Tektronix COM 879131100 704,475.00 27,900.00 x 27,900.00
Tenet Healthcare Inc COM 88033G100 1,689,225.00 89,200.00 x 80,300.00 8,900.00
Terex Corp New COM 880779103 1,630,850.00 67,600.00 x 56,700.00 10,900.00
Tesoro Pete Corp COM 881609101 1,672,000.00 152,000.00 x 152,000.00 200.00
Texaco Inc COM 881694103 6,282,225.00 110,700.00 x 80,000.00 30,700.00
-------------
Page Total 89,174,037.50
</TABLE>
<PAGE> 16
<TABLE>
<CAPTION>
Martingale Asset Management
FORM 13F
March 31, 1999
Title Investment Discretion Voting Authority
of --------------------- ----------------
Security Class CUSIP Market Value Quantity Sole Share Other Managers Sole Share None
-------- ----- ----- ------------ -------- ---- ----- ----- -------- ---- ----- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Texas Instruments COM 882508104 784,075.00 7,900.00 x 4,300.00 3,600.00
Texas Utilities COM 882848104 575,400.00 13,700.00 x 13,700.00
Thermo Electron Co COM 883556102 683,550.00 50,400.00 x 10,000.00 40,400.00
Thermo Instr Sys Inc COM 883559106 285,862.50 19,800.00 x 19,800.00
Thomas & Betts Corp COM 884315102 1,697,825.00 45,200.00 x 30,200.00 15,000.00
Tidewater Inc COM 886423102 204,412.50 7,900.00 x 7,900.00
Tiffany & Co New COM 886547108 882,050.00 11,800.00 x 6,100.00 5,700.00
Time Warner, Inc COM 887315109 7,803,537.50 110,200.00 x 89,400.00 20,800.00
Timken Co COM 887389104 196,625.00 12,100.00 x 12,100.00
Tommy Hilfiger Corp COM G8915Z102 3,078,712.50 44,700.00 x 34,200.00 10,500.00
Toys 'r' Us COM 892335100 253,968.75 13,500.00 x 13,500.00
Transocean Offshore COM 893817106 4,817,450.00 167,200.00 x 159,500.00 7,700.00
Tribune Co New COM 896047107 7,630,012.50 116,600.00 x 104,600.00 13,200.00
Tricon Global
Restaurants COM 895953107 1,046,725.00 14,900.00 x 14,900.00
Trinity Indust Inc COM 896522109 3,898,062.50 132,700.00 x 132,700.00
True North
Communications COM 897844106 1,024,800.00 36,600.00 x 36,600.00
Tupperware Corp COM 899896104 5,041,800.00 280,100.00 x 214,600.00 65,500.00
Tyco Intl Ltd COM 902124106 1,291,500.00 18,000.00 x 18,000.00
Tyson Food Inc COM 902494103 2,600,418.75 125,700.00 x 125,700.00
U S Bancorp Inc. COM 917292104 244,237.50 16,700.00 x 16,700.00
U S Trust Corp COM 91288L105 608,337.50 8,200.00 x 8,200.00
U S West Inc COM 91273H101 13,344,507.00 242,352.00 x 171,552.00 73,000.00
U.S. Cellular COM 911684108 594,000.00 13,500.00 x 13,500.00
U.S. Freightways COM 916906100 1,453,075.00 44,200.00 x 32,700.00 11,600.00
USG Corp COM 903293405 6,021,150.00 117,200.00 x 117,200.00
USX-Marathon Group COM 902905827 288,750.00 10,500.00 x 10,500.00
USX-US Steel Group COM 90337T101 1,525,150.00 64,900.00 x 64,900.00
Ultramar Diamond
Shamrock COM 904000106 257,337.50 11,900.00 x 11,900.00
Unisys Corp COM 909214108 2,234,381.25 80,700.00 x 77,000.00 4,300.00
United Dominion
Industries COM 909914103 262,350.00 13,200.00 x 13,200.00
United Stationers Inc COM 913004107 3,565,450.00 233,800.00 x 207,800.00 26,000.00
-------------
Page Total 74,195,513.25
</TABLE>
<PAGE> 17
<TABLE>
<CAPTION>
Martingale Asset Management
FORM 13F
March 31, 1999
Title Investment Discretion Voting Authority
of --------------------- ----------------
Security Class CUSIP Market Value Quantity Sole Share Other Managers Sole Share None
-------- ----- ----- ------------ -------- ---- ----- ----- -------- ---- ----- ----
<S> <C> <C> <C> <C> <C> <C> <C>
United Tech Co COM 913017109 406,312.50 3,000.00 x 3,000.00
Universal Corp Va COM 913456109 2,658,500.00 104,000.00 x 91,800.00 12,500.00
Utilicorp COM 918005109 2,024,750.00 89,000.00 x 59,400.00 29,600.00
Valero Energy Corp COM 91913Y100 4,524,762.50 181,900.00 x 144,000.00 37,900.00
Valspar Corporation COM 920355104 391,375.00 12,400.00 x 12,400.00
Varlen Corp COM 922248109 1,155,000.00 52,500.00 x 47,000.00 5,900.00
Vastar Resources COM 922380100 477,500.00 10,000.00 x 10,000.00
Viacom Class B COM 925524308 2,450,975.00 29,200.00 x 19,200.00 10,000.00
Viad Corporation COM 92552R109 1,048,531.25 37,700.00 x 37,700.00
Vishay Intertechnology COM 928298108 2,650,092.50 182,765.00 x 135,765.00 47,300.00
Wal-Mart Stores COM 931142103 4,673,906.25 50,700.00 x 50,700.00
Wallace Computer Svc COM 932270101 3,235,381.25 163,300.00 x 163,300.00
Warnaco Grp Inc -Cl A COM 934390105 2,755,125.00 111,600.00 x 93,300.00 18,300.00
Warner-Lambert Co COM 934488107 3,643,750.00 55,000.00 x 55,000.00
Washington Mutual Inc COM 939322103 1,585,950.00 38,800.00 x 31,900.00 7,800.00
Waste Management Inc COM 94106L109 625,687.50 14,100.00 x 11,900.00 2,800.00
Watson Pharmaceuticals COM 942683103 2,073,875.00 47,000.00 x 47,000.00
Wausau-Mosinee Paper
Corp COM 943315101 217,000.00 15,500.00 x 15,500.00
Webb Del E Corp COM 947423109 563,875.00 26,000.00 x 26,000.00 200.00
Wellpoint Health
Network COM 94973H108 5,928,537.50 78,200.00 x 78,200.00
Wells Fargo & Co COM 949746101 571,518.75 16,300.00 x 16,300.00
Westvaco Corp COM 961548104 501,900.00 23,900.00 x 23,900.00
Wisconsin Central
Transpor COM 976592105 291,500.00 22,000.00 x 22,000.00
World Access Inc. COM 98141A101 246,187.50 30,300.00 x 30,300.00
Worthington Inds COM 981811102 391,275.00 33,300.00 x 17,100.00 16,200.00
Wyman-Gordon Co COM 983085101 526,325.00 56,900.00 x 56,900.00
Yahoo Inc COM 984332106 202,050.00 1,200.00 x 1,200.00
York Int'l Corp COM 986670107 653,281.25 18,500.00 x 3,500.00 15,000.00
Zale Corp COM 988858106 4,868,300.00 142,400.00 x 120,400.00 22,300.00
Zions Bancorporation COM 989701107 538,650.00 8,100.00 x 8,100.00
----------------
1,529,789,305.00
</TABLE>
