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 Quarter Ended March 31, 2002
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If amended report check here: [ ]
Loews Corporation
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Name of Institutional Investment Manager
667 Madison Avenue New York New York 10021
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Business Address (Street) (City) (State) (Zip)
Barry Hirsch, Senior Vice President (212) 521-2920
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Name, Phone No., and Title of Person Duly Authorized to Submit This Report.
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 New York and State of
--------------------------
New York on the 10th day of May, 2002.
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Loews Corporation
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(Name of Institutional Investment Manager)
By: /s/ Barry Hirsch
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(Manual Signature of Person Duly Authorized
to Submit This Report)
Name and 13F file number 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. None 6.
-------------------------- ------------- ------------------------ -----------
2. 7.
-------------------------- ------------- ------------------------ -----------
3. 8.
-------------------------- ------------- ------------------------ -----------
4. 9.
-------------------------- ------------- ------------------------ -----------
5. 10.
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Page 1 of 20 Pages
Loews Corporation
FORM 13F
Report for the Quarter Ended
March 31, 2002
Loews Corporation ("Loews"), by virtue of its approximately 89% ownership of
voting securities of CNA Financial Corporation whose business address is CNA
Plaza, Chicago, Illinois 60685 ("CNA"), may be deemed to have investment
discretion regarding certain securities (the "CNA Securities") as to which
investment discretion is deemed to be exercised by CNA. Pursuant to General
Instruction B of Form 13F, CNA is reporting on behalf of Loews regarding the
CNA Securities.
Mr. Laurence A. Tisch and Mr. Preston R. Tisch own in the aggregate
approximately 26% of the outstanding Common Stock of Loews. Mr. Laurence A.
Tisch and Mr. Preston R. Tisch are the Co-Chairman of the Board of Loews.
Laurence A. Tisch and Preston R. Tisch are brothers and may be deemed to be
control persons of Loews.
Page 2 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Acxiom Corp Common 005125109 $ 1,068 62,300 X 62,300
Adelphia Common 006848105 7,078 475,000 X 475,000
Communications
CL A
Aeroflex Inc. Common 007768104 165 12,800 X 12,800
Aetna Inc Common 00817Y108 1,281 33,000 X 33,000
Agile Software Common 00846X105 289 23,900 X 23,900
Corp Del
Agrium Inc Common 008916108 11,720 1,114,100 X 1,114,100
AK Stl Hldg Corp Common 001547108 3,618 253,000 X 253,000
Allegheny Energy Common 017361106 802 19,400 X 19,400
Inc.
Allegheny
Technologies Inc Common 01741R029 996 60,200 X 60,200
Allied Waste Common 019589308 499 38,400 X 38,400
Allstate Corp Common 020002101 500 13,225 X 13,225
Amazon Com Inc. Common 023135106 433 30,300 X 30,300
Amerada Hess Corp Common 023551104 1,190 15,000 X 15,000
America Movil Common 02364W105 399 20,100 X 20,100
S A DE CV
American Express Common 025816109 250 6,100 X 6,100
Corp.
American Natl Common 028591105 2,176 23,025 X 23,025
Ins Co.
-----------
TOTAL $ 32,464
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Page 3 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
American Common 028884104 $ 277 14,225 X 14,225
Physicians
Capital
Americredit Corp Common 03060R101 714 18,800 X 18,800
AMR Corp Common 001765106 3,169 120,000 X 120,000
Anixter Intl Cos Common 035290105 209 7,050 X 7,050
Apex Silver WTS G04074111 48 105,700 X 105,700
Mines Ltd. 110402
Apollo Group Inc Common 037604105 203 3,800 X 3,800
Applica Inc. Common 03815A106 860 100,000 X 100,000
Aquila Inc Common 03840P102 556 22,400 X 22,400
AT&T Corp Common 001957109 171 10,900 X 10,900
AT&T Wireless Common 001957406 5,952 665,000 X 665,000
Atlas Air Common 049164106 3,784 287,300 X 287,300
Worldwide
Hldgs Inc
Arch Coal Inc Common 039380100 214 10,000 X 10,000
Arvinmeritor Inc Common 043353101 211 7,375 X 7,375
Autodesk Inc Common 052769106 261 5,600 X 5,600
Avery Dennison Common 053611109 299 4,900 X 4,900
Corp
Barrick Gold Common 067901108 33,779 1,820,000 X 1,820,000
Corp.
Beverly Common 087851309 4,005 556,300 X 556,300
Enterprises Inc
-----------
TOTAL $ 54,712
-----------
Page 4 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Black & Decker Common 091797100 $ 293 6,300 X 6,300
Corp
Boeing Corp. Common 097023105 4,935 102,275 X 102,275
Borg Warner Inc Common 099724106 252 4,000 X 4,000
Bowne & Co Inc Common 103043105 222 15,750 X 15,750
Brinker Intl Inc Common 109641100 344 10,600 X 10,600
Cablevision Sys Common 12686C109 2,550 75,000 X 75,000
Corp
Cadiz Inc. Common 127537108 900 100,000 X 100,000
Calpine Corp Common 131347106 197 15,500 X 15,500
Capstone Turbine Common 14067D102 326 100,000 X 100,000
Corp
Career Education Common 141665109 741 18,700 X 18,700
Corp
Carnival Corp Common 143658102 2,449 75,000 X 75,000
Caterpillar Inc. Common 149123101 1,706 30,000 X 30,000
CEC Entmt Inc Common 125137109 568 12,300 X 12,300
Celestica Inc Common 15101Q108 297 8,200 X 8,200
Centex Corp Common 152312104 1,646 31,700 X 31,700
Certegy Inc Common 156880106 318 8,000 X 8,000
Charter Common 16117M107 3,225 285,629 X 285,629
Communications
Inc
-----------
TOTAL $ 20,969
-----------
Page 5 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Cleveland Cliffs Common 185896107 $ 5,363 243,750 X 243,750
Inc.
CNA Financial Common 126117100 5,897,696 198,575,624 X 198,575,624
Corp.
CNF Inc Common 12612W104 1,022 30,975 X 30,975
Compaq Computer Common 204493100 2,455 234,900 X 234,900
Corp.
Computer Common 204912109 1,070 48,875 X 48,875
Associates
Cooper Common 216669101 996 23,750 X 23,750
Industries
Copart Inc Common 217204106 337 18,800 X 18,800
Costco Whsl. Common 22160K105 346 8,700 X 8,700
Corp. New
Cree Inc Common 225447101 741 54,400 X 54,400
Cytec Common 232820100 706 23,200 X 23,200
Industries
Darden Common 237194105 406 10,000 X 10,000
Restaurants Inc
Del Monte Foods Common 24522P103 179 18,375 X 18,375
Inc
Delphi Auto Sys. Common 247126105 365 22,800 X 22,800
Corp.
Delphi Finl Group Common 247131105 2,310 58,925 X 58,925
Inc
-----------
TOTAL $ 5,913,992
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Page 6 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Developers Common 251591103 $ 2,100 100,000 X 100,000
Diversified
Rlty Co
Diamond Offshore Common 25271C102 2,191,326 70,100,000 X 70,100,000
Drilling
Dollar Thrifty Common 256743105 1,904 90,000 X 90,000
Automotive GP
Dollar Tree Common 256747106 420 12,800 X 12,800
Stores Inc
Duke Energy Corp Common 264399106 5,670 150,000 X 150,000
DuPont E.I. De Common 263534109 943 20,000 X 20,000
Nemours & Co.
Eaton Corp. Common 278058102 599 7,400 X 7,400
Eclipsys Corp Common 278856109 263 16,000 X 16,000
Edwards Ag Inc Common 281760108 475 10,800 X 10,800
Efunds Corp Common 28224R101 233 14,500 X 14,500
Emulex Corp Common 292475209 207 6,300 X 6,300
Energen Corp Common 29265N108 344 13,000 X 13,000
Entery Corp New Common 29364G103 499 11,500 X 11,500
EOG Res Inc. Common 26875P101 430 10,600 X 10,600
Equitable Res Inc Common 294549100 1,076 30,900 X 30,900
Equity Common 294741103 342 11,400 X 11,400
Office Prop.
Trst.
-----------
TOTAL $ 2,206,831
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Page 7 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Equity Common 29476L107 $ 359 12,500 X 12,500
Residential
Pptys Tr
Esterline Common 297425100 266 13,050 X 13,050
Technologies
Corp
Federal Home Loan Common 313400301 951 15,000 X 15,000
Mtge Corp
Fedex Corp Common 31304N107 1,075 18,500 X 18,500
First Data Corp Common 319963104 1,108 12,700 X 12,700
Fluor Corp Common 343412102 1,040 25,500 X 25,500
FMC Corp Common 302491303 3,332 79,475 X 79,475
FMC Technologies Common 302494101 2,696 135,259 X 135,259
Ford Motor Co Common 345370860 2,309 140,000 X 140,000
(Del)
Fortune Brands Common 349631101 808 16,375 X 16,375
Freeport-McMoran Common 35671D857 906 51,400 X 51,400
Copper & Gold
Gables Common 362418105 217 6,975 X 6,975
Residential Tr
Gannett Inc. Common 364730101 350 4,600 X 4,600
Gap Inc Del Common 364760108 757 50,300 X 50,300
Glimcher Rlty Tr Common 379302102 402 21,650 X 21,650
Genesis Health Common 37183F107 5,779 317,500 X 317,500
Venture Inc New
-----------
TOTAL $ 22,355
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Page 8 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Gentex Corp Common 371901109 $ 222 7,500 X 7,500
Georgia Pac Corp Common 373298108 395 13,200 X 13,200
Gibraltar Stl Common 37476F103 3,264 150,000 X 150,000
Corp
Glamis Gold Ltd Common 376775102 2,301 430,000 X 430,000
Goodyear Tire & Common 382550101 327 12,800 X 12,800
Rubber Co
Healthcare Rlty Common 421946104 221 7,275 X 7,275
Tr
Health Net Inc Common 42222G108 843 30,725 X 30,725
Healthsouth Corp Common 421924101 359 25,000 X 25,000
Hearst-Argyle Common 422317107 1,237 50,000 X 50,000
Television Inc.
Hewlett Packard Common 428236103 409 22,825 X 22,825
Co
Honeywell Intl Common 438516106 758 19,800 X 19,800
Inc
Household Intl Common 441815107 852 15,000 X 15,000
Inc
Ikon Office Common 451713101 326 27,800 X 27,800
Solutions Inc
Intl. business Common 459200101 5,512 53,000 X 53,000
Machs
Intl. Paper Inc. Common 460146103 2,082 48,400 X 48,400
International Common 459902102 393 6,300 X 6,300
Game Technology
-----------
TOTAL $ 19,501
-----------
Page 9 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Interpublic Group Common 460690100 $ 1,097 32,000 X 32,000
Cos Inc
Iona Technologies Common 46206P109 401 23,700 X 23,700
Plc
Ishares Common 464286848 1,425 175,000 X 175,000
Jakks Pac Inc Common 47012E106 444 19,500 X 19,500
Jefferson Pilot Common 475070108 781 15,600 X 15,600
Corp
JP Morgan Chase Common 46625H100 339 9,500 X 9,500
Co
Kellwood Co Common 488044108 322 13,250 X 13,250
Kennametal Inc Common 489170100 204 5,050 X 5,050
Kerr McGee Corp Common 492386107 2,828 45,000 X 45,000
Key3media Group Common 49326R104 90 19,650 X 19,650
Inc
Kindred Common 494580103 3,341 82,500 X 82,500
Healthcare Inc
Kinder Morgan Common 49455P101 1,070 22,100 X 22,100
Inc Kans
Kinross Gold Common 496902107 406 320,000 X 320,000
Corp.
Korea Telecom Common 50063P103 4,197 175,000 X 175,000
Lamar Advert Co Common 512815101 613 15,100 X 15,100
La Quinta Corp Common 50419U202 2,363 330,500 X 330,500
Lear Corp Common 521865105 1,089 22,875 X 22,875
-----------
TOTAL $ 21,010
-----------
Page 10 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Lehman Brothers Common 524908100 $ 336 5,200 X 5,200
Lennox Intl inc Common 526107107 2,308 174,600 X 174,600
Liberty Media Common 530718105 2,275 180,000 X 180,000
Corp New
Liberty Ppty Tr Common 531172104 11,123 344,900 X 344,900
Lincoln Natl Common 534187109 1,522 30,000 X 30,000
Corp Ind
Lubrizol Corp Common 549271104 832 23,925 X 23,925
Magna Intl Inc Common 559222401 1,470 20,000 X 20,000
Manugistics Group Common 565011103 449 20,900 X 20,900
Inc
Marathon Oil Corp Common 902905827 6,733 233,800 X 233,800
Mattel Inc Common 577081102 663 31,800 X 31,800
Maxtor Corp Common 577729205 2,452 352,750 X 352,750
MBIA Inc Common 55262C100 1,231 22,500 X 22,500
MBNA Corp Common 55262L100 1,011 26,200 X 26,200
McDermott Intl Common 580037109 386 24,800 X 24,800
Inc
Mercury Common 589405109 429 11,400 X 11,400
Interactive
Corp
Metromedia Int?l. Common 591695101 16 50,213 X 50,213
Group Inc.
Microtune Inc Del Common 87229N101 147 10,200 X 10,200
-----------
TOTAL $ 33,383
-----------
Page 11 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Milacron Inc Common 598709103 $ 315 21,600 X 21,600
Millipore Corp Common 601073109 279 6,300 X 6,300
Mine Safety Common 602720104 751 20,000 X 20,000
Appliances Co.
Miramar Mining Common 60466E100 267 300,000 X 300,000
Corp.
Mirant Corp Common 604675108 4,335 300,000 X 300,000
Monaco Coach Corp Common 60886R103 552 22,700 X 22,700
Monsanto Co New Common 61166W101 255 8,075 X 8,075
Motorola Inc. Common 620076109 1,136 80,000 X 80,000
Movie Gallery Inc Common 624581104 187 10,900 X 10,900
Nacco Inds Inc Common 629579103 303 4,575 X 4,575
National City Common 635405103 305 9,900 X 9,900
Corp
Netegrity Inc Common 64110P107 204 13,800 X 13,800
Neurocrine Common 64125C109 418 10,300 X 10,300
Biosciences Inc
News Corp LTD- Common 652487802 4,027 155,000 X 155,000
Spons Adr Prf
Nisource Inc Common 65473P105 622 27,100 X 27,100
Norfolk Southern Common 655844108 1,676 70,000 X 70,000
Corp
Nortek Inc Common 656559101 360 10,000 X 10,000
-----------
TOTAL $ 15,992
-----------
Page 12 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Nortel Netowrks Common 656568102 $ 687 152,900 X 152,900
Corp New
Northwest Nat Common 667655104 1,714 61,200 X 61,200
Gas Co
NPS Common 62936P103 248 7,600 X 7,600
Pharmaceuticals
Inc
NRG Energy Inc Common 629377102 1,641 136,100 X 136,100
Nuance Comm Inc Common 669967101 137 20,000 X 20,000
Nucor Corp Common 670346105 2,839 44,200 X 44,200
Nvidia Corp Common 67066G104 262 5,900 X 5,900
Ocean Energy Inc Common 67481E106 1,583 80,000 X 80,000
Office Depot Inc Common 676220106 2,273 114,500 X 114,500
Officemax Inc Common 67622M108 2,941 527,100 X 527,100
Old Rep Int'l Common 680223104 2,300 71,950 X 71,950
Corp
On Command Corp. Common 682160106 141 57,296 X 57,296
Orient Express Common G67743107 2,921 142,500 X 142,500
Hotels
Oshkosh Truck Common 688239201 307 5,400 X 5,400
Corp
Payless Shoes Common 704379106 1,081 17,700 X 17,700
Inc
Phillips Pete Co Common 718507106 462 7,350 X 7,350
-----------
TOTAL $ 21,537
-----------
Page 13 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Pioneer Std Common 723877106 $ 244 17,275 X 17,275
Electrs Inc
Placer Dome Inc. Common 725906101 14,700 1,200,000 X 1,200,000
PNM Res Inc Common 69349H107 286 9,325 X 9,325
Potash Corp. Common 73755L107 2,871 44,000 X 44,000
Sask Inc.
Power Common 739276103 253 13,300 X 13,300
Integrations Inc
Powerwave Common 739363109 380 29,500 X 29,500
Technologies Inc
Precision Common 74022D100 823 25,750 X 25,750
Drilling Corp
Progress Energy Common 743263105 460 9,200 X 9,200
Inc
Prudential Fincl Common 744320102 5,577 179,600 X 179,600
Inc
Pulte Homes Inc Common 745867101 2,153 45,000 X 45,000
Quantum Corp Common 747906204 592 74,400 X 74,400
Quest Software Common 74834T103 409 27,100 X 27,100
Inc
Radian Group Common 750236101 777 15,825 X 15,825
Raytheon Co Common 755111101 6,478 157,800 X 157,800
Reliant Energy Common 75952J108 763 29,600 X 29,600
Inc
Reliant Res Inc Common 75952B105 337 19,900 X 19,900
-----------
TOTAL $ 37,103
-----------
Page 14 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Republic Bancorp Common 760282103 $ 212 15,130 X 15,130
Inc
Retek Inc Common 76128Q109 215 8,200 X 8,200
RFS Hotel Invs Common 74955J108 247 16,775 X 16,775
Inc
RH Donnelley Corp Common 74955W307 262 8,625 X 8,625
Robert Half Intl Common 770323103 254 8,600 X 8,600
Inc
Ruby Tuesday Inc Common 781182100 893 38,400 X 38,400
Russell Corp Common 782352108 2,894 194,200 X 194,200
Ryerson Tull Inc Common 78375P107 11,437 1,044,500 X 1,044,500
New
Sabre Hldgs Corp Common 785905100 411 8,800 X 8,800
Sandisk Corp Common 80004C101 289 13,300 X 13,300
Sara Lee Corp Common 803111103 537 25,850 X 25,850
Schein Henry Inc Common 806407102 229 5,200 X 5,200
SEI Investments Common 784117103 291 6,800 X 6,800
Co
Sempra Energy Common 816851109 825 32,800 X 32,800
Servicemaster Co Common 81760N109 730 53,075 X 53,075
Schering Plough Common 806605101 2,817 90,000 X 90,000
Corp
Schering Williams Common 824348106 618 21,700 X 21,700
Co
-----------
TOTAL $ 23,161
-----------
Page 15 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Sierra Pac Res Common 826428104 $ 962 63,775 X 63,775
New
Skechers USA Inc Common 830566105 318 16,800 X 16,800
Sonicwall Inc Common 835470105 173 13,300 X 13,300
Southtrust Corp Common 844730101 303 11,475 X 11,475
Southwest Airls Common 844741108 919 47,500 X 47,500
Co
Sovereign Bancorp Common 845905108 2,459 175,000 X 175,000
Inc
Sprint Corp Common 852061506 2,058 200,000 X 200,000
Stein Mart Inc Common 858375108 125 12,475 X 12,475
Techne Corp Common 878377100 733 26,600 X 26,600
Teekay Shipping Common Y8564W103 2,478 65,000 X 65,000
Marshall Island
Tekelec Common 879101103 115 10,000 X 10,000
Telefonica S A Common 879382208 361 10,914 X 10,914
Telephone and Common 879433100 468 5,300 X 5,300
Data Sys Inc
Tellabs Inc Common 879664100 391 37,375 X 37,375
Texas Instrs Inc Common 882508104 414 12,500 X 12,500
Thoratec Corp Common 885175307 2,300 210,000 X 210,000
Travelers Common 89420G109 40,400 2,020,000 X 2,020,000
Property &
Casualty
-----------
TOTAL $ 54,977
-----------
Page 16 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Trigon Healthcare Common 89618L100 $ 384 5,200 X 5,200
Inc
Trizec Hahn Common 896938107 603 38,075 X 38,075
Corp
Unifi Inc Common 904677101 1,632 173,600 X 173,600
Union Pacific Common 907818108 772 12,425 X 12,425
Corp
United Defenses Common 91018B104 536 20,000 X 20,000
Inds Inc
United States Stl Common 90337T101 3,801 209,400 X 209,400
Corp New
Universal Corp VA Common 913456109 277 7,025 X 7,025
US Bancorp Del Common 902973304 1,580 70,000 X 70,000
US Freightways Common 916906100 228 6,425 X 6,425
Corp
Valero Energy Common 91913Y100 6,190 125,000 X 125,000
Ventas Inc Common 92276F100 217 17,175 X 17,175
Viacom Inc Common 925524100 787 16,200 X 16,200
Viad Corp Common 92552R109 225 8,025 X 8,025
Visteon Corp Common 92839U107 4,717 285,000 X 285,000
Vodafone Group Common 92857W100 4,239 230,000 X 230,000
PLC New
Wal Mart Stores Common 931142103 215 3,500 X 3,500
Inc
-----------
TOTAL $ 26,403
-----------
Page 17 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Washington Mut Common 939322103 $ 679 20,500 X 20,500
Inc
Waste Connections Common 941053100 409 12,200 X 12,200
Inc
Western Gas Res Common 958259103 1,098 29,500 X 29,500
Inc
Williams Cos Common 969457100 4,123 175,000 X 175,000
Inc Del
Worldcom Inc Common 55268B106 13,177 1,955,000 X 1,955,000
GA New
WPP Group Plc Common 929309300 243 4,300 X 4,300
XL Cap Ltd Common G98255105 390 4,175 X 4,175
XTO Energy Common 98385X106 355 17,700 X 17,700
-----------
TOTAL $ 20,474
-----------
Page 18 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
AES Corporation Common 00130H955 $ 900 100,000(p) X 100,000(p)
Barrick Gold Common 067901908 1,856 100,000(c) X 100,000(c)
Corp.
Cablvsn Systems Common 12686C959 1,700 50,000(p) X 50,000(p)
Calpine Corp Common 131347956 4,191 330,000(p) X 330,000(p)
Caterpillar Inc. Common 149123951 5,685 100,000(p) X 100,000(p)
Deere & Co. Common 244199955 9,110 200,000(p) X 200,000(p)
Dow Chemical Co. Common 260543953 3,926 120,000(p) X 120,000(p)
DuPont E I de Common 263534959 4,715 100,000(p) X 100,000(p)
Nemours & Co.
Ford Motor Co. Common 345370950 1,649 100,000(p) X 100,000(p)
Gap Inc Common 364760958 3,008 200,000(p) X 200,000(p)
Intl Paper Co. Common 460146953 8,602 200,000(p) X 200,000(p)
Merril Lynch Common 590188958 4,430 80,000(p) X 80,000(p)
Motorola Common 620076959 852 60,000(p) X 60,000(p)
Nortel Netwrks Common 656568952 898 200,000(p) X 200,000(p)
Placer Dome Common 725906901 4,900 400,000(c) X 400,000(c)
Schering-Plough Common 806605951 2,817 90,000(p) X 90,000(p)
Corp
Schlumberger Common 806857958 5,882 100,000(p) X 100,000(p)
Southwest Common 844741958 2,903 150,000(p) X 150,000(p)
Airlines
Sunoco Common 86764P909 6,001 150,000(c) X 150,000(c)
-----------
TOTAL $ 74,025
-----------
Page 19 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Texas Instruments Common 882508954 $ 4,634 140,000(p) X 140,000(p)
Thoratec Corp Common 885175907 219 20,000(c) X 20,000(c)
Tiffany & Co Common 886547958 3,555 100,000(p) X 100,000(p)
-----------
TOTAL $ 8,408
-----------
AGGREGATE TOTAL $ 8,607,297
===========
Page 20 of 20 Pages