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 June 30, 2002
-------------
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)
General Counsel and
Gary Garson, Senior Vice President (212) 521-2932
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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 9th day of August, 2002.
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Loews Corporation
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(Name of Institutional Investment Manager)
By: /s/ Gary Garson
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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
June 30, 2002
Loews Corporation ("Loews"), by virtue of its approximately 90% 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 owns approximately 10% and Mr. Preston R. Tisch owns
approximately 16% 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
Acuity Brands Common 00508Y102 $ 248 13,650 X 13,650
Inc.
Acxiom Corp Common 005125109 728 41,600 X 41,600
Aeroflex Inc. Common 007768104 89 12,800 X 12,800
Aetna Inc New Common 00817Y108 885 18,450 X 18,450
Affiliated Common 008190100 347 7,300 X 7,300
Computer
Agere Sys Inc Common 00845V209 60 39,684 X 39,684
Agrium Inc Common 008916108 10,990 1,169,100 X 1,169,100
AK Stl Hldg Corp Common 001547108 3,241 253,000 X 253,000
Allstate Corp Common 020002101 489 13,225 X 13,225
Amazon Com Inc. Common 023135106 237 14,600 X 14,600
Amerada Hess Corp Common 023551104 1,238 15,000 X 15,000
America Movil Common 02364W105 271 20,200 X 20,200
S.A. de C.V.
American Express Common 025816109 222 6,100 X 6,100
Corp.
American Natl Common 028591105 2,217 23,025 X 23,025
Ins Co.
American Common 028884104 263 14,225 X 14,225
Physicians
American STD Common 029712106 203 2,700 X 2,700
Cos Inc Del
AMR Corp Common 001765106 5,480 325,000 X 325,000
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TOTAL $ 27,208
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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
Anaren Common 032744104 $ 109 12,600 X 12,600
Microwave Inc
Anthem Inc Common 03674B104 391 5,800 X 5,800
AOL Time Warner Common 00184A105 247 16,800 X 16,800
Inc
Apollo Group Inc Common 037604105 351 8,900 X 8,900
Applica Inc. Common 03815A106 698 56,300 X 56,300
Artesyn Common 043127109 240 36,775 X 36,775
Technologies
AT&T CDA Inc Common 00207Q202 416 13,100 X 13,100
AT&T Corp. Common 001957109 60,559 5,659,700 X 5,659,700
AT&T Wireless Common 001957406 7,980 1,364,100 X 1,364,100
Svc Inc
Atlas Air Common 049164106 2,153 581,900 X 581,900
Worldwide
Hldgs
Autodesk Inc Common 052769106 151 11,400 X 11,400
Avery Dennison Common 053611109 314 5,000 X 5,000
Corp
Ballard Pwr Sys Common 05858H104 1,317 80,000 X 80,000
Inc
Bank One Corp Common 06423A103 266 6,900 X 6,900
Barrick Gold Common 067901108 23,931 1,260,200 X 1,260,200
Corp.
Beverly Common 087851309 4,233 556,300 X 556,300
Enterprises Inc
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TOTAL $ 103,356
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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
Big Lots Inc Common 089302103 $ 547 27,800 X 27,800
Boeing Corp. Common 097023105 777 17,275 X 17,275
Borg Warner Inc Common 099724106 387 6,700 X 6,700
Bowne & Co Inc Common 103043105 232 15,750 X 15,750
Brinker Intl Inc Common 109641100 206 6,500 X 6,500
Cablevision Sys Common 12686C109 550 58,800 X 58,800
Corp
Cadiz Inc. Common 127537108 833 98,000 X 98,000
Calpine Corp Common 131347106 2,109 300,000 X 300,000
Capstone Turbine Common 14067D102 166 100,000 X 100,000
Corp
Carnival Corp Common 143658102 2,077 75,000 X 75,000
Caterpillar Inc. Common 149123101 979 20,000 X 20,000
CEC Entmt Inc Common 125137109 219 5,300 X 5,300
Centex Corp Common 152312104 1,734 30,000 X 30,000
Certegy Inc Common 156880106 297 8,000 X 8,000
Charter Common 16117M107 2,746 673,129 X 673,129
Communications
Clear Channel Common 184502102 698 21,800 X 21,800
Communications
Cleveland Cliffs Common 185896107 236 8,550 X 8,550
Inc.
CNA Financial Common 126117100 5,332,860 201,240,000 X 201,240,000
Corp.
-----------
TOTAL $ 5,347,653
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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
CNF Inc Common 12612W104 $ 1,176 30,975 X 30,975
Computer Assoc Common 204912109 980 61,675 X 61,675
Intl Inc
Continental Common 210795308 5,697 361,000 X 361,000
Airls Inc
Cooper Common BMG2418210 783 19,925 X 19,925
Industries Ltd
Cree Inc Common 2256447101 258 19,500 X 19,500
Crompton Corp Common 227116100 152 11,900 X 11,900
Cytec Common 232820100 845 26,875 X 26,875
Industries
Dana Corp Common 235811106 485 26,200 X 26,200
Darden Common 237194105 373 15,100 X 15,100
Restaurants Inc
Del Monte Foods Common 24522P103 217 18,375 X 18,375
Inc
Delphi Auto Sys. Common 247126105 294 22,300 X 22,300
Corp.
Delphi Finl Group Common 247131105 2,554 58,925 X 58,925
Inc
Developers Common 251591103 2,250 100,000 X 100,000
Diversified
Dial Corp New Common 25247D101 400 20,000 X 20,000
Diamond Offshore Common 25271C102 1,997,850 70,100,000 X 70,100,000
Drilling
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TOTAL $ 2,014,314
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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
Dillards Inc-CL Common 254067101 $ 202 7,700 X 7,700
Disney Walt Co Common 254687106 304 16,100 X 16,100
D.R. Horton Inc Common 23331A109 781 30,000 X 30,000
Du Pont E I DE Common 263534109 444 10,000 X 10,000
Nemours & Co
Duke Energy Corp Common 264399106 1,711 55,000 X 55,000
Dun & Bradstreet Common 26483B106 337 10,200 X 10,200
Corp
Eaton Corp. Common 278058102 546 7,500 X 7,500
Eclipsys Corp Common 278856109 97 14,800 X 14,800
Efunds Corp Common 28224R101 139 14,600 X 14,600
EL Paso Corp Common 28336L109 1,031 50,000 X 50,000
Emerson Elec Co Common 291011104 203 3,800 X 3,800
Energen Corp Common 29265N108 303 11,000 X 11,000
Enterasys Common 293637104 186 104,300 X 104,300
Networks Inc
Entercom Common 293639100 711 15,500 X 15,500
Communications
EOG Res Inc. Common 26875P101 310 7,800 X 7,800
Equifax Inc Common 294429105 219 8,100 X 8,100
Equitable Res Inc Common 294549100 1,080 31,500 X 31,500
Esterline Common 297425100 296 13,050 X 13,050
Technologies
F M C Corp Common 302491303 4,510 149,475 X 149,475
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TOTAL $ 13,410
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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
Federal Home Loan Common 313400301 $ 2,754 45,000 X 45,000
Mtge Corp
Fedex Corp Common 31304N107 716 13,400 X 13,400
First Data Corp Common 319963104 952 25,600 X 25,600
Fluor Corp New Common 343861100 1,207 31,000 X 31,000
FMC Technologies Common 30249U101 2,636 126,959 X 126,959
Ford Motor Co DEL Common 345370860 4,000 250,000 X 250,000
Freeport-McMoran Common 35671D857 844 47,275 X 47,275
Copper & Gold
Gables Common 362418105 223 6,975 X 6,975
Residential Tr
Gannett Inc. Common 364730101 349 4,600 X 4,600
Gap Inc Del Common 364760108 256 18,000 X 18,000
General Cable Common 369300108 4,840 768,250 X 768,250
Corp Del New
General Mtrs Corp Common 370442105 820 66,800 X 66,800
Genesis Health Common 37183F107 8,558 426,000 X 426,000
Venture Inc New
Gentex Corp Common 371901109 203 7,400 X 7,400
Georgia Pac Corp Common 373298108 600 24,425 X 24,425
Gibraltar Stl Common 37476F103 3,329 150,000 X 150,000
Corp
Glamis Gold Ltd Common 376775102 2,725 310,000 X 310,000
Glimcher Rlty Tr Common 379302102 401 21,650 X 21,650
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TOTAL $ 35,413
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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
Goodrich Corp Common 382388106 $ 549 20,100 X 20,100
Health Net Inc Common 42222G108 823 30,725 X 30,725
Healthsouth Corp Common 421924101 320 25,000 X 25,000
Hearst-Argyle Common 422317107 1,049 46,500 X 46,500
Television Inc.
Henry Schein Inc Common 806407102 236 5,300 X 5,300
Hewlett Packard Common 428236103 2,817 184,358 X 184,358
Co
Hispanic Common 43357B104 718 27,500 X 27,500
Broadcasting
Honeywell Intl Common 438516106 958 27,200 X 27,200
Inc
Household Intl Common 441815107 994 20,000 X 20,000
Inc
Ikon Office Common 451713101 756 80,400 X 80,400
Solutions Inc
Ingram Micro Common 457153104 4,199 305,400 X 305,400
Inc
Intl. business Common 459200101 7,416 103,000 X 103,000
Machs
Interpublic Group Common 460690100 849 34,300 X 34,300
Cos Inc
Intl Paper Co Common 460146103 1,673 38,400 X 38,400
Istar Finl Inc Common 45031U101 2,850 100,000 X 100,000
JP Morgan Chase Common 46625H100 322 9,500 X 9,500
Co
-----------
TOTAL $ 26,529
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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
Jacobs Engr Common 469814017 $ 556 16,000 X 16,000
Group Inc Del
Jakks Pac Inc Common 47012E106 581 32,800 X 32,800
Jefferson Pilot Common 475070108 738 15,700 X 15,700
Corp
Kerr McGee Corp Common 492386107 2,410 45,000 X 45,000
Key3Media Group Common 49326R104 9 19,650 X 19,650
Inc
Kindred Common 494580103 3,669 82,500 X 82,500
Healthcare Inc
Kinross Gold Corp Common 496902107 479 210,000 X 210,000
Koninklijke Common 500472303 646 23,400 X 23,400
Philips Electrs
KT Corp Common 48268K101 4,116 190,100 X 190,100
La Quinta Corp Common 50419U202 7,449 1,027,500 X 1,027,500
Lear Corp Common 521865105 1,072 23,175 X 23,175
Lehman Brothers Common 524908100 206 3,300 X 3,300
Hldgs Inc
Lennox Intl inc Common 526107107 3,141 174,600 X 174,600
Liberty Media Common 530718105 2,051 205,100 X 205,100
Corp New
Liberty Ppty Tr Common 531172104 4,932 140,900 X 140,900
Lincoln Natl Common 534187109 1,260 30,000 X 30,000
Corp Ind
Lubrizol Corp Common 549271104 801 23,925 X 23,925
-----------
TOTAL $ 34,116
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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
Lucent Common 549463107 $ 249 150,000 X 150,000
Technologies
Manhattan Common 562750109 251 7,800 X 7,800
Assoc Inc
Marathon Oil Corp Common 902905827 6,035 222,525 X 222,525
Mattel Inc Common 577081102 586 27,800 X 27,800
Maxtor Corp Common 577729205 2,544 562,750 X 562,750
MBIA Inc Common 55262C100 1,272 22,500 X 22,500
MBNA Corp Common 55262L100 559 16,900 X 16,900
McDermott Intl Common 580037109 497 61,400 X 61,400
Inc
Mediacom Common 58446K105 187 24,000 X 24,000
Communications
Metromedia Intl Common 591695101 4 50,213 X 50,213
Group Inc
Milacron Inc Common 598709103 219 21,600 X 21,600
Millipore Corp Common 601073109 205 6,400 X 6,400
Mine Safety Common 602720104 600 15,000 X 15,000
Appliances Co
Miramar Mining Common 60466E100 303 300,000 X 300,000
Corp.
Mirant Corp Common 604675108 2,190 300,000 X 300,000
Monaco Coach Corp Common 60886R103 767 36,000 X 36,000
Monsanto Co New Common 61166W101 1,121 63,000 X 63,000
-----------
TOTAL $ 17,589
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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
Motorola Inc. Common 620076109 $ 3,866 265,000 X 265,000
Mueller Inds Common 624756102 1,924 60,600 X 60,600
Inc
Nacco Inds Inc Common 629579103 266 4,575 X 4,575
National City Common 635405103 249 7,500 X 7,500
Corp
News Corp Ltd Common 652487703 4,586 200,000 X 200,000
News Corp Ltd Common 652487802 1,840 85,000 X 85,000
Spons Adr Prf
Nisource Inc Common 65473P105 1,017 46,600 X 46,600
Nokia Corp Common 654902204 2,896 200,000 X 200,000
Norfolk Southern Common 655844108 1,877 80,300 X 80,300
Corp
Nortel Networks Common 656568102 4,142 801,100 X 801,100
Corp New
Northwest Airls Common 667280101 193 16,000 X 16,000
Nuance Common 669967101 84 20,000 X 20,000
Communications
Nucor Corp Common 670346105 3,980 61,200 X 61,200
Oakley Inc Common 673662102 268 15,400 X 15,400
Office Depot Inc Common 676220106 2,527 150,400 X 150,400
Officemax Inc Common 67622M108 4,724 802,100 X 802,100
Old Rep Int'l Common 680223104 2,266 71,950 X 71,950
Corp
On Command Corp. Common 682160106 53 57,296 X 57,296
-----------
TOTAL $ 36,758
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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
Orient Express Common G67743107 $ 1,785 104,200 X 104,200
Hotels
Oshkosh Truck Common 688239201 284 4,800 X 4,800
Corp
Payless Common 704379106 1,020 17,700 X 17,700
Shoe Source Inc
Petroleo Common 730444106 341 18,100 X 18,100
Brasileiro SA
Phelps Dodge Corp Common 717265102 3,708 90,000 X 90,000
Phillips Pete Co Common 718507106 433 7,350 X 7,350
Pinnacle Sys Inc Common 723481107 212 19,300 X 19,300
Pioneer Std Common 723877106 179 17,275 X 17,275
Electrs Inc
Placer Dome Inc. Common 725906101 9,407 839,200 X 839,200
PNM Res Inc Common 69349H107 226 9,325 X 9,325
Polaris Inds Common 731068102 605 9,300 X 9,300
Inc
Potash Corp. Common 73755L107 2,935 44,000 X 44,000
Sask Inc.
Power Common 739276103 240 13,400 X 13,400
Integrations Inc
Powerwave Common 739363109 271 29,600 X 29,600
Technologies Inc
Precision Common 74022D100 743 21,400 X 21,400
Drilling Corp
Premcor Inc Common 74045Q104 2,001 77,800 X 77,800
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TOTAL $ 24,390
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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
Pride Intl Inc Common 741932107 $ 218 13,900 X 13,900
Del
Pulte Homes Inc Common 745867101 2,587 45,000 X 45,000
Quantum Corp Common 747906204 312 74,400 X 74,400
Quest Software Common 74834T103 369 25,400 X 25,400
Inc
Questar Corp Common 748356102 808 32,700 X 32,700
Qwest Common 749121109 420 150,000 X 150,000
Communications
R H Donnelley Common 74955W307 241 8,625 X 8,625
Corp
Radian Group Common 750236101 430 8,800 X 8,800
Inc
Radio One Inc Common 75040P108 439 29,500 X 29,500
Raytheon Co Common 755111101 6,430 157,800 X 157,800
Republic Common 760282103 226 15,130 X 15,130
Bancorp Inc
RFS Hotel Invs Common 74955J108 227 16,775 X 16,775
Inc
Rohm & Haas Co Common 775371107 324 8,000 X 8,000
Russell Corp Common 782352108 3,877 201,400 X 201,400
Ryerson Tull Inc Common 78375P107 14,444 1,242,000 X 1,242,000
New
Sabre Hldgs Corp Common 785905100 319 8,900 X 8,900
Sandisk Corp Common 80004C101 161 13,000 X 13,000
-----------
TOTAL $ 31,832
-----------
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
Sara Lee Corp Common 803111103 $ 682 33,025 X 33,025
SBC Common 78387G103 201 6,600 X 6,600
Communications
Schering Plough Common 806605101 2,952 120,000 X 120,000
Corp
Scientific Common 808655104 229 13,900 X 13,900
Atlanta Inc
SEI Investments Common 784117103 377 13,400 X 13,400
Co
Sempra Energy Common 816851109 449 20,300 X 20,300
ServiceMaster Common 81760N109 728 53,075 X 53,075
Co
Sherwin Williams Common 824348106 438 14,625 X 14,625
Co
Solectron Corp Common 834182107 5,381 875,000 X 875,000
Southtrust Corp Common 844730101 300 11,475 X 11,475
Southwest Airls Common 844741108 485 30,000 X 30,000
Co
Sprint Corp Common 852061506 3,463 500,000 X 500,000
Stein Mart Inc Common 858375108 148 12,475 X 12,475
Techne Corp Common 878377100 426 15,100 X 15,100
Teekay Shipping Common Y8564W103 2,399 65,000 X 65,000
Marshall Island
-----------
TOTAL $ 18,658
-----------
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
Tekelec Common 879101103 $ 81 10,100 X 10,100
Telefonica S A Common 879382208 795 32,000 X 32,000
Telephone and Common 879433100 321 5,300 X 5,300
Data Sys Inc
Tellabs Inc Common 879664100 463 74,700 X 74,700
Texas Instrs Inc Common 882508104 296 12,500 X 12,500
Thoratec Corp Common 885175307 1,798 200,000 X 200,000
Tommy Hilfiger Common G8915Z102 169 11,800 X 11,800
Corp
Travelers Common 89420G109 345 20,000 X 20,000
Property &
Casualty
Trizec Properties Common 89687P107 642 38,075 X 38,075
Inc
Tyco Intl Ltd Common 902124106 153 11,325 X 11,325
New
Unifi Inc Common 904677101 3,353 307,600 X 307,600
Union Pacific Common 907818108 786 12,425 X 12,425
Corp
Universal Corp VA Common 913456109 231 6,300 X 6,300
US Bancorp Del Common 902973304 1,635 70,000 X 70,000
USEC Inc Common 90333E108 703 79,900 X 79,900
US Freightways Common 916906100 243 6,425 X 6,425
Corp
-----------
TOTAL $ 12,014
-----------
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
Valero Energy Common 91913Y100 10,223 273,200 X 273,200
Corp New
Ventas Inc Common 92276F100 3,695 289,775 X 289,775
Verizon Common 92343V104 $ 3,011 75,000 X 75,000
Communications
Viacom Inc Common 925524100 640 14,400 X 14,400
Viad Corp Common 92552R109 610 23,475 X 23,475
Visteon Corp Common 92839U107 5,126 361,000 X 361,000
Vivendi Common 92851S204 458 21,300 X 21,300
Universal
Vodafone Group Common 92857W100 4,543 332,800 X 332,800
PLC New
Washington Mut Common 939322103 761 20,500 X 20,500
Inc
Western Gas Res Common 958259103 860 23,000 X 23,000
Ic
Western Wirless Common 95988E204 160 50,000 X 50,000
Corp
Williams Cos Common 969457100 1,517 253,200 X 253,200
Inc Del
Winnebago Inds Common 974637100 260 5,900 X 5,900
Inc
Worldcom Inc Common 98157D106 4,141 4,988,625 X 4,988,625
Worldcom Group
WPP Group Plc Common 929309300 732 16,600 X 16,600
XL Cap Ltd Common G98255105 354 4,175 X 4,175
-----------
TOTAL $ 37,091
-----------
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
XM Satellite Common 983759101 $ 291 40,200 X 40,200
Radio Hldgs Inc
XTO Energy Common 98385X106 367 17,800 X 17,800
-----------
TOTAL $ 658
-----------
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 $ 542 100,000(p) X 100,000(p)
Alcatel Common 013904955 1,017 143,000(p) X 143,000(p)
Ballard Pwr Sys Common 05858H954 2,963 180,000(p) X 180,000(p)
Barrick Gold Common 067901908 3,798 200,000(c) X 200,000(c)
Black Box Corp Common 091826957 1,222 30,000(p) X 30,000(p)
Broadcom Corp Common 111320957 1,052 60,000(p) X 60,000(p)
Cablvsn Systems Common 12686C909 237 25,000(c) X 25,000(c)
Cablvsn Systems Common 12686C959 568 60,000(p) X 60,000(p)
Calpine Corp Common 131347956 2,320 330,000(p) X 330,000(p)
Caterpillar Inc. Common 149123951 4,895 100,000(p) X 100,000(p)
Cisco Sys Inc Common 17275R952 1,953 140,000(p) X 140,000(p)
Deere & Co. Common 244199955 9,580 200,000(p) X 200,000(p)
Disney Walt Co Common 254687956 2,835 150,000(p) X 150,000(p)
Dow Chemical Co. Common 260543953 4,126 120,000(p) X 120,000(p)
E I Du Pont DE Common 263534959 4,440 100,000(p) X 100,000(p)
Nemours & Co.
Ford Motor Co. Common 345370950 1,600 100,000(p) X 100,000(p)
Gap Inc Del Common 364760958 2,840 200,000(p) X 200,000(p)
Intl Bus Machs Common 459200951 3,600 50,000(p) X 50,000(p)
Intl Paper Co Common 460146953 13,074 300,000(p) X 300,000(p)
Merril Lynch Common 590188958 3,240 80,000(p) X 80,000(p)
Motorola Inc Common 620076959 875 60,000(p) X 60,000(p)
-----------
TOTAL $ 66,777
-----------
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
Nortel Netwrks Common 656568952 $ 290 200,000(p) X 200,000(p)
Placer Dome Common 725906901 4,484 400,000(c) X 400,000(c)
Schering-Plough Common 806605951 2,952 120,000(p) X 120,000(p)
Corp
Schlumberger Common 806857958 4,650 100,000(p) X 100,000(p)
Ltd.
Southwest Common 844741958 2,424 150,000(p) X 150,000(p)
Airlines
Sunoco Inc Common 86764P909 5,345 150,000(c) X 150,000(c)
Texas Instruments Common 882508954 3,318 140,000(p) X 140,000(p)
Thoratec Corp Common 885175907 180 20,000(c) X 20,000(c)
Tiffany & Co Common 886547958 3,520 100,000(p) X 100,000(p)
Tyco Intl Ltd Common 902124956 4,053 300,000(p) X 300,000(p)
-----------
TOTAL $ 31,216
-----------
AGGREGATE TOTAL $ 7,878,982
===========
Page 20 of 20 Pages