FORM 13F

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, D.C.  20549

                              ------------------

                              FORM 13F COVER PAGE

       Report for the Calendar Year or Quarter Ended September 30, 2002

                Check here if Amendment:  [ ]; Amendment Number:
                                                                 -------

                                This Amendment:

                             [ ] is a restatement.

                        [ ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:                           Loews Corporation
------------------------------------------------------------------------------

Address:                 667 Madison Avenue    New York     New York     10021
------------------------------------------------------------------------------
                               (Street)        (City)        (State)     (Zip)

Form 13F File Number: 28-217

The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists and tables are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:       Gary W. Garson
------------------------------------------------------------------------------

Title:      General Counsel and Senior Vice President
------------------------------------------------------------------------------

Phone:      212-521-2932
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Signature, Place, and Date of Signing:

/s/ Gary W. Garson
------------------------------------------------------------------------------
(Signature)

Place:      667 Madison Avenue    New York     New York     10021
------------------------------------------------------------------------------
                  (Street)        (City)        (State)     (Zip)

Date:       November 13, 2002
------------------------------------------------------------------------------

                                  Page 1 of 24

  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. 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-Chairmen of the Board of Loews.
Laurence A. Tisch and Preston R. Tisch are brothers and may be deemed to be
control persons of Loews.

      Report Type:

[ ]   13F HOLDINGS REPORT.

[ ]   13F NOTICE.

[X]   13F COMBINATION REPORT.

List of Other Managers Reporting for this Manager.

Form 13F File Number:  28-346

Name:  CNA Financial Corporation

                                  Page 2 of 24

                              FORM 13F SUMMARY PAGE

                                REPORT SUMMARY

Number of Other Included Managers:  NONE.

Form 13F Information Table Entry Total:  323

Form 13F Information Table Value Total:  $7,012.8 (thousands)

List of Other Included Managers:  NONE.

                                  Page 3 of 24







                                                                                         
Column              Column  Column     Column        Column                        Column      Column    Column
1:                  2:      3:         4:            5:                            6:          7:        8:

                    Title                            Shares or                                           Voting Authority
                    of      CUSIP      Value         Principal                     Investment  Other     ------------------------
Name of Issuer      Class   Number     (x$1000)      Amount      SH/PRN  Put/Call  Discretion  Managers  Sole    Shared    None

ACUITY BRANDS INC   Common  00508Y102        167        13,650   SH                   Sole                13,650

ACXIOM CORP         Common  005125109        299        21,100   SH                   Sole                21,100

AES CORP            Common  00130H105        151        60,000   SH                   Sole                60,000

AETNA INC NEW       Common  00817Y108        661        18,450   SH                   Sole                18,450

AGERE SYS INC       Common  00845V209        368       348,484   SH                   Sole               348,484

AGRIUM INC          Common  008916108     10,880     1,189,100   SH                   Sole             1,189,100

AK STL HLDG CORP    Common  001547108      2,700       369,300   SH                   Sole               369,300

ALLEGHENY ENERGY    Common  017361106        882        67,300   SH                   Sole                67,300
INC

ALLSTATE CORP       Common  020002101        470        13,225   SH                   Sole                13,225

AMAZON COM INC      Common  023135106        306        19,200   SH                   Sole                19,200

AMERADA HESS CORP   Common  023551104      1,018        15,000   SH                   Sole                15,000

AMERICAN NATL INS   Common  028591105      1,589        23,025   SH                   Sole                23,025
CO

AMERICAN PHYSICIANS Common  028884104        240        14,225   SH                   Sole                14,225
 CAPITAL

AMR CORP            Common  001765106      2,048       490,000   SH                   Sole               490,000

ANGLO AMERN PLC     Common  03485P102        127        10,100   SH                   Sole                10,100

ANIXTER INTL INC    Common  035290105        273        13,250   SH                   Sole                13,250

ANSYS INC           Common  03662Q105        186        10,800   SH                   Sole                10,800

ANTHEM INC          Common  03674B104        377         5,800   SH                   Sole                 5,800

                                     ------------
                         TOTAL $          22,742
                                     ------------


                                               Page 4 of 24




                                                                                         
Column              Column  Column     Column        Column                        Column      Column    Column
1:                  2:      3:         4:            5:                            6:          7:        8:

                    Title                            Shares or                                           Voting Authority
                    of      CUSIP      Value         Principal                     Investment  Other     ------------------------
Name of Issuer      Class   Number     (x$1000)      Amount      SH/PRN  Put/Call  Discretion  Managers  Sole    Shared    None

AOL TIME WARNER INC Common  00184A105      1,170       100,000   SH                   Sole               100,000

AON CORP            Common  037389103      1,620        79,050   SH                   Sole                79,050

APPLICA INC         Common  03815A106        298        56,300   SH                   Sole                56,300

ARAMARK CORP        Common  038521100        265        12,600   SH                   Sole                12,600

ARGOSY GAMING CO    Common  040228108        255        11,100   SH                   Sole                11,100

ARTESYN             Common  043127109        118        78,375   SH                   Sole                78,375
TECHNOLOGIES INC

AT&T CORP           Common  001957109     55,630     4,632,000   SH                   Sole             4,632,000

AT&T WIRELESS SVCS  Common  001957406      6,650     1,614,100   SH                   Sole             1,614,100
INC

ATLAS AIR WORLDWIDE Common  049164106      1,202       498,900   SH                   Sole               498,900
 HLDGS INC

AUTODESK INC        Common  052769106        239        18,900   SH                   Sole                18,900

AVERY DENNISON CORP Common  053611109        279         4,900   SH                   Sole                 4,900

BALLARD PWR SYS INC Common  05858H104        925       100,000   SH                   Sole               100,000

BANK ONE CORP       Common  06423A103        258         6,900   SH                   Sole                 6,900

BARRICK GOLD CORP   Common  067901108     24,193     1,555,800   SH                   Sole             1,555,800

BIG LOTS INC        Common  089302103        173        10,900   SH                   Sole                10,900

BOEING CO           Common  097023105      3,661       107,275   SH                   Sole               107,275

BORG WARNER INC     Common  099724106        216         4,350   SH                   Sole                 4,350


                                     ------------
                         TOTAL $          97,152
                                     ------------



                                               Page 5 of 24




                                                                                         
Column              Column  Column     Column        Column                        Column      Column    Column
1:                  2:      3:         4:            5:                            6:          7:        8:

                    Title                            Shares or                                           Voting Authority
                    of      CUSIP      Value         Principal                     Investment  Other     ------------------------
Name of Issuer      Class   Number     (x$1000)      Amount      SH/PRN  Put/Call  Discretion  Managers  Sole    Shared    None

BOWATER INC         Common  102183100      3,244        91,900   SH                   Sole                91,900

BOWNE & CO INC      Common  103043105        158        15,750   SH                   Sole                15,750

BRANDYWINE RLTY TR  Common  105368203      2,844       126,100   SH                   Sole               126,100

BRISTOL MYERS       Common  110122108        797        33,500   SH                   Sole                33,500
SQUIBB CO

BROOKLINE BANCORP   Common  113739106        291        24,800   SH                   Sole                24,800
INC DEL

BRUNSWICK CORP      Common  117043109        337        16,000   SH                   Sole                16,000

BURLINGTON RES INC  Common  122014103        687        17,900   SH                   Sole                17,900

CABLEVISION SYS     Common  12686C109        583        64,400   SH                   Sole                64,400
CORP

CADIZ INC           Common  127537108        444       148,000   SH                   Sole               148,000

CALPINE CORP        Common  131347106      2,544     1,030,000   SH                   Sole             1,030,000

CAMPBELL SOUP CO    Common  134429109        291        13,200   SH                   Sole                13,200

CAPSTONE TURBINE    Common  14067D102         59       100,000   SH                   Sole               100,000
CORP

CARNIVAL CORP       Common  143658102      5,286       210,600   SH                   Sole               210,600

CATALINA MARKETING  Common  148867104        236         8,400   SH                   Sole                 8,400
CORP

CATERPILLAR INC DEL Common  149123101        819        22,000   SH                   Sole                22,000

CDW COMPUTER CTRS   Common  125129106      2,118        50,000   SH                   Sole                50,000
INC

CENTEX CORP         Common  152312104      1,331        30,000   SH                   Sole                30,000
                                     ------------
                         TOTAL $          22,069
                                     ------------


                                               Page 6 of 24




                                                                                         
Column              Column  Column     Column        Column                        Column      Column    Column
1:                  2:      3:         4:            5:                            6:          7:        8:

                    Title                            Shares or                                           Voting Authority
                    of      CUSIP      Value         Principal                     Investment  Other     ------------------------
Name of Issuer      Class   Number     (x$1000)      Amount      SH/PRN  Put/Call  Discretion  Managers  Sole    Shared    None

CHARTER             Common  16117M107        279       150,000   SH                   Sole               150,000
COMMUNICATIONS INC
DEL

CIRCUIT CITY STORE  Common  172737108        144        14,300   SH                   Sole                14,300
INC

CIT GROUP INC       Common  125581108      1,955       108,750   SH                   Sole               108,750

CITIGROUP INC       Common  172967101      3,926       132,400   SH                   Sole               132,400

CLEAR CHANNEL       Common  184502102        692        19,900   SH                   Sole                19,900
COMMUNICATIONS

CLEVELAND CLIFFS    Common  185896107        206         8,550   SH                   Sole                 8,550
INC

CNA FINANCIAL CORP  Common  126117100  5,032,337   201,293,500   SH                   Sole           201,293,500

CNF INC             Common  12612W104        921        29,350   SH                   Sole                29,350

COMCAST CORP        Common  200300200        614        29,300   SH                   Sole                29,300

COMPUTER ASSOC INTL Common  204912109      1,030       107,250   SH                   Sole               107,250
 INC

CONAGRA FOODS INC   Common  205887102        470        18,900   SH                   Sole                18,900

CONOCOPHILLIPS      Common  20825C104      1,138        24,608   SH                   Sole                24,608

CONTINENTAL AIRLS   Common  210795308      2,602       482,800   SH                   Sole               482,800
INC

COORS ADOLPH CO     Common  217016104        236         4,200   SH                   Sole                 4,200

COX RADIO INC       Common  224051102        688        26,300   SH                   Sole                26,300

CROMPTON CORP       Common  227116100        119        11,800   SH                   Sole                11,800

CSX CORP            Common  126408103        274        10,400   SH                   Sole                10,400
                                     ------------
                         TOTAL $       5,047,631
                                     ------------

                                               Page 7 of 24




                                                                                         
Column              Column  Column     Column        Column                        Column      Column    Column
1:                  2:      3:         4:            5:                            6:          7:        8:

                    Title                            Shares or                                           Voting Authority
                    of      CUSIP      Value         Principal                     Investment  Other     ------------------------
Name of Issuer      Class   Number     (x$1000)      Amount      SH/PRN  Put/Call  Discretion  Managers  Sole    Shared    None

CUMULUS MEDIA INC   Common  231082108        459        26,000   SH                   Sole                26,000

CYTEC INDS INC      Common  232820100        590        26,875   SH                   Sole                26,875

D R HORTON INC      Common  23331A109      1,676        90,000   SH                   Sole                90,000

DANA CORP           Common  235811106        275        21,000   SH                   Sole                21,000

DEL MONTE FOODS CO  Common  24522P103        150        18,375   SH                   Sole                18,375

DELPHI FINL GROUP   Common  247131105      2,146        58,925   SH                   Sole                58,925
INC

DELTA AIR LINES INC Common  247361108      1,435       154,500   SH                   Sole               154,500
 DEL

DEVELOPERS          Common  251591103      2,201       100,000   SH                   Sole               100,000
DIVERSIFIED RLTY CO

DIAL CORP NEW       Common  25247D101        275        12,800   SH                   Sole                12,800

DIAMOND OFFSHORE    Common  25271C102  1,398,495    70,100,000   SH                   Sole            70,100,000
DRILLING INC

DILLARDS INC        Common  254067101      1,164        57,700   SH                   Sole                57,700

DOUBLECLICK INC     Common  258609304      1,054       205,000   SH                   Sole               205,000

DU PONT E I DE      Common  263534109      1,443        40,000   SH                   Sole                40,000
NEMOURS & CO

DUKE ENERGY CORP    Common  264399106      3,949       202,000   SH                   Sole               202,000

DUN & BRADSTREET    Common  26483B106        339        10,100   SH                   Sole                10,100
CORP DEL NEW

EATON CORP          Common  278058102        472         7,400   SH                   Sole                 7,400

                                     ------------
                         TOTAL $       1,416,123
                                     ------------



                                               Page 8 of 24




                                                                                         
Column              Column  Column     Column        Column                        Column      Column    Column
1:                  2:      3:         4:            5:                            6:          7:        8:

                    Title                            Shares or                                           Voting Authority
                    of      CUSIP      Value         Principal                     Investment  Other     ------------------------
Name of Issuer      Class   Number     (x$1000)      Amount      SH/PRN  Put/Call  Discretion  Managers  Sole    Shared    None

EL PASO CORP        Common  28336L109      1,018       123,100   SH                   Sole               123,100

ENCANA CORP         Common  292505104        442        14,700   SH                   Sole                14,700

ENTERASYS NETWORKS  Common  293637104        200       154,125   SH                   Sole               154,125
INC

ENTERCOM            Common  293639100      1,336        28,200   SH                   Sole                28,200
COMMUNICATIONS CORP

EQUITABLE RES INC   Common  294549100      1,085        31,400   SH                   Sole                31,400

ESTERLINE           Common  297425100        217        13,050   SH                   Sole                13,050
TECHNOLOGIES CORP

EXPRESSJET HOLDINGS Common  302184108      5,083       552,500   SH                   Sole               552,500
 INC

F M C CORP          Common  302491303      6,571       254,475   SH                   Sole               254,475

FEDERAL HOME LN MTG Common  313400301      2,516        45,000   SH                   Sole                45,000
 CORP

FEDERATED DEPT      Common  31410H101      3,235       109,900   SH                   Sole               109,900
STORES INC DEL

FIRST DATA CORP     Common  319963104        710        25,400   SH                   Sole                25,400

FISERV INC          Common  337738108        281        10,000   SH                   Sole                10,000

FLEETBOSTON FINL    Common  339030108        211        10,400   SH                   Sole                10,400
CORP

FLUOR CORP NEW      Common  343861100        447        18,300   SH                   Sole                18,300

FMC TECHNOLOGIES    Common  30249U101      3,911       233,359   SH                   Sole               233,359
INC


                                     ------------
                         TOTAL $          27,263
                                     ------------


                                               Page 9 of 24




                                                                                         
Column              Column  Column     Column        Column                        Column      Column    Column
1:                  2:      3:         4:            5:                            6:          7:        8:

                    Title                            Shares or                                           Voting Authority
                    of      CUSIP      Value         Principal                     Investment  Other     ------------------------
Name of Issuer      Class   Number     (x$1000)      Amount      SH/PRN  Put/Call  Discretion  Managers  Sole    Shared    None

FOOT LOCKER INC     Common  922944103        182        18,200   SH                   Sole                18,200

FOOTSTAR INC        Common  344912100        278        35,675   SH                   Sole                35,675

FORD MTR CO DEL     Common  345370860      2,965       302,500   SH                   Sole               302,500

FOX ENTMT GROUP INC Common  35138T107        663        30,100   SH                   Sole                30,100

FPL GROUP INC       Common  302571104        355         6,600   SH                   Sole                 6,600

FREEPORT-MCMORAN    Common  35671D857        636        47,275   SH                   Sole                47,275
COPPER & GOLD

GANNETT INC         Common  364730101        332         4,600   SH                   Sole                 4,600

GAP INC DEL         Common  364760108        195        18,000   SH                   Sole                18,000

GENERAL CABLE CORP  Common  369300108      4,183     1,086,525   SH                   Sole             1,086,525
DEL NEW

GENERAL MTRS CORP   Common  370442105        485        43,600   SH                   Sole                43,600

GENESIS HEALTH      Common  37183F107      7,825       476,000   SH                   Sole               476,000
VENTURE INC NEW

GEORGIA PAC CORP    Common  373298108        320        24,425   SH                   Sole                24,425

GIBRALTAR STL CORP  Common  37476F103      4,007       180,000   SH                   Sole               180,000

GLAMIS GOLD LTD     Common  376775102      2,775       300,000   SH                   Sole               300,000

GLIMCHER RLTY TR    Common  379302102        406        21,650   SH                   Sole                21,650

GOODRICH CORP       Common  382388106        380        20,100   SH                   Sole                20,100



                                     ------------
                         TOTAL $          25,987
                                     ------------



                                               Page 10 of 24




                                                                                         
Column              Column  Column     Column        Column                        Column      Column    Column
1:                  2:      3:         4:            5:                            6:          7:        8:

                    Title                            Shares or                                           Voting Authority
                    of      CUSIP      Value         Principal                     Investment  Other     ------------------------
Name of Issuer      Class   Number     (x$1000)      Amount      SH/PRN  Put/Call  Discretion  Managers  Sole    Shared    None

HEALTH NET INC      Common  42222G108        659        30,725   SH                   Sole                30,725

HEALTHSOUTH CORP    Common  421924101        830       200,000   SH                   Sole               200,000

HEARST-ARGYLE       Common  422317107      1,155        46,500   SH                   Sole                46,500
TELEVISION INC

HEWLETT PACKARD CO  Common  428236103      4,377       375,058   SH                   Sole               375,058

HILLENBRAND INDS    Common  431573104        364         6,700   SH                   Sole                 6,700
INC

HILTON HOTELS CORP  Common  432848109      1,270       111,600   SH                   Sole               111,600

HONEYWELL INTL INC  Common  438516106        507        23,400   SH                   Sole                23,400

HOUSEHOLD INTL INC  Common  441815107      1,132        40,000   SH                   Sole                40,000

IKON OFFICE         Common  451713101        391        49,600   SH                   Sole                49,600
SOLUTIONS INC

INGRAM MICRO INC    Common  457153104      5,175       389,100   SH                   Sole               389,100

INSITUFORM          Common  457667103        861        60,000   SH                   Sole                60,000
TECHNOLOGIES INC

INTER TEL INC       Common  458372109        210        10,300   SH                   Sole                10,300

INTERNATIONAL       Common  459200101      3,831        65,700   SH                   Sole                65,700
BUSINESS MACHS

INTERPUBLIC GROUP   Common  460690100        384        24,200   SH                   Sole                24,200
COS INC

INTL PAPER CO       Common  460146103      1,282        38,400   SH                   Sole                38,400

INTUIT              Common  461202103        314         6,900   SH                   Sole                 6,900


                                     ------------
                         TOTAL $          22,742
                                     ------------


                                               Page 11 of 24




                                                                                         
Column              Column  Column     Column        Column                        Column      Column    Column
1:                  2:      3:         4:            5:                            6:          7:        8:

                    Title                            Shares or                                           Voting Authority
                    of      CUSIP      Value         Principal                     Investment  Other     ------------------------
Name of Issuer      Class   Number     (x$1000)      Amount      SH/PRN  Put/Call  Discretion  Managers  Sole    Shared    None

IOMEGA CORP         Common  462030107        112        10,500   SH                   Sole                10,500

JABIL CIRCUIT INC   Common  466313103        322        21,800   SH                   Sole                21,800

JACOBS ENGR GROUP   Common  469814107        448        14,500   SH                   Sole                14,500
INC DEL

JEFFERSON PILOT     Common  475070108        630        15,700   SH                   Sole                15,700
CORP

JONES APPAREL GROUP Common  480074103        371        12,100   SH                   Sole                12,100
 INC

JUNIPER NETWORKS    Common  48203R104         48        10,100   SH                   Sole                10,100
INC

KERR MCGEE CORP     Common  492386107      1,955        45,000   SH                   Sole                45,000

KINDRED HEALTHCARE  Common  494580103      3,796       102,500   SH                   Sole               102,500
INC

KINROSS GOLD CORP   Common  496902107        438       200,000   SH                   Sole               200,000

KOREA ELECTRIC PWR  Common  500631106        347        37,200   SH                   Sole                37,200

KROGER CO           Common  501044101      1,410       100,000   SH                   Sole               100,000

KT CORP             Common  48268K101      4,398       198,300   SH                   Sole               198,300

LA QUINTA CORP      Common  50419U202      6,422     1,338,000   SH                   Sole             1,338,000

LEAR CORP           Common  521865105        356         8,550   SH                   Sole                 8,550

LENNOX INTL INC     Common  526107107      3,379       255,400   SH                   Sole               255,400

LIBERTY MEDIA CORP  Common  530718105      1,292       180,000   SH                   Sole               180,000
NEW

LIBERTY PPTY TR     Common  531172104      5,974       192,700   SH                   Sole               192,700

                                     ------------
                         TOTAL $          31,698
                                     ------------

                                               Page 12 of 24




                                                                                         
Column              Column  Column     Column        Column                        Column      Column    Column
1:                  2:      3:         4:            5:                            6:          7:        8:

                    Title                            Shares or                                           Voting Authority
                    of      CUSIP      Value         Principal                     Investment  Other     ------------------------
Name of Issuer      Class   Number     (x$1000)      Amount      SH/PRN  Put/Call  Discretion  Managers  Sole    Shared    None

LINCOLN NATL CORP   Common  534187109        917        30,000   SH                   Sole                30,000
IND

LUBRIZOL CORP       Common  549271104        350        12,375   SH                   Sole                12,375

LUCENT TECHNOLOGIES Common  549463107        114       150,000   SH                   Sole               150,000
 INC

MANDALAY RESORT     Common  562567107        336        10,000   SH                   Sole                10,000
GROUP

MARATHON OIL CORP   Common  902905827        840        37,025   SH                   Sole                37,025

MATTEL INC          Common  577081102        499        27,700   SH                   Sole                27,700

MAXTOR CORP         Common  577729205      1,722       659,650   SH                   Sole               659,650

MBIA INC            Common  55262C100        899        22,500   SH                   Sole                22,500

MCDONALDS CORP      Common  580047108        265        15,000   SH                   Sole                15,000

METROMEDIA INTL     Common  591695101          3        50,213   SH                   Sole                50,213
GROUP INC

MGM MIRAGE          Common  552953101        395        10,600   SH                   Sole                10,600

MILACRON INC        Common  598709103         97        21,600   SH                   Sole                21,600

MINE SAFETY         Common  602720104        392        10,000   SH                   Sole                10,000
APPLIANCES CO

MIRAMAR MINING CORP Common  60466E100        282       300,000   SH                   Sole               300,000

MOBILE TELESYSTEMS  Common  607409109        266         8,800   SH                   Sole                 8,800
OJSC

MONSANTO CO NEW     Common  61166W101      1,566       102,425   SH                   Sole               102,425


                                     ------------
                         TOTAL $           8,943
                                     ------------


                                               Page 13 of 24




                                                                                         
Column              Column  Column     Column        Column                        Column      Column    Column
1:                  2:      3:         4:            5:                            6:          7:        8:

                    Title                            Shares or                                           Voting Authority
                    of      CUSIP      Value         Principal                     Investment  Other     ------------------------
Name of Issuer      Class   Number     (x$1000)      Amount      SH/PRN  Put/Call  Discretion  Managers  Sole    Shared    None

MORGAN STANLEY ASIA Common  61744U106        239        33,200   SH                   Sole                33,200
 PAC FD INC

MORGAN STANLEY      Common  61745C105        168        19,600   SH                   Sole                19,600
INDIA INVS FD

MOTOROLA INC        Common  620076109      3,424       336,300   SH                   Sole               336,300

MUELLER INDS INC    Common  624756102      6,801       262,600   SH                   Sole               262,600

NATIONAL CITY CORP  Common  635405103        223         7,800   SH                   Sole                 7,800

NETIQ CORP          Common  64115P102        168        11,600   SH                   Sole                11,600

NEWS CORP LTD       Common  652487802      5,261       285,000   SH                   Sole               285,000

NIPPON TELEG & TEL  Common  654624105        447        27,500   SH                   Sole                27,500
CORP

NISOURCE INC        Common  65473P105        799        46,400   SH                   Sole                46,400

NOKIA CORP          Common  654902204      3,180       240,000   SH                   Sole               240,000

NORFOLK SOUTHERN    Common  655844108      1,621        80,300   SH                   Sole                80,300
CORP

NORTEL NETWORKS     Common  656568102        445       823,500   SH                   Sole               823,500
CORP NEW

NORTHERN TR CORP    Common  665859104      3,859       102,300   SH                   Sole               102,300

NUANCE              Common  669967101         34        20,000   SH                   Sole                20,000
COMMUNICATIONS INC

NUCOR CORP          Common  670346105      7,625       201,200   SH                   Sole               201,200

OAKLEY INC          Common  673662102        172        17,100   SH                   Sole                17,100

                                     ------------
                         TOTAL $          34,466
                                     ------------



                                               Page 14 of 24




                                                                                         
Column              Column  Column     Column        Column                        Column      Column    Column
1:                  2:      3:         4:            5:                            6:          7:        8:

                    Title                            Shares or                                           Voting Authority
                    of      CUSIP      Value         Principal                     Investment  Other     ------------------------
Name of Issuer      Class   Number     (x$1000)      Amount      SH/PRN  Put/Call  Discretion  Managers  Sole    Shared    None

OFFICE DEPOT INC    Common  676220106      6,761       547,900   SH                   Sole               547,900

OFFICEMAX INC       Common  67622M108      3,243       794,900   SH                   Sole               794,900

OLD REP INTL CORP   Common  680223104      2,042        71,950   SH                   Sole                71,950

ON COMMAND CORP     Common  682160106         16        57,296   SH                   Sole                57,296

OPEN JT STK         Common  68370R109        389        16,400   SH                   Sole                16,400
CO-VIMPEL COMMUNIC

ORACLE CORP         Common  68389X105        244        31,100   SH                   Sole                31,100

ORIENT-EXPRESS      Common  G67743107      1,424       104,200   SH                   Sole               104,200
HOTELS LTD

OWENS ILL INC       Common  690768403        172        15,200   SH                   Sole                15,200

PARK PL ENTMT CORP  Common  700690100        102        12,800   SH                   Sole                12,800

PAYLESS SHOESOURCE  Common  704379106        847        15,675   SH                   Sole                15,675
INC

PENNZOIL-QUAKER     Common  709323109        626        28,500   SH                   Sole                28,500
STATE COMPANY

PEOPLESOFT INC      Common  712713106        197        15,900   SH                   Sole                15,900

PFIZER INC          Common  717081103      1,451        50,000   SH                   Sole                50,000

PHARMACIA CORP      Common  71713U102        222         5,700   SH                   Sole                 5,700

PHELPS DODGE CORP   Common  717265102      4,193       163,600   SH                   Sole               163,600

PINNACLE SYS INC    Common  723481107        186        17,200   SH                   Sole                17,200




                                     ------------
                         TOTAL $          22,115
                                     ------------


                                               Page 15 of 24




                                                                                         
Column              Column  Column     Column        Column                        Column      Column    Column
1:                  2:      3:         4:            5:                            6:          7:        8:

                    Title                            Shares or                                           Voting Authority
                    of      CUSIP      Value         Principal                     Investment  Other     ------------------------
Name of Issuer      Class   Number     (x$1000)      Amount      SH/PRN  Put/Call  Discretion  Managers  Sole    Shared    None

PIONEER STD ELECTRS Common  723877106        125        17,275   SH                   Sole                17,275
 INC

PLACER DOME INC     Common  725906101      7,981       874,200   SH                   Sole               874,200

PNC FINL SVCS GROUP Common  693475105        936        22,200   SH                   Sole                22,200
 INC

POLARIS INDS INC    Common  731068102        577         9,300   SH                   Sole                 9,300

POLYCOM INC         Common  73172K104         98        14,400   SH                   Sole                14,400

POSCO               Common  730450103        242        11,200   SH                   Sole                11,200

POTASH CORP SASK    Common  73755L107      5,038        81,000   SH                   Sole                81,000
INC

POWERWAVE           Common  739363109         40        11,800   SH                   Sole                11,800
TECHNOLOGIES INC

PPL CORP            Common  693499105        768        23,600   SH                   Sole                23,600

PRAXAIR INC         Common  74005P104        327         6,400   SH                   Sole                 6,400

PRECISION DRILLING  Common  74022D100        629        20,900   SH                   Sole                20,900
CORP

PREMCOR INC         Common  74045Q104      1,177        75,000   SH                   Sole                75,000

PRG-SCHULTZ         Common  743168106        135        10,900   SH                   Sole                10,900
INTERNATIONAL INC

PULTE HOMES INC     Common  745867101      1,918        45,000   SH                   Sole                45,000

QUALCOMM INC        Common  747525103        284        10,300   SH                   Sole                10,300

QUANTUM CORP        Common  747906204        164        74,400   SH                   Sole                74,400

R H DONNELLEY CORP  Common  74955W307        224         8,625   SH                   Sole                 8,625
                                     ------------
                         TOTAL $          20,663
                                     ------------


                                               Page 16 of 24




                                                                                         
Column              Column  Column     Column        Column                        Column      Column    Column
1:                  2:      3:         4:            5:                            6:          7:        8:

                    Title                            Shares or                                           Voting Authority
                    of      CUSIP      Value         Principal                     Investment  Other     ------------------------
Name of Issuer      Class   Number     (x$1000)      Amount      SH/PRN  Put/Call  Discretion  Managers  Sole    Shared    None

RADIAN GROUP INC    Common  750236101        447        13,675   SH                   Sole                13,675

RADIO ONE INC       Common  75040P405        918        55,700   SH                   Sole                55,700

RAYTHEON CO         Common  755111101      6,191       211,300   SH                   Sole               211,300

RELIANT RES INC     Common  75952B105        130        74,500   SH                   Sole                74,500

REPUBLIC BANCORP    Common  760282103        197        15,130   SH                   Sole                15,130
INC

REYNOLDS & REYNOLDS Common  761695105        224        10,000   SH                   Sole                10,000
 CO

RFS HOTEL INVS INC  Common  74955J108        184        16,775   SH                   Sole                16,775

ROHM & HAAS CO      Common  775371107        248         8,000   SH                   Sole                 8,000

RUSSELL CORP        Common  782352108      3,577       238,600   SH                   Sole               238,600

RYERSON TULL INC    Common  78375P107      8,566     1,332,200   SH                   Sole             1,332,200
NEW

SARA LEE CORP       Common  803111103        604        33,025   SH                   Sole                33,025

SBC COMMUNICATIONS  Common  78387G103     11,055       550,000   SH                   Sole               550,000
INC

SCHEIN HENRY INC    Common  806407102        280         5,300   SH                   Sole                 5,300

SCHERING PLOUGH     Common  806605101      3,322       155,800   SH                   Sole               155,800
CORP

SCHLUMBERGER LTD    Common  806857108        769        20,000   SH                   Sole                20,000

SCIENTIFIC ATLANTA  Common  808655104        166        13,300   SH                   Sole                13,300
INC

SCP POOL CORP       Common  784028102        280        10,200   SH                   Sole                10,200
                                     ------------
                         TOTAL $          37,158
                                     ------------


                                               Page 17 of 24




                                                                                         
Column              Column  Column     Column        Column                        Column      Column    Column
1:                  2:      3:         4:            5:                            6:          7:        8:

                    Title                            Shares or                                           Voting Authority
                    of      CUSIP      Value         Principal                     Investment  Other     ------------------------
Name of Issuer      Class   Number     (x$1000)      Amount      SH/PRN  Put/Call  Discretion  Managers  Sole    Shared    None

SEMPRA ENERGY       Common  816851109      5,331       271,300   SH                   Sole               271,300

SERVICEMASTER CO    Common  81760N109        344        31,725   SH                   Sole                31,725

SHERWIN WILLIAMS CO Common  824348106        346        14,625   SH                   Sole                14,625

SINCLAIR BROADCAST  Common  829226109        178        13,000   SH                   Sole                13,000
GROUP INC

SOLECTRON CORP      Common  834182107         93        44,150   SH                   Sole                44,150

SOUTHTRUST CORP     Common  844730101        278        11,475   SH                   Sole                11,475

SOUTHWEST AIRLS CO  Common  844741108        392        30,000   SH                   Sole                30,000

SPANISH             Common  846425882        207        31,600   SH                   Sole                31,600
BROADCASTING SYS
INC

SPHERION CORP       Common  848420105        172        24,375   SH                   Sole                24,375

SPRINT CORP         Common  852061506        980       500,000   SH                   Sole               500,000

STEIN MART INC      Common  858375108         73        12,475   SH                   Sole                12,475

SYBASE INC          Common  871130100        121        10,400   SH                   Sole                10,400

SYMANTEC CORP       Common  871503108        441        13,100   SH                   Sole                13,100

TECH DATA CORP      Common  878237106        272        10,300   SH                   Sole                10,300

TECO ENERGY INC     Common  872375100        729        45,900   SH                   Sole                45,900

TEEKAY SHIPPING     Common  Y8564W103        998        35,000   SH                   Sole                35,000
MARSHALL ISLND

TELEFONOS DE MEXICO Common  879403780        515        18,300   SH                   Sole                18,300
 S A

                                     ------------
                         TOTAL $          11,470
                                     ------------


                                               Page 18 of 24




                                                                                         
Column              Column  Column     Column        Column                        Column      Column    Column
1:                  2:      3:         4:            5:                            6:          7:        8:

                    Title                            Shares or                                           Voting Authority
                    of      CUSIP      Value         Principal                     Investment  Other     ------------------------
Name of Issuer      Class   Number     (x$1000)      Amount      SH/PRN  Put/Call  Discretion  Managers  Sole    Shared    None

TELLABS INC         Common  879664100        304        74,700   SH                   Sole                74,700

TENET HEALTHCARE    Common  88033G100        322         6,500   SH                   Sole                 6,500
CORP

THORATEC CORP       Common  885175307      1,411       180,000   SH                   Sole               180,000

TMP WORLDWIDE INC   Common  872941109        122        13,600   SH                   Sole                13,600

TRAVELERS PPTY CAS  Common  89420G109      4,224       320,000   SH                   Sole               320,000
CORP NEW

TRIZEC PROPERTIES   Common  89687P107        432        38,075   SH                   Sole                38,075
INC

TV AZTECA S A DE C  Common  901145102        125        25,600   SH                   Sole                25,600
V

TYCO INTL LTD NEW   Common  902124106        160        11,325   SH                   Sole                11,325

UNIBANCO-UNIAO DE   Common  90458E107         74        10,400   SH                   Sole                10,400
BANCOS BRASL

UNIFI INC           Common  904677101      3,268       521,200   SH                   Sole               521,200

UNION PAC CORP      Common  907818108        372         6,425   SH                   Sole                 6,425

UNITED STATIONERS   Common  913004107        239         9,100   SH                   Sole                 9,100
INC

US BANCORP DEL      Common  902973304      1,301        70,000   SH                   Sole                70,000

USA INTERACTIVE     Common  902984103        545        28,100   SH                   Sole                28,100

USEC INC            Common  90333E108      3,581       572,100   SH                   Sole               572,100

VALERO ENERGY CORP  Common  91913Y100      9,214       348,100   SH                   Sole               348,100
NEW

                                     ------------
                         TOTAL $          25,694
                                     ------------


                                               Page 19 of 24




                                                                                         
Column              Column  Column     Column        Column                        Column      Column    Column
1:                  2:      3:         4:            5:                            6:          7:        8:

                    Title                            Shares or                                           Voting Authority
                    of      CUSIP      Value         Principal                     Investment  Other     ------------------------
Name of Issuer      Class   Number     (x$1000)      Amount      SH/PRN  Put/Call  Discretion  Managers  Sole    Shared    None

VENTAS INC          Common  92276F100      7,010       522,750   SH                   Sole               522,750

VERITY INC          Common  92343C106        225        22,600   SH                   Sole                22,600

VERIZON             Common  92343V104     11,637       424,100   SH                   Sole               424,100
COMMUNICATIONS

VIAD CORP           Common  92552R109        480        23,475   SH                   Sole                23,475

VISTEON CORP        Common  92839U107      4,962       524,000   SH                   Sole               524,000

VIVENDI UNIVERSAL   Common  92851S204        188        16,500   SH                   Sole                16,500

VODAFONE GROUP PLC  Common  92857W100      4,592       357,900   SH                   Sole               357,900
NEW

WAL MART STORES INC Common  931142103      2,462        50,000   SH                   Sole                50,000

WASHINGTON MUT INC  Common  939322103        645        20,500   SH                   Sole                20,500

WESTERN WIRELESS    Common  95988E204        270       100,000   SH                   Sole               100,000
CORP

WESTWOOD ONE INC    Common  961815107        797        22,300   SH                   Sole                22,300

WHIRLPOOL CORP      Common  963320106        229         5,000   SH                   Sole                 5,000

WILLIAMS COS INC    Common  969457100         42        18,500   SH                   Sole                18,500
DEL

WILSONS THE LEATHER Common  972463103        142        19,950   SH                   Sole                19,950
 EXPERTS

WINNEBAGO INDS INC  Common  974637100        233         5,900   SH                   Sole                 5,900

XCEL ENERGY INC     Common  98389B100        386        41,500   SH                   Sole                41,500

XEROX CORP          Common  984121103         50        10,200   SH                   Sole                10,200

                                     ------------
                         TOTAL $          34,350
                                     ------------


                                               Page 20 of 24




                                                                                         
Column              Column  Column     Column        Column                        Column      Column    Column
1:                  2:      3:         4:            5:                            6:          7:        8:

                    Title                            Shares or                                           Voting Authority
                    of      CUSIP      Value         Principal                     Investment  Other     ------------------------
Name of Issuer      Class   Number     (x$1000)      Amount      SH/PRN  Put/Call  Discretion  Managers  Sole    Shared    None

XL CAP LTD          Common  G98255105        307         4,175   SH                   Sole                 4,175

XTO ENERGY CORP     Common  98385X106        365        17,700   SH                   Sole                17,700

                                      ----------
                      TOTAL $                672
                                      ----------



                                               Page 21 of 24




                                                                                         
Column              Column  Column     Column        Column                        Column      Column    Column
1:                  2:      3:         4:            5:                            6:          7:        8:

                    Title                            Shares or                                           Voting Authority
                    of      CUSIP      Value         Principal                     Investment  Other     ------------------------
Name of Issuer      Class   Number     (x$1000)      Amount      SH/PRN  Put/Call  Discretion  Managers  Sole    Shared    None

ABBOTT LABS         Common  002824950      4,040       100,000   SH        Put        Sole               100,000

AES CORP            Common  00130H955         38        15,000   SH        Put        Sole                15,000

ALCATEL             Common  013904955        350       150,000   SH        Put        Sole               150,000

ALLEGHENY ENERGY    Common  017361956        393        30,000   SH        Put        Sole                30,000

AMERADA HESS CORP   Common  023551954      4,752        70,000   SH        Put        Sole                70,000

BALLARD PWR SYS INC Common  05858H954      1,480       160,000   SH        Put        Sole               160,000

BLACK BOX CORP DEL  Common  091826957      1,328        40,000   SH        Put        Sole                40,000

BROADCOM CORP       Common  111320957      1,335       125,000   SH        Put        Sole               125,000

CALPINE CORP        Common  131347956        741       300,000   SH        Put        Sole               300,000

CATERPILLAR INC DEL Common  149123951      3,722       100,000   SH        Put        Sole               100,000

CENDANT CORP        Common  151313953      1,851       172,000   SH        Put        Sole               172,000

CHARTER             Common  16117M957        186       100,000   SH        Put        Sole               100,000
COMMUNICATIONS INC
DEL

CISCO SYS INC       Common  17275R952      1,467       140,000   SH        Put        Sole               140,000

D R HORTON INC      Common  23331A959        931        50,000   SH        Put        Sole                50,000

DEERE & CO          Common  244199955      9,090       200,000   SH        Put        Sole               200,000

DILLARDS INC        Common  254067951      1,009        50,000   SH        Put        Sole                50,000

DISNEY WALT CO      Common  254687956      3,785       250,000   SH        Put        Sole               250,000

DOW CHEM CO         Common  260543953      3,277       120,000   SH        Put        Sole               120,000


                                     ------------
                         TOTAL $          39,775
                                     ------------


                                               Page 22 of 24




                                                                                         
Column              Column  Column     Column        Column                        Column      Column    Column
1:                  2:      3:         4:            5:                            6:          7:        8:

                    Title                            Shares or                                           Voting Authority
                    of      CUSIP      Value         Principal                     Investment  Other     ------------------------
Name of Issuer      Class   Number     (x$1000)      Amount      SH/PRN  Put/Call  Discretion  Managers  Sole    Shared    None

DU PONT E I DE      Common  263534959      3,607       100,000   SH        Put        Sole               100,000
NEMOURS & CO

EL PASO CORP        Common  28336L959        317        38,300   SH        Put        Sole                38,300

FORD MTR CO DEL     Common  345370950        980       100,000   SH        Put        Sole               100,000

GAP INC DEL         Common  364760958      2,170       200,000   SH        Put        Sole               200,000

GENERAL MTRS CORP   Common  370442955      1,556        40,000   SH        Put        Sole                40,000

INTERNATIONAL       Common  459200951      2,916        50,000   SH        Put        Sole                50,000
BUSINESS MACHS

INTL PAPER CO       Common  460146953     10,017       300,000   SH        Put        Sole               300,000

MERRILL LYNCH & CO  Common  590188958      2,636        80,000   SH        Put        Sole                80,000
INC

MOTOROLA INC        Common  620076959        611        60,000   SH        Put        Sole                60,000

NORTEL NETWORKS     Common  656568952        108       200,000   SH        Put        Sole               200,000
CORP NEW

PFIZER INC          Common  717081953      7,255       250,000   SH        Put        Sole               250,000

PHELPS DODGE CORP   Common  717265952      1,153        45,000   SH        Put        Sole                45,000

PLACER DOME INC     Common  725906901      2,739       300,000   SH        Call       Sole               300,000

QUALCOMM INC        Common  747525953      1,105        40,000   SH        Put        Sole                40,000

SCHERING PLOUGH     Common  806605951      2,558       120,000   SH        Put        Sole               120,000
CORP

SCHLUMBERGER LTD    Common  806857958      3,846       100,000   SH        Put        Sole               100,000


                                     ------------
                         TOTAL $          43,574
                                     ------------



                                               Page 23 of 24




                                                                                         
Column              Column  Column     Column        Column                        Column      Column    Column
1:                  2:      3:         4:            5:                            6:          7:        8:

                    Title                            Shares or                                           Voting Authority
                    of      CUSIP      Value         Principal                     Investment  Other     ------------------------
Name of Issuer      Class   Number     (x$1000)      Amount      SH/PRN  Put/Call  Discretion  Managers  Sole    Shared    None

SOUTHWEST AIRLS CO  Common  844741958      1,959       150,000   SH        Put        Sole               150,000

SUNOCO INC          Common  86764P909      4,524       150,000   SH        Call       Sole               150,000

TEXAS INSTRS INC    Common  882508954      1,883       127,500   SH        Put        Sole               127,500

TIFFANY & CO NEW    Common  886547958      2,143       100,000   SH        Put        Sole               100,000

TYCO INTL LTD NEW   Common  902124956      4,230       300,000   SH        Put        Sole               300,000

UNION PAC CORP      Common  907818958      5,787       100,000   SH        Put        Sole               100,000

                                      ----------
                      TOTAL $             20,526
                                      ----------
            AGGREGATE TOTAL $          7,012,813
                                      ==========


                                               Page 24 of 24