FORM 13F
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended March 31, 2003
Check here if Amendment: [ ]; Amendment Number:
-------
This Amendment:
[ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Loews Corporation
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Address: 667 Madison Avenue New York New York 10021
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(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
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Title: General Counsel and Senior Vice President
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Phone: 212-521-2932
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Signature, Place, and Date of Signing:
/s/ Gary W. Garson
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(Signature)
Place: 667 Madison Avenue New York New York 10021
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(Street) (City) (State) (Zip)
Date: May 13, 2003
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Page 1 of 25
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 25
FORM 13F SUMMARY PAGE
REPORT SUMMARY
Number of Other Included Managers: NONE.
Form 13F Information Table Entry Total: 328
Form 13F Information Table Value Total: $6,554.5 (millions)
List of Other Included Managers: NONE.
Page 3 of 25
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
ACTION PERFORMANCE Common 004933107 233 11,000 SH Sole 11,000
COS INC
ACUITY BRANDS INC Common 00508Y102 184 13,650 SH Sole 13,650
ACXIOM CORP Common 005125109 293 17,400 SH Sole 17,400
ADVANCEPCS Common 007491103 252 8,900 SH Sole 8,900
AEGON N V Common 007924103 159 21,100 SH Sole 21,100
AES CORP Common 00130H105 362 100,000 SH Sole 100,000
AETNA INC NEW Common 00817Y108 698 14,150 SH Sole 14,150
AGERE SYS INC Common 00845V100 77 47,900 SH Sole 47,900
AGRIUM INC Common 008916108 9,931 923,800 SH Sole 923,800
AK STL HLDG CORP Common 001547108 969 298,100 SH Sole 298,100
ALCATEL Common 013904305 119 17,200 SH Sole 17,200
ALLEGHENY ENERGY Common 017361106 497 80,000 SH Sole 80,000
INC
ALLSTATE CORP Common 020002101 10,390 313,225 SH Sole 313,225
ALTRIA GROUP INC Common 718154107 3,826 127,700 SH Sole 127,700
AMAZON COM INC Common 023135106 372 14,300 SH Sole 14,300
AMERADA HESS CORP Common 023551104 1,328 30,000 SH Sole 30,000
AMERICAN NATL INS Common 028591105 1,759 22,575 SH Sole 22,575
CO
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TOTAL $ 31,449
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Page 4 of 25 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
AMERICAN PHYSICIANS Common 028884104 302 14,225 SH Sole 14,225
CAPITAL
AMPHENOL CORP NEW Common 032095101 208 5,100 SH Sole 5,100
ANADARKO PETE CORP Common 032511107 910 20,000 SH Sole 20,000
ANALOG DEVICES INC Common 032654105 259 9,400 SH Sole 9,400
ANGEION CORP Common 03462H404 485 421,665 SH Sole 421,665
ANIXTER INTL INC Common 035290105 239 10,550 SH Sole 10,550
ANNUITY AND LIFE RE Common G03910109 16 28,300 SH Sole 28,300
HLDGS
AOL TIME WARNER INC Common 00184A105 7,168 660,000 SH Sole 660,000
AON CORP Common 037389103 1,730 83,650 SH Sole 83,650
APPLERA CORP Common 038020103 275 17,400 SH Sole 17,400
APPLICA INC Common 03815A106 489 100,000 SH Sole 100,000
APRIA HEALTHCARE Common 037933108 348 14,900 SH Sole 14,900
GROUP INC
ARCHER DANIELS Common 039483102 4,083 378,100 SH Sole 378,100
MIDLAND CO
ARTESYN Common 043127109 186 59,950 SH Sole 59,950
TECHNOLOGIES INC
------------
TOTAL $ 16,698
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Page 5 of 25 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
ARVINMERITOR INC Common 043353101 179 12,825 SH Sole 12,825
ASHLAND INC Common 044204105 597 20,125 SH Sole 20,125
AT&T CORP Common 001957505 21,935 1,354,040 SH Sole 1,354,040
AT&T WIRELESS SVCS Common 00209A106 7,158 1,084,600 SH Sole 1,084,600
INC
ATLAS AIR WORLDWIDE Common 049164106 64 80,000 SH Sole 80,000
HLDGS INC
AUTONATION INC Common 05329W102 166 13,000 SH Sole 13,000
BALLARD PWR SYS INC Common 05858H104 942 100,300 SH Sole 100,300
BANK NEW YORK INC Common 064057102 361 17,600 SH Sole 17,600
BANK ONE CORP Common 06423A103 10,386 300,000 SH Sole 300,000
BARRICK GOLD CORP Common 067901108 16,232 1,043,200 SH Sole 1,043,200
BECKMAN COULTER INC Common 075811109 1,889 55,500 SH Sole 55,500
BECTON DICKINSON & Common 075887109 689 20,000 SH Sole 20,000
CO
BENCHMARK ELECTRS Common 08160H101 331 11,700 SH Sole 11,700
INC
BMC SOFTWARE INC Common 055921100 172 11,400 SH Sole 11,400
BOEING CO Common 097023105 6,094 243,175 SH Sole 243,175
------------
TOTAL $ 67,195
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Page 6 of 25 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
BORDERS GROUP INC Common 099709107 151 10,300 SH Sole 10,300
BOSTON PROPERTIES Common 101121101 6,674 176,100 SH Sole 176,100
INC
BOWATER INC Common 102183100 1,858 50,000 SH Sole 50,000
BOWNE & CO INC Common 103043105 158 15,750 SH Sole 15,750
BOYD GAMING CORP Common 103304101 187 14,700 SH Sole 14,700
BRANDYWINE RLTY TR Common 105368203 2,200 100,000 SH Sole 100,000
BRISTOL MYERS Common 110122108 570 26,975 SH Sole 26,975
SQUIBB CO
BROADCOM CORP Common 111320107 247 20,000 SH Sole 20,000
BROWN SHOE INC NEW Common 115736100 276 10,200 SH Sole 10,200
BRUNSWICK CORP Common 117043109 247 13,000 SH Sole 13,000
BURLINGTON RES INC Common 122014103 1,169 24,500 SH Sole 24,500
CABLEVISION SYS Common 12686C109 813 42,800 SH Sole 42,800
CORP
CALPINE CORP Common 131347106 2,640 800,000 SH Sole 800,000
CAPITAL ONE FINL Common 14040H105 228 7,600 SH Sole 7,600
CORP
CAPSTONE TURBINE Common 14067D102 216 300,000 SH Sole 300,000
CORP
CARNIVAL CORP Common 143658102 6,589 273,300 SH Sole 273,300
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TOTAL $ 24,223
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Page 7 of 25 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
CATALINA MARKETING Common 148867104 2,115 110,000 SH Sole 110,000
CORP
CENDANT CORP Common 151313103 762 60,000 SH Sole 60,000
CENTEX CORP Common 152312104 1,631 30,000 SH Sole 30,000
CERIDIAN CORP NEW Common 15677T106 644 46,100 SH Sole 46,100
CHEVRONTEXACO CORP Common 166764100 970 15,000 SH Sole 15,000
CHIQUITA BRANDS Common 170032809 3,101 282,700 SH Sole 282,700
INTL INC
CHUBB CORP Common 171232101 1,773 40,000 SH Sole 40,000
CIGNA CORP Common 125509109 727 15,900 SH Sole 15,900
CIRCUIT CITY STORE Common 172737108 108 20,800 SH Sole 20,800
INC
CIT GROUP INC Common 125581108 2,189 129,825 SH Sole 129,825
CITIGROUP INC Common 172967101 4,010 116,400 SH Sole 116,400
CITIZENS Common 17453B101 1,497 150,000 SH Sole 150,000
COMMUNICATIONS CO
CLEVELAND CLIFFS Common 185896107 3,475 186,350 SH Sole 186,350
INC
CNA FINL CORP Common 126117100 4,508,974 201,293,500 SH Sole 201,293,500
CNF INC Common 12612W104 860 28,250 SH Sole 28,250
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TOTAL $ 4,532,836
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Page 8 of 25 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
COGNIZANT Common 192446102 384 5,700 SH Sole 5,700
TECHNOLOGY
SOLUTIONS
COMCAST CORP NEW Common 20030N101 5,087 177,925 SH Sole 177,925
COMMSCOPE INC Common 203372107 150 19,950 SH Sole 19,950
COMPUTER ASSOC INTL Common 204912109 1,263 92,425 SH Sole 92,425
INC
CONCORD EFS INC Common 206197105 135 14,400 SH Sole 14,400
CONMED CORP Common 207410101 176 10,700 SH Sole 10,700
CONOCOPHILLIPS Common 20825C104 394 7,350 SH Sole 7,350
CONTINENTAL AIRLS Common 210795308 512 100,000 SH Sole 100,000
INC
COOPER INDS LTD Common G24182100 647 18,125 SH Sole 18,125
CORN PRODS INTL INC Common 219023108 225 7,700 SH Sole 7,700
CSG SYS INTL INC Common 126349109 121 13,900 SH Sole 13,900
CSX CORP Common 126408103 268 9,400 SH Sole 9,400
CTS CORP Common 126501105 98 16,100 SH Sole 16,100
CYTEC INDS INC Common 232820100 610 21,900 SH Sole 21,900
D R HORTON INC Common 23331A109 4,224 220,000 SH Sole 220,000
DEL MONTE FOODS CO Common 24522P103 137 18,375 SH Sole 18,375
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TOTAL $ 14,431
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Page 9 of 25 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
DELPHI FINL GROUP Common 247131105 2,234 57,025 SH Sole 57,025
INC
DELTA AIR LINES INC Common 247361108 2,510 282,000 SH Sole 282,000
DEL
DIAMOND OFFSHORE Common 25271C102 1,360,641 70,100,000 SH Sole 70,100,000
DRILLING INC
DIAMONDS TR Common 252787106 19,955 250,000 SH Sole 250,000
DILLARDS INC Common 254067101 2,074 160,550 SH Sole 160,550
DOLLAR GEN CORP Common 256669102 3,834 314,000 SH Sole 314,000
DONNELLEY R R & Common 257867101 249 13,600 SH Sole 13,600
SONS CO
DU PONT E I DE Common 263534109 1,166 30,000 SH Sole 30,000
NEMOURS & CO
DUKE ENERGY CORP Common 264399106 2,210 152,000 SH Sole 152,000
EARTHLINK INC Common 270321102 102 17,800 SH Sole 17,800
EL PASO CORP Common 28336L109 428 70,700 SH Sole 70,700
ELDERTRUST Common 284560109 122 17,900 SH Sole 17,900
ELECTRONIC DATA SYS Common 285661104 467 26,550 SH Sole 26,550
NEW
ENCANA CORP Common 292505104 476 14,700 SH Sole 14,700
ENTERASYS NETWORKS Common 293637104 190 102,550 SH Sole 102,550
INC
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TOTAL $ 1,396,658
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Page 10 of 25 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
EQUITY OFFICE Common 294741103 3,189 125,300 SH Sole 125,300
PROPERTIES TRUST
ESTERLINE Common 297425100 232 13,700 SH Sole 13,700
TECHNOLOGIES CORP
EXPEDIA INC Common 302125109 315 6,100 SH Sole 6,100
EXPRESSJET HOLDINGS Common 30218U108 3,914 477,300 SH Sole 477,300
INC
F M C CORP Common 302491303 5,566 355,000 SH Sole 355,000
FEDERAL HOME LN MTG Common 313400301 2,390 45,000 SH Sole 45,000
CORP
FEDERATED DEPT Common 31410H101 14,231 507,900 SH Sole 507,900
STORES INC DEL
FIRST DATA CORP Common 319963104 588 15,900 SH Sole 15,900
FIRST NIAGARA FINL Common 33582V108 235 20,000 SH Sole 20,000
GP INC
FISERV INC Common 337738108 309 9,800 SH Sole 9,800
FLEETBOSTON FINL Common 339030108 309 12,925 SH Sole 12,925
CORP
FMC TECHNOLOGIES Common 30249U101 622 32,375 SH Sole 32,375
INC
FOOT LOCKER INC Common 344849104 175 16,400 SH Sole 16,400
FOOTSTAR INC Common 344912100 222 26,475 SH Sole 26,475
------------
TOTAL $ 32,297
------------
Page 11 of 25 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
FORD MTR CO DEL Common 345370860 3,158 420,000 SH Sole 420,000
FREEPORT-MCMORAN Common 35671D857 758 44,475 SH Sole 44,475
COPPER & GOLD
FRESH DEL MONTE Common G36738105 167 11,000 SH Sole 11,000
PRODUCE INC
GANNETT INC Common 364730101 232 3,300 SH Sole 3,300
GAP INC DEL Common 364760108 2,836 195,700 SH Sole 195,700
GENERAL CABLE CORP Common 369300108 5,859 1,583,525 SH Sole 1,583,525
DEL NEW
GENERAL MTRS CORP Common 370442832 196 17,500 SH Sole 17,500
GENESIS HEALTH Common 37183F107 7,712 519,000 SH Sole 519,000
VENTURE INC NEW
GEORGIA PAC CORP Common 373298108 340 24,425 SH Sole 24,425
GETTY IMAGES INC Common 374276103 302 11,000 SH Sole 11,000
GIBRALTAR STL CORP Common 37476F103 3,355 180,000 SH Sole 180,000
GLAMIS GOLD LTD Common 376775102 2,895 280,000 SH Sole 280,000
GLIMCHER RLTY TR Common 379302102 256 13,350 SH Sole 13,350
------------
TOTAL $ 28,066
------------
Page 12 of 25 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
GLOBAL PMTS INC Common 37940X102 211 6,900 SH Sole 6,900
GROUP 1 AUTOMOTIVE Common 398905109 4,494 210,000 SH Sole 210,000
INC
HCA INC Common 404119109 1,034 25,000 SH Sole 25,000
HEALTH NET INC Common 42222G108 424 15,825 SH Sole 15,825
HEALTHSOUTH CORP Common 421924101 46 545,000 SH Sole 545,000
HEINZ H J CO Common 423074103 1,460 50,000 SH Sole 50,000
HEWLETT PACKARD CO Common 428236103 420 27,025 SH Sole 27,025
HILFIGER TOMMY CORP Common G8915Z102 74 10,200 SH Sole 10,200
HILLENBRAND INDS Common 431573104 413 8,100 SH Sole 8,100
INC
HOTELS COM Common 44147T108 248 4,300 SH Sole 4,300
HSBC HLDGS PLC Common 404280406 383 7,500 SH Sole 7,500
ICN PHARMACEUTICALS Common 448924100 125 14,000 SH Sole 14,000
INC NEW
IKON OFFICE Common 451713101 315 44,300 SH Sole 44,300
SOLUTIONS INC
IMC GLOBAL INC Common 449669100 560 58,200 SH Sole 58,200
INFOCUS CORP Common 452919103 57 11,600 SH Sole 11,600
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TOTAL $ 10,264
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Page 13 of 25 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
INGERSOLL-RAND Common 456866102 1,054 27,300 SH Sole 27,300
COMPANY LTD
INGRAM MICRO INC Common 457153104 221 20,000 SH Sole 20,000
INTERGRAPH CORP Common 458683109 184 10,600 SH Sole 10,600
INTERNATIONAL Common 459200101 4,502 57,400 SH Sole 57,400
BUSINESS MACHS
INTERSTATE BAKERIES Common 46072H108 197 18,725 SH Sole 18,725
CORP DEL
INTL PAPER CO Common 460146103 338 10,000 SH Sole 10,000
IOMEGA CORP Common 462030107 171 15,400 SH Sole 15,400
IONICS INC Common 462218108 1,655 100,000 SH Sole 100,000
IPC HLDGS LTD Common G4933P101 926 30,775 SH Sole 30,775
ISHARES INC Common 464286848 14,057 2,176,000 SH Sole 2,176,000
JABIL CIRCUIT INC Common 466313103 271 15,500 SH Sole 15,500
JAKKS PAC INC Common 47012E106 167 16,100 SH Sole 16,100
JANUS CAP GROUP INC Common 47102X105 731 64,200 SH Sole 64,200
KB HOME Common 48666K109 325 7,141 SH Sole 7,141
KEANE INC Common 486665102 160 19,500 SH Sole 19,500
KERR MCGEE CORP Common 492386107 1,827 45,000 SH Sole 45,000
------------
TOTAL $ 26,786
------------
Page 14 of 25 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
KINDRED HEALTHCARE Common 494580103 4,088 361,400 SH Sole 361,400
INC
KINROSS GOLD CORP Common 496902206 308 50,000 SH Sole 50,000
KRAFT FOODS INC Common 50075N104 1,974 70,000 SH Sole 70,000
KROGER CO Common 501044101 3,979 302,600 SH Sole 302,600
LA QUINTA CORP Common 50419U202 5,526 1,811,900 SH Sole 1,811,900
LEAR CORP Common 521865105 620 17,550 SH Sole 17,550
LENNOX INTL INC Common 526107107 9,197 638,700 SH Sole 638,700
LIBERTY MEDIA CORP Common 530718105 2,051 210,800 SH Sole 210,800
NEW
LIBERTY PPTY TR Common 531172104 5,960 190,400 SH Sole 190,400
LINCOLN NATL CORP Common 534187109 840 30,000 SH Sole 30,000
IND
LOCKHEED MARTIN Common 539830109 628 13,200 SH Sole 13,200
CORP
LUBRIZOL CORP Common 549271104 371 12,375 SH Sole 12,375
MARSH & MCLENNAN Common 571748102 946 22,200 SH Sole 22,200
COS INC
MAXTOR CORP Common 577729205 3,022 536,750 SH Sole 536,750
MAY DEPT STORES CO Common 577778103 428 21,500 SH Sole 21,500
MCDONALDS CORP Common 580135101 5,446 376,600 SH Sole 376,600
------------
TOTAL $ 45,384
------------
Page 15 of 25 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
METLIFE INC Common 59156R108 222 8,400 SH Sole 8,400
METROMEDIA INTL Common 591695101 1 50,213 SH Sole 50,213
GROUP INC
MGM MIRAGE Common 552953101 263 9,000 SH Sole 9,000
MILACRON INC Common 598709103 131 31,500 SH Sole 31,500
MIRAMAR MINING CORP Common 60466E100 291 300,000 SH Sole 300,000
MONSANTO CO NEW Common 61166W101 2,461 150,075 SH Sole 150,075
MORGAN STANLEY ASIA Common 61744U106 331 47,300 SH Sole 47,300
PAC FD INC
MORGAN STANLEY Common 61745C105 302 32,500 SH Sole 32,500
INDIA INVS FD
MOTOROLA INC Common 620076109 5,163 625,000 SH Sole 625,000
MUELLER INDS INC Common 624756102 10,175 407,500 SH Sole 407,500
NACCO INDS INC Common 629579103 210 4,575 SH Sole 4,575
NEWELL RUBBERMAID Common 651229106 261 9,200 SH Sole 9,200
INC
NEWHALL LAND & Common 651426108 299 10,300 SH Sole 10,300
FARMING CO CAL
NEWS CORP LTD Common 652487703 5,180 200,000 SH Sole 200,000
NIPPON TELEG & TEL Common 654624105 362 21,300 SH Sole 21,300
CORP
------------
TOTAL $ 25,652
------------
Page 16 of 25 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
NOKIA CORP Common 654902204 307 21,900 SH Sole 21,900
NORFOLK SOUTHERN Common 655844108 928 50,000 SH Sole 50,000
CORP
NORTEL NETWORKS Common 656568102 260 124,800 SH Sole 124,800
CORP NEW
NORTH FORK Common 659424105 295 10,000 SH Sole 10,000
BANCORPORATION NY
NORTHERN TR CORP Common 665859104 4,781 157,000 SH Sole 157,000
OFFICE DEPOT INC Common 676220106 8,824 745,900 SH Sole 745,900
OFFICEMAX INC Common 67622M108 6,204 1,204,600 SH Sole 1,204,600
OLD REP INTL CORP Common 680223104 1,717 64,200 SH Sole 64,200
ON COMMAND CORP Common 682160106 26 29,376 SH Sole 29,376
OXFORD HEALTH PLANS Common 691471106 267 8,800 SH Sole 8,800
INC
PATHMARK STORES INC Common 70322A101 1,403 210,030 SH Sole 210,030
NEW
PAYLESS SHOESOURCE Common 704379106 1,102 70,425 SH Sole 70,425
INC
PENNEY J C INC Common 708160106 289 14,700 SH Sole 14,700
PEP BOYS MANNY MOE Common 713278109 118 15,500 SH Sole 15,500
& JACK
------------
TOTAL $ 26,521
------------
Page 17 of 25 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
PEPSI BOTTLING Common 713409100 359 20,000 SH Sole 20,000
GROUP INC
PFIZER INC Common 717081103 1,863 59,800 SH Sole 59,800
PHARMACEUTICAL Common 71712A206 3,459 46,700 SH Sole 46,700
HLDRS TR
PHARMACIA CORP Common 71713U102 242 5,600 SH Sole 5,600
PHELPS DODGE CORP Common 717265102 5,791 178,300 SH Sole 178,300
PINNACLE SYS INC Common 723481107 146 14,000 SH Sole 14,000
PIONEER STD ELECTRS Common 723877106 187 22,150 SH Sole 22,150
INC
PITNEY BOWES INC Common 724479100 958 30,000 SH Sole 30,000
PLACER DOME INC Common 725906101 8,960 914,300 SH Sole 914,300
PNM RES INC Common 69349H107 259 11,525 SH Sole 11,525
POTASH CORP SASK Common 73755L107 6,551 106,000 SH Sole 106,000
INC
POWER-ONE INC Common 739308104 55 12,600 SH Sole 12,600
PPL CORP Common 69351T106 271 7,600 SH Sole 7,600
PREMCOR INC Common 74045Q104 1,929 75,100 SH Sole 75,100
PULTE HOMES INC Common 745867101 2,257 45,000 SH Sole 45,000
QUALCOMM INC Common 747525103 306 8,500 SH Sole 8,500
------------
TOTAL $ 33,593
------------
Page 18 of 25 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
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 456 13,675 SH Sole 13,675
RAYTHEON CO Common 755111507 5,753 202,800 SH Sole 202,800
REGAL ENTMT GROUP Common 758766109 210 11,700 SH Sole 11,700
REGIONAL BK HOLDRS Common 75902E100 9,504 100,000 SH Sole 100,000
TR
RELIANT RES INC Common 75952B105 204 57,200 SH Sole 57,200
RENAISSANCE RE Common G749GC103 2,003 50,000 SH Sole 50,000
HLDGS LTD
REYNOLDS & REYNOLDS Common 761695105 207 8,200 SH Sole 8,200
CO
RFS HOTEL INVS INC Common 74955J108 210 21,675 SH Sole 21,675
ROYAL DUTCH PETE CO Common 780257804 4,483 110,000 SH Sole 110,000
RUSSELL CORP Common 782352108 5,201 297,200 SH Sole 297,200
RYERSON TULL INC Common 78375P107 8,824 1,411,800 SH Sole 1,411,800
NEW
SBC COMMUNICATIONS Common 78387G103 2,508 125,000 SH Sole 125,000
INC
SCHERING PLOUGH Common 806605101 2,140 120,000 SH Sole 120,000
CORP
SCHLUMBERGER LTD Common 806857108 1,901 50,000 SH Sole 50,000
------------
TOTAL $ 43,604
------------
Page 19 of 25 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
SEARS ROEBUCK & CO Common 812387108 3,864 160,000 SH Sole 160,000
SERVICEMASTER CO Common 81760N109 317 31,725 SH Sole 31,725
SHOPKO STORES INC Common 824911101 119 10,200 SH Sole 10,200
SIEMENS A G Common 826197501 358 8,700 SH Sole 8,700
SKECHERS U S A INC Common 830566105 106 16,300 SH Sole 16,300
SOLECTRON CORP Common 834182107 319 105,575 SH Sole 105,575
SOUTHWEST AIRLS CO Common 844741108 287 20,000 SH Sole 20,000
SPDR TR Common 78462F103 4,237 50,000 SH Sole 50,000
SPHERION CORP Common 848420105 251 63,300 SH Sole 63,300
SPRINT CORP Common 852061506 4,360 1,000,000 SH Sole 1,000,000
STEIN MART INC Common 858375108 64 12,475 SH Sole 12,475
TECH DATA CORP Common 878237106 3,778 157,800 SH Sole 157,800
TEJON RANCH CO DEL Common 879080109 235 8,900 SH Sole 8,900
TELEFONOS DE MEXICO Common 879403780 446 15,000 SH Sole 15,000
S A
TELLABS INC Common 879664100 268 46,225 SH Sole 46,225
TENET HEALTHCARE Common 88033G100 1,331 79,675 SH Sole 79,675
CORP
------------
TOTAL $ 20,340
------------
Page 20 of 25 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
TEXTRON INC Common 883203101 286 10,400 SH Sole 10,400
THORATEC CORP Common 885175307 3,807 300,000 SH Sole 300,000
TIMBERLAND CO Common 887100105 276 6,600 SH Sole 6,600
TMP WORLDWIDE INC Common 872941109 240 22,400 SH Sole 22,400
TRAVELERS PPTY CAS Common 89420G109 15,117 1,072,900 SH Sole 1,072,900
CORP NEW
TRINITY INDS INC Common 896522109 517 30,050 SH Sole 30,050
TRIZEC PROPERTIES Common 89687P107 576 67,750 SH Sole 67,750
INC
TXU CORP Common 873168108 9,818 550,000 SH Sole 550,000
TYCO INTL LTD NEW Common 902124106 403 31,325 SH Sole 31,325
UNIFI INC Common 904677101 4,208 874,900 SH Sole 874,900
UNIVERSAL HLTH SVCS Common 913903100 1,019 25,000 SH Sole 25,000
INC
UNOCAL CORP Common 915289102 618 23,500 SH Sole 23,500
UNUMPROVIDENT CORP Common 91529Y106 101 10,300 SH Sole 10,300
US BANCORP DEL Common 902973304 1,803 95,000 SH Sole 95,000
USEC INC Common 90333E108 3,147 572,100 SH Sole 572,100
USFREIGHTWAYS CORP Common 916906100 217 8,575 SH Sole 8,575
------------
TOTAL $ 42,153
------------
Page 21 of 25 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
VALERO ENERGY CORP Common 91913Y100 1,448 35,000 SH Sole 35,000
NEW
VENTAS INC Common 92276F100 8,435 727,150 SH Sole 727,150
VIAD CORP Common 92552R109 695 32,400 SH Sole 32,400
VISTEON CORP Common 92839U107 6,241 1,050,600 SH Sole 1,050,600
VODAFONE GROUP PLC Common 92857W100 5,655 310,400 SH Sole 310,400
NEW
WAL MART STORES INC Common 931142103 2,602 50,000 SH Sole 50,000
WASHINGTON MUT INC Common 939322103 723 20,500 SH Sole 20,500
WATERS CORP Common 941848103 292 13,800 SH Sole 13,800
WELLS FARGO & CO Common 949746101 2,250 50,000 SH Sole 50,000
NEW
WHIRLPOOL CORP Common 963320106 797 16,250 SH Sole 16,250
WILLIAMS COS INC Common 969457100 389 84,900 SH Sole 84,900
DEL
WILSONS THE LEATHER Common 972463103 149 37,350 SH Sole 37,350
EXPERTS
WINNEBAGO INDS INC Common 974637100 239 8,800 SH Sole 8,800
WISCONSIN ENERGY Common 976657106 292 11,500 SH Sole 11,500
CORP
XCEL ENERGY INC Common 98389B100 1,068 83,400 SH Sole 83,400
XL CAP LTD Common G98255105 295 4,175 SH Sole 4,175
------------
TOTAL $ 31,570
------------
Page 22 of 25 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
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 3,761 100,000 SH Put Sole 100,000
AES CORP Common 00130H955 362 100,000 SH Put Sole 100,000
ALCATEL Common 013904955 1,034 150,000 SH Put Sole 150,000
ALLEGHENY ENERGY Common 017361956 418 67,300 SH Put Sole 67,300
INC
AMERADA HESS CORP Common 023551954 5,971 134,900 SH Put Sole 134,900
BALLARD PWR SYS INC Common 05858H904 563 60,000 SH Call Sole 60,000
BALLARD PWR SYS INC Common 05858H954 1,502 160,000 SH Put Sole 160,000
BARRICK GOLD CORP Common 067901908 10,892 700,000 SH Call Sole 700,000
BROADCOM CORP Common 111320957 1,235 100,000 SH Put Sole 100,000
CALPINE CORP Common 131347956 990 300,000 SH Put Sole 300,000
CENDANT CORP Common 151313953 2,184 172,000 SH Put Sole 172,000
CHUBB CORP Common 171232951 1,773 40,000 SH Put Sole 40,000
CISCO SYS INC Common 17275R952 1,817 140,000 SH Put Sole 140,000
DILLARDS INC Common 254067951 646 50,000 SH Put Sole 50,000
DISNEY WALT CO Common 254687956 4,255 250,000 SH Put Sole 250,000
DU PONT E I DE Common 263534959 3,886 100,000 SH Put Sole 100,000
NEMOURS & CO
------------
TOTAL $ 41,289
------------
Page 23 of 25 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
FEDERATED DEPT Common 31410H951 2,802 100,000 SH Put Sole 100,000
STORES INC DEL
FORD MTR CO DEL Common 345370950 752 100,000 SH Put Sole 100,000
GAP INC DEL Common 364760958 2,898 200,000 SH Put Sole 200,000
GENERAL MTRS CORP Common 370442955 1,345 40,000 SH Put Sole 40,000
INTERNATIONAL Common 459200951 3,922 50,000 SH Put Sole 50,000
BUSINESS MACHS
INTL PAPER CO Common 460146953 4,056 120,000 SH Put Sole 120,000
MONSANTO CO NEW Common 61166W951 1,640 100,000 SH Put Sole 100,000
MOTOROLA INC Common 620076959 496 60,000 SH Put Sole 60,000
NORTEL NETWORKS Common 656568952 416 200,000 SH Put Sole 200,000
CORP NEW
PFIZER INC Common 717081953 7,790 250,000 SH Put Sole 250,000
PHELPS DODGE CORP Common 717265952 4,710 145,000 SH Put Sole 145,000
PLACER DOME INC Common 725906901 490 50,000 SH Call Sole 50,000
QUALCOMM INC Common 747525953 1,440 40,000 SH Put Sole 40,000
SCHERING PLOUGH Common 806605951 2,140 120,000 SH Put Sole 120,000
CORP
SCHLUMBERGER LTD Common 806857958 3,801 100,000 SH Put Sole 100,000
------------
TOTAL $ 38,698
------------
Page 24 of 25 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
SEARS ROEBUCK & CO Common 812387958 1,449 60,000 SH Put Sole 60,000
SOUTHWEST AIRLS CO Common 844741958 2,154 150,000 SH Put Sole 150,000
SUNOCO INC Common 86764P909 6,583 180,000 SH Call Sole 180,000
TEXAS INSTRS INC Common 882508954 1,637 100,000 SH Put Sole 100,000
TIFFANY & CO NEW Common 886547958 3,000 120,000 SH Put Sole 120,000
TYCO INTL LTD NEW Common 902124906 257 20,000 SH Call Sole 20,000
TYCO INTL LTD NEW Common 902124956 4,244 330,000 SH Put Sole 330,000
UNION PAC CORP Common 907818958 5,500 100,000 SH Put Sole 100,000
----------
TOTAL $ 24,824
----------
AGGREGATE TOTAL $ 6,554,531
==========
Page 25 of 25 Pages