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