UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
INFORMATION REQUIRED OF INSTITUTIONAL INVESTMENT MANAGERS PURSUANT TO
SECTION 13(f)OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULES THEREUNDER
Report for the Quarter Ended December 31, 2001
------------------
If amended report check here: [ ]
Loews Corporation
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Name of Institutional Investment Manager
667 Madison Avenue New York New York 10021
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Business Address (Street) (City) (State) (Zip)
Barry Hirsch, Senior Vice President (212) 521-2920
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Name, Phone No., and Title of Person Duly Authorized to Submit This Report.
The institutional investment manager submitting this Form and its
attachments and the person by whom it is signed represent hereby that all
information contained therein is true, correct and complete. It is understood
that all required items, statements and schedules are considered integral
parts of this Form and that the submission of any amendment represents that
all unamended items, statements and schedules remain true, correct and
complete as previously submitted.
Pursuant to the requirements of Securities Exchange Act of 1934, the
undersigned Institutional investment manager has caused this report to be
signed on its behalf in the City of New York and State of
--------------------------
New York on the 25th day of February, 2002.
-------- ----------- ---------------
Loews Corporation
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(Name of Institutional Investment Manager)
By: /s/ Barry Hirsch
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(Manual Signature of Person Duly Authorized
to Submit This Report)
Name and 13F file number of ALL Institutional Investment Managers with respect
to which this schedule is filled (other than the one filing this report):
(List in alphabetical order).
13F File Numbers will be assigned to Institutional Investment Managers after
they file their first report.
Name: 13F File No.: Name: 13F File
No.:
-------------------------- ------------- ------------------------ -----------
1. None 6.
-------------------------- ------------- ------------------------ -----------
2. 7.
-------------------------- ------------- ------------------------ -----------
3. 8.
-------------------------- ------------- ------------------------ -----------
4. 9.
-------------------------- ------------- ------------------------ -----------
5. 10.
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Page 1 of 23 Pages
Loews Corporation
FORM 13F
Report for the Quarter Ended
December 31, 2001
Loews Corporation ("Loews"), by virtue of its approximately 89% ownership of
voting securities of CNA Financial Corporation whose business address is CNA
Plaza, Chicago, Illinois 60685 ("CNA"), may be deemed to have investment
discretion regarding certain securities (the "CNA Securities") as to which
investment discretion is deemed to be exercised by CNA. Pursuant to General
Instruction B of Form 13F, CNA is reporting on behalf of Loews regarding the
CNA Securities.
Mr. Laurence A. Tisch and Mr. Preston R. Tisch own in the aggregate
approximately 25% of the outstanding Common Stock of Loews. Mr. Laurence A.
Tisch and Mr. Preston R. Tisch are the Co-Chairman of the Board of Loews.
Laurence A. Tisch and Preston R. Tisch are brothers and may be deemed to be
control persons of Loews.
Page 2 of 23 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Abercombie & Common 002896207 $ 345 13,000 X 13,000
Fitch Co.
ACE Ltd. Common G0070K103 402 10,000 X 10,000
Adelphia Common 006848105 1,091 35,000 X 35,000
Communications
CL A
Aetna Inc Common 00817Y108 1,089 33,000 X 33,000
Aeroflex Inc. Common 007768104 246 13,000 X 13,000
Agnico Eagle Common 008474108 370 37,500 X 37,500
Mines Ltd.
Agrium Inc Common 008916108 350 33,000 X 33,000
AK Stl Hldg Corp Common 001547108 2,879 253,000 X 253,000
Allegheny Energy Common 017361106 489 13,500 X 13,500
Inc.
Allegheny
Technologies Inc Common 01741R029 3,018 180,200 X 180,200
Allied Waste Common 019589308 222 15,800 X 15,800
America Movil Common 02364W105 448 23,000 X 23,000
S A DE CV
American Eagle Common 02553E106 256 9,800 X 9,800
Outfitters New
American Express Common 025816109 600 16,800 X 16,800
Corp.
American Natl Common 028591105 1,936 23,025 X 23,025
Ins Co.
-----------
TOTAL $ 13,741
-----------
Page 3 of 23 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
American Common 028884104 $ 309 14,225 X 14,225
Physicians
Capital
AMR Corp Common 001765106 2,230 100,000 X 100,000
Anixter Intl Cos Common 035290105 205 7,050 X 7,050
Apache Corp Common 037411105 1,180 23,650 X 23,650
Apex Silver WTS G04074111 50 167,000 X 167,000
Mines Ltd. 110402
Applebees Intl Common 037899101 404 11,800 X 11,800
Applica Inc. Common 03815A106 1,261 140,000 X 140,000
Aramark Corp Common 038521100 404 15,000 X 15,000
AT&T Corp Common 001957109 201 11,100 X 11,100
AT&T Wireless Common 001957406 7,185 500,000 X 500,000
Atlas Air Common 049164106 350 23,900 X 23,900
Worldwide
Hldgs Inc
Autonation Inc Common 05329W102 244 19,800 X 19,800
Avery Dennison Common 053611109 283 5,000 X 5,000
Corp
Ballard Pwr Sys Common 05858H104 316 10,700 X 10,700
Inc
Bank One Corp Common 06423A103 297 7,600 X 7,600
Barrick Gold Common 067901108 47,674 2,988,990 X 2,988,990
Corp.
Beverly Common 087851309 860 100,000 X 100,000
Enterprises Inc
-----------
TOTAL $ 63,453
-----------
Page 4 of 23 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Bisys Group Inc Common 055472104 $ 486 7,600 X 7,600
Black & Decker Common 091797100 438 11,600 X 11,600
Corp
Boeing Common 097023105 5,130 132,275 X 132,275
Bowne & Co Inc Common 103043105 137 10,700 X 10,700
Brinker Intl Inc Common 109641100 318 10,700 X 10,700
Cablevision Sys Common 12686C109 2,373 50,000 X 50,000
Corp
Cadiz Inc. Common 127537108 802 100,000 X 100,000
Calpine Corp Common 131347106 4,617 275,000 X 275,000
Capstone Turbine Common 14067D102 541 100,000 X 100,000
Corp
Carnival Corp Common 143658102 2,106 75,000 X 75,000
Caterpillar Inc. Common 149123101 3,135 60,000 X 60,000
CBRL Group Inc Common 12489V106 469 15,925 X 15,925
CEC Entmt Inc Common 125137109 542 12,500 X 12,500
Celestica Inc Common 15101Q108 335 8,300 X 8,300
Centex Corp Common 152312104 2,004 35,100 X 35,100
Certegy Inc Common 156880106 277 8,100 X 8,100
Chicos Fas Inc Common 162510200 278 7,000 X 7,000
Christopher & Common 171046105 380 11,100 X 11,100
Banks Corp
-----------
TOTAL $ 24,368
-----------
Page 5 of 23 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Clear Channel Common 184502102 $ 285 5,600 X 5,600
Comm
Cleveland Cliffs Common 185896107 4,304 235,200 X 235,200
Inc.
CMS Energy Corp Common 125896100 298 12,400 X 12,400
CNA Financial Common 126117100 5,792,451 198,575,624 X 198,575,624
Corp.
CNF Inc Common 12612W104 1,039 30,975 X 30,975
Convergys Corp Common 212485106 217 5,800 X 5,800
Compaq Computer Common 204493100 2,240 229,500 X 229,500
Corp.
Computer Common 204912109 517 15,000 X 15,000
Associates
Cooper Common 216669101 829 23,750 X 23,750
Industries
Copart Inc Common 217204106 466 12,800 X 12,800
Corinthian Common 218868107 270 6,600 X 6,600
Colleges Inc
Corporate Common 21988R102 539 14,700 X 14,700
Executive Brd
Co
Costco Whsl. Common 22160K105 391 8,800 X 8,800
Corp. New
Countrywide Cr Common 222372104 229 5,600 X 5,600
Inds Inc
-----------
TOTAL $ 5,804,075
-----------
Page 6 of 23 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
CV Therapeutics Common 126667104 $ 244 4,700 X 4,700
Inc
Cytec Common 232820100 318 11,775 X 11,775
Industries
Darden Common 237194105 219 6,200 X 6,200
Restaurants Inc
Del Monte Foods Common 24522P103 156 18,375 X 18,375
Inc
Delphi Auto Sys. Common 247126105 1,682 123,100 X 123,100
Corp.
Delphi Finl Group Common 247131105 1,878 56,400 X 56,400
Inc
Developers Common 251591103 1,910 100,000 X 100,000
Diversified
Rlty Co
Diamond Offshore Common 25271C102 2,131,040 70,100,000 X 70,100,000
Drilling
Dollar Thrifty Common 256743105 1,395 90,000 X 90,000
Automotive GP
Dollar Tree Common 256747106 402 13,000 X 13,000
Stores Inc
Dow Chemical Co. Common 260543103 3,277 97,000 X 97,000
DuPont E.I. De Common 263534109 850 20,000 X 20,000
Nemours & Co.
Earthlink Inc Common 270321102 180 14,800 X 14,800
Eaton Corp. Common 278058102 558 7,500 X 7,500
-----------
TOTAL $ 2,144,109
-----------
Page 7 of 23 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Echostar New 278762109 $ 363 13,200 X 13,200
Communications Common
Eclipsys Corp Common 278856109 271 16,200 X 16,200
Edwards Ag Inc Common 281760108 499 11,300 X 11,300
Efunds Corp Common 28224R101 202 14,700 X 14,700
Emcore Corp Common 290846104 327 24,300 X 24,300
Emmis Common 291525103 258 10,900 X 10,900
Communications
Corp
Emulex Corp Common 292475209 320 8,100 X 8,100
EOG Res Inc. Common 26875P101 1,400 35,800 X 35,800
Equity Common 294741103 830 27,600 X 27,600
Office Prop.
Trst.
Equity Common 29476L107 365 12,700 X 12,700
Residential
Pptys Tr
Esterline Common 297425100 209 13,050 X 13,050
Technologies
Corp
Everest Re Group Common 299808105 332 4,700 X 4,700
Ltd
Exelon Corp. Common 30161N101 795 16,600 X 16,600
Family DLR Stores Common 307000109 402 13,400 X 13,400
Federated Dept Common 31410H101 2,045 50,000 X 50,000
Stores
-----------
TOTAL $ 8,618
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Page 8 of 23 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Fedex Corp Common 31304N107 $ 1,422 27,400 X 27,400
Felcor Lodging Common 31430F101 501 30,000 X 30,000
Tr Inc
First Data Corp Common 319963104 1,106 14,100 X 14,100
Fortune Brands Common 349631101 648 16,375 X 16,375
FMC Corp Common 302491303 4,526 76,075 X 76,075
Ford Motor Co Common 345370860 629 40,000 X 40,000
(Del)
Foundry Common 35063R100 212 2,600 X 2,600
Networks Inc
Fox Entmt Common 35138T107 218 8,200 X 8,200
Group Inc
FPL Group Inc Common 302571104 327 5,800 X 5,800
Freeport-McMoran Common 35671D857 688 51,400 X 51,400
Copper & Gold
Frontline Ltd Common 35906P105 1,032 100,000 X 100,000
Gables Common 362418105 206 6,975 X 6,975
Residential Tr
Gannett Inc. Common 364730101 316 4,700 X 4,700
Gap Inc Del Common 364760108 1,401 100,500 X 100,500
General Elec Co Common 369604103 689 17,200 X 17,200
-----------
TOTAL $ 13,921
-----------
Page 9 of 23 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Glimcher Rlty Tr Common 379302102 $ 206 10,925 X 10,925
General Mls Inc Common 370334104 400 7,700 X 7,700
General Mtrs Corp Common 370442832 294 19,000 X 19,000
Gentex Corp Common 371901109 203 7,600 X 7,600
Georgia Pac Corp Common 373298108 364 13,200 X 13,200
Glamis Gold Ltd Common 376775102 1,805 500,000 X 500,000
Goodyear Tire & Common 382550101 1,500 63,000 X 63,000
Rubber Co
Healthcare Rlty Common 421946104 522 18,625 X 18,625
Tr
Health Net Inc Common 42222G108 862 39,575 X 39,575
Healthsouth Corp Common 421924101 371 25,000 X 25,000
Hearst-Argyle Common 422317107 1,078 50,000 X 50,000
Television Inc.
Hercules Inc Common 427056106 160 15,975 X 15,975
Hershey Foods Common 427866108 751 11,100 X 11,100
Corp
Hewlett Packard Common 428236103 469 22,825 X 22,825
Co
Hilton Hotels Common 432848109 1,092 100,000 X 100,000
Corp
-----------
TOTAL $ 10,077
-----------
Page 10 of 23 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Hot Topic Inc Common 441339108 $ 261 8,300 X 8,300
Intl. Paper Inc. Common 460146103 3,579 88,700 X 88,700
IBM Common 459200101 6,423 53,100 X 53,100
ICN Common 448924100 228 6,800 X 6,800
Pharmaceuticals
Inc New
Informatica Corp Common 45666Q102 251 17,300 X 17,300
International Common 459902102 450 6,400 X 6,400
Game Technology
Internet Sec Sys Common 450306105 279 8,700 X 8,700
Inc
JDS Uniphase Corp Common 46612J101 189 21,800 X 21,800
Jefferson Pilot Common 475070108 763 16,500 X 16,500
Corp
Jones Apparel Common 480074103 312 9,400 X 9,400
Grp Inc
JP Morgan Chase Common 46625H100 349 9,600 X 9,600
Co
Kennametal Inc Common 489170100 203 5,050 X 5,050
Keycorp New Common 493267108 224 9,200 X 9,200
Kerr McGee Corp Common 492386107 2,466 45,000 X 45,000
Kindred Common 494580103 858 16,500 X 16,500
Healthcare Inc
Kinross Gold Common 496902107 342 450,000 X 450,000
Corp.
-----------
TOTAL $ 17,177
-----------
Page 11 of 23 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Korea Telecom Common 50063P103 $ 3,050 150,000 X 150,000
Kraft Foods Inc Common 50075N104 466 13,700 X 13,700
Lam Research Corp Common 512807108 204 8,800 X 8,800
Lamar Advert Co Common 512815101 648 15,300 X 15,300
Lear Corp Common 521865105 876 22,975 X 22,975
Legato Sys Inc Common 524651106 294 22,700 X 22,700
Lehman Brothers Common 524908100 554 8,300 X 8,300
Lennox Intl inc Common 526107107 1,315 135,600 X 135,600
Liberty Media-A Common 001957208 1,120 80,000 X 80,000
Limited Inc Common 532716107 346 23,500 X 23,500
Lincoln Natl Common 534187109 1,787 36,800 X 36,800
Corp Ind
Lowes Cos Inc Common 548661107 478 10,300 X 10,300
Lubrizol Corp Common 549271104 635 18,100 X 18,100
Magna Intl Inc Common 559222401 1,269 20,000 X 20,000
Marathon Oil Corp Common 902905827 3,864 128,800 X 128,800
Marsh & McLennan Common 571748102 355 3,300 X 3,300
Cos. Cin
Marvell Common G5876H105 236 6,600 X 6,600
Technology
Group Ltd
-----------
TOTAL $ 17,497
-----------
Page 12 of 23 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Mattel Inc Common 577081102 $ 556 32,300 X 32,300
Maxtor Corp Common 577729205 $ 2,236 352,750 X 352,750
MBIA Inc Common 55262C100 1,566 29,200 X 29,200
MBNA Corp Common 55262L100 936 26,600 X 26,600
Medicis Pharm Common 584690309 381 5,900 X 5,900
Corp
Metromedia Int?l. Common 591695101 41 50,213 X 50,213
Group Inc.
MGIC Invt Corp Common 552848103 444 7,200 X 7,200
WIS
Michaels Stores Common 594087108 339 10,300 X 10,300
Inc
Microtune Inc Del Common 87229N101 284 12,100 X 12,100
Millipore Corp Common 601073109 388 6,400 X 6,400
Mine Safety Common 602720104 803 20,000 X 20,000
Appliances Co.
Miramar Mining Common 60466E100 160 330,000 X 330,000
Corp.
Mirant Corp Common 604675108 244 15,200 X 15,200
Monsanto Co New Common 61166W101 273 8,075 X 8,075
Morgan Stanely DW Common 617446448 615 11,000 X 11,000
Motorola Inc. Common 620076109 1,502 100,000 X 100,000
-----------
TOTAL $ 10,768
-----------
Page 13 of 23 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Nacco Inds Inc Common 629579103 $ 260 4,575 X 4,575
National City Common 635405103 605 20,700 X 20,700
Corp
Netegrity Inc Common 64110P107 273 14,100 X 14,100
Netiq Corp Common 64115P102 250 7,100 X 7,100
Newell Common 651229106 2,206 80,000 X 80,000
Rubbermaid Inc
News Corp LTD- Common 652487802 4,158 145,000 X 145,000
Spons Adr Prf
Nisource Inc Common 65473P105 473 20,500 X 20,500
Norfolk Southern Common 655844108 1,283 70,000 X 70,000
Corp
Nortek Inc Common 656559101 1,116 40,000 X 40,000
Nortel Netowrks Common 656568102 149 20,000 X 20,000
Corp New
Northern Tr Corp Common 665859104 506 8,400 X 8,400
Northrop Grumman Common 666807102 262 2,600 X 2,600
Corp
NRG Energy Inc Common 666807102 975 62,900 X 62,900
Nuance Comm Inc Common 669967101 273 30,000 X 30,000
Numercial Common 67053T101 268 7,600 X 7,600
Technologies Inc
Ocean Energy Inc Common 67481E106 1,536 80,000 X 80,000
Office Depot Inc Common 676220106 495 26,700 X 26,700
-----------
TOTAL $ 15,088
-----------
Page 14 of 23 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Officemax Inc Common 67622M108 $ 1,199 266,400 X 226,400
Old Rep Int'l Common 680223104 1,315 46,950 X 46,950
Corp
On Command Corp. Common 682160106 120 65,996 X 65,996
Orient Express Common G67743107 2,869 158,500 X 158,500
Hotels
Overseas Ship- Common 690368105 574 25,500 X 25,500
holding Group
Inc
Oxford Health Common 691471106 326 10,800 X 10,800
Plans Inc
Payless Shoes Common 704379106 994 17,700 X 17,700
Inc
Perkin Elmer Inc Common 714046109 609 17,400 X 17,400
Philip Morris Common 718154107 4,878 106,400 X 106,400
Cos Inc
Pioneer Std Common 723877106 134 10,525 X 10,525
Electrs Inc
Placer Dome Inc. Common 725906101 14,456 1,325,000 X 1,325,000
Pepsico Inc Common 713448108 297 6,100 X 6,100
Plexus Corp Common 729132100 242 9,100 X 9,100
PNM Res Inc Common 69349H107 261 9,325 X 9,325
Potash Corp. Common 73755L107 5,021 81,800 X 81,800
Sask Inc.
-----------
TOTAL $ 33,295
-----------
Page 15 of 23 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Power Common 739276103 $ 311 13,600 X 13,600
Integrations Inc
Power One Inc Common 739308104 328 31,500 X 31,500
Powerwave Common 739363109 349 20,200 X 20,200
Technologies Inc
PPL Corp Common 693499105 324 9,300 X 9,300
Praxair Inc Common 74005P104 276 5,000 X 5,000
Precision Common 74022D100 475 18,400 X 18,400
Drilling Corp
T Rowe Price Common 741477103 601 17,300 X 17,300
Group Inc
Progress Energy Common 743263105 423 9,400 X 9,400
Inc
Providian Fincl Common 74406A102 169 47,525 X 47,525
Corp
Prudential Fincl Common 744320102 33,190 1,000,000 X 1,000,000
Inc
Public Svc Common 744573106 257 6,100 X 6,100
Enterprise Grp
Pulte Homes Inc Common 745867101 2,010 45,000 X 45,000
Quantum Corp Common 747906204 645 65,525 X 65,525
Radian Group Common 750236101 680 15,825 X 15,825
Rational Software Common 75409P202 318 16,300 X 16,300
Corp
-----------
TOTAL $ 40,356
-----------
Page 16 of 23 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Raytheon Co Common 755111101 $ 3,156 97,200 X 97,200
Reliant Energy Common 75952J108 223 8,400 X 8,400
Inc
Republic Bancorp Common 760282103 210 15,130 X 15,130
Inc
Retek Inc Common 76128Q109 248 8,300 X 8,300
RH Donnelley Corp Common 74955W307 251 8,625 X 8,625
Russell Corp Common 782352108 2,465 164,200 X 164,200
Ryerson Tull Inc Common 78375P107 11,431 1,039,200 X 1,039,200
New
Safeway Inc Common 786514208 200 4,800 X 4,800
Sandisk Corp Common 80004C101 194 13,500 X 13,500
Sara Lee Corp Common 803111103 575 25,850 X 25,850
Schulman A Inc Common 808194104 683 50,000 X 50,000
Scientific Common 808655104 1,010 42,200 X 42,200
Atlanta Inc
Schwab Charles Common 808513105 456 29,500 X 29,500
Corp
SEI Investments Common 784117103 320 7,100 X 7,100
Co
Sempra Energy Common 816851109 258 10,500 X 10,500
Servicemaster Co Common 81760N109 732 53,075 X 53,075
-----------
TOTAL $ 22,412
-----------
Page 17 of 23 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Sherwin Williams Common 824348406 $ 811 29,500 X 29,500
Co
Sierra Pac Res Common 826428104 534 35,500 X 35,500
New
Skechers USA Inc Common 830566105 316 21,600 X 21,600
Skywest Inc Common 830879102 262 10,300 X 10,300
SLI Inc Common 78442T108 27 10,175 X 10,175
Sonicwall Inc Common 835470105 264 13,600 X 13,600
Southtrust Corp Common 844730101 843 34,175 X 34,175
Southwest Airls Common 844741108 1,109 60,000 X 60,000
Co
Sovereign Bancorp Common 845905108 2,142 175,000 X 175,000
Inc
Stein Mart Inc Common 858375108 104 12,475 X 12,475
Still Well Common 860831106 245 9,000 X 9,000
Finl Inc
Taiwan Common 874039126 1,359 543,547 X 543,547
Semiconductor
Ord
Taro Common M8737E108 300 7,500 X 7,500
Pharmaceutical
Teekay Shipping Common Y8564W103 2,265 65,000 X 65,000
Marshall Island
Telefonica S A Common 879382208 429 10,700 X 10,700
-----------
TOTAL $ 11,010
-----------
Page 18 of 23 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Telephone and Common 879433100 $ 485 5,400 X 5,400
Data Sys Inc
Tellabs Inc Common 879664100 559 37,375 X 37,375
Texas Instrs Inc Common 882508104 1,400 50,000 X 50,000
Textron Inc Common 883203101 1,658 40,000 X 40,000
Thoratec Corp Common 885175307 4,420 260,000 X 260,000
Timken Co Common 887389104 2,427 150,000 X 150,000
Toys R Us Inc Common 892335100 525 25,300 X 25,300
Travelocity Common 893953109 339 11,800 X 11,800
Com Inc
Trigon Healthcare Common 89618L100 403 5,800 X 5,800
Inc
Trinity Inds Inc Common 896522109 203 7,475 X 7,475
Trizec Hahn Common 896938107 598 38,075 X 38,075
Corp
Unifi Inc Common 904677101 525 72,400 X 72,400
Union Pacific Common 907818108 925 16,225 X 16,225
Corp
United Defenses Common 91018B104 421 20,000 X 20,000
Inds Inc
Universal Corp VA Common 913456109 256 7,025 X 7,025
Unumprovident Common 91529Y106 254 9,600 X 9,600
Corp
-----------
TOTAL $ 15,398
-----------
Page 19 of 23 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
US Bancorp Del Common 902973304 $ 1,737 83,000 X 83,000
US Freightways Common 916906100 202 6,425 X 6,425
Corp
Utilicorp UTD Inc Common 918005109 287 11,400 X 11,400
Utstarcom Inc Common 918076100 234 8,200 X 8,200
Valero Energy Common 91913Y100 4,574 120,000 X 120,000
Ventas Inc Common 92276F100 198 17,175 X 17,175
Visteon Corp Common 92839U107 1,504 100,000 X 100,000
Vodafone Group Common 92857W100 2,568 100,000 X 100,000
PLC New
Wachovia Corp Common 929903102 430 13,700 X 13,700
2nd New
Wal Mart Stores Common 931142103 386 6,700 X 6,700
Inc
Washington Mut Common 939322103 409 12,500 X 12,500
Inc
Wells Fargo & Common 949746101 661 15,200 X 15,200
Co. New
Wendys Intl Inc Common 950590109 513 17,600 X 17,600
Weyerhaeuser Co Common 962166104 222 4,100 X 4,100
Whirlpool Corp Common 963320106 827 11,275 X 11,275
Willamette Inds Common 969133107 386 7,400 X 7,400
Inc
-----------
TOTAL $ 15,138
-----------
Page 20 of 23 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Worldcom Inc Common 55268B106 1,478 105,000 X 105,000
GA New
Xcel Energy Inc Common 98389B100 447 16,100 X 16,100
XL Cap Ltd Common G98255105 381 4,175 X 4,175
XTO Energy Common 98385X106 348 19,900 X 19,900
-----------
TOTAL $ 2,654
-----------
Page 21 of 23 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Barrick Gold Common 067901908 $ 12,760 800,000(c) X 800,000(c)
Corp.
Barrick Gold Common 067901958 23,447 1,470,000(p) X 1,470,000(p)
Corp.
Boeing Co. Common 097039558 4,460 115,000(p) X 115,000(p)
Bristol Meyers Common 110122958 2,040 40,000(p) X 40,000(p)
Squibb
Cablvsn Systems Common 126924909 1,186 25,000(c) X 25,000(c)
Cablvsn Systems Common 12686C959 1,186 25,000(p) X 25,000(p)
Caterpillar Inc. Common 149123951 5,225 100,000(p) X 100,000(p)
Chubb Corp. Common 191232951 2,070 30,000(p) X 30,000(p)
Compaq Common 204493950 781 80,000(p) X 80,000(p)
Deere & Co. Common 244199955 8,732 200,000(p) X 200,000(p)
Dow Chemical Co. Common 260543953 6,080 180,000(p) X 180,000(p)
DuPont E I de Common 263534959 2,126 50,000(p) X 50,000(p)
Nemours & Co.
Ford Motor Co. Common 345370950 1,572 100,000(p) X 100,000(p)
Gap Inc Common 364760958 1,394 100,000(p) X 100,000(p)
GoodYear Tire & Common 382550951 3,095 130,000(p) X 130,000(p)
Rubber Co.
Intl Paper Co. Common 460146953 8,070 200,000(p) X 200,000(p)
JP Morgan Common 46625H950 1,454 40,000(p) X 40,000(p)
Merril Lynch Common 590188958 4,170 80,000(p) X 80,000(p)
-----------
TOTAL $ 89,848
-----------
Page 22 of 23 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Motorola Common 620076959 $ 1,502 100,000(p) X 100,000(p)
Newell Rubbermaid Common 651229956 2,757 100,000(p) X 100,000(p)
Nortel Netwrks Common 656568902 1,492 200,000(p) X 200,000(p)
Placer Dome Common 725906901 2,182 200,000(c) X 200,000(c)
Placer Dome Common 725906951 4,055 371,700(p) X 371,700(p)
Potash Corp. Common 73755L957 6,138 100,000(p) X 100,000(p)
Sask Inc.
Schlumberger Common 806857958 6,594 120,000(p) X 120,.000(p)
Southwest Common 844741958 2,772 150,000(p) X 150,000(p)
Airlines
Sunoco Common 86764P909 5,601 150,000(c) X 150,000(c)
Texas Instruments Common 882508904 280 10,000(c) X 10,000(c)
Texas Instruments Common 882508954 2,800 100,000(p) X 100,000(p)
Tiffany & Co Common 886547958 3,147 100,000(p) X 100,000(p)
-----------
TOTAL $ 39,320
-----------
AGGREGATE TOTAL $ 8,412,323
===========
Page 23 of 23 Pages