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 September 30, 2001
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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 13th day of November, 2001.
-------- ----------- --------------
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 20 Pages
Loews Corporation
FORM 13F
Report for the Quarter Ended
September 30, 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 27% of the outstanding Common Stock of Loews. Mr. Laurence A.
Tisch and Mr. Preston R. Tisch are the Co-Chairman of the Board of Loews.
Laurence A. Tisch and Preston R. Tisch are brothers and may be deemed to be
control persons of Loews.
Page 2 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
ACE Ltd. Common G0070K103 $ 211 7,300 X 7,300
AES Corp. Common 00130H105 324 25,300 X 25,300
Aetna Inc Common 00817Y108 953 33,000 X 33,000
Agco Corp Common 001084102 101 11,200 X 11,200
Agnico Eagle Common 008474108 1,865 180,000 X 180,000
Mines Ltd.
AK Stl Hldg Corp Common 011547108 2,138 253,000 X 253,000
Albemarble Corp Common 012653101 215 11,400 X 11,400
Allmerica Finl Common 019754100 265 5,900 X 5,900
Corp
Allegheny Energy Common 017361106 385 10,500 X 10,500
Inc.
Allegheny
Technologies Inc Common 01741R902 2,402 180,200 X 180,200
Alliant
TechSystem Inc Common 018804104 282 3,300 X 3,300
Allied Waste Common 019589308 478 37,500 X 37,500
American Express Common 025816109 671 23,100 X 23,100
Corp.
American Natl Common 028591105 1,661 20,500 X 20,500
Ins Co.
AMR Corp Common 001765106 2,871 150,000 X 150,000
Am West Hldg Corp Common 023657208 20 10,825 X 10,825
Anchor Gaming Common 033037102 232 5,600 X 5,600
-----------
TOTAL $ 15,074
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Page 3 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Apex Silver WTS G04074111 $ 84 167,000 X 167,000
Mines Ltd. 110402
Applica Inc. Common 03815A106 1,268 150,000 X 150,000
Aquila Inc Common 03840J106 218 10,000 X 10,000
Avery Dennison Common 053611109 246 5,200 X 5,200
Corp
Barrick Gold Common 067901108 15,355 885,000 X 885,000
Corp.
Becton Dickinson Common 075887109 555 15,000 X 15,000
& Co
Bisys Group Inc Common 055472104 398 7,500 X 7,500
Boeing Common 097023105 360 10,750 X 10,750
Borland Software Common 099849101 143 17,700 X 17,700
Corp
Bowne & Co Inc Common 103043105 109 10,700 X 10,700
Brinker Intl Inc Common 109641100 222 9,400 X 9,400
Cablevision Sys Common 12686C109 1,024 25,000 X 25,000
Corp
Cadiz Inc. Common 127537108 857 100,000 X 100,000
Cambior Inc. Common 13201L103 70 120,000 X 120,000
Cambrex Corp Common 132011107 1,677 50,000 X 50,000
-----------
TOTAL $ 22,586
-----------
Page 4 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Capstone Turbine Common 14067D102 $ 453 75,000 X 75,000
Corp
Carnival Corp Common 143658102 3,303 150,000 X 150,000
Caterpillar Inc. Common 149123101 4,032 90,000 X 90,000
CBRL Group Inc Common 12489V106 590 26,850 X 26,850
CEC Entmt Inc Common 125137109 266 7,800 X 7,800
Centex Corp Common 152312104 1,012 30,000 X 30,000
Charter One Common 160903100 397 14,070 X 14,070
Finl. Inc.
Cheesecake Common 163072101 333 13,900 X 13,900
Factory Inc
Cirrus Logic Inc Common 172755100 200 26,900 X 26,900
Clear Channel Common 184502102 203 5,100 X 5,100
Comm
Cleveland Cliffs Common 185896107 3,313 230,100 X 230,100
Inc.
CMS Energy Corp Common 125896100 402 20,100 X 20,100
CNA Financial Common 126117100 5,355,146 198,045,324 X 198,045,324
Corp.
CNF Inc Common 12612W104 482 21,125 X 21,125
Comcast Corp Common 200300200 420 11,700 X 11,700
Colgate Palmolive Common 194162103 320 5,500 X 5,500
Co.
-----------
TOTAL $ 5,370,872
-----------
Page 5 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Compaq Computer Common 204493100 $ 2,411 290,100 X 290,100
Corp.
Computer Common 204912107 726 28,200 X 28,200
Associates
Computer Science Common 205363104 212 6,400 X 6,400
Corp.
Continental Airls Common 210795308 5,003 333,500 X 333,500
Inc
Cooper Common 216669101 378 9,125 X 9,125
Industries
Corning Inc Common 219350105 172 19,500 X 19,500
Costco Whsl. Common 22160K105 313 8,800 X 8,800
Corp. New
Countrywide Cr Common 222372104 215 4,900 X 4,900
Inds Inc
CSG Sys Intl Inc Common 126349109 394 9,600 X 9,600
Crown Cork & Common 228255105 286 125,000 X 125,000
Seal Inc
Cytyc Corp Common 232946103 335 12,500 X 12,500
Cytec Common 232820100 273 11,775 X 11,775
Industries
Deere & Co. Common 244199105 940 25,000 X 25,000
-----------
TOTAL $ 11,658
-----------
Page 6 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Dell Computer Common 247025109 $ 221 11,900 X 11,900
Corp
Delphi Auto Sys. Common 247126105 1,415 120,400 X 120,400
Corp.
Delphi Finl Group Common 247131105 1,690 50,000 X 50,000
Inc
Delta Air Lines Common 247361108 658 25,000 X 25,000
Inc Del
Deutsche Telekom Common 251566105 267 17,200 X 17,200
AG ADR
Dollar Thrifty Common 256743105 896 90,000 X 90,000
Automotive GP
Dollar Tree Common 256747106 420 22,400 X 22,400
Stores Inc
Diamond Offshore Common 25271C112 1,767,922 70,100,000 X 70,100,000
Drilling
Dow Chemical Co. Common 260543103 3,767 115,000 X 115,000
Dow Jones & Co Common 260561105 250 5,500 X 5,500
Inc.
DuPont E.I. De Common 263534109 1,501 40,000 X 40,000
Nemours & Co.
Eaton Corp. Common 278058102 391 6,600 X 6,600
Edwards Ag Inc. Common 281760108 369 10,500 X 10,500
Earthlink Inc Common 270321102 288 18,900 X 18,900
-----------
TOTAL $ 1,780,055
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Page 7 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Echostar New 278762109 $ 368 15,800 X 15,800
Communications Common
Efunds Corp Common 28224R101 335 20,100 X 20,100
Emmis Common 291525103 322 22,300 X 22,300
Communications
Corp
EOG Res Inc. Common 26875P101 998 34,500 X 34,500
Equity Common 294741103 589 18,400 X 18,400
Office Prop.
Trst.
Equity Common 29476L107 549 9,400 X 9,400
Residential
Pptys Tr
Everest Re Group Common 299808105 550 8,500 X 8,500
Ltd
Exelon Corp. Common 30161N101 205 4,600 X 4,600
Express Scripts Common 302182100 455 8,200 X 8,200
Inc
Family DLR Stores Common 307000109 325 11,800 X 11,800
Federated Dept Common 31410H101 1,410 50,000 X 50,000
Stores
Fedex Corp Common 31304N107 684 18,600 X 18,600
Felcor Lodging Common 31430F101 404 30,000 X 30,000
Tr Inc
Firstenergy Corp Common 337932107 273 7,600 X 7,600
Fortune Brands Common 349631011 291 8,700 X 8,700
-----------
TOTAL $ 7,758
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Page 8 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
FMC Corp Common 302491303 $ 3,477 70,975 X 70,975
Ford Motor Co. Common 345370860 347 20,000 X 20,000
(DEL)
FPL Group Inc Common 302571104 273 5,100 X 5,100
Freeport-McMoran Common 35671D857 505 45,925 X 45,925
Copper & Gold
Frontline Ltd Common 35906P105 805 100,000 X 100,000
Furniture Brands Common 360921100 1,388 71,250 X 71,250
International
Gannett Inc. Common 364730101 270 4,500 X 4,500
Gap Inc Del Common 364760108 983 82,300 X 82,300
General Elec Co Common 369604103 298 8,000 X 8,000
Global Marine Inc Common 379352404 231 16,500 X 16,500
General Mls Inc Common 370334104 309 6,800 X 6,800
General Mtrs Corp Common 370442832 423 31,700 X 31,700
Gentex Corp Common 371901109 370 15,500 X 15,500
Georgia Pac Corp Common 373298108 254 8,825 X 8,825
Getty Images Inc Common 374276103 344 31,200 X 31,200
Glamis Gold Ltd Common 376775102 1,958 510,000 X 510,000
Goodyear Tire & Common 382550101 186 10,100 X 10,100
Rubber Co
Healthcare Rlty Common 421946104 289 11,350 X 11,350
Tr
-----------
TOTAL $ 12,710
-----------
Page 9 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Health Net Inc Common 42222G108 $ 2,020 105,075 X 105,075
Hearst-Argyle Common 422317107 875 50,000 X 50,000
Television Inc.
Heller Financial Common 423328103 296 5,600 X 5,600
Inc
Henry Jack & Common 426281101 318 14,000 X 14,000
Assoc Inc
Hewlett Packard Common 428236103 2,372 147,825 X 147,825
Co
Hershey Foods Common 427866108 641 9,800 X 9,800
Corp
Hilton Hotels Common 432848109 2,058 262,100 X 262,100
Corp
Homestake Mining Common 437614100 49,941 5,370,000 X 5,370,000
Incyte Genomics Common 45337C102 299 21,900 X 21,900
Inc
Intl. Paper Inc. Common 460146103 4,271 122,600 X 122,600
IBM Common 459200101 4,864 52,700 X 52,700
Jefferson Pilot Common 475070108 645 14,500 X 14,500
Corp
Jones Apparel Common 480074103 212 8,300 X 8,300
Grp Inc
JP Morgan Chase Common 46625H100 290 8,500 X 8,500
Co
Kerr McGee Corp Common 492386107 2,336 45,000 X 45,000
-----------
TOTAL $ 71,438
-----------
Page 10 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Kinross Gold Common 496902107 $ 468 482,500 X 482,500
Corp.
Knight Trading Common 499063105 186 24,100 X 24,100
Corp Inc
Korea Telecom Common 50063P103 3,156 172,500 X 172,500
Kroger Co Common 501044101 340 13,800 X 13,800
Kulicke & Sofa Common 501242101 210 19,300 X 19,300
Inds Inc
Lamar Advert Co Common 512815101 470 15,500 X 15,500
Lear Corp Common 521865105 1,052 38,950 X 38,950
Lehman Brothers Common 524908100 443 7,800 X 7,800
Lilly Eli & Co Common 532457108 323 4,000 X 4,000
Liberty Media-A Common 001957208 508 40,000 X 40,000
Lincoln Natl Common 534187109 1,674 35,900 X 35,900
Corp Ind
Lubrizol Corp Common 549271104 304 9,625 X 9,625
Magna Intl Inc Common 559222401 1,055 20,000 X 20,000
Manor Care Inc Common 564055101 371 13,200 X 13,200
New
Marriott Intl Common 571903202 1,727 51,700 X 51,700
Inc. New
Marsh & McLennan Common 571748102 464 4,800 X 4,800
Cos. Cin
Mattel Inc Common 577081102 445 28,400 X 28,400
-----------
TOTAL $ 13,196
-----------
Page 11 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Maxtor Corp Common 577729205 $ 1,428 400,000 X 400,000
Maytag Corp. Common 578592107 234 9,500 X 9,500
MBIA Inc Common 55262C100 1,420 28,400 X 28,400
MBNA Corp Common 55262L100 706 23,300 X 23,300
McGraw Hill Cos Common 580645109 332 5,700 X 5,700
Inc
Medicis Pharm Common 584690309 260 5,200 X 5,200
Corp
Metromedia Int?l. Common 591695101 60 50,213 X 50,213
Group Inc.
Mercury Inter Common 589405109 194 10,200 X 10,200
Corp
MGIC Invt Corp Common 552848103 412 6,300 X 6,300
WIS
Microsoft Corp Common 595918104 384 7,500 X 7,500
Millipore Corp Common 601073109 286 5,400 X 5,400
Mine Safety Common 602720104 1,125 25,000 X 25,000
Appliances Co.
Miramar Mining Common 60466E100 209 342,000 X 342,000
Corp.
Monsanto Co New Common 61166W101 272 8,075 X 8,075
Morgan Stanely DW Common 617446448 222 4,800 X 4,800
Motorola Inc. Common 620076109 1,607 103,000 X 103,000
National City Common 635405103 545 18,200 X 18,200
Corp
-----------
TOTAL $ 9,696
-----------
Page 12 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Navistar Int?l. Common 63934E108 $ 283 10,000 X 10,000
Corp.
Newell Common 651229106 4,542 200,000 X 200,000
Rubbermaid Inc
Newfield Expl Co Common 651290108 283 9,700 X 9,700
New York Times Common 650111107 234 6,000 X 6,000
Co
News Corp LTD- Common 652487802 1,065 50,000 X 50,000
Spons Adr Prf
Nisource Inc Common 65473P105 520 22,300 X 22,300
Nortek Inc Common 656559101 862 40,000 X 40,000
Northern Tr Corp Common 665859104 388 7,400 X 7,400
Northrop Grumman Common 666807102 727 7,200 X 7,200
Corp
NRG Energy Inc Common 666807102 220 13,600 X 13,600
Nuance Comm Inc Common 669967101 423 65,000 X 65,000
Ocean Energy Inc Common 67481E106 1,304 80,000 X 80,000
Office Depot Inc Common 676220106 379 27,900 X 27,900
Officemax Inc Common 67622M108 813 266,400 X 226,400
Old Rep Int'l Common 680223104 1,060 40,425 X 40,425
Corp
Omnicom Group Inc Common 681919106 214 3,300 X 3,300
On Command Corp. Common 682160106 200 113,796 X 113,796
-----------
TOTAL $ 13,517
-----------
Page 13 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Orient Express Common G67743107 $ 2,102 150,000 X 150,000
Hotels
Overseas Ship- Common 690368105 2,970 135,000 X 135,000
holding Group
Inc
Oxford Health Common 691471106 417 14,700 X 14,700
Plans Inc
Pacific Centy Common 694058108 405 17,350 X 17,350
Finl Corp
Payless Shoes Common 704379106 597 10,900 X 10,900
Inc
Pharmaceutical Common 717124101 378 12,900 X 12,900
Prod Dev Inc
Philip Morris Common 718154107 251 5,200 X 5,200
Cos Inc
Phoenix Cos Inc Common 71902E109 1,445 100,000 X 100,000
New
Pioneer Std Common 723877106 95 10,525 X 10,525
Electrs Inc
Placer Dome Inc. Common 725906101 16,947 1,325,000 X 1,325,000
Pepsico Inc Common 713448108 262 5,400 X 5,400
Potash Corp. Common 73755L107 2,940 52,800 X 52,800
Sask Inc.
PPL Corp Common 693499105 264 8,100 X 8,100
Praxair Inc Common 74005P104 420 10,000 X 10,000
-----------
TOTAL $ 29,493
-----------
Page 14 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Precision Common 74022D100 $ 232 11,000 X 11,000
Drilling Corp
Progress Energy Common 743263105 353 8,200 X 8,200
Inc
Providian Fincl Common 74406A102 393 19,500 X 19,500
Corp
Public Svc Common 744573106 226 5,300 X 5,300
Enterprise Grp
ulte Homes Inc Common 745867101 920 30,000 X 30,000
Quantum Corp Common 747906204 362 44,350 X 44,350
Quest Diagnostic Common 74834L100 265 4,300 X 4,300
Inc
Radian Group Common 750236101 609 15,825 X 15,825
Ralston Purina Co Common 751277302 515 15,700 X 15,700
Reliant Res Inc Common 75952B105 272 16,800 X 16,800
RPM Inc Ohio Common 749685103 945 100,000 X 100,000
Russell Corp Common 782352108 592 43,100 X 43,100
Ryerson Tull Inc Common 78375P107 13,042 1,039,200 X 1,039,200
New
Schein Henry Inc Common 806407102 386 10,000 X 10,000
Schulman A Inc Common 808194104 564 55,000 X 55,000
Schwab Charles Common 808513105 299 26,000 X 26,000
Corp
SCI Sys Inc Common 783890106 185 10,300 X 10,300
-----------
TOTAL $ 20,160
-----------
Page 15 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Sempra Energy Common 816851109 $ 228 9,200 X 9,200
Servicemaster Co Common 81760N109 428 38,575 X 38,575
Sherwin Williams Common 824348406 947 42,625 X 42,625
Co
Sicor Inc Common 825846108 246 13,000 X 13,000
SLI Inc Common 78442T108 26 10,175 X 10,175
Sonicwall Inc Common 835470105 141 11,900 X 11,900
Southtrust Corp Common 844730101 802 31,475 X 31,475
Southwest Airls Common 844741108 2,226 150,000 X 150,000
Co
Sovereign Bancorp Common 845905108 1,663 175,000 X 175,000
Inc
Starwood Hotels & Common 85590A203 257 11,700 X 11,700
Resorts wrldwd
Stewart WP & Co Common G84922106 679 35,000 X 35,000
Ltd.
Taiwan Common 874039126 734 543,547 X 543,547
Semiconductor
Ord
Taro Common M8737E108 243 6,900 X 6,900
Pharmaceutical
Techne Corp Common 878377100 294 10,000 X 10,000
Teco Energy Inc Common 872375100 463 17,100 X 17,100
Teekay Shipping Common Y8564W103 2,027 65,000 X 65,000
Marshall Island
-----------
TOTAL $ 11,404
-----------
Page 16 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Telefonica S A Common 879378206 $ 319 9,400 X 9,400
Telephone and Common 879433100 443 4,700 X 4,700
Data Sys Inc
Tellabs Inc Common 879664100 369 37,375 X 37,375
Texas Instrs Inc Common 882508104 2,498 100,000 X 100,000
Textron Inc Common 883203101 1,344 40,000 X 40,000
Thoratec Corp Common 885175307 5,045 305,000 X 305,000
Timken Co Common 887389104 2,055 150,000 X 150,000
Trigon Healthcare Common 89618L100 334 5,100 X 5,100
Inc
Trizec Hahn Common 896938107 295 16,400 X 16,400
Corp
Unifi Inc Common 904677101 216 26,300 X 26,300
Union Pacific Common 907818108 761 16,225 X 16,225
Corp
Unumprovident Common 91529Y106 212 8,400 X 8,400
Corp
US Bancorp Del Common 902973304 444 20,000 X 20,000
USX Marathon Common 902905827 2,100 78,500 X 78,500
Group
Valero Energy Common 91913Y100 3,335 95,000 X 95,000
Varian Med Sys Common 9220P105 244 3,800 X 3,800
Inc
-----------
TOTAL $ 20,014
-----------
Page 17 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Ventas Inc Common 92276F100 $ 117 10,750 X 10,750
Verizon Comm Common 92343V104 298 5,500 X 5,500
Viacom Inc. Common 925524100 269 7,700 X 7,700
CL A
Visteon Corp Common 92839U107 1,275 100,000 X 100,000
Vivendi Universal Common 92851S204 440 9,500 X 9,500
Wachovia Corp Common 929903102 366 11,800 X 11,800
2nd New
Wackenhut Corp Common 929794303 278 15,000 X 15,000
Wal Mart Stores Common 931142103 292 5,900 X 5,900
Wellpoint Health Common 94973H108 437 4,000 X 4,000
Network
Wells Fargo & Common 949746101 596 13,400 X 13,400
Co. New
Wendys Intl Inc Common 950590109 413 15,500 X 15,500
Wind River Common 973149107 162 15,400 X 15,400
Systems Inc
Whirlpool Corp Common 963320106 574 10,375 X 10,375
Williams Co Inc Common 969457100 257 9,400 X 9,400
Worldcom Inc Common 55268B106 1,579 105,000 X 105,000
GA New
Xcel Energy Inc Common 98389B100 397 14,100 X 14,100
XL Cap Ltd Common G98255105 749 9,475 X 9,475
XTO Energy Common 98385X106 248 17,800 X 17,800
-----------
TOTAL $ 8,747
-----------
Page 18 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Agnico Eagle Common 008474908 $ 1,347 130,000(c) X 130,000(c)
Mines Ltd.
Barrick Gold Common 067901908 5,205 300,000(c) X 300,000(c)
Corp.
Barrick Gold Common 067901958 9,543 550,000(p) X 550,000(p)
Corp.
Boeing Co. Common 09703955 5,193 155,000(p) X 155,000(p)
Bristol Meyers Common 110122958 2,778 50,000(p) X 50,000(p)
Squibb
Cablvsn Systems Common 12686C959 1,024 25,000(p) X 25,000(p)
NY-Grp
Caterpillar Inc. Common 149123951 672 150,000(p) X 150,000(p)
Chubb Corp. Common 191232951 2,142 30,000(p) X 30,000(p)
Compaq Common 204493950 831 100,000(p) X 100,000(p)
Deere & Co. Common 244199955 7,522 200,000(p) X 200,000(p)
Dow Chemical Co. Common 260543953 5,897 180,000(p) X 180,000(p)
DuPont E I de Common 263534959 1,876 50,000(p) X 50,000(p)
Nemours & Co.
Ford Motor Co. Common 345370950 1,735 100,000(p) X 100,000(p)
Gap Inc Common 364760958 1,195 100,000(p) X 100,000(p)
GoodYear Tire & Common 382550951 2,396 130,000(p) X 130,000(p)
Rubber Co.
Homestake Mining Common 437614900 4,650 500,000(c) X 500,000(c)
Homestake Mining Common 437614950 10,881 1,170,000(p) X 1,170,000(p)
Intl Paper Co. Common 460146953 6,968 200,000(p) X 200,000(p)
-----------
TOTAL $ 71,855
-----------
Page 19 of 20 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
JP Morgan Common 46625H950 $ 1,366 40,000(p) X 40,000(p)
Merril Lynch Common 590188958 3,248 80,000(p) X 80,000(p)
Motorola Common 620076959 1,560 100,000(p) X 100,000(p)
Navistar Int?l. Common 63934E958 2,825 100,000(p) X 100,000(p)
Corp.
Newell Rubbermaid Common 651229956 2,271 100,000(p) X 100,000(p)
Nortel Netwrks Common 656568902 1,122 200,000(p) X 200,000(p)
Placer Dome Common 725906901 2,558 200,000(c) X 200,000(c)
Placer Dome Common 725906951 4,797 375,000(p) X 375,000(p)
Potash Corp. Common 73755L957 5,569 100,000(p) X 100,000(p)
Sask Inc.
Southwest Common 844741958 2,226 150,000(p) X 150,000(p)
Airlines
Sunoco Common 86764P909 3,560 100,000(c) X 100,000(c)
Texas Instruments Common 882508954 2,498 100,000(p) X 100,000(p)
Tiffany & Co Common 886547958 2,165 100,000(p) X 100,000(p)
-----------
TOTAL $ 35,765
-----------
AGGREGATE TOTAL $ 7,525,998
===========
Page 20 of 20 Pages