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 December 31, 2002
Check here if Amendment: [ ]; Amendment Number:
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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: February 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: 0
Form 13F Information Table Entry Total: 328
Form 13F Information Table Value Total: $7,302.2 (thousands)
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 304 16,000 SH Sole 16,000
COS INC
ACUITY BRANDS INC Common 00508Y102 185 13,650 SH Sole 13,650
ACXIOM CORP Common 005125109 389 25,300 SH Sole 25,300
AES CORP Common 00130H105 302 100,000 SH Sole 100,000
AETNA INC NEW Common 00817Y108 985 23,950 SH Sole 23,950
AGERE SYS INC Common 00845V100 135 93,900 SH Sole 93,900
AGRIUM INC Common 008916108 13,449 1,189,100 SH Sole 1,189,100
AK STL HLDG CORP Common 001547108 2,802 350,300 SH Sole 350,300
ALCATEL Common 013904305 77 17,300 SH Sole 17,300
ALLEGHENY ENERGY Common 017361106 509 67,300 SH Sole 67,300
INC
ALLSTATE CORP Common 020002101 489 13,225 SH Sole 13,225
AMAZON COM INC Common 023135106 790 41,800 SH Sole 41,800
AMERADA HESS CORP Common 023551104 1,927 35,000 SH Sole 35,000
AMERICAN NATL INS Common 028591105 1,889 23,025 SH Sole 23,025
CO
AMERICAN PHYSICIANS Common 028884104 268 14,225 SH Sole 14,225
CAPITAL
AMERIPATH INC Common 03071D109 242 11,275 SH Sole 11,275
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TOTAL $ 24,742
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Page 4 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
AMPHENOL CORP NEW Common 032095101 277 7,300 SH Sole 7,300
ANADARKO PETE CORP Common 032511107 958 20,000 SH Sole 20,000
ANGEION CORP Common 03462H404 426 421,665 SH Sole 421,665
ANIXTER INTL INC Common 035290105 255 10,950 SH Sole 10,950
ANTHEM INC Common 03674B104 440 7,000 SH Sole 7,000
AOL TIME WARNER INC Common 00184A105 2,489 190,000 SH Sole 190,000
AON CORP Common 037389103 1,994 105,550 SH Sole 105,550
APOLLO GROUP INC Common 037604105 224 5,100 SH Sole 5,100
APOLLO GROUP INC Common 037604204 215 6,000 SH Sole 6,000
APPLERA CORP Common 038020103 196 11,200 SH Sole 11,200
APPLICA INC Common 03815A106 287 57,300 SH Sole 57,300
ARTESYN Common 043127109 230 59,950 SH Sole 59,950
TECHNOLOGIES INC
ARVINMERITOR INC Common 043353101 183 11,000 SH Sole 11,000
ASHLAND INC Common 044204105 574 20,125 SH Sole 20,125
AT&T CORP Common 001957505 9,805 375,540 SH Sole 375,540
AT&T WIRELESS SVCS Common 00209A106 4,035 714,100 SH Sole 714,100
INC
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TOTAL $ 22,588
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Page 5 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
ATLAS AIR WORLDWIDE Common 049164106 121 80,000 SH Sole 80,000
HLDGS INC
AUTONATION INC Common 05329W102 229 18,200 SH Sole 18,200
AUTOZONE INC Common 053332102 226 3,200 SH Sole 3,200
BALLARD PWR SYS INC Common 05858H104 1,107 100,000 SH Sole 100,000
BANK ONE CORP Common 06423A103 914 25,000 SH Sole 25,000
BARD C R INC Common 067383109 267 4,600 SH Sole 4,600
BARRICK GOLD CORP Common 067901108 22,982 1,491,400 SH Sole 1,491,400
BECKMAN COULTER INC Common 075811109 1,771 60,000 SH Sole 60,000
BENCHMARK ELECTRS Common 08160H101 238 8,300 SH Sole 8,300
INC
BIG LOTS INC Common 089302103 173 13,100 SH Sole 13,100
BLACK BOX CORP DEL Common 091826107 551 12,300 SH Sole 12,300
BMC SOFTWARE INC Common 055921100 282 16,500 SH Sole 16,500
BOEING CO Common 097023105 6,769 205,175 SH Sole 205,175
BOSTON PROPERTIES Common 101121101 3,911 106,100 SH Sole 106,100
INC
BOWATER INC Common 102183100 3,855 91,900 SH Sole 91,900
BOWNE & CO INC Common 103043105 188 15,750 SH Sole 15,750
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TOTAL $ 43,584
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Page 6 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
BOYD GAMING CORP Common 103304101 316 22,500 SH Sole 22,500
BRANDYWINE RLTY TR Common 105368203 2,750 126,100 SH Sole 126,100
BRISTOL MYERS Common 110122108 624 26,975 SH Sole 26,975
SQUIBB CO
BROADCOM CORP Common 111320107 295 19,600 SH Sole 19,600
BRUNSWICK CORP Common 117043109 375 18,900 SH Sole 18,900
BURLINGTON RES INC Common 122014103 1,045 24,500 SH Sole 24,500
CABLEVISION SYS Common 12686C109 716 42,800 SH Sole 42,800
CORP
CALPINE CORP Common 131347106 2,706 830,000 SH Sole 830,000
CAMPBELL SOUP CO Common 134429109 289 12,300 SH Sole 12,300
CAPSTONE TURBINE Common 14067D102 104 115,000 SH Sole 115,000
CORP
CARNIVAL CORP Common 143658102 6,657 266,800 SH Sole 266,800
CATALINA MARKETING Common 148867104 2,109 114,000 SH Sole 114,000
CORP
CENDANT CORP Common 151313103 314 30,000 SH Sole 30,000
CENTEX CORP Common 152312104 1,506 30,000 SH Sole 30,000
CHUBB CORP Common 171232101 1,044 20,000 SH Sole 20,000
CIGNA CORP Common 125509109 1,147 27,900 SH Sole 27,900
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TOTAL $ 21,997
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Page 7 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
CIRCUIT CITY STORE Common 172737108 104 14,000 SH Sole 14,000
INC
CIT GROUP INC Common 125581108 2,328 118,750 SH Sole 118,750
CITIGROUP INC Common 172967101 3,646 103,600 SH Sole 103,600
CITIZENS Common 17453B101 1,583 150,000 SH Sole 150,000
COMMUNICATIONS CO
CITRIX SYS INC Common 177376100 299 24,300 SH Sole 24,300
CLEVELAND CLIFFS Common 185896107 964 48,550 SH Sole 48,550
INC
CNA FINL CORP Common 126117100 5,153,114 201,293,500 SH Sole 201,293,500
CNF INC Common 12612W104 1,012 30,450 SH Sole 30,450
COGNIZANT Common 192446102 744 10,300 SH Sole 10,300
TECHNOLOGY
SOLUTIONS
COINSTAR INC Common 19259P300 285 12,600 SH Sole 12,600
COMCAST CORP NEW Common 20030N101 4,558 193,382 SH Sole 193,382
COMMSCOPE INC Common 203372107 192 24,300 SH Sole 24,300
COMPUTER ASSOC INTL Common 204912109 1,248 92,425 SH Sole 92,425
INC
COMPUWARE CORP Common 205638109 79 16,400 SH Sole 16,400
CONCORD EFS INC Common 206197105 329 20,900 SH Sole 20,900
CONOCOPHILLIPS Common 20825C104 912 18,850 SH Sole 18,850
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TOTAL $ 5,171,397
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Page 8 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
CONSTELLATION Common 21036P108 209 8,800 SH Sole 8,800
BRANDS INC
CONTINENTAL AIRLS Common 210795308 2,804 386,800 SH Sole 386,800
INC
COOPER INDS LTD Common BMG241821 901 24,725 SH Sole 24,725
COX RADIO INC Common 224051102 1,448 63,500 SH Sole 63,500
CSG SYS INTL INC Common 126349109 416 30,500 SH Sole 30,500
CSX CORP Common 126408103 266 9,400 SH Sole 9,400
CYTEC INDS INC Common 232820100 675 24,750 SH Sole 24,750
D R HORTON INC Common 23331A109 3,470 200,000 SH Sole 200,000
DANA CORP Common 235811106 139 11,800 SH Sole 11,800
DEL MONTE FOODS CO Common 24522P103 245 31,773 SH Sole 31,773
DELPHI FINL GROUP Common 247131105 2,165 57,025 SH Sole 57,025
INC
DELTA AIR LINES INC Common 247361108 2,975 245,900 SH Sole 245,900
DEL
DEVELOPERS Common 251591103 2,199 100,000 SH Sole 100,000
DIVERSIFIED RLTY CO
DIAGEO P L C Common 25243Q205 587 13,400 SH Sole 13,400
DIAMOND OFFSHORE Common 25271C102 1,531,685 70,100,000 SH Sole 70,100,000
DRILLING INC
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TOTAL $ 1,550,184
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Page 9 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
DIAMONDS TR Common 252787106 6,956 83,300 SH Sole 83,300
DILLARDS INC Common 254067101 1,232 77,700 SH Sole 77,700
DOLLAR GEN CORP Common 256669102 2,020 169,000 SH Sole 169,000
DONNELLEY R R & Common 257867101 433 19,900 SH Sole 19,900
SONS CO
DU PONT E I DE Common 263534109 1,217 28,700 SH Sole 28,700
NEMOURS & CO
DUKE ENERGY CORP Common 264399106 4,826 247,000 SH Sole 247,000
EDISON INTL Common 281020107 159 13,400 SH Sole 13,400
EL PASO CORP Common 28336L109 777 111,700 SH Sole 111,700
ELECTRONIC DATA SYS Common 285661104 489 26,550 SH Sole 26,550
NEW
ENCANA CORP Common 292505104 852 27,400 SH Sole 27,400
ENTERASYS NETWORKS Common 293637104 240 154,125 SH Sole 154,125
INC
EQUITY OFFICE Common 294741103 1,694 67,800 SH Sole 67,800
PROPERTIES TRUST
ESTERLINE Common 297425100 182 10,325 SH Sole 10,325
TECHNOLOGIES CORP
EXPEDIA INC Common 302125109 268 4,000 SH Sole 4,000
EXPRESSJET HOLDINGS Common 30218U108 3,970 387,300 SH Sole 387,300
INC
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TOTAL $ 25,315
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Page 10 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
F M C CORP Common 302491303 7,536 275,825 SH Sole 275,825
FEDERAL HOME LN MTG Common 313400301 2,657 45,000 SH Sole 45,000
CORP
FEDERATED DEPT Common 31410H101 6,123 212,900 SH Sole 212,900
STORES INC DEL
FIRST DATA CORP Common 319963104 1,176 33,200 SH Sole 33,200
FISERV INC Common 337738108 261 7,700 SH Sole 7,700
FISHER SCIENTIFIC Common 338032204 217 7,200 SH Sole 7,200
INTL INC
FLEETBOSTON FINL Common 339030108 314 12,925 SH Sole 12,925
CORP
FLUOR CORP NEW Common 343861100 445 15,900 SH Sole 15,900
FMC TECHNOLOGIES Common 30249U101 661 32,375 SH Sole 32,375
INC
FOOT LOCKER INC Common 922944103 252 24,000 SH Sole 24,000
FOOTSTAR INC Common 344912100 221 31,775 SH Sole 31,775
FORD MTR CO DEL Common 345370860 4,032 433,500 SH Sole 433,500
FOX ENTMT GROUP INC Common 35138T107 669 25,800 SH Sole 25,800
FREEPORT-MCMORAN Common 35671D857 793 47,275 SH Sole 47,275
COPPER & GOLD
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TOTAL $ 25,357
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Page 11 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
GANNETT INC Common 364730101 381 5,300 SH Sole 5,300
GENERAL CABLE CORP Common 369300108 5,378 1,415,325 SH Sole 1,415,325
DEL NEW
GENERAL MTRS CORP Common 370442832 187 17,500 SH Sole 17,500
GENESIS HEALTH Common 37183F107 7,995 517,500 SH Sole 517,500
VENTURE INC NEW
GEORGIA PAC CORP Common 373298108 880 54,425 SH Sole 54,425
GIBRALTAR STL CORP Common 37476F103 3,427 180,000 SH Sole 180,000
GLAMIS GOLD LTD Common 376775102 3,402 300,000 SH Sole 300,000
GLIMCHER RLTY TR Common 379302102 237 13,350 SH Sole 13,350
GROUP 1 AUTOMOTIVE Common 398905109 2,956 123,800 SH Sole 123,800
INC
HALLIBURTON CO Common 406216101 239 12,800 SH Sole 12,800
HCA INC Common 404119109 1,038 25,000 SH Sole 25,000
HEALTH MGMT ASSOC Common 421933102 881 49,200 SH Sole 49,200
INC NEW
HEALTH NET INC Common 42222G108 586 22,200 SH Sole 22,200
HEALTHSOUTH CORP Common 421924101 2,289 545,000 SH Sole 545,000
HEARST-ARGYLE Common 422317107 1,189 49,300 SH Sole 49,300
TELEVISION INC
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TOTAL $ 31,065
------------
Page 12 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
HEINZ H J CO Common 423074103 986 30,000 SH Sole 30,000
HEWLETT PACKARD CO Common 428236103 5,432 312,883 SH Sole 312,883
HILFIGER TOMMY CORP Common G8915Z102 76 11,000 SH Sole 11,000
HILLENBRAND INDS Common 431573104 710 14,700 SH Sole 14,700
INC
HONEYWELL INTL INC Common 438516106 514 21,400 SH Sole 21,400
HSBC HLDGS PLC Common 404280406 605 11,000 SH Sole 11,000
IKON OFFICE Common 451713101 410 57,400 SH Sole 57,400
SOLUTIONS INC
IMC GLOBAL INC Common 449669100 209 19,600 SH Sole 19,600
INSITUFORM Common 457667103 512 30,000 SH Sole 30,000
TECHNOLOGIES INC
INTER TEL INC Common 458372109 255 12,200 SH Sole 12,200
INTERGRAPH CORP Common 458683109 274 15,400 SH Sole 15,400
INTERNATIONAL Common 459200101 6,169 79,600 SH Sole 79,600
BUSINESS MACHS
INTERNATIONAL GAME Common 459902102 266 3,500 SH Sole 3,500
TECHNOLOGY
INTL PAPER CO Common 460146103 1,749 50,000 SH Sole 50,000
INTUIT Common 461202103 389 8,300 SH Sole 8,300
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TOTAL $ 18,556
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Page 13 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
IONICS INC Common 462218108 775 34,000 SH Sole 34,000
ISHARES INC Common 464286848 9,038 1,300,500 SH Sole 1,300,500
JABIL CIRCUIT INC Common 466313103 240 13,400 SH Sole 13,400
JANUS CAP GROUP INC Common 47102X105 446 34,100 SH Sole 34,100
JONES APPAREL GROUP Common 480074103 475 13,400 SH Sole 13,400
INC
KERR MCGEE CORP Common 492386107 1,994 45,000 SH Sole 45,000
KINDER MORGAN Common 49455U100 231 7,300 SH Sole 7,300
MANAGEMENT LLC
KINDRED HEALTHCARE Common 494580103 4,329 238,500 SH Sole 238,500
INC
KINROSS GOLD CORP Common 496902107 417 170,000 SH Sole 170,000
KOREA ELECTRIC PWR Common 500631106 451 53,000 SH Sole 53,000
KROGER CO Common 501044101 2,472 160,000 SH Sole 160,000
KT CORP Common 48268K101 4,370 202,800 SH Sole 202,800
LA QUINTA CORP Common 50419U202 6,674 1,516,800 SH Sole 1,516,800
LEAR CORP Common 521865105 584 17,550 SH Sole 17,550
LENNOX INTL INC Common 526107107 4,920 392,000 SH Sole 392,000
LIBERTY MEDIA CORP Common 530718105 1,609 180,000 SH Sole 180,000
NEW
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TOTAL $ 39,025
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Page 14 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
LIBERTY PPTY TR Common 531172104 6,081 190,400 SH Sole 190,400
LINCOLN NATL CORP Common 534187109 947 30,000 SH Sole 30,000
IND
LUBRIZOL CORP Common 549271104 377 12,375 SH Sole 12,375
MANDALAY RESORT Common 562567107 618 20,200 SH Sole 20,200
GROUP
MANPOWER INC Common 56418H100 207 6,500 SH Sole 6,500
MARSH & MCLENNAN Common 571748102 1,141 24,700 SH Sole 24,700
COS INC
MAXTOR CORP Common 577729205 4,866 961,750 SH Sole 961,750
MCDONALDS CORP Common 580135101 503 31,300 SH Sole 31,300
METROMEDIA INTL Common 591695101 5 50,213 SH Sole 50,213
GROUP INC
MGM MIRAGE Common 552953101 419 12,700 SH Sole 12,700
MID ATLANTIC MED Common 59523C107 282 8,700 SH Sole 8,700
SVCS INC
MILACRON INC Common 598709103 129 21,600 SH Sole 21,600
MIRAMAR MINING CORP Common 60466E100 384 300,000 SH Sole 300,000
MONSANTO CO NEW Common 61166W101 964 50,075 SH Sole 50,075
MORGAN STANLEY ASIA Common 61744U106 341 47,300 SH Sole 47,300
PAC FD INC
------------
TOTAL $ 17,264
------------
Page 15 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
MORGAN STANLEY Common 61745C105 323 32,500 SH Sole 32,500
INDIA INVS FD
MOTOROLA INC Common 620076109 281 32,500 SH Sole 32,500
MUELLER INDS INC Common 624756102 7,156 262,600 SH Sole 262,600
NACCO INDS INC Common 629579103 200 4,575 SH Sole 4,575
NATIONAL AUSTRALIA Common 632525408 368 4,100 SH Sole 4,100
BK LTD
NCR CORP NEW Common 62886E108 306 12,900 SH Sole 12,900
NETIQ CORP Common 64115P102 387 31,300 SH Sole 31,300
NEWHALL LAND & Common 651426108 463 16,100 SH Sole 16,100
FARMING CO CAL
NEWS CORP LTD Common 652487703 5,250 200,000 SH Sole 200,000
NIPPON TELEG & TEL Common 654624105 574 32,500 SH Sole 32,500
CORP
NORFOLK SOUTHERN Common 655844108 1,000 50,000 SH Sole 50,000
CORP
NORTEL NETWORKS Common 656568102 201 124,800 SH Sole 124,800
CORP NEW
NORTHERN TR CORP Common 665859104 4,711 134,400 SH Sole 134,400
NUCOR CORP Common 670346105 4,101 99,300 SH Sole 99,300
OAKLEY INC Common 673662102 176 17,100 SH Sole 17,100
------------
TOTAL $ 25,497
------------
Page 16 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
OFFICE DEPOT INC Common 676220106 9,114 617,500 SH Sole 617,500
OFFICEMAX INC Common 67622M108 5,176 1,035,200 SH Sole 1,035,200
OLD REP INTL CORP Common 680223104 1,798 64,200 SH Sole 64,200
ON COMMAND CORP Common 682160122 2 27,920 SH Sole 27,920
ON COMMAND CORP Common 682160106 20 29,376 SH Sole 29,376
ORACLE CORP Common 68389X105 449 41,600 SH Sole 41,600
OXFORD HEALTH PLANS Common 691471106 230 6,300 SH Sole 6,300
INC
PARK PL ENTMT CORP Common 700690100 129 15,300 SH Sole 15,300
PATHMARK STORES INC Common 70322A101 1,065 210,030 SH Sole 210,030
NEW
PAYLESS SHOESOURCE Common 704379106 807 15,675 SH Sole 15,675
INC
PEC SOLUTIONS INC Common 705107100 245 8,200 SH Sole 8,200
PFIZER INC Common 717081103 1,529 50,000 SH Sole 50,000
PHARMACEUTICAL Common 71712A206 3,460 46,700 SH Sole 46,700
HLDRS TR
PHARMACIA CORP Common 71713U102 263 6,300 SH Sole 6,300
PHELPS DODGE CORP Common 717265102 6,254 197,600 SH Sole 197,600
------------
TOTAL $ 30,541
------------
Page 17 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
PHILIP MORRIS COS Common 718154107 4,584 113,100 SH Sole 113,100
INC
PIONEER STD ELECTRS Common 723877106 221 24,100 SH Sole 24,100
INC
PITNEY BOWES INC Common 724479100 653 20,000 SH Sole 20,000
PLACER DOME INC Common 725906101 10,278 893,700 SH Sole 893,700
PNM RES INC Common 69349H107 222 9,325 SH Sole 9,325
POTASH CORP SASK Common 73755L107 6,105 96,000 SH Sole 96,000
INC
PPL CORP Common 69351T106 690 19,900 SH Sole 19,900
PREMCOR INC Common 74045Q104 1,667 75,000 SH Sole 75,000
PULTE HOMES INC Common 745867101 2,154 45,000 SH Sole 45,000
QUALCOMM INC Common 747525103 448 12,300 SH Sole 12,300
R H DONNELLEY CORP Common 74955W307 253 8,625 SH Sole 8,625
RADIAN GROUP INC Common 750236101 508 13,675 SH Sole 13,675
RADIO ONE INC Common 75040P405 1,325 91,800 SH Sole 91,800
RAYTHEON CO Common 755111507 6,236 202,800 SH Sole 202,800
RELIANT RES INC Common 75952B105 684 213,600 SH Sole 213,600
REPUBLIC BANCORP Common 760282103 196 16,643 SH Sole 16,643
INC
------------
TOTAL $ 36,224
------------
Page 18 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
REYNOLDS & REYNOLDS Common 761695105 306 12,000 SH Sole 12,000
CO
RFS HOTEL INVS INC Common 74955J108 182 16,775 SH Sole 16,775
RUSSELL CORP Common 782352108 4,413 263,600 SH Sole 263,600
RYERSON TULL INC Common 78375P107 8,346 1,368,200 SH Sole 1,368,200
NEW
SCHERING PLOUGH Common 806605101 3,019 136,000 SH Sole 136,000
CORP
SCHLUMBERGER LTD Common 806857108 1,263 30,000 SH Sole 30,000
SCIENTIFIC ATLANTA Common 808655104 127 10,700 SH Sole 10,700
INC
SEMPRA ENERGY Common 816851109 6,298 266,300 SH Sole 266,300
SERVICEMASTER CO Common 81760N109 352 31,725 SH Sole 31,725
SIEMENS A G Common 826197501 253 6,000 SH Sole 6,000
SOLECTRON CORP Common 834182107 375 105,575 SH Sole 105,575
SPHERION CORP Common 848420105 258 38,525 SH Sole 38,525
SPRINT CORP Common 852061506 2,935 670,000 SH Sole 670,000
STATION CASINOS INC Common 857689103 402 22,700 SH Sole 22,700
STEIN MART INC Common 858375108 76 12,475 SH Sole 12,475
SYMANTEC CORP Common 871503108 409 10,100 SH Sole 10,100
TECH DATA CORP Common 878237106 1,898 70,400 SH Sole 70,400
------------
TOTAL $ 30,912
------------
Page 19 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
TEJON RANCH CO DEL Common 879080109 264 8,900 SH Sole 8,900
TELEFONOS DE MEXICO Common 879403780 700 21,900 SH Sole 21,900
S A
TELLABS INC Common 879664100 616 84,725 SH Sole 84,725
TENET HEALTHCARE Common 88033G100 902 55,000 SH Sole 55,000
CORP
THORATEC CORP Common 885175307 1,891 247,800 SH Sole 247,800
TOTAL SYS SVCS INC Common 891906109 144 10,700 SH Sole 10,700
TRAVELERS PPTY CAS Common 89420G109 17,141 1,170,000 SH Sole 1,170,000
CORP NEW
TRINITY INDS INC Common 896522109 223 11,750 SH Sole 11,750
TRIZEC PROPERTIES Common 89687P107 636 67,750 SH Sole 67,750
INC
TXU CORP Common 873168108 3,736 200,000 SH Sole 200,000
TYCO INTL LTD NEW Common 902124106 193 11,325 SH Sole 11,325
UNIFI INC Common 904677101 3,304 629,400 SH Sole 629,400
UNION PAC CORP Common 907818108 385 6,425 SH Sole 6,425
UNITED STATIONERS Common 913004107 314 10,900 SH Sole 10,900
INC
UNOCAL CORP Common 915289102 465 15,200 SH Sole 15,200
------------
TOTAL $ 30,914
------------
Page 20 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
US BANCORP DEL Common 902973304 2,016 95,000 SH Sole 95,000
USA INTERACTIVE Common 902984103 383 16,700 SH Sole 16,700
USEC INC Common 90333E108 3,444 572,100 SH Sole 572,100
VALERO ENERGY CORP Common 91913Y100 1,293 35,000 SH Sole 35,000
NEW
VENTAS INC Common 92276F100 7,059 616,550 SH Sole 616,550
VERITY INC Common 92343C106 337 25,200 SH Sole 25,200
VERIZON Common 92343V104 233 6,000 SH Sole 6,000
COMMUNICATIONS
VIAD CORP Common 92552R109 724 32,400 SH Sole 32,400
VISTEON CORP Common 92839U107 4,434 637,000 SH Sole 637,000
VODAFONE GROUP PLC Common 92857W100 5,800 320,100 SH Sole 320,100
NEW
WACHOVIA CORP 2ND Common 929903102 911 25,000 SH Sole 25,000
NEW
WAL MART STORES INC Common 931142103 2,526 50,000 SH Sole 50,000
WASHINGTON MUT INC Common 939322103 708 20,500 SH Sole 20,500
WATERS CORP Common 941848103 446 20,500 SH Sole 20,500
WELLS FARGO & CO Common 949746101 1,172 25,000 SH Sole 25,000
NEW
WESTWOOD ONE INC Common 961815107 1,136 30,400 SH Sole 30,400
------------
TOTAL $ 32,622
------------
Page 21 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
WHIRLPOOL CORP Common 963320106 645 12,350 SH Sole 12,350
WILLIAMS COS INC Common 969457100 50 18,500 SH Sole 18,500
DEL
WILSONS THE LEATHER Common 972463103 178 35,575 SH Sole 35,575
EXPERTS
WINNEBAGO INDS INC Common 974637100 510 13,000 SH Sole 13,000
WISCONSIN ENERGY Common 976657106 741 29,400 SH Sole 29,400
CORP
XCEL ENERGY INC Common 98389B100 520 47,300 SH Sole 47,300
XTO ENERGY CORP Common 98385X106 210 8,500 SH Sole 8,500
----------
TOTAL $ 2,854
----------
Page 22 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
ABBOTT LABS Common 002824950 4,800 120,000 SH Put Sole 120,000
AES CORP Common 00130H955 302 100,000 SH Put Sole 100,000
ALCATEL Common 013904955 710 160,000 SH Put Sole 160,000
ALLEGHENY ENERGY Common 017361956 509 67,300 SH Put Sole 67,300
INC
AMERADA HESS CORP Common 023551954 3,303 60,000 SH Put Sole 60,000
BALLARD PWR SYS INC Common 05858H904 664 60,000 SH Call Sole 60,000
BALLARD PWR SYS INC Common 05858H954 1,771 160,000 SH Put Sole 160,000
BARRICK GOLD CORP Common 067901908 2,312 150,000 SH Call Sole 150,000
BLACK BOX CORP DEL Common 091826957 1,792 40,000 SH Put Sole 40,000
BROADCOM CORP Common 111320957 1,883 125,000 SH Put Sole 125,000
CALPINE CORP Common 131347956 978 300,000 SH Put Sole 300,000
CATERPILLAR INC DEL Common 149123951 3,658 80,000 SH Put Sole 80,000
CENDANT CORP Common 151313953 1,803 172,000 SH Put Sole 172,000
CHUBB CORP Common 171232951 2,088 40,000 SH Put Sole 40,000
CISCO SYS INC Common 17275R952 2,358 180,000 SH Put Sole 180,000
D R HORTON INC Common 23331A959 868 50,000 SH Put Sole 50,000
DEERE & CO Common 244199955 9,170 200,000 SH Put Sole 200,000
------------
TOTAL $ 38,969
------------
Page 23 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
DILLARDS INC Common 254067951 1,586 100,000 SH Put Sole 100,000
DISNEY WALT CO Common 254687956 4,078 250,000 SH Put Sole 250,000
DOW CHEM CO Common 260543953 594 20,000 SH Put Sole 20,000
DU PONT E I DE Common 263534959 4,240 100,000 SH Put Sole 100,000
NEMOURS & CO
FORD MTR CO DEL Common 345370950 930 100,000 SH Put Sole 100,000
GAP INC DEL Common 364760958 3,104 200,000 SH Put Sole 200,000
GENERAL MTRS CORP Common 370442955 1,474 40,000 SH Put Sole 40,000
INTERNATIONAL Common 459200951 4,650 60,000 SH Put Sole 60,000
BUSINESS MACHS
INTL PAPER CO Common 460146953 7,693 220,000 SH Put Sole 220,000
MERRILL LYNCH & CO Common 590188958 2,657 70,000 SH Put Sole 70,000
INC
MOTOROLA INC Common 620076959 519 60,000 SH Put Sole 60,000
NORTEL NETWORKS Common 656568952 322 200,000 SH Put Sole 200,000
CORP NEW
PFIZER INC Common 717081953 7,643 250,000 SH Put Sole 250,000
PHELPS DODGE CORP Common 717265952 4,589 145,000 SH Put Sole 145,000
PLACER DOME INC Common 725906901 3,450 300,000 SH Call Sole 300,000
------------
TOTAL $ 47,529
------------
Page 24 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
PROCTER & GAMBLE CO Common 742718959 1,719 20,000 SH Put Sole 20,000
QUALCOMM INC Common 747525953 1,456 40,000 SH Put Sole 40,000
SCHERING PLOUGH Common 806605951 2,664 120,000 SH Put Sole 120,000
CORP
SCHLUMBERGER LTD Common 806857958 4,209 100,000 SH Put Sole 100,000
SOUTHWEST AIRLS CO Common 844741958 2,085 150,000 SH Put Sole 150,000
SUNOCO INC Common 86764P909 5,972 180,000 SH Call Sole 180,000
TEXAS INSTRS INC Common 882508954 1,914 127,500 SH Put Sole 127,500
TIFFANY & CO NEW Common 886547958 2,391 100,000 SH Put Sole 100,000
TYCO INTL LTD NEW Common 902124956 5,466 320,000 SH Put Sole 320,000
UNION PAC CORP Common 907818958 7,184 120,000 SH Put Sole 120,000
----------
TOTAL $ 35,060
----------
AGGREGATE TOTAL $ 7,302,196
==========
Page 25 of 25