FORM 13F

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, D.C.  20549

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

                              FORM 13F COVER PAGE

       Report for the Calendar Year or Quarter Ended            March 31, 2003

                Check here if Amendment:  [ ]; Amendment Number:
                                                                 -------

                                This Amendment:

                             [ ] is a restatement.

                        [ ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:                           Loews Corporation
------------------------------------------------------------------------------

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
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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:       May 13, 2003
------------------------------------------------------------------------------

                                  Page 1 of 25

  Loews Corporation ("Loews"), by virtue of its approximately 90% ownership of
voting securities of CNA Financial Corporation whose business address is CNA
Plaza, Chicago, Illinois 60685 ("CNA"), may be deemed to have investment
discretion regarding certain securities (the "CNA Securities") as to which
investment discretion is deemed to be exercised by CNA. CNA is reporting on
behalf of Loews regarding the CNA Securities.

  Mr. Laurence A. Tisch owns approximately 10% and Mr. Preston R. Tisch owns
approximately 16% of the outstanding Common Stock of Loews. Mr. Laurence A.
Tisch and Mr. Preston R. Tisch are the Co-Chairmen of the Board of Loews.
Laurence A. Tisch and Preston R. Tisch are brothers and may be deemed to be
control persons of Loews.

      Report Type:

[ ]   13F HOLDINGS REPORT.

[ ]   13F NOTICE.

[X]   13F COMBINATION REPORT.

List of Other Managers Reporting for this Manager.

Form 13F File Number:  28-346

Name:  CNA Financial Corporation

                                  Page 2 of 25

                              FORM 13F SUMMARY PAGE

                                REPORT SUMMARY

Number of Other Included Managers:  NONE.

Form 13F Information Table Entry Total:  328

Form 13F Information Table Value Total:  $6,554.5 (millions)

List of Other Included Managers:  NONE.

                                  Page 3 of 25







                                                                                        
Column              Column  Column     Column       Column                      Column       Column    Column
1:                  2:      3:         4:           5:                          6:           7:        8:

                    Title                           Shares or                                          Voting Authority(Shares)
                    of      CUSIP      Value        Principal                   Investment   Other     -------------------------
Name of Issuer      Class   Number     (x$1000)     Amount     SH/PRN Put/Call  Discretion   Managers  Sole   Shared    None


ACTION PERFORMANCE  Common 004933107        233        11,000  SH                   Sole                  11,000
COS INC

ACUITY BRANDS INC   Common 00508Y102        184        13,650  SH                   Sole                  13,650

ACXIOM CORP         Common 005125109        293        17,400  SH                   Sole                  17,400

ADVANCEPCS          Common 007491103        252         8,900  SH                   Sole                   8,900

AEGON N V           Common 007924103        159        21,100  SH                   Sole                  21,100

AES CORP            Common 00130H105        362       100,000  SH                   Sole                 100,000

AETNA INC NEW       Common 00817Y108        698        14,150  SH                   Sole                  14,150

AGERE SYS INC       Common 00845V100         77        47,900  SH                   Sole                  47,900

AGRIUM INC          Common 008916108      9,931       923,800  SH                   Sole                 923,800

AK STL HLDG CORP    Common 001547108        969       298,100  SH                   Sole                 298,100

ALCATEL             Common 013904305        119        17,200  SH                   Sole                  17,200

ALLEGHENY ENERGY    Common 017361106        497        80,000  SH                   Sole                  80,000
INC

ALLSTATE CORP       Common 020002101     10,390       313,225  SH                   Sole                 313,225

ALTRIA GROUP INC    Common 718154107      3,826       127,700  SH                   Sole                 127,700

AMAZON COM INC      Common 023135106        372        14,300  SH                   Sole                  14,300

AMERADA HESS CORP   Common 023551104      1,328        30,000  SH                   Sole                  30,000

AMERICAN NATL INS   Common 028591105      1,759        22,575  SH                   Sole                  22,575
CO
                                   ------------
                         TOTAL $         31,449
                                   ------------

                                              Page 4 of 25 Pages




                                                                                        
Column              Column  Column     Column       Column                      Column       Column    Column
1:                  2:      3:         4:           5:                          6:           7:        8:

                    Title                           Shares or                                          Voting Authority(Shares)
                    of      CUSIP      Value        Principal                   Investment   Other     -------------------------
Name of Issuer      Class   Number     (x$1000)     Amount     SH/PRN Put/Call  Discretion   Managers  Sole   Shared    None


AMERICAN PHYSICIANS Common 028884104        302        14,225  SH                   Sole                  14,225
CAPITAL

AMPHENOL CORP NEW   Common 032095101        208         5,100  SH                   Sole                   5,100

ANADARKO PETE CORP  Common 032511107        910        20,000  SH                   Sole                  20,000

ANALOG DEVICES INC  Common 032654105        259         9,400  SH                   Sole                   9,400

ANGEION CORP        Common 03462H404        485       421,665  SH                   Sole                 421,665

ANIXTER INTL INC    Common 035290105        239        10,550  SH                   Sole                  10,550

ANNUITY AND LIFE RE Common G03910109         16        28,300  SH                   Sole                  28,300
HLDGS

AOL TIME WARNER INC Common 00184A105      7,168       660,000  SH                   Sole                 660,000

AON CORP            Common 037389103      1,730        83,650  SH                   Sole                  83,650

APPLERA CORP        Common 038020103        275        17,400  SH                   Sole                  17,400

APPLICA INC         Common 03815A106        489       100,000  SH                   Sole                 100,000

APRIA HEALTHCARE    Common 037933108        348        14,900  SH                   Sole                  14,900
GROUP INC

ARCHER DANIELS      Common 039483102      4,083       378,100  SH                   Sole                 378,100
MIDLAND CO

ARTESYN             Common 043127109        186        59,950  SH                   Sole                  59,950
TECHNOLOGIES INC
                                   ------------
                         TOTAL $         16,698
                                   ------------

                                              Page 5 of 25 Pages




                                                                                        
Column              Column  Column     Column       Column                      Column       Column    Column
1:                  2:      3:         4:           5:                          6:           7:        8:

                    Title                           Shares or                                          Voting Authority(Shares)
                    of      CUSIP      Value        Principal                   Investment   Other     -------------------------
Name of Issuer      Class   Number     (x$1000)     Amount     SH/PRN Put/Call  Discretion   Managers  Sole   Shared    None


ARVINMERITOR INC    Common 043353101        179        12,825  SH                   Sole                  12,825

ASHLAND INC         Common 044204105        597        20,125  SH                   Sole                  20,125

AT&T CORP           Common 001957505     21,935     1,354,040  SH                   Sole               1,354,040

AT&T WIRELESS SVCS  Common 00209A106      7,158     1,084,600  SH                   Sole               1,084,600
INC

ATLAS AIR WORLDWIDE Common 049164106         64        80,000  SH                   Sole                  80,000
HLDGS INC

AUTONATION INC      Common 05329W102        166        13,000  SH                   Sole                  13,000

BALLARD PWR SYS INC Common 05858H104        942       100,300  SH                   Sole                 100,300

BANK NEW YORK INC   Common 064057102        361        17,600  SH                   Sole                  17,600

BANK ONE CORP       Common 06423A103     10,386       300,000  SH                   Sole                 300,000

BARRICK GOLD CORP   Common 067901108     16,232     1,043,200  SH                   Sole               1,043,200

BECKMAN COULTER INC Common 075811109      1,889        55,500  SH                   Sole                  55,500

BECTON DICKINSON &  Common 075887109        689        20,000  SH                   Sole                  20,000
CO

BENCHMARK ELECTRS   Common 08160H101        331        11,700  SH                   Sole                  11,700
INC

BMC SOFTWARE INC    Common 055921100        172        11,400  SH                   Sole                  11,400

BOEING CO           Common 097023105      6,094       243,175  SH                   Sole                 243,175
                                   ------------
                         TOTAL $         67,195
                                   ------------

                                              Page 6 of 25 Pages




                                                                                        
Column              Column  Column     Column       Column                      Column       Column    Column
1:                  2:      3:         4:           5:                          6:           7:        8:

                    Title                           Shares or                                          Voting Authority(Shares)
                    of      CUSIP      Value        Principal                   Investment   Other     -------------------------
Name of Issuer      Class   Number     (x$1000)     Amount     SH/PRN Put/Call  Discretion   Managers  Sole   Shared    None


BORDERS GROUP INC   Common 099709107        151        10,300  SH                   Sole                  10,300

BOSTON PROPERTIES   Common 101121101      6,674       176,100  SH                   Sole                 176,100
INC

BOWATER INC         Common 102183100      1,858        50,000  SH                   Sole                  50,000

BOWNE & CO INC      Common 103043105        158        15,750  SH                   Sole                  15,750

BOYD GAMING CORP    Common 103304101        187        14,700  SH                   Sole                  14,700

BRANDYWINE RLTY TR  Common 105368203      2,200       100,000  SH                   Sole                 100,000

BRISTOL MYERS       Common 110122108        570        26,975  SH                   Sole                  26,975
SQUIBB CO

BROADCOM CORP       Common 111320107        247        20,000  SH                   Sole                  20,000

BROWN SHOE INC NEW  Common 115736100        276        10,200  SH                   Sole                  10,200

BRUNSWICK CORP      Common 117043109        247        13,000  SH                   Sole                  13,000

BURLINGTON RES INC  Common 122014103      1,169        24,500  SH                   Sole                  24,500

CABLEVISION SYS     Common 12686C109        813        42,800  SH                   Sole                  42,800
CORP

CALPINE CORP        Common 131347106      2,640       800,000  SH                   Sole                 800,000

CAPITAL ONE FINL    Common 14040H105        228         7,600  SH                   Sole                   7,600
CORP

CAPSTONE TURBINE    Common 14067D102        216       300,000  SH                   Sole                 300,000
CORP

CARNIVAL CORP       Common 143658102      6,589       273,300  SH                   Sole                 273,300
                                   ------------
                         TOTAL $         24,223
                                   ------------

                                              Page 7 of 25 Pages




                                                                                        
Column              Column  Column     Column       Column                      Column       Column    Column
1:                  2:      3:         4:           5:                          6:           7:        8:

                    Title                           Shares or                                          Voting Authority(Shares)
                    of      CUSIP      Value        Principal                   Investment   Other     -------------------------
Name of Issuer      Class   Number     (x$1000)     Amount     SH/PRN Put/Call  Discretion   Managers  Sole   Shared    None


CATALINA MARKETING  Common 148867104      2,115       110,000  SH                   Sole                 110,000
CORP

CENDANT CORP        Common 151313103        762        60,000  SH                   Sole                  60,000

CENTEX CORP         Common 152312104      1,631        30,000  SH                   Sole                  30,000

CERIDIAN CORP NEW   Common 15677T106        644        46,100  SH                   Sole                  46,100

CHEVRONTEXACO CORP  Common 166764100        970        15,000  SH                   Sole                  15,000

CHIQUITA BRANDS     Common 170032809      3,101       282,700  SH                   Sole                 282,700
INTL INC

CHUBB CORP          Common 171232101      1,773        40,000  SH                   Sole                  40,000

CIGNA CORP          Common 125509109        727        15,900  SH                   Sole                  15,900

CIRCUIT CITY STORE  Common 172737108        108        20,800  SH                   Sole                  20,800
INC

CIT GROUP INC       Common 125581108      2,189       129,825  SH                   Sole                 129,825

CITIGROUP INC       Common 172967101      4,010       116,400  SH                   Sole                 116,400

CITIZENS            Common 17453B101      1,497       150,000  SH                   Sole                 150,000
COMMUNICATIONS CO

CLEVELAND CLIFFS    Common 185896107      3,475       186,350  SH                   Sole                 186,350
INC

CNA FINL CORP       Common 126117100  4,508,974   201,293,500  SH                   Sole             201,293,500

CNF INC             Common 12612W104        860        28,250  SH                   Sole                  28,250
                                   ------------
                         TOTAL $      4,532,836
                                   ------------

                                              Page 8 of 25 Pages




                                                                                        
Column              Column  Column     Column       Column                      Column       Column    Column
1:                  2:      3:         4:           5:                          6:           7:        8:

                    Title                           Shares or                                          Voting Authority(Shares)
                    of      CUSIP      Value        Principal                   Investment   Other     -------------------------
Name of Issuer      Class   Number     (x$1000)     Amount     SH/PRN Put/Call  Discretion   Managers  Sole   Shared    None


COGNIZANT           Common 192446102        384         5,700  SH                   Sole                   5,700
TECHNOLOGY
SOLUTIONS

COMCAST CORP NEW    Common 20030N101      5,087       177,925  SH                   Sole                 177,925

COMMSCOPE INC       Common 203372107        150        19,950  SH                   Sole                  19,950

COMPUTER ASSOC INTL Common 204912109      1,263        92,425  SH                   Sole                  92,425
 INC

CONCORD EFS INC     Common 206197105        135        14,400  SH                   Sole                  14,400

CONMED CORP         Common 207410101        176        10,700  SH                   Sole                  10,700

CONOCOPHILLIPS      Common 20825C104        394         7,350  SH                   Sole                   7,350

CONTINENTAL AIRLS   Common 210795308        512       100,000  SH                   Sole                 100,000
INC

COOPER INDS LTD     Common G24182100        647        18,125  SH                   Sole                  18,125

CORN PRODS INTL INC Common 219023108        225         7,700  SH                   Sole                   7,700

CSG SYS INTL INC    Common 126349109        121        13,900  SH                   Sole                  13,900

CSX CORP            Common 126408103        268         9,400  SH                   Sole                   9,400

CTS CORP            Common 126501105         98        16,100  SH                   Sole                  16,100

CYTEC INDS INC      Common 232820100        610        21,900  SH                   Sole                  21,900

D R HORTON INC      Common 23331A109      4,224       220,000  SH                   Sole                 220,000

DEL MONTE FOODS CO  Common 24522P103        137        18,375  SH                   Sole                  18,375
                                   ------------
                         TOTAL $         14,431
                                   ------------

                                              Page 9 of 25 Pages




                                                                                        
Column              Column  Column     Column       Column                      Column       Column    Column
1:                  2:      3:         4:           5:                          6:           7:        8:

                    Title                           Shares or                                          Voting Authority(Shares)
                    of      CUSIP      Value        Principal                   Investment   Other     -------------------------
Name of Issuer      Class   Number     (x$1000)     Amount     SH/PRN Put/Call  Discretion   Managers  Sole   Shared    None


DELPHI FINL GROUP   Common 247131105      2,234        57,025  SH                   Sole                  57,025
INC

DELTA AIR LINES INC Common 247361108      2,510       282,000  SH                   Sole                 282,000
DEL

DIAMOND OFFSHORE    Common 25271C102  1,360,641    70,100,000  SH                   Sole              70,100,000
DRILLING INC

DIAMONDS TR         Common 252787106     19,955       250,000  SH                   Sole                 250,000

DILLARDS INC        Common 254067101      2,074       160,550  SH                   Sole                 160,550

DOLLAR GEN CORP     Common 256669102      3,834       314,000  SH                   Sole                 314,000

DONNELLEY R R &     Common 257867101        249        13,600  SH                   Sole                  13,600
SONS CO

DU PONT E I DE      Common 263534109      1,166        30,000  SH                   Sole                  30,000
NEMOURS & CO

DUKE ENERGY CORP    Common 264399106      2,210       152,000  SH                   Sole                 152,000

EARTHLINK INC       Common 270321102        102        17,800  SH                   Sole                  17,800

EL PASO CORP        Common 28336L109        428        70,700  SH                   Sole                  70,700

ELDERTRUST          Common 284560109        122        17,900  SH                   Sole                  17,900

ELECTRONIC DATA SYS Common 285661104        467        26,550  SH                   Sole                  26,550
NEW

ENCANA CORP         Common 292505104        476        14,700  SH                   Sole                  14,700

ENTERASYS NETWORKS  Common 293637104        190       102,550  SH                   Sole                 102,550
INC
                                   ------------
                         TOTAL $      1,396,658
                                   ------------

                                              Page 10 of 25 Pages




                                                                                        
Column              Column  Column     Column       Column                      Column       Column    Column
1:                  2:      3:         4:           5:                          6:           7:        8:

                    Title                           Shares or                                          Voting Authority(Shares)
                    of      CUSIP      Value        Principal                   Investment   Other     -------------------------
Name of Issuer      Class   Number     (x$1000)     Amount     SH/PRN Put/Call  Discretion   Managers  Sole   Shared    None


EQUITY OFFICE       Common 294741103      3,189       125,300  SH                   Sole                 125,300
PROPERTIES TRUST

ESTERLINE           Common 297425100        232        13,700  SH                   Sole                  13,700
TECHNOLOGIES CORP

EXPEDIA INC         Common 302125109        315         6,100  SH                   Sole                   6,100

EXPRESSJET HOLDINGS Common 30218U108      3,914       477,300  SH                   Sole                 477,300
INC

F M C CORP          Common 302491303      5,566       355,000  SH                   Sole                 355,000

FEDERAL HOME LN MTG Common 313400301      2,390        45,000  SH                   Sole                  45,000
CORP

FEDERATED DEPT      Common 31410H101     14,231       507,900  SH                   Sole                 507,900
STORES INC DEL

FIRST DATA CORP     Common 319963104        588        15,900  SH                   Sole                  15,900

FIRST NIAGARA FINL  Common 33582V108        235        20,000  SH                   Sole                  20,000
GP INC

FISERV INC          Common 337738108        309         9,800  SH                   Sole                   9,800

FLEETBOSTON FINL    Common 339030108        309        12,925  SH                   Sole                  12,925
CORP

FMC TECHNOLOGIES    Common 30249U101        622        32,375  SH                   Sole                  32,375
INC

FOOT LOCKER INC     Common 344849104        175        16,400  SH                   Sole                  16,400

FOOTSTAR INC        Common 344912100        222        26,475  SH                   Sole                  26,475
                                   ------------
                         TOTAL $         32,297
                                   ------------

                                              Page 11 of 25 Pages




                                                                                        
Column              Column  Column     Column       Column                      Column       Column    Column
1:                  2:      3:         4:           5:                          6:           7:        8:

                    Title                           Shares or                                          Voting Authority(Shares)
                    of      CUSIP      Value        Principal                   Investment   Other     -------------------------
Name of Issuer      Class   Number     (x$1000)     Amount     SH/PRN Put/Call  Discretion   Managers  Sole   Shared    None


FORD MTR CO DEL     Common 345370860      3,158       420,000  SH                   Sole                 420,000

FREEPORT-MCMORAN    Common 35671D857        758        44,475  SH                   Sole                  44,475
COPPER & GOLD

FRESH DEL MONTE     Common G36738105        167        11,000  SH                   Sole                  11,000
PRODUCE INC

GANNETT INC         Common 364730101        232         3,300  SH                   Sole                   3,300

GAP INC DEL         Common 364760108      2,836       195,700  SH                   Sole                 195,700

GENERAL CABLE CORP  Common 369300108      5,859     1,583,525  SH                   Sole               1,583,525
DEL NEW

GENERAL MTRS CORP   Common 370442832        196        17,500  SH                   Sole                  17,500

GENESIS HEALTH      Common 37183F107      7,712       519,000  SH                   Sole                 519,000
VENTURE INC NEW

GEORGIA PAC CORP    Common 373298108        340        24,425  SH                   Sole                  24,425

GETTY IMAGES INC    Common 374276103        302        11,000  SH                   Sole                  11,000

GIBRALTAR STL CORP  Common 37476F103      3,355       180,000  SH                   Sole                 180,000

GLAMIS GOLD LTD     Common 376775102      2,895       280,000  SH                   Sole                 280,000

GLIMCHER RLTY TR    Common 379302102        256        13,350  SH                   Sole                  13,350
                                   ------------
                         TOTAL $         28,066
                                   ------------

                                              Page 12 of 25 Pages




                                                                                        
Column              Column  Column     Column       Column                      Column       Column    Column
1:                  2:      3:         4:           5:                          6:           7:        8:

                    Title                           Shares or                                          Voting Authority(Shares)
                    of      CUSIP      Value        Principal                   Investment   Other     -------------------------
Name of Issuer      Class   Number     (x$1000)     Amount     SH/PRN Put/Call  Discretion   Managers  Sole   Shared    None


GLOBAL PMTS INC     Common 37940X102        211         6,900  SH                   Sole                   6,900

GROUP 1 AUTOMOTIVE  Common 398905109      4,494       210,000  SH                   Sole                 210,000
INC

HCA INC             Common 404119109      1,034        25,000  SH                   Sole                  25,000

HEALTH NET INC      Common 42222G108        424        15,825  SH                   Sole                  15,825

HEALTHSOUTH CORP    Common 421924101         46       545,000  SH                   Sole                 545,000

HEINZ H J CO        Common 423074103      1,460        50,000  SH                   Sole                  50,000

HEWLETT PACKARD CO  Common 428236103        420        27,025  SH                   Sole                  27,025

HILFIGER TOMMY CORP Common G8915Z102         74        10,200  SH                   Sole                  10,200

HILLENBRAND INDS    Common 431573104        413         8,100  SH                   Sole                   8,100
INC

HOTELS COM          Common 44147T108        248         4,300  SH                   Sole                   4,300

HSBC HLDGS PLC      Common 404280406        383         7,500  SH                   Sole                   7,500

ICN PHARMACEUTICALS Common 448924100        125        14,000  SH                   Sole                  14,000
INC NEW

IKON OFFICE         Common 451713101        315        44,300  SH                   Sole                  44,300
SOLUTIONS INC

IMC GLOBAL INC      Common 449669100        560        58,200  SH                   Sole                  58,200

INFOCUS CORP        Common 452919103         57        11,600  SH                   Sole                  11,600
                                   ------------
                         TOTAL $         10,264
                                   ------------

                                              Page 13 of 25 Pages




                                                                                        
Column              Column  Column     Column       Column                      Column       Column    Column
1:                  2:      3:         4:           5:                          6:           7:        8:

                    Title                           Shares or                                          Voting Authority(Shares)
                    of      CUSIP      Value        Principal                   Investment   Other     -------------------------
Name of Issuer      Class   Number     (x$1000)     Amount     SH/PRN Put/Call  Discretion   Managers  Sole   Shared    None


INGERSOLL-RAND      Common 456866102      1,054        27,300  SH                   Sole                  27,300
COMPANY LTD

INGRAM MICRO INC    Common 457153104        221        20,000  SH                   Sole                  20,000

INTERGRAPH CORP     Common 458683109        184        10,600  SH                   Sole                  10,600

INTERNATIONAL       Common 459200101      4,502        57,400  SH                   Sole                  57,400
BUSINESS MACHS

INTERSTATE BAKERIES Common 46072H108        197        18,725  SH                   Sole                  18,725
CORP DEL

INTL PAPER CO       Common 460146103        338        10,000  SH                   Sole                  10,000

IOMEGA CORP         Common 462030107        171        15,400  SH                   Sole                  15,400

IONICS INC          Common 462218108      1,655       100,000  SH                   Sole                 100,000

IPC HLDGS LTD       Common G4933P101        926        30,775  SH                   Sole                  30,775

ISHARES INC         Common 464286848     14,057     2,176,000  SH                   Sole               2,176,000

JABIL CIRCUIT INC   Common 466313103        271        15,500  SH                   Sole                  15,500

JAKKS PAC INC       Common 47012E106        167        16,100  SH                   Sole                  16,100

JANUS CAP GROUP INC Common 47102X105        731        64,200  SH                   Sole                  64,200

KB HOME             Common 48666K109        325         7,141  SH                   Sole                   7,141

KEANE INC           Common 486665102        160        19,500  SH                   Sole                  19,500

KERR MCGEE CORP     Common 492386107      1,827        45,000  SH                   Sole                  45,000
                                   ------------
                         TOTAL $         26,786
                                   ------------

                                              Page 14 of 25 Pages




                                                                                        
Column              Column  Column     Column       Column                      Column       Column    Column
1:                  2:      3:         4:           5:                          6:           7:        8:

                    Title                           Shares or                                          Voting Authority(Shares)
                    of      CUSIP      Value        Principal                   Investment   Other     -------------------------
Name of Issuer      Class   Number     (x$1000)     Amount     SH/PRN Put/Call  Discretion   Managers  Sole   Shared    None


KINDRED HEALTHCARE  Common 494580103      4,088       361,400  SH                   Sole                 361,400
INC

KINROSS GOLD CORP   Common 496902206        308        50,000  SH                   Sole                  50,000

KRAFT FOODS INC     Common 50075N104      1,974        70,000  SH                   Sole                  70,000

KROGER CO           Common 501044101      3,979       302,600  SH                   Sole                 302,600

LA QUINTA CORP      Common 50419U202      5,526     1,811,900  SH                   Sole               1,811,900

LEAR CORP           Common 521865105        620        17,550  SH                   Sole                  17,550

LENNOX INTL INC     Common 526107107      9,197       638,700  SH                   Sole                 638,700

LIBERTY MEDIA CORP  Common 530718105      2,051       210,800  SH                   Sole                 210,800
NEW

LIBERTY PPTY TR     Common 531172104      5,960       190,400  SH                   Sole                 190,400

LINCOLN NATL CORP   Common 534187109        840        30,000  SH                   Sole                  30,000
IND

LOCKHEED MARTIN     Common 539830109        628        13,200  SH                   Sole                  13,200
CORP

LUBRIZOL CORP       Common 549271104        371        12,375  SH                   Sole                  12,375

MARSH & MCLENNAN    Common 571748102        946        22,200  SH                   Sole                  22,200
COS INC

MAXTOR CORP         Common 577729205      3,022       536,750  SH                   Sole                 536,750

MAY DEPT STORES CO  Common 577778103        428        21,500  SH                   Sole                  21,500

MCDONALDS CORP      Common 580135101      5,446       376,600  SH                   Sole                 376,600
                                   ------------
                         TOTAL $         45,384
                                   ------------

                                              Page 15 of 25 Pages




                                                                                        
Column              Column  Column     Column       Column                      Column       Column    Column
1:                  2:      3:         4:           5:                          6:           7:        8:

                    Title                           Shares or                                          Voting Authority(Shares)
                    of      CUSIP      Value        Principal                   Investment   Other     -------------------------
Name of Issuer      Class   Number     (x$1000)     Amount     SH/PRN Put/Call  Discretion   Managers  Sole   Shared    None


METLIFE INC         Common 59156R108        222         8,400  SH                   Sole                   8,400

METROMEDIA INTL     Common 591695101          1        50,213  SH                   Sole                  50,213
GROUP INC

MGM MIRAGE          Common 552953101        263         9,000  SH                   Sole                   9,000

MILACRON INC        Common 598709103        131        31,500  SH                   Sole                  31,500

MIRAMAR MINING CORP Common 60466E100        291       300,000  SH                   Sole                 300,000

MONSANTO CO NEW     Common 61166W101      2,461       150,075  SH                   Sole                 150,075

MORGAN STANLEY ASIA Common 61744U106        331        47,300  SH                   Sole                  47,300
PAC FD INC

MORGAN STANLEY      Common 61745C105        302        32,500  SH                   Sole                  32,500
INDIA INVS FD

MOTOROLA INC        Common 620076109      5,163       625,000  SH                   Sole                 625,000

MUELLER INDS INC    Common 624756102     10,175       407,500  SH                   Sole                 407,500

NACCO INDS INC      Common 629579103        210         4,575  SH                   Sole                   4,575

NEWELL RUBBERMAID   Common 651229106        261         9,200  SH                   Sole                   9,200
INC

NEWHALL LAND &      Common 651426108        299        10,300  SH                   Sole                  10,300
FARMING CO CAL

NEWS CORP LTD       Common 652487703      5,180       200,000  SH                   Sole                 200,000

NIPPON TELEG & TEL  Common 654624105        362        21,300  SH                   Sole                  21,300
CORP
                                   ------------
                         TOTAL $         25,652
                                   ------------

                                              Page 16 of 25 Pages




                                                                                        
Column              Column  Column     Column       Column                      Column       Column    Column
1:                  2:      3:         4:           5:                          6:           7:        8:

                    Title                           Shares or                                          Voting Authority(Shares)
                    of      CUSIP      Value        Principal                   Investment   Other     -------------------------
Name of Issuer      Class   Number     (x$1000)     Amount     SH/PRN Put/Call  Discretion   Managers  Sole   Shared    None


NOKIA CORP          Common 654902204        307        21,900  SH                   Sole                  21,900

NORFOLK SOUTHERN    Common 655844108        928        50,000  SH                   Sole                  50,000
CORP

NORTEL NETWORKS     Common 656568102        260       124,800  SH                   Sole                 124,800
CORP NEW

NORTH FORK          Common 659424105        295        10,000  SH                   Sole                  10,000
BANCORPORATION NY

NORTHERN TR CORP    Common 665859104      4,781       157,000  SH                   Sole                 157,000

OFFICE DEPOT INC    Common 676220106      8,824       745,900  SH                   Sole                 745,900

OFFICEMAX INC       Common 67622M108      6,204     1,204,600  SH                   Sole               1,204,600

OLD REP INTL CORP   Common 680223104      1,717        64,200  SH                   Sole                  64,200

ON COMMAND CORP     Common 682160106         26        29,376  SH                   Sole                  29,376

OXFORD HEALTH PLANS Common 691471106        267         8,800  SH                   Sole                   8,800
INC

PATHMARK STORES INC Common 70322A101      1,403       210,030  SH                   Sole                 210,030
NEW

PAYLESS SHOESOURCE  Common 704379106      1,102        70,425  SH                   Sole                  70,425
INC

PENNEY J C INC      Common 708160106        289        14,700  SH                   Sole                  14,700

PEP BOYS MANNY MOE  Common 713278109        118        15,500  SH                   Sole                  15,500
& JACK
                                   ------------
                         TOTAL $         26,521
                                   ------------

                                              Page 17 of 25 Pages




                                                                                        
Column              Column  Column     Column       Column                      Column       Column    Column
1:                  2:      3:         4:           5:                          6:           7:        8:

                    Title                           Shares or                                          Voting Authority(Shares)
                    of      CUSIP      Value        Principal                   Investment   Other     -------------------------
Name of Issuer      Class   Number     (x$1000)     Amount     SH/PRN Put/Call  Discretion   Managers  Sole   Shared    None


PEPSI BOTTLING      Common 713409100        359        20,000  SH                   Sole                  20,000
GROUP INC

PFIZER INC          Common 717081103      1,863        59,800  SH                   Sole                  59,800

PHARMACEUTICAL      Common 71712A206      3,459        46,700  SH                   Sole                  46,700
HLDRS TR

PHARMACIA CORP      Common 71713U102        242         5,600  SH                   Sole                   5,600

PHELPS DODGE CORP   Common 717265102      5,791       178,300  SH                   Sole                 178,300

PINNACLE SYS INC    Common 723481107        146        14,000  SH                   Sole                  14,000

PIONEER STD ELECTRS Common 723877106        187        22,150  SH                   Sole                  22,150
INC

PITNEY BOWES INC    Common 724479100        958        30,000  SH                   Sole                  30,000

PLACER DOME INC     Common 725906101      8,960       914,300  SH                   Sole                 914,300

PNM RES INC         Common 69349H107        259        11,525  SH                   Sole                  11,525

POTASH CORP SASK    Common 73755L107      6,551       106,000  SH                   Sole                 106,000
INC

POWER-ONE INC       Common 739308104         55        12,600  SH                   Sole                  12,600

PPL CORP            Common 69351T106        271         7,600  SH                   Sole                   7,600

PREMCOR INC         Common 74045Q104      1,929        75,100  SH                   Sole                  75,100

PULTE HOMES INC     Common 745867101      2,257        45,000  SH                   Sole                  45,000

QUALCOMM INC        Common 747525103        306         8,500  SH                   Sole                   8,500
                                   ------------
                         TOTAL $         33,593
                                   ------------

                                              Page 18 of 25 Pages




                                                                                        
Column              Column  Column     Column       Column                      Column       Column    Column
1:                  2:      3:         4:           5:                          6:           7:        8:

                    Title                           Shares or                                          Voting Authority(Shares)
                    of      CUSIP      Value        Principal                   Investment   Other     -------------------------
Name of Issuer      Class   Number     (x$1000)     Amount     SH/PRN Put/Call  Discretion   Managers  Sole   Shared    None


RADIAN GROUP INC    Common 750236101        456        13,675  SH                   Sole                  13,675

RAYTHEON CO         Common 755111507      5,753       202,800  SH                   Sole                 202,800

REGAL ENTMT GROUP   Common 758766109        210        11,700  SH                   Sole                  11,700

REGIONAL BK HOLDRS  Common 75902E100      9,504       100,000  SH                   Sole                 100,000
TR

RELIANT RES INC     Common 75952B105        204        57,200  SH                   Sole                  57,200

RENAISSANCE RE      Common G749GC103      2,003        50,000  SH                   Sole                  50,000
HLDGS LTD

REYNOLDS & REYNOLDS Common 761695105        207         8,200  SH                   Sole                   8,200
CO

RFS HOTEL INVS INC  Common 74955J108        210        21,675  SH                   Sole                  21,675

ROYAL DUTCH PETE CO Common 780257804      4,483       110,000  SH                   Sole                 110,000

RUSSELL CORP        Common 782352108      5,201       297,200  SH                   Sole                 297,200

RYERSON TULL INC    Common 78375P107      8,824     1,411,800  SH                   Sole               1,411,800
NEW

SBC COMMUNICATIONS  Common 78387G103      2,508       125,000  SH                   Sole                 125,000
INC

SCHERING PLOUGH     Common 806605101      2,140       120,000  SH                   Sole                 120,000
CORP

SCHLUMBERGER LTD    Common 806857108      1,901        50,000  SH                   Sole                  50,000
                                   ------------
                         TOTAL $         43,604
                                   ------------

                                              Page 19 of 25 Pages




                                                                                        
Column              Column  Column     Column       Column                      Column       Column    Column
1:                  2:      3:         4:           5:                          6:           7:        8:

                    Title                           Shares or                                          Voting Authority(Shares)
                    of      CUSIP      Value        Principal                   Investment   Other     -------------------------
Name of Issuer      Class   Number     (x$1000)     Amount     SH/PRN Put/Call  Discretion   Managers  Sole   Shared    None


SEARS ROEBUCK & CO  Common 812387108      3,864       160,000  SH                   Sole                 160,000

SERVICEMASTER CO    Common 81760N109        317        31,725  SH                   Sole                  31,725

SHOPKO STORES INC   Common 824911101        119        10,200  SH                   Sole                  10,200

SIEMENS A G         Common 826197501        358         8,700  SH                   Sole                   8,700

SKECHERS U S A INC  Common 830566105        106        16,300  SH                   Sole                  16,300

SOLECTRON CORP      Common 834182107        319       105,575  SH                   Sole                 105,575

SOUTHWEST AIRLS CO  Common 844741108        287        20,000  SH                   Sole                  20,000

SPDR TR             Common 78462F103      4,237        50,000  SH                   Sole                  50,000

SPHERION CORP       Common 848420105        251        63,300  SH                   Sole                  63,300

SPRINT CORP         Common 852061506      4,360     1,000,000  SH                   Sole               1,000,000

STEIN MART INC      Common 858375108         64        12,475  SH                   Sole                  12,475

TECH DATA CORP      Common 878237106      3,778       157,800  SH                   Sole                 157,800

TEJON RANCH CO DEL  Common 879080109        235         8,900  SH                   Sole                   8,900

TELEFONOS DE MEXICO Common 879403780        446        15,000  SH                   Sole                  15,000
S A

TELLABS INC         Common 879664100        268        46,225  SH                   Sole                  46,225

TENET HEALTHCARE    Common 88033G100      1,331        79,675  SH                   Sole                  79,675
CORP
                                   ------------
                         TOTAL $         20,340
                                   ------------

                                              Page 20 of 25 Pages




                                                                                        
Column              Column  Column     Column       Column                      Column       Column    Column
1:                  2:      3:         4:           5:                          6:           7:        8:

                    Title                           Shares or                                          Voting Authority(Shares)
                    of      CUSIP      Value        Principal                   Investment   Other     -------------------------
Name of Issuer      Class   Number     (x$1000)     Amount     SH/PRN Put/Call  Discretion   Managers  Sole   Shared    None


TEXTRON INC         Common 883203101        286        10,400  SH                   Sole                  10,400

THORATEC CORP       Common 885175307      3,807       300,000  SH                   Sole                 300,000

TIMBERLAND CO       Common 887100105        276         6,600  SH                   Sole                   6,600

TMP WORLDWIDE INC   Common 872941109        240        22,400  SH                   Sole                  22,400

TRAVELERS PPTY CAS  Common 89420G109     15,117     1,072,900  SH                   Sole               1,072,900
CORP NEW

TRINITY INDS INC    Common 896522109        517        30,050  SH                   Sole                  30,050

TRIZEC PROPERTIES   Common 89687P107        576        67,750  SH                   Sole                  67,750
INC

TXU CORP            Common 873168108      9,818       550,000  SH                   Sole                 550,000

TYCO INTL LTD NEW   Common 902124106        403        31,325  SH                   Sole                  31,325

UNIFI INC           Common 904677101      4,208       874,900  SH                   Sole                 874,900

UNIVERSAL HLTH SVCS Common 913903100      1,019        25,000  SH                   Sole                  25,000
INC

UNOCAL CORP         Common 915289102        618        23,500  SH                   Sole                  23,500

UNUMPROVIDENT CORP  Common 91529Y106        101        10,300  SH                   Sole                  10,300

US BANCORP DEL      Common 902973304      1,803        95,000  SH                   Sole                  95,000

USEC INC            Common 90333E108      3,147       572,100  SH                   Sole                 572,100

USFREIGHTWAYS CORP  Common 916906100        217         8,575  SH                   Sole                   8,575
                                   ------------
                         TOTAL $         42,153
                                   ------------

                                              Page 21 of 25 Pages




                                                                                        
Column              Column  Column     Column       Column                      Column       Column    Column
1:                  2:      3:         4:           5:                          6:           7:        8:

                    Title                           Shares or                                          Voting Authority(Shares)
                    of      CUSIP      Value        Principal                   Investment   Other     -------------------------
Name of Issuer      Class   Number     (x$1000)     Amount     SH/PRN Put/Call  Discretion   Managers  Sole   Shared    None


VALERO ENERGY CORP  Common 91913Y100      1,448        35,000  SH                   Sole                  35,000
NEW

VENTAS INC          Common 92276F100      8,435       727,150  SH                   Sole                 727,150

VIAD CORP           Common 92552R109        695        32,400  SH                   Sole                  32,400

VISTEON CORP        Common 92839U107      6,241     1,050,600  SH                   Sole               1,050,600

VODAFONE GROUP PLC  Common 92857W100      5,655       310,400  SH                   Sole                 310,400
NEW

WAL MART STORES INC Common 931142103      2,602        50,000  SH                   Sole                  50,000

WASHINGTON MUT INC  Common 939322103        723        20,500  SH                   Sole                  20,500

WATERS CORP         Common 941848103        292        13,800  SH                   Sole                  13,800

WELLS FARGO & CO    Common 949746101      2,250        50,000  SH                   Sole                  50,000
NEW

WHIRLPOOL CORP      Common 963320106        797        16,250  SH                   Sole                  16,250

WILLIAMS COS INC    Common 969457100        389        84,900  SH                   Sole                  84,900
DEL

WILSONS THE LEATHER Common 972463103        149        37,350  SH                   Sole                  37,350
 EXPERTS

WINNEBAGO INDS INC  Common 974637100        239         8,800  SH                   Sole                   8,800

WISCONSIN ENERGY    Common 976657106        292        11,500  SH                   Sole                  11,500
CORP

XCEL ENERGY INC     Common 98389B100      1,068        83,400  SH                   Sole                  83,400

XL CAP LTD          Common G98255105        295         4,175  SH                   Sole                   4,175
                                   ------------
                         TOTAL $         31,570
                                   ------------

                                              Page 22 of 25 Pages




                                                                                        
Column              Column  Column     Column       Column                      Column       Column    Column
1:                  2:      3:         4:           5:                          6:           7:        8:

                    Title                           Shares or                                          Voting Authority(Shares)
                    of      CUSIP      Value        Principal                   Investment   Other     -------------------------
Name of Issuer      Class   Number     (x$1000)     Amount     SH/PRN Put/Call  Discretion   Managers  Sole   Shared    None


ABBOTT LABS         Common 002824950      3,761       100,000  SH     Put           Sole                 100,000

AES CORP            Common 00130H955        362       100,000  SH     Put           Sole                 100,000

ALCATEL             Common 013904955      1,034       150,000  SH     Put           Sole                 150,000

ALLEGHENY ENERGY    Common 017361956        418        67,300  SH     Put           Sole                  67,300
INC

AMERADA HESS CORP   Common 023551954      5,971       134,900  SH     Put           Sole                 134,900

BALLARD PWR SYS INC Common 05858H904        563        60,000  SH     Call          Sole                  60,000

BALLARD PWR SYS INC Common 05858H954      1,502       160,000  SH     Put           Sole                 160,000

BARRICK GOLD CORP   Common 067901908     10,892       700,000  SH     Call          Sole                 700,000

BROADCOM CORP       Common 111320957      1,235       100,000  SH     Put           Sole                 100,000

CALPINE CORP        Common 131347956        990       300,000  SH     Put           Sole                 300,000

CENDANT CORP        Common 151313953      2,184       172,000  SH     Put           Sole                 172,000

CHUBB CORP          Common 171232951      1,773        40,000  SH     Put           Sole                  40,000

CISCO SYS INC       Common 17275R952      1,817       140,000  SH     Put           Sole                 140,000

DILLARDS INC        Common 254067951        646        50,000  SH     Put           Sole                  50,000

DISNEY WALT CO      Common 254687956      4,255       250,000  SH     Put           Sole                 250,000

DU PONT E I DE      Common 263534959      3,886       100,000  SH     Put           Sole                 100,000
NEMOURS & CO
                                   ------------
                         TOTAL $         41,289
                                   ------------

                                              Page 23 of 25 Pages




                                                                                        
Column              Column  Column     Column       Column                      Column       Column    Column
1:                  2:      3:         4:           5:                          6:           7:        8:

                    Title                           Shares or                                          Voting Authority(Shares)
                    of      CUSIP      Value        Principal                   Investment   Other     -------------------------
Name of Issuer      Class   Number     (x$1000)     Amount     SH/PRN Put/Call  Discretion   Managers  Sole   Shared    None


FEDERATED DEPT      Common 31410H951      2,802       100,000  SH     Put           Sole                 100,000
STORES INC DEL

FORD MTR CO DEL     Common 345370950        752       100,000  SH     Put           Sole                 100,000

GAP INC DEL         Common 364760958      2,898       200,000  SH     Put           Sole                 200,000

GENERAL MTRS CORP   Common 370442955      1,345        40,000  SH     Put           Sole                  40,000

INTERNATIONAL       Common 459200951      3,922        50,000  SH     Put           Sole                  50,000
BUSINESS MACHS

INTL PAPER CO       Common 460146953      4,056       120,000  SH     Put           Sole                 120,000

MONSANTO CO NEW     Common 61166W951      1,640       100,000  SH     Put           Sole                 100,000

MOTOROLA INC        Common 620076959        496        60,000  SH     Put           Sole                  60,000

NORTEL NETWORKS     Common 656568952        416       200,000  SH     Put           Sole                 200,000
CORP NEW

PFIZER INC          Common 717081953      7,790       250,000  SH     Put           Sole                 250,000

PHELPS DODGE CORP   Common 717265952      4,710       145,000  SH     Put           Sole                 145,000

PLACER DOME INC     Common 725906901        490        50,000  SH     Call          Sole                  50,000

QUALCOMM INC        Common 747525953      1,440        40,000  SH     Put           Sole                  40,000

SCHERING PLOUGH     Common 806605951      2,140       120,000  SH     Put           Sole                 120,000
CORP

SCHLUMBERGER LTD    Common 806857958      3,801       100,000  SH     Put           Sole                 100,000
                                   ------------
                         TOTAL $         38,698
                                   ------------

                                              Page 24 of 25 Pages




                                                                                        
Column              Column  Column     Column       Column                      Column       Column    Column
1:                  2:      3:         4:           5:                          6:           7:        8:

                    Title                           Shares or                                          Voting Authority(Shares)
                    of      CUSIP      Value        Principal                   Investment   Other     -------------------------
Name of Issuer      Class   Number     (x$1000)     Amount     SH/PRN Put/Call  Discretion   Managers  Sole   Shared    None


SEARS ROEBUCK & CO  Common 812387958      1,449        60,000  SH     Put           Sole                  60,000

SOUTHWEST AIRLS CO  Common 844741958      2,154       150,000  SH     Put           Sole                 150,000

SUNOCO INC          Common 86764P909      6,583       180,000  SH     Call          Sole                 180,000

TEXAS INSTRS INC    Common 882508954      1,637       100,000  SH     Put           Sole                 100,000

TIFFANY & CO NEW    Common 886547958      3,000       120,000  SH     Put           Sole                 120,000

TYCO INTL LTD NEW   Common 902124906        257        20,000  SH     Call          Sole                  20,000

TYCO INTL LTD NEW   Common 902124956      4,244       330,000  SH     Put           Sole                 330,000

UNION PAC CORP      Common 907818958      5,500       100,000  SH     Put           Sole                 100,000
                                      ----------
                      TOTAL $             24,824
                                      ----------
            AGGREGATE TOTAL $          6,554,531
                                      ==========

                                                      Page 25 of 25 Pages