FORM 13F

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

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

                              FORM 13F COVER PAGE

       Report for the Calendar Year or Quarter Ended December 31, 2002

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

                                This Amendment:

                             [ ] is a restatement.

                        [ ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

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

Address:                 667 Madison Avenue    New York     New York     10021
------------------------------------------------------------------------------
                               (Street)        (City)        (State)     (Zip)

Form 13F File Number: 28-217

The institutional investment manager filing this report and the person by whom 
it is signed hereby represent that the person signing the report is authorized 
to submit it, that all information contained herein is true, correct and 
complete, and that it is understood that all required items, statements, 
schedules, lists and tables are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:       Gary W. Garson
------------------------------------------------------------------------------

Title:      General Counsel and Senior Vice President
------------------------------------------------------------------------------

Phone:      212-521-2932
------------------------------------------------------------------------------

Signature, Place, and Date of Signing:

/s/ Gary W. Garson
------------------------------------------------------------------------------
(Signature)

Place:      667 Madison Avenue    New York     New York     10021
------------------------------------------------------------------------------
                  (Street)        (City)        (State)     (Zip)

Date:       February 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:  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



<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------
                         TOTAL $         24,742
                                   ------------

</TABLE>
                                              Page 4 of 25


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------
                         TOTAL $         22,588
                                   ------------

</TABLE>
                                              Page 5 of 25


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------
                         TOTAL $         43,584
                                   ------------

</TABLE>
                                              Page 6 of 25


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------
                         TOTAL $         21,997
                                   ------------

</TABLE>
                                              Page 7 of 25


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------
                         TOTAL $      5,171,397
                                   ------------

</TABLE>
                                              Page 8 of 25


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------
                         TOTAL $      1,550,184
                                   ------------

</TABLE>
                                              Page 9 of 25


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------
                         TOTAL $         25,315
                                   ------------

</TABLE>
                                              Page 10 of 25


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------
                         TOTAL $         25,357
                                   ------------

</TABLE>
                                              Page 11 of 25


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------
                         TOTAL $         31,065
                                   ------------

</TABLE>
                                              Page 12 of 25


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------
                         TOTAL $         18,556
                                   ------------

</TABLE>
                                              Page 13 of 25


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------
                         TOTAL $         39,025
                                   ------------

</TABLE>
                                              Page 14 of 25


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------

</TABLE>
                                              Page 15 of 25


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------

</TABLE>
                                              Page 16 of 25


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------

</TABLE>
                                              Page 17 of 25


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------

</TABLE>
                                              Page 18 of 25


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------

</TABLE>
                                              Page 19 of 25


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------

</TABLE>
                                              Page 20 of 25


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------

</TABLE>
                                              Page 21 of 25


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                      ----------

</TABLE>
                                              Page 22 of 25


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------

</TABLE>
                                              Page 23 of 25


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------

</TABLE>
                                              Page 24 of 25


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                      ==========

</TABLE>
                                              Page 25 of 25