UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
INFORMATION REQUIRED OF INSTITUTIONAL INVESTMENT MANAGERS PURSUANT TO
SECTION 13(f)OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULES THEREUNDER
Report for the Quarter Ended June 30, 2001
--------------
If amended report check here: [ ]
Loews Corporation
- ------------------------------------------------------------------------------
Name of Institutional Investment Manager
667 Madison Avenue New York New York 10021
- ------------------------------------------------------------------------------
Business Address (Street) (City) (State) (Zip)
Barry Hirsch, Senior Vice President (212) 521-2920
- ------------------------------------------------------------------------------
Name, Phone No., and Title of Person Duly Authorized to Submit This Report.
The institutional investment manager submitting this Form and its
attachments and the person by whom it is signed represent hereby that all
information contained therein is true, correct and complete. It is understood
that all required items, statements and schedules are considered integral
parts of this Form and that the submission of any amendment represents that
all unamended items, statements and schedules remain true, correct and
complete as previously submitted.
Pursuant to the requirements of Securities Exchange Act of 1934, the
undersigned Institutional investment manager has caused this report to be
signed on its behalf in the City of New York and State of
--------------------------
New York on the 14th day of August, 2001.
- -------- ----------- ------------
Loews Corporation
-------------------------------------------
(Name of Institutional Investment Manager)
By: /s/ Barry Hirsch
-------------------------------------------
(Manual Signature of Person Duly Authorized
to Submit This Report)
Name and 13F file number of ALL Institutional Investment Managers with respect
to which this schedule is filled (other than the one filing this report):
(List in alphabetical order).
13F File Numbers will be assigned to Institutional Investment Managers after
they file their first report.
Name: 13F File No.: Name: 13F File
No.:
- -------------------------- ------------- ------------------------ -----------
1. None 6.
- -------------------------- ------------- ------------------------ -----------
2. 7.
- -------------------------- ------------- ------------------------ -----------
3. 8.
- -------------------------- ------------- ------------------------ -----------
4. 9.
- -------------------------- ------------- ------------------------ -----------
5. 10.
- -------------------------- ------------- ------------------------ -----------
Page 1 of 17 Pages
Loews Corporation
FORM 13F
Report for the Quarter Ended
June 30, 2001
Loews Corporation ("Loews"), by virtue of its approximately 87% ownership of
voting securities of CNA Financial Corporation whose business address is CNA
Plaza, Chicago, Illinois 60685 ("CNA"), may be deemed to have investment
discretion regarding certain securities (the "CNA Securities") as to which
investment discretion is deemed to be exercised by CNA. Pursuant to General
Instruction B of Form 13F, CNA is reporting on behalf of Loews regarding the
CNA Securities.
Mr. Laurence A. Tisch and Mr. Preston R. Tisch own in the aggregate
approximately 27% of the outstanding Common Stock of Loews. Mr. Laurence A.
Tisch and Mr. Preston R. Tisch are the Co-Chairman of the Board of Loews.
Laurence A. Tisch and Preston R. Tisch are brothers and may be deemed to be
control persons of Loews.
Page 2 of 17 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
AES Corp. Common 00130H105 $ 211 4,900 X 4,900
Aetna Inc Common 00817Y108 541 20,925 X 20,925
Agco Corp Common 001084102 102 11,200 X 11,200
Agnico Eagle Common 008474108 5,100 600,000 X 600,000
Mines Ltd.
Albertsons Inc. Common 013104104 300 10,000 X 10,000
Allamerica Finl Common 019754100 431 7,500 X 7,500
Corp
Allegheny Energy Common 017361106 222 4,600 X 4,600
Inc.
American Express Common 025816109 644 16,600 X 16,600
Corp.
American Natl Common 028591105 1,532 20,500 X 20,500
Ins Co.
Am West Hldg Corp Common 023657208 108 10,825 X 10,825
Anchor Gaming Common 033037102 336 5,200 X 5,200
Apartment Invt. Common 03748R101 554 11,500 X 11,500
& Mgt. Co.
Apex Silver Common G04074103 910 80,000 X 80,000
Mines Ltd.
Apex Silver WTS G04074111 217 167,000 X 167,000
Mines Ltd. 110402
Applica Inc. Common 03815A106 1,592 200,000 X 200,000
-----------
TOTAL $ 12,800
-----------
Page 3 of 17 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
AT&T Corp Common 001957208 $ 700 40,000 X 40,000
Liberty Media-A
Barrick Gold Common 067901108 18,938 1,250,000 X 1,250,000
Corp.
Bear Stearns Common 073902108 1,474 25,000 X 25,000
Cos. Inc.
Black & Decker Common 091797100 225 5,700 X 5,700
Corp
Bristol Myers Common 110122108 523 10,000 X 10,000
Brown & Co Inc Common 103043105 123 10,700 X 10,700
Cadiz Inc. Common 127537108 1,162 116,200 X 116,200
Cambior Inc. Common 13201L103 98 175,000 X 175,000
Carnival Corp Common 143658102 344 11,200 X 11,200
Caterpillar Inc. Common 149123101 4,505 90,000 X 90,000
CBRL Group Inc Common 12489V106 290 17,100 X 17,100
Ceridian Corp. Common 156779100 393 20,500 X 20,500
New
Cerner Corp. Common 156782104 273 6,500 X 6,500
Charter Comm. Common 16117M107 201 8,600 X 8,600
Inc. Del.
Charter One Common 160903100 402 12,600 X 12,600
Finl. Inc.
Cleveland Cliffs Common 185896107 4,257 230,100 X 230,100
Inc.
CMS Energy Corp Common 125896100 604 21,700 X 21,700
-----------
TOTAL $ 34,512
-----------
Page 4 of 17 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
CNA Financial Common 126117100 $ 6,290,597 159,457,480 X 159,457,480
Corp.
CNF Inc Common 12612W104 356 12,600 X 12,600
Comcast Corp Common 200300200 499 11,500 X 11,500
Colgate Palmolive Common 194162103 301 5,100 X 5,100
Co.
Compaq Computer Common 204493100 919 60,000 X 60,000
Corp.
Computer Common 204912107 358 9,950 X 9,950
Associates
Computer Science Common 205363104 218 6,300 X 6,300
Corp.
Consolidated Common 209232107 260 29,000 X 29,000
Frtwys Corp.
Cooper Common 216669101 309 7,775 X 7,775
Industries
Costco Whsl. Common 22160K105 497 12,100 X 12,100
Corp. New
CTS Corp Common 126501105 410 20,000 X 20,000
Cytec Common 232820100 316 8,325 X 8,325
Industries
Deere & Co. Common 244199105 1,514 40,000 X 40,000
Delphi Auto Sys. Common 247126105 299 18,800 X 18,800
Corp.
Delphi Finl Group Common 247131105 1,925 50,000 X 50,000
Inc
-----------
TOTAL $ 6,298,778
-----------
Page 5 of 17 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Digex Inc. Del. Common 253756100 $ 189 14,500 X 14,500
Dollar Thrifty Common 256743105 2,160 90,000 X 90,000
Automotive GP
Diamond Offshore Common 25271C112 2,316,805 70,100,000 X 70,100,000
Drilling
Donnelly RR Common 257867101 291 9,000 X 9,000
Dow Chemical Co. Common 260543103 4,156 125,000 X 125,000
Dow Jones & Co Common 260561105 310 5,200 X 5,200
Inc.
DST Sys Inc. Del Common 233326107 311 5,900 X 5,900
DuPont E.I. De Common 263534109 1,934 40,100 X 40,100
Nemours & Co.
DuPont Photomask Common 26613X101 212 4,400 X 4,400
Inc.
Eaton Corp. Common 278058102 435 6,200 X 6,200
Edwards Ag Inc. Common 281760108 531 11,800 X 11,800
EOG Res Inc. Common 26875P101 316 8,900 X 8,900
Equity Common 294741103 359 11,368 X 11,368
Office Prop.
Trst.
Equity Common 29476L107 554 9,800 X 9,800
Residential
Pptys Tr
Exelon Corp. Common 30161N101 327 5,100 X 5,100
Family DLR Stores Common 307000109 828 32,300 X 32,300
-----------
TOTAL $ 2,329,718
-----------
Page 6 of 17 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Federated Dept Common 31410H101 $ 327 7,700 X 7,700
Stores
First Am Corp Ca. Common 318522307 220 11,600 X 11,600
First Union Corp. Common 337358105 444 12,700 X 12,700
Fortune Brands Common 34963101 334 8,700 X 8,700
FMC Corp Common 302491303 295 4,300 X 4,300
Ford Common 345370860 982 40,000 X 40,000
FPL Group Inc Common 302571104 331 5,500 X 5,500
Frontline Ltd Common 35906P105 1,714 100,000 X 100,000
Furniture Brands Common 360921100 1,995 71,250 X 71,250
International
Gallagher Arthur Common 363576109 296 11,400 X 11,400
J & Co.
Gannett Inc. Common 364730101 277 4,200 X 4,200
General Elec Co Common 369604103 367 7,500 X 7,500
Global Marine Inc Common 379352404 408 21,900 X 21,900
Glamis Gold Ltd Common 376775102 1,903 670,000 X 670,000
Goodyear Tire & Common 382550101 616 22,000 X 22,000
Rubber Co
Greater Bay Common 391648102 406 16,276 X 16,276
Bancorp
Halliburton Co Common 406216101 545 15,300 X 15,300
Harris Corp Del Common 413875105 699 25,700 X 25,700
-----------
TOTAL $ 12,159
-----------
Page 7 of 17 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Health Net Inc Common 42222G108 $ 372 21,400 X 21,400
Hearst-Argyle Common 422317107 1,000 50,000 X 50,000
Television Inc.
Henry Jack & Common 426281101 558 18,000 X 18,000
Assoc Inc
Hershey Foods Common 427866108 561 9,100 X 9,100
Corp
Hilton Hotels Common 432848109 1,508 130,000 X 130,000
Corp
Homestake Mining Common 437614100 49,099 6,199,800 X 6,199,800
Honeywell Intl Common 438516106 2,099 60,000 X 60,000
Inc
Household Intl Common 441815107 673 10,100 X 10,100
Inc
IBP Inc Common 449223106 255 10,100 X 10,100
Informatica Corp Common 45666Q102 262 15,100 X 15,100
Intl. Paper Inc. Common 460146103 4,527 126,800 X 126,800
IBM Common 459200101 5,959 52,500 X 52,500
Interstate Common 46072H108 480 30,000 X 30,000
Bakeries
Investment Tech Common 46145F105 231 4,600 X 4,600
Grp
Invitrogen Corp Common 46185R100 237 3,300 X 3,300
Iona Tech Plc Common 46206P109 320 8,300 X 8,300
-----------
TOTAL $ 68,141
-----------
Page 8 of 17 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Jefferson Pilot Common 475070108 $ 657 13,600 X 13,600
Corp
JD Edwards & Co Common 281667105 335 23,700 X 23,700
Jones Apparel Common 480074103 406 9,400 X 9,400
Grp Inc
JP Morgan Chase Common 46625H100 351 7,900 X 7,900
Co
Kerr McGee Corp Common 492386107 2,982 45,000 X 45,000
Keycorp New Common 493267108 351 13,500 X 13,500
Kinross Gold Common 496902107 434 550,000 X 550,000
Corp.
KPMG Consulting Common 48265R109 216 14,100 X 14,100
Inc
Kroger Co Common 501044101 320 12,800 X 12,800
Lamar Advert Co Common 512815101 273 6,200 X 6,200
Lear Corp Common 521865105 397 11,375 X 11,375
Lehman Brothers Common 524908100 564 7,300 X 7,300
Lilly Eli & Co Common 532457108 281 3,800 X 3,800
Lincoln Natl Common 534187109 1,842 35,600 X 35,600
Corp Ind
Lubrizol Corp Common 549271104 299 9,625 X 9,625
Marriott Intl Common 571903202 440 9,300 X 9,300
Inc. New
Marsh & McLennan Common 571748102 455 4,500 X 4,500
Cos. Cin
-----------
TOTAL $ 10,603
-----------
Page 9 of 17 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Maytag Corp. Common 578592107 $ 246 8,400 X 8,400
MBIA Inc Common 55262C100 1,558 28,000 X 28,000
Mead Corp Common 582834107 288 10,600 X 10,600
Med-Design Corp. Common 583926100 313 10,400 X 10,400
Medicis Pharm Common 584690309 313 5,900 X 5,900
Corp
Metromedia Int'l. Common 591695101 165 50,213 X 50,213
Group Inc.
Mercury Inter Common 589405109 246 4,100 X 4,100
Corp
Merrill Lynch Common 590188108 296 5,000 X 5,000
& Co
MGIC Invt Corp Common 552848103 639 8,800 X 8,800
WIS
MGM Mirage Common 552953101 494 16,500 X 16,500
Microsoft Corp Common 595918104 511 7,000 X 7,000
Millipore Corp Common 601073109 353 5,700 X 5,700
Mine Safety Common 602720104 1,027 30,000 X 30,000
Appliances Co.
Minimed Inc Common 60365K108 379 7,900 X 7,900
Miramar Mining Common 60466E100 312 390,000 X 390,000
Corp.
Mitchell Energy Common 606592202 284 6,100 X 6,100
& Dev
-----------
TOTAL $ 7,424
-----------
Page 10 of 17 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Montana Power Co Common 612085100 167 14,400 X 14,400
Morgan Stanely DW Common 617446448 302 4,700 X 4,700
Motorola Inc. Common 620076109 1,043 63,000 X 63,000
National City Common 635405103 $ 520 16,900 X 16,900
Corp
Navistar Int'l. Common 63934E108 5,626 200,000 X 200,000
Corp.
NCR Corp New Common 62886E108 522 11,100 X 11,100
Network Common 64120L104 137 10,000 X 10,000
Appliances
Network Assoc Common 640938106 169 13,600 X 13,600
New York Times Common 650111107 546 13,000 X 13,000
Co
News Corp LTD- Common 652487802 1,620 50,000 X 50,000
Spons Adr Prf
Nortek Inc Common 656559101 1,248 40,000 X 40,000
Northern Tr Corp Common 665859104 463 7,400 X 7,400
Ocean Energy Inc Common 67481E106 1,396 80,000 X 80,000
Old Rep Int'l Common 680223104 312 10,775 X 10,775
Corp
Omnicom Group Inc Common 681919106 267 3,100 X 3,100
On Command Corp. Common 682160106 386 85,876 X 85,876
On Command Corp. WTS B 682160122 21 27,920 X 27,920
100703
-----------
TOTAL $ 14,745
-----------
Page 11 of 17 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Overseas Ship- Common 690368105 $ 4,123 135,000 X 135,000
holding Group
Inc
Pacific Centy Common 694058108 312 12,100 X 12,100
Finl Corp
Payless Shoes Common 704379106 281 4,350 X 4,350
Inc
Penny JC Inc Common 708160106 235 8,900 X 8,900
Pioneer Std Common 723877106 134 10,525 X 10,525
Electrs Inc
Placer Dome Inc. Common 725906101 19,110 1,950,000 X 1,950,000
Pepsico Inc Common 713448108 221 5,000 X 5,000
Peregrine Systems Common 71366Q101 368 12,700 X 12,700
Inc
Pfizer Inc Common 717081103 232 5,800 X 5,800
Photronics Inc Common 719405102 269 10,500 X 10,500
Potash Corp. Common 73755L107 4,018 70,000 X 70,000
Sask Inc.
Powerwave Tech Common 739363109 264 18,200 X 18,200
Inc
Praxair Inc Common 74005P104 442 9,400 X 9,400
Quantum Corp Common 747906204 251 24,925 X 24,925
Radian Group Common 750236101 289 7,150 X 7,150
Ralston Purina Co Common 751277302 351 11,700 X 11,700
Robert Half Intl Common 770323103 259 10,400 X 10,400
Inc
-----------
TOTAL $ 31,159
-----------
Page 12 of 17 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Royal Caribbean Common 780153AK8 $ 245 11,100 X 11,100
Cruises
RSA Sec Inc Common 749719100 266 8,600 X 8,600
Ryerson Tull Inc Common 78375P107 11,749 871,000 X 871,000
New
Sapient Corp Common 803062108 247 25,300 X 25,300
Schwab Charles Common 808513105 186 11,800 X 11,800
Corp
Sempra Energy Common 816851109 235 8,600 X 8,600
Sherwin Williams Common 824348406 646 29,100 X 29,100
Co
Skywest Inc Common 830879102 375 13,400 X 13,400
SLI Inc Common 78442T108 84 10,175 X 10,175
Sony Corp Common 835699307 230 3,500 X 3,500
Southtrust Corp Common 844730101 484 18,600 X 18,600
Sovereign Bancorp Common 845905108 2,275 175,000 X 175,000
Inc
Spieker Pptys Inc Common 848497103 456 7,600 X 7,600
Staples Inc Common 855030102 289 18,100 X 18,100
Starwood Hotels & Common 85590A203 406 10,900 X 10,900
Resorts wrldwd
State Str Corp Common 857477103 228 4,600 X 4,600
Stewart WP & Co Common None 858 35,000 X 35,000
Ltd
-----------
TOTAL $ 19,259
-----------
Page 13 of 17 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Stilwell Finl Common 860831106 $ 362 10,800 X 10,800
Inc
Sunguard Data Common 867363103 228 7,600 X 7,600
sys Inc
Supervalu Inc Common 868536103 223 12,700 X 12,700
Target Common 87612E106 367 10,600 X 10,600
Teekay Shipping Common None 2,601 65,000 X 65,000
Marshall Islnd
Telefonica S A Common 879378206 328 8,800 X 8,800
Tele Norte Leste Common 879246106 197 12,900 X 12,900
Part SA
Telephone and Common 879433100 479 4,400 X 4,400
Data Sys Inc
Teva Pharm- Common 881624209 249 4,000 X 4,000
aceutical Inds
Textron Inc Common 883203101 2,752 50,000 X 50,000
TIBCO Software Common 88632Q103 1,277 100,000 X 100,000
Inc
Thoratec Corp Common 885175307 5,084 327,000 X 327,000
Time Warner Common 887319101 282 8,400 X 8,400
Telecom
Trizec Hahn Common 896938107 211 11,600 X 11,600
Corp
Tyco Intl Common 902124106 354 6,500 X 6,500
Ltd
-----------
TOTAL $ 14,994
-----------
Page 14 of 17 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Tycom Ltd Common None $ 303 17,600 X 17,600
Union Pacific Common 907818108 387 7,050 X 7,050
Corp
United Tech Corp Common 913017109 264 3,600 X 3,600
United Globalcom Common 913247508 244 28,200 X 28,200
Unumprovident Common 91529Y106 491 15,300 X 15,300
Corp
USA Ed Inc Common 90390U102 307 4,200 X 4,200
USX Marathon Common 902905827 1,843 62,450 X 62,450
Group
Valero Energy Common 91913Y100 3,494 95,000 X 95,000
Ventas Inc Common 92276F100 118 10,750 X 10,750
Viacom Inc. Common 925524100 313 5,900 X 5,900
CL A
Vivendi Universal Common 92851S204 510 8,800 X 8,800
Wackenhut Corp Common 929794303 206 15,000 X 15,000
Waddell & Reed Common 930059100 267 8,400 X 8,400
Fincl Inc
Wal Mart Stores Common 931142103 268 5,500 X 5,500
Washington Mutual Common 939322103 345 9,200 X 9,200
Wellpoint Health Common 94973H108 358 3,800 X 3,800
Network
Wells Fargo & Common 949746101 580 12,500 X 12,500
Co. New
-----------
TOTAL $ 10,298
-----------
Page 15 of 17 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
Weyerhaeuser Co Common 962166104 $ 401 7,300 X 7,300
Whirlpool Corp Common 963320106 350 5,600 X 5,600
Willamette Inds Common 969133107 203 4,100 X 4,100
Inc
Williams Co Inc Common 969457100 273 8,300 X 8,300
WPP Group PLC Common 929309300 427 8,500 X 8,500
XTO Energy Common 98385X106 164 11,400 X 11,400
Agnico Eagle Common 008474908 481 1,300(c) X 1,300(c)
Mines Ltd.
Barrick Gold Common 067901908 6,817 450,000(c) X 450,000(c)
Corp.
Barrick Gold Common 067901958 8,331 550,000(p) X 550,000(p)
Corp.
BMC Software Common 055921900 2,254 100,000(p) X 100,000(p)
Boeing Co. Common 09703955 6,394 115,000(p) X 115,000(p)
Bristol Meyers Common 110122958 2,092 40,000(p) X 40,000(p)
Squibb
Caterpillar Inc. Common 149123951 7,507 150,000(p) X 150,000(p)
Chubb Corp. Common 191232951 5,420 70,000(p) X 70,000(p)
Compaq Common 204493950 1,532 100,000(p) X 100,000(p)
Deere & Co. Common 244199955 7,570 200,000(p) X 200,000(p)
Dow Chemical Co. Common 260543953 1,995 60,000(p) X 60,000(p)
-----------
TOTAL $ 52,211
-----------
Page 16 of 17 Pages
Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8:
Investment Discretion
-----------------------
Title Fair Market Shares or (b) Shared- Managers Voting Authority (Shares)
of CUSIP Value (In Principal As Defined (c)Shared- See -------------------------
Name of Issuer Class Number Thousands) Amount (a)Sole In Instr. v Other Instr. v (a)Sole (b)Shared (c)None
DuPont E I de Common 263534959 $ 2,412 50,000(p) X 50,000(p)
Nemours & Co.
DuPont E I de Common 263534959 482 10,000(c) X 10,000(c)
Nemours & Co.
Ford Motor Co. Common 345370950 2,455 100,000(p) X 100,000(p)
GoodYear Tire & Common 382550951 3,640 130,000(p) X 130,000(p)
Rubber Co.
Homestake Mining Common 437614900 3,960 500,000(c) X 500,000(c)
Homestake Mining Common 437614950 9,266 1,170,000(p) X 1,170,000(p)
Intl Paper Co. Common 460146953 7,140 200,000(p) X 200,000(p)
JP Morgan Common 46625H950 1,779 40,000(p) X 40,000(p)
Motorola Common 620076959 1,655 100,000(p) X 100,000(p)
Navistar Int'l. Common 63934E958 5,626 200,000(p) X 200,000(p)
Corp.
Placer Dome Common 725906901 980 100,000(c) X 100,000(c)
Placer Dome Common 725906951 3,675 375,000(p) X 375,000(p)
Potash Corp. Common 73755L957 5,740 100,000(p) X 100,000(p)
Sask Inc.
Salton Inc. Common 795757953 391 22,000(p) X 22,000(p)
Valero Energy Common 91913Y950 1,839 50,000(p) X 50,000(p)
Corp.
-----------
TOTAL $ 51,040
-----------
AGGREGATE TOTAL $ 8,967,841
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Page 17 of 17 Pages
