GLOBAL STRATEGY FINANCIAL INC
13F-E, 1998-07-30
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<PAGE>      PAGE   1                                                                                                              
                                                                                                                                  
                       SECURITIES AND EXCHANGE COMMISSION                                                                         
                                   FORM 13F-E                                                                                     
                                                                                                                                  
                                                                                                                                  
Report for the Calendar Year or Quarter Ended:    06/30/1998                                                                      
                                                                                                                                  
                                                                                                                                  
Institutional Investment Manager:                                                                                                 
                                                                                                                                  
GLOBAL STRATEGY FINANCIAL INC.                                                                                                    
33 BLOOR STREET, EAST                                                                                                             
SUITE 1600                                                                                                                        
TORONTO ONTARIO CANA                              A6            M4W3T8                                                            
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
Name, Title and Telephone Number of Person Submitting Report:                                                                     
                                                                                                                                  
    PAUL NEILL                     CHIEF FINANCIAL OFFICER      (416) 966-8776                                                    
                                                                                                                                  
                                                                                                                                  
Signature, Place and Date of Signing:                                                                                             
                                                                                                                                  
/s/ PAUL NEILL                     TORONTO ONTARIO CANA         A6    07/30/1998                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<PAGE>      PAGE   2                                                                                                              
                                                           VALUE    SHARES/ SH/ PUT/ INVSTMT            -----VOTING AUTHORITY-----
NAME OF ISSUER                 -TITLE OF CLASS- --CUSIP-- (x$1000)  PRN AMT PRN CALL DSCRETN -MANAGERS-      SOLE   SHARED    NONE
                                                                                                                                  
AEROQUIP VICKERS INC           COM              007869100     1184    20288 SH  SOLE                       20288                  
AGNICO EAGLE MINES LTD         COM              008474959     1240   400000 SH  SOLE                      400000                  
AIR CANADA CL A                CL A NON VTG     008911950     8196  1013500 SH  SOLE                     1013500                  
AIRTOUCH COMMUNICATIONS INC    COM              00949T100     5569    95300 SH  SOLE                       95300                  
ALBERTO CULVER CO              CL A             013068200      206     8100 SH  SOLE                        8100                  
ALBERTSONS INC                 COM              013104104     3269    63100 SH  SOLE                       63100                  
ALCAN ALUM LTD                 COM              013716956     2752   100000 SH  SOLE                      100000                  
ALGOMA STL INC                 COM              01566M956     3485  1077500 SH  SOLE                     1077500                  
ALLERGAN INC                   COM              018490102      218     4700 SH  SOLE                        4700                  
ALLSTATE CORP                  COM              020002101     4943    53980 SH  SOLE                       53980                  
ALLTEL CORP                    COM              020039103     3646    78400 SH  SOLE                       78400                  
ALUMINUM CO AMER               COM              022249106      264     4000 SH  SOLE                        4000                  
AMER GREET CL. A               COM              026375106     3296    64700 SH  SOLE                       64700                  
AMER INT'L GRP                 COM              026874107     1482    10150 SH  SOLE                       10150                  
AMERICAN EXPRESS CO            COM              025816109     5589    49025 SH  SOLE                       49025                  
AMERICAN GREETINGS CORP        CL A             026375105      616    12100 SH  SOLE                       12100                  
AMERITECH CORP                 COM              030954101     5363   119500 SH  SOLE                      119500                  
AMERUS LIFE HLDGS INC          COM              030732101      285     8800 SH  SOLE                        8800                  
AMR CORP DEL                   COM              001765106     4396    52800 SH  SOLE                       52800                  
ANHEUSER BUSCH COS INC         COM              035229103      241     5100 SH  SOLE                        5100                  
ANTEC CORP                     COM              03664P105      218     9400 SH  SOLE                        9400                  
APPLIED MATERIALS INC          COM              038222105      578    19600 SH  SOLE                       19600                  
ASIA PAC FD INC                COM              044901106      268    42500 SH  SOLE                       42500                  
ASIA TIGERS FD INC             COM              04516T105      271    43000 SH  SOLE                       43000                  
ASM LITHOGRAPHY HLDG N V       ORD              N07059111      378    13000 SH  SOLE                       13000                  
AT PLASTICS INC                COM              001947951    11750  1440900 SH  SOLE                     1440900                  
ATLAS AIR INC                  COM              049164106      251     7434 SH  SOLE                        7434                  
BALLARD PWR SYS INC            COM              05858H955      896    27600 SH  SOLE                       27600                  
BANK MONTREAL QUE              COM              063671952    13761   250000 SH  SOLE                      250000                  
BARRICK GOLD CORP              COM              067901959     4736   248900 SH  SOLE                      248900                  
BARRICK GOLD CORP              INSTALMENT RCPT  067901306      607    50000 SH  SOLE                       50000                  
BEC ENERGY                     COM              05538M101      203     4900 SH  SOLE                        4900                  
BELLSOUTH CORP                 COM              079860102     5357    79800 SH  SOLE                       79800                  
BFC CONSTR CORP                COM              054938956     1315   134100 SH  SOLE                      134100                  
BILLING CONCEPTS CORP          COM              090063108      214    13800 SH  SOLE                       13800                  
BLYTH INDS INC                 COM              09643P108      255     7680 SH  SOLE                        7680                  
C+D TECHNOLOGIES               COM              124661109      232     4000 SH  SOLE                        4000                  
CANADIAN IMPERIAL BK TORONTO   COM              136069952    47845  1488500 SH  SOLE                     1488500                  
CANADIAN PAC LTD               COM              135923951     1521    54050 SH  SOLE                       54050                  
CENTRAL FD CDA LTD             CL A             153501952      725   187100 SH  SOLE                      187100                  
CENTRAL GARDEN + PET CO        COM              153527106      209     6700 SH  SOLE                        6700                  
CENTURY COMMUNICATIONS CORP    CL A             156503104     1074    57300 SH  SOLE                       57300                  
CHRYSLER CORP                  COM              171196108      378     6700 SH  SOLE                        6700                  
CISCO SYS INC                  COM              17275R102     1195    12985 SH  SOLE                       12985                  
CIT GROUP INC                  CL A             125577106      210     5600 SH  SOLE                        5600                  
CMAC INVT CORP                 COM              125662106      590     9600 SH  SOLE                        9600                  
COGNOS INC                     COM              19244C109      615    23100 SH  SOLE                       23100                  
COLTEC INDS INC                COM              196879100     1344    67600 SH  SOLE                       67600                  
COLUMBIA / HCA HEALTHCARE CORP COM              197677107      216     7400 SH  SOLE                        7400                  
COMAIR HLDGS INC               COM              199789108      284     9200 SH  SOLE                        9200                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<PAGE>      PAGE   3                                                                                                              
                                                           VALUE    SHARES/ SH/ PUT/ INVSTMT            -----VOTING AUTHORITY-----
NAME OF ISSUER                 -TITLE OF CLASS- --CUSIP-- (x$1000)  PRN AMT PRN CALL DSCRETN -MANAGERS-      SOLE   SHARED    NONE
                                                                                                                                  
COMCAST CORP                   CL A SPL         200300200      321     7930 SH  SOLE                        7930                  
COMDISCO INC                   COM              200336105     3645   191848 SH  SOLE                      191848                  
CONSOLIDATED EDISON INC        COM              209115104     3611    78400 SH  SOLE                       78400                  
CRANE CO                       COM              224399105     3116    64167 SH  SOLE                       64167                  
CREATIVE TECHNOLOGY LTD        ORD              Y1775U107      299    24200 SH  SOLE                       24200                  
DAYTON HUDSON CORP             COM              239753106     3720    76700 SH  SOLE                       76700                  
DEAN FOODS CO                  COM              242361103     2148    39100 SH  SOLE                       39100                  
DIAL CORP NEW                  COM              25247D101      679    26160 SH  SOLE                       26160                  
DILLARDS INC                   CL A             254067101      282     6800 SH  SOLE                        6800                  
DOMTAR INC                     COM NPV          257561951      669   100000 SH  SOLE                      100000                  
DST SYS INC DEL                COM              233326107      227     4050 SH  SOLE                        4050                  
EDISON INTL                    COM              281020107     3456   116900 SH  SOLE                      116900                  
EDPERBRASCAN                   LTD VTG SHS CL A 280905951   198939 11852150 SH  SOLE                    11852150                  
EG + G INC                     COM              268457108      231     7700 SH  SOLE                        7700                  
EL PASO NAT GAS CO             COM              283695872      293     7650 SH  SOLE                        7650                  
EMC CORP                       COM              268648102      995    22200 SH  SOLE                       22200                  
EMCO LTD                       COM              290839950     1992   262400 SH  SOLE                      262400                  
ENERGY EAST CORP               COM              29266M109      200     4800 SH  SOLE                        4800                  
EQUITABLE COMPANIES INC        COM              29444G107     1222    16300 SH  SOLE                       16300                  
EQUITY CORP INTL               COM              294644109      209     8700 SH  SOLE                        8700                  
ERICSSON L M TEL CO            ADR CL B SEK 10  294821400      315    11000 SH  SOLE                       11000                  
ETHAN ALLEN INTERIORS INC      COM              297602104      312     6240 SH  SOLE                        6240                  
EXEL LTD                       COM              G3242A102     1050    13500 SH  SOLE                       13500                  
EXPRESS SCRIPTS INC            CL A             302182100      258     3200 SH  SOLE                        3200                  
EXTENDICARE INC CDA            SUB VTG SH       30224T954    11089  1368800 SH  SOLE                     1368800                  
FANNIEMAE                      COM              313586109     4649    75900 SH  SOLE                       75900                  
FANTOM TECHNOLOGIES INC        COM              306906959     5974   545200 SH  SOLE                      545200                  
FEDERAL NATL MTG ASSN FANNIE M COM              313586109      565     9300 SH  SOLE                        9300                  
FERRO CORP                     COM              315405100      222     8779 SH  SOLE                        8779                  
FIRST UN CORP                  COM              337358105      204     3500 SH  SOLE                        3500                  
FIRSTENERGY CORP               COM              337932107     3183   103500 SH  SOLE                      103500                  
FLEXTRONICS INTERNATIONAL      COM              Y2573F102      711    16350 SH  SOLE                       16350                  
FORD MTR CO DEL                COM              345370100     5310    90000 SH  SOLE                       90000                  
FPL GROUP INC                  COM              302571104     3560    56500 SH  SOLE                       56500                  
FREMONT GEN CORP               COM              357288109      261     4810 SH  SOLE                        4810                  
GALILEO INTL INC               COM              363547100      599    13300 SH  SOLE                       13300                  
GANNETT INC                    COM              364730101     3631    51100 SH  SOLE                       51100                  
GATX                           COM              361448103      202     4600 SH  SOLE                        4600                  
GENERAL NUTRITION COS INC      COM              37047F103     3735   120000 SH  SOLE                      120000                  
GENERAL RE CORP                COM              370563108      380     1500 SH  SOLE                        1500                  
GLOBAL TELESYSTEMS GROUP INC   COM              37936U104     1209    24800 SH  SOLE                       24800                  
HALLIBURTON CO                 COM              406216101      321     7200 SH  SOLE                        7200                  
HARSCO CORP                    COM              415864107      265     5787 SH  SOLE                        5787                  
HASBRO INC                     COM              418056107      448    11400 SH  SOLE                       11400                  
HEALTH CARE + RETIREMENT CORP  COM              421937103      300     7600 SH  SOLE                        7600                  
HEALTH MGMT ASSOC              CL A             421933102      257     7700 SH  SOLE                        7700                  
HELLER FINL INC                CL A             423328103      200     6660 SH  SOLE                        6660                  
HENRY SCHEIN INC               COM              806407102      581    12600 SH  SOLE                       12600                  
HILLENBRAND INDS INC           COM              431573104      570     9500 SH  SOLE                        9500                  
HILLENBRAND INDS INC           COM              431573104     3006    50100 SH  SOLE                       50100                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<PAGE>      PAGE   4                                                                                                              
                                                           VALUE    SHARES/ SH/ PUT/ INVSTMT            -----VOTING AUTHORITY-----
NAME OF ISSUER                 -TITLE OF CLASS- --CUSIP-- (x$1000)  PRN AMT PRN CALL DSCRETN -MANAGERS-      SOLE   SHARED    NONE
                                                                                                                                  
HOLLINGER INC                  RETRACTABLE COMM 43556C606    45456  3844300 SH  SOLE                     3844300                  
HOLLINGER INTERNATIONAL INC    CL A             435569108     3910   230000 SH  SOLE                      230000                  
HORACE MANN EDUCATORS CORP NEW COM              440327104     2032    58900 SH  SOLE                       58900                  
HORMEL FOODS CORP              COM              440452100     3090    89400 SH  SOLE                       89400                  
HUMMINGBIRD COMMUNICATIONS LTD COM              44544R952     1588    59400 SH  SOLE                       59400                  
IMPERIAL OIL LTD               COM              453038960     2622   150000 SH  SOLE                      150000                  
INCO LTD                       COM              453258402      206    15100 SH  SOLE                       15100                  
INTERNATIONAL HOME FOODS INC   COM              459655106      387    17000 SH  SOLE                       17000                  
INVACARE CORP                  COM              461203101      264    10300 SH  SOLE                       10300                  
IPALCO ENTERPRISES             COM RTS CALLABLE 462613100      315     7090 SH  SOLE                        7090                  
IVEX PACKAGING CORP DEL        COM              465855104      223     9600 SH  SOLE                        9600                  
JACOR COMMUNICATIONS INC       COM              469858401      360     6100 SH  SOLE                        6100                  
JANNOCK LTD                    COM              470888959     8014   604800 SH  SOLE                      604800                  
JAPAN OTC EQUITY FUND                           471091108     1132   208100 SH  SOLE                      208100                  
JOSTENS INC                    COM              481088102      322    13500 SH  SOLE                       13500                  
KEEBLER FOODS CO               COM              487256109      456    16590 SH  SOLE                       16590                  
KINROSS GOLD CORP              COM              496902958      336   100000 SH  SOLE                      100000                  
KLA TENCOR CORP                COM              482480100      335    12100 SH  SOLE                       12100                  
KNOLL INC                      COM              498904101      245     8300 SH  SOLE                        8300                  
LAFARGE CORP                   COM              505862102     3758    95600 SH  SOLE                       95600                  
LAIDLAW ENVIRONMENTAL SVCS INC COM              50730L105     2596   465300 SH  SOLE                      465300                  
LAUDER ESTEE COS INC           CL A             518439104      857    12300 SH  SOLE                       12300                  
LIMITED INC                    COM              532716107      265     8000 SH  SOLE                        8000                  
LIZ CLAIBORNE INC              COM              539320101     3980    76167 SH  SOLE                       76167                  
LOEWS CORP                     COM              540424108     2840    32600 SH  SOLE                       32600                  
MACKENZIE FINL CORP            COM              554531954    56520  4018000 SH  SOLE                     4018000                  
MAGNA INTL INC                 CL A SUB VTG     559222955     2943    43000 SH  SOLE                       43000                  
MANUFACTURED HOME CMNTYS INC   COM              564682102      251    10400 SH  SOLE                       10400                  
MARKETSPAN CORP                COM              57061V107      237     7920 SH  SOLE                        7920                  
MASCO CORP                     COM              574599106      321     5300 SH  SOLE                        5300                  
MATAV RT (Magyar Tavkozlesi)   ADR              559776109      339    11500 SH  SOLE                       11500                  
MAYTAG CORP                    COM              578592107     4064    82300 SH  SOLE                       82300                  
MCDERMOTT INTL INC             COM              580037109      301     8750 SH  SOLE                        8750                  
MDC COMMUNICATIONS CORP        CL A SUB VTG     55267W952     8674   898900 SH  SOLE                      898900                  
METALLICA RES INC              COM              59125J955      241   236500 SH  SOLE                      236500                  
MICRON TECHNOLOGY INC          COM              595112103      228     9200 SH  SOLE                        9200                  
MICROVISION INC WASH           COM              594960106      300    32000 SH  SOLE                       32000                  
MIDCAP SPDR TR                 UNIT SER 1       595635103     1205    17300 SH  SOLE                       17300                  
MILLER HERMAN INC  MLHR        COM              600544100      224     9200 SH  SOLE                        9200                  
MITEL CORP                     COM NPV          606711950     3243   238000 SH  SOLE                      238000                  
MLHR (FORMERLY HERMAN NILLERI  COM              600544100     2850   117200 SH  SOLE                      117200                  
MOBIL CORP                     COM              607059102      526     6870 SH  SOLE                        6870                  
MOORE CORP LTD                 COM              615785953     1060    80000 SH  SOLE                       80000                  
MORGAN STANLEY ASIA PAC FD INC COM              61744U106      212    33000 SH  SOLE                       33000                  
MORGAN STANLEY EMERGING MKTS FUND               61744G107      860    91700 SH  SOLE                       91700                  
NATIONAL SVC INDS INC          COM              637657107     1888    37100 SH  SOLE                       37100                  
NICE SYS LTD                   SPONSORED ADR    653656108      412    11000 SH  SOLE                       11000                  
NIKE INC                       CL B             654106103      365     7500 SH  SOLE                        7500                  
NOKIA CORP                     SPONSORED ADR    654902204      479     6600 SH  SOLE                        6600                  
NOVELL INC                     COM              670006105     1014    79500 SH  SOLE                       79500                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<PAGE>      PAGE   5                                                                                                              
                                                           VALUE    SHARES/ SH/ PUT/ INVSTMT            -----VOTING AUTHORITY-----
NAME OF ISSUER                 -TITLE OF CLASS- --CUSIP-- (x$1000)  PRN AMT PRN CALL DSCRETN -MANAGERS-      SOLE   SHARED    NONE
                                                                                                                                  
OCCIDENTAL PETE CORP           PFD CONV CXY IND 674599790      237     3000 SH  SOLE                        3000                  
OPEN JT STK CO VIMPEL COMMN    SPONSORED ADR    68370R109      783    17500 SH  SOLE                       17500                  
ORYX ENERGY CO                 COM              68763F100      299    13500 SH  SOLE                       13500                  
PACCAR INC                     COM              693718108     2095    40100 SH  SOLE                       40100                  
PACIFICARE HEALTH SYSTEMS      CL B             695112201      965    10996 SH  SOLE                       10996                  
PAIRGAIN TECHNOLOGIES INC      COM              695934109      200    11450 SH  SOLE                       11450                  
PAN AMERICAN SILVER CORP       COM              697900959      844    93400 SH  SOLE                       93400                  
PETRO CDA                      COM              71644E953    13095   813400 SH  SOLE                      813400                  
PHYCOR INC                     COM              71940F100      227    13720 SH  SOLE                       13720                  
PIER 1 IMPORTS INC             COM              720279108      254    10650 SH  SOLE                       10650                  
PLACER DOME INC                COM              725906952     2045   176000 SH  SOLE                      176000                  
PRECISION DRILLING CORP        COM              74022D951     1934    98300 SH  SOLE                       98300                  
PREMDOR INC                    COM              74046P956    10107  1025700 SH  SOLE                     1025700                  
PRIME RES GROUP INC            COM              74157L950     5994   856400 SH  SOLE                      856400                  
PROFFITTS INC                  COM              742925100      292     7220 SH  SOLE                        7220                  
PROTECTIVE LIFE CORP           COM              743674103     1834    50000 SH  SOLE                       50000                  
PROTEIN DESIGN LABS INC        COM              74369L103      228     9460 SH  SOLE                        9460                  
PROVIDIAN FINL CORP            COM              74406A102      247     3150 SH  SOLE                        3150                  
RITE AID CORP                  COM              767754104      263     7000 SH  SOLE                        7000                  
ROBERT HALF INTL INC           COM              770323103      349     6254 SH  SOLE                        6254                  
ROSS STORES INC                COM              778296103     2064    48000 SH  SOLE                       48000                  
ROYAL BK CDA MONTREAL QUE      COM              780087953    33799   562000 SH  SOLE                      562000                  
RUSSEL METALS INC              COM              781903604     1537   471300 SH  SOLE                      471300                  
SCHERING PLOUGH CORP           COM              806605101     5623    61370 SH  SOLE                       61370                  
SCI SYS INC                    COM              783890106      290     7720 SH  SOLE                        7720                  
SELECT APPOINTMENTS HLDGS PLC  SPONSORED ADR    81617E203      286     9690 SH  SOLE                        9690                  
SEMPRA ENERGY                  COM              816851109     2246    80753 SH  SOLE                       80753                  
SENSORMATIC ELECTRS CORP       COM              817265101      210    15000 SH  SOLE                       15000                  
SONIC CORP                     COM              835451105      314    14025 SH  SOLE                       14025                  
STAFFMARK INC                  COM              852389105      201     5500 SH  SOLE                        5500                  
STAGE STORES INC               COM              85254C107      240     5300 SH  SOLE                        5300                  
STAPLES INC                    COM              855030102      256     8850 SH  SOLE                        8850                  
STEWART ENTERPRISES INC        CL A             860370105      250     9400 SH  SOLE                        9400                  
SUIZA FOODS CORP               COM              865077101      424     7100 SH  SOLE                        7100                  
SUN INC                        COM              866762109     3412    87900 SH  SOLE                       87900                  
SUNCOR ENERGY INC              COM NPV          867229957      849    25000 SH  SOLE                       25000                  
SUNDSTRAND CORP                COM              867323107     3315    57900 SH  SOLE                       57900                  
SUPERIOR SVCS INC              COM              868316100      253     8400 SH  SOLE                        8400                  
SUTTON RES LTD                 COM              869474957     2071   365000 SH  SOLE                      365000                  
SYLVAN LEARNING SYS INC        COM              871399101      206     6300 SH  SOLE                        6300                  
SYMBOL TECHNOLOGIES INC        COM              871508107      364     9640 SH  SOLE                        9640                  
TALISMAN ENERGY INC            COM              87425E954     2947   103000 SH  SOLE                      103000                  
TELE COMMUNICATIONS INC NEW    COM TCI GROUP SE 87924V101      718    24948 SH  SOLE                       24948                  
TELECOMUNICACOES BRASILEIRAS   SPONSORED ADR    879287100      258     2362 SH  SOLE                        2362                  
TELEGLOBE INC                  COM              87941V951     1119    42000 SH  SOLE                       42000                  
TERADYNE INC                   COM RTS CALLABLE 880770102      480    17950 SH  SOLE                       17950                  
TESMA INTL INC                 SUB VTG CL A     881908958      917    70100 SH  SOLE                       70100                  
TEXTRON INC                    COM              883203101      358     5000 SH  SOLE                        5000                  
TIME WARNER INC                COM              887315109      393     4600 SH  SOLE                        4600                  
TMP WORLDWIDE INC              COM              872941109      816    23400 SH  SOLE                       23400                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<PAGE>      PAGE   6                                                                                                              
                                                           VALUE    SHARES/ SH/ PUT/ INVSTMT            -----VOTING AUTHORITY-----
NAME OF ISSUER                 -TITLE OF CLASS- --CUSIP-- (x$1000)  PRN AMT PRN CALL DSCRETN -MANAGERS-      SOLE   SHARED    NONE
                                                                                                                                  
TOMMY HILFIGER CORP            COM              G8915Z102      331     5300 SH  SOLE                        5300                  
TORCHMARK INC                  COM              891027104     3765    82300 SH  SOLE                       82300                  
TORONTO DOMINION BK ONT        COM              891160954    58016  1283800 SH  SOLE                     1283800                  
TRANSCANADA PIPELINES LTD      COM              893526897    12725   700000 SH  SOLE                      700000                  
TRANSCANADA PIPELINES LTD      COM              893526954     5467   246800 SH  SOLE                      246800                  
TRIBUNE CO NEW                 COM              896047107      289     4200 SH  SOLE                        4200                  
TRINITY INDS INC               COM              896522109     1602    38600 SH  SOLE                       38600                  
U S INDS INC NEW               COM              912080108      364    14690 SH  SOLE                       14690                  
UAL CORP                       COM              902549500      218     2800 SH  SOLE                        2800                  
UNILEVER N V                   COM              904784501      560     7100 SH  SOLE                        7100                  
UNITED HEALTHCARE CORP         COM              910581107      254     4000 SH  SOLE                        4000                  
UNITRIN INC                    COM              913275103     3454    49700 SH  SOLE                       49700                  
UNIVERSAL CORP VA              COM              913456109     2041    54600 SH  SOLE                       54600                  
UNIVERSAL HEALTH SVCS INC      CL B             913903100      222     3800 SH  SOLE                        3800                  
USG CORP                       COM              903293405     2360    43600 SH  SOLE                       43600                  
USX U S STL GROUP              COM              90337T101     2386    72300 SH  SOLE                       72300                  
V F CORP                       COM              918204108      397     7700 SH  SOLE                        7700                  
VALASSIS COMMUNICATIONS INC    COM              918866104      315     8180 SH  SOLE                        8180                  
VENGOLD INC                    COM              92267K951      558   551500 SH  SOLE                      551500                  
VIACOM INC B                   CL B             925524308      367     6300 SH  SOLE                        6300                  
VULCAN MATLS CO                COM              929160109     3462    32450 SH  SOLE                       32450                  
WAL MART STORES INC            COM              931142103     6252   103170 SH  SOLE                      103170                  
WANG LABS INC NEW              COM              93369N109      313    12300 SH  SOLE                       12300                  
WATERS CORP                    COM              941848103      215     3650 SH  SOLE                        3650                  
WELLPOINT HEALTH NETWORKS INC  CL A             94973H108     4618    62400 SH  SOLE                       62400                  
WELLS FARGO + CO               COM              949740104      627     1700 SH  SOLE                        1700                  
WESCAST INDS INC               CL A SUB VTG     950813956     4904   174100 SH  SOLE                      174100                  
WESTERN STAR TRUCKS HLDGS LTD  COM              95960H951     2533   150000 SH  SOLE                      150000                  
WESTPOINT STEVENS INC          COM              961238102      397    12020 SH  SOLE                       12020                  
WORLDCOM INC GA                COM              98155K102      886    18300 SH  SOLE                       18300                  
YORK INTL CORP                 COM              986670107      218     5000 SH  SOLE                        5000                  
REPORT SUMMARY                231 DATA RECORDS              836327            0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED    
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