NAME OF ISSUER CLASS CUSIP FMV'000 SHARES SOLE VTG
ALUMINUM CO OF COMMON 13817101 9,674 382,200 382,200
ARCH COAL INC COMMON 39380100 7,530 753,000 753,000
AON CORP COMMON 37389103 16,956 432,000 432,000
ASTEC INDUSTRIE OTC IS 46224101 9,645 881,800 881,800
ATMI INC OTC IS 00207R101 27,676 1,184,000 1,184,000
ALZA CORP COMMON 22615108 37,160 429,600 429,600
CHARTER COMMUNI OTC IS 16117M107 14,476 890,000 890,000
COMCAST CORP-SP OTC IS 200300200 18,004 439,800 439,800
CANADIAN PACIFI COMMON 135923100 23,764 914,000 914,000
DYNEGY INC COMMON 26816Q101 9,975 175,000 175,000
EMERSON ELECTRI COMMON 291011104 15,638 233,400 233,400
ENRON CORP COMMON 293561106 37,937 432,946 432,946
FMC CORP-NEW COMMON 302491303 11,166 166,500 166,500
GENERAL DYNAMIC COMMON 369550108 17,142 272,900 272,900
GEORGIA GULF CO COMMON 373200203 20,194 1,765,600 1,765,600
GREY WOLF INC COMMON 397888108 22,125 3,847,900 3,847,900
WEBMD CORP OTC IS 94769M105 8,845 580,000 580,000
HERCULES INC -W COMMON 427056106 16,932 1,198,700 1,198,700
IBP INC COMMON 449223106 15,135 826,500 826,500
KEEBLER FOODS C COMMON 487256109 20,070 477,850 477,850
LEAR SEATING CO COMMON 521865105 9,594 466,600 466,600
AT&T CORP LIBER COMMON 1957208 38,192 2,121,764 2,121,764
METLIFE INC COMMON 59156R108 13,288 507,400 507,400
NABORS INDUSTRI COMMON 629568106 20,986 400,500 400,500
NATIONAL-OILWEL COMMON 637071101 30,744 983,800 983,800
PECO ENERGY CO COMMON 693304107 30,829 509,050 509,050
PILOT NETWORK S OTC IS 721596104 8,889 856,800 856,800
PARTNERRE LTD COMMON G6852T105 13,835 291,650 291,650
EVEREST REINSUR COMMON 299808105 9,155 184,950 184,950
TRANSOCEAN SEDC COMMON G90078109 19,346 330,000 330,000
GENERAL SEMICON COMMON 370787103 12,883 1,057,100 1,057,100
SHAW GROUP INC COMMON 820280105 12,479 177,000 177,000
ST PAUL COMPANI COMMON 792860108 16,865 342,000 342,000
TARGET CORP COMMON 87612E106 21,494 838,775 838,775
TRANSKARYOTIC T OTC IS 893735100 6,881 159,800 159,800
THERMO ELECTRON COMMON 883556102 16,300 626,925 626,925
VULCAN MATERIAL COMMON 929160109 12,528 311,750 311,750
XCELERA COM INC COMMON G31611109 2,765 145,500 145,500
