UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2003 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Alleghany Corporation Address: 375 Park Avenue New York, NY 10152 Form 13F File Number: 28-1590 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: Peter R. Sismondo Title: Vice President, Controller, Treasurer and Assistant Secretary Phone: 212-752-1356 Signature, Place, and Date of Signing: /s/ Peter R. Sismondo New York, NY May 15, 2003 -------------------------------------------------------------------------------- [Signature] [City, State] [Date] Report Type (Check only one): [ X ] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 Form 13F Information Table Entry Total: 26 Form 13F Information Table Value Total: $631,817 (thousands) List of Other Included Managers: No. Form 13F File Number Name 2 Alleghany Insurance Holdings LLC SECURITIES AND EXCHANGE COMMISSIONS FORM 13F INFORMATION PREPARED FOR ALLEGHANY CORPORATION AS OF 03/31/03 COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------------- -------- --------- -------- ------------------ --------------- -------- -------------- INVESTMENT VOTING MARKET DISCRETION AUTHORITY TITLE OF VALUE SHRS OR SH/ PUT/ SOLE SHRD OTHER SOLE SHRD NONE NAME OF ISSUER CLASS CUSIP (X 1000) PRIN AMT PRN CALL (A) (B) (C) MANAGER (A) (B) (C) -------------- -------- --------- -------- ---------- --- ---- ---- ---- ----- ------- ---- ---- ---- ALTRIA GROUP INC COM 02209S103 749 25,000 SH X 2 X AMB PROPERTY CORP COM 00163T109 579 20,500 SH X 2 X AMEREN CORP COM 023608102 3,905 100,000 SH X 2 X APARTMENT INVT & MGMT CO CL A 03748R101 730 20,000 SH X 2 X ARCH COAL INC COM 039380100 17,334 900,000 SH X 2 X ARCHSTONE-SMITH TR COM 039583109 1,056 48,093 SH X 2 X AVALONBAY CMNTYS INC COM 053484101 984 26,664 SH X 2 X BRE PROPERTIES INC CL A 05564E106 917 31,150 SH X 2 X BERKSHIRE HATHAWAY INC DEL CL B 084670207 2,417 1,131 SH X 2 X BOSTON PROPERTIES INC COM 101121101 1,378 36,350 SH X 2 X BURLINGTON NORTHN SANTA FE COM 12189T104 337,953 13,300,000 SH X 1 X BURLINGTON NORTHN SANTA FE COM 12189T104 68,607 2,700,000 SH X 2 X CIGNA CORP COM 125509109 13,091 285,700 SH X 1 X CIGNA CORP COM 125509109 155,985 3,404,300 SH X 2 X CINERGY CORP COM 172474108 3,365 100,000 SH X 2 X DQE INC COM 23329J104 1,219 100,000 SH X 2 X FEDERAL REALTY INVT TR SH BEN INT 313747206 1,052 34,640 SH X 2 X FIRST FED CAP CORP COM 319960100 1,959 96,000 SH X 2 X FIRST INDUSTRIAL REALTY TRUS COM 32054K103 753 26,600 SH X 2 X GENERAL GROWTH PPTYS INC COM 370021107 1,217 22,550 SH X 2 X GREAT PLAINS ENERGY INC COM 391164100 2,387 100,000 SH X 2 X LONGVIEW FIBRE CO COM 543213102 4,608 633,000 SH X 1 X MACERICH CO COM 554382101 992 31,310 SH X 2 X MACK CALI RLTY CORP COM 554489104 1,226 39,600 SH X 2 X SAFECO CORP COM 786429100 3,497 100,000 SH X 2 X SIERRA PAC RES NEW COM 826428104 1,590 500,000 SH X 2 X TAUBMAN CTRS INC COM 876664103 761 44,700 SH X 2 X UNITED FIRE & CAS CORP COM 910331107 2,255 75,684 SH X 2 X GRAND TOTAL 631,817 22,777,972