We present an algorithm for pipelining loop exe- cution in the presence of loop catried dependence. We optimize both the initiation interval and the turn around time of a schedule. Given constraints on the number of functional units and buses, we tirst determine an initiation interval and then incremen- tally partition the operations into blocks to fit into the execution windows. A refinement procedure is inwrporated to improve the turn around time. The novel feature which differs our approach from others is that the scheduled operations me iteratively moved up and down to accommodate the ready yet unscheduled opera- tio~. The algorithm produces very encourageous results. Tm~ ~o~ ~a~ ~upp~~ in prt by the National Science COUOCL