FORM 13F
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended September 30, 2005
Check here if Amendment: [ ]; Amendment Number:
-------
This Amendment:
[ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Loews Corporation
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Address: 667 Madison Avenue New York New York 10021
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(Street) (City) (State) (Zip)
Form 13F File Number: 28-217
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: Gary W. Garson
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Title: General Counsel and Senior Vice President
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Phone: 212-521-2932
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Signature, Place, and Date of Signing:
/s/ Gary W. Garson
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(Signature)
Place: 667 Madison Avenue New York New York 10021
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(Street) (City) (State) (Zip)
Date: November 4, 2005
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Page 1 of 18
Loews Corporation ("Loews"), by virtue of its approximately 91.3% 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. CNA is reporting on
behalf of Loews regarding the CNA Securities.
Report Type:
[ ] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[X] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager.
Form 13F File Number: 28-346
Name: CNA Financial Corporation
Page 2 of 18
FORM 13F SUMMARY PAGE
REPORT SUMMARY
Number of Other Included Managers: NONE.
Form 13F Information Table Entry Total: 218
Form 13F Information Table Value Total: $11,986.4 (million)
List of Other Included Managers: NONE.
Page 3 of 18
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
3M CO Common 88579Y101 12,633 172,200 SH Sole 172,200
ACCENTURE LTD Common G1150G111 4,758 186,900 SH Sole 186,900
BERMUDA
AFFILIATED COMPUTER Common 008190100 4,483 82,100 SH Sole 82,100
SERVICES
AFTERMARKET Common 008318107 223 12,150 SH Sole 12,150
TECHNOLOGY CORP
ALLIANCE CAPITAL Common 01855A101 3,828 80,000 SH Sole 80,000
MGMT HOLD
ALLSTATE CORP Common 020002101 1,252 22,650 SH Sole 22,650
ALPHA NATURAL Common 02076X102 4,185 139,300 SH Sole 139,300
RESOURCES INC
AMBAC FINL GROUP Common 023139108 2,162 30,000 SH Sole 30,000
INC
AMERICAN HOME MTG Common 02660R107 438 14,450 SH Sole 14,450
INVT CORP
AMERICAN Common 026874107 4,833 78,000 SH Sole 78,000
INTERNATIONAL GROUP
AMERICAN NATL INS Common 028591105 2,796 23,475 SH Sole 23,475
CO
AMERISOURCEBERGEN Common 03073E105 1,339 17,325 SH Sole 17,325
CORP
AMERUS GROUP CO Common 03072M108 383 6,675 SH Sole 6,675
------------
TOTAL $ 43,313
------------
Page 4 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
ANADARKO PETE CORP Common 032511107 7,660 80,000 SH Sole 80,000
ANHEUSER BUSCH COS Common 035229103 1,011 23,500 SH Sole 23,500
INC
AON CORP Common 037389103 1,456 45,400 SH Sole 45,400
AQUILA INC Common 03840P102 874 220,600 SH Sole 220,600
ARCH COAL INC Common 039380100 1,013 15,000 SH Sole 15,000
ARVINMERITOR INC Common 043353101 655 39,200 SH Sole 39,200
ASHLAND INC Common 044209104 765 13,850 SH Sole 13,850
AURIZON MINES LTD Common 05155P106 1,514 1,190,035 SH Sole 1,190,035
AUTOZONE INC Common 053332102 764 9,175 SH Sole 9,175
AVON PRODS INC Common 054303102 6,750 250,000 SH Sole 250,000
BANK NEW YORK INC Common 064057102 1,271 43,200 SH Sole 43,200
BANK OF AMERICA Common 060505104 10,651 253,000 SH Sole 253,000
CORPORATION
BARRICK GOLD CORP Common 067901108 2,615 90,000 SH Sole 90,000
BEARINGPOINT INC Common 074002106 355 46,800 SH Sole 46,800
BEMA GOLD CORP Common 08135F107 309 114,720 SH Sole 114,720
BOEING CO Common 097023105 1,245 18,325 SH Sole 18,325
------------
TOTAL $ 38,908
------------
Page 5 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
BOWNE & CO INC Common 103043105 531 37,175 SH Sole 37,175
BRISTOL MYERS Common 110122108 8,607 357,750 SH Sole 357,750
SQUIBB CO
BURLINGTON RES INC Common 122014103 4,879 60,000 SH Sole 60,000
CAMBIOR INC Common 13201L103 2,049 962,139 SH Sole 962,139
CENTEX CORP Common 152312104 4,521 70,000 SH Sole 70,000
CHEVRONTEXACO CORP Common 166764100 891 13,766 SH Sole 13,766
CIBER INC Common 17163B102 496 66,725 SH Sole 66,725
CINERGY CORP Common 172474108 1,603 36,100 SH Sole 36,100
CIT GROUP INC Common 125581108 854 18,900 SH Sole 18,900
CITIGROUP INC Common 172967101 12,321 270,675 SH Sole 270,675
CLEVELAND CLIFFS Common 185896107 871 10,000 SH Sole 10,000
INC
CNA FINL CORP Common 126117100 6,978,245 233,620,515 SH Sole 233,620,515
COMCAST CORP NEW Common 20030N200 22,161 770,000 SH Sole 770,000
COMCAST CORP NEW Common 20030N101 1,575 53,600 SH Sole 53,600
COMERICA INC Common 200340107 813 13,800 SH Sole 13,800
COMMSCOPE INC Common 203372107 369 21,275 SH Sole 21,275
COMPUTER ASSOC INTL Common 204912109 1,139 40,947 SH Sole 40,947
INC
------------
TOTAL $ 7,041,925
------------
Page 6 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
COMPUTER SCIENCES Common 205363104 758 16,025 SH Sole 16,025
CORP
CONOCOPHILLIPS Common 20825C104 3,496 50,000 SH Sole 50,000
CRYSTALLEX INTL Common 22942F101 48 30,785 SH Sole 30,785
CORP
CUMBERLAND Common 23077R100 1,028 698,900 SH Sole 698,900
RESOURCES LTD
D R HORTON INC Common 23331A109 362 10,000 SH Sole 10,000
DEL MONTE FOODS CO Common 24522P103 474 44,175 SH Sole 44,175
DELPHI FINL GROUP Common 247131105 375 8,012 SH Sole 8,012
INC
DEX MEDIA INC Common 25212E100 1,478 53,200 SH Sole 53,200
DIAGEO P L C Common 25243Q205 899 15,500 SH Sole 15,500
DIAMOND OFFSHORE Common 25271C102 4,293,907 70,104,620 SH Sole 70,104,620
DRILLING INC
DISCOVERY HOLDING Common 25468Y107 1,567 108,570 SH Sole 108,570
CO-A W/I
DISNEY WALT CO Common 254687106 1,045 43,300 SH Sole 43,300
DOW CHEM CO Common 260543103 838 20,100 SH Sole 20,100
DPL INC Common 233293109 929 33,400 SH Sole 33,400
EDUCATION REALTY Common 28140H104 835 50,000 SH Sole 50,000
TRUST INC
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TOTAL $ 4,308,039
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Page 7 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
ELECTRONIC DATA SYS Common 285661104 2,244 100,000 SH Sole 100,000
NEW
EMPRESA BRASILIERA Common 29081M102 1,814 47,000 SH Sole 47,000
DE AE-ADR
ENTERGY CORP NEW Common 29364G103 379 5,100 SH Sole 5,100
EXPRESSJET HOLDINGS Common 30218U108 575 64,100 SH Sole 64,100
INC
F M C CORP Common 302491303 966 16,875 SH Sole 16,875
FEDERAL HOME LN MTG Common 313400301 1,324 23,450 SH Sole 23,450
CORP
FEDERAL NATL MTG Common 313586109 1,768 39,450 SH Sole 39,450
ASSN
FIRST AMERN CORP Common 318522307 1,388 30,400 SH Sole 30,400
CALIF
FOUNDATION COAL Common 35039W100 5,248 136,500 SH Sole 136,500
HOLDINGS INC
FREESCALE Common 35687M107 4,682 200,000 SH Sole 200,000
SEMICONDUCTOR-A
GENERAL ELEC CO Common 369604103 785 23,300 SH Sole 23,300
GLAXOSMITHKLINE Common 37733W105 1,538 30,000 SH Sole 30,000
PLC-ADR
GLENBOROUGH RLTY TR Common 37803P105 227 11,800 SH Sole 11,800
INC
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TOTAL $ 22,938
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Page 8 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
GOLD RESERVE INC Common 38068N108 409 175,505 SH Sole 175,505
GOLDEN STAR Common 38119T104 1,282 383,922 SH Sole 383,922
RESOURCES LTD
HANGER ORTHOPEDIC Common 41043F208 206 26,800 SH Sole 26,800
GROUP INC
HEALTH MGMT ASSOC Common 421933102 6,081 259,100 SH Sole 259,100
INC NEW
HECLA MINING CO Common 422704106 1,139 260,080 SH Sole 260,080
HEWLETT PACKARD CO Common 428236103 1,305 44,675 SH Sole 44,675
HORACE MANN Common 440327104 485 24,525 SH Sole 24,525
EDUCATORS
HUB INTERNATIONAL Common 44332P101 246 10,850 SH Sole 10,850
LIMITED
HUDSON CITY BANCORP Common 443683107 476 40,000 SH Sole 40,000
INC
IAMGOLD CORPORATION Common 450913108 977 133,200 SH Sole 133,200
IDACORP INC Common 451107106 336 11,150 SH Sole 11,150
INTERNATIONAL Common 459200101 14,039 175,000 SH Sole 175,000
BUSINESS MACHS
IPC HLDGS LTD Common G4933P101 1,531 46,900 SH Sole 46,900
ISHARES INC Common 464286848 35,656 2,925,000 SH Sole 2,925,000
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TOTAL $ 64,168
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Page 9 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
J P MORGAN CHASE & Common 46625H100 719 21,200 SH Sole 21,200
CO
JANUS CAP GROUP INC Common 47102X105 289 20,000 SH Sole 20,000
JOHNSON CONTROLS Common 478366107 1,367 22,025 SH Sole 22,025
INC
KELLWOOD CO Common 488044108 288 11,150 SH Sole 11,150
KELLY SERVICES INC Common 488152208 340 11,075 SH Sole 11,075
-CL A
KENNAMETAL INC Common 489170100 527 10,750 SH Sole 10,750
KERR MCGEE CORP Common 492386107 971 10,000 SH Sole 10,000
KINROSS GOLD CORP Common 496902404 1,499 195,200 SH Sole 195,200
KONINKLIJKE PHILIPS Common 500472303 1,126 42,200 SH Sole 42,200
ELECTRS NV
LAUDER ESTEE COS Common 518439104 9,578 275,000 SH Sole 275,000
INC
LEAR CORP Common 521865105 2,242 66,000 SH Sole 66,000
LEXMARK INTL NEW Common 529771107 3,358 55,000 SH Sole 55,000
LIBBEY INC Common 529898108 285 18,750 SH Sole 18,475
LIBERTY GLOBAL Common 530555101 1,167 43,068 SH Sole 43,068
INC-A
LIBERTY GLOBAL Common 530555309 1,109 43,068 SH Sole 43,068
INC-C
------------
TOTAL $ 24,865
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Page 10 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
LIBERTY MEDIA CORP Common 530718105 4,216 523,700 SH Sole 523,700
NEW
LINCOLN NATL CORP Common 534187109 3,902 75,000 SH Sole 75,000
IND
MAXTOR CORP Common 577729205 8,785 2,001,100 SH Sole 2,001,100
MAYTAG CORP Common 578592107 285 15,625 SH Sole 15,625
MCI INC Common 552691107 1,210 47,600 SH Sole 47,600
MEADWESTVACO CORP Common 583334107 2,472 89,500 SH Sole 89,500
MEDIACOM Common 58446K105 1,476 200,000 SH Sole 200,000
COMMUNICATIONS CORP
MEDTRONIC INC Common 585055106 1,609 30,000 SH Sole 30,000
MERCK & CO INC Common 589331107 17,006 625,000 SH Sole 625,000
METALLICA RESOURCES Common 59125J104 1,166 753,600 SH Sole 753,600
INC
METLIFE INC Common 59156R108 1,266 25,400 SH Sole 25,400
MICROSOFT CORP Common 594918104 31,621 1,228,950 SH Sole 1,228,950
MILACRON INC Common 598709103 81 45,738 SH Sole 45,738
MINEFINDERS CORP Common 602900102 1,547 318,350 SH Sole 318,350
MIRAMAR MINING CORP Common 60466E100 1,735 1,111,900 SH Sole 1,111,900
MONEYGRAM Common 60935Y109 1,005 46,275 SH Sole 46,275
INTERNATIONAL-W/I
------------
TOTAL $ 79,382
------------
Page 11 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
MORGAN STANLEY Common 617446448 1,317 24,425 SH Sole 24,425
NACCO INDS INC Common 629579103 349 3,050 SH Sole 3,050
NBTY INC Common 628782104 558 23,725 SH Sole 23,725
NCI BUILDING SYS Common 628852105 526 12,900 SH Sole 12,900
INC
NEWELL RUBBERMAID Common 651229106 6,455 285,000 SH Sole 285,000
INC
NEWS CORP INC Common 65248E203 3,712 225,000 SH Sole 225,000
NEWS CORP INC Common 65248E104 5,343 342,706 SH Sole 342,706
NISOURCE INC Common 65473P105 1,353 55,800 SH Sole 55,800
NORTEL NETWORKS Common 656568102 4,890 1,500,000 SH Sole 1,500,000
CORP NEW
NORTHERN TR CORP Common 665859104 450 8,900 SH Sole 8,900
NRG ENERGY INC Common 629377508 1,917 45,000 SH Sole 45,000
OLD REP INTL CORP Common 680223104 795 29,800 SH Sole 29,800
PAN AMERICAN SILVER Common 697900108 1,282 72,600 SH Sole 72,600
CORP
PETROLEO BRASILEIRO Common 71654V101 1,275 20,000 SH Sole 20,000
S.A.-ADR
PETROLEO BRASILEIRO Common 71654V408 2,037 28,500 SH Sole 28,500
SA PETROBR
------------
TOTAL $ 32,259
------------
Page 12 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
PFIZER INC Common 717081103 8,809 352,800 SH Sole 352,800
PG&E CORP Common 69331C108 1,558 39,700 SH Sole 39,700
PHARMACEUTICAL Common 71712A206 12,296 175,000 SH Sole 175,000
HLDRS TR
PHH CORP Common 693320202 494 17,975 SH Sole 17,975
PIONEER NAT RES CO Common 723787107 3,021 55,000 SH Sole 55,000
PLACER DOME INC Common 725906101 7,031 409,990 SH Sole 409,990
PRIORITY HEALTHCARE Common 74264T102 643 23,075 SH Sole 23,075
CORP-B
PULTE HOMES INC Common 745867101 7,726 180,000 SH Sole 180,000
QUALCOMM INC Common 747525103 2,238 50,000 SH Sole 50,000
RADIO ONE INC Common 75040P405 658 50,000 SH Sole 50,000
RADIOSHACK CORP Common 750438103 423 17,075 SH Sole 17,075
RANDGOLD RESOURCES Common 752344309 1,255 79,804 SH Sole 79,804
LTD-ADR
RAYTHEON CO Common 755111507 5,133 135,000 SH Sole 135,000
REGIS CORP Common 758932107 2,292 60,600 SH Sole 60,600
REINSURANCE GROUP Common 759351109 671 15,000 SH Sole 15,000
OF AMERICA
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TOTAL $ 54,248
------------
Page 13 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
RENAISSANCE RE Common G7496G103 749 17,125 SH Sole 17,125
HLDGS LTD
RENT A CTR INC NEW Common 76009N100 987 51,100 SH Sole 51,100
SANDISK CORP Common 80004C101 1,930 40,000 SH Sole 40,000
SARA LEE CORP Common 803111103 1,470 77,575 SH Sole 77,575
SASOL LTD-SPONSORED Common 803866300 1,161 30,000 SH Sole 30,000
ADR
SCANA CORP NEW Common 80589M102 908 21,500 SH Sole 21,500
SEAGATE TECHNOLOGY Common G7945J104 7,315 461,500 SH Sole 461,500
SENOMYX INC Common 81724Q107 255 15,000 SH Sole 15,000
SILVER WHEATON CORP Common 828336107 1,212 278,000 SH Sole 278,000
SPDR TR Common 78462F103 7,259 59,000 SH Sole 59,000
SPHERION CORP Common 848420105 570 75,000 SH Sole 75,000
SPRINT CORP Common 852061100 5,397 226,950 SH Sole 226,950
STREETTRACKS GOLD Common 863307104 5,838 125,000 SH Sole 125,000
TRUST
TEXTRON INC Common 883203101 559 7,800 SH Sole 7,800
THERMO ELECTRON Common 883556102 6,180 200,000 SH Sole 200,000
CORP
THORATEC CORP Common 885175307 6,394 360,000 SH Sole 360,000
TIME WARNER INC Common 887317105 4,971 274,500 SH Sole 274,500
------------
TOTAL $ 53,155
------------
Page 14 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
TJX COS INC NEW Common 872540109 985 48,100 SH Sole 48,100
TORCHMARK CORP Common 891027104 1,175 22,250 SH Sole 22,250
TYCO INTL LTD NEW Common 902124106 11,836 425,000 SH Sole 425,000
UNION PAC CORP Common 907818108 1,285 17,925 SH Sole 17,925
UNITED AMERICA Common 90933T109 263 14,400 SH Sole 14,400
INDEMNITY-A
UNITED STATIONERS Common 913004107 446 9,325 SH Sole 9,325
INC
UNIVERSAL CORP VA Common 913456109 247 6,350 SH Sole 6,350
USI HOLDINGS CORP Common 90333H101 359 27,625 SH Sole 27,625
VALASSIS Common 918866104 432 11,075 SH Sole 11,075
COMMUNICATIONS INC
VALERO ENERGY CORP Common 91913Y100 8,819 78,000 SH Sole 78,000
NEW
VERIZON Common 92343V104 366 11,200 SH Sole 11,200
COMMUNICATIONS
VIACOM INC Common 925524308 6,602 200,000 SH Sole 200,000
VIAD CORP Common 92552R406 778 28,432 SH Sole 28,432
VINTAGE PETE INC Common 927460105 868 19,000 SH Sole 19,000
VODAFONE GROUP PLC Common 92857W100 3,766 145,000 SH Sole 145,000
NEW
------------
TOTAL $ 38,227
------------
Page 15 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
WACHOVIA CORP 2ND Common 929903102 776 16,300 SH Sole 16,300
NEW
WAL MART STORES INC Common 931142103 1,323 30,200 SH Sole 30,200
WASHINGTON MUT INC Common 939322103 370 9,425 SH Sole 9,425
WEYERHAEUSER CO Common 962166104 2,619 38,100 SH Sole 38,100
WHIRLPOOL CORP Common 963320106 1,489 19,650 SH Sole 19,650
WILLIAMS COS INC Common 969457100 1,811 72,300 SH Sole 72,300
DEL
WISCONSIN ENERGY Common 976657106 879 22,025 SH Sole 22,025
CORP
WYETH Common 983024100 467 10,100 SH Sole 10,100
XCEL ENERGY INC Common 98389B100 726 37,000 SH Sole 37,000
XERIUM TECHNOLOGIES Common 98416J100 4,426 385,500 SH Sole 385,500
INC
XL CAP LTD Common G98255105 1,003 14,750 SH Sole 14,750
YAMANA GOLD INC Common 98462Y100 1,055 242,511 SH Sole 242,511
ZIMMER HOLDINGS INC Common 98956P102 2,756 40,000 SH Sole 40,000
----------
TOTAL $ 19,700
----------
Page 16 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
3M CO Common 88579Y951 6,602 90,000 SH Put Sole 90,000
BARRICK GOLD CORP Common 067901908 24,983 860,000 SH Call Sole 860,000
BEMIS COMPANY Common 081437955 4,940 200,000 SH Put Sole 200,000
D R HORTON INC Common 23331A959 724 20,000 SH Put Sole 20,000
DISNEY WALT CO Common 254687956 4,826 200,000 SH Put Sole 200,000
GENERAL MTRS CORP Common 370442955 3,061 100,000 SH Put Sole 100,000
INTERNATIONAL Common 459200951 9,626 120,000 SH Put Sole 120,000
BUSINESS MACHS
MEDTRONIC INC Common 585055956 2,145 40,000 SH Put Sole 40,000
MERCK & CO INC Common 589331957 5,442 200,000 SH Put Sole 200,000
MICROSOFT CORP Common 594918954 13,380 520,000 SH Put Sole 520,000
NEWELL RUBBERMAID Common 651229956 1,359 60,000 SH Put Sole 60,000
INC
PHELPS DODGE CORP Common 717265952 20,789 160,000 SH Put Sole 160,000
PLACER DOME INC Common 725906901 9,090 530,000 SH Call Sole 530,000
PLACER DOME INC Common 725906951 3,430 200,000 SH Put Sole 200,000
QUALCOMM INC Common 747525953 4,475 100,000 SH Put Sole 100,000
SANDISK CORP Common 80004C901 1,930 40,000 SH Call Sole 40,000
SANDISK CORP Common 80004C951 1,930 40,000 SH Put Sole 40,000
------------
TOTAL $ 118,732
------------
Page 17 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
SARA LEE CORP Common 803111953 1,137 60,000 SH Put Sole 60,000
THORATEC CORP Common 885175957 355 20,000 SH Put Sole 20,000
UNION PAC CORP Common 907818908 17,925 250,000 SH Call Sole 250,000
UNITED STATES STL Common 912909958 16,940 400,000 SH Put Sole 400,000
CORP NEW
WHOLE FOODS MKT INC Common 966837956 6,723 50,000 SH Put Sole 50,000
ZIMMER HOLDINGS INC Common 98956P952 2,756 40,000 SH Put Sole 40,000
ZIMMER HOLDINGS INC Common 98956P902 689 10,000 SH Call Sole 10,000
----------
TOTAL $ 46,525
----------
AGGREGATE TOTAL $ 11,986,384
==========
Page 18 of 18 Pages