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 March 31, 2004
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: May 13, 2004
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Page 1 of 17
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 17
FORM 13F SUMMARY PAGE
REPORT SUMMARY
Number of Other Included Managers: NONE.
Form 13F Information Table Entry Total: 205
Form 13F Information Table Value Total: $7,745.1 (thousands)
List of Other Included Managers: NONE.
Page 3 of 17
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
AES CORP Common 00130H105 341 40,000 SH Sole 40,000
AETNA INC NEW Common 00817Y108 825 9,200 SH Sole 9,200
AGILYSYS INC Common 00847J105 311 26,400 SH Sole 26,400
ALLSTATE CORP Common 020002101 860 18,925 SH Sole 18,925
AMBAC FINL GROUP Common 023139108 2,213 30,000 SH Sole 30,000
INC
AMERADA HESS CORP Common 023551104 653 10,000 SH Sole 10,000
AMEREN CORP Common 023608102 286 6,200 SH Sole 6,200
AMERICAN HOME MTG Common 02660R107 431 14,950 SH Sole 14,950
INVT CORP
AMERICAN NATL INS Common 028591105 2,101 23,475 SH Sole 23,475
CO
AMERICAN PHYSICIANS Common 028884104 351 16,800 SH Sole 16,800
CAPITAL
AMERUS GROUP CO Common 03072M108 274 6,800 SH Sole 6,800
ANADARKO PETE CORP Common 032511107 3,630 70,000 SH Sole 70,000
ANGEION CORP Common 03462H404 710 291,166 SH Sole 291,166
ANHEUSER BUSCH COS Common 035229103 755 14,800 SH Sole 14,800
INC
ANIXTER INTL INC Common 035290105 344 12,175 SH Sole 12,175
AON CORP Common 037389103 2,196 78,675 SH Sole 78,675
------------
TOTAL $ 16,281
------------
Page 4 of 17 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
APPLICA INC Common 03815A106 337 30,000 SH Sole 30,000
APRIA HEALTHCARE Common 037933108 4,491 150,000 SH Sole 150,000
GROUP INC
ARCH COAL INC Common 039380100 3,393 108,100 SH Sole 108,100
ARVINMERITOR INC Common 043353101 294 14,825 SH Sole 14,825
ASHLAND INC Common 044204105 1,038 22,325 SH Sole 22,325
ASSURANT INC Common 04621X108 339 13,485 SH Sole 13,485
AT&T WIRELESS SVCS Common 00209A106 6,329 465,000 SH Sole 465,000
INC
BALLARD PWR SYS INC Common 05858H104 1,160 120,000 SH Sole 120,000
BANK NEW YORK INC Common 064057102 554 17,600 SH Sole 17,600
BARRICK GOLD CORP Common 067901108 7,560 317,900 SH Sole 317,900
BEAZER HOMES USA Common 07556Q105 2,118 20,000 SH Sole 20,000
INC
BECKMAN COULTER INC Common 075811109 545 10,000 SH Sole 10,000
BECTON DICKINSON & Common 075887109 485 10,000 SH Sole 10,000
CO
BOEING CO Common 097023105 5,342 130,075 SH Sole 130,075
BOWNE & CO INC Common 103043105 371 21,700 SH Sole 21,700
BP PLC Common 055622104 7,603 148,500 SH Sole 148,500
------------
TOTAL $ 41,959
------------
Page 5 of 17 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
BRISTOL MYERS Common 110122108 382 15,775 SH Sole 15,775
SQUIBB CO
BURLINGTON RES INC Common 122014103 954 15,000 SH Sole 15,000
CABLEVISION SYS Common 12686C109 2,229 97,400 SH Sole 97,400
CORP
CABOT OIL & GAS Common 127097103 1,834 60,000 SH Sole 60,000
CORP
CALPINE CORP Common 131347106 2,793 598,000 SH Sole 598,000
CAPSTONE TURBINE Common 14067D102 395 160,000 SH Sole 160,000
CORP
CENTEX CORP Common 152312104 3,244 60,000 SH Sole 60,000
CHEVRONTEXACO CORP Common 166764100 1,317 15,000 SH Sole 15,000
CHICAGO BRIDGE & Common 167250109 1,614 58,000 SH Sole 58,000
IRON CO N V
CHUNGHWA TELECOM CO Common 17133Q205 2,963 167,300 SH Sole 167,300
LTD
CIGNA CORP Common 125509109 1,403 23,775 SH Sole 23,775
CINERGY CORP Common 172474108 671 16,400 SH Sole 16,400
CIT GROUP INC Common 125581108 1,150 30,225 SH Sole 30,225
CITIGROUP INC Common 172967101 6,915 133,750 SH Sole 133,750
CLEVELAND CLIFFS Common 185896107 18,445 281,900 SH Sole 281,900
INC
CNA FINL CORP Common 126117100 5,547,649 201,293,500 SH Sole 201,293,500
------------
TOTAL $ 5,593,958
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Page 6 of 17 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
CNF INC Common 12612W104 1,236 36,800 SH Sole 36,800
CNH GLOBAL N V Common N20935206 1,733 92,600 SH Sole 92,600
COMCAST CORP NEW Common 20030N200 14,064 505,000 SH Sole 505,000
COMMSCOPE INC Common 203372107 188 11,325 SH Sole 11,325
COMPUTER ASSOC INTL Common 204912109 1,472 54,800 SH Sole 54,800
INC
CONOCOPHILLIPS Common 20825C104 2,471 35,400 SH Sole 35,400
COOPER INDS LTD Common G24182100 1,209 21,150 SH Sole 21,150
CYTEC INDS INC Common 232820100 1,081 30,400 SH Sole 30,400
D R HORTON INC Common 23331A109 1,063 30,000 SH Sole 30,000
DEL MONTE FOODS CO Common 24522P103 275 24,400 SH Sole 24,400
DELPHI FINL GROUP Common 247131105 1,283 30,537 SH Sole 30,537
INC
DIAGEO P L C Common 25243Q205 814 15,400 SH Sole 15,400
DIAMOND OFFSHORE Common 25271C102 1,695,831 70,104,620 SH Sole 70,104,620
DRILLING INC
DIAMONDS TR Common 252787106 5,196 50,000 SH Sole 50,000
DILLARDS INC Common 254067101 519 27,100 SH Sole 27,100
DISNEY WALT CO Common 254687106 250 10,000 SH Sole 10,000
DONNELLEY R R & Common 257867101 3,903 129,036 SH Sole 129,036
SONS CO
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TOTAL $ 1,732,588
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Page 7 of 17 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
DU PONT E I DE Common 263534109 422 10,000 SH Sole 10,000
NEMOURS & CO
EAGLE MATERIALS INC Common 26969P108 2,554 43,400 SH Sole 43,400
ENTERGY CORP NEW Common 29364G103 1,803 30,300 SH Sole 30,300
ESTERLINE Common 297425100 404 16,275 SH Sole 16,275
TECHNOLOGIES CORP
EXPRESSJET HOLDINGS Common 30218U108 175 14,100 SH Sole 14,100
INC
F M C CORP Common 302491303 1,080 25,225 SH Sole 25,225
FEDERAL HOME LN MTG Common 313400301 1,385 23,450 SH Sole 23,450
CORP
FLEETBOSTON Common 339030108 580 12,925 SH Sole 12,925
FINANCIAL CORP
FMC TECHNOLOGIES Common 30249U101 1,012 37,425 SH Sole 37,425
INC
FORD MTR CO DEL Common 345370860 434 32,000 SH Sole 32,000
FRIEDMANS INC Common 358438109 203 35,000 SH Sole 35,000
FRONTLINE LTD Common G3682E127 433 15,000 SH Sole 15,000
GENERAL CABLE CORP Common 369300108 7,579 1,026,900 SH Sole 1,026,900
DEL NEW
GENERAL ELEC CO Common 369604103 711 23,300 SH Sole 23,300
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TOTAL $ 18,775
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Page 8 of 17 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
GENERAL MARITIME Common Y2692M103 704 28,000 SH Sole 28,000
CORP
GENESIS HEALTHCARE Common 37184D101 9,414 386,600 SH Sole 386,600
CORP
GLAMIS GOLD LTD Common 376775102 1,801 100,000 SH Sole 100,000
GLIMCHER RLTY TR Common 379302102 344 12,700 SH Sole 12,700
GROUP 1 AUTOMOTIVE Common 398905109 5,597 154,600 SH Sole 154,600
INC
HEALTH NET INC Common 42222G108 1,779 71,375 SH Sole 71,375
HEINZ H J CO Common 423074103 1,119 30,000 SH Sole 30,000
HEWLETT PACKARD CO Common 428236103 1,136 49,750 SH Sole 49,750
HONDA MOTOR LTD Common 438128308 833 36,000 SH Sole 36,000
IMC GLOBAL INC Common 449669100 4,279 299,200 SH Sole 299,200
INTERNATIONAL Common 459200101 1,745 19,000 SH Sole 19,000
BUSINESS MACHS
INTERSTATE BAKERIES Common 46072H108 1,403 123,375 SH Sole 123,375
CORP DEL
IONICS INC Common 462218108 568 20,000 SH Sole 20,000
IPC HLDGS LTD Common G4933P101 1,529 38,825 SH Sole 38,825
ISHARES INC Common 464286871 6,360 600,000 SH Sole 600,000
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TOTAL $ 38,611
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Page 9 of 17 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
ISHARES INC Common 464286848 23,099 2,125,000 SH Sole 2,125,000
ISHARES INC Common 464286673 3,244 508,400 SH Sole 508,400
KENNAMETAL INC Common 489170100 208 5,050 SH Sole 5,050
KRISPY KREME Common 501014104 1,030 30,000 SH Sole 30,000
DOUGHNUTS INC
LEAR CORP Common 521865105 1,087 17,550 SH Sole 17,550
LENNOX INTL INC Common 526107107 6,600 355,800 SH Sole 355,800
LIBERTY MEDIA CORP Common 530718105 5,436 496,440 SH Sole 496,440
NEW
LINCOLN NATL CORP Common 534187109 1,893 40,000 SH Sole 40,000
IND
LOCKHEED MARTIN Common 539830109 602 13,200 SH Sole 13,200
CORP
LUBRIZOL CORP Common 549271104 649 20,625 SH Sole 20,625
MARSH & MCLENNAN Common 571748102 1,116 24,100 SH Sole 24,100
COS INC
MAXTOR CORP Common 577729205 2,078 255,000 SH Sole 255,000
MBIA INC Common 55262C100 600 9,575 SH Sole 9,575
MEDIACOM Common 58446K105 802 100,000 SH Sole 100,000
COMMUNICATIONS CORP
METHANEX CORP Common 59151K108 668 59,700 SH Sole 59,700
MICROSOFT CORP Common 594918104 371 14,900 SH Sole 14,900
------------
TOTAL $ 49,483
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Page 10 of 17 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
MILACRON INC Common 598709103 109 31,500 SH Sole 31,500
MIRAMAR MINING CORP Common 60466E100 537 300,000 SH Sole 300,000
MONSANTO CO NEW Common 61166W101 775 21,125 SH Sole 21,125
MORGAN STANLEY Common 617446448 2,865 50,000 SH Sole 50,000
MORGAN STANLEY ASIA Common 61744U106 364 30,200 SH Sole 30,200
PAC FD INC
MUELLER INDS INC Common 624756102 11,342 333,700 SH Sole 333,700
NACCO INDS INC Common 629579103 377 4,575 SH Sole 4,575
NCI BUILDING SYS Common 628852105 320 13,625 SH Sole 13,625
INC
NEIGHBORCARE INC Common 64015Y104 743 30,500 SH Sole 30,500
NEWELL RUBBERMAID Common 651229106 1,392 60,000 SH Sole 60,000
INC
NEWS CORP LTD Common 652487703 3,598 100,000 SH Sole 100,000
NEWS CORP LTD Common 652487802 4,075 128,507 SH Sole 128,507
NISOURCE INC Common 65473P105 1,706 80,300 SH Sole 80,300
NORTHERN TR CORP Common 665859104 717 15,400 SH Sole 15,400
OHIO CAS CORP Common 677240103 400 20,000 SH Sole 20,000
OLD REP INTL CORP Common 680223104 2,175 88,550 SH Sole 88,550
------------
TOTAL $ 31,495
------------
Page 11 of 17 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
PATHMARK STORES INC Common 70322A101 984 123,294 SH Sole 123,294
NEW
PAYLESS SHOESOURCE Common 704379106 915 65,550 SH Sole 65,550
INC
PFIZER INC Common 717081103 1,097 31,300 SH Sole 31,300
PG&E CORP Common 69331C108 1,217 42,000 SH Sole 42,000
PHARMACEUTICAL Common 71712A206 5,729 75,000 SH Sole 75,000
HLDRS TR
PITNEY BOWES INC Common 724479100 426 10,000 SH Sole 10,000
PLACER DOME INC Common 725906101 6,552 364,600 SH Sole 364,600
PNM RES INC Common 69349H107 282 9,400 SH Sole 9,400
PPL CORP Common 69351T106 1,632 35,800 SH Sole 35,800
PROTECTIVE LIFE Common 743674103 561 14,975 SH Sole 14,975
CORP
PULTE HOMES INC Common 745867101 5,004 90,000 SH Sole 90,000
R H DONNELLEY CORP Common 74955W307 449 9,625 SH Sole 9,625
RADIAN GROUP INC Common 750236101 445 10,450 SH Sole 10,450
RAYTHEON CO Common 755111507 4,231 135,000 SH Sole 135,000
REGAL ENTMT GROUP Common 758766109 1,099 50,000 SH Sole 50,000
RENAISSANCE RE Common G7496G103 2,080 40,000 SH Sole 40,000
HLDGS LTD
------------
TOTAL $ 32,703
------------
Page 12 of 17 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
RUSSELL CORP Common 782352108 3,351 183,500 SH Sole 183,500
RYERSON TULL INC Common 78375P107 16,844 1,286,800 SH Sole 1,286,800
NEW
SARA LEE CORP Common 803111103 1,633 74,725 SH Sole 74,725
SCANA CORP NEW Common 80589M102 1,181 33,400 SH Sole 33,400
SCHERING PLOUGH Common 806605101 539 33,225 SH Sole 33,225
CORP
SCHLUMBERGER LTD Common 806857108 1,916 30,000 SH Sole 30,000
SONIC AUTOMOTIVE Common 83545G102 1,253 50,000 SH Sole 50,000
INC
SPHERION CORP Common 848420105 399 39,000 SH Sole 39,000
SPRINT CORP Common 852061506 4,636 503,900 SH Sole 503,900
SUNTERRA CORP Common 86787D208 1,354 100,000 SH Sole 100,000
TEJON RANCH CO DEL Common 879080109 329 8,900 SH Sole 8,900
TEXAS INDS INC Common 882491103 2,755 76,200 SH Sole 76,200
TEXTRON INC Common 883203101 627 11,800 SH Sole 11,800
THORATEC CORP Common 885175307 4,236 340,000 SH Sole 340,000
TIME WARNER INC Common 887317105 3,372 200,000 SH Sole 200,000
TORCHMARK CORP Common 891027104 779 14,475 SH Sole 14,475
TRAVELERS PPTY CAS Common 89420G109 1,715 100,000 SH Sole 100,000
CORP NEW
------------
TOTAL $ 46,919
------------
Page 13 of 17 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
TRIARC COS INC Common 895927309 190 17,300 SH Sole 17,300
TRINITY INDS INC Common 896522109 275 9,900 SH Sole 9,900
TXU CORP Common 873168108 4,299 150,000 SH Sole 150,000
UNION PAC CORP Common 907818108 600 10,025 SH Sole 10,025
UNITED NATIONAL Common 91103X102 244 14,400 SH Sole 14,400
GROUP LTD
UNITED STATES STL Common 912909108 17,517 470,000 SH Sole 470,000
CORP NEW
UNIVERSAL CORP VA Common 913456109 323 6,350 SH Sole 6,350
UNOCAL CORP Common 915289102 1,059 28,400 SH Sole 28,400
USF CORP Common 91729Q101 294 8,575 SH Sole 8,575
VALASSIS Common 918866104 952 31,325 SH Sole 31,325
COMMUNICATIONS INC
VALERO ENERGY CORP Common 91913Y100 2,099 35,000 SH Sole 35,000
NEW
VENTAS INC Common 92276F100 14,952 544,100 SH Sole 544,100
VERIZON Common 92343V104 548 15,000 SH Sole 15,000
COMMUNICATIONS
VIAD CORP Common 92552R109 1,364 56,425 SH Sole 56,425
VINTAGE PETE INC Common 927460105 367 25,000 SH Sole 25,000
------------
TOTAL $ 45,083
------------
Page 14 of 17 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
VODAFONE GROUP PLC Common 92857W100 2,868 120,000 SH Sole 120,000
NEW
WASHINGTON MUT INC Common 939322103 1,371 32,100 SH Sole 32,100
WHIRLPOOL CORP Common 963320106 1,286 18,675 SH Sole 18,675
WILLIAMS COS INC Common 969457100 1,140 119,100 SH Sole 119,100
DEL
WILSONS THE LEATHER Common 972463103 83 29,075 SH Sole 29,075
EXPERTS
WISCONSIN ENERGY Common 976657106 1,313 40,850 SH Sole 40,850
CORP
XCEL ENERGY INC Common 98389B100 880 49,400 SH Sole 49,400
XL CAP LTD Common G98255105 671 8,825 SH Sole 8,825
YORK INTL CORP NEW Common 986670107 338 8,600 SH Sole 8,600
----------
TOTAL $ 9,950
----------
Page 15 of 17 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
AES CORP Common 00130H955 853 100,000 SH Put Sole 100,000
AMERADA HESS CORP Common 023551954 5,222 80,000 SH Put Sole 80,000
BARRICK GOLD CORP Common 067901908 16,646 700,000 SH Call Sole 700,000
CAREER EDUCATION Common 141665909 566 10,000 SH Call Sole 10,000
CORP
CENDANT CORP Common 151313953 4,195 172,000 SH Put Sole 172,000
DISNEY WALT CO Common 254687956 2,499 100,000 SH Put Sole 100,000
KRISPY KREME Common 501014904 343 10,000 SH Call Sole 10,000
DOUGHNUTS INC
KRISPY KREME Common 501014954 1,030 30,000 SH Put Sole 30,000
DOUGHNUTS INC
MARVEL ENTERPRISES Common 57383M908 384 20,000 SH Call Sole 20,000
INC
MAXTOR CORP Common 577729905 163 20,000 SH Call Sole 20,000
MONSANTO CO NEW Common 61166W951 3,667 100,000 SH Put Sole 100,000
MULTIMEDIA GAMES Common 625453905 495 20,000 SH Call Sole 20,000
INC
NETFLIX COM INC Common 64110L906 682 20,000 SH Call Sole 20,000
NEWELL RUBBERMAID Common 651229956 1,392 60,000 SH Put Sole 60,000
INC
PAYCHEX INC Common 704326907 1,602 45,000 SH Call Sole 45,000
------------
TOTAL $ 39,739
------------
Page 16 of 17 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
PHELPS DODGE CORP Common 717265952 19,598 240,000 SH Put Sole 240,000
PLACER DOME INC Common 725906901 7,368 410,000 SH Call Sole 410,000
REGAL ENTMT GROUP Common 758766909 220 10,000 SH Call Sole 10,000
SEARS ROEBUCK & CO Common 812387958 2,578 60,000 SH Put Sole 60,000
SUNOCO INC Common 86764P909 6,862 110,000 SH Call Sole 110,000
THORATEC CORP Common 885175957 498 40,000 SH Put Sole 40,000
UNITED STATES STL Common 912909958 10,436 280,000 SH Put Sole 280,000
CORP NEW
----------
TOTAL $ 47,560
----------
AGGREGATE TOTAL $ 7,745,104
==========
Page 17 of 17 Pages