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 June 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: August 2, 2005
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Page 1 of 19
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 19
FORM 13F SUMMARY PAGE
REPORT SUMMARY
Number of Other Included Managers: NONE.
Form 13F Information Table Entry Total: 217
Form 13F Information Table Value Total: $10,981.9 (million)
List of Other Included Managers: NONE.
Page 3 of 19
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 9,399 130,000 SH Sole 130,000
ACCENTURE LTD Common G1150G111 4,237 186,900 SH Sole 186,900
BERMUDA
AFFILIATED COMPUTER Common 008190100 511 10,000 SH Sole 10,000
SERVICES
AFTERMARKET Common 008318107 210 12,050 SH Sole 12,050
TECHNOLOGY CORP
ALLIANCE CAPITAL Common 01855A101 2,337 50,000 SH Sole 50,000
MGMT HOLD
ALLSTATE CORP Common 020002101 1,131 18,925 SH Sole 18,925
AMBAC FINL GROUP Common 023139108 2,093 30,000 SH Sole 30,000
INC
AMERICAN HOME MTG Common 02660R107 505 14,450 SH Sole 14,450
INVT CORP
AMERICAN Common 026874107 2,673 46,000 SH Sole 46,000
INTERNATIONAL GROUP
AMERICAN NATL INS Common 028591105 2,692 23,475 SH Sole 23,475
CO
AMERICAN PHYSICIANS Common 028884104 412 11,100 SH Sole 11,100
CAPITAL
AMERISOURCEBERGEN Common 03073E105 602 8,700 SH Sole 8,700
CORP
AMERUS GROUP CO Common 03072M108 321 6,675 SH Sole 6,675
------------
TOTAL $ 27,123
------------
Page 4 of 19 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 6,572 80,000 SH Sole 80,000
ANHEUSER BUSCH COS Common 035229103 1,075 23,500 SH Sole 23,500
INC
AON CORP Common 037389103 2,028 81,000 SH Sole 81,000
APPLICA INC Common 03815A106 110 34,000 SH Sole 34,000
AQUILA INC Common 03840P102 305 84,400 SH Sole 84,400
ARVINMERITOR INC Common 043353101 697 39,200 SH Sole 39,200
ASHLAND INC Common 044209104 995 13,850 SH Sole 13,850
AURIZON MINES LTD Common 05155P106 847 871,635 SH Sole 871,635
BANK NEW YORK INC Common 064057102 507 17,600 SH Sole 17,600
BANK OF AMERICA Common 060505104 6,842 150,000 SH Sole 150,000
CORPORATION
BARRICK GOLD CORP Common 067901108 2,753 110,000 SH Sole 110,000
BEARINGPOINT INC Common 074002106 1,625 221,725 SH Sole 221,725
BECKMAN COULTER INC Common 075811109 636 10,000 SH Sole 10,000
BEMA GOLD CORP Common 08135F107 271 113,200 SH Sole 113,200
BOEING CO Common 097023105 1,869 28,325 SH Sole 28,325
BOWNE & CO INC Common 103043105 303 20,950 SH Sole 20,950
------------
TOTAL $ 27,435
------------
Page 5 of 19 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 7,688 307,750 SH Sole 307,750
SQUIBB CO
BURLINGTON RES INC Common 122014103 3,314 60,000 SH Sole 60,000
CABLEVISION SYS Common 12686C109 425 13,200 SH Sole 13,200
CORP
CAMBIOR INC Common 13201L103 2,065 962,139 SH Sole 962,139
CENTEX CORP Common 152312104 4,947 70,000 SH Sole 70,000
CENTRAL EUROPE & Common 153436100 344 11,200 SH Sole 11,200
RUSSIA FUND
CIA DE MINAS Common 204448104 1,230 53,500 SH Sole 53,500
BUENAVENTUR-ADR
CIBER INC Common 17163B102 446 55,900 SH Sole 55,900
CIGNA CORP Common 125509109 872 8,150 SH Sole 8,150
CINERGY CORP Common 172474108 1,618 36,100 SH Sole 36,100
CIT GROUP INC Common 125581108 812 18,900 SH Sole 18,900
CITIGROUP INC Common 172967101 13,631 294,850 SH Sole 294,850
CLAIRES STORES INC Common 179584107 1,082 45,000 SH Sole 45,000
CNA FINL CORP Common 126117100 6,639,495 233,620,515 SH Sole 233,620,515
COMCAST CORP NEW Common 20030N101 1,644 53,600 SH Sole 53,600
------------
TOTAL $ 6,679,613
------------
Page 6 of 19 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
COMCAST CORP NEW Common 20030N200 22,313 745,000 SH Sole 745,000
COMMSCOPE INC Common 203372107 370 21,275 SH Sole 21,275
COMPUTER ASSOC INTL Common 204912109 1,125 40,947 SH Sole 40,947
INC
CONOCOPHILLIPS Common 20825C104 2,875 50,000 SH Sole 50,000
CRYSTALLEX INTL Common 22942F101 111 30,785 SH Sole 30,785
CORP
CUMBERLAND Common 23077R100 799 698,900 SH Sole 698,900
RESOURCES LTD
D R HORTON INC Common 23331A109 376 10,000 SH Sole 10,000
DEL MONTE FOODS CO Common 24522P103 476 44,175 SH Sole 44,175
DELPHI FINL GROUP Common 247131105 354 8,012 SH Sole 8,012
INC
DEX MEDIA INC Common 25212E100 1,299 53,200 SH Sole 53,200
DIAGEO P L C Common 25243Q205 919 15,500 SH Sole 15,500
DIAMOND OFFSHORE Common 25271C102 3,745,689 70,104,620 SH Sole 70,104,620
DRILLING INC
DISNEY WALT CO Common 254687106 1,090 43,300 SH Sole 43,300
DPL INC Common 233293109 917 33,400 SH Sole 33,400
EDUCATION REALTY Common 28140H104 732 40,000 SH Sole 40,000
TRUST INC
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TOTAL $ 3,779,445
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Page 7 of 19 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
EMPRESA BRASILIERA Common 29081M102 1,554 47,000 SH Sole 47,000
DE AE-ADR
ENTERGY CORP NEW Common 29364G103 385 5,100 SH Sole 5,100
EXELON CORP Common 30161N101 703 13,700 SH Sole 13,700
EXPRESSJET HOLDINGS Common 30218U108 545 64,100 SH Sole 64,100
INC
F M C CORP Common 302491303 947 16,875 SH Sole 16,875
FEDERAL HOME LN MTG Common 313400301 1,530 23,450 SH Sole 23,450
CORP
FEDERAL NATL MTG Common 313586109 1,200 20,550 SH Sole 20,550
ASSN
FIRST AMERN CORP Common 318522307 932 23,225 SH Sole 23,225
CALIF
FREESCALE Common 35687M107 4,727 225,000 SH Sole 225,000
SEMICONDUCTOR-A
GENERAL CABLE CORP Common 369300108 347 23,425 SH Sole 23,425
DEL NEW
GENERAL ELEC CO Common 369604103 807 23,300 SH Sole 23,300
GLAXOSMITHKLINE Common 37733W105 1,455 30,000 SH Sole 30,000
PLC-ADR
GLENBOROUGH RLTY TR Common 37803P105 243 11,800 SH Sole 11,800
INC
GOLD RESERVE INC Common 38068N108 239 73,705 SH Sole 73,705
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TOTAL $ 15,614
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Page 8 of 19 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
GOLDEN STAR Common 38119T104 1,190 383,922 SH Sole 383,922
RESOURCES LTD
HANGER ORTHOPEDIC Common 41043F208 135 26,800 SH Sole 26,800
GROUP INC
HEALTH NET INC Common 42222G108 1,257 32,950 SH Sole 32,950
HECLA MINING CO Common 422704106 1,023 224,380 SH Sole 224,380
HELEN OF TROY CORP Common G4388N106 4,030 158,300 SH Sole 158,300
LTD
HEWLETT PACKARD CO Common 428236103 1,813 77,125 SH Sole 77,125
HILFIGER TOMMY CORP Common G8915Z102 140 12,425 SH Sole 12,425
HORACE MANN Common 440327104 462 24,525 SH Sole 24,525
EDUCATORS
HUDSON CITY BANCORP Common 443683107 456 40,000 SH Sole 40,000
INC
IAMGOLD CORPORATION Common 450913108 1,350 200,000 SH Sole 200,000
IDACORP INC Common 451107106 342 11,150 SH Sole 11,150
IDT CORP-CL B Common 448947309 2,116 160,800 SH Sole 160,800
INTERNATIONAL Common 459200101 15,211 205,000 SH Sole 205,000
BUSINESS MACHS
IPC HLDGS LTD Common G4933P101 1,616 40,775 SH Sole 40,775
ISHARES INC Common 464286848 24,083 2,375,000 SH Sole 2,375,000
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TOTAL $ 55,224
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Page 9 of 19 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 749 21,200 SH Sole 21,200
CO
JANUS CAP GROUP INC Common 47102X105 600 39,900 SH Sole 39,900
KELLWOOD CO Common 488044108 300 11,150 SH Sole 11,150
KELLY SERVICES INC Common 488152208 317 11,075 SH Sole 11,075
-CL A
KENNAMETAL INC Common 489170100 417 9,100 SH Sole 9,100
KINROSS GOLD CORP Common 496902404 1,191 195,200 SH Sole 195,200
KONINKLIJKE PHILIPS Common 500472303 1,063 42,200 SH Sole 42,200
ELECTRS NV
LEAR CORP Common 521865105 2,025 55,675 SH Sole 55,675
LEXMARK INTL NEW Common 529771107 3,566 55,000 SH Sole 55,000
LIBERTY MEDIA CORP Common 530718105 5,337 523,700 SH Sole 523,700
NEW
LINCOLN NATL CORP Common 534187109 2,815 60,000 SH Sole 60,000
IND
MATERIALS SELECT Common 81369Y100 1,357 50,000 SH Sole 50,000
SECTOR SPDR
MAXTOR CORP Common 577729205 5,044 970,000 SH Sole 970,000
MAYTAG CORP Common 578592107 245 15,625 SH Sole 15,625
MCI INC Common 552691107 1,224 47,600 SH Sole 47,600
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TOTAL $ 26,250
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Page 10 of 19 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
MCKESSON CORP Common 58155Q103 1,177 26,275 SH Sole 26,275
MEADWESTVACO CORP Common 583334107 2,510 89,500 SH Sole 89,500
MEDIACOM Common 58446K105 1,374 200,000 SH Sole 200,000
COMMUNICATIONS CORP
MEDTRONIC INC Common 585055106 1,554 30,000 SH Sole 30,000
MERCK & CO INC Common 589331107 10,010 325,000 SH Sole 325,000
METALLICA RESOURCES Common 59125J104 782 634,400 SH Sole 634,400
INC
METLIFE INC Common 59156R108 1,770 39,375 SH Sole 39,375
MICROSOFT CORP Common 594918104 26,358 1,061,125 SH Sole 1,061,125
MILACRON INC Common 598709103 86 45,738 SH Sole 45,738
MINEFINDERS CORP Common 602900102 855 183,800 SH Sole 183,800
MIRAMAR MINING CORP Common 60466E100 1,290 1,111,900 SH Sole 1,111,900
MOLINA HEALTHCARE Common 60855R100 1,328 30,000 SH Sole 30,000
INC
MONEYGRAM Common 60935Y109 885 46,275 SH Sole 46,275
INTERNATIONAL-W/I
MORGAN STANLEY Common 617446448 1,282 24,425 SH Sole 24,425
NACCO INDS INC Common 629579103 327 3,050 SH Sole 3,050
NATIONSHEALTH INC Common 63860C100 949 170,000 SH Sole 170,000
------------
TOTAL $ 52,537
------------
Page 11 of 19 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
NCI BUILDING SYS Common 628852105 423 12,900 SH Sole 12,900
INC
NEWELL RUBBERMAID Common 651229106 4,935 207,000 SH Sole 207,000
INC
NEWS CORP INC Common 65248E203 3,793 225,000 SH Sole 225,000
NEWS CORP INC Common 65248E104 5,545 342,705 SH Sole 342,705
NISOURCE INC Common 65473P105 1,380 55,800 SH Sole 55,800
NORTEL NETWORKS Common 656568102 3,915 1,500,000 SH Sole 1,500,000
CORP NEW
NORTHERN TR CORP Common 665859104 702 15,400 SH Sole 15,400
OLD REP INTL CORP Common 680223104 754 29,800 SH Sole 29,800
OMNICARE INC Common 681904108 4,243 100,000 SH Sole 100,000
PAN AMERICAN SILVER Common 697900108 1,074 72,600 SH Sole 72,600
CORP
PETROLEO BRASILEIRO Common 71654V101 921 20,000 SH Sole 20,000
S.A.-ADR
PETROLEO BRASILEIRO Common 71654V408 1,486 28,500 SH Sole 28,500
SA PETROBR
PFIZER INC Common 717081103 6,059 219,700 SH Sole 219,700
PG&E CORP Common 69331C108 1,490 39,700 SH Sole 39,700
PHARMACEUTICAL Common 71712A206 5,352 73,000 SH Sole 73,000
HLDRS TR
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TOTAL $ 42,072
------------
Page 12 of 19 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
PHH CORP Common 693320202 462 17,975 SH Sole 17,975
PIONEER NAT RES CO Common 723787107 2,104 50,000 SH Sole 50,000
PLACER DOME INC Common 725906101 7,844 509,990 SH Sole 509,990
PRIORITY HEALTHCARE Common 74264T102 585 23,075 SH Sole 23,075
CORP-B
PULTE HOMES INC Common 745867101 7,583 90,000 SH Sole 90,000
QUALCOMM INC Common 747525103 1,651 50,000 SH Sole 50,000
RADIO ONE INC Common 75040P405 639 50,000 SH Sole 50,000
RADIOSHACK CORP Common 750438103 1,862 80,375 SH Sole 80,375
RANDGOLD RESOURCES Common 752344309 1,122 79,804 SH Sole 79,804
LTD-ADR
RAYTHEON CO Common 755111507 5,281 135,000 SH Sole 135,000
REEBOK Common 758110100 8,408 201,000 SH Sole 201,000
INTERNATIONAL LTD
REGIS CORP Common 758932107 3,611 92,400 SH Sole 92,400
REINSURANCE GROUP Common 759351109 698 15,000 SH Sole 15,000
OF AMERICA
RENAISSANCE RE Common G7496G103 3,207 65,125 SH Sole 65,125
HLDGS LTD
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TOTAL $ 45,057
------------
Page 13 of 19 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
RENT A CTR INC NEW Common 76009N100 945 40,575 SH Sole 40,575
SANDISK CORP Common 80004C101 1,898 80,000 SH Sole 80,000
SAPPI LTD Common 803069202 668 61,700 SH Sole 61,700
-SPONSORED ADR
SARA LEE CORP Common 803111103 2,131 107,575 SH Sole 107,575
SCANA CORP NEW Common 80589M102 918 21,500 SH Sole 21,500
SCHWEITZER-MAUDUIT Common 808541106 275 8,825 SH Sole 8,825
INTL INC
SENOMYX INC Common 81724Q107 284 17,200 SH Sole 17,200
SPDR TR Common 78462F103 7,032 59,000 SH Sole 59,000
SPHERION CORP Common 848420105 495 75,000 SH Sole 75,000
SPRINT CORP Common 852061100 6,321 251,950 SH Sole 251,950
STREETTRACKS GOLD Common 863307104 9,774 225,000 SH Sole 225,000
TRUST
TEEKAY SHIPPING Common Y8564W103 1,537 35,000 SH Sole 35,000
MARSHALL ISLND
TEXTRON INC Common 883203101 592 7,800 SH Sole 7,800
THERMO ELECTRON Common 883556102 5,374 200,000 SH Sole 200,000
CORP
THORATEC CORP Common 885175307 5,829 380,000 SH Sole 380,000
TIME WARNER INC Common 887317105 4,587 274,500 SH Sole 274,500
------------
TOTAL $ 48,660
------------
Page 14 of 19 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 1,171 48,100 SH Sole 48,100
TORCHMARK CORP Common 891027104 1,161 22,250 SH Sole 22,250
TRIARC COS INC Common 895927309 257 17,300 SH Sole 17,300
TRIBUNE CO NEW Common 896047107 3,163 89,900 SH Sole 89,900
TRINITY INDS INC Common 896522109 368 11,475 SH Sole 11,475
TXU CORP Common 873168108 2,077 25,000 SH Sole 25,000
TYCO INTL LTD NEW Common 902124106 10,220 350,000 SH Sole 350,000
UNION PAC CORP Common 907818108 1,162 17,925 SH Sole 17,925
UNITED AMERICA Common 90933T109 248 14,400 SH Sole 14,400
INDEMNITY-A
UNITED STATIONERS Common 913004107 361 7,350 SH Sole 7,350
INC
UNIVERSAL CORP VA Common 913456109 278 6,350 SH Sole 6,350
UNOCAL CORP Common 915289102 1,529 23,500 SH Sole 23,500
USI HOLDINGS CORP Common 90333H101 356 27,625 SH Sole 27,625
VALASSIS Common 918866104 410 11,075 SH Sole 11,075
COMMUNICATIONS INC
VALERO ENERGY CORP Common 91913Y100 6,171 78,000 SH Sole 78,000
NEW
------------
TOTAL $ 28,932
------------
Page 15 of 19 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
VARIAN MED SYS INC Common 92220P105 1,120 30,000 SH Sole 30,000
VERIZON Common 92343V104 387 11,200 SH Sole 11,200
COMMUNICATIONS
VIAD CORP Common 92552R406 806 28,432 SH Sole 28,432
VINTAGE PETE INC Common 927460105 762 25,000 SH Sole 25,000
VODAFONE GROUP PLC Common 92857W100 2,918 120,000 SH Sole 120,000
NEW
WACHOVIA CORP 2ND Common 929903102 808 16,300 SH Sole 16,300
NEW
WASHINGTON MUT INC Common 939322103 730 17,950 SH Sole 17,950
WEYERHAEUSER CO Common 962166104 2,425 38,100 SH Sole 38,100
WHIRLPOOL CORP Common 963320106 1,378 19,650 SH Sole 19,650
WILLIAMS COS INC Common 969457100 1,374 72,300 SH Sole 72,300
DEL
WISCONSIN ENERGY Common 976657106 1,593 40,850 SH Sole 40,850
CORP
WYETH Common 983024100 449 10,100 SH Sole 10,100
XCEL ENERGY INC Common 98389B100 722 37,000 SH Sole 37,000
XERIUM TECHNOLOGIES Common 98416J100 4,568 385,500 SH Sole 385,500
INC
XL CAP LTD Common G98255105 1,098 14,750 SH Sole 14,750
------------
TOTAL $ 21,138
------------
Page 16 of 19 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
YORK INTL CORP NEW Common 986670107 311 8,175 SH Sole 8,175
ZIMMER HOLDINGS INC Common 98956P102 3,047 40,000 SH Sole 40,000
----------
TOTAL $ 3,358
----------
Page 17 of 19 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
BARRICK GOLD CORP Common 067901908 20,024 800,000 SH Call Sole 800,000
CHEVRONTEXACO CORP Common 166764950 1,012 18,100 SH Put Sole 18,100
D R HORTON INC Common 23331A959 752 20,000 SH Put Sole 20,000
DISNEY WALT CO Common 254687956 2,518 100,000 SH Put Sole 100,000
INTERNATIONAL Common 459200901 2,968 40,000 SH Call Sole 40,000
BUSINESS MACHS
INTERNATIONAL Common 459200951 7,420 100,000 SH Put Sole 100,000
BUSINESS MACHS
MEDTRONIC INC Common 585055956 3,107 60,000 SH Put Sole 60,000
MICROSOFT CORP Common 594918954 12,917 520,000 SH Put Sole 520,000
MORGAN STANLEY Common 617446908 15,741 300,000 SH Call Sole 300,000
NEWELL RUBBERMAID Common 651229956 1,430 60,000 SH Put Sole 60,000
INC
PHELPS DODGE CORP Common 717265952 12,950 140,000 SH Put Sole 140,000
PLACER DOME INC Common 725906901 6,613 430,000 SH Call Sole 430,000
QUALCOMM INC Common 747525953 3,301 100,000 SH Put Sole 100,000
SANDISK CORP Common 80004C901 949 40,000 SH Call Sole 40,000
SANDISK CORP Common 80004C951 1,898 80,000 SH Put Sole 80,000
SARA LEE CORP Common 803111953 1,189 60,000 SH Put Sole 60,000
THORATEC CORP Common 885175957 307 20,000 SH Put Sole 20,000
------------
TOTAL $ 95,096
------------
Page 18 of 19 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
UNION PAC CORP Common 907818908 13,608 210,000 SH Call Sole 210,000
UNITED STATES STL Common 912909958 13,061 380,000 SH Put Sole 380,000
CORP NEW
WHOLE FOODS MKT INC Common 966837956 4,728 40,000 SH Put Sole 40,000
ZIMMER HOLDINGS INC Common 98956P952 3,047 40,000 SH Put Sole 40,000
----------
TOTAL $ 34,444
----------
AGGREGATE TOTAL $ 10,981,998
==========
Page 19 of 19 Pages