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, 2003
Check here if Amendment: [ ]; Amendment Number:
-------
This Amendment:
[ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Loews Corporation
- ------------------------------------------------------------------------------
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
- ------------------------------------------------------------------------------
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 12, 2003
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Page 1 of 19
Loews Corporation ("Loews"), by virtue of its approximately 90% 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.
Mr. Laurence A. Tisch owns approximately 10% and Mr. Preston R. Tisch owns
approximately 16% of the outstanding Common Stock of Loews. Mr. Laurence A.
Tisch and Mr. Preston R. Tisch are the Co-Chairmen of the Board of Loews.
Laurence A. Tisch and Preston R. Tisch are brothers and may be deemed to be
control persons of Loews.
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: 224
Form 13F Information Table Value Total: $6,107.9 (thousands)
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
ACCENTURE LTD Common G1150G111 293 13,100 SH Sole 13,100
BERMUDA
ACUITY BRANDS INC Common 00508Y102 247 13,650 SH Sole 13,650
AES CORP Common 00130H105 742 100,000 SH Sole 100,000
AETNA INC NEW Common 00817Y108 561 9,200 SH Sole 9,200
AGILYSYS INC Common 00847J105 281 32,000 SH Sole 32,000
AGRIUM INC Common 008916108 10,028 798,400 SH Sole 798,400
ALCATEL Common 013904305 118 10,000 SH Sole 10,000
ALLSTATE CORP Common 020002101 691 18,925 SH Sole 18,925
AMBAC FINL GROUP Common 023139108 1,920 30,000 SH Sole 30,000
INC
AMERADA HESS CORP Common 023551104 1,358 27,100 SH Sole 27,100
AMERICAN NATL INS Common 028591105 1,937 22,775 SH Sole 22,775
CO
AMERICAN PHYSICIANS Common 028884104 394 14,225 SH Sole 14,225
CAPITAL
ANADARKO PETE CORP Common 032511107 2,297 55,000 SH Sole 55,000
ANGEION CORP Common 03462H404 611 421,665 SH Sole 421,665
ANIXTER INTL INC Common 035290105 293 12,875 SH Sole 12,875
AOL TIME WARNER INC Common 00184A105 3,400 225,000 SH Sole 225,000
AON CORP Common 037389103 1,376 65,975 SH Sole 65,975
------------
TOTAL $ 26,547
------------
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
APPLICA INC Common 03815A106 605 100,000 SH Sole 100,000
ARCH COAL INC Common 039380100 267 12,000 SH Sole 12,000
ARTESYN Common 043127109 107 14,150 SH Sole 14,150
TECHNOLOGIES INC
ASHLAND INC Common 044204105 1,011 30,775 SH Sole 30,775
AT&T WIRELESS SVCS Common 00209A106 4,908 600,000 SH Sole 600,000
INC
BALLARD PWR SYS INC Common 05858H104 530 40,300 SH Sole 40,300
BANK NEW YORK INC Common 064057102 512 17,600 SH Sole 17,600
BARRICK GOLD CORP Common 067901108 9,249 491,200 SH Sole 491,200
BECKMAN COULTER INC Common 075811109 455 10,000 SH Sole 10,000
BECTON DICKINSON & Common 075887109 722 20,000 SH Sole 20,000
CO
BOEING CO Common 097023105 9,430 274,675 SH Sole 274,675
BOWNE & CO INC Common 103043105 324 21,700 SH Sole 21,700
BP PLC Common 055622104 522 12,400 SH Sole 12,400
BRISTOL MYERS Common 110122108 692 26,975 SH Sole 26,975
SQUIBB CO
CABLEVISION SYS Common 12686C109 775 42,800 SH Sole 42,800
CORP
CALPINE CORP Common 131347106 2,608 533,400 SH Sole 533,400
------------
TOTAL $ 32,717
------------
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
CAPSTONE TURBINE Common 14067D102 555 293,500 SH Sole 293,500
CORP
CENTEX CORP Common 152312104 2,336 30,000 SH Sole 30,000
CHEVRONTEXACO CORP Common 166764100 1,072 15,000 SH Sole 15,000
CHICAGO BRIDGE & Common 167250109 679 25,000 SH Sole 25,000
IRON CO N V
CHIQUITA BRANDS Common 170032809 354 20,000 SH Sole 20,000
INTL INC
CHUNGHWA TELECOM CO Common 17133Q205 1,083 77,300 SH Sole 77,300
LTD
CIGNA CORP Common 125509109 1,148 25,700 SH Sole 25,700
CISCO SYS INC Common 17275R102 392 20,000 SH Sole 20,000
CIT GROUP INC Common 125581108 869 30,225 SH Sole 30,225
CITIGROUP INC Common 172967101 5,297 116,400 SH Sole 116,400
CITIZENS Common 17453B101 1,682 150,000 SH Sole 150,000
COMMUNICATIONS CO
CLEVELAND CLIFFS Common 185896107 13,334 520,850 SH Sole 520,850
INC
CNA FINL CORP Common 126117100 4,231,189 201,293,500 SH Sole 201,293,500
CNF INC Common 12612W104 984 30,700 SH Sole 30,700
CNH GLOBAL N V Common N20935206 1,315 102,600 SH Sole 102,600
------------
TOTAL $ 4,262,289
------------
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
COMMSCOPE INC Common 203372107 241 19,950 SH Sole 19,950
COMPANHIA VALE DO Common 204412100 6,177 167,400 SH Sole 167,400
RIO DOCE
COMPUTER ASSOC INTL Common 204912109 800 30,650 SH Sole 30,650
INC
CONOCOPHILLIPS Common 20825C104 1,771 32,350 SH Sole 32,350
COOPER INDS LTD Common G24182100 1,724 35,900 SH Sole 35,900
CYTEC INDS INC Common 232820100 734 20,100 SH Sole 20,100
D R HORTON INC Common 23331A109 4,905 150,000 SH Sole 150,000
DEL MONTE FOODS CO Common 24522P103 280 32,200 SH Sole 32,200
DELPHI FINL GROUP Common 247131105 1,955 42,025 SH Sole 42,025
INC
DIAMOND OFFSHORE Common 25271C102 1,338,910 70,100,000 SH Sole 70,100,000
DRILLING INC
DILLARDS INC Common 254067101 798 57,100 SH Sole 57,100
DISNEY WALT CO Common 254687106 807 40,000 SH Sole 40,000
DU PONT E I DE Common 263534109 400 10,000 SH Sole 10,000
NEMOURS & CO
DUKE ENERGY CORP Common 264399106 518 29,100 SH Sole 29,100
EL PASO CORP Common 28336L109 350 47,900 SH Sole 47,900
------------
TOTAL $ 1,360,370
------------
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
ELDERTRUST Common 284560109 176 17,900 SH Sole 17,900
ENTERGY CORP NEW Common 29364G103 704 13,000 SH Sole 13,000
ESTERLINE Common 297425100 264 13,700 SH Sole 13,700
TECHNOLOGIES CORP
EXPRESSJET HOLDINGS Common 30218U108 195 14,100 SH Sole 14,100
INC
F M C CORP Common 302491303 8,382 332,600 SH Sole 332,600
FEDERAL HOME LN MTG Common 313400301 1,042 19,900 SH Sole 19,900
CORP
FEDERATED DEPT Common 31410H101 3,130 74,700 SH Sole 74,700
STORES INC DEL
FIRST NIAGARA FINL Common 33582V108 151 10,000 SH Sole 10,000
GP INC
FLEETBOSTON FINL Common 339030108 390 12,925 SH Sole 12,925
CORP
FMC TECHNOLOGIES Common 30249U101 693 32,375 SH Sole 32,375
INC
FOOTSTAR INC Common 344912100 179 26,475 SH Sole 26,475
FORD MTR CO DEL Common 345370860 668 62,000 SH Sole 62,000
FPL Group Inc Common 302571104 891 14,100 SH Sole 14,100
GAP INC DEL Common 364760108 1,541 90,000 SH Sole 90,000
GENERAL CABLE CORP Common 369300108 10,095 1,268,225 SH Sole 1,268,225
DEL NEW
------------
TOTAL $ 28,501
------------
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
GENERAL ELEC CO Common 369604103 695 23,300 SH Sole 23,300
GENERAL MTRS CORP Common 370442832 1,431 100,000 SH Sole 100,000
GENESIS HEALTH Common 37183F107 12,807 529,000 SH Sole 529,000
VENTURE INC NEW
GEORGIA PAC CORP Common 373298108 592 24,425 SH Sole 24,425
GIBRALTAR STL CORP Common 37476F103 3,906 180,000 SH Sole 180,000
GLAMIS GOLD LTD Common 376775102 2,825 214,000 SH Sole 214,000
GLIMCHER RLTY TR Common 379302102 281 13,350 SH Sole 13,350
GROUP 1 AUTOMOTIVE Common 398905109 4,994 144,600 SH Sole 144,600
INC
HEALTH NET INC Common 42222G108 501 15,825 SH Sole 15,825
HEINZ H J CO Common 423074103 1,028 30,000 SH Sole 30,000
HEWLETT PACKARD CO Common 428236103 963 49,750 SH Sole 49,750
IMC GLOBAL INC Common 449669100 1,952 304,500 SH Sole 304,500
INFOCUS CORP Common 45665B106 156 32,100 SH Sole 32,100
INGERSOLL-RAND Common 456866102 534 10,000 SH Sole 10,000
COMPANY LTD
------------
TOTAL $ 32,665
------------
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
INGRAM MICRO INC Common 457153104 261 20,000 SH Sole 20,000
INTERNATIONAL Common 459200101 4,417 50,000 SH Sole 50,000
BUSINESS MACHS
INTERSTATE BAKERIES Common 46072H108 337 22,475 SH Sole 22,475
CORP DEL
IONICS INC Common 462218108 978 40,000 SH Sole 40,000
IPC HLDGS LTD Common G4933P101 1,360 38,825 SH Sole 38,825
ISHARES INC Common 464286871 6,156 650,000 SH Sole 650,000
ISHARES INC Common 464286848 12,264 1,400,000 SH Sole 1,400,000
ISHARES INC Common 464286673 2,842 508,400 SH Sole 508,400
KERR MCGEE CORP Common 492386107 2,009 45,000 SH Sole 45,000
KINDRED HEALTHCARE Common 494580103 5,616 150,000 SH Sole 150,000
INC
KOREA ELECTRIC PWR Common 500631106 3,932 373,800 SH Sole 373,800
KROGER CO Common 501044101 1,340 75,000 SH Sole 75,000
LA QUINTA CORP Common 50419U202 10,309 1,654,800 SH Sole 1,654,800
LEAR CORP Common 521865105 924 17,550 SH Sole 17,550
LENNOX INTL INC Common 526107107 9,778 669,300 SH Sole 669,300
LIBERTY MEDIA CORP Common 530718105 1,907 191,300 SH Sole 191,300
NEW
LINCOLN NATL CORP Common 534187109 1,415 40,000 SH Sole 40,000
IND
LOCKHEED MARTIN Common 539830109 609 13,200 SH Sole 13,200
CORP
------------
TOTAL $ 66,454
------------
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
LUBRIZOL CORP Common 549271104 402 12,375 SH Sole 12,375
MBIA INC Common 55262C100 526 9,575 SH Sole 9,575
MEDIACOM Common 58446K105 671 100,000 SH Sole 100,000
COMMUNICATIONS CORP
METALS USA INC Common 591324207 630 100,000 SH Sole 100,000
METHANEX CORP Common 59151K108 558 59,700 SH Sole 59,700
METROMEDIA INTL Common 591695101 7 50,213 SH Sole 50,213
GROUP INC
MICROSOFT CORP Common 594918104 414 14,900 SH Sole 14,900
MILACRON INC Common 598709103 72 31,500 SH Sole 31,500
MIRAMAR MINING CORP Common 60466E100 501 300,000 SH Sole 300,000
MONSANTO CO NEW Common 61166W101 3,112 130,000 SH Sole 130,000
MORGAN STANLEY ASIA Common 61744U106 360 37,800 SH Sole 37,800
PAC FD INC
MORGAN STANLEY Common 61745C105 352 23,100 SH Sole 23,100
INDIA INVS FD
MOTOROLA INC Common 620076109 598 50,000 SH Sole 50,000
MUELLER INDS INC Common 624756102 10,371 407,500 SH Sole 407,500
NACCO INDS INC Common 629579103 327 4,575 SH Sole 4,575
------------
TOTAL $ 18,901
------------
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
NEWHALL LAND & Common 651426108 407 10,300 SH Sole 10,300
FARMING CO CAL
NEWS CORP LTD Common 652487802 3,187 116,800 SH Sole 116,800
NEWS CORP LTD Common 652487703 3,280 100,000 SH Sole 100,000
NORTEL NETWORKS Common 656568102 164 40,000 SH Sole 40,000
CORP NEW
NORTHERN TR CORP Common 665859104 652 15,400 SH Sole 15,400
OFFICE DEPOT INC Common 676220106 4,087 290,900 SH Sole 290,900
OHIO CAS CORP Common 677240103 349 24,150 SH Sole 24,150
OLD REP INTL CORP Common 680223104 2,124 64,200 SH Sole 64,200
ORIENT-EXPRESS Common G67743107 5,767 369,700 SH Sole 369,700
HOTELS LTD
PATHMARK STORES INC Common 70322A101 802 115,030 SH Sole 115,030
NEW
PAYLESS SHOESOURCE Common 704379106 704 54,425 SH Sole 54,425
INC
PEABODY ENERGY CORP Common 704549104 314 10,000 SH Sole 10,000
PEPCO HOLDINGS INC Common 713291102 527 30,500 SH Sole 30,500
PFIZER INC Common 717081103 2,166 71,300 SH Sole 71,300
------------
TOTAL $ 24,530
------------
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
PITNEY BOWES INC Common 724479100 383 10,000 SH Sole 10,000
PLACER DOME INC Common 725906101 6,113 444,600 SH Sole 444,600
PNM RES INC Common 69349H107 264 9,400 SH Sole 9,400
POTASH CORP SASK Common 73755L107 4,304 61,000 SH Sole 61,000
INC
PPL CORP Common 69351T106 774 18,900 SH Sole 18,900
PULTE HOMES INC Common 745867101 3,060 45,000 SH Sole 45,000
R H DONNELLEY CORP Common 74955W307 226 5,600 SH Sole 5,600
RADIAN GROUP INC Common 750236101 464 10,450 SH Sole 10,450
RAYTHEON CO Common 755111507 3,080 110,000 SH Sole 110,000
RELIANT RES INC Common 75952B105 293 57,200 SH Sole 57,200
RENAISSANCE RE Common G7496G103 1,825 40,000 SH Sole 40,000
HLDGS LTD
RUSSELL CORP Common 782352108 4,458 273,500 SH Sole 273,500
RYERSON TULL INC Common 78375P107 11,012 1,411,800 SH Sole 1,411,800
NEW
SCANA CORP NEW Common 80589M102 349 10,200 SH Sole 10,200
SCHERING PLOUGH Common 806605101 1,573 103,225 SH Sole 103,225
CORP
SCHLUMBERGER LTD Common 806857108 1,936 40,000 SH Sole 40,000
------------
TOTAL $ 40,114
------------
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
SERVICEMASTER CO Common 81760N109 325 31,725 SH Sole 31,725
SPHERION CORP Common 848420105 304 43,650 SH Sole 43,650
SPRINT CORP Common 852061506 2,887 503,900 SH Sole 503,900
STEIN MART INC Common 858375108 119 22,050 SH Sole 22,050
SUNTERRA CORP Common 86787D208 1,100 100,000 SH Sole 100,000
TEJON RANCH CO DEL Common 879080109 296 8,900 SH Sole 8,900
TELLABS INC Common 879664100 315 46,225 SH Sole 46,225
TENET HEALTHCARE Common 88033G100 687 47,450 SH Sole 47,450
CORP
TEXTRON INC Common 883203101 466 11,800 SH Sole 11,800
THORATEC CORP Common 885175307 5,097 300,000 SH Sole 300,000
TRANSOCEAN INC Common G90078109 9,500 475,000 SH Sole 475,000
TRAVELERS PPTY CAS Common 89420G109 635 40,000 SH Sole 40,000
CORP NEW
TRIARC COS-B W/I Common 895927309 180 17,300 SH Sole 17,300
TRINITY INDS INC Common 896522109 225 8,700 SH Sole 8,700
------------
TOTAL $ 22,136
------------
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
TXU CORP Common 873168108 3,534 150,000 SH Sole 150,000
TYCO INTL LTD NEW Common 902124106 231 11,325 SH Sole 11,325
UNIFI INC Common 904677101 7,396 1,540,800 SH Sole 1,540,800
UNIVERSAL CORP VA Common 913456109 268 6,350 SH Sole 6,350
UNIVERSAL HLTH SVCS Common 913903100 1,236 25,000 SH Sole 25,000
INC
UNOCAL CORP Common 915289102 1,431 45,400 SH Sole 45,400
USEC INC Common 90333E108 2,801 428,900 SH Sole 428,900
USF CORP Common 91729Q101 271 8,575 SH Sole 8,575
VALERO ENERGY CORP Common 91913Y100 1,339 35,000 SH Sole 35,000
NEW
VENTAS INC Common 92276F100 9,453 552,150 SH Sole 552,150
VIAD CORP Common 92552R109 1,196 50,075 SH Sole 50,075
VISTEON CORP Common 92839U107 5,497 832,900 SH Sole 832,900
VODAFONE GROUP PLC Common 92857W100 3,038 150,000 SH Sole 150,000
NEW
WASHINGTON MUT INC Common 939322103 807 20,500 SH Sole 20,500
WHIRLPOOL CORP Common 963320106 998 14,725 SH Sole 14,725
WILLIAMS COS INC Common 969457100 1,122 119,100 SH Sole 119,100
DEL
WILSONS THE LEATHER Common 972463103 232 29,075 SH Sole 29,075
EXPERTS
------------
TOTAL $ 40,582
------------
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
WISCONSIN ENERGY Common 976657106 352 11,500 SH Sole 11,500
CORP
XCEL ENERGY INC Common 98389B100 764 49,400 SH Sole 49,400
YORK INTL CORP NEW Common 986670107 419 12,125 SH Sole 12,125
----------
TOTAL $ 1,535
----------
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
ABBOTT LABS Common 002824950 4,255 100,000 SH Put Sole 100,000
AES CORP Common 00130H955 742 100,000 SH Put Sole 100,000
ALCATEL Common 013904955 1,775 150,000 SH Put Sole 150,000
AMERADA HESS CORP Common 023551954 6,758 134,900 SH Put Sole 134,900
BALLARD PWR SYS INC Common 05858H954 2,104 160,000 SH Put Sole 160,000
BARRICK GOLD CORP Common 067901908 15,817 840,000 SH Call Sole 840,000
BROADCOM CORP Common 111320957 3,732 140,000 SH Put Sole 140,000
CALPINE CORP Common 131347956 1,467 300,000 SH Put Sole 300,000
CENDANT CORP Common 151313953 3,215 172,000 SH Put Sole 172,000
CHUBB CORP Common 171232951 2,595 40,000 SH Put Sole 40,000
CISCO SYS INC Common 17275R952 2,743 140,000 SH Put Sole 140,000
DISNEY WALT CO Common 254687956 5,043 250,000 SH Put Sole 250,000
DU PONT E I DE Common 263534959 4,001 100,000 SH Put Sole 100,000
NEMOURS & CO
FEDERAL NATL MTG Common 313586959 19,656 280,000 SH Put Sole 280,000
ASSN
FORD MTR CO DEL Common 345370950 1,077 100,000 SH Put Sole 100,000
GAP INC DEL Common 364760958 3,424 200,000 SH Put Sole 200,000
GENERAL MTRS CORP Common 370442955 1,637 40,000 SH Put Sole 40,000
------------
TOTAL $ 80,041
------------
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
INTERNATIONAL Common 459200951 4,417 50,000 SH Put Sole 50,000
BUSINESS MACHS
INTL PAPER CO Common 460146953 3,902 100,000 SH Put Sole 100,000
MONSANTO CO NEW Common 61166W951 2,394 100,000 SH Put Sole 100,000
MOTOROLA INC Common 620076959 717 60,000 SH Put Sole 60,000
NETFLIX COM INC Common 64110L906 671 20,000 SH Call Sole 20,000
NORTEL NETWORKS Common 656568952 820 200,000 SH Put Sole 200,000
CORP NEW
PFIZER INC Common 717081953 7,595 250,000 SH Put Sole 250,000
PHELPS DODGE CORP Common 717265952 6,786 145,000 SH Put Sole 145,000
PLACER DOME INC Common 725906901 4,813 350,000 SH Call Sole 350,000
QUALCOMM INC Common 747525953 1,667 40,000 SH Put Sole 40,000
SCHERING PLOUGH Common 806605951 1,829 120,000 SH Put Sole 120,000
CORP
SCHLUMBERGER LTD Common 806857958 4,840 100,000 SH Put Sole 100,000
SEARS ROEBUCK & CO Common 812387958 2,624 60,000 SH Put Sole 60,000
SOUTHWEST AIRLS CO Common 844741958 2,655 150,000 SH Put Sole 150,000
SUNOCO INC Common 86764P909 6,837 170,000 SH Call Sole 170,000
------------
TOTAL $ 52,567
------------
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
TEXAS INSTRS INC Common 882508954 2,280 100,000 SH Put Sole 100,000
TIFFANY & CO NEW Common 886547958 3,733 100,000 SH Put Sole 100,000
TYCO INTL LTD NEW Common 902124956 6,129 300,000 SH Put Sole 300,000
UNION PAC CORP Common 907818958 5,817 100,000 SH Put Sole 100,000
----------
TOTAL $ 17,959
----------
AGGREGATE TOTAL $ 6,107,908
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Page 19 of 19 Pages
