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 December 31, 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
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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: February xx, 2004
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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. Preston R. Tisch owns approximately 16% of the outstanding Common Stock
of Loews, and Ms. Wilma S. Tisch, directly or as a nominated executrix of the
estate of her late husband, Mr. Laurence A. Tisch, owns approximately 10% of
the outstanding Common Stock of Loews. Mr. P.R. Tisch was the brother of Mr.
L.A. Tisch and the brother-in-law of Mrs. W.S. Tisch. He is the Chairman of
the Board of Loews and may be deemed to be a control person 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: 238
Form 13F Information Table Value Total: $6,905.7 (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 345 13,100 SH Sole 13,100
BERMUDA
AES CORP Common 00130H105 566 60,000 SH Sole 60,000
AETNA INC NEW Common 00817Y108 622 9,200 SH Sole 9,200
AGILYSYS INC Common 00847J105 294 26,400 SH Sole 26,400
ALCATEL Common 013904305 129 10,000 SH Sole 10,000
ALLSTATE CORP Common 020002101 814 18,925 SH Sole 18,925
AMBAC FINL GROUP Common 023139108 2,082 30,000 SH Sole 30,000
INC
AMERADA HESS CORP Common 023551104 1,441 27,100 SH Sole 27,100
AMERICAN NATL INS Common 028591105 1,983 23,475 SH Sole 23,475
CO
AMERICAN PHYSICIANS Common 028884104 309 16,800 SH Sole 16,800
CAPITAL
ANADARKO PETE CORP Common 032511107 3,571 70,000 SH Sole 70,000
ANGEION CORP Common 03462H404 628 356,665 SH Sole 356,665
ANIXTER INTL INC Common 035290105 333 12,875 SH Sole 12,875
AON CORP Common 037389103 1,883 78,675 SH Sole 78,675
APPLICA INC Common 03815A106 684 90,000 SH Sole 90,000
APRIA HEALTHCARE Common 037933108 4,271 150,000 SH Sole 150,000
GROUP INC
------------
TOTAL $ 19,955
------------
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
ARTESYN Common 043127109 121 14,150 SH Sole 14,150
TECHNOLOGIES INC
ARVINMERITOR INC Common 043353101 293 12,150 SH Sole 12,150
ASHLAND INC Common 044204105 1,356 30,775 SH Sole 30,775
AT&T WIRELESS SVCS Common 00209A106 4,794 600,000 SH Sole 600,000
INC
BAKER HUGHES INC Common 057224107 284 8,820 SH Sole 8,820
BALLARD PWR SYS INC Common 05858H104 477 40,300 SH Sole 40,300
BANK NEW YORK INC Common 064057102 583 17,600 SH Sole 17,600
BARRICK GOLD CORP Common 067901108 7,244 319,000 SH Sole 319,000
BECKMAN COULTER INC Common 075811109 508 10,000 SH Sole 10,000
BECTON DICKINSON & Common 075887109 823 20,000 SH Sole 20,000
CO
BJ SVCS CO Common 055482103 211 5,880 SH Sole 5,880
BOEING CO Common 097023105 5,481 130,075 SH Sole 130,075
BOWNE & CO INC Common 103043105 294 21,700 SH Sole 21,700
BP PLC Common 055622104 6,948 140,800 SH Sole 140,800
BRISTOL MYERS Common 110122108 451 15,775 SH Sole 15,775
SQUIBB CO
------------
TOTAL $ 29,868
------------
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
CABLEVISION SYS Common 12686C109 1,576 67,400 SH Sole 67,400
CORP
CABOT OIL & GAS Common 127097103 1,468 50,000 SH Sole 50,000
CORP
CALPINE CORP Common 131347106 2,722 565,900 SH Sole 565,900
CAPSTONE TURBINE Common 14067D102 546 293,500 SH Sole 293,500
CORP
CENTEX CORP Common 152312104 3,230 30,000 SH Sole 30,000
CHEVRONTEXACO CORP Common 166764100 1,296 15,000 SH Sole 15,000
CHICAGO BRIDGE & Common 167250109 1,358 47,000 SH Sole 47,000
IRON CO N V
CHIQUITA BRANDS Common 170032809 451 20,000 SH Sole 20,000
INTL INC
CHUNGHWA TELECOM CO Common 17133Q205 1,121 77,300 SH Sole 77,300
LTD
CIGNA CORP Common 125509109 1,596 27,750 SH Sole 27,750
CIT GROUP INC Common 125581108 1,087 30,225 SH Sole 30,225
CITIGROUP INC Common 172967101 5,650 116,400 SH Sole 116,400
CITIZENS Common 17453B101 1,863 150,000 SH Sole 150,000
COMMUNICATIONS CO
CLEVELAND CLIFFS Common 185896107 14,933 293,100 SH Sole 293,100
INC
CNA FINL CORP Common 126117100 4,851,173 201,293,500 SH Sole 201,293,500
------------
TOTAL $ 4,890,070
------------
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
CNF INC Common 12612W104 1,041 30,700 SH Sole 30,700
CNH GLOBAL N V Common N20935206 1,537 92,600 SH Sole 92,600
COMCAST CORP NEW Common 20030N200 3,129 100,000 SH Sole 100,000
COMMSCOPE INC Common 203372107 249 15,225 SH Sole 15,225
COMPUTER ASSOC INTL Common 204912109 1,498 54,800 SH Sole 54,800
INC
CONOCOPHILLIPS Common 20825C104 2,121 32,350 SH Sole 32,350
COOPER INDS LTD Common G24182100 1,799 31,050 SH Sole 31,050
CYTEC INDS INC Common 232820100 858 22,350 SH Sole 22,350
D R HORTON INC Common 23331A109 3,028 70,000 SH Sole 70,000
DEL MONTE FOODS CO Common 24522P103 335 32,200 SH Sole 32,200
DELPHI FINL GROUP Common 247131105 1,099 30,537 SH Sole 30,537
INC
DIAGEO P L C Common 25243Q205 814 15,400 SH Sole 15,400
DIAMOND OFFSHORE Common 25271C102 1,437,846 70,104,620 SH Sole 70,104,620
DRILLING INC
DILLARDS INC Common 254067101 446 27,100 SH Sole 27,100
DISNEY WALT CO Common 254687106 933 40,000 SH Sole 40,000
DU PONT E I DE Common 263534109 918 20,000 SH Sole 20,000
NEMOURS & CO
------------
TOTAL $ 1,457,651
------------
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
EL PASO CORP Common 28336L109 392 47,900 SH Sole 47,900
ELDERTRUST Common 284560109 224 17,900 SH Sole 17,900
ENTERGY CORP NEW Common 29364G103 1,365 23,900 SH Sole 23,900
ESTERLINE Common 297425100 365 13,700 SH Sole 13,700
TECHNOLOGIES CORP
EXPRESSJET HOLDINGS Common 30218U108 212 14,100 SH Sole 14,100
INC
F M C CORP Common 302491303 1,024 30,000 SH Sole 30,000
FEDERAL HOME LN MTG Common 313400301 1,368 23,450 SH Sole 23,450
CORP
FEDERATED DEPT Common 31410H101 3,521 74,700 SH Sole 74,700
STORES INC DEL
FIRST NIAGARA FINL Common 33582V108 150 10,000 SH Sole 10,000
GP INC
FLEETBOSTON FINL Common 339030108 564 12,925 SH Sole 12,925
CORP
FMC TECHNOLOGIES Common 30249U101 993 42,625 SH Sole 42,625
INC
FORD MTR CO DEL Common 345370860 800 50,000 SH Sole 50,000
FPL GROUP INC Common 302571104 922 14,100 SH Sole 14,100
FRIEDMANS INC Common 358438109 235 35,000 SH Sole 35,000
GAP INC DEL Common 364760108 703 30,300 SH Sole 30,300
------------
TOTAL $ 12,838
------------
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 CABLE CORP Common 369300108 6,966 854,725 SH Sole 854,725
DEL NEW
GENERAL ELEC CO Common 369604103 722 23,300 SH Sole 23,300
GENERAL MTRS CORP Common 370442832 1,597 100,000 SH Sole 100,000
GENESIS HEALTHCARE Common 37184D101 3,711 162,900 SH Sole 162,900
CORP
GEORGIA PAC CORP Common 373298108 749 24,425 SH Sole 24,425
GIBRALTAR STL CORP Common 37476F103 6,388 253,800 SH Sole 253,800
GLAMIS GOLD LTD Common 376775102 3,210 187,500 SH Sole 187,500
GLIMCHER RLTY TR Common 379302102 365 16,300 SH Sole 16,300
GLOBALSANTAFE CORP Common G3930E101 208 8,389 SH Sole 8,389
GROUP 1 AUTOMOTIVE Common 398905109 5,595 154,600 SH Sole 154,600
INC
HALLIBURTON CO Common 406216101 240 9,240 SH Sole 9,240
HEALTH NET INC Common 42222G108 517 15,825 SH Sole 15,825
HEINZ H J CO Common 423074103 1,093 30,000 SH Sole 30,000
HEWLETT PACKARD CO Common 428236103 1,143 49,750 SH Sole 49,750
IMC GLOBAL INC Common 449669100 8,734 879,600 SH Sole 879,600
------------
TOTAL $ 41,238
------------
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
INFOCUS CORP Common 45665B106 136 14,050 SH Sole 14,050
INGERSOLL-RAND Common 456866102 679 10,000 SH Sole 10,000
COMPANY LTD
INTERACTIVECORP Common 45840Q101 750 22,100 SH Sole 22,100
INTERNATIONAL Common 459200101 4,634 50,000 SH Sole 50,000
BUSINESS MACHS
INTERNATIONAL STL Common 460377104 5,258 135,000 SH Sole 135,000
GROUP INC
INTERSTATE BAKERIES Common 46072H108 213 14,950 SH Sole 14,950
CORP DEL
IONICS INC Common 462218108 637 20,000 SH Sole 20,000
IPC HLDGS LTD Common G4933P101 1,510 38,825 SH Sole 38,825
ISHARES INC Common 464286871 6,000 600,000 SH Sole 600,000
ISHARES INC Common 464286848 21,344 2,214,100 SH Sole 2,214,100
ISHARES INC Common 464286673 3,050 508,400 SH Sole 508,400
KENNAMETAL INC Common 489170100 201 5,050 SH Sole 5,050
KINDRED HEALTHCARE Common 494580103 5,250 101,000 SH Sole 101,000
INC
KOREA ELECTRIC PWR Common 500631106 223 21,500 SH Sole 21,500
KRISPY KREME Common 501014104 732 20,000 SH Sole 20,000
DOUGHNUTS INC
KROGER CO Common 501044101 463 25,000 SH Sole 25,000
------------
TOTAL $ 51,080
------------
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
LA QUINTA CORP Common 50419U202 8,598 1,341,400 SH Sole 1,341,400
LEAR CORP Common 521865105 1,076 17,550 SH Sole 17,550
LENNOX INTL INC Common 526107107 12,430 744,300 SH Sole 744,300
LIBERTY MEDIA CORP Common 530718105 5,308 446,440 SH Sole 446,440
NEW
LINCOLN NATL CORP Common 534187109 1,615 40,000 SH Sole 40,000
IND
LOCKHEED MARTIN Common 539830109 678 13,200 SH Sole 13,200
CORP
LUBRIZOL CORP Common 549271104 402 12,375 SH Sole 12,375
MARSH & MCLENNAN Common 571748102 757 15,800 SH Sole 15,800
COS INC
MBIA INC Common 55262C100 567 9,575 SH Sole 9,575
MEDIACOM Common 58446K105 865 100,000 SH Sole 100,000
COMMUNICATIONS CORP
METALS USA INC Common 591324207 1,007 100,000 SH Sole 100,000
METHANEX CORP Common 59151K108 670 59,700 SH Sole 59,700
METROMEDIA INTL Common 591695101 8 50,213 SH Sole 50,213
GROUP INC
MICROSOFT CORP Common 594918104 408 14,900 SH Sole 14,900
MILACRON INC Common 598709103 131 31,500 SH Sole 31,500
MIRAMAR MINING CORP Common 60466E100 771 300,000 SH Sole 300,000
------------
TOTAL $ 35,291
------------
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
MONSANTO CO NEW Common 61166W101 3,486 121,125 SH Sole 121,125
MORGAN STANLEY ASIA Common 61744U106 410 37,800 SH Sole 37,800
PAC FD INC
MOTOROLA INC Common 620076109 700 50,000 SH Sole 50,000
MUELLER INDS INC Common 624756102 11,466 333,700 SH Sole 333,700
NABORS INDUSTRIES Common G6359F103 209 5,040 SH Sole 5,040
LTD
NACCO INDS INC Common 629579103 409 4,575 SH Sole 4,575
NCI BUILDING SYS Common 628852105 276 11,550 SH Sole 11,550
INC
NEIGHBORCARE INC Common 64015Y104 2,682 135,800 SH Sole 135,800
NEWELL RUBBERMAID Common 651229106 1,366 60,000 SH Sole 60,000
INC
NEWHALL LAND & Common 651426108 416 10,300 SH Sole 10,300
FARMING CO CAL
NEWS CORP LTD Common 652487703 3,610 100,000 SH Sole 100,000
NEWS CORP LTD Common 652487802 3,533 116,800 SH Sole 116,800
NISOURCE INC Common 65473P105 1,356 61,800 SH Sole 61,800
NORTHERN TR CORP Common 665859104 713 15,400 SH Sole 15,400
OHIO CAS CORP Common 677240103 419 24,150 SH Sole 24,150
------------
TOTAL $ 31,051
------------
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
OIL STS INTL INC Common 678026105 697 50,000 SH Sole 50,000
OLD REP INTL CORP Common 680223104 2,442 96,300 SH Sole 96,300
ORIENT-EXPRESS Common G67743107 4,257 259,100 SH Sole 259,100
HOTELS LTD
PATHMARK STORES INC Common 70322A101 937 123,294 SH Sole 123,294
NEW
PAYLESS SHOESOURCE Common 704379106 878 65,550 SH Sole 65,550
INC
PEPCO HOLDINGS INC Common 713291102 791 40,500 SH Sole 40,500
PFIZER INC Common 717081103 1,459 41,300 SH Sole 41,300
PHARMACEUTICAL Common 71712A206 254 3,200 SH Sole 3,200
HLDRS TR
PITNEY BOWES INC Common 724479100 406 10,000 SH Sole 10,000
PLACER DOME INC Common 725906101 7,425 414,600 SH Sole 414,600
PNM RES INC Common 69349H107 264 9,400 SH Sole 9,400
PPL CORP Common 69351T106 1,566 35,800 SH Sole 35,800
PULTE HOMES INC Common 745867101 4,213 45,000 SH Sole 45,000
R H DONNELLEY CORP Common 74955W307 299 7,500 SH Sole 7,500
RADIAN GROUP INC Common 750236101 509 10,450 SH Sole 10,450
------------
TOTAL $ 26,397
------------
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
RAYTHEON CO Common 755111507 4,055 135,000 SH Sole 135,000
RELIANT RES INC Common 75952B105 421 57,200 SH Sole 57,200
RENAISSANCE RE Common G7496G103 1,962 40,000 SH Sole 40,000
HLDGS LTD
RUSSELL CORP Common 782352108 3,222 183,500 SH Sole 183,500
RYERSON TULL INC Common 78375P107 16,170 1,412,200 SH Sole 1,412,200
NEW
SARA LEE CORP Common 803111103 1,012 46,600 SH Sole 46,600
SCANA CORP NEW Common 80589M102 569 16,600 SH Sole 16,600
SCHERING PLOUGH Common 806605101 1,621 93,225 SH Sole 93,225
CORP
SCHLUMBERGER LTD Common 806857108 2,442 44,620 SH Sole 44,620
SERVICEMASTER CO Common 81760N109 370 31,725 SH Sole 31,725
SONIC AUTOMOTIVE Common 83545G102 1,146 50,000 SH Sole 50,000
INC
SPHERION CORP Common 848420105 382 39,000 SH Sole 39,000
SPRINT CORP Common 852061506 2,832 503,900 SH Sole 503,900
STEIN MART INC Common 858375108 125 15,200 SH Sole 15,200
SUNTERRA CORP Common 86787D208 3,136 282,500 SH Sole 282,500
TEJON RANCH CO DEL Common 879080109 365 8,900 SH Sole 8,900
TELLABS INC Common 879664100 137 16,250 SH Sole 16,250
------------
TOTAL $ 39,967
------------
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
TENET HEALTHCARE Common 88033G100 682 42,475 SH Sole 42,475
CORP
TEXTRON INC Common 883203101 673 11,800 SH Sole 11,800
THORATEC CORP Common 885175307 4,396 340,000 SH Sole 340,000
TIME WARNER INC Common 887317105 3,598 200,000 SH Sole 200,000
TORCHMARK CORP Common 891027104 659 14,475 SH Sole 14,475
TRANSOCEAN INC Common G90078109 12,088 503,460 SH Sole 503,460
TRAVELERS PPTY CAS Common 89420G109 7,132 425,000 SH Sole 425,000
CORP NEW
TRIARC COS-B W/I Common 895927309 180 17,300 SH Sole 17,300
TXU CORP Common 873168108 3,558 150,000 SH Sole 150,000
UNIFI INC Common 904677101 9,587 1,486,400 SH Sole 1,486,400
UNION PAC CORP Common 907818108 697 10,025 SH Sole 10,025
UNIVERSAL CORP VA Common 913456109 280 6,350 SH Sole 6,350
UNOCAL CORP Common 915289102 2,092 56,800 SH Sole 56,800
USF CORP Common 91729Q101 293 8,575 SH Sole 8,575
VALASSIS Common 918866104 215 7,325 SH Sole 7,325
COMMUNICATIONS INC
VALERO ENERGY CORP Common 91913Y100 1,622 35,000 SH Sole 35,000
NEW
------------
TOTAL $ 47,752
------------
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
VENTAS INC Common 92276F100 11,970 544,100 SH Sole 544,100
VIAD CORP Common 92552R109 1,411 56,425 SH Sole 56,425
VISTEON CORP Common 92839U107 8,122 780,200 SH Sole 780,200
VODAFONE GROUP PLC Common 92857W100 3,756 150,000 SH Sole 150,000
NEW
WASHINGTON MUT INC Common 939322103 1,288 32,100 SH Sole 32,100
WHIRLPOOL CORP Common 963320106 1,357 18,675 SH Sole 18,675
WILLIAMS COS INC Common 969457100 1,170 119,100 SH Sole 119,100
DEL
WILSONS THE LEATHER Common 972463103 101 29,075 SH Sole 29,075
EXPERTS
WISCONSIN ENERGY Common 976657106 979 29,275 SH Sole 29,275
CORP
XCEL ENERGY INC Common 98389B100 839 49,400 SH Sole 49,400
YORK INTL CORP NEW Common 986670107 316 8,600 SH Sole 8,600
----------
TOTAL $ 31,309
----------
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 4,660 100,000 SH Put Sole 100,000
AES CORP Common 00130H955 944 100,000 SH Put Sole 100,000
ALCATEL Common 013904955 1,799 140,000 SH Put Sole 140,000
AMERADA HESS CORP Common 023551954 7,173 134,900 SH Put Sole 134,900
BALLARD PWR SYS INC Common 05858H954 1,893 160,000 SH Put Sole 160,000
BARRICK GOLD CORP Common 067901908 18,168 800,000 SH Call Sole 800,000
BROADCOM CORP Common 111320957 3,402 100,000 SH Put Sole 100,000
CALPINE CORP Common 131347956 1,443 300,000 SH Put Sole 300,000
CENDANT CORP Common 151313953 3,830 172,000 SH Put Sole 172,000
CHUBB CORP Common 171232951 2,043 30,000 SH Put Sole 30,000
CISCO SYS INC Common 17275R952 3,392 140,000 SH Put Sole 140,000
DISNEY WALT CO Common 254687956 5,833 250,000 SH Put Sole 250,000
DU PONT E I DE Common 263534959 4,589 100,000 SH Put Sole 100,000
NEMOURS & CO
FEDERAL NATL MTG Common 313586959 21,017 280,000 SH Put Sole 280,000
ASSN
FORD MTR CO DEL Common 345370950 1,600 100,000 SH Put Sole 100,000
GAP INC DEL Common 364760958 4,642 200,000 SH Put Sole 200,000
GENERAL MTRS CORP Common 370442955 1,602 30,000 SH Put Sole 30,000
------------
TOTAL $ 88,030
------------
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
INTERACTIVECORP Common 45840Q951 750 22,100 SH Put Sole 22,100
INTERNATIONAL Common 459200951 4,634 50,000 SH Put Sole 50,000
BUSINESS MACHS
INTL PAPER CO Common 460146953 5,604 130,000 SH Put Sole 130,000
KRISPY KREME Common 501014954 732 20,000 SH Put Sole 20,000
DOUGHNUTS INC
MONSANTO CO NEW Common 61166W951 2,878 100,000 SH Put Sole 100,000
MOTOROLA INC Common 620076959 700 50,000 SH Put Sole 50,000
NETFLIX COM INC Common 64110L906 1,641 30,000 SH Call Sole 30,000
NEWELL RUBBERMAID Common 651229956 1,366 60,000 SH Put Sole 60,000
INC
NORTEL NETWORKS Common 656568952 846 200,000 SH Put Sole 200,000
CORP NEW
PFIZER INC Common 717081953 8,479 240,000 SH Put Sole 240,000
PHELPS DODGE CORP Common 717265952 17,120 225,000 SH Put Sole 225,000
PLACER DOME INC Common 725906901 7,701 430,000 SH Call Sole 430,000
QUALCOMM INC Common 747525953 2,157 40,000 SH Put Sole 40,000
SCHERING PLOUGH Common 806605951 2,087 120,000 SH Put Sole 120,000
CORP
SCHLUMBERGER LTD Common 806857958 4,378 80,000 SH Put Sole 80,000
------------
TOTAL $ 61,073
------------
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
SEARS ROEBUCK & CO Common 812387958 2,729 60,000 SH Put Sole 60,000
SOUTHWEST AIRLS CO Common 844741958 2,421 150,000 SH Put Sole 150,000
SUNOCO INC Common 86764P909 7,673 150,000 SH Call Sole 150,000
TEXAS INSTRS INC Common 882508954 2,938 100,000 SH Put Sole 100,000
TIFFANY & CO NEW Common 886547958 4,520 100,000 SH Put Sole 100,000
TYCO INTL LTD NEW Common 902124956 7,950 300,000 SH Put Sole 300,000
UNION PAC CORP Common 907818958 6,948 100,000 SH Put Sole 100,000
UNITED STATES STL Common 912909958 7,004 200,000 SH Put Sole 200,000
CORP NEW
----------
TOTAL $ 42,183
----------
AGGREGATE TOTAL $ 6,905,753
==========
Page 19 of 19 Pages