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FORM 13F
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended March 31, 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
- ------------------------------------------------------------------------------
Address: 667 Madison Avenue New York New York 10021
- ------------------------------------------------------------------------------
(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
- ------------------------------------------------------------------------------
(Street) (City) (State) (Zip)
Date: May 11, 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: 212
Form 13F Information Table Value Total: $10,522.0 (millions)
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
ACCENTURE LTD Common G1150G111 555 23,000 SH Sole 23,000
BERMUDA
AFTERMARKET Common 008318107 199 12,050 SH Sole 12,050
TECHNOLOGY CORP
ALLIANCE CAPITAL Common 01855A101 2,358 50,000 SH Sole 50,000
MGMT HOLD
ALLSTATE CORP Common 020002101 1,023 18,925 SH Sole 18,925
AMBAC FINL GROUP Common 023139108 2,243 30,000 SH Sole 30,000
INC
AMERICAN HOME MTG Common 02660R107 337 11,775 SH Sole 11,775
INVT CORP
AMERICAN Common 026874107 2,549 46,000 SH Sole 46,000
INTERNATIONAL GROUP
AMERICAN NATL INS Common 028591105 2,486 23,475 SH Sole 23,475
CO
AMERICAN PHYSICIANS Common 028884104 456 13,300 SH Sole 13,300
CAPITAL
AMERUS GROUP CO Common 03072M108 315 6,675 SH Sole 6,675
ANADARKO PETE CORP Common 032511107 6,088 80,000 SH Sole 80,000
AON CORP Common 037389103 1,850 81,000 SH Sole 81,000
APPLICA INC Common 03815A106 101 20,000 SH Sole 20,000
ARCH COAL INC Common 039380100 645 15,000 SH Sole 15,000
------------
TOTAL $ 21,205
------------
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
ARVINMERITOR INC Common 043353101 500 32,325 SH Sole 32,325
ASHLAND INC Common 044204105 934 13,850 SH Sole 13,850
AURIZON MINES LTD Common 05155P106 299 282,100 SH Sole 282,100
BANK NEW YORK INC Common 064057102 511 17,600 SH Sole 17,600
BANK OF AMERICA Common 060505104 2,205 50,000 SH Sole 50,000
CORPORATION
BARRICK GOLD CORP Common 067901108 2,636 110,000 SH Sole 110,000
BEARINGPOINT INC Common 074002106 1,778 202,725 SH Sole 202,725
BECKMAN COULTER INC Common 075811109 665 10,000 SH Sole 10,000
BOEING CO Common 097023105 1,964 33,600 SH Sole 33,600
BOWNE & CO INC Common 103043105 315 20,950 SH Sole 20,950
BP PLC Common 055622104 524 8,400 SH Sole 8,400
BRISTOL MYERS Common 110122108 6,562 257,750 SH Sole 257,750
SQUIBB CO
BURLINGTON RES INC Common 122014103 3,004 60,000 SH Sole 60,000
CABLEVISION SYS Common 12686C109 1,823 65,000 SH Sole 65,000
CORP
CAMBIOR INC Common 13201L103 2,088 962,139 SH Sole 962,139
CENTEX CORP Common 152312104 4,009 70,000 SH Sole 70,000
------------
TOTAL $ 29,817
------------
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
CENTRAL EUROPE & Common 153436100 338 11,200 SH Sole 11,200
RUSSIA FUND
CIA DE MINAS Common 204448104 1,219 53,500 SH Sole 53,500
BUENAVENTUR-ADR
CIBER INC Common 17163B102 406 55,900 SH Sole 55,900
CIGNA CORP Common 125509109 911 10,200 SH Sole 10,200
CINERGY CORP Common 172474108 1,463 36,100 SH Sole 36,100
CIT GROUP INC Common 125581108 1,149 30,225 SH Sole 30,225
CITIGROUP INC Common 172967101 12,127 269,850 SH Sole 269,850
CLEVELAND CLIFFS Common 185896107 364 5,000 SH Sole 5,000
INC
CNA FINL CORP Common 126117100 6,555,392 233,620,515 SH Sole 233,620,515
CNF INC Common 12612W104 774 16,550 SH Sole 16,550
COMCAST CORP NEW Common 20030N200 21,569 645,000 SH Sole 645,000
COMCAST CORP NEW Common 20030N101 1,811 53,600 SH Sole 53,600
COMMSCOPE INC Common 203372107 183 12,250 SH Sole 12,250
COMPUTER ASSOC INTL Common 204912109 1,600 59,050 SH Sole 59,050
INC
CONOCOPHILLIPS Common 20825C104 2,696 25,000 SH Sole 25,000
CRYSTALLEX INTL Common 22942F101 108 30,785 SH Sole 30,785
CORP
------------
TOTAL $ 6,602,110
------------
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
CUMBERLAND Common 23077R100 216 160,900 SH Sole 160,900
RESOURCES LTD
D R HORTON INC Common 23331A109 292 10,000 SH Sole 10,000
DEL MONTE FOODS CO Common 24522P103 479 44,175 SH Sole 44,175
DELPHI FINL GROUP Common 247131105 345 8,012 SH Sole 8,012
INC
DEX MEDIA INC Common 25212E100 1,099 53,200 SH Sole 53,200
DIAGEO P L C Common 25243Q205 882 15,500 SH Sole 15,500
DIAMOND OFFSHORE Common 25271C102 3,498,221 70,104,620 SH Sole 70,104,620
DRILLING INC
DISNEY WALT CO Common 254687106 1,244 43,300 SH Sole 43,300
DONNELLEY R R & Common 257867101 4,080 129,036 SH Sole 129,036
SONS CO
ECHOSTAR Common 278762109 670 22,900 SH Sole 22,900
COMMUNICATIONS NEW
EDUCATION REALTY Common 28140H104 166 10,000 SH Sole 10,000
TRUST INC
EMPRESA BRASILIERA Common 29081M102 1,471 47,000 SH Sole 47,000
DE AE-ADR
ENTERGY CORP NEW Common 29364G103 360 5,100 SH Sole 5,100
ESTERLINE Common 297425100 225 6,500 SH Sole 6,500
TECHNOLOGIES CORP
------------
TOTAL $ 3,509,750
------------
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
EXELON CORP Common 30161N101 1,248 27,200 SH Sole 27,200
EXPRESSJET HOLDINGS Common 30218U108 617 54,100 SH Sole 54,100
INC
F M C CORP Common 302491303 902 16,875 SH Sole 16,875
FEDERAL HOME LN MTG Common 313400301 1,482 23,450 SH Sole 23,450
CORP
FEDERAL NATL MTG Common 313586109 1,119 20,550 SH Sole 20,550
ASSN
FIRST AMERN CORP Common 318522307 765 23,225 SH Sole 23,225
CALIF
FOX ENTMT GROUP INC Common 35138T107 901 24,800 SH Sole 24,800
FREESCALE Common 35687M107 3,814 225,000 SH Sole 225,000
SEMICONDUCTOR-A
GATX CORP Common 361448103 203 6,125 SH Sole 6,125
GENERAL CABLE CORP Common 369300108 283 23,425 SH Sole 23,425
DEL NEW
GENERAL ELEC CO Common 369604103 840 23,300 SH Sole 23,300
GLAMIS GOLD LTD Common 376775102 624 40,000 SH Sole 40,000
GLAXOSMITHKLINE Common 37733W105 1,378 30,000 SH Sole 30,000
PLC-ADR
GLENBOROUGH RLTY TR Common 37803P105 226 11,800 SH Sole 11,800
INC
GOLDCORP INC NEW Common 380956409 2,614 183,985 SH Sole 183,985
------------
TOTAL $ 17,016
------------
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
GOLDEN STAR Common 38119T104 1,102 383,922 SH Sole 383,922
RESOURCES LTD
HANGER ORTHOPEDIC Common 41043F208 105 17,625 SH Sole 17,625
GROUP INC
HEALTH NET INC Common 42222G108 1,593 48,700 SH Sole 48,700
HECLA MINING CO Common 422704106 1,055 192,530 SH Sole 192,530
HELEN OF TROY CORP Common G4388N106 3,239 118,300 SH Sole 118,300
LTD
HEWLETT PACKARD CO Common 428236103 1,692 77,125 SH Sole 77,125
HILFIGER TOMMY CORP Common G8915Z102 108 12,425 SH Sole 12,425
HORACE MANN Common 440327104 435 24,525 SH Sole 24,525
EDUCATORS
IAMGOLD CORPORATION Common 450913108 768 125,000 SH Sole 125,000
IDACORP INC Common 451107106 316 11,150 SH Sole 11,150
IDT CORP-CL B Common 448947309 1,861 125,800 SH Sole 125,800
INTERNATIONAL Common 459200101 3,107 34,000 SH Sole 34,000
BUSINESS MACHS
IPC HLDGS LTD Common G4933P101 1,602 40,775 SH Sole 40,775
ISHARES INC Common 464286848 14,686 1,400,000 SH Sole 1,400,000
J P MORGAN CHASE & Common 46625H100 734 21,200 SH Sole 21,200
CO
------------
TOTAL $ 32,403
------------
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
JANUS CAP GROUP INC Common 47102X105 557 39,900 SH Sole 39,900
KELLWOOD CO Common 488044108 321 11,150 SH Sole 11,150
KELLY SERVICES INC Common 488152208 280 9,725 SH Sole 9,725
- -CL A
KENNAMETAL INC Common 489170100 240 5,050 SH Sole 5,050
KINROSS GOLD CORP Common 496902404 540 90,000 SH Sole 90,000
KONINKLIJKE PHILIPS Common 500472303 1,161 42,200 SH Sole 42,200
ELECTRS NV
LABORATORY CORP Common 50540R409 1,109 23,000 SH Sole 23,000
AMER HLDGS
LEAR CORP Common 521865105 1,889 42,575 SH Sole 42,575
LIBERTY MEDIA CORP Common 530718105 5,431 523,700 SH Sole 523,700
NEW
LIBERTY MEDIA INTL Common 530719103 790 18,068 SH Sole 18,068
INC-A
LINCOLN NATL CORP Common 534187109 1,219 27,000 SH Sole 27,000
IND
MARSH & MCLENNAN Common 571748102 395 13,000 SH Sole 13,000
COS INC
MAXTOR CORP Common 577729205 4,639 872,000 SH Sole 872,000
MAYTAG CORP Common 578592107 218 15,625 SH Sole 15,625
MBIA INC Common 55262C100 501 9,575 SH Sole 9,575
------------
TOTAL $ 19,290
------------
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
MCKESSON CORP Common 58155Q103 1,677 44,425 SH Sole 44,425
MEDIACOM Common 58446K105 1,308 200,000 SH Sole 200,000
COMMUNICATIONS CORP
MERCK & CO INC Common 589331107 8,093 250,000 SH Sole 250,000
METAL MANAGEMENT Common 591097209 385 15,000 SH Sole 15,000
INC
METALLICA RESOURCES Common 59125J104 132 100,000 SH Sole 100,000
INC
METHANEX CORP Common 59151K108 2,137 110,000 SH Sole 110,000
METLIFE INC Common 59156R108 1,540 39,375 SH Sole 39,375
MICROSOFT CORP Common 594918104 23,445 970,000 SH Sole 970,000
MILACRON INC Common 598709103 140 45,738 SH Sole 45,738
MINEFINDERS CORP Common 602900102 1,228 183,800 SH Sole 183,800
MIRAMAR MINING CORP Common 60466E100 997 931,900 SH Sole 931,900
MOLINA HEALTHCARE Common 60855R100 461 10,000 SH Sole 10,000
INC
MONEYGRAM Common 60935Y109 874 46,275 SH Sole 46,275
INTERNATIONAL-W/I
MORGAN STANLEY ASIA Common 61744U106 384 30,200 SH Sole 30,200
PAC FD INC
NACCO INDS INC Common 629579103 311 3,050 SH Sole 3,050
------------
TOTAL $ 43,112
------------
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
NATIONSHEALTH INC Common 63860C100 876 150,000 SH Sole 150,000
NCI BUILDING SYS Common 628852105 507 13,125 SH Sole 13,125
INC
NEWELL RUBBERMAID Common 651229106 1,251 57,000 SH Sole 57,000
INC
NEWS CORP INC Common 65248E203 3,522 200,000 SH Sole 200,000
NEWS CORP INC Common 65248E104 4,942 292,114 SH Sole 292,114
NISOURCE INC Common 65473P105 1,272 55,800 SH Sole 55,800
NORTEL NETWORKS Common 656568102 4,095 1,500,000 SH Sole 1,500,000
CORP NEW
NORTHERN TR CORP Common 665859104 669 15,400 SH Sole 15,400
NOVOGEN LIMITED Common 67010F103 201 10,575 SH Sole 10,575
OLD REP INTL CORP Common 680223104 694 29,800 SH Sole 29,800
OMNICARE INC Common 681904108 3,545 100,000 SH Sole 100,000
PAN AMERICAN SILVER Common 697900108 1,151 72,600 SH Sole 72,600
CORP
PETROLEO BRASILEIRO Common 71654V408 1,259 28,500 SH Sole 28,500
SA PETROBR
PFIZER INC Common 717081103 1,038 39,500 SH Sole 39,500
PG&E CORP Common 69331C108 1,354 39,700 SH Sole 39,700
------------
TOTAL $ 26,376
------------
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
PHARMACEUTICAL Common 71712A206 3,597 50,000 SH Sole 50,000
HLDRS TR
PHH CORP Common 693320202 322 14,725 SH Sole 14,725
PIONEER NAT RES CO Common 723787107 2,136 50,000 SH Sole 50,000
PLACER DOME INC Common 725906101 7,149 440,750 SH Sole 440,750
PRIORITY HEALTHCARE Common 74264T102 499 23,075 SH Sole 23,075
CORP-B
PULTE HOMES INC Common 745867101 6,627 90,000 SH Sole 90,000
R H DONNELLEY CORP Common 74955W307 318 5,475 SH Sole 5,475
RADIO ONE INC Common 75040P405 738 50,000 SH Sole 50,000
RADIOSHACK CORP Common 750438103 5,062 206,600 SH Sole 206,600
RANDGOLD RESOURCES Common 752344309 986 79,804 SH Sole 79,804
LTD-ADR
RAYTHEON CO Common 755111507 5,225 135,000 SH Sole 135,000
REEBOK Common 758110100 1,772 40,000 SH Sole 40,000
INTERNATIONAL LTD
REINSURANCE GROUP Common 759351109 639 15,000 SH Sole 15,000
OF AMERICA
RENAISSANCE RE Common G7496G103 2,752 58,925 SH Sole 58,925
HLDGS LTD
------------
TOTAL $ 37,822
------------
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
RENT A CTR INC NEW Common 76009N100 808 29,600 SH Sole 29,600
ROBBINS & MYERS INC Common 770196103 247 11,200 SH Sole 11,200
SANDISK CORP Common 80004C101 2,224 80,000 SH Sole 80,000
SAPPI LTD Common 803069202 759 61,700 SH Sole 61,700
- -SPONSORED ADR
SARA LEE CORP Common 803111103 2,384 107,575 SH Sole 107,575
SASOL LTD-SPONSORED Common 803866300 665 27,900 SH Sole 27,900
ADR
SCANA CORP NEW Common 80589M102 822 21,500 SH Sole 21,500
SCHWEITZER-MAUDUIT Common 808541106 296 8,825 SH Sole 8,825
INTL INC
SENOMYX INC Common 81724Q107 205 17,200 SH Sole 17,200
SPDR TR Common 78462F103 6,960 59,000 SH Sole 59,000
SPHERION CORP Common 848420105 439 58,625 SH Sole 58,625
SPRINT CORP Common 852061100 5,732 251,950 SH Sole 251,950
STREETTRACKS GOLD Common 863307104 4,282 100,000 SH Sole 100,000
TRUST
TEEKAY SHIPPING Common Y8564W103 1,573 35,000 SH Sole 35,000
MARSHALL ISLND
TEXTRON INC Common 883203101 582 7,800 SH Sole 7,800
THORATEC CORP Common 885175307 4,766 390,000 SH Sole 390,000
------------
TOTAL $ 32,744
------------
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
TIME WARNER INC Common 887317105 4,349 247,800 SH Sole 247,800
TJX COS INC NEW Common 872540109 1,185 48,100 SH Sole 48,100
TORCHMARK CORP Common 891027104 756 14,475 SH Sole 14,475
TRIARC COS INC Common 895927309 239 17,300 SH Sole 17,300
TRIBUNE CO NEW Common 896047107 3,584 89,900 SH Sole 89,900
TRINITY INDS INC Common 896522109 323 11,475 SH Sole 11,475
TXU CORP Common 873168108 5,972 75,000 SH Sole 75,000
TYCO INTL LTD NEW Common 902124106 8,450 250,000 SH Sole 250,000
UNION PAC CORP Common 907818108 1,249 17,925 SH Sole 17,925
UNITED AMERICA Common 90933T109 271 14,400 SH Sole 14,400
INDEMNITY-A
UNITED STATIONERS Common 913004107 333 7,350 SH Sole 7,350
INC
UNIVERSAL CORP VA Common 913456109 291 6,350 SH Sole 6,350
UNOCAL CORP Common 915289102 728 11,800 SH Sole 11,800
USI HOLDINGS CORP Common 90333H101 164 13,950 SH Sole 13,950
VALASSIS Common 918866104 369 10,550 SH Sole 10,550
COMMUNICATIONS INC
------------
TOTAL $ 28,263
------------
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
VALERO ENERGY CORP Common 91913Y100 5,715 78,000 SH Sole 78,000
NEW
VARIAN MED SYS INC Common 92220P105 1,028 30,000 SH Sole 30,000
VIAD CORP Common 92552R406 765 28,432 SH Sole 28,432
VINTAGE PETE INC Common 927460105 787 25,000 SH Sole 25,000
VODAFONE GROUP PLC Common 92857W100 3,187 120,000 SH Sole 120,000
NEW
WACHOVIA CORP 2ND Common 929903102 830 16,300 SH Sole 16,300
NEW
WASHINGTON MUT INC Common 939322103 709 17,950 SH Sole 17,950
WESTERN DIGITAL Common 958102105 6,566 515,000 SH Sole 515,000
CORP
WEYERHAEUSER CO Common 962166104 1,713 25,000 SH Sole 25,000
WHIRLPOOL CORP Common 963320106 1,331 19,650 SH Sole 19,650
WILLIAMS COS INC Common 969457100 1,811 96,300 SH Sole 96,300
DEL
WISCONSIN ENERGY Common 976657106 1,450 40,850 SH Sole 40,850
CORP
WYETH Common 983024100 426 10,100 SH Sole 10,100
XCEL ENERGY INC Common 98389B100 636 37,000 SH Sole 37,000
XL CAP LTD Common G98255105 1,067 14,750 SH Sole 14,750
------------
TOTAL $ 28,021
------------
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
YAMANA GOLD INC Common 98462Y100 497 150,000 SH Sole 150,000
YORK INTL CORP NEW Common 986670107 320 8,175 SH Sole 8,175
----------
TOTAL $ 817
----------
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
BARRICK GOLD CORP Common 067901908 19,168 800,000 SH Call Sole 800,000
D R HORTON INC Common 23331A959 585 20,000 SH Put Sole 20,000
DISNEY WALT CO Common 254687956 2,873 100,000 SH Put Sole 100,000
FEDERAL NATL MTG Common 313586959 3,267 60,000 SH Put Sole 60,000
ASSN
MEDTRONIC INC Common 585055956 1,019 20,000 SH Put Sole 20,000
MICROSOFT CORP Common 594918904 1,209 50,000 SH Call Sole 50,000
MICROSOFT CORP Common 594918954 12,568 520,000 SH Put Sole 520,000
NEWELL RUBBERMAID Common 651229956 1,316 60,000 SH Put Sole 60,000
INC
PHELPS DODGE CORP Common 717265952 14,242 140,000 SH Put Sole 140,000
PLACER DOME INC Common 725906901 6,001 370,000 SH Call Sole 370,000
SANDISK CORP Common 80004C901 556 20,000 SH Call Sole 20,000
SANDISK CORP Common 80004C951 2,224 80,000 SH Put Sole 80,000
SARA LEE CORP Common 803111953 1,330 60,000 SH Put Sole 60,000
UNION PAC CORP Common 907818908 7,667 110,000 SH Call Sole 110,000
UNITED STATES STL Common 912909958 19,323 380,000 SH Put Sole 380,000
CORP NEW
----------
TOTAL $ 93,348
----------
AGGREGATE TOTAL $ 10,522,094
==========
Page 18 of 18 Pages