FORM 13F
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended December 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
------------------------------------------------------------------------------
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
------------------------------------------------------------------------------
Phone: 212-521-2932
------------------------------------------------------------------------------
Signature, Place, and Date of Signing:
/s/ Gary W. Garson
------------------------------------------------------------------------------
(Signature)
Place: 667 Madison Avenue New York New York 10021
------------------------------------------------------------------------------
(Street) (City) (State) (Zip)
Date: February 9, 2005
------------------------------------------------------------------------------
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: 204
Form 13F Information Table Value Total: $9,515.8 (millions)
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
ACCENTURE LTD Common G1150G111 621 23,000 SH Sole 23,000
BERMUDA
ACCREDO HEALTH INC Common 00437V104 252 9,075 SH Sole 9,075
AES CORP Common 00130H105 239 17,500 SH Sole 17,500
AETNA INC NEW Common 00817Y108 599 4,800 SH Sole 4,800
ALLIANCE CAPITAL Common 01855A101 2,100 50,000 SH Sole 50,000
MGMT HOLD
ALLSTATE CORP Common 020002101 979 18,925 SH Sole 18,925
AMBAC FINL GROUP Common 023139108 2,464 30,000 SH Sole 30,000
INC
AMERICAN HOME MTG Common 02660R107 403 11,775 SH Sole 11,775
INVT CORP
AMERICAN Common 026874107 3,021 46,000 SH Sole 46,000
INTERNATIONAL GROUP
AMERICAN NATL INS Common 028591105 2,445 23,475 SH Sole 23,475
CO
AMERICAN PHYSICIANS Common 028884104 605 16,800 SH Sole 16,800
CAPITAL
AMERUS GROUP CO Common 03072M108 383 8,450 SH Sole 8,450
ANADARKO PETE CORP Common 032511107 4,537 70,000 SH Sole 70,000
ANHEUSER BUSCH COS Common 035229103 751 14,800 SH Sole 14,800
INC
------------
TOTAL $ 19,399
------------
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
AON CORP Common 037389103 1,083 45,400 SH Sole 45,400
APPLICA INC Common 03815A106 121 20,000 SH Sole 20,000
ARCHER DANIELS Common 039483102 2,231 100,000 SH Sole 100,000
MIDLAND CO
ARVINMERITOR INC Common 043353101 605 27,050 SH Sole 27,050
ASHLAND INC Common 044204105 809 13,850 SH Sole 13,850
ASSURANT INC Common 04621X108 333 10,900 SH Sole 10,900
BANK NEW YORK INC Common 064057102 588 17,600 SH Sole 17,600
BANK OF AMERICA Common 060505104 2,350 50,000 SH Sole 50,000
CORPORATION
BARRICK GOLD CORP Common 067901108 4,178 172,500 SH Sole 172,500
BEARINGPOINT INC Common 074002106 1,628 202,725 SH Sole 202,725
BEAZER HOMES USA Common 07556Q105 2,924 20,000 SH Sole 20,000
INC
BECKMAN COULTER INC Common 075811109 670 10,000 SH Sole 10,000
BECTON DICKINSON & Common 075887109 568 10,000 SH Sole 10,000
CO
BOEING CO Common 097023105 1,739 33,600 SH Sole 33,600
BOWNE & CO INC Common 103043105 552 33,975 SH Sole 33,975
------------
TOTAL $ 20,379
------------
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
BP PLC Common 055622104 491 8,400 SH Sole 8,400
BRISTOL MYERS Common 110122108 2,761 107,750 SH Sole 107,750
SQUIBB CO
BURLINGTON RES INC Common 122014103 1,958 45,000 SH Sole 45,000
CABLEVISION SYS Common 12686C109 2,241 90,000 SH Sole 90,000
CORP
CAMBIOR INC Common 13201L103 411 153,750 SH Sole 153,750
CENTEX CORP Common 152312104 3,575 60,000 SH Sole 60,000
CIA DE MINAS Common 204448104 967 42,220 SH Sole 42,220
BUENAVENTUR-ADR
CIGNA CORP Common 125509109 832 10,200 SH Sole 10,200
CINERGY CORP Common 172474108 1,286 30,900 SH Sole 30,900
CIT GROUP INC Common 125581108 1,385 30,225 SH Sole 30,225
CITIGROUP INC Common 172967101 14,413 299,150 SH Sole 299,150
CNA FINL CORP Common 126117100 6,249,349 233,620,515 SH Sole 233,620,515
CNF INC Common 12612W104 1,135 22,650 SH Sole 22,650
COCA COLA CO Common 191216100 408 9,800 SH Sole 9,800
COMCAST CORP NEW Common 20030N101 1,411 42,400 SH Sole 42,400
COMCAST CORP NEW Common 20030N200 26,108 795,000 SH Sole 795,000
------------
TOTAL $ 6,308,731
------------
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
COMPUTER ASSOC INTL Common 204912109 1,834 59,050 SH Sole 59,050
INC
CONOCOPHILLIPS Common 20825C104 3,074 35,400 SH Sole 35,400
CRYSTALLEX INTL Common 22942F101 350 97,500 SH Sole 97,500
CORP
CYTEC INDS INC Common 232820100 404 7,850 SH Sole 7,850
D R HORTON INC Common 23331A109 806 20,000 SH Sole 20,000
DEL MONTE FOODS CO Common 24522P103 487 44,175 SH Sole 44,175
DELPHI FINL GROUP Common 247131105 370 8,012 SH Sole 8,012
INC
DEX MEDIA INC Common 25212E100 1,328 53,200 SH Sole 53,200
DIAGEO P L C Common 25243Q205 1,898 32,800 SH Sole 32,800
DIAMOND OFFSHORE Common 25271C102 2,807,690 70,104,620 SH Sole 70,104,620
DRILLING INC
DISNEY WALT CO Common 254687106 1,204 43,300 SH Sole 43,300
DONNELLEY R R & Common 257867101 4,554 129,036 SH Sole 129,036
SONS CO
DU PONT E I DE Common 263534109 2,453 50,000 SH Sole 50,000
NEMOURS & CO
EMPRESA BRASILIERA Common 29081M102 1,672 50,000 SH Sole 50,000
DE AE-ADR
ENTERGY CORP NEW Common 29364G103 1,068 15,800 SH Sole 15,800
------------
TOTAL $ 2,829,192
------------
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
ESTERLINE Common 297425100 212 6,500 SH Sole 6,500
TECHNOLOGIES CORP
EXELON CORP Common 30161N101 1,600 36,300 SH Sole 36,300
EXPRESSJET HOLDINGS Common 30218U108 568 44,100 SH Sole 44,100
INC
F M C CORP Common 302491303 698 14,450 SH Sole 14,450
FEDERAL HOME LN MTG Common 313400301 1,728 23,450 SH Sole 23,450
CORP
FEDERAL NATL MTG Common 313586109 789 11,075 SH Sole 11,075
ASSN
FEDERATED DEPT Common 31410H101 1,445 25,000 SH Sole 25,000
STORES INC DEL
FIRST AMERN CORP Common 318522307 350 9,950 SH Sole 9,950
CALIF
FORD MTR CO DEL Common 345370860 146 10,000 SH Sole 10,000
FORDING CANADIAN Common 345425102 2,315 30,000 SH Sole 30,000
COAL TRUST
FREESCALE Common 35687M107 5,346 300,000 SH Sole 300,000
SEMICONDUCTOR-A
GARDNER DENVER INC Common 365558105 519 14,300 SH Sole 14,300
GENERAL CABLE CORP Common 369300108 324 23,425 SH Sole 23,425
DEL NEW
------------
TOTAL $ 16,040
------------
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 ELEC CO Common 369604103 850 23,300 SH Sole 23,300
GENERAL MARITIME Common Y2692M103 1,119 28,000 SH Sole 28,000
CORP
GLAMIS GOLD LTD Common 376775102 686 40,000 SH Sole 40,000
GLAXOSMITHKLINE Common 37733W105 1,422 30,000 SH Sole 30,000
PLC-ADR
GLENBOROUGH RLTY TR Common 37803P105 221 10,400 SH Sole 10,400
INC
GOLDEN STAR Common 38119T104 459 114,580 SH Sole 114,580
RESOURCES LTD
HANGER ORTHOPEDIC Common 41043F208 113 13,900 SH Sole 13,900
GROUP INC
HEALTH NET INC Common 42222G108 1,632 56,525 SH Sole 56,525
HEINZ H J CO Common 423074103 390 10,000 SH Sole 10,000
HEWLETT PACKARD CO Common 428236103 1,617 77,125 SH Sole 77,125
HILFIGER TOMMY CORP Common G8915Z102 102 12,425 SH Sole 12,425
HORACE MANN Common 440327104 468 24,525 SH Sole 24,525
EDUCATORS
IAMGOLD CORP Common 450913108 751 112,974 SH Sole 112,974
IONICS INC Common 462218108 802 18,500 SH Sole 18,500
IPC HLDGS LTD Common G4933P101 1,774 40,775 SH Sole 40,775
ISHARES INC Common 464286848 9,009 825,000 SH Sole 825,000
------------
TOTAL $ 21,415
------------
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
J P MORGAN CHASE & Common 46625H100 827 21,200 SH Sole 21,200
CO
JANUS CAP GROUP INC Common 47102X105 412 24,500 SH Sole 24,500
KENNAMETAL INC Common 489170100 251 5,050 SH Sole 5,050
KONINKLIJKE PHILIPS Common 500472303 1,338 50,500 SH Sole 50,500
ELECTRS NV
LABORATORY CORP Common 50540R409 1,146 23,000 SH Sole 23,000
AMER HLDGS
LEAR CORP Common 521865105 1,528 25,050 SH Sole 25,050
LIBERTY MEDIA CORP Common 530718105 5,750 523,700 SH Sole 523,700
NEW
LIBERTY MEDIA INTL Common 530719103 867 18,746 SH Sole 18,746
INC-A
LINCOLN NATL CORP Common 534187109 1,867 40,000 SH Sole 40,000
IND
LOCKHEED MARTIN Common 539830109 367 6,600 SH Sole 6,600
CORP
MAXTOR CORP Common 577729205 3,551 670,000 SH Sole 670,000
MAYTAG CORP Common 578592107 330 15,625 SH Sole 15,625
MBIA INC Common 55262C100 606 9,575 SH Sole 9,575
MCKESSON CORP Common 58155Q103 1,398 44,425 SH Sole 44,425
MEDIACOM Common 58446K105 625 100,000 SH Sole 100,000
COMMUNICATIONS CORP
------------
TOTAL $ 20,863
------------
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
MEDTRONIC INC Common 585055106 1,987 40,000 SH Sole 40,000
MERCK & CO INC Common 589331107 3,214 100,000 SH Sole 100,000
METALLICA RESOURCES Common 59125J104 124 100,000 SH Sole 100,000
INC
METHANEX CORP Common 59151K108 2,009 110,000 SH Sole 110,000
METLIFE INC Common 59156R108 1,595 39,375 SH Sole 39,375
MICROSOFT CORP Common 594918104 20,305 759,900 SH Sole 759,900
MILACRON INC Common 598709103 155 45,738 SH Sole 45,738
MIRAMAR MINING CORP Common 60466E100 452 390,000 SH Sole 390,000
MONEYGRAM Common 60935Y109 978 46,275 SH Sole 46,275
INTERNATIONAL INC
MORGAN STANLEY ASIA Common 61744U106 387 30,200 SH Sole 30,200
PAC FD INC
NACCO INDS INC Common 629579103 321 3,050 SH Sole 3,050
NCI BUILDING SYS Common 628852105 410 10,925 SH Sole 10,925
INC
NEWELL RUBBERMAID Common 651229106 1,379 57,000 SH Sole 57,000
INC
NEWS CORP INC Common 65248E203 3,840 200,000 SH Sole 200,000
NEWS CORP INC Common 65248E104 4,333 232,214 SH Sole 232,214
NISOURCE INC Common 65473P105 1,271 55,800 SH Sole 55,800
------------
TOTAL $ 42,760
------------
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
NORTHERN TR CORP Common 665859104 748 15,400 SH Sole 15,400
NOVOGEN LIMITED Common 67010F103 233 10,575 SH Sole 10,575
OHIO CAS CORP Common 677240103 316 13,625 SH Sole 13,625
OLD REP INTL CORP Common 680223104 2,019 79,800 SH Sole 79,800
PFIZER INC Common 717081103 632 23,500 SH Sole 23,500
PG&E CORP Common 69331C108 1,554 46,700 SH Sole 46,700
PHARMACEUTICAL Common 71712A206 727 10,000 SH Sole 10,000
HLDRS TR
PHELPS DODGE CORP Common 717265102 1,978 20,000 SH Sole 20,000
PIONEER NAT RES CO Common 723787107 1,755 50,000 SH Sole 50,000
PLACER DOME INC Common 725906101 5,922 314,000 SH Sole 314,000
PNM RES INC Common 69349H107 231 9,150 SH Sole 9,150
PRIORITY HEALTHCARE Common 74264T102 397 18,250 SH Sole 18,250
CORP-B
PUBLIC SVC Common 744573106 228 4,400 SH Sole 4,400
ENTERPRISE GROUP
PULTE HOMES INC Common 745867101 5,742 90,000 SH Sole 90,000
R H DONNELLEY CORP Common 74955W307 323 5,475 SH Sole 5,475
------------
TOTAL $ 22,805
------------
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
RAYTHEON CO Common 755111507 5,242 135,000 SH Sole 135,000
REEBOK Common 758110100 1,760 40,000 SH Sole 40,000
INTERNATIONAL LTD
REINSURANCE GROUP Common 759351109 727 15,000 SH Sole 15,000
OF AMERICA
RENAISSANCE RE Common G7496G103 2,500 48,000 SH Sole 48,000
HLDGS LTD
RENT A CTR INC NEW Common 76009N100 784 29,600 SH Sole 29,600
ROBBINS & MYERS INC Common 770196103 267 11,200 SH Sole 11,200
SANDISK CORP Common 80004C101 1,998 80,000 SH Sole 80,000
SAPPI LTD Common 803069202 895 61,700 SH Sole 61,700
-SPONSORED ADR
SARA LEE CORP Common 803111103 3,321 137,575 SH Sole 137,575
SCANA CORP NEW Common 80589M102 1,131 28,700 SH Sole 28,700
SCHWEITZER-MAUDUIT Common 808541106 300 8,825 SH Sole 8,825
INTL INC
SONIC AUTOMOTIVE Common 83545G102 620 25,000 SH Sole 25,000
INC
SPHERION CORP Common 848420105 492 58,625 SH Sole 58,625
SPRINT CORP Common 852061100 6,261 251,950 SH Sole 251,950
STREETTRACKS GOLD Common 863307104 2,190 50,000 SH Sole 50,000
TRUST
------------
TOTAL $ 28,488
------------
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
SYBASE INC Common 871130100 960 48,100 SH Sole 48,100
TEEKAY SHIPPING Common Y8564W103 389 12,500 SH Sole 12,500
MARSHALL ISLND
TEJON RANCH CO DEL Common 879080109 363 8,900 SH Sole 8,900
TEXTRON INC Common 883203101 576 7,800 SH Sole 7,800
THORATEC CORP Common 885175307 4,064 390,000 SH Sole 390,000
TIME WARNER INC Common 887317105 3,890 200,000 SH Sole 200,000
TORCHMARK CORP Common 891027104 827 14,475 SH Sole 14,475
TRIARC COS INC Common 895927309 212 17,300 SH Sole 17,300
TXU CORP Common 873168108 6,456 100,000 SH Sole 100,000
UNION PAC CORP Common 907818108 1,205 17,925 SH Sole 17,925
UNITED NATL GROUP Common 91103X102 268 14,400 SH Sole 14,400
LTD
UNIVERSAL CORP VA Common 913456109 304 6,350 SH Sole 6,350
UNOCAL CORP Common 915289102 1,397 32,300 SH Sole 32,300
USF CORP Common 91729Q101 325 8,575 SH Sole 8,575
VALASSIS Common 918866104 369 10,550 SH Sole 10,550
COMMUNICATIONS INC
VALERO ENERGY CORP Common 91913Y100 3,541 78,000 SH Sole 78,000
NEW
------------
TOTAL $ 25,146
------------
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
VERIZON Common 92343V104 454 11,200 SH Sole 11,200
COMMUNICATIONS
VIAD CORP Common 92552R406 810 28,432 SH Sole 28,432
VINTAGE PETE INC Common 927460105 567 25,000 SH Sole 25,000
VODAFONE GROUP PLC Common 92857W100 3,286 120,000 SH Sole 120,000
NEW
WACHOVIA CORP 2ND Common 929903102 1,283 24,400 SH Sole 24,400
NEW
WASHINGTON MUT INC Common 939322103 759 17,950 SH Sole 17,950
WESTERN DIGITAL Common 958102105 6,938 640,000 SH Sole 640,000
CORP
WHIRLPOOL CORP Common 963320106 1,808 26,125 SH Sole 26,125
WILLIAMS COS INC Common 969457100 1,569 96,300 SH Sole 96,300
DEL
WISCONSIN ENERGY Common 976657106 1,377 40,850 SH Sole 40,850
CORP
XCEL ENERGY INC Common 98389B100 673 37,000 SH Sole 37,000
XL CAP LTD Common G98255105 1,145 14,750 SH Sole 14,750
YAMANA GOLD INC Common 98462Y100 453 150,000 SH Sole 150,000
YORK INTL CORP NEW Common 986670107 404 11,700 SH Sole 11,700
------------
TOTAL $ 21,526
------------
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 00130H905 273 20,000 SH Call Sole 20,000
AES CORP Common 00130H955 1,367 100,000 SH Put Sole 100,000
AMERADA HESS CORP Common 023551954 6,590 80,000 SH Put Sole 80,000
BARRICK GOLD CORP Common 067901908 18,892 780,000 SH Call Sole 780,000
CENDANT CORP Common 151313953 4,021 172,000 SH Put Sole 172,000
CITIGROUP INC Common 172967901 2,409 50,000 SH Call Sole 50,000
COMCAST CORP NEW Common 20030N900 1,642 50,000 SH Call Sole 50,000
D R HORTON INC Common 23331A959 1,612 40,000 SH Put Sole 40,000
DISNEY WALT CO Common 254687956 5,560 200,000 SH Put Sole 200,000
DU PONT E I DE Common 263534909 1,472 30,000 SH Call Sole 30,000
NEMOURS & CO
EXXON MOBIL CORP Common 30231G902 3,588 70,000 SH Call Sole 70,000
KRISPY KREME Common 501014954 252 20,000 SH Put Sole 20,000
DOUGHNUTS INC
MEDTRONIC INC Common 585055956 1,987 40,000 SH Put Sole 40,000
MICROSOFT CORP Common 594918904 2,672 100,000 SH Call Sole 100,000
MICROSOFT CORP Common 594918954 13,894 520,000 SH Put Sole 520,000
MONSANTO CO NEW Common 61166W951 5,555 100,000 SH Put Sole 100,000
------------
TOTAL $ 71,786
------------
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
NEWELL RUBBERMAID Common 651229956 1,451 60,000 SH Put Sole 60,000
INC
PHELPS DODGE CORP Common 717265952 24,730 250,000 SH Put Sole 250,000
PLACER DOME INC Common 725906901 7,355 390,000 SH Call Sole 390,000
SANDISK CORP Common 80004C951 1,998 80,000 SH Put Sole 80,000
SARA LEE CORP Common 803111953 1,448 60,000 SH Put Sole 60,000
SEARS ROEBUCK & CO Common 812387958 3,062 60,000 SH Put Sole 60,000
UNION PAC CORP Common 907818908 6,725 100,000 SH Call Sole 100,000
UNITED STATES STL Common 912909958 20,500 400,000 SH Put Sole 400,000
CORP NEW
----------
TOTAL $ 67,269
----------
AGGREGATE TOTAL $ 9,515,799
==========
Page 17 of 17 Pages