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, 2006
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 4, 2006
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Page 1 of 20
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 20
FORM 13F SUMMARY PAGE
REPORT SUMMARY
Number of Other Included Managers: NONE.
Form 13F Information Table Entry Total: 233
Form 13F Information Table Value Total: $15,646.5 (million)
List of Other Included Managers: NONE.
Page 3 of 20
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 10,500 130,000 SH Sole 130,000
ACCENTURE LTD Common G1150G111 6,372 225,000 SH Sole 225,000
BERMUDA
AFFILIATED COMPUTER Common 008190100 11,499 222,800 SH Sole 222,800
SERVICES
AFTERMARKET Common 008318107 468 18,850 SH Sole 18,850
TECHNOLOGY CORP
AIR PRODS & CHEMS Common 009158106 1,443 22,580 SH Sole 22,580
INC
ALLIANCEBERNSTEIN Common 01881G106 4,891 80,000 SH Sole 80,000
HOLDING
ALLSTATE CORP Common 020002101 1,646 30,075 SH Sole 30,075
AMERICAN ELEC PWR Common 025537101 1,327 38,730 SH Sole 38,730
INC
AMERICAN EQUITY Common 025676206 455 42,725 SH Sole 42,725
INVT LIFE HL
AMERICAN HOME MTG Common 02660R107 779 21,125 SH Sole 21,125
INVT CORP
AMERICAN Common 026874107 4,606 78,000 SH Sole 78,000
INTERNATIONAL GROUP
AMERICAN NATL INS Common 028591105 3,045 23,475 SH Sole 23,475
CO
AMERIPRISE Common 03076C106 10,140 227,000 SH Sole 227,000
FINANCIAL INC
------------
TOTAL $ 57,171
------------
Page 4 of 20 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
AMERISOURCEBERGEN Common 03073E105 778 18,550 SH Sole 18,550
CORP
ANADARKO PETE CORP Common 032511107 7,630 160,000 SH Sole 160,000
ANHEUSER BUSCH COS Common 035229103 1,071 23,500 SH Sole 23,500
INC
AON CORP Common 037389103 763 21,925 SH Sole 21,925
AQUILA INC Common 03840P102 1,158 275,034 SH Sole 275,034
ARVINMERITOR INC Common 043353101 642 37,325 SH Sole 37,325
ASHLAND INC Common 044209104 6,003 90,000 SH Sole 90,000
AURIZON MINES LTD Common 05155P106 2,681 965,305 SH Sole 965,305
AUTOZONE INC Common 053332102 809 9,175 SH Sole 9,175
AVON PRODS INC Common 054303102 3,875 125,000 SH Sole 125,000
BANK NEW YORK INC Common 064057102 1,774 55,100 SH Sole 55,100
BANK OF AMERICA Common 060505104 13,131 273,000 SH Sole 273,000
CORPORATION
BARRICK GOLD CORP Common 067901108 8,083 273,086 SH Sole 273,086
BEARINGPOINT INC Common 074002106 241 28,825 SH Sole 28,825
BEMA GOLD CORP Common 08135F107 102 20,289 SH Sole 20,289
BLOCK H & R INC Common 093671105 511 21,397 SH Sole 21,397
------------
TOTAL $ 49,252
------------
Page 5 of 20 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
BOARDWALK PIPELINE Common 096627104 1,304,242 53,256,122 SH Sole 53,256,122
PARTNERS
BOSTON SCIENTIFIC Common 101137107 340 20,200 SH Sole 20,200
CORP
BOWNE & CO INC Common 103043105 408 28,550 SH Sole 28,550
BRISTOL MYERS Common 110122108 847 32,750 SH Sole 32,750
SQUIBB CO
BROOKFIELD ASSET Common 112585104 609 15,000 SH Sole 15,000
MANAGE-CL A
BUCYRUS Common 118759109 2,121 42,000 SH Sole 42,000
INTERNATIONAL INC-A
CABOT OIL & GAS Common 127097103 1,225 25,000 SH Sole 25,000
CORP
CAMBIOR INC Common 13201L103 2,065 767,691 SH Sole 767,691
CARPENTER Common 144285103 2,888 25,000 SH Sole 25,000
TECHNOLOGY
CBS CORP Common 124857202 6,763 250,000 SH Sole 250,000
CENTEX CORP Common 152312104 3,521 70,000 SH Sole 70,000
CHEVRONTEXACO CORP Common 166764100 854 13,766 SH Sole 13,766
CIBER INC Common 17163B102 600 90,975 SH Sole 90,975
CITIGROUP INC Common 172967101 15,692 325,215 SH Sole 325,215
CNA FINL CORP Common 126117100 7,700,132 233,620,515 SH Sole 233,620,515
------------
TOTAL $ 9,042,307
------------
Page 6 of 20 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 20030N101 1,388 42,400 SH Sole 42,400
COMCAST CORP NEW Common 20030N200 10,162 310,000 SH Sole 310,000
COMERICA INC Common 200340107 717 13,800 SH Sole 13,800
COMPUTER ASSOC INTL Common 12673P105 1,233 60,022 SH Sole 60,022
INC
COMPUTER SCIENCES Common 205363104 373 7,675 SH Sole 7,675
CORP
CONMED CORP Common 207410101 496 23,975 SH Sole 23,975
CONOCOPHILLIPS Common 20825C104 4,915 75,000 SH Sole 75,000
CUMBERLAND Common 23077R100 1,815 384,352 SH Sole 384,352
RESOURCES LTD
CYPRESS Common 232806109 582 40,000 SH Sole 40,000
SEMICONDUCTOR CORP
D R HORTON INC Common 23331A109 2,144 90,000 SH Sole 90,000
DEL MONTE FOODS CO Common 24522P103 356 31,725 SH Sole 31,725
DELPHI FINL GROUP Common 247131105 437 12,018 SH Sole 12,018
INC
DIAGEO P L C Common 25243Q205 1,047 15,500 SH Sole 15,500
DIAMOND OFFSHORE Common 25271C102 5,883,881 70,104,620 SH Sole 70,104,620
DRILLING INC
DISCOVERY HOLDING Common 25468Y107 1,463 100,000 SH Sole 100,000
CO-A W/I
------------
TOTAL $ 5,911,009
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Page 7 of 20 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
DISNEY WALT CO Common 254687106 300 10,000 SH Sole 10,000
DOMINION RES INC VA Common 25746U109 1,434 19,170 SH Sole 19,170
NEW
DOW CHEM CO Common 260543103 785 20,100 SH Sole 20,100
DPL INC Common 233293109 1,683 62,810 SH Sole 62,810
DU PONT E I DE Common 263534109 3,328 80,000 SH Sole 80,000
NEMOURS & CO
DUKE ENERGY CORP Common 26441C105 497 16,918 SH Sole 16,918
DYNEGY INC NEW Common 26816Q101 258 47,112 SH Sole 47,112
ELECTRONIC DATA SYS Common 285661104 2,406 100,000 SH Sole 100,000
NEW
ENTERGY CORP NEW Common 29364G103 1,585 22,400 SH Sole 22,400
EXELON CORP Common 30161N101 1,617 28,445 SH Sole 28,445
EXPRESSJET HOLDINGS Common 30218U108 443 64,100 SH Sole 64,100
INC
F M C CORP Common 302491303 375 5,825 SH Sole 5,825
FEDERAL HOME LN MTG Common 313400301 1,337 23,450 SH Sole 23,450
CORP
FEDERAL NATL MTG Common 313586109 1,898 39,450 SH Sole 39,450
ASSN
FIRST AMERN CORP Common 318522307 1,285 30,400 SH Sole 30,400
CALIF
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TOTAL $ 19,231
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Page 8 of 20 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
FREESCALE Common 35687M107 5,220 180,000 SH Sole 180,000
SEMICONDUCTOR-A
FREIGHTCAR AMERICA Common 357023100 1,110 20,000 SH Sole 20,000
INC
GANNETT INC Common 364730101 1,447 25,880 SH Sole 25,880
GENERAL ELEC CO Common 369604103 1,372 41,630 SH Sole 41,630
GLAXOSMITHKLINE Common 37733W105 1,674 30,000 SH Sole 30,000
PLC-ADR
GLOBAL IMAGING Common 37934A100 476 11,525 SH Sole 11,525
SYSTEMS
GOLD RESERVE INC Common 38068N108 892 155,255 SH Sole 155,255
GOLDEN STAR Common 38119T104 1,505 508,402 SH Sole 508,402
RESOURCES LTD
HANGER ORTHOPEDIC Common 41043F208 224 26,800 SH Sole 26,800
GROUP INC
HCA INC Common 404119109 844 19,550 SH Sole 19,550
HEALTH MGMT ASSOC Common 421933102 8,162 414,100 SH Sole 414,100
INC NEW
HECLA MINING CO Common 422704106 4,107 782,195 SH Sole 782,195
HEWLETT PACKARD CO Common 428236103 950 30,000 SH Sole 30,000
HOME DEPOT INC Common 437076102 1,557 43,500 SH Sole 43,500
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TOTAL $ 29,540
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Page 9 of 20 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
HORACE MANN Common 440327104 416 24,525 SH Sole 24,525
EDUCATORS
HOVNANIAN Common 442487203 2,256 75,000 SH Sole 75,000
ENTERPRISES-A
HUB INTERNATIONAL Common 44332P101 284 10,850 SH Sole 10,850
LIMITED
HUDSON CITY BANCORP Common 443683107 533 40,000 SH Sole 40,000
INC
IDACORP INC Common 451107106 487 14,200 SH Sole 14,200
IMA EXPLORATION INC Common 449664101 1,665 571,886 SH Sole 571,886
IMS HEALTH INC Common 449934108 269 10,000 SH Sole 10,000
INTERNATIONAL Common 459200101 5,762 75,000 SH Sole 75,000
BUSINESS MACHS
IPC HLDGS LTD Common G4933P101 1,226 49,725 SH Sole 49,725
IPSCO INC Common 462622101 5,043 52,700 SH Sole 52,700
ISHARES INC MSCI Common 464286848 5,115 375,000 SH Sole 375,000
JAPAN
ISHARES INC MSCI Common 464286673 2,200 250,000 SH Sole 250,000
SINGAPORE
J P MORGAN CHASE & Common 46625H100 891 21,225 SH Sole 21,225
CO
JOHNSON & JOHNSON Common 478160104 1,896 31,650 SH Sole 31,650
JOHNSON CONTROLS Common 478366107 1,075 13,075 SH Sole 13,075
INC
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TOTAL $ 29,118
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Page 10 of 20 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
KELLY SERVICES INC Common 488152208 648 23,850 SH Sole 23,850
-CL A
KENNAMETAL INC Common 489170100 370 5,950 SH Sole 5,950
KIMBER RESOURCES Common 49435N101 1,047 497,515 SH Sole 497,515
INC
KINROSS GOLD CORP Common 496902404 560 51,410 SH Sole 51,410
LAUDER ESTEE COS Common 518439104 9,668 250,000 SH Sole 250,000
INC
LEAR CORP Common 521865105 1,607 72,375 SH Sole 72,375
LIBERTY GLOBAL Common 530555101 2,021 93,991 SH Sole 93,991
INC-A
LIBERTY GLOBAL Common 530555309 886 43,068 SH Sole 43,068
INC-C
LIBERTY MEDIA Common 53071M302 1,257 15,000 SH Sole 15,000
HOLD-CAP SER A
LIBERTY Common 53071M104 1,295 75,000 SH Sole 75,000
MEDIA-INTERACTIVE A
LINCOLN NATL CORP Common 534187109 4,233 75,000 SH Sole 75,000
IND
LORAL SPACE AND Common 543881106 250 8,800 SH Sole 8,800
COMM-W/I
LUCENT TECHNOLOGIES Common 549463107 632 261,325 SH Sole 261,325
INC
M D C HLDGS INC Common 552676108 364 7,000 SH Sole 7,000
------------
TOTAL $ 24,838
------------
Page 11 of 20 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
MAGNA INTL INC Common 559222401 892 12,400 SH Sole 12,400
MARATHON OIL CORP Common 565849106 833 10,000 SH Sole 10,000
MCDONALDS CORP Common 580135101 911 27,100 SH Sole 27,100
MEADWESTVACO CORP Common 583334107 2,500 89,500 SH Sole 89,500
MEDIACOM Common 58446K105 1,246 200,000 SH Sole 200,000
COMMUNICATIONS CORP
MEDTRONIC INC Common 585055106 1,877 40,000 SH Sole 40,000
METALLICA RESOURCES Common 59125J104 2,171 710,600 SH Sole 710,600
INC
METLIFE INC Common 59156R108 1,301 25,400 SH Sole 25,400
MI DEVELOPMENTS Common 55304X104 519 15,300 SH Sole 15,300
INC-CLASS A
MICROSOFT CORP Common 594918104 70,387 3,020,895 SH Sole 3,020,895
MILACRON INC Common 598709103 46 45,738 SH Sole 45,738
MINEFINDERS CORP Common 602900102 2,389 293,390 SH Sole 293,390
MIRAMAR MINING CORP Common 60466E100 2,895 786,600 SH Sole 786,600
MORGAN STANLEY Common 617446448 1,824 28,850 SH Sole 28,850
NALCO HOLDING CO Common 62985Q101 3,526 200,000 SH Sole 200,000
NBTY INC Common 628782104 567 23,725 SH Sole 23,725
------------
TOTAL $ 93,884
------------
Page 12 of 20 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 651229106 5,166 200,000 SH Sole 200,000
INC
NEWS CORP INC Common 65248E203 4,540 225,000 SH Sole 225,000
NEWS CORP INC Common 65248E104 5,126 267,276 SH Sole 267,276
NISOURCE INC Common 65473P105 1,219 55,800 SH Sole 55,800
NORTHEAST UTILITIES Common 664397106 517 25,000 SH Sole 25,000
NORTHERN TR CORP Common 665859104 492 8,900 SH Sole 8,900
OCCIDENTAL Common 674599105 2,051 20,000 SH Sole 20,000
PETROLEUM CORP
OLD REP INTL CORP Common 680223104 796 37,250 SH Sole 37,250
ORACLE CORP Common 68389X105 1,666 115,000 SH Sole 115,000
PFIZER INC Common 717081103 16,146 687,925 SH Sole 687,925
PG&E CORP Common 69331C108 1,559 39,700 SH Sole 39,700
PHARMACEUTICAL Common 71712A206 54,475 775,000 SH Sole 775,000
HLDRS TR
PHH CORP Common 693320202 495 17,975 SH Sole 17,975
PIKE ELECTRIC CORP Common 721283109 391 20,300 SH Sole 20,300
PIONEER NAT RES CO Common 723787107 4,177 90,000 SH Sole 90,000
POTASH CORP SASK Common 73755L107 6,878 80,000 SH Sole 80,000
INC
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TOTAL $ 105,694
------------
Page 13 of 20 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
PRIMUS GUARANTY LTD Common G72457107 4,440 400,000 SH Sole 400,000
PULTE HOMES INC Common 745867101 6,910 240,000 SH Sole 240,000
QUALCOMM INC Common 747525103 1,603 40,000 SH Sole 40,000
R H DONNELLEY CORP Common 74955W307 392 7,244 SH Sole 7,244
RADIO ONE INC Common 75040P405 344 46,525 SH Sole 46,525
RADIOSHACK CORP Common 750438103 652 46,550 SH Sole 46,550
RANDGOLD RESOURCES Common 752344309 1,013 48,257 SH Sole 48,257
LTD-ADR
RAYTHEON CO Common 755111507 4,457 100,000 SH Sole 100,000
REGIS CORP Common 758932107 3,226 90,600 SH Sole 90,600
REINSURANCE GROUP Common 759351109 1,352 27,500 SH Sole 27,500
OF AMERICA
RENAISSANCE RE Common G7496G103 1,825 37,650 SH Sole 37,650
HLDGS LTD
RENT A CTR INC NEW Common 76009N100 1,881 75,650 SH Sole 75,650
RTI INTERNATIONAL Common 74973W107 8,767 157,000 SH Sole 157,000
METALS INC
SABRE HLDGS CORP Common 785905100 6,820 310,000 SH Sole 310,000
SARA LEE CORP Common 803111103 762 47,575 SH Sole 47,575
------------
TOTAL $ 44,444
------------
Page 14 of 20 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
SASOL LTD-SPONSORED Common 803866300 1,159 30,000 SH Sole 30,000
ADR
SCANA CORP NEW Common 80589M102 556 14,405 SH Sole 14,405
SCHWEITZER-MAUDUIT Common 808541106 333 15,375 SH Sole 15,375
INTL INC
SEAGATE TECHNOLOGY Common G7945J104 7,618 336,500 SH Sole 336,500
SEALY CORP Common 812139301 421 31,750 SH Sole 31,750
SEMPRA ENERGY Common 816851109 843 18,525 SH Sole 18,525
SFBC INTERNATIONAL Common 784121105 250 16,500 SH Sole 16,500
INC
SPRINT NEXTEL Common 852061100 6,536 326,950 SH Sole 326,950
CORPORATION
TEMPUR-PEDIC Common 88023U101 312 23,125 SH Sole 23,125
INTERNATIONAL
TEXTRON INC Common 883203101 719 7,800 SH Sole 7,800
THORATEC CORP Common 885175307 4,993 360,000 SH Sole 360,000
TIME WARNER INC Common 887317105 4,359 251,980 SH Sole 251,980
TJX COS INC NEW Common 872540109 1,530 66,950 SH Sole 66,950
TORCHMARK CORP Common 891027104 1,351 22,250 SH Sole 22,250
TREDEGAR CORP Common 894650100 167 10,575 SH Sole 10,575
------------
TOTAL $ 31,147
------------
Page 15 of 20 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
TREX COMPANY INC Common 89531P105 201 7,750 SH Sole 7,750
TRINITY INDS INC Common 896522109 1,818 45,000 SH Sole 45,000
TYCO INTL LTD NEW Common 902124106 20,073 729,940 SH Sole 729,940
UNION PAC CORP Common 907818108 897 9,650 SH Sole 9,650
UNITED AMERICA Common 90933T109 300 14,400 SH Sole 14,400
INDEMNITY-A
UNITED PARCEL Common 911312106 483 5,870 SH Sole 5,870
SERVICE INC
UNITED STATES STL Common 912909108 4,908 70,000 SH Sole 70,000
CORP NEW
UNITED STATIONERS Common 913004107 460 9,325 SH Sole 9,325
INC
UNIVERSAL CORP VA Common 913456109 584 15,700 SH Sole 15,700
UNIVERSAL STAINLESS Common 913837100 700 23,900 SH Sole 23,900
& ALLOY
US BANCORP DEL Common 902973304 1,849 59,890 SH Sole 59,890
USI HOLDINGS CORP Common 90333H101 370 27,625 SH Sole 27,625
VALASSIS Common 918866104 421 17,850 SH Sole 17,850
COMMUNICATIONS INC
VALERO ENERGY CORP Common 91913Y100 8,648 130,000 SH Sole 130,000
NEW
------------
TOTAL $ 41,712
------------
Page 16 of 20 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
VIACOM INC Common 92553P201 4,480 125,000 SH Sole 125,000
VIAD CORP Common 92552R406 890 28,432 SH Sole 28,432
VODAFONE GROUP PLC Common 92857W100 3,834 180,000 SH Sole 180,000
NEW
WAL MART STORES INC Common 931142103 2,388 49,575 SH Sole 49,575
WASHINGTON MUT INC Common 939322103 430 9,425 SH Sole 9,425
WCI COMMUNITIES INC Common 92923C104 1,067 53,000 SH Sole 53,000
WESTERN GAS RES INC Common 958259103 953 15,920 SH Sole 15,920
WEYERHAEUSER CO Common 962166104 405 6,500 SH Sole 6,500
WHIRLPOOL CORP Common 963320106 1,778 21,518 SH Sole 21,518
WHITING PETE CORP Common 966387102 837 20,000 SH Sole 20,000
NEW
WILLIAMS COS INC Common 969457100 2,561 109,620 SH Sole 109,620
DEL
WISCONSIN ENERGY Common 976657106 888 22,025 SH Sole 22,025
CORP
WYETH Common 983024100 457 10,300 SH Sole 10,300
XCEL ENERGY INC Common 98389B100 710 37,000 SH Sole 37,000
XERIUM TECHNOLOGIES Common 98416J100 9,224 979,200 SH Sole 979,200
INC
------------
TOTAL $ 30,902
------------
Page 17 of 20 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
XEROX CORP Common 984121103 7,651 550,000 SH Sole 550,000
XL CAP LTD Common G98255105 1,263 20,600 SH Sole 20,600
YAMANA GOLD INC Common 98462Y100 450 45,790 SH Sole 45,790
ZIMMER HOLDINGS INC Common 98956P102 2,269 40,000 SH Sole 40,000
----------
TOTAL $ 11,633
----------
Page 18 of 20 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
3M CO Common 88579Y951 5,654 70,000 SH Put Sole 70,000
BARRICK GOLD CORP Common 067901908 20,566 720,000 SH Call Sole 720,000
BARRICK GOLD CORP Common 067901958 5,920 200,000 SH Put Sole 200,000
BAUSCH & LOMB INC Common 071707953 1,471 30,000 SH Put Sole 30,000
DISNEY WALT CO Common 254687956 3,000 100,000 SH Put Sole 100,000
DU PONT E I DE Common 263534959 3,328 80,000 SH Put Sole 80,000
NEMOURS & CO
GENERAL MTRS CORP Common 370442955 5,958 200,000 SH Put Sole 200,000
HEALTH MGMT ASSOC Common 421933902 394 20,000 SH Call Sole 20,000
INC NEW
INTERNATIONAL Common 459200951 7,682 100,000 SH Put Sole 100,000
BUSINESS MACHS
IPSCO INC Common 462622951 2,297 24,000 SH Put Sole 24,000
MEDTRONIC INC Common 585055956 3,754 80,000 SH Put Sole 80,000
MERCK & CO INC Common 589331957 7,286 200,000 SH Put Sole 200,000
MICROSOFT CORP Common 594918954 2,796 120,000 SH Put Sole 120,000
PHELPS DODGE CORP Common 717265952 6,573 80,000 SH Put Sole 80,000
POTASH CORP SASK Common 73755L957 6,878 80,000 SH Put Sole 80,000
INC
QUALCOMM INC Common 747525903 801 20,000 SH Call Sole 20,000
------------
TOTAL $ 84,358
------------
Page 19 of 20 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
QUALCOMM INC Common 747525953 4,007 100,000 SH Put Sole 100,000
THORATEC CORP Common 885175907 1,110 80,000 SH Call Sole 80,000
UNION PAC CORP Common 907818908 22,310 240,000 SH Call Sole 240,000
UNITED STATES STL Common 912909958 7,713 110,000 SH Put Sole 110,000
CORP NEW
WHOLE FOODS MKT INC Common 966837956 5,171 80,000 SH Put Sole 80,000
----------
TOTAL $ 40,311
----------
AGGREGATE TOTAL $ 15,646,551
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Page 20 of 20 Pages