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 March 31, 2007
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: May 3, 2007
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Page 1 of 22
Loews Corporation ("Loews"), by virtue of its approximately 89% 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 22
FORM 13F SUMMARY PAGE
REPORT SUMMARY
Number of Other Included Managers: NONE.
Form 13F Information Table Entry Total: 234
Form 13F Information Table Value Total: $19,035.2 (million)
List of Other Included Managers: NONE.
Page 3 of 22
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 7,337 96,000 SH Sole 96,000
ACCENTURE LTD Common G1150G111 7,708 200,000 SH Sole 200,000
BERMUDA
AEGEAN MARINE Common Y0017S102 5,557 330,000 SH Sole 330,000
PETROLEUM NETW
AETNA INC NEW Common 00817Y108 2,190 50,000 SH Sole 50,000
AFFILIATED COMPUTER Common 008190100 7,456 126,625 SH Sole 126,625
SERVICES
AFTERMARKET Common 008318107 734 30,225 SH Sole 30,225
TECHNOLOGY CORP
AGILENT TECHNOLOGIES Common 00846U101 1,445 42,880 SH Sole 42,880
INC
ALCAN INC Common 013716105 3,393 65,000 SH Sole 65,000
ALCATEL-LUCENT- Common 013904305 1,402 118,627 SH Sole 118,627
SPONSORED ADR
ALCOA INC Common 013817101 1,704 50,255 SH Sole 50,255
ALLIANCEBERNSTEIN Common 01881G106 7,080 80,000 SH Sole 80,000
HOLDING
ALLSTATE CORP Common 020002101 1,389 23,125 SH Sole 23,125
AMERICAN ELEC PWR Common 025537101 1,879 38,540 SH Sole 38,540
INC
--------------
TOTAL $ 49,274
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Page 4 of 22 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
AMERICAN EQUITY INVT Common 025676206 561 42,725 SH Sole 42,725
LIFE HL
AMERICAN HOME MTG Common 02660R107 333 12,325 SH Sole 12,325
INVT CORP
AMERICAN Common 026874107 5,243 78,000 SH Sole 78,000
INTERNATIONAL GROUP
AMERICAN NATL INS CO Common 028591105 3,003 23,475 SH Sole 23,475
AMERIPRISE FINANCIAL Common 03076C106 12,571 220,000 SH Sole 220,000
INC
AMERISOURCEBERGEN Common 03073E105 979 18,550 SH Sole 18,550
CORP
AMGEN INC Common 031162100 15,423 276,000 SH Sole 276,000
ANADARKO PETE CORP Common 032511107 6,877 160,000 SH Sole 160,000
ANHEUSER BUSCH COS Common 035229103 593 11,750 SH Sole 11,750
INC
AON CORP Common 037389103 832 21,925 SH Sole 21,925
APEX SILVER MINES LTD Common G04074103 2,374 184,016 SH Sole 184,016
AQUILA INC Common 03840P102 1,156 276,520 SH Sole 276,520
ARVINMERITOR INC Common 043353101 386 21,150 SH Sole 21,150
--------------
TOTAL $ 50,331
--------------
Page 5 of 22 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
AURIZON MINES LTD Common 05155P106 1,882 536,305 SH Sole 536,305
AUTOZONE INC Common 053332102 923 7,200 SH Sole 7,200
BANK NEW YORK INC Common 064057102 2,732 67,370 SH Sole 67,370
BANK OF AMERICA Common 060505104 14,694 288,000 SH Sole 288,000
CORPORATION
BARR Common 068306109 6,026 130,000 SH Sole 130,000
PHARMACEUTICALS INC
BARRICK GOLD CORP Common 067901108 11,534 403,986 SH Sole 403,986
BEARINGPOINT INC Common 074002106 221 28,825 SH Sole 28,825
BOARDWALK PIPELINE Common 096627104 1,962,488 53,256,122 SH Sole 53,256,122
PARTNERS
BOSTON SCIENTIFIC CORPCommon 101137107 294 20,200 SH Sole 20,200
BOWNE & CO INC Common 103043105 449 28,550 SH Sole 28,550
BRISTOL MYERS SQUIBB Common 110122108 1,278 46,050 SH Sole 46,050
CO
CABOT Common 12709P103 314 9,375 SH Sole 9,375
MICROELECTRONICS
CORP
CADBURY SCHWEPPES- Common 127209302 5,137 100,000 SH Sole 100,000
SPONS ADR
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TOTAL $ 2,007,972
--------------
Page 6 of 22 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
CAMECO CORP Common 13321L108 18,628 455,000 SH Sole 455,000
CANADIAN NATURAL Common 136385101 791 14,330 SH Sole 14,330
RESOURCES
CATERPILLAR INC DEL Common 149123101 534 7,970 SH Sole 7,970
CBS CORP Common 124857202 8,412 275,000 SH Sole 275,000
CENTEX CORP Common 152312104 1,462 35,000 SH Sole 35,000
CIBER INC Common 17163B102 716 90,975 SH Sole 90,975
CIT GROUP INC Common 125581108 18,929 357,700 SH Sole 357,700
CITIGROUP INC Common 172967101 30,431 592,725 SH Sole 592,725
CLAYMONT STEEL Common 18382P104 1,056 53,000 SH Sole 53,000
HOLDINGS INC
CNA FINL CORP Common 126117100 10,405,536 241,483,773 SH Sole 241,483,773
COMCAST CORP NEW Common 20030N101 377 14,535 SH Sole 14,535
COMERICA INC Common 200340107 816 13,800 SH Sole 13,800
COMPUTER ASSOC INTL Common 12673P105 1,555 60,022 SH Sole 60,022
INC
--------------
TOTAL $ 10,489,243
--------------
Page 7 of 22 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 SCIENCES Common 205363104 400 7,675 SH Sole 7,675
CORP
CONMED CORP Common 207410101 332 11,375 SH Sole 11,375
CONOCOPHILLIPS Common 20825C104 5,126 75,000 SH Sole 75,000
CORNING INC Common 219350105 7,936 349,000 SH Sole 349,000
CYPRESS Common 232806109 371 20,000 SH Sole 20,000
SEMICONDUCTOR CORP
D R HORTON INC Common 23331A109 3,300 150,000 SH Sole 150,000
DEL MONTE FOODS CO Common 24522P103 364 31,725 SH Sole 31,725
DELPHI FINL GROUP INC Common 247131105 374 9,293 SH Sole 9,293
DESARROLLADORA Common 25030W100 580 10,000 SH Sole 10,000
HOMEX-ADR
DIAGEO P L C Common 25243Q205 954 11,780 SH Sole 11,780
DIAMOND OFFSHORE Common 25271C102 5,674,969 70,104,620 SH Sole 70,104,620
DRILLING INC
DIAMONDS TR Common 252787106 30,898 250,000 SH Sole 250,000
DISCOVERY HOLDING Common 25468Y107 1,913 100,000 SH Sole 100,000
CO-A W/I
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TOTAL $ 5,727,517
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Page 8 of 22 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
DPL INC Common 233293109 977 31,410 SH Sole 31,410
DRESSER-RAND GROUP Common 261608103 380 12,491 SH Sole 12,491
INC
DU PONT E I DE Common 263534109 2,669 54,000 SH Sole 54,000
NEMOURS & CO
DUKE ENERGY CORP Common 26441C105 343 16,918 SH Sole 16,918
EDDIE BAUER HOLDINGS Common 071625107 6,538 575,000 SH Sole 575,000
INC
ELECTRONIC DATA SYS Common 285661104 2,768 100,000 SH Sole 100,000
NEW
ENSCO INTL INC Common 26874Q100 2,176 40,000 SH Sole 40,000
F M C CORP Common 302491303 298 3,950 SH Sole 3,950
FEDERAL HOME LN MTG Common 313400301 1,959 32,925 SH Sole 32,925
CORP
FEDERAL NATL MTG Common 313586109 2,153 39,450 SH Sole 39,450
ASSN
FIRST AMERN CORP CALIFCommon 318522307 1,542 30,400 SH Sole 30,400
FLEXTRONICS INTL LTD Common Y2573F102 5,470 500,000 SH Sole 500,000
GENERAL ELEC CO Common 369604103 4,370 123,591 SH Sole 123,591
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TOTAL $ 31,643
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Page 9 of 22 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
GLAXOSMITHKLINE PLC- Common 37733W105 829 15,000 SH Sole 15,000
ADR
GLOBAL IMAGING Common 37934A100 796 40,825 SH Sole 40,825
SYSTEMS
GOLD RESERVE INC Common 38068N108 1,064 155,255 SH Sole 155,255
GRIFFON CORPORATION Common 398433102 225 9,100 SH Sole 9,100
HANGER ORTHOPEDIC Common 41043F208 313 26,800 SH Sole 26,800
GROUP INC
HARTFORD FINANCIAL Common 416515104 2,963 31,000 SH Sole 31,000
SVCS GRP
HECLA MINING CO Common 422704106 3,228 356,284 SH Sole 356,284
HOME DEPOT INC Common 437076102 4,765 129,700 SH Sole 129,700
HORACE MANN Common 440327104 504 24,525 SH Sole 24,525
EDUCATORS
HORIZON OFFSHORE INC Common 44043J204 7,081 489,700 SH Sole 489,700
HOVNANIAN Common 442487203 3,321 132,000 SH Sole 132,000
ENTERPRISES-A
HUB INTERNATIONAL Common 44332P101 505 12,125 SH Sole 12,125
LIMITED
HUDSON CITY BANCORP Common 443683107 410 30,000 SH Sole 30,000
INC
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TOTAL $ 26,004
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Page 10 of 22 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
IAMGOLD CORPORATION Common 450913108 2,228 288,630 SH Sole 288,630
IDACORP INC Common 451107106 337 9,950 SH Sole 9,950
IMA EXPLORATION INC Common 449664101 446 571,886 SH Sole 571,886
IMS HEALTH INC Common 449934108 353 11,900 SH Sole 11,900
INTERNATIONAL Common 459200101 7,546 80,050 SH Sole 80,050
BUSINESS MACHS
IPC HLDGS LTD Common G4933P101 1,331 46,125 SH Sole 46,125
ISHARES INC MSCI Common 464286848 43,710 3,000,000 SH Sole 3,000,000
JAPAN
ISHARES INC MSCI Common 464286673 3,093 250,000 SH Sole 250,000
SINGAPORE
J P MORGAN CHASE & CO Common 46625H100 1,027 21,225 SH Sole 21,225
JDS UNIPHASE CORP Common 46612J507 2,285 150,000 SH Sole 150,000
JOHNSON & JOHNSON Common 478160104 8,054 133,650 SH Sole 133,650
JOHNSON CONTROLS Common 478366107 1,036 10,950 SH Sole 10,950
KELLY SERVICES INC - Common 488152208 691 21,475 SH Sole 21,475
CL A
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TOTAL $ 72,137
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Page 11 of 22 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
KENNAMETAL INC Common 489170100 402 5,950 SH Sole 5,950
KIMBER RESOURCES INC Common 49435N101 1,084 641,515 SH Sole 641,515
LEAR CORP Common 521865105 2,283 62,525 SH Sole 62,525
LIBERTY GLOBAL INC-A Common 530555101 3,095 93,991 SH Sole 93,991
LIBERTY GLOBAL INC-C Common 530555309 1,320 43,068 SH Sole 43,068
LIBERTY MEDIA HOLD- Common 53071M302 1,659 15,000 SH Sole 15,000
CAP SER A
LIBERTY MEDIA- Common 53071M104 1,787 75,000 SH Sole 75,000
INTERACTIVE A
LINCOLN NATL CORP IND Common 534187109 5,084 75,000 SH Sole 75,000
M D C HLDGS INC Common 552676108 336 7,000 SH Sole 7,000
MAGNA INTL INC Common 559222401 931 12,400 SH Sole 12,400
MARATHON OIL CORP Common 565849106 988 10,000 SH Sole 10,000
MCDONALDS CORP Common 580135101 568 12,600 SH Sole 12,600
MEDIACOM Common 58446K105 1,628 200,000 SH Sole 200,000
COMMUNICATIONS CORP
--------------
TOTAL $ 21,165
--------------
Page 12 of 22 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 3,925 80,000 SH Sole 80,000
MELLON FINANCIAL CORP Common 58551A108 2,844 65,920 SH Sole 65,920
MEMC ELECTRONIC Common 552715104 5,270 87,000 SH Sole 87,000
MATERIALS
METALLICA RESOURCES Common 59125J104 2,238 436,358 SH Sole 436,358
INC
METLIFE INC Common 59156R108 1,279 20,250 SH Sole 20,250
MI DEVELOPMENTS INC- Common 55304X104 572 15,300 SH Sole 15,300
CLASS A
MICROSOFT CORP Common 594918104 27,525 987,625 SH Sole 987,625
MILACRON INC Common 598709103 30 45,738 SH Sole 45,738
MINEFINDERS CORP Common 602900102 849 71,741 SH Sole 71,741
MIRAMAR MINING CORP Common 60466E100 3,039 642,568 SH Sole 642,568
MORGAN STANLEY Common 617446448 981 12,450 SH Sole 12,450
NEW YORK TIMES CO Common 650111107 59,363 2,525,000 SH Sole 2,525,000
NEWS CORP INC Class B Common 65248E203 5,506 225,000 SH Sole 225,000
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TOTAL $ 113,421
--------------
Page 13 of 22 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
NEWS CORP INC Class A Common 65248E104 5,789 250,414 SH Sole 250,414
NORTHEAST UTILITIES Common 664397106 819 25,000 SH Sole 25,000
NORTHERN TR CORP Common 665859104 535 8,900 SH Sole 8,900
NRG ENERGY INC Common 629377508 761 10,560 SH Sole 10,560
OCCIDENTAL Common 674599105 3,452 70,000 SH Sole 70,000
PETROLEUM CORP
OLD REP INTL CORP Common 680223104 824 37,250 SH Sole 37,250
OMNICARE INC Common 681904108 3,977 100,000 SH Sole 100,000
ORACLE CORP Common 68389X105 4,657 256,875 SH Sole 256,875
PFIZER INC Common 717081103 8,148 322,550 SH Sole 322,550
PHARMACEUTICAL Common 71712A206 21,359 275,000 SH Sole 275,000
HLDRS TR
PHARMANET Common 717148100 356 13,675 SH Sole 13,675
DEVELOPMENT GROUP
PHH CORP Common 693320202 549 17,975 SH Sole 17,975
PIKE ELECTRIC CORP Common 721283109 678 37,500 SH Sole 37,500
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TOTAL $ 51,904
--------------
Page 14 of 22 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
PIONEER NAT RES CO Common 723787107 12,502 290,000 SH Sole 290,000
PLANTRONICS INC NEW Common 727493108 2,953 125,000 SH Sole 125,000
PRIMUS GUARANTY LTD Common G72457107 4,920 400,000 SH Sole 400,000
PULTE HOMES INC Common 745867101 2,884 109,000 SH Sole 109,000
RADIO ONE INC Common 75040P405 328 50,700 SH Sole 50,700
RAYTHEON CO Common 755111507 5,246 100,000 SH Sole 100,000
REGIS CORP Common 758932107 508 12,575 SH Sole 12,575
RENAISSANCE RE Common G7496G103 1,888 37,650 SH Sole 37,650
HLDGS LTD
RENT A CTR INC NEW Common 76009N100 2,117 75,650 SH Sole 75,650
ROCKWELL Common 773903109 1,197 20,000 SH Sole 20,000
AUTOMATION INC
RTI INTERNATIONAL Common 74973W107 4,551 50,000 SH Sole 50,000
METALS INC
SAIC INC Common 78390X101 2,598 150,000 SH Sole 150,000
SARA LEE CORP Common 803111103 805 47,575 SH Sole 47,575
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TOTAL $ 42,497
--------------
Page 15 of 22 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- Common 803866300 661 20,000 SH Sole 20,000
SPONSORED ADR
SCANA CORP NEW Common 80589M102 622 14,405 SH Sole 14,405
SCHWEITZER-MAUDUIT Common 808541106 544 21,875 SH Sole 21,875
INTL INC
SEAGATE TECHNOLOGY Common G7945J104 11,335 486,500 SH Sole 486,500
SEALY CORP Common 812139301 555 31,750 SH Sole 31,750
SEMPRA ENERGY Common 816851109 1,130 18,525 SH Sole 18,525
SGL CARBON AG- Common 784188203 545 50,000 SH Sole 50,000
SPONSORED ADR
SMURFIT-STONE Common 832727101 912 81,000 SH Sole 81,000
CONTAINER CORP
SPRINT NEXTEL Common 852061100 3,829 201,950 SH Sole 201,950
CORPORATION
STEWART INFORMATION Common 860372101 221 5,300 SH Sole 5,300
SERVICES
STILLWATER MNG CO Common 86074Q102 3,366 265,217 SH Sole 265,217
STREETTRACKS GOLD Common 863307104 24,653 375,000 SH Sole 375,000
TRUST
TALISMAN ENERGY INC Common 87425E103 1,756 100,000 SH Sole 100,000
--------------
TOTAL $ 50,129
--------------
Page 16 of 22 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
TEMPUR-PEDIC Common 88023U101 601 23,125 SH Sole 23,125
INTERNATIONAL
TEXTRON INC Common 883203101 700 7,800 SH Sole 7,800
THORATEC CORP Common 885175307 8,778 420,000 SH Sole 420,000
TIME WARNER INC Common 887317105 3,944 200,000 SH Sole 200,000
TITAN INTERNATIONAL INCommon 88830M102 5,573 220,000 SH Sole 220,000
TJX COS INC NEW Common 872540109 1,590 58,975 SH Sole 58,975
TORCHMARK CORP Common 891027104 1,459 22,250 SH Sole 22,250
TRAVELERS COS Common 89417E109 5,177 100,000 SH Sole 100,000
INC/THE
TREX COMPANY INC Common 89531P105 10,903 506,425 SH Sole 506,425
TRICO MARINE SERVICES Common 896106200 1,677 45,000 SH Sole 45,000
INC
TRINITY INDS INC Common 896522109 4,611 110,000 SH Sole 110,000
TYCO INTL LTD NEW Common 902124106 20,935 663,550 SH Sole 663,550
UNILEVER N V Common 904784709 1,526 52,210 SH Sole 52,210
--------------
TOTAL $ 67,474
--------------
Page 17 of 22 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
UNION PAC CORP Common 907818108 980 9,650 SH Sole 9,650
UNITED AMERICA Common 90933T109 604 26,050 SH Sole 26,050
INDEMNITY-A
UNITED PARCEL SERVICE Common 911312106 532 7,584 SH Sole 7,584
INC
UNITED STATES STL Common 912909108 2,063 20,800 SH Sole 20,800
CORP NEW
UNITED STATIONERS INC Common 913004107 559 9,325 SH Sole 9,325
UNIVERSAL CORP VA Common 913456109 603 9,825 SH Sole 9,825
US BANCORP DEL Common 902973304 1,642 46,950 SH Sole 46,950
USI HOLDINGS CORP Common 90333H101 465 27,625 SH Sole 27,625
VALERO ENERGY CORP Common 91913Y100 8,384 130,000 SH Sole 130,000
NEW
VIACOM INC Common 92553P201 5,139 125,000 SH Sole 125,000
VIAD CORP Common 92552R406 395 10,244 SH Sole 10,244
VODAFONE GROUP PLC Common 92857W209 4,230 157,500 SH Sole 157,500
NEW
WAL MART STORES INC Common 931142103 2,969 63,230 SH Sole 63,230
--------------
TOTAL $ 28,565
--------------
Page 18 of 22 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
WASHINGTON MUT INC Common 939322103 381 9,425 SH Sole 9,425
WESTERN DIGITAL CORP Common 958102105 10,348 615,600 SH Sole 615,600
WEYERHAEUSER CO Common 962166104 378 5,058 SH Sole 6,500
WHIRLPOOL CORP Common 963320106 2,082 24,518 SH Sole 24,518
WHITING PETE CORP Common 966387102 788 20,000 SH Sole 20,000
NEW
WHOLE FOODS MKT INC Common 966837106 3,140 70,000 SH Sole 70,000
WIDEPOINT CORP Common 967590100 1,086 600,000 SH Sole 600,000
WILLIAMS COS INC DEL Common 969457100 2,939 103,280 SH Sole 103,280
WISCONSIN ENERGY Common 976657106 1,069 22,025 SH Sole 22,025
CORP
WYETH Common 983024100 12,870 257,250 SH Sole 257,250
WYNDHAM WORLDWIDE Common 98310W108 1,366 40,000 SH Sole 40,000
CORP
XERIUM TECHNOLOGIES Common 98416J100 6,839 852,700 SH Sole 852,700
INC
XEROX CORP Common 984121103 9,290 550,000 SH Sole 550,000
--------------
TOTAL $ 52,576
--------------
Page 19 of 22 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
XL CAP LTD Common G98255105 1,441 20,600 SH Sole 20,600
ZOLTEK COMPANIES INC Common 98975W104 17,828 510,400 SH Sole 510,400
----------------
TOTAL $ 19,269
----------------
Page 20 of 22 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 6,114 80,000 SH Put Sole 80,000
AMGEN INC Common 031162950 2,235 40,000 SH Put Sole 40,000
BARRICK GOLD CORP Common 067901908 13,704 480,000 SH Call Sole 480,000
DISNEY WALT CO Common 254687956 3,443 100,000 SH Put Sole 100,000
DU PONT E I DE Common 263534959 1,977 40,000 SH Put Sole 40,000
NEMOURS & CO
ENSCO INTL INC Common 26874Q950 15,232 280,000 SH Put Sole 280,000
FORD MTR CO DEL Common 345370900 19,725 2,500,000 SH Call Sole 2,500,000
GENERAL MTRS CORP Common 370442955 6,128 200,000 SH Put Sole 200,000
HOME DEPOT INC Common 437076952 4,409 120,000 SH Put Sole 120,000
JDS UNIPHASE CORP Common 46612J957 1,523 100,000 SH Put Sole 100,000
MEDTRONIC INC Common 585055956 3,925 80,000 SH Put Sole 80,000
MERCK & CO INC Common 589331957 8,834 200,000 SH Put Sole 200,000
MICROSOFT CORP Common 594918904 557 20,000 SH Call Sole 20,000
--------------
TOTAL $ 87,806
--------------
Page 21 of 22 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
MICROSOFT CORP Common 594918954 3,066 110,000 SH Put Sole 110,000
NEWMONT MINING CORP Common 651639906 2,519 60,000 SH Call Sole 60,000
PFIZER INC Common 717081953 1,516 60,000 SH Put Sole 60,000
SEAGATE TECHNOLOGY Common G7945J954 3,495 150,000 SH Put Sole 150,000
THE ST JOE COMPANY Common 790148950 5,754 110,000 SH Put Sole 110,000
THORATEC CORP Common 885175907 836 40,000 SH Call Sole 40,000
TRINITY INDS INC Common 896522959 1,677 40,000 SH Put Sole 40,000
UNION PAC CORP Common 907818908 9,901 97,500 SH Call Sole 97,500
UNITED STATES STL Common 912909958 6,942 70,000 SH Put Sole 70,000
CORP NEW
WHOLE FOODS MKT INC Common 966837956 3,588 80,000 SH Put Sole 80,000
ZOLTEK COMPANIES INC Common 98975W954 6,986 200,000 SH Put Sole 200,000
----------------
TOTAL $ 46,280
----------------
AGGREGATE TOTAL $ 19,035,207
================
Page 22 of 22 Pages