13F-HR 1 bdyseptf.txt LOEWS CORPORATION FORM 13-F FORM 13F UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------ FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended September 30, 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 ------------------------------------------------------------------------------ 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: November 4, 2005 ------------------------------------------------------------------------------ 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: 218 Form 13F Information Table Value Total: $11,986.4 (million) 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 3M CO Common 88579Y101 12,633 172,200 SH Sole 172,200 ACCENTURE LTD Common G1150G111 4,758 186,900 SH Sole 186,900 BERMUDA AFFILIATED COMPUTER Common 008190100 4,483 82,100 SH Sole 82,100 SERVICES AFTERMARKET Common 008318107 223 12,150 SH Sole 12,150 TECHNOLOGY CORP ALLIANCE CAPITAL Common 01855A101 3,828 80,000 SH Sole 80,000 MGMT HOLD ALLSTATE CORP Common 020002101 1,252 22,650 SH Sole 22,650 ALPHA NATURAL Common 02076X102 4,185 139,300 SH Sole 139,300 RESOURCES INC AMBAC FINL GROUP Common 023139108 2,162 30,000 SH Sole 30,000 INC AMERICAN HOME MTG Common 02660R107 438 14,450 SH Sole 14,450 INVT CORP AMERICAN Common 026874107 4,833 78,000 SH Sole 78,000 INTERNATIONAL GROUP AMERICAN NATL INS Common 028591105 2,796 23,475 SH Sole 23,475 CO AMERISOURCEBERGEN Common 03073E105 1,339 17,325 SH Sole 17,325 CORP AMERUS GROUP CO Common 03072M108 383 6,675 SH Sole 6,675 ------------ TOTAL $ 43,313 ------------ 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 ANADARKO PETE CORP Common 032511107 7,660 80,000 SH Sole 80,000 ANHEUSER BUSCH COS Common 035229103 1,011 23,500 SH Sole 23,500 INC AON CORP Common 037389103 1,456 45,400 SH Sole 45,400 AQUILA INC Common 03840P102 874 220,600 SH Sole 220,600 ARCH COAL INC Common 039380100 1,013 15,000 SH Sole 15,000 ARVINMERITOR INC Common 043353101 655 39,200 SH Sole 39,200 ASHLAND INC Common 044209104 765 13,850 SH Sole 13,850 AURIZON MINES LTD Common 05155P106 1,514 1,190,035 SH Sole 1,190,035 AUTOZONE INC Common 053332102 764 9,175 SH Sole 9,175 AVON PRODS INC Common 054303102 6,750 250,000 SH Sole 250,000 BANK NEW YORK INC Common 064057102 1,271 43,200 SH Sole 43,200 BANK OF AMERICA Common 060505104 10,651 253,000 SH Sole 253,000 CORPORATION BARRICK GOLD CORP Common 067901108 2,615 90,000 SH Sole 90,000 BEARINGPOINT INC Common 074002106 355 46,800 SH Sole 46,800 BEMA GOLD CORP Common 08135F107 309 114,720 SH Sole 114,720 BOEING CO Common 097023105 1,245 18,325 SH Sole 18,325 ------------ TOTAL $ 38,908 ------------ 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 BOWNE & CO INC Common 103043105 531 37,175 SH Sole 37,175 BRISTOL MYERS Common 110122108 8,607 357,750 SH Sole 357,750 SQUIBB CO BURLINGTON RES INC Common 122014103 4,879 60,000 SH Sole 60,000 CAMBIOR INC Common 13201L103 2,049 962,139 SH Sole 962,139 CENTEX CORP Common 152312104 4,521 70,000 SH Sole 70,000 CHEVRONTEXACO CORP Common 166764100 891 13,766 SH Sole 13,766 CIBER INC Common 17163B102 496 66,725 SH Sole 66,725 CINERGY CORP Common 172474108 1,603 36,100 SH Sole 36,100 CIT GROUP INC Common 125581108 854 18,900 SH Sole 18,900 CITIGROUP INC Common 172967101 12,321 270,675 SH Sole 270,675 CLEVELAND CLIFFS Common 185896107 871 10,000 SH Sole 10,000 INC CNA FINL CORP Common 126117100 6,978,245 233,620,515 SH Sole 233,620,515 COMCAST CORP NEW Common 20030N200 22,161 770,000 SH Sole 770,000 COMCAST CORP NEW Common 20030N101 1,575 53,600 SH Sole 53,600 COMERICA INC Common 200340107 813 13,800 SH Sole 13,800 COMMSCOPE INC Common 203372107 369 21,275 SH Sole 21,275 COMPUTER ASSOC INTL Common 204912109 1,139 40,947 SH Sole 40,947 INC ------------ TOTAL $ 7,041,925 ------------ 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 COMPUTER SCIENCES Common 205363104 758 16,025 SH Sole 16,025 CORP CONOCOPHILLIPS Common 20825C104 3,496 50,000 SH Sole 50,000 CRYSTALLEX INTL Common 22942F101 48 30,785 SH Sole 30,785 CORP CUMBERLAND Common 23077R100 1,028 698,900 SH Sole 698,900 RESOURCES LTD D R HORTON INC Common 23331A109 362 10,000 SH Sole 10,000 DEL MONTE FOODS CO Common 24522P103 474 44,175 SH Sole 44,175 DELPHI FINL GROUP Common 247131105 375 8,012 SH Sole 8,012 INC DEX MEDIA INC Common 25212E100 1,478 53,200 SH Sole 53,200 DIAGEO P L C Common 25243Q205 899 15,500 SH Sole 15,500 DIAMOND OFFSHORE Common 25271C102 4,293,907 70,104,620 SH Sole 70,104,620 DRILLING INC DISCOVERY HOLDING Common 25468Y107 1,567 108,570 SH Sole 108,570 CO-A W/I DISNEY WALT CO Common 254687106 1,045 43,300 SH Sole 43,300 DOW CHEM CO Common 260543103 838 20,100 SH Sole 20,100 DPL INC Common 233293109 929 33,400 SH Sole 33,400 EDUCATION REALTY Common 28140H104 835 50,000 SH Sole 50,000 TRUST INC ------------ TOTAL $ 4,308,039 ------------ 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 ELECTRONIC DATA SYS Common 285661104 2,244 100,000 SH Sole 100,000 NEW EMPRESA BRASILIERA Common 29081M102 1,814 47,000 SH Sole 47,000 DE AE-ADR ENTERGY CORP NEW Common 29364G103 379 5,100 SH Sole 5,100 EXPRESSJET HOLDINGS Common 30218U108 575 64,100 SH Sole 64,100 INC F M C CORP Common 302491303 966 16,875 SH Sole 16,875 FEDERAL HOME LN MTG Common 313400301 1,324 23,450 SH Sole 23,450 CORP FEDERAL NATL MTG Common 313586109 1,768 39,450 SH Sole 39,450 ASSN FIRST AMERN CORP Common 318522307 1,388 30,400 SH Sole 30,400 CALIF FOUNDATION COAL Common 35039W100 5,248 136,500 SH Sole 136,500 HOLDINGS INC FREESCALE Common 35687M107 4,682 200,000 SH Sole 200,000 SEMICONDUCTOR-A GENERAL ELEC CO Common 369604103 785 23,300 SH Sole 23,300 GLAXOSMITHKLINE Common 37733W105 1,538 30,000 SH Sole 30,000 PLC-ADR GLENBOROUGH RLTY TR Common 37803P105 227 11,800 SH Sole 11,800 INC ------------ TOTAL $ 22,938 ------------ 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 GOLD RESERVE INC Common 38068N108 409 175,505 SH Sole 175,505 GOLDEN STAR Common 38119T104 1,282 383,922 SH Sole 383,922 RESOURCES LTD HANGER ORTHOPEDIC Common 41043F208 206 26,800 SH Sole 26,800 GROUP INC HEALTH MGMT ASSOC Common 421933102 6,081 259,100 SH Sole 259,100 INC NEW HECLA MINING CO Common 422704106 1,139 260,080 SH Sole 260,080 HEWLETT PACKARD CO Common 428236103 1,305 44,675 SH Sole 44,675 HORACE MANN Common 440327104 485 24,525 SH Sole 24,525 EDUCATORS HUB INTERNATIONAL Common 44332P101 246 10,850 SH Sole 10,850 LIMITED HUDSON CITY BANCORP Common 443683107 476 40,000 SH Sole 40,000 INC IAMGOLD CORPORATION Common 450913108 977 133,200 SH Sole 133,200 IDACORP INC Common 451107106 336 11,150 SH Sole 11,150 INTERNATIONAL Common 459200101 14,039 175,000 SH Sole 175,000 BUSINESS MACHS IPC HLDGS LTD Common G4933P101 1,531 46,900 SH Sole 46,900 ISHARES INC Common 464286848 35,656 2,925,000 SH Sole 2,925,000 ------------ TOTAL $ 64,168 ------------ 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 J P MORGAN CHASE & Common 46625H100 719 21,200 SH Sole 21,200 CO JANUS CAP GROUP INC Common 47102X105 289 20,000 SH Sole 20,000 JOHNSON CONTROLS Common 478366107 1,367 22,025 SH Sole 22,025 INC KELLWOOD CO Common 488044108 288 11,150 SH Sole 11,150 KELLY SERVICES INC Common 488152208 340 11,075 SH Sole 11,075 -CL A KENNAMETAL INC Common 489170100 527 10,750 SH Sole 10,750 KERR MCGEE CORP Common 492386107 971 10,000 SH Sole 10,000 KINROSS GOLD CORP Common 496902404 1,499 195,200 SH Sole 195,200 KONINKLIJKE PHILIPS Common 500472303 1,126 42,200 SH Sole 42,200 ELECTRS NV LAUDER ESTEE COS Common 518439104 9,578 275,000 SH Sole 275,000 INC LEAR CORP Common 521865105 2,242 66,000 SH Sole 66,000 LEXMARK INTL NEW Common 529771107 3,358 55,000 SH Sole 55,000 LIBBEY INC Common 529898108 285 18,750 SH Sole 18,475 LIBERTY GLOBAL Common 530555101 1,167 43,068 SH Sole 43,068 INC-A LIBERTY GLOBAL Common 530555309 1,109 43,068 SH Sole 43,068 INC-C ------------ TOTAL $ 24,865 ------------ 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 LIBERTY MEDIA CORP Common 530718105 4,216 523,700 SH Sole 523,700 NEW LINCOLN NATL CORP Common 534187109 3,902 75,000 SH Sole 75,000 IND MAXTOR CORP Common 577729205 8,785 2,001,100 SH Sole 2,001,100 MAYTAG CORP Common 578592107 285 15,625 SH Sole 15,625 MCI INC Common 552691107 1,210 47,600 SH Sole 47,600 MEADWESTVACO CORP Common 583334107 2,472 89,500 SH Sole 89,500 MEDIACOM Common 58446K105 1,476 200,000 SH Sole 200,000 COMMUNICATIONS CORP MEDTRONIC INC Common 585055106 1,609 30,000 SH Sole 30,000 MERCK & CO INC Common 589331107 17,006 625,000 SH Sole 625,000 METALLICA RESOURCES Common 59125J104 1,166 753,600 SH Sole 753,600 INC METLIFE INC Common 59156R108 1,266 25,400 SH Sole 25,400 MICROSOFT CORP Common 594918104 31,621 1,228,950 SH Sole 1,228,950 MILACRON INC Common 598709103 81 45,738 SH Sole 45,738 MINEFINDERS CORP Common 602900102 1,547 318,350 SH Sole 318,350 MIRAMAR MINING CORP Common 60466E100 1,735 1,111,900 SH Sole 1,111,900 MONEYGRAM Common 60935Y109 1,005 46,275 SH Sole 46,275 INTERNATIONAL-W/I ------------ TOTAL $ 79,382 ------------ 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 MORGAN STANLEY Common 617446448 1,317 24,425 SH Sole 24,425 NACCO INDS INC Common 629579103 349 3,050 SH Sole 3,050 NBTY INC Common 628782104 558 23,725 SH Sole 23,725 NCI BUILDING SYS Common 628852105 526 12,900 SH Sole 12,900 INC NEWELL RUBBERMAID Common 651229106 6,455 285,000 SH Sole 285,000 INC NEWS CORP INC Common 65248E203 3,712 225,000 SH Sole 225,000 NEWS CORP INC Common 65248E104 5,343 342,706 SH Sole 342,706 NISOURCE INC Common 65473P105 1,353 55,800 SH Sole 55,800 NORTEL NETWORKS Common 656568102 4,890 1,500,000 SH Sole 1,500,000 CORP NEW NORTHERN TR CORP Common 665859104 450 8,900 SH Sole 8,900 NRG ENERGY INC Common 629377508 1,917 45,000 SH Sole 45,000 OLD REP INTL CORP Common 680223104 795 29,800 SH Sole 29,800 PAN AMERICAN SILVER Common 697900108 1,282 72,600 SH Sole 72,600 CORP PETROLEO BRASILEIRO Common 71654V101 1,275 20,000 SH Sole 20,000 S.A.-ADR PETROLEO BRASILEIRO Common 71654V408 2,037 28,500 SH Sole 28,500 SA PETROBR ------------ TOTAL $ 32,259 ------------ 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 PFIZER INC Common 717081103 8,809 352,800 SH Sole 352,800 PG&E CORP Common 69331C108 1,558 39,700 SH Sole 39,700 PHARMACEUTICAL Common 71712A206 12,296 175,000 SH Sole 175,000 HLDRS TR PHH CORP Common 693320202 494 17,975 SH Sole 17,975 PIONEER NAT RES CO Common 723787107 3,021 55,000 SH Sole 55,000 PLACER DOME INC Common 725906101 7,031 409,990 SH Sole 409,990 PRIORITY HEALTHCARE Common 74264T102 643 23,075 SH Sole 23,075 CORP-B PULTE HOMES INC Common 745867101 7,726 180,000 SH Sole 180,000 QUALCOMM INC Common 747525103 2,238 50,000 SH Sole 50,000 RADIO ONE INC Common 75040P405 658 50,000 SH Sole 50,000 RADIOSHACK CORP Common 750438103 423 17,075 SH Sole 17,075 RANDGOLD RESOURCES Common 752344309 1,255 79,804 SH Sole 79,804 LTD-ADR RAYTHEON CO Common 755111507 5,133 135,000 SH Sole 135,000 REGIS CORP Common 758932107 2,292 60,600 SH Sole 60,600 REINSURANCE GROUP Common 759351109 671 15,000 SH Sole 15,000 OF AMERICA ------------ TOTAL $ 54,248 ------------ 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 RENAISSANCE RE Common G7496G103 749 17,125 SH Sole 17,125 HLDGS LTD RENT A CTR INC NEW Common 76009N100 987 51,100 SH Sole 51,100 SANDISK CORP Common 80004C101 1,930 40,000 SH Sole 40,000 SARA LEE CORP Common 803111103 1,470 77,575 SH Sole 77,575 SASOL LTD-SPONSORED Common 803866300 1,161 30,000 SH Sole 30,000 ADR SCANA CORP NEW Common 80589M102 908 21,500 SH Sole 21,500 SEAGATE TECHNOLOGY Common G7945J104 7,315 461,500 SH Sole 461,500 SENOMYX INC Common 81724Q107 255 15,000 SH Sole 15,000 SILVER WHEATON CORP Common 828336107 1,212 278,000 SH Sole 278,000 SPDR TR Common 78462F103 7,259 59,000 SH Sole 59,000 SPHERION CORP Common 848420105 570 75,000 SH Sole 75,000 SPRINT CORP Common 852061100 5,397 226,950 SH Sole 226,950 STREETTRACKS GOLD Common 863307104 5,838 125,000 SH Sole 125,000 TRUST TEXTRON INC Common 883203101 559 7,800 SH Sole 7,800 THERMO ELECTRON Common 883556102 6,180 200,000 SH Sole 200,000 CORP THORATEC CORP Common 885175307 6,394 360,000 SH Sole 360,000 TIME WARNER INC Common 887317105 4,971 274,500 SH Sole 274,500 ------------ TOTAL $ 53,155 ------------ 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 TJX COS INC NEW Common 872540109 985 48,100 SH Sole 48,100 TORCHMARK CORP Common 891027104 1,175 22,250 SH Sole 22,250 TYCO INTL LTD NEW Common 902124106 11,836 425,000 SH Sole 425,000 UNION PAC CORP Common 907818108 1,285 17,925 SH Sole 17,925 UNITED AMERICA Common 90933T109 263 14,400 SH Sole 14,400 INDEMNITY-A UNITED STATIONERS Common 913004107 446 9,325 SH Sole 9,325 INC UNIVERSAL CORP VA Common 913456109 247 6,350 SH Sole 6,350 USI HOLDINGS CORP Common 90333H101 359 27,625 SH Sole 27,625 VALASSIS Common 918866104 432 11,075 SH Sole 11,075 COMMUNICATIONS INC VALERO ENERGY CORP Common 91913Y100 8,819 78,000 SH Sole 78,000 NEW VERIZON Common 92343V104 366 11,200 SH Sole 11,200 COMMUNICATIONS VIACOM INC Common 925524308 6,602 200,000 SH Sole 200,000 VIAD CORP Common 92552R406 778 28,432 SH Sole 28,432 VINTAGE PETE INC Common 927460105 868 19,000 SH Sole 19,000 VODAFONE GROUP PLC Common 92857W100 3,766 145,000 SH Sole 145,000 NEW ------------ TOTAL $ 38,227 ------------ 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 WACHOVIA CORP 2ND Common 929903102 776 16,300 SH Sole 16,300 NEW WAL MART STORES INC Common 931142103 1,323 30,200 SH Sole 30,200 WASHINGTON MUT INC Common 939322103 370 9,425 SH Sole 9,425 WEYERHAEUSER CO Common 962166104 2,619 38,100 SH Sole 38,100 WHIRLPOOL CORP Common 963320106 1,489 19,650 SH Sole 19,650 WILLIAMS COS INC Common 969457100 1,811 72,300 SH Sole 72,300 DEL WISCONSIN ENERGY Common 976657106 879 22,025 SH Sole 22,025 CORP WYETH Common 983024100 467 10,100 SH Sole 10,100 XCEL ENERGY INC Common 98389B100 726 37,000 SH Sole 37,000 XERIUM TECHNOLOGIES Common 98416J100 4,426 385,500 SH Sole 385,500 INC XL CAP LTD Common G98255105 1,003 14,750 SH Sole 14,750 YAMANA GOLD INC Common 98462Y100 1,055 242,511 SH Sole 242,511 ZIMMER HOLDINGS INC Common 98956P102 2,756 40,000 SH Sole 40,000 ---------- TOTAL $ 19,700 ---------- 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 3M CO Common 88579Y951 6,602 90,000 SH Put Sole 90,000 BARRICK GOLD CORP Common 067901908 24,983 860,000 SH Call Sole 860,000 BEMIS COMPANY Common 081437955 4,940 200,000 SH Put Sole 200,000 D R HORTON INC Common 23331A959 724 20,000 SH Put Sole 20,000 DISNEY WALT CO Common 254687956 4,826 200,000 SH Put Sole 200,000 GENERAL MTRS CORP Common 370442955 3,061 100,000 SH Put Sole 100,000 INTERNATIONAL Common 459200951 9,626 120,000 SH Put Sole 120,000 BUSINESS MACHS MEDTRONIC INC Common 585055956 2,145 40,000 SH Put Sole 40,000 MERCK & CO INC Common 589331957 5,442 200,000 SH Put Sole 200,000 MICROSOFT CORP Common 594918954 13,380 520,000 SH Put Sole 520,000 NEWELL RUBBERMAID Common 651229956 1,359 60,000 SH Put Sole 60,000 INC PHELPS DODGE CORP Common 717265952 20,789 160,000 SH Put Sole 160,000 PLACER DOME INC Common 725906901 9,090 530,000 SH Call Sole 530,000 PLACER DOME INC Common 725906951 3,430 200,000 SH Put Sole 200,000 QUALCOMM INC Common 747525953 4,475 100,000 SH Put Sole 100,000 SANDISK CORP Common 80004C901 1,930 40,000 SH Call Sole 40,000 SANDISK CORP Common 80004C951 1,930 40,000 SH Put Sole 40,000 ------------ TOTAL $ 118,732 ------------ 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 SARA LEE CORP Common 803111953 1,137 60,000 SH Put Sole 60,000 THORATEC CORP Common 885175957 355 20,000 SH Put Sole 20,000 UNION PAC CORP Common 907818908 17,925 250,000 SH Call Sole 250,000 UNITED STATES STL Common 912909958 16,940 400,000 SH Put Sole 400,000 CORP NEW WHOLE FOODS MKT INC Common 966837956 6,723 50,000 SH Put Sole 50,000 ZIMMER HOLDINGS INC Common 98956P952 2,756 40,000 SH Put Sole 40,000 ZIMMER HOLDINGS INC Common 98956P902 689 10,000 SH Call Sole 10,000 ---------- TOTAL $ 46,525 ---------- AGGREGATE TOTAL $ 11,986,384 ========== Page 18 of 18 Pages