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 December 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
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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: February 10, 2006
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Page 1 of 19
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 19
FORM 13F SUMMARY PAGE
REPORT SUMMARY
Number of Other Included Managers: NONE.
Form 13F Information Table Entry Total: 220
Form 13F Information Table Value Total: $14,252.7 (million)
List of Other Included Managers: NONE.
Page 3 of 19
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 10,246 132,200 SH Sole 132,200
ACCENTURE LTD Common G1150G111 5,396 186,900 SH Sole 186,900
BERMUDA
AFFILIATED COMPUTER Common 008190100 5,711 96,500 SH Sole 96,500
SERVICES
AFTERMARKET Common 008318107 366 18,850 SH Sole 18,850
TECHNOLOGY CORP
ALLIANCE CAPITAL Common 01855A101 4,519 80,000 SH Sole 80,000
MGMT HOLD
ALLSTATE CORP Common 020002101 1,225 22,650 SH Sole 22,650
AMBAC FINL GROUP Common 023139108 2,312 30,000 SH Sole 30,000
INC
AMERICAN HOME MTG Common 02660R107 471 14,450 SH Sole 14,450
INVT CORP
AMERICAN Common 026874107 5,322 78,000 SH Sole 78,000
INTERNATIONAL GROUP
AMERICAN NATL INS Common 028591105 2,746 23,475 SH Sole 23,475
CO
AMERISOURCEBERGEN Common 03073E105 1,435 34,650 SH Sole 34,650
CORP
AMERUS GROUP CO Common 03072M108 378 6,675 SH Sole 6,675
ANADARKO PETE CORP Common 032511107 7,580 80,000 SH Sole 80,000
------------
TOTAL $ 47,707
------------
Page 4 of 19 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
ANHEUSER BUSCH COS Common 035229103 1,010 23,500 SH Sole 23,500
INC
AON CORP Common 037389103 1,632 45,400 SH Sole 45,400
AQUILA INC Common 03840P102 1,553 431,424 SH Sole 431,424
ARVINMERITOR INC Common 043353101 626 43,475 SH Sole 43,475
ASHLAND INC Common 044209104 5,652 97,625 SH Sole 97,625
AURIZON MINES LTD Common 05155P106 1,781 1,190,035 SH Sole 1,190,035
AUTOZONE INC Common 053332102 842 9,175 SH Sole 9,175
AVON PRODS INC Common 054303102 7,138 250,000 SH Sole 250,000
BANK NEW YORK INC Common 064057102 1,755 55,100 SH Sole 55,100
BANK OF AMERICA Common 060505104 11,676 253,000 SH Sole 253,000
CORPORATION
BARRICK GOLD CORP Common 067901108 2,369 85,000 SH Sole 85,000
BEARINGPOINT INC Common 074002106 368 46,800 SH Sole 46,800
BEMA GOLD CORP Common 08135F107 2,418 830,935 SH Sole 830,935
BOARDWALK PIPELINE Common 096627104 957,545 53,256,122 SH Sole 53,256,122
PARTNERS
BOEING CO Common 097023105 1,287 18,325 SH Sole 18,325
BOWNE & CO INC Common 103043105 519 35,000 SH Sole 35,000
------------
TOTAL $ 998,171
------------
Page 5 of 19 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
BRISTOL MYERS Common 110122108 13,392 582,750 SH Sole 582,750
SQUIBB CO
CABOT OIL & GAS Common 127097103 1,128 25,000 SH Sole 25,000
CORP
CAMBIOR INC Common 13201L103 2,684 962,139 SH Sole 962,139
CEMEX S A Common 151290889 890 15,000 SH Sole 15,000
CENTEX CORP Common 152312104 5,004 70,000 SH Sole 70,000
CHEVRONTEXACO CORP Common 166764100 781 13,766 SH Sole 13,766
CIBER INC Common 17163B102 440 66,725 SH Sole 66,725
CINERGY CORP Common 172474108 1,762 41,500 SH Sole 41,500
CITIGROUP INC Common 172967101 12,621 260,075 SH Sole 260,075
CNA FINL CORP Common 126117100 7,646,399 233,620,515 SH Sole 233,620,515
COMCAST CORP NEW Common 20030N200 25,176 980,000 SH Sole 980,000
COMCAST CORP NEW Common 20030N101 1,099 42,400 SH Sole 42,400
COMERICA INC Common 200340107 783 13,800 SH Sole 13,800
COMMSCOPE INC Common 203372107 428 21,275 SH Sole 21,275
COMPUTER ASSOC INTL Common 204912109 1,154 40,947 SH Sole 40,947
INC
COMPUTER SCIENCES Common 205363104 812 16,025 SH Sole 16,025
CORP
COMPUWARE CORP Common 205638109 716 79,800 SH Sole 79,800
------------
TOTAL $ 7,715,269
------------
Page 6 of 19 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
CONOCOPHILLIPS Common 20825C104 4,364 75,000 SH Sole 75,000
CONSOL ENERGY INC Common 20854P109 2,607 40,000 SH Sole 40,000
CUMBERLAND Common 23077R100 1,551 698,900 SH Sole 698,900
RESOURCES LTD
DEL MONTE FOODS CO Common 24522P103 461 44,175 SH Sole 44,175
DELPHI FINL GROUP Common 247131105 369 8,012 SH Sole 8,012
INC
DEX MEDIA INC Common 25212E100 1,441 53,200 SH Sole 53,200
DIAGEO P L C Common 25243Q205 904 15,500 SH Sole 15,500
DIAMOND OFFSHORE Common 25271C102 4,876,477 70,104,620 SH Sole 70,104,620
DRILLING INC
DISCOVERY HOLDING Common 25468Y107 2,927 193,170 SH Sole 193,170
CO-A W/I
DISNEY WALT CO Common 254687106 796 33,200 SH Sole 33,200
DOW CHEM CO Common 260543103 881 20,100 SH Sole 20,100
DPL INC Common 233293109 869 33,400 SH Sole 33,400
ELECTRONIC DATA SYS Common 285661104 2,404 100,000 SH Sole 100,000
NEW
EMPRESA BRASILIERA Common 29081M102 1,349 34,500 SH Sole 34,500
DE AE-ADR
ENTERGY CORP NEW Common 29364G103 1,538 22,400 SH Sole 22,400
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TOTAL $ 4,898,938
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Page 7 of 19 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
EXPRESSJET HOLDINGS Common 30218U108 519 64,100 SH Sole 64,100
INC
F M C CORP Common 302491303 897 16,875 SH Sole 16,875
FEDERAL HOME LN MTG Common 313400301 1,532 23,450 SH Sole 23,450
CORP
FEDERAL NATL MTG Common 313586109 1,926 39,450 SH Sole 39,450
ASSN
FIRST AMERN CORP Common 318522307 1,377 30,400 SH Sole 30,400
CALIF
FREESCALE Common 35687M107 5,038 200,000 SH Sole 200,000
SEMICONDUCTOR-A
GENERAL ELEC CO Common 369604103 817 23,300 SH Sole 23,300
GLAXOSMITHKLINE Common 37733W105 1,514 30,000 SH Sole 30,000
PLC-ADR
GLENBOROUGH RLTY TR Common 37803P105 214 11,800 SH Sole 11,800
INC
GLOBAL IMAGING Common 37934A100 399 11,525 SH Sole 11,525
SYSTEMS
GOLD RESERVE INC Common 38068N108 509 175,505 SH Sole 175,505
GOLDEN STAR Common 38119T104 1,289 488,322 SH Sole 488,322
RESOURCES LTD
HANGER ORTHOPEDIC Common 41043F208 153 26,800 SH Sole 26,800
GROUP INC
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TOTAL $ 16,184
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Page 8 of 19 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
HEALTH MGMT ASSOC Common 421933102 7,337 334,100 SH Sole 334,100
INC NEW
HECLA MINING CO Common 422704106 2,121 522,420 SH Sole 522,420
HEWLETT PACKARD CO Common 428236103 859 30,000 SH Sole 30,000
HORACE MANN Common 440327104 465 24,525 SH Sole 24,525
EDUCATORS
HUB INTERNATIONAL Common 44332P101 280 10,850 SH Sole 10,850
LIMITED
HUDSON CITY BANCORP Common 443683107 485 40,000 SH Sole 40,000
INC
IDACORP INC Common 451107106 416 14,200 SH Sole 14,200
IMA EXPLORATION INC Common 449664101 1,020 340,686 SH Sole 340,686
INTERNATIONAL Common 459200101 14,385 175,000 SH Sole 175,000
BUSINESS MACHS
IPC HLDGS LTD Common G4933P101 1,361 49,725 SH Sole 49,725
ISHARES INC Common 464286848 23,660 1,750,000 SH Sole 1,750,000
J P MORGAN CHASE & Common 46625H100 1,684 42,425 SH Sole 42,425
CO
JOHNSON CONTROLS Common 478366107 953 13,075 SH Sole 13,075
INC
KELLWOOD CO Common 488044108 266 11,150 SH Sole 11,150
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TOTAL $ 55,292
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Page 9 of 19 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 378 14,425 SH Sole 14,425
-CL A
KENNAMETAL INC Common 489170100 470 9,200 SH Sole 9,200
KERR MCGEE CORP Common 492386107 909 10,000 SH Sole 10,000
KINROSS GOLD CORP Common 496902404 2,687 291,450 SH Sole 291,450
KONINKLIJKE PHILIPS Common 500472303 1,312 42,200 SH Sole 42,200
ELECTRS NV
LAUDER ESTEE COS Common 518439104 11,216 335,000 SH Sole 335,000
INC
LEAR CORP Common 521865105 2,060 72,375 SH Sole 72,375
LEXMARK INTL NEW Common 529771107 4,931 110,000 SH Sole 110,000
LIBBEY INC Common 529898108 192 18,750 SH Sole 18,750
LIBERTY GLOBAL Common 530555101 990 43,991 SH Sole 43,991
INC-A
LIBERTY GLOBAL Common 530555309 913 43,068 SH Sole 43,068
INC-C
LIBERTY MEDIA CORP Common 530718105 4,582 582,200 SH Sole 582,200
NEW
LINCOLN NATL CORP Common 534187109 3,977 75,000 SH Sole 75,000
IND
LORAL SPACE AND Common 543881106 249 8,800 SH Sole 8,800
COMM-W/I
MAGNA INTL INC Common 559222401 693 9,625 SH Sole 9,625
------------
TOTAL $ 35,559
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Page 10 of 19 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
MARATHON OIL CORP Common 565849106 610 10,000 SH Sole 10,000
MAYTAG CORP Common 578592107 294 15,625 SH Sole 15,625
MCDONALDS CORP Common 580135101 914 27,100 SH Sole 27,100
MEADWESTVACO CORP Common 583334107 2,509 89,500 SH Sole 89,500
MEDIACOM Common 58446K105 1,098 200,000 SH Sole 200,000
COMMUNICATIONS CORP
MEDTRONIC INC Common 585055106 2,303 40,000 SH Sole 40,000
MERCK & CO INC Common 589331107 18,211 572,500 SH Sole 572,500
MERCURY INTERACTIVE Common 589405109 1,959 70,500 SH Sole 70,500
CORP
METALLICA RESOURCES Common 59125J104 1,394 753,600 SH Sole 753,600
INC
METLIFE INC Common 59156R108 1,245 25,400 SH Sole 25,400
MI DEVELOPMENTS Common 55304X104 445 12,950 SH Sole 12,950
INC-CLASS A
MICROSOFT CORP Common 594918104 34,687 1,326,450 SH Sole 1,326,450
MILACRON INC Common 598709103 58 45,738 SH Sole 45,738
MINEFINDERS CORP Common 602900102 1,615 318,350 SH Sole 318,350
MIRAMAR MINING CORP Common 60466E100 2,931 1,167,900 SH Sole 1,167,900
------------
TOTAL $ 70,273
------------
Page 11 of 19 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
MONEYGRAM Common 60935Y109 381 14,625 SH Sole 14,625
INTERNATIONAL-W/I
MORGAN STANLEY Common 617446448 1,386 24,425 SH Sole 24,425
NACCO INDS INC Common 629579103 357 3,050 SH Sole 3,050
NBTY INC Common 628782104 386 23,725 SH Sole 23,725
NCI BUILDING SYS Common 628852105 324 7,625 SH Sole 7,625
INC
NEWELL RUBBERMAID Common 651229106 6,183 260,000 SH Sole 260,000
INC
NEWS CORP INC Common 65248E104 5,048 324,606 SH Sole 324,606
NEWS CORP INC Common 65248E203 3,737 225,000 SH Sole 225,000
NISOURCE INC Common 65473P105 1,164 55,800 SH Sole 55,800
NORTEL NETWORKS Common 656568102 4,590 1,500,000 SH Sole 1,500,000
CORP NEW
NORTHEAST UTILITIES Common 664397106 469 23,800 SH Sole 23,800
NORTHERN TR CORP Common 665859104 461 8,900 SH Sole 8,900
NRG ENERGY INC Common 629377508 3,063 65,000 SH Sole 65,000
OCCIDENTAL Common 674599105 1,598 20,000 SH Sole 20,000
PETROLEUM CORP
OLD REP INTL CORP Common 680223104 783 29,800 SH Sole 29,800
------------
TOTAL $ 29,930
------------
Page 12 of 19 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
PAN AMERICAN SILVER Common 697900108 1,367 72,600 SH Sole 72,600
CORP
PEABODY ENERGY CORP Common 704549104 824 10,000 SH Sole 10,000
PFIZER INC Common 717081103 14,876 637,925 SH Sole 637,925
PG&E CORP Common 69331C108 1,474 39,700 SH Sole 39,700
PHARMACEUTICAL Common 71712A206 22,636 325,000 SH Sole 325,000
HLDRS TR
PHH CORP Common 693320202 504 17,975 SH Sole 17,975
PIONEER NAT RES CO Common 723787107 4,614 90,000 SH Sole 90,000
PLACER DOME INC Common 725906101 4,125 179,900 SH Sole 179,900
PULTE HOMES INC Common 745867101 7,085 180,000 SH Sole 180,000
QUALCOMM INC Common 747525103 2,154 50,000 SH Sole 50,000
RADIO ONE INC Common 75040P405 518 50,000 SH Sole 50,000
RADIOSHACK CORP Common 750438103 359 17,075 SH Sole 17,075
RANDGOLD RESOURCES Common 752344309 2,197 136,195 SH Sole 136,195
LTD-ADR
RAYTHEON CO Common 755111507 5,420 135,000 SH Sole 135,000
REGIS CORP Common 758932107 3,880 100,600 SH Sole 100,600
------------
TOTAL $ 72,033
------------
Page 13 of 19 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
REINSURANCE GROUP Common 759351109 716 15,000 SH Sole 15,000
OF AMERICA
RENAISSANCE RE Common G7496G103 1,273 28,850 SH Sole 28,850
HLDGS LTD
RENT A CTR INC NEW Common 76009N100 1,256 66,575 SH Sole 66,575
SARA LEE CORP Common 803111103 1,874 99,175 SH Sole 99,175
SASOL LTD-SPONSORED Common 803866300 1,069 30,000 SH Sole 30,000
ADR
SCANA CORP NEW Common 80589M102 847 21,500 SH Sole 21,500
SCHWEITZER-MAUDUIT Common 808541106 381 15,375 SH Sole 15,375
INTL INC
SEAGATE TECHNOLOGY Common G7945J104 9,225 461,500 SH Sole 461,500
SEMPRA ENERGY Common 816851109 831 18,525 SH Sole 18,525
SILVER WHEATON CORP Common 828336107 1,653 284,730 SH Sole 284,730
SPDR TR Common 78462F103 7,346 59,000 SH Sole 59,000
SPHERION CORP Common 848420105 559 55,850 SH Sole 55,850
SPRINT NEXTEL Common 852061100 7,638 326,950 SH Sole 326,950
CORPORATION
STREETTRACKS GOLD Common 863307104 18,053 350,000 SH Sole 350,000
TRUST
TEXTRON INC Common 883203101 600 7,800 SH Sole 7,800
------------
TOTAL $ 53,321
------------
Page 14 of 19 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
THERMO ELECTRON Common 883556102 6,026 200,000 SH Sole 200,000
CORP
THORATEC CORP Common 885175307 7,448 360,000 SH Sole 360,000
TIME WARNER INC Common 887317105 4,787 274,500 SH Sole 274,500
TJX COS INC NEW Common 872540109 1,555 66,950 SH Sole 66,950
TORCHMARK CORP Common 891027104 1,237 22,250 SH Sole 22,250
TYCO INTL LTD NEW Common 902124106 14,430 500,000 SH Sole 500,000
UNION PAC CORP Common 907818108 1,443 17,925 SH Sole 17,925
UNITED AMERICA Common 90933T109 264 14,400 SH Sole 14,400
INDEMNITY-A
UNITED STATES STL Common 912909108 961 20,000 SH Sole 20,000
CORP NEW
UNITED STATIONERS Common 913004107 452 9,325 SH Sole 9,325
INC
UNIVERSAL CORP VA Common 913456109 571 13,175 SH Sole 13,175
USI HOLDINGS CORP Common 90333H101 380 27,625 SH Sole 27,625
VALASSIS Common 918866104 403 13,850 SH Sole 13,850
COMMUNICATIONS INC
VALERO ENERGY CORP Common 91913Y100 8,050 156,000 SH Sole 156,000
NEW
VIACOM INC Common 92553P201 8,150 250,000 SH Sole 250,000
------------
TOTAL $ 56,157
------------
Page 15 of 19 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
VIAD CORP Common 92552R406 834 28,432 SH Sole 28,432
VODAFONE GROUP PLC Common 92857W100 3,757 175,000 SH Sole 175,000
NEW
WACHOVIA CORP 2ND Common 929903102 862 16,300 SH Sole 16,300
NEW
WAL MART STORES INC Common 931142103 1,413 30,200 SH Sole 30,200
WASHINGTON MUT INC Common 939322103 410 9,425 SH Sole 9,425
WESTERN SILVER CORP Common 959531104 124 11,000 SH Sole 11,000
WEYERHAEUSER CO Common 962166104 431 6,500 SH Sole 6,500
WHIRLPOOL CORP Common 963320106 1,646 19,650 SH Sole 19,650
WHITING PETE CORP Common 966387102 800 20,000 SH Sole 20,000
NEW
WILLIAMS COS INC Common 969457100 1,070 46,200 SH Sole 46,200
DEL
WISCONSIN ENERGY Common 976657106 860 22,025 SH Sole 22,025
CORP
WYETH Common 983024100 949 20,600 SH Sole 20,600
XCEL ENERGY INC Common 98389B100 683 37,000 SH Sole 37,000
XERIUM TECHNOLOGIES Common 98416J100 5,376 639,200 SH Sole 639,200
INC
XL CAP LTD Common G98255105 994 14,750 SH Sole 14,750
------------
TOTAL $ 20,209
------------
Page 16 of 19 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 1,606 242,511 SH Sole 242,511
ZIMMER HOLDINGS INC Common 98956P102 2,698 40,000 SH Sole 40,000
----------
TOTAL $ 4,304
----------
Page 17 of 19 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 6,975 90,000 SH Put Sole 90,000
BARRICK GOLD CORP Common 067901908 25,083 900,000 SH Call Sole 900,000
BEMIS COMPANY Common 081437955 5,574 200,000 SH Put Sole 200,000
D R HORTON INC Common 23331A959 715 20,000 SH Put Sole 20,000
DISNEY WALT CO Common 254687956 4,794 200,000 SH Put Sole 200,000
GENERAL MTRS CORP Common 370442955 3,884 200,000 SH Put Sole 200,000
INTERNATIONAL Common 459200951 9,864 120,000 SH Put Sole 120,000
BUSINESS MACHS
MEDTRONIC INC Common 585055956 2,303 40,000 SH Put Sole 40,000
MERCK & CO INC Common 589331907 1,591 50,000 SH Call Sole 50,000
MERCK & CO INC Common 589331957 6,362 200,000 SH Put Sole 200,000
MERCURY INTERACTIVE Common 589405959 1,959 70,500 SH Put Sole 70,500
CORP
MICROSOFT CORP Common 594918954 13,598 520,000 SH Put Sole 520,000
NEWELL RUBBERMAID Common 651229956 1,427 60,000 SH Put Sole 60,000
INC
PHELPS DODGE CORP Common 717265952 21,581 150,000 SH Put Sole 150,000
PLACER DOME INC Common 725906901 13,070 570,000 SH Call Sole 570,000
PLACER DOME INC Common 725906951 4,586 200,000 SH Put Sole 200,000
------------
TOTAL $ 123,366
------------
Page 18 of 19 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 4,308 100,000 SH Put Sole 100,000
SANDISK CORP Common 80004C951 2,513 40,000 SH Put Sole 40,000
SARA LEE CORP Common 803111953 1,134 60,000 SH Put Sole 60,000
THORATEC CORP Common 885175957 414 20,000 SH Put Sole 20,000
UNION PAC CORP Common 907818908 20,128 250,000 SH Call Sole 250,000
UNITED STATES STL Common 912909958 16,344 340,000 SH Put Sole 340,000
CORP NEW
WHOLE FOODS MKT INC Common 966837956 7,739 100,000 SH Put Sole 100,000
ZIMMER HOLDINGS INC Common 98956P952 2,698 40,000 SH Put Sole 40,000
ZIMMER HOLDINGS INC Common 98956P902 674 10,000 SH Call Sole 10,000
----------
TOTAL $ 55,952
----------
AGGREGATE TOTAL $ 14,252,665
==========
Page 19 of 19 Pages