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 September 30, 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 10065
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(Street) (City) (State) (Zip)
Date: November 13, 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: 241
Form 13F Information Table Value Total: $20,076.7 (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 8,422 90,000 SH Sole 90,000
ACCENTURE LTD Common G1150G111 4,673 116,100 SH Sole 116,100
BERMUDA
AFFILIATED COMPUTER Common 008190100 15,102 300,600 SH Sole 300,600
SERVICES
AFTERMARKET Common 008318107 542 17,075 SH Sole 17,075
TECHNOLOGY CORP
ALCATEL-LUCENT- Common 013904305 2,568 252,277 SH Sole 252,277
SPONSORED ADR
ALCOA INC Common 013817101 3,736 95,500 SH Sole 95,500
ALLEGHENY Common 01741R102 6,707 61,000 SH Sole 61,000
TECHNOLOGIES INC
ALLIANCEBERNSTEIN Common 01881G106 9,688 110,000 SH Sole 110,000
HOLDING
ALLSTATE CORP Common 020002101 1,323 23,125 SH Sole 23,125
AMERICAN ELEC PWR Common 025537101 2,537 55,060 SH Sole 55,060
INC
AMERICAN EQUITY INVT Common 025676206 570 53,550 SH Sole 53,550
LIFE HL
AMERICAN Common 026874107 5,277 78,000 SH Sole 78,000
INTERNATIONAL GROUP
AMERICAN NATL INS CO Common 028591105 3,088 23,475 SH Sole 23,475
-----------
TOTAL $ 64,233
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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
AMERIPRISE FINANCIAL Common 03076C106 5,926 93,900 SH Sole 93,900
INC
AMERISOURCEBERGEN Common 03073E105 841 18,550 SH Sole 18,550
CORP
AMGEN INC Common 031162100 23,733 419,525 SH Sole 419,525
ANADARKO PETE CORP Common 032511107 8,600 160,000 SH Sole 160,000
ANHEUSER BUSCH COS Common 035229103 587 11,750 SH Sole 11,750
INC
APACHE CORP Common 037411105 2,161 24,000 SH Sole 24,000
APEX SILVER MINES LTD Common G04074103 2,164 111,266 SH Sole 111,266
ARGO GROUP Common G0464B107 369 8,475 SH Sole 8,475
INTERNATIONAL
ARVINMERITOR INC Common 043353101 356 21,150 SH Sole 21,150
AURIZON MINES LTD Common 05155P106 2,190 536,305 SH Sole 536,305
BANK NEW YORK Common 064058100 5,145 116,566 SH Sole 116,566
MELLON CORPORATION,
THE
BANK OF AMERICA Common 060505104 13,724 273,000 SH Sole 273,000
CORPORATION
BARR Common 068306109 11,382 200,000 SH Sole 200,000
PHARMACEUTICALS INC
--------------
TOTAL $ 77,178
--------------
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
BARRICK GOLD CORP Common 067901108 9,828 243,986 SH Sole 243,986
BEARINGPOINT INC Common 074002106 117 28,825 SH Sole 28,825
BLACK & DECKER CORP Common 091797100 1,000 12,000 SH Sole 12,000
BOARDWALK PIPELINE Common 096627104 1,631,235 53,256,122 SH Sole 55,256,122
PARTNERS
BOWNE & CO INC Common 103043105 387 23,200 SH Sole 23,200
BRISTOL MYERS SQUIBB Common 110122108 1,049 36,400 SH Sole 36,400
CO
CAMECO CORP Common 13321L108 13,641 295,000 SH Sole 295,000
CAPITAL ONE FINL CORP Common 14040H105 1,222 18,400 SH Sole 18,400
CATERPILLAR INC DEL Common 149123101 625 7,970 SH Sole 7,970
CBS CORP Common 124857202 8,663 275,000 SH Sole 275,000
CHEMICAL FINANCIAL Common 163731102 463 19,100 SH Sole 19,100
CORP
CIBER INC Common 17163B102 711 90,975 SH Sole 90,975
CIENA CORP Common 171779309 762 20,000 SH Sole 20,000
--------------
TOTAL $ 1,669,703
--------------
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
CIT GROUP INC Common 125581108 16,100 400,500 SH Sole 400,500
CITIGROUP INC Common 172967101 39,191 839,750 SH Sole 839,750
CLECO CORP NEW Common 12561W105 456 18,050 SH Sole 18,050
CNA FINL CORP Common 126117100 9,495,142 241,483,773 SH Sole 241,483,773
COCA COLA CO Common 191216100 207 3,600 SH Sole 3,600
COMCAST CORP NEW Common 20030N101 567 23,465 SH Sole 23,465
CLA
COMCAST CORP NEW Common 20030N200 1,231 51,390 SH Sole 51,390
SPECIAL CLA
COMERICA INC Common 200340107 708 13,800 SH Sole 13,800
COMPTON PETROLEUM Common 204940100 4,159 450,000 SH Sole 450,000
CORP
COMPUTER ASSOC INTL Common 12673P105 1,301 50,572 SH Sole 50,572
INC
CONEXANT SYSTEMS Common 207142100 960 800,000 SH Sole 800,000
CONMED CORP Common 207410101 318 11,375 SH Sole 11,375
CONOCOPHILLIPS Common 20825C104 6,583 75,000 SH Sole 75,000
--------------
TOTAL $ 9,566,923
--------------
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
CON-WAY INC Common 205944101 206 4,475 SH Sole 4,475
CORNING INC Common 219350105 4,092 166,000 SH Sole 166,000
COUNTRYWIDE Common 222372104 701 36,875 SH Sole 36,875
FINANCIAL CORP
COVIDIEN LTD-W/I Common G2552X108 6,225 150,001 SH Sole 150,001
D R HORTON INC Common 23331A109 3,177 248,000 SH Sole 248,000
DEL MONTE FOODS CO Common 24522P103 333 31,725 SH Sole 31,725
DELPHI FINL GROUP INC Common 247131105 376 9,293 SH Sole 9,293
DESARROLLADORA Common 25030W100 222 4,000 SH Sole 4,000
HOMEX-ADR
DIAGEO P L C Common 25243Q205 553 6,300 SH Sole 6,300
DIAMOND OFFSHORE Common 25271C102 7,942,152 70,104,620 SH Sole 70,104,620
DRILLING INC
DIAMONDS TR Common 252787106 41,673 300,000 SH Sole 300,000
DISCOVERY HOLDING Common 25468Y107 2,885 100,000 SH Sole 100,000
CO-A W/I
DISNEY WALT CO Common 254687106 3,439 100,000 SH Sole 100,000
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TOTAL $ 8,006,034
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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
DOVER CORP Common 260003108 8,417 165,200 SH Sole 165,200
DU PONT E I DE Common 263534109 1,586 32,000 SH Sole 32,000
NEMOURS & CO
DYNEGY INC NEW Common 26817G102 16,447 1,780,000 SH Sole 1,780,000
E M C CORP MASS Common 268648102 1,231 59,190 SH Sole 59,190
ELECTRONIC DATA SYS Common 285661104 2,184 100,000 SH Sole 100,000
NEW
ENSCO INTL INC Common 26874Q100 2,244 40,000 SH Sole 40,000
EXELON CORP Common 30161N101 980 13,000 SH Sole 13,000
EXPRESSJET HOLDINGS Common 30218U108 56 17,975 SH Sole 17,975
INC
FBL FINANCIAL GROUP Common 30239F106 448 11,350 SH Sole 11,350
INC-CL A
FEDERAL HOME LN MTG Common 313400301 2,273 38,525 SH Sole 38,525
CORP
FEDERAL NATL MTG Common 313586109 1,636 26,900 SH Sole 26,900
ASSN
FIRST AMERN CORP CALIFCommon 318522307 1,014 27,700 SH Sole 27,700
FLEXTRONICS INTL LTD Common Y2573F102 5,590 500,000 SH Sole 500,000
--------------
TOTAL $ 44,106
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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
FREMONT GENERAL CORP Common 357288109 3,608 925,000 SH Sole 925,000
GAMMON LAKE Common 36467T106 3,546 299,500 SH Sole 299,500
RESOURCES INC
GENERAL ELEC CO Common 369604103 3,444 83,181 SH Sole 83,181
GOLDCORP INC NEW Common 380956409 1,834 60,000 SH Sole 60,000
GRIFFON CORPORATION Common 398433102 506 33,525 SH Sole 33,525
HANGER ORTHOPEDIC Common 41043F208 304 26,800 SH Sole 26,800
GROUP INC
HARTFORD FINANCIAL Common 416515104 4,165 45,000 SH Sole 45,000
SVCS GRP
HECLA MINING CO Common 422704106 3,976 444,218 SH Sole 444,218
HOME DEPOT INC Common 437076102 5,245 161,675 SH Sole 161,675
HORACE MANN Common 440327104 483 24,525 SH Sole 24,525
EDUCATORS
HORNBECK OFFSHORE Common 440543106 4,221 115,000 SH Sole 115,000
SERVICES
IAMGOLD CORPORATION Common 450913108 3,086 354,633 SH Sole 354,633
IDACORP INC Common 451107106 326 9,950 SH Sole 9,950
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TOTAL $ 34,744
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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
IMA EXPLORATION INC Common 449664101 262 571,886 SH Sole 571,886
IMS HEALTH INC Common 449934108 1,713 55,900 SH Sole 55,900
INDYMAC BANCORP INC Common 456607100 212 8,975 SH Sole 8,975
INTERNATIONAL Common 459200101 9,995 84,850 SH Sole 84,850
BUSINESS MACHS
IPC HLDGS LTD Common G4933P101 1,331 46,125 SH Sole 46,125
ISHARES INC MSCI Common 464286848 46,605 3,250,000 SH Sole 3,250,000
JAPAN
ISHARES INC MSCI Common 464286673 3,705 250,000 SH Sole 250,000
SINGAPORE
J P MORGAN CHASE & CO Common 46625H100 973 21,225 SH Sole 21,225
JAGUAR MINING INC Common 47009M103 1,949 220,000 SH Sole 220,000
JDS UNIPHASE CORP Common 46612J507 8,228 550,000 SH Sole 550,000
JOHNSON & JOHNSON Common 478160104 53,849 819,625 SH Sole 819,625
KB HOME Common 48666K109 627 25,000 SH Sole 25,000
KELLY SERVICES INC - Common 488152208 515 26,000 SH Sole 26,000
CL A
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TOTAL $ 129,964
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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
KIMBER RESOURCES INC Common 49435N101 581 641,515 SH Sole 641,515
LEAR CORP Common 521865105 2,078 64,725 SH Sole 64,725
LEHMAN BROS HLDGS INC Common 524908100 1,017 16,475 SH Sole 16,475
LEXMARK INTL NEW Common 529771107 2,907 70,000 SH Sole 70,000
LIBERTY GLOBAL INC-A Common 530555101 3,856 93,991 SH Sole 93,991
LIBERTY GLOBAL INC-C Common 530555309 1,665 43,068 SH Sole 43,068
LIBERTY MEDIA HOLD- Common 53071M302 1,872 15,000 SH Sole 15,000
CAP SER A
LIBERTY MEDIA- Common 53071M104 1,441 75,000 SH Sole 75,000
INTERACTIVE A
LINCOLN NATL CORP IND Common 534187109 4,948 75,000 SH Sole 75,000
MAGNA INTL INC Common 559222401 1,194 12,400 SH Sole 12,400
MARATHON OIL CORP Common 565849106 1,140 20,000 SH Sole 20,000
MCDONALDS CORP Common 580135101 686 12,600 SH Sole 12,600
MCGRAW HILL COS INC Common 580645109 5,091 100,000 SH Sole 100,000
--------------
TOTAL $ 28,476
--------------
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
MEDIACOM Common 58446K105 1,410 200,000 SH Sole 200,000
COMMUNICATIONS CORP
MEDTRONIC INC Common 585055106 1,692 30,000 SH Sole 30,000
MEMC ELECTRONIC Common 552715104 1,831 31,100 SH Sole 31,100
MATERIALS
MESABI TRUST Common 590672101 1,408 69,000 SH Sole 69,000
METALLICA RESOURCES Common 59125J104 1,931 436,358 SH Sole 436,358
INC
METLIFE INC Common 59156R108 591 8,475 SH Sole 8,475
MI DEVELOPMENTS INC- Common 55304X104 639 19,300 SH Sole 19,300
CLASS A
MICROSOFT CORP Common 594918104 19,315 655,625 SH Sole 655,625
MICROSTRATEGY INC Common 594972408 5,951 75,000 SH Sole 75,000
MINEFINDERS CORP Common 602900102 968 90,311 SH Sole 90,311
MIRAMAR MINING CORP Common 60466E100 2,904 612,568 SH Sole 612,568
MORGAN STANLEY Common 617446448 784 12,450 SH Sole 12,450
NEW YORK TIMES CO Common 650111107 7,212 365,000 SH Sole 365,000
--------------
TOTAL $ 46,636
--------------
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 Common 65248E203 5,263 225,000 SH Sole 225,000
NEWS CORP INC Common 65248E104 5,507 250,414 SH Sole 250,414
NORTHEAST UTILITIES Common 664397106 714 25,000 SH Sole 25,000
NORTHERN TR CORP Common 665859104 590 8,900 SH Sole 8,900
NORTHROP GRUMMAN Common 666807102 1,390 17,825 SH Sole 17,825
CORP
NORTHWESTERN CORP Common 668074305 6,047 222,564 SH Sole 222,564
NRG ENERGY INC Common 629377508 476 11,260 SH Sole 11,260
OCCIDENTAL Common 674599105 4,486 70,000 SH Sole 70,000
PETROLEUM CORP
OLD REP INTL CORP Common 680223104 698 37,250 SH Sole 37,250
OMNICARE INC Common 681904108 6,626 200,000 SH Sole 200,000
ORACLE CORP Common 68389X105 4,843 223,700 SH Sole 223,700
OWENS CORNING INC Common 690742101 5,010 200,000 SH Sole 200,000
PEDIATRIX MEDICAL Common 705324101 254 3,875 SH Sole 3,875
GROUP INC
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TOTAL $ 41,904
--------------
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
PFIZER INC Common 717081103 3,917 160,350 SH Sole 160,350
PHH CORP Common 693320202 574 21,825 SH Sole 21,825
PIKE ELECTRIC CORP Common 721283109 589 31,375 SH Sole 31,375
PIONEER NAT RES CO Common 723787107 4,048 90,000 SH Sole 90,000
PLANTRONICS INC NEW Common 727493108 527 18,450 SH Sole 18,450
PRIMUS GUARANTY LTD Common G72457107 4,208 400,000 SH Sole 400,000
PULTE HOMES INC Common 745867101 1,415 104,000 SH Sole 104,000
RADIO ONE INC Common 75040P405 189 50,700 SH Sole 50,700
RAYTHEON CO Common 755111507 4,467 70,000 SH Sole 70,000
REGIS CORP Common 758932107 598 18,725 SH Sole 18,725
RENAISSANCE RE Common G7496G103 1,962 30,000 SH Sole 30,000
HLDGS LTD
RENT A CTR INC NEW Common 76009N100 1,549 85,425 SH Sole 85,425
RF MICRODEVICES INC Common 749941100 538 80,000 SH Sole 80,000
--------------
TOTAL $ 24,581
--------------
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
ROCKWELL Common 773903109 1,390 20,000 SH Sole 20,000
AUTOMATION INC
RTI INTERNATIONAL Common 74973W107 8,085 102,000 SH Sole 102,000
METALS INC
SAIC INC Common 78390X101 2,879 150,000 SH Sole 150,000
SANGAMO BIOSCIENCES Common 800677106 702 49,777 SH Sole 49,777
INC
SARA LEE CORP Common 803111103 416 24,945 SH Sole 24,945
SCANA CORP NEW Common 80589M102 558 14,405 SH Sole 14,405
SCHWEITZER-MAUDUIT Common 808541106 510 21,875 SH Sole 21,875
INTL INC
SEAGATE TECHNOLOGY Common G7945J104 1,535 60,000 SH Sole 60,000
SEALY CORP Common 812139301 572 40,775 SH Sole 40,775
SEMPRA ENERGY Common 816851109 1,077 18,525 SH Sole 18,525
SILICON IMAGE INC Common 82705T102 515 100,000 SH Sole 100,000
SMURFIT-STONE Common 832727101 946 81,000 SH Sole 81,000
CONTAINER CORP
SPRINT NEXTEL Common 852061100 3,837 201,950 SH Sole 201,950
CORPORATION
--------------
TOTAL $ 23,022
--------------
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
STEWART INFORMATION Common 860372101 260 7,575 SH Sole 7,575
SERVICES
STILLWATER MNG CO Common 86074Q102 2,936 285,334 SH Sole 285,334
TALISMAN ENERGY INC Common 87425E103 1,970 100,000 SH Sole 100,000
TECH DATA CORP Common 878237106 609 15,175 SH Sole 15,175
TEXTRON INC Common 883203101 485 7,800 SH Sole 7,800
TFS FINANCIAL CORP Common 87240R107 546 42,180 SH Sole 42,180
THE ST JOE COMPANY Common 790148100 1,008 30,000 SH Sole 30,000
THORATEC CORP Common 885175307 8,276 400,000 SH Sole 400,000
TIME WARNER CABLE-A Common 88732J108 1,640 50,000 SH Sole 50,000
TIME WARNER INC Common 887317105 3,672 200,000 SH Sole 200,000
TITAN INTERNATIONAL INCommon 88830M102 13,038 408,450 SH Sole 408,450
TJX COS INC NEW Common 872540109 949 32,650 SH Sole 32,650
TORCHMARK CORP Common 891027104 1,016 16,300 SH Sole 16,300
--------------
TOTAL $ 36,405
--------------
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
TREX COMPANY INC Common 89531P105 7,294 655,925 SH Sole 655,925
TRICO MARINE SERVICES Common 896106200 2,414 81,000 SH Sole 81,000
INC
TRINITY INDS INC Common 896522109 8,259 220,000 SH Sole 220,000
TYCO ELECTRONICS Common G9144P105 9,420 265,888 SH Sole 265,888
LTD-W/I
TYCO INTL LTD NEW Common G9143X208 8,979 202,501 SH Sole 202,501
UNILEVER N V Common 904784709 801 25,950 SH Sole 25,950
UNITED AMERICA Common 90933T109 678 31,525 SH Sole 31,525
INDEMNITY-A
UNITED PARCEL SERVICE Common 911312106 570 7,584 SH Sole 7,584
INC
UNITED STATIONERS INC Common 913004107 371 6,675 SH Sole 6,675
UNIVERSAL CORP VA Common 913456109 557 11,375 SH Sole 11,375
UNIVERSAL STAINLESS Common 913837100 3,581 90,000 SH Sole 90,000
& ALLOY
US BANCORP DEL Common 902973304 918 28,210 SH Sole 28,210
VALERO ENERGY CORP Common 91913Y100 8,565 127,500 SH Sole 127,500
NEW
--------------
TOTAL $ 52,407
--------------
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
VARIAN MED SYS INC Common 92220P105 838 20,000 SH Sole 20,000
VIACOM INC Common 92553P201 4,871 125,000 SH Sole 125,000
VIAD CORP Common 92552R406 369 10,244 SH Sole 10,244
VODAFONE GROUP PLC Common 92857W209 5,717 157,500 SH Sole 157,500
NEW
WAL MART STORES INC Common 931142103 2,921 66,930 SH Sole 66,930
WELLPOINT HEALTH Common 94973V107 7,892 100,000 SH Sole 100,000
NETWORK NEW
WESTERN DIGITAL CORP Common 958102105 18,122 715,700 SH Sole 715,700
WHIRLPOOL CORP Common 963320106 1,957 21,968 SH Sole 21,968
WHITING PETE CORP Common 966387102 2,445 55,000 SH Sole 55,000
NEW
WHOLE FOODS MKT INC Common 966837106 3,917 80,000 SH Sole 80,000
WIDEPOINT CORP Common 967590100 780 1,000,000 SH Sole 1,000,000
WILLIAMS COS INC DEL Common 969457100 1,110 32,600 SH Sole 32,600
WISCONSIN ENERGY Common 976657106 1,408 31,275 SH Sole 31,275
CORP
--------------
TOTAL $ 52,347
--------------
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
WYETH Common 983024100 12,898 289,520 SH Sole 289,520
XERIUM TECHNOLOGIES Common 98416J100 5,595 1,036,150 SH Sole 1,036,150
INC
XEROX CORP Common 984121103 8,670 500,000 SH Sole 500,000
XL CAP LTD Common G98255105 2,033 25,675 SH Sole 25,675
ZHONE TECHNOLOGIES Common 98950P108 476 400,000 SH Sole 400,000
INC
ZOLTEK COMPANIES INC Common 98975W104 14,965 343,000 SH Sole 343,000
---------------
TOTAL $ 44,634
---------------
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 5,615 60,000 SH Put Sole 60,000
AMGEN INC Common 031162950 2,263 40,000 SH Put Sole 40,000
BARRICK GOLD CORP Common 067901908 10,263 254,800 SH Call Sole 254,800
BLACK & DECKER CORP Common 091797950 6,664 80,000 SH Put Sole 80,000
BROCADE Common 111621908 1,712 200,000 SH Call Sole 200,000
COMMUNICATIONS SYS
INC
CIENA CORP Common 171779959 1,523 40,000 SH Put Sole 40,000
D R HORTON INC Common 23331A959 1,025 80,000 SH Put Sole 80,000
DISNEY WALT CO Common 254687956 3,439 100,000 SH Put Sole 100,000
DU PONT E I DE Common 263534959 1,982 40,000 SH Put Sole 40,000
NEMOURS & CO
DYNEGY INC NEW Common 26817G952 739 80,000 SH Put Sole 80,000
FORD MTR CO DEL Common 345370900 20,376 2,400,000 SH Call Sole 2,400,000
GENERAL MTRS CORP Common 370442955 8,808 240,000 SH Put Sole 240,000
HOME DEPOT INC Common 437076952 3,244 100,000 SH Put Sole 100,000
--------------
TOTAL $ 67,653
--------------
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
JDS UNIPHASE CORP Common 46612J957 5,236 350,000 SH Put Sole 350,000
MEDTRONIC INC Common 585055956 4,513 80,000 SH Put Sole 80,000
MERCK & CO INC Common 589331957 8,270 160,000 SH Put Sole 160,000
MICROSOFT CORP Common 594918954 2,946 100,000 SH Put Sole 100,000
MORGAN STANLEY Common 617446958 6,300 100,000 SH Put Sole 100,000
OWENS CORNING INC Common 690742951 3,006 120,000 SH Put Sole 120,000
PFIZER INC Common 717081953 1,466 60,000 SH Put Sole 60,000
SEAGATE TECHNOLOGY Common G7945J954 3,837 150,000 SH Put Sole 150,000
THE ST JOE COMPANY Common 790148950 6,722 200,000 SH Put Sole 200,000
THORATEC CORP Common 885175907 414 20,000 SH Call Sole 20,000
TRINITY INDS INC Common 896522959 3,003 80,000 SH Put Sole 80,000
UNITED STATES STL Common 912909958 7,416 70,000 SH Put Sole 70,000
CORP NEW
WHOLE FOODS MKT INC Common 966837956 3,917 80,000 SH Put Sole 80,000
ZOLTEK COMPANIES INC Common 98975W954 8,726 200,000 SH Put Sole 200,000
-------------
TOTAL $ 65,772
-------------
AGGREGATE TOTAL $ 20,076,722
===============
Page 22 of 22 Pages