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, 2006
Check here if Amendment: [ ]; Amendment Number:
-------
This Amendment:
[ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Loews Corporation
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Address: 667 Madison Avenue New York New York 10021
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(Street) (City) (State) (Zip)
Form 13F File Number: 28-217
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists and tables are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Gary W. Garson
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Title: General Counsel and Senior Vice President
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Phone: 212-521-2932
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Signature, Place, and Date of Signing:
/s/ Gary W. Garson
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(Signature)
Place: 667 Madison Avenue New York New York 10021
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(Street) (City) (State) (Zip)
Date: November 9, 2006
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Page 1 of 20
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 20
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: $16,121.9 (million)
List of Other Included Managers: NONE.
Page 3 of 20
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
3M CO Common 88579Y101 7,442 100,000 SH Sole 100,000
ACCENTURE LTD Common G1150G111 7,135 225,000 SH Sole 225,000
BERMUDA
AFFILIATED COMPUTER Common 008190100 11,554 222,800 SH Sole 222,800
SERVICES
AFTERMARKET Common 008318107 537 30,225 SH Sole 30,225
TECHNOLOGY CORP
AIR PRODS & CHEMS Common 009158106 1,499 22,580 SH Sole 22,580
INC
ALLEGHENY Common 01741R102 3,110 50,000 SH Sole 50,000
TECHNOLOGIES INC
ALLIANCEBERNSTEIN Common 01881G106 5,519 80,000 SH Sole 80,000
HOLDING
ALLSTATE CORP Common 020002101 1,887 30,075 SH Sole 30,075
AMERICAN ELEC PWR Common 025537101 1,409 38,730 SH Sole 38,730
INC
AMERICAN EQUITY Common 025676206 524 42,725 SH Sole 42,725
INVT LIFE HL
AMERICAN HOME MTG Common 02660R107 533 15,275 SH Sole 15,275
INVT CORP
AMERICAN Common 026874107 5,168 78,000 SH Sole 78,000
INTERNATIONAL GROUP
AMERICAN NATL INS Common 028591105 2,721 23,475 SH Sole 23,475
CO
------------
TOTAL $ 49,038
------------
Page 4 of 20 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
AMERIPRISE Common 03076C106 10,646 227,000 SH Sole 227,000
FINANCIAL INC
AMERISOURCEBERGEN Common 03073E105 838 18,550 SH Sole 18,550
CORP
ANADARKO PETE CORP Common 032511107 7,013 160,000 SH Sole 160,000
ANHEUSER BUSCH COS Common 035229103 1,116 23,500 SH Sole 23,500
INC
AON CORP Common 037389103 743 21,925 SH Sole 21,925
AQUILA INC Common 03840P102 1,191 275,034 SH Sole 275,034
ARVINMERITOR INC Common 043353101 456 32,050 SH Sole 32,050
AURIZON MINES LTD Common 05155P106 2,565 965,305 SH Sole 965,305
AUTOZONE INC Common 053332102 948 9,175 SH Sole 9,175
AVON PRODS INC Common 054303102 3,833 125,000 SH Sole 125,000
BANK NEW YORK INC Common 064057102 1,943 55,100 SH Sole 55,100
BANK OF AMERICA Common 060505104 14,625 273,000 SH Sole 273,000
CORPORATION
BARRICK GOLD CORP Common 067901108 8,389 273,086 SH Sole 273,086
BEARINGPOINT INC Common 074002106 227 28,825 SH Sole 28,825
BEMA GOLD CORP Common 08135F107 1,165 262,957 SH Sole 262,957
------------
TOTAL $ 55,698
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Page 5 of 20 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
BOARDWALK PIPLINE Common 096627104 1,424,069 53,256,122 SH Sole 53,256,122
PARTNERS
BOSTON SCIENTIFIC Common 101137107 299 20,200 SH Sole 20,200
CORP
BOWNE & CO INC Common 103043105 408 28,550 SH Sole 28,550
BRISTOL MYERS Common 110122108 1,491 59,850 SH Sole 59,850
SQUIBB CO
BROOKFIELD ASSET Common 112585104 665 15,000 SH Sole 15,000
MANAGE-CL A
BUCYRUS Common 118759109 1,782 42,000 SH Sole 42,000
INTERNATIONAL INC-A
CABOT OIL & GAS Common 127097103 5,833 121,700 SH Sole 121,700
CORP
CADBURY Common 127209302 4,277 100,000 SH Sole 100,000
SCHWEPPES-SPONS ADR
CAMBIOR INC Common 13201L103 2,710 767,691 SH Sole 767,691
CBS CORP Common 124857202 7,043 250,000 SH Sole 250,000
CENTEX CORP Common 152312104 3,683 70,000 SH Sole 70,000
CHEVRONTEXACO CORP Common 166764100 893 13,766 SH Sole 13,766
CIBER INC Common 17163B102 603 90,975 SH Sole 90,975
CIT GROUP INC Common 125581108 1,532 31,500 SH Sole 31,500
------------
TOTAL $ 1,455,288
------------
Page 6 of 20 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
CITIGROUP INC Common 172967101 16,153 325,215 SH Sole 325,215
CNA FINL CORP Common 126117100 8,698,246 241,483,773 SH Sole 241,483,773
COMCAST CORP NEW Common 20030N101 1,564 42,400 SH Sole 42,400
COMCAST CORP NEW Common 20030N200 11,411 310,000 SH Sole 310,000
COMERICA INC Common 200340107 785 13,800 SH Sole 13,800
COMPUTER ASSOC INTL Common 12673P105 1,422 60,022 SH Sole 60,022
INC
COMPUTER SCIENCES Common 205363104 377 7,675 SH Sole 7,675
CORP
CONMED CORP Common 207410101 506 23,975 SH Sole 23,975
CONOCOPHILLIPS Common 20825C104 4,465 75,000 SH Sole 75,000
CORNING INC Common 219350105 244 10,000 SH Sole 10,000
CUMBERLAND Common 23077R100 2,029 384,352 SH Sole 384,352
RESOURCES LTD
CYPRESS Common 232806109 711 40,000 SH Sole 40,000
SEMICONDUCTOR CORP
D R HORTON INC Common 23331A109 2,275 95,000 SH Sole 95,000
DEL MONTE FOODS CO Common 24522P103 332 31,725 SH Sole 31,725
DELPHI FINL GROUP Common 247131105 371 9,293 SH Sole 9,293
INC
DIAGEO P L C Common 25243Q205 1,101 15,500 SH Sole 15,500
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TOTAL $ 8,741,992
------------
Page 7 of 20 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
DIAMOND OFFSHORE Common 25271C102 5,073,471 70,104,620 SH Sole 70,104,620
DRILLING INC
DIAMONDS TR Common 252787106 35,022 300,000 SH Sole 300,000
DISCOVERY HOLDING Common 25468Y107 1,446 100,000 SH Sole 100,000
CO-A W/I
DOW CHEM CO Common 260543103 587 15,070 SH Sole 15,070
DPL INC Common 233293109 1,703 62,810 SH Sole 62,810
DU PONT E I DE Common 263534109 3,856 90,000 SH Sole 90,000
NEMOURS & CO
DUKE ENERGY CORP Common 26441C105 511 16,918 SH Sole 16,918
ELECTRONIC DATA SYS Common 285661104 2,452 100,000 SH Sole 100,000
NEW
ENTERGY CORP NEW Common 29364G103 2,249 28,750 SH Sole 28,750
EXELON CORP Common 30161N101 1,102 18,205 SH Sole 18,205
EXPRESSJET HOLDINGS Common 30218U108 424 64,100 SH Sole 64,100
INC
F M C CORP Common 302491303 373 5,825 SH Sole 5,825
FEDERAL HOME LN MTG Common 313400301 1,555 23,450 SH Sole 23,450
CORP
FEDERAL NATL MTG Common 313586109 2,206 39,450 SH Sole 39,450
ASSN
FIRST AMERN CORP Common 318522307 1,287 30,400 SH Sole 30,400
CALIF
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TOTAL $ 5,128,244
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Page 8 of 20 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
FIRST DATA CORP Common 319963104 1,027 24,460 SH Sole 24,460
FREESCALE Common 35687M107 4,376 115,000 SH Sole 115,000
SEMICONDUCTOR-A
GAMMON LAKE Common 364915108 1,429 125,000 SH Sole 125,000
RESOURCES INC
GANNETT INC Common 364730101 1,471 25,880 SH Sole 25,880
GENERAL ELEC CO Common 369604103 1,470 41,630 SH Sole 41,630
GLAXOSMITHKLINE Common 37733W105 1,065 20,000 SH Sole 20,000
PLC-ADR
GLOBAL IMAGING Common 37934A100 509 23,050 SH Sole 23,050
SYSTEMS
GOLD FIELDS Common 38059T106 2,676 150,000 SH Sole 150,000
LTD-SPONS ADR
GOLD RESERVE INC Common 38068N108 633 155,255 SH Sole 155,255
GOLDEN STAR Common 38119T104 1,388 508,402 SH Sole 508,402
RESOURCES LTD
HANGER ORTHOPEDIC Common 41043F208 176 26,800 SH Sole 26,800
GROUP INC
HCA INC Common 404119109 975 19,550 SH Sole 19,550
HEALTH MGMT ASSOC Common 421933102 8,655 414,100 SH Sole 414,100
INC NEW
HECLA MINING CO Common 422704106 4,490 782,195 SH Sole 782,195
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TOTAL $ 30,340
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Page 9 of 20 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
HILTON HOTELS CORP Common 432848109 407 14,610 SH Sole 14,610
HOME DEPOT INC Common 437076102 14,925 411,500 SH Sole 411,500
HORACE MANN Common 440327104 472 24,525 SH Sole 24,525
EDUCATORS
HOVNANIAN Common 442487203 2,201 75,000 SH Sole 75,000
ENTERPRISES-A
HUB INTERNATIONAL Common 44332P101 314 10,850 SH Sole 10,850
LIMITED
HUDSON CITY BANCORP Common 443683107 398 30,000 SH Sole 30,000
INC
IDACORP INC Common 451107106 376 9,950 SH Sole 9,950
IMA EXPLORATION INC Common 449664101 322 571,886 SH Sole 571,886
IMS HEALTH INC Common 449934108 266 10,000 SH Sole 10,000
INCO LTD Common 453258402 476 6,242 SH Sole 6,242
INTERNATIONAL Common 459200101 6,146 75,000 SH Sole 75,000
BUSINESS MACHS
IPC HLDGS LTD Common G4933P101 1,513 49,725 SH Sole 49,725
ISHARES INC MSCI Common 464286848 11,848 875,000 SH Sole 875,000
JAPAN
ISHARES INC MSCI Common 464286673 2,333 250,000 SH Sole 250,000
SINGAPORE
J P MORGAN CHASE & Common 46625H100 997 21,225 SH Sole 21,225
CO
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TOTAL $ 42,994
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Page 10 of 20 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
JOHNSON & JOHNSON Common 478160104 2,055 31,650 SH Sole 31,650
JOHNSON CONTROLS Common 478366107 938 13,075 SH Sole 13,075
INC
KELLY SERVICES INC Common 488152208 654 23,850 SH Sole 23,850
-CL A
KENNAMETAL INC Common 489170100 337 5,950 SH Sole 5,950
KIMBER RESOURCES Common 49435N101 997 497,515 SH Sole 497,515
INC
KINROSS GOLD CORP Common 496902404 644 51,410 SH Sole 51,410
LAUDER ESTEE COS Common 518439104 8,945 221,800 SH Sole 221,800
INC
LEAR CORP Common 521865105 1,498 72,375 SH Sole 72,375
LIBERTY GLOBAL Common 530555101 2,419 93,991 SH Sole 93,991
INC-A
LIBERTY GLOBAL Common 530555309 1,079 43,068 SH Sole 43,068
INC-C
LIBERTY MEDIA Common 53071M302 1,254 15,000 SH Sole 15,000
HOLD-CAP SER A
LIBERTY Common 53071M104 1,529 75,000 SH Sole 75,000
MEDIA-INTERACTIVE A
LINCOLN NATL CORP Common 534187109 4,656 75,000 SH Sole 75,000
IND
LORAL SPACE AND Common 543881106 232 8,800 SH Sole 8,800
COMM-W/I
------------
TOTAL $ 27,237
------------
Page 11 of 20 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
LOUISIANA-PACIFIC Common 546347105 2,440 130,000 SH Sole 130,000
CORP
LUCENT TECHNOLOGIES Common 549463107 916 391,275 SH Sole 391,275
INC
M D C HLDGS INC Common 552676108 325 7,000 SH Sole 7,000
MAGNA INTL INC Common 559222401 906 12,400 SH Sole 12,400
MARATHON OIL CORP Common 565849106 769 10,000 SH Sole 10,000
MCDONALDS CORP Common 580135101 1,060 27,100 SH Sole 27,100
MEADWESTVACO CORP Common 583334107 2,373 89,500 SH Sole 89,500
MEDIACOM Common 58446K105 1,424 200,000 SH Sole 200,000
COMMUNICATIONS CORP
MEDTRONIC INC Common 585055106 4,446 95,730 SH Sole 95,730
METALLICA RESOURCES Common 59125J104 2,161 710,600 SH Sole 710,600
INC
METLIFE INC Common 59156R108 1,440 25,400 SH Sole 25,400
MI DEVELOPMENTS Common 55304X104 558 15,300 SH Sole 15,300
INC-CLASS A
MICROSOFT CORP Common 594918104 83,715 3,060,895 SH Sole 3,060,895
MILACRON INC Common 598709103 41 45,738 SH Sole 45,738
MINEFINDERS CORP Common 602900102 2,680 293,390 SH Sole 293,390
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TOTAL $ 105,254
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Page 12 of 20 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
MIRAMAR MINING CORP Common 60466E100 3,225 786,600 SH Sole 786,600
MORGAN STANLEY Common 617446448 2,103 28,850 SH Sole 28,850
NALCO HOLDING CO Common 62985Q101 3,704 200,000 SH Sole 200,000
NBTY INC Common 628782104 361 12,350 SH Sole 12,350
NCI BUILDING SYS Common 628852105 207 3,550 SH Sole 3,550
INC
NEW YORK TIMES CO Common 650111107 59,978 2,610,000 SH Sole 2,610,000
NEWELL RUBBERMAID Common 651229106 4,956 175,000 SH Sole 175,000
INC
NEWS CORP INC Common 65248E203 4,644 225,000 SH Sole 225,000
NEWS CORP INC Common 65248E104 5,252 267,276 SH Sole 267,276
NISOURCE INC Common 65473P105 1,213 55,800 SH Sole 55,800
NORTHEAST UTILITIES Common 664397106 582 25,000 SH Sole 25,000
NORTHERN TR CORP Common 665859104 520 8,900 SH Sole 8,900
OCCIDENTAL Common 674599105 1,924 40,000 SH Sole 40,000
PETROLEUM CORP
OLD REP INTL CORP Common 680223104 825 37,250 SH Sole 37,250
ORACLE CORP Common 68389X105 2,040 115,000 SH Sole 115,000
PFIZER INC Common 717081103 4,771 168,225 SH Sole 168,225
------------
TOTAL $ 96,305
------------
Page 13 of 20 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
PG&E CORP Common 69331C108 1,654 39,700 SH Sole 39,700
PHARMACEUTICAL Common 71712A206 44,850 575,000 SH Sole 575,000
HLDRS TR
PHARMANET Common 717148100 493 25,350 SH Sole 25,350
DEVELOPMENT GROUP
PHH CORP Common 693320202 493 17,975 SH Sole 17,975
PIKE ELECTRIC CORP Common 721283109 434 29,150 SH Sole 29,150
PIONEER NAT RES CO Common 723787107 3,521 90,000 SH Sole 90,000
POTASH CORP SASK Common 73755L107 6,251 60,000 SH Sole 60,000
INC
PRIMUS GUARANTY LTD Common G72457107 4,844 400,000 SH Sole 400,000
PULTE HOMES INC Common 745867101 8,284 260,000 SH Sole 260,000
QUALCOMM INC Common 747525103 2,181 60,000 SH Sole 60,000
QUICKSILVER Common 74837R104 3,509 110,000 SH Sole 110,000
RESOURCES INC
R H DONNELLEY CORP Common 74955W307 383 7,244 SH Sole 7,244
RADIO ONE INC Common 75040P405 317 50,700 SH Sole 50,700
RADIOSHACK CORP Common 750438103 898 46,550 SH Sole 46,550
RANDGOLD RESOURCES Common 752344309 983 48,257 SH Sole 48,257
LTD-ADR
------------
TOTAL $ 79,095
------------
Page 14 of 20 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
RAYTHEON CO Common 755111507 4,801 100,000 SH Sole 100,000
REGIS CORP Common 758932107 3,248 90,600 SH Sole 90,600
REINSURANCE GROUP Common 759351109 1,428 27,500 SH Sole 27,500
OF AMERICA
RENAISSANCE RE Common G7496G103 2,093 37,650 SH Sole 37,650
HLDGS LTD
RENT A CTR INC NEW Common 76009N100 2,216 75,650 SH Sole 75,650
RTI INTERNATIONAL Common 74973W107 9,588 220,000 SH Sole 220,000
METALS INC
SABRE HLDGS CORP Common 785905100 7,251 310,000 SH Sole 310,000
SARA LEE CORP Common 803111103 765 47,575 SH Sole 47,575
SASOL LTD-SPONSORED Common 803866300 658 20,000 SH Sole 20,000
ADR
SCANA CORP NEW Common 80589M102 580 14,405 SH Sole 14,405
SCHWEITZER-MAUDUIT Common 808541106 292 15,375 SH Sole 15,375
INTL INC
SEAGATE TECHNOLOGY Common G7945J104 10,079 436,500 SH Sole 436,500
SEALY CORP Common 812139301 415 31,750 SH Sole 31,750
SEMPRA ENERGY Common 816851109 931 18,525 SH Sole 18,525
SPRINT NEXTEL Common 852061100 5,607 326,950 SH Sole 326,950
CORPORATION
------------
TOTAL $ 49,952
------------
Page 15 of 20 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
STREETTRACKS GOLD Common 863307104 2,974 50,000 SH Sole 50,000
TRUST
TEMPUR-PEDIC Common 88023U101 397 23,125 SH Sole 23,125
INTERNATIONAL
TEXTRON INC Common 883203101 683 7,800 SH Sole 7,800
THORATEC CORP Common 885175307 5,620 360,000 SH Sole 360,000
TIME WARNER INC Common 887317105 3,646 200,000 SH Sole 200,000
TJX COS INC NEW Common 872540109 1,877 66,950 SH Sole 66,950
TORCHMARK CORP Common 891027104 1,404 22,250 SH Sole 22,250
TREDEGAR CORP Common 894650100 177 10,575 SH Sole 10,575
TREX COMPANY INC Common 89531P105 341 14,100 SH Sole 14,100
TRINITY INDS INC Common 896522109 2,249 69,900 SH Sole 69,900
TYCO INTL LTD NEW Common 902124106 20,431 729,940 SH Sole 729,940
U S G CORP Common 903293405 4,704 100,000 SH Sole 100,000
UNION PAC CORP Common 907818108 849 9,650 SH Sole 9,650
UNITED AMERICA Common 90933T109 324 14,400 SH Sole 14,400
INDEMNITY-A
UNITED PARCEL Common 911312106 654 9,084 SH Sole 9,084
SERVICE INC
UNITED STATES STL Common 912909108 5,191 90,000 SH Sole 90,000
CORP NEW
------------
TOTAL $ 51,521
------------
Page 16 of 20 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
UNITED STATIONERS Common 913004107 434 9,325 SH Sole 9,325
INC
UNIVERSAL CORP VA Common 913456109 574 15,700 SH Sole 15,700
UNIVERSAL STAINLESS Common 913837100 3,598 159,900 SH Sole 159,900
& ALLOY
US BANCORP DEL Common 902973304 1,990 59,890 SH Sole 59,890
USI HOLDINGS CORP Common 90333H101 374 27,625 SH Sole 27,625
VALASSIS Common 918866104 315 17,850 SH Sole 17,850
COMMUNICATIONS INC
VALERO ENERGY CORP Common 91913Y100 6,691 130,000 SH Sole 130,000
NEW
VIACOM INC Common 92553P201 4,648 125,000 SH Sole 125,000
VIAD CORP Common 92552R406 883 24,932 SH Sole 24,932
VODAFONE GROUP PLC Common 92857W209 3,600 157,500 SH Sole 157,500
NEW
WAL MART STORES INC Common 931142103 2,445 49,575 SH Sole 49,575
WASHINGTON MUT INC Common 939322103 410 9,425 SH Sole 9,425
WCI COMMUNITIES INC Common 92923C104 924 53,000 SH Sole 53,000
WESTERN DIGITAL Common 958102105 5,792 320,000 SH Sole 320,000
CORP
------------
TOTAL $ 32,678
------------
Page 17 of 20 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
WEYERHAEUSER CO Common 962166104 400 6,500 SH Sole 6,500
WHIRLPOOL CORP Common 963320106 2,062 24,518 SH Sole 24,518
WHITING PETE CORP Common 966387102 802 20,000 SH Sole 20,000
NEW
WILLIAMS COS INC Common 969457100 2,617 109,620 SH Sole 109,620
DEL
WISCONSIN ENERGY Common 976657106 950 22,025 SH Sole 22,025
CORP
WYETH Common 983024100 1,022 20,110 SH Sole 20,110
XERIUM TECHNOLOGIES Common 98416J100 10,850 979,200 SH Sole 979,200
INC
XEROX CORP Common 984121103 8,558 550,000 SH Sole 550,000
XL CAP LTD Common G98255105 1,415 20,600 SH Sole 20,600
YAMANA GOLD INC Common 98462Y100 2,611 283,390 SH Sole 283,390
ZIMMER HOLDINGS INC Common 98956P102 2,025 30,000 SH Sole 30,000
----------
TOTAL $ 33,312
----------
Page 18 of 20 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
3M CO Common 88579Y951 5,209 70,000 SH Put Sole 70,000
BARRICK GOLD CORP Common 067901908 21,197 690,000 SH Call Sole 690,000
BARRICK GOLD CORP Common 067901958 6,144 200,000 SH Put Sole 200,000
DISNEY WALT CO Common 254687956 3,091 100,000 SH Put Sole 100,000
DU PONT E I DE Common 263534959 3,427 80,000 SH Put Sole 80,000
NEMOURS & CO
GENERAL MTRS CORP Common 370442955 6,652 200,000 SH Put Sole 200,000
HEALTH MGMT ASSOC Common 421933902 418 20,000 SH Call Sole 20,000
INC NEW
HOME DEPOT INC Common 437076952 3,627 100,000 SH Put Sole 100,000
INTERNATIONAL Common 459200951 8,194 100,000 SH Put Sole 100,000
BUSINESS MACHS
MEDTRONIC INC Common 585055956 3,715 80,000 SH Put Sole 80,000
MERCK & CO INC Common 589331957 9,218 220,000 SH Put Sole 220,000
MICROSOFT CORP Common 594918954 3,282 120,000 SH Put Sole 120,000
PHELPS DODGE CORP Common 717265952 6,776 80,000 SH Put Sole 80,000
POTASH CORP SASK Common 73755L957 8,335 80,000 SH Put Sole 80,000
INC
QUALCOMM INC Common 747525953 3,635 100,000 SH Put Sole 100,000
------------
TOTAL $ 92,920
------------
Page 19 of 20 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
RTI INTERNATIONAL Common 74973W907 1,307 30,000 SH Call Sole 30,000
METALS INC
RTI INTERNATIONAL Common 74973W957 872 20,000 SH Put Sole 20,000
METALS INC
SEAGATE TECHNOLOGY Common G7945J954 4,618 200,000 SH Put Sole 200,000
THE ST JOE COMPANY Common 790148950 6,584 120,000 SH Put Sole 120,000
THORATEC CORP Common 885175907 1,249 80,000 SH Call Sole 80,000
UNION PAC CORP Common 907818908 20,240 230,000 SH Call Sole 230,000
UNITED STATES STL Common 912909958 9,229 160,000 SH Put Sole 160,000
CORP NEW
WHOLE FOODS MKT INC Common 966837956 5,943 100,000 SH Put Sole 100,000
----------
TOTAL $ 50,042
----------
AGGREGATE TOTAL $ 16,121,910
==========
Page 20 of 20 Pages