FORM 13F
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended March 31, 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: May 3, 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: 223
Form 13F Information Table Value Total: $15,646.1 (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 10,763 142,200 SH Sole 142,200
ACCENTURE LTD Common G1150G111 5,797 192,800 SH Sole 192,800
BERMUDA
AFFILIATED COMPUTER Common 008190100 5,757 96,500 SH Sole 96,500
SERVICES
AFTERMARKET Common 008318107 426 18,850 SH Sole 18,850
TECHNOLOGY CORP
AIR PRODS & CHEMS Common 009158106 753 11,200 SH Sole 11,200
INC
ALLIANCEBERNSTEIN Common 01881G106 5,300 80,000 SH Sole 80,000
HOLDING
ALLSTATE CORP Common 020002101 1,180 22,650 SH Sole 22,650
AMBAC FINL GROUP Common 023139108 2,388 30,000 SH Sole 30,000
INC
AMERICAN EQUITY Common 025676206 373 26,025 SH Sole 26,025
INVT LIFE HL
AMERICAN HOME MTG Common 02660R107 659 21,125 SH Sole 21,125
INVT CORP
AMERICAN Common 026874107 5,155 78,000 SH Sole 78,000
INTERNATIONAL GROUP
AMERICAN NATL INS Common 028591105 2,631 23,475 SH Sole 23,475
CO
AMERIPRISE Common 03076C106 10,229 227,000 SH Sole 227,000
FINANCIAL INC
------------
TOTAL $ 51,411
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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
AMERISOURCEBERGEN Common 03073E105 1,673 34,650 SH Sole 34,650
CORP
ANADARKO PETE CORP Common 032511107 8,081 80,000 SH Sole 80,000
ANHEUSER BUSCH COS Common 035229103 1,005 23,500 SH Sole 23,500
INC
AON CORP Common 037389103 1,215 29,275 SH Sole 29,275
AQUILA INC Common 03840P102 1,721 431,424 SH Sole 431,424
ARVINMERITOR INC Common 043353101 648 43,475 SH Sole 43,475
ASHLAND INC Common 044209104 6,397 90,000 SH Sole 90,000
AURIZON MINES LTD Common 05155P106 2,758 1,190,035 SH Sole 1,190,035
AUTOZONE INC Common 053332102 915 9,175 SH Sole 9,175
AVON PRODS INC Common 054303102 3,896 125,000 SH Sole 125,000
BANK NEW YORK INC Common 064057102 1,986 55,100 SH Sole 55,100
BANK OF AMERICA Common 060505104 12,432 273,000 SH Sole 273,000
CORPORATION
BARRICK GOLD CORP Common 067901108 7,627 279,975 SH Sole 279,975
BEARINGPOINT INC Common 074002106 397 46,800 SH Sole 46,800
BEMA GOLD CORP Common 08135F107 3,294 743,535 SH Sole 743,535
------------
TOTAL $ 54,045
------------
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
BOARDWALK PIPELINE Common 096627104 1,161,516 53,256,122 SH Sole 53,256,122
PARTNERS
BOEING CO Common 097023105 949 12,175 SH Sole 12,175
BOWNE & CO INC Common 103043105 476 28,550 SH Sole 28,550
BRISTOL MYERS Common 110122108 3,267 132,750 SH Sole 132,750
SQUIBB CO
CABOT OIL & GAS Common 127097103 1,198 25,000 SH Sole 25,000
CORP
CAMBIOR INC Common 13201L103 2,518 767,691 SH Sole 767,691
CARPENTER Common 144285103 1,890 20,000 SH Sole 20,000
TECHNOLOGY
CBS CORP Common 124857202 5,396 225,000 SH Sole 225,000
CENTEX CORP Common 152312104 4,339 70,000 SH Sole 70,000
CHEVRONTEXACO CORP Common 166764100 798 13,766 SH Sole 13,766
CHIRON CORP Common 170040109 707 15,428 SH Sole 15,428
CIBER INC Common 17163B102 580 90,975 SH Sole 90,975
CINERGY CORP Common 172474108 1,885 41,500 SH Sole 41,500
CITIGROUP INC Common 172967101 11,818 250,215 SH Sole 250,215
CLEVELAND CLIFFS Common 185896107 1,742 20,000 SH Sole 20,000
INC
CNA FINL CORP Common 126117100 7,438,477 233,620,515 SH Sole 233,620,515
------------
TOTAL $ 8,637,556
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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
COMCAST CORP NEW Common 20030N101 1,109 42,400 SH Sole 42,400
COMCAST CORP NEW Common 20030N200 21,027 805,000 SH Sole 805,000
COMERICA INC Common 200340107 800 13,800 SH Sole 13,800
COMPANHIA VALE DO Common 204412100 2,118 49,000 SH Sole 49,000
RIO DOCE
COMPUTER ASSOC INTL Common 12673P105 1,114 40,947 SH Sole 40,947
INC
COMPUTER SCIENCES Common 205363104 890 16,025 SH Sole 16,025
CORP
CONMED CORP Common 207410101 396 20,675 SH Sole 20,675
CONOCOPHILLIPS Common 20825C104 4,736 75,000 SH Sole 75,000
CUMBERLAND Common 23077R100 2,487 618,636 SH Sole 618,636
RESOURCES LTD
DEL MONTE FOODS CO Common 24522P103 524 44,175 SH Sole 44,175
DELPHI FINL GROUP Common 247131105 414 8,012 SH Sole 8,012
INC
DIAGEO P L C Common 25243Q205 983 15,500 SH Sole 15,500
DIAMOND OFFSHORE Common 25271C102 6,274,363 70,104,620 SH Sole 70,104,620
DRILLING INC
DISCOVERY HOLDING Common 25468Y107 1,500 100,000 SH Sole 100,000
CO-A W/I
DISNEY WALT CO Common 254687106 647 23,200 SH Sole 23,200
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TOTAL $ 6,313,108
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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
DOW CHEM CO Common 260543103 816 20,100 SH Sole 20,100
DPL INC Common 233293109 1,696 62,810 SH Sole 62,810
ELECTRONIC DATA SYS Common 285661104 2,683 100,000 SH Sole 100,000
NEW
ENTERGY CORP NEW Common 29364G103 1,544 22,400 SH Sole 22,400
EXELON CORP Common 30161N101 1,505 28,445 SH Sole 28,445
EXPRESSJET HOLDINGS Common 30218U108 477 64,100 SH Sole 64,100
INC
F M C CORP Common 302491303 1,046 16,875 SH Sole 16,875
FEDERAL HOME LN MTG Common 313400301 1,430 23,450 SH Sole 23,450
CORP
FEDERAL NATL MTG Common 313586109 2,028 39,450 SH Sole 39,450
ASSN
FIRST AMERN CORP Common 318522307 1,190 30,400 SH Sole 30,400
CALIF
FREESCALE Common 35687M107 5,006 180,000 SH Sole 180,000
SEMICONDUCTOR-A
FREIGHTCAR AMERICA Common 357023100 1,908 30,000 SH Sole 30,000
INC
GENERAL ELEC CO Common 369604103 810 23,300 SH Sole 23,300
GLAXOSMITHKLINE Common 37733W105 1,569 30,000 SH Sole 30,000
PLC-ADR
GLOBAL IMAGING Common 37934A100 438 11,525 SH Sole 11,525
SYSTEMS
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TOTAL $ 24,146
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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
GOLD RESERVE INC Common 38068N108 915 155,255 SH Sole 155,255
GOLDEN STAR Common 38119T104 1,622 508,402 SH Sole 508,402
RESOURCES LTD
HANGER ORTHOPEDIC Common 41043F208 186 26,800 SH Sole 26,800
GROUP INC
HARMONY GOLD Common 413216300 631 39,750 SH Sole 39,750
MNG-SPON ADR
HEALTH MGMT ASSOC Common 421933102 9,579 444,100 SH Sole 444,100
INC NEW
HECLA MINING CO Common 422704106 5,170 782,195 SH Sole 782,195
HEWLETT PACKARD CO Common 428236103 987 30,000 SH Sole 30,000
HOME DEPOT INC Common 437076102 1,840 43,500 SH Sole 43,500
HORACE MANN Common 440327104 461 24,525 SH Sole 24,525
EDUCATORS
HUB INTERNATIONAL Common 44332P101 304 10,850 SH Sole 10,850
LIMITED
HUDSON CITY BANCORP Common 443683107 532 40,000 SH Sole 40,000
INC
IDACORP INC Common 451107106 462 14,200 SH Sole 14,200
IMA EXPLORATION INC Common 449664101 1,761 571,886 SH Sole 571,886
IMS HEALTH INC Common 449934108 1,289 50,000 SH Sole 50,000
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TOTAL $ 25,739
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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
INTERNATIONAL Common 459200101 14,432 175,000 SH Sole 175,000
BUSINESS MACHS
IPC HLDGS LTD Common G4933P101 1,395 49,725 SH Sole 49,725
IPSCO INC Common 462622101 3,123 30,000 SH Sole 30,000
ISHARES INC MSCI Common 464286848 7,200 500,000 SH Sole 500,000
JAPAN
ISHARES INC MSCI Common 464286673 2,195 250,000 SH Sole 250,000
SINGAPORE
J P MORGAN CHASE & Common 46625H100 1,767 42,425 SH Sole 42,425
CO
JOHNSON & JOHNSON Common 478160104 912 15,400 SH Sole 15,400
JOHNSON CONTROLS Common 478366107 993 13,075 SH Sole 13,075
INC
KELLY SERVICES INC Common 488152208 610 22,475 SH Sole 22,475
-CL A
KENNAMETAL INC Common 489170100 364 5,950 SH Sole 5,950
KERR MCGEE CORP Common 492386107 955 10,000 SH Sole 10,000
KINROSS GOLD CORP Common 496902404 3,498 320,060 SH Sole 320,060
KONINKLIJKE PHILIPS Common 500472303 942 27,990 SH Sole 27,990
ELECTRS NV
LAUDER ESTEE COS Common 518439104 12,459 335,000 SH Sole 335,000
INC
LEAR CORP Common 521865105 1,283 72,375 SH Sole 72,375
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TOTAL $ 52,128
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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
LEXMARK INTL NEW Common 529771107 4,992 110,000 SH Sole 110,000
LIBERTY GLOBAL Common 530555101 1,924 93,991 SH Sole 93,991
INC-A
LIBERTY GLOBAL Common 530555309 851 43,068 SH Sole 43,068
INC-C
LIBERTY MEDIA CORP Common 530718105 3,302 402,200 SH Sole 402,200
NEW
LINCOLN NATL CORP Common 534187109 4,094 75,000 SH Sole 75,000
IND
LORAL SPACE AND Common 543881106 253 8,800 SH Sole 8,800
COMM-W/I
LUCENT TECHNOLOGIES Common 549463107 797 261,325 SH Sole 261,325
INC
M D C HLDGS INC Common 552676108 450 7,000 SH Sole 7,000
MAGNA INTL INC Common 559222401 729 9,625 SH Sole 9,625
MARATHON OIL CORP Common 565849106 762 10,000 SH Sole 10,000
MAYTAG CORP Common 578592107 333 15,625 SH Sole 15,625
MCDONALDS CORP Common 580135101 931 27,100 SH Sole 27,100
MEADWESTVACO CORP Common 583334107 2,444 89,500 SH Sole 89,500
MEDIACOM Common 58446K105 1,150 200,000 SH Sole 200,000
COMMUNICATIONS CORP
MEDTRONIC INC Common 585055106 2,030 40,000 SH Sole 40,000
------------
TOTAL $ 25,042
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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
MERCK & CO INC Common 589331107 8,293 235,400 SH Sole 235,400
METALLICA RESOURCES Common 59125J104 2,328 710,600 SH Sole 710,600
INC
METLIFE INC Common 59156R108 1,229 25,400 SH Sole 25,400
MI DEVELOPMENTS Common 55304X104 534 15,300 SH Sole 15,300
INC-CLASS A
MICROSOFT CORP Common 594918104 44,052 1,618,950 SH Sole 1,618,950
MILACRON INC Common 598709103 74 45,738 SH Sole 45,738
MINEFINDERS CORP Common 602900102 2,791 362,550 SH Sole 362,550
MIRAMAR MINING CORP Common 60466E100 3,684 1,086,600 SH Sole 1,086,600
MORGAN STANLEY Common 617446448 1,812 28,850 SH Sole 28,850
NALCO HOLDING CO Common 62985Q101 3,540 200,000 SH Sole 200,000
NBTY INC Common 628782104 534 23,725 SH Sole 23,725
NCI BUILDING SYS Common 628852105 212 3,550 SH Sole 3,550
INC
NEWELL RUBBERMAID Common 651229106 6,298 250,000 SH Sole 250,000
INC
NEWS CORP INC Common 65248E203 3,951 225,000 SH Sole 225,000
NEWS CORP INC Common 65248E104 5,392 324,606 SH Sole 324,606
NISOURCE INC Common 65473P105 1,128 55,800 SH Sole 55,800
------------
TOTAL $ 85,852
------------
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
NORTEL NETWORKS Common 656568102 4,575 1,500,000 SH Sole 1,500,000
CORP NEW
NORTHEAST UTILITIES Common 664397106 488 25,000 SH Sole 25,000
NORTHERN TR CORP Common 665859104 467 8,900 SH Sole 8,900
NRG ENERGY INC Common 629377508 5,200 115,000 SH Sole 115,000
OCCIDENTAL Common 674599105 1,853 20,000 SH Sole 20,000
PETROLEUM CORP
OLD REP INTL CORP Common 680223104 813 37,250 SH Sole 37,250
ORACLE CORP Common 68389X105 1,574 115,000 SH Sole 115,000
PAN AMERICAN SILVER Common 697900108 1,844 72,600 SH Sole 72,600
CORP
PEABODY ENERGY CORP Common 704549104 504 10,000 SH Sole 10,000
PFIZER INC Common 717081103 17,143 687,925 SH Sole 687,925
PG&E CORP Common 69331C108 1,544 39,700 SH Sole 39,700
PHARMACEUTICAL Common 71712A206 49,980 700,000 SH Sole 700,000
HLDRS TR
PHH CORP Common 693320202 480 17,975 SH Sole 17,975
PIONEER NAT RES CO Common 723787107 3,983 90,000 SH Sole 90,000
PRIMUS GUARANTY LTD Common G72457107 4,460 400,000 SH Sole 400,000
------------
TOTAL $ 94,908
------------
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
PULTE HOMES INC Common 745867101 6,916 180,000 SH Sole 180,000
QUALCOMM INC Common 747525103 2,531 50,000 SH Sole 50,000
R H DONNELLEY CORP Common 74955W307 422 7,244 SH Sole 7,244
RADIO ONE INC Common 75040P405 373 50,000 SH Sole 50,000
RADIOSHACK CORP Common 750438103 328 17,075 SH Sole 17,075
RANDGOLD RESOURCES Common 752344309 2,828 155,650 SH Sole 155,650
LTD-ADR
RAYTHEON CO Common 755111507 6,188 135,000 SH Sole 135,000
REGIS CORP Common 758932107 3,124 90,600 SH Sole 90,600
REINSURANCE GROUP Common 759351109 1,300 27,500 SH Sole 27,500
OF AMERICA
RENAISSANCE RE Common G7496G103 1,642 37,650 SH Sole 37,650
HLDGS LTD
RENT A CTR INC NEW Common 76009N100 1,934 75,650 SH Sole 75,650
RTI INTERNATIONAL Common 74973W107 5,595 102,000 SH Sole 102,000
METALS INC
SABRE HLDGS CORP Common 785905100 4,706 200,000 SH Sole 200,000
SARA LEE CORP Common 803111103 851 47,575 SH Sole 47,575
SASOL LTD-SPONSORED Common 803866300 1,135 30,000 SH Sole 30,000
ADR
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TOTAL $ 39,873
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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
SCANA CORP NEW Common 80589M102 844 21,500 SH Sole 21,500
SCHWEITZER-MAUDUIT Common 808541106 369 15,375 SH Sole 15,375
INTL INC
SEAGATE TECHNOLOGY Common G7945J104 10,177 386,500 SH Sole 386,500
SEMPRA ENERGY Common 816851109 861 18,525 SH Sole 18,525
SPDR TR Common 78462F103 7,660 59,000 SH Sole 59,000
SPHERION CORP Common 848420105 349 33,575 SH Sole 33,575
SPRINT NEXTEL Common 852061100 8,448 326,950 SH Sole 326,950
CORPORATION
STREETTRACKS GOLD Common 863307104 8,715 150,000 SH Sole 150,000
TRUST
TEMPUR-PEDIC Common 88023U101 208 14,725 SH Sole 14,725
INTERNATIONAL
TEXTRON INC Common 883203101 728 7,800 SH Sole 7,800
THERMO ELECTRON Common 883556102 3,575 96,400 SH Sole 96,400
CORP
THORATEC CORP Common 885175307 6,937 360,000 SH Sole 360,000
TIME WARNER INC Common 887317105 4,231 251,980 SH Sole 251,980
TJX COS INC NEW Common 872540109 1,662 66,950 SH Sole 66,950
TORCHMARK CORP Common 891027104 1,270 22,250 SH Sole 22,250
TRANSOCEAN INC Common G90078109 8,030 100,000 SH Sole 100,000
------------
TOTAL $ 64,064
------------
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
TYCO INTL LTD NEW Common 902124106 18,719 696,390 SH Sole 696,390
UNION PAC CORP Common 907818108 1,673 17,925 SH Sole 17,925
UNITED AMERICA Common 90933T109 330 14,400 SH Sole 14,400
INDEMNITY-A
UNITED PARCEL Common 911312106 466 5,870 SH Sole 5,870
SERVICE INC
UNITED STATES STL Common 912909108 3,641 60,000 SH Sole 60,000
CORP NEW
UNITED STATIONERS Common 913004107 495 9,325 SH Sole 9,325
INC
UNIVERSAL CORP VA Common 913456109 577 15,700 SH Sole 15,700
USI HOLDINGS CORP Common 90333H101 446 27,625 SH Sole 27,625
VALASSIS Common 918866104 524 17,850 SH Sole 17,850
COMMUNICATIONS INC
VALERO ENERGY CORP Common 91913Y100 7,771 130,000 SH Sole 130,000
NEW
VIACOM INC Common 92553P201 4,850 125,000 SH Sole 125,000
VIAD CORP Common 92552R406 975 28,432 SH Sole 28,432
VODAFONE GROUP PLC Common 92857W100 4,180 200,000 SH Sole 200,000
NEW
WAL MART STORES INC Common 931142103 1,427 30,200 SH Sole 30,200
------------
TOTAL $ 46,074
------------
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
WASHINGTON MUT INC Common 939322103 402 9,425 SH Sole 9,425
WCI COMMUNITIES INC Common 92923C104 1,474 53,000 SH Sole 53,000
WEYERHAEUSER CO Common 962166104 471 6,500 SH Sole 6,500
WHIRLPOOL CORP Common 963320106 1,797 19,650 SH Sole 19,650
WHITING PETE CORP Common 966387102 820 20,000 SH Sole 20,000
NEW
WILLIAMS COS INC Common 969457100 988 46,200 SH Sole 46,200
DEL
WISCONSIN ENERGY Common 976657106 881 22,025 SH Sole 22,025
CORP
WYETH Common 983024100 1,000 20,600 SH Sole 20,600
XCEL ENERGY INC Common 98389B100 672 37,000 SH Sole 37,000
XERIUM TECHNOLOGIES Common 98416J100 7,739 824,200 SH Sole 824,200
INC
XL CAP LTD Common G98255105 946 14,750 SH Sole 14,750
YAMANA GOLD INC Common 98462Y100 2,543 276,629 SH Sole 276,629
ZIMMER HOLDINGS INC Common 98956P102 2,704 40,000 SH Sole 40,000
----------
TOTAL $ 22,437
----------
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 4,541 60,000 SH Put Sole 60,000
BARRICK GOLD CORP Common 067901908 18,926 694,800 SH Call Sole 694,800
BARRICK GOLD CORP Common 067901958 4,467 164,000 SH Put Sole 164,000
DISNEY WALT CO Common 254687956 2,789 100,000 SH Put Sole 100,000
GENERAL MTRS CORP Common 370442955 4,254 200,000 SH Put Sole 200,000
INTERNATIONAL Common 459200951 8,247 100,000 SH Put Sole 100,000
BUSINESS MACHS
MEDTRONIC INC Common 585055956 4,060 80,000 SH Put Sole 80,000
MERCK & CO INC Common 589331907 1,762 50,000 SH Call Sole 50,000
MERCK & CO INC Common 589331957 7,046 200,000 SH Put Sole 200,000
PHELPS DODGE CORP Common 717265952 6,442 80,000 SH Put Sole 80,000
QUALCOMM INC Common 747525953 5,061 100,000 SH Put Sole 100,000
THORATEC CORP Common 885175907 2,312 120,000 SH Call Sole 120,000
UNION PAC CORP Common 907818908 23,338 250,000 SH Call Sole 250,000
UNITED STATES STL Common 912909958 8,495 140,000 SH Put Sole 140,000
CORP NEW
WHOLE FOODS MKT INC Common 966837956 5,315 80,000 SH Put Sole 80,000
ZIMMER HOLDINGS INC Common 98956P952 2,704 40,000 SH Put Sole 40,000
------------
TOTAL $ 109,759
------------
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
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TOTAL $ 0
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AGGREGATE TOTAL $ 15,646,142
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