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, 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: February 13, 2007
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Page 1 of 23
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 23
FORM 13F SUMMARY PAGE
REPORT SUMMARY
Number of Other Included Managers: NONE.
Form 13F Information Table Entry Total: 239
Form 13F Information Table Value Total: $17,935.4 (million)
List of Other Included Managers: NONE.
Page 3 of 23
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 7,325 94,000 SH Sole 94,000
ACCENTURE LTD Common G1150G111 8,309 225,000 SH Sole 225,000
BERMUDA
AEGEAN MARINE Common Y0017S102 4,100 250,000 SH Sole 250,000
PETROLEUM NETW
AFFILIATED COMPUTER Common 008190100 9,797 200,600 SH Sole 200,600
SERVICES
AFTERMARKET Common 008318107 643 30,225 SH Sole 30,225
TECHNOLOGY CORP
AGILENT TECHNOLOGIES Common 00846U101 1,494 42,880 SH Sole 42,880
INC
AIR PRODS & CHEMS INC Common 009158106 1,103 15,690 SH Sole 15,690
ALCAN INC Common 013716105 2,681 55,000 SH Sole 55,000
ALCATEL-LUCENT- Common 013904305 1,086 76,377 SH Sole 76,377
SPONSORED ADR
ALLIANCEBERNSTEIN Common 01881G106 6,432 80,000 SH Sole 80,000
HOLDING
ALLSTATE CORP Common 020002101 1,506 23,125 SH Sole 23,125
AMERICAN ELEC PWR Common 025537101 1,572 36,920 SH Sole 36,920
INC
AMERICAN EQUITY INVT Common 025676206 557 42,725 SH Sole 42,725
LIFE HL
AMERICAN HOME MTG Common 02660R107 536 15,275 SH Sole 15,275
INVT CORP
--------------
TOTAL $ 47,141
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Page 4 of 23 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
AMERICAN Common 026874107 5,589 78,000 SH Sole 78,000
INTERNATIONAL GROUP
AMERICAN NATL INS CO Common 028591105 2,679 23,475 SH Sole 23,475
AMERIPRISE FINANCIAL Common 03076C106 11,990 220,000 SH Sole 220,000
INC
AMERISOURCEBERGEN Common 03073E105 834 18,550 SH Sole 18,550
CORP
ANADARKO PETE CORP Common 032511107 6,963 160,000 SH Sole 160,000
ANHEUSER BUSCH COS Common 035229103 1,156 23,500 SH Sole 23,500
INC
AON CORP Common 037389103 775 21,925 SH Sole 21,925
APEX SILVER MINES LTD Common G04074103 2,924 184,016 SH Sole 184,016
AQUILA INC Common 03840P102 1,293 275,034 SH Sole 275,034
ARVINMERITOR INC Common 043353101 584 32,050 SH Sole 32,050
AURIZON MINES LTD Common 05155P106 3,030 965,305 SH Sole 965,305
AUTOZONE INC Common 053332102 1,060 9,175 SH Sole 9,175
BANK NEW YORK INC Common 064057102 2,652 67,370 SH Sole 67,370
--------------
TOTAL $ 41,529
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Page 5 of 23 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
BANK OF AMERICA Common 060505104 14,575 273,000 SH Sole 273,000
CORPORATION
BARR Common 068306109 5,012 100,000 SH Sole 100,000
PHARMACEUTICALS INC
BARRICK GOLD CORP Common 067901108 15,567 507,076 SH Sole 507,076
BEARINGPOINT INC Common 074002106 227 28,825 SH Sole 28,825
BEMA GOLD CORP Common 08135F107 3,250 618,957 SH Sole 618,957
BOARDWALK PIPELINE Common 096627104 1,641,354 53,256,122 SH Sole 53,256,122
PARTNERS
BOSTON SCIENTIFIC CORPCommon 101137107 347 20,200 SH Sole 20,200
BOWNE & CO INC Common 103043105 455 28,550 SH Sole 28,550
BRISTOL MYERS SQUIBB Common 110122108 2,136 81,150 SH Sole 81,150
CO
BROOKFIELD ASSET Common 112585104 482 10,000 SH Sole 10,000
MANAGE-CL A
BUCYRUS Common 118759109 2,329 45,000 SH Sole 45,000
INTERNATIONAL INC-A
CABLEVISION SYS CORP Common 12686C109 2,848 100,000 SH Sole 100,000
CADBURY SCHWEPPES- Common 127209302 4,293 100,000 SH Sole 100,000
SPONS ADR
--------------
TOTAL $ 1,692,875
--------------
Page 6 of 23 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
CAMECO CORP Common 13321L108 6,068 150,000 SH Sole 150,000
CANADIAN NATURAL Common 136385101 628 11,800 SH Sole 11,800
RESOURCES
CAREMARK RX INC Common 141705103 946 16,570 SH Sole 16,570
CARPENTER Common 144285103 1,866 18,200 SH Sole 18,200
CATERPILLAR INC DEL Common 149123101 1,065 17,360 SH Sole 17,360
CBS CORP Common 124857202 7,795 250,000 SH Sole 250,000
CENTEX CORP Common 152312104 3,939 70,000 SH Sole 70,000
CHEVRONTEXACO CORP Common 166764100 1,012 13,766 SH Sole 13,766
CIBER INC Common 17163B102 617 90,975 SH Sole 90,975
CIT GROUP INC Common 125581108 2,203 39,500 SH Sole 39,500
CITIGROUP INC Common 172967101 14,689 263,725 SH Sole 263,725
CNA FINL CORP Common 126117100 9,736,626 241,483,773 SH Sole 241,483,773
COMCAST CORP NEW Common 20030N101 556 13,140 SH Sole 13,140
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TOTAL $ 9,778,010
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Page 7 of 23 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
COMERICA INC Common 200340107 810 13,800 SH Sole 13,800
COMPUTER ASSOC INTL Common 12673P105 1,359 60,022 SH Sole 60,022
INC
COMPUTER SCIENCES Common 205363104 410 7,675 SH Sole 7,675
CORP
CONMED CORP Common 207410101 554 23,975 SH Sole 23,975
CONOCOPHILLIPS Common 20825C104 5,396 75,000 SH Sole 75,000
CORNING INC Common 219350105 412 22,000 SH Sole 22,000
CUMBERLAND Common 23077R100 1,747 316,352 SH Sole 316,352
RESOURCES LTD
CYPRESS Common 232806109 675 40,000 SH Sole 40,000
SEMICONDUCTOR CORP
D R HORTON INC Common 23331A109 2,490 94,000 SH Sole 94,000
DEL MONTE FOODS CO Common 24522P103 350 31,725 SH Sole 31,725
DELPHI FINL GROUP INC Common 247131105 376 9,293 SH Sole 9,293
DESARROLLADORA Common 25030W100 325 5,500 SH Sole 5,500
HOMEX-ADR
DIAGEO P L C Common 25243Q205 1,229 15,500 SH Sole 15,500
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TOTAL $ 16,133
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Page 8 of 23 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 5,604,163 70,104,620 SH Sole 70,104,620
DRILLING INC
DISCOVERY HOLDING Common 25468Y107 1,609 100,000 SH Sole 100,000
CO-A W/I
DPL INC Common 233293109 1,745 62,810 SH Sole 62,810
DRESSER-RAND GROUP Common 261608103 888 36,301 SH Sole 36,301
INC
DU PONT E I DE Common 263534109 4,481 92,000 SH Sole 92,000
NEMOURS & CO
DUKE ENERGY CORP Common 26441C105 562 16,918 SH Sole 16,918
ELECTRONIC DATA SYS Common 285661104 2,755 100,000 SH Sole 100,000
NEW
ENSCO INTL INC Common 26874Q100 2,002 40,000 SH Sole 40,000
ENTERGY CORP NEW Common 29364G103 484 5,240 SH Sole 5,240
EXELON CORP Common 30161N101 608 9,825 SH Sole 9,825
F M C CORP Common 302491303 446 5,825 SH Sole 5,825
FEDERAL HOME LN MTG Common 313400301 1,592 23,450 SH Sole 23,450
CORP
FEDERAL NATL MTG Common 313586109 2,343 39,450 SH Sole 39,450
ASSN
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TOTAL $ 5,623,678
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Page 9 of 23 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 AMERN CORP CALIFCommon 318522307 1,237 30,400 SH Sole 30,400
FLEXTRONICS INTL LTD Common Y2573F102 5,740 500,000 SH Sole 500,000
GENERAL ELEC CO Common 369604103 1,510 40,591 SH Sole 40,591
GLAXOSMITHKLINE PLC- Common 37733W105 791 15,000 SH Sole 15,000
ADR
GLOBAL IMAGING Common 37934A100 596 27,175 SH Sole 27,175
SYSTEMS
GOLD FIELDS LTD- Common 38059T106 2,832 150,000 SH Sole 150,000
SPONS ADR
GOLD RESERVE INC Common 38068N108 730 155,255 SH Sole 155,255
GOLDEN STAR Common 38119T104 375 127,205 SH Sole 127,205
RESOURCES LTD
HANGER ORTHOPEDIC Common 41043F208 202 26,800 SH Sole 26,800
GROUP INC
HARTFORD FINANCIAL Common 416515104 1,586 17,000 SH Sole 17,000
SVCS GRP
HECLA MINING CO Common 422704106 3,686 481,181 SH Sole 481,181
HOME DEPOT INC Common 437076102 23,634 588,500 SH Sole 588,500
HORACE MANN Common 440327104 495 24,525 SH Sole 24,525
EDUCATORS
HOVNANIAN Common 442487203 2,543 75,000 SH Sole 75,000
ENTERPRISES-A
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TOTAL $ 45,957
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Page 10 of 23 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
HUB INTERNATIONAL Common 44332P101 341 10,850 SH Sole 10,850
LIMITED
HUDSON CITY BANCORP Common 443683107 416 30,000 SH Sole 30,000
INC
IAMGOLD CORPORATION Common 450913108 2,854 322,430 SH Sole 322,430
IDACORP INC Common 451107106 385 9,950 SH Sole 9,950
IMA EXPLORATION INC Common 449664101 294 571,886 SH Sole 571,886
IMS HEALTH INC Common 449934108 275 10,000 SH Sole 10,000
INTERNATIONAL Common 459200101 7,286 75,000 SH Sole 75,000
BUSINESS MACHS
IPC HLDGS LTD Common G4933P101 1,451 46,125 SH Sole 46,125
ISHARES INC MSCI Common 464286848 21,315 1,500,000 SH Sole 1,500,000
JAPAN
ISHARES INC MSCI Common 464286673 2,800 250,000 SH Sole 250,000
SINGAPORE
J P MORGAN CHASE & CO Common 46625H100 1,025 21,225 SH Sole 21,225
JOHNSON & JOHNSON Common 478160104 2,090 31,650 SH Sole 31,650
JOHNSON CONTROLS Common 478366107 1,123 13,075 SH Sole 13,075
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TOTAL $ 41,655
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Page 11 of 23 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 690 23,850 SH Sole 23,850
CL A
KENNAMETAL INC Common 489170100 350 5,950 SH Sole 5,950
KIMBER RESOURCES INC Common 49435N101 1,071 497,515 SH Sole 497,515
KINROSS GOLD CORP Common 496902404 611 51,410 SH Sole 51,410
LEAR CORP Common 521865105 1,846 62,525 SH Sole 62,525
LIBERTY GLOBAL INC-A Common 530555101 2,740 93,991 SH Sole 93,991
LIBERTY GLOBAL INC-C Common 530555309 1,206 43,068 SH Sole 43,068
LIBERTY MEDIA HOLD- Common 53071M302 1,470 15,000 SH Sole 15,000
CAP SER A
LIBERTY MEDIA- Common 53071M104 1,618 75,000 SH Sole 75,000
INTERACTIVE A
LINCOLN NATL CORP IND Common 534187109 4,980 75,000 SH Sole 75,000
LUCENT TECHNOLOGIES Common 549463107 998 391,275 SH Sole 391,275
INC
M D C HLDGS INC Common 552676108 399 7,000 SH Sole 7,000
MAGNA INTL INC Common 559222401 999 12,400 SH Sole 12,400
--------------
TOTAL $ 18,978
--------------
Page 12 of 23 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 925 10,000 SH Sole 10,000
MCDONALDS CORP Common 580135101 559 12,600 SH Sole 12,600
MEDIACOM Common 58446K105 1,608 200,000 SH Sole 200,000
COMMUNICATIONS CORP
MEDTRONIC INC Common 585055106 3,746 70,000 SH Sole 70,000
MELLON FINANCIAL CORP Common 58551A108 1,801 42,730 SH Sole 42,730
METALLICA RESOURCES Common 59125J104 2,804 710,600 SH Sole 710,600
INC
METLIFE INC Common 59156R108 1,499 25,400 SH Sole 25,400
MI DEVELOPMENTS INC- Common 55304X104 546 15,300 SH Sole 15,300
CLASS A
MICROSOFT CORP Common 594918104 78,752 2,637,365 SH Sole 2,637,365
MILACRON INC Common 598709103 37 45,738 SH Sole 45,738
MINEFINDERS CORP Common 602900102 2,615 293,390 SH Sole 293,390
MIRAMAR MINING CORP Common 60466E100 2,904 642,568 SH Sole 642,568
MORGAN STANLEY Common 617446448 1,553 19,075 SH Sole 19,075
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TOTAL $ 99,349
--------------
Page 13 of 23 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
NEW YORK TIMES CO Common 650111107 85,184 3,496,900 SH Sole 3,496,900
NEWELL RUBBERMAID INC Common 651229106 4,922 170,000 SH Sole 170,000
NEWS CORP INC Common 65248E203 5,009 225,000 SH Sole 225,000
NEWS CORP INC Common 65248E104 5,379 250,414 SH Sole 250,414
NORTHEAST UTILITIES Common 664397106 704 25,000 SH Sole 25,000
NORTHERN TR CORP Common 665859104 540 8,900 SH Sole 8,900
OCCIDENTAL Common 674599105 1,953 40,000 SH Sole 40,000
PETROLEUM CORP
OLD REP INTL CORP Common 680223104 867 37,250 SH Sole 37,250
OMNICARE INC Common 681904108 3,863 100,000 SH Sole 100,000
PFIZER INC Common 717081103 8,354 322,550 SH Sole 322,550
PG&E CORP Common 69331C108 1,879 39,700 SH Sole 39,700
PHARMACEUTICAL Common 71712A206 40,399 525,000 SH Sole 525,000
HLDRS TR
PHARMANET Common 717148100 302 13,675 SH Sole 13,675
DEVELOPMENT GROUP
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TOTAL $ 159,355
--------------
Page 14 of 23 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
PHH CORP Common 693320202 519 17,975 SH Sole 17,975
PIKE ELECTRIC CORP Common 721283109 476 29,150 SH Sole 29,150
PIONEER NAT RES CO Common 723787107 3,572 90,000 SH Sole 90,000
PRIMUS GUARANTY LTD Common G72457107 4,620 400,000 SH Sole 400,000
PULTE HOMES INC Common 745867101 5,796 175,000 SH Sole 175,000
QUALCOMM INC Common 747525103 1,512 40,000 SH Sole 40,000
RADIO ONE INC Common 75040P405 342 50,700 SH Sole 50,700
RADIOSHACK CORP Common 750438103 781 46,550 SH Sole 46,550
RAYTHEON CO Common 755111507 5,280 100,000 SH Sole 100,000
RENAISSANCE RE Common G7496G103 2,259 37,650 SH Sole 37,650
HLDGS LTD
RENT A CTR INC NEW Common 76009N100 2,232 75,650 SH Sole 75,650
RTI INTERNATIONAL Common 74973W107 6,258 80,000 SH Sole 80,000
METALS INC
SAIC INC Common 78390X101 2,669 150,000 SH Sole 150,000
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TOTAL $ 36,316
--------------
Page 15 of 23 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
SARA LEE CORP Common 803111103 810 47,575 SH Sole 47,575
SASOL LTD- Common 803866300 369 10,000 SH Sole 10,000
SPONSORED ADR
SCANA CORP NEW Common 80589M102 585 14,405 SH Sole 14,405
SCHWEITZER-MAUDUIT Common 808541106 570 21,875 SH Sole 21,875
INTL INC
SEAGATE TECHNOLOGY Common G7945J104 12,892 486,500 SH Sole 486,500
SEALY CORP Common 812139301 468 31,750 SH Sole 31,750
SEMPRA ENERGY Common 816851109 1,038 18,525 SH Sole 18,525
SMURFIT-STONE Common 832727101 855 81,000 SH Sole 81,000
CONTAINER CORP
SPRINT NEXTEL Common 852061100 6,176 326,950 SH Sole 326,950
CORPORATION
STEWART INFORMATION Common 860372101 230 5,300 SH Sole 5,300
SERVICES
STILLWATER MNG CO Common 86074Q102 3,313 265,217 SH Sole 265,217
STREETTRACKS GOLD Common 863307104 22,124 350,000 SH Sole 350,000
TRUST
TALISMAN ENERGY INC Common 87425E103 1,699 100,000 SH Sole 100,000
--------------
TOTAL $ 51,129
--------------
Page 16 of 23 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
TEMPUR-PEDIC Common 88023U101 473 23,125 SH Sole 23,125
INTERNATIONAL
TEXTRON INC Common 883203101 731 7,800 SH Sole 7,800
THORATEC CORP Common 885175307 5,977 340,000 SH Sole 340,000
TIME WARNER INC Common 887317105 4,356 200,000 SH Sole 200,000
TJX COS INC NEW Common 872540109 1,682 58,975 SH Sole 58,975
TORCHMARK CORP Common 891027104 1,419 22,250 SH Sole 22,250
TREDEGAR CORP Common 894650100 239 10,575 SH Sole 10,575
TREX COMPANY INC Common 89531P105 5,409 236,325 SH Sole 236,325
TRINITY INDS INC Common 896522109 2,460 69,900 SH Sole 69,900
TYCO INTL LTD NEW Common 902124106 20,172 663,550 SH Sole 663,550
UNION PAC CORP Common 907818108 888 9,650 SH Sole 9,650
UNITED AMERICA Common 90933T109 365 14,400 SH Sole 14,400
INDEMNITY-A
UNITED PARCEL SERVICE Common 911312106 711 9,484 SH Sole 9,484
INC
--------------
TOTAL $ 44,882
--------------
Page 17 of 23 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 STATES STL Common 912909108 6,495 88,800 SH Sole 88,800
CORP NEW
UNITED STATIONERS INC Common 913004107 435 9,325 SH Sole 9,325
UNIVERSAL CORP VA Common 913456109 769 15,700 SH Sole 15,700
UNIVERSAL STAINLESS Common 913837100 2,027 60,542 SH Sole 60,542
& ALLOY
US BANCORP DEL Common 902973304 2,167 59,890 SH Sole 59,890
USI HOLDINGS CORP Common 90333H101 424 27,625 SH Sole 27,625
VALERO ENERGY CORP Common 91913Y100 6,651 130,000 SH Sole 130,000
NEW
VIACOM INC Common 92553P201 5,129 125,000 SH Sole 125,000
VIAD CORP Common 92552R406 416 10,244 SH Sole 10,244
VODAFONE GROUP PLC Common 92857W209 4,375 157,500 SH Sole 157,500
NEW
WAL MART STORES INC Common 931142103 2,920 63,230 SH Sole 63,230
WASHINGTON MUT INC Common 939322103 429 9,425 SH Sole 9,425
WCI COMMUNITIES INC Common 92923C104 825 43,000 SH Sole 43,000
--------------
TOTAL $ 33,062
--------------
Page 18 of 23 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
WESTERN DIGITAL CORP Common 958102105 6,650 325,000 SH Sole 325,000
WEYERHAEUSER CO Common 962166104 459 6,500 SH Sole 6,500
WHIRLPOOL CORP Common 963320106 2,118 25,518 SH Sole 25,518
WHITING PETE CORP Common 966387102 932 20,000 SH Sole 20,000
NEW
WHOLE FOODS MKT INC Common 966837106 2,816 60,000 SH Sole 60,000
WILLIAMS COS INC DEL Common 969457100 3,373 129,120 SH Sole 129,120
WISCONSIN ENERGY Common 976657106 1,045 22,025 SH Sole 22,025
CORP
WYETH Common 983024100 1,024 20,110 SH Sole 20,110
WYNDHAM WORLDWIDE Common 98310W108 1,281 40,000 SH Sole 40,000
CORP
XERIUM TECHNOLOGIES Common 98416J100 8,993 918,600 SH Sole 918,600
INC
XEROX CORP Common 984121103 9,323 550,000 SH Sole 550,000
XL CAP LTD Common G98255105 1,484 20,600 SH Sole 20,600
YAMANA GOLD INC Common 98462Y100 662 50,290 SH Sole 50,290
--------------
TOTAL $ 40,160
--------------
Page 19 of 23 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
ZIMMER HOLDINGS INC Common 98956P102 1,568 20,000 SH Sole 20,000
ZOLTEK COMPANIES INC Common 98975W104 7,376 375,000 SH Sole 375,000
---------------
TOTAL $ 8,944
---------------
Page 20 of 23 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 4,676 60,000 SH Put Sole 60,000
BARRICK GOLD CORP Common 067901908 15,964 520,000 SH Call Sole 520,000
BARRICK GOLD CORP Common 067901958 6,140 200,000 SH Put Sole 200,000
BUCYRUS Common 118759909 1,035 20,000 SH Call Sole 20,000
INTERNATIONAL INC-A
BUCYRUS Common 118759959 2,070 40,000 SH Put Sole 40,000
INTERNATIONAL INC-A
DISNEY WALT CO Common 254687956 3,427 100,000 SH Put Sole 100,000
DU PONT E I DE Common 263534959 3,897 80,000 SH Put Sole 80,000
NEMOURS & CO
FORD MTR CO DEL Common 345370900 18,775 2,500,000 SH Call Sole 2,500,000
GENERAL MTRS CORP Common 370442955 6,144 200,000 SH Put Sole 200,000
HOME DEPOT INC Common 437076952 6,024 150,000 SH Put Sole 150,000
INTERNATIONAL Common 459200951 9,715 100,000 SH Put Sole 100,000
BUSINESS MACHS
MEDTRONIC INC Common 585055956 4,816 90,000 SH Put Sole 90,000
MERCK & CO INC Common 589331957 9,592 220,000 SH Put Sole 220,000
--------------
TOTAL $ 92,275
--------------
Page 21 of 23 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
MICROSOFT CORP Common 594918954 3,583 120,000 SH Put Sole 120,000
NEWMONT MINING CORP Common 651639906 1,806 40,000 SH Call Sole 40,000
PFIZER INC Common 717081953 1,554 60,000 SH Put Sole 60,000
PHELPS DODGE CORP Common 717265952 9,578 80,000 SH Put Sole 80,000
QUALCOMM INC Common 747525903 756 20,000 SH Call Sole 20,000
QUALCOMM INC Common 747525953 1,512 40,000 SH Put Sole 40,000
RTI INTERNATIONAL Common 74973W907 1,564 20,000 SH Call Sole 20,000
METALS INC
SEAGATE TECHNOLOGY Common G7945J954 3,975 150,000 SH Put Sole 150,000
THE ST JOE COMPANY Common 790148950 5,357 100,000 SH Put Sole 100,000
THORATEC CORP Common 885175907 1,406 80,000 SH Call Sole 80,000
UNION PAC CORP Common 907818908 18,404 200,000 SH Call Sole 200,000
UNITED STATES STL Common 912909908 1,463 20,000 SH Call Sole 20,000
CORP NEW
UNITED STATES STL Common 912909958 10,240 140,000 SH Put Sole 140,000
CORP NEW
--------------
TOTAL $ 61,198
--------------
Page 22 of 23 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
WHOLE FOODS MKT INC Common 966837956 2,816 60,000 SH Put Sole 60,000
---------------
TOTAL $ 2,816
---------------
AGGREGATE TOTAL $ 17,935,442
===============
Page 23 of 23 Pages