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, 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: February 12, 2008
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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: 256
Form 13F Information Table Value Total: $20,737.4 (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 7,589 90,000 SH Sole 90,000
ACCENTURE LTD Common G1150G111 2,382 66,100 SH Sole 66,100
BERMUDA
AFFILIATED COMPUTER Common 008190100 19,393 430,000 SH Sole 430,000
SERVICES
AFTERMARKET Common 008318107 337 12,350 SH Sole 12,350
TECHNOLOGY CORP
ALCATEL-LUCENT- Common 013904305 1,847 252,277 SH Sole 252,277
SPONSORED ADR
ALCOA INC Common 013817101 3,491 95,500 SH Sole 95,500
ALLIANCEBERNSTEIN Common 01881G106 8,278 110,000 SH Sole 110,000
HOLDING
ALLSTATE CORP Common 020002101 1,208 23,125 SH Sole 23,125
AMERICAN ELEC PWR Common 025537101 2,021 43,400 SH Sole 43,400
INC
AMERICAN EQUITY INVT Common 025676206 444 53,550 SH Sole 53,550
LIFE HL
AMERICAN Common 026874107 4,547 78,000 SH Sole 78,000
INTERNATIONAL GROUP
AMERICAN NATL INS CO Common 028591105 2,846 23,475 SH Sole 23,475
AMERISOURCEBERGEN Common 03073E105 832 18,550 SH Sole 18,550
CORP
--------------
TOTAL $ 55,215
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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
AMGEN INC Common 031162100 21,340 459,525 SH Sole 459,525
ANADARKO PETE CORP Common 032511107 10,510 160,000 SH Sole 160,000
ANHEUSER BUSCH COS Common 035229103 615 11,750 SH Sole 11,750
INC
APACHE CORP Common 037411105 2,581 24,000 SH Sole 24,000
APEX SILVER MINES LTD Common G04074103 2,153 141,277 SH Sole 141,277
AQUILA INC Common 03840P102 547 146,550 SH Sole 146,550
ARGO GROUP Common G0464B107 377 8,950 SH Sole 8,950
INTERNATIONAL
ARVINMERITOR INC Common 043353101 248 21,150 SH Sole 21,150
AURIZON MINES LTD Common 05155P106 2,086 536,305 SH Sole 536,305
BANK NEW YORK Common 064058100 5,684 116,566 SH Sole 116,566
MELLON CORPORATION,
THE
BANK OF AMERICA Common 060505104 11,830 286,725 SH Sole 286,725
CORPORATION
BARR Common 068306109 9,558 180,000 SH Sole 180,000
PHARMACEUTICALS INC
BARRICK GOLD CORP Common 067901108 7,737 183,986 SH Sole 183,986
--------------
TOTAL $ 75,266
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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
BEARINGPOINT INC Common 074002106 82 28,825 SH Sole 28,825
BLACK & DECKER CORP Common 091797100 1,532 22,000 SH Sole 22,000
BLOUNT INTERNATIONAL Common 095180105 230 18,700 SH Sole 18,700
INC
BOARDWALK PIPELINE Common 096627104 1,656,265 53,256,122 SH Sole 53,256,122
PARTNERS
BOWNE & CO INC Common 103043105 289 16,400 SH Sole 16,400
BRISTOL MYERS SQUIBB Common 110122108 965 36,400 SH Sole 36,400
CO
BRUSH ENGINEERED Common 117421107 6,815 184,100 SH Sole 184,100
MATERIALS
CAMECO CORP Common 13321L108 10,112 254,000 SH Sole 254,000
CAPITAL ONE FINL CORP Common 14040H105 1,213 25,675 SH Sole 25,675
CARTER INC Common 146229109 286 14,775 SH Sole 14,775
CBS CORP Common 124857202 7,494 275,000 SH Sole 275,000
CHEMICAL FINANCIAL Common 163731102 544 22,850 SH Sole 22,850
CORP
CHESAPEAKE ENERGY Common 165167107 1,960 50,000 SH Sole 50,000
CORP
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TOTAL $ 1,687,787
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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
CIBER INC Common 17163B102 556 90,975 SH Sole 90,975
CIT GROUP INC Common 125581108 9,648 401,500 SH Sole 401,500
CITIGROUP INC Common 172967101 18,101 614,830 SH Sole 614,830
CLEVELAND CLIFFS INC Common 185896107 4,032 40,000 SH Sole 40,000
CNA FINL CORP Common 126117100 8,142,833 241,483,773 SH Sole 241,483,773
COCA COLA CO Common 191216100 221 3,600 SH Sole 3,600
COMCAST CORP NEW Common 20030N101 816 44,715 SH Sole 44,715
COMCAST CORP NEW Common 20030N200 21,732 1,199,350 SH Sole 1,199,350
COMERICA INC Common 200340107 523 12,025 SH Sole 12,025
COMPTON PETROLEUM Common 204940100 2,731 303,500 SH Sole 303,500
CORP
COMPUTER ASSOC INTL Common 12673P105 1,130 45,272 SH Sole 45,272
INC
CONEXANT SYSTEMS Common 207142100 913 1,100,000 SH Sole 1,100,000
CONMED CORP Common 207410101 263 11,375 SH Sole 11,375
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TOTAL $ 8,203,499
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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
CONOCOPHILLIPS Common 20825C104 1,766 20,000 SH Sole 20,000
CONSECO INC Common 208464883 257 20,475 SH Sole 20,475
CORNING INC Common 219350105 408 17,000 SH Sole 17,000
COUNTRYWIDE Common 222372104 330 36,875 SH Sole 36,875
FINANCIAL CORP
COVAD Common 222814204 1,409 1,638,000 SH Sole 1,638,000
COMMUNICATIONS
COVIDIEN LTD-W/I Common G2552X108 6,644 150,001 SH Sole 150,001
D R HORTON INC Common 23331A109 3,793 288,000 SH Sole 288,000
DEL MONTE FOODS CO Common 24522P103 300 31,725 SH Sole 31,725
DELPHI FINL GROUP INC Common 247131105 328 9,293 SH Sole 9,293
DIAGEO P L C Common 25243Q205 541 6,300 SH Sole 6,300
DIAMOND OFFSHORE Common 25271C102 9,954,856 70,104,620 SH Sole 70,104,620
DRILLING INC
DISCOVERY HOLDING Common 25468Y107 2,514 100,000 SH Sole 100,000
CO-A W/I
DISNEY WALT CO Common 254687106 3,228 100,000 SH Sole 100,000
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TOTAL $ 9,976,374
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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
DOVER CORP Common 260003108 7,614 165,200 SH Sole 165,200
DPL INC Common 233293109 298 10,043 SH Sole 10,043
DU PONT E I DE Common 263534109 2,381 54,000 SH Sole 54,000
NEMOURS & CO
DYNEGY INC NEW Common 26817G102 16,670 2,334,690 SH Sole 2,334,690
E M C CORP MASS Common 268648102 701 37,850 SH Sole 37,850
EL PASO PIPELINE Common 283702108 7,317 292,100 SH Sole 292,100
PARTNERS LP
ELECTRONIC DATA SYS Common 285661104 2,902 140,000 SH Sole 140,000
NEW
ENPRO INDUSTRIES INC Common 29355X107 5,517 180,000 SH Sole 180,000
ENSCO INTL INC Common 26874Q100 2,385 40,000 SH Sole 40,000
EXELON CORP Common 30161N101 1,061 13,000 SH Sole 13,000
EXPRESSJET HOLDINGS Common 30218U108 45 17,975 SH Sole 17,975
INC
FBL FINANCIAL GROUP Common 30239F106 392 11,350 SH Sole 11,350
INC-CL A
FEDERAL HOME LN MTG Common 313400301 1,601 47,000 SH Sole 47,000
CORP
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TOTAL $ 48,884
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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
FEDERAL NATL MTG Common 313586109 1,735 43,400 SH Sole 43,400
ASSN
FIRST AMERN CORP CALIFCommon 318522307 945 27,700 SH Sole 27,700
FLEXTRONICS INTL LTD Common Y2573F102 6,030 500,000 SH Sole 500,000
GAMMON GOLD INC Common 36467T106 2,381 299,500 SH Sole 299,500
GENERAL ELEC CO Common 369604103 3,269 88,181 SH Sole 88,181
GENERAL MTRS CORP Common 370442105 1,404 56,400 SH Sole 56,400
GOLDCORP INC NEW Common 380956409 5,090 150,000 SH Sole 150,000
GOLDEN STAR Common 38119T104 348 110,000 SH Sole 110,000
RESOURCES LTD
GRIFFON CORPORATION Common 398433102 555 44,600 SH Sole 44,600
HANGER ORTHOPEDIC Common 41043F208 295 26,800 SH Sole 26,800
GROUP INC
HARDINGE INC Common 412324303 923 55,000 SH Sole 55,000
HARTFORD FINANCIAL Common 416515104 4,011 46,000 SH Sole 46,000
SVCS GRP
HECLA MINING CO Common 422704106 2,665 285,011 SH Sole 285,011
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TOTAL $ 29,651
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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
HOME DEPOT INC Common 437076102 4,894 181,675 SH Sole 181,675
HORACE MANN Common 440327104 376 19,850 SH Sole 19,850
EDUCATORS
HORNBECK OFFSHORE Common 440543106 1,866 41,502 SH Sole 41,502
SERVICES
IAMGOLD CORPORATION Common 450913108 2,883 354,633 SH Sole 354,633
IKANOS Common 45173E105 1,345 250,000 SH Sole 250,000
COMMUNICATIONS INC
IMA EXPLORATION INC Common 449664101 241 571,886 SH Sole 571,886
IMS HEALTH INC Common 449934108 6,612 287,000 SH Sole 287,000
INDYMAC BANCORP INC Common 456607100 79 13,200 SH Sole 13,200
INTERNATIONAL Common 459200101 8,997 83,230 SH Sole 83,230
BUSINESS MACHS
IPC HLDGS LTD Common G4933P101 1,332 46,125 SH Sole 46,125
ISHARES INC MSCI Common 464286848 29,903 2,250,000 SH Sole 2,250,000
JAPAN
ISHARES INC MSCI Common 464286673 3,448 250,000 SH Sole 250,000
SINGAPORE
J P MORGAN CHASE & CO Common 46625H100 926 21,225 SH Sole 21,225
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TOTAL $ 62,902
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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
JAGUAR MINING INC Common 47009M103 2,093 175,000 SH Sole 175,000
JDS UNIPHASE CORP Common 46612J507 7,315 550,000 SH Sole 550,000
JOHNSON & JOHNSON Common 478160104 54,936 823,625 SH Sole 823,625
JONES APPAREL GROUP Common 480074103 378 23,650 SH Sole 23,650
INC
JOY GLOBAL INC Common 481165108 9,945 151,100 SH Sole 151,100
KB HOME Common 48666K109 540 25,000 SH Sole 25,000
KELLY SERVICES INC - Common 488152208 556 29,775 SH Sole 29,775
CL A
KIMBER RESOURCES INC Common 49435N101 509 641,515 SH Sole 641,515
LEAR CORP Common 521865105 1,790 64,725 SH Sole 64,725
LEHMAN BROS HLDGS INC Common 524908100 1,078 16,475 SH Sole 16,475
LEXMARK INTL NEW Common 529771107 4,880 140,000 SH Sole 140,000
LIBERTY GLOBAL INC-A Common 530555101 3,684 93,991 SH Sole 93,991
LIBERTY GLOBAL INC-C Common 530555309 1,576 43,068 SH Sole 43,068
--------------
TOTAL $ 89,280
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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
LIBERTY MEDIA HOLD- Common 53071M302 1,747 15,000 SH Sole 15,000
CAP SER A
LIBERTY MEDIA- Common 53071M104 1,431 75,000 SH Sole 75,000
INTERACTIVE A
LINCOLN NATL CORP IND Common 534187109 4,367 75,000 SH Sole 75,000
LOUISIANA-PACIFIC CORPCommon 546347105 590 43,100 SH Sole 43,100
MAGNA INTL INC Common 559222401 997 12,400 SH Sole 12,400
MCDONALDS CORP Common 580135101 742 12,600 SH Sole 12,600
MCGRAW HILL COS INC Common 580645109 4,381 100,000 SH Sole 100,000
MEDIACOM Common 58446K105 918 200,000 SH Sole 200,000
COMMUNICATIONS CORP
MEDTRONIC INC Common 585055106 3,016 60,000 SH Sole 60,000
METALLICA RESOURCES Common 59125J104 2,342 436,358 SH Sole 436,358
INC
MI DEVELOPMENTS INC- Common 55304X104 538 19,300 SH Sole 19,300
CLASS A
MICROSOFT CORP Common 594918104 20,487 575,480 SH Sole 575,480
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TOTAL $ 41,556
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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
MINDSPEED Common 602682106 1,016 833,000 SH Sole 833,000
TECHNOLOGIES INC
MINEFINDERS CORP Common 602900102 1,137 100,811 SH Sole 100,811
MIRAMAR MINING CORP Common 60466E100 1,698 270,000 SH Sole 270,000
MORGAN STANLEY Common 617446448 661 12,450 SH Sole 12,450
NEW GOLD INC Common 644535106 980 192,451 SH Sole 192,451
NEW YORK TIMES CO Common 650111107 11,430 652,000 SH Sole 652,000
NEWS CORP INC Common 65248E203 4,781 225,000 SH Sole 225,000
NEWS CORP INC Common 65248E104 5,130 250,414 SH Sole 250,414
NORTHERN TR CORP Common 665859104 682 8,900 SH Sole 8,900
NORTHROP GRUMMAN Common 666807102 1,402 17,825 SH Sole 17,825
CORP
NORTHWESTERN CORP Common 668074305 6,566 222,564 SH Sole 222,564
NRG ENERGY INC Common 629377508 488 11,260 SH Sole 11,260
OCCIDENTAL Common 674599105 5,389 70,000 SH Sole 70,000
PETROLEUM CORP
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TOTAL $ 41,360
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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
OLD REP INTL CORP Common 680223104 574 37,250 SH Sole 37,250
OMNICARE INC Common 681904108 4,562 200,000 SH Sole 200,000
ORACLE CORP Common 68389X105 5,051 223,700 SH Sole 223,700
OWENS CORNING INC Common 690742101 10,110 500,000 SH Sole 500,000
PEDIATRIX MEDICAL Common 705324101 264 3,875 SH Sole 3,875
GROUP INC
PFIZER INC Common 717081103 3,645 160,350 SH Sole 160,350
PHH CORP Common 693320202 385 21,825 SH Sole 21,825
PIKE ELECTRIC CORP Common 721283109 526 31,375 SH Sole 31,375
PIONEER NAT RES CO Common 723787107 4,396 90,000 SH Sole 90,000
PITNEY BOWES INC Common 724479100 725 19,070 SH Sole 19,070
PLANTRONICS INC NEW Common 727493108 480 18,450 SH Sole 18,450
POPULAR INC Common 733174106 472 44,575 SH Sole 44,575
PRIMUS GUARANTY LTD Common G72457107 2,804 400,000 SH Sole 400,000
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TOTAL $ 33,994
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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
PULTE HOMES INC Common 745867101 1,117 106,000 SH Sole 106,000
RADIO ONE INC Common 75040P405 120 50,700 SH Sole 50,700
RAYTHEON CO Common 755111507 4,249 70,000 SH Sole 70,000
REGIS CORP Common 758932107 524 18,725 SH Sole 18,725
RENAISSANCE RE Common G7496G103 1,807 30,000 SH Sole 30,000
HLDGS LTD
RENT A CTR INC NEW Common 76009N100 1,240 85,425 SH Sole 85,425
RF MICRODEVICES INC Common 749941100 1,485 260,000 SH Sole 260,000
ROCKWELL Common 773903109 1,379 20,000 SH Sole 20,000
AUTOMATION INC
RTI INTERNATIONAL Common 74973W107 276 4,000 SH Sole 4,000
METALS INC
SAIC INC Common 78390X101 3,018 150,000 SH Sole 150,000
SANGAMO BIOSCIENCES Common 800677106 418 32,097 SH Sole 32,097
INC
SARA LEE CORP Common 803111103 401 24,945 SH Sole 24,945
SCANA CORP NEW Common 80589M102 607 14,405 SH Sole 14,405
--------------
TOTAL $ 16,641
--------------
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
SCHWEITZER-MAUDUIT Common 808541106 567 21,875 SH Sole 21,875
INTL INC
SEAGATE TECHNOLOGY Common G7945J104 1,530 60,000 SH Sole 60,000
SEALY CORP Common 812139301 456 40,775 SH Sole 40,775
SEMPRA ENERGY Common 816851109 1,146 18,525 SH Sole 18,525
SILICON IMAGE INC Common 82705T102 1,311 290,000 SH Sole 290,000
SMURFIT-STONE Common 832727101 2,967 281,000 SH Sole 281,000
CONTAINER CORP
SPRINT NEXTEL Common 852061100 2,652 201,950 SH Sole 201,950
CORPORATION
STILLWATER MNG CO Common 86074Q102 2,756 285,334 SH Sole 285,334
STREETTRACKS GOLD Common 863307104 10,308 125,000 SH Sole 125,000
TRUST
TALISMAN ENERGY INC Common 87425E103 1,852 100,000 SH Sole 100,000
TECH DATA CORP Common 878237106 572 15,175 SH Sole 15,175
TEXTRON INC Common 883203101 556 7,800 SH Sole 7,800
THE ST JOE COMPANY Common 790148100 1,928 54,300 SH Sole 54,300
--------------
TOTAL $ 28,601
--------------
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
THORATEC CORP Common 885175307 7,276 400,000 SH Sole 400,000
TIME WARNER CABLE-A Common 88732J108 1,380 50,000 SH Sole 50,000
TIME WARNER INC Common 887317105 3,302 200,000 SH Sole 200,000
TITAN INTERNATIONAL INCommon 88830M102 17,534 560,900 SH Sole 560,900
TJX COS INC NEW Common 872540109 938 32,650 SH Sole 32,650
TORCHMARK CORP Common 891027104 987 16,300 SH Sole 16,300
TREX COMPANY INC Common 89531P105 5,981 702,825 SH Sole 702,825
TRICO MARINE SERVICES Common 896106200 381 10,300 SH Sole 10,300
INC
TRINITY INDS INC Common 896522109 2,962 106,700 SH Sole 106,700
TYCO ELECTRONICS Common G9144P105 9,872 265,888 SH Sole 265,888
LTD-W/I
TYCO INTL LTD NEW Common G9143X208 8,029 202,501 SH Sole 202,501
ULTRAPETROL Common P94398107 6,840 402,108 SH Sole 402,108
(BAHAMAS) LTD
UNILEVER N V Common 904784709 946 25,950 SH Sole 25,950
--------------
TOTAL $ 66,428
--------------
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
UNITED AMERICA Common 90933T109 628 31,525 SH Sole 31,525
INDEMNITY-A
UNITED STATIONERS INC Common 913004107 308 6,675 SH Sole 6,675
UNIVERSAL CORP VA Common 913456109 583 11,375 SH Sole 11,375
VALERO ENERGY CORP Common 91913Y100 8,929 127,500 SH Sole 127,500
NEW
VIACOM INC Common 92553P201 5,490 125,000 SH Sole 125,000
VIAD CORP Common 92552R406 324 10,244 SH Sole 10,244
VODAFONE GROUP PLC Common 92857W209 5,878 157,500 SH Sole 157,500
NEW
WAL MART STORES INC Common 931142103 3,181 66,930 SH Sole 66,930
WELLPOINT HEALTH Common 94973V107 14,037 160,000 SH Sole 160,000
NETWORK NEW
WESTERN DIGITAL CORP Common 958102105 12,235 405,000 SH Sole 405,000
WHIRLPOOL CORP Common 963320106 1,875 22,968 SH Sole 22,968
WHITING PETE CORP Common 966387102 3,171 55,000 SH Sole 55,000
NEW
WHOLE FOODS MKT INC Common 966837106 3,264 80,000 SH Sole 80,000
--------------
TOTAL $ 59,903
--------------
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
WIDEPOINT CORP Common 967590100 1,070 1,000,000 SH Sole 1,000,000
WILLIAMS COS INC DEL Common 969457100 1,166 32,600 SH Sole 32,600
WISCONSIN ENERGY Common 976657106 947 19,450 SH Sole 19,450
CORP
WYETH Common 983024100 12,838 290,520 SH Sole 290,520
XERIUM TECHNOLOGIES Common 98416J100 6,044 1,162,270 SH Sole 1,162,270
INC
XEROX CORP Common 984121103 10,038 620,000 SH Sole 620,000
XL CAP LTD Common G98255105 1,292 25,675 SH Sole 25,675
ZHONE TECHNOLOGIES Common 98950P108 1,229 1,050,000 SH Sole 1,050,000
INC
ZOLTEK COMPANIES INC Common 98975W104 14,061 328,000 SH Sole 328,000
---------------
TOTAL $ 48,685
---------------
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 10,118 120,000 SH Put Sole 120,000
ALLSTATE CORP Common 020002951 5,223 100,000 SH Put Sole 100,000
AMGEN INC Common 031162950 2,786 60,000 SH Put Sole 60,000
BARRICK GOLD CORP Common 067901908 10,714 254,800 SH Call Sole 254,800
BARRICK GOLD CORP Common 067901958 4,205 100,000 SH Put Sole 100,000
BLACK & DECKER CORP Common 091797950 4,179 60,000 SH Put Sole 60,000
BROCADE Common 111621906 1,468 200,000 SH Call Sole 200,000
COMMUNICATIONS SYS
INC
BROCADE Common 111621956 1,468 200,000 SH Put Sole 200,000
COMMUNICATIONS SYS
INC
CIENA CORP Common 171779959 682 20,000 SH Put Sole 20,000
CLEVELAND CLIFFS INC Common 185896907 4,032 40,000 SH Call Sole 40,000
CLEVELAND CLIFFS INC Common 185896957 4,032 40,000 SH Put Sole 40,000
D R HORTON INC Common 23331A959 1,054 80,000 SH Put Sole 80,000
DISNEY WALT CO Common 254687956 3,228 100,000 SH Put Sole 100,000
--------------
TOTAL $ 53,189
--------------
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
DU PONT E I DE Common 263534959 3,527 80,000 SH Put Sole 80,000
NEMOURS & CO
DYNEGY INC NEW Common 26817G952 571 80,000 SH Put Sole 80,000
FORD MTR CO DEL Common 345370900 15,950 2,370,000 SH Call Sole 2,370,000
GENERAL MTRS CORP Common 370442955 4,978 200,000 SH Put Sole 200,000
GOLDCORP INC NEW Common 380956909 679 20,000 SH Call Sole 20,000
GOLDMAN SACHS Common 38141G904 4,301 20,000 SH Call Sole 20,000
GROUP INC
GOLDMAN SACHS Common 38141G954 4,301 20,000 SH Put Sole 20,000
GROUP INC
HOME DEPOT INC Common 437076952 5,388 200,000 SH Put Sole 200,000
JDS UNIPHASE CORP Common 46612J957 4,655 350,000 SH Put Sole 350,000
LEHMAN BROS HLDGS INC Common 524908950 2,618 40,000 SH Put Sole 40,000
MEDTRONIC INC Common 585055956 7,038 140,000 SH Put Sole 140,000
MERCK & CO INC Common 589331957 9,298 160,000 SH Put Sole 160,000
MICROSOFT CORP Common 594918954 3,560 100,000 SH Put Sole 100,000
--------------
TOTAL $ 66,864
--------------
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
MOODY'S CORP Common 615369955 1,428 40,000 SH Put Sole 40,000
MORGAN STANLEY Common 617446958 5,311 100,000 SH Put Sole 100,000
MOTOROLA INC Common 620076909 2,246 140,000 SH Call Sole 140,000
NEWMONT MINING CORP Common 651639906 4,883 100,000 SH Call Sole 100,000
OWENS CORNING INC Common 690742951 2,426 120,000 SH Put Sole 120,000
PFIZER INC Common 717081953 1,364 60,000 SH Put Sole 60,000
SEAGATE TECHNOLOGY Common G79495J95 3,825 150,000 SH Put Sole 150,000
THE ST JOE COMPANY Common 790148950 7,102 200,000 SH Put Sole 200,000
TRINITY INDS INC Common 896522909 1,666 60,000 SH Call Sole 60,000
TRINITY INDS INC Common 896522959 1,110 40,000 SH Put Sole 40,000
UNITED STATES STL Common 912909958 7,255 60,000 SH Put Sole 60,000
CORP NEW
WHOLE FOODS MKT INC Common 966837956 3,264 80,000 SH Put Sole 80,000
ZOLTEK COMPANIES INC Common 98975W954 8,574 200,000 SH Put Sole 200,000
ZOLTEK COMPANIES INC Common 98975W904 857 20,000 SH Call Sole 20,000
--------------
TOTAL $ 51,311
--------------
AGGREGATE TOTAL $ 20,737,390
================
Page 23 of 23 Pages