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 June 30, 2007
Check here if Amendment: [ ]; Amendment Number:
-------
This Amendment:
[ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Loews Corporation
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Address: 667 Madison Avenue New York New York 10021
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(Street) (City) (State) (Zip)
Form 13F File Number: 28-217
The institutional investment manager filing this report and the person by
whom it is signed hereby represent that the person signing the report is
authorized to submit it, that all information contained herein is true,
correct and complete, and that it is understood that all required items,
statements, schedules, lists and tables are considered integral parts of
this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Gary W. Garson
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Title: General Counsel and Senior Vice President
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Phone: 212-521-2932
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Signature, Place, and Date of Signing:
/s/ Gary W. Garson
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(Signature)
Place: 667 Madison Avenue New York New York 10021
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(Street) (City) (State) (Zip)
Date: August 14, 2007
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Page 1 of 22
Loews Corporation ("Loews"), by virtue of its approximately 89% ownership
of voting securities of CNA Financial Corporation whose business address is
CNA Plaza, Chicago, Illinois 60685 ("CNA"), may be deemed to have investment
discretion regarding certain securities (the "CNA Securities") as to which
investment discretion is deemed to be exercised by CNA. CNA is reporting on
behalf of Loews regarding the CNA Securities.
Report Type:
[ ] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[X] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager.
Form 13F File Number: 28-346
Name: CNA Financial Corporation
Page 2 of 22
FORM 13F SUMMARY PAGE
REPORT SUMMARY
Number of Other Included Managers: NONE.
Form 13F Information Table Entry Total: 236
Form 13F Information Table Value Total: $21,615.7 (million)
List of Other Included Managers: NONE.
Page 3 of 22
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
3M CO Common 88579Y101 7,985 92,000 SH Sole 92,000
ACCENTURE LTD Common G1150G111 8,578 200,000 SH Sole 200,000
BERMUDA
AEGEAN MARINE Common Y0017S102 3,800 199,700 SH Sole 199,700
PETROLEUM NETW
AETNA INC NEW Common 00817Y108 2,470 50,000 SH Sole 50,000
AFFILIATED COMPUTER Common 008190100 7,182 126,625 SH Sole 126,625
SERVICES
AFTERMARKET Common 008318107 770 25,950 SH Sole 25,950
TECHNOLOGY CORP
ALCATEL-LUCENT- Common 013904305 1,661 118,627 SH Sole 118,627
SPONSORED ADR
ALLEGHENY Common 01741R102 2,412 23,000 SH Sole 23,000
TECHNOLOGIES INC
ALLIANCEBERNSTEIN Common 01881G106 8,230 94,500 SH Sole 94,500
HOLDING
ALLSTATE CORP Common 020002101 1,422 23,125 SH Sole 23,125
AMERICAN COMMERCIAL Common 025195207 10,420 400,000 SH Sole 400,000
LINES
AMERICAN ELEC PWR Common 025537101 2,974 66,030 SH Sole 66,030
INC
AMERICAN EQUITY INVT Common 025676206 647 53,550 SH Sole 53,550
LIFE HL
--------------
TOTAL $ 58,551
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Page 4 of 22 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
AMERICAN HOME MTG Common 02660R107 227 12,325 SH Sole 12,325
INVT CORP
AMERICAN Common 026874107 5,462 78,000 SH Sole 78,000
INTERNATIONAL GROUP
AMERICAN NATL INS CO Common 028591105 3,582 23,475 SH Sole 23,475
AMERIPRISE FINANCIAL Common 03076C106 13,985 220,000 SH Sole 220,000
INC
AMERISOURCEBERGEN Common 03073E105 918 18,550 SH Sole 18,550
CORP
AMGEN INC Common 031162100 16,505 298,525 SH Sole 298,525
ANADARKO PETE CORP Common 032511107 8,318 160,000 SH Sole 160,000
ANHEUSER BUSCH COS Common 035229103 613 11,750 SH Sole 11,750
INC
AON CORP Common 037389103 934 21,925 SH Sole 21,925
APACHE CORP Common 037411105 1,958 24,000 SH Sole 24,000
APEX SILVER MINES LTD Common G04074103 2,238 111,266 SH Sole 111,266
AQUILA INC Common 03840P102 541 132,334 SH Sole 132,334
ARVINMERITOR INC Common 043353101 470 21,150 SH Sole 21,150
--------------
TOTAL $ 55,751
--------------
Page 5 of 22 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
AURIZON MINES LTD Common 05155P106 1,767 536,305 SH Sole 536,305
BANK OF AMERICA Common 060505104 15,303 313,000 SH Sole 313,000
CORPORATION
BANK OF NEW YORK Common 064057102 1,247 30,100 SH Sole 30,100
BARR Common 068306109 10,046 200,000 SH Sole 200,000
PHARMACEUTICALS INC
BARRICK GOLD CORP Common 067901108 11,744 403,986 SH Sole 403,986
BEARINGPOINT INC Common 074002106 211 28,825 SH Sole 28,825
BOARDWALK PIPELIN Common 096627104 1,962,488 53,256,122 SH Sole 53,256,122
PARTNERS
BOSTON SCIENTIFIC CORPCommon 101137107 310 20,200 SH Sole 20,200
BOWNE & CO INC Common 103043105 453 23,200 SH Sole 23,200
BRISTOL MYERS SQUIBB Common 110122108 1,149 36,400 SH Sole 36,400
CO
BRUSH ENGINEERED Common 117421107 2,100 50,000 SH Sole 50,000
MATERIALS
CABOT Common 12709P103 457 12,875 SH Sole 12,875
MICROELECTRONICS
CORP
CAMECO CORP Common 13321L108 12,939 255,000 SH Sole 255,000
CAPITAL ONE FINL CORP Common 14040H105 1,106 14,100 SH Sole 14,100
--------------
TOTAL $ 2,021,320
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Page 6 of 22 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
CATERPILLAR INC DEL Common 149123101 624 7,970 SH Sole 7,970
CBS CORP Common 124857202 9,163 275,000 SH Sole 275,000
CHEMICAL FINANCIAL Common 163731102 376 14,550 SH Sole 14,550
CORP
CIBER INC Common 17163B102 744 90,975 SH Sole 90,975
CIENA CORP Common 171779309 1,445 40,000 SH Sole 40,000
CIT GROUP INC Common 125581108 15,007 273,700 SH Sole 273,700
CITIGROUP INC Common 172967101 42,362 825,925 SH Sole 825,925
CNA FINL CORP Common 126117100 11,516,361 241,483,773 SH Sole 241,483,773
COMCAST CORP NEW Common 20030N101 409 14,535 SH Sole 14,535
COMERICA INC Common 200340107 821 13,800 SH Sole 13,800
COMPTON PETROLEUM Common 204940100 2,122 200,000 SH Sole 200,000
CORP
COMPUTER ASSOC INTL Common 12673P105 1,550 60,022 SH Sole 60,022
INC.
COMPUTER SCIENCES Common 205363104 454 7,675 SH Sole 7,675
CORP
CONMED CORP Common 207410101 333 11,375 SH Sole 11,375
--------------
TOTAL $ 11,591,771
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Page 7 of 22 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
CONOCOPHILLIPS Common 20825C104 5,888 75,000 SH Sole 75,000
CORNING INC Common 219350105 8,866 347,000 SH Sole 347,000
COUNTRYWIDE Common 222372104 814 22,400 SH Sole 22,400
FINANCIAL CORP
D R HORTON INC Common 23331A109 2,990 150,000 SH Sole 150,000
DEL MONTE FOODS CO Common 24522P103 386 31,725 SH Sole 31,725
DELPHI FINL GROUP INC Common 247131105 389 9,293 SH Sole 9,293
DESARROLLADORA Common 25030W100 727 12,000 SH Sole 12,000
HOMEX-ADR
DIAGEO P L C Common 25243Q205 981 11,780 SH Sole 11,780
DIAMOND OFFSHORE Common 25271C102 7,119,825 70,104,620 SH Sole 70,104,620
DRILLING INC
DISCOVERY HOLDING Common 25468Y107 2,299 100,000 SH Sole 100,000
CO-A W/I
DISNEY WALT CO Common 254687106 3,414 100,000 SH Sole 100,000
DOVER CORP Common 260003108 5,892 115,200 SH Sole 115,200
DU PONT E I DE Common 263534109 2,644 52,000 SH Sole 52,000
NEMOURS & CO
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TOTAL $ 7,155,115
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Page 8 of 22 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
DYNEGY INC NEW Common 26817G102 16,048 1,700,000 SH Sole 1,700,000
EDDIE BAUER HOLDINGS Common 071625107 7,389 575,000 SH Sole 575,000
INC
ELECTRONIC DATA SYS Common 285661104 2,773 100,000 SH Sole 100,000
NEW
ENSCO INTL INC Common 26874Q100 2,440 40,000 SH Sole 40,000
EXELON CORP Common 30161N101 503 6,930 SH Sole 6,930
EXPRESSJET HOLDINGS Common 30218U108 107 17,975 SH Sole 17,975
INC
FBL FINANCIAL GROUP Common 30239F106 217 5,525 SH Sole 5,525
INC-CL A
FEDERAL HOME LN MTG Common 313400301 2,338 38,525 SH Sole 38,525
CORP
FEDERAL NATL MTG Common 313586109 2,081 31,850 SH Sole 31,850
ASSN
FIRST AMERN CORP CALIFCommon 318522307 1,371 27,700 SH Sole 27,700
FLEXTRONICS INTL LTD Common Y2573F102 5,400 500,000 SH Sole 500,000
GENERAL ELEC CO Common 369604103 3,299 86,181 SH Sole 86,181
GRIFFON CORPORATION Common 398433102 439 20,150 SH Sole 20,150
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TOTAL $ 44,405
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Page 9 of 22 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
HANGER ORTHOPEDIC Common 41043F208 289 26,800 SH Sole 26,800
GROUP INC
HARTFORD FINANCIAL Common 416515104 4,039 41,000 SH Sole 41,000
SVCS GRP
HECLA MINING CO Common 422704106 3,196 374,218 SH Sole 374,218
HOME DEPOT INC Common 437076102 7,572 192,425 SH Sole 192,425
HORACE MANN Common 440327104 521 24,525 SH Sole 24,525
EDUCATORS
HORNBECK OFFSHORE Common 440543106 4,651 120,000 SH Sole 120,000
SERVICES
HOVNANIAN Common 442487203 2,513 152,000 SH Sole 152,000
ENTERPRISES-A
HUDSON CITY BANCORP Common 443683107 244 20,000 SH Sole 20,000
INC
IAMGOLD CORPORATION Common 450913108 2,730 354,633 SH Sole 354,633
IDACORP INC Common 451107106 319 9,950 SH Sole 9,950
IMA EXPLORATION INC Common 449664101 220 571,886 SH Sole 571,886
IMS HEALTH INC Common 449934108 382 11,900 SH Sole 11,900
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TOTAL $ 26,676
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Page 10 of 22 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
INGERSOLL-RAND Common G4776G101 789 14,390 SH Sole 14,390
COMPANY LTD
INTERNATIONAL Common 459200101 8,930 84,850 SH Sole 84,850
BUSINESS MACHS
IPC HLDGS LTD Common G4933P101 1,489 46,125 SH Sole 46,125
ISHARES INC MSCI Common 464286848 83,795 5,775,000 SH Sole 5,775,000
JAPAN
ISHARES INC MSCI Common 464286673 3,410 250,000 SH Sole 250,000
SINGAPORE
J P MORGAN CHASE & CO Common 46625H100 1,028 21,225 SH Sole 21,225
JDS UNIPHASE CORP Common 46612J507 7,387 550,000 SH Sole 550,000
JOHNSON & JOHNSON Common 478160104 45,392 736,650 SH Sole 736,650
KB HOME Common 48666K109 984 25,000 SH Sole 25,000
KELLY SERVICES INC - Common 488152208 590 21,475 SH Sole 21,475
CL A
KENNAMETAL INC Common 489170100 488 5,950 SH Sole 5,950
KIMBER RESOURCES INC Common 49435N101 813 641,515 SH Sole 641,515
LEAR CORP Common 521865105 2,227 62,525 SH Sole 62,525
--------------
TOTAL $ 157,322
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Page 11 of 22 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
LIBERTY GLOBAL INC-A Common 530555101 3,857 93,991 SH Sole 93,991
LIBERTY GLOBAL INC-C Common 530555309 1,693 43,068 SH Sole 43,068
LIBERTY MEDIA HOLD- Common 53071M302 1,765 15,000 SH Sole 15,000
CAP SER A
LIBERTY MEDIA- Common 53071M104 1,675 75,000 SH Sole 75,000
INTERACTIVE A
LINCOLN NATL CORP IND Common 534187109 5,321 75,000 SH Sole 75,000
M D C HLDGS INC Common 552676108 339 7,000 SH Sole 7,000
MAGNA INTL INC Common 559222401 1,128 12,400 SH Sole 12,400
MARATHON OIL CORP Common 565849106 1,199 20,000 SH Sole 20,000
MCDONALDS CORP Common 580135101 640 12,600 SH Sole 12,600
MEDIACOM Common 58446K105 1,938 200,000 SH Sole 200,000
COMMUNICATIONS CORP
MEDTRONIC INC Common 585055106 4,149 80,000 SH Sole 80,000
MELLON FINANCIAL CORP Common 58551A108 4,931 112,070 SH Sole 112,070
MEMC ELECTRONIC Common 552715104 6,907 113,000 SH Sole 113,000
MATERIALS
--------------
TOTAL $ 35,542
--------------
Page 12 of 22 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
METALLICA RESOURCES Common 59125J104 2,016 436,358 SH Sole 436,358
INC
METLIFE INC Common 59156R108 1,306 20,250 SH Sole 20,250
MI DEVELOPMENTS INC- Common 55304X104 558 15,300 SH Sole 15,300
CLASS A
MICROSOFT CORP Common 594918104 16,713 567,125 SH Sole 567,125
MINEFINDERS CORP Common 602900102 174 15,000 SH Sole 15,000
MIRAMAR MINING CORP Common 60466E100 2,628 612,568 SH Sole 612,568
MORGAN STANLEY Common 617446448 1,044 12,450 SH Sole 12,450
NEWS CORP INC Common 65248E203 5,161 225,000 SH Sole 225,000
NEWS CORP INC Common 65248E104 5,311 250,414 SH Sole 250,414
NORTHEAST UTILITIES Common 664397106 709 25,000 SH Sole 25,000
NORTHERN TR CORP Common 665859104 572 8,900 SH Sole 8,900
NORTHROP GRUMMAN Common 666807102 543 6,975 SH Sole 6,975
CORP
NRG ENERGY INC Common 629377508 584 14,060 SH Sole 14,060
--------------
TOTAL $ 37,319
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Page 13 of 22 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
OCCIDENTAL Common 674599105 4,052 70,000 SH Sole 70,000
PETROLEUM CORP
OLD REP INTL CORP Common 680223104 792 37,250 SH Sole 37,250
OMNICARE INC Common 681904108 7,212 200,000 SH Sole 200,000
ORACLE CORP Common 68389X105 5,063 256,875 SH Sole 256,875
PEDIATRIX MEDICAL Common 705324101 214 3,875 SH Sole 3,875
GROUP INC
PEOPLE'S UNITED Common 712704105 207 11,655 SH Sole 11,655
FINANCIAL INC
PFIZER INC Common 717081103 7,936 310,350 SH Sole 310,350
PHARMACEUTICAL Common 71712A206 16,332 200,000 SH Sole 200,000
HLDRS TR
PHH CORP Common 693320202 681 21,825 SH Sole 21,825
PIKE ELECTRIC CORP Common 721283109 702 31,375 SH Sole 31,375
PIONEER NAT RES CO Common 723787107 4,384 90,000 SH Sole 90,000
PLANTRONICS INC NEW Common 727493108 484 18,450 SH Sole 18,450
PRIMUS GUARANTY LTD Common G72457107 4,288 400,000 SH Sole 400,000
--------------
TOTAL $ 52,347
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Page 14 of 22 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
PROCTER & GAMBLE CO Common 742718109 918 15,000 SH Sole 15,000
PULTE HOMES INC Common 745867101 2,380 106,000 SH Sole 106,000
RADIO ONE INC Common 75040P405 358 50,700 SH Sole 50,700
RAYTHEON CO Common 755111507 3,772 70,000 SH Sole 70,000
REGIS CORP Common 758932107 608 15,900 SH Sole 15,900
RENAISSANCE RE Common G7496G103 2,052 33,100 SH Sole 33,100
HLDGS LTD
RENT A CTR INC NEW Common 76009N100 2,054 78,300 SH Sole 78,300
ROCKWELL Common 773903109 1,389 20,000 SH Sole 20,000
AUTOMATION INC
RTI INTERNATIONAL Common 74973W107 15,677 208,000 SH Sole 208,000
METALS INC
SAIC INC Common 78390X101 2,711 150,000 SH Sole 150,000
SANGAMO BIOSCIENCES Common 800677106 313 38,597 SH Sole 38,597
INC
SARA LEE CORP Common 803111103 434 24,945 SH Sole 24,945
SASOL LTD- Common 803866300 375 10,000 SH Sole 10,000
SPONSORED ADR
--------------
TOTAL $ 33,041
--------------
Page 15 of 22 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
SCANA CORP NEW Common 80589M102 552 14,405 SH Sole 14,405
SCHWEITZER-MAUDUIT Common 808541106 678 21,875 SH Sole 21,875
INTL INC
SEAGATE TECHNOLOGY Common G7945J104 3,266 150,000 SH Sole 150,000
SEALY CORP Common 812139301 674 40,775 SH Sole 40,775
SEMPRA ENERGY Common 816851109 1,097 18,525 SH Sole 18,525
SMURFIT-STONE Common 832727101 1,078 81,000 SH Sole 81,000
CONTAINER CORP
SPRINT NEXTEL Common 852061100 4,182 201,950 SH Sole 201,950
CORPORATION
STEWART INFORMATION Common 860372101 211 5,300 SH Sole 5,300
SERVICES
STILLWATER MNG CO Common 86074Q102 2,920 265,217 SH Sole 265,217
SYCAMORE NETWORKS Common 871206108 511 127,100 SH Sole 127,100
INC
TALISMAN ENERGY INC Common 87425E103 1,933 100,000 SH Sole 100,000
TECH DATA CORP Common 878237106 482 12,525 SH Sole 12,525
TEMPUR-PEDIC Common 88023U101 426 16,450 SH Sole 16,450
INTERNATIONAL
--------------
TOTAL $ 18,010
--------------
Page 16 of 22 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
TEXTRON INC Common 883203101 859 7,800 SH Sole 7,800
TFS FINANCIAL CORP Common 87240R107 487 42,180 SH Sole 42,180
THORATEC CORP Common 885175307 7,724 420,000 SH Sole 420,000
TIME WARNER INC Common 887317105 4,208 200,000 SH Sole 200,000
TITAN INTERNATIONAL INCommon 88830M102 15,701 496,700 SH Sole 496,700
TJX COS INC NEW Common 872540109 1,622 58,975 SH Sole 58,975
TORCHMARK CORP Common 891027104 1,491 22,250 SH Sole 22,250
TREX COMPANY INC Common 89531P105 11,247 572,925 SH Sole 572,925
TRINITY INDS INC Common 896522109 3,483 80,000 SH Sole 80,000
TYCO ELECTRONICS Common G9144P105 3,906 100,000 SH Sole 100,000
LTD-W/I
TYCO INTL LTD NEW Common G9143X208 22,421 663,550 SH Sole 663,550
UNILEVER N V Common 904784709 1,079 34,790 SH Sole 34,790
UNION PAC CORP Common 907818108 533 4,625 SH Sole 4,625
--------------
TOTAL $ 74,761
--------------
Page 17 of 22 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
UNITED AMERICA Common 90933T109 648 26,050 SH Sole 26,050
INDEMNITY-A
UNITED PARCEL SERVICE Common 911312106 554 7,584 SH Sole 7,584
INC
UNITED STATES STL Common 912909108 1,175 10,800 SH Sole 10,800
CORP NEW
UNITED STATIONERS INC Common 913004107 621 9,325 SH Sole 9,325
UNIVERSAL CORP VA Common 913456109 599 9,825 SH Sole 9,825
UNIVERSAL STAINLESS Common 913837100 4,932 140,000 SH Sole 140,000
& ALLOY
US BANCORP DEL Common 902973304 1,159 35,180 SH Sole 35,180
VALERO ENERGY CORP Common 91913Y100 9,602 130,000 SH Sole 130,000
NEW
VIACOM INC Common 92553P201 5,204 125,000 SH Sole 125,000
VIAD CORP Common 92552R406 432 10,244 SH Sole 10,244
VODAFONE GROUP PLC Common 92857W209 5,297 157,500 SH Sole 157,500
NEW
WAL MART STORES INC Common 931142103 3,220 66,930 SH Sole 66,930
WASHINGTON MUT INC Common 939322103 402 9,425 SH Sole 9,425
--------------
TOTAL $ 33,845
--------------
Page 18 of 22 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
WESTERN DIGITAL CORP Common 958102105 14,621 755,600 SH Sole 755,600
WEYERHAEUSER CO Common 962166104 399 5,058 SH Sole 5,058
WHIRLPOOL CORP Common 963320106 1,523 13,693 SH Sole 13,693
WHITING PETE CORP Common 966387102 2,229 55,000 SH Sole 55,000
NEW
WHOLE FOODS MKT INC Common 966837106 3,064 80,000 SH Sole 80,000
WIDEPOINT CORP Common 967590100 980 1,000,000 SH Sole 1,000,000
WILLIAMS COS INC DEL Common 969457100 2,644 83,620 SH Sole 83,620
WISCONSIN ENERGY Common 976657106 974 22,025 SH Sole 22,025
CORP
WYETH Common 983024100 14,923 260,250 SH Sole 260,250
WYNDHAM WORLDWIDE Common 98310W108 1,450 40,000 SH Sole 40,000
CORP
XERIUM TECHNOLOGIES Common 98416J100 7,895 1,036,150 SH Sole 1,036,150
INC
XEROX CORP Common 984121103 10,164 550,000 SH Sole 550,000
XL CAP LTD Common G98255105 2,164 25,675 SH Sole 25,675
--------------
TOTAL $ 63,030
--------------
Page 19 of 22 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
ZOLTEK COMPANIES INC Common 98975W104 23,066 555,400 SH Sole 555,400
---------------
TOTAL $ 23,066
---------------
Page 20 of 22 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
3M CO Common 88579Y951 6,943 80,000 SH Put Sole 80,000
AMGEN INC Common 031162900 1,106 20,000 SH Call Sole 20,000
AMGEN INC Common 031162950 2,212 40,000 SH Put Sole 40,000
BARRICK GOLD CORP Common 067901908 8,140 280,000 SH Call Sole 280,000
CIENA CORP Common 171779959 1,445 40,000 SH Put Sole 40,000
D R HORTON INC Common 23331A959 1,196 60,000 SH Put Sole 60,000
DISNEY WALT CO Common 254687956 6,828 200,000 SH Put Sole 200,000
DU PONT E I DE Common 263534959 2,034 40,000 SH Put Sole 40,000
NEMOURS & CO
ENSCO INTL INC Common 26874Q950 17,083 280,000 SH Put Sole 280,000
FORD MTR CO DEL Common 345370900 23,362 2,480,000 SH Call Sole 2,480,000
GENERAL MTRS CORP Common 370442955 8,316 220,000 SH Put Sole 220,000
HOME DEPOT INC Common 437076952 3,935 100,000 SH Put Sole 100,000
JDS UNIPHASE CORP Common 46612J957 4,701 350,000 SH Put Sole 350,000
--------------
TOTAL $ 87,301
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Page 21 of 22 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
MEDTRONIC INC Common 585055956 4,149 80,000 SH Put Sole 80,000
MERCK & CO INC Common 589331957 7,968 160,000 SH Put Sole 160,000
MICROSOFT CORP Common 594918904 589 20,000 SH Call Sole 20,000
MICROSOFT CORP Common 594918954 1,179 40,000 SH Put Sole 40,000
PFIZER INC Common 717081953 1,534 60,000 SH Put Sole 60,000
SEAGATE TECHNOLOGY Common G7945J954 3,266 150,000 SH Put Sole 150,000
THE ST JOE COMPANY Common 790148950 5,097 110,000 SH Put Sole 110,000
THORATEC CORP Common 885175907 736 40,000 SH Call Sole 40,000
TRINITY INDS INC Common 896522959 1,742 40,000 SH Put Sole 40,000
UNION PAC CORP Common 907818908 4,606 40,000 SH Call Sole 40,000
UNITED STATES STL Common 912909958 7,613 70,000 SH Put Sole 70,000
CORP NEW
WHOLE FOODS MKT INC Common 966837956 3,064 80,000 SH Put Sole 80,000
ZOLTEK COMPANIES INC Common 98975W954 4,984 120,000 SH Put Sole 120,000
--------------
TOTAL $ 46,527
--------------
AGGREGATE TOTAL $ 21,615,700
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Page 22 of 22 Pages