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, 2003
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 11, 2003
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Page 1 of 19
Loews Corporation ("Loews"), by virtue of its approximately 90% 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.
Mr. Laurence A. Tisch owns approximately 10% and Mr. Preston R. Tisch owns
approximately 16% of the outstanding Common Stock of Loews. Mr. Laurence A.
Tisch and Mr. Preston R. Tisch are the Co-Chairmen of the Board of Loews.
Laurence A. Tisch and Preston R. Tisch are brothers and may be deemed to be
control persons of Loews.
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: 230
Form 13F Information Table Value Total: $6,977.5 (thousands)
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
ACUITY BRANDS INC Common 00508Y102 248 13,650 SH Sole 13,650
AES CORP Common 00130H105 635 100,000 SH Sole 100,000
AETNA INC NEW Common 00817Y108 852 14,150 SH Sole 14,150
AGERE SYS INC Common 00845V100 112 47,900 SH Sole 47,900
AGRIUM INC Common 008916108 8,860 808,400 SH Sole 808,400
AIR PRODS & CHEMS Common 009158106 836 20,100 SH Sole 20,100
INC
ALCATEL Common 013904305 154 17,200 SH Sole 17,200
ALLSTATE CORP Common 020002101 471 13,225 SH Sole 13,225
AMERADA HESS CORP Common 023551104 1,333 27,100 SH Sole 27,100
AMERICAN NATL INS Common 028591105 1,947 22,575 SH Sole 22,575
CO
AMERICAN PHYSICIANS Common 028884104 348 14,225 SH Sole 14,225
CAPITAL
ANADARKO PETE CORP Common 032511107 2,001 45,000 SH Sole 45,000
ANGEION CORP Common 03462H404 776 421,665 SH Sole 421,665
AOL TIME WARNER INC Common 00184A105 5,229 325,000 SH Sole 325,000
AON CORP Common 037389103 1,342 55,725 SH Sole 55,725
APPLICA INC Common 03815A106 850 100,000 SH Sole 100,000
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TOTAL $ 25,994
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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
ARCHER DANIELS Common 039483102 839 65,200 SH Sole 65,200
MIDLAND CO
ARTESYN Common 043127109 233 41,675 SH Sole 41,675
TECHNOLOGIES INC
ARVINMERITOR INC Common 043353101 284 14,050 SH Sole 14,050
ASHLAND INC Common 044204105 617 20,125 SH Sole 20,125
AT&T WIRELESS SVCS Common 00209A106 5,131 625,000 SH Sole 625,000
INC
BALLARD PWR SYS INC Common 05858H104 549 40,300 SH Sole 40,300
BANK NEW YORK INC Common 064057102 506 17,600 SH Sole 17,600
BARRICK GOLD CORP Common 067901108 10,255 572,900 SH Sole 572,900
BECKMAN COULTER INC Common 075811109 406 10,000 SH Sole 10,000
BECTON DICKINSON & Common 075887109 389 10,000 SH Sole 10,000
CO
BELLSOUTH CORP Common 079860102 226 8,500 SH Sole 8,500
BOEING CO Common 097023105 9,405 274,050 SH Sole 274,050
BOSTON PROPERTIES Common 101121101 5,322 121,500 SH Sole 121,500
INC
BOWNE & CO INC Common 103043105 283 21,700 SH Sole 21,700
BRISTOL MYERS Common 110122108 732 26,975 SH Sole 26,975
SQUIBB CO
------------
TOTAL $ 35,177
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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
BURLINGTON RES INC Common 122014103 681 12,600 SH Sole 12,600
CABLEVISION SYS Common 12686C109 889 42,800 SH Sole 42,800
CORP
CALPINE CORP Common 131347106 3,465 525,000 SH Sole 525,000
CAPSTONE TURBINE Common 14067D102 336 300,000 SH Sole 300,000
CORP
CATALINA MARKETING Common 148867104 1,236 70,000 SH Sole 70,000
CORP
CENDANT CORP Common 151313103 550 30,000 SH Sole 30,000
CENTEX CORP Common 152312104 2,334 30,000 SH Sole 30,000
CHEVRONTEXACO CORP Common 166764100 1,083 15,000 SH Sole 15,000
CHIQUITA BRANDS Common 170032809 583 40,200 SH Sole 40,200
INTL INC
CHUBB CORP Common 171232101 414 6,900 SH Sole 6,900
CISCO SYS INC Common 17275R102 336 20,000 SH Sole 20,000
CIT GROUP INC Common 125581108 1,024 41,525 SH Sole 41,525
CITIGROUP INC Common 172967101 4,982 116,400 SH Sole 116,400
CITIZENS Common 17453B101 1,934 150,000 SH Sole 150,000
COMMUNICATIONS CO
CLEVELAND CLIFFS Common 185896107 8,497 476,050 SH Sole 476,050
INC
------------
TOTAL $ 28,344
------------
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
CNA FINL CORP Common 126117100 4,951,820 201,293,500 SH Sole 201,293,500
CNF INC Common 12612W104 779 30,700 SH Sole 30,700
CNH GLOBAL N V Common N20935206 1,504 157,600 SH Sole 157,600
COMMSCOPE INC Common 203372107 190 19,950 SH Sole 19,950
COMPANHIA VALE DO Common 204412100 2,850 102,700 SH Sole 102,700
RIO DOCE
COMPUTER ASSOC INTL Common 204912109 683 30,650 SH Sole 30,650
INC
CONOCOPHILLIPS Common 20825C104 1,773 32,350 SH Sole 32,350
COOPER INDS LTD Common G24182100 852 20,625 SH Sole 20,625
CYTEC INDS INC Common 232820100 679 20,100 SH Sole 20,100
D R HORTON INC Common 23331A109 4,176 148,600 SH Sole 148,600
DEL MONTE FOODS CO Common 24522P103 162 18,375 SH Sole 18,375
DELPHI FINL GROUP Common 247131105 1,967 42,025 SH Sole 42,025
INC
DIAMOND OFFSHORE Common 25271C102 1,471,399 70,100,000 SH Sole 70,100,000
DRILLING INC
DIAMONDS TR Common 252787106 17,982 200,000 SH Sole 200,000
DILLARDS INC Common 254067101 1,301 96,550 SH Sole 96,550
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TOTAL $ 6,458,117
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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
DU PONT E I DE Common 263534109 566 13,600 SH Sole 13,600
NEMOURS & CO
EL PASO CORP Common 28336L109 223 27,600 SH Sole 27,600
ELDERTRUST Common 284560109 144 17,900 SH Sole 17,900
ENCANA CORP Common 292505104 564 14,700 SH Sole 14,700
ENTERASYS NETWORKS Common 293637104 127 41,825 SH Sole 41,825
INC
ESTERLINE Common 297425100 239 13,700 SH Sole 13,700
TECHNOLOGIES CORP
EXPRESSJET HOLDINGS Common 30218U108 1,871 123,900 SH Sole 123,900
INC
F M C CORP Common 302491303 7,527 332,600 SH Sole 332,600
FEDERAL HOME LN MTG Common 313400301 3,107 61,200 SH Sole 61,200
CORP
FEDERATED DEPT Common 31410H101 14,294 387,900 SH Sole 387,900
STORES INC DEL
FIRST DATA CORP Common 319963104 269 6,500 SH Sole 6,500
FIRST NIAGARA FINL Common 33582V108 139 10,000 SH Sole 10,000
GP INC
FLEETBOSTON FINL Common 339030108 384 12,925 SH Sole 12,925
CORP
FMC TECHNOLOGIES Common 30249U101 681 32,375 SH Sole 32,375
INC
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TOTAL $ 30,135
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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
FOOTSTAR INC Common 344912100 344 26,475 SH Sole 26,475
FORD MTR CO DEL Common 345370860 769 70,000 SH Sole 70,000
FREEPORT-MCMORAN Common 35671D857 696 28,425 SH Sole 28,425
COPPER & GOLD
GABLES RESIDENTIAL Common 362418105 211 6,975 SH Sole 6,975
TR
GAP INC DEL Common 364760108 2,506 133,600 SH Sole 133,600
GENERAL CABLE CORP Common 369300108 8,551 1,583,525 SH Sole 1,583,525
DEL NEW
GENERAL ELEC CO Common 369604103 668 23,300 SH Sole 23,300
GENERAL MTRS CORP Common 370442832 1,281 100,000 SH Sole 100,000
GENESIS HEALTH Common 37183F107 9,316 529,000 SH Sole 529,000
VENTURE INC NEW
GEORGIA PAC CORP Common 373298108 463 24,425 SH Sole 24,425
GIBRALTAR STL CORP Common 37476F103 3,701 180,000 SH Sole 180,000
GLAMIS GOLD LTD Common 376775102 2,753 240,000 SH Sole 240,000
GLIMCHER RLTY TR Common 379302102 299 13,350 SH Sole 13,350
GROUP 1 AUTOMOTIVE Common 398905109 7,130 220,000 SH Sole 220,000
INC
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TOTAL $ 38,688
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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
HCA INC Common 404119109 801 25,000 SH Sole 25,000
HEALTH NET INC Common 42222G108 521 15,825 SH Sole 15,825
HEINZ H J CO Common 423074103 1,319 40,000 SH Sole 40,000
HEWLETT PACKARD CO Common 428236103 804 37,725 SH Sole 37,725
IMC GLOBAL INC Common 449669100 627 93,400 SH Sole 93,400
INFOCUS CORP Common 45665B106 111 23,500 SH Sole 23,500
INGERSOLL-RAND Common 456866102 1,159 24,500 SH Sole 24,500
COMPANY LTD
INGRAM MICRO INC Common 457153104 220 20,000 SH Sole 20,000
INTERNATIONAL Common 459200101 4,125 50,000 SH Sole 50,000
BUSINESS MACHS
INTERSTATE BAKERIES Common 46072H108 233 18,375 SH Sole 18,375
CORP DEL
INTL PAPER CO Common 460146103 357 10,000 SH Sole 10,000
IONICS INC Common 462218108 1,342 60,000 SH Sole 60,000
IPC HLDGS LTD Common G4933P101 1,301 38,825 SH Sole 38,825
ISHARES INC Common 464286871 4,973 650,000 SH Sole 650,000
ISHARES INC Common 464286848 11,570 1,591,500 SH Sole 1,591,500
ISHARES INC Common 464286673 2,455 508,400 SH Sole 508,400
KERR MCGEE CORP Common 492386107 2,016 45,000 SH Sole 45,000
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TOTAL $ 33,934
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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
KINDRED HEALTHCARE Common 494580103 4,823 271,400 SH Sole 271,400
INC
KROGER CO Common 501044101 3,796 227,600 SH Sole 227,600
LA QUINTA CORP Common 50419U202 7,881 1,828,600 SH Sole 1,828,600
LEAR CORP Common 521865105 808 17,550 SH Sole 17,550
LENNOX INTL INC Common 526107107 8,898 691,400 SH Sole 691,400
LIBERTY MEDIA CORP Common 530718105 2,342 202,600 SH Sole 202,600
NEW
LINCOLN NATL CORP Common 534187109 1,069 30,000 SH Sole 30,000
IND
LOCKHEED MARTIN Common 539830109 628 13,200 SH Sole 13,200
CORP
LUBRIZOL CORP Common 549271104 384 12,375 SH Sole 12,375
MARSH & MCLENNAN Common 571748102 572 11,200 SH Sole 11,200
COS INC
MAXTOR CORP Common 577729205 225 30,000 SH Sole 30,000
MCDONALDS CORP Common 580135101 1,257 57,000 SH Sole 57,000
METROMEDIA INTL Common 591695101 6 50,213 SH Sole 50,213
GROUP INC
MILACRON INC Common 598709103 154 31,500 SH Sole 31,500
MIRAMAR MINING CORP Common 60466E100 381 300,000 SH Sole 300,000
MONSANTO CO NEW Common 61166W101 3,035 140,250 SH Sole 140,250
------------
TOTAL $ 36,259
------------
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
MORGAN STANLEY ASIA Common 61744U106 385 47,300 SH Sole 47,300
PAC FD INC
MORGAN STANLEY Common 61745C105 797 67,500 SH Sole 67,500
INDIA INVS FD
MOTOROLA INC Common 620076109 943 100,000 SH Sole 100,000
MUELLER INDS INC Common 624756102 11,047 407,500 SH Sole 407,500
NACCO INDS INC Common 629579103 270 4,575 SH Sole 4,575
NEWHALL LAND & Common 651426108 312 10,300 SH Sole 10,300
FARMING CO CAL
NEWS CORP LTD Common 652487703 3,027 100,000 SH Sole 100,000
NEWS CORP LTD Common 652487802 2,632 105,100 SH Sole 105,100
NORTEL NETWORKS Common 656568102 337 124,800 SH Sole 124,800
CORP NEW
NORTHERN TR CORP Common 665859104 915 22,000 SH Sole 22,000
OFFICE DEPOT INC Common 676220106 4,221 290,900 SH Sole 290,900
OFFICEMAX INC Common 67622M108 7,071 1,079,500 SH Sole 1,079,500
OLD REP INTL CORP Common 680223104 2,200 64,200 SH Sole 64,200
ON COMMAND CORP Common 682160106 32 29,376 SH Sole 29,376
------------
TOTAL $ 34,189
------------
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
ORIENT-EXPRESS Common G67743107 5,632 381,800 SH Sole 381,800
HOTELS LTD
PATHMARK STORES INC Common 70322A101 848 115,030 SH Sole 115,030
NEW
PAYLESS SHOESOURCE Common 704379106 388 31,025 SH Sole 31,025
INC
PFIZER INC Common 717081103 2,466 72,200 SH Sole 72,200
PG&E CORP Common 69331C108 2,538 120,000 SH Sole 120,000
PIONEER STD ELECTRS Common 723877106 187 22,150 SH Sole 22,150
INC
PITNEY BOWES INC Common 724479100 384 10,000 SH Sole 10,000
PLACER DOME INC Common 725906101 6,924 564,300 SH Sole 564,300
PNM RES INC Common 69349H107 251 9,400 SH Sole 9,400
POTASH CORP SASK Common 73755L107 5,824 91,000 SH Sole 91,000
INC
PPL CORP Common 69351T106 813 18,900 SH Sole 18,900
PULTE HOMES INC Common 745867101 2,775 45,000 SH Sole 45,000
R H DONNELLEY CORP Common 74955W307 204 5,600 SH Sole 5,600
RADIAN GROUP INC Common 750236101 383 10,450 SH Sole 10,450
RAYTHEON CO Common 755111507 2,956 90,000 SH Sole 90,000
------------
TOTAL $ 32,573
------------
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
REGIONAL BK HOLDRS Common 75902E100 5,586 50,000 SH Sole 50,000
TR
RELIANT RES INC Common 75952B105 351 57,200 SH Sole 57,200
RENAISSANCE RE Common G7496G103 1,366 30,000 SH Sole 30,000
HLDGS LTD
RFS HOTEL INVS INC Common 74955J108 267 21,675 SH Sole 21,675
RUSSELL CORP Common 782352108 4,532 238,500 SH Sole 238,500
RYERSON TULL INC Common 78375P107 12,396 1,411,800 SH Sole 1,411,800
NEW
SCHERING PLOUGH Common 806605101 1,791 96,300 SH Sole 96,300
CORP
SCHLUMBERGER LTD Common 806857108 2,379 50,000 SH Sole 50,000
SERVICEMASTER CO Common 81760N109 339 31,725 SH Sole 31,725
SOLECTRON CORP Common 834182107 395 105,575 SH Sole 105,575
SPHERION CORP Common 848420105 364 52,325 SH Sole 52,325
SPRINT CORP Common 852061506 2,897 503,900 SH Sole 503,900
STEIN MART INC Common 858375108 73 12,475 SH Sole 12,475
TEJON RANCH CO DEL Common 879080109 268 8,900 SH Sole 8,900
TELLABS INC Common 879664100 303 46,225 SH Sole 46,225
TENET HEALTHCARE Common 88033G100 689 59,175 SH Sole 59,175
CORP
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TOTAL $ 33,996
------------
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
THORATEC CORP Common 885175307 4,404 300,000 SH Sole 300,000
TRANSOCEAN INC Common G90078109 6,415 292,000 SH Sole 292,000
TRAVELERS PPTY CAS Common 89420G109 2,703 170,000 SH Sole 170,000
CORP NEW
TRIAD HOSPITALS INC Common 89579K109 1,241 50,000 SH Sole 50,000
TRIARC COS INC Common 895927101 259 8,650 SH Sole 8,650
TRINITY INDS INC Common 896522109 268 14,475 SH Sole 14,475
TRIZEC PROPERTIES Common 89687P107 484 42,550 SH Sole 42,550
INC
TXU CORP Common 873168108 4,266 190,000 SH Sole 190,000
TYCO INTL LTD NEW Common 902124106 547 28,825 SH Sole 28,825
UNIFI INC Common 904677101 7,489 1,207,900 SH Sole 1,207,900
UNIVERSAL HLTH SVCS Common 913903100 991 25,000 SH Sole 25,000
INC
UNOCAL CORP Common 915289102 714 24,900 SH Sole 24,900
USEC INC Common 90333E108 3,217 458,300 SH Sole 458,300
USF CORP Common 91729Q101 231 8,575 SH Sole 8,575
VALERO ENERGY CORP Common 91913Y100 1,272 35,000 SH Sole 35,000
NEW
VENTAS INC Common 92276F100 9,956 657,150 SH Sole 657,150
------------
TOTAL $ 44,457
------------
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
VERIZON Common 92343V104 312 7,900 SH Sole 7,900
COMMUNICATIONS
VIAD CORP Common 92552R109 1,121 50,075 SH Sole 50,075
VISTEON CORP Common 92839U107 5,894 857,900 SH Sole 857,900
VODAFONE GROUP PLC Common 92857W100 2,948 150,000 SH Sole 150,000
NEW
WASHINGTON MUT INC Common 939322103 847 20,500 SH Sole 20,500
WHIRLPOOL CORP Common 963320106 748 11,750 SH Sole 11,750
WILLIAMS COS INC Common 969457100 450 56,900 SH Sole 56,900
DEL
WILSONS THE LEATHER Common 972463103 266 37,350 SH Sole 37,350
EXPERTS
WISCONSIN ENERGY Common 976657106 334 11,500 SH Sole 11,500
CORP
XCEL ENERGY INC Common 98389B100 1,486 98,800 SH Sole 98,800
YORK INTL CORP NEW Common 986670107 284 12,125 SH Sole 12,125
----------
TOTAL $ 14,690
----------
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
ABBOTT LABS Common 002824950 4,376 100,000 SH Put Sole 100,000
AES CORP Common 00130H955 635 100,000 SH Put Sole 100,000
ALCATEL Common 013904955 1,343 150,000 SH Put Sole 150,000
AMERADA HESS CORP Common 023551954 6,634 134,900 SH Put Sole 134,900
BALLARD PWR SYS INC Common 05858H954 2,181 160,000 SH Put Sole 160,000
BARRICK GOLD CORP Common 067901908 15,931 890,000 SH Call Sole 890,000
BROADCOM CORP Common 111320957 2,491 100,000 SH Put Sole 100,000
CALPINE CORP Common 131347956 1,980 300,000 SH Put Sole 300,000
CENDANT CORP Common 151313953 3,151 172,000 SH Put Sole 172,000
CHUBB CORP Common 171232951 2,400 40,000 SH Put Sole 40,000
CISCO SYS INC Common 17275R952 2,351 140,000 SH Put Sole 140,000
DISNEY WALT CO Common 254687956 4,938 250,000 SH Put Sole 250,000
DU PONT E I DE Common 263534959 4,164 100,000 SH Put Sole 100,000
NEMOURS & CO
FEDERATED DEPT Common 31410H951 3,685 100,000 SH Put Sole 100,000
STORES INC DEL
FORD MTR CO DEL Common 345370950 1,099 100,000 SH Put Sole 100,000
GAP INC DEL Common 364760958 3,752 200,000 SH Put Sole 200,000
------------
TOTAL $ 61,111
------------
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
GENERAL MTRS CORP Common 370442955 1,440 40,000 SH Put Sole 40,000
INTERNATIONAL Common 459200951 4,950 60,000 SH Put Sole 60,000
BUSINESS MACHS
INTL PAPER CO Common 460146953 3,573 100,000 SH Put Sole 100,000
MONSANTO CO NEW Common 61166W951 2,164 100,000 SH Put Sole 100,000
MOTOROLA INC Common 620076959 566 60,000 SH Put Sole 60,000
NORTEL NETWORKS Common 656568952 540 200,000 SH Put Sole 200,000
CORP NEW
PFIZER INC Common 717081953 8,538 250,000 SH Put Sole 250,000
PHELPS DODGE CORP Common 717265952 5,559 145,000 SH Put Sole 145,000
PLACER DOME INC Common 725906901 4,908 400,000 SH Call Sole 400,000
QUALCOMM INC Common 747525953 1,438 40,000 SH Put Sole 40,000
SCHERING PLOUGH Common 806605951 2,232 120,000 SH Put Sole 120,000
CORP
SCHLUMBERGER LTD Common 806857958 4,757 100,000 SH Put Sole 100,000
SEARS ROEBUCK & CO Common 812387958 2,018 60,000 SH Put Sole 60,000
SOUTHWEST AIRLS CO Common 844741958 2,580 150,000 SH Put Sole 150,000
SUNOCO INC Common 86764P909 6,416 170,000 SH Call Sole 170,000
------------
TOTAL $ 51,679
------------
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
TEXAS INSTRS INC Common 882508954 1,760 100,000 SH Put Sole 100,000
TIFFANY & CO NEW Common 886547958 3,922 120,000 SH Put Sole 120,000
TYCO INTL LTD NEW Common 902124906 380 20,000 SH Call Sole 20,000
TYCO INTL LTD NEW Common 902124956 6,263 330,000 SH Put Sole 330,000
UNION PAC CORP Common 907818958 5,802 100,000 SH Put Sole 100,000
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TOTAL $ 18,127
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AGGREGATE TOTAL $ 6,977,470
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Page 19 of 19 Pages