FORM 13F
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended September 30, 2004
Check here if Amendment: [ ]; Amendment Number:
-------
This Amendment:
[ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Loews Corporation
------------------------------------------------------------------------------
Address: 667 Madison Avenue New York New York 10021
------------------------------------------------------------------------------
(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
------------------------------------------------------------------------------
Title: General Counsel and Senior Vice President
------------------------------------------------------------------------------
Phone: 212-521-2932
------------------------------------------------------------------------------
Signature, Place, and Date of Signing:
/s/ Gary W. Garson
------------------------------------------------------------------------------
(Signature)
Place: 667 Madison Avenue New York New York 10021
------------------------------------------------------------------------------
(Street) (City) (State) (Zip)
Date: November 5, 2004
------------------------------------------------------------------------------
Page 1 of 17
Loews Corporation ("Loews"), by virtue of its approximately 91.3% ownership
of voting securities of CNA Financial Corporation whose business address is
CNA Plaza, Chicago, Illinois 60685 ("CNA"), may be deemed to have investment
discretion regarding certain securities (the "CNA Securities") as to which
investment discretion is deemed to be exercised by CNA. CNA is reporting on
behalf of Loews regarding the CNA Securities.
Report Type:
[ ] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[X] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager.
Form 13F File Number: 28-346
Name: CNA Financial Corporation
Page 2 of 17
FORM 13F SUMMARY PAGE
REPORT SUMMARY
Number of Other Included Managers: NONE.
Form 13F Information Table Entry Total: 195
Form 13F Information Table Value Total: $8,360.3 (Millions)
List of Other Included Managers: NONE.
Page 3 of 17
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
AES CORP Common 00130H105 205 20,500 SH Sole 20,500
AGILYSYS INC Common 00847J105 227 13,125 SH Sole 13,125
ALLSTATE CORP Common 020002101 908 18,925 SH Sole 18,925
AMBAC FINL GROUP Common 023139108 2,399 30,000 SH Sole 30,000
INC
AMEREN CORP Common 023608102 563 12,200 SH Sole 12,200
AMERICAN HOME MTG Common 02660R107 493 17,650 SH Sole 17,650
INVT CORP
AMERICAN NATL INS Common 028591105 2,272 23,475 SH Sole 23,475
CO
AMERICAN PHYSICIANS Common 028884104 514 16,800 SH Sole 16,800
CAPITAL
AMERUS GROUP CO Common 03072M108 279 6,800 SH Sole 6,800
ANADARKO PETE CORP Common 032511107 4,645 70,000 SH Sole 70,000
ANHEUSER BUSCH COS Common 035229103 739 14,800 SH Sole 14,800
INC
AON CORP Common 037389103 1,894 65,900 SH Sole 65,900
APPLICA INC Common 03815A106 81 20,000 SH Sole 20,000
ARVINMERITOR INC Common 043353101 442 23,575 SH Sole 23,575
ASHLAND INC Common 044204105 777 13,850 SH Sole 13,850
ASSURANT INC Common 04621X108 283 10,900 SH Sole 10,900
------------
TOTAL $ 16,721
------------
Page 4 of 17 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
AT&T WIRELESS SVCS Common 00209A106 6,873 465,000 SH Sole 465,000
INC
BANK NEW YORK INC Common 064057102 513 17,600 SH Sole 17,600
BANK OF AMERICA Common 060505104 714 16,479 SH Sole 16,479
CORPORATION
BARRICK GOLD CORP Common 067901108 7,530 357,900 SH Sole 357,900
BEARINGPOINT INC Common 074002106 1,538 172,025 SH Sole 172,025
BEAZER HOMES USA Common 07556Q105 2,138 20,000 SH Sole 20,000
INC
BECKMAN COULTER INC Common 075811109 561 10,000 SH Sole 10,000
BECTON DICKINSON & Common 075887109 517 10,000 SH Sole 10,000
CO
BOEING CO Common 097023105 1,734 33,600 SH Sole 33,600
BOWNE & CO INC Common 103043105 324 24,925 SH Sole 24,925
BP PLC Common 055622104 788 13,700 SH Sole 13,700
BRISTOL MYERS Common 110122108 373 15,775 SH Sole 15,775
SQUIBB CO
BURLINGTON RES INC Common 122014103 1,224 30,000 SH Sole 30,000
CABLEVISION SYS Common 12686C109 1,975 97,400 SH Sole 97,400
CORP
CABOT OIL & GAS Common 127097103 2,694 60,000 SH Sole 60,000
CORP
------------
TOTAL $ 29,496
------------
Page 5 of 17 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
CAPSTONE TURBINE Common 14067D102 153 100,000 SH Sole 100,000
CORP
CENTEX CORP Common 152312104 3,028 60,000 SH Sole 60,000
CHEVRONTEXACO CORP Common 166764100 536 10,000 SH Sole 10,000
CHICOS FAS INC Common 168615102 684 20,000 SH Sole 20,000
CIGNA CORP Common 125509109 710 10,200 SH Sole 10,200
CINERGY CORP Common 172474108 1,224 30,900 SH Sole 30,900
CIT GROUP INC Common 125581108 1,130 30,225 SH Sole 30,225
CITIGROUP INC Common 172967101 4,666 105,750 SH Sole 105,750
CNA FINL CORP Common 126117100 5,609,229 233,620,515 SH Sole 233,620,515
CNF INC Common 12612W104 1,310 31,950 SH Sole 31,950
COCA COLA CO Common 191216100 392 9,800 SH Sole 9,800
COMCAST CORP NEW Common 20030N201 808 28,600 SH Sole 28,600
COMCAST CORP NEW Common 20030N200 26,524 950,000 SH Sole 950,000
COMPUTER ASSOC INTL Common 204912109 1,553 59,050 SH Sole 59,050
INC
CONOCOPHILLIPS Common 20825C104 2,933 35,400 SH Sole 35,400
COOPER INDS LTD Common G24182100 823 13,950 SH Sole 13,950
CYTEC INDS INC Common 232820100 1,018 20,800 SH Sole 20,800
------------
TOTAL $ 5,656,721
------------
Page 6 of 17 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
D R HORTON INC Common 23331A109 662 20,000 SH Sole 20,000
DEL MONTE FOODS CO Common 24522P103 256 24,400 SH Sole 24,400
DELPHI FINL GROUP Common 247131105 322 8,012 SH Sole 8,012
INC
DEX MEDIA INC Common 25212E100 1,126 53,200 SH Sole 53,200
DIAGEO P L C Common 25243Q205 1,654 32,800 SH Sole 32,800
DIAMOND OFFSHORE Common 25271C102 2,312,751 70,104,620 SH Sole 70,104,620
DRILLING INC
DILLARDS INC Common 254067101 233 11,825 SH Sole 11,825
DISNEY WALT CO Common 254687106 1,502 66,600 SH Sole 66,600
DONNELLEY R R & Common 257867101 4,041 129,036 SH Sole 129,036
SONS CO
ENTERGY CORP NEW Common 29364G103 2,085 34,400 SH Sole 34,400
EXELON CORP Common 30161N101 781 21,300 SH Sole 21,300
EXPRESSJET HOLDINGS Common 30218U108 441 44,100 SH Sole 44,100
INC
F M C CORP Common 302491303 702 14,450 SH Sole 14,450
FEDERAL HOME LN MTG Common 313400301 1,530 23,450 SH Sole 23,450
CORP
FEDERAL NATL MTG Common 313586109 702 11,075 SH Sole 11,075
ASSN
------------
TOTAL $ 2,328,788
------------
Page 7 of 17 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
FEDERATED DEPT Common 31410H101 1,136 25,000 SH Sole 25,000
STORES INC DEL
FMC TECHNOLOGIES Common 30249U101 912 27,300 SH Sole 27,300
INC
FORD MTR CO DEL Common 345370860 281 20,000 SH Sole 20,000
FREESCALE Common 35687M107 7,150 500,000 SH Sole 500,000
SEMICONDUCTOR-A
GARDNER DENVER INC Common 365558105 394 14,300 SH Sole 14,300
GENERAL CABLE CORP Common 369300108 381 35,800 SH Sole 35,800
DEL NEW
GENERAL ELEC CO Common 369604103 782 23,300 SH Sole 23,300
GENERAL MARITIME Common Y2692M103 975 28,000 SH Sole 28,000
CORP
GENESIS HEALTHCARE Common 37184D101 11,757 386,600 SH Sole 386,600
CORP
GLAMIS GOLD LTD Common 376775102 749 40,000 SH Sole 40,000
GLAXOSMITHKLINE Common 37733W105 1,312 30,000 SH Sole 30,000
PLC-ADR
GLENBOROUGH RLTY TR Common 37803P105 216 10,400 SH Sole 10,400
INC
GLIMCHER RLTY TR Common 379302102 309 12,700 SH Sole 12,700
------------
TOTAL $ 26,354
------------
Page 8 of 17 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 70 13,900 SH Sole 13,900
GROUP INC
HEALTH NET INC Common 42222G108 1,397 56,525 SH Sole 56,525
HEINZ H J CO Common 423074103 720 20,000 SH Sole 20,000
HEWLETT PACKARD CO Common 428236103 1,406 75,000 SH Sole 75,000
HONDA MOTOR LTD Common 438128308 1,284 52,700 SH Sole 52,700
HORACE MANN Common 440327104 335 19,075 SH Sole 19,075
EDUCATORS
INTERNATIONAL GAME Common 459902102 360 10,000 SH Sole 10,000
TECHNOLOGY
IONICS INC Common 462218108 500 18,500 SH Sole 18,500
IPC HLDGS LTD Common G4933P101 1,550 40,775 SH Sole 40,775
ISHARES INC Common 464286848 7,760 800,000 SH Sole 800,000
J P MORGAN CHASE & Common 46625H100 397 10,000 SH Sole 10,000
CO
JANUS CAP GROUP INC Common 47102X105 333 24,500 SH Sole 24,500
KENNAMETAL INC Common 489170100 228 5,050 SH Sole 5,050
KRISPY KREME Common 501014104 253 20,000 SH Sole 20,000
DOUGHNUTS INC
LABORATORY CORP Common 50540R409 1,006 23,000 SH Sole 23,000
AMER HLDGS
------------
TOTAL $ 17,599
------------
Page 9 of 17 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
LEAR CORP Common 521865105 1,161 21,325 SH Sole 21,325
LIBERTY MEDIA CORP Common 530718105 4,567 523,700 SH Sole 523,700
NEW
LIBERTY MEDIA INTL Common 530719103 625 18,746 SH Sole 18,746
INC-A
LINCOLN NATL CORP Common 534187109 1,880 40,000 SH Sole 40,000
IND
LOCKHEED MARTIN Common 539830109 368 6,600 SH Sole 6,600
CORP
MARSH & MCLENNAN Common 571748102 389 8,500 SH Sole 8,500
COS INC
MAXTOR CORP Common 577729205 3,640 700,000 SH Sole 700,000
MBIA INC Common 55262C100 557 9,575 SH Sole 9,575
MEDIACOM Common 58446K105 653 100,000 SH Sole 100,000
COMMUNICATIONS CORP
MEDTRONIC INC Common 585055106 2,076 40,000 SH Sole 40,000
METHANEX CORP Common 59151K108 2,103 139,700 SH Sole 139,700
METLIFE INC Common 59156R108 1,522 39,375 SH Sole 39,375
MICROSOFT CORP Common 594918104 15,481 559,900 SH Sole 559,900
MILACRON INC Common 598709103 98 31,500 SH Sole 31,500
MIRAMAR MINING CORP Common 60466E100 305 240,000 SH Sole 240,000
------------
TOTAL $ 35,425
------------
Page 10 of 17 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
MONEYGRAM Common 60935Y109 790 46,275 SH Sole 46,275
INTERNATIONAL-W/I
MORGAN STANLEY ASIA Common 61744U106 340 30,200 SH Sole 30,200
PAC FD INC
MULTIMEDIA GAMES Common 625453105 4,185 270,000 SH Sole 270,000
INC
NACCO INDS INC Common 629579103 263 3,050 SH Sole 3,050
NCI BUILDING SYS Common 628852105 349 10,925 SH Sole 10,925
INC
NEWELL RUBBERMAID Common 651229106 1,202 60,000 SH Sole 60,000
INC
NEWS CORP LTD Common 652487703 3,287 100,000 SH Sole 100,000
NEWS CORP LTD Common 652487802 3,638 116,107 SH Sole 116,107
NISOURCE INC Common 65473P105 1,775 84,500 SH Sole 84,500
NORTHERN TR CORP Common 665859104 628 15,400 SH Sole 15,400
NOVOGEN LIMITED Common 67010F103 193 10,575 SH Sole 10,575
NUCOR CORP Common 670346105 503 5,500 SH Sole 5,500
OHIO CAS CORP Common 677240103 285 13,625 SH Sole 13,625
OLD REP INTL CORP Common 680223104 2,623 104,800 SH Sole 104,800
PAPA JOHNS INTL INC Common 698813102 301 9,825 SH Sole 9,825
------------
TOTAL $ 20,362
------------
Page 11 of 17 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
PAYLESS SHOESOURCE Common 704379106 664 65,550 SH Sole 65,550
INC
PFIZER INC Common 717081103 719 23,500 SH Sole 23,500
PG&E CORP Common 69331C108 1,894 62,300 SH Sole 62,300
PIONEER NAT RES CO Common 723787107 896 26,000 SH Sole 26,000
PLACER DOME INC Common 725906101 6,101 306,900 SH Sole 306,900
PNM RES INC Common 69349H107 317 14,100 SH Sole 14,100
PROTECTIVE LIFE Common 743674103 589 14,975 SH Sole 14,975
CORP
PULTE HOMES INC Common 745867101 5,523 90,000 SH Sole 90,000
R H DONNELLEY CORP Common 74955W307 475 9,625 SH Sole 9,625
RADIAN GROUP INC Common 750236101 483 10,450 SH Sole 10,450
RAYTHEON CO Common 755111507 5,127 135,000 SH Sole 135,000
RENAISSANCE RE Common G7496G103 2,476 48,000 SH Sole 48,000
HLDGS LTD
ROBBINS & MYERS INC Common 770196103 246 11,200 SH Sole 11,200
SANDISK CORP Common 80004C101 2,330 80,000 SH Sole 80,000
SARA LEE CORP Common 803111103 3,145 137,575 SH Sole 137,575
SCANA CORP NEW Common 80589M102 1,247 33,400 SH Sole 33,400
------------
TOTAL $ 32,232
------------
Page 12 of 17 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 286 8,825 SH Sole 8,825
INTL INC
SONIC AUTOMOTIVE Common 83545G102 1,003 50,000 SH Sole 50,000
INC
SPHERION CORP Common 848420105 305 39,000 SH Sole 39,000
SPRINT CORP Common 852061100 7,105 352,950 SH Sole 352,950
SUNTERRA CORP Common 86787D208 2,649 278,000 SH Sole 278,000
TEJON RANCH CO DEL Common 879080109 335 8,900 SH Sole 8,900
TELEWEST GLOBAL INC Common 87956T107 3,835 330,000 SH Sole 330,000
TEXTRON INC Common 883203101 501 7,800 SH Sole 7,800
THORATEC CORP Common 885175307 3,752 390,000 SH Sole 390,000
TIME WARNER INC Common 887317105 3,228 200,000 SH Sole 200,000
TORCHMARK CORP Common 891027104 770 14,475 SH Sole 14,475
TRANSOCEAN INC Common G90078109 17,890 500,000 SH Sole 500,000
TRIARC COS INC Common 895927309 198 17,300 SH Sole 17,300
TRINITY INDS INC Common 896522109 309 9,900 SH Sole 9,900
TXU CORP Common 873168108 5,990 125,000 SH Sole 125,000
UNION PAC CORP Common 907818108 1,050 17,925 SH Sole 17,925
UNITED NATL GROUP Common 91103X102 209 14,400 SH Sole 14,400
LTD
------------
TOTAL $ 49,415
------------
Page 13 of 17 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 752 20,000 SH Sole 20,000
CORP NEW
UNIVERSAL CORP VA Common 913456109 283 6,350 SH Sole 6,350
UNOCAL CORP Common 915289102 1,488 34,600 SH Sole 34,600
USF CORP Common 91729Q101 308 8,575 SH Sole 8,575
VALASSIS Common 918866104 429 14,500 SH Sole 14,500
COMMUNICATIONS INC
VALERO ENERGY CORP Common 91913Y100 3,128 39,000 SH Sole 39,000
NEW
VERIZON Common 92343V104 441 11,200 SH Sole 11,200
COMMUNICATIONS
VIAD CORP Common 92552R406 675 28,432 SH Sole 28,432
VINTAGE PETE INC Common 927460105 502 25,000 SH Sole 25,000
VODAFONE GROUP PLC Common 92857W100 4,292 178,000 SH Sole 178,000
NEW
WALTER INDUSTRIES Common 93317Q105 170 10,625 SH Sole 10,625
INC
WASHINGTON MUT INC Common 939322103 701 17,950 SH Sole 17,950
WESTERN DIGITAL Common 958102105 5,186 590,000 SH Sole 590,000
CORP
WHIRLPOOL CORP Common 963320106 1,370 22,800 SH Sole 22,800
WILLIAMS COS INC Common 969457100 1,441 119,100 SH Sole 119,100
DEL
------------
TOTAL $ 21,166
------------
Page 14 of 17 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
WISCONSIN ENERGY Common 976657106 1,303 40,850 SH Sole 40,850
CORP
XCEL ENERGY INC Common 98389B100 856 49,400 SH Sole 49,400
XL CAP LTD Common G98255105 1,091 14,750 SH Sole 14,750
YORK INTL CORP NEW Common 986670107 290 9,175 SH Sole 9,175
----------
TOTAL $ 3,540
----------
Page 15 of 17 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
AES CORP Common 00130H905 200 20,000 SH Call Sole 20,000
AES CORP Common 00130H955 999 100,000 SH Put Sole 100,000
AMERADA HESS CORP Common 023551954 7,120 80,000 SH Put Sole 80,000
BARRICK GOLD CORP Common 067901908 17,674 840,000 SH Call Sole 840,000
CENDANT CORP Common 151313953 3,715 172,000 SH Put Sole 172,000
D R HORTON INC Common 23331A959 1,656 50,000 SH Put Sole 50,000
DISNEY WALT CO Common 254687956 4,961 220,000 SH Put Sole 220,000
KRISPY KREME Common 501014954 253 20,000 SH Put Sole 20,000
DOUGHNUTS INC
MEDTRONIC INC Common 585055956 2,076 40,000 SH Put Sole 40,000
MICROSOFT CORP Common 594918954 14,378 520,000 SH Put Sole 520,000
MONSANTO CO NEW Common 61166W951 3,642 100,000 SH Put Sole 100,000
NEWELL RUBBERMAID Common 651229956 1,202 60,000 SH Put Sole 60,000
INC
PHELPS DODGE CORP Common 717265952 22,087 240,000 SH Put Sole 240,000
PLACER DOME INC Common 725906901 7,753 390,000 SH Call Sole 390,000
SANDISK CORP Common 80004C951 2,330 80,000 SH Put Sole 80,000
SARA LEE CORP Common 803111953 1,372 60,000 SH Put Sole 60,000
SEARS ROEBUCK & CO Common 812387958 2,391 60,000 SH Put Sole 60,000
------------
TOTAL $ 93,809
------------
Page 16 of 17 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
SUNOCO INC Common 86764P909 1,480 20,000 SH Call Sole 20,000
UNION PAC CORP Common 907818908 5,860 100,000 SH Call Sole 100,000
UNITED STATES STL Common 912909908 752 20,000 SH Call Sole 20,000
CORP NEW
UNITED STATES STL Common 912909958 14,296 380,000 SH Put Sole 380,000
CORP NEW
UNUMPROVIDENT CORP Common 91529Y956 6,276 400,000 SH Put Sole 400,000
----------
TOTAL $ 28,664
----------
AGGREGATE TOTAL $ 8,360,292
==========
Page 17 of 17 Pages