FORM 13F

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended March 31, 2008

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
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Signature, Place, and Date of Signing: 

/s/ Gary W. Garson
------------------------------------------------------------------------------
(Signature)


Place: 667 Madison Avenue New York New York 10065
------------------------------------------------------------------------------
 (Street) (City) (State) (Zip)

Date: May 13, 2008
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Page 1 of 23

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.

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: 251

Form 13F Information Table Value Total: $16,712.3 (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 27,703 350,000 SH Sole 350,000

ACCENTURE LTD Common G1150G111 19,910 566,100 SH Sole 566,100
BERMUDA

AFFILIATED COMPUTER Common 008190100 29,026 579,250 SH Sole 579,250
SERVICES

AFTERMARKET Common 008318107 240 12,350 SH Sole 12,350
TECHNOLOGY CORP

ALCATEL-LUCENT- Common 013904305 1,645 285,602 SH Sole 285,602
SPONSORED ADR

ALCOA INC Common 013817101 4,688 130,000 SH Sole 130,000

ALLEGHENY ENERGY Common 017361106 254 5,020 SH Sole 5,020

ALLSTATE CORP Common 020002101 3,514 73,125 SH Sole 73,125

AMERICAN ELEC PWR Common 025537101 1,807 43,400 SH Sole 43,400
INC

AMERICAN EQUITY INVT Common 025676206 576 62,025 SH Sole 62,025
LIFE HL

AMERICAN EXPRESS CO Common 025816109 1,127 25,780 SH Sole 25,780

AMERICAN Common 026874107 3,374 78,000 SH Sole 78,000
INTERNATIONAL GROUP

AMERICAN NATL INS CO Common 028591105 2,505 23,475 SH Sole 23,475
 --------------
 TOTAL $ 96,369
 --------------


 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

AMERISOURCEBERGEN Common 03073E105 760 18,550 SH Sole 18,550
CORP

AMGEN INC Common 031162100 30,084 720,050 SH Sole 720,050

ANADARKO PETE CORP Common 032511107 10,085 160,000 SH Sole 160,000

ANHEUSER BUSCH COS Common 035229103 558 11,750 SH Sole 11,750
INC

APACHE CORP Common 037411105 2,900 24,000 SH Sole 24,000

APEX SILVER MINES LTD Common G04074103 2,150 177,406 SH Sole 177,406


AQUILA INC Common 03840P102 956 297,750 SH Sole 297,750

ARGO GROUP Common G0464B107 369 10,375 SH Sole 10,375
INTERNATIONAL

ARVINMERITOR INC Common 043353101 265 21,150 SH Sole 21,150

AURIZON MINES LTD Common 05155P106 2,529 536,305 SH Sole 536,305

AVIS BUDGET GROUP Common 053774105 10,442 983,200 SH Sole 983,200
INC

BANK NEW YORK Common 064058100 2,620 62,786 SH Sole 62,786
MELLON CORPORATION,
THE

BANK OF AMERICA Common 060505104 10,971 289,400 SH Sole 289,400
CORPORATION
 --------------
 TOTAL $ 74,689
 --------------


 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

BARRICK GOLD CORP Common 067901108 15,530 357,426 SH Sole 357,426

BEARINGPOINT INC Common 074002106 48 28,825 SH Sole 28,825

BLACK & DECKER CORP Common 091797100 3,166 47,900 SH Sole 47,900

BLOUNT INTERNATIONAL Common 095180105 231 18,700 SH Sole 18,700
INC

BOARDWALK PIPELINE Common 096627104 1,310,633 53,256,122 SH Sole 53,256,122
PARTNERS

BOWNE & CO INC Common 103043105 202 13,275 SH Sole 13,275

BRISTOL MYERS SQUIBB Common 110122108 775 36,400 SH Sole 36,400
CO

BRUSH ENGINEERED Common 117421107 4,210 164,000 SH Sole 164,000
MATERIALS

CAMECO CORP Common 13321L108 7,412 225,000 SH Sole 225,000

CAPITAL ONE FINL CORP Common 14040H105 1,552 31,525 SH Sole 31,525

CARTER INC Common 146229109 285 17,625 SH Sole 17,625

CATERPILLAR INC DEL Common 149123101 877 11,200 SH Sole 11,200

CBS CORP Common 124857202 552 25,000 SH Sole 25,000
 --------------
 TOTAL $ 1,345,473
 --------------


 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

CHEMICAL FINANCIAL Common 163731102 545 22,850 SH Sole 22,850
CORP

CIBER INC Common 17163B102 446 90,975 SH Sole 90,975

CIT GROUP INC Common 125581108 3,792 320,000 SH Sole 320,000

CITIGROUP INC Common 172967101 15,120 705,880 SH Sole 705,880

CLEVELAND CLIFFS INC Common 185896107 8,387 70,000 SH Sole 70,000

CNA FINL CORP Common 126117100 6,227,867 241,483,773 SH Sole 241,483,773

COCA COLA CO Common 191216100 219 3,600 SH Sole 3,600

COMCAST CORP NEW Common 20030N101 864 44,715 SH Sole 44,715

COMCAST CORP NEW Common 20030N200 22,088 1,164,350 SH Sole 1,164,350

COMERICA INC Common 200340107 422 12,025 SH Sole 12,025

COMPUTER ASSOC INTL Common 12673P105 1,019 45,272 SH Sole 45,272
INC

CONEXANT SYSTEMS Common 207142100 877 1,512,000 SH Sole 1,512,000
 --------------
 TOTAL $ 6,281,646
 --------------


 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

CONSECO INC Common 208464883 286 28,075 SH Sole 28,075

CONSOL ENERGY INC Common 20854P109 19,395 280,321 SH Sole 280,321

CON-WAY INC Common 205944101 221 4,475 SH Sole 4,475

COUNTRYWIDE Common 222372104 203 36,875 SH Sole 36,875
FINANCIAL CORP

COVAD Common 222814204 1,604 1,638,000 SH Sole 1,638,000
COMMUNICATIONS

D R HORTON INC Common 23331A109 4,174 265,000 SH Sole 265,000

DEL MONTE FOODS CO Common 24522P103 411 43,100 SH Sole 43,100

DELPHI FINL GROUP INC Common 247131105 272 9,293 SH Sole 9,293

DIAGEO P L C Common 25243Q205 512 6,300 SH Sole 6,300

DIAMOND OFFSHORE Common 25271C102 8,160,178 70,104,620 SH Sole 70,104,620
DRILLING INC

DIAMONDS TR Common 252787106 45,900 375,000 SH Sole 375,000

DISCOVERY HOLDING Common 25468Y107 2,122 100,000 SH Sole 100,000
CO-A W/I

DISNEY WALT CO Common 254687106 3,452 110,000 SH Sole 110,000
 --------------
 TOTAL $ 8,238,730
 --------------


 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 20,890 500,000 SH Sole 500,000

DU PONT E I DE Common 263534109 1,870 40,000 SH Sole 40,000
NEMOURS & CO

DYNEGY INC NEW Common 26817G102 21,212 2,688,450 SH Sole 2,688,450

E M C CORP MASS Common 268648102 514 35,850 SH Sole 35,850

ELECTRONIC DATA SYS Common 285661104 2,331 140,000 SH Sole 140,000
NEW

ENSCO INTL INC Common 26874Q100 4,383 70,000 SH Sole 70,000

EXELON CORP Common 30161N101 1,057 13,000 SH Sole 13,000

EXETER RESOURCE Common 301835104 831 191,100 SH Sole 191,100

EXPRESSJET HOLDINGS Common 30218U108 47 17,975 SH Sole 17,975
INC

FBL FINANCIAL GROUP Common 30239F106 323 11,350 SH Sole 11,350
INC-CL A

FEDERAL HOME LN MTG Common 313400301 1,672 66,050 SH Sole 66,050
CORP

FEDERAL NATL MTG Common 313586109 1,669 63,400 SH Sole 63,400
ASSN

FINCL SELECT SECTOR Common 81369Y605 3,109 125,000 SH Sole 125,000
SPDR TR
 --------------
 TOTAL $ 59,908
 --------------


 Page 9 of 23 Pages


Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
 Title Shares or Voting Authority(Shares)
 of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None

FIRST AMERN CORP CALIFCommon 318522307 342 10,075 SH Sole 10,075

FOMENTO ECONOMICO Common 344419106 371 8,880 SH Sole 8,880
MEXICANO SA

GAMMON GOLD INC Common 36467T106 2,249 299,500 SH Sole 299,500

GENERAL ELEC CO Common 369604103 2,745 74,181 SH Sole 74,181

GOLDCORP INC NEW Common 380956409 2,325 60,000 SH Sole 60,000

GOLDEN STAR Common 38119T104 1,737 507,820 SH Sole 507,820
RESOURCES LTD

GOOGLE INC-CL A Common 38259P508 344 780 SH Sole 780

GRIFFON CORPORATION Common 398433102 451 52,425 SH Sole 52,425

HANGER ORTHOPEDIC Common 41043F208 289 26,800 SH Sole 26,800
GROUP INC

HARTFORD FINANCIAL Common 416515104 3,410 45,000 SH Sole 45,000
SVCS GRP

HOME DEPOT INC Common 437076102 6,592 235,675 SH Sole 235,675

IAMGOLD CORPORATION Common 450913108 2,629 354,633 SH Sole 354,633

IKANOS Common 45173E105 1,403 307,000 SH Sole 307,000
COMMUNICATIONS INC
 --------------
 TOTAL $ 24,887
 --------------


 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

IMA EXPLORATION INC Common 449664101 223 571,886 SH Sole 571,886

IMS HEALTH INC Common 449934108 5,042 240,000 SH Sole 240,000

INDYMAC BANCORP INC Common 456607100 65 13,200 SH Sole 13,200

INGERSOLL-RAND Common G4776G101 1,526 34,240 SH Sole 34,240
COMPANY LTD

INTERNATIONAL Common 459200101 9,583 83,230 SH Sole 83,230
BUSINESS MACHS

IPC HLDGS LTD Common G4933P101 546 19,500 SH Sole 19,500

ISHARES INC MSCI Common 464286848 37,110 3,000,000 SH Sole 3,000,000
JAPAN

J P MORGAN CHASE & CO Common 46625H100 912 21,225 SH Sole 21,225

JAGUAR MINING INC Common 47009M103 1,601 147,000 SH Sole 147,000

JDS UNIPHASE CORP Common 46612J507 4,687 350,000 SH Sole 350,000

JOHNSON & JOHNSON Common 478160104 2,068 31,875 SH Sole 31,875

JONES APPAREL GROUP Common 480074103 381 28,400 SH Sole 28,400
INC

JOY GLOBAL INC Common 481165108 13,032 200,000 SH Sole 200,000
 --------------
 TOTAL $ 76,776
 --------------


 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

KB HOME Common 48666K109 618 25,000 SH Sole 25,000

KELLY SERVICES INC - Common 488152208 612 29,775 SH Sole 29,775
CL A

KIMBER RESOURCES INC Common 49435N101 1,019 641,515 SH Sole 641,515

L-3 COMMUNICATIONS Common 502424104 432 3,950 SH Sole 3,950
HLDGS INC

LEAR CORP Common 521865105 1,677 64,725 SH Sole 64,725

LEHMAN BROS HLDGS INC Common 524908100 620 16,475 SH Sole 16,475

LEXMARK INTL NEW Common 529771107 5,069 165,000 SH Sole 165,000

LIBERTY MEDIA CORP Common 53071M500 1,358 60,000 SH Sole 60,000
ENT SER A

LIBERTY GLOBAL INC-A Common 530555101 3,203 93,991 SH Sole 93,991

LIBERTY GLOBAL INC-C Common 530555309 1,399 43,068 SH Sole 43,068

LIBERTY MEDIA- Common 53071M104 1,211 75,000 SH Sole 75,000
INTERACTIVE A

LINCOLN NATL CORP IND Common 534187109 3,900 75,000 SH Sole 75,000

LOUISIANA-PACIFIC CORPCommon 546347105 4,002 436,000 SH Sole 436,000
 --------------
 TOTAL $ 25,120
 --------------


 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

LOWES COS INC Common 548661107 6,093 265,600 SH Sole 265,600

MAGNA INTL INC Common 559222401 895 12,400 SH Sole 12,400

MEDIACOM Common 58446K105 866 200,000 SH Sole 200,000
COMMUNICATIONS CORP

MEDTRONIC INC Common 585055106 2,902 60,000 SH Sole 60,000

METALLICA RESOURCES Common 59125J104 2,572 436,358 SH Sole 436,358
INC

MI DEVELOPMENTS INC- Common 55304X104 554 19,300 SH Sole 19,300
CLASS A

MICROSOFT CORP Common 594918104 40,926 1,442,080 SH Sole 1,442,080

MIDWAY GOLD CORP Common 598153104 568 197,679 SH Sole 197,679

MINDSPEED Common 602682106 535 1,114,000 SH Sole 1,114,000
TECHNOLOGIES INC

MINEFINDERS CORP Common 602900102 1,228 100,811 SH Sole 100,811

MIRANT CORP Common 60467R100 3,639 100,000 SH Sole 100,000

MORGAN STANLEY Common 617446448 908 19,875 SH Sole 19,875

MOTOROLA INC Common 620076109 999 107,460 SH Sole 107,460
 --------------
 TOTAL $ 62,685
 --------------


 Page 13 of 23 Pages


Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
 Title Shares or Voting Authority(Shares)
 of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None

NEW GOLD INC Common 644535106 2,628 375,451 SH Sole 375,451

NEWS CORP INC Common 65248E203 4,284 225,000 SH Sole 225,000

NEWS CORP INC Common 65248E104 4,695 250,414 SH Sole 250,414

NORTHERN TR CORP Common 665859104 592 8,900 SH Sole 8,900

NORTHROP GRUMMAN Common 666807102 1,255 16,125 SH Sole 16,125
CORP

NORTHWEST AIRLINES Common 667280408 166 18,420 SH Sole 18,420
CORP

NORTHWESTERN CORP Common 668074305 4,094 168,000 SH Sole 168,000

NRG ENERGY INC Common 629377508 9,212 236,260 SH Sole 236,260

OCCIDENTAL Common 674599105 5,122 70,000 SH Sole 70,000
PETROLEUM CORP

OLD REP INTL CORP Common 680223104 481 37,250 SH Sole 37,250

ORACLE CORP Common 68389X105 11,736 600,000 SH Sole 600,000

OWENS CORNING INC Common 690742101 3,626 200,000 SH Sole 200,000
 --------------
 TOTAL $ 47,891
 --------------


 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

PEABODY ENERGY Common 704549104 12,750 250,000 SH Sole 250,000

PENNEY J C INC Common 708160106 371 9,825 SH Sole 9,825

PFIZER INC Common 717081103 2,728 130,350 SH Sole 130,350

PHARMACEUTICAL Common 71712A206 3,313 47,500 SH Sole 47,500
HLDRS TR

PHH CORP Common 693320202 380 21,825 SH Sole 21,825

PIKE ELECTRIC CORP Common 721283109 437 31,375 SH Sole 31,375

PIONEER NAT RES CO Common 723787107 4,421 90,000 SH Sole 90,000

PLANTRONICS INC NEW Common 727493108 356 18,450 SH Sole 18,450

POPULAR INC Common 733174106 587 50,350 SH Sole 50,350

PRIMUS GUARANTY LTD Common G72457107 1,432 400,000 SH Sole 400,000

PULTE HOMES INC Common 745867101 1,455 100,000 SH Sole 100,000

RADIO ONE INC Common 75040P405 77 50,700 SH Sole 50,700
 --------------
 TOTAL $ 28,307
 --------------


 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

RAYTHEON CO Common 755111507 4,523 70,000 SH Sole 70,000

REGIS CORP Common 758932107 515 18,725 SH Sole 18,725

RENAISSANCE RE Common G7496G103 1,344 25,900 SH Sole 25,900
HLDGS LTD

RENT A CTR INC NEW Common 76009N100 1,568 85,425 SH Sole 85,425

RF MICRODEVICES INC Common 749941100 870 327,000 SH Sole 327,000

ROCKWELL Common 773903109 1,148 20,000 SH Sole 20,000
AUTOMATION INC

ROWAN COS INC Common 779382100 1,853 45,000 SH Sole 45,000

SAIC INC Common 78390X101 2,789 150,000 SH Sole 150,000

SANGAMO BIOSCIENCES Common 800677106 326 32,097 SH Sole 32,097
INC

SARA LEE CORP Common 803111103 349 24,945 SH Sole 24,945

SCANA CORP NEW Common 80589M102 527 14,405 SH Sole 14,405

SCHWEITZER-MAUDUIT Common 808541106 506 21,875 SH Sole 21,875
INTL INC

SEAGATE TECHNOLOGY Common G7945J104 1,256 60,000 SH Sole 60,000
 --------------
 TOTAL $ 17,574
 --------------


 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

SEALY CORP Common 812139301 310 40,775 SH Sole 40,775

SEMPRA ENERGY Common 816851109 4,983 93,525 SH Sole 93,525

SILICON IMAGE INC Common 82705T102 1,804 360,000 SH Sole 360,000

SLM CORP Common 78442P106 9,205 599,700 SH Sole 599,700

SMURFIT-STONE Common 832727101 2,164 281,000 SH Sole 281,000
CONTAINER CORP

SPRINT NEXTEL Common 852061100 682 101,950 SH Sole 101,950
CORPORATION

STEWART INFORMATION Common 860372101 212 7,575 SH Sole 7,575
SERVICES

STILLWATER MNG CO Common 86074Q102 2,450 158,373 SH Sole 158,373

TALISMAN ENERGY INC Common 87425E103 5,045 285,000 SH Sole 285,000

TARGET CORP Common 87612E106 5,068 100,000 SH Sole 100,000

TECH DATA CORP Common 878237106 498 15,175 SH Sole 15,175

TEXTRON INC Common 883203101 432 7,800 SH Sole 7,800

THORATEC CORP Common 885175307 6,002 420,000 SH Sole 420,000
 --------------
 TOTAL $ 38,855
 --------------


 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

TIME WARNER CABLE-A Common 88732J108 1,474 59,000 SH Sole 59,000

TIME WARNER INC Common 887317105 2,804 200,000 SH Sole 200,000

TITAN INTERNATIONAL INCommon 88830M102 13,315 435,000 SH Sole 435,000

TJX COS INC NEW Common 872540109 919 27,800 SH Sole 27,800

TORCHMARK CORP Common 891027104 980 16,300 SH Sole 16,300

TREX COMPANY INC Common 89531P105 5,538 702,825 SH Sole 702,825

TYCO ELECTRONICS Common G9144P105 8,837 257,501 SH Sole 257,501
LTD-W/I

TYCO INTL LTD NEW Common G9143X208 13,215 300,001 SH Sole 300,001

ULTRAPETROL Common P94398107 2,419 236,208 SH Sole 236,208
(BAHAMAS) LTD

UNILEVER N V Common 904784709 875 25,950 SH Sole 25,950

UNITED AMERICA Common 90933T109 607 31,525 SH Sole 31,525
INDEMNITY-A

UNITED STATIONERS INC Common 913004107 318 6,675 SH Sole 6,675

UNIVERSAL CORP VA Common 913456109 378 5,775 SH Sole 5,775
 --------------
 TOTAL $ 51,679
 --------------


 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

VALERO ENERGY CORP Common 91913Y100 3,560 72,500 SH Sole 72,500
NEW

VIAD CORP Common 92552R406 369 10,244 SH Sole 10,244

VODAFONE GROUP PLC Common 92857W209 4,648 157,500 SH Sole 157,500
NEW

WAL MART STORES INC Common 931142103 1,031 19,575 SH Sole 19,575

WELLS FARGO & CO Common 949746101 2,910 100,000 SH Sole 100,000

WESTERN DIGITAL CORP Common 958102105 9,734 360,000 SH Sole 360,000

WHIRLPOOL CORP Common 963320106 1,559 17,968 SH Sole 17,968

WHITING PETE CORP Common 966387102 1,940 30,000 SH Sole 30,000
NEW

WHOLE FOODS MKT INC Common 966837106 3,297 100,000 SH Sole 100,000

WIDEPOINT CORP Common 967590100 1,260 1,000,000 SH Sole 1,000,000

WILLIAMS COS INC DEL Common 969457100 1,075 32,600 SH Sole 32,600

WILLIAMS PIPELINE Common 96950K103 3,445 197,400 SH Sole 197,400
PARTNERS

WISCONSIN ENERGY Common 976657106 856 19,450 SH Sole 19,450
CORP

WYETH Common 983024100 1,400 33,520 SH Sole 33,520
 --------------
 TOTAL $ 37,084
 --------------


 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

XERIUM TECHNOLOGIES Common 98416J100 645 500,000 SH Sole 500,000
INC

XEROX CORP Common 984121103 26,897 1,796,700 SH Sole 1,796,700

XL CAP LTD Common G98255105 759 25,675 SH Sole 25,675

ZHONE TECHNOLOGIES Common 98950P108 1,296 1,322,000 SH Sole 1,322,000
INC

ZOLTEK COMPANIES INC Common 98975W104 19,094 720,000 SH Sole 720,000
 ---------------
 TOTAL $ 48,691
 ---------------


 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 88579Y901 4,749 60,000 SH Call Sole 60,000

3M CO Common 88579Y951 4,749 60,000 SH Put Sole 60,000

ALLSTATE CORP Common 020002951 4,806 100,000 SH Put Sole 100,000

AUTOMATIC DATA Common 053015953 4,239 100,000 SH Put Sole 100,000
PROCESSING

BANK NEW YORK Common 064058950 1,310 31,400 SH Put Sole 31,400
MELLON CORPORATION,
THE

BARRICK GOLD CORP Common 067901908 6,083 140,000 SH Call Sole 140,000

BARRICK GOLD CORP Common 067901958 4,345 100,000 SH Put Sole 100,000

BEAR STEARNS COS INC Common 073902958 1,049 100,000 SH Put Sole 100,000

BED BATH & BEYOND Common 075896950 2,950 100,000 SH Put Sole 100,000
INC

BLACK & DECKER CORP Common 091797950 3,966 60,000 SH Put Sole 60,000

BROCADE Common 111621906 1,460 200,000 SH Call Sole 200,000
COMMUNICATIONS SYS
INC

BROCADE Common 111621956 1,460 200,000 SH Put Sole 200,000
COMMUNICATIONS SYS
INC

CLEVELAND CLIFFS INC Common 185896957 11,982 100,000 SH Put Sole 100,000
 --------------
 TOTAL $ 53,148
 --------------


 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

D R HORTON INC Common 23331A959 1,260 80,000 SH Put Sole 80,000

DISNEY WALT CO Common 254687956 5,648 180,000 SH Put Sole 180,000

DU PONT E I DE Common 263534959 1,870 40,000 SH Put Sole 40,000
NEMOURS & CO

DYNEGY INC NEW Common 26817G902 631 80,000 SH Call Sole 80,000

DYNEGY INC NEW Common 26817G952 631 80,000 SH Put Sole 80,000

FORD MTR CO DEL Common 345370900 12,355 2,160,000 SH Call Sole 2,160,000

GENERAL ELEC CO Common 369604953 3,701 100,000 SH Put Sole 100,000

GOLDMAN SACHS Common 38141G904 3,308 20,000 SH Call Sole 20,000
GROUP INC

HOME DEPOT INC Common 437076952 5,594 200,000 SH Put Sole 200,000

JDS UNIPHASE CORP Common 46612J957 4,687 350,000 SH Put Sole 350,000

MEDTRONIC INC Common 585055956 2,902 60,000 SH Put Sole 60,000

MERRILL LYNCH & CO Common 590188958 4,074 100,000 SH Put Sole 100,000
INC

MICROSOFT CORP Common 594918954 3,406 120,000 SH Put Sole 120,000
 --------------
 TOTAL $ 50,067
 --------------


 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 2,703 77,600 SH Put Sole 77,600

MOTOROLA INC Common 620076909 2,232 240,000 SH Call Sole 240,000

NEWMONT MINING CORP Common 651639906 6,342 140,000 SH Call Sole 140,000

OWENS CORNING INC Common 690742951 725 40,000 SH Put Sole 40,000

PFIZER INC Common 717081953 1,289 61,600 SH Put Sole 61,600

SEAGATE TECHNOLOGY Common G7945J954 3,979 190,000 SH Put Sole 190,000

THE ST JOE COMPANY Common 790148950 4,293 100,000 SH Put Sole 100,000

UNITED PARCEL SERVICE Common 911312956 5,842 80,000 SH Put Sole 80,000
INC

UNITED STATES STL Common 912909958 7,612 60,000 SH Put Sole 60,000
CORP NEW

VULCAN MATERIALS CO Common 929160959 6,640 100,000 SH Put Sole 100,000

WELLS FARGO & CO Common 949746951 2,910 100,000 SH Put Sole 100,000

WHOLE FOODS MKT INC Common 966837956 3,956 120,000 SH Put Sole 120,000

ZOLTEK COMPANIES INC Common 98975W904 1,061 40,000 SH Call Sole 40,000

ZOLTEK COMPANIES INC Common 98975W954 3,182 120,000 SH Put Sole 120,000
 -------------
 TOTAL $ 52,766
 -------------
 AGGREGATE TOTAL $ 16,712,345
 =============


 Page 23 of 23 Pages

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