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, 2005

                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     10021
------------------------------------------------------------------------------
                  (Street)        (City)        (State)     (Zip)

Date:       May 11, 2005
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                                  Page 1 of 18

  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 18

                            FORM 13F SUMMARY PAGE

                                REPORT SUMMARY

Number of Other Included Managers:  NONE.

Form 13F Information Table Entry Total:  212

Form 13F Information Table Value Total:  $10,522.0 (millions)

List of Other Included Managers:  NONE.

                                  Page 3 of 18






                                                                                        
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


ACCENTURE LTD       Common G1150G111        555        23,000  SH                   Sole                  23,000
BERMUDA

AFTERMARKET         Common 008318107        199        12,050  SH                   Sole                  12,050
TECHNOLOGY CORP

ALLIANCE CAPITAL    Common 01855A101      2,358        50,000  SH                   Sole                  50,000
MGMT HOLD

ALLSTATE CORP       Common 020002101      1,023        18,925  SH                   Sole                  18,925

AMBAC FINL GROUP    Common 023139108      2,243        30,000  SH                   Sole                  30,000
INC

AMERICAN HOME MTG   Common 02660R107        337        11,775  SH                   Sole                  11,775
INVT CORP

AMERICAN            Common 026874107      2,549        46,000  SH                   Sole                  46,000
INTERNATIONAL GROUP

AMERICAN NATL INS   Common 028591105      2,486        23,475  SH                   Sole                  23,475
CO

AMERICAN PHYSICIANS Common 028884104        456        13,300  SH                   Sole                  13,300
 CAPITAL

AMERUS GROUP CO     Common 03072M108        315         6,675  SH                   Sole                   6,675

ANADARKO PETE CORP  Common 032511107      6,088        80,000  SH                   Sole                  80,000

AON CORP            Common 037389103      1,850        81,000  SH                   Sole                  81,000

APPLICA INC         Common 03815A106        101        20,000  SH                   Sole                  20,000

ARCH COAL INC       Common 039380100        645        15,000  SH                   Sole                  15,000
                                   ------------
                         TOTAL $         21,205
                                   ------------

                                                      Page 4 of 18 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


ARVINMERITOR INC    Common 043353101        500        32,325  SH                   Sole                  32,325

ASHLAND INC         Common 044204105        934        13,850  SH                   Sole                  13,850

AURIZON MINES LTD   Common 05155P106        299       282,100  SH                   Sole                 282,100

BANK NEW YORK INC   Common 064057102        511        17,600  SH                   Sole                  17,600

BANK OF AMERICA     Common 060505104      2,205        50,000  SH                   Sole                  50,000
CORPORATION

BARRICK GOLD CORP   Common 067901108      2,636       110,000  SH                   Sole                 110,000

BEARINGPOINT INC    Common 074002106      1,778       202,725  SH                   Sole                 202,725

BECKMAN COULTER INC Common 075811109        665        10,000  SH                   Sole                  10,000

BOEING CO           Common 097023105      1,964        33,600  SH                   Sole                  33,600

BOWNE & CO INC      Common 103043105        315        20,950  SH                   Sole                  20,950

BP PLC              Common 055622104        524         8,400  SH                   Sole                   8,400

BRISTOL MYERS       Common 110122108      6,562       257,750  SH                   Sole                 257,750
SQUIBB CO

BURLINGTON RES INC  Common 122014103      3,004        60,000  SH                   Sole                  60,000

CABLEVISION SYS     Common 12686C109      1,823        65,000  SH                   Sole                  65,000
CORP

CAMBIOR INC         Common 13201L103      2,088       962,139  SH                   Sole                 962,139

CENTEX CORP         Common 152312104      4,009        70,000  SH                   Sole                  70,000
                                   ------------
                         TOTAL $         29,817
                                   ------------

                                                      Page 5 of 18 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


CENTRAL EUROPE &    Common 153436100        338        11,200  SH                   Sole                  11,200
RUSSIA FUND

CIA DE MINAS        Common 204448104      1,219        53,500  SH                   Sole                  53,500
BUENAVENTUR-ADR

CIBER INC           Common 17163B102        406        55,900  SH                   Sole                  55,900

CIGNA CORP          Common 125509109        911        10,200  SH                   Sole                  10,200

CINERGY CORP        Common 172474108      1,463        36,100  SH                   Sole                  36,100

CIT GROUP INC       Common 125581108      1,149        30,225  SH                   Sole                  30,225

CITIGROUP INC       Common 172967101     12,127       269,850  SH                   Sole                 269,850

CLEVELAND CLIFFS    Common 185896107        364         5,000  SH                   Sole                   5,000
INC

CNA FINL CORP       Common 126117100  6,555,392   233,620,515  SH                   Sole             233,620,515

CNF INC             Common 12612W104        774        16,550  SH                   Sole                  16,550

COMCAST CORP NEW    Common 20030N200     21,569       645,000  SH                   Sole                 645,000

COMCAST CORP NEW    Common 20030N101      1,811        53,600  SH                   Sole                  53,600

COMMSCOPE INC       Common 203372107        183        12,250  SH                   Sole                  12,250

COMPUTER ASSOC INTL Common 204912109      1,600        59,050  SH                   Sole                  59,050
INC

CONOCOPHILLIPS      Common 20825C104      2,696        25,000  SH                   Sole                  25,000

CRYSTALLEX INTL     Common 22942F101        108        30,785  SH                   Sole                  30,785
CORP
                                   ------------
                         TOTAL $      6,602,110
                                   ------------

                                                      Page 6 of 18 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


CUMBERLAND          Common 23077R100        216       160,900  SH                   Sole                 160,900
RESOURCES LTD

D R HORTON INC      Common 23331A109        292        10,000  SH                   Sole                  10,000

DEL MONTE FOODS CO  Common 24522P103        479        44,175  SH                   Sole                  44,175

DELPHI FINL GROUP   Common 247131105        345         8,012  SH                   Sole                   8,012
INC

DEX MEDIA INC       Common 25212E100      1,099        53,200  SH                   Sole                  53,200

DIAGEO P L C        Common 25243Q205        882        15,500  SH                   Sole                  15,500

DIAMOND OFFSHORE    Common 25271C102  3,498,221    70,104,620  SH                   Sole              70,104,620
DRILLING INC

DISNEY WALT CO      Common 254687106      1,244        43,300  SH                   Sole                  43,300

DONNELLEY R R &     Common 257867101      4,080       129,036  SH                   Sole                 129,036
SONS CO

ECHOSTAR            Common 278762109        670        22,900  SH                   Sole                  22,900
COMMUNICATIONS NEW

EDUCATION REALTY    Common 28140H104        166        10,000  SH                   Sole                  10,000
TRUST INC

EMPRESA BRASILIERA  Common 29081M102      1,471        47,000  SH                   Sole                  47,000
DE AE-ADR

ENTERGY CORP NEW    Common 29364G103        360         5,100  SH                   Sole                   5,100

ESTERLINE           Common 297425100        225         6,500  SH                   Sole                   6,500
TECHNOLOGIES CORP
                                   ------------
                         TOTAL $      3,509,750
                                   ------------

                                                      Page 7 of 18 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


EXELON CORP         Common 30161N101      1,248        27,200  SH                   Sole                  27,200

EXPRESSJET HOLDINGS Common 30218U108        617        54,100  SH                   Sole                  54,100
INC

F M C CORP          Common 302491303        902        16,875  SH                   Sole                  16,875

FEDERAL HOME LN MTG Common 313400301      1,482        23,450  SH                   Sole                  23,450
CORP

FEDERAL NATL MTG    Common 313586109      1,119        20,550  SH                   Sole                  20,550
ASSN

FIRST AMERN CORP    Common 318522307        765        23,225  SH                   Sole                  23,225
CALIF

FOX ENTMT GROUP INC Common 35138T107        901        24,800  SH                   Sole                  24,800

FREESCALE           Common 35687M107      3,814       225,000  SH                   Sole                 225,000
SEMICONDUCTOR-A

GATX CORP           Common 361448103        203         6,125  SH                   Sole                   6,125

GENERAL CABLE CORP  Common 369300108        283        23,425  SH                   Sole                  23,425
DEL NEW

GENERAL ELEC CO     Common 369604103        840        23,300  SH                   Sole                  23,300

GLAMIS GOLD LTD     Common 376775102        624        40,000  SH                   Sole                  40,000

GLAXOSMITHKLINE     Common 37733W105      1,378        30,000  SH                   Sole                  30,000
PLC-ADR

GLENBOROUGH RLTY TR Common 37803P105        226        11,800  SH                   Sole                  11,800
INC

GOLDCORP INC NEW    Common 380956409      2,614       183,985  SH                   Sole                 183,985
                                   ------------
                         TOTAL $         17,016
                                   ------------

                                                      Page 8 of 18 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


GOLDEN STAR         Common 38119T104      1,102       383,922  SH                   Sole                 383,922
RESOURCES LTD

HANGER ORTHOPEDIC   Common 41043F208        105        17,625  SH                   Sole                  17,625
GROUP INC

HEALTH NET INC      Common 42222G108      1,593        48,700  SH                   Sole                  48,700

HECLA MINING CO     Common 422704106      1,055       192,530  SH                   Sole                 192,530

HELEN OF TROY CORP  Common G4388N106      3,239       118,300  SH                   Sole                 118,300
LTD

HEWLETT PACKARD CO  Common 428236103      1,692        77,125  SH                   Sole                  77,125

HILFIGER TOMMY CORP Common G8915Z102        108        12,425  SH                   Sole                  12,425

HORACE MANN         Common 440327104        435        24,525  SH                   Sole                  24,525
EDUCATORS

IAMGOLD CORPORATION Common 450913108        768       125,000  SH                   Sole                 125,000

IDACORP INC         Common 451107106        316        11,150  SH                   Sole                  11,150

IDT CORP-CL B       Common 448947309      1,861       125,800  SH                   Sole                 125,800

INTERNATIONAL       Common 459200101      3,107        34,000  SH                   Sole                  34,000
BUSINESS MACHS

IPC HLDGS LTD       Common G4933P101      1,602        40,775  SH                   Sole                  40,775

ISHARES INC         Common 464286848     14,686     1,400,000  SH                   Sole               1,400,000

J P MORGAN CHASE &  Common 46625H100        734        21,200  SH                   Sole                  21,200
CO
                                   ------------
                         TOTAL $         32,403
                                   ------------

                                                      Page 9 of 18 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


JANUS CAP GROUP INC Common 47102X105        557        39,900  SH                   Sole                  39,900

KELLWOOD CO         Common 488044108        321        11,150  SH                   Sole                  11,150

KELLY SERVICES INC  Common 488152208        280         9,725  SH                   Sole                   9,725
-CL A

KENNAMETAL INC      Common 489170100        240         5,050  SH                   Sole                   5,050

KINROSS GOLD CORP   Common 496902404        540        90,000  SH                   Sole                  90,000

KONINKLIJKE PHILIPS Common 500472303      1,161        42,200  SH                   Sole                  42,200
ELECTRS NV

LABORATORY CORP     Common 50540R409      1,109        23,000  SH                   Sole                  23,000
AMER HLDGS

LEAR CORP           Common 521865105      1,889        42,575  SH                   Sole                  42,575

LIBERTY MEDIA CORP  Common 530718105      5,431       523,700  SH                   Sole                 523,700
NEW

LIBERTY MEDIA INTL  Common 530719103        790        18,068  SH                   Sole                  18,068
INC-A

LINCOLN NATL CORP   Common 534187109      1,219        27,000  SH                   Sole                  27,000
IND

MARSH & MCLENNAN    Common 571748102        395        13,000  SH                   Sole                  13,000
COS INC

MAXTOR CORP         Common 577729205      4,639       872,000  SH                   Sole                 872,000

MAYTAG CORP         Common 578592107        218        15,625  SH                   Sole                  15,625

MBIA INC            Common 55262C100        501         9,575  SH                   Sole                   9,575
                                   ------------
                         TOTAL $         19,290
                                   ------------

                                                      Page 10 of 18 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


MCKESSON CORP       Common 58155Q103      1,677        44,425  SH                   Sole                  44,425

MEDIACOM            Common 58446K105      1,308       200,000  SH                   Sole                 200,000
COMMUNICATIONS CORP

MERCK & CO INC      Common 589331107      8,093       250,000  SH                   Sole                 250,000

METAL MANAGEMENT    Common 591097209        385        15,000  SH                   Sole                  15,000
INC

METALLICA RESOURCES Common 59125J104        132       100,000  SH                   Sole                 100,000
INC

METHANEX CORP       Common 59151K108      2,137       110,000  SH                   Sole                 110,000

METLIFE INC         Common 59156R108      1,540        39,375  SH                   Sole                  39,375

MICROSOFT CORP      Common 594918104     23,445       970,000  SH                   Sole                 970,000

MILACRON INC        Common 598709103        140        45,738  SH                   Sole                  45,738

MINEFINDERS CORP    Common 602900102      1,228       183,800  SH                   Sole                 183,800

MIRAMAR MINING CORP Common 60466E100        997       931,900  SH                   Sole                 931,900

MOLINA HEALTHCARE   Common 60855R100        461        10,000  SH                   Sole                  10,000
INC

MONEYGRAM           Common 60935Y109        874        46,275  SH                   Sole                  46,275
INTERNATIONAL-W/I

MORGAN STANLEY ASIA Common 61744U106        384        30,200  SH                   Sole                  30,200
PAC FD INC

NACCO INDS INC      Common 629579103        311         3,050  SH                   Sole                   3,050
                                   ------------
                         TOTAL $         43,112
                                   ------------

                                                      Page 11 of 18 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


NATIONSHEALTH INC   Common 63860C100        876       150,000  SH                   Sole                 150,000

NCI BUILDING SYS    Common 628852105        507        13,125  SH                   Sole                  13,125
INC

NEWELL RUBBERMAID   Common 651229106      1,251        57,000  SH                   Sole                  57,000
INC

NEWS CORP INC       Common 65248E203      3,522       200,000  SH                   Sole                 200,000

NEWS CORP INC       Common 65248E104      4,942       292,114  SH                   Sole                 292,114

NISOURCE INC        Common 65473P105      1,272        55,800  SH                   Sole                  55,800

NORTEL NETWORKS     Common 656568102      4,095     1,500,000  SH                   Sole               1,500,000
CORP NEW

NORTHERN TR CORP    Common 665859104        669        15,400  SH                   Sole                  15,400

NOVOGEN LIMITED     Common 67010F103        201        10,575  SH                   Sole                  10,575

OLD REP INTL CORP   Common 680223104        694        29,800  SH                   Sole                  29,800

OMNICARE INC        Common 681904108      3,545       100,000  SH                   Sole                 100,000

PAN AMERICAN SILVER Common 697900108      1,151        72,600  SH                   Sole                  72,600
CORP

PETROLEO BRASILEIRO Common 71654V408      1,259        28,500  SH                   Sole                  28,500
SA PETROBR

PFIZER INC          Common 717081103      1,038        39,500  SH                   Sole                  39,500

PG&E CORP           Common 69331C108      1,354        39,700  SH                   Sole                  39,700
                                   ------------
                         TOTAL $         26,376
                                   ------------

                                                      Page 12 of 18 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


PHARMACEUTICAL      Common 71712A206      3,597        50,000  SH                   Sole                  50,000
HLDRS TR

PHH CORP            Common 693320202        322        14,725  SH                   Sole                  14,725

PIONEER NAT RES CO  Common 723787107      2,136        50,000  SH                   Sole                  50,000

PLACER DOME INC     Common 725906101      7,149       440,750  SH                   Sole                 440,750

PRIORITY HEALTHCARE Common 74264T102        499        23,075  SH                   Sole                  23,075
CORP-B

PULTE HOMES INC     Common 745867101      6,627        90,000  SH                   Sole                  90,000

R H DONNELLEY CORP  Common 74955W307        318         5,475  SH                   Sole                   5,475

RADIO ONE INC       Common 75040P405        738        50,000  SH                   Sole                  50,000

RADIOSHACK CORP     Common 750438103      5,062       206,600  SH                   Sole                 206,600

RANDGOLD RESOURCES  Common 752344309        986        79,804  SH                   Sole                  79,804
LTD-ADR

RAYTHEON CO         Common 755111507      5,225       135,000  SH                   Sole                 135,000

REEBOK              Common 758110100      1,772        40,000  SH                   Sole                  40,000
INTERNATIONAL LTD

REINSURANCE GROUP   Common 759351109        639        15,000  SH                   Sole                  15,000
OF AMERICA

RENAISSANCE RE      Common G7496G103      2,752        58,925  SH                   Sole                  58,925
HLDGS LTD
                                   ------------
                         TOTAL $         37,822
                                   ------------

                                                      Page 13 of 18 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


RENT A CTR INC NEW  Common 76009N100        808        29,600  SH                   Sole                  29,600

ROBBINS & MYERS INC Common 770196103        247        11,200  SH                   Sole                  11,200

SANDISK CORP        Common 80004C101      2,224        80,000  SH                   Sole                  80,000

SAPPI LTD           Common 803069202        759        61,700  SH                   Sole                  61,700
-SPONSORED ADR

SARA LEE CORP       Common 803111103      2,384       107,575  SH                   Sole                 107,575

SASOL LTD-SPONSORED Common 803866300        665        27,900  SH                   Sole                  27,900
ADR

SCANA CORP NEW      Common 80589M102        822        21,500  SH                   Sole                  21,500

SCHWEITZER-MAUDUIT  Common 808541106        296         8,825  SH                   Sole                   8,825
INTL INC

SENOMYX INC         Common 81724Q107        205        17,200  SH                   Sole                  17,200

SPDR TR             Common 78462F103      6,960        59,000  SH                   Sole                  59,000

SPHERION CORP       Common 848420105        439        58,625  SH                   Sole                  58,625

SPRINT CORP         Common 852061100      5,732       251,950  SH                   Sole                 251,950

STREETTRACKS GOLD   Common 863307104      4,282       100,000  SH                   Sole                 100,000
TRUST

TEEKAY SHIPPING     Common Y8564W103      1,573        35,000  SH                   Sole                  35,000
MARSHALL ISLND

TEXTRON INC         Common 883203101        582         7,800  SH                   Sole                   7,800

THORATEC CORP       Common 885175307      4,766       390,000  SH                   Sole                 390,000
                                   ------------
                         TOTAL $         32,744
                                   ------------

                                                      Page 14 of 18 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 INC     Common 887317105      4,349       247,800  SH                   Sole                 247,800

TJX COS INC NEW     Common 872540109      1,185        48,100  SH                   Sole                  48,100

TORCHMARK CORP      Common 891027104        756        14,475  SH                   Sole                  14,475

TRIARC COS INC      Common 895927309        239        17,300  SH                   Sole                  17,300

TRIBUNE CO NEW      Common 896047107      3,584        89,900  SH                   Sole                  89,900

TRINITY INDS INC    Common 896522109        323        11,475  SH                   Sole                  11,475

TXU CORP            Common 873168108      5,972        75,000  SH                   Sole                  75,000

TYCO INTL LTD NEW   Common 902124106      8,450       250,000  SH                   Sole                 250,000

UNION PAC CORP      Common 907818108      1,249        17,925  SH                   Sole                  17,925

UNITED AMERICA      Common 90933T109        271        14,400  SH                   Sole                  14,400
INDEMNITY-A

UNITED STATIONERS   Common 913004107        333         7,350  SH                   Sole                   7,350
INC

UNIVERSAL CORP VA   Common 913456109        291         6,350  SH                   Sole                   6,350

UNOCAL CORP         Common 915289102        728        11,800  SH                   Sole                  11,800

USI HOLDINGS CORP   Common 90333H101        164        13,950  SH                   Sole                  13,950

VALASSIS            Common 918866104        369        10,550  SH                   Sole                  10,550
COMMUNICATIONS INC
                                   ------------
                         TOTAL $         28,263
                                   ------------

                                                      Page 15 of 18 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      5,715        78,000  SH                   Sole                  78,000
NEW

VARIAN MED SYS INC  Common 92220P105      1,028        30,000  SH                   Sole                  30,000

VIAD CORP           Common 92552R406        765        28,432  SH                   Sole                  28,432

VINTAGE PETE INC    Common 927460105        787        25,000  SH                   Sole                  25,000

VODAFONE GROUP PLC  Common 92857W100      3,187       120,000  SH                   Sole                 120,000
NEW

WACHOVIA CORP 2ND   Common 929903102        830        16,300  SH                   Sole                  16,300
NEW

WASHINGTON MUT INC  Common 939322103        709        17,950  SH                   Sole                  17,950

WESTERN DIGITAL     Common 958102105      6,566       515,000  SH                   Sole                 515,000
CORP

WEYERHAEUSER CO     Common 962166104      1,713        25,000  SH                   Sole                  25,000

WHIRLPOOL CORP      Common 963320106      1,331        19,650  SH                   Sole                  19,650

WILLIAMS COS INC    Common 969457100      1,811        96,300  SH                   Sole                  96,300
DEL

WISCONSIN ENERGY    Common 976657106      1,450        40,850  SH                   Sole                  40,850
CORP

WYETH               Common 983024100        426        10,100  SH                   Sole                  10,100

XCEL ENERGY INC     Common 98389B100        636        37,000  SH                   Sole                  37,000

XL CAP LTD          Common G98255105      1,067        14,750  SH                   Sole                  14,750
                                   ------------
                         TOTAL $         28,021
                                   ------------

                                                      Page 16 of 18 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


YAMANA GOLD INC     Common 98462Y100        497       150,000  SH                   Sole                 150,000

YORK INTL CORP NEW  Common 986670107        320         8,175  SH                   Sole                   8,175
                                      ----------
                      TOTAL $                817
                                      ----------

                                                      Page 17 of 18 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 067901908     19,168       800,000  SH     Call          Sole                 800,000

D R HORTON INC      Common 23331A959        585        20,000  SH     Put           Sole                  20,000

DISNEY WALT CO      Common 254687956      2,873       100,000  SH     Put           Sole                 100,000

FEDERAL NATL MTG    Common 313586959      3,267        60,000  SH     Put           Sole                  60,000
ASSN

MEDTRONIC INC       Common 585055956      1,019        20,000  SH     Put           Sole                  20,000

MICROSOFT CORP      Common 594918904      1,209        50,000  SH     Call          Sole                  50,000

MICROSOFT CORP      Common 594918954     12,568       520,000  SH     Put           Sole                 520,000

NEWELL RUBBERMAID   Common 651229956      1,316        60,000  SH     Put           Sole                  60,000
INC

PHELPS DODGE CORP   Common 717265952     14,242       140,000  SH     Put           Sole                 140,000

PLACER DOME INC     Common 725906901      6,001       370,000  SH     Call          Sole                 370,000

SANDISK CORP        Common 80004C901        556        20,000  SH     Call          Sole                  20,000

SANDISK CORP        Common 80004C951      2,224        80,000  SH     Put           Sole                  80,000

SARA LEE CORP       Common 803111953      1,330        60,000  SH     Put           Sole                  60,000

UNION PAC CORP      Common 907818908      7,667       110,000  SH     Call          Sole                 110,000

UNITED STATES STL   Common 912909958     19,323       380,000  SH     Put           Sole                 380,000
CORP NEW
                                      ----------
                      TOTAL $             93,348
                                      ----------
            AGGREGATE TOTAL $         10,522,094
                                      ==========

                                                      Page 18 of 18 Pages