FORM 13F

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

                              ------------------

                              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
------------------------------------------------------------------------------

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:       August 11, 2003
------------------------------------------------------------------------------

                                  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




<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------
                         TOTAL $         25,994
                                   ------------

</TABLE>
                                              Page 4 of 19 Pages


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------

</TABLE>
                                              Page 5 of 19 Pages


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------

</TABLE>
                                              Page 6 of 19 Pages


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------
                         TOTAL $      6,458,117
                                   ------------

</TABLE>
                                              Page 7 of 19 Pages


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------
                         TOTAL $         30,135
                                   ------------

</TABLE>
                                              Page 8 of 19 Pages


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------
                         TOTAL $         38,688
                                   ------------

</TABLE>
                                              Page 9 of 19 Pages


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------
                         TOTAL $         33,934
                                   ------------

</TABLE>
                                              Page 10 of 19 Pages


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------

</TABLE>
                                              Page 11 of 19 Pages


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------

</TABLE>
                                              Page 12 of 19 Pages


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------

</TABLE>
                                              Page 13 of 19 Pages


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------
                         TOTAL $         33,996
                                   ------------

</TABLE>
                                              Page 14 of 19 Pages


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------

</TABLE>
                                              Page 15 of 19 Pages


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                      ----------

</TABLE>
                                              Page 16 of 19 Pages


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------

</TABLE>
                                              Page 17 of 19 Pages


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                   ------------

</TABLE>
                                              Page 18 of 19 Pages


<TABLE>
<CAPTION>

<s>                 <c>     <c>        <c>          <c>        <c>    <c>       <c>          <c>       <c>      <c>      <c>
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
                                      ----------
                      TOTAL $             18,127
                                      ----------
            AGGREGATE TOTAL $          6,977,470
                                      ==========

</TABLE>
                                              Page 19 of 19 Pages