FORM 13F

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

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

                              FORM 13F COVER PAGE

       Report for the Calendar Year or Quarter Ended        September 30, 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:       November 12, 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:  224

Form 13F Information Table Value Total:  $6,107.9 (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

ACCENTURE LTD       Common G1150G111        293        13,100  SH                   Sole                  13,100
BERMUDA

ACUITY BRANDS INC   Common 00508Y102        247        13,650  SH                   Sole                  13,650

AES CORP            Common 00130H105        742       100,000  SH                   Sole                 100,000

AETNA INC NEW       Common 00817Y108        561         9,200  SH                   Sole                   9,200

AGILYSYS INC        Common 00847J105        281        32,000  SH                   Sole                  32,000

AGRIUM INC          Common 008916108     10,028       798,400  SH                   Sole                 798,400

ALCATEL             Common 013904305        118        10,000  SH                   Sole                  10,000

ALLSTATE CORP       Common 020002101        691        18,925  SH                   Sole                  18,925

AMBAC FINL GROUP    Common 023139108      1,920        30,000  SH                   Sole                  30,000
INC

AMERADA HESS CORP   Common 023551104      1,358        27,100  SH                   Sole                  27,100

AMERICAN NATL INS   Common 028591105      1,937        22,775  SH                   Sole                  22,775
CO

AMERICAN PHYSICIANS Common 028884104        394        14,225  SH                   Sole                  14,225
 CAPITAL

ANADARKO PETE CORP  Common 032511107      2,297        55,000  SH                   Sole                  55,000

ANGEION CORP        Common 03462H404        611       421,665  SH                   Sole                 421,665

ANIXTER INTL INC    Common 035290105        293        12,875  SH                   Sole                  12,875

AOL TIME WARNER INC Common 00184A105      3,400       225,000  SH                   Sole                 225,000

AON CORP            Common 037389103      1,376        65,975  SH                   Sole                  65,975
                                   ------------
                         TOTAL $         26,547
                                   ------------
</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

APPLICA INC         Common 03815A106        605       100,000  SH                   Sole                 100,000

ARCH COAL INC       Common 039380100        267        12,000  SH                   Sole                  12,000

ARTESYN             Common 043127109        107        14,150  SH                   Sole                  14,150
TECHNOLOGIES INC

ASHLAND INC         Common 044204105      1,011        30,775  SH                   Sole                  30,775

AT&T WIRELESS SVCS  Common 00209A106      4,908       600,000  SH                   Sole                 600,000
INC

BALLARD PWR SYS INC Common 05858H104        530        40,300  SH                   Sole                  40,300

BANK NEW YORK INC   Common 064057102        512        17,600  SH                   Sole                  17,600

BARRICK GOLD CORP   Common 067901108      9,249       491,200  SH                   Sole                 491,200

BECKMAN COULTER INC Common 075811109        455        10,000  SH                   Sole                  10,000

BECTON DICKINSON &  Common 075887109        722        20,000  SH                   Sole                  20,000
CO

BOEING CO           Common 097023105      9,430       274,675  SH                   Sole                 274,675

BOWNE & CO INC      Common 103043105        324        21,700  SH                   Sole                  21,700

BP PLC              Common 055622104        522        12,400  SH                   Sole                  12,400

BRISTOL MYERS       Common 110122108        692        26,975  SH                   Sole                  26,975
SQUIBB CO

CABLEVISION SYS     Common 12686C109        775        42,800  SH                   Sole                  42,800
CORP

CALPINE CORP        Common 131347106      2,608       533,400  SH                   Sole                 533,400
                                   ------------
                         TOTAL $         32,717
                                   ------------
</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

CAPSTONE TURBINE    Common 14067D102        555       293,500  SH                   Sole                 293,500
CORP

CENTEX CORP         Common 152312104      2,336        30,000  SH                   Sole                  30,000

CHEVRONTEXACO CORP  Common 166764100      1,072        15,000  SH                   Sole                  15,000

CHICAGO BRIDGE &    Common 167250109        679        25,000  SH                   Sole                  25,000
IRON CO N V

CHIQUITA BRANDS     Common 170032809        354        20,000  SH                   Sole                  20,000
INTL INC

CHUNGHWA TELECOM CO Common 17133Q205      1,083        77,300  SH                   Sole                  77,300
 LTD

CIGNA CORP          Common 125509109      1,148        25,700  SH                   Sole                  25,700

CISCO SYS INC       Common 17275R102        392        20,000  SH                   Sole                  20,000

CIT GROUP INC       Common 125581108        869        30,225  SH                   Sole                  30,225

CITIGROUP INC       Common 172967101      5,297       116,400  SH                   Sole                 116,400

CITIZENS            Common 17453B101      1,682       150,000  SH                   Sole                 150,000
COMMUNICATIONS CO

CLEVELAND CLIFFS    Common 185896107     13,334       520,850  SH                   Sole                 520,850
INC

CNA FINL CORP       Common 126117100  4,231,189   201,293,500  SH                   Sole             201,293,500

CNF INC             Common 12612W104        984        30,700  SH                   Sole                  30,700

CNH GLOBAL N V      Common N20935206      1,315       102,600  SH                   Sole                 102,600
                                   ------------
                         TOTAL $      4,262,289
                                   ------------
</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

COMMSCOPE INC       Common 203372107        241        19,950  SH                   Sole                  19,950

COMPANHIA VALE DO   Common 204412100      6,177       167,400  SH                   Sole                 167,400
RIO DOCE

COMPUTER ASSOC INTL Common 204912109        800        30,650  SH                   Sole                  30,650
 INC

CONOCOPHILLIPS      Common 20825C104      1,771        32,350  SH                   Sole                  32,350

COOPER INDS LTD     Common G24182100      1,724        35,900  SH                   Sole                  35,900

CYTEC INDS INC      Common 232820100        734        20,100  SH                   Sole                  20,100

D R HORTON INC      Common 23331A109      4,905       150,000  SH                   Sole                 150,000

DEL MONTE FOODS CO  Common 24522P103        280        32,200  SH                   Sole                  32,200

DELPHI FINL GROUP   Common 247131105      1,955        42,025  SH                   Sole                  42,025
INC

DIAMOND OFFSHORE    Common 25271C102  1,338,910    70,100,000  SH                   Sole              70,100,000
DRILLING INC

DILLARDS INC        Common 254067101        798        57,100  SH                   Sole                  57,100

DISNEY WALT CO      Common 254687106        807        40,000  SH                   Sole                  40,000

DU PONT E I DE      Common 263534109        400        10,000  SH                   Sole                  10,000
NEMOURS & CO

DUKE ENERGY CORP    Common 264399106        518        29,100  SH                   Sole                  29,100

EL PASO CORP        Common 28336L109        350        47,900  SH                   Sole                  47,900
                                   ------------
                         TOTAL $      1,360,370
                                   ------------
</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

ELDERTRUST          Common 284560109        176        17,900  SH                   Sole                  17,900

ENTERGY CORP NEW    Common 29364G103        704        13,000  SH                   Sole                  13,000

ESTERLINE           Common 297425100        264        13,700  SH                   Sole                  13,700
TECHNOLOGIES CORP

EXPRESSJET HOLDINGS Common 30218U108        195        14,100  SH                   Sole                  14,100
 INC

F M C CORP          Common 302491303      8,382       332,600  SH                   Sole                 332,600

FEDERAL HOME LN MTG Common 313400301      1,042        19,900  SH                   Sole                  19,900
 CORP

FEDERATED DEPT      Common 31410H101      3,130        74,700  SH                   Sole                  74,700
STORES INC DEL

FIRST NIAGARA FINL  Common 33582V108        151        10,000  SH                   Sole                  10,000
GP INC

FLEETBOSTON FINL    Common 339030108        390        12,925  SH                   Sole                  12,925
CORP

FMC TECHNOLOGIES    Common 30249U101        693        32,375  SH                   Sole                  32,375
INC

FOOTSTAR INC        Common 344912100        179        26,475  SH                   Sole                  26,475

FORD MTR CO DEL     Common 345370860        668        62,000  SH                   Sole                  62,000

FPL Group Inc       Common 302571104        891        14,100  SH                   Sole                  14,100

GAP INC DEL         Common 364760108      1,541        90,000  SH                   Sole                  90,000

GENERAL CABLE CORP  Common 369300108     10,095     1,268,225  SH                   Sole               1,268,225
DEL NEW
                                   ------------
                         TOTAL $         28,501
                                   ------------
</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

GENERAL ELEC CO     Common 369604103        695        23,300  SH                   Sole                  23,300

GENERAL MTRS CORP   Common 370442832      1,431       100,000  SH                   Sole                 100,000

GENESIS HEALTH      Common 37183F107     12,807       529,000  SH                   Sole                 529,000
VENTURE INC NEW

GEORGIA PAC CORP    Common 373298108        592        24,425  SH                   Sole                  24,425

GIBRALTAR STL CORP  Common 37476F103      3,906       180,000  SH                   Sole                 180,000

GLAMIS GOLD LTD     Common 376775102      2,825       214,000  SH                   Sole                 214,000

GLIMCHER RLTY TR    Common 379302102        281        13,350  SH                   Sole                  13,350

GROUP 1 AUTOMOTIVE  Common 398905109      4,994       144,600  SH                   Sole                 144,600
INC

HEALTH NET INC      Common 42222G108        501        15,825  SH                   Sole                  15,825

HEINZ H J CO        Common 423074103      1,028        30,000  SH                   Sole                  30,000

HEWLETT PACKARD CO  Common 428236103        963        49,750  SH                   Sole                  49,750

IMC GLOBAL INC      Common 449669100      1,952       304,500  SH                   Sole                 304,500

INFOCUS CORP        Common 45665B106        156        32,100  SH                   Sole                  32,100

INGERSOLL-RAND      Common 456866102        534        10,000  SH                   Sole                  10,000
COMPANY LTD
                                   ------------
                         TOTAL $         32,665
                                   ------------
</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

INGRAM MICRO INC    Common 457153104        261        20,000  SH                   Sole                  20,000

INTERNATIONAL       Common 459200101      4,417        50,000  SH                   Sole                  50,000
BUSINESS MACHS

INTERSTATE BAKERIES Common 46072H108        337        22,475  SH                   Sole                  22,475
 CORP DEL

IONICS INC          Common 462218108        978        40,000  SH                   Sole                  40,000

IPC HLDGS LTD       Common G4933P101      1,360        38,825  SH                   Sole                  38,825

ISHARES INC         Common 464286871      6,156       650,000  SH                   Sole                 650,000

ISHARES INC         Common 464286848     12,264     1,400,000  SH                   Sole               1,400,000

ISHARES INC         Common 464286673      2,842       508,400  SH                   Sole                 508,400

KERR MCGEE CORP     Common 492386107      2,009        45,000  SH                   Sole                  45,000

KINDRED HEALTHCARE  Common 494580103      5,616       150,000  SH                   Sole                 150,000
INC

KOREA ELECTRIC PWR  Common 500631106      3,932       373,800  SH                   Sole                 373,800

KROGER CO           Common 501044101      1,340        75,000  SH                   Sole                  75,000

LA QUINTA CORP      Common 50419U202     10,309     1,654,800  SH                   Sole               1,654,800

LEAR CORP           Common 521865105        924        17,550  SH                   Sole                  17,550

LENNOX INTL INC     Common 526107107      9,778       669,300  SH                   Sole                 669,300

LIBERTY MEDIA CORP  Common 530718105      1,907       191,300  SH                   Sole                 191,300
NEW

LINCOLN NATL CORP   Common 534187109      1,415        40,000  SH                   Sole                  40,000
IND

LOCKHEED MARTIN     Common 539830109        609        13,200  SH                   Sole                  13,200
CORP
                                   ------------
                         TOTAL $         66,454
                                   ------------
</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

LUBRIZOL CORP       Common 549271104        402        12,375  SH                   Sole                  12,375

MBIA INC            Common 55262C100        526         9,575  SH                   Sole                   9,575

MEDIACOM            Common 58446K105        671       100,000  SH                   Sole                 100,000
COMMUNICATIONS CORP

METALS USA INC      Common 591324207        630       100,000  SH                   Sole                 100,000

METHANEX CORP       Common 59151K108        558        59,700  SH                   Sole                  59,700

METROMEDIA INTL     Common 591695101          7        50,213  SH                   Sole                  50,213
GROUP INC

MICROSOFT CORP      Common 594918104        414        14,900  SH                   Sole                  14,900

MILACRON INC        Common 598709103         72        31,500  SH                   Sole                  31,500

MIRAMAR MINING CORP Common 60466E100        501       300,000  SH                   Sole                 300,000

MONSANTO CO NEW     Common 61166W101      3,112       130,000  SH                   Sole                 130,000

MORGAN STANLEY ASIA Common 61744U106        360        37,800  SH                   Sole                  37,800
 PAC FD INC

MORGAN STANLEY      Common 61745C105        352        23,100  SH                   Sole                  23,100
INDIA INVS FD

MOTOROLA INC        Common 620076109        598        50,000  SH                   Sole                  50,000

MUELLER INDS INC    Common 624756102     10,371       407,500  SH                   Sole                 407,500

NACCO INDS INC      Common 629579103        327         4,575  SH                   Sole                   4,575
                                   ------------
                         TOTAL $         18,901
                                   ------------
</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

NEWHALL LAND &      Common 651426108        407        10,300  SH                   Sole                  10,300
FARMING CO CAL

NEWS CORP LTD       Common 652487802      3,187       116,800  SH                   Sole                 116,800

NEWS CORP LTD       Common 652487703      3,280       100,000  SH                   Sole                 100,000

NORTEL NETWORKS     Common 656568102        164        40,000  SH                   Sole                  40,000
CORP NEW

NORTHERN TR CORP    Common 665859104        652        15,400  SH                   Sole                  15,400

OFFICE DEPOT INC    Common 676220106      4,087       290,900  SH                   Sole                 290,900

OHIO CAS CORP       Common 677240103        349        24,150  SH                   Sole                  24,150

OLD REP INTL CORP   Common 680223104      2,124        64,200  SH                   Sole                  64,200

ORIENT-EXPRESS      Common G67743107      5,767       369,700  SH                   Sole                 369,700
HOTELS LTD

PATHMARK STORES INC Common 70322A101        802       115,030  SH                   Sole                 115,030
 NEW

PAYLESS SHOESOURCE  Common 704379106        704        54,425  SH                   Sole                  54,425
INC

PEABODY ENERGY CORP Common 704549104        314        10,000  SH                   Sole                  10,000

PEPCO HOLDINGS INC  Common 713291102        527        30,500  SH                   Sole                  30,500

PFIZER INC          Common 717081103      2,166        71,300  SH                   Sole                  71,300
                                   ------------
                         TOTAL $         24,530
                                   ------------
</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

PITNEY BOWES INC    Common 724479100        383        10,000  SH                   Sole                  10,000

PLACER DOME INC     Common 725906101      6,113       444,600  SH                   Sole                 444,600

PNM RES INC         Common 69349H107        264         9,400  SH                   Sole                   9,400

POTASH CORP SASK    Common 73755L107      4,304        61,000  SH                   Sole                  61,000
INC

PPL CORP            Common 69351T106        774        18,900  SH                   Sole                  18,900

PULTE HOMES INC     Common 745867101      3,060        45,000  SH                   Sole                  45,000

R H DONNELLEY CORP  Common 74955W307        226         5,600  SH                   Sole                   5,600

RADIAN GROUP INC    Common 750236101        464        10,450  SH                   Sole                  10,450

RAYTHEON CO         Common 755111507      3,080       110,000  SH                   Sole                 110,000

RELIANT RES INC     Common 75952B105        293        57,200  SH                   Sole                  57,200

RENAISSANCE RE      Common G7496G103      1,825        40,000  SH                   Sole                  40,000
HLDGS LTD

RUSSELL CORP        Common 782352108      4,458       273,500  SH                   Sole                 273,500

RYERSON TULL INC    Common 78375P107     11,012     1,411,800  SH                   Sole               1,411,800
NEW

SCANA CORP NEW      Common 80589M102        349        10,200  SH                   Sole                  10,200

SCHERING PLOUGH     Common 806605101      1,573       103,225  SH                   Sole                 103,225
CORP

SCHLUMBERGER LTD    Common 806857108      1,936        40,000  SH                   Sole                  40,000
                                   ------------
                         TOTAL $         40,114
                                   ------------
</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

SERVICEMASTER CO    Common 81760N109        325        31,725  SH                   Sole                  31,725

SPHERION CORP       Common 848420105        304        43,650  SH                   Sole                  43,650

SPRINT CORP         Common 852061506      2,887       503,900  SH                   Sole                 503,900

STEIN MART INC      Common 858375108        119        22,050  SH                   Sole                  22,050

SUNTERRA CORP       Common 86787D208      1,100       100,000  SH                   Sole                 100,000

TEJON RANCH CO DEL  Common 879080109        296         8,900  SH                   Sole                   8,900

TELLABS INC         Common 879664100        315        46,225  SH                   Sole                  46,225

TENET HEALTHCARE    Common 88033G100        687        47,450  SH                   Sole                  47,450
CORP

TEXTRON INC         Common 883203101        466        11,800  SH                   Sole                  11,800

THORATEC CORP       Common 885175307      5,097       300,000  SH                   Sole                 300,000

TRANSOCEAN INC      Common G90078109      9,500       475,000  SH                   Sole                 475,000

TRAVELERS PPTY CAS  Common 89420G109        635        40,000  SH                   Sole                  40,000
CORP NEW

TRIARC COS-B W/I    Common 895927309        180        17,300  SH                   Sole                  17,300

TRINITY INDS INC    Common 896522109        225         8,700  SH                   Sole                   8,700
                                   ------------
                         TOTAL $         22,136
                                   ------------
</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

TXU CORP            Common 873168108      3,534       150,000  SH                   Sole                 150,000

TYCO INTL LTD NEW   Common 902124106        231        11,325  SH                   Sole                  11,325

UNIFI INC           Common 904677101      7,396     1,540,800  SH                   Sole               1,540,800

UNIVERSAL CORP VA   Common 913456109        268         6,350  SH                   Sole                   6,350

UNIVERSAL HLTH SVCS Common 913903100      1,236        25,000  SH                   Sole                  25,000
 INC

UNOCAL CORP         Common 915289102      1,431        45,400  SH                   Sole                  45,400

USEC INC            Common 90333E108      2,801       428,900  SH                   Sole                 428,900

USF CORP            Common 91729Q101        271         8,575  SH                   Sole                   8,575

VALERO ENERGY CORP  Common 91913Y100      1,339        35,000  SH                   Sole                  35,000
NEW

VENTAS INC          Common 92276F100      9,453       552,150  SH                   Sole                 552,150

VIAD CORP           Common 92552R109      1,196        50,075  SH                   Sole                  50,075

VISTEON CORP        Common 92839U107      5,497       832,900  SH                   Sole                 832,900

VODAFONE GROUP PLC  Common 92857W100      3,038       150,000  SH                   Sole                 150,000
NEW

WASHINGTON MUT INC  Common 939322103        807        20,500  SH                   Sole                  20,500

WHIRLPOOL CORP      Common 963320106        998        14,725  SH                   Sole                  14,725

WILLIAMS COS INC    Common 969457100      1,122       119,100  SH                   Sole                 119,100
DEL

WILSONS THE LEATHER Common 972463103        232        29,075  SH                   Sole                  29,075
 EXPERTS
                                   ------------
                         TOTAL $         40,582
                                   ------------
</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

WISCONSIN ENERGY    Common 976657106        352        11,500  SH                   Sole                  11,500
CORP

XCEL ENERGY INC     Common 98389B100        764        49,400  SH                   Sole                  49,400

YORK INTL CORP NEW  Common 986670107        419        12,125  SH                   Sole                  12,125
                                      ----------
                      TOTAL $              1,535
                                      ----------
</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      4,255       100,000  SH     Put           Sole                 100,000

AES CORP            Common 00130H955        742       100,000  SH     Put           Sole                 100,000

ALCATEL             Common 013904955      1,775       150,000  SH     Put           Sole                 150,000

AMERADA HESS CORP   Common 023551954      6,758       134,900  SH     Put           Sole                 134,900

BALLARD PWR SYS INC Common 05858H954      2,104       160,000  SH     Put           Sole                 160,000

BARRICK GOLD CORP   Common 067901908     15,817       840,000  SH     Call          Sole                 840,000

BROADCOM CORP       Common 111320957      3,732       140,000  SH     Put           Sole                 140,000

CALPINE CORP        Common 131347956      1,467       300,000  SH     Put           Sole                 300,000

CENDANT CORP        Common 151313953      3,215       172,000  SH     Put           Sole                 172,000

CHUBB CORP          Common 171232951      2,595        40,000  SH     Put           Sole                  40,000

CISCO SYS INC       Common 17275R952      2,743       140,000  SH     Put           Sole                 140,000

DISNEY WALT CO      Common 254687956      5,043       250,000  SH     Put           Sole                 250,000

DU PONT E I DE      Common 263534959      4,001       100,000  SH     Put           Sole                 100,000
NEMOURS & CO

FEDERAL NATL MTG    Common 313586959     19,656       280,000  SH     Put           Sole                 280,000
ASSN

FORD MTR CO DEL     Common 345370950      1,077       100,000  SH     Put           Sole                 100,000

GAP INC DEL         Common 364760958      3,424       200,000  SH     Put           Sole                 200,000

GENERAL MTRS CORP   Common 370442955      1,637        40,000  SH     Put           Sole                  40,000
                                   ------------
                         TOTAL $         80,041
                                   ------------
</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

INTERNATIONAL       Common 459200951      4,417        50,000  SH     Put           Sole                  50,000
BUSINESS MACHS

INTL PAPER CO       Common 460146953      3,902       100,000  SH     Put           Sole                 100,000

MONSANTO CO NEW     Common 61166W951      2,394       100,000  SH     Put           Sole                 100,000

MOTOROLA INC        Common 620076959        717        60,000  SH     Put           Sole                  60,000

NETFLIX COM INC     Common 64110L906        671        20,000  SH     Call          Sole                  20,000

NORTEL NETWORKS     Common 656568952        820       200,000  SH     Put           Sole                 200,000
CORP NEW

PFIZER INC          Common 717081953      7,595       250,000  SH     Put           Sole                 250,000

PHELPS DODGE CORP   Common 717265952      6,786       145,000  SH     Put           Sole                 145,000

PLACER DOME INC     Common 725906901      4,813       350,000  SH     Call          Sole                 350,000

QUALCOMM INC        Common 747525953      1,667        40,000  SH     Put           Sole                  40,000

SCHERING PLOUGH     Common 806605951      1,829       120,000  SH     Put           Sole                 120,000
CORP

SCHLUMBERGER LTD    Common 806857958      4,840       100,000  SH     Put           Sole                 100,000

SEARS ROEBUCK & CO  Common 812387958      2,624        60,000  SH     Put           Sole                  60,000

SOUTHWEST AIRLS CO  Common 844741958      2,655       150,000  SH     Put           Sole                 150,000

SUNOCO INC          Common 86764P909      6,837       170,000  SH     Call          Sole                 170,000
                                   ------------
                         TOTAL $         52,567
                                   ------------
</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      2,280       100,000  SH     Put           Sole                 100,000

TIFFANY & CO NEW    Common 886547958      3,733       100,000  SH     Put           Sole                 100,000

TYCO INTL LTD NEW   Common 902124956      6,129       300,000  SH     Put           Sole                 300,000

UNION PAC CORP      Common 907818958      5,817       100,000  SH     Put           Sole                 100,000
                                      ----------
                      TOTAL $             17,959
                                      ----------
            AGGREGATE TOTAL $          6,107,908
                                      ==========
</TABLE>


                                                      Page 19 of 19 Pages