UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934
                                (Amendment No. )*

                                FelCor Lodging Trust Inc.
- --------------------------------------------------------------------------------
                                (Name of Issuer)

                                     Common
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    31430F101
- --------------------------------------------------------------------------------
                                 (CUSIP Number)


                                December 31, 2003
- --------------------------------------------------------------------------------
              (Date of Event which requires filing of this statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

[x] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)

*The remainder of this cover shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).




Cusip No.   31430F101                         13G              Page 2 of 5 Pages


1. NAME OF REPORTING PERSON
    S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

     NWQ Investment Management Company, LLC
          47-0875103

2.    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) (b)

3.    SEC USE ONLY


4.    CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE

NUMBER OF                5.  SOLE VOTING POWER                   3,732,896
SHARES
BENEFICIALLY             6.  SHARED VOTING POWER
OWNED BY
EACH                     7.  SOLE DISPOSITIVE POWER              3,836,696
REPORTING PERSON
WITH                     8.  SHARED DISPOSITIVE POWER

9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                                    3,836,696
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*


11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                        6.5%

12. TYPE OF REPORTING PERSON*

       IA







Cusip No.   31430F101                     13G                Page 3 of 5 Pages

Schedule 13G Additional Information

Item #
1. (a)  Name of Issuer:
         FelCor Lodging Trust Inc.

   (b) Address of Issuer's Principal Executive Offices:

          545 East John Carpenter Frwy, Suite 1300
          Irving, TX  75062-3933



2. (a)  Name of Person Filing:
         NWQ Investment Management Company, LLC


   (b) Address of Principal Business Office for Each of the Above:

         2049 Century Park East, 4th Floor, Los Angeles, CA  90067


   (c)  Citizenship:

                       USA

   (d) Title of Class of Securities:

                        Reit

   (e)   CUSIP Number:
                        31430F101


3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b). The person
   filing is a:

                        Investment Adviser

4. Ownership:
   (a) Amount Beneficially Owned:                       3,836,696
   (b) Percent of Class:                                6.5%
   (c) Number of shares as to which such person has:
          (i) sole power to vote or to direct the vote              3,732,896
         (ii) shared power to vote or to direct the vote
        (iii) sole power to dispose or to direct the disposition of 3,836,696
         (iv) shared power to dispose or to direct the disposition of


5. Ownership of Five Percent or Less of a Class:


6. Ownership of More than Five Percent on Behalf of Another Person:


7.  Subsidiary




Cusip No.  31430F101             13G                     Page 4 of 5 Pages



8. Identification and Classification of Members of the Group:


9. Notice of Dissolution of Group:


10. Certification:



   By signing below I certify that, to the best of my knowledge and belief, the
   securities referred to above were acquired and are held in the ordinary
   course of business and were not acquired and are not held for the purpose of
   or with the effect of changing or influencing the control of the issuer of
   the securities and were not acquired and are not held in connection with or
   as a participant in any transaction having that purpose or effect.



                                    SIGNATURE

     After reasonable inquiry and to the best of my knowledge and belief, I
     certify that the information set forth in this statement is true, complete
     and correct.


                                           February 25, 2004


                                            -----------------------
                                            Jon D. Bosse, CFA
                                            Chief Investment Officer &
                                            Managing Director





Cusip No.   31430F101                  13G                   Page 5 of 5 Pages


The original statement shall be signed by each person on whose behalf the
statement is filed or his authorized representative. If the statement is signed
on behalf of a person by his authorized representative other than an executive
officer or general partner of the filing person, evidence of the
representative's authority to sign on behalf of such person shall be filed with
the statement, provided, however, that a power of attorney for this purpose
which is already on file with the Commission may be incorporated by reference.
The name and any title of each person who signs the statement shall be typed or
printed beneath his signature.


ATTENTION: INTERNATIONAL MISSATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001)