<PAGE>



                             FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers: 4

Form 13F Information Table Entry Total:  3,180,189 (in thousands)

Form 13F Information Table Value Total:  254



List of Other Included Managers:

No.           13F File Number          Name

      1         28-386                Continental Assurance Company
      2         28-387                Continental Casualty Company
      3         28-346                CNA Financial Corporation
      4         28-172                The Continental Insurance Company

<PAGE>
                                       FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: December 31, 1999

Check here if Amentment [   ]; Amendment Number:
This Amendment (Check only one.):  [    ]  is a restatement.
                                   [   ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:         CNA Financial Corporation
Address:      CNA Plaza
              Chicago, Il 60685


13F File Number: 28-346

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: Lynne Gugenheim
Title:  Vice President and Associate General Counsel
Phone: (312) 822 4921
Signature, Place, and Date of Signing:

Chicago, Illinois, February 14, 2000 Report Type (Check only one.):

 [  X ]              13F HOLDINGS REPORT.

 [    ]              13F NOTICE.

 [    ]              13F COMBINATION REPORT.

List of Other Managers Reporting for this Manager:

I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934


<PAGE>



FORM 13F 12/31/99 NAME OF REPORTING MANAGER: CNA Financial Corporation
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                                                                   FORM 13F INFORMATION TABLE
                                                         VALUE       SHARES/  SH/  PUT/ INVESTMENT   OTHER     VOTING AUTHORITY
 NAME OF ISSUER             TITLE OF CLASS    CUSIP      (x1000)    PRN AMT   PRN  CALL DSCRETION MANAGERS   SOLE    SHARED    NONE
-----------------------------------------------------------------------------------------------------------------------------------
ACME COMMUNICATIONS INC     COM               004631107   22,430     674,595 SH           DEFINED    2,3   674,595     -       -
ACNIELSEN CORP              COM               004833109      369      15,000 SH           DEFINED      3    15,000     -      -
ACX TECHNOLOGIES            COM               005123104        0           2 SH           DEFINED    3,4         2     -      -
ADVANTICA RESTAURANT GROUP  COM               00758B109    6,785   3,877,287 SH           DEFINED    2,3 3,877,287     -      -
AES CORP                    JR SBDB CV4.5%05  00130HAN5    7,828   5,330,000 PRN          DEFINED    1,3
AFFIL COMPUTER              SB NT CV 4% 05    008190AD2    5,673   4,720,000 PRN          DEFINED    1,3
AGNICO-EAGLE MINES LTD      COM               008474108    2,715     365,000 SH           DEFINED    2,3   365,000     -      -
AGRIUM INC                  COM               008916108       42       5,400 SH           DEFINED    3,4     5,400     -      -
ALEXANDRIA REAL EST EQUITIESCOM               015271109      127       4,000 SH           DEFINED    2,3     4,000     -      -
ALLIANCE FOREST PRODUCTS    COM               01859J108       18       1,500 SH           DEFINED    3,4     1,500     -      -
ALLIN COMMUNICATIONS CORP   COM               019924109    1,700     340,000 SH           DEFINED    2,3   340,000     -      -
ALLTEL CORP                 COM               020039103    8,298     100,352 SH           DEFINED  2,3,4   100,352     -      -
ALPHARMA INC                SB  NT  CV  5.75% 020813AB7    6,290   5,280,000 PRN          DEFINED    1,3
ALTIVA FINANCIAL CORP       COM NEW           021497300       30      32,000 SH           DEFINED    2,3    32,000     -      -
ALZA CORP                   COM               022615108    1,073      31,000 SH           DEFINED    2,3    31,000     -      -
AMERICA ONLINE INC          COM               02364J104    3,018      40,000 SH           DEFINED    1,3    40,000     -      -
AMERICA WEST HOLDINGS       CL B              023657208      442      21,278 SH           DEFINED    1,3    21,278     -      -
AMERICAN BUSINESS FINL SVCS COM               02476B106      294      25,042 SH           DEFINED    2,3    25,042     -      -
AMERICAN CAPITAL STRATEGIES COM               024937104    3,697     162,500 SH           DEFINED    2,3   162,500     -      -
AMERICAN EXPRESS            COM               025816109    4,156      25,000 SH           DEFINED    1,3    25,000     -      -
AMERICAN INTL GROUP INC     COM               026874107    1,622      15,002 SH           DEFINED  2,3,4    15,002     -      -
AMERICAN TOWER              NT CV 144A 09     029912AA0    7,833   5,600,000 PRN          DEFINED    1,3
AMGEN INC                   COM               031162100    4,445      74,000 SH           DEFINED  1,3,4    74,000     -      -
AMR  CORP                   COM               001765106    2,345      35,000 SH           DEFINED    2,3    35,000     -      -
ANHEUSER BUSCH CO           COM               035229103    3,551      50,100 SH           DEFINED  1,2,3    50,100     -      -
ANTEC CORP                  SB NT CV $.5% 03  03664PAA3    3,893   2,250,000 PRN          DEFINED    2,3
APPLIED MATERIALS INC.      COM               038222105    8,754      69,100 SH           DEFINED  1,3,4    69,100     -      -
ARCHER DANIELS              COM               039483102    4,790     395,078 SH           DEFINED      3   395,078     -      -
ARGUSS HOLDINGS INC         COM               040282105    4,744     364,912 SH           DEFINED    2,3   364,912     -      -
ASHANTI GOLDFIELDS-SPONS GDRGLOB DEP RCPT     043743202    1,260     480,000 SH           DEFINED    2,3   480,000     -      -
AT & T CORPORATION          COM               001957109   12,891     254,000 SH           DEFINED  1,2,3   254,000     -      -
AUTOTOTE CORP-CLASS A       CL A              053323101    1,626     500,403 SH           DEFINED    2,3   500,403     -      -
AVIRON                      SB NT CV 5.75%05  053762AC4      212     250,000 PRN          DEFINED      3
BANGOR HYDRO-ELECTRIC CO    COM               060077104      110       6,700 SH           DEFINED    2,3     6,700     -      -
BANK UNITED CORP-CL A       CL A              065412108    1,908      70,000 SH           DEFINED    1,3    70,000     -      -
BARRICK GOLD CORP           COM               067901108       27       1,500 SH           DEFINED    3,4     1,500     -      -
BAYCORP HOLDINGS LTD        COM               072728108    6,469     667,842 SH           DEFINED  1,2,3   667,842     -      -
BCE INC.                    COM               05534B109      234       2,600 SH           DEFINED    3,4     2,600     -      -
BEVERLY ENTERPRISES INC     COM NEW           087851309    3,653     834,900 SH           DEFINED    2,3   834,900     -      -
BIOGEN INC                  COM               090597105    1,115      13,200 SH           DEFINED    3,4    13,200     -      -
BUCKHEAD AMERICA CORP       COM               11835A105      120      21,579 SH           DEFINED    2,3    21,579     -      -
BUILDING ONE SERVICES CORP  COM               120114103      516      54,718 SH           DEFINED    2,3    54,718     -      -
BURLINGTON RESOURCES INC    COM               122014103    1,818      55,000 SH           DEFINED    2,3    55,000     -      -
CABOT INDUSTRIAL TRUST      COM               127072106      257      14,000 SH           DEFINED    2,3    14,000     -      -
CANADIAN IMPERIAL BANK COMM COM               136069101       85       3,600 SH           DEFINED    3,4     3,600     -      -
CANADIAN NATL RAILWAY CO    COM               136375102        6         224 SH           DEFINED    1,3       224     -      -
CANADIAN OCCIDENTAL PETE LTDCOM               136420106       43       2,200 SH           DEFINED    3,4     2,200     -      -
CAPITAL ONE FINANCIAL CORP  COM               14040H105      241       5,000 SH           DEFINED    2,3     5,000     -      -
CARDINAL HEALTH  INC.       COM               14149Y108    3,333      69,625 SH           DEFINED    1,3    69,625     -      -
CARNIVAL CORP               COM               143658102    2,343      49,000 SH           DEFINED    1,3    49,000     -      -
CATELLUS DEVELOPMENT CORP   COM               149111106    1,380     107,724 SH           DEFINED    2,3   107,724     -      -
CH ENERGY GROUP INC.        COM               12541M102    1,073      32,500 SH           DEFINED    2,3    32,500     -      -
CHARTER COMMUNICATIONS INC-ACL A              16117M107    2,188     100,000 SH           DEFINED    2,3   100,000     -      -
CHECKPOINT SYS              SDBCV144A5.25%05  162825AA1    2,723   3,730,000 PRN          DEFINED    1,3
CISCO SYSTEMS INC           COM               17275R102   13,991     130,600 SH           DEFINED  1,3,4   130,600     -      -
CITIGROUP INC               COM               172967101    4,501      81,000 SH           DEFINED    1,3    81,000     -      -
CNA INCOME SHARES INC       COM               126119106      871     122,198 SH           DEFINED    2,3   122,198     -      -
CNA SURETY CORPORATION      COM               12612L108  352,253  27,096,347 SH           DEFINED  2,3,4 7,096,347     -      -
COCA COLA CO                COM               191216100      355       6,100 SH           DEFINED    3,4     6,100     -      -
COLUMBIA HCA HEALTHCARE CORPCOM               197677107    2,931     100,000 SH           DEFINED    2,3   100,000     -      -
COMCAST CORP CL A SPL       CL A SPL          200300200   11,124     220,000 SH           DEFINED  1,2,3   220,000     -      -
COMMUNICATION INTELLIGENCE  COM               20338K106    6,188     750,000 SH           DEFINED    2,3   750,000     -      -
CONECTIV INC                COM               206829103      883      52,500 SH           DEFINED    2,3    52,500     -      -
COX COMMUNICATIONS INC-CL A CL A              224044107      721      14,000 SH           DEFINED    3,4    14,000     -      -
CREDENCE SYSTEMS            NT CV 5,25%02     225302AC2    3,768   2,750,000 PRN          DEFINED    1,3
CREDENCE SYSTEMS CORP       COM               225302108      519       6,000 SH           DEFINED      3     6,000     -      -
CRESCENT REAL ESTATE EQT CO COM               225756105    2,664     145,000 SH           DEFINED    2,3   145,000     -      -
CROWN RESOURCE CORP/COLO    COM               228569109      940     501,400 SH           DEFINED    2,3   501,400     -      -
CYPRESS SEMICON             SUB NT CONV 6%02  232806AD1    7,245   4,950,000 PRN          DEFINED    1,3
DELL COMPUTER CORP          COM               247025109    2,055      40,300 SH           DEFINED    3,4    40,300     -      -
DELTA AIR INC               COM               247361108    1,245      25,000 SH           DEFINED    2,3    25,000     -      -
DONALDSON LUFKIN & JENRETTE COM DLJ           257661108      726      15,000 SH           DEFINED    2,3    15,000     -      -
EASTERN UTILITIES ASSOC     COM               277173100    3,486     115,000 SH           DEFINED    2,3   115,000     -      -
EAST-WEST BANCORP INC.      COM               27579R104   22,874   2,000,000 SH           DEFINED    2,3 2,000,000     -      -
ECOLAB INC                  COM               278865100       47       1,200 SH           DEFINED      3     1,200     -      -
EMC CORP                    SUB NT CONV 6%04  268648AE2    2,620   2,000,000 PRN          DEFINED    2,3
EMC CORPORATION             COM               268648102    6,555      60,000 SH           DEFINED    1,3    60,000     -      -
ENGEL GENERAL DEVELOPERS    ORD               M40515104      360     120,000 SH           DEFINED    2,3   120,000     -      -
ENRON CORP                  COM               293561106    6,213     140,000 SH           DEFINED    1,3   140,000     -      -
EQUANT NV-NY REGISTERED SHR NY REG SHS        294409107    3,360      30,000 SH           DEFINED    1,3    30,000     -      -
EQUITY OFFICE PROPERTIES TRUPFD CV B 5.25%    294741509    7,293     187,000 SH           DEFINED    2,3   187,000     -      -
ESTEE LAUDER COMPANIES      CL A              518439104       50       1,000 SH           DEFINED    2,3     1,000     -      -
EXIGENT INTERNATIONAL INC   COM               302056106        0         125 SH           DEFINED    1,3       125     -      -
EXIGENT INTERNATIONAL INC-WTWT EXP 013000     302056114        0         200 SH    CALL   DEFINED    1,3
FIRST ALLIANCE CORP         COM               317936102      492     262,500 SH           DEFINED    2,3   262,500     -      -
FIRST DATA CORP             COM               319963104    3,698      75,000 SH           DEFINED    1,3    75,000     -      -
FOX ENTERTAINMENT GRP INC-A CL A              35138T107    2,494     100,000 SH           DEFINED    2,3   100,000     -      -
FRIEDMAN BILLINGS RAMSEY-A  CL A              358433100      402      51,000 SH           DEFINED    2,3    51,000     -      -
GENENTECH INC               SUB DEB CV 5%02   368710AA7    6,878   7,165,000 PRN          DEFINED    2,3
GENERAL COMMUNICATION  -CL ACL A              369385109       35       7,913 SH           DEFINED    1,3     7,913     -      -
GENERAL ELECTRIC CO         COM               369604103    6,654      43,000 SH           DEFINED    1,3    43,000     -      -
GENZYME CORP                SB NT CV 5.25%05  372917AF1    3,456   2,700,000 PRN          DEFINED      3
GILLETTE CO.                COM               375766102    3,892      94,500 SH           DEFINED  1,3,4    94,500     -      -
GLAMIS GOLD LTD          SV COM               376775102    2,538   1,400,640 SH           DEFINED    2,3 1,400,640     -      -
GLENBOROUGH REALTY TRUST INCCOM               37803P105      334      25,000 SH           DEFINED    2,3    25,000     -      -
GLOBAL CROSSING LTD         COM               G3921A1001,822,137  36,442,735 SH           DEFINED    2,3 6,442,735     -      -
GOLD RESERVE INC  COMMON STOCL A              38068N108    1,045   1,114,950 SH           DEFINED    2,3 1,114,950     -      -
GOLD STANDARD INC           COM PAR $0.001    380724302      104      82,813 SH           DEFINED    2,3    82,813     -      -
GOLDCORP INC-CL A           CL A SUB VTG      380956102    2,155     375,000 SH           DEFINED    2,3   375,000     -      -
GOLDEN STATE BANCORP        COM               381197102    2,382     138,100 SH           DEFINED    2,3   138,100     -      -
GOLDMAN SACHS GROUP INC     COM               38141G104       94       1,000 SH           DEFINED    3,4     1,000     -      -
GREENPOINT FINANCIAL CORP   COM               395384100    1,219      51,200 SH           DEFINED    2,3    51,200     -      -
HAYES LEMMERZ INTL INC COM  COM               420781106    4,961     284,500 SH           DEFINED    2,3   284,500     -      -
HEALTHCARE REALTY TRUST INC COM               421946104    4,555     291,500 SH           DEFINED    2,3   291,500     -      -
HEALTHSOUTH CORP.           COM               421924101    3,763     700,000 SH           DEFINED    2,3   700,000     -      -
HEWLET-PACKARD              SB LYON ZERO 17   428236AC7   41,669  60,500,000 PRN          DEFINED    2,3
HEWLETT-PACK FIN            SBLYON144AZERO17  428236AA1   10,181  15,000,000 PRN          DEFINED    2,3
HOME DEPOT                  COM               437076102    2,207      32,100 SH           DEFINED    3,4    32,100     -      -
HOMESTAKE MINING CO         COM               437614100    1,419     181,639 SH           DEFINED    2,3   181,639     -      -
HOMETOWN  BUFFET            SUBNTCONV7%02     437862AA3      166     165,000 PRN          DEFINED    1,3
HORIZON GROUP PROPERTIES INCCOM               44041U102        2         630 SH           DEFINED    2,3       630     -      -
HUMANA INC.                 COM               444859102    1,433     175,000 SH           DEFINED    2,3   175,000     -      -
IDACORP INC                 COM               451107106    1,341      50,000 SH           DEFINED    2,3    50,000     -      -
ILLINOIS TOOL WORKS INC     COM               452308109    3,500      51,800 SH           DEFINED    1,3    51,800     -      -
IMPERIAL CREDIT COMMERCIAL  COM               45272T102    1,706     150,000 SH           DEFINED    2,3   150,000     -      -
IMPERIAL OIL LTD-CO. PERTOLICOM NEW           453038408       70       3,300 SH           DEFINED    3,4     3,300     -      -
INCO LTD                    COM               453258402       31       1,300 SH           DEFINED    3,4     1,300     -      -
INFINITY BROADCASTING CORP-ACL A              45662S102    2,750      76,000 SH           DEFINED    1,3    76,000     -      -
INSWEB CORPORATION          COM               45809K103   57,360   2,243,967 SH           DEFINED    2,3 2,243,967     -      -
INTEL CORP                  COM               458140100    5,433      66,000 SH           DEFINED  1,3,4    66,000     -      -
INTERMEDIA COMMUNICATIONS   COM               458801107    4,192     108,000 SH           DEFINED    1,3   108,000     -      -
INTERNATIONAL BUSINESS MACHICOM               459200101    6,577      60,900 SH           DEFINED  1,2,3    60,900     -      -
INTERSTATE BAKERIES         COM               46072H108    2,266     125,000 SH           DEFINED    2,3   125,000     -      -
JPS INDUSTRIES INC          COM               46624E405    1,415     419,243 SH           DEFINED    2,3   419,243     -      -
KANSAS CITY SOUTHERN INDS   COM               485170104    1,895      25,400 SH           DEFINED    3,4    25,400     -      -
KEMPER INTERMEDIATE GOVT TRUSH BEN INT        488413105      964     149,800 SH           DEFINED    2,3   149,800     -      -
KEYSPAN CORPORATION         COM               49337W100    9,086     391,860 SH           DEFINED    2,3   391,860     -      -
KEYSTONE FINANCIAL INC      COM               493482103       21       1,013 SH           DEFINED    3,4     1,013     -      -
KROGER COMPANY              COM               501044101    5,383     285,200 SH           DEFINED  1,2,3   285,200     -      -
L-3 COMMUNICATIONS CORP     COM               502424104    1,819      43,700 SH           DEFINED    1,3    43,700     -      -
LAIDLAW INC                 COM               50730K503       16       3,000 SH           DEFINED      3     3,000     -      -
LASALLE RE HOLDINGS         ORD               G5383Q101   23,518   1,425,354 SH           DEFINED    2,3 1,425,354     -      -
LIBERTY MEDIA               COM LIB GRP A     001957208   15,948     281,024 SH           DEFINED    1,3   281,024     -      -
LIBERTY PROPERTY TRUST      SH BRN INT        531172104    1,156      46,700 SH           DEFINED    2,3    46,700     -      -
LILLY (ELI) & CO.           COM               532457108    2,514      37,800 SH           DEFINED    1,3    37,800     -      -
LORAL SPACE & COMMUNICATIONSCOM               G56462107    3,926     161,500 SH           DEFINED    1,3   161,500     -      -
LUCENT TECHNOLOGIES         COM               549463107      743       9,900 SH           DEFINED    3,4     9,900     -      -
MACK-CALI REALTY CORP       COM               554489104      261      10,000 SH           DEFINED    2,3    10,000     -      -
MAXIM INTEGRATED PRODUCTS   COM               57772K101    1,472      31,200 SH           DEFINED    3,4    31,200     -      -
MCI WORLDCOM INC.           COM               55268B106    3,184      60,000 SH           DEFINED    1,3    60,000     -      -
MCKESSON HBOC INC           COM               58155Q103    6,750     300,000 SH           DEFINED    2,3   300,000     -      -
MCLEODUSA INC-CL A          COM               582266102      648      11,000 SH           DEFINED      3    11,000     -      -
MEDIAONE GROUP, INC         COM               58440J104   10,532     137,117 SH           DEFINED  2,3,4   137,117     -      -
MEDTRONIC INC               COM               585055106    4,970     136,400 SH           DEFINED  1,3,4   136,400     -      -
MELLON FINANCIAL CORP       COM               58551A108      443      13,000 SH           DEFINED      3    13,000     -      -
MERIDIAN GOLD INC           COM               589975101    2,475     365,000 SH           DEFINED    2,3   365,000     -      -
MGIC AETNA INC.             COM               008117103   35,441     635,000 SH           DEFINED    2,3   635,000     -      -
MGIC GPU INC.               COM               36225X100    1,041      35,000 SH           DEFINED    2,3    35,000     -      -
MICROCELL TELECOMMUNICATIONSCL B NON VTG      59501T304    1,583      48,147 SH           DEFINED    2,3    48,147     -      -
MICROSOFT CORP              COM               594918104    5,639      48,300 SH           DEFINED  1,3,4    48,300     -      -
MIRAGE RESORTS INC          COM               60462E104      749      49,500 SH           DEFINED    3,4    49,500     -      -
MOLEX - CLASS A NON-VOTING  CL A              608554200    3,511      77,595 SH           DEFINED    1,3    77,595     -      -
MONSANTO CO                 ADJ CONVR RATE    611662305      166       5,000 SH           DEFINED      3     5,000     -      -
MONSANTO CO                 COM               611662107    2,850      80,000 SH           DEFINED    1,3    80,000     -      -
MORRISON KNUDSEN CORP-WTS   WT EXP 031103     61844A117        0          35 SH    CALL   DEFINED    3,4
MOTOROLA INC                COM               620076109    5,743      39,000 SH           DEFINED    1,3    39,000     -      -
MSDW ASIA PACIFIC FUND      COM               61744U106    2,243     189,900 SH           DEFINED    2,3   189,900     -      -
MSDW INDIA INVESTMENT FUND  COM               61745C105    2,102     127,400 SH           DEFINED    2,3   127,400     -      -
NACCO INDS INC CL A         CL A              629579103      950      17,100 SH           DEFINED    2,3    17,100     -      -
NATL DATA CORP              SUB NT CONV 5%03  635621AA3    4,323   4,750,000 PRN          DEFINED    1,3
NETOPIA INC                 COM               64114K104      867      15,957 SH           DEFINED    3,4    15,957     -      -
NIAGARA MOHAWK HOLDINGS INC COM               653520106    3,299     236,700 SH           DEFINED    2,3   236,700     -      -
NORFOLK SOUTHERN CORP.      COM               655844108    1,722      84,000 SH           DEFINED    2,3    84,000     -      -
NORTH FORK BANCORPORATION   COM               659424105    2,211     127,250 SH           DEFINED    2,3   127,250     -      -
NOVA CHEMICALS CORP         COM               66977W109       14         718 SH           DEFINED    3,4       718     -      -
OGE ENERGY CORP             COM               670837103    1,222      64,300 SH           DEFINED    2,3    64,300     -      -
ON COMMAND CORPORATION      COM               682160106    6,521     352,480 SH           DEFINED    2,3   352,480     -      -
ON COMMAND CORPORATION- CLASWTSB EX 100703    682160122      754     123,130 SH    CALL   DEFINED    2,3
ORBITAL SCIENCES            SB NT CV 5%02     685564AC0      358     420,000 PRN          DEFINED    1,3
OWENS-ILL INC               PFD CONV $.01     690768502    3,084      98,700 SH           DEFINED    2,3    98,700     -      -
OWENS-ILLINOIS INC          COM NEW           690768403    2,967     118,400 SH           DEFINED    2,3   118,400     -      -
PACTIV CORPORATION          COM               695257105    2,019     190,000 SH           DEFINED    2,3   190,000     -      -
PAYCHEX INC                 COM               704326107      814      20,350 SH           DEFINED    3,4    20,350     -      -
PENNEY (J.C.) CO.  INC.     COM               708160106    1,396      70,000 SH           DEFINED    2,3    70,000     -      -
PEPSI BOTTLING GROUP INC    COM               713409100    7,619     460,000 SH           DEFINED    2,3   460,000     -      -
PEPSICO INCORPORATED        COM               713448108    3,490      99,000 SH           DEFINED    1,3    99,000     -      -
PFIZER INC                  COM               717081103    5,135     158,300 SH           DEFINED  1,3,4   158,300     -      -
PHILIP MORRIS COMPANIES INC COM               718154107    3,450     150,000 SH           DEFINED    2,3   150,000     -      -
PITNEY-BOWES  INC           COM               724479100    1,981      41,000 SH           DEFINED    1,3    41,000     -      -
PLACER DOME INC             COM               725906101    4,375     406,952 SH           DEFINED  2,3,4   406,952     -      -
POLICY MANAGEMENT SYSTEMS COCOM               731108106   38,829   1,519,024 SH           DEFINED    2,3 1,519,024     -      -
POTASH CORP OF SASKATCHEWAN COM               73755L107    4,236      87,900 SH           DEFINED    2,3    87,900     -      -
POTOMAC ELECTRIC POWER      COM               737679100   19,519     851,000 SH           DEFINED    2.3   851,000     -      -
PREMIER PARKS               COM NEW           740540208      315      10,900 SH           DEFINED      3    10,900     -      -
PRENTISS PROPERTIES TRUST   SH BEN INT        740706106       86       4,000 SH           DEFINED    2,3     4,000     -      -
PRICE (T. ROWE) ASSOCIATES  COM               741477103      646      17,500 SH           DEFINED    3,4    17,500     -      -
PRIME HOSPITALITY CORP      COM               741917108       56       6,375 SH           DEFINED    2,3     6,375     -      -
PRIME RETAIL INC            COM               741570105       71      12,600 SH           DEFINED    2,3    12,600     -      -
PRISON REALTY TRUST INC     COM               74264N105    2,169     428,400 SH           DEFINED    2,3   428,400     -      -
PROCTER & GAMBLE CO         COM               742718109    6,398      58,400 SH           DEFINED  1,3,4    58,400     -      -
PROGRESSIVE CORP            COM               743315103    1,009      13,800 SH           DEFINED    3,4    13,800     -      -
PROVIDIAN FINANCIAL CORP    COM               74406A102      801       8,800 SH           DEFINED    3,4     8,800     -      -
PSINET INC                  COM               74437C101    2,624      42,500 SH           DEFINED    1,3    42,500     -      -
PUBLIC SERVICE CO OF N MEX  COM               744499104    1,430      88,000 SH           DEFINED    2,3    88,000     -      -
RADIO ONE INC               CL A              75040P108      956      10,391 SH           DEFINED  2,3,4    10,391     -      -
REYNOLDS METALS CO          COM               761763101    7,364      96,100 SH           DEFINED    2,3    96,100     -      -
RGS ENERGY GROUP INC        COM               74956K104    1,594      77,500 SH           DEFINED    2,3    77,500     -      -
ROCKWELL INTL CORP          COM               773903109    2,901      60,600 SH           DEFINED    2,3    60,600     -      -
SAFEWAY INC                 COM NEW           786514208    3,862     108,600 SH           DEFINED1,2,3,4   108,600     -      -
SANMINA CORP                SB DB CV 144A 04  800907AA5    1,489   1,130,000 PRN          DEFINED    1,3
SANMINA CORP                SUB NTCV 4.25%04  800907AB3    4,901   3,720,000 PRN          DEFINED    1,3
SCANA CORP                  COM               805898103   14,513     540,000 SH           DEFINED    2,3   540,000     -      -
SCHERING PLOUGH             COM               806605101    5,273     125,000 SH           DEFINED    1,3   125,000     -      -
SCHLUMBERGER LIMITED        COM               806857108    4,196      74,600 SH           DEFINED    1,3    74,600     -      -
SCHWAB(CHARLES) CORP        COM               808513105    1,186      31,000 SH           DEFINED    3,4    31,000     -      -
SEACOR HOLDINGS             SUBNTCV 5.375%06  811904AE1      241     250,000 PRN          DEFINED      3
SEAGATE TECHNOLOGY INC.     COM               811804103    4,610      99,000 SH           DEFINED    2,3    99,000     -      -
SEPRACOR INC                SB DB CV144A7%05  817315AF1    5,544   5,200,000 PRN          DEFINED    1,3
SFX ENTERTAINMENT INC       CL A              784178105       36       1,000 SH           DEFINED    2,3     1,000     -      -
SIEBEL SYSTEMS INC          COM               826170102    2,050      24,400 SH           DEFINED    3,4    24,400     -      -
SIERRA PACIFIC RESOURCES    COM               826428104      999      57,500 SH           DEFINED    2,3    57,500     -      -
SMITH CHARLES E RESIDENTIAL COM               832197107      265       7,500 SH           DEFINED    2,3     7,500     -      -
SOLUTIA INC                 COM               834376105      309      20,000 SH           DEFINED      3    20,000     -      -
SPANISH BROADCASTING SYS CLACL A              846425882      403      10,000 SH           DEFINED    2,3    10,000     -      -
SPEEDWAY MOTORSP            SB DB CV 5.75%03  847788AC0    4,948   4,781,000 PRN          DEFINED    1,3
SPLITROCK SERVICES INC      COM               848636304    1,538      77,364 SH           DEFINED    2,3    77,364     -      -
SPRINT CORP                 COM FON GROUP     852061100    6,318      93,856 SH           DEFINED  1,3,4    93,856     -      -
SPRINT CORP (PCS GROUP)     PCS COM SER 1     852061506       73         714 SH           DEFINED    3,4       714     -      -
ST. LAURENT PAPERBOARD      COM               790907109       25       1,900 SH           DEFINED    3,4     1,900     -      -
STAR GAS PARTNER-SEN SUB UTSSR SUB UN LTD     85512C204      215      42,434 SH           DEFINED    2,3    42,434     -      -
STMICROELECTRON             SB LYON ZERO 09   861012AB8   44,864  35,050,000 PRN          DEFINED  1,2,3
STORAGE TECHNOLOGY /NEW/COM COM PAR $0.10     862111200       51       2,754 SH           DEFINED    1,3     2,754     -      -
SUN MICROSYSTEMS INC        COM               866810104    5,188      67,000 SH           DEFINED    1,3    67,000     -      -
SUNBEAM CORP                SRSDCV ZRO144A18  867071AA0   14,914  97,000,000 PRN          DEFINED    2,3
TANDY CORP                  COM               875382103    3,197      65,000 SH           DEFINED    1,3    65,000     -      -
TECNOMATIX TECHNOLOGIES LTD ORD               M8743P105       29       1,000 SH           DEFINED    2,3     1,000     -      -
TELLABS INC                 COM               879664100    4,878      76,000 SH           DEFINED    1,3    76,000     -      -
TEXAS INSTRUMENTS INCORPORATCOM               882508104    5,909      61,000 SH           DEFINED    1,3    61,000     -      -
THOUSAND TRAILS, INC        COM               885502104      798     159,660 SH           DEFINED    2,3   159,660     -      -
TIME WARNER INC             COM               887315109    8,005     110,700 SH           DEFINED  2,3,4   110,700     -      -
TORONTO DOMINION BK NEW CDN$COM NEW           891160509      139       5,200 SH           DEFINED    3,4     5,200     -      -
TOWER AUTOMOTIVE            SB NT CV 5%04     891707AE1    4,732   5,600,000 PRN          DEFINED    1,3
TRANSCANADA PIPELINES LTD.  COM               893526103       31       3,592 SH           DEFINED    3,4     3,592     -      -
TRIBUNE CO NEW              COM               896047107    5,451      99,000 SH           DEFINED  1,2,3    99,000     -      -
TYCO INTERNATIONAL LTD      COM               902124106    4,276     110,000 SH           DEFINED    1,3   110,000     -      -
UGLY DUCKLING CORP          COM               903512101      344      50,000 SH           DEFINED    2,3    50,000     -      -
UNITED TECHNOLOGIES CORP.   COM               913017109    3,016      46,400 SH           DEFINED    1,3    46,400     -      -
UNOCAL CORP                 COM               915289102    2,651      79,000 SH           DEFINED    2,3    79,000     -      -
US AIR GROUP INC            COM               911905107    2,323      72,462 SH           DEFINED    2,3    72,462     -      -
US WEST INC                 COM               91273H101       21         293 SH           DEFINED    3,4       293     -      -
USEC INC                    COM               90333E108    2,867     409,500 SH           DEFINED    2,3   409,500     -      -
UST INC                     COM               902911106   12,594     500,000 SH           DEFINED    2,3   500,000     -      -
WAL MART STORES INC         COM               931142103    3,767      54,500 SH           DEFINED    1,3    54,500     -      -
WARNER LAMBERT CO           COM               934488107      926      11,300 SH           DEFINED  2,3,4    11,300     -      -
WASHINGTON GAS LIGHT CO     COM               938837101    3,025     110,000 SH           DEFINED    2,3   110,000     -      -
WASHINGTON REAL ESTATE INV  SH BEN INT        939653101       60       4,000 SH           DEFINED    2,3     4,000     -      -
WASTE MANAGEMENT INC        COM               94106L109    9,178     534,000 SH           DEFINED    2,3   534,000     -      -
WELLS FARGO COMPANY         COM               949746101    3,639      90,000 SH           DEFINED    1,3    90,000     -      -
WILLIAMS COS INC            COM               969457100    7,467     244,312 SH           DEFINED1,2,3,4   244,312     -      -
WIND RIVER SYSTEMS          COM               973149107      187       5,100 SH           DEFINED    1,3     5,100     -      -
WIND RIVER SYSTM            SUB NT CONV 5%02  973149AC1    3,468   2,725,000 PRN          DEFINED    1,3
WISCONSIN ENERGY CORP       COM               976657106    1,136      59,000 SH           DEFINED    2,3    59,000     -      -
WPS RESOURCES CORP          COM               92931B106    1,088      43,300 SH           DEFINED    2,3    43,300     -      -
XEROX CORP                  COM               984121103    2,496     110,000 SH           DEFINED    2,3   110,000     -      -
XTRA CORP                   COM               984138107      686      16,089 SH           DEFINED    1,3    16,089     -      -
</TABLE>