FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: March 31, 2000

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:  Group Vice President and Deputy General Counsel
Phone: (312) 822 4921
Signature, Place, and Date of Signing:

Chicago, Illinois, May 11, 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>
Loews Corporation also has investment discretion over the securities reported on
herein by CNA Financial Corportion,  Continental Assurance Company,  Continental
Casualty Company, and The Continental Corporation. Loews Corporation will report
separately on securities over which it has investment discretion which are not
part of such holdings.
<PAGE>
<TABLE>
FORM 13F 3/31/00 NAME OF REPORTING MANAGER: CNA Financial Corporation
<S>
<C>                           <C>               <C>          <C>      <C>       <C>  <C>   <C>     <C>      <C>    <C>       <C>
                                                                       FORM 13F INFORMATION TABLE
                                                              VALUE     SHARES/ SH/  PUT/  INVSTMT  OTHER     VOTING AUTHORITY
       NAME OF ISSUER         TITLE OF CLASS       CUSIP     (x1000)    PRN AMT PRN  CALL  DSCRETN MANAGERS SOLE    SHARED   NONE
-----------------------------------------------------------------------------------------------------------------------------------
ACME COMMUNICATIONS INC      COM                 004631107    15,431    674,595 SH          DEFINED  2,3       674,595    0    0
ACX TECHNOLOGIES             COM                 005123104         0          2 SH          DEFINED  3,4             2    0    0
ADVANTICA RESTAURANT GROUP   COM                 00758B109     5,816  3,877,287 SH          DEFINED  2,3     3,877,287    0    0
AES CORP                     JR SBDB CV4.5%05    00130HAN5     8,344  5,445,000 PRN         DEFINED  1,3
AFFIL COMPUTER               SB NT CV  4% 05     008190AD2     4,921  4,720,000 PRN         DEFINED  1,3
AGILENT TECHNOLOGIES INC     COM                 00846U101     2,288     22,000 SH          DEFINED  1,3        22,000    0    0
AGNICO-EAGLE MINES LTD       COM                 008474108     2,030    365,000 SH          DEFINED  2,3       365,000    0    0
AIR PRODUCTS & CHEMICAL      COM                 009158106       569     20,000 SH          DEFINED  2,3        20,000    0    0
ALLIN COMMUNICATIONS CORP    COM                 019924109     1,169    340,000 SH          DEFINED  2,3       340,000    0    0
ALLTEL CORP                  COM                 020039103     6,328    100,352 SH          DEFINED 2,3,4      100,352    0    0
ALPHARMA INC                 SB NT CV 5,75%05    020813AB7     7,168  5,280,000 PRN         DEFINED  1,3
ALTIVA FINANCIAL CORP        COM NEW             021497300        52     32,000 SH          DEFINED  2,3        32,000    0    0
AMERADA HESS                 COM                 023551104     1,616     25,000 SH          DEFINED  2,3        25,000    0    0
AMERICA ONLINE INC           COM                 02364J104     4,237     63,000 SH          DEFINED  1,3        63,000    0    0
AMERICA WEST HOLDINGS        CL B                023657208       330     21,278 SH          DEFINED  1,3        21,278    0    0
AMERICAN BUSINESS FINL SVCS  COM                 02476B106       443     25,042 SH          DEFINED  2,3        25,042    0    0
AMERICAN CAPITAL STRATEGIES  COM                 024937104     4,123    162,500 SH          DEFINED  2,3       162,500    0    0
AMERICAN EXPRESS             COM                 025816109     3,723     25,000 SH          DEFINED  1,3        25,000    0    0
AMERICAN INTL GROUP INC      COM                 026874107       999      9,127 SH          DEFINED  2,3         9,127    0    0
AMR  CORP                    COM                 001765106     1,913     60,000 SH          DEFINED  2,3        60,000    0    0
ANHEUSER BUSCH CO            COM                 035229103     2,185     35,100 SH          DEFINED  2,3        35,100    0    0
ANTEC CORP                   SB NT CV 144A 03    03664PAA3     4,323  2,250,000 PRN         DEFINED  2,3
AON CORP                     COM                 037389103     2,148     66,600 SH          DEFINED  2,3        66,600    0    0
APPLIED MATERIALS INC.       COM                 038222105     9,048     48,000 SH          DEFINED  1,3        48,000    0    0
ARCHER DANIELS               COM                 039483102     9,287    900,578 SH          DEFINED  2,3       900,578    0    0
ARGUSS HOLDINGS INC          COM                 040282105     8,212    367,012 SH          DEFINED  1,3       367,012    0    0
ASHANTI GOLDFIELDS-SPONS GDR GLOB DEP RCPT       043743202     1,233    580,000 SH          DEFINED  2,3       580,000    0    0
AT & T CORPORATION           COM                 001957109    22,525    400,000 SH          DEFINED  2,3       400,000    0    0
BANGOR HYDRO-ELECTRIC CO     COM                 060077104       116      6,700 SH          DEFINED  2,3         6,700    0    0
BANK ONE CORP                COM                 06423A103     4,538    132,000 SH          DEFINED  2,3       132,000    0    0
BANK UNITED CORP-CL A        CL A                065412108     2,209     70,000 SH          DEFINED  1,3        70,000    0    0
BAYCORP HOLDINGS LTD         COM                 072728108     8,653    397,842 SH          DEFINED  1,3       397,842    0    0
BECTON DICKINSON & CO        COM                 075887109     4,328    164,500 SH          DEFINED  2,3       164,500    0    0
BELL ATLANTIC CORP           COM                 077853109     2,139     35,000 SH          DEFINED  2,3        35,000    0    0
BELLSOUTH CORP               COM                 079860102     1,641     35,000 SH          DEFINED  2,3        35,000    0    0
BEVERLY ENTERPRISES INC      COM NEW             087851309     3,078    834,900 SH          DEFINED  2,3       834,900    0    0
BOEING COMPANY               COM                 097023105     3,781    100,000 SH          DEFINED  2,3       100,000    0    0
BUCKHEAD AMERICA CORP        COM                 11835A105       111     21,579 SH          DEFINED  2,3        21,579    0    0
BURLINGTON NORTHERN SANTA FE COM                 12189T104    13,768    605,200 SH          DEFINED  2,3       605,200    0    0
BURLINGTON RESOURCES INC     COM                 122014103     2,220     60,000 SH          DEFINED  2,3        60,000    0    0
CABOT INDUSTRIAL TRUST       COM                 127072106       261     14,000 SH          DEFINED  2,3        14,000    0    0
CANADIAN NATL RAILWAY CO     COM                 136375102         6        224 SH          DEFINED  1,3           224    0    0
CAPITAL ONE FINANCIAL CORP   COM                 14040H105     2,397     50,000 SH          DEFINED  2,3        50,000    0    0
CARDINAL HEALTH  INC.        COM                 14149Y108     3,194     69,625 SH          DEFINED  1,3        69,625    0    0
CARNIVAL CORP                COM                 143658102     2,233     90,000 SH          DEFINED   1         90,000    0    0
CATELLUS DEVELOPMENT CORP    COM                 149111106     1,495    107,724 SH          DEFINED  2,3       107,724    0    0
CH ENERGY GROUP INC.         COM                 12541M102       987     32,500 SH          DEFINED  2,3        32,500    0    0
CHARTER COMMUNICATIONS INC-A CL A                16117M107     2,794    195,000 SH          DEFINED  2,3       195,000    0    0
CISCO SYSTEMS INC            COM                 17275R102    16,236    210,000 SH          DEFINED  1,3       210,000    0    0
CITIGROUP INC                COM                 172967101     4,804     81,000 SH          DEFINED  1,3        81,000    0    0
CNA INCOME SHARES INC        COM                 126119106       939    126,125 SH          DEFINED  2,3       126,125    0    0
CNA SURETY CORPORATION       COM                 12612L108   377,655 27,096,347 SH          DEFINED 2,3,4   27,096,347    0    0
COMCAST CORP CL A SPL        CL A SPL            200300200     5,205    120,000 SH          DEFINED  1,3       120,000    0    0
COMMUNICATION INTELLIGENCE   COM                 20338K106     4,476    750,000 SH          DEFINED  2,3       750,000    0    0
CONECTIV INC                 COM                 206829103       919     52,500 SH          DEFINED  2,3        52,500    0    0
CREDENCE SYSTEMS             NT CV 5.25%02       225302AC2     6,550  3,550,000 PRN         DEFINED  1,3
CREDENCE SYSTEMS CORP        COM                 225302108       501      4,000 SH          DEFINED   3          4,000    0    0
CRESCENT REAL ESTATE EQT CO  COM                 225756105     1,575     90,000 SH          DEFINED  2,3        90,000    0    0
CROWN RESOURCE CORP/COLO     COM                 228569109       693    501,400 SH          DEFINED  2,3       501,400    0    0
CYANOTECH CORP NEW           COM NEW             232437202     1,172    493,400 SH          DEFINED  3,4       493,400    0    0
DTE ENERGY COMPANY           COM                 233331107     1,313     45,000 SH          DEFINED  2,3        45,000    0    0
EASTERN UTILITIES ASSOC      COM                 277173100     2,667     85,000 SH          DEFINED  2,3        85,000    0    0
EAST-WEST BANCORP INC.       COM                 27579R104    22,124  2,000,000 SH          DEFINED  2,3     2,000,000    0    0
ECOLAB INC                   COM                 278865100        44      1,200 SH          DEFINED   3          1,200    0    0
EMC CORPORATION              COM                 268648102     7,163     57,300 SH          DEFINED  1,3        57,300    0    0
ENGEL GENERAL DEVELOPERS     ORD                 M40515104       465    120,000 SH          DEFINED  2,3       120,000    0    0
ENRON CORP                   COM                 293561106    10,483    140,000 SH          DEFINED  1,3       140,000    0    0
EQUANT NV-NY REGISTERED SHR  NY REG SHS          294409107     2,977     35,000 SH          DEFINED  1,3        35,000    0    0
EQUITY OFFICE PROPERTIES TR  COM                 294741103     2,643    105,200 SH          DEFINED  2,3       105,200    0    0
EQUITY OFFICE PROPERTIES TRUSPFD CV B 5.25%      294741509     7,106    187,000 SH          DEFINED  2,3       187,000    0    0
EQUITY RESIDENTIAL PROPERTY TSH BEN INT          29476L107    13,652    339,700 SH          DEFINED  2,3       339,700    0    0
ESTEE LAUDER COMPANIES       CL A                518439104        50      1,000 SH          DEFINED  2,3         1,000    0    0
EXCITE@HOME                  SB NT CV 144A 06    045919AD9     2,408  3,000,000 PRN         DEFINED  2,3
EXIGENT INTERNATIONAL INC    COM                 302056106         1        125 SH          DEFINED  1,3           125    0    0
FIRST ALLIANCE CORP/CA       COM                 317936102       476    262,500 SH          DEFINED  2,3       262,500    0    0
FIRST DATA CORP              COM                 319963104     3,319     75,000 SH          DEFINED  1,3        75,000    0    0
FORD MOTOR COMPANY           COM                 345370100     8,269    180,000 SH          DEFINED  2,3       180,000    0    0
FRIEDMAN BILLINGS RAMSEY-A   CL A                358433100       555     51,000 SH          DEFINED  2,3        51,000    0    0
GENENTECH INC                SUB DEB CV 5%02     368710AA7     6,878  7,165,000 PRN         DEFINED  2,3
GENERAL COMMUNICATION  -CL A CL A                369385109        43      7,913 SH          DEFINED  1,3         7,913    0    0
GENERAL ELECTRIC CO          COM                 369604103     6,673     43,000 SH          DEFINED  1,3        43,000    0    0
GENZYME CORP                 SB NT CV 5.25%05    372917AF1     3,918  2,700,000 PRN         DEFINED  1,3
GILLETTE CO.                 COM                 375766102     3,543     94,000 SH          DEFINED  1,3        94,000    0    0
GLAMIS GOLD LTD          SV  COM                 376775102     2,364  1,260,740 SH          DEFINED  2,3     1,260,740    0    0
GLENBOROUGH REALTY TRUST INC COM                 37803P105       363     25,000 SH          DEFINED  2,3        25,000    0    0
GLOBAL CROSSING LTD          COM                 G3921A100 1,479,575 36,142,735 SH          DEFINED  2,3    36,142,735    0    0
GOLD STANDARD INC            COM PAR $0.001      380724302       191     82,813 SH          DEFINED  2,3        82,813    0    0
GOLDCORP INC-CL A            CL A SUB VTG        380956102     2,282    375,000 SH          DEFINED  2,3       375,000    0    0
GOLDEN STATE BANCORP         COM                 381197102     2,137    143,100 SH          DEFINED  2,3       143,100    0    0
GREENPOINT FINANCIAL CORP    COM                 395384100     1,005     51,200 SH          DEFINED  2,3        51,200    0    0
HAYES LEMMERZ INTL INC COM   COM                 420781106     5,441    284,500 SH          DEFINED  2,3       284,500    0    0
HEALTHCARE REALTY TRUST INC  COM                 421946104     6,544    390,700 SH          DEFINED  2,3       390,700    0    0
HEALTHSOUTH CORP.            COM                 421924101     5,687  1,000,000 SH          DEFINED  2,3     1,000,000    0    0
HEINZ H J CO                 COM                 423074103       157      4,500 SH          DEFINED  2,3         4,500    0    0
HEWLET-PACKARD               SB LYON ZERO 17     428236AC7    45,602 60,500,000 PRN         DEFINED  2,3
HEWLETT-PACK FIN             SBLYON144AZERO17    428236AA1    11,306 15,000,000 PRN         DEFINED  2,3
HOME DEPOT                   COM                 437076102       774     12,000 SH          DEFINED   3         12,000    0    0
HORIZON GROUP PROPERTIES INC COM                 44041U102         3        630 SH          DEFINED  2,3           630    0    0
HUMANA INC.                  COM                 444859102     1,280    175,000 SH          DEFINED  2,3       175,000    0    0
IDACORP INC                  COM                 451107106     1,199     34,500 SH          DEFINED  2,3        34,500    0    0
ILLINOIS TOOL WORKS INC      COM                 452308109     2,862     51,800 SH          DEFINED  1,3        51,800    0    0
IMC GLOBAL INC               COM                 449669100     1,475    100,000 SH          DEFINED  2,3       100,000    0    0
IMPERIAL CREDIT COMMERCIAL   COM                 45272T102     1,725    150,000 SH          DEFINED  2,3       150,000    0    0
INFINITY BROADCASTING CORP-A CL A                45662S102     3,108     96,000 SH          DEFINED  1,3        96,000    0    0
INSWEB CORPORATION           COM                 45809K103    13,489  1,401,467 SH          DEFINED  2,3     1,401,467    0    0
INTEL CORP                   COM                 458140100     5,884     44,600 SH          DEFINED  1,3        44,600    0    0
INTERMEDIA COMMUNICATIONS    COM                 458801107     5,218    108,000 SH          DEFINED  1,3       108,000    0    0
INTERNATIONAL BUSINESS MACHINCOM                 459200101     3,705     31,400 SH          DEFINED  1,3        31,400    0    0
INTERSTATE BAKERIES          COM                 46072H108     6,056    425,000 SH          DEFINED  2,3       425,000    0    0
JPS INDUSTRIES INC           COM                 46624E405     1,467    419,243 SH          DEFINED  2,3       419,243    0    0
KEMPER INTERMEDIATE GOVT TRUSSH BEN INT          488413105       946    149,800 SH          DEFINED  2,3       149,800    0    0
KEYSPAN CORPORATION          COM                 49337W100     9,748    352,860 SH          DEFINED  2,3       352,860    0    0
KEYSTONE FINANCIAL INC       COM                 493482103        19      1,013 SH          DEFINED  3,4         1,013    0    0

KROGER COMPANY               COM                 501044101     5,343    304,200 SH          DEFINED 1,2,3      304,200    0    0
L-3 COMMUNICATIONS CORP      COM                 502424104     2,272     43,700 SH          DEFINED  1,3        43,700    0    0
LASALLE RE HOLDINGS          ORD                 G5383Q101    19,777  1,425,354 SH          DEFINED  2,3     1,425,354    0    0
LIBERTY MEDIA                COM LIB GRP A       001957208    16,532    279,024 SH          DEFINED  1,3       279,024    0    0
LIBERTY PROPERTY TRUST       SH BEN INT          531172104     4,550    190,100 SH          DEFINED  2,3       190,100    0    0
LILLY (ELI) & CO.            COM                 532457108     2,381     37,800 SH          DEFINED  1,3        37,800    0    0
LOCKHEED MARTIN CORP         COM                 539830109     1,022     50,000 SH          DEFINED  2,3        50,000    0    0
LORAL SPACE & COMMUNICATIONS COM                 G56462107     1,645    161,500 SH          DEFINED  1,3       161,500    0    0
MACK-CALI REALTY CORP        COM                 554489104       255     10,000 SH          DEFINED  2,3        10,000    0    0
MATTEL INC                   COM                 577081102     5,250    500,000 SH          DEFINED  2,3       500,000    0    0
MCKESSON HBOC INC            COM                 58155Q103     2,262    107,700 SH          DEFINED  2,3       107,700    0    0
MCLEODUSA INC-CL A           COM                 582266102       848     10,000 SH          DEFINED   3         10,000    0    0
MEDIAONE GROUP, INC          COM                 58440J104     1,046     12,917 SH          DEFINED  3,4        12,917    0    0
MEDTRONIC INC                COM                 585055106     6,173    120,000 SH          DEFINED  1,3       120,000    0    0
MELLON FINANCIAL CORP        COM                 58551A108       387     13,000 SH          DEFINED   3         13,000    0    0
MERIDIAN GOLD INC            COM                 589975101     1,512    265,000 SH          DEFINED  2,3       265,000    0    0
MGIC AETNA INC.              COM                 008117103    12,071    217,500 SH          DEFINED  2,3       217,500    0    0
MGIC GPU INC.                COM                 36225X100       958     35,000 SH          DEFINED  2,3        35,000    0    0
MICROCELL TELECOMMUNICATIONS CL B NON VTG        59501T304       472     10,647 SH          DEFINED  2,3        10,647    0    0
MICROSOFT CORP               COM                 594918104     4,569     43,000 SH          DEFINED  1,3        43,000    0    0
MOLEX - CLASS A NON-VOTING   CL A                608554200     3,860     86,993 SH          DEFINED  1,3        86,993    0    0
MORRISON KNUDSEN CORP-WTS    WT EXP 031103       61844A117         0         35 SH     CALL DEFINED  3,4
MOTOROLA INC                 COM                 620076109     5,553     39,000 SH          DEFINED  1,3        39,000    0    0
MSDW ASIA PACIFIC FUND       COM                 61744U106     2,065    189,900 SH          DEFINED  2,3       189,900    0    0
MSDW INDIA INVESTMENT FUND   COM                 61745C105       533     40,400 SH          DEFINED  2,3        40,400    0    0
NACCO INDS INC CL A          CL A                629579103       820     17,100 SH          DEFINED  2,3        17,100    0    0
NATL DATA CORP               SUB NT CONV 5%03    635621AA3     3,878  4,610,000 PRN         DEFINED  1,3
NETOPIA INC                  COM                 64114K104     1,148     15,957 SH          DEFINED  3,4        15,957    0    0
NIAGARA MOHAWK HOLDINGS INC  COM                 653520106     3,195    236,700 SH          DEFINED  2,3       236,700    0    0
NORFOLK SOUTHERN CORP.       COM                 655844108     2,907    204,000 SH          DEFINED  2,3       204,000    0    0
NORTH FORK BANCORPORATION    COM                 659424105     2,275    127,250 SH          DEFINED  2,3       127,250    0    0
OGE ENERGY CORP              COM                 670837103     1,522     79,300 SH          DEFINED  2,3        79,300    0    0
OMNICARE INC                 SUB DEB CV 5%07     681904AD0       368    500,000 PRN         DEFINED   3
ON COMMAND CORPORATION       COM                 682160106     5,287    352,480 SH          DEFINED  2,3       352,480    0    0
ON COMMAND CORPORATION- CLASSWT BTEX 100703      682160122       554    123,130 SH     CALL DEFINED  2,3
OWENS-ILL INC                PFD CONV $.01       690768502     1,783     65,900 SH          DEFINED  2,3        65,900    0    0
OWENS-ILLINOIS INC           COM NEW             690768403       926     54,900 SH          DEFINED  2,3        54,900    0    0
PACTIV CORPORATION           COM                 695257105     1,651    190,000 SH          DEFINED  2,3       190,000    0    0
PENNEY (J.C.) CO.  INC.      COM                 708160106     1,934    130,000 SH          DEFINED  2,3       130,000    0    0
PEPSI BOTTLING GROUP INC     COM                 713409100     7,600    380,000 SH          DEFINED  2,3       380,000    0    0
PEPSICO INCORPORATED         COM                 713448108     3,180     92,000 SH          DEFINED  1,3        92,000    0    0
PFIZER INC                   COM                 717081103     4,863    133,000 SH          DEFINED  1,3       133,000    0    0
PHILIP MORRIS COMPANIES INC  COM                 718154107    24,213  1,166,900 SH          DEFINED  2,3     1,166,900    0    0
PITNEY-BOWES  INC            COM                 724479100     2,011     45,000 SH          DEFINED  1,3        45,000    0    0
PLACER DOME INC              COM                 725906101     3,479    445,352 SH          DEFINED  2,3       445,352    0    0
POLICY MANAGEMENT SYSTEMS COECOM                 731108106    18,228  1,519,024 SH          DEFINED  2,3     1,519,024    0    0
POTASH CORP OF SASKATCHEWAN  COM                 73755L107     4,395     87,900 SH          DEFINED  2,3        87,900    0    0
POTOMAC ELECTRIC POWER       COM                 737679100    20,134    889,900 SH          DEFINED  2,3       889,900    0    0
PREMIER PARKS                COM NEW             740540208       229     10,900 SH          DEFINED   3         10,900    0    0
PRIME HOSPITALITY CORP       COM                 741917108        46      6,375 SH          DEFINED  2,3         6,375    0    0
PRIME RETAIL INC             COM                 741570105        28     12,600 SH          DEFINED  2,3        12,600    0    0
PRISON REALTY TRUST INC      COM                 74264N105       668    218,300 SH          DEFINED  2,3       218,300    0    0
PROCTER & GAMBLE CO          COM                 742718109     3,988     70,900 SH          DEFINED 1,2,3       70,900    0    0
PROVIDIAN FINANCIAL CORP     COM                 74406A102     1,299     15,000 SH          DEFINED  2,3        15,000    0    0
PSINET INC                   COM                 74437C101     2,755     81,000 SH          DEFINED  1,3        81,000    0    0
RADIO ONE INC                CL A                75040P108       559      8,391 SH          DEFINED  3,4         8,391    0    0
RAYTHEON CO. COM             CL B                755111408       888     50,000 SH          DEFINED  2,3        50,000    0    0
REYNOLDS METALS CO           COM                 761763101     3,050     45,600 SH          DEFINED  2,3        45,600    0    0
RGS ENERGY GROUP INC         COM                 74956K104     1,647     77,500 SH          DEFINED  2,3        77,500    0    0
ROCKWELL INTL CORP           COM                 773903109     1,112     26,600 SH          DEFINED  2,3        26,600    0    0
SAFEWAY INC                  COM NEW             786514208     4,525    100,000 SH          DEFINED 1,2,3      100,000    0    0
SANMINA CORP                 SB DB CV 144A 05    800907AA5     1,849  1,130,000 PRN         DEFINED  1,3
SANMINA CORP                 SUB NTCV 4.25%04    800907AB3     6,087  3,720,000 PRN         DEFINED  1,3
SBC COMMUNICATIONS INC       COM                 78387G103       843     20,000 SH          DEFINED  2,3        20,000    0    0
SCANA CORP                   COM                 80589M102     9,640    392,466 SH          DEFINED  2,3       392,466    0    0
SCHERING PLOUGH              COM                 806605101     4,410    120,000 SH          DEFINED  1,3       120,000    0    0
SCHLUMBERGER LIMITED         COM                 806857108     4,942     64,600 SH          DEFINED  1,3        64,600    0    0
SEACOR HOLDINGS              SUBNTCV 5.375%06    811904AE1       511    500,000 PRN         DEFINED   3
SEAGATE TECHNOLOGY INC.      COM                 811804103       615     10,000 SH          DEFINED  2,3        10,000    0    0
SFX ENTERTAINMENT INC        CL A                784178105        41      1,000 SH          DEFINED  2,3         1,000    0    0
SIEBEL SYSTEMS INC           COM                 826170102     2,986     25,000 SH          DEFINED  1,3        25,000    0    0
SIERRA PACIFIC RESOURCES     COM                 826428104       969     77,500 SH          DEFINED  2,3        77,500    0    0
SMITH CHARLES E RESIDENTIAL  COM                 832197107       271      7,500 SH          DEFINED  2,3         7,500    0    0
SOLECTRON CORP               COM                 834182107     1,605     40,000 SH          DEFINED  1,3        40,000    0    0
SOLUTIA INC                  COM                 834376105     1,078     80,600 SH          DEFINED  2,3        80,600    0    0
SPANISH BROADCASTING SYS CLA CL A                846425882       235     10,000 SH          DEFINED  2,3        10,000    0    0
SPEEDWAY MOTORSP             SB DB CV 5.75%03    847788AC0     4,572  4,781,000 PRN         DEFINED  1,3
SPLITROCK SERVICES INC       COM                 848636304       832     20,364 SH          DEFINED  2,3        20,364    0    0
SPRINT CORP                  COM FON GROUP       852061100     5,913     93,856 SH          DEFINED 1,3,4       93,856    0    0
SPRINT CORP (PCS GROUP)      PCS COM SER 1       852061506        94      1,428 SH          DEFINED  3,4         1,428    0    0
STAR GAS PARTNER-SEN SUB UTS SR SUB UN LTD       85512C204       191     42,434 PRN         DEFINED  2,3
STMICROELECTRON              SUB LYON ZERO 09    861012AB8    47,036 28,550,000 PRN         DEFINED 1,2,3
STORAGE TECHNOLOGY /NEW/COM  COM PAR $0.10       862111200        44      2,754 SH          DEFINED  1,3         2,754    0    0
SUN MICROSYSTEMS INC         COM                 866810104     7,028     75,000 SH          DEFINED  1,3        75,000    0    0
SUNBEAM CORP                 SRSDCV ZRO144A18    867071AA0    16,248 97,000,000 PRN         DEFINED  2,3
TANDY CORP                   COM                 875382103     3,167     62,400 SH          DEFINED  1,3        62,400    0    0
TECNOMATIX TECHNOLOGIES LTD  ORD                 M8743P105        43      1,000 SH          DEFINED  2,3         1,000    0    0
TEEKAY SHIPPING CORP         COM                 Y8564W103     1,516     55,000 SH          DEFINED  2,3        55,000    0    0
TELLABS INC                  COM                 879664100     4,472     71,000 SH          DEFINED  1,3        71,000    0    0
TEXAS INSTRUMENTS INCORPORATECOM                 882508104     6,880     43,000 SH          DEFINED  1,3        43,000    0    0
THOUSAND TRAILS, INC         COM                 885502104       778    159,660 SH          DEFINED  2,3       159,660    0    0
TOWER AUTOMOTIVE             SB NT CV 5%04       891707AE1     4,830  5,600,000 PRN         DEFINED  1,3
TRIBUNE CO NEW               COM                 896047107     3,985    109,000 SH          DEFINED 1,2,3      109,000    0    0
TVX GOLD INC                 COM                 87308K101     1,876  2,501,900 SH          DEFINED  2,3     2,501,900    0    0
TYCO INTERNATIONAL LTD       COM                 902124106     4,838     97,000 SH          DEFINED  1,3        97,000    0    0
UGLY DUCKLING CORP           COM                 903512101       384     50,000 SH          DEFINED  2,3        50,000    0    0
UNION PACIFIC                COM                 907818108     3,916    100,100 SH          DEFINED  2,3       100,100    0    0
UNITED TECHNOLOGIES CORP.    COM                 913017109     2,932     46,400 SH          DEFINED  1,3        46,400    0    0
UNOCAL CORP                  COM                 915289102     2,053     69,000 SH          DEFINED  2,3        69,000    0    0
US AIR GROUP INC             COM                 911905107       417     15,000 SH          DEFINED  2,3        15,000    0    0
US WEST INC                  COM                 91273H101        21        293 SH          DEFINED  1,3           293    0    0
USEC INC                     COM                 90333E108       283     59,500 SH          DEFINED  2,3        59,500    0    0
UST INC                      COM                 902911106    19,520  1,249,300 SH          DEFINED  2,3     1,249,300    0    0
WAL MART STORES INC          COM                 931142103     2,470     44,500 SH          DEFINED  1,3        44,500    0    0
WASHINGTON GAS LIGHT CO      COM                 938837101     2,808    103,300 SH          DEFINED  2,3       103,300    0    0
WASTE MANAGEMENT INC         COM                 94106L109     1,560    114,000 SH          DEFINED  2,3       114,000    0    0
WELLS FARGO & COMPANY        COM                 949746101     3,684     90,000 SH          DEFINED  1,3        90,000    0    0
WILLIAMS COS INC             COM                 969457100     8,977    204,312 SH          DEFINED 1,2,3,4    204,312    0    0
WIND RIVER SYSTM             SUB NT CONV 5% 02   973149AC1     3,742  3,078,000 PRN         DEFINED  1,3
WISCONSIN ENERGY CORP        COM                 976657106     1,176     59,000 SH          DEFINED  2,3        59,000    0    0
WPS RESOURCES CORP           COM                 92931B106     1,123     43,300 SH          DEFINED  2,3        43,300    0    0
XEROX CORP                   COM                 984121103     2,020     77,700 SH          DEFINED  2,3        77,700    0    0
XTRA CORP                    COM                 984138107       611     16,089 SH          DEFINED  1,3        16,089    0    0
</TABLE>
<PAGE>
                             FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers: 4

Form 13F Information Table Entry Total: 2,786,113 (in thousands)

Form 13F Information Table Value Total: 226



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 Corporation