FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: March 31, 2001

Check here if Amendment [ x ]; Amendment Number:1
This Amendment (Check only one.):  [ x ]  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:  Senior Vice President and Deputy General Counsel
Phone: (312) 822 4921
Signature, Place, and Date of Signing:
November 12, 2002
Chicago, Illinois,  60685
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934

Report Type (Check only one.):
 [  X ]              13F HOLDINGS REPORT.

 [    ]              13F NOTICE.

 [    ]              13F COMBINATION REPORT.

List of Other Managers Reporting for this Manager:

Assets reported herein are described as having shared
investment discretion among Loews Corporation, CNA
Financial Corporation,The Continental Corporation,
Continental Casualty Company and Continental Assurance
Company. Each of the foregoing entities specifically disclaims
ownership of any securities in this report which are not
beneficially owned by that entity and states that such
assets are solely under the control of its board of directors.
The characterization of shared investment discretion with parent
holding companies is made solely as a consequence of SEC
interpretations regarding control of the subsidiary through
share ownership.  Loews Corporation owns approximately 90%
of the outstanding shares of CNA Financial Corporation;
CNA Financial Corporation owns 100% of the outstanding
 shares of Continental Casualty Company and The Continental
Corporation; and Continental Casualty Company owns 100%
of the outstanding shares of Continental Assurance Company.
Loews Corporation will report separately on securities over which
it has investment discretion which are not part of this report.
<Page>

FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers: 4

Form 13F Information Table Entry Total:  325

Form 13F Information Table Value Total:   1,986,941 (in thousands)



List of Other Included Managers:

No.     13F File Number  Name

   1     28-172         The Continental Corporation
   2     28-217         Loews Corporation
   3     28-386         Continental Assurance Company
   4     28-387         Continental Casualty Company
<Page>

<Table><S><C>
                                             13F Information Table
                              CLASS                 VALUE    OTHER                    PUT/  INVSTMT   VOTING AUTHORITY
NAME OF ISSUER                TITLE      CUSIP     (X1000)   MGRS      AMOUNT  TYPE   CALL  DSCRETN    SOLE  SH  NONE
AGCO CORP                       COM    001084102    3,086     4,2     321500     SH        DEFINED   321500
AK STEEL HOLDING CORP           COM    001547108    2,902     4,2     288800     SH        DEFINED   288800
AMR  CORP                       COM    001765106    3,161     4,2     90000      SH        DEFINED   90000
AOL TIME WARNER                 COM    00184A105    2,529     3,2     63000      SH        DEFINED   63000
AT & T CORPORATION              COM    001957109    6,956    4,2,1    326565     SH        DEFINED   326565
LIBERTY MEDIA                  COMA    001957208    7,533     3,2     538048     SH        DEFINED   538048
A T & T WIRELESS GROUP         COM     001957406    7,672     4,2     400000     SH        DEFINED   400000
ACME COMMUNICATIONS INC         COM    004631107    5,895     4,2     558095     SH        DEFINED   558095
ADELPHIA COMMUNICATIONS        CL A    006848105   14,681     4,2     362500     SH        DEFINED   362500
AFFILIATED COMPUTER SVCS       CL A    008190100    2,135     3,2     32900      SH        DEFINED   32900
AFFIL COMPUTER                SBNTCV   008190AD2    2,761     3,2    1720000    PRN        DEFINED
AGILENT TECHNOLOGIES INC        COM    00846U101     922      3,2     30000      SH        DEFINED   30000
AKAMAI TECH                   SBNTCV   00971TAC5    1,550     4,2    4000000    PRN        DEFINED
ALCOA INC                       COM    013817101    8,125    3,4,2    226000     SH        DEFINED   226000
ALLEGHENY ENERGY INC            COM    017361106    1,448     4,2     31300      SH        DEFINED   31300
ALLIN COMMUNICATIONS CORP       COM    019924109     191      4,2     340000     SH        DEFINED   340000
ALLTEL CORP                     COM    020039103    5,291    4,2,1    100852     SH        DEFINED   100852
AMBAC FINANCIAL GROUP INC       COM    023139108    5,709     4,2     90000      SH        DEFINED   90000
AMERADA HESS                    COM    023551104    9,765     4,2     125000     SH        DEFINED   125000
AMERICA WEST HOLDINGS          CL B    023657208     204      3,2     21278      SH        DEFINED   21278
AMERICAN BUSINESS FINL SVCS     COM    02476B106     257      4,2     25042      SH        DEFINED   25042
AMERICAN CAPITAL STRATEGIES     COM    024937104    4,134     4,2     162500     SH        DEFINED   162500
AMERICAN EXPRESS                COM    025816109    3,511     3,2     85000      SH        DEFINED   85000
AMERICAN INTL GROUP INC         COM    026874107    1,102     4,2     13690      SH        DEFINED   13690
AMERICAN TOWER CORP            CL A    029912201     377      3,2     20400      SH        DEFINED   20400
AMERICAN TOWER                 NTCV    029912AE2     756      3,2     960000    PRN        DEFINED
AMERICAN TOWER                NTCONV   029912AF9     465      3,2     590000    PRN        DEFINED
AMERISOURCE HEALTH CORP         CL A   03071P102    1,722     3,2     35100      SH        DEFINED   35100
AMERISOURCE HEAL              SBNTCV   03071PAB8    2,948     3,2    2480000    PRN        DEFINED
AMKOR TECHNOLOGY INC            COM    031652100    1,142     4,2     70000      SH        DEFINED   70000
ANADARKO PETROLEUM CORP         COM    032511107    7,361     4,2     117250     SH        DEFINED   117250
ANHEUSER BUSCH CO               COM    035229103    1,612     4,2     35100      SH        DEFINED   35100
ANTEC CORP                      COM    03664P105     291      4,2     40000      SH        DEFINED   40000
ANTEC CORP                    SBNTCV   03664PAA3    1,443     4,2    2250000    PRN        DEFINED
AON CORP                        COM    037389103   20,235     4,2     570000     SH        DEFINED   570000
APACHE CORP                     COM    037411105    1,440     4,2     25000      SH        DEFINED   25000
APPLIED BIOSYSTEMS GROUP       COM     038020103     278       2      10000      SH        DEFINED   10000
APPLIED MATERIALS INC.          COM    038222105    4,133     3,2     95000      SH        DEFINED   95000
ARGUSS COMMUNICATIONS INC       COM    040282105    3,591     4,2     608612     SH        DEFINED   608612
AT HOME CORP                 COM SER A 045919107    1,904     4,2     425000     SH        DEFINED   425000
AT HOME CORP                  SBDBCV   045919AC1    2,704     4,2    7000000    PRN        DEFINED
EXCITE@HOME                   SBNTCV   045919AD9   12,146    3,4,2   20500000   PRN        DEFINED
AT HOME CORP                  SUBNTCV  045919AF4   19,256    3,4,2   32500000   PRN        DEFINED
BANK ONE CORP                   COM    06423A103    9,027     4,2     249500     SH        DEFINED   249500
BAYCORP HOLDINGS LTD            COM    072728108    3,092     3,2     386442     SH        DEFINED   386442
BEA SYSTEMS INC                 COM    073325102    1,575     3,2     53600      SH        DEFINED   53600
BEA SYSTEMS INC               SBNTCV   073325AD4    2,469     3,2    2250000    PRN        DEFINED
BEAR STEARNS COMPANIES INC      COM    073902108    3,202     4,2     70000      SH        DEFINED   70000
BELLSOUTH CORP                  COM    079860102    1,023     4,2     25000      SH        DEFINED   25000
BELO CORPORATION             COM SER A 080555105    4,118     4,2     250000     SH        DEFINED   250000
BETHLEHEM STEEL CORP            COM    087509105     729      4,2     301100     SH        DEFINED   301100
BEVERLY ENTERPRISES INC       COM NEW  087851309    4,850     4,2     606300     SH        DEFINED   606300
BOEING COMPANY                  COM    097023105    5,571     4,2     100000     SH        DEFINED   100000
BOWATER INC                     COM    102183100    3,877     4,2     81800      SH        DEFINED   81800
BROADWING INC               PFD CV DEP 111620407     470       2      10000      SH        DEFINED   10000
BUCKHEAD AMERICA CORP           COM    11835A105     67       4,2     21579      SH        DEFINED   21579
BURLINGTON NORTHERN SANTA FE    COM    12189T104    2,157     4,2     71000      SH        DEFINED   71000
BURLINGTON RESOURCES INC        COM    122014103    4,028     4,2     90000      SH        DEFINED   90000
CMS ENERGY                   ADJ CV TR 125896308     340       2      10000      SH        DEFINED   10000
CNA INCOME SHARES INC           COM    126119106    1,195     4,2   141036.61    SH        DEFINED 141036.61
CNA SURETY CORPORATION          COM    12612L108   364,206   4,2,1   27425147    SH        DEFINED  27425147
CABOT OIL & GAS CORP  -CL A    CL A    127097103    1,123     4,2     41600      SH        DEFINED   41600
CALPINE CORPORATION             COM    131347106    7,396    3,4,2    134300     SH        DEFINED   134300
CANADIAN NATL RAILWAY CO        COM    136375102      8       3,2      224       SH        DEFINED    224
CAPITAL ONE FINANCIAL CORP      COM    14040H105    2,775     4,2     50000      SH        DEFINED   50000
CARDINAL HEALTH  INC.           COM    14149Y108    5,769     3,2     59625      SH        DEFINED   59625
CATELLUS DEVELOPMENT CORP      CALL    149111106    1,697     4,2     107724     SH   CALL DEFINED   107724
CATERPILLAR INC                 COM    149123101    1,110     4,2     25000      SH        DEFINED   25000
CELESTICA INC                SUBVTGSHS 15101Q108    6,837    3,4,2    247900     SH        DEFINED   247900
CELESTICA INC                 LYONZR   15101QAA6   28,180    3,4,2   79380000   PRN        DEFINED
CHEVRON CORP                    COM    166751107    1,756     4,2     20000      SH        DEFINED   20000
CISCO SYSTEMS INC               COM    17275R102    2,372     3,2     150000     SH        DEFINED   150000
CITIGROUP INC                   COM    172967101    4,858     3,2     108000     SH        DEFINED   108000
CLEAR CHANNEL COMMUNICATIONS    COM    184502102    5,173    3,4,2    95006      SH        DEFINED   95006
COLT TELECOM GROUP              ADR    196877104     127      4,2      3000      SH        DEFINED    3000
COMCAST CORP                 CL A SPL  200300200    7,800    3,4,2    186000     SH        DEFINED   186000
COMMUNICATION INTELLIGENCE      COM    20338K106    1,113     4,2     660000     SH        DEFINED   660000
COMPUTER ASSOCIATES INTL INC    COM    204912109    4,366     4,2     160500     SH        DEFINED   160500
CONAGRA INC                     COM    205887102     730      4,2     40000      SH        DEFINED   40000
CONECTIV                        COM    206829103    1,768     4,2     80900      SH        DEFINED   80900
CONOCO INC-CL A                CL A    208251306    2,108     4,2     75000      SH        DEFINED   75000
CONSTELLATION ENERGY GROUP      COM    210371100    2,867     4,2     65000      SH        DEFINED   65000
CONVERGYS CORP                  COM    212485106     361       2      10000      SH        DEFINED   10000
CORN PRODUCTS INTL INC          COM    219023108    3,323     4,2     129500     SH        DEFINED   129500
CORNING INC.                    COM    219350105    1,783    3,4,2    86200      SH        DEFINED   86200
CORRECTIONS CORP             PFD CV B  22025Y308      1       4,2       95       SH        DEFINED     95
COX COMMUNICATIONS INC         CL A    224044107    2,225    3,4,2    50000      SH        DEFINED   50000
CYANOTECH CORP                COM NEW  232437202     421      2,1     408155     SH        DEFINED   408155
D.R. HORTON INC                 COM    23331A109    5,097     4,2     241000     SH        DEFINED   241000
DEERE & CO                      COM    244199105    2,544     4,2     70000      SH        DEFINED   70000
DEL MONTE FOODS CO              COM    24522P103    1,989     4,2     244400     SH        DEFINED   244400
DELPHI AUTOMOTIVE SYSTEMS       COM    247126105    1,802     4,2     127200     SH        DEFINED   127200
DELPHI FINANCIAL GROUP         CL A    247131105    3,256     4,2     110000     SH        DEFINED   110000
DELTA AIR INC                   COM    247361108    3,978     4,2     100700     SH        DEFINED   100700
DOLLAR THRIFTY AUTOMOTIVE       COM    256743105    2,369      2      115000     SH        DEFINED   115000
DOW CHEMICAL CORP               COM    260543103    8,682     4,2     275000     SH        DEFINED   275000
DU PONT DE NEMOURS E.I.         COM    263534109    1,221     4,2     30000      SH        DEFINED   30000
DUKE POWER CO.                  COM    264399106    6,719    3,4,2    157200     SH        DEFINED   157200
DUKE ENERGY CORP            CORP UNITS 264399585   12,581    3,4,2    460000     SH        DEFINED   460000
EMC CORPORATION                 COM    268648102    1,805     3,2     61400      SH        DEFINED   61400
EAST-WEST BANCORP INC.          COM    27579R104   23,447     4,2    1218000     SH        DEFINED  1218000
ECHOSTAR COMMUNICATIONS        CL A    278762109     633      3,2     22880      SH        DEFINED   22880
ECHOSTAR COMM               SUB NT CV  278762AB5    1,146     3,2    1300000    PRN        DEFINED
ELDERTRUST                  COM SH BEN 284560109     721      4,2     200700     SH        DEFINED   200700
EMERSON ELECTRIC COMPANY        COM    291011104    3,038     3,2     49000      SH        DEFINED   49000
ENCOMPASS SERVICES CORP         COM    29255U104     335      4,2     68397      SH        DEFINED   68397
ENERGY EAST CORPORATION         COM    29266M109    2,349     4,2     135400     SH        DEFINED   135400
ENRON CORP                      COM    293561106   13,014    3,4,2    224000     SH        DEFINED   224000
EXIGENT INTERNATIONAL INC       COM    302056106      0       3,2      125       SH        DEFINED    125
EXODUS COMMUNICATIONS INC       COM    302088109     22       4,2      2000      SH        DEFINED    2000
FPL GROUP                       COM    302571104    4,904     4,2     80000      SH        DEFINED   80000
FEDERAL HM LOAN MGT CORP        COM    313400301    2,982     3,2     46000      SH        DEFINED   46000
FIRST DATA CORP                 COM    319963104    3,881     3,2     65000      SH        DEFINED   65000
FIRST UNION CORP                COM    337358105    2,475     4,2     75000      SH        DEFINED   75000
FRIEDMAN BILLINGS RAMSEY-A     CL A    358433100     279      4,2     51000      SH        DEFINED   51000
GENENTECH INC                 COM NEW  368710406    1,970     3,2     39000      SH        DEFINED   39000
GENERAL COMMUNICATION  -CL A   CL A    369385109     71       3,2      7913      SH        DEFINED    7913
GENERAL DYNAMICS CORP.          COM    369550108    1,882     3,2     30000      SH        DEFINED   30000
GENERAL ELECTRIC CO             COM    369604103    5,400     3,2     129000     SH        DEFINED   129000
GENERAL MOTORS CORP             COM    370442105    2,725     4,2     52563      SH        DEFINED   52563
GENERAL MOTORS CORP CL H     CL H NEW  370442832    3,588    3,4,2    184000     SH        DEFINED   184000
GENERAL SEMICONDUCTOR INC       COM    370787103     406      3,2     42900      SH        DEFINED   42900
GEN SEMICONDUCTR             SUB NT CV 370787AB9     853      3,2    1000000    PRN        DEFINED
GEORGIA-PACIFIC CORPORATION    COM     373298108    2,058     4,2     70000      SH        DEFINED   70000
GOLD STANDARD INC              COM     380724302     135      4,2    82812.5     SH        DEFINED  82812.5
GRAPHIC PACKAGING INTERNATIO    COM    388690109      0       2,1       2        SH        DEFINED     2
GULF CANADA RES LTD  -ORD       ORD    40218L305    4,227     4,2     771400     SH        DEFINED   771400
THE HEALTHCARE COMPANY          COM    404119109    3,222     3,2     80000      SH        DEFINED   80000
HAIN CELESTIAL GROUP INC        COM    405217100    1,885     3,2     65000      SH        DEFINED   65000
HAYES LEMMERZ INTL INC COM      COM    420781106    1,588     4,2     284500     SH        DEFINED   284500
HEALTH CARE PPTYS INVEST INC    COM    421915109    2,171     4,2     64000      SH        DEFINED   64000
HEALTHSOUTH CORP.               COM    421924101    6,451     4,2     500500     SH        DEFINED   500500
HEALTHSOUTH CORP             SB DB CV  421924AF8    3,628     4,2    4000000    PRN        DEFINED
HEALTHCARE REALTY TRUST INC     COM    421946104    5,329     4,2     221100     SH        DEFINED   221100
HEARST-ARGYLE TELEVISION INC    COM    422317107    4,942     4,2     239900     SH        DEFINED   239900
HERCULES INC                    COM    427056106    1,949     4,2     150000     SH        DEFINED   150000
HILTON HOTELS CORP              COM    432848109    6,322     4,2     605000     SH        DEFINED   605000
HORIZON GROUP PROPERTIES        COM    44041U102      2       4,2      630       SH        DEFINED    630
HOUSEHOLD INTL INC              COM    441815107   15,284     4,2     258000     SH        DEFINED   258000
HUGHES SUPPLY INC               COM    444482103    1,418     4,2     97000      SH        DEFINED   97000
IMC GLOBAL INC                  COM    449669100     820      4,2     66700      SH        DEFINED   66700
INGERSOLL RAND CO               COM    456866102    1,271     4,2     32000      SH        DEFINED   32000
INTEL CORP                      COM    458140100    1,295     3,2     49200      SH        DEFINED   49200
INSWEB CORPORATION              COM    45809K103    1,625     4,2    1368967     SH        DEFINED  1368967
INTLL BUSINESS MACHINE          COM    459200101   22,448    3,4,2    233400     SH        DEFINED   233400
INTERNATIONAL PAPER CO.         COM    460146103    3,608     4,2     100000     SH        DEFINED   100000
INTL RECTIFIER CORP             COM    460254105    1,231     3,2     30400      SH        DEFINED   30400
INTL RECTIFIER              SUB NT CV  460254AD7    2,456     3,2    2930000    PRN        DEFINED
INTERSTATE BAKERIES             COM    46072H108    1,464     4,2     95800      SH        DEFINED   95800
ISPAT INTL NV               NY REG  CL 464899103     773      4,2     275000     SH        DEFINED   275000
I2 TECHNOLOGIES INC             COM    465754109     650      3,2     44850      SH        DEFINED   44850
I2 TECHNOLOGIES              SUB NT CV 465754AF6    1,691     3,2    2130000    PRN        DEFINED
IVAX CORP                       COM    465823102    1,679     3,2     53300      SH        DEFINED   53300
IVAX CORP                    SR SB CV  465823AB8    2,697     3,2    2400000    PRN        DEFINED
JPS INDUSTRIES INC              COM    46624E405    1,952     4,2     419243     SH        DEFINED   419243
J.P. MORGAN CHASE & CO.         COM    46625H100    3,143    3,4,2    70000      SH        DEFINED   70000
KPMG CONSULTING INC             COM    48265R109    3,242     4,2     249400     SH        DEFINED   249400
KINROSS GOLD CORP               COM    496902107     663      4,2    1322000     SH        DEFINED  1322000
KROGER COMPANY                  COM    501044101   12,359    3,4,2    479200     SH        DEFINED   479200
KULICKE & SOFFA INDUSTRIES      COM    501242101    1,634     3,2     120500     SH        DEFINED   120500
KULICKE & SOFFA INDUSTRIES   SUB NT CV 501242AE1    2,864     3,2    3450000    PRN        DEFINED
LSI CORP                        COM    502161102    1,663     3,2     105700     SH        DEFINED   105700
LSI LOGIC                    SB NT CV  502161AD4    2,333     3,2    1950000    PRN        DEFINED
L-3 COMMUNICATIONS CORP         COM    502424104    1,761     3,2     22300      SH        DEFINED   22300
L-3 COMM HLDGS               SR SB CV  502424AA2    2,850     3,2    2400000    PRN        DEFINED
LAM RESEARCH CORP               COM    512807108    1,264     3,2     53200      SH        DEFINED   53200
LAMAR ADVERTISING CO           CL A    512815101    1,580     3,2     43000      SH        DEFINED   43000
LAMAR ADVERTISIN              NT CV    512815AF8    2,572     3,2    2550000    PRN        DEFINED
LATTICE SEMICOND             SUB NT CV 518415AC8    2,702     3,2    2450000    PRN        DEFINED
ESTEE LAUDER COMPANIES         CL A    518439104     36       4,2      1000      SH        DEFINED    1000
LENNAR CORP                     COM    526057104    1,815    3,4,2    43900      SH        DEFINED   43900
LIBERTY PROPERTY TRUST      SH BEN INT 531172104    9,791    3,4,2    346700     SH        DEFINED   346700
LIGHTSPAN INC                   COM    53226T103     14       3,2      7500      SH        DEFINED    7500
LILLY (ELI) & CO.               COM    532457108    4,048     3,2     52800      SH        DEFINED   52800
LOCAL FINANCIAL CORP            COM    539553107   19,661     4,2    1549700     SH        DEFINED  1549700
LOCKHEED MARTIN CORP            COM    539830109    4,456     4,2     125000     SH        DEFINED   125000
LOWES CO INC                    COM    548661107    1,169    3,4,2    20000      SH        DEFINED   20000
LUBRIZOL CORP                   COM    549271104    3,030     4,2     100000     SH        DEFINED   100000
IKON MBIA INC.                  COM    55262C100    4,034     4,2     50000      SH        DEFINED   50000
MCCORMICK & CO-             COM NONVTG 579780206    1,218     4,2     29000      SH        DEFINED
MEDICALOGIC/MEDSCAPE INC        COM    584642102    2,924     4,2    1910000     SH        DEFINED  1910000
MEDTRONIC INC                   COM    585055106    5,580     3,2     122000     SH        DEFINED   122000
MELLON FINANCIAL CORP           COM    58551A108    3,566     3,2     88000      SH        DEFINED   88000
MERCATOR SOFTWARE INC           COM    587587106     441      4,2     120500     SH        DEFINED   120500
MERCURY INTERACTIVE CORP        COM    589405109     812      3,2     19400      SH        DEFINED   19400
MERCURY INTERACT             SB NT CV  589405AA7    1,625     3,2    2200000    PRN        DEFINED
MERCURY INTERACT             SB NT CV  589405AB5     369      3,2     500000    PRN        DEFINED
MICROSOFT CORP                  COM    594918104    2,625     3,2     48000      SH        DEFINED   48000
MIRANT CORPORATION              COM    604675108     533       2      15000      SH        DEFINED   15000
MITCHELL ENERGY & DEV          CL A    606592202    1,050     4,2     20000      SH        DEFINED   20000
MOLEX - CLASS A NON-VOTING     CL A    608554200    2,419     3,2     86993      SH        DEFINED   86993
MSDW ASIA PACIFIC FUND          COM    61744U106    2,384     4,2     306400     SH        DEFINED   306400
MSDW INDIA INVESTMENT FUND      COM    61745C105     790      4,2     90000      SH        DEFINED   90000
MOTOROLA INC                    COM    620076109    1,811     3,2     127000     SH        DEFINED   127000
NRG ENERGY INC                  COM    629377102    2,002     4,2     55000      SH        DEFINED   55000
NEIMAN MARCUS GROUP -CL B      CL B    640204301    2,984     4,2     98800      SH        DEFINED   98800
NETOPIA INC                     COM    64114K104     46       2,1     15957      SH        DEFINED   15957
NEWHALL LAND & FARMING CO     DEP REC  651426108    1,785     4,2     70000      SH        DEFINED   70000
NEWMONT MINING CORP             COM    651639106    1,934     4,2     120000     SH        DEFINED   120000
NEWS CORP LTD                   ADR    652487703    5,024     4,2     160000     SH        DEFINED   160000
NEWS CORP LTD                SP DR PFD 652487802   20,586    3,4,2    771000     SH        DEFINED   771000
NEXTEL COMMNS, INC             CL A    65332V103     176      3,2     12250      SH        DEFINED   12250
NIAGARA MOHAWK HOLDINGS INC     COM    653520106    3,324     4,2     196700     SH        DEFINED   196700
NOKIA CORP                      ADR    654902204    1,200     3,2     50000      SH        DEFINED   50000
NORFOLK SOUTHERN CORP.          COM    655844108   10,881     4,2     650000     SH        DEFINED   650000
NORTEL NETWORKS CORP            COM    656568102    6,498     4,2     462500     SH        DEFINED   462500
NORTH FORK BANCORPORATION       COM    659424105    3,893     4,2     150000     SH        DEFINED   150000
NORTHROP GRUMMAN CORP           COM    666807102    2,610     4,2     30000      SH        DEFINED   30000
OGE ENERGY CORP                 COM    670837103    1,823     4,2     79300      SH        DEFINED   79300
OMNICOM GROUP                   COM    681919106    5,636    3,4,2    68000      SH        DEFINED   68000
ON COMMAND CORPORATION          COM    682160106    2,203     4,2     352480     SH        DEFINED   352480
ON COMMAND CORPORATION         WT B    682160122     108      4,2     123130    PRN   CALL DEFINED
OVERSEAS SHIPHOLDING GROUP      COM    690368105    3,472     4,2     126300     SH        DEFINED   126300
OWENS-ILL INC                PFD CONV  690768502     374      4,2     20500      SH        DEFINED   20500
PACTIV CORPORATION              COM    695257105    1,029     4,2     85000      SH        DEFINED   85000
PALL CORP                       COM    696429307    2,411     4,2     110000     SH        DEFINED   110000
PATHMARK STORES INC             COM    70322A101   18,351     4,2    1066932     SH        DEFINED  1066932
PEPSI BOTTLING GROUP INC        COM    713409100    3,801     4,2     100000     SH        DEFINED   100000
PEPSICO INCORPORATED            COM    713448108    3,604     3,2     82000      SH        DEFINED   82000
PFIZER INC                      COM    717081103    5,446     3,2     133000     SH        DEFINED   133000
PHARMACIA CORPORATION           COM    71713U102    4,533     3,2     90000      SH        DEFINED   90000
PILGRIMS PRIDE CORP            CL B    721467108     569      4,2     57800      SH        DEFINED   57800
PLACER DOME INC                 COM    725906101    5,453     4,2     630352     SH        DEFINED   630352
POTASH CORP OF SASKATCHEWAN     COM    73755L107    3,359     4,2     57900      SH        DEFINED   57900
POTOMAC ELECTRIC POWER          COM    737679100    6,560     4,2     280600     SH        DEFINED   280600
PRAXAIR INC                     COM    74005P104    4,242     4,2     95000      SH        DEFINED   95000
PRIME RETAIL INC                COM    741570105      5       4,2     12600      SH        DEFINED   12600
PRIME HOSPITALITY CORP          COM    741917108     879      4,2     81375      SH        DEFINED   81375
PROVINCE HEALTHCARE CO          COM    743977100     341      3,2     11200      SH        DEFINED   11200
PROVINCE HEALTHCARE CO       SB NT CV  743977AA8     653      3,2     650000    PRN        DEFINED
PROVIDIAN FINANCIAL CORP        COM    74406A102    2,345    3,4,2    47800      SH        DEFINED   47800
PROVIDIAN FIN                 LYONZR   74406AAB8    4,950    3,4,2   12000000   PRN        DEFINED
QUALCOMM INC                    COM    747525103    1,416     3,2     25000      SH        DEFINED   25000
QUANTA SERVICES INC             COM    74762E102    1,038     3,2     46500      SH        DEFINED   46500
QUANTA SERVICES              SUBNTCONV 74762EAA0    2,381     3,2    3330000    PRN        DEFINED
QWEST COMMUNICATIONS INTL       COM    749121109     368      2,1     10506      SH        DEFINED   10506
RADIO ONE INC                  CL A    75040P108     147      2,1      8391      SH        DEFINED    8391
RADIO ONE INC               CLD NONVTG 75040P405     258      2,1     16782      SH        DEFINED
RADIO UNICA COMMUNICATIONS      COM    75040Q106     20       4,2      5000      SH        DEFINED    5000
RADIOSHACK CORP                 COM    750438103     294       2       8000      SH        DEFINED    8000
RATIONAL SOFTWARE CORP        COM NEW  75409P202     833      3,2     46935      SH        DEFINED   46935
RATIONAL SOFTWAR            SUB NT CV  75409PAA1    1,459     3,2    1750000    PRN        DEFINED
RATIONAL SOFTWAR             SUB NT CV 75409PAC7     223      3,2     265000    PRN        DEFINED
RAYTHEON CO. COM               CL B    755111408    5,215     4,2     177500     SH        DEFINED   177500
REPUBLIC SERVICES INC           COM    760759100     638      4,2     34000      SH        DEFINED   34000
RHYTHMS NETCONNECTIONS INC      COM    762430205      2       4,2      5000      SH        DEFINED    5000
SPX CORP                        COM    784635104    2,859    3,4,2    31500      SH        DEFINED   31500
SAFEWAY INC                   COM NEW  786514208    4,412     3,2     80000      SH        DEFINED   80000
SANMINA CORP                    COM    800907107    1,376     3,2     70345      SH        DEFINED   70345
SANMINA CORP                 SUB NTCV  800907AB3    2,215     3,2    2000000    PRN        DEFINED
SCANA CORP                      COM    80589M102   13,078     4,2     481711     SH        DEFINED   481711
SCHLUMBERGER LIMITED            COM    806857108    3,146     3,2     54600      SH        DEFINED   54600
SCHULMAN (A.) INC               COM    808194104     942      4,2     78900      SH        DEFINED   78900
SCIENTIFIC ATLANTA INC          COM    808655104    4,159     4,2     100000     SH        DEFINED   100000
SCUDDER INTERMEDIATE GOVT   SH BEN INT 811163104    1,008     4,2     149800     SH        DEFINED   149800
SEARS ROEBUCK & COMPANY INC     COM    812387108    4,952     4,2     140400     SH        DEFINED   140400
SEMTECH CORP                    COM    816850101    1,437     3,2     48800      SH        DEFINED   48800
SEMTECH CORP                SUB NT CV  816850AD3    2,232     3,2    2400000    PRN        DEFINED
SHERWIN WILLIAMS CO             COM    824348106    2,357     4,2     92500      SH        DEFINED   92500
SHOPKO STORES INC               COM    824911101    1,301     4,2     162600     SH        DEFINED   162600
SIEBEL SYSTEMS INC              COM    826170102     408      3,2     15000      SH        DEFINED   15000
SIERRA PACIFIC RESOURCES        COM    826428104    1,347     4,2     91000      SH        DEFINED   91000
SIRIUS SATELLITE RADIO INC      COM    82966U103   29,273     4,2    2353672     SH        DEFINED  2353672
SOLECTRON CORP                  COM    834182107    7,868    3,4,2    413900     SH        DEFINED   413900
SOLECTRON CORP                 LYONZR  834182AK3   12,453    3,4,2   25000000   PRN        DEFINED
SOLECTRON CORP                LYONZR   834182AL1   14,591    3,4,2   35000000   PRN        DEFINED
SONIC AUTOMOTIVE INC           CL A    83545G102     780       2      100000     SH        DEFINED   100000
SOUTHERN COMPANY                COM    842587107     614      4,2     17500      SH        DEFINED   17500
SOVEREIGN BANCORP INC           COM    845905108    2,202     4,2     260000     SH        DEFINED   260000
SPANISH BROADCASTING SYS       CL A    846425882    1,591     4,2     244800     SH        DEFINED   244800
SPRINT CORP                    COM     852061100     63       2,1      2856      SH        DEFINED    2856
SPRINT CORP (PCS GROUP)         COM    852061506    6,867    4,2,1    361428     SH        DEFINED   361428
STAR GAS PARTNER            SR SUB UN  85512C204     721      4,2     42434      SH        DEFINED   42434
STMICROELECTRONICS NV         NY REG   861012102   18,809    3,4,2    550460     SH        DEFINED   550460
STMICROELECTRON               LYONZR   861012AB8   22,960    3,4,2   22050000   PRN        DEFINED
STMICROELECTRON             SR CV ZERO 861012AC6   16,231    3,4,2   24500000   PRN        DEFINED
STORAGE TECHNOLOGY             COM     862111200     30       3,2      2754      SH        DEFINED    2754
SUN MICROSYSTEMS INC            COM    866810104    2,136     3,2     139000     SH        DEFINED   139000
SYBASE INC                      COM    871130100    1,685     4,2     108730     SH        DEFINED   108730
TJX COS. INC.    NEW            COM    872540109    7,066    3,4,2    220800     SH        DEFINED   220800
T/R SYSTEMS INC                 COM    87263U102     192      2,1     50243      SH        DEFINED   50243
TVX GOLD INC                  COM NEW  87308K200     451      4,2     490080     SH        DEFINED   490080
TXU CORPORATION                 COM    873168108     744      4,2     18000      SH        DEFINED   18000
TAUBMAN CENTERS INC             COM    876664103    4,519     3,2     375000     SH        DEFINED   375000
TELLABS INC                     COM    879664100    3,296     3,2     81000      SH        DEFINED   81000
TEMPLE-INLAND INC               COM    879868107    2,655     4,2     60000      SH        DEFINED   60000
TEXTRON INC                     COM    883203101   14,778    3,4,2    260000     SH        DEFINED   260000
THOUSAND TRAILS, INC            COM    885502104     974      4,2     159660     SH        DEFINED   159660
TOWER AUTOMOTIVE INC            COM    891707101    1,273     4,2     118600     SH        DEFINED   118600
TRIBUNE CO NEW                  COM    896047107    3,667     3,2     90000      SH        DEFINED   90000
TRIZEC HAHN CORPORATION       SUB VTG  896938107    4,365     4,2     290000     SH        DEFINED   290000
TYCO INTERNATIONAL LTD          COM    902124106   26,133    3,4,2    604500     SH        DEFINED   604500
TYCO INTL LTD                 LYONZR   902124AA4   110,438   3,4,2  150000000   PRN        DEFINED
TYCO INTL LTD                 LYONZR   902124AC0    3,681    3,4,2   5000000    PRN        DEFINED
UAL CORP                       COM     902549500    2,314     4,2     70000      SH        DEFINED   70000
USX - MARATHON GROUP INC      COM NEW  902905827    4,851     4,2     180000     SH        DEFINED   180000
USX - U S  STEEL GROUP          COM    90337T101    4,774     4,2     325000     SH        DEFINED   325000
UGLY DUCKLING CORP              COM    903512101     175      4,2     50000      SH        DEFINED   50000
UNIFI INC                       COM    904677101     983      4,2     138700     SH        DEFINED   138700
UNISYS CORP                     COM    909214108     385      4,2     27500      SH        DEFINED   27500
UNITED PARCEL SERVICE          CL B    911312106     341       2       6000      SH        DEFINED    6000
UNITED TECHNOLOGIES CORP.       COM    913017109    2,199     4,2     30000      SH        DEFINED   30000
UNOCAL CORP                     COM    915289102    1,431     4,2     41400      SH        DEFINED   41400
VERIZON COMMUNICATIONS INC.     COM    92343V104    2,219     3,2     45000      SH        DEFINED   45000
VISTEON CORP -W/I               COM    92839U107    3,008     4,2     200000     SH        DEFINED   200000
VODAFONE AIRTOUCH PLC           ADR    92857W100   12,862    3,4,2    470950     SH        DEFINED   470950
WAL MART STORES INC             COM    931142103    3,257     3,2     64500      SH        DEFINED   64500
WASHINGTON GROUP INTL, INC    WT EXP   938862117      0       2,1       35      PRN   CALL DEFINED
WATSON PHARMACEUTICALS INC      COM    942683103    2,472     3,2     47000      SH        DEFINED   47000
WELLS FARGO & COMPANY           COM    949746101    4,947     3,2     100000     SH        DEFINED   100000
WESTERN RESOURCES INC           COM    959425109    4,157     4,2     174300     SH        DEFINED   174300
WILLIAMS COS INC                COM    969457100    3,827    3,2,1    89312      SH        DEFINED   89312
WIND RIVER SYSTEMS              COM    973149107     890      3,2     38280      SH        DEFINED   38280
WIND RIVER SYSTM            SUBNTCONV  973149AC1    2,249     3,2    2263000    PRN        DEFINED
WISCONSIN ENERGY CORP           COM    976657106    1,880     4,2     87100      SH        DEFINED   87100
WORLDCOM INC+                   COM    98157D106     934      4,2     50000      SH        DEFINED   50000
XTRA CORP                       COM    984138107     767      3,2     16089      SH        DEFINED   16089
YOUNG BROADCASTING INC         CL A    987434107    2,629     4,2     83800      SH        DEFINED   83800
GLOBAL CROSSING LTD             COM    G3921A100   260,926    4,2    19342157    SH        DEFINED  19342157
LORAL SPACE & COMM              COM    G56462107     668      4,2     304900     SH        DEFINED   304900
TRANSOCEON SEDCO FOREX INC      ORD    G90078109    2,411     3,2     55606      SH        DEFINED   55606
TRENWICK GROUP LTD              COM    G9032C109   73,147     4,2    3707400     SH        DEFINED  3707400
ENGEL GENERAL DEVELOPERS        ORD    M40515104     502      4,2     120000     SH        DEFINED   120000
TECNOMATIX TECHNOLOGIES LTD     ORD    M8743P105      4       4,2      1000      SH        DEFINED    1000
TEEKAY SHIPPING CORP            COM    Y8564W103    9,393     4,2     220500     SH        DEFINED   220500
</Table>