Form 13F Cover Page
Report for the Calendar Year of Quarter Ended: December 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: Group Vice President and Deputy General Counsel
Phone: (312) 822 4921
Signature, Place, and Date of Signing:
February 8, 2002
Chicago, Illinois,
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.

Loews Corporation also has investment discretion over the securities
reported on herein by CNA Financial Corporation, 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.


FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers: 4
Form 13F Information Table Entry Total: 330
Form 13F Information Table Value Total: 1,697,535.4 (in thousands)

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

<Table><S><C>
FORM 13F INFORMATION TABLE
NAME_OF_ISSUER        TITLE_CL      CUSIP       VALUE  OTH_MGR   SHRS/PRN  SH/PRN PT/CLDSCR      VA_SOLE   SHRD NONE
ACCENTURE_LTD_CLA     CL_A          G1150G111   3,798  2,3        141,100      SH   -  DEFINED   141,100    -    -
ACME_COMM_INC         COM           004631107   1,062  1,3        157,595      SH   -  DEFINED   157,595    -    -
ACTIVISION_INC        COM_NEW       004930202     260  1,3         10,000      SH   -  DEFINED    10,000    -    -
ADELPHIA_COMM-CL_A    CL_A          006848105   1,715  2,3         55,000      SH   -  DEFINED    55,000    -    -
AETNA_INC             COM           00817Y108   1,725  3           52,300      SH   -  DEFINED    52,300    -    -
AFFIL_COMPUTER        SUBNTCV3.5%06 008190AF7   3,333  1,3       2,400,000    PRN   -  DEFINED      -       -    -
AFFILIATED_COMP_A     CL_A          008190100   2,250  1,3         21,200      SH   -  DEFINED    21,200    -    -
AGCO_CORP             COM           001084102     112  3            7,125      SH   -  DEFINED     7,125    -    -
AGERE_SYSTEMS_A       CL_A          00845V100     711  2,3        125,000      SH   -  DEFINED   125,000    -    -
AGILENT_TECH_INC      COM           00846U101   2,281  1,2,3       80,000      SH   -  DEFINED    80,000    -    -
AGILENT_TECH_INC      SRDEBCV144A21 00846UAA9   5,588  1,2,3     5,000,000    PRN   -  DEFINED      -       -    -
AIR_PRODUCTS_CHEM     COM           009158106   1,173  2,3         25,000      SH   -  DEFINED    25,000    -    -
ALCOA                 COM           013817101   5,724  1,2,3      161,000      SH   -  DEFINED   161,000    -    -
ALLEGHENY_ENERGY      COM           017361106   6,157  2,3        170,000      SH   -  DEFINED   170,000    -    -
ALLMERICA_FINAN       COM           019754100     668  2,3         15,000      SH   -  DEFINED    15,000    -    -
ALLTEL_CORP           COM           020039103   6,204  2,3        100,500      SH   -  DEFINED   100,500    -    -
ALPHARMA_CL_A         CL_A          020813101     784  1,3         29,640      SH   -  DEFINED    29,640    -    -
ALPHARMA_INC          SRSBNTCV3%06  020813AD3   1,308  1,3       1,250,000    PRN   -  DEFINED      -       -    -
AMBAC_FINAN           COM           023139108   5,497  1,2,3       95,000      SH   -  DEFINED    95,000    -    -
AMERADA_HESS          COM           023551104   6,875  2,3        110,000      SH   -  DEFINED   110,000    -    -
AMERICAN_EXPRESS      COM           025816109   5,125  1,2,3      143,600      SH   -  DEFINED   143,600    -    -
AMERICAN_INTL         COM           026874107   4,779  1,2,3       60,190      SH   -  DEFINED    60,190    -    -
AMERICAN_NAT_INS      COM           028591105     421  3            5,000      SH   -  DEFINED     5,000    -    -
AMERICAN_PHYS_CAP     COM           028884104     613  3           28,200      SH   -  DEFINED    28,200    -    -
AMERISOURCEBERGEN     COM           03073E105   2,613  1,3         41,110      SH   -  DEFINED    41,110    -    -
ANADARKO_PET          COM           032511107   6,666  2,3        117,250      SH   -  DEFINED   117,250    -    -
ANIXTER_INTNL         COM           035290105     405  3           13,975      SH   -  DEFINED    13,975    -    -
ANNTAYLOR             COM           036115103     309  3            8,825      SH   -  DEFINED     8,825    -    -
AOL_TIME_WARNER       COM           00184A105   2,054  1,3         64,000      SH   -  DEFINED    64,000    -    -
AON_CORP              COM           037389103  16,694  2,3        470,000      SH   -  DEFINED   470,000    -    -
APACHE_CORP           COM           037411105      25  1,3            500      SH   -  DEFINED       500    -    -
APPLIED_MATERIALS     COM           038222105   3,409  1,3         85,000      SH   -  DEFINED    85,000    -    -
ARCHER_DANIELS        COM           039483102   1,733  2,3        120,800      SH   -  DEFINED   120,800    -    -
ARDEN_REALTY          COM           039793104     938  2,3         35,400      SH   -  DEFINED    35,400    -    -
ARGUSS_COMM           COM           040282105   2,752  2,3        677,874      SH   -  DEFINED   677,874    -    -
ARRIS_GROUP           COM           04269Q100     390  2,3         40,000      SH   -  DEFINED    40,000    -    -
ARVINMERITOR          COM           043353101     147  3            7,475      SH   -  DEFINED     7,475    -    -
AT&T_CORPORATION      COM           001957109   6,258  2,3        345,000      SH   -  DEFINED   345,000    -    -
AT&T_WIRELESS         COM           00209A106   1,063  2,3         73,993      SH   -  DEFINED    73,993    -    -
ATLAS_AIR_WRLDWDE     COM           049164106     718  2,3,4       49,000      SH   -  DEFINED    49,000    -    -
AVAYA_INC             COM           053499109   1,372  1,2,3      112,900      SH   -  DEFINED   112,900    -    -
AVAYA_INC             LYON10/31/21  053499AA7   2,430  1,2,3     4,500,000    PRN   -  DEFINED      -       -    -
BARNES&NOBLE          COM           067774109   1,672  1,3         56,480      SH   -  DEFINED    56,480    -    -
BARNES&NOBLE          SUBNTCV144A09 067774AC3   2,799  1,3       2,450,000    PRN   -  DEFINED      -       -    -
BEA_SYSTEMS           COM           073325102   2,226  1,3        144,500      SH   -  DEFINED   144,500    -    -
BEA_SYSTEMS           SBNTCV4%06    073325AD4   2,010  1,3       2,350,000    PRN   -  DEFINED      -       -    -
BEDFORD_PPTY          COMPAR.02     076446301     128  2,3          5,700      SH   -  DEFINED     5,700    -    -
BELLSOUTH_CORP        COM           079860102   2,671  2,3         70,000      SH   -  DEFINED    70,000    -    -
BISYS_GROUP           COM           055472104     761  1,3         11,900      SH   -  DEFINED    11,900    -    -
BISYS_GROUP           SBNTCV4%06    055472AB0   1,461  1,3       1,250,000    PRN   -  DEFINED      -       -    -
BOEING_CO             COM           097023105   1,040  3           26,825      SH   -  DEFINED    26,825    -    -
BORG_WARNER_AUTO      COM           099724106     111  3            2,125      SH   -  DEFINED     2,125    -    -
BOSTON_PROPERTIES     COM           101121101   1,140  2,3         30,000      SH   -  DEFINED    30,000    -    -
BOWNE&CO              COM           103043105     137  3           10,700      SH   -  DEFINED    10,700    -    -
BUCKHEAD_AMERICA      COM           11835A105      22  2,3         21,579      SH   -  DEFINED    21,579    -    -
BURLINGTON_RES        COM           122014103   2,816  2,3         75,000      SH   -  DEFINED    75,000    -    -
CABLEVISION_SYS       CL_A_NY       12686C109   6,026  2,3        127,000      SH   -  DEFINED   127,000    -    -
CABOT_OIL&GAS         CL_A          127097103   1,203  2,3         50,000      SH   -  DEFINED    50,000    -    -
CALPINE_CORP          COM           131347106   3,526  1,2,3      210,000      SH   -  DEFINED   210,000    -    -
CARDINAL_HEALTH       COM           14149Y108   4,166  1,3         64,437      SH   -  DEFINED    64,437    -    -
CARNIVAL              COM           143658102   9,581  1,2,3      341,200      SH   -  DEFINED   341,200    -    -
CATELLUS_DVLP         COM           149111106   1,982  2,3        107,724      SH   -  DEFINED   107,724    -    -
CBRL_GROUP            COM           12489V106   1,090  3           37,025      SH   -  DEFINED    37,025    -    -
CELESTICA_INC         SUBVTG        15101Q108   4,568  1,2,3      113,100      SH   -  DEFINED   113,100    -    -
CELESTICA_INC         LYONZERO20    15101QAA6  10,392  1,2,3     24,380,000   PRN   -  DEFINED      -       -    -
CENDANT_CORP          COM           151313103   6,483  1,2,3      330,600      SH   -  DEFINED   330,600    -    -
CENTEX_CORP           COM           152312104     742  3           13,000      SH   -  DEFINED    13,000    -    -
CHARTER_COMM          SUBNTCV5.7505 16117MAB3   4,126  2,3       4,000,000    PRN   -  DEFINED      -       -    -
CHIRON_CORP           COM           170040109   7,931  1,2,3      180,900      SH   -  DEFINED   180,900    -    -
CHIRON_CORP           LYONZR_31     170040AE9  29,941  1,2,3     54,500,000   PRN   -  DEFINED      -       -    -
CHUBB_CORP            COM           171232101   1,290  3           18,700      SH   -  DEFINED    18,700    -    -
CISCO_SYS             COM           17275R102   3,622  1,3        200,000      SH   -  DEFINED   200,000    -    -
CITIGROUP             COM           172967101  10,601  1,2,3      210,000      SH   -  DEFINED   210,000    -    -
CLEAR_CHANNEL         COM           184502102   2,800  1,2,3       55,000      SH   -  DEFINED    55,000    -    -
CLEVELAND_CLIFFS      COM           185896107      67  3            3,650      SH   -  DEFINED     3,650    -    -
CMS_ENERGY            ADJCVTR8.75   125896308     302  1,3         10,000      SH   -  DEFINED    10,000    -    -
CNA_SURETY            COM           12612L108 425,090    2,3,4   27,425,147    SH   -  DEFINED  27,425,147  -    -
CNF                   COM           12612W104   1,650  3           49,175      SH   -  DEFINED    49,175    -    -
COLT_TLCOM_ADR        SPNS_ADR      196877104      21  2,3          3,000      SH   -  DEFINED     3,000    -    -
COMCAST_CLA_SPL       CL_A_SPL      200300200   4,320  1,3        120,000      SH   -  DEFINED   120,000    -    -
COMM_INTELLIGENCE     COM           20338K106     422  2,3        660,000      SH   -  DEFINED   660,000    -    -
COMPUTER_ASS_INTL     COM           204912109   1,219  3           35,350      SH   -  DEFINED    35,350    -    -
CONOCO                COM           208251504   7,570  2,3        267,500      SH   -  DEFINED   267,500    -    -
CONSTELLATION_ENG     COM           210371100  16,727  2,3        630,000      SH   -  DEFINED   630,000    -    -
COOPER_IND            COM           216669101   1,297  3           37,150      SH   -  DEFINED    37,150    -    -
CORN_PRD_INTL         COM           219023108      51  3            1,450      SH   -  DEFINED     1,450    -    -
CORRECTIONS_CORP      PFDCVB12      22025Y308       0  2,3              2      SH   -  DEFINED         2    -    -
COX_COMM_CL_A         CL_A          224044107     515  1,2,3       12,300      SH   -  DEFINED    12,300    -    -
CYTEC_IND_INC         COM           232820100     560  3           20,725      SH   -  DEFINED    20,725    -    -
DEL_MONTE_FOODS       COM           24522P103     310  3           36,375      SH   -  DEFINED    36,375    -    -
DELL_COMP_CORP        COM           247025109   1,631  1,3         60,000      SH   -  DEFINED    60,000    -    -
DELPHI_FINAN_CLA      CL_A          247131105   4,084  2,3        122,650      SH   -  DEFINED   122,650    -    -
DILLARDS_CLA          CL_A          254067101     510  3           31,875      SH   -  DEFINED    31,875    -    -
DOLLAR_THRIFTY        COM           256743105   1,783  3          115,000      SH   -  DEFINED   115,000    -    -
DOW_CHEM_CORP         COM           260543103     845  2,3         25,000      SH   -  DEFINED    25,000    -    -
DR_HORTON_INC         COM           23331A109  13,633  2,3        420,000      SH   -  DEFINED   420,000    -    -
DU PONT_DE_ NEM       COM           263534109     850  2,3         20,000      SH   -  DEFINED    20,000    -    -
EATON_VANCE           COM_NO_VTG    278265103   1,045  1,2,3       29,400      SH   -  DEFINED      -       -    -
ECHOSTAR_COMM         SBNTCV4.875   278762AD1     530  1,3        590,000     PRN   -  DEFINED      -       -    -
ECHOSTAR_COMM_A       CL_A          278762109     266  1,3          9,685      SH   -  DEFINED     9,685    -    -
ELDERTRUST            COMSHBENINT   284560109   1,707  2,3        208,200      SH   -  DEFINED   208,200    -    -
ELEC_DATA_SYS         COM           285661104  34,693  1,2,3      506,100      SH   -  DEFINED   506,100    -    -
ELEC_DATA_SYS         SRNTCVZR21    285661AB0  30,143  1,2,3     36,000,000   PRN   -  DEFINED      -       -    -
EMC_CORPORATION       COM           268648102      19  2,3          1,380      SH   -  DEFINED     1,380    -    -
EQUITY_OFFICE_PPTYS   COM           294741103     301  1,3         10,000      SH   -  DEFINED    10,000    -    -
ESTERLINE_TECH        COM           297425100     413  3           25,825      SH   -  DEFINED    25,825    -    -
EXELON_CORP           COM           30161N101   7,182  2,3        150,000      SH   -  DEFINED   150,000    -    -
FED_DEPART_STORES     COM           31410H101   4,704  1,2,3      115,000      SH   -  DEFINED   115,000    -    -
FIRST_CTZENS_BCHS_A   CL_A          31946M103      49  3              500      SH   -  DEFINED       500    -    -
FIRST_DATA_CORP       COM           319963104   5,099  1,3         65,000      SH   -  DEFINED    65,000    -    -
FLEMING_COS_INC       COM           339130106   1,153  1,3         62,300      SH   -  DEFINED    62,300    -    -
FMC_CORP_NEW          COM_NEW       302491303   5,584  3           93,850      SH   -  DEFINED    93,850    -    -
FOOT_LOCKER_INC       COM           344849104   1,667  1,.3       106,500      SH   -  DEFINED   106,500    -    -
FORTUNE_BRANDS_INC    COM           349631101   1,019  3           25,750      SH   -  DEFINED    25,750    -    -
FPL_GRP               COM           302571104   5,922  2,3        105,000      SH   -  DEFINED   105,000    -    -
FREDDIE_MAC           COM           313400301   3,008  1,3         46,000      SH   -  DEFINED    46,000    -    -
FREEPORT_MCMORAN      CL_B          35671D857   1,056  3           78,875      SH   -  DEFINED    78,875    -    -
FRONTLINE_LTD         ORD           G3682E127   2,575  2,3        250,000      SH   -  DEFINED   250,000    -    -
GABLES_RES_TRST       SHBENINT      362418105     409  3           13,825      SH   -  DEFINED    13,825    -    -
GENENTECH             COM_NEW       368710406   2,136  1,2,3       39,370      SH   -  DEFINED    39,370    -    -
GENERAL_DYNAMICS      COM           369550108   1,991  1,3         25,000      SH   -  DEFINED    25,000    -    -
GENERAL_ELECTRIC_CO   COM           369604103   5,191  1,2,3      129,510      SH   -  DEFINED   129,510    -    -
GENERAL_MOT_CORP      CL_H_NEW      370442832   2,627  2,3        170,000      SH   -  DEFINED   170,000    -    -
GENUITY_INCA          CL_A          37248E103     198  2,3        125,000      SH   -  DEFINED   125,000    -    -
GEORGIA_PAC_CORP      COM_GA_GRP    373298108     552  3           19,975      SH   -  DEFINED    19,975    -    -
GLIMCHERRLT_TRST      SH BEN INT    379302102     207  3           10,975      SH   -  DEFINED    10,975    -    -
GREAT_LAKES_REIT      COM           390752103   1,040  2,3         65,000      SH   -  DEFINED    65,000    -    -
GUCCI_GRP_NV_NY_REG   COM NY REG    401566104  16,131  2,3        190,000      SH   -  DEFINED   190,000    -    -
HANOVER_COMP_CO       COM           410768105     897  1,3         35,500      SH   -  DEFINED    35,500    -    -
HANOVER_COMPR         SRNTCV4.7508  410768AC9   2,243  1,3       2,400,000    PRN   -  DEFINED      -       -    -
HCA_INC               COM           404119109   3,083  1,3         80,000      SH   -  DEFINED    80,000    -    -
HEALTH_CRE_PPTYS_INV  COM           421915109   1,195  2,3         33,000      SH   -  DEFINED    33,000    -    -
HEALTHCARE_RLTY       COM           421946104   7,019  2,3        250,675      SH   -  DEFINED   250,675    -    -
HEALTHNET             COM           42222G108   1,246  3           57,225      SH   -  DEFINED    57,225    -    -
HEALTHSOUTH           SBDBCV3.3503  421924AF8   3,816  2,3       4,000,000    PRN   -  DEFINED      -       -    -
HEALTHSOUTH_CORP      COM           421924101   9,263  2,3        625,000      SH   -  DEFINED   625,000    -    -
HEARST_ARGYLE_TEL     COM           422317107   5,172  2,3        239,900      SH   -  DEFINED   239,900    -    -
HERBALIFE_INTNL_CLB   CL_B          426908307     318  3           24,100      SH   -  DEFINED    24,100    -    -
HERCULES              COM           427056106   3,013  2,3        301,250      SH   -  DEFINED   301,250    -    -
HEWLETT_PACKARD       COM           428236103   1,920  2,3         93,475      SH   -  DEFINED    93,475    -    -
HILTON_HOTELS         COM           432848109   5,515  2,3        505,000      SH   -  DEFINED   505,000    -    -
HOME_DEPOT            COM           437076102   2,704  1,3         53,000      SH   -  DEFINED    53,000    -    -
HONEYWELL_INTL        COM           438516106   2,029  1,3         60,000      SH   -  DEFINED    60,000    -    -
HOUSEHOLD_INTL        COM           441815107   4,056  1,2,3       70,000      SH   -  DEFINED    70,000    -    -
IMC_GLOBAL            COM           449669100     867  2,3         66,700      SH   -  DEFINED    66,700    -    -
INSWEB_CORP           COM           45809K202   3,752  2,3        882,717      SH   -  DEFINED   882,717    -    -
INTEL_CORP            COM           458140100   2,176  1,3         69,200      SH   -  DEFINED    69,200    -    -
INTERSTATE_BAKERIES   COM           46072H108     195  3            8,050      SH   -  DEFINED     8,050    -    -
INTL_RECTIFIER        COM           460254105     450  1,3         12,900      SH   -  DEFINED    12,900    -    -
INTL_RECTIFIER        SBNTCV144A07  460254AD7   1,221  1,3       1,465,000    PRN   -  DEFINED      -       -    -
INTNL_BUSINESS_MACH   COM           459200101  25,450  1,2,3      210,400      SH   -  DEFINED   210,400    -    -
INTNL_PAPER           COM           460146103   4,035  2,3        100,000      SH   -  DEFINED   100,000    -    -
IONICS_INC            COM           462218108   1,643  2,3         54,700      SH   -  DEFINED    54,700    -    -
IPC_HOLDINGS_LTD      ORD           G4933P101      85  2,3          2,875      SH   -  DEFINED     2,875    -    -
IVAX_CORP             COM           465823102   1,219  1,3         60,525      SH   -  DEFINED    60,525    -    -
IVAX_CORP             SRSBNTCV07    465823AD4   2,403  1,3       2,400,000    PRN   -  DEFINED      -       -    -
JOHNSON&JOHNSON       COM           478160104     611  1,2,3       10,340      SH   -  DEFINED    10,340    -    -
JOY_GLOBAL            COM           481165108     410  2,3         24,400      SH   -  DEFINED    24,400    -    -
KELLWOOD              COM           488044108     155  3            6,450      SH   -  DEFINED     6,450    -    -
KENNAMETAL_INC        COM           489170100     403  3           10,000      SH   -  DEFINED    10,000    -    -
KERR_MCGEE            COM           492386107   7,672  2,3        140,000      SH   -  DEFINED   140,000    -    -
KEY3MEDIA_GROUP       COM           49326R104      39  3            7,225      SH   -  DEFINED     7,225    -    -
KEYSPAN_CORP          COM           49337W100   5,544  2,3        160,000      SH   -  DEFINED   160,000    -    -
KULICKE&SOFFA         SUBNTCV5.7506 501242AE1   3,312  1,3       3,450,000    PRN   -  DEFINED      -       -    -
KULICKE&SOFFA_IND     COM           501242101   2,067  1,3        120,500      SH   -  DEFINED   120,500    -    -
L-3_COMM              COM           502424104   3,903  1,3         43,370      SH   -  DEFINED    43,370    -    -
L-3_COMM              SRSBCV144A09  502424AA2   3,132  1,3       2,400,000    PRN   -  DEFINED      -       -    -
LABORATORY_CP         LYONS144A21   50540RAB8  14,963  1,2,3     21,000,000   PRN   -  DEFINED      -       -    -
LAM_RES_CORP          COM           512807108     637  1,3         27,430      SH   -  DEFINED    27,430    -    -
LAMAR_ADVTSING        CL_A          512815101   1,516  1,3         35,800      SH   -  DEFINED    35,800    -    -
LAMAR_ADVTSING        NTCV5.2506    512815AF8     824  1,3       2,550,000    PRN   -  DEFINED      -       -    -
LATTICE_SEMICON       COM           518415104   1,827  1,3         88,800      SH   -  DEFINED    88,800    -    -
LATTICE_SEMICON       SUBNTCV4.7506 518415AC8   2,966  1,3       2,450,000    PRN   -  DEFINED      -       -    -
LBRTORY_CRP_AMER      COM_NEW       50540R409   6,444  1,2,3       79,700      SH   -  DEFINED    79,700    -    -
LEAR_CORP             COM           521865105   1,017  3           26,675      SH   -  DEFINED    26,675    -    -
LEGG_MASON_INC        COM           524901105   5,738  1,2,3      114,800      SH   -  DEFINED   114,800    -    -
LIBERTY_MEDIA         COM_SERA      530718105  11,776  1,2,3      841,148      SH   -  DEFINED   841,148    -    -
LIBERTY_PPTY_TRST     SH_BEN_INT    531172104  11,782  2,3        394,700      SH   -  DEFINED   394,700    -    -
LILLY_ELI_CO          COM           532457108   3,526  1,3         44,900      SH   -  DEFINED    44,900    -    -
LINCOLN_NAT_IND       COM           534187109   3,886  2,3         80,000      SH   -  DEFINED    80,000    -    -
LOCAL_FINCL           COM           539553107   8,738  2,3        624,600      SH   -  DEFINED   624,600    -    -
LONGVIEW_FIBRE        COM           543213102   2,186  2,3        185,100      SH   -  DEFINED   185,100    -    -
LORAL_SPACE&COMM      COM           G56462107     566  2,3        189,400      SH   -  DEFINED   189,400    -    -
LOWES_INC             COM           548661107  10,362  1,2,3      223,280      SH   -  DEFINED   223,280    -    -
LSI_CORP              COM           502161102   1,374  1,3         87,100      SH   -  DEFINED    87,100    -    -
LSI_LOGIC             SBNTCV4.2504  502161AD4   2,267  1,3       1,950,000    PRN   -  DEFINED      -       -    -
LUBRIZOL_CORP         COM           549271104   1,102  3           31,400      SH   -  DEFINED    31,400    -    -
LUCENT_TECH           COM           549463107  11,201  1,2,3     1,778,000     SH   -  DEFINED  1,778,000   -    -
LUCENT_TECH           PFDCV8%144A   549463206  27,298  1,2,3       24,000      SH   -  DEFINED    24,000    -    -
MARRIOTT_INTL         SRLYNZRO144A21571903AA1   8,341  2,3       9,700,000    PRN   -  DEFINED      -       -    -
MARRIOTT_INTNL_CLA    CL_A          571903202     659  2,3         16,200      SH   -  DEFINED    16,200    -    -
MBIA_INC              COM           55262C100   1,341  2,3         25,000      SH   -  DEFINED    25,000    -    -
MDICLGIC_MDSCPE       COM           584642102     205  2,3        730,900      SH   -  DEFINED   730,900    -    -
MEDTRONIC_INC         COM           585055106  10,396  1,2,3      203,000      SH   -  DEFINED   203,000    -    -
MEDTRONIC_INC         CONVDEB144A21 585055AA4   9,019  2,3       8,600,000    PRN   -  DEFINED      -       -    -
MERRILL_LYNCH         COM           590188108     464  1,2,3        8,900      SH   -  DEFINED     8,900    -    -
METLIFE_INC           COM           59156R108   6,843  2,3        216,000      SH   -  DEFINED   216,000    -    -
MICROSOFT_CORP        COM           594918104   4,440  1,2,3       67,000      SH   -  DEFINED    67,000    -    -
MILACRON_INC          COM           598709103      93  3            5,875      SH   -  DEFINED     5,875    -    -
MIRANT_CORP           COM           604675108     256  1,3         16,000      SH   -  DEFINED    16,000    -    -
MOLEX_CLA_NN-VTG      CL_A          608554200   2,353  1,3         86,993      SH   -  DEFINED      -       -    -
MONSANTO_CO           COM           61166W101     565  3           16,725      SH   -  DEFINED    16,725    -    -
MORGAN_DEAN_WITTER    COM_NEW       617446448      29  2,3            520      SH   -  DEFINED       520    -    -
MRGN_STNLY_INDIA      COM           61745C105     459  2,3         53,026      SH   -  DEFINED    53,026    -    -
MSDW_ASIA_PACIFIC     COM           61744U106   2,066  2,3        275,900      SH   -  DEFINED   275,900    -    -
NABORS_IND            COM           629568106     309  1,3          9,000      SH   -  DEFINED     9,000    -    -
NACCO_INDS            CL_A          629579103     515  3            9,075      SH   -  DEFINED     9,075    -    -
NATIONWIDE_FINCL      CL_A          638612101   2,073  2,3         50,000      SH   -  DEFINED    50,000    -    -
NEIMAN_MARCUS_CLB     CL_B          640204301   2,934  2,3         98,800      SH   -  DEFINED    98,800    -    -
NEWHALL_LND&FRM_LP    DEP_REC       651426108   4,100  2,3        138,500      SH   -  DEFINED   138,500    -    -
NEWMONT_MINING        COM           651639106   3,058  2,3        160,000      SH   -  DEFINED   160,000    -    -
NEWS_LTD_SPNS_ADR     ADR_NEW       652487703   1,591  2,3         50,000      SH   -  DEFINED    50,000    -    -
NEWS_LTD_SPNS_ADR     SP_ADR_PFD    652487802  11,148  1,2,3      421,300      SH   -  DEFINED   421,300    -    -
NIAGARA_MOHAWK        COM           653520106   1,651  2,3         93,100      SH   -  DEFINED    93,100    -    -
NOKIA_SPON_ADR        SPNSRED_ADR   654902204   1,227  1,3         50,000      SH   -  DEFINED    50,000    -    -
NORFOLK_SOUTHERN      COM           655844108  10,356  2,3        565,000      SH   -  DEFINED   565,000    -    -
NORTH_FORK_BANC       COM           659424105   3,199  2,3        100,000      SH   -  DEFINED   100,000    -    -
NOVELLUS_SYSTEMS      COM           670008101   1,404  1,2,3       35,600      SH   -  DEFINED    35,600    -    -
NRG_ENERGY            COM           629377102     775  2,3         50,000      SH   -  DEFINED    50,000    -    -
NVIDIA_CORP           COM           67066G104   2,790  1,3         41,700      SH   -  DEFINED    41,700    -    -
NVIDIA_CORP           SBNTCV4.7507  67066GAA2   3,724  1,3       2,250,000    PRN   -  DEFINED      -       -    -
OCEAN_ENERGY          COM           67481E106     931  3           48,500      SH   -  DEFINED    48,500    -    -
OLD_REPUBLIC_INTL     COM           680223104   7,193  1,2,3      256,800      SH   -  DEFINED   256,800    -    -
OMNICOM_GROUP         COM           681919106   2,350  1,2,3       26,300      SH   -  DEFINED    26,300    -    -
ON_COMAND_CLB_WTS     WTBEX100703   682160122      12  2,3        123,130      SH   CL DEFINED      -       -    -
OWENS_ILL_INC         PFDCONV_.01   690768502     420  2,3         20,500      SH   -  DEFINED    20,500    -    -
PALL_CORP             COM           696429307   4,090  2,3        170,000      SH   -  DEFINED   170,000    -    -
PATHMARK_STORES       COM           70322A101  18,111  2,3        734,432      SH   -  DEFINED   734,432    -    -
PAXSON_COMM           COM           704231109   1,020  2,3         97,600      SH   -  DEFINED    97,600    -    -
PAYCHEX               COM           704326107      20  2,3            560      SH   -  DEFINED       560    -    -
PAYLESS_SHOES         COM           704379106   1,592  3           28,350      SH   -  DEFINED    28,350    -    -
PEABODY_ENRGY         COM           704549104   2,255  1,3         80,000      SH   -  DEFINED    80,000    -    -
PEPSI_BOTTLING        COM           713409100   4,700  2,3        200,000      SH   -  DEFINED   200,000    -    -
PEPSICO               COM           713448108   3,993  1,3         82,000      SH   -  DEFINED    82,000    -    -
PERFORMANCE_FOOD      COM           713755106   2,261  1,3         64,300      SH   -  DEFINED    64,300    -    -
PERFORMANCE_FOOD      SUBNTCV5.508  713755AA4   3,328  1,3       2,600,000    PRN   -  DEFINED      -       -    -
PFIZER                COM           717081103   5,300  1,3        133,000      SH   -  DEFINED   133,000    -    -
PHILLIPSPETRO_CO      COM           718507106   7,382  1,2,3      122,500      SH   -  DEFINED   122,500    -    -
PHOENIX_CO            COM           71902E109   2,220  2,3        120,000      SH   -  DEFINED   120,000    -    -
PIONEER_STAND_ELEC    COM           723877106     134  3           10,525      SH   -  DEFINED    10,525    -    -
PLACER_DOME           COM           725906101   1,027  2,3         94,130      SH   -  DEFINED    94,130    -    -
PLUMCREEK_TMBR_REIT   COM           729251108   5,670  2,3        200,000      SH   -  DEFINED   200,000    -    -
POTLATCH              COM           737628107   2,052  2,3         70,000      SH   -  DEFINED    70,000    -    -
POTOMAC_ELEC          COM           737679100   4,749  2,3        210,400      SH   -  DEFINED   210,400    -    -
PRECISION_DRILLING    COM           74022D100     857  3           33,200      SH   -  DEFINED    33,200    -    -
PRESIDENTIAL_LIFE     COM           740884101     169  3            8,225      SH   -  DEFINED     8,225    -    -
PRIME_HOSPITALITY     COM           741917108     590  1,2,3       53,375      SH   -  DEFINED    53,375    -    -
PROVIDIAN_FINCL       COM           74406A102     226  3           63,600      SH   -  DEFINED    63,600    -    -
PROVINCE_HEALTHCARE   COM           743977100   1,000  1,3         32,400      SH   -  DEFINED    32,400    -    -
PROVINCE_HEALTHCARE   SBNTCV4.505   743977AC4   1,910  1,3       1,850,000    PRN   -  DEFINED      -       -    -
PRSPECT_ST_INC_SHRS   COM           743590101   1,531  2,3        153,339      SH   -  DEFINED   153,339    -    -
PRUDENTIAL_INC        COM           744320102   1,338  2,3         40,300      SH   -  DEFINED    40,300    -    -
PULTE_CORP            COM           745867101   7,862  1,2,3      176,000      SH   -  DEFINED   176,000    -    -
QUALCOMM              COM           747525103   2,273  1,3         45,000      SH   -  DEFINED    45,000    -    -
QUANTUM_DLT&STRG      COM_DSSG      747906204     996  3          101,150      SH   -  DEFINED   101,150    -    -
QWEST_COMM_INTL       COM           749121109   1,625  2,3        115,000      SH   -  DEFINED   115,000    -    -
RADIAN_GRP            COM           750236101   1,076  3           25,050      SH   -  DEFINED    25,050    -    -
RADIO_UNICA_COMM      COM           75040Q106       7  2,3          5,000      SH   -  DEFINED     5,000    -    -
RAYTHEON_CO           COM_NEW       755111507   3,857  2,3        118,800      SH   -  DEFINED   118,800    -    -
REGENERON_PHARM       SBNTCV144A08  75886FAA5   4,575  2,3       4,000,000    PRN   -  DEFINED      -       -    -
REPUBLIC_BANCORP      COM           760282103     415  3           29,955      SH   -  DEFINED    29,955    -    -
RH_DONNELLEY          COM_NEW       74955W307     497  3           17,100      SH   -  DEFINED    17,100    -    -
SANMINA_CORP          SBNTCV4.2504  800907AB3   2,695  1,3       2,450,000    PRN   -  DEFINED      -       -    -
SANMINA_SCI           COM           800907107   1,320  1,3         66,345      SH   -  DEFINED    66,345    -    -
SARA_LEE_CORP         COM           803111103     912  3           41,025      SH   -  DEFINED    41,025    -    -
SBC_CMMNCTIONS        COM           78387G103     588  2,3         15,000      SH   -  DEFINED    15,000    -    -
SCANA_CORP            COM           80589M102  15,724  2,3        565,000      SH   -  DEFINED   565,000    -    -
SCHLUMBERGER_LTD      COM           806857108   3,220  1,3         58,600      SH   -  DEFINED    58,600    -    -
SCUDDER_INTRM_GOVT    SH_BEN_INT    811163104   1,044  2,3        149,800      SH   -  DEFINED   149,800    -    -
SEMTECH_CORP          COM           816850101   1,624  1,3         45,500      SH   -  DEFINED    45,500    -    -
SEMTECH_CORP          SBNTCV4.507   816850AD3   2,592  1,3       2,400,000    PRN   -  DEFINED      -       -    -
SENIOR_HSG_PPTY_TRT   SH_BEN_INT    81721M109     417  2,3         30,000      SH   -  DEFINED    30,000    -    -
SERVICEMASTER         COM           81760N109   1,038  3           75,250      SH   -  DEFINED    75,250    -    -
SHERWIN_WILLIAMS      COM           824348106     932  3           33,875      SH   -  DEFINED    33,875    -    -
SIRIUS_SATELLITE      COM           82966U103  27,373  2,3       2,353,672     SH   -  DEFINED  2,353,672   -    -
SLI_INC               COM           78442T108      27  3           10,175      SH   -  DEFINED    10,175    -    -
SOUTHTRUST            COM           844730101     378  3           15,325      SH   -  DEFINED    15,325    -    -
SOUTHWEST_AIR         COM           844741108     370  1,3         20,000      SH   -  DEFINED    20,000    -    -
SOVEREIGN_BANCORP     COM           845905108   3,182  1,2,3      260,000      SH   -  DEFINED   260,000    -    -
SPNSH_BRDCSTNG_CLA    CL_A          846425882   2,421  2,3        244,800      SH   -  DEFINED   244,800    -    -
SPRINT_FON_GRP        COM_FON_ GRP  852061100     861  2,3,4       42,856      SH   -  DEFINED    42,856    -    -
SPRINT_PCS            EQUITY_UNIT   852061605  37,682  1,2,3     1,490,000     SH   -  DEFINED  1,490,000   -    -
SPRINT_PCS_GRP        PCS_COM_SR1   852061506  31,575  1,2,3,4   1,293,528     SH   -  DEFINED  1,293,528   -    -
STAR_GAS_SENSUBUTS    SRSBUN_LTD    85512C204     676  2,3         34,829      SH   -  DEFINED    34,829    -    -
STEIN_MART            COM           858375108     104  3           12,475      SH   -  DEFINED    12,475    -    -
STILWELL_FINCL        COM           860831106     514  1,2,3       18,900      SH   -  DEFINED    18,900    -    -
STILWELL_FINCL        LYON_ZERO_31  860831AC0  16,060  1,2,3     22,000,000   PRN   -  DEFINED      -       -    -
SUN_MICROSYSTEMS      COM           866810104   2,044  1,2,3      165,650      SH   -  DEFINED   165,650    -    -
TARGET_CORP           COM           87612E106   1,642  1,3         40,000      SH   -  DEFINED    40,000    -    -
TECH_DATA             SBDBCV144A21  878237AB2   9,775  1,2,3     10,000,000   PRN   -  DEFINED      -       -    -
TEEKAY_SHIPPING       COM           Y8564W103   7,684  2,3        220,500      SH   -  DEFINED   220,500    -    -
TEJON_RANCH           COM           879080109     892  2,3         37,300      SH   -  DEFINED    37,300    -    -
TELLABS               COM           879664100     798  3           53,375      SH   -  DEFINED    53,375    -    -
TENET_HEALTHCARE      COM           88033G100     411  1,3          7,000      SH   -  DEFINED     7,000    -    -
TEXTRON               COM           883203101   3,939  2,3         95,000      SH   -  DEFINED    95,000    -    -
THE_GAP_INC           COM           364760108     654  3           46,950      SH   -  DEFINED    46,950    -    -
TJX_COS_NEW           COM           872540109   4,050  1,2,3      101,600      SH   -  DEFINED   101,600    -    -
TORCH_OFFSHORE        COM           891019101     180  2,3         30,000      SH   -  DEFINED    30,000    -    -
TRENWICK_GROUP_LTD    COM           G9032C109  37,704  2,3       3,707,400     SH   -  DEFINED  3,707,400   -    -
TRIBUNE_CO_NEW        COM           896047107   5,240  1,2,3      140,000      SH   -  DEFINED   140,000    -    -
TRINITY_INDUSTRIES    COM           896522109     401  3           14,775      SH   -  DEFINED    14,775    -    -
TRIZEC_HAHN           SUB_VTG       896938107   5,502  2,3        350,425      SH   -  DEFINED   350,425    -    -
TRNSOCENSEDCOFOREX    ORD           G90078109   1,881  1,3         55,606      SH   -  DEFINED    55,606    -    -
TVX_GOLD              COM_NEW       87308K200     211  2,3        490,080      SH   -  DEFINED   490,080    -    -
TYCO_INTL_LTD         COM           902124106  26,470  1,2,3      449,400      SH   -  DEFINED   449,400    -    -
TYCO_INTL_LTD         LYON_ZERO_20  902124AC0  44,790  2,3       57,700,000   PRN   -  DEFINED      -       -    -
TYSON_FOODS_CLA       CL_A          902494103      27  3            2,366      SH   -  DEFINED     2,366    -    -
UCAR_INTL             COM           90262K109      56  3            5,275      SH   -  DEFINED     5,275    -    -
UNION_PACIFIC         COM           907818108   1,398  3           24,525      SH   -  DEFINED    24,525    -    -
UNISYS_CORP           COM           909214108   1,254  2,3        100,000      SH   -  DEFINED   100,000    -    -
UNITED_DFNSE_INDS     COM           91018B104     316  1,3         15,000      SH   -  DEFINED    15,000    -    -
UNIVERSAL_VA          COM           913456109     507  3           13,925      SH   -  DEFINED    13,925    -    -
UNTD_PRCL_SRVCECLB    CL_B          911312106     518  1,3          9,500      SH   -  DEFINED     9,500    -    -
US_BANCORP            COM_NEW       902973304   3,977  2,3        190,000      SH   -  DEFINED   190,000    -    -
USFREIGHTWAYS         COM           916906100     400  3           12,725      SH   -  DEFINED    12,725    -    -
VALERO_ENERGY         COM           91913Y100  10,102  2,3        265,000      SH   -  DEFINED   265,000    -    -
VENTAS                COM           92276F100   2,332  2,3        202,750      SH   -  DEFINED   202,750    -    -
VERIZON_COMM_INC      COM           92343V104   7,356  1,2,3      155,000      SH   -  DEFINED   155,000    -    -
VISHAY_INTERTECH      COM           928298108     438  1,3         22,463      SH   -  DEFINED    22,463    -    -
WACHOVIA              COM           929903102   1,254  2,3         40,000      SH   -  DEFINED    40,000    -    -
WACKENHUT_CLB         COM_SER_B     929794303     714  2,3         37,500      SH   -  DEFINED    37,500    -    -
WALMART_STORES        COM           931142103   3,712  1,3         64,500      SH   -  DEFINED    64,500    -    -
WELLSFARGO&CO         COM           949746101   4,345  1,3        100,000      SH   -  DEFINED   100,000    -    -
WESTERN_RESOURCES     COM           959425109   2,752  2,3        160,000      SH   -  DEFINED   160,000    -    -
WHIRLPOOL_CORP        COM           963320106     764  3           10,425      SH   -  DEFINED    10,425    -    -
WILLIAMS_COS          COM           969457100      59  3,4          2,312      SH   -  DEFINED     2,312    -    -
WORLDCOM_MCI_GRP      MCI_GRP_COM   98157D304     254  1,3         20,000      SH   -  DEFINED    20,000    -    -
XEROX                 COM           984121103   7,711  1,2,3      740,000      SH   -  DEFINED   740,000    -    -
XL_CAPITAL_CLA        CL_A          G98255105     594  3            6,500      SH   -  DEFINED     6,500    -    -
YOUNG_BRDCSTNG_A      CL_A          987434107   1,605  2,3         89,400      SH   -  DEFINED    89,400    -    -
</Table>