FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: June 30, 2001

Check here if Amendment [   ]; 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:
August 6, 2001
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


<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>
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					FORM 13F INFORMATION TABLE
                                                      VALUE    OTHER    SHARES/ SH/  PUT/   INVSTMNT    VOTING AUTHORITY
NAME OF ISSUER	       TITLE OF CLASS  CUSIP         (X1,000) MANAGERS  PRN AMT PRN  CALL   DISCRETIN  SOLE SHARED NONE

A T & T WIRELESS GROUP COM WIRLES GRP  001957406     6,540.0    2,3     400,000  SH          DEFINED   400,000  0     0
ACME COMM INC          COM             004631107     3,633.7    2,3     442,595  SH          DEFINED   442,595  0     0
ADELPHIA COMM-CL A     CL A            006848105    16,092.5    2,3     392,500  SH          DEFINED   392,500  0     0
AETNA INC              COM             00817Y108    21,802.6    2,3     842,125  SH          DEFINED   842,125  0     0
AFFIL COMPUTER         SB NT CV 4% 05  008190AD2     3,164.5    1,3   1,820,000  PRN         DEFINED
AFFILIATED COMP SVCS-A CL A            008190100     2,753.4    1,3      38,290  SH          DEFINED    38,290  0     0
AGCO CORP              COM             001084102     4,005.0    2,3     437,700  SH          DEFINED   437,700  0     0
AGRIUM INC             COM             008916108       658.4    2,3      99,700  SH          DEFINED    99,700  0     0
AK STEEL HOLD CORP     COM             001547108     3,621.6    2,3     288,800  SH          DEFINED   288,800  0     0
ALCOA INC              COM             013817101    11,859.4  1,2,3     301,000  SH          DEFINED   301,000  0     0
ALLEGHENY ENERGY INC   COM             017361106     1,510.2    2,3      31,300  SH          DEFINED    31,000  0     0
ALLTEL CORP            COM             020039103    14,142.0  2,3,4     230,852  SH          DEFINED   230,852  0     0
ALPHARMA INC           SRSBNTCV 3% 06  020813AD3     1,320.6    1,3   1,250,000 PRN          DEFINED
ALPHARMA INC-CL A      CL A            020813101       807.7    1,3      29,640  SH          DEFINED    29,640  0     0
AMBAC FIN GROUP INC    COM             023139108     5,645.4  1,2,3      97,000  SH          DEFINED    97,000  0     0
AMERADA HESS           COM             023551104     8,888.0    2,3     110,000  SH          DEFINED   110,000  0     0
AMERICA WEST HOLDINGS  CL B            023657208       107.9      3      10,825  SH          DEFINED    10,825  0     0
AMERICAN BUS FIN SVCS  COM             02476B106        27.2    2,3       1,900  SH          DEFINED     1,900  0     0
AMERICAN CAP STRTGIES  COM             024937104     4,559.8    2,3     162,500  SH          DEFINED   162,500  0     0
AMERICAN EXPRESS       COM             025816109     3,298.0    1,3      85,000  SH          DEFINED    85,000  0     0
AMERICAN INTL GRP INC  COM             026874107     3,327.3  1,2,3      38,690  SH          DEFINED    38,690  0     0
AMERICAN NATL INS      COM             028591105       100.9      3       1,350  SH          DEFINED     1,350  0     0
AMERICAN PHYS CAP INC  COM             028884104       147.7      3       7,575  SH          DEFINED     7,575  0     0
AMERISOURCE HEAL       SBNTCV 144A 07  03071PAB8     3,267.1    1,3   2,560,000 PRN          DEFINED
AMERISRCE HEALCRP-CL A CL A            03071P102     2,137.1    1,3      38,610  SH          DEFINED    38,610  0     0
AMKOR TECHNOLOGY INC   COM             031652100     1,547.0    2,3      70,000  SH          DEFINED    70,000  0     0
AMR  CORP              COM             001765106     2,077.5    2,3      57,500  SH          DEFINED    57,500  0     0
ANADARKO PETRO CORP    COM             032511107    12,520.6    2,3     232,250  SH          DEFINED   232,250  0     0
ANIXTER INTL INC       COM             035290105       125.1      3       4,075  SH          DEFINED     4,075  0     0
ANTEC CORP             COM             03664P105       496.0      3      40,000  SH          DEFINED    40,000  0     0
ANTEC CORP             SBNTCV144A 03   03664PAA3     1,814.1    2,3   2,250,000 PRN          DEFINED
AOL TIME WARNER        COM             00184A105     3,339.0    1,3      63,000  SH          DEFINED    63,000  0     0
AON CORP               COM             037389103    23,450.0    2,3     670,000  SH          DEFINED   670,000  0     0
APACHE CORP            COM             037411105     3,552.5  1,2,3      70,000  SH          DEFINED    70,000  0     0
APPL BIOSYSTEMS GRP    COM AP BIO GRP  038020103       267.5    1,3      10,000  SH          DEFINED    10,000  0     0
APPLIED MATERIALS INC. COM             038222105     4,173.5    1,3      85,000  SH          DEFINED    85,000  0     0
ARGUSS COMM INC        COM             040282105     3,375.8    2,3     677,874  SH          DEFINED   677,874  0     0
AT & T CORPORATION     COM             001957109    10,440.4  2,3,4     474,565  SH          DEFINED   474,565  0     0
AT HOME CORP           SBDBCV0.525%18  045919AC1     1,732.5    2,3   7,000,000 PRN          DEFINED
AT HOME CORP           SUBNTCV4.75%06  045919AF4    12,090.6  1,2,3  36,500,000 PRN          DEFINED
ATLAS AIR WORLDWD HLGS COM             049164106     1,189.4    2,3      84,000  SH          DEFINED    84,000  0     0
BANK ONE CORP          COM             06423A103     9,845.0    2,3     275,000  SH          DEFINED   275,000  0     0
BARNES & NOBLE INC     COM             067774109     2,372.8    1,3      60,300  SH          DEFINED    60,300  0     0
BAYCORP HOLDINGS LTD   COM             072728108     3,671.2    1,3     386,442  SH          DEFINED   386,442  0     0
BEA SYSTEMS INC        COM             073325102     3,006.5    1,3      97,900  SH          DEFINED    97,900  0     0
BEA SYSTEMS INC        SB NT CV 4% 06  073325AD4     2,693.7    1,3   2,350,000 PRN          DEFINED
BEAR STEARNS COS INC   COM             073902108     4,127.9    2,3      70,000  SH          DEFINED    70,000  0     0
BELLSOUTH CORP         COM             079860102     1,006.8    2,3      25,000  SH          DEFINED    25,000  0     0
BETHLEHEM STEEL CORP   COM             087509105       810.2    2,3     401,100  SH          DEFINED   401,100  0     0
BOEING COMPANY         COM             097023105     5,560.0    2,3     100,000  SH          DEFINED   100,000  0     0
BORG WARNER AUTO INC   COM             099724106       105.4      3       2,125  SH          DEFINED     2,125  0     0
BOWATER INC            COM             102183100     4,554.5    2,3     101,800  SH          DEFINED   101,800  0     0
BOWNE & CO INC         COM             103043105       123.1      3      10,700  SH          DEFINED    10,700  0     0
BRISTOL-MYERS SQUIBB   COM             110122108     3,138.0    2,3      60,000  SH          DEFINED    60,000  0     0
BROADWING INC          PFD CV DEP1/20  111620407       475.0    1,3      10,000  SH          DEFINED    10,000  0     0
BUCKHEAD AMERICA CORP  COM             11835A105        44.5    2,3      21,579  SH          DEFINED    21,579  0     0
BURLINGTON NORTHERN SF COM             12189T104     2,151.3    2,3      71,000  SH          DEFINED    71,000  0     0
BURLINGTON RES INC     COM             122014103     5,167.5    2,3     130,000  SH          DEFINED   130,000  0     0
CABOT OIL & GAS-CL A   CL A            127097103     1,220.0    2,3      50,000  SH          DEFINED    50,000  0     0
CALPINE CORPORATION    COM             131347106     8,826.3    2,3     233,500  SH          DEFINED   233,500  0     0
CANADIAN NATL RWAY CO  COM             136375102         9.1    1,3         224  SH          DEFINED       224  0     0
CANADIAN PACIFIC LTD   COM             135923100     1,937.5    1,3      50,000  SH          DEFINED    50,000  0     0
CAPITAL ONE FIN CORP   COM             14040H105     3,007.5    2,3      50,000  SH          DEFINED    50,000  0     0
CARDINAL HEALTH  INC   COM             14149Y108     4,446.2    1,3      64,437  SH          DEFINED    64,437  0     0
CATELLUS DEV CORP      COM             149111106     1,879.8    2,3     107,724  SH          DEFINED   107,724  0     0
CATERPILLAR INC        COM             149123101     1,751.8    2,3      35,000  SH          DEFINED    35,000  0     0
CBRL GROUP INC         COM             12489V106       434.8      3      25,650  SH          DEFINED    25,650  0     0
CELESTICA INC          SUB VTG SHS     15101Q108     6,803.2    2,3     132,100  SH          DEFINED   132,100  0     0
CELESTICA INC          LYON ZERO 20    15101QAA6    15,213.2    2,3  34,380,000 PRN          DEFINED
CHIRON CORP            COM             170040109    10,827.3    2,3     212,300  SH          DEFINED   212,300  0     0
CIGNA CORP             COM             125509109     1,437.3    2,3      15,000  SH          DEFINED    15,000  0     0
CISCO SYSTEMS INC      COM             17275R102     2,730.0    1,3     150,000  SH          DEFINED   150,000  0     0
CITIGROUP INC          COM             172967101     5,706.7    1,3     108,000  SH          DEFINED   108,000  0     0
CLEAR CHANNEL COMM     COM             184502102     2,859.5    2,3      45,606  SH          DEFINED    45,606  0     0
CMS ENERGY             ADJ CV TR8.75%  125896308       323.0    1,3      10,000  SH          DEFINED    10,000  0     0
CNA INC SHARES INC     COM             126119106     1,180.7    2,3     145,055  SH          DEFINED   145,055  0     0
CNA SURETY CORP.       COM             12612L108   383,952.1  2,3,4  27,425,147  SH          DEFINED27,425,147  0     0
COLT TELECOM GRP       SPONSORED ADR   196877104        84.0    2,3       3,000  SH          DEFINED     3,000  0     0
COMCAST CORP CL A SPL  CL A SPL        200300200     7,204.4    2,3     166,000  SH          DEFINED   166,000  0     0
COMMUNICATION INTELL   COM             20338K106       600.6      3     660,000  SH          DEFINED   660,000  0     0
COMPUTER ASSC INTL     COM             204912109       358.2      3       9,950  SH          DEFINED     9,950  0     0
CONECTIV               COM             206829103     4,339.4    2,3     200,900  SH          DEFINED   200,900  0     0
CONOCO INC-CL A        CL A            208251306       987.0    2,3      35,000  SH          DEFINED    35,000  0     0
CONVERGYS CORP         COM             212485106       302.5    1,3      10,000  SH          DEFINED    10,000  0     0
COOPER INDUS INC       COM             216669101       307.8      3       7,775  SH          DEFINED     7,775  0     0
CORN PROD INTL INC     COM             219023108     4,284.0    2,3     133,875  SH          DEFINED   133,875  0     0
CORNING INC            COM             219350105       935.8  1,2,3      56,000  SH          DEFINED    56,000  0     0
CORRECTIONS CORP       PFD CV B 12%    22025Y308         1.4    2,3          98  SH          DEFINED        98  0     0
COX COMM INC-CL A      CL A            224044107     3,544.0  1,2,3      80,000  SH          DEFINED    80,000  0     0
CROWN CORK&SEAL INC    COM             228255105     1,696.9    2,3     452,500  SH          DEFINED   452,500  0     0
CYTEC INDUSTRIES INC   COM             232820100       316.4      3       8,325  SH          DEFINED     8,325  0     0
D.R. HORTON INC        COM             23331A109     7,037.0    2,3     310,000  SH          DEFINED   310,000  0     0
DEERE & CO             COM             244199105     5,639.7    2,3     149,000  SH          DEFINED   149,000  0     0
DEL MONTE FOODS CO     COM             24522P103     2,123.9    2,3     253,450  SH          DEFINED   253,450  0     0
DELPHI AUTO SYSTEMS    COM             247126105     2,026.3    2,3     127,200  SH          DEFINED   127,200  0     0
DELPHI FIN GRP-CL A    CL A            247131105     4,235.0    2,3     110,000  SH          DEFINED   110,000  0     0
DILLARDS INC-CL A      CL A            254067101     1,186.5    2,3      77,700  SH          DEFINED    77,700  0     0
DOLLAR THRIFTY AUTO    COM             256743105     2,760.0      3     115,000  SH          DEFINED   115,000  0     0
DONNELLEY RR & SONS    COM             257867101       291.1      3       9,800  SH          DEFINED     9,800  0     0
DOW CHEMICAL CORP      COM             260543103     4,655.0    2,3     140,000  SH          DEFINED   140,000  0     0
DU PONT NEMOURS E.I.   COM             263534109     1,447.2    2,3      30,000  SH          DEFINED    30,000  0     0
EAST-WEST BANCORP      COM             27579R104    32,211.0    2,3   1,193,000  SH          DEFINED 1,193,000  0     0
ECHOSTAR COMM          SUBNTCV144A08   278762AB5       544.3    1,3     590,000  SH          DEFINED   590,000  0     0
ECHOSTAR COMM - A      CL A            278762109       346.4    1,3      10,685  SH          DEFINED    10,685  0     0
EL PASO CORP           COM             28336L109     3,698.8    2,3      70,400  SH          DEFINED    70,400  0     0
ELDERTRUST             COM SH BEN INT  284560109     1,055.6    2,3     208,200  SH          DEFINED   208,200  0     0
ELECTRONIC DATA SYS    COM             285661104    41,587.5  1,2,3     665,400  SH          DEFINED   665,400  0     0
EMC CORPORATION        COM             268648102     2,074.2    1,3      71,400  SH          DEFINED    71,400  0     0
ENCOMPASS SVCS CORP    COM             29255U104       401.0    2,3      44,800  SH          DEFINED    44,800  0     0
ENERGY EAST CORP       COM             29266M109     2,831.2    2,3     135,400  SH          DEFINED   135,400  0
ENGEL GEN DEVELOPERS   ORD             M40515104       454.8    2,3     120,000  SH          DEFINED   120,000  0     0
ENRON CORP             COM             293561106     4,852.2  1,2,3      99,000  SH          DEFINED    99,000  0     0
ESTEE LAUDER CO        CL A            518439104        43.1    2,3       1,000  SH          DEFINED     1,000  0     0
ESTERLINE TECH CORP    COM             297425100        94.6      3       4,350  SH          DEFINED     4,350  0     0
EXCITE@HOME            SBNTCV144A06    045919AD9     6,790.6  1,2,3  20,500,000 PRN          DEFINED
EXELON CORP            COM             30161N101     2,435.0    2,3      37,975  SH          DEFINED    37,975  0     0
FED HM LN MORT CORP    COM             313400301     3,220.0    1,3      46,000  SH          DEFINED    46,000  0     0
FIRST CITIZENS-CL A    CL A            31946M103        54.3      3         500  SH          DEFINED       500  0     0
FIRST DATA CORP        COM             319963104     4,176.3      3      65,000  SH          DEFINED    65,000  0     0
FLEMING COS INC        COM             339130106     2,224.1    1,3      62,300  SH          DEFINED    62,300  0     0
FMC CORP (NEW)         COM             302491303       269.1      3       3,925  SH          DEFINED     3,925  0     0
FMC TECHNOLOGIES INC   COM             30249U101       351.1      3      17,000  SH          DEFINED    17,000  0     0
FORTUNE BRANDS INC     COM             349631101       333.7      3       8,700  SH          DEFINED     8,700  0     0
FPL GROUP              COM             302571104     5,117.9    2,3      85,000  SH          DEFINED    85,000  0     0
FRANKLIN RES INC       SRLYON144A31    354613AA9    11,375.0  1,2,3  20,000,000 PRN          DEFINED
FRANKLIN RES INC       COM             354613101     3,506.0  1,2,3      76,600  SH          DEFINED    76,000  0     0
FREEPORT MCMORAN       CL B            35671D857        69.1      3       6,250  SH          DEFINED     6,250  0     0
GABLES RES TRUST       SH BEN INT      362418105       157.2      3       5,250  SH          DEFINED     5,250  0     0
GEN SEMICONDUCTR       SUBNTCV5.75%06  370787AB9       917.5    1,3   1,000,000 PRN          DEFINED
GENENTECH INC          COM             368710406     2,148.9      3      39,000  SH          DEFINED    39,000  0     0
GENERAL COMM-CL A      CL A            369385109        95.7    1,3       7,913  SH          DEFINED     7,913  0     0
GENERAL DYNAMICS CRP   COM             369550108     2,334.3    1,3      30,000  SH          DEFINED    30,000  0     0
GENERAL ELEC CO        COM             369604103     6,288.8    1,3     129,000  SH          DEFINED   129,000  0     0
GENERAL MARITIME CORP  SHS             Y2692M103       219.0    2,3      15,000  SH          DEFINED    15,000  0     0
GENERAL MOTORS CL H    CL H NEW        370442832     6,378.8  1,2,3     315,000  SH          DEFINED   315,000  0     0
GENERAL SEMICONDUCTOR  COM             370787103       448.7    1,3      42,900  SH          DEFINED    42,900  0     0
GEORGIA-PAC TIMBER GRP COM-TIMBERGRP   373298702     1,251.3    2,3      35,000  SH          DEFINED    35,000  0     0
GEORGIA-PACIFIC CORP   COM GA PAC GRP  373298108       191.3      3       5,650  SH          DEFINED     5,650  0     0
GLIMCHER REALTY TRST   SH BEN INT      379302102       105.2    2,3       5,875  SH          DEFINED     5,875  0     0
GOLD STANDARD INC      COM PAR$0.001   380724302       179.7    2,3      82,813  SH          DEFINED    82,813  0     0
GRAPHIC PACK INTL      COM             388690109         0.0    3,4           2  SH          DEFINED         2  0     0
HAIN CELESTIAL GRP INC COM             405217100     1,650.0    1,3      75,000  SH          DEFINED    75,000  0     0
HANOVER COMPRESS       SRNTCV4.75%08   410768AC9     2,480.4    1,3   2,400,000 PRN          DEFINED
HANOVER COMPRESSOR CO  COM             410768105     1,283.9    1,3      38,800  SH          DEFINED    38,000  0     0
HAYES LEMMERZ INC      COM             420781106     1,752.3      3     273,800  SH          DEFINED   273,800  0     0
HCA INC                COM             404119109     3,615.2    1,3      80,000  SH          DEFINED    80,000  0     0
HEALTH CARE INVEST     COM             421915109     2,201.6    2,3      64,000  SH          DEFINED    64,000  0     0
HEALTH NET INC         COM             42222G108       372.4      3      21.400  SH          DEFINED    21,400  0     0
HEALTHCARE REALTY TRST COM             421946104     5,814.9    2,3     221,100  SH          DEFINED   221,100  0     0
HEALTHSOUTH CORP       SBDBCV3.25%03   421924AF8     3,760.8    2,3   4,000,000 PRN          DEFINED
HEALTHSOUTH CORP       COM             421924101     9,590.0    2,3     600,500  SH          DEFINED   600,500  0     0
HEARST-ARGYLE TV INC   COM             422317107     4,798.0    2,3     239,900  SH          DEFINED   239,900  0     0
HERBALIFE INTL-CL B    CL B            426908307        78.0      3       8,925  SH          DEFINED     8,925  0     0
HERCULES INC           COM             427056106     3,661.8    2,3     324,050  SH          DEFINED   324,050  0     0
HILTON HOTELS CORP     COM             432848109     7,018.0    2,3     605,000  SH          DEFINED   605,000  0     0
HONEYWELL INTL INC     COM             438516106     5,758.5    2,3     165,000  SH          DEFINED   165,000  0     0
HORIZON GRP PROP INC   COM             44041U102         1.6    2,3         630  SH          DEFINED       630  0     0
HOUSEHOLD INTL INC     COM             441815107     9,338.0    2,3     140,000  SH          DEFINED   140,000  0     0
HUGHES SUPPLY INC      COM             444482103     1,702.8    2,3      72,000  SH          DEFINED    72,000  0     0
I2 TECHNOLOGIES        SUBNTCV5.25%06  465754AF6     1,863.8    1,3   2,130,000  SH          DEFINED 2,130,000  0     0
I2 TECHNOLOGIES INC    COM             465754109       888.0    1,3      44,850  SH          DEFINED    44,850  0     0
IBP INC                COM             449223106       133.2      3       5,275  SH          DEFINED     5,275  0     0
IMC GLOBAL INC         COM             449669100       942.5    2,3      92,400  SH          DEFINED    92,400  0     0
INGERSOLL RAND CO      COM             456866102       824.0    2,3      20,000  SH          DEFINED    20,000  0     0
INSWEB CORPORATION     COM             45809K103       970.3    2,3   1,243,967  SH          DEFINED 1,243,967  0     0
INTEL CORP             COM             458140100     1,731.6    1,3      59,200  SH          DEFINED    59,200  0     0
INTL BUS MACHINE       COM             459200101    26,035.2  1,2,3     230,400  SH          DEFINED   230,400  0     0
INTL PAPER CO          COM             460146103     3,570.0    2,3     100,000  SH          DEFINED   100,000  0     0
INTERSTATE BAKERIES    COM             46072H108     1,638.4    1,3     102,400  SH          DEFINED   102,400  0     0
INTL RECTIFIER CORP    COM             460254105       518.3    1,3      15,200  SH          DEFINED    15,200  0     0
IRON MOUNTAIN INC      COM             462846106       176.4    1,3       3,935  SH          DEFINED     3,935  0     0
ISPAT NV INT           NYREGSHCLA      464899103       929.5    2,3     275,000  SH          DEFINED   275,000  0     0
IVAX CORP              COM             465823102     2,598.4    1,3      66,625  SH          DEFINED    66,625  0     0
IVAX CORP              SRSBCV144A07    465823AB8     3,510.0    1,3   2,400,000  SH          DEFINED 2,400,000  0     0
J.P.MORGAN CHASE CO    COM             46625H100     3,122.0  1,2,3      70,000  SH          DEFINED    70,000  0     0
JDS UNIPHASE CORP      COM             46612J101       637.5    1,3      50,000  SH          DEFINED    50,000  0     0
KENNAMETAL INC         COM             489170100       130.1      3       3,525  SH          DEFINED     3,525  0     0
KERR MC GEE CORP       COM             492386107     9,277.8    2,3     140,000  SH          DEFINED   140,000  0     0
KROGER COMPANY         COM             501044101    11,980.0  1,2,3     479,200  SH          DEFINED   479,200  0     0
KULICKE & SOFFA        SUBNTCV4.75%06  501242AE1     3,276.8    1,3   3,450,000 PRN          DEFINED
KULICKE & SOFFA IND    COM             501242101     2,067.8    1,3     120,500  SH          DEFINED   120,500  0     0
L-3 COMM HLDGS         SRSBCV144A09    502424AA2     2,805.0    1,3   2,400,000 PRN          DEFINED
L-3 COMM CORP          COM             502424104     2,164.6    1,3      28,370  SH          DEFINED    28,370  0     0
LAM RESEARCH CORP      COM             512807108     1,296.6    1,3      43,730  SH          DEFINED    43,730  0     0
LAMAR ADVERTISING      NTCV5.25%06     512815AF8     2,864.8    1,3   2,550,000 PRN          DEFINED
LAMAR ADVERTISING      CL A            512815101     1,892.0    1,3      43,000  SH          DEFINED    43,000  0     0
LATTICE SEMICOND       SUBNTCV4.75%06  518415AC8     3,364.8    1,3   2,450,000 PRN          DEFINED
LATTICE SEMICOND       COM             518415104     2,452.2    1,3     100,500  SH          DEFINED   100,500  0     0
LEAR CORPORATION       COM             521865105       397.0      3      11,375  SH          DEFINED    11,375  0     0
LIBERTY MEDIA          COMLIBGRPA      001957208     9,410.5    1,3     538,048  SH          DEFINED   538,048  0     0
LIBERTY PROP TRST      SHBENINT        531172104    13,320.0  1,2,3     450,000  SH          DEFINED   450,000  0     0
LIGHTSPAN INC          COM             53226T103         9.4    1,3       7,500  SH          DEFINED     7,500  0     0
LILLY (ELI) & CO       COM             532457108     3,322.6    1,3      44,900  SH          DEFINED    44,900  0     0
LOCAL FIN CORP         COM             539553107    18,761.8    2,3   1,454,400  SH          DEFINED 1,454,400  0     0
LOCKHEED MARTIN        COM             539830109     4,631.3    2,3     125,000  SH          DEFINED   125,000  0     0
LONGVIEW FIBRE CO      COM             543213102       492.8    2,3      40,000  SH          DEFINED    40,000  0     0
LORAL SPACE & COMM     COM             G56462107     1,133.7    2,3     404,900  SH          DEFINED   404,900  0     0
LSI CORP               COM             502161102     1,987.2    1,3     105,700  SH          DEFINED   105,700  0     0
LSI LOGIC              SBNTCV4.25%04   502161AD4     2,653.2    1,3   1,950,000 PRN          DEFINED
LUBRIZOL CORP          COM             549271104       398.2      3      12,825  SH          DEFINED    12,825  0     0
MARRIOTT INTL- CL A    CL A            571903202       946.8  1,2,3      20,000  SH          DEFINED    20,000  0     0
MARRIOTT INTL          SRLYONZRO144A   571903AA1    10,411.2  1,2,3  12,000,000 PRN          DEFINED
MAY DEPT STORES        COM             577778103     3,426.0    2,3     100,000  SH          DEFINED   100,000  0     0
MCCORMICK&CO-NON VTG   COM NON VTG     579780206     1,050.5    2,3      25,000  SH          DEFINED
MEDICALOGIC/MEDSCAPE   COM             584642102     1,684.5    2,3   1,684,500  SH          DEFINED 1,684,500  0     0
MEDTRONIC INC          COM             585055106     6,119.3    1,3     133,000  SH          DEFINED   133,000  0     0
MELLON FINL CORP       COM             58551A108     3,956.0    1,3      86,000  SH          DEFINED    86,000  0     0
MERCK & CO INC         COM             589331107     3,195.5    2,3      50,000  SH          DEFINED    50,000  0     0
MERCURY INTERACT       SBNTCV144A07    589405AA7     1,905.8    1,3   2,200,000 PRN          DEFINED
MERCURY INTERACT       SBNTCV4.75%07   589405AB5       433.1    1,3     500,000 PRN          DEFINED
MERCURY INTERACT CORP  COM             589405109     1,090.2    1,3      18,200  SH          DEFINED    18,200  0     0
MERRILL LYNCH & CO     COM             590188108     5,925.0  1,2,3     100,000  SH          DEFINED   100,000  0     0
MICROSOFT CORP         COM             594918104     3,412.2    1,3      47,000  SH          DEFINED    47,000  0     0
MILACRON INC           COM             598709103        92.1      3       5,875  SH          DEFINED     5,875  0     0
MIRANT CORP            COM             604675108       412.8    1,3      12,000  SH          DEFINED    12,000  0     0
MITCHELL ENRGY&DEV     CL A            606592202       932.0    2,3      20,000  SH          DEFINED    20,000  0     0
MOLEX CL A NON-VOTNG   CL A            608554200     2,594.1    1,3      86,993  SH          DEFINED
MSDW ASIA PAC FND      COM             61744U106     1,663.6    2,3     197,348  SH          DEFINED   197,348  0     0
MSDW INDIA INV FND     COM             61745C105       442.8    2,3      53,026  SH          DEFINED    53,026  0     0
NABORS INDUST INC      COM             629568106       223.2    1,3       6,000  SH          DEFINED     6,000  0     0
NACCO INDS CL A        CL A            629579103       130.6      3       1,675  SH          DEFINED     1,675  0     0
NBC INTERNET INC-A     CL A            62873D105     1,024.9    2,3     474,500  SH          DEFINED   474,500  0     0
NEIMAN MARCUS GRP-CLB  CL B            640204301     2,914.6    2,3      98,800  SH          DEFINED    98,800  0     0
NETOPIA INC            COM             64114K104        98.0    3,4      15,957  SH          DEFINED    15,957  0     0
NEWHALL LND&FARMNG-LP  DEPOS REC       651426108     2,461.3    2,3      89,500  SH          DEFINED    89,500  0     0
NEWMONT MINING CORP    COM             651639106       651.4    2,3      35,000  SH          DEFINED    35,000  0     0
NEWS CORP-SPNS ADR     ADR NEW         652487703     3,715.0    2,3     100,000  SH          DEFINED   100,000  0     0
NEWS CORP-SPNS ADR PRF SP ADR PFD      652487802    20,891.5  1,2,3     644,800  SH          DEFINED   644,800  0     0
NEXTEL COMMNS-CL A     CL A            65332V103       225.4    1,3      12,880  SH          DEFINED    12,880  0     0
NIAGARA MOHAWK HLDNG   COM             653520106     3,479.6    2,3     196,700  SH          DEFINED   196,700  0     0
NOKIA CORP -SPON ADR   SPONSORED ADR   654902204     1,102.0    1,3      50,000  SH          DEFINED    50,000  0     0
NORFOLK SOUTH CORP     COM             655844108    13,487.5    2,3     650,000  SH          DEFINED   650,000  0     0
NORTEL NETWRKS CRP     COM             656568102     6,321.0    2,3     700,000  SH          DEFINED   700,000  0     0
NORTH FORK BNCRPRTON   COM             659424105     4,650.0    2,3     150,000  SH          DEFINED   150,000  0     0
NORTHROP GRUMMAN CORP  COM             666807102     3,252.1    2,3      40,600  SH          DEFINED    40,000  0     0
NRG ENERGY INC         COM             629377102     1,214.4    2,3      55,000  SH          DEFINED    55,000  0     0
OGE ENERGY CORP        COM             670837103     1,793.0    2,3      79,300  SH          DEFINED    79,300  0     0
OLD REPBLC INTL CRP    COM             680223104       312.5      3      10,775  SH          DEFINED    10,775  0     0
OMNICOM GROUP          COM             681919106     4,222.6  1,2,3      49,100  SH          DEFINED    49,100  0     0
ON COMMAND CORP        COM             682160106     1,586.2    2,3     352,480  SH          DEFINED   352,480  0     0
ON COMMAND CRP CLB WT  WTBEX10070      682160122        78.8    2,3     123,130  SH   CALL   DEFINED
OVERSEAS SHIPHLDG GRP  COM             690368105     3,857.2    2,3     126,300  SH          DEFINED   126,300  0     0
OWENS-ILL INC          PFDCONV$.01     690768502       291.1    2,3      20,500  SH          DEFINED    20,500  0     0
PACIFIC CENT FINL CRP  COM             694058108       415.9      3      16,125  SH          DEFINED    16,125  0     0
PALL CORP              COM             696429307     2,353.0    2,3     100,000  SH          DEFINED   100,000  0     0
PATHMARK STORES INC    COM             70322A101    20,711.5    2,3     841,932  SH          DEFINED   841,932  0     0
PAYLESS SHOESRCE INC   COM             704379106       375.3      3       5,800  SH          DEFINED     5,800  0     0
PEABODY ENERGY CORP    COM             704549104     2,973.7  1,2,3      90,800  SH          DEFINED    90,800  0     0
PEPSI BOTTLING GRPINC  COM             713409100     4,010.0    2,3     100,000  SH          DEFINED   100,000  0     0
PEPSICO INC            COM             713448108     3,624.4    1,3      82,000  SH          DEFINED    82,000  0     0
PFIZER INC             COM             717081103     5,326.7    1,3     133,000  SH          DEFINED   133,000  0     0
PHARMACIA CORP         COM             71713U102     3,216.5    1,3      70,000  SH          DEFINED    70,000  0     0
PHILIP MORRIS CO INC   COM             718154107       193.1      3       3,900  SH          DEFINED     3,900  0     0
PHILLIPS PET CO        COM             718507106     1,567.5    2,3      27,500  SH          DEFINED    27,500  0     0
PLACER DOME INC        COM             725906101     2,992.4    2,3     305,352  SH          DEFINED   305,352  0     0
POTASH CRP-SASKTCHWN   COM             73755L107     3,323.5    2,3      57,900  SH          DEFINED    57,900  0     0
POTLATCH CORP          COM             737628107     1,892.6    2,3      55,000  SH          DEFINED    55,000  0     0
POTOMAC ELEC POWER     COM             737679100     4,401.6    2,3     210,400  SH          DEFINED   210,400  0     0
PRAXAIR INC            COM             74005P104     2,444.0    2,3      52,000  SH          DEFINED    52,000  0     0
PRESIDENTIAL LIFE CO   COM             740884101       184.2      3       8,225  SH          DEFINED     8,225  0     0
PRIME HOSP CORP        COM             741917108       964.3    2,3      81,375  SH          DEFINED    81,375  0     0
PROVINCE HEALTHC       SBNTCV144A05    743977AA8       710.3    1,3     650,000 PRN          DEFINED
PROVINCE HEALTHCARE    COM             743977100       395.2    1,3      11,200  SH          DEFINED    11,200  0     0
PUBLIC SERV CO-N MEX   COM             744499104        87.5      3       2,725  SH          DEFINED     2,725  0     0
QUALCOMM INC           COM             747525103     2,046.8    1,3      35,000  SH          DEFINED    35,000  0     0
QUANTA SERVICES        SUBNTCONV4%07   74762EAA0     2,420.9    1,3   3,330,000 PRN          DEFINED
QUANTA SERVICES INC    COM             74762E102       941.1    1,3      42,700  SH          DEFINED    42,700  0     0
QUANTUM-DLT&STORAGE    COM DSSG        747906204       335.2      3      33,225  SH          DEFINED    33,225  0     0
QWEST COMM INTL        COM             749121109     2,247.0  1,3,4      70,506  SH          DEFINED    70,506  0     0
R.H. DONNELLEY CORP    COM NEW         74955W307       134.4      3       4,200  SH          DEFINED     4,200  0     0
RADIAN GROUP INC       COM             750236101       289.2      3       7,150  SH          DEFINED     7,150  0     0
RADIO UNICA COMM       COM             75040Q106        14.9    2,3       5,000  SH          DEFINED     5,000  0     0
RATIONAL SOFTWAR       SUBNTCV144A07   75409PAA1     1,844.1    1,3   1,750,000 PRN          DEFINED
RATIONAL SOFTWAR       SUBNTCONV5%07   75409PAC7       285.1    1,3     265,000 PRN          DEFINED
RATIONAL SOFTWAR CRP   COM NEW         75409P202     1,187.5    1,3      42,335  SH          DEFINED    42,335  0     0
RAYTHEON COMPANY       COM NEW         755111507     5,973.8    2,3     225,000  SH          DEFINED   225,000  0     0
REPUBLIC BANCORP       COM             760282103       101.5      3       7,300  SH          DEFINED     7,300  0     0
RUSSELL CORP           COM             782352108     1,753.4    2,3     103,200  SH          DEFINED   103,200  0     0
SAFEWAY INC            COM NEW         786514208     1,440.0    1,3      30,000  SH          DEFINED    30,000  0     0
SANMINA CORP           COM             800907107     2,234.4    1,3      95,445  SH          DEFINED    95,445  0     0
SANMINA CORP           SUBNTCV4.25%04  800907AB3     3,037.0    1,3   2,450,000 PRN          DEFINED
SCANA CORP             COM             80589M102    14,966.8    2,3     527,000  SH          DEFINED   527,000  0     0
SCHLUMBERGER LTD       COM             806857108     3,085.3    1,3      58,600  SH          DEFINED    58,600  0     0
SCHULMAN (A.) INC      COM             808194104     1,694.3    2,3     125,500  SH          DEFINED   125,500  0     0
SCIENTIFIC ATLANTA     COM             808655104     4,064.1    2,3     100,100  SH          DEFINED   100,100  0     0
SCUDDER INTRMD GOVT    SH BEN INT      811163104     1,021.6    2,3     149,800  SH          DEFINED   149,800  0     0
SEARS ROEBUCK & CO     COM             812387108     5,940.3    2,3     140,400  SH          DEFINED   140,400  0     0
SEMTECH CORP           COM             816850101     1,365.0    1,3      45,500  SH          DEFINED    45,500  0     0
SEMTECH CORP           SUBNTCV4.5%07   816850AD3     2,319.0    1,3   2,400,000 PRN          DEFINED
SHERWIN WILLIAMS CO    COM             824348106     2,453.1    2,3     110,500  SH          DEFINED   110,500  0     0
SHOPKO STORES INC      COM             824911101     1,948.1    2,3     267,600  SH          DEFINED   267,600  0     0
SIERRA PACIFIC RES     COM             826428104     2,037.1    2,3     127,400  SH          DEFINED   127,400  0     0
SIRIUS SATLLT RADIO    COM             82966U103    28,691.3    2,3   2,353,672  SH          DEFINED 2,353,672  0     0
SLI INC                COM             78442T108        83.9      3      10,175  SH          DEFINED    10,175  0     0
SOUTHTRUST CORP        COM             844730101       208.2      3       8,000  SH          DEFINED     8,000  0     0
SOVEREIGN BNCORP INC   COM             845905108     3,380.0    2,3     260,000  SH          DEFINED   260,000  0     0
SPANISH BRDCSTNG-CLA   CL A            846425882     2,009.8    2,3     244,800  SH          DEFINED   244,800  0     0
SPRINT CORP            COM FON GROUP   852061100        61.0    3,4       2,856  SH          DEFINED     2,856  0     0
SPRINT CORP(PCS GRP)   PCS COM SER 1   852061506     2,087.2  2,3,4      86,428  SH          DEFINED    86,428  0     0
STAR GAS-SENSUBUTS     SR SUB UN LTD   85512C204       799.9    2,3      42,434  SH          DEFINED    42,434  0     0
STILWELL FINCL INC     COM             860831106    14,736.2  1,2,3     439,100  SH          DEFINED   439,100  0     0
STILWELL FINL          LYONZERO144A31  860831AA4    33,180.0  1,2,3  42,000,000 PRN          DEFINED
STORAGE TECH /NEW/COM  COMPAR$0.10     862111200        37.9    1,3       2,754  SH          DEFINED     2,754  0     0
SUN MICROS INC         COM             866810104     2,530.9    1,3     161,000  SH          DEFINED   161,000  0     0
SUPERVALU INC          COM             868536103       222.9      3      12,700  SH          DEFINED    12,700  0     0
T/R SYSTEMS INC        COM             87263U102       195.4    3,4      50,243  SH          DEFINED    50,243  0     0
TAUBMAN CENTERS INC    COM             876664103     2,100.0    1,3     150,000  SH          DEFINED   150,000  0     0
TECNOMATIX TECH LTD    ORD             M8743P105         9.0    2,3       1,000  SH          DEFINED     1,000  0     0
TEEKAY SHIPPING CORP   COM             Y8564W103     8,824.4    2,3     220,500  SH          DEFINED   220,500  0     0
TELLABS INC            COM             879664100     1,561.7    1,3      81,000  SH          DEFINED    81,000  0     0
TEMPLE-INLAND INC      COM             879868107       799.4    2,3      15,000  SH          DEFINED    15,000  0     0
TEXTRON INC            COM             883203101    14,310.4    2,3     260,000  SH          DEFINED   260,000  0     0
THOUSAND TRAILS, INC   COM             885502104       830.2    2,3     159,660  SH          DEFINED   159,660  0     0
TJX COS. INC.NEW       COM             872540109     7,674.3  1,2,3     240,800  SH          DEFINED   240,800  0     0
TRANSOCEON SDC FRX INC ORD             G90078109     2,293.7    1,3      55,606  SH          DEFINED    55,606  0     0
TRENWICK GROUP LTD     COM             G9032C109    84,973.6    2,3   3,707,400  SH          DEFINED 3,707,400  0     0
TRIBUNE CO NEW         COM             896047107     3,600.9    1,3      90,000  SH          DEFINED    90,000  0     0
TRINITY INDUSTRIES     COM             896522109       112.2      3       5,475  SH          DEFINED     5,475  0     0
TRIZEC HAHN CORP       SUB VTG         896938107     5,486.1    2,3     301,600  SH          DEFINED   301,600  0     0
TVX GOLD INC           COM NEW         87308K200       264.6    2,3     490,080  SH          DEFINED   490,080  0     0
TYCO INTL LTD          COM             902124106    34,531.0  1,2,3     633,500  SH          DEFINED   633,500  0     0
TYCO INTL LTD          LYON ZERO 20    902124AC0   117,800.0  1,2,3 155,000,000 PRN          DEFINED
UAL CORP               COM PAR $0.01   902549500     2,460.5    2,3      70,000  SH          DEFINED    70,000  0     0
UGLY DUCKLING CORP     COM             903512101       104.9    2,3      24,000  SH          DEFINED    24,000  0     0
UNIFI INC              COM             904677101     2,063.0    2,3     242,700  SH          DEFINED   242,700  0     0
UNION PACIFIC          COM             907818108       387.1      3       7.050  SH          DEFINED     7,050  0     0
UNISYS CORP            COM             909214108     1,287.1    2,3      87,500  SH          DEFINED    87,500  0     0
UNITED PARCEL SVC-CLB  CL B            911312106       346.8    1,3       6,000  SH          DEFINED     6,000  0     0
UNITED TECH CORP       COM             913017109     1,465.2    2,3      20,000  SH          DEFINED    20,000  0     0
UNIVERSAL CORP-VA      COM             913456109        99.2      3       2,500  SH          DEFINED     2,500  0     0
UNOCAL CORP            COM             915289102     1,243.1    2,3      36,400  SH          DEFINED    36,400  0     0
USFREIGHTWAYS CORP     COM             916906100       163.7      3       5,550  SH          DEFINED     5,550  0     0
USX - MARATHON GRP     COM NEW         902905827     5,679.2    2,3     192,450  SH          DEFINED   192,450  0     0
USX - U S  STEEL GRP   COM             90337T101     4,735.3    2,3     235,000  SH          DEFINED   235,000  0     0
VALERO ENERGY CORP     COM             91913Y100     8,275.5    2,3     225,000  SH          DEFINED   225,000  0     0
VERIZON COMM INC       COM             92343V104     2,407.5    1,3      45,000  SH          DEFINED    45,000  0     0
VIRCO MFG CORP         COM             927651109       110.7      3      10,750  SH          DEFINED    10,750  0     0
VISTEON CORP -W/I      COM             92839U107     3,676.0    2,3     200,000  SH          DEFINED   200,000  0     0
VODAFONE ARTCHPLC-ADR  SPNSRD ADR      92857W100     7,067.1  1,2,3     316,200  SH          DEFINED   316,200  0     0
VORNADO REALTY TRUST   SH BEN INT      929042109     1,561.6    2,3      40,000  SH          DEFINED    40,000  0     0
WACHOVIA CORP NEW      COM             929771103     4,624.8    2,3      65,000  SH          DEFINED    65,000  0     0
WACKENHUT CORP-CL B    COM SER B       929794303       411.4    2,3      29,900  SH          DEFINED    29,900  0     0
WAL MART STORES INC    COM             931142103     3,147.6    1,3      64,500  SH          DEFINED    64,500  0     0
WATSON PHARM INC       COM             942683103     2,897.1    1,3      47,000  SH          DEFINED    47,000  0     0
WELLS FARGO & CO       COM             949746101     4,643.0    1,3     100,000  SH          DEFINED   100,000  0     0
WESTERN RESOURCES INC  COM             959425109     1,137.4    2,3      52,900  SH          DEFINED    52,900  0     0
WHIRLPOOL CORP         COM             963320106       198.4      3       3,175  SH          DEFINED     3,175  0     0
WILLAMETTE IND         COM             969133107     1,485.0    2,3      30,000  SH          DEFINED    30,000  0     0
WILLIAMS COMMS GRP     CL A            969455104         5.6    3,4       1,901  SH          DEFINED     1,901  0     0
WILLIAMS COS INC       COM             969457100     3,272.3  1,3,4      99,312  SH          DEFINED    99,312  0     0
WISCONSIN ENRGY CRP    COM             976657106     2,070.4    2,3      87,100  SH          DEFINED    87,100  0     0
XTRA CORP              COM             984138107       798.0    1,3      16,089  SH          DEFINED    16,089  0     0
YOUNG BRDCSTNG INC-A   CL A            987434107     2,814.0  1,2,3      83,800  SH          DEFINED    83,800  0     0
</TABLE>
      FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers: 4

Form 13F Information Table Entry Total: 353

Form 13F Information Table Value Total:  1,832,338.1    (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