Form 13F Cover Page
Report for the Calendar Year of Quarter Ended: March 31, 2002
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: Senior Vice President and Deputy General Counsel
Phone: (312) 822 4921
Signature, Place, and Date of Signing:
May 10, 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: 324
Form 13F Information Table Value Total: 1,663,789.9 (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>
ACCENTURE-CL A	CL A	G1150G111	 7,298.78 	2,3	 272,200.00 	SH		DEFINED	 272,200
ACME COMM INC	COM	004631107	 1,371.03 	1,3	 132,595.00 	SH		DEFINED	 132,595
ACXIOM CORP	COM	005125109	 407.22 	1,3	 24,800.00 	SH		DEFINED	 24,800
ADELPHIA COMM	NOTE6%	006848BG9	 5,524.40 	2,3,4	 7,000,000.00 	PRN		DEFINED
AETNA INC	COM	00817Y108	 2,030.29 	3	 52,300.00 	SH		DEFINED	 52,300
AFFIL COMP	SBCV3.5	008190AF7	 3,465.12 	1,3	 2,400,000.00 	PRN		DEFINED
AFFILIATED COMP	CL A	008190100	 2,379.91 	1,3	 42,400.00 	SH		DEFINED	 42,400
AGCO CORP	COM	001084102	 162.59 	3	 7,125.00 	SH		DEFINED	 7,125
AGERE SYS INC-A	CL A	00845V100	 1,902.60 	2,3	 489,100.00 	SH		DEFINED	 489,100
AGILENT TECH	COM	00846U101	 6,261.34 	1,2,3	 179,100.00 	SH		DEFINED	 179,100
ALBERTA EN	COM	012873105	 3,156.41 	2,3	 71,900.00 	SH		DEFINED	 71,900
ALCOA INC	COM	013817101	 5,585.52 	1,2,3	 148,000.00 	SH		DEFINED	 148,000
ALLEGHENYEN INC	COM	017361106	 4,300.40 	2,3	 104,000.00 	SH		DEFINED	 104,000
ALLSTATE CORP	COM	020002101	 778.06 	1,3	 20,600.00 	SH		DEFINED	 20,600
ALLTEL CORP	COM	020039103	 5,582.78 	2,3	 100,500.00 	SH		DEFINED	 100,500
AMBAC FIN GRP	COM	023139108	 6,497.70 	1,2,3	 110,000.00 	SH		DEFINED	 110,000
AMERADA HESS 	COM	023551104	 8,729.60 	2,3	 110,000.00 	SH		DEFINED	 110,000
AMERICA ONLINE	NOTE	02364JAC8	 6,629.63 	2,3	 12,450,000.00 	PRN		DEFINED
AMERICAN EXP   	COM	025816109	 2,662.40 	1,2,3	 65,000.00 	SH		DEFINED	 65,000
AMERICAN INTLGR	COM	026874107	 4,342.11 	1,2,3	 60,190.00 	SH		DEFINED	 60,190
AMERICAN NATINS	COM	028591105	 472.50 	3	 5,000.00 	SH		DEFINED	 5,000
AMERICNPHYSCAP 	COM	028884104	 549.90 	3	 28,200.00 	SH		DEFINED	 28,200
AMERISORCEBRGEN	COM	03073E105	 2,807.81 	1,3	 41,110.00 	SH		DEFINED	 41,110
AMGEN INC	COM	031162100	 10,432.06 	1.2.3	 174,800.00 	SH		DEFINED	 174,800
AMNHALTHCARESER	COM	001744101	 403.50 	2,3	 15,000.00 	SH		DEFINED	 15,000
ANADARKO PET	COM	032511107	 6,617.59 	2,3	 117,250.00 	SH		DEFINED	 117,250
ANIXTERINTL	COM	035290105	 414.08 	3	 13,975.00 	SH		DEFINED	 13,975
AON CORP	COM	037389103	 17,500.00 	2,3	 500,000.00 	SH		DEFINED	 500,000
APACHE CORP	COM	037411105	 2,303.64 	1,3	 40,500.00 	SH		DEFINED	 40,500
APPLIED MAT INC	COM	038222105	 3,527.55 	1,3	 65,000.00 	SH		DEFINED	 65,000
ARDENRLTYGROUP	COM	039793104	 1,005.36 	2,3	 35,400.00 	SH		DEFINED	 35,400
ARRIS GROUP	COM	04269Q100	 372.00 	2,3	 40,000.00 	SH		DEFINED	 40,000
ARVINMERITORINC	COM	043353101	 416.12 	3	 14,575.00 	SH		DEFINED	 14,575
AT&T CORP	COM	001957109	 5,573.52 	1,3	 355,001.00 	SH		DEFINED	 355,001
AT&TWRLESS SER	COM	00209A106	 662.24 	2,3	 73,993.00 	SH		DEFINED	 73,993
ATLASAIRWWHLDGS	COM	049164106	 645.33 	2,3,4	 49,000.00 	SH		DEFINED	 49,000
AVAYA INC	COM	053499109	 759.41 	1,2,3	 102,901.00 	SH		DEFINED	 102,901
AVAYA INC	LYN21	053499AA7	 1,848.69 	1,2,3	 4,500,000.00 	PRN		DEFINED
BARNES&NOBLE	COM	067774109	 1,750.32 	1,3	 56,480.00 	SH		DEFINED	 56,480
BEA SYSTEMSINC	COM	073325102	 678.65 	1,3	 49,500.00 	SH		DEFINED	 49,500
BEA SYSTEMSINC	SBCV4%	073325AD4	 1,959.31 	1,3	 2,350,000.00 	PRN		DEFINED
BECKMANCOULTER	COM	075811109	 306.42 	3	 6,000.00 	SH		DEFINED	 6,000
BECTONDICKINSON	COM	075887109	 2,527.24 	2,3	 67,000.00 	SH		DEFINED	 67,000
BEDFORDPPTY INV	COMPR02	076446301	 145.92 	2,3	 5,700.00 	SH		DEFINED	 5,700
BELLSOUTH CORP	COM	079860102	 2,580.20 	2,3	 70,000.00 	SH		DEFINED	 70,000
BISYS GROUP	SBCV4	055472AB0	 3,286.00 	1,3	 2,650,000.00 	PRN		DEFINED
BISYSGROUPC/THE	COM	055472104	 1,790.70 	1,3	 50,800.00 	SH		DEFINED	 50,800
BKFCAPITALGR	COM	05548G102	 197.76 	3	 6,625.00 	SH		DEFINED	 6,625
BOEING CO	COM	097023105	 1,294.31 	3	 26,825.00 	SH		DEFINED	 26,825
BORGWARNERAUT	COM	099724106	 498.64 	3	 7,925.00 	SH		DEFINED	 7,925
BOSTON PPTY	COM	101121101	 1,183.50 	2,3	 30,000.00 	SH		DEFINED	 30,000
BOWNE&CO INC	COM	103043105	 436.87 	3	 31,050.00 	SH		DEFINED	 31,050
BRANDYWINE	SHINTNW	105368203	 470.83 	2,3	 19,700.00 	SH		DEFINED	 19,700
BRSTLMYERSQUIBB	COM	110122108	 5,073.40 	2,3	 125,300.00 	SH		DEFINED	 125,300
BUCKHEADAMERICA	COM	11835A105	 3.88 	        2,3	 21,579.00 	SH		DEFINED	 21,579
BRLNGTONRESINC  COM	122014103	 1,431.21 	2,3	 35,700.00 	SH		DEFINED	 35,700
CBLVISONSYS-CLA CLANY   12686C109	 6,018.00 	2,3	 177,000.00 	SH		DEFINED	 177,000
CARDINALHALTH	COM	14149Y108	 4,567.94 	1,3	 64,437.00 	SH		DEFINED	 64,437
CARNIVAL CORP	COM	143658102	 12,282.93 	1,2,3	 376,200.00 	SH		DEFINED	 376,200
CATELLUSDEV	COM	149111106	 2,118.93 	2,3	 107,724.00 	SH		DEFINED	 107,724
CBRLGROUPINC	COM	12489V106	 1,226.47 	3	 43,600.00 	SH		DEFINED	 43,600
CELESTICAINC	SUBVTG	15101Q108	 4,318.57 	1,2,3	 119,100.00 	SH		DEFINED	 119,100
CELESTICAINC	LYONZR	15101QAA6	 10,535.33 	1,2,3	 24,380,000.00 	PRN		DEFINED
CENDANTCORP	DEBT	151313AF0	 10,126.18 	1,2,3	 14,005,000.00 	PRN		DEFINED
CENDANTCORP	COM	151313103	 6,347.52 	1,2,3	 330,600.00 	SH		DEFINED	 330,600
CENTEXCORP	COM	152312104	 675.09 	3	 13,000.00 	SH		DEFINED	 13,000
CEPHALONINC	COM	156708109	 1,827.00 	3	 29,000.00 	SH		DEFINED	 29,000
CHARTERCOMM     SBCV575	16117MAB3	 3,690.12 	2,3	 4,200,000.00 	PRN		DEFINED
CHARTERCOMM-A	CLA	16117M107	 5,136.95 	1,2,3	 455,000.00 	SH		DEFINED	 455,000
CHIRON CORP	COM	170040109	 11,054.90 	1,2,3	 240,900.00 	SH		DEFINED	 240,900
CHIRON CORP	LYNZR31	170040AE9	 29,963.01 	1,2,3	 54,500,000.00 	PRN		DEFINED
CISCO SYS	COM	17275R102	 4,063.20 	1,3	 240,000.00 	SH		DEFINED	 240,000
CITIGROUP	COM	172967101	 8,566.96 	1,2,3	 173,000.00 	SH		DEFINED	 173,000
CLEAR CHANNEL	NT2.625	184502AB8	 3,056.94 	2,3	 3,000,000.00 	PRN		DEFINED
CLEAR CHANNEL	NT1.5	184502AE2	 6,337.50 	2,3	 6,500,000.00 	PRN		DEFINED
CLEAR CHANNEL	COM	184502102	 2,827.55 	1,2,3	 55,000.00 	SH		DEFINED	 55,000
CLEVELANDCLFFS	COM	185896107	 372.35 	3	 16,925.00 	SH		DEFINED	 16,925
CNA SURETY CORP	COM	12612L108	 412,748.46 	2,3,4	 27,425,147.00 	SH		DEFINED	 27,425,147
CNF INC 	COM	12612W104	 1,622.28 	3	 49,175.00 	SH		DEFINED	 49,175
COCA COLA CO   	COM	191216100	 1,567.80 	1,3	 30,000.00 	SH		DEFINED	 30,000
COLT TEL  	SPNSADR	196877104	 16.99 	        2,3	 5,760.00 	SH		DEFINED	 5,760
COMCAST CO      CLASPL	200300200	 3,180.00 	1,3	 100,000.00 	SH		DEFINED	 100,000
COMMUN INTELL	COM	20338K106	 452.76 	2,3	 411,600.00 	SH		DEFINED	 411,600
COMP ASS INTL	COM	204912109	 1,384.54 	3	 63,250.00 	SH		DEFINED	 63,250
CONOCO INC	COM	208251504	 4,639.62 	2,3	 159,000.00 	SH		DEFINED	 159,000
CONSTELLTON EGY	COM	210371100	 4,467.08 	2,3	 144,800.00 	SH		DEFINED	 144,800
COOPER IND	COM	216669101	 1,558.44 	3	 37,150.00 	SH		DEFINED	 37,150
CORRECTIONS	PFDCV	22025Y308	 0.04 	        2,3	 2.00 	        SH		DEFINED	 2
CORRECTIONS	COMNEW	22025Y407	 27.56   	2,3	 2,120.00 	SH		DEFINED
CSX CORP	COM	126408103	 4,496.98 	2,3	 118,000.00 	SH		DEFINED	 118,000
CYTEC IND	COM	232820100	 1,166.61 	3	 38,350.00 	SH		DEFINED	 38,350
DEL MONTEFOODS	COM	24522P103	 353.93 	3	 36,375.00 	SH		DEFINED	 36,375
DELL COMPUTER	COM	247025109	 2,088.80 	1,3	 80,000.00 	SH		DEFINED	 80,000
DELPHI FINCLGRP	CL A	247131105	 5,003.20 	2,3	 127,600.00 	SH		DEFINED	 127,600
DELTA AIR INC	COM	247361108	 327.20 	3	 10,000.00 	SH		DEFINED
DILLARDS        CL A	254067101	 760.54 	3	 31,875.00 	SH		DEFINED	 31,875
DOLLAR THRIFTY	COM	256743105	 2,115.00 	3	 100,000.00 	SH		DEFINED	 100,000
DOMINION RES 	COM	25746U109	 1,629.00 	1,2,3	 25,000.00 	SH		DEFINED
DR HORTON INC	COM	23331A109	 13,572.00 	2,3	 360,000.00 	SH		DEFINED	 360,000
DU PONT DE NEM	COM	263534109	 471.50 	2,3	 10,000.00 	SH		DEFINED	 10,000
DUKE POWER CO	WI	264399106	 378.00 	3	 10,000.00 	SH		DEFINED	 10,000
DYCOM IND INC	COM	267475101	 3,377.71 	2,3	 225,934.00 	SH		DEFINED	 225,934
EATON VANCE 	CMNOVTG	278265103	 4,242.69 	1,2,3	 106,200.00 	SH		DEFINED	 106,200
ECHOSTAR COMM	SB4.875	278762AD1	 532.83 	1,3	 590,000.00 	PRN		DEFINED
ECHOSTAR COMM	CL A	278762109	 274.28 	1,3	 9,685.00 	SH		DEFINED	 9,685
EL PASO CORP	COM	28336L109	 3,324.27 	2,3	 75,500.00 	SH		DEFINED	 75,500
ELDERTRUST	CMSHINT	284560109	 1,644.78 	2,3	 208,200.00 	SH		DEFINED	 208,200
ELEC DATA SYS	SRCVZRO	285661AB0	 20,425.08 	1,2,3	 26,000,000.00 	PRN		DEFINED
ELEC DATA SYS	COM	285661104	 13,952.39 	1,2,3	 240,600.00 	SH		DEFINED	 240,600
ELI LILLY & CO	COM	532457108	 3,421.38 	1,3	 44,900.00 	SH		DEFINED	 44,900
EMC CORP	COM	268648102	 5.72 	        2,3	 480.00 	SH		DEFINED	 480
ESTERLINE TECH	COM	297425100	 526.83 	3	 25,825.00 	SH		DEFINED	 25,825
FIRST CITIZN BC CL A	31946M103	 51.48 	        3	 500.00 	SH		DEFINED	 500
FIRST DATA CORP COM	319963104	 4,798.75 	1,3	 55,000.00 	SH		DEFINED	 55,000
FLEET BOSTONFIN	COM	339030108	 700.00 	2,3	 20,000.00 	SH		DEFINED	 20,000
FLEMING COS INC	COM	339130106	 1,395.52 	1,3	 62,300.00 	SH		DEFINED	 62,300
FMC CORP (NEW)	COMNEW	302491303	 1,841.34 	3	 43,925.00 	SH		DEFINED	 43,925
FMC TECH INC	COM	30249U101	 530.14 	3	 26,600.00 	SH		DEFINED	 26,600
FOOT LOCKER INC	COM	344849104	 2,129.29 	1,.3	 131,600.00 	SH		DEFINED	 131,600
FORD MOTOR 	COM.01	345370860	 15,665.50 	1,2,3	 950,000.00 	SH		DEFINED	 950,000
FORTUNE BRANDS	COM	349631101	 1,271.28 	3	 25,750.00 	SH		DEFINED	 25,750
FPL GROUP      	COM	302571104	 1,191.00 	2,3	 20,000.00 	SH		DEFINED	 20,000
FREDDIE MAC	COM	313400301	 10,392.68 	1,3	 164,000.00 	SH		DEFINED	 164,000
FREEPORTMCMORAN	CLB	35671D857	 1,389.78 	3	 78,875.00 	SH		DEFINED	 78,875
FRONTLINE LTD.	ORD	G3682E127	 5,428.43 	2,3	 500,000.00 	SH		DEFINED	 500,000
GABLES RESTRST	SHINT	362418105	 429.27 	3	 13,825.00 	SH		DEFINED	 13,825
GEN SEMICONDCTR	NOTE5.75370787AB9	 993.00 	3	 1,000,000.00 	PRN		DEFINED
GENENTECH INC	COMNEW	368710406	 1,986.22 	1,2,3	 39,370.00 	SH		DEFINED	 39,370
GENERAL CABLE	COM	369300108	 216.34 	3	 15,150.00 	SH		DEFINED	 15,150
GENERAL ELEC   	COM	369604103	 5,149.75 	1,2,3	 137,510.00 	SH		DEFINED	 137,510
GENERAL MOTORS	DEBSRCVB370442733	 34,162.50 	1,2,3	 1,250,000.00 	PRN		DEFINED
GENERAL MOTORS	DEBSRCVA370442741	 18,564.00 	1,2,3	 700,000.00 	PRN		DEFINED
GENERAL MOTORS	COM	370442105	 16,321.50 	1,2,3	 270,000.00 	SH		DEFINED	 270,000
GENERALMOT-HGHS	CLH	370442832	 4,647.13 	2,3	 282,500.00 	SH		DEFINED	 282,500
GENUITY INC-A	CLA	37248E103	 152.25 	2,3	 175,000.00 	SH		DEFINED	 175,000
GEORGIA-PAC CO	COMGAPAC373298108	 598.25 	3	 19,975.00 	SH		DEFINED	 19,975
GLIMCHERRALTRST	SHINT	379302102	 795.80 	3	 42,900.00 	SH		DEFINED	 42,900
GREAT LAKESREIT COM	390752103	 1,101.10 	2,3	 65,000.00 	SH		DEFINED	 65,000
HARRIS CORP	COM	413875105	 359.10 	3	 10,000.00 	SH		DEFINED	 10,000
HCA INC       	COM	404119109	 3,526.40 	1,3	 80,000.00 	SH		DEFINED	 80,000
HEALTHCRE PPTYS	COM	421915109	 1,338.15 	2,3	 33,000.00 	SH		DEFINED	 33,000
HEALTH NET INC	COM	42222G108	 1,570.25 	3	 57,225.00 	SH		DEFINED	 57,225
HEALTHCRERLTY	COM	421946104	 7,150.54 	2,3	 235,525.00 	SH		DEFINED	 235,525
HEALTHSOUTH	SBCV3.35421924AF8	 3,860.00 	2,3	 4,000,000.00 	PRN		DEFINED
HEALTHSOUTH     COM	421924101	 8,968.75 	2,3	 625,000.00 	SH		DEFINED	 625,000
HEARST-ARGYLE	COM	422317107	 4,575.05 	2,3	 185,000.00 	SH		DEFINED	 185,000
HERBALIFEINTL	CL B	426908307	 328.97 	3	 24,100.00 	SH		DEFINED	 24,100
HERCULES NC     COM	427056106	 1,046.17 	2,3	 78,600.00 	SH		DEFINED	 78,600
HEWLETT-PACK  	COM	428236103	 2,656.47 	2,3	 148,075.00 	SH		DEFINED	 148,075
HILTON HOTELS	COM	432848109	 357.50 	2,3	 25,000.00 	SH		DEFINED	 25,000
HOME DEPOT     	COM	437076102	 2,576.33 	1,3	 53,000.00 	SH		DEFINED	 53,000
HONEYWEL INC	COM	438516106	 2,296.20 	1,3	 60,000.00 	SH		DEFINED	 60,000
HOUSEHOLDINC	COM	441815107	 7,952.00 	1,2,3	 140,000.00 	SH		DEFINED	 140,000
IMC GLOBAL INC	COM	449669100	 983.83 	2,3	 66,700.00 	SH		DEFINED	 66,700
INGERSOLL RND	CL A	G4776G101	 2,963.95 	2,3	 65,000.00 	SH		DEFINED	 65,000
INSWEB CORP	COM	45809K202	 599.86 	2,3	 117,619.50 	SH		DEFINED	 117,620
INTEL CORP	COM	458140100	 2,104.37 	1,3	 69,200.00 	SH		DEFINED	 69,200
IBM             COM	459200101	 23,990.72 	1,2,3	 230,680.00 	SH		DEFINED	 230,680
INTNL PAPER	COM	460146103	 4,301.00 	2,3	 100,000.00 	SH		DEFINED	 100,000
INTERSTATE BAK	COM	46072H108	 194.89 	3	 8,050.00 	SH		DEFINED	 8,050
INTL RECTIFIER	COM	460254105	 585.79 	1,3	 12,900.00 	SH		DEFINED	 12,900
IONICS INC	COM	462218108	 961.80 	2,3	 30,000.00 	SH		DEFINED	 30,000
IPC HOLDINGS	ORD	G4933P101	 791.22 	2,3	 24,575.00 	SH		DEFINED	 24,575
IVAX CORP	COM	465823102	 971.43 	1,3	 60,525.00 	SH		DEFINED	 60,525
IVAX CORP	SRSBCV	465823AD4	 2,148.00 	1,3	 2,400,000.00 	PRN		DEFINED
JOHNSON&JOHNSON	COM	478160104	 1,321.08 	1,2,3	 20,340.00 	SH		DEFINED	 20,340
JOY GLOBAL INC	COM	481165108	 370.01 	2,3	 22,700.00 	SH		DEFINED	 22,700
KELLWOOD CO	COM	488044108	 637.61 	3	 26,250.00 	SH		DEFINED	 26,250
KENNAMETAL INC	COM	489170100	 404.30 	3	 10,000.00 	SH		DEFINED	 10,000
KERR MCGEE	COM	492386107	 8,799.00 	2,3	 140,000.00 	SH		DEFINED	 140,000
KEY3MEDIA GR	COM	49326R104	 178.78 	3	 38,950.00 	SH		DEFINED	 38,950
KEYSPAN CORP	COM	49337W100	 4,366.80 	2,3	 120,000.00 	SH		DEFINED	 120,000
KINDREDHALTHCRE COM	494580103	 12.72 	        2.3	 314.00 	SH		DEFINED	 314
KULICKE&SOFFA	SUB5.75	501242AE1	 3,747.56 	1,3	 3,450,000.00 	PRN		DEFINED
KULICKE&SOFFA	COM	501242101	 2,193.37 	1,3	 105,400.00 	SH		DEFINED	 105,400
L-3 COMM     	COM	502424104	 2,617.44 	1,3	 23,370.00 	SH		DEFINED	 23,370
LABORATORYCRP	COMNEW	50540R409	 9,365.52 	1,2,3	 97,700.00 	SH		DEFINED	 97,700
LAM RESEARCH	COM	512807108	 804.25 	1,3	 27,430.00 	SH		DEFINED	 27,430
LAMAR ADVRTSNG	NT5.25	512815AF8	 2,977.52 	1,3	 2,800,000.00 	PRN		DEFINED
LAMAR ADVRTSNG	CL A	512815101	 1,586.21 	1,3	 39,050.00 	SH		DEFINED	 39,050
LATTICESEMICOND	SUB4.75	518415AC8	 2,618.44 	1,3	 2,450,000.00 	PRN		DEFINED
LATTICESEMICOND	COM	518415104	 1,556.66 	1,3	 88,800.00 	SH		DEFINED	 88,800
LEAR CORP	COM	521865105	 1,269.73 	3	 26,675.00 	SH		DEFINED	 26,675
LIBERTY MEDIA	COMA	530718105	 17,039.33 	1,2,3	 1,348,048.00 	SH		DEFINED	 1,348,048
LINCOLN NA IND	COM	534187109	 4,565.70 	2,3	 90,000.00 	SH		DEFINED	 90,000
LOCKHEED MART  	COM	539830109	 2,706.26 	1.3	 47,000.00 	SH		DEFINED	 47,000
LONGVIEWFIBRECO	COM	543213102	 1,979.66 	2,3	 192,200.00 	SH		DEFINED	 192,200
LORALSPACE&COMM	COM	G56462107	 973.52 	2,3	 378,800.00 	SH		DEFINED	 378,800
LOWESCO         NTE.861	548661CG0	 19,035.20 	1,2,3	 20,000,000.00 	PRN		DEFINED
LOWE'S COS INC	COM	548661107	 8,901.53 	1,2,3	 204,680.00 	SH		DEFINED	 204,680
LSI CORP       	COM	502161102	 542.30 	1,3	 31,900.00 	SH		DEFINED	 31,900
LSI LOGIC	SB4.25	502161AD4	 1,055.15 	1,3	 910,000.00 	PRN		DEFINED
LUBRIZOL CORP	COM	549271104	 1,382.03 	3	 39,725.00 	SH		DEFINED	 39,725
LUCENT TECH	COM	549463107	 10,230.99 	1,2,3	 2,163,000.00 	SH		DEFINED	 2,163,000
MARATHON OIL	COM	565849106	 6,842.88 	1,2,3	 237,600.00 	SH		DEFINED	 237,600
MBIA INC	COM	55262C100	 1,367.25 	2,3	 25,000.00 	SH		DEFINED	 25,000
MEDTRONIC INC	COM	585055106	 6,465.03 	1,2,3	 143,000.00 	SH		DEFINED	 143,000
MERRILL LYNCH	COM	590188108	 8,799.88 	1,2,3	 158,900.00 	SH		DEFINED	 158,900
METLIFE INC	COM	59156R108	 6,804.00 	2,3	 216,000.00 	SH		DEFINED	 216,000
MICRON TECH     COM	595112103	 1,809.50 	1,3	 55,000.00 	SH		DEFINED	 55,000
MICROSOFT CORP	COM	594918104	 3,317.05 	1,2,3	 55,000.00 	SH		DEFINED	 55,000
MILACRON INC	COM	598709103	 622.63 	3	 42,675.00 	SH		DEFINED	 42,675
MONSANTO CO	COM	61166W101	 528.34 	3	 16,725.00 	SH		DEFINED	 16,725
MORGAN STNLY DW COMNEW	617446448	 29.80 	        2,3	 520.00 	SH		DEFINED	 520
MORGANSTNLYIND	COM	61745C105	 779.48 	2,3	 78,026.00 	SH		DEFINED	 78,026
MSDW ASIA PAC	COM	61744U106	 2,855.15 	2,3	 335,900.00 	SH		DEFINED	 335,900
NABORS INDSINC	DBCV	629568AF3	 8,622.75 	2.3	 15,000,000.00 	PRN		DEFINED
NABORS IND	COM	629568106	 380.25 	1,3	 9,000.00 	SH		DEFINED	 9,000
NACCO IND	CL A	629579103	 601.58 	3	 9,075.00 	SH		DEFINED	 9,075
NATIONWIDE FIN	CL A	638612101	 2,140.00 	2,3	 50,000.00 	SH		DEFINED	 50,000
NEIMAN MARCUS	CL B	640204301	 222.70 	2,3	 6,800.00 	SH		DEFINED	 6,800
NEWHALL LANDLP	DEPREC	651426108	 4,084.65 	2,3	 130,500.00 	SH		DEFINED	 130,500
NEWMONT MIN CO	COM	651639106	 4,984.20 	2,3	 180,000.00 	SH		DEFINED	 180,000
NEWS AMER INC	NOTE	652482AZ3	 21,932.66 	1,2,3	 46,500,000.00 	PRN		DEFINED
NEWS -SPNSADR	ADRNEW	652487703	 567.60 	2,3	 20,000.00 	SH		DEFINED	 20,000
NEWS -SPONS ADR PRF	652487802	 10,111.20 	1,2,3	 421,300.00 	SH		DEFINED	 421,300
NIKE INC CL B	CL B	654106103	 2,100.35 	1.3	 35,000.00 	SH		DEFINED	 35,000
NOKIA CORP	SPNSADR	654902204	 1,037.00 	1,3	 50,000.00 	SH		DEFINED	 50,000
NORFOLKSOUTHERN COM	655844108	 13,526.10 	2,3	 565,000.00 	SH		DEFINED	 565,000
NORTH FORK BANC	COM	659424105	 3,556.00 	2,3	 100,000.00 	SH		DEFINED	 100,000
NOVELLUS SYS    NOTE7/2	670008AB7	 4,118.24 	1,2,3	 4,000,000.00 	PRN		DEFINED
NOVELLUS SYS	COM	670008101	 259.87 	1,2,3	 4,800.00 	SH		DEFINED	 4,800
NVIDIA CORP	COM	67066G104	 1,849.81 	1,3	 41,700.00 	SH		DEFINED	 41,700
NVIDIA CORP	SBNT475	67066GAA2	 2,728.13 	1,3	 2,250,000.00 	PRN		DEFINED
OCEAN ENERGY	COM	67481E106	 959.82 	3	 48,500.00 	SH		DEFINED	 48,500
OLD REPUBLIC    COM	680223104	 8,209.90 	1,2,3	 256,800.00 	SH		DEFINED	 256,800
OMNICOM GROUP	COM	681919106	 4,842.72 	1,2,3	 51,300.00 	SH		DEFINED	 51,300
OMNICOM GROUP	NOTE	681919AK2	 24,714.48 	1,2,3	 24,000,000.00 	PRN		DEFINED
ON COMMNDCLBWTS	WTBEX	682160122	 23.39   	2,3	 123,130.00 	SH	CALL	DEFINED	 123,130
OWENS-ILL INC	PFDCONV	690768502	 527.88 	2,3	 20,500.00 	SH		DEFINED	 20,500
PALL CORP	COM	696429307	 2,049.00 	2,3	 100,000.00 	SH		DEFINED	 100,000
PATHMARKSTRS	COM	70322A101	 17,589.65 	2,3	 734,432.00 	SH		DEFINED	 734,432
PAXSON COMM     COM	704231109	 577.59 	2,3	 52,700.00 	SH		DEFINED	 52,700
PAYCHEX INC	COM	704326107	 22.23 	        2,3	 560.00 	SH		DEFINED	 560
PAYLESS SHOES	COM	704379106	 1,730.77 	3	 28,350.00 	SH		DEFINED	 28,350
PEABODY ENG	COM	704549104	 2,026.50 	1,3	 70,000.00 	SH		DEFINED	 70,000
PEPSI BOTTLING  COM	713409100	 5,174.00 	2,3	 200,000.00 	SH		DEFINED	 200,000
PEPSICO INC	COM	713448108	 4,223.00 	1,3	 82,000.00 	SH		DEFINED	 82,000
PERFORMANCEFOOD	SBNT5.5	713755AA4	 3,159.00 	1,3	 2,600,000.00 	PRN		DEFINED
PERFORMANCEFD	COM	713755106	 2,124.53 	1,3	 65,050.00 	SH		DEFINED	 65,050
PFIZER INC     	COM	717081103	 5,285.42 	1,3	 133,000.00 	SH		DEFINED	 133,000
PHARMACIA CORP	COM	71713U102	 5,193.22 	2,3	 115,200.00 	SH		DEFINED	 115,200
PHILLIPS PET CO	COM	718507106	 2,917.06 	1,2,3	 46,450.00 	SH		DEFINED	 46,450
PHOENIX CO INC	COM	71902E109	 2,304.00 	2,3	 120,000.00 	SH		DEFINED	 120,000
PIONEER STNDRD	COM	723877106	 484.28 	3	 34,225.00 	SH		DEFINED	 34,225
PLACER DOME    	COM	725906101	 1,153.09 	2,3	 94,130.00 	SH		DEFINED	 94,130
PLUM CREEK TIMB COM	729251108	 1,485.50 	2,3	 50,000.00 	SH		DEFINED	 50,000
POTOMACELECPOW	COM	737679100	 380.61 	2,3	 16,300.00 	SH		DEFINED	 16,300
PPL CORPORATION	COM	69351T106	 3,168.80 	2,3	 80,000.00 	SH		DEFINED	 80,000
PRECISION DRILL	COM	74022D100	 1,061.07 	3	 33,200.00 	SH		DEFINED	 33,200
PRESIDENTIALLIFECOM	740884101	 187.12 	3	 8,225.00 	SH		DEFINED	 8,225
PRIME HOSPIT	COM	741917108	 83.83  	1,2,3	 6,375.00 	SH		DEFINED	 6,375
PROSPECTST INC	COM	743590101	 1,058.61 	2,3	 157,063.99 	SH		DEFINED	 157,064
PROVINCE HLTHC  SBNT4.5	743977AC4	 1,914.75 	1,3	 1,850,000.00 	PRN		DEFINED
PROVINCEHLTHCRE COM	743977100	 1,029.35 	1,3	 32,400.00 	SH		DEFINED	 32,400
PRUDENTIAL FIN	COM	744320102	 5,946.08 	2,3	 191,500.00 	SH		DEFINED	 191,500
PUBLIC SVCNM	COM	69349H107	 565.68 	3	 18,450.00 	SH		DEFINED	 18,450
PULTE CORP	COM	745867101	 9,378.60 	1,2,3	 196,000.00 	SH		DEFINED	 196,000
QUALCOMM INC	COM	747525103	 2,070.20 	1,3	 55,000.00 	SH		DEFINED	 55,000
QUANTUM-DLTSTOR COMDSSG	747906204	 943.26 	3	 118,500.00 	SH		DEFINED	 118,500
QWEST COMM	COM	749121109	 1,644.00 	2,3	 200,000.00 	SH		DEFINED	 200,000
RH DONNELLEY	COMNEW	74955W307	 520.35 	3	 17,100.00 	SH		DEFINED	 17,100
RADIAN GROUP	COM	750236101	 1,229.45 	3	 25,050.00 	SH		DEFINED	 25,050
RAYTHEON CO	COMNEW	755111507	 3,234.74 	2,3	 78,800.00 	SH		DEFINED	 78,800
REGENERON PHRM	NOTE5.5	75886FAB3	 2,749.50 	2,3	 2,600,000.00 	PRN		DEFINED
REPUBLIC BNCRP	COM	760282103	 419.37 	3	 29,955.00 	SH		DEFINED	 29,955
SARA LEE CORP	COM	803111103	 851.68 	3	 41,025.00 	SH		DEFINED	 41,025
SCANA CORP     	COM	80589M102	 14,596.20 	2,3	 477,000.00 	SH		DEFINED	 477,000
SCHLUMBERGER	COM	806857108	 3,446.85 	1,3	 58,600.00 	SH		DEFINED	 58,600
SCUDDER INTRMD	SHBNNT  811163104	 1,021.64 	2,3	 149,800.00 	SH		DEFINED	 149,800
SEMTECH CORP	SBNT4.5	816850AD3	 2,643.36 	1,3	 2,400,000.00 	PRN		DEFINED
SENIOR HOUSING	SHINT	81721M109	 432.00 	2,3	 30,000.00 	SH		DEFINED	 30,000
SERVICEMASTR CO	COM	81760N109	 1,034.69 	3	 75,250.00 	SH		DEFINED	 75,250
SHERWIN WLLAMS  COM	824348106	 964.76 	3	 33,875.00 	SH		DEFINED	 33,875
SIERRA PACIFIC	COM	826428104	 413.09 	3	 27,375.00 	SH		DEFINED	 27,375
SIRIUS SAT RDIO COM	82966U103	 8,614.00 	2,3	 1,619,172.00 	SH		DEFINED	 1,619,172
SLI INC	        COM	78442T108	 15.56  	3	 6,100.00 	SH		DEFINED	 6,100
SOUTHTRUST CORP	COM	844730101	 404.58 	3	 15,325.00 	SH		DEFINED	 15,325
SPANISH BROAD	CLA	846425882	 3,317.04 	2,3	 244,800.00 	SH		DEFINED	 244,800
SPRINT CORP(PCS)EU	852061605	 21,483.00 	1,2,3	 1,540,000.00 	SH		DEFINED	 1,540,000
SPRINT CORP-FON	COMFON	852061100	 611.60 	2,3,4	 40,000.00 	SH		DEFINED	 40,000
SPRINT CORP     PCSCOM1	852061506	 15,059.70 	1,2,3,4	 1,463,528.00 	SH		DEFINED	 1,463,528
STARGASPART	SRSBUN	85512C204	 498.75 	2,3	 34,829.00 	SH		DEFINED	 34,829
STARBUCKS	COM	855244109	 1,619.10 	3	 70,000.00 	SH		DEFINED	 70,000
STEIN MART INC	COM	858375108	 124.87 	3	 12,475.00 	SH		DEFINED	 12,475
SUN MICROSYS	COM	866810104	 14.55 	        1,2,3	 1,650.00 	SH		DEFINED	 1,650
SUPERVALU INC	NT11/0	868536AN3	 3,786.25 	2,3	 13,000,000.00 	PRN		DEFINED
TARGET CORP	COM	87612E106	 2,587.20 	1,3	 60,000.00 	SH		DEFINED	 60,000
TEEKAY SHIPPING	COM	Y8564W103	 16,089.89 	2,3	 441,000.00 	SH		DEFINED	 441,000
TEJON RANCH	COM	879080109	 1,167.49 	2,3	 37,300.00 	SH		DEFINED	 37,300
TELLABS INC	COM	879664100	 1,068.20 	3	 102,025.00 	SH		DEFINED	 102,025
TENET HALTHCRE	COM	88033G100	 469.14 	1,3	 7,000.00 	SH		DEFINED	 7,000
THE GAP INC    	COM	364760108	 706.13 	3	 46,950.00 	SH		DEFINED	 46,950
TJX COS INC	NOTE	872540AL3	 9,035.26 	1,2,3	 11,800,000.00 	PRN		DEFINED
TJX COS. INC	COM	872540109	 4,625.16 	1,2,3	 115,600.00 	SH		DEFINED	 115,600
TRANSOCEAN 	DBCV	893830AA7	 2,995.50 	2,3	 5,000,000.00 	PRN		DEFINED
TRANSOCEON	ORD	G90078109	 1,880.59 	1,3	 55,606.00 	SH		DEFINED	 55,606
TRENWICKGROUP	COM	G9032C109	 70,959.64 	2,3	 7,414,800.00 	SH		DEFINED	 7,414,800
TRIBUNE CONEW	COM	896047107	 5,909.80 	1,2,3	 130,000.00 	SH		DEFINED	 130,000
TRINITY IND    	COM	896522109	 359.18 	3	 14,775.00 	SH		DEFINED	 14,775
TRIZECHAHNCORP	SUBVTG	896938107	 3,093.58 	2,3	 195,425.00 	SH		DEFINED	 195,425
TYCO INTL	COM	902124106	 1,034.24 	1,2,3	 32,000.00 	SH		DEFINED	 32,000
UCAR INTL 	COM	90262K109	 74.91          3	 5,275.00 	SH		DEFINED	 5,275
UNION PACIFIC  	COM	907818108	 1,205.52 	3	 19,400.00 	SH		DEFINED	 19,400
UNITED PARCEL	CL B	911312106	 2,401.60 	1,3	 39,500.00 	SH		DEFINED	 39,500
UNIVERSALCRP-VA	COM	913456109	 548.09 	3	 13,925.00 	SH		DEFINED	 13,925
UNOCAL CORP    	COM	915289102	 973.75 	2,3	 25,000.00 	SH		DEFINED	 25,000
US BANCORP	COMNEW	902973304	 4,288.30 	2,3	 190,000.00 	SH		DEFINED	 190,000
USFREIGHTWAYS	COM	916906100	 450.97 	3	 12,725.00 	SH		DEFINED	 12,725
VALERO ENERGY	COM	91913Y100	 12,875.20 	2,3	 260,000.00 	SH		DEFINED	 260,000
VENATOR GROUP	NOTE5.5	922944AB9	 3,006.25 	3	 2,500,000.00 	PRN		DEFINED
VENTAS INC	COM	92276F100	 2,564.79 	2,3	 202,750.00 	SH		DEFINED	 202,750
VISHAY INTRTCH	COM	928298108	 456.90 	1,3	 22,463.00 	SH		DEFINED	 22,463
WACHOVIA CORP	COM	929903102	 1,483.20 	2,3	 40,000.00 	SH		DEFINED	 40,000
WACKENHUT-CL B	COMSERB	929794303	 651.40 	2,3	 20,000.00 	SH		DEFINED	 20,000
WAL MART STORES	COM	931142103	 3,953.21 	1,3	 64,500.00 	SH		DEFINED	 64,500
WASHINGTON MUT	COM	939322103	 1,059.33 	3	 31,975.00 	SH		DEFINED	 31,975
WELLS FARGO CO	COM	949746101	 4,940.00 	1,3	 100,000.00 	SH		DEFINED	 100,000
WESTERN RES	COM	959425109	 2,265.52 	2,3	 132,100.00 	SH		DEFINED	 132,100
WEYERHAEUSER	COM	962166104	 314.30 	3	 5,000.00 	SH		DEFINED	 5,000
WILLIAMS COSINC	COM	969457100	 2,410.47 	3,4	 102,312.00 	SH		DEFINED	 102,312
XEROX CORP     	COM	984121103	 7,927.05 	1,2,3	 737,400.00 	SH		DEFINED	 737,400
XLCPTL LTD	CL A	G98255105	 1,200.62 	3	 13,000.00 	SH		DEFINED	 13,000
YOUNG BRDCSTNG	CL A	987434107	 2,234.11 	2,3	 89,400.00 	SH		DEFINED	 89,400


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