FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: June 30, 2000

Check here if Amentment [   ]; Amendment Number:
This Amendment (Check only one.):  [    ]  is a restatement.
                                   [    ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:         CNA Financial Corporation
Address:      CNA Plaza
              Chicago, Il 60685


13F File Number:  28-346

The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person
signing the report is authorized to submit it, that all
information contained herein is true, correct, and complete, and
that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of
this form.


Person Signing this Report on Behalf of Reporting Manager:

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

Chicago, Illinois, August 11, 2000
Report Type (Check only one.):

 [  X ]              13F HOLDINGS REPORT.

 [    ]              13F NOTICE.

 [    ]              13F COMBINATION REPORT.

List of Other Managers Reporting for this Manager:

I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934
<PAGE>
Loews Corporation also has investment discretion over the securities reported
on herein by CNA Financial Corportion, Continental Assurance Company,
Continental Casualty Company,and The Continental Corporation. Loews Corporation
will report separately on securities overwhich it has investment discretion
which are not part of such holdings.
<PAGE>
<TABLE>
<S>
<C>


                                                                                                  FORM 13F INFORMATION TABLE
                                                                  VALUE     OTHER      SHARES/    SH/PUT/ INVSTMT  VOTING AUTHORITY
NAME OF ISSUER              TITLE OF CLASS        CUSIP          (x1000)    MANAGERS   PRN AMT  PRN CALL  DSCRETN   SOLE SHRED NONE
ACME COMMUNICATIONS INC     COM                   004631107       12,311      2,3      674,595    SH        DEFINED   674,595  0  0
ADVANCED ENERGY             SUB NT CV5,25%06      007973AA8        4,796      1,3    3,550,000   PRN        DEFINED
ADVANTICA RESTAURANT GRP    COM                   00758B109        3,753      2,3    3,877,287    SH        DEFINED 3,877,287  0  0
AES CORP                    JR SBDB CV4.5%05      00130HAN5        5,317      1,3    3,045,000   PRN        DEFINED
AFFIL COMPUTER              SB NT CV  4% 05       008190AD2        4,602      1,3    4,720,000   PRN        DEFINED
AGILENT TECHNOLOGIES INC    COM                   00846U101        3,097      1,3       42,000    SH        DEFINED    42,000  0  0
AGNICO-EAGLE MINES LTD      COM                   008474108        1,545      2,3      240,000    SH        DEFINED   240,000  0  0
ALCOA INC                   COM                   013817101        9,692    1,2,3      334,200    SH        DEFINED   334,200  0  0
ALLIN COMMUNICATIONS CORP   COM                   019924109          786      2,3      340,000    SH        DEFINED   340,000  0  0
ALLTEL CORP                 COM                   020039103        6,216    2,3,4      100,352    SH        DEFINED   100,352  0  0
AMERADA HESS                COM                   023551104        1,544      2,3       25,000    SH        DEFINED    25,000  0  0
AMERICA ONLINE INC          COM                   02364J104        3,323      1,3       63,000    SH        DEFINED    63,000  0  0
AMERICA WEST HOLDINGS       CL B                  023657208          364      1,3       21,278    SH        DEFINED    21,278  0  0
AMERICAN BUSINESS FINL SVCS COM                   02476B106          286      2,3       25,042    SH        DEFINED    25,042  0  0
AMERICAN CAPITAL STRATEGIES COM                   024937104        3,880      2,3      162,500    SH        DEFINED   162,500  0  0
AMERICAN EXPRESS            COM                   025816109        4,431      1,3       85,000    SH        DEFINED    85,000  0  0
AMERICAN INTL GROUP INC     COM                   026874107        1,072      2,3        9,127    SH        DEFINED     9,127  0  0
AMERICAN TOWER              NT CV 144A 5%10       029912AE2          971      1,3      960,000   PRN        DEFINED
AMR  CORP                   COM                   001765106        1,256      2,3       47,500    SH        DEFINED    47,500  0  0
ANADARKO PETROLEUM CORP     COM                   032511107        4,882      2,3       99,000    SH        DEFINED    99,000  0  0
ANHEUSER BUSCH CO           COM                   035229103        2,622      2,3       35,100    SH        DEFINED    35,100  0  0
ANTEC CORP                  SB NT CV 144A 03      03664PAA3        3,983      2,3    1,250,000   PRN        DEFINED
AON CORP                    COM                   037389103          795      2,3       25,600    SH        DEFINED    25,600  0  0
APPLIED MATERIALS INC.      COM                   038222105        8,609      1,3       95,000    SH        DEFINED    95,000  0  0
ARCHER DANIELS              COM                   039483102        9,321      2,3      949,978    SH        DEFINED   949,978  0  0
ARGUSS COMMUNICATIONS INC   COM                   040282105        7,947      2,3      421,012    SH        DEFINED   421,012  0  0
ASHANTI GOLDFIELDS-SPNS GD  GLOB DEP RCPT         043743202        1,015      2,3      580,000    SH        DEFINED   580,000  0  0
AT & T CORPORATION          COM                   001957109       12,725      2,3      400,000    SH        DEFINED   400,000  0  0
BANK UNITED CORP-CL A       CL A                  065412108        2,463      1,3       70,000    SH        DEFINED    70,000  0  0
BAYCORP HOLDINGS LTD        COM                   072728108        3,140      1,3      386,442    SH        DEFINED   386,442  0  0
BECTON DICKINSON & CO       COM                   075887109        3,586      2,3      125,000    SH        DEFINED   125,000  0  0
BELL ATLANTIC CORP          COM                   077853109        2,287      1,3       45,000    SH        DEFINED    45,000  0  0
BEVERLY ENTERPRISES INC     COM NEW               087851309        2,348      2,3      834,900    SH        DEFINED   834,900  0  0
BLACKROCK INSD MUNI TERM TR COM                   092474105          894      2,3       89,400    SH        DEFINED    89,400  0  0
BLACKROCK MUNI TARGET TRST  COM                   09247M105          866      2,3       85,500    SH        DEFINED    85,500  0  0
BLOCK H & R INC             COM                   093671105           22      2,3       85,000    SH        DEFINED    85,000  0  0
BOEING COMPANY              COM                   097023105        7,317      2,3      175,000    SH        DEFINED   175,000  0  0
BOSTON PROPERTIES INC       COM                   101121101        8,324        3      215,500    SH        DEFINED   215,500  0  0
BRISTOL-MYERS SQUIBB CO     COM                   110122108        8,738      1,3      150,000    SH        DEFINED   150,000  0  0
BUCKHEAD AMERICA CORP       COM                   11835A105          111      1,3       21,579    SH        DEFINED    21,579  0  0
BURLINGTON RESOURCES INC    COM                   122014103        3,634      1,3       95,000    SH        DEFINED    95,000  0  0
CABOT INDUSTRIAL TRUST      COM                   127072106          276      1,3       14,000    SH        DEFINED    14,000  0  0
CAMBREX CORP                COM                   132011107          383        3        8,500    SH        DEFINED     8,500  0  0
CANADIAN NATL RAILWAY CO    COM                   136375102            7      1,3          224    SH        DEFINED       224  0  0
CAPITAL ONE FINANCIAL CORP  COM                   14040H105        2,231      2,3       50,000    SH        DEFINED    50,000  0  0
CARDINAL HEALTH  INC.       COM                   14149Y108        4,782      1,3       64,625    SH        DEFINED    64,625  0  0
CATELLUS DEVELOPMENT CORP   COM                   149111106        1,616      2,3      107,724    SH        DEFINED   107,724  0  0
CENTRAL VERMONT PUB SERV    COM                   155771108          518      2,3       47,100    SH        DEFINED    47,100  0  0
CH ENERGY GROUP INC.        COM                   12541M102        1,103      2,3       32,500    SH        DEFINED    32,500  0  0
CISCO SYSTEMS INC           COM                   17275R102       12,712      1,3      200,000    SH        DEFINED   200,000  0  0
CITIGROUP INC               COM                   172967101        4,880      1,3       81,000    SH        DEFINED    81,000  0  0
CNA INCOME SHARES INC       COM                   126119106        1,025      2,3      130,042    SH        DEFINED   130,042  0  0
CNA SURETY CORPORATION      COM                   12612L108      323,463    2,3,4   27,096,347    SH       DEFINED 27,096,347  0  0
COMCAST CORP CL A SPL       CL A SPL              200300200        8,910    1,2,3      220,000    SH        DEFINED   220,000  0  0
COMMUNICATION INTELLIGENCE  COM                   20338K106        3,363      2,3      750,000    SH        DEFINED   750,000  0  0
CONECTIV INC                COM                   206829103        1,050      2,3       67,500    SH        DEFINED    67,500  0  0
CONSOLIDATED EDISON INC     COM                   209115104        1,037      2,3       35,000    SH        DEFINED    35,000  0  0
CREDENCE SYSTEMS CORP       COM                   225302108          331        3        6,000    SH        DEFINED     6,000  0  0
CRESCENT REAL ESTATE EQT    COM                   225756105        1,229      2,3       60,000    SH        DEFINED    60,000  0  0
CROWN RESOURCE CORP/COLO    COM                   228569109          355      2,3      501,400    SH        DEFINED   501,400  0  0
DOW CHEMICAL CORP           COM                   260543103        4,890      2,3      162,000    SH        DEFINED   162,000  0  0
DU PONT DE NEMOURS E.I.     COM                   263534109        2,844      2,3       65,000    SH        DEFINED    65,000  0  0
EAST-WEST BANCORP INC.      COM                   27579R104       28,750      2,3    2,000,000    SH        DEFINED 2,000,000  0  0
EBIX.COM INC                COM                   278715107        1,553      3,4      304,924    SH        DEFINED   304,924  0  0
EMC CORPORATION             COM                   268648102        6,647      1,3       86,400    SH        DEFINED    86,400  0  0
EMERSON ELECTRIC COMPANY    COM                   291011104        5,784    1,2,3       95,800    SH        DEFINED    95,800  0  0
ENCOMPASS SERVICES CORP     COM                   29255U104          393      2,3       68,397    SH        DEFINED    68,397  0  0
ENGEL GENERAL DEVELOPERS    ORD                   M40515104          390      2,3      120,000    SH        DEFINED   120,000  0  0
ENRON CORP                  COM                   293561106        9,030      1,3      140,000    SH        DEFINED   140,000  0  0
EQUANT NV-NY REGISTERD SHR  NY REG SHS            294409107        1,935      1,3       45,000    SH        DEFINED    45,000  0  0
EQUITY OFFICE PROPERTIES TR COM                   294741103        1,378        3       50,000    SH        DEFINED    50,000  0  0
EQUITY OFFICE PROPERTIES TR PFD CV B 5.25%        294741509        1,758      2,3       41,600    SH        DEFINED    41,600  0  0
EQUITY RESIDENTIAL PROp TR  SH BEN INT            29476L107        9,197        3      200,000    SH        DEFINED   200,000  0  0
ERICSSON (LM) TEL-SP ADR    ADR CL B SEK10        294821400          300        3       15,000    SH        DEFINED    15,000  0  0
ESTEE LAUDER COMPANIES      CL A                  518439104           49      2,3        1,000    SH        DEFINED     1,000  0  0
EXCITE@HOME                 SB NT CV 144A 06      045919AD9       12,996    1,2,3   18,500,000   PRN        DEFINED
FIRST DATA CORP             COM                   319963104        3,722      1,3       75,000    SH        DEFINED    75,000  0  0
FORD MOTOR COMPANY          COM                   345370100        4,958      2,3      115,300    SH        DEFINED   115,300  0  0
FRIEDMAN BILLINGS RAMSEY-A  CL A                  358433100          414      2,3       51,000    SH        DEFINED    51,000  0  0
GENENTECH INC               SUB DEB CV 5%02       368710AA7        6,878      2,3    7,165,000   PRN        DEFINED
GENERAL COMMUNICATION  -CL  CL A                  369385109           40      1,3        7,913    SH        DEFINED     7,913  0  0
GENERAL ELECTRIC CO         COM                   369604103        6,837      1,3      129,000    SH        DEFINED   129,000  0  0
GENERAL MOTORS CORP         COM                   370442105        8,568      2,3      147,563    SH        DEFINED   147,563  0  0
GENERAL MOTORS CORP CLASS H CL H NEW              370442832        1,709      2,3       19,420    SH        DEFINED    19,420  0  0
GENZYME CORP                SB NT CV 5.25%05      372917AF1        4,465      1,3    2,700,000   PRN        DEFINED
GILLETTE CO.                COM                   375766102        3,284      1,3       94,000    SH        DEFINED    94,000  0  0
GLAMIS GOLD LTD             COM                   376775102        2,233      2,3    1,152,840    SH        DEFINED 1,152,840  0  0
GLENBOROUGH REALTY TRST     COM                   37803P105          436      2,3       25,000    SH        DEFINED    25,000  0  0
GLOBAL CROSSING LTD         COM                   G3921A100      742,394      2,3   28,215,035    SH       DEFINED 28,215,035  0  0
GOLD STANDARD INC           COM PAR $0.001        380724302          186      2,3       82,813    SH        DEFINED    82,813  0  0
GOLDCORP INC-CL A           CL A SUB VTG          380956102          536      2,3       75,000    SH        DEFINED    75,000  0  0
GOLDEN STATE BANCORP        COM                   381197102        2,704      2,3      150,100    SH        DEFINED   150,100  0  0
HAYES LEMMERZ INTL INC COM  COM                   420781106        3,432      2,3      284,500    SH        DEFINED   284,500  0  0
HEALTHCARE REALTY TRUST INC COM                   421946104        5,581      2,3      326,500    SH        DEFINED   326,500  0  0
HEALTHSOUTH CORP.           COM                   421924101        7,187      2,3    1,000,000    SH        DEFINED 1,000,000  0  0
HEWLET-PACKARD              SB LYON ZERO 17       428236AC7       10,395      2,3   11,000,000   PRN        DEFINED
HEWLETT-PACK FIN            SBLYON144AZERO17      428236AA1       14,175      2,3   15,000,000   PRN        DEFINED
HOME DEPOT                  COM                   437076102          599        3       12,000    SH        DEFINED    12,000  0  0
HORIZON GROUP PROPERTIES    COM                   44041U102            2      2,3          630    SH        DEFINED       630  0  0
HOUSEHOLD INTL INC          COM                   441815107        2,078      2,3       50,000    SH        DEFINED    50,000  0  0
HUMANA INC.                 COM                   444859102          926      2,3      190,000    SH        DEFINED   190,000  0  0
IKON MBIA INC.              COM                   55262C100        1,928      2,3       40,000    SH        DEFINED    40,000  0  0
ILLINOIS TOOL WORKS INC     COM                   452308109        2,953      1,3       51,800    SH        DEFINED    51,800  0  0
INFINITY BROADCASTING CORP  CL A                  45662S102        3,498      1,3       96,000    SH        DEFINED    96,000  0  0
INSWEB CORPORATION          COM                   45809K103        2,978      2,3    1,401,467    SH        DEFINED 1,401,467  0  0
INTEL CORP                  COM                   458140100        4,626      1,3       34,600    SH        DEFINED    34,600  0  0
INTERMEDIA COMMUNICATIONS   COM                   458801107        3,332      1,3      112,000    SH        DEFINED   112,000  0  0
INTERNATIONAL BUSINESS MCH  COM                   459200101        9,028    1,2,3       82,400    SH        DEFINED    82,400  0  0
INTERNATIONAL PAPER CO.     COM                   460146103        5,217      2,3      175,000    SH        DEFINED   175,000  0  0
INTERSTATE BAKERIES         COM                   46072H108        1,936      2,3      138,300    SH        DEFINED   138,300  0  0
JPS INDUSTRIES INC          COM                   46624E405        2,201      2,3      419,243    SH        DEFINED   419,243  0  0
KEMPER INTERMEDIATE GOVT    SH BEN INT            488413105          964      2,3      149,800    SH        DEFINED   149,800  0  0
KEYSPAN CORPORATION         COM                   49337W100        6,063      2,3      197,160    SH        DEFINED   197,160  0  0
KEYSTONE FINANCIAL INC      COM                   493482103           21      3,4        1,013    SH        DEFINED     1,013  0  0
KROGER COMPANY              COM                   501044101        7,594    1,2,3      344,200    SH        DEFINED   344,200  0  0
LASALLE RE HOLDINGS         ORD                   G5383Q101       20,222      2,3    1,425,354    SH        DEFINED 1,425,354  0  0
LIBERTY MEDIA               COM LIB GRP A         001957208       13,533      1,3      558,048    SH        DEFINED   558,048  0  0
LIBERTY PROPERTY TRUST      SH BEN INT            531172104       10,440      2,3      402,500    SH        DEFINED   402,500  0  0
LIGHTSPAN INC               COM                   53226T103           41      1,3        7,500    SH        DEFINED     7,500  0  0
LILLY (ELI) & CO.           COM                   532457108          779      1,3        7,800    SH        DEFINED     7,800  0  0
LORAL SPACE & COMMUNICATION COM                   G56462107        1,120      1,3      161,500    SH        DEFINED   161,500  0  0
LSI CORP                    COM                   502161102        1,624      1,3       30,000    SH        DEFINED    30,000  0  0
MACK-CALI REALTY CORP       COM                   554489104          257      2,3       10,000    SH        DEFINED    10,000  0  0
MCLEODUSA INC-CL A          CL A                  582266102          676      2,3       32,664    SH        DEFINED    32,664  0  0
MEDIAONE GROUP, INC         COM                   58440J104          854      1,3       12,917    SH        DEFINED    12,917  0  0
MEDTRONIC INC               COM                   585055106        5,978      1,3      120,000    SH        DEFINED   120,000  0  0
MELLON FINANCIAL CORP       COM                   58551A108          474        3       13,000    SH        DEFINED    13,000  0  0
MERIDIAN GOLD INC           COM                   589975101          395      2,3       65,000    SH        DEFINED    65,000  0  0
MGIC AETNA INC.             COM                   008117103          321      2,3        5,000    SH        DEFINED     5,000  0  0
MGIC GPU INC.               COM                   36225X100          947      2,3       35,000    SH        DEFINED    35,000  0  0
MICROCELL TELECOMMUN        CL B NON VTG          59501T304          385      2,3       10,647    SH        DEFINED
MICRON TECHNOLOGY INC       COM                   595112103        1,321      1,3       15,000    SH        DEFINED    15,000  0  0
MICROSOFT CORP              COM                   594918104        3,840      1,3       48,000    SH        DEFINED    48,000  0  0
MOLEX - CLASS A NON-VOTING  CL A                  608554200        3,045      1,3       86,993    SH        DEFINED    86,993  0  0
MOTOROLA INC                COM                   620076109        3,400      1,3      117,000    SH        DEFINED   117,000  0  0
MSDW ASIA PACIFIC FUND      COM                   61744U106        3,121      2,3      306,400    SH        DEFINED   306,400  0  0
MSDW INDIA INVESTMENT FUND  COM                   61745C105          797      2,3       66,400    SH        DEFINED    66,400  0  0
MSDW INSURED MUNICIPAL INC  INSD MUN INCM         61745P791          757      2,3       57,400    SH        DEFINED    57,400  0  0
MUNIVEST FUND INC           COM                   626295109        5,423      2,3      711,200    SH        DEFINED   711,200  0  0
MUNIYIELD INSURED FUND INC  COM                   62630E107        2,823      2,3      227,000    SH        DEFINED   227,000  0  0
MUNIYIELD QUALITY FUND      COM                   626302103        8,363      2,3      693,300    SH        DEFINED   693,300  0  0
NACCO INDS INC CL A         CL A                  629579103          601      2,3       17,100    SH        DEFINED    17,100  0  0
NETOPIA INC                 COM                   64114K104          642      3,4       15,957    SH        DEFINED    15,957  0  0
NIAGARA MOHAWK HOLDINGS INC COM                   653520106        3,299      2,3      236,700    SH        DEFINED   236,700  0  0
NOKIA CORP -SPON ADR        SPONSORED ADR         654902204        2,747      1,3       55,000    SH        DEFINED    55,000  0  0
NORFOLK SOUTHERN CORP.      COM                   655844108        3,577      2,3      240,500    SH        DEFINED   240,500  0  0
NORTH FORK BANCORPORATION   COM                   659424105        2,229      2,3      147,250    SH        DEFINED   147,250  0  0
NUVEEN MUNICIPAL VALUE FUND COM                   670928100          378      2,3       44,800    SH        DEFINED    44,800  0  0
OGE ENERGY CORP             COM                   670837103        1,467      2,3       79,300    SH        DEFINED    79,300  0  0
ON COMMAND CORPORATION      COM                   682160106        5,023      2,3      352,480    SH        DEFINED   352,480  0  0
ON COMMAND CORP- CLASS B WT WT B EX 100703        682160122          500      2,3      123,130    SH  CALL  DEFINED
OWENS-ILL INC               PFD CONV $.01         690768502        1,466      2,3       65,900    SH        DEFINED    65,900  0  0
PACTIV CORPORATION          COM                   695257105        2,756      2,3      350,000    SH        DEFINED   350,000  0  0
PENNEY (J.C.) CO.  INC.     COM                   708160106        3,595      2,3      195,000    SH        DEFINED   195,000  0  0
PEPSI BOTTLING GROUP INC    COM                   713409100        6,590      2,3      225,800    SH        DEFINED   225,800  0  0
PEPSICO INCORPORATED        COM                   713448108        4,088      1,3       92,000    SH        DEFINED    92,000  0  0
PFIZER INC                  COM                   717081103        6,384      1,3      133,000    SH        DEFINED   133,000  0  0
PHARMACIA CORPORATION       COM                   71713U102        4,135      1,3       80,000    SH        DEFINED    80,000  0  0
PITNEY-BOWES  INC           COM                   724479100        1,800      1,3       45,000    SH        DEFINED    45,000  0  0
PLACER DOME INC             COM                   725906101        4,498      2,3      470,352    SH        DEFINED   470,352  0  0
POLICY MANAGEMENT SYSTEMS   COM                   731108106       23,355      2,3    1,519,024    SH        DEFINED 1,519,024  0  0
POTASH CORP OF SASKATCHEWAN COM                   73755L107        4,851      2,3       87,900    SH        DEFINED    87,900  0  0
POTOMAC ELECTRIC POWER      COM                   737679100        8,206      2,3      315,600    SH        DEFINED   315,600  0  0
PRIME HOSPITALITY CORP      COM                   741917108           60      2,3        6,375    SH        DEFINED     6,375  0  0
PRIME RETAIL INC            COM                   741570105           16      2,3       12,600    SH        DEFINED    12,600  0  0
PRISON REALTY TRUST INC     COM                   74264N105          530      2,3      157,000    SH        DEFINED   157,000  0  0
PSINET INC                  COM                   74437C101       20,350      1,3       81,000    SH        DEFINED    81,000  0  0
QWEST COMMUNICATIONS INTL   COM                   749121109          500        3       10,000    SH        DEFINED    10,000  0  0
RADIO ONE INC               CL A                  75040P108          744      3,4       25,173    SH        DEFINED    25,173  0  0
RATIONAL SOFTWAR            SUB NT CV 144A07      75409PAA1        5,252      1,3    3,600,000    SH        DEFINED 3,600,000  0  0
RAYTHEON CO. COM            CL B                  755111408          731      2,3       38,000    SH        DEFINED    38,000  0  0
RGS ENERGY GROUP INC        COM                   74956K104        1,726      2,3       77,500    SH        DEFINED    77,500  0  0
RHYTHMS NETCONNECTIONS INC  COM                   762430205           63      2,3        5,000    SH        DEFINED     5,000  0  0
ROBERT MONDAVI CORP-CL A    CL A                  609200100          307        3       10,000    SH        DEFINED    10,000  0  0
ROCKWELL INTL CORP          COM                   773903109        3,011      2,3       95,600    SH        DEFINED    95,600  0  0
ROSS STORES INC             COM                   778296103          341      2,3       20,000    SH        DEFINED    20,000  0  0
RYDER SYSTEM  INC           COM                   783549108        1,894      2,3      100,000    SH        DEFINED   100,000  0  0
SAFEWAY INC                 COM NEW               786514208        3,610      1,3       80,000    SH        DEFINED    80,000  0  0
SANMINA CORP                SB DB CV 144A 05      800907AA5        2,276      1,3    1,130,000   PRN        DEFINED            0  0
SANMINA CORP                SUB NTCV 4.25%04      800907AB3          826      1,3      410,000   PRN        DEFINED            0  0
SCANA CORP                  COM                   80589M102        9,650      2,3      400,000    SH        DEFINED   400,000  0  0
SCHERING PLOUGH             COM                   806605101        6,060      1,3      120,000    SH        DEFINED   120,000  0  0
SCHLUMBERGER LIMITED        COM                   806857108        4,821      1,3       64,600    SH        DEFINED    64,600  0  0
SEAGATE TECHNOLOGY INC.     COM                   811804103          825      2,3       15,000    SH        DEFINED    15,000  0  0
SFX ENTERTAINMENT INC       CL A                  784178105           45      2,3        1,000    SH        DEFINED     1,000  0  0
SIEBEL SYSTEMS INC          COM                   826170102        2,453      1,3       15,000    SH        DEFINED    15,000  0  0
SIERRA PACIFIC RESOURCES    COM                   826428104          974      2,3       77,500    SH        DEFINED    77,500  0  0
SIRIUS SATELLITE RADIO INC  COM                   82966U103      107,345      2,3    2,422,472    SH        DEFINED 2,422,472  0  0
SIX FLAGS INC               COM NEW               740540208          248        3       10,900    SH        DEFINED    10,900  0  0
SMITH CHARLES E RESIDENTIAL COM                   832197107          285      2,3        7,500    SH        DEFINED     7,500  0  0
SOLECTRON CORP              COM                   834182107        2,303      1,3       55,000    SH        DEFINED    55,000  0  0
SPANISH BROADCASTING SYS    CL A                  846425882          206      2,3       10,000    SH        DEFINED    10,000  0  0
SPRINT CORP                 COM FON GROUP         852061100        5,297    1,3,4      103,856    SH        DEFINED   103,856  0  0
SPRINT CORP (PCS GROUP)     PCS COM SER 1         852061506           85      3,4        1,428    SH        DEFINED     1,428  0  0
STAR GAS PARTNER-SEN SUB    SR SUB UN LTD         85512C204          284      2,3       42,434   PRN        DEFINED
STMICROELECTRON             SUB LYON ZERO 09      861012AB8       42,257    1,2,3   24,550,000   PRN        DEFINED
STORAGE TECHNOLOGY /NEW/COM COM PAR $0.10         862111200           30      1,3        2,754    SH        DEFINED     2,754  0  0
SUN MICROSYSTEMS INC        COM                   866810104        6,820      1,3       75,000    SH        DEFINED    75,000  0  0
SUNBEAM CORP                SRSDCV ZRO144A18      867071AA0       15,278      2,3   97,000,000   PRN        DEFINED
TAUBMAN CENTERS INC         COM                   876664103        8,250        3      750,000    SH        DEFINED   750,000  0  0
TECNOMATIX TECHNOLOGIES LTD ORD                   M8743P105           14      2,3        1,000    SH        DEFINED     1,000  0  0
TELLABS INC                 COM                   879664100        4,859      1,3       71,000    SH        DEFINED    71,000  0  0
TEXAS INSTRUMENTS INCORP    COM                   882508104        5,426      1,3       79,000    SH        DEFINED    79,000  0  0
TEXTRON INC                 COM                   883203101        1,901      1,3       35,000    SH        DEFINED    35,000  0  0
THE HEALTHCARE COMPANY      COM                   404119109        2,430      2,3       80,000    SH        DEFINED    80,000  0  0
THOUSAND TRAILS, INC        COM                   885502104          718      2,3      159,660    SH        DEFINED   159,660  0  0
TRANSOCEON SEDCO FOREX INC  ORD                   G90078109        2,704      1,3       50,606    SH        DEFINED    50,606  0  0
TRIBUNE CO NEW              COM                   896047107        3,815    1,2,3      109,000    SH        DEFINED   109,000  0  0
TRIQUINT SEMICON            SB NT CV 144A 07      89674KAA1          981      1,3    1,080,000   PRN        DEFINED
TVX GOLD INC                COM                   87308K101        1,564      2,3    2,501,900    SH        DEFINED 2,501,900  0  0
TYCO INTERNATIONAL LTD      COM                   902124106        4,595      1,3       97,000    SH        DEFINED    97,000  0  0
UGLY DUCKLING CORP          COM                   903512101          353      2,3       50,000    SH        DEFINED    50,000  0  0
UNION PACIFIC               COM                   907818108        2,421      2,3       65,100    SH        DEFINED    65,100  0  0
UNION PACIFIC RESOURCES GRP COM                   907834105        4,950      2,3      225,000    SH        DEFINED   225,000  0  0
UNOCAL CORP                 COM                   915289102        4,803      2,3      145,000    SH        DEFINED   145,000  0  0
US AIR GROUP INC            COM                   911905107          293      2,3        7,500    SH        DEFINED     7,500  0  0
US WEST INC                 COM                   91273H101           25      3,4          293    SH        DEFINED       293  0  0
USEC INC                    COM                   90333E108          275      2,3       59,500    SH        DEFINED    59,500  0  0
UST INC                     COM                   902911106       14,687      2,3    1,000,000    SH        DEFINED 1,000,000  0  0
USX - MARATHON GROUP INC    COM NEW               902905827        2,256      2,3       90,000    SH        DEFINED    90,000  0  0
VAN KAMPEN ADV MUNI INCOME  SH BEN INT            921124103      1528.8       2,3      120,500    SH        DEFINED  120,500   0  0
VAN KAMPEN MUNI OPPOR TR-II COM                   920944105          486      2,3       43,000    SH        DEFINED    43,000  0  0
VAN KAMPEN MUNI OPPOR TRUST COM                   920935103          920      2,3       67,500    SH        DEFINED    67,500  0  0
VAN KAMPEN VALUE MUNI INC   COM                   921132106        2,018      2,3      171,700    SH        DEFINED   171,700  0  0
WAL MART STORES INC         COM                   931142103        3,141      1,3       54,500    SH        DEFINED    54,500  0  0
WASHINGTON GAS LIGHT CO     COM                   938837101        1,251      2,3       52,000    SH        DEFINED    52,000  0  0
WASTE MANAGEMENT INC        COM                   94106L109        1,710      2,3       90,000    SH        DEFINED    90,000  0  0
WELLS FARGO & COMPANY       COM                   949746101        3,875      1,3      100,000    SH        DEFINED   100,000  0  0
WILLIAMS COMMUNICATIONS GRP CL A                  969455104        2,647      2,3       80,000    SH        DEFINED    80,000  0  0
WILLIAMS COS INC            COM                   969457100        8,517  1,2,3,4      204,312    SH        DEFINED   204,312  0  0
WIND RIVER SYSTM            SUB NT CONV 5% 02     973149AC1        3,765      1,3    3,078,000   PRN        DEFINED
WISCONSIN ENERGY CORP       COM                   976657106        1,209      2,3       61,000    SH        DEFINED    61,000  0  0
WORLDCOM INC.               COM                   98157D106        4,129      1,3       90,000    SH        DEFINED    90,000  0  0
XEROX CORP                  COM                   984121103        1,612      2,3       77,700    SH        DEFINED    77,700  0  0
XTRA CORP                   COM                   984138107          635      1,3       16,089    SH        DEFINED    16,089  0  0
</TABLE>
                             FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers: 4

Form 13F Information Table Entry Total:   2,027,915 (in thousands)

Form 13F Information Table Value Total: 235



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