FORM 13F COVER PAGE

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

Check here if Amendment [ x ]; Amendment Number:2
This Amendment (Check only one.):  [ x ] is a restatement.
                                   [   ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

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


13F File Number:  28-346

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


Person Signing this Report on Behalf of Reporting Manager:

Name: Lynne Gugenheim
Title:  Senior Vice President and Deputy General Counsel
Phone: (312) 822 4921
Signature, Place, and Date of Signing:
November 12, 2002
Chicago, Illinois,  60685
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934

Report Type (Check only one.):

 [  X ]              13F HOLDINGS REPORT.

 [    ]              13F NOTICE.

 [    ]              13F COMBINATION REPORT.

List of Other Managers Reporting for this Manager:

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

FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers: 4

Form 13F Information Table Entry Total: 362

Form 13F Information Table Value Total: 1,593,388.7     (in thousands)



List of Other Included Managers:

No.     13F File Number  Name

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

<Table><S><C>

                                             13F Information Table
                              CLASS                 VALUE     OTHER                    PUT/  INVSTMT  VOTING AUTHORITY
NAME OF ISSUER                TITLE      CUSIP     (X1000)    MGRS      AMOUNT    TYPE  CALL DSCRETN   SOLE  SH  NONE
ACCENTURE LTD                   CL A     G1150G111    6,279     4,2     492500     SH        DEFINED   492500
ACME COMMUNICATIONS INC          COM     004631107    3,028    3,4,2    432595     SH        DEFINED   432595
ADELPHIA COMMUNICATIONS         CL A     006848105    8,880     4,2     400000     SH        DEFINED   400000
AETNA INC                        COM     00817Y108   10,279     4,2     355800     SH        DEFINED   355800
AFFILIATED COMPUTER SVCS     SUB NT CV   008190AF7    2,784     3,2    2400000    PRN        DEFINED
AFFILIATED COMPUTER SVCS        CL A     008190100    1,465     3,2     18000      SH        DEFINED   18000
AGCO CORP                        COM     001084102    4,039     4,2     446300     SH        DEFINED   446300
AGERE SYSTEMS INC-A             CL A     00845V100     518      4,2     125000     SH        DEFINED   125000
AIR PRODUCTS & CHEMICAL          COM     009158106     965      4,2     25000      SH        DEFINED   25000
AK STEEL HOLDING CORP            COM     001547108    2,525     4,2     298800     SH        DEFINED   298800
AKAMAI TECHNOLOGIES              COM     00971T101     87       4,2     30000      SH        DEFINED   30000
ALCAN INC                        COM     013716105     600       2      20000      SH        DEFINED   20000
ALCOA INC                        COM     013817101    7,628    3,4,2    246000     SH        DEFINED   246000
ALLEGHENY ENERGY INC             COM     017361106    1,149     4,2     31300      SH        DEFINED   31300
ALLMERICA FINANCIAL CORP         COM     019754100     673      4,2     15000      SH        DEFINED   15000
ALLTEL CORP                      COM     020039103    9,011     4,2     155500     SH        DEFINED   155500
ALPHARMA INC                 SR SB NT CV 020813AD3    1,385     3,2    1250000    PRN        DEFINED
ALPHARMA INC                    CL A     020813101     854      3,2     29640      SH        DEFINED   29640
AMBAC FINANCIAL GROUP INC        COM     023139108    4,924     4,2     90000      SH        DEFINED   90000
AMERADA HESS                     COM     023551104    6,985     4,2     110000     SH        DEFINED   110000
AMERICA WEST HOLDINGS           CL B     023657208     20        2      10825      SH        DEFINED   10825
AMERICAN EXPRESS                 COM     025816109    9,113    3,4,2    313600     SH        DEFINED   313600
AMERICAN INTL GROUP INC          COM     026874107    3,798    3,4,2    48690      SH        DEFINED   48690
AMERICAN NATIONAL INSURANCE      COM     028591105     109       2       1350      SH        DEFINED    1350
AMERICAN PHYSICIANS CAP INC      COM     028884104     157       2       7575      SH        DEFINED    7575
AMERISOURCEBERGEN CORP           COM     03073E105    2,917     3,2     41110      SH        DEFINED   41110
AMKOR TECHNOLOGY INC             COM     031652100     947      4,2     90000      SH        DEFINED   90000
ANADARKO PETROLEUM CORP          COM     032511107    7,801     4,2     162250     SH        DEFINED   162250
ANHEUSER BUSCH CO                COM     035229103    2,094     3,2     50000      SH        DEFINED   50000
ANIXTER INTERNATIONAL INC        COM     035290105     101       2       4075      SH        DEFINED    4075
ANNTAYLOR STORES CORP            COM     036115103     69        2       3150      SH        DEFINED    3150
AOL TIME WARNER                  COM     00184A105    2,118     3,2     64000      SH        DEFINED   64000
AON CORP                         COM     037389103   22,890     4,2     545000     SH        DEFINED   545000
APACHE CORP                      COM     037411105    1,075    3,4,2    25000      SH        DEFINED   25000
APPLIED MATERIALS INC.           COM     038222105    2,417     3,2     85000      SH        DEFINED   85000
ARGUSS COMMUNICATIONS INC        COM     040282105    1,593    3,4,2    677874     SH        DEFINED   677874
ARRIS GROUP                      COM     04269Q100     143     3,4,2    40000      SH        DEFINED   40000
ARVINMERITOR INC                 COM     043353101     107       2       7475      SH        DEFINED    7475
AT & T CORPORATION               COM     001957109   14,186     4,2     735000     SH        DEFINED   735000
AT HOME CORP                  SB DB CV   045919AC1     315      4,2    3000000    PRN        DEFINED
AT HOME CORP                  SUB NT CV  045919AF4    5,525    3,4,2   32500000   PRN        DEFINED
AT&T WIRELESS SERVICES INC       COM     00209A106    8,202     4,2    548993.4    SH        DEFINED  548993.4
ATLAS AIR WORLDWIDE HLDGS        COM     049164106    1,088    4,2,1    110500     SH        DEFINED   110500
BANK OF NEW YORK                 COM     064057102    1,750     4,2     50000      SH        DEFINED   50000
BANK ONE CORP                    COM     06423A103    9,441     4,2     300000     SH        DEFINED   300000
BARNES & NOBLE               SUB NT CV   067774AC3    3,247     3,2    2450000    PRN        DEFINED
BARNES & NOBLE INC               COM     067774109    2,234     3,2     61880      SH        DEFINED   61880
BAYCORP HOLDINGS LTD             COM     072728108    3,308     3,2     386442     SH        DEFINED   386442
BEA SYSTEMS INC                  COM     073325102    1,466     3,2     152900     SH        DEFINED   152900
BEA SYSTEMS INC               SB NT CV   073325AD4    1,704     3,2    2350000    PRN        DEFINED
BEAR STEARNS COMPANIES INC       COM     073902108    2,000     4,2     40000      SH        DEFINED   40000
BED BATH & BEYOND INC            COM     075896100     382      3,2     15000      SH        DEFINED   15000
BELLSOUTH CORP                   COM     079860102    2,909     4,2     70000      SH        DEFINED   70000
BETHLEHEM STEEL CORP             COM     087509105     712      4,2     556100     SH        DEFINED   556100
BOEING COMPANY                   COM     097023105    6,481     4,2     193450     SH        DEFINED   193450
BORG WARNER AUTOMOTIVE INC       COM     099724106     86        2       2125      SH        DEFINED    2125
BOWATER INC                      COM     102183100    2,280     4,2     51800      SH        DEFINED   51800
BOWNE & CO INC                   COM     103043105     109       2      10700      SH        DEFINED   10700
BRISTOL-MYERS SQUIBB CO          COM     110122108    5,000     4,2     90000      SH        DEFINED   90000
BROADWING INC                PFD CV DEP  111620407     400      3,2     10000      SH        DEFINED   10000
BUCKHEAD AMERICA CORP            COM     11835A105     19       4,2     21579      SH        DEFINED   21579
BURLINGTON RESOURCES INC         COM     122014103    4,789     4,2     140000     SH        DEFINED   140000
CABLEVISION SYSTEMS             CL A     12686C109     602      4,2     14700      SH        DEFINED   14700
CABOT OIL & GAS CORP            CL A     127097103     998      4,2     50000      SH        DEFINED   50000
CALPINE CORPORATION              COM     131347106    6,889    3,4,2    302000     SH        DEFINED   302000
CANADIAN PACIFIC LTD             COM     135923100    1,605     3,2     50000      SH        DEFINED   50000
CARDINAL HEALTH  INC.            COM     14149Y108    4,765     3,2     64437      SH        DEFINED   64437
CATELLUS DEVELOPMENT CORP        COM     149111106    1,883     4,2     107724     SH        DEFINED   107724
CATERPILLAR INC                  COM     149123101     896      4,2     20000      SH        DEFINED   20000
CBRL GROUP INC                   COM     12489V106     901       2      41025      SH        DEFINED   41025
CELESTICA INC                 SUBVTGSHS  15101Q108    3,191    3,4,2    117100     SH        DEFINED   117100
CELESTICA INC                  LYONZR    15101QAA6   12,613    3,4,2   34380000   PRN        DEFINED
CENDANT CORPORATION              COM     151313103    2,351    3,4,2    183700     SH        DEFINED   183700
CENTEX CORP                      COM     152312104     438       2      13000      SH        DEFINED   13000
CHIRON CORP                      COM     170040109    6,971    3,4,2    157100     SH        DEFINED   157100
CHIRON CORP                    LYONZ R   170040AD1   30,111    3,4,2   54500000   PRN        DEFINED
CHUBB CORP                       COM     171232101    1,335      2      18700      SH        DEFINED   18700
CISCO SYSTEMS INC                COM     17275R102    2,436     3,2     200000     SH        DEFINED   200000
CITIGROUP INC                    COM     172967101    8,708    3,4,2    215000     SH        DEFINED   215000
CLEAR CHANNEL COMM               COM     184502102    1,988     3,2     50000      SH        DEFINED   50000
CLEVELAND-CLIFFS INC             COM     185896107     215      4,2     14950      SH        DEFINED   14950
CMS ENERGY                    ADJ CV TR  125896308     305      3,2     10000      SH        DEFINED   10000
CNA SURETY CORPORATION           COM     12612L108   371,611   4,2,1   27425147    SH        DEFINED  27425147
CNF INC                          COM     12612W104     798       2      34975      SH        DEFINED   34975
COLT TELECOM GROUP               ADR     196877104     14       4,2      3000      SH        DEFINED    3000
COMCAST CORP                  CL A SPL   200300200    4,304     3,2     120000     SH        DEFINED   120000
COMMUNICATION INTELLIGENCE       COM     20338K106     462      3,2     660000     SH        DEFINED   660000
COMPAQ COMPUTER CORP             COM     204493100    3,781     4,2     455000     SH        DEFINED   455000
COMPUTER ASSOCIATES INTL INC     COM     204912109     910       2      35350      SH        DEFINED   35350
CONOCO INC-CL A                 CL A     208251306    2,289     4,2     90000      SH        DEFINED   90000
CONSTELLATION ENERGY GROUP       COM     210371100    3,146     4,2     130000     SH        DEFINED   130000
COOPER INDUSTRIES INCORPORATE    COM     216669101     930       2      22425      SH        DEFINED   22425
CORN PRODUCTS INTL INC           COM     219023108    3,815     4,2     132800     SH        DEFINED   132800
CORNING INC.                     COM     219350105     79       4,2      9000      SH        DEFINED    9000
CORRECTIONS CORP              PFD CV B   22025Y308      1       4,2      101       SH        DEFINED    101
COX COMMUNICATIONS INC          CL A     224044107    2,593    3,4,2    62100      SH        DEFINED   62100
CROWN CORK & SEAL CO INC.        COM     228255105    1,336     4,2     583600     SH        DEFINED   583600
CVS CORP                         COM     126650100    1,992     3,2     60000      SH        DEFINED   60000
CYTEC INDUSTRIES INC             COM     232820100     364       2      15725      SH        DEFINED   15725
D.R. HORTON INC                  COM     23331A109    6,884     4,2     330000     SH        DEFINED   330000
DEERE & CO                       COM     244199105    1,692     4,2     45000      SH        DEFINED   45000
DEL MONTE FOODS CO               COM     24522P103    1,952     4,2     253450     SH        DEFINED   253450
DELL COMPUTER CORP               COM     247025109     741      3,2     40000      SH        DEFINED   40000
DELPHI AUTOMOTIVE SYSTEMS        COM     247126105    1,495     4,2     127200     SH        DEFINED   127200
DELPHI FINANCIAL GROUP          CL A     247131105    3,718     4,2     110000     SH        DEFINED   110000
DILLARDS INC-CL A               CL A     254067101     101       2       7700      SH        DEFINED    7700
DOLLAR THRIFTY AUTOMOTIVE        COM     256743105    1,144      2      115000     SH        DEFINED   115000
DOW CHEMICAL CORP                COM     260543103    2,948     4,2     90000      SH        DEFINED   90000
DU PONT DE NEMOURS E.I.          COM     263534109    1,313     4,2     35000      SH        DEFINED   35000
EAST-WEST BANCORP INC.           COM     27579R104   22,628     4,2     967420     SH        DEFINED   967420
EATON VANCE CORP             COM NONVTG  278265103     922     3,4,2    29400      SH        DEFINED
ECHOSTAR COMM                SUB NT CV   278762AB5     471      3,2     590000    PRN        DEFINED
ECHOSTAR COMMUNICATIONS         CL A     278762109     249      3,2     10685      SH        DEFINED   10685
EL PASO CORP                     COM     28336L109    4,579     4,2     110200     SH        DEFINED   110200
ELDERTRUST                   COM SH BEN  284560109    1,487     4,2     208200     SH        DEFINED   208200
ELECTRONIC DATA SYSTEMS          COM     285661104   18,489     4,2     321100     SH        DEFINED   321100
ENCOMPASS SERVICES CORP          COM     29255U104     150      4,2     39800      SH        DEFINED   39800
ENERGY EAST CORPORATION          COM     29266M109    2,723     4,2     135400     SH        DEFINED   135400
ENGEL GENERAL DEVELOPERS         ORD     M40515104     466      4,2     120000     SH        DEFINED   120000
ENRON CORP                       COM     293561106    2,110     3,2     77500      SH        DEFINED   77500
EQUITY OFFICE PROPERTIES TR      COM     294741103     320      3,2     10000      SH        DEFINED   10000
ESTERLINE TECHNOLOGIES CORP      COM     297425100     69        2       4350      SH        DEFINED    4350
EXCITE@HOME                   SB NT CV   045919AD9    3,485    3,4,2   20500000   PRN        DEFINED
EXELON CORP                      COM     30161N101    1,561     4,2     35000      SH        DEFINED   35000
FEDERATED DEPART STORES INC      COM     31410H101    4,512     4,2     160000     SH        DEFINED   160000
FIRST CENTRAL FINANCIAL      SUB DEB CV  318908AA8     161     3,2,1   1612000    PRN        DEFINED
FIRST CITIZENS BCSHS            CL A     31946M103     42        2       500       SH        DEFINED    500
FIRST DATA CORP                  COM     319963104    3,787     3,2     65000      SH        DEFINED   65000
FIRSTENERGY CORP                 COM     337932107    3,595     4,2     100000     SH        DEFINED   100000
FLEMING COS INC                  COM     339130106    1,838     3,2     62300      SH        DEFINED   62300
FMC CORP (NEW)                 COM NEW   302491303    6,633     4,2     135400     SH        DEFINED   135400
FMC TECHNOLOGIES INC             COM     30249U101     196       2      17000      SH        DEFINED   17000
FORTUNE BRANDS INC               COM     349631101     863       2      25750      SH        DEFINED   25750
FREDDIE MAC                      COM     313400301    2,990     3,2     46000      SH        DEFINED   46000
FREEPORT MCMORAN COPPER&GOLD    CL B     35671D857     630       2      57350      SH        DEFINED   57350
FRONTLINE LTD.                   ORD     G3682E127    2,267     4,2     250000     SH        DEFINED   250000
GABLES RESIDENTIAL TRUST     SH BEN INT  362418105     161       2       5250      SH        DEFINED    5250
GEN SEMICONDUCTR              SUB NT CV  370787AB9     983      3,2    1000000    PRN        DEFINED
GENENTECH INC                   COM      368710406    1,716     3,2     39000      SH        DEFINED   39000
GENERAL ELECTRIC CO              COM     369604103    8,519    3,4,2    229000     SH        DEFINED   229000
GENERAL MOTORS CORP             CL H     370442832    2,599     4,2     195000     SH        DEFINED   195000
GENERAL SEMICONDUCTOR INC        COM     370787103     412      3,2     42900      SH        DEFINED   42900
GENUITY INC                     CL A     37248E103     39       4,2     25000      SH        DEFINED   25000
GEORGIA-PACIFIC (TIMBER GRP)     COM     373298702    1,268     4,2     35000      SH        DEFINED   35000
GEORGIA-PACIFIC CORPORATION     COM      373298108     575       2      19975      SH        DEFINED   19975
GLIMCHER REALTY TRUST        SH BEN INT  379302102     139       2       8575      SH        DEFINED    8575
GOLD STANDARD INC               COM      380724302     99       4,2    82812.5     SH        DEFINED  82812.5
HANOVER COMPRESS              SR NT CV   410768AC9    2,025     3,2    2400000    PRN        DEFINED
HANOVER COMPRESSOR CO            COM     410768105     840      3,2     38800      SH        DEFINED   38800
HAYES LEMMERZ INTL INC COM       COM     420781106     274      3,2     273800     SH        DEFINED   273800
HCA INC                          COM     404119109    3,545     3,2     80000      SH        DEFINED   80000
HEALTH CARE PPTYS INVEST INC     COM     421915109    2,461     4,2     64000      SH        DEFINED   64000
HEALTH NET INC                   COM     42222G108    1,100      2      57225      SH        DEFINED   57225
HEALTHCARE REALTY TRUST INC      COM     421946104    6,144     4,2     240925     SH        DEFINED   240925
HEALTHSOUTH CORP              SB DBCV    421924AF8    3,800     4,2    4000000    PRN        DEFINED
HEALTHSOUTH CORP.                COM     421924101    9,764     4,2     600500     SH        DEFINED   600500
HEARST-ARGYLE TELEVISION INC     COM     422317107    4,198     4,2     239900     SH        DEFINED   239900
HERBALIFE INTERNATIONAL         CL B     426908307     85        2       8925      SH        DEFINED    8925
HERCULES INC                     COM     427056106    3,168     4,2     384050     SH        DEFINED   384050
HEWLETT-PACKARD CO.              COM     428236103    6,867     4,2     427875     SH        DEFINED   427875
HILTON HOTELS CORP               COM     432848109    4,749     4,2     605000     SH        DEFINED   605000
HOME DEPOT                       COM     437076102    1,727     3,2     45000      SH        DEFINED   45000
HONEYWELL INTERNATIONAL INC      COM     438516106    2,508    3,4,2    95000      SH        DEFINED   95000
HOUSEHOLD INTL INC               COM     441815107    2,819     4,2     50000      SH        DEFINED   50000
IBP INC                          COM     449223106     24        2       994       SH        DEFINED    994
IMC GLOBAL INC                   COM     449669100     955      4,2     106100     SH        DEFINED   106100
INGERSOLL RAND CO                COM     456866102    1,352     4,2     40000      SH        DEFINED   40000
INSWEB CORPORATION               COM     45809K103     529      4,2    1149117     SH        DEFINED  1149117
INTEL CORP                       COM     458140100    1,411     3,2     69200      SH        DEFINED   69200
INTL BUSINESS MACHINE            COM     459200101   19,420    3,4,2    210400     SH        DEFINED   210400
INTERNATIONAL PAPER CO.          COM     460146103    3,484     4,2     100000     SH        DEFINED   100000
INTERSTATE BAKERIES              COM     46072H108     168       2       6600      SH        DEFINED    6600
INTL RECTIFIER               SUB NT CV   460254AD7    1,125     3,2    1465000    PRN        DEFINED
INTL RECTIFIER CORP              COM     460254105     414      3,2     15200      SH        DEFINED   15200
ISPAT INTL NV                NY REG CL A 464899103     550      4,2     275000     SH        DEFINED   275000
IVAX CORP                        COM     465823102    1,477     3,2     66625      SH        DEFINED   66625
IVAX CORP                     SR SB CV   465823AB8    2,493     3,2    2400000    PRN        DEFINED
J.P. MORGAN CHASE & CO.          COM     46625H100    1,025     4,2     30000      SH        DEFINED   30000
JOY GLOBAL INC                   COM     481165108    1,559     4,2     105000     SH        DEFINED   105000
KELLWOOD CO                      COM     488044108     119       2       6450      SH        DEFINED    6450
KENNAMETAL INC                   COM     489170100     113       2       3525      SH        DEFINED    3525
KERR MC GEE CORP                 COM     492386107    7,267     4,2     140000     SH        DEFINED   140000
KEY3MEDIA GROUP                  COM     49326R104     29        2       7225      SH        DEFINED    7225
KEYSPAN CORPORATION              COM     49337W100    7,811     4,2     235000     SH        DEFINED   235000
KIMBERLY CLARK                   COM     494368103    1,860     3,2     30000      SH        DEFINED   30000
KMART FINANCING               PFD TRCV   498778208    1,116     4,2     30000      SH        DEFINED   30000
KROGER COMPANY                   COM     501044101   11,807    3,4,2    479200     SH        DEFINED   479200
KULICKE & SOFFA               SUB NT CV  501242AE1    2,562     3,2    3450000    PRN        DEFINED
KULICKE & SOFFA INDUSTRIES       COM     501242101    1,313     3,2     120500     SH        DEFINED   120500
L-3 COMM HLDGS                SR SB CV   502424AA2    3,063     3,2    2400000    PRN        DEFINED
L-3 COMMUNICATIONS CORP          COM     502424104    2,044     3,2     23370      SH        DEFINED   23370
LABORATORY CRP  AMER HLDGS      COM      50540R409    6,436    3,4,2    79600      SH        DEFINED   79600
LAM RESEARCH CORP                COM     512807108     741      3,2     43730      SH        DEFINED   43730
LAMAR ADVERTISIN               NT CV     512815AF8    2,403     3,2    2550000    PRN        DEFINED
LAMAR ADVERTISING CO            CL A     512815101    1,170     3,2     38600      SH        DEFINED   38600
LATTICE SEMICOND              SUB NT CV  518415AC8    2,484     3,2    2450000    PRN        DEFINED
LATTICE SEMICONDUCTOR CORP       COM     518415104    1,578     3,2     100500     SH        DEFINED   100500
LEAR CORPORATION                 COM     521865105    1,210      2      44800      SH        DEFINED   44800
LEGG MASON INC                   COM     524901105    3,769    3,4,2    94800      SH        DEFINED   94800
LIBERTY MEDIA                 COM SERA   530718105    6,833     3,2     538048     SH        DEFINED   538048
LIBERTY PROPERTY TRUST       SH BEN INT  531172104    2,869     4,2     100000     SH        DEFINED   100000
LILLY (ELI) & CO.                COM     532457108    3,623     3,2     44900      SH        DEFINED   44900
LINCOLN NATIONAL CORP INDIANA    COM     534187109     699      4,2     15000      SH        DEFINED   15000
LOCAL FINANCIAL CORP             COM     539553107   17,519     4,2    1310300     SH        DEFINED  1310300
LONGVIEW FIBRE CO                COM     543213102    1,414     4,2     140000     SH        DEFINED   140000
LORAL SPACE & COMMUNICATIONS     COM     G56462107     246      4,2     189400     SH        DEFINED   189400
LSI CORP                         COM     502161102    1,242     3,2     105700     SH        DEFINED   105700
LSI LOGIC                     SB NT CV   502161AD4    1,994     3,2    1950000    PRN        DEFINED
LUBRIZOL CORP                    COM     549271104     992       2      31400      SH        DEFINED   31400
LUCENT TECH                    PFD CV    549463206   24,630    3,4,2    24000      SH        DEFINED   24000
LUCENT TECHNOLOGIES              COM     549463107    9,741    3,4,2   1700000     SH        DEFINED  1700000
MARRIOTT INTERNATIONAL- CL A    CL A     571903202     541      4,2     16200      SH        DEFINED   16200
MARRIOTT INTL                  LYONZR    571903AA1    8,118     4,2    9700000    PRN        DEFINED
MEDICALOGIC/MEDSCAPE INC         COM     584642102     410      4,2    1077800     SH        DEFINED  1077800
MEDTRONIC INC                    COM     585055106    5,786     3,2     133000     SH        DEFINED   133000
MERRILL LYNCH & CO INC           COM     590188108     158     3,4,2     3900      SH        DEFINED    3900
METLIFE INC                      COM     59156R108    5,821     4,2     196000     SH        DEFINED   196000
MICROSOFT CORP                   COM     594918104    3,173    3,4,2    62000      SH        DEFINED   62000
MILACRON INC                     COM     598709103     70        2       5875      SH        DEFINED    5875
MIRANT CORPORATION               COM     604675108     263      3,2     12000      SH        DEFINED   12000
MOLEX - CLASS A NON-VOTING      CL A     608554200    2,114     3,2     86993      SH        DEFINED   86993
MONSANTO CO                      COM     61166W101     564       2      16725      SH        DEFINED   16725
MSDW ASIA PACIFIC FUND           COM     61744U106    1,243     4,2     197348     SH        DEFINED   197348
MSDW INDIA INVESTMENT FUND       COM     61745C105     392      4,2     53026      SH        DEFINED   53026
NABORS INDUSTRIES INC            COM     629568106     189      3,2      9000      SH        DEFINED    9000
NACCO INDS INC CL A             CL A     629579103     93        2       1675      SH        DEFINED    1675
NATIONWIDE FINANCIAL SERV-A     CL A     638612101     930      4,2     25000      SH        DEFINED   25000
NEIMAN MARCUS GROUP -CL B       CL B     640204301    2,342     4,2     98800      SH        DEFINED   98800
NEWHALL LAND & FARMING CO      DEPREC    651426108    2,537     4,2     89500      SH        DEFINED   89500
NEWMONT MINING CORP              COM     651639106    1,062     4,2     45000      SH        DEFINED   45000
NEWS CORP LTD                   ADR      652487703    3,374     4,2     140000     SH        DEFINED   140000
NEWS CORP LTD                  ADR PFD   652487802   10,353    3,4,2    486300     SH        DEFINED   486300
NIAGARA MOHAWK HOLDINGS INC      COM     653520106    3,338     4,2     196700     SH        DEFINED   196700
NOKIA CORP                       ADR     654902204     783      3,2     50000      SH        DEFINED   50000
NORFOLK SOUTHERN CORP.           COM     655844108   10,478     4,2     650000     SH        DEFINED   650000
NORTEL NETWORKS CORP             COM     656568102    5,189     4,2     925000     SH        DEFINED   925000
NORTH FORK BANCORPORATION        COM     659424105    4,461     4,2     150000     SH        DEFINED   150000
NORTHERN TRUST CORP              COM     665859104    7,410     4,2     141200     SH        DEFINED   141200
NOVELLUS SYSTEMS               LYONZR    670008AA9   21,594    3,4,2   25000000   PRN        DEFINED
NOVELLUS SYSTEMS INC             COM     670008101     914     3,4,2    32000      SH        DEFINED   32000
NRG ENERGY INC                   COM     629377102     892      4,2     55000      SH        DEFINED   55000
OCEAN ENERGY INC                 COM     67481E106     791       2      48500      SH        DEFINED   48500
OFFICEMAX INC                    COM     67622M108     153      4,2     50000      SH        DEFINED   50000
OGE ENERGY CORP                  COM     670837103    1,734     4,2     79300      SH        DEFINED   79300
OLD REPUBLIC INTL CORP           COM     680223104    5,944     4,2     226800     SH        DEFINED   226800
OMNICOM GROUP                    COM     681919106     182     3,4,2     2800      SH        DEFINED    2800
ON COMMAND CORPORATION           COM     682160106     772     3,4,2    352480     SH        DEFINED   352480
ON COMMAND CORPORATION          WT B     682160122     39      3,4,2    123130     SH   CALL DEFINED
ORACLE CORP                      COM     68389X105    1,510     4,2     120000     SH        DEFINED   120000
OVERSEAS SHIPHOLDING GROUP       COM     690368105    2,779     4,2     126300     SH        DEFINED   126300
OWENS-ILL INC                 PFD CONV   690768502     275      4,2     20500      SH        DEFINED   20500
PACIFIC CENTURY FINL CORP        COM     694058108     982       2      42000      SH        DEFINED   42000
PALL CORP                        COM     696429307    2,723     4,2     140000     SH        DEFINED   140000
PATHMARK STORES INC              COM     70322A101   18,134     4,2     761932     SH        DEFINED   761932
PAYLESS SHOESOURCE INC           COM     704379106    1,269      2      23150      SH        DEFINED   23150
PEABODY ENERGY CORP              COM     704549104    1,928     3,2     80000      SH        DEFINED   80000
PEPSI BOTTLING GROUP INC         COM     713409100    4,607     4,2     100000     SH        DEFINED   100000
PEPSICO INCORPORATED             COM     713448108    3,977     3,2     82000      SH        DEFINED   82000
PFIZER INC                       COM     717081103    5,333     3,2     133000     SH        DEFINED   133000
PHILLIPS PETROLEUM COMPANY       COM     718507106    2,832     4,2     52500      SH        DEFINED   52500
PHOENIX COMPANIES INC            COM     71902E109    3,107     4,2     215000     SH        DEFINED   215000
PLACER DOME INC                  COM     725906101    2,544     4,2     198930     SH        DEFINED   198930
POTASH CORP OF SASKATCHEWAN      COM     73755L107    3,224     4,2     57900      SH        DEFINED   57900
POTLATCH CORPORATION             COM     737628107    1,889     4,2     70000      SH        DEFINED   70000
POTOMAC ELECTRIC POWER           COM     737679100    4,620     4,2     210400     SH        DEFINED   210400
PRAXAIR INC                      COM     74005P104    3,570     4,2     85000      SH        DEFINED   85000
PRECISION DRILLING CORP          COM     74022D100     701       2      33200      SH        DEFINED   33200
PRESIDENTIAL LIFE CORP           COM     740884101     150       2       8225      SH        DEFINED    8225
PRIME HOSPITALITY CORP           COM     741917108     716      4,2     81375      SH        DEFINED   81375
PROVIDIAN FINANCIAL CORP         COM     74406A102     543       2      26925      SH        DEFINED   26925
PROVINCE HEALTHC              SB NT CV   743977AA8     756      3,2     650000    PRN        DEFINED
PROVINCE HEALTHC              SB NT CV   743977AC4    1,418     3,2    1200000    PRN        DEFINED
PROVINCE HEALTHCARE CO           COM     743977100    1,190     3,2     32400      SH        DEFINED   32400
PUBLIC SERVICE CO OF N MEX       COM     744499104     69        2       2725      SH        DEFINED    2725
PULTE CORP                       COM     745867101    3,433     4,2     112000     SH        DEFINED   112000
QUALCOMM INC                     COM     747525103    1,664     3,2     35000      SH        DEFINED   35000
QUANTA SERVICES              SUB NT CONV 74762EAA0     453      3,2     690000    PRN        DEFINED
QUANTA SERVICES INC              COM     74762E102     125      3,2      8785      SH        DEFINED    8785
QUANTUM CORP-DLT & STORAGE    COM DSSG   747906204     551       2      67525      SH        DEFINED   67525
QWEST COMMUNICATIONS INTL        COM     749121109    4,175    3,4,2    250000     SH        DEFINED   250000
R.H. DONNELLEY CORP             COM      74955W307     110       2       4200      SH        DEFINED    4200
RADIAN GROUP INC                 COM     750236101     964       2      25050      SH        DEFINED   25050
RADIO UNICA COMMUNICATIONS       COM     75040Q106      8       4,2      5000      SH        DEFINED    5000
RATIONAL SOFTWAR             SUB BT CV   75409PAA1    1,471     3,2    2015000    PRN        DEFINED
RAYTHEON COMPANY               COM NEW   755111507    6,950     4,2     200000     SH        DEFINED   200000
REPUBLIC BANCORP                 COM     760282103     104       2       7300      SH        DEFINED    7300
RUSSELL CORP                     COM     782352108    1,417     4,2     103200     SH        DEFINED   103200
SANMINA CORP                     COM     800907107    1,050     3,2     77345      SH        DEFINED   77345
SANMINA CORP                  SUB NTCV   800907AB3    2,331     3,2    2450000    PRN        DEFINED
SCANA CORP                       COM     80589M102   14,340     4,2     565000     SH        DEFINED   565000
SCHLUMBERGER LIMITED             COM     806857108    2,678     3,2     58600      SH        DEFINED   58600
SCHULMAN (A.) INC                COM     808194104    1,286     4,2     125500     SH        DEFINED   125500
SCIENTIFIC ATLANTA INC           COM     808655104    2,627     4,2     150100     SH        DEFINED   150100
SCUDDER INTERMEDIATE GOVT     SHBEN INT  811163104    1,071     4,2     149800     SH        DEFINED   149800
SEMTECH CORP                     COM     816850101    1,291     3,2     45500      SH        DEFINED   45500
SEMTECH CORP                 SUB NT CV   816850AD3    2,268     3,2    2400000    PRN        DEFINED
SERVICEMASTER COMPANY            COM     81760N109     835       2      75250      SH        DEFINED   75250
SHERWIN WILLIAMS CO              COM     824348106    3,197     4,2     143900     SH        DEFINED   143900
SHOPKO STORES INC                COM     824911101    2,218     4,2     267600     SH        DEFINED   267600
SIERRA PACIFIC RESOURCES         COM     826428104    1,924     4,2     127400     SH        DEFINED   127400
SIRIUS SATELLITE RADIO INC       COM     82966U103    8,450    3,4,2   2353672     SH        DEFINED  2353672
SLI INC                          COM     78442T108     26        2      10175      SH        DEFINED   10175
SOUTHTRUST CORP                  COM     844730101     390       2      15325      SH        DEFINED   15325
SOUTHWEST AIR CO                 COM     844741108     297      3,2     20000      SH        DEFINED   20000
SOVEREIGN BANCORP INC            COM     845905108    2,470     4,2     260000     SH        DEFINED   260000
SPANISH BROADCASTING SYS        CL A     846425882    1,736    3,4,2    244800     SH        DEFINED   244800
SPRINT CORP(PCS)             EQUITY UNIT 852061605   54,128    3,4,2   1990000     SH        DEFINED  1990000
SPRINT CORP-FON GROUP           COM      852061100     69       2,1      2856      SH        DEFINED    2856
SPRINT CORP-PCS GROUP            COM     852061506   46,008   3,4,2,1  1750028     SH        DEFINED  1750028
STAR GAS PARTNER             SR SUB UN   85512C204     944      4,2     42434      SH        DEFINED   42434
STILWELL FINANCIAL INC           COM     860831106    1,051    3,4,2    53900      SH        DEFINED   53900
STILWELL FINL                  LYONZR    860831AA4   15,881    3,4,2   22000000   PRN        DEFINED
SUN MICROSYSTEMS INC             COM     866810104    1,356     3,2     164000     SH        DEFINED   164000
TEEKAY SHIPPING CORP             COM     Y8564W103    6,875     4,2     220500     SH        DEFINED   220500
TEJON RANCH                      COM     879080109     225      4,2     10000      SH        DEFINED   10000
TELLABS INC                      COM     879664100     527       2      53375      SH        DEFINED   53375
TEXTRON INC                      COM     883203101    5,210     4,2     155000     SH        DEFINED   155000
THE GAP INC.                     COM     364760108    1,756     4,2     146950     SH        DEFINED   146950
THOUSAND TRAILS, INC             COM     885502104     918      4,2     159660     SH        DEFINED   159660
TJX COS. INC.    NEW             COM     872540109    2,750    3,4,2    83600      SH        DEFINED   83600
TORCH OFFSHORE INC               COM     891019101     740      4,2     125000     SH        DEFINED   125000
TRANSOCEON SEDCO FOREX INC       ORD     G90078109    1,468     3,2     55606      SH        DEFINED   55606
TRENWICK GROUP LTD               COM     G9032C109   30,104     4,2    3707400     SH        DEFINED  3707400
TRIBUNE CO NEW                   COM     896047107    4,396    3,4,2    140000     SH        DEFINED   140000
TRINITY INDUSTRIES               COM     896522109     119       2       5475      SH        DEFINED    5475
TRIZEC HAHN CORPORATION        SUB VTG   896938107    5,841     4,2     324300     SH        DEFINED   324300
TVX GOLD INC                   COM NEW   87308K200     240      4,2     490080     SH        DEFINED   490080
TYCO INTERNATIONAL LTD           COM     902124106    4,778     3,2     105000     SH        DEFINED   105000
TYCO INTL LTD                  LYONZR    902124AC0   43,275     4,2    57700000   PRN        DEFINED
UAL CORP                        COM      902549500     329      4,2     18000      SH        DEFINED   18000
UCAR INTERNATIONAL INC           COM     90262K109     47        2       5275      SH        DEFINED    5275
UGLY DUCKLING CORP               COM     903512101     66       4,2     24000      SH        DEFINED   24000
UNIFI INC                        COM     904677101    1,936     4,2     236100     SH        DEFINED   236100
UNION PACIFIC                    COM     907818108    1,150      2      24525      SH        DEFINED   24525
UNISYS CORP                      COM     909214108     433      4,2     50000      SH        DEFINED   50000
UNITED PARCEL SERVICE           CL B     911312106     312      3,2      6000      SH        DEFINED    6000
UNIVERSAL CORP-VA                COM     913456109     83        2       2500      SH        DEFINED    2500
UNOCAL CORP                      COM     915289102    1,183     4,2     36400      SH        DEFINED   36400
US BANCORP                      COM      902973304    2,994     4,2     135000     SH        DEFINED   135000
USFREIGHTWAYS CORPORATION        COM     916906100     174       2       5550      SH        DEFINED    5550
USX - MARATHON GROUP INC        COM      902905827    5,872     4,2     219525     SH        DEFINED   219525
USX - U S  STEEL GROUP           COM     90337T101    3,215     4,2     230000     SH        DEFINED   230000
VALERO ENERGY CORP               COM     91913Y100    9,828     4,2     280000     SH        DEFINED   280000
VENTAS INC                       COM     92276F100     117       2      10750      SH        DEFINED   10750
VERIZON COMMUNICATIONS INC.      COM     92343V104    2,435     3,2     45000      SH        DEFINED   45000
VISTEON CORP -W/I                COM     92839U107    2,550     4,2     200000     SH        DEFINED   200000
VODAFONE AIRTOUCH PLC            ADR     92857W100    3,843     4,2     175000     SH        DEFINED   175000
W.P. STEWART & CO LTD            COM     G84922106    1,939     4,2     100000     SH        DEFINED   100000
WACHOVIA CORP                    COM     929903102    1,550     4,2     50000      SH        DEFINED   50000
WACKENHUT CORP                COM SER B  929794303     694      4,2     37500      SH        DEFINED   37500
WAL MART STORES INC              COM     931142103    3,193     3,2     64500      SH        DEFINED   64500
WATSON PHARMACEUTICALS INC       COM     942683103    2,571     3,2     47000      SH        DEFINED   47000
WELLS FARGO & COMPANY            COM     949746101    4,445     3,2     100000     SH        DEFINED   100000
WESTERN RESOURCES INC            COM     959425109     627      4,2     37900      SH        DEFINED   37900
WEYERHAEUSER COMPANY             COM     962166104     974      4,2     20000      SH        DEFINED   20000
WHIRLPOOL CORPORATION            COM     963320106     577       2      10425      SH        DEFINED   10425
WILLIAMS COS INC                 COM     969457100     63       2,1      2312      SH        DEFINED    2312
WISCONSIN ENERGY CORP            COM     976657106    1,960     4,2     87100      SH        DEFINED   87100
WORLDCOM INC-MCI GROUP           COM     98157D304     305      3,2     20000      SH        DEFINED   20000
WORLDCOM INC-WORLDCOM GROUP      COM     98157D106    1,955     4,2     130000     SH        DEFINED   130000
XL CAPITAL LTD                  CL A     G98255105    3,786    3,4,2    47925      SH        DEFINED   47925
YOUNG BROADCASTING INC          CL A     987434107    1,296     4,2     89400      SH        DEFINED   89400
</Table>