FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: September 30, 2002

Check here if Amendment [ x ]; Amendment Number:1
This Amendment (Check only one.):  [ x ] is a restatement.
                                   [   ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

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


13F File Number:  28-346

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


Person Signing this Report on Behalf of Reporting Manager:

Name:  Lynne Gugenheim
Title: Senior Vice President and Deputy General Counsel
Phone: (312) 822 4921
Signature, Place, and Date of Signing:
November 8,2002
Chicago, Illinois,60685
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934

In previous filings, column seven was reported
as column five and this amendment corrects the discrepancy.

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: 322

Form 13F Information Table Value Total: 1,346,848.42(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
Column                         Column      Column    Column      Column            Column   Column     Column
   1                              2           3         4           5                 6        7          8
                                                                Shares
                                                                  or
Name Of                         CLASS               VALUE    Principal       PUT/  INVSTMT  Other   VOTING AUTHORITY
ISSUER                          TITLE      CUSIP    (X1000)    AMOUNT   TYPE CALL  DSCRETN  MGRS    SOLE   SH NONE
ACME COMMUNICATIONS INC         COM     004631107     515       66,071   SH        DEFINED 4,2     66,071
ACUITY BRANDS INC               COM     00508Y102     330       26,950   SH        DEFINED 2       26,950
ACXIOM CORP                     COM     005125109     841       59,100   SH        DEFINED 3,2     59,100
AETNA INC                       COM     00817Y108    1,034      28,875   SH        DEFINED 2       28,875
AFFIL COMPUTER                 NOTE     008190AF7    2,937    2,400,000  PRN       DEFINED 3,2     55,256
AFFILIATED COMPUTER SVCS       CL A     008190100    1,806      42,400   SH        DEFINED 3,2     42,400
AGERE SYSTEMS INC-A            CL A     00845V100    1,113    1,012,100  SH        DEFINED 4,2    1,012,100
AGILENT TECH INC               DBCV     00846UAB7    4,025    5,000,000  PRN       DEFINED 3,4,2   155,183
AGILENT TECHNOLOGIES INC        COM     00846U101    2,279     174,100   SH        DEFINED 3,4,2   174,100
AIR PRODUCTS & CHEMICAL         COM     009158106     294       7,000    SH        DEFINED 2        7,000
ALCOA INC                       COM     013817101    2,239     116,000   SH        DEFINED 3,2     116,000
ALCON INC                       COM     H01301102    3,139      81,000   SH        DEFINED 3,2     81,000
ALLEGHENY ENERGY INC            COM     017361106    4,464     340,800   SH        DEFINED 4,2     340,800
ALLSTATE CORPORATION            COM     020002101     732       20,600   SH        DEFINED 2       20,600
AMBAC FINANCIAL GROUP INC       COM     023139108    5,928     110,000   SH        DEFINED 4,2     110,000
AMER INTL GROUP                DBCV     026874AP2    1,258    2,000,000  PRN       DEFINED 4,2     12,125
AMERADA HESS                    COM     023551104    7,467     110,000   SH        DEFINED 4,2     110,000
AMERICAN EXPRESS                COM     025816109    2,027      65,000   SH        DEFINED 3,2     65,000
AMERICAN INTL GROUP INC         COM     026874107    1,778      32,500   SH        DEFINED 3,2     32,500
AMERICAN NATIONAL INSURANCE     COM     028591105     345       5,000    SH        DEFINED 2        5,000
AMERICAN PHYSICIANS CAP         COM     028884104     475       28,200   SH        DEFINED 2       28,200
AMERISOURCE HEALTH CORP        NOTE     03071PAD4    3,946    2,560,000  PRN       DEFINED 3,2     48,331
AMERISOURCEBERGEN CORP          COM     03073E105    2,909      41,110   SH        DEFINED 3,2     41,110
AMGEN INC                       COM     031162100    4,161      99,100   SH        DEFINED 3,4,2   99,100
ANADARKO PETROLEUM CORP         COM     032511107    5,222     117,250   SH        DEFINED 4,2     117,250
ANHEUSER BUSCH CO               COM     035229103    1,012      20,000   SH        DEFINED 3,2     20,000
ANIXTER INTERNATIONAL INC       COM     035290105     288       13,975   SH        DEFINED 2       13,975
ANNUITY AND LIFE RE HOLDINGS    ORD     G03910109     320       76,300   SH        DEFINED 2       76,300
ANTEC CORP                     NOTE     03664PAB1     204      225,000   PRN       DEFINED 4,2      9,375
AON CORP                        COM     037389103   11,655     568,800   SH        DEFINED 4,2     568,800
APACHE CORP                     COM     037411105    2,408      40,500   SH        DEFINED 2       40,500
APPLIED MATERIALS INC.          COM     038222105    1,594     138,000   SH        DEFINED 2       138,000
ARDEN REALTY GROUP INC          COM     039793104     837       35,400   SH        DEFINED 4,2     35,400
ARRIS GROUP                     COM     04269Q100     148       40,000   SH        DEFINED 4,2     40,000
ARTESYN TECHNOLOGIES INC        COM     043127109     171      112,925   SH        DEFINED 2       112,925
ARVINMERITOR INC                COM     043353101     273       14,575   SH        DEFINED 2       14,575
AT & T CORPORATION              COM     001957109    3,754     312,600   SH        DEFINED 4,2     312,600
AT&T WIRELESS SERVICES INC      COM     00209A106     287       69,633   SH        DEFINED 4,2     69,633
ATLAS AIR WORLDWIDE HLDGS       COM     049164106     118       49,000   SH        DEFINED 4,2,1   49,000
BANK OF AMERICA CORP            COM     060505104     957       15,000   SH        DEFINED 3,2     15,000
BARNES & NOBLE                 NOTE     067774AD1    2,426    2,450,000  PRN       DEFINED 3,2     75,357
BARNES & NOBLE INC              COM     067774109    1,228      56,480   SH        DEFINED 3,2     56,480
BARRICK GOLD CORP               COM     067901108    7,080     455,300   SH        DEFINED 4,2     455,300
BECTON DICKINSON & CO           COM     075887109    1,903      67,000   SH        DEFINED 4,2     67,000
BEDFORD PROPERTY INVESTORS      COM     076446301     141       5,700    SH        DEFINED 4,2      5,700
BELLSOUTH CORP                  COM     079860102    1,469      80,000   SH        DEFINED 4,2     80,000
BISYS GROUP                    NOTE     055472AB0    2,428    2,650,000  PRN       DEFINED 3,2     79,356
BISYS GROUP INC/THE             COM     055472104     882       50,800   SH        DEFINED 3,2     50,800
BJ SERVICES CO                  COM     055482103     789       30,000   SH        DEFINED 3,4,2   30,000
BKF CAPITAL GROUP INC           COM     05548G102      8         400     SH        DEFINED 2         400
BOEING COMPANY                  COM     097023105     916       26,825   SH        DEFINED 2       26,825
BORG WARNER AUTOMOTIVE          COM     099724106     161       3,250    SH        DEFINED 2        3,250
BOSTON PROPERTIES INC           COM     101121101    1,116      30,000   SH        DEFINED 4,2     30,000
BOWNE & CO INC                  COM     103043105     311       31,050   SH        DEFINED 2       31,050
BRANDYWINE REALTY TRUST       SHINTNW   105368203     444       19,700   SH        DEFINED 4,2     19,700
BRISTOL-MYERS SQUIBB CO         COM     110122108    4,670     196,200   SH        DEFINED 4,2     196,200
BURLINGTON RESOURCES INC        COM     122014103    3,357      87,500   SH        DEFINED 4,2     87,500
BURR-BROWN CORP                NOTE     122574AF3     990     1,000,000  PRN       DEFINED 4,2     22,497
CABLEVISION SYSTEMS            CL A     12686C109    2,641     291,500   SH        DEFINED 4,2     291,500
CAMPBELL SOUP CO                COM     134429109    1,563      70,800   SH        DEFINED 4,2     70,800
CARDINAL HEALTH  INC.           COM     14149Y108    4,008      64,437   SH        DEFINED 3,2     64,437
CARNIVAL CORP                   COM     143658102    4,905     191,600   SH        DEFINED 3,4,2   191,600
CATELLUS DEVELOPMENT            COM     149111106    1,988     107,724   SH        DEFINED 4,2     107,724
CELESTICA INC               SUBVTG SHS  15101Q108     686       49,100   SH        DEFINED 3,4,2   49,100
CELESTICA INC                 LYONZR    15101QAA6   22,918    54,185,000 PRN       DEFINED 3,4,2   307,489
CENDANT CORP                   DEBT     151313AF0    8,653    14,005,000 PRN       DEFINED 3,4,2   467,767
CENDANT CORP                   DBCV     151313AH6    2,891    3,000,000  PRN       DEFINED 3,4,2   117,227
CENDANT CORP                   DBCV     151313AN3    7,460    8,000,000  PRN       DEFINED 4,2     332,640
CENDANT CORPORATION             COM     151313103    2,152     195,600   SH        DEFINED 3,4,2   195,600
CENTEX CORP                     COM     152312104     887       20,000   SH        DEFINED 2       20,000
CEPHALON INC                    COM     156708109    1,023      25,900   SH        DEFINED 3,2     25,900
CHARLES RIVER                  DBCV     159863AL3    1,789    1,450,000  PRN       DEFINED 3,2     37,304
CHARLES RIVER LABORATORIES      COM     159864107    1,043      27,100   SH        DEFINED 3,2     27,100
CHARTER COMM INC               NOTE     16117MAB3    2,328    4,800,000  PRN       DEFINED 4,2     222,635
CHARTER COMMUNICATIONS         CL A     16117M107     846      455,000   SH        DEFINED 4,2     455,000
CHIRON CORP                     COM     170040109    1,735      49,300   SH        DEFINED 3,4,2   49,300
CHIRON CORP                   LYONZR    170040AE9   19,563    34,500,000 PRN       DEFINED 3,4,2   247,065
CISCO SYSTEMS INC               COM     17275R102    2,568     245,000   SH        DEFINED 3,2     245,000
CIT GROUP INC                   COM     125581108    5,165     287,250   SH        DEFINED 4,2     287,250
CITIGROUP INC                   COM     172967101   12,951     436,800   SH        DEFINED 3,4,2   436,800
CLEAR CHANNEL                  NOTE     184502AB8    2,948    3,000,000  PRN       DEFINED 4,2     48,426
CLEAR CHANNEL                  NOTE     184502AE2    6,435    6,500,000  PRN       DEFINED 4,2     61,425
CLEAR CHANNEL COMM              COM     184502102    1,738      50,000   SH        DEFINED 3,2     50,000
CLEVELAND-CLIFFS INC            COM     185896107     407       16,925   SH        DEFINED 2       16,925
CNA SURETY CORPORATION          COM     12612L108   362,012   27,425,147 SH        DEFINED 4,2,1 27,425,147
CNF INC                         COM     12612W104    1,159      36,925   SH        DEFINED 2       36,925
COCA COLA CO                    COM     191216100    1,679      35,000   SH        DEFINED 3,2     35,000
COLT TELECOM GROUP            SPNSADR   196877104     13        5,760    SH        DEFINED 4,2      5,760
COMCAST CORP                   DBCV     200300BH3   34,210    44,000,000 PRN       DEFINED 3,4,2   627,290
COMCAST CORP                 CL A SPL   200300200    2,501     119,900   SH        DEFINED 4,2     119,900
COMCAST CORP                   CL A     200300101     789       37,000   SH        DEFINED 4,2     37,000
COMMSCOPE INC                   COM     203372107     361       53,275   SH        DEFINED 2       53,275
COMPUTER ASSOCIATES INTL        COM     204912109    1,614     168,075   SH        DEFINED 2       168,075
COOPER INDUSTRIES LTD          CL A     G24182100     859       28,300   SH        DEFINED 2       28,300
CORRECTIONS CORP              PFD CV    22025Y308      0          2      SH        DEFINED 4,2        2
COX COMMUN INC                 SDEB     224044AX5   32,544    77,950,000 PRN       DEFINED 3,4,2   591,703
COX COMMUN INC                 NOTE     224044BC0    6,963    10,000,000 PRN       DEFINED 3,4,2   118,135
CSX CORP.                       COM     126408103    1,910      72,400   SH        DEFINED 4,2     72,400
CYTEC INDUSTRIES INC            COM     232820100     997       45,425   SH        DEFINED 2       45,425
DARDEN RESTAURANTS INC          COM     237194105     291       12,000   SH        DEFINED 2       12,000
DEL MONTE FOODS CO              COM     24522P103     297       36,375   SH        DEFINED 2       36,375
DELL COMPUTER CORP              COM     247025109    1,882      80,000   SH        DEFINED 3,2     80,000
DELPHI FINANCIAL GROUP         CL A     247131105    4,647     127,600   SH        DEFINED 4,2     127,600
DILLARDS INC                   CL A     254067101     312       15,450   SH        DEFINED 2       15,450
DOMINION RESOURCES INC          COM     25746U109    1,261      25,000   SH        DEFINED 3,4,2   25,000
DOUBLECLICK                    NOTE     258609AC0    6,521    7,857,000  PRN       DEFINED 4,2     190,473
DR HORTON INC                   COM     23331A109   10,986     590,000   SH        DEFINED 4,2     590,000
DU PONT DE NEMOURS E.I.         COM     263534109     361       10,000   SH        DEFINED 4,2     10,000
DYCOM INDUSTRIES INC            COM     267475101    2,070     225,934   SH        DEFINED 4,2     225,934
DYNEGY INC-CL A                CL A     26816Q101      8        6,975    SH        DEFINED 2        6,975
EDO CORP                        COM     281347104     267       11,700   SH        DEFINED 3,2     11,700
EL PASO CORP                    COM     28336L109    3,781     457,200   SH        DEFINED 4,2     457,200
ELDERTRUST                  COM SH BEN  284560109    1,530     208,200   SH        DEFINED 4,2     208,200
ENCANA CORP                     COM     292505104    2,404      79,869   SH        DEFINED 4,2     79,869
ENTERASYS NETWORKS INC          COM     293637104     268      206,150   SH        DEFINED 2       206,150
ESTERLINE TECHNOLOGIES CORP     COM     297425100     430       25,825   SH        DEFINED 2       25,825
FIFTH THIRD BANCORP             COM     316773100     306       5,000    SH        DEFINED 2        5,000
FIRST CITIZENS BCSHS           CL A     31946M103     52         500     SH        DEFINED 2         500
FIRST DATA CORP                 COM     319963104    3,354     120,000   SH        DEFINED 3,2     120,000
FLEMING COS INC                 COM     339130106     310       62,300   SH        DEFINED 3,2     62,300
FLEMING COS INC                NOTE     339130AR7     912     2,360,000  PRN       DEFINED 3,2     77,965
FMC CORP                      COM NEW   302491303    1,134      43,925   SH        DEFINED 2       43,925
FMC TECHNOLOGIES INC            COM     30249U101     945       56,396   SH        DEFINED 2       56,396
FOOT LOCKER INC                 COM     344849104    1,200     118,600   SH        DEFINED 3,2     118,600
FOOTSTAR INC                    COM     344912100     301       38,600   SH        DEFINED 2       38,600
FPL GROUP                       COM     302571104    9,214     174,000   SH        DEFINED 3,4,2   174,000
FRANKLIN RES INC               NOTE     354613AC5   23,458    40,000,000 PRN       DEFINED 4,2     374,416
FREDDIE MAC                     COM     313400301   12,522     224,000   SH        DEFINED 3,4,2   224,000
FREEPORT MCMORAN COPPER&GOLD   CL B     35671D857     951       70,625   SH        DEFINED 2       70,625
GABLES RESIDENTIAL TRUST       SHINT    362418105     369       13,825   SH        DEFINED 2       13,825
GENERAL CABLE CORP              COM     369300108     342       88,950   SH        DEFINED 2       88,950
GENERAL ELECTRIC CO             COM     369604103    3,377     137,000   SH        DEFINED 3,2     137,000
GENERAL MOTORS                  COM     370442832    1,985     216,900   SH        DEFINED 4,2     216,900
GENERAL MOTORS CORP             COM     370442105   15,717     395,000   SH        DEFINED 3,4,2   395,000
GEORGIA-PACIFIC CORP            COM     373298108     500       38,225   SH        DEFINED 2       38,225
GLIMCHER REALTY TRUST          SHINT    379302102     804       42,900   SH        DEFINED 2       42,900
GRAFTECH INTERNATIONAL LTD      COM     384313102     38        5,275    SH        DEFINED 2        5,275
GREAT LAKES REIT INC            COM     390752103    1,136      65,000   SH        DEFINED 4,2     65,000
HARRIS CORP                     COM     413875105     335       10,000   SH        DEFINED 2       10,000
HCA INC                         COM     404119109    3,809      80,000   SH        DEFINED 3,2     80,000
HEALTH CARE PPTYS INVEST        COM     421915109    1,406      33,000   SH        DEFINED 4,2     33,000
HEALTH NET INC                  COM     42222G108    1,227      57,225   SH        DEFINED 2       57,225
HEALTHCARE REALTY TRUST         COM     421946104    6,876     221,100   SH        DEFINED 4,2     221,100
HEALTHSOUTH CORP               SDCV     421924AF8    3,700    4,000,000  PRN       DEFINED 4,2     109,200
HEALTHSOUTH CORP.               COM     421924101    2,386     575,000   SH        DEFINED 4,2     575,000
HEARST-ARGYLE TELEVISION        COM     422317107    4,099     165,000   SH        DEFINED 4,2     165,000
HEWLETT-PACKARED CO             COM     428236103     714       61,200   SH        DEFINED 2       61,200
HOME DEPOT                      COM     437076102    1,644      63,000   SH        DEFINED 3,2     63,000
HONEYWELL INTERNATIONAL         COM     438516106    1,300      60,000   SH        DEFINED 3,2     60,000
HOUSEHOLD INTL INC              COM     441815107    4,530     160,000   SH        DEFINED 4,2     160,000
IDEC PHARMACEUTICALS            COM     449370105    1,440      34,100   SH        DEFINED 3,4,2   34,100
IMC GLOBAL INC                  COM     449669100     804       66,700   SH        DEFINED 4,2     66,700
INCO LTD                        COM     453258402     583       36,300   SH        DEFINED 4,2     36,300
INCO LTD                       NOTE     453258AM7    2,941    5,000,000  PRN       DEFINED 4,2     132,765
INGERSOLL RAND CO              CL A     G4776G101    1,722      50,000   SH        DEFINED 4,2     50,000
INSITUFORM TECHNOLOGIES        CL A     457667103    2,009     140,000   SH        DEFINED 4,2     140,000
INSWEB CORPORATION              COM     45809K202     156       87,620   SH        DEFINED 4,2     87,620
INTEL CORP                      COM     458140100    1,100      79,200   SH        DEFINED 3,2     79,200
INTL BUSINESS MACHINE           COM     459200101   12,128     208,000   SH        DEFINED 4,2     208,000
INTERNATIONAL PAPER CO.         COM     460146103    3,339     100,000   SH        DEFINED 4,2     100,000
INTERSTATE BAKERIES             COM     46072H108     214       8,050    SH        DEFINED 2        8,050
INTL RECTIFIER CORP             COM     460254105     208       12,900   SH        DEFINED 3,2     12,900
IONICS INC                      COM     462218108    4,048     170,000   SH        DEFINED 4,2     170,000
IPC HOLDINGS LTD                ORD     G4933P101    1,020      34,725   SH        DEFINED 2       34,725
JOHNSON & JOHNSON               COM     478160104    2,704      50,000   SH        DEFINED 3,2     50,000
KELLWOOD CO                     COM     488044108     257       11,225   SH        DEFINED 2       11,225
KENNAMETAL INC                  COM     489170100     321       10,000   SH        DEFINED 2       10,000
KERR MC GEE CORP                COM     492386107    6,082     140,000   SH        DEFINED 4,2     140,000
KEYSPAN CORP                    COM     49337W100     503       15,000   SH        DEFINED 4,2     15,000
KINDRED HEALTHCARE INC          COM     494580103     12         314     SH        DEFINED 4,2       314
KULICKE & SOFFA INDUSTRIES     NOTE     501242AE1    1,073    2,555,000  PRN       DEFINED 3,2     111,574
KULICKE & SOFFA INDUSTRIES      COM     501242101     229       78,060   SH        DEFINED 3,2     78,060
L-3 COMM HLDGS                 NOTE     502424AB0    3,483    2,400,000  PRN       DEFINED 3,2     58,896
L-3 COMMUNICATIONS CORP         COM     502424104    4,833      89,740   SH        DEFINED 3,2     89,740
LABORATORY CRP OF AMER HLDGS  COM NEW   50540R409    4,672     137,400   SH        DEFINED 3,4,2   137,400
LAMAR ADVERTISIN               NOTE     512815AF8    2,692    2,800,000  PRN       DEFINED 3,2     60,540
LAMAR ADVERTISING CO           CL A     512815101    1,201      39,050   SH        DEFINED 3,2     39,050
LEAR CORP                       COM     521865105     559       13,425   SH        DEFINED 2       13,425
LEHMAN BROS HLDG               FRNT     524908EC0    2,438    2,500,000  PRN       DEFINED 4,2     26,016
LENNOX INTERNATIONAL INC        COM     526107107     437       33,050   SH        DEFINED 3,2     33,050
LIBERTY MEDIA                COM SER A  530718105    9,679    1,348,048  SH        DEFINED 3,4,2  1,348,048
LINCOLN NATIONAL CORP INDIAN    COM     534187109    2,750      90,000   SH        DEFINED 4,2     90,000
LOCKHEED MARTIN CORP            COM     539830109    3,039      47,000   SH        DEFINED 3,2     47,000
LONGVIEW FIBRE CO               COM     543213102     397       57,200   SH        DEFINED 4,2     57,200
LOWES COMPANIES                NOTE     548661CG0   19,476    20,000,000 PRN       DEFINED 3,4,2   344,240
LOWE'S COS INC                  COM     548661107    6,915     163,300   SH        DEFINED 3,4,2   163,300
LUBRIZOL CORP                   COM     549271104     548       19,375   SH        DEFINED 2       19,375
MARATHON OIL CORP               COM     565849106    2,815     124,125   SH        DEFINED 4,2     124,125
MAXTOR CORP                     COM     577729205     199       76,350   SH        DEFINED 2       76,350
MBIA INC                        COM     55262C100     999       25,000   SH        DEFINED 4,2     25,000
MCDONALDS CORP                  COM     580135101    1,408      79,700   SH        DEFINED 4,2     79,700
MEDTRONIC INC                   COM     585055106    6,023     143,000   SH        DEFINED 3,2     143,000
MERRILL LYNCH                  NOTE     590188A65   14,430    28,000,000 PRN       DEFINED 3,4,2   159,004
MERRILL LYNCH                  FRNT     590188A73   34,082    36,500,000 PRN       DEFINED 3,4,2   504,477
MERRILL LYNCH & CO INC          COM     590188108    3,595     108,600   SH        DEFINED 3,4,2   108,600
METLIFE INC                     COM     59156R108    4,506     198,000   SH        DEFINED 4,2     198,000
MICROSOFT CORP                  COM     594918104    2,403      55,000   SH        DEFINED 3,2     55,000
MILACRON INC                    COM     598709103     192       42,675   SH        DEFINED 2       42,675
MIRAMAR MINING CORP.            COM     60466E100    2,159    2,296,406  SH        DEFINED 4,2    2,296,406
MONSANTO CO                     COM     61166W101    2,437     159,378   SH        DEFINED 4,2     159,378
MORGAN STANLEY INDIA INVEST     COM     61745C105     911      106,466   SH        DEFINED 4,2     106,466
MOTOROLA INC                   NOTE     620076AJ8    2,096    3,000,000  PRN       DEFINED 4,2     100,602
MSDW ASIA PACIFIC FUND          COM     61744U106    2,377     330,190   SH        DEFINED 4,2     330,190
NABORS INDS INC                DBCV     629568AF3    7,381    12,000,000 PRN       DEFINED 4,2     84,894
NABORS INDUSTRIES INC           SHS     G6359F103     295       9,000    SH        DEFINED 2        9,000
NACCO INDUSTRIES-CL A          CL A     629579103     466       11,700   SH        DEFINED 2       11,700
NATIONWIDE FINANCIAL SERV      CL A     638612101    1,335      50,000   SH        DEFINED 4,2     50,000
NEWHALL LAND & FARMING CO     DEP REC   651426108    2,878     117,000   SH        DEFINED 4,2     117,000
NEWS AMER INC                  NOTE     652482AZ3   37,533    80,300,000 PRN       DEFINED 3,4,2   975,508
NEWS CORP LTD                 SPNSADR   652487703     193       10,000   SH        DEFINED 4,2     10,000
NICOR INC                       COM     654086107     891       31,600   SH        DEFINED 4,2     31,600
NORFOLK SOUTHERN CORP.          COM     655844108   11,407     565,000   SH        DEFINED 4,2     565,000
NORTH FORK BANCORPORATION       COM     659424105    1,892      50,000   SH        DEFINED 4,2     50,000
NORTHERN TRUST CORP             COM     665859104    1,486      39,400   SH        DEFINED 4,2     39,400
OGDEN CORP                     SDCV     676346AC3     500     2,500,000  PRN       DEFINED 4,2     63,976
OLD REPUBLIC INTL CORP          COM     680223104    7,288     256,800   SH        DEFINED 4,2     256,800
OMNICOM GROUP                   COM     681919106    3,173      56,800   SH        DEFINED 3,4,2   56,800
OMNICOM GROUP                  NOTE     681919AK2    8,768    9,000,000  PRN       DEFINED 4,2     81,810
OMNICOM GROUP                  NOTE     681919AM8   11,797    12,500,000 PRN       DEFINED 3,4,2   113,625
ON COMMAND CORPORATION         W EXP    682160122      2       113,266   SH   CALL DEFINED 4,2     113,266
ORACLE CORP                     COM     68389X105    1,312     166,900   SH        DEFINED 4,2     166,900
PACIFICARE HEALTH SYSTEMS       COM     695112102     320       13,875   SH        DEFINED 2       13,875
PALL CORP                       COM     696429307    1,579     100,000   SH        DEFINED 4,2     100,000
PATHMARK STORES INC             COM     70322A101    6,720     734,432   SH        DEFINED 4,2     734,432
PAYLESS SHOESOURCE INC          COM     704379106    1,316      24,375   SH        DEFINED 2       24,375
PEABODY ENERGY CORP             COM     704549104    1,785      70,000   SH        DEFINED 3,2     70,000
PEPSI BOTTLING GROUP INC        COM     713409100    4,680     200,000   SH        DEFINED 4,2     200,000
PEPSICO INCORPORATED            COM     713448108    3,030      82,000   SH        DEFINED 3,2     82,000
PFIZER INC                      COM     717081103    4,730     163,000   SH        DEFINED 3,2     163,000
PHARMACIA CORPORATION           COM     71713U102    1,295      33,300   SH        DEFINED 4,2     33,300
PHILLIPS PETROLEUM CO           COM     20825C104    4,805     103,914   SH        DEFINED 4,2     103,914
PHOENIX COMPANIES INC           COM     71902E109    1,226      90,000   SH        DEFINED 4,2     90,000
PIONEER STANDARD ELECTRONICS    COM     723877106     357       49,375   SH        DEFINED 2       49,375
PLUM CREEK TIMBER CO            COM     729251108    1,131      50,000   SH        DEFINED 4,2     50,000
PNC FINANCIAL SERVICES GRP      COM     693475105    3,766      89,300   SH        DEFINED 4,2     89,300
PPL CORPORATION                 COM     69351T106    3,505     107,700   SH        DEFINED 4,2     107,700
PRECISION DRILLING CORP         COM     74022D100     963       32,000   SH        DEFINED 2       32,000
PRESIDENTIAL LIFE CORP          COM     740884101     118       8,225    SH        DEFINED 2        8,225
PRIME HOSPITALITY CORP          COM     741917108     52        6,375    SH        DEFINED 4,2      6,375
PROCTER & GAMBLE CO             COM     742718109    1,966      22,000   SH        DEFINED 3,2     22,000
PROSPECT STREET INCOME SHS      COM     743590101     947      165,785   SH        DEFINED 4,2     165,785
PROVINCE HEALTHCARE CO         NOTE     743977AC4    1,753    1,850,000  PRN       DEFINED 3,2     69,957
PROVINCE HEALTHCARE CO          COM     743977100     824       48,600   SH        DEFINED 3,2     48,600
PRUDENTIAL FINANCIAL INC        COM     744320102    2,056      72,000   SH        DEFINED 4,2     72,000
PUBLIC SVC CO N MEX COM         COM     69349H107     365       18,450   SH        DEFINED 2       18,450
PUBLIC SVC ENTERPRISE GRP IN    COM     744573106    3,855     128,300   SH        DEFINED 3,4,2   128,300
PULTE CORP                      COM     745867101    8,355     196,000   SH        DEFINED 4,2     196,000
QUALCOMM INC                    COM     747525103    1,795      65,000   SH        DEFINED 3,2     65,000
QUANTUM CORP-DLT & STORAGE   COM DSSG   747906204     262      118,500   SH        DEFINED 2       118,500
QWEST COMMUNICATIONS INTL       COM     749121109     255      111,800   SH        DEFINED 4,2     111,800
R.H. DONNELLEY CORP             COM     74955W307     445       17,100   SH        DEFINED 2       17,100
RADIAN GROUP INC                COM     750236101     670       20,525   SH        DEFINED 2       20,525
REGENERON PHARM                NOTE     75886FAB3    3,249    4,520,000  PRN       DEFINED 4,2     149,415
RELIANT RESOURCES INC           COM     75952B105     627      358,500   SH        DEFINED 4,2     358,500
REPUBLIC BANCORP                COM     760282103     389       29,955   SH        DEFINED 2       29,955
RESMED INC                      COM     761152107     415       14,400   SH        DEFINED 3,2     14,400
RESMED INC                     NOTE     761152AB3    1,309    1,450,000  PRN       DEFINED 3,2     23,927
RFS HOTEL INVESTORS INC         COM     74955J108     468       42,600   SH        DEFINED 2       42,600
SARA LEE CORP                   COM     803111103     945       51,650   SH        DEFINED 2       51,650
SCANA CORP                      COM     80589M102     451       17,321   SH        DEFINED 4,2     17,321
SCHLUMBERGER LIMITED            COM     806857108    2,254      58,600   SH        DEFINED 3,2     58,600
SCHOOL SPECIALTY INC            COM     807863105     696       27,370   SH        DEFINED 3,2     27,370
SEALED AIR CORP               PFD CV    81211K209    1,089      49,500   SH        DEFINED 4,2     49,500
SEMTECH CORP                    COM     816850101     435       43,100   SH        DEFINED 3,2     43,100
SEMTECH CORP                   NOTE     816850AD3    1,932    2,400,000  PRN       DEFINED 3,2     56,832
SENIOR HOUSING PROP TRUST      SHINT    81721M109     340       30,300   SH        DEFINED 4,2     30,300
SERVICEMASTER COMPANY           COM     81760N109     540       49,750   SH        DEFINED 2       49,750
SHERWIN WILLIAMS CO             COM     824348106     543       22,950   SH        DEFINED 2       22,950
SIEBEL SYSTEMS                 NOTE     826170AC6    1,780    2,000,000  PRN       DEFINED 4,2     85,777
SIRIUS SATELLITE RADIO INC      COM     82966U103    1,619    1,619,172  SH        DEFINED 4,2    1,619,172
SIZELER PROP INV               SDCV     830137AB1    1,834    1,800,000  PRN       DEFINED 4,2     163,636
SK TELECOM CO LTD-ADR         SPS ADR   78440P108    5,311     250,000   SH        DEFINED 4,2     250,000
SOLECTRON CORP                  COM     834182107     245      116,225   SH        DEFINED 2       116,225
SOUTHTRUST CORP                 COM     844730101     372       15,325   SH        DEFINED 2       15,325
SPANISH BROADCASTING SYS       CL A     846425882    1,603     244,800   SH        DEFINED 4,2     244,800
SPHERION CORPORATION            COM     848420105     342       48,475   SH        DEFINED 2       48,475
SPRINT CORP-PCS GROUP           COM     852061506    2,328    1,228,428  SH        DEFINED 3,4,2  1,228,428
STAR GAS PARTNER              SRSBUN    85512C204     295       29,229   SH        DEFINED 4,2     29,229
STARBUCKS CORP                  COM     855244109    1,444      70,000   SH        DEFINED 3,2     70,000
STEIN MART INC                  COM     858375108     73        12,475   SH        DEFINED 2       12,475
STMICROELECTRON                NOTE     861012AB8    5,944    7,500,000  PRN       DEFINED 4,2     197,190
SUNOCO INC                      COM     86764P109    3,016     100,000   SH        DEFINED 4,2     100,000
SYMANTEC CORP                   COM     871503108    1,962      57,200   SH        DEFINED 3,2     57,200
SYMANTEC CORP                  NOTE     871503AB4    3,015    2,400,000  PRN       DEFINED 3,2     70,299
TECH DATA CORP                  COM     878237106     858       31,500   SH        DEFINED 4,2     31,500
TEEKAY SHIPPING CORP            COM     Y8564W103    4,574     160,500   SH        DEFINED 4,2     160,500
TEJON RANCH                     COM     879080109    1,139      46,700   SH        DEFINED 4,2     46,700
TELLABS INC                     COM     879664100     415      102,025   SH        DEFINED 2       102,025
TENET HEALTHCARE CORP           COM     88033G100     520       10,500   SH        DEFINED 2       10,500
TJX COS INC                    NOTE     872540AL3    9,010    11,800,000 PRN       DEFINED 3,4,2   385,471
TJX COS. INC.                   COM     872540109    3,561     196,200   SH        DEFINED 3,4,2   196,200
TRANSOCEAN SEDCO               DBCV     893830AA7    3,075    5,000,000  PRN       DEFINED 4,2     40,783
TRAVELERS PROPERTY CASUALTY    CL A     89420G109     596       45,184   SH        DEFINED 4,2     45,184
TRENWICK GROUP LTD              COM     G9032C109   19,278    3,707,400  SH        DEFINED 4,2,1  3,707,400
TRIBUNE CO                      COM     896047107    3,763      90,000   SH        DEFINED 3,2     90,000
TRINITY INDUSTRIES              COM     896522109     243       14,775   SH        DEFINED 2       14,775
TRIZEC PROPERTIES INC           COM     89687P107     686       60,425   SH        DEFINED 2       60,425
TYCO INTERNATIONAL LTD          COM     902124106     236       16,750   SH        DEFINED 2       16,750
UNION PACIFIC                   COM     907818108     582       10,050   SH        DEFINED 2       10,050
UNITED PARCEL SERVICE          CL B     911312106    2,783      44,500   SH        DEFINED 3,2     44,500
UNITEDHEALTH GROUP INC          COM     91324P102   24,402     279,775   SH        DEFINED 4,2     279,775
UNIVERSAL CORP-VA               COM     913456109     369       10,525   SH        DEFINED 2       10,525
UNOCAL CORP                     COM     915289102     785       25,000   SH        DEFINED 4,2     25,000
US BANCORP                      COM     902973304    1,115      60,000   SH        DEFINED 4,2     60,000
USFREIGHTWAYS CORPORATION       COM     916906100     365       12,725   SH        DEFINED 2       12,725
VALERO ENERGY CORP              COM     91913Y100    5,294     200,000   SH        DEFINED 4,2     200,000
VEECO INSTRUMENTS INC.          COM     922417100     233       21,650   SH        DEFINED 3,2     21,650
VENATOR GROUP                  NOTE     922944AB9    2,388    2,500,000  PRN       DEFINED 3,2     158,168
VENTAS INC                      COM     92276F100    2,475     184,575   SH        DEFINED 3,4,2   184,575
VERITAS SOFTWARE CORP           COM     923436109     246       16,300   SH        DEFINED 4,2     16,300
VERIZON COMMUNICATIONS          COM     92343V104     863       31,200   SH        DEFINED 4,2     31,200
VERIZON GLOBAL                 NOTE     92344GAN6   13,656    25,000,000 PRN       DEFINED 4,2     198,295
VIAD CORP                       COM     92552R109     750       36,700   SH        DEFINED 2       36,700
WAL MART STORES INC             COM     931142103    3,176      64,500   SH        DEFINED 3,2     64,500
WASHINGTON MUTUAL INC           COM     939322103    1,006      31,975   SH        DEFINED 2       31,975
WELLS FARGO & COMPANY           COM     949746101    4,816     100,000   SH        DEFINED 3,2     100,000
WEYERHAEUSER COMPANY            COM     962166104     219       5,000    SH        DEFINED 2        5,000
WILLIAMS COS INC                COM     969457100     231      102,212   SH        DEFINED 4,2     102,212
WILSONS THE LEATHER EXPERTS     COM     972463103     300       42,200   SH        DEFINED 2       42,200
XCEL ENERGY INC                 COM     98389B100    2,068     222,100   SH        DEFINED 4,2     222,100
XL CAPITAL LTD-CLASS A         CL A     G98255105     478       6,500    SH        DEFINED 2        6,500
YOUNG BROADCASTING             CL A     987434107     489       56,400   SH        DEFINED 4,2     56,400

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