FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: March 31, 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 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: 324

Form 13F Information Table Value Total: 1,609,319.45    (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                CL A     G1150G111    3,500     4,2      131100     SH       DEFINED   131100
ACME COMM INC             COM     004631107    1,371     3,2      132595     SH       DEFINED   132595
ACXIOM CORP               COM     005125109     407      3,2      24800      SH       DEFINED   24800
ADELPHIA COMM            NOTE     006848BG9    5,524    4,2,1    7000000    PRN       DEFINED
AETNA INC                 COM     00817Y108    2,030      2       52300      SH       DEFINED   52300
AFFIL COMP              SUBNTCV   008190AF7    3,465     3,2     2400000    PRN       DEFINED
AFFILIATED COMP          CL A     008190100    2,380     3,2      42400      SH       DEFINED   42400
AGCO CORP                 COM     001084102     163       2        7125      SH       DEFINED    7125
AGERE SYS INC-A          CL A     00845V100    1,903     4,2      489100     SH       DEFINED   489100
AGILENT TECH              COM     00846U101    6,261    3,4,2     179100     SH       DEFINED   179100
ALBERTA EN                COM     012873105    3,156     4,2      71900      SH       DEFINED   71900
ALCOA INC                 COM     013817101    5,586    3,4,2     148000     SH       DEFINED   148000
ALLEGHENY EN INC          COM     017361106    4,300     4,2      104000     SH       DEFINED   104000
ALLSTATE CORP             COM     020002101     778      3,2      20600      SH       DEFINED   20600
ALLTEL CORP               COM     020039103    5,583     4,2      100500     SH       DEFINED   100500
AMBAC FIN GRP             COM     023139108    6,498    3,4,2     110000     SH       DEFINED   110000
AMERADA HESS              COM     023551104    8,730     4,2      110000     SH       DEFINED   110000
AMERICA ONLINE           NOTE     02364JAC8    6,630     4,2     12450000   PRN       DEFINED
AMERICAN EXPRESS          COM     025816109    2,662    3,4,2     65000      SH       DEFINED   65000
AMERICAN INTL GR          COM     026874107    4,342    3,4,2     60190      SH       DEFINED   60190
AMERICAN NAT INS          COM     028591105     473       2        5000      SH       DEFINED    5000
AMERICAN PHYS CAP         COM     028884104     550       2       28200      SH       DEFINED   28200
AMERISOURCEBERGEN         COM     03073E105    2,808     3,2      41110      SH       DEFINED   41110
AMGEN INC                 COM     031162100   10,432    3.4.2     174800     SH       DEFINED   174800
AMN HEALTHCARE SER        COM     001744101     404      4,2      15000      SH       DEFINED   15000
ANADARKO PET              COM     032511107    6,618     4,2      117250     SH       DEFINED   117250
ANIXTER INTL INC          COM     035290105     414       2       13975      SH       DEFINED   13975
AON CORP                  COM     037389103   17,500     4,2      500000     SH       DEFINED   500000
APACHE CORP               COM     037411105    2,304     3,2      40500      SH       DEFINED   40500
APPLIED MAT INC           COM     038222105    3,528     3,2      65000      SH       DEFINED   65000
ARDEN REALTY GROUP INC    COM     039793104    1,005     4,2      35400      SH       DEFINED   35400
ARRIS GROUP               COM     04269Q100     372      4,2      40000      SH       DEFINED   40000
ARVINMERITOR INC          COM     043353101     416       2       14575      SH       DEFINED   14575
AT & T CORPORATION        COM     001957109    5,574     3,2      355001     SH       DEFINED   355001
AT&T WRLESS SER           COM     00209A106     662      4,2      73993      SH       DEFINED   73993
ATLAS AIR WWHLDGS         COM     049164106     645     4,2,1     49000      SH       DEFINED   49000
AVAYA INC                 COM     053499109     759     3,4,2     102901     SH       DEFINED   102901
AVAYA INC               LYONZR    053499AA7    1,849    3,4,2    4500000    PRN       DEFINED
BARNES & NOBLE INC        COM     067774109    1,750     3,2      56480      SH       DEFINED   56480
BEA SYSTEMS INC           COM     073325102     679      3,2      49500      SH       DEFINED   49500
BEA SYSTEMS INC          SBCV     073325AD4    1,959     3,2     2350000    PRN       DEFINED
BECKMAN COULTER INC       COM     075811109     306       2        6000      SH       DEFINED    6000
BECTON DICKINSON & CO     COM     075887109    2,527     4,2      67000      SH       DEFINED   67000
BEDFORD PPTY INV         COMPR    076446301     146      4,2       5700      SH       DEFINED    5700
BELLSOUTH CORP            COM     079860102    2,580     4,2      70000      SH       DEFINED   70000
BISYS GROUP              SBCV     055472AB0    3,286     3,2     2650000    PRN       DEFINED
BISYS GROUP INC/THE       COM     055472104    1,791     3,2      50800      SH       DEFINED   50800
BKF CAPITAL GROUP INC     COM     05548G102     198       2        6625      SH       DEFINED    6625
BOEING COMPANY            COM     097023105    1,294      2       26825      SH       DEFINED   26825
BORG WARNER AUTO          COM     099724106     499       2        7925      SH       DEFINED    7925
BOSTON PPTY               COM     101121101    1,184     4,2      30000      SH       DEFINED   30000
BOWNE & CO INC            COM     103043105     437       2       31050      SH       DEFINED   31050
BRANDYWINE REALTRST     SHINTNW   105368203     471      4,2      19700      SH       DEFINED   19700
BRISTOL-MYERS SQUIBB      COM     110122108    5,073     4,2      125300     SH       DEFINED   125300
BUCKHEAD AMERICA          COM     11835A105      4       4,2      21579      SH       DEFINED   21579
BURLINGTON RES INC        COM     122014103    1,431     4,2      35700      SH       DEFINED   35700
CABLEVISION SYS       CLANYCBLVS  12686C109    6,018     4,2      177000     SH       DEFINED   177000
CARDINAL HEALTH  INC.     COM     14149Y108    4,568     3,2      64437      SH       DEFINED   64437
CARNIVAL CORP             COM     143658102   12,283    3,4,2     376200     SH       DEFINED   376200
CATELLUS DEVELOP          COM     149111106    2,119     4,2      107724     SH       DEFINED   107724
CBRL GROUP INC            COM     12489V106    1,226      2       43600      SH       DEFINED   43600
CELESTICA INC          SUBVTGSHS  15101Q108    4,319    3,4,2     119100     SH       DEFINED   119100
CELESTICA INC           LYONZR    15101QAA6   10,535    3,4,2    24380000   PRN       DEFINED
CENDANT CORP             DEBT     151313AF0   10,126    3,4,2    14005000   PRN       DEFINED
CENDANT CORP              COM     151313103    6,348    3,4,2     330600     SH       DEFINED   330600
CENTEX CORP               COM     152312104     675       2       13000      SH       DEFINED   13000
CEPHALON INC              COM     156708109    1,827      2       29000      SH       DEFINED   29000
CHARTER COMM INC         SUBCV    16117MAB3    3,690     4,2     4200000    PRN       DEFINED
CHARTER COMM-A            CLA     16117M107    5,137    3,4,2     455000     SH       DEFINED   455000
CHIRON CORP               COM     170040109   11,055    3,4,2     240900     SH       DEFINED   240900
CHIRON CORP             LYONZR    170040AE9   29,963    3,4,2    54500000   PRN       DEFINED
CISCO SYSTEMS INC         COM     17275R102    4,063     3,2      240000     SH       DEFINED   240000
CITIGROUP INC             COM     172967101    8,567    3,4,2     173000     SH       DEFINED   173000
CLEAR CHANNEL            NOTE     184502AB8    3,057     4,2     3000000    PRN       DEFINED
CLEAR CHANNEL            NOTE     184502AE2    6,338     4,2     6500000    PRN       DEFINED
CLEAR CHANNEL             COM     184502102    2,828    3,4,2     55000      SH       DEFINED   55000
CLEVELAND-CLIFFS INC      COM     185896107     372       2       16925      SH       DEFINED   16925
CNA SURETY CORP           COM     12612L108   412,748   4,2,1    27425147    SH       DEFINED  27425147
CNF INC                   COM     12612W104    1,622      2       49175      SH       DEFINED   49175
COCA COLA CO              COM     191216100    1,568     3,2      30000      SH       DEFINED   30000
COLT TELECOM              ADR     196877104     17       4,2       5760      SH       DEFINED    5760
COMCAST CORP            CLASPL    200300200    3,180     3,2      100000     SH       DEFINED   100000
COMMUNICATION INTELL      COM     20338K106     453      4,2      411600     SH       DEFINED   411600
COMPUTER ASS INTL         COM     204912109    1,385      2       63250      SH       DEFINED   63250
CONOCO INC                COM     208251504    4,640     4,2      159000     SH       DEFINED   159000
CONSTELLATION ENGY        COM     210371100    4,467     4,2      144800     SH       DEFINED   144800
COOPER INDUSTRIES         COM     216669101    1,558      2       37150      SH       DEFINED   37150
CORRECTIONS CORP        PFDCVB    22025Y308      0       4,2        2        SH       DEFINED     2
CORRECTIONS CORPAM      COMNEW    22025Y407     28       4,2       2120      SH       DEFINED
CSX CORP.                 COM     126408103    4,497     4,2      118000     SH       DEFINED   118000
CYTEC INDUSTRIES INC      COM     232820100    1,167      2       38350      SH       DEFINED   38350
DEL MONTE FOODS CO        COM     24522P103     354       2       36375      SH       DEFINED   36375
DELL COMPUTER CORP        COM     247025109    2,089     3,2      80000      SH       DEFINED   80000
DELPHI FINCL             CL A     247131105    5,003     4,2      127600     SH       DEFINED   127600
DELTA AIR INC             COM     247361108     327       2       10000      SH       DEFINED
DILLARDS INC-CL A        CL A     254067101     761       2       31875      SH       DEFINED   31875
DOLLAR THRIFTY AUTO       COM     256743105    2,115      2       100000     SH       DEFINED   100000
DOMINION RES INC          COM     25746U109    1,629    3,4,2     25000      SH       DEFINED
DR HORTON INC             COM     23331A109   13,572     4,2      360000     SH       DEFINED   360000
DU PONT DE NEM            COM     263534109     472      4,2      10000      SH       DEFINED   10000
DUKE POWER CO.            WI      264399106     378       2       10000      SH       DEFINED   10000
DYCOM IND INC             COM     267475101    3,378     4,2      225934     SH       DEFINED   225934
EATON VANCE            COMNOVTG   278265103    4,243    3,4,2     106200     SH       DEFINED   106200
ECHOSTAR COMM            SBCV     278762AD1     533      3,2      590000    PRN       DEFINED
ECHOSTAR COMM            CL A     278762109     274      3,2       9685      SH       DEFINED    9685
EL PASO CORP              COM     28336L109    3,324     4,2      75500      SH       DEFINED   75500
ELDERTRUST             COMSHINT   284560109    1,645     4,2      208200     SH       DEFINED   208200
ELEC DATA SYS           SRCVZRO   285661AB0   20,425    3,4,2    26000000   PRN       DEFINED
ELECTRONIC DATA SYS       COM     285661104   13,952    3,4,2     240600     SH       DEFINED   240600
ELI LILLY & CO            COM     532457108    3,421     3,2      44900      SH       DEFINED   44900
EMC CORP                  COM     268648102      6       4,2       480       SH       DEFINED    480
ESTERLINE TECHCORP        COM     297425100     527       2       25825      SH       DEFINED   25825
FIRST CITIZENS BCSHSA    CL A     31946M103     51        2        500       SH       DEFINED    500
FIRST DATA CORP           COM     319963104    4,799     3,2      55000      SH       DEFINED   55000
FLEET BOSTON FINCL        COM     339030108     700      4,2      20000      SH       DEFINED   20000
FLEMING COS INC           COM     339130106    1,396     3,2      62300      SH       DEFINED   62300
FMC CORP (NEW)          COMNEW    302491303    1,841      2       43925      SH       DEFINED   43925
FMC TECH INC              COM     30249U101     530       2       26600      SH       DEFINED   26600
FOOT LOCKER INC           COM     344849104    2,129     3,.2     131600     SH       DEFINED   131600
FORD MOTOR                COM     345370860   15,666    3,4,2     950000     SH       DEFINED   950000
FORTUNE BRANDS            COM     349631101    1,271      2       25750      SH       DEFINED   25750
FPL GROUP                 COM     302571104    1,191     4,2      20000      SH       DEFINED   20000
FREDDIE MAC               COM     313400301   10,393     3,2      164000     SH       DEFINED   164000
FREEPORT MCMORAN          CLB     35671D857    1,390      2       78875      SH       DEFINED   78875
FRONTLINE LTD.            ORD     G3682E127    2,854     4,2      250000     SH       DEFINED   250000
GABLES RES TRUST         SHINT    362418105     429       2       13825      SH       DEFINED   13825
GEN SEMICONDUCTR         NOTE     370787AB9     993       2      1000000    PRN       DEFINED
GENENTECH INC           COMNEW    368710406    1,986    3,4,2     39370      SH       DEFINED   39370
GENERAL CABLE CO          COM     369300108     216       2       15150      SH       DEFINED   15150
GENERAL ELECTRIC          COM     369604103    5,150    3,4,2     137510     SH       DEFINED   137510
GENERAL MOTORS         DEBSRCVB   370442733   34,163    3,4,2    1250000    PRN       DEFINED
GENERAL MOTORS         DEBSRCVA   370442741   18,564    3,4,2     700000    PRN       DEFINED
GENERAL MOTORS            COM     370442105   16,322    3,4,2     270000     SH       DEFINED   270000
GENERAL MOTORS-HUGHES     CLH     370442832    4,647     4,2      282500     SH       DEFINED   282500
GENUITY INC-A             CLA     37248E103     152      4,2      175000     SH       DEFINED   175000
GEORGIA-PACIFIC CO     COMGAPAC   373298108     598       2       19975      SH       DEFINED   19975
GLIMCHER REALTY TRST     SHINT    379302102     796       2       42900      SH       DEFINED   42900
GREAT LAKES REIT INC      COM     390752103    1,101     4,2      65000      SH       DEFINED   65000
HARRIS CORP               COM     413875105     359       2       10000      SH       DEFINED   10000
HCA INC                   COM     404119109    3,526     3,2      80000      SH       DEFINED   80000
HEALTH CARE PPTYS         COM     421915109    1,338     4,2      33000      SH       DEFINED   33000
HEALTH NET INC            COM     42222G108    1,570      2       57225      SH       DEFINED   57225
HEALTHCARE REALTY TRST    COM     421946104    7,151     4,2      235525     SH       DEFINED   235525
HEALTHSOUTH CORP         SBCV     421924AF8    3,860     4,2     4000000    PRN       DEFINED
HEALTHSOUTH CORP          COM     421924101    8,969     4,2      625000     SH       DEFINED   625000
HEARST-ARGYLE TEL         COM     422317107    4,575     4,2      185000     SH       DEFINED   185000
HERBALIFE INTL-CL B      CL B     426908307     329       2       24100      SH       DEFINED   24100
HERCULES INC              COM     427056106    1,046     4,2      78600      SH       DEFINED   78600
HEWLETT-PACKARD CO.       COM     428236103    2,656     4,2      148075     SH       DEFINED   148075
HILTON HOTELS CORP        COM     432848109     358      4,2      25000      SH       DEFINED   25000
HOME DEPOT                COM     437076102    2,576     3,2      53000      SH       DEFINED   53000
HONEYWELL INTL INC        COM     438516106    2,296     3,2      60000      SH       DEFINED   60000
HOUSEHOLD INTL INC        COM     441815107    7,952    3,4,2     140000     SH       DEFINED   140000
IMC GLOBAL INC            COM     449669100     984      4,2      66700      SH       DEFINED   66700
INGERSOLL RAND CO        CL A     G4776G101    1,501     4,2      30000      SH       DEFINED   30000
INSWEB CORP               COM     45809K202     600      4,2     117619.5    SH       DEFINED  117619.5
INTEL CORP                COM     458140100    2,104     3,2      69200      SH       DEFINED   69200
IBM                       COM     459200101   23,991    3,4,2     230680     SH       DEFINED   230680
INTERNATIONAL PAPER CO    COM     460146103    4,301     4,2      100000     SH       DEFINED   100000
INTERSTATE BAKERIES       COM     46072H108     195       2        8050      SH       DEFINED    8050
INTL RECTIFIER CORP       COM     460254105     586      3,2      12900      SH       DEFINED   12900
IONICS INC                COM     462218108     962      4,2      30000      SH       DEFINED   30000
IPC HOLDINGS LTD          ORD     G4933P101     706      4,2      21700      SH       DEFINED   21700
IVAX CORP                 COM     465823102     971      3,2      60525      SH       DEFINED   60525
IVAX CORP              SRSBNTCV   465823AD4    2,148     3,2     2400000    PRN       DEFINED
JOHNSON & JOHNSON         COM     478160104    1,321    3,4,2     20340      SH       DEFINED   20340
JOY GLOBAL INC            COM     481165108     370      4,2      22700      SH       DEFINED   22700
KELLWOOD CO               COM     488044108     638       2       26250      SH       DEFINED   26250
KENNAMETAL INC            COM     489170100     404       2       10000      SH       DEFINED   10000
KERR MC GEE CORP          COM     492386107    8,799     4,2      140000     SH       DEFINED   140000
KEY3MEDIA GROUP           COM     49326R104     179       2       38950      SH       DEFINED   38950
KEYSPAN CORP              COM     49337W100    4,367     4,2      120000     SH       DEFINED   120000
KINDRED HEALTHCARE INC    COM     494580103     13       4.2       314       SH       DEFINED    314
KULICKE & SOFFA          SUBCV    501242AE1    3,748     3,2     3450000    PRN       DEFINED
KULICKE & SOFFA INDUST    COM     501242101    2,193     3,2      105400     SH       DEFINED   105400
L-3 COMMUNICATIONS COR    COM     502424104    2,617     3,2      23370      SH       DEFINED   23370
LABORATORY CRP OF AMER  COMNEW    50540R409    9,366    3,4,2     97700      SH       DEFINED   97700
LAM RESEARCH CORP         COM     512807108     804      3,2      27430      SH       DEFINED   27430
LAMAR ADVERTISIN         NTCV     512815AF8    2,978     3,2     2800000    PRN       DEFINED
LAMAR ADVERTISING CO     CL A     512815101    1,586     3,2      39050      SH       DEFINED   39050
LATTICE SEMICOND         SUBCV    518415AC8    2,618     3,2     2450000    PRN       DEFINED
LATTICE SEMICONDUCTOR     COM     518415104    1,557     3,2      88800      SH       DEFINED   88800
LEAR CORP                 COM     521865105    1,270      2       26675      SH       DEFINED   26675
LIBERTY MEDIA            COMA     530718105   17,039    3,4,2    1348048     SH       DEFINED  1348048
LINCOLN NATL CORP INDI    COM     534187109    4,566     4,2      90000      SH       DEFINED   90000
LOCKHEED MARTIN CORP      COM     539830109    2,706     3.2      47000      SH       DEFINED   47000
LONGVIEW FIBRE CO         COM     543213102    1,980     4,2      192200     SH       DEFINED   192200
LORAL SPACE & COMM        COM     G56462107     407      4,2      189400     SH       DEFINED   189400
LOWES COMPANIES          NOTE     548661CG0   19,035    3,4,2    20000000   PRN       DEFINED
LOWE'S COS INC            COM     548661107    8,902    3,4,2     204680     SH       DEFINED   204680
LSI CORP                  COM     502161102     542      3,2      31900      SH       DEFINED   31900
LSI LOGIC                SBCV     502161AD4    1,055     3,2      910000    PRN       DEFINED
LUBRIZOL CORP             COM     549271104    1,382      2       39725      SH       DEFINED   39725
LUCENT TECHNOLOGIES       COM     549463107   10,231    3,4,2    2163000     SH       DEFINED  2163000
MARATHON OIL CORP         COM     565849106    6,843    3,4,2     237600     SH       DEFINED   237600
MBIA INC                  COM     55262C100    1,367     4,2      25000      SH       DEFINED   25000
MEDTRONIC INC             COM     585055106    6,465    3,4,2     143000     SH       DEFINED   143000
MERRILL LYNCH & CO INC    COM     590188108    8,800    3,4,2     158900     SH       DEFINED   158900
METLIFE INC               COM     59156R108    6,804     4,2      216000     SH       DEFINED   216000
MICRON TECHNOLOGY INC     COM     595112103    1,810     3,2      55000      SH       DEFINED   55000
MICROSOFT CORP            COM     594918104    3,317    3,4,2     55000      SH       DEFINED   55000
MILACRON INC              COM     598709103     623       2       42675      SH       DEFINED   42675
MONSANTO CO               COM     61166W101     528       2       16725      SH       DEFINED   16725
MORGAN STANLEY DEAN WI  COMNEW    617446448     30       4,2       520       SH       DEFINED    520
MORGAN STANLEY INDIA I    COM     61745C105     779      4,2      78026      SH       DEFINED   78026
MSDW ASIA PACIFIC FUND    COM     61744U106    2,855     4,2      335900     SH       DEFINED   335900
NABORS INDS INC          DBCV     629568AF3    8,623     4.2     15000000   PRN       DEFINED
NABORS INDUSTRIES INC     COM     629568106     380      3,2       9000      SH       DEFINED    9000
NACCO INDUSTRIES-CL A    CL A     629579103     602       2        9075      SH       DEFINED    9075
NATIONWIDE FINANCIAL S   CL A     638612101    2,140     4,2      50000      SH       DEFINED   50000
NEIMAN MARCUS GROUP      CL B     640204301     223      4,2       6800      SH       DEFINED    6800
NEWHALL LAND & FARMING  DEPREC    651426108    4,085     4,2      130500     SH       DEFINED   130500
NEWMONT MINING CORP HL    COM     651639106    4,984     4,2      180000     SH       DEFINED   180000
NEWS AMER INC            NOTE     652482AZ3   21,933    3,4,2    46500000   PRN       DEFINED
NEWS CORP LTD           ADRNEW    652487703     568      4,2      20000      SH       DEFINED   20000
NEWS CORP LTD           ADRPFD    652487802   10,111    3,4,2     421300     SH       DEFINED   421300
NIKE INC CL B            CL B     654106103    2,100     3.2      35000      SH       DEFINED   35000
NOKIA CORP                ADR     654902204    1,037     3,2      50000      SH       DEFINED   50000
NORFOLK SOUTHERN CORP.    COM     655844108   13,526     4,2      565000     SH       DEFINED   565000
NORTH FORK BANCORPORAT    COM     659424105    3,556     4,2      100000     SH       DEFINED   100000
NOVELLUS SYSTEMS         NOTE     670008AB7    4,118    3,4,2    4000000    PRN       DEFINED
NOVELLUS SYSTEMS INC      COM     670008101     260     3,4,2      4800      SH       DEFINED    4800
NVIDIA CORP               COM     67066G104    1,850     3,2      41700      SH       DEFINED   41700
NVIDIA CORP             SBNTCV    67066GAA2    2,728     3,2     2250000    PRN       DEFINED
OCEAN ENERGY INC          COM     67481E106     960       2       48500      SH       DEFINED   48500
OLD REPUBLIC INTL CORP    COM     680223104    8,210    3,4,2     256800     SH       DEFINED   256800
OMNICOM GROUP             COM     681919106    4,843    3,4,2     51300      SH       DEFINED   51300
OMNICOM GROUP            NOTE     681919AK2   24,714    3,4,2    24000000   PRN       DEFINED
ON COMMND CLB WTS        WTBEX    682160122     23       4,2      123130     SH  CALL DEFINED   123130
OWENS-ILL INC           PFDCONV   690768502     528      4,2      20500      SH       DEFINED   20500
PALL CORP                 COM     696429307    2,049     4,2      100000     SH       DEFINED   100000
PATHMARK STORES INC       COM     70322A101   17,590     4,2      734432     SH       DEFINED   734432
PAXSON COMMUNICATIONS     COM     704231109     578      4,2      52700      SH       DEFINED   52700
PAYCHEX INC               COM     704326107     22       4,2       560       SH       DEFINED    560
PAYLESS SHOESOURCE INC    COM     704379106    1,731      2       28350      SH       DEFINED   28350
PEABODY ENERGY CORP       COM     704549104    2,027     3,2      70000      SH       DEFINED   70000
PEPSI BOTTLING GROUP I    COM     713409100    5,174     4,2      200000     SH       DEFINED   200000
PEPSICO INCORPORATED      COM     713448108    4,223     3,2      82000      SH       DEFINED   82000
PERFORMANCE FOOD        SUBNTCV   713755AA4    3,159     3,2     2600000    PRN       DEFINED
PERFORMANCE FD GRP        COM     713755106    2,125     3,2      65050      SH       DEFINED   65050
PFIZER INC                COM     717081103    5,285     3,2      133000     SH       DEFINED   133000
PHARMACIA CORP            COM     71713U102    5,193     4,2      115200     SH       DEFINED   115200
PHILLIPS PET CO           COM     718507106    2,917    3,4,2     46450      SH       DEFINED   46450
PHOENIX CO INC            COM     71902E109    2,304     4,2      120000     SH       DEFINED   120000
PIONEER STNDRD ELEC       COM     723877106     484       2       34225      SH       DEFINED   34225
PLACER DOME INC           COM     725906101    1,153     4,2      94130      SH       DEFINED   94130
PLUM CREEK TIMBER         COM     729251108    1,486     4,2      50000      SH       DEFINED   50000
POTOMAC ELEC POW          COM     737679100     381      4,2      16300      SH       DEFINED   16300
PPL CORPORATION           COM     69351T106    3,169     4,2      80000      SH       DEFINED   80000
PRECISION DRILLING COR    COM     74022D100    1,061      2       33200      SH       DEFINED   33200
PRESIDENTIAL LIFE CORP    COM     740884101     187       2        8225      SH       DEFINED    8225
PRIME HOSPITALITY CORP    COM     741917108     84      3,4,2      6375      SH       DEFINED    6375
PROSPECT STREET INCOME    COM     743590101    1,059     4,2    157063.99    SH       DEFINED 157063.99
PROVINCE HEALTHC        SBNTCV    743977AC4    1,915     3,2     1850000    PRN       DEFINED
PROVINCE HEALTHCARE CO    COM     743977100    1,029     3,2      32400      SH       DEFINED   32400
PRUDENTIAL FINANCIAL I    COM     744320102    5,946     4,2      191500     SH       DEFINED   191500
PUBLIC SVC CO N MEX CO    COM     69349H107     566       2       18450      SH       DEFINED   18450
PULTE CORP                COM     745867101    9,379    3,4,2     196000     SH       DEFINED   196000
QUALCOMM INC              COM     747525103    2,070     3,2      55000      SH       DEFINED   55000
QUANTUM CORP-DLT & STO COM DSSG   747906204     943       2       118500     SH       DEFINED   118500
QWEST COMMUNICATIONS I    COM     749121109    1,644     4,2      200000     SH       DEFINED   200000
R.H. DONNELLEY CORP     COMNEW    74955W307     520       2       17100      SH       DEFINED   17100
RADIAN GROUP INC          COM     750236101    1,229      2       25050      SH       DEFINED   25050
RAYTHEON COMPANY        COMNEW    755111507    3,235     4,2      78800      SH       DEFINED   78800
REGENERON PHARM          NOTE     75886FAB3    2,750     4,2     2600000    PRN       DEFINED
REPUBLIC BANCORP          COM     760282103     419       2       29955      SH       DEFINED   29955
SARA LEE CORP             COM     803111103     852       2       41025      SH       DEFINED   41025
SCANA CORP                COM     80589M102   14,596     4,2      477000     SH       DEFINED   477000
SCHLUMBERGER LIMITED      COM     806857108    3,447     3,2      58600      SH       DEFINED   58600
SCUDDER INTERMEDIATE GSH BEN INT  811163104    1,022     4,2      149800     SH       DEFINED   149800
SEMTECH CORP            SBNTCV    816850AD3    2,643     3,2     2400000    PRN       DEFINED
SENIOR HOUSING PROP TR   SHINT    81721M109     432      4,2      30000      SH       DEFINED   30000
SERVICEMASTER COMPANY     COM     81760N109    1,035      2       75250      SH       DEFINED   75250
SHERWIN WILLIAMS CO       COM     824348106     965       2       33875      SH       DEFINED   33875
SIERRA PACIFIC RESOURC    COM     826428104     413       2       27375      SH       DEFINED   27375
SIRIUS SATELLITE RADIO    COM     82966U103    8,614     4,2     1619172     SH       DEFINED  1619172
SLI INC                   COM     78442T108     16        2        6100      SH       DEFINED    6100
SOUTHTRUST CORP           COM     844730101     405       2       15325      SH       DEFINED   15325
SPANISH BROADCASTING S    CLA     846425882    3,317     4,2      244800     SH       DEFINED   244800
SPRINT CORP(PCS)          EU      852061605   21,483    3,4,2    1540000     SH       DEFINED  1540000
SPRINT CORP-FON GROUP     COM     852061100     612     4,2,1     40000      SH       DEFINED   40000
SPRINT CORP-PCS GROUP     COM     852061506   15,060   3,4,2,1   1463528     SH       DEFINED  1463528
STAR GAS PARTNER        SRSBUN    85512C204     499      4,2      34829      SH       DEFINED   34829
STARBUCKS CORP            COM     855244109    1,619      2       70000      SH       DEFINED   70000
STEIN MART INC            COM     858375108     125       2       12475      SH       DEFINED   12475
SUN MICROSYSTEMS INC      COM     866810104     15      3,4,2      1650      SH       DEFINED    1650
SUPERVALU INC            NOTE     868536AN3    3,786     4,2     13000000   PRN       DEFINED
TARGET CORP               COM     87612E106    2,587     3,2      60000      SH       DEFINED   60000
TEEKAY SHIPPING CORP      COM     Y8564W103    8,405     4,2      220500     SH       DEFINED   220500
TEJON RANCH               COM     879080109    1,167     4,2      37300      SH       DEFINED   37300
TELLABS INC               COM     879664100    1,068      2       102025     SH       DEFINED   102025
TENET HEALTHCARE CORP     COM     88033G100     469      3,2       7000      SH       DEFINED    7000
THE GAP INC.              COM     364760108     706       2       46950      SH       DEFINED   46950
TJX COS INC              NOTE     872540AL3    9,035    3,4,2    11800000   PRN       DEFINED
TJX COS. INC.    NEW      COM     872540109    4,625    3,4,2     115600     SH       DEFINED   115600
TRANSOCEAN SEDCO         DBCV     893830AA7    2,996     4,2     5000000    PRN       DEFINED
TRANSOCEON SEDCO FOREX    ORD     G90078109    1,881     3,2      55606      SH       DEFINED   55606
TRENWICK GROUP LTD        COM     G9032C109   33,255     4,2     3707400     SH       DEFINED  3707400
TRIBUNE CO NEW            COM     896047107    5,910    3,4,2     130000     SH       DEFINED   130000
TRINITY INDUSTRIES        COM     896522109     359       2       14775      SH       DEFINED   14775
TRIZECHAHN CORP         SUBVTG    896938107    3,094     4,2      195425     SH       DEFINED   195425
TYCO INTERNATIONAL LTD    COM     902124106    1,034    3,4,2     32000      SH       DEFINED   32000
UCAR INTERNATIONAL INC    COM     90262K109     75        2        5275      SH       DEFINED    5275
UNION PACIFIC             COM     907818108    1,206      2       19400      SH       DEFINED   19400
UNITED PARCEL SERV -CL   CL B     911312106    2,402     3,2      39500      SH       DEFINED   39500
UNIVERSAL CORP-VA         COM     913456109     548       2       13925      SH       DEFINED   13925
UNOCAL CORP               COM     915289102     974      4,2      25000      SH       DEFINED   25000
US BANCORP              COMNEW    902973304    4,288     4,2      190000     SH       DEFINED   190000
USFREIGHTWAYS CORP        COM     916906100     451       2       12725      SH       DEFINED   12725
VALERO ENERGY CORP        COM     91913Y100   12,875     4,2      260000     SH       DEFINED   260000
VENATOR GROUP            NOTE     922944AB9    3,006      2      2500000    PRN       DEFINED
VENTAS INC                COM     92276F100    2,565     4,2      202750     SH       DEFINED   202750
VISHAY INTERTECH INC      COM     928298108     457      3,2      22463      SH       DEFINED   22463
WACHOVIA CORP             COM     929903102    1,483     4,2      40000      SH       DEFINED   40000
WACKENHUT CORP          COMSERB   929794303     651      4,2      20000      SH       DEFINED   20000
WAL MART STORES           COM     931142103    3,953     3,2      64500      SH       DEFINED   64500
WASHINGTON MUT INC        COM     939322103    1,059      2       31975      SH       DEFINED   31975
WELLS FARGO & CO          COM     949746101    4,940     3,2      100000     SH       DEFINED   100000
WESTERN RES               COM     959425109    2,266     4,2      132100     SH       DEFINED   132100
WEYERHAEUSER CO           COM     962166104     314       2        5000      SH       DEFINED    5000
WILLIAMS COS INC          COM     969457100    2,410     2,1      102312     SH       DEFINED   102312
XEROX CORP                COM     984121103    7,927    3,4,2     737400     SH       DEFINED   737400
XL CAPITAL LTD-CL A      CL A     G98255105     607       2        6500      SH       DEFINED    6500
YOUNG BROADCASTING       CL A     987434107    2,234     4,2      89400      SH       DEFINED   89400
</Table>