FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: September 30,2004

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

Institutional Investment Manager Filing this Report:

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


13F File Number:  28-346

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


Person Signing this Report on Behalf of Reporting Manager:

Name: Lynne Gugenheim
Title: Senior Vice President and Deputy General Counsel
Phone: (312) 822 4921
Signature, Place, and Date of Signing:
November 15,2004
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: 246

Form 13F Information Table Value Total: 1,144,540 (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>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
Column                      Column  Column   Column    Column              Column     Column    Column
1:                          2:      3:       4:        5:                  6:         7:        8:

Name                        Title                      Shares or                                Voting Authority
of                          of      CUSIP    Value     Principal SH/  Put/ Investment Other     ------------------
Issuer                      Class   Number   (x$1000)  Amount    PRN  Call Discretion Mgrs      Sole   Shared None
3M CO                       COM     88579Y101  1,599   20,000     SH       DEFINED      2       20,000
99 CENTS ONLY STORES        COM     65440K106  1,423   100,000    SH       DEFINED     2,4     100,000
ACCENTURE LTD               CL A    G1150G111  687     25,400     SH       DEFINED      2       25,400
AFTERMARKET TECHNOLOGY CORP COM     008318107  235     18,650     SH       DEFINED      2       18,650
AGILENT TECH INC            DBCV    00846UAB7  38,095  38,000,000 PRN      DEFINED    2,3,4  1,179,391
ALCON INC                   COM SHS H01301102  481     6,000      SH       DEFINED      2        6,000
ALLSTATE CORPORATION        COM     020002101  1,468   30,600     SH       DEFINED      2       30,600
AMBAC FINANCIAL GROUP INC   COM     023139108  1,479   18,500     SH       DEFINED      2       18,500
AMEREN CORPORATION          COM     023608102  1,325   28,700     SH       DEFINED      2       28,700
AMERICAN EXPRESS            COM     025816109  1,029   20,000     SH       DEFINED      2       20,000
AMERICAN GREET              NOTE    026375AJ4  1,061   560,000    PRN      DEFINED     2,3      40,290
AMERICAN HOME MORTGAGE INVESCOM     02660R107  1,017   36,375     SH       DEFINED      2       36,375
AMERICAN INTL GROUP INC     COM     026874107  680     10,000     SH       DEFINED      2       10,000
AMERICAN NATIONAL INSURANCE COM     028591105  523     5,400      SH       DEFINED      2        5,400
AMERICAN PHYSICIANS CAP INC COM     028884104  1,046   34,175     SH       DEFINED      2       34,175
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
Column                      Column  Column   Column    Column              Column     Column    Column
1:                          2:      3:       4:        5:                  6:         7:        8:

Name                        Title                      Shares or                                Voting Authority
of                          of      CUSIP    Value     Principal SH/  Put/ Investment Other     ------------------
Issuer                      Class   Number   (x$1000)  Amount    PRN  Call Discretion Mgrs      Sole   Shared None
AMERUS GROUP CO             COM     03072M108  701     17,100     SH       DEFINED      2       17,100
AMGEN INC                   COM     031162100  1,134   20,000     SH       DEFINED      2       20,000
AMGEN INC                   NOTE    031162AE0  14,783  20,250,000 PRN      DEFINED     2,4     179,417
ANADARKO PETROLEUM CORP     COM     032511107  8,627   130,000    SH       DEFINED      2      130,000
ANDREW CORP                 NOTE    034425AB4  1,293   1,050,000  PRN      DEFINED     2,3      76,701
ANHEUSER BUSCH CO           COM     035229103  1,733   34,700     SH       DEFINED      2       34,700
ANIXTER INTERNATIONAL INC   COM     035290105  243     6,925      SH       DEFINED      2        6,925
ANTHEM INC                  COM     03674B104  1,483   17,000     SH       DEFINED      2       17,000
AON CORP                    COM     037389103  3,769   131,150    SH       DEFINED      2      131,150
APACHE CORP                 COM     037411105  210     4,200      SH       DEFINED      2        4,200
ARVINMERITOR INC            COM     043353101  906     48,325     SH       DEFINED      2       48,325
ASHLAND INC                 COM     044204105  1,890   33,700     SH       DEFINED      2       33,700
ASSURANT INC                COM     04621X108  452     17,400     SH       DEFINED      2       17,400
ASSURED GUARANTY LTD        COM     G0585R106  1,100   66,000     SH       DEFINED      2       66,000
ATMI INC                    NOTE    00207RAC5  566     500,000    PRN      DEFINED     2,3      22,535
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
Column                      Column  Column   Column    Column              Column     Column    Column
1:                          2:      3:       4:        5:                  6:         7:        8:

Name                        Title                      Shares or                                Voting Authority
of                          of      CUSIP    Value     Principal SH/  Put/ Investment Other     ------------------
Issuer                      Class   Number   (x$1000)  Amount    PRN  Call Discretion Mgrs      Sole   Shared None
AXIS CAPITAL HOLDINGS LTD   SHS     G0692U109  1,235   47,500     SH       DEFINED      2       47,500
BANK OF AMERICA CORP        COM     060505104  1,288   29,717     SH       DEFINED      2       29,717
BANK OF NEW YORK            COM     064057102  1,199   41,100     SH       DEFINED      2       41,100
BARRICK GOLD CORP           COM     067901108  1,376   65,400     SH       DEFINED      2       65,400
BEARINGPOINT INC            COM     074002106  2,650   296,450    SH       DEFINED      2      296,450
BEAZER HOMES USA INC        COM     07556Q105  1,069   10,000     SH       DEFINED      2       10,000
BEST BUY COMPANY INC        COM     086516101  2,387   44,000     SH       DEFINED      2       44,000
BOEING COMPANY              COM     097023105  2,611   50,575     SH       DEFINED      2       50,575
BOSTON SCIENTIFIC CORP      COM     101137107  1,708   43,000     SH       DEFINED      2       43,000
BOWNE & CO INC              COM     103043105  662     50,975     SH       DEFINED      2       50,975
BP PLC                      ADR     055622104  1,841   32,000     SH       DEFINED      2       32,000
BRISTOL-MYERS SQUIBB CO     COM     110122108  1,007   42,550     SH       DEFINED      2       42,550
BROCADE COMMUNICATIONS      NOTE    111621AB4  20,570  22,000,000 PRN      DEFINED    2,3,4    502,856
BURLINGTON RESOURCES INC    COM     122014103  3,305   81,000     SH       DEFINED      2       81,000
CABLEVISION SYSTEMS         CL A    12686C109  3,192   157,400    SH       DEFINED      2      157,400
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
Column                      Column  Column   Column    Column              Column     Column    Column
1:                          2:      3:       4:        5:                  6:         7:        8:

Name                        Title                      Shares or                                Voting Authority
of                          of      CUSIP    Value     Principal SH/  Put/ Investment Other     ------------------
Issuer                      Class   Number   (x$1000)  Amount    PRN  Call Discretion Mgrs      Sole   Shared None

CABOT OIL & GAS CORP        COM     127097103  5,837   130,000    SH       DEFINED      2      130,000
CAPITAL LEASE FUNDING INC   COM     140288101  1,656   150,000    SH       DEFINED     2,4     150,000
CENDANT CORP                DBCV    151313AN3  32,200  32,000,000 PRN      DEFINED     2,4   1,330,560
CENTEX CORP                 COM     152312104  3,532   70,000     SH       DEFINED      2       70,000
CHARLES RIVER               DBCV    159863AL3  1,763   1,450,000  PRN      DEFINED     2,3      37,304
CHESAPEAKE ENERGY CORP      PFDCONV 165167800  288     2,500      SH       DEFINED    2,3,4      2,500
CHEVRON TEXACO CORP         COM     166764100  3,755   70,000     SH       DEFINED      2       70,000
CHICAGO BRIDGE & IRON       NYREGSH 167250109  300     10,000     SH       DEFINED      2       10,000
CIGNA CORP                  COM     125509109  1,269   18,225     SH       DEFINED      2       18,225
CINERGY CORP                COM     172474108  2,871   72,500     SH       DEFINED      2       72,500
CISCO SYSTEMS INC           COM     17275R102  1,448   80,000     SH       DEFINED      2       80,000
CIT GROUP INC               COM     125581108  1,783   47,675     SH       DEFINED      2       47,675
CITIGROUP INC               COM     172967101  5,640   127,825    SH       DEFINED      2      127,825
CNA SURETY CORPORATION      COM     12612L108  290,707 27,425,147 SH       DEFINED    1,2,4 27,425,147
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
Column                      Column  Column   Column    Column              Column     Column    Column
1:                          2:      3:       4:        5:                  6:         7:        8:

Name                        Title                      Shares or                                Voting Authority
of                          of      CUSIP    Value     Principal SH/  Put/ Investment Other     ------------------
Issuer                      Class   Number   (x$1000)  Amount    PRN  Call Discretion Mgrs      Sole   Shared None
CNF INC                     COM     12612W104  2,582   63,000     SH       DEFINED      2       63,000
COACH INC                   COM     189754104  170     4,000      SH       DEFINED      2        4,000
COCA COLA CO                COM     191216100  921     23,000     SH       DEFINED      2       23,000
COMCAST CORP                CL A    20030N200  7,647   273,900    SH       DEFINED      2      273,900
COMCAST CORP                CLA     20030N101  1,906   67,500     SH       DEFINED      2       67,500
COMMSCOPE INC               COM     203372107  289     13,375     SH       DEFINED      2       13,375
COMPUTER ASSOCIATES INTL INCCOM     204912109  1,992   75,725     SH       DEFINED      2       75,725
COOPER CAMERON CORP         DBCV    216640AE2  3,229   3,000,000  PRN      DEFINED     2,4      43,457
COOPER INDUSTRIES INCORPORATCL A    G24182100  1,938   32,850     SH       DEFINED      2       32,850
CORNING INC                 DBCV    219350AJ4  2,792   3,579,000  PRN      DEFINED    2,3,4     29,815
CORNING INC                 NOTE    219350AK1  2,350   2,000,000  PRN      DEFINED     2,4     206,718
CREDENCE SYSTEMS CORP       NOTE    225302AF5  988     1,000,000  PRN      DEFINED     2,3      88,417
CVS CORP                    COM     126650100  1,475   35,000     SH       DEFINED      2       35,000
CYTEC INDUSTRIES INC        COM     232820100  1,996   40,775     SH       DEFINED      2       40,775
DEL MONTE FOODS CO          COM     24522P103  521     49,700     SH       DEFINED      2       49,700
DELL COMPUTER CORP          COM     24702R101  1,068   30,000     SH       DEFINED      2       30,000
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
Column                      Column  Column   Column    Column              Column     Column    Column
1:                          2:      3:       4:        5:                  6:         7:        8:

Name                        Title                      Shares or                                Voting Authority
of                          of      CUSIP    Value     Principal SH/  Put/ Investment Other     ------------------
Issuer                      Class   Number   (x$1000)  Amount    PRN  Call Discretion Mgrs      Sole   Shared None
DELPHI FINANCIAL GROUP      CLA     247131105  1,457   36,275     SH       DEFINED      2       36,275
DEX MEDIA INC               COM     25212E100  1,394   65,850     SH       DEFINED      2       65,850
DIAGEO PLC                  ADR     25243Q205  3,898   77,300     SH       DEFINED      2       77,300
DILLARDS INC-CL A           CLA     254067101  475     24,075     SH       DEFINED      2       24,075
DISNEY (WALT) CO            NOTE    254687AU0  35,919  35,000,000 PRN      DEFINED    2,3,4  1,188,051
DISNEY WALT CO              COM     254687106  226     10,000     SH       DEFINED      2       10,000
DOMINION RESOURCES INC      NOTE    25746UAP4  8,298   8,125,000  PRN      DEFINED     2,4     110,390
DOUBLECLICK INC             NOTE    258609AE6  8,925   10,500,000 PRN      DEFINED    2,3,4    800,427
DST SYSTEMS INC             DBCV    233326AD9  1,960   1,710,000  PRN      DEFINED     2,3      34,838
DUKE ENERGY CORP            NOTE    264399EJ1  7,455   7,000,000  PRN      DEFINED    2,3,4    296,736
ELECTRONCIS FOR IMAGING     DBCV    286082AA0  1,383   1,450,000  PRN      DEFINED     2,3      54,884
ELECTRONIC DATA SYSTEMS     NOTE    285661AF1  19,427  19,500,000 PRN      DEFINED    2,3,4    571,178
ENTERGY CORP                COM     29364G103  4,915   81,100     SH       DEFINED      2       81,100
ESTERLINE TECHNOLOGIES CORP COM     297425100  407     13,300     SH       DEFINED      2       13,300
EXELON CORP                 COM     30161N101  3,331   90,800     SH       DEFINED      2       90,800
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
Column                      Column  Column   Column    Column              Column     Column    Column
1:                          2:      3:       4:        5:                  6:         7:        8:

Name                        Title                      Shares or                                Voting Authority
of                          of      CUSIP    Value     Principal SH/  Put/ Investment Other     ------------------
Issuer                      Class   Number   (x$1000)  Amount    PRN  Call Discretion Mgrs      Sole   Shared None
FALCON FINANCIAL INVESTMENT COM     306032103  2,200   271,890    SH       DEFINED     2,4     271,890
FEDERAL HM LOAN MORTGAGE CORCOM     313400301  2,588   39,675     SH       DEFINED      2       39,675
FEDERAL NATL MTGE ASSN.     COM     313586109  1,268   20,000     SH       DEFINED      2       20,000
FEDERATED DEPART STORES INC COM     31410H101  1,363   30,000     SH       DEFINED      2       30,000
FIRST CITIZENS BCSHS        CL A    31946M103  224     1,900      SH       DEFINED      2        1,900
FISHER SCIENTIFIC INTL      NOTE    338032AW5  356     250,000    PRN      DEFINED     2,3       5,267
FLIR SYSTEMS INC            NOTE    302445AB7  1,077   700,000    PRN      DEFINED     2,3      15,771
FMC CORP (NEW)              COM     302491303  1,333   27,450     SH       DEFINED      2       27,450
FMC TECHNOLOGIES INC        COM     30249U101  1,548   46,346     SH       DEFINED      2       46,346
GAP INC                     NOTE    364760AJ7  1,659   1,360,000  PRN      DEFINED     2,3      84,368
GARDNER DENVER INC          COM     365558105  926     33,600     SH       DEFINED      2       33,600
GATX CORP                   COM     361448103  332     12,450     SH       DEFINED      2       12,450
GENERAL CABLE CORP          COM     369300108  777     73,050     SH       DEFINED      2       73,050
GENERAL ELECTRIC CO         COM     369604103  4,634   138,000    SH       DEFINED      2      138,000
GENERAL MARITIME CORP       SHS     Y2692M103  3,831   110,000    SH       DEFINED      2      110,000
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
Column                      Column  Column   Column    Column              Column     Column    Column
1:                          2:      3:       4:        5:                  6:         7:        8:

Name                        Title                      Shares or                                Voting Authority
of                          of      CUSIP    Value     Principal SH/  Put/ Investment Other     ------------------
Issuer                      Class   Number   (x$1000)  Amount    PRN  Call Discretion Mgrs      Sole   Shared None
GENERAL MOTORS              SR CONVA370442741  20,328  800,000    SH       DEFINED    2,3,4    800,000
GILEAD SCIENCES             NOTE    375558AD5  1,212   750,000    PRN      DEFINED     2,3      15,957
GLENBOROUGH REALTY TRUST INCCOM     37803P105  596     28,675     SH       DEFINED      2       28,675
GLIMCHER REALTY TRUST       SH BEN  379302102  629     25,875     SH       DEFINED      2       25,875
GUITAR CENTER MG            NOTE    402040AC3  1,828   1,300,000  PRN      DEFINED     2,3      37,594
HANGER ORTHOPEDIC GROUP INC COM     41043F208  142     28,350     SH       DEFINED      2       28,350
HEALTH NET INC              COM     42222G108  2,104   85,125     SH       DEFINED      2       85,125
HERMAN MILLER INC           COM     600544100  205     8,300      SH       DEFINED      2        8,300
HEWLETT-PACKARD CO.         COM     428236103  1,880   100,250    SH       DEFINED      2      100,250
HONDA MOTOR CO LTD          AMERNSHS438128308  3,016   123,800    SH       DEFINED      2      123,800
HORACE MANN EDUCATORS       COM     440327104  895     50,900     SH       DEFINED      2       50,900
HUTCHINSON TECH             NOTE    448407AE6  1,096   1,000,000  PRN      DEFINED     2,3      33,512
IKON MBIA INC.              COM     55262C100  1,167   20,050     SH       DEFINED      2       20,050
INCO LTD                    NOTE    453258AM7  5,300   5,000,000  PRN      DEFINED     2,4     132,765
INCO LTD                    DBCV    453258AT2  4,295   3,152,000  PRN      DEFINED      2      100,660
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
Column                      Column  Column   Column    Column              Column     Column    Column
1:                          2:      3:       4:        5:                  6:         7:        8:

Name                        Title                      Shares or                                Voting Authority
of                          of      CUSIP    Value     Principal SH/  Put/ Investment Other     ------------------
Issuer                      Class   Number   (x$1000)  Amount    PRN  Call Discretion Mgrs      Sole   Shared None
INTEGRA LIFESCIENCES HLD    NOTE    457985AB5  731     635,000    PRN      DEFINED     2,3      18,596
INTEL CORP                  COM     458140100  1,003   50,000     SH       DEFINED      2       50,000
INTERNATIONAL BUSINESS MACHICOM     459200101  4,716   55,000     SH       DEFINED      2       55,000
INTERPUBLIC GROUP COS       NOTE    460690AT7  1,985   1,670,000  PRN      DEFINED     2,3     134,461
INTERPUBLIC GRP             NOTE    460690AJ9  24,196  25,503,000 PRN      DEFINED     2,4     449,261
INTL GAME TECHNOLOGY        DBCV    459902AL6  1,672   2,000,000  PRN      DEFINED     2,4      42,341
INTL RECTIFIER              NOTE    460254AE5  24,918  25,297,000 PRN      DEFINED     2,4     342,152
INVITROGEN INC              NOTE    46185RAF7  1,980   1,800,000  PRN      DEFINED     2,3      26,378
IPC HOLDINGS LTD            ORD     G4933P101  2,824   74,300     SH       DEFINED      2       74,300
IVAX CORP                   NOTE    465823AJ1  1,954   1,850,000  PRN      DEFINED     2,3      77,440
JANUS CAPITAL GROUP INC.    COM     47102X105  784     57,600     SH       DEFINED      2       57,600
JOHNSON & JOHNSON           COM     478160104  1,127   20,000     SH       DEFINED      2       20,000
JPMORGAN CHASE & COMPANY    COM     46625H100  2,920   73,500     SH       DEFINED      2       73,500
KAYDON CORP                 NOTE    486587AB4  755     650,000    PRN      DEFINED     2,3      22,291
KENNAMETAL INC              COM     489170100  452     10,000     SH       DEFINED      2       10,000
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
Column                      Column  Column   Column    Column              Column     Column    Column
1:                          2:      3:       4:        5:                  6:         7:        8:

Name                        Title                      Shares or                                Voting Authority
of                          of      CUSIP    Value     Principal SH/  Put/ Investment Other     ------------------
Issuer                      Class   Number   (x$1000)  Amount    PRN  Call Discretion Mgrs      Sole   Shared None
KIMBERLY CLARK              COM     494368103  1,615   25,000     SH       DEFINED      2       25,000
L-3 COMMUNICATIONS CORP     COM     502424104  335     5,000      SH       DEFINED      2        5,000
LEAR SEATING CORP           COM     521865105  2,494   45,800     SH       DEFINED      2       45,800
LENNOX INTERNATL            NOTE    526107AB3  920     815,000    PRN      DEFINED     2,3      45,059
LIBERTY MEDIA               COMSERA 530718105  3,601   413,000    SH       DEFINED      2      413,000
LIBERTY MEDIA INTL INC      COM     530719103  53      1,584      SH       DEFINED      2        1,584
LINCOLN NATIONAL CORP INDIANCOM     534187109  1,880   40,000     SH       DEFINED      2       40,000
LOCKHEED MARTIN CORP        COM     539830109  865     15,500     SH       DEFINED      2       15,500
LOWES COMPANIES             NOTE    548661CG0  20,500  20,000,000 PRN      DEFINED    2,3,4    344,240
MARSH & MCLENNAN COS INC    COM     571748102  915     20,000     SH       DEFINED      2       20,000
MASCO CORPORATION           COM     574599106  345     10,000     SH       DEFINED      2       10,000
MASSEY ENERGY CO            NOTE    576203AB9  525     300,000    PRN      DEFINED     2,3      15,472
MBNA CORPORATION            COM     55262L100  1,401   55,600     SH       DEFINED      2       55,600
MCKESSON HBOC INC           COM     58155Q103  1,068   41,650     SH       DEFINED      2       41,650
MEDIACOM COMMUNICATIONS CORPCL A    58446K105  1,306   200,000    SH       DEFINED      2      200,000
MEDICIS PHARMACE            NOTE    58470KAA2  2,160   1,500,000  PRN      DEFINED     2,3      25,818
MEDTRONIC INC               COM     585055106  1,609   31,000     SH       DEFINED      2       31,000
MERRILL LYNCH               FRNT    590188A73  42,259  42,500,000 PRN      DEFINED    2,3,4    587,405
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
Column                      Column  Column   Column    Column              Column     Column    Column
1:                          2:      3:       4:        5:                  6:         7:        8:

Name                        Title                      Shares or                                Voting Authority
of                          of      CUSIP    Value     Principal SH/  Put/ Investment Other     ------------------
Issuer                      Class   Number   (x$1000)  Amount    PRN  Call Discretion Mgrs      Sole   Shared None
METHANEX CORP               COM     59151K108  1,658   110,000    SH       DEFINED      2      110,000
METLIFE INC                 COM     59156R108  2,763   71,500     SH       DEFINED      2       71,500
METROCALL HOLDINGS INC      COM     59164X105  4,260   65,690     SH       DEFINED     2,4      65,690
MICRON TECH                 NOTE    595112AG8  1,808   1,500,000  PRN      DEFINED     2,3     127,248
MICROSOFT CORP              COM     594918104  3,398   122,900    SH       DEFINED      2      122,900
MILACRON INC                COM     598709103  196     62,775     SH       DEFINED      2       62,775
MONEYGRAM INTERNATIONAL     COM     60935Y109  1,481   86,700     SH       DEFINED      2       86,700
MORGAN STANLEY ASIA-PACIF FDCOM     61744U106  797     70,700     SH       DEFINED      2       70,700
NACCO INDS INC CL A         CL A    629579103  534     6,200      SH       DEFINED      2        6,200
NCI BUILDING SYSTEMS INC    COM     628852105  711     22,275     SH       DEFINED      2       22,275
NEUBERGER BERMAN REALTY INC COM     64126G109  701     40,000     SH       DEFINED      2       40,000
NEWS AMER INC               NOTE    652482AZ3  50,088  87,300,000 PRN      DEFINED    2,3,4  1,060,547
NEWS CORP LTD               ADR     652487802  6,598   210,607    SH       DEFINED      2      210,607
NISOURCE INC                COM     65473P105  4,170   198,500    SH       DEFINED      2      198,500
NORTEL NETWORKS             NOTE    656568AB8  8,685   9,000,000  PRN      DEFINED     2,4     900,000
NORTHERN TRUST CORP         COM     665859104  1,469   36,000     SH       DEFINED      2       36,000
NOVOGEN LIMITED             ADR     67010F103  454     24,950     SH       DEFINED      2       24,950
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
Column                      Column  Column   Column    Column              Column     Column    Column
1:                          2:      3:       4:        5:                  6:         7:        8:

Name                        Title                      Shares or                                Voting Authority
of                          of      CUSIP    Value     Principal SH/  Put/ Investment Other     ------------------
Issuer                      Class   Number   (x$1000)  Amount    PRN  Call Discretion Mgrs      Sole   Shared None
OAK INDUSTRIES              NOTE    671400AL3  18,036  17,532,000 PRN      DEFINED     2,4   1,129,638
OHIO CASUALTY CORP          COM     677240103  711     33,975     SH       DEFINED      2       33,975
OLD REPUBLIC INTL CORP      COM     680223104  5,115   204,338    SH       DEFINED      2      204,338
OMNICOM GROUP               NOTE    681919AK2  3,985   4,000,000  PRN      DEFINED     2,4      36,360
OMNICOM GROUP               NOTE    681919AM8  12,344  12,500,000 PRN      DEFINED    2,3,4    113,625
P G 7 E CORPORATION         COM     69331C108  4,451   146,400    SH       DEFINED      2      146,400
PAPA JOHN'S INTL INC        COM     698813102  614     20,025     SH       DEFINED      2       20,025
PAYLESS SHOESOURCE INC      COM     704379106  983     97,050     SH       DEFINED      2       97,050
PEPSICO INCORPORATED        COM     713448108  1,557   32,000     SH       DEFINED      2       32,000
PETRO-CANADA                COM     71644E102  1,559   30,000     SH       DEFINED      2       30,000
PFIZER INC                  COM     717081103  3,210   104,900    SH       DEFINED      2      104,900
PHILLIPS PETROLEUM COMPANY  COM     20825C104  1,527   18,425     SH       DEFINED      2       18,425
PHOTRONICS INC              NOTE    719405AE2  174     135,000    PRN      DEFINED     2,3       8,496
PIONEER NATURAL RESOURCES COCOM     723787107  1,379   40,000     SH       DEFINED      2       40,000
PIONEER STANDARD ELECTRONICSCOM     00847J105  464     26,825     SH       DEFINED      2       26,825
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
Column                      Column  Column   Column    Column              Column     Column    Column
1:                          2:      3:       4:        5:                  6:         7:        8:

Name                        Title                      Shares or                                Voting Authority
of                          of      CUSIP    Value     Principal SH/  Put/ Investment Other     ------------------
Issuer                      Class   Number   (x$1000)  Amount    PRN  Call Discretion Mgrs      Sole   Shared None
PLACER DOME INC             COM     725906101  2,070   104,100    SH       DEFINED      2      104,100
PMI GROUP INC               COM     69344M101  1,623   40,000     SH       DEFINED      2       40,000
PRECISION CASTPARTS CORP    COM     740189105  1,578   26,275     SH       DEFINED      2       26,275
PRIME HOSPITALITY CORP      COM     741917108  78      6,375      SH       DEFINED     2,4       6,375
PROTECTIVE LIFE CORP        COM     743674103  1,013   25,775     SH       DEFINED      2       25,775
PUBLIC SERVICE CO OF N MEX  COM     69349H107  636     28,238     SH       DEFINED      2       28,238
PULTE CORP                  COM     745867101  8,592   140,000    SH       DEFINED      2      140,000
R.H. DONNELLEY CORP         COM     74955W307  967     19,600     SH       DEFINED      2       19,600
RADIAN GROUP INC            COM     750236101  750     16,225     SH       DEFINED      2       16,225
RENT-A-CENTER INC           COM     76009N100  933     36,075     SH       DEFINED      2       36,075
RESMED INC                  NOTE    761152AB3  1,501   1,450,000  PRN      DEFINED     2,3      23,927
ROBBINS & MYERS INC         COM     770196103  292     13,250     SH       DEFINED      2       13,250
RYLAND GROUP INC            COM     783764103  1,853   20,000     SH       DEFINED      2       20,000
SABRE GROUP HOLDINGS INC    CLA     785905100  245     10,000     SH       DEFINED      2       10,000
SANMINA CORP                SDCV    800907AD9  42,801  81,915,000 PRN      DEFINED    2,3,4    531,022
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
Column                      Column  Column   Column    Column              Column     Column    Column
1:                          2:      3:       4:        5:                  6:         7:        8:

Name                        Title                      Shares or                                Voting Authority
of                          of      CUSIP    Value     Principal SH/  Put/ Investment Other     ------------------
Issuer                      Class   Number   (x$1000)  Amount    PRN  Call Discretion Mgrs      Sole   Shared None
SARA LEE CORP               COM     803111103  1,956   85,550     SH       DEFINED      2       85,550
SCANA CORP                  COM     80589M102  2,927   78,400     SH       DEFINED      2       78,400
SCHLUMBERGER LIMITED        COM     806857108  3,776   56,100     SH       DEFINED      2       56,100
SCHLUMBERGER LIMITED        DBCV    806857AC2  3,285   3,000,000  PRN      DEFINED     2,4      41,477
SCHWEITZER-MAUDUIT INTL INC COM     808541106  423     13,050     SH       DEFINED      2       13,050
SOLECTRON CORP              NOTE    834182AS6  3,302   3,960,000  PRN      DEFINED    2,3,4    409,649
SPANISH BROADCASTING SYS    CL A    846425882  2,061   209,432    SH       DEFINED     2,4     209,432
SPHERION CORPORATION        COM     848420105  531     67,950     SH       DEFINED      2       67,950
SPRINT CORP                 COM     852061100  4,026   200,000    SH       DEFINED      2      200,000
SUN HEALTHCARE GROUP INC    COM     866933401  20      2,480      SH       DEFINED     2,4       2,480
TARGET CORP                 COM     87612E106  1,810   40,000     SH       DEFINED      2       40,000
TEEKAY SHIPPING CORP        COM     Y8564W103  1,767   41,000     SH       DEFINED      2       41,000
TEJON RANCH                 COM     879080109  776     20,600     SH       DEFINED      2       20,600
TEVA PHARMACEUT FIN BV      DBCV    88164RAA5  2,725   2,835,000  PRN      DEFINED     2,4      74,801
TEXTRON INC                 COM     883203101  1,170   18,200     SH       DEFINED      2       18,200
TJX COS INC                 NOTE    872540AL3  5,559   6,800,000  PRN      DEFINED    2,3,4    222,136
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
Column                      Column  Column   Column    Column              Column     Column    Column
1:                          2:      3:       4:        5:                  6:         7:        8:

Name                        Title                      Shares or                                Voting Authority
of                          of      CUSIP    Value     Principal SH/  Put/ Investment Other     ------------------
Issuer                      Class   Number   (x$1000)  Amount    PRN  Call Discretion Mgrs      Sole   Shared None
TORCHMARK CORP              COM     891027104  1,423   26,750     SH       DEFINED      2       26,750
TRIARC COMPANIES            CL A    895927101  198     17,350     SH       DEFINED      2       17,350
TRIARC COS-B                CLB SER1895927309  398     34,700     SH       DEFINED      2       34,700
TRINITY INDUSTRIES          COM     896522109  627     20,125     SH       DEFINED      2       20,125
TRIQUINT SEMICON            NOTE    89674KAB9  4,813   5,000,000  PRN      DEFINED    2,3,4     73,746
UNION PACIFIC               COM     907818108  1,880   32,075     SH       DEFINED      2       32,075
UNITED NATIONAL GROUP       CLA     91103X102  424     29,200     SH       DEFINED      2       29,200
UNITED PARCEL SERVICE       CL B    911312106  1,784   23,500     SH       DEFINED      2       23,500
UNIVERSAL CORP-VA           COM     913456109  480     10,750     SH       DEFINED      2       10,750
UNOCAL CORP                 COM     915289102  3,496   81,300     SH       DEFINED      2       81,300
US CORPORATION              COM     91729Q101  724     20,175     SH       DEFINED      2       20,175
VALASSIS COMMUNICATIONS INC COM     918866104  877     29,650     SH       DEFINED      2       29,650
VALERO ENERGY CORP          COM     91913Y100  4,412   55,000     SH       DEFINED      2       55,000
VERZION COMMUNICATIONS INC  COM     92343V104  1,040   26,400     SH       DEFINED      2       26,400
VIAD CORP                   COM     92552R406  1,331   56,100     SH       DEFINED      2       56,100
VINTAGE PETROLEUM INC       COM     927460105  3,011   150,000    SH       DEFINED      2      150,000
VODAFONE AIRTOUCH           ADR     92857W100  2,175   90,200     SH       DEFINED      2       90,200
WAL MART STORES INC         COM     931142103  1,064   20,000     SH       DEFINED      2       20,000
WALTER INDUSTRIES INC       COM     93317Q105  333     20,800     SH       DEFINED      2       20,800
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
Column                      Column  Column   Column    Column              Column     Column    Column
1:                          2:      3:       4:        5:                  6:         7:        8:

Name                        Title                      Shares or                                Voting Authority
of                          of      CUSIP    Value     Principal SH/  Put/ Investment Other     ------------------
Issuer                      Class   Number   (x$1000)  Amount    PRN  Call Discretion Mgrs      Sole   Shared None
WASHINGTON MUTUAL INC       COM     939322103  1,293   33,075     SH       DEFINED      2       33,075
WELLS FARGO COMPANY         COM     949746101  1,789   30,000     SH       DEFINED      2       30,000
WEYERHAEUSER COMPANY        COM     962166104  2,327   35,000     SH       DEFINED      2       35,000
WHIRLPOOL CORPORATION       COM     963320106  2,102   34,975     SH       DEFINED      2       34,975
WILLIAMS COS INC            COM     969457100  3,376   279,000    SH       DEFINED      2      279,000
WISCONSIN ENERGY CORP       COM     976657106  2,373   74,375     SH       DEFINED      2       74,375
WYETH                       COM     983024100  1,122   30,000     SH       DEFINED      2       30,000
XCEL ENERGY INC             COM     98389B100  2,014   116,300    SH       DEFINED      2      116,300
XL CAPITAL LTD-CLASS A      CL A    G98255105  1,894   25,600     SH       DEFINED      2       25,600
YELLOW ROADWAY CORP         NOTE    985509AN8  2,057   1,350,000  PRN      DEFINED     2,3      34,404
YORK INTERNATIONAL CORP     COM     986670107  591     18,700     SH       DEFINED      2       18,700
</Table>