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.
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
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