FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31,2003
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: Karla L. Kambic
Title: Vice President and Associate General Counsel
Phone: (312) 822 1337
Signature, Place, and Date of Signing:
February 12,2004
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.
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 4
Form 13F Information Table Entry Total: 231
Form 13F Information Table Value Total: 1,058,614 (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
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
A T & T WIRELESS GROUP COM 00209A106 2,797 350,000 SH DEFINED 2 350,000
ACCENTURE LTD CL A G1150G111 1,334 50,700 SH DEFINED 2 50,700
ACUITY BRANDS INC COM 00508Y102 288 11,150 SH DEFINED 2 11,150
ACXIOM CORP NOTE 005125AB5 3,712 3,200,000 PRN DEFINED 2,3 175,322
AETNA INC COM 00817Y108 980 14,500 SH DEFINED 2 14,500
AFFYMETRIX INC NOTE 00826TAB4 5,075 5,000,000 PRN DEFINED 2,3 81,301
AFTERMARKET TECHNOLOGY COM 008318107 256 18,650 SH DEFINED 2 18,650
AGILENT TECH INC DBCV 00846UAB7 30,590 28,000,000 PRN DEFINED 2,3,4 869,025
AGILYSYS INC COM 00847J105 692 62,025 SH DEFINED 2 62,025
ALCON INC COM H01301102 4,722 78,000 SH DEFINED 2,3 78,000
ALLSTATE CORPORATION COM 020002101 1,316 30,600 SH DEFINED 2 30,600
AMBAC FINANCIAL GROUP INC COM 023139108 1,284 18,500 SH DEFINED 2 18,500
AMERADA HESS COM 023551104 1,063 20,000 SH DEFINED 2 20,000
AMERICAN EXPRESS COM 025816109 3,135 65,000 SH DEFINED 2,3 65,000
AMERICAN GREET NOTE 026375AJ4 2,631 1,500,000 PRN DEFINED 2,3 107,920
AMERICAN INTL GROUP INC COM 026874107 2,784 42,000 SH DEFINED 2,3 42,000
AMERICAN NATIONAL INSURANCE COM 028591105 456 5,400 SH DEFINED 2 5,400
AMERICAN PHYSICIANS CAP COM 028884104 629 34,175 SH DEFINED 2 34,175
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
AMERISOURCE HEALTH NOTE 03071PAD4 3,072 2,560,000 PRN DEFINED 2,3 48,331
AMGEN INC COM 031162100 1,854 30,000 SH DEFINED 2,3 30,000
ANADARKO PETROLEUM CORP COM 032511107 5,611 110,000 SH DEFINED 2 110,000
ANHEUSER BUSCH CO COM 035229103 2,107 40,000 SH DEFINED 2,3 40,000
ANIXTER INTERNATIONAL INC COM 035290105 674 26,025 SH DEFINED 2 26,025
AON CORP COM 037389103 5,207 217,500 SH DEFINED 2 217,500
APACHE CORP COM 037411105 324 4,000 SH DEFINED 2 4,000
APPLIED MATERIALS INC. COM 038222105 1,684 75,000 SH DEFINED 2,3 75,000
ARTESYN TECHNOLOGIES INC COM 043127109 243 28,575 SH DEFINED 2 28,575
ARVINMERITOR INC COM 043353101 594 24,625 SH DEFINED 2 24,625
ASHLAND INC COM 044204105 2,135 48,450 SH DEFINED 2 48,450
AVAYA INC NOTE 053499AA7 3,023 5,000,000 PRN DEFINED 2,3,4 187,219
BP PLC ADR 055622104 2,403 48,700 SH DEFINED 2 48,700
BANK OF NEW YORK COM 064057102 1,361 41,100 SH DEFINED 2 41,100
BARRICK GOLD CORP COM 067901108 1,485 65,400 SH DEFINED 2 65,400
BEST BUY COMPANY INC COM 086516101 2,299 44,000 SH DEFINED 2,3 44,000
BOEING COMPANY COM 097023105 4,505 106,900 SH DEFINED 2,3 106,900
BOWNE & CO INC COM 103043105 599 44,175 SH DEFINED 2 44,175
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
BRISTOL-MYERS SQUIBB CO COM 110122108 707 24,725 SH DEFINED 2 24,725
CIGNA CORP COM 125509109 2,662 46,300 SH DEFINED 2 46,300
CIT GROUP INC COM 125581108 1,714 47,675 SH DEFINED 2 47,675
CNA SURETY CORPORATION COM 12612L108 260,813 27,425,147 SH DEFINED 1,2,4 27,425,147
CNF INC COM 12612W104 1,545 45,575 SH DEFINED 2 45,575
CABLEVISION SYSTEMS CL A 12686C109 3,214 137,400 SH DEFINED 2 137,400
CABOT OIL & GAS CORP COM 127097103 2,260 77,000 SH DEFINED 2 77,000
CAVCO INDUSTRIES INC COM 149568107 42 1,750 SH DEFINED 2 1,750
CELESTICA INC NOTE 15101QAA6 31,157 58,910,000 PRN DEFINED 2,3,4 334,302
CENDANT CORP DBCV 151313AN3 34,531 32,000,000 PRN DEFINED 2,4 1,330,560
CENTEX CORP COM 152312104 3,768 35,000 SH DEFINED 2 35,000
CENTRAL FREIGHT LINES INC COM 153491105 151 8,500 SH DEFINED 2 8,500
CEPHALON INC NOTE 156708AE9 2,861 3,000,000 PRN DEFINED 2,3 37,037
CHARLES RIVER DBCV 159863AL3 1,544 1,450,000 PRN DEFINED 2,3 37,304
CHEVRON TEXACO CORP COM 166764100 3,888 45,000 SH DEFINED 2,3 45,000
CHIRON CORP NOTE 170040AE9 20,490 34,500,000 PRN DEFINED 2,3,4 247,065
CISCO SYSTEMS INC COM 17275R102 5,587 230,000 SH DEFINED 2,3 230,000
CITIGROUP INC COM 172967101 13,290 273,800 SH DEFINED 2,3 273,800
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
CLEAR CHANNEL COMM COM 184502102 2,342 50,000 SH DEFINED 2,3 50,000
COACH INC COM 189754104 2,190 58,000 SH DEFINED 2,3 58,000
COCA COLA CO COM 191216100 1,776 35,000 SH DEFINED 2,3 35,000
COMCAST CORP CL A 20030N200 4,970 158,900 SH DEFINED 2,3 158,900
COMMSCOPE INC COM 203372107 502 30,750 SH DEFINED 2 30,750
COMPUTER ASSOCIATES INTL COM 204912109 1,318 48,225 SH DEFINED 2 48,225
CONEXANT SYSTEMS NOTE 207142AB6 2,981 3,000,000 PRN DEFINED 2,4 330,578
CONOCOPHILLIPS COM 20825C104 751 11,450 SH DEFINED 2 11,450
COOPER INDUSTRIES CL A G24182100 3,787 65,375 SH DEFINED 2 65,375
COSTCO WHOLESALE CORP COM 22160K105 2,603 70,000 SH DEFINED 2,3 70,000
CYTEC INDUSTRIES INC COM 232820100 1,411 36,750 SH DEFINED 2 36,750
D.R. HORTON INC COM 23331A109 2,825 65,300 SH DEFINED 2 65,300
DEERE & CO COM 244199105 2,277 35,000 SH DEFINED 2,3 35,000
DEL MONTE FOODS CO COM 24522P103 677 65,125 SH DEFINED 2 65,125
DELL COMPUTER CORP COM 24702R101 3,396 100,000 SH DEFINED 2,3 100,000
DELPHI FINANCIAL GROUP CLA 247131105 2,441 67,800 SH DEFINED 2 67,800
DIAGEO PLC ADR 25243Q205 1,908 36,100 SH DEFINED 2 36,100
DILLARDS INC CLA 254067101 649 39,450 SH DEFINED 2 39,450
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
DISNEY (WALT) CO NOTE 254687AU0 17,993 17,000,000 PRN DEFINED 2,3,4 577,053
DOCUMENTUM INC NOTE 256159AB0 667 560,000 PRN DEFINED 2,3 40,580
DOMINION RESOURCES INC NOTE 25746UAP4 8,196 8,125,000 PRN DEFINED 2,4 110,390
DU PONT DE NEMOURS E.I. COM 263534109 2,065 45,000 SH DEFINED 2,3 45,000
DUKE ENERGY CORP NOTE 264399EJ1 7,201 7,000,000 PRN DEFINED 2,3,4 296,736
ECOLAB INC COM 278865100 2,190 80,000 SH DEFINED 2,3 80,000
EDO CORP NOTE 281347AD6 535 500,000 PRN DEFINED 2,3 15,995
EL PASO CORP COM 28336L109 918 112,100 SH DEFINED 2 112,100
ELDERTRUST COMBENIN 284560109 2,609 208,200 SH DEFINED 2,4 208,200
ENTERGY CORP COM 29364G103 3,205 56,100 SH DEFINED 2 56,100
ESTERLINE TECHNOLOGIES COM 297425100 728 27,300 SH DEFINED 2 27,300
FMC CORP COM 302491303 1,880 55,075 SH DEFINED 2 55,075
FMC TECHNOLOGIES INC COM 30249U101 1,809 77,646 SH DEFINED 2 77,646
FPL GROUP COM 302571104 2,165 33,100 SH DEFINED 2 33,100
FREDDIE MAC COM 313400301 1,825 31,300 SH DEFINED 2 31,300
FIRST CITIZENS BCSHS CL A 31946M103 229 1,900 SH DEFINED 2 1,900
FIRST DATA CORP COM 319963104 288 7,000 SH DEFINED 2 7,000
FLEET BOSTON FINANCIAL COM 339030108 1,102 25,250 SH DEFINED 2 25,250
GAP INC NOTE 364760AJ7 3,374 2,200,000 PRN DEFINED 2,3 136,477
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 CABLE CORP COM 369300108 521 63,925 SH DEFINED 2 63,925
GENERAL ELECTRIC CO COM 369604103 5,685 183,500 SH DEFINED 2,3 183,500
GENERAL MOTORS SRCONVA 370442741 21,256 800,000 SH DEFINED 2,3,4 800,000
GENZYME CORP-GENL DIVISN SDCV 372917AK0 2,025 2,000,000 PRN DEFINED 2,4 28,449
GEORGIA-PACIFIC CORP COM 373298108 1,172 38,225 SH DEFINED 2 38,225
GILEAD SCIENCES NOTE 375558AD5 1,365 1,000,000 PRN DEFINED 2,3 21,277
GLIMCHER REALTY TRUST SH BEN 379302102 730 32,600 SH DEFINED 2 32,600
GUITAR CENTER MG NOTE 402040AC3 1,256 1,050,000 PRN DEFINED 2,3 30,364
HNC SOFTWARE NOTE 40425PAC1 1,411 1,300,000 PRN DEFINED 2,3 23,427
HEALTH NET INC COM 42222G108 810 24,775 SH DEFINED 2 24,775
HEWLETT-PACKARD CO. COM 428236103 4,101 178,525 SH DEFINED 2,3 178,525
HOME DEPOT COM 437076102 2,129 60,000 SH DEFINED 2,3 60,000
HUTCHINSON TECH NOTE 448407AE6 1,250 1,000,000 PRN DEFINED 2,3 33,512
INCO LTD NOTE 453258AM7 5,420 5,000,000 PRN DEFINED 2,4 132,765
INFOCUS CORP COM 45665B106 277 28,575 SH DEFINED 2 28,575
INTEGRA LIFESCIENCES HLD NOTE 457985AB5 710 635,000 PRN DEFINED 2,3 18,596
INTEL CORP COM 458140100 2,550 79,200 SH DEFINED 2,3 79,200
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
INTERACTIVECORP COM 45840Q101 1,758 51,800 SH DEFINED 2 51,800
INTL BUSINESS MACHINE COM 459200101 5,097 55,000 SH DEFINED 2 55,000
INTERNATIONAL PAPER CO. COM 460146103 2,156 50,000 SH DEFINED 2,3 50,000
INTERPUBLIC GRP NOTE 460690AJ9 13,904 15,000,000 PRN DEFINED 2,3,4 264,240
INTERSTATE BAKERIES COM 46072H108 522 36,700 SH DEFINED 2 36,700
INVITROGEN INC NOTE 46185RAD2 2,523 2,400,000 PRN DEFINED 2,3 27,875
IPC HOLDINGS LTD ORD G4933P101 2,598 66,775 SH DEFINED 2 66,775
ISHARES MSCI SINGAPORE MSCISING 464286673 6,102 1,017,000 SH DEFINED 2 1,017,000
ISHARES MSCI HONG KONG MSCIHONG 464286871 12,000 1,200,000 SH DEFINED 2 1,200,000
J.P. MORGAN CHASE & CO. COM 46625H100 1,837 50,000 SH DEFINED 2,3 50,000
JOHNSON & JOHNSON COM 478160104 2,325 45,000 SH DEFINED 2,3 45,000
KENNAMETAL INC COM 489170100 398 10,000 SH DEFINED 2 10,000
KIMBERLY CLARK COM 494368103 2,659 45,000 SH DEFINED 2,3 45,000
L-3 COMMUNICATIONS CORP COM 502424104 257 5,000 SH DEFINED 2 5,000
LEAR SEATING CORP COM 521865105 1,682 27,425 SH DEFINED 2 27,425
LENNOX INTERNATIONAL NOTE 526107AB3 982 815,000 PRN DEFINED 2,3 45,059
LIBERTY MEDIA COMSERA 530718105 4,000 336,400 SH DEFINED 2 336,400
LINCOLN NATIONAL CORP IN COM 534187109 1,615 40,000 SH DEFINED 2 40,000
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
LOCKHEED MARTIN CORP COM 539830109 1,593 31,000 SH DEFINED 2 31,000
LOWES COMPANIES NOTE 548661CG0 21,196 20,000,000 PRN DEFINED 2,3,4 344,240
LUBRIZOL CORP COM 549271104 630 19,375 SH DEFINED 2 19,375
IKON MBIA INC. COM 55262C100 891 15,050 SH DEFINED 2 15,050
MANDALAY RESORT GROUP DBCV 562567AK3 2,198 2,000,000 PRN DEFINED 2,4 34,904
MARSH & MCLENNAN COS INC COM 571748102 1,772 37,000 SH DEFINED 2 37,000
MASCO CORPORATION COM 574599106 274 10,000 SH DEFINED 2 10,000
MEDIACOM COMMUNICATIONS CL A 58446K105 1,730 200,000 SH DEFINED 2 200,000
MEDICIS PHARMACEY NOTE 58470KAA2 2,998 2,200,000 PRN DEFINED 2,3 37,866
MEDTRONIC INC COM 585055106 3,208 66,000 SH DEFINED 2,3 66,000
MERRILL LYNCH & CO INC COM 590188108 1,613 27,500 SH DEFINED 2,3 27,500
MERRILL LYNCH FRNT 590188A73 37,821 36,500,000 PRN DEFINED 2,3,4 504,477
METAL MANAGEMENT INC COM 591097209 739 20,000 SH DEFINED 2,4 20,000
MICROSOFT CORP COM 594918104 4,211 152,900 SH DEFINED 2,3 152,900
MICRON TECH NOTE 595112AG8 2,473 1,870,000 PRN DEFINED 2,3 158,636
MILACRON INC COM 598709103 262 62,775 SH DEFINED 2 62,775
MONSANTO CO COM 61166W101 961 33,400 SH DEFINED 2 33,400
MORGAN STANLEY ASIA-PACIFIC COM 61744U106 959 88,400 SH DEFINED 2 88,400
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
MORGAN STANLEY INDIA INVT COM 61745C105 419 15,800 SH DEFINED 2 15,800
NCI BUILDING SYSTEMS INC COM 628852105 486 20,350 SH DEFINED 2 20,350
NACCO INDS INC CL A 629579103 1,022 11,425 SH DEFINED 2 11,425
NETWORK ASSOC NOTE 64123LAB7 2,279 2,100,000 PRN DEFINED 2,3 116,215
NEWHALL LAND & FARMING DEP REC 651426108 977 24,200 SH DEFINED 2 24,200
NEWS AMER INC NOTE 652482AZ3 49,578 87,300,000 PRN DEFINED 2,3,4 1,060,547
NEWS CORP LTD ADR PRF 652487802 7,070 233,707 SH DEFINED 2 233,707
NISOURCE INC COM 65473P105 3,183 145,100 SH DEFINED 2 145,100
NORTHERN TRUST CORP COM 665859104 1,666 36,000 SH DEFINED 2 36,000
NOVOGEN LIMITED ADR 67010F103 27 1,000 SH DEFINED 2 1,000
OAK INDUSTRIES NOTE 671400AL3 13,592 13,677,000 PRN DEFINED 2,4 881,249
OCULAR SCIENCES INC COM 675744106 123 4,300 SH DEFINED 2 4,300
OHIO CASUALTY CORP COM 677240103 849 48,900 SH DEFINED 2 48,900
OIL STATES INTERNATIONAL COM 678026105 1,255 90,000 SH DEFINED 2 90,000
OLD REPUBLIC INTL CORP COM 680223104 3,272 129,038 SH DEFINED 2 129,038
OMNICOM GROUP NOTE 681919AK2 4,043 4,000,000 PRN DEFINED 2,4 36,360
OMNICOM GROUP NOTE 681919AM8 12,750 12,500,000 PRN DEFINED 2,3,4 113,625
OXFORD HEALTH PLANS INC COM 691471106 2,175 50,000 SH DEFINED 2 50,000
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
PNM RES COM 69349H107 529 18,825 SH DEFINED 2 18,825
PPL CORPORATION COM 69351T106 3,671 83,900 SH DEFINED 2 83,900
PATHMARK STORES INC COM 70322A101 1,450 190,832 SH DEFINED 2,4 190,832
PAYLESS SHOESOURCE INC COM 704379106 1,300 97,050 SH DEFINED 2 97,050
PEPCO HOLDINGS INC COM 713291102 1,854 94,900 SH DEFINED 2 94,900
PEPSICO INCORPORATED COM 713448108 1,492 32,000 SH DEFINED 2,3 32,000
PERFORMANCE FOOD NOTE 713755AA4 1,804 1,500,000 PRN DEFINED 2,3 45,524
PFIZER INC COM 717081103 6,932 196,200 SH DEFINED 2,3 196,200
PHARMACEUTICAL HOLDERS TR DEPREC 71712A206 509 6,400 SH DEFINED 2 6,400
PLACER DOME INC COM 725906101 1,864 104,100 SH DEFINED 2 104,100
PRIME HOSPITALITY CORP COM 741917108 65 6,375 SH DEFINED 2,4 6,375
PULTE CORP COM 745867101 6,553 70,000 SH DEFINED 2 70,000
R.H. DONNELLEY CORP COM 74955W307 607 15,225 SH DEFINED 2 15,225
RADIAN GROUP INC COM 750236101 791 16,225 SH DEFINED 2 16,225
REGENERON PHARM NOTE 75886FAB3 648 687,000 PRN DEFINED 2 22,710
RELIANT RESOURCES INC COM 75952B105 986 133,900 SH DEFINED 2 133,900
RESMED INC NOTE 761152AB3 1,492 1,450,000 PRN DEFINED 2,3 23,927
SANMINA CORP SDCV 800907AD9 1,472 2,900,000 PRN DEFINED 2,3 18,800
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 1,312 60,450 SH DEFINED 2 60,450
SCANA CORP COM 80589M102 1,336 39,000 SH DEFINED 2 39,000
SCHERING PLOUGH COM 806605101 911 52,375 SH DEFINED 2 52,375
SCHLUMBERGER LIMITED COM 806857108 3,207 58,600 SH DEFINED 2,3 58,600
SCHOOL SPECIALTY NOTE 807863AC9 1,588 1,375,000 PRN DEFINED 2,3 42,582
SCRIPPS CO (E.W.) CL A 811054204 3,295 35,000 SH DEFINED 2,3 35,000
SERVICEMASTER COMPANY COM 81760N109 580 49,750 SH DEFINED 2 49,750
SOLECTRON CORP NOTE 834182AL1 32,167 55,700,000 PRN DEFINED 2,3,4 656,491
SPANISH BROADCASTING SYS CL A 846425882 2,210 209,432 SH DEFINED 2,4 209,432
SPHERION CORPORATION COM 848420105 803 82,025 SH DEFINED 2 82,025
SPRINT CORP-PCS GROUP COM 852061506 8 1,428 SH DEFINED 1,2 1,428
STAR GAS PARTNER SRSUBUN 85512C204 600 29,229 SH DEFINED 2,4 29,229
STEINMART COM 858375108 182 22,075 SH DEFINED 2 22,075
STMICROELECTRON NOTE 861012AB8 16,358 18,000,000 PRN DEFINED 2,4 473,256
TJX COS INC NOTE 872540AL3 5,672 6,800,000 PRN DEFINED 2,3,4 222,136
TEJON RANCH COM 879080109 845 20,600 SH DEFINED 2 20,600
TELLABS INC COM 879664100 342 40,700 SH DEFINED 2 40,700
TENET HEALTHCARE CORP COM 88033G100 913 56,875 SH DEFINED 2 56,875
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
TEXTRON INC COM 883203101 1,575 27,600 SH DEFINED 2 27,600
3M CO COM 88579Y101 1,701 20,000 SH DEFINED 2,3 20,000
TORCHMARK CORP COM 891027104 902 19,800 SH DEFINED 2 19,800
TRAVELERS PROPERTY CASUALTY CL A 89420G109 2,739 163,228 SH DEFINED 2 163,228
TRIARC COMPANIES CL A 895927101 205 17,350 SH DEFINED 2 17,350
TRIARC COMPANIES CLBSER1 895927309 374 34,700 SH DEFINED 2 34,700
TRINITY INDUSTRIES COM 896522109 370 12,000 SH DEFINED 2 12,000
UNION PACIFIC COM 907818108 1,112 16,000 SH DEFINED 2,3 16,000
UNITED PARCEL SERVICE CL B 911312106 5,107 68,500 SH DEFINED 2 68,500
UNIVERSAL CORP-VA COM 913456109 616 13,950 SH DEFINED 2 13,950
UNOCAL CORP COM 915289102 4,909 133,300 SH DEFINED 2 133,300
USF CORP COM 91729Q101 690 20,175 SH DEFINED 2 20,175
VALASSIS COMMUNICATIONS COM 918866104 549 18,700 SH DEFINED 2 18,700
VALERO ENERGY CORP COM 91913Y100 2,549 55,000 SH DEFINED 1 55,000
VERITAS SOFTWARE COM 923436109 1,129 30,507 SH DEFINED 2,3,4 30,507
VERZION COMMUNICATIONS INC COM 92343V104 2,080 59,300 SH DEFINED 2,3 59,300
VIACOM INC CL B 925524308 2,219 50,000 SH DEFINED 2,3 50,000
VIAD CORP COM 92552R109 2,398 95,900 SH DEFINED 2 95,900
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
VISHAY INTERTECH NOTE 928298AD0 843 1,350,000 PRN DEFINED 2,3 23,853
WAL MART STORES INC COM 931142103 3,183 60,000 SH DEFINED 2,3 60,000
WALGREEN CO COM 931422109 2,910 80,000 SH DEFINED 2,3 80,000
WASHINGTON MUTUAL INC COM 939322103 1,283 31,975 SH DEFINED 2 31,975
WEBMD CORP NOTE 94769MAC9 2,095 1,800,000 PRN DEFINED 2,3 194,322
WELLS FARGO COMPANY COM 949746101 4,122 70,000 SH DEFINED 2,3 70,000
WEYERHAEUSER COMPANY COM 962166104 320 5,000 SH DEFINED 2 5,000
WHIRLPOOL CORPORATION COM 963320106 1,669 22,975 SH DEFINED 2 22,975
WILLIAMS COS INC COM 969457100 2,740 279,000 SH DEFINED 2 279,000
WILSONS THE LEATHER EXPERTS COM 972463103 203 58,725 SH DEFINED 2 58,725
WISCONSIN ENERGY CORP COM 976657106 874 26,125 SH DEFINED 2 26,125
WYETH COM 983024100 1,486 35,000 SH DEFINED 2,3 35,000
XCEL ENERGY INC COM 98389B100 1,975 116,300 SH DEFINED 2 116,300
XILINX INC COM 983919101 386 10,000 SH DEFINED 2 10,000
YORK INTERNATIONAL CORP COM 986670107 644 17,500 SH DEFINED 2 17,500