13F-HR 1 cnafmar.txt FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31,2004 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: May 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: 227 Form 13F Information Table Value Total: 1,228,708 (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 3M CO COM 88579Y101 1,637 20,000 SH DEFINED 2,3 20,000 ACCENTURE LTD CL A G1150G111 630 25,400 SH DEFINED 2 25,400 ACXIOM CORP NOTE 005125AB5 4,060 3,200,000 PRN DEFINED 2,3 175,322 AETNA INC COM 00817Y108 1,660 18,500 SH DEFINED 2 18,500 AFTERMARKET TECHNOLOGY CORP COM 008318107 274 18,650 SH DEFINED 2 18,650 AGILENT TECH INC DBCV 00846UAB7 31,640 28,000,000 PRN DEFINED 2,3,4 869,025 AGILYSYS COM 00847J105 608 51,575 SH DEFINED 2 51,575 ALCAN ALUMINUM LTD COM 013716105 1,344 30,000 SH DEFINED 2,3 30,000 ALCON INC COM SHS H01301102 4,494 71,000 SH DEFINED 2,3 71,000 ALLSTATE CORPORATION COM 020002101 1,391 30,600 SH DEFINED 2 30,600 AMBAC FINANCIAL GROUP INC COM 023139108 1,365 18,500 SH DEFINED 2 18,500 AMERADA HESS COM 023551104 1,306 20,000 SH DEFINED 2 20,000 AMEREN CORPORATION COM 023608102 668 14,500 SH DEFINED 2 14,500 AMERICAN EXPRESS COM 025816109 3,370 65,000 SH DEFINED 2,3 65,000 AMERICAN GREETINGS NOTE 026375AJ4 2,702 1,500,000 PRN DEFINED 2,3 107,920 AMERICAN HOME MORTGAGE COM 02660R107 4,257 147,800 SH DEFINED 2,4 147,800 AMERICAN INTL GROUP INC COM 026874107 2,997 42,000 SH DEFINED 2,3 42,000
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 AMERICAN NATIONAL INSURANCE COM 028591105 483 5,400 SH DEFINED 2 5,400 AMERICAN PHYSICIANS CAP INC COM 028884104 714 34,175 SH DEFINED 2 34,175 AMERISOURCE HEALTH CORP NOTE 03071PAD4 2,941 2,560,000 PRN DEFINED 2,3 48,330 AMERUS GROUP CO COM 03072M108 547 13,550 SH DEFINED 2 13,550 AMGEN INC COM 031162100 1,745 30,000 SH DEFINED 2,3 30,000 ANADARKO PETROLEUM CORP COM 032511107 6,742 130,000 SH DEFINED 2 130,000 ANHEUSER BUSCH CO COM 035229103 3,810 74,700 SH DEFINED 2,3 74,700 ANIXTER INTERNATIONAL INC COM 035290105 707 25,025 SH DEFINED 2 25,025 AON CORP COM 037389103 4,140 148,350 SH DEFINED 2 148,350 APPLIED MATERIALS INC. COM 038222105 1,604 75,000 SH DEFINED 2,3 75,000 ARVINMERITOR INC COM 043353101 598 30,175 SH DEFINED 2 30,175 ASHLAND INC COM 044204105 1,567 33,700 SH DEFINED 2 33,700 AVAYA INC NOTE 053499AA7 3,338 5,000,000 PRN DEFINED 2,3,4 187,219 BANK OF NEW YORK COM 064057102 1,295 41,100 SH DEFINED 2 41,100 BARRICK GOLD CORP COM 067901108 1,555 65,400 SH DEFINED 2 65,400 BEAZER HOMES USA INC COM 07556Q105 1,059 10,000 SH DEFINED 2 10,000 BEST BUY COMPANY INC COM 086516101 2,276 44,000 SH DEFINED 2,3 44,000
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 BOEING COMPANY COM 097023105 2,978 72,500 SH DEFINED 2 72,500 BOSTON SCIENTIFIC CORP COM 101137107 1,822 43,000 SH DEFINED 2,3 43,000 BOWNE & CO INC COM 103043105 755 44,175 SH DEFINED 2 44,175 BP PLC ADR 055622104 3,425 66,900 SH DEFINED 2 66,900 BRISTOL-MYERS SQUIBB CO COM 110122108 1,031 42,550 SH DEFINED 2 42,550 BURLINGTON RESOURCES INC COM 122014103 1,591 25,000 SH DEFINED 2,3 25,000 CABLEVISION SYSTEMS CL A 12686C109 3,601 157,400 SH DEFINED 2 157,400 CABOT OIL & GAS CORP COM 127097103 3,973 130,000 SH DEFINED 2 130,000 CALPINE CORPORATION COM 131347106 1,868 400,000 SH DEFINED 2 400,000 CELESTICA INC NOTE 15101QAA6 31,959 58,910,000 PRN DEFINED 2,3,4 334,302 CENDANT CORP DBCV 151313AN3 35,200 32,000,000 PRN DEFINED 2,4 1,330,560 CENTEX CORP COM 152312104 3,784 70,000 SH DEFINED 2 70,000 CEPHALON INC NOTE 156708AE9 2,970 3,000,000 PRN DEFINED 2,3 37,037 CHARLES RIVER DBCV 159863AL3 1,729 1,450,000 PRN DEFINED 2,3 37,304 CHESAPEAKE ENERGY CORP COM 165167107 335 25,000 SH DEFINED 2 25,000 CHEVRON TEXACO CORP COM 166764100 3,950 45,000 SH DEFINED 2,3 45,000 CHICAGO BRIDGE & IRON NYREGSH 167250109 278 10,000 SH DEFINED 2 10,000
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 CHIRON CORP NOTE 170040AE9 20,183 34,500,000 PRN DEFINED 2,3,4 247,065 CIGNA CORP COM 125509109 2,700 45,750 SH DEFINED 2 45,750 CINERGY CORP COM 172474108 1,578 38,600 SH DEFINED 2 38,600 CISCO SYSTEMS INC COM 17275R102 3,998 170,000 SH DEFINED 2,3 170,000 CIT GROUP INC COM 125581108 1,814 47,675 SH DEFINED 2 47,675 CITIGROUP INC COM 172967101 11,039 213,525 SH DEFINED 2,3 213,525 CLEAR CHANNEL COMM COM 184502102 2,118 50,000 SH DEFINED 2,3 50,000 CNA SURETY CORPORATION COM 12612L108 303,048 27,425,147 SH DEFINED 1,2,4 27,425,147 CNF INC COM 12612W104 3,138 93,400 SH DEFINED 2 93,400 COACH INC COM 189754104 2,377 58,000 SH DEFINED 2,3 58,000 COCA COLA CO COM 191216100 1,761 35,000 SH DEFINED 2,3 35,000 COMCAST CORP CL A 20030N200 6,521 233,900 SH DEFINED 2,3 233,900 COMMSCOPE INC COM 203372107 384 23,075 SH DEFINED 2 23,075 COMPUTER ASSOCIATES INTL COM 204912109 1,885 70,175 SH DEFINED 2 70,175 CONEXANT SYSTEMS NOTE 207142AB6 3,011 3,000,000 PRN DEFINED 2,4 330,578 COOPER INDUSTRIES INC CL A G24182100 2,845 49,750 SH DEFINED 2 49,750 COSTCO WHOLESALE CORP COM 22160K105 2,629 70,000 SH DEFINED 2,3 70,000
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 CYTEC INDUSTRIES INC COM 232820100 2,145 60,300 SH DEFINED 2 60,300 DEERE & CO COM 244199105 2,426 35,000 SH DEFINED 2,3 35,000 DEL MONTE FOODS CO COM 24522P103 559 49,700 SH DEFINED 2 49,700 DELL COMPUTER CORP COM 24702R101 3,362 100,000 SH DEFINED 2,3 100,000 DELPHI FINANCIAL GROUP CLA 247131105 2,219 52,800 SH DEFINED 2 52,800 DIAGEO PLC ADR 25243Q205 1,909 36,100 SH DEFINED 2 36,100 DIAMONDS TRUST SERIES I UNITSER 252787106 9,353 90,000 SH DEFINED 2 90,000 DILLARDS INC CLA 254067101 568 29,650 SH DEFINED 2 29,650 DISNEY (WALT) CO NOTE 254687AU0 15,470 14,000,000 PRN DEFINED 2,3,4 475,220 DISNEY (WALT) CO COM 254687106 1,499 60,000 SH DEFINED 2,3 60,000 DOMINION RESOURCES INC NOTE 25746UAP4 8,379 8,125,000 PRN DEFINED 2,4 110,390 DU PONT DE NEMOURS E.I. COM 263534109 1,900 45,000 SH DEFINED 2,3 45,000 DUKE ENERGY CORP NOTE 264399EJ1 7,534 7,000,000 PRN DEFINED 2,3,4 296,736 ECOLAB INC COM 278865100 2,282 80,000 SH DEFINED 2,3 80,000 EDO CORP NOTE 281347AD6 538 500,000 PRN DEFINED 2,3 15,995 ENTERGY CORP COM 29364G103 4,230 71,100 SH DEFINED 2 71,100 ESTERLINE TECHNOLOGIES CORP COM 297425100 809 32,550 SH DEFINED 2 32,550
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 FEDERAL HOME LOAN MORTGAGE COM 313400301 2,343 39,675 SH DEFINED 2 39,675 FIRST CITIZENS BCSHS CL A 31946M103 234 1,900 SH DEFINED 2 1,900 FLEET BOSTON FINANCIAL CORP COM 339030108 1,134 25,250 SH DEFINED 2 25,250 FMC CORP COM 302491303 1,967 45,925 SH DEFINED 2 45,925 FMC TECHNOLOGIES INC COM 30249U101 1,808 66,896 SH DEFINED 2 66,896 GAP INC NOTE 364760AJ7 3,182 2,200,000 PRN DEFINED 2,3 136,477 GATX CORP COM 361448103 276 12,450 SH DEFINED 2 12,450 GENERAL CABLE CORP COM 369300108 574 77,775 SH DEFINED 2 77,775 GENERAL ELECTRIC CO COM 369604103 5,448 178,500 SH DEFINED 2,3 178,500 GENERAL MARITIME CORP SHS Y2692M103 2,767 110,000 SH DEFINED 2 110,000 GENERAL MOTORS SRCONVA 370442741 20,992 800,000 SH DEFINED 2,3,4 800,000 GENZYME CORP SDCV 372917AK0 2,018 2,000,000 PRN DEFINED 2,4 28,449 GILEAD SCIENCES NOTE 375558AD5 1,315 1,000,000 PRN DEFINED 2,3 21,277 GLIMCHER REALTY TRUST SH BEN 379302102 701 25,875 SH DEFINED 2 25,875 GUITAR CENTER MG NOTE 402040AC3 1,369 1,050,000 PRN DEFINED 2,3 30,364 HEALTH NET INC COM 42222G108 2,423 97,175 SH DEFINED 2 97,175 HERMAN MILLER INC COM 600544100 221 8,300 SH DEFINED 2 8,300
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 HEWLETT-PACKARD CO. COM 428236103 2,022 88,525 SH DEFINED 2 88,525 HNC SOFTWARE NOTE 40425PAC1 1,428 1,300,000 PRN DEFINED 2,3 23,427 HONDA MOTOR CO LTD AMERSHS 438128308 1,953 84,400 SH DEFINED 2 84,400 HUTCHINSON TECH NOTE 448407AE6 1,195 1,000,000 PRN DEFINED 2,3 33,512 IKON MBIA INC. COM 55262C100 1,257 20,050 SH DEFINED 2 20,050 INCO LTD NOTE 453258AM7 4,863 5,000,000 PRN DEFINED 2,4 132,765 INTEGRA LIFESCIENCES HLD NOTE 457985AB5 733 635,000 PRN DEFINED 2,3 18,596 INTEL CORP COM 458140100 2,154 79,200 SH DEFINED 2,3 79,200 INTL BUSINESS MACHINE COM 459200101 5,051 55,000 SH DEFINED 2 55,000 INTERPUBLIC GRP NOTE 460690AJ9 58,909 62,503,000 PRN DEFINED 2,3,4 1,101,053 INTERSTATE BAKERIES COM 46072H108 565 49,650 SH DEFINED 2 49,650 INTL RECTIFIER NOTE 460254AE5 5,031 5,000,000 PRN DEFINED 2,4 67,627 INVITROGEN INC NOTE 46185RAD2 2,592 2,400,000 PRN DEFINED 2,3 27,875 IPC HOLDINGS LTD ORD G4933P101 2,630 66,775 SH DEFINED 2 66,775 ISHARES MSCI HONG KONG MSCIHONG 464286871 12,720 1,200,000 SH DEFINED 2 1,200,000 ISHARES MSCI SINGAPORE MSCISING 464286673 6,488 1,017,000 SH DEFINED 2 1,017,000 J.P. MORGAN CHASE & CO COM 46625H100 2,098 50,000 SH DEFINED 2,3 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 JOHNSON & JOHNSON COM 478160104 2,282 45,000 SH DEFINED 2,3 45,000 KAYDON CORP NOTE 486587AB4 231 200,000 PRN DEFINED 2,3 6,859 KENNAMETAL INC COM 489170100 413 10,000 SH DEFINED 2 10,000 KIMBERLY CLARK COM 494368103 2,840 45,000 SH DEFINED 2,3 45,000 L-3 COMMUNICATIONS CORP COM 502424104 297 5,000 SH DEFINED 2 5,000 LEAR SEATING CORP COM 521865105 1,699 27,425 SH DEFINED 2 27,425 LENNOX INTERNATL NOTE 526107AB3 1,074 815,000 PRN DEFINED 2,3 45,059 LIBERTY MEDIA COMSERA 530718105 3,684 336,400 SH DEFINED 2 336,400 LINCOLN NATIONAL CORP IN COM 534187109 1,893 40,000 SH DEFINED 2 40,000 LOCKHEED MARTIN CORP COM 539830109 1,415 31,000 SH DEFINED 2 31,000 LOWES COMPANIES NOTE 548661CG0 21,375 20,000,000 PRN DEFINED 2,3,4 344,240 LUBRIZOL CORP COM 549271104 1,142 36,250 SH DEFINED 2 36,250 MARSH & MCLENNAN COS INC COM 571748102 2,616 56,500 SH DEFINED 2 56,500 MASCO CORPORATION COM 574599106 2,435 80,000 SH DEFINED 2,3 80,000 MEDIACOM COMMUNICATIONS CL A 58446K105 1,604 200,000 SH DEFINED 2 200,000 MEDICIS PHARMACE NOTE 58470KAA2 3,251 2,200,000 PRN DEFINED 2,3 37,866 MEDTRONIC INC COM 585055106 1,958 41,000 SH DEFINED 2,3 41,000
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 MERRILL LYNCH FRNT 590188A73 38,099 36,500,000 PRN DEFINED 2,3,4 504,477 MERRILL LYNCH & CO INC COM 590188108 1,030 17,300 SH DEFINED 2,3 17,300 METLIFE INC COM 59156R108 511 14,312 SH DEFINED 1,2 14,312 MICRON TECH NOTE 595112AG8 2,877 1,870,000 PRN DEFINED 2,3 158,636 MICROSOFT CORP COM 594918104 3,069 122,900 SH DEFINED 2,3 122,900 MILACRON INC COM 598709103 218 62,775 SH DEFINED 2 62,775 MONSANTO CO COM 61166W101 1,566 42,700 SH DEFINED 2 42,700 MORGAN STANLEY ASIA-PACIFIC COM 61744U106 852 70,700 SH DEFINED 2 70,700 NACCO INDS INC CL A 629579103 696 8,450 SH DEFINED 2 8,450 NCI BUILDING SYSTEMS INC COM 628852105 651 27,750 SH DEFINED 2 27,750 NEWS AMER INC NOTE 652482AZ3 50,416 87,300,000 PRN DEFINED 2,3,4 1,060,547 NEWS CORP LTD ADR PRF 652487802 7,595 239,507 SH DEFINED 2 239,507 NISOURCE INC COM 65473P105 4,006 188,500 SH DEFINED 2 188,500 NORTEL NETWORKS NOTE 656568AB8 9,146 9,000,000 PRN DEFINED 2,4 900,000 NORTHERN TRUST CORP COM 665859104 1,677 36,000 SH DEFINED 2 36,000 NOVOGEN LIMITED ADR 67010F103 316 12,650 SH DEFINED 2 12,650 OAK INDUSTRIES NOTE 671400AL3 13,899 13,677,000 PRN DEFINED 2,4 881,249
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 OHIO CASUALTY CORP COM 677240103 810 40,525 SH DEFINED 2 40,525 OLD REPUBLIC INTL CORP COM 680223104 4,090 166,538 SH DEFINED 2 166,538 OMNICOM GROUP NOTE 681919AK2 4,030 4,000,000 PRN DEFINED 2,4 36,360 OMNICOM GROUP NOTE 681919AM8 12,703 12,500,000 PRN DEFINED 2,3,4 113,625 OXFORD HEALTH PLANS INC COM 691471106 2,443 50,000 SH DEFINED 2 50,000 P G 7 E CORPORATION COM 69331C108 2,859 98,700 SH DEFINED 2 98,700 PATHMARK STORES INC COM 70322A101 1,473 184,632 SH DEFINED 2,4 184,632 PAYLESS SHOESOURCE INC COM 704379106 1,355 97,050 SH DEFINED 2 97,050 PEPSICO INCORPORATED COM 713448108 1,723 32,000 SH DEFINED 2,3 32,000 PERFORMANCE FOOD NOTE 713755AA4 1,708 1,500,000 PRN DEFINED 2,3 45,524 PFIZER INC COM 717081103 6,071 173,200 SH DEFINED 2,3 173,200 PHARMACEUTICAL HOLDRS TR DEPREC 71712A206 10,311 135,000 SH DEFINED 2 135,000 PHILLIPS PETROLEUM CO COM 20825C104 799 11,450 SH DEFINED 2 11,450 PLACER DOME INC COM 725906101 1,871 104,100 SH DEFINED 2 104,100 PPL CORPORATION COM 69351T106 3,826 83,900 SH DEFINED 2 83,900 PRECISION CASTPARTS CORP COM 740189105 1,157 26,275 SH DEFINED 2 26,275 PRIME HOSPITALITY CORP COM 741917108 73 6,375 SH DEFINED 2,4 6,375
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 PROTECTIVE LIFE CORP COM 743674103 965 25,775 SH DEFINED 2 25,775 PRUDENTIAL FINANCIAL INC COM 744320102 13,279 296,545 SH DEFINED 1,2 296,545 PUBLIC SERVICE CO OF N MEX COM 69349H107 566 18,825 SH DEFINED 2 18,825 PULTE CORP COM 745867101 7,784 140,000 SH DEFINED 2 140,000 R.H. DONNELLEY CORP COM 74955W307 915 19,600 SH DEFINED 2 19,600 RADIAN GROUP INC COM 750236101 691 16,225 SH DEFINED 2 16,225 RESMED INC NOTE 761152AB3 1,526 1,450,000 PRN DEFINED 2,3 23,927 SANMINA CORP SDCV 800907AD9 26,018 49,915,000 PRN DEFINED 2,3,4 323,579 SARA LEE CORP COM 803111103 2,526 115,550 SH DEFINED 2 115,550 SCANA CORP COM 80589M102 2,771 78,400 SH DEFINED 2 78,400 SCHERING PLOUGH COM 806605101 1,145 70,600 SH DEFINED 2 70,600 SCHLUMBERGER LIMITED COM 806857108 3,742 58,600 SH DEFINED 2,3 58,600 SCHOOL SPECIALTY NOTE 807863AC9 1,370 1,185,000 PRN DEFINED 2,3 36,698 SCRIPPS CO (E.W.) CL A 811054204 3,539 35,000 SH DEFINED 2,3 35,000 SOLECTRON CORP NOTE 834182AL1 29,533 50,700,000 PRN DEFINED 2,3,4 597,560 SPANISH BROADCASTING SYS CL A 846425882 2,189 209,432 SH DEFINED 2,4 209,432 SPHERION CORPORATION COM 848420105 839 82,025 SH DEFINED 2 82,025
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 SPRINT CORP (PCS GROUP) COM 852061506 13 1,428 SH DEFINED 1,2 1,428 STAR GAS PARTNER SRSUBUN 85512C204 689 29,229 SH DEFINED 2,4 29,229 STMICROELECTRON NOTE 861012AB8 15,975 18,000,000 PRN DEFINED 2,4 473,256 TEEKAY SHIPPING CORP COM Y8564W103 1,412 20,500 SH DEFINED 2 20,500 TEJON RANCH COM 879080109 761 20,600 SH DEFINED 2 20,600 TEXTRON INC COM 883203101 1,467 27,600 SH DEFINED 2 27,600 TJX COS INC NOTE 872540AL3 6,010 6,800,000 PRN DEFINED 2,3,4 222,136 TORCHMARK CORP COM 891027104 1,439 26,750 SH DEFINED 2 26,750 TRAVELERS PROPERTY CASUALTY CL A 89420G109 2,799 163,228 SH DEFINED 2 163,228 TRIARC COMPANIES CL A 895927101 190 17,350 SH DEFINED 2 17,350 TRIARC COS CLBSER1 895927309 380 34,700 SH DEFINED 2 34,700 TRINITY INDUSTRIES COM 896522109 559 20,125 SH DEFINED 2 20,125 UNION PACIFIC COM 907818108 1,132 18,925 SH DEFINED 2 18,925 UNITED PARCEL SERVICE CL B 911312106 4,784 68,500 SH DEFINED 2,3 68,500 UNITEDHEALTH GROUP INC COM 91324P102 1,611 25,000 SH DEFINED 2,3 25,000 UNIVERSAL CORP COM 913456109 546 10,750 SH DEFINED 2 10,750 UNOCAL CORP COM 915289102 2,487 66,700 SH DEFINED 2 66,700
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 UNUMPROVIDENT CORP COM 91529Y106 1,317 90,000 SH DEFINED 2 90,000 US CORPORATION COM 91729Q101 692 20,175 SH DEFINED 2 20,175 VALASSIS COMMUNICATIONS INC COM 918866104 1,749 57,525 SH DEFINED 2 57,525 VALERO ENERGY CORP COM 91913Y100 3,298 55,000 SH DEFINED 2 55,000 VERZION COMMUNICATIONS INC COM 92343V104 3,022 82,700 SH DEFINED 2,3 82,700 VIACOM INC CL B 925524308 1,961 50,000 SH DEFINED 2,3 50,000 VIAD CORP COM 92552R109 2,589 107,100 SH DEFINED 2 107,100 VINTAGE PETROLEUM INC COM 927460105 2,199 150,000 SH DEFINED 2 150,000 VISHAY INTERTECH NOTE 928298AD0 830 1,350,000 PRN DEFINED 2,3 23,853 WAL MART STORES INC COM 931142103 3,581 60,000 SH DEFINED 2,3 60,000 WALGREEN CO COM 931422109 2,636 80,000 SH DEFINED 2,3 80,000 WASHINGTON MUTUAL INC COM 939322103 1,802 42,200 SH DEFINED 2 42,200 WEBMD CORP NOTE 94769MAC9 2,054 1,800,000 PRN DEFINED 2,3 194,322 WELLS FARGO COMPANY COM 949746101 3,967 70,000 SH DEFINED 2,3 70,000 WEYERHAEUSER COMPANY COM 962166104 2,620 40,000 SH DEFINED 2,3 40,000 WHIRLPOOL CORPORATION COM 963320106 1,582 22,975 SH DEFINED 2 22,975 WILLIAMS COS INC COM 969457100 2,670 279,000 SH DEFINED 2 279,000 WILSONS THE LEATHER EXPERTS COM 972463103 167 58,725 SH DEFINED 2 58,725 WISCONSIN ENERGY CORP COM 976657106 2,391 74,375 SH DEFINED 2 74,375 XCEL ENERGY INC COM 98389B100 2,071 116,300 SH DEFINED 2 116,300 XILINX INC COM 983919101 378 10,000 SH DEFINED 2 10,000 XL CAPITAL LTD CL A G98255105 1,215 15,975 SH DEFINED 2 15,975 YORK INTERNATIONAL CORP COM 986670107 688 17,500 SH DEFINED 2 17,500