FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 2012
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: 333 S. Wabash
Chicago,IL 60604
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: Lawrence J. Boysen
Title: Senior Vice President and Corporate Controller
Phone: (312) 822 5653
Signature, Place, and Date of Signing:
/s/ Lawrence J. Boysen Chicago, IL 05/15/2012
--------------------------------- --------------------------------- ----------
[Signature] [City, State] [Date]
Assets reported herein are described as having shared
investment discretion among Loews Corporation, CNA Financial
Corporation, The Continental Corporation and Continental Casualty
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
The Continental Corporation; and The Continental Corporation owns
100% of the outstanding shares of Continental Casualty Company.
Loews Corporation will report separately on securities over which
it has investment discretion which are not part of this report.
Report Type (Check only one.):
[ X ] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager:
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 3
Form 13F Information Table Entry Total: 167
Form 13F Information Table Value Total: $401,181 (in thousands)
List of Other Included Managers:
No. 13F File Number Name
1 28-217 Loews Corporation
2 28-172 The Continental Corporation
3 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
ABBOTT LABORATORIES COM 002824100 4,299 70,150 SH DEFINED 1,2,3 70,150
ACTUANT CORP CL A 00508X203 991 34,175 SH DEFINED 1,2,3 34,175
AEROPOSTALE INC COM 007865108 1,318 60,975 SH DEFINED 1,2,3 60,975
ALLSTATE CORPORATION COM 020002101 2,964 90,050 SH DEFINED 1,2,3 90,050
AMERICAN EQUITY INVT LIFE COM 025676206 1,187 92,925 SH DEFINED 1,2,3 92,925
AMERICAN INTERNATIONAL GRP COM 026874784 1,739 56,400 SH DEFINED 1,2,3 56,400
AMERICAN REPROGRAPHICS CO COM 029263100 703 130,375 SH DEFINED 1,2,3 130,375
AMGEN INC COM 031162100 3,399 50,000 SH DEFINED 1,2,3 50,000
ANADARKO PETROLEUM CORP COM 032511107 11,007 140,500 SH DEFINED 1,2,3 140,500
ANSYS INC COM 03662Q105 314 4,824 SH DEFINED 1,2,3 4,824
APACHE CORP COM 037411105 6,529 65,000 SH DEFINED 1,2,3 65,000
APOLLO GLOBAL MANAGEMENT CL A 037612306 481 33,700 SH DEFINED 1,2,3 33,700
APOLLO GROUP INC CL A 037604105 1,080 27,950 SH DEFINED 1,2,3 27,950
ARGO GROUP INTERNATIONAL COM G0464B107 1,355 45,350 SH DEFINED 1,2,3 45,350
ARTHUR J GALLAGHER & CO COM 363576109 961 26,900 SH DEFINED 1,2,3 26,900
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
ASPEN INSURANCE HOLDINGS SHS G05384105 654 23,425 SH DEFINED 1,2,3 23,425
ASSURANT INC COM 04621X108 4,455 110,000 SH DEFINED 1,2,3 110,000
AVNET INC COM 053807103 2,835 77,900 SH DEFINED 1,2,3 77,900
BANK OF AMERICA CORP COM 060505104 1,085 113,425 SH DEFINED 1,2,3 113,425
BANK OF NEW YORK COM 064058100 1,514 62,740 SH DEFINED 1,2,3 62,740
BARRICK GOLD CORP COM 067901108 3,808 87,591 SH DEFINED 1,2,3 87,591
BAXTER INTL COM 071813109 1,154 19,308 SH DEFINED 1,2,3 19,308
BBCN BANCORP INC COM 073295107 1,348 121,100 SH DEFINED 1,2,3 121,100
BLUEKNIGHT ENERGY PARTNERS COM 09625U109 2,304 341,310 SH DEFINED 1,2,3 341,310
BP PLC SPONS 055622104 1,955 43,447 SH DEFINED 1,2,3 43,447
BRADY CORPORATION CL A 104674106 1,470 45,450 SH DEFINED 1,2,3 45,450
CABOT OIL & GAS CORP COM 127097103 982 31,500 SH DEFINED 1,2,3 31,500
CAL DIVE INTERNATIONAL INC COM 12802T101 317 96,200 SH DEFINED 1,2,3 96,200
CALLAWAY GOLF COMPANY COM 131193104 193 28,600 SH DEFINED 1,2,3 28,600
CALPINE CORP COM 131347304 1,157 67,240 SH DEFINED 1,2,3 67,240
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
CANADIAN NATURAL RESOURCES COM 136385101 664 20,000 SH DEFINED 1,2,3 20,000
CAPITAL LEASE FUNDING INC COM 140288101 1,011 250,881 SH DEFINED 1,2,3 250,881
CARPENTER TECHNOLOGY COM 144285103 256 4,900 SH DEFINED 1,2,3 4,900
CASTLE (A.M.) & CO COM 148411101 491 38,800 SH DEFINED 1,2,3 38,800
CIRCOR INTERNATIONAL INC COM 17273K109 902 27,125 SH DEFINED 1,2,3 27,125
CITIGROUP INC COM 172967424 4,783 130,864 SH DEFINED 1,2,3 130,864
CNO FINANCIAL GROUP INC COM 12621E103 1,872 240,675 SH DEFINED 1,2,3 240,675
COCA COLA CO COM 191216100 614 8,300 SH DEFINED 1,2,3 8,300
COLLECTIVE BRANDS INC COM 19421W100 289 14,700 SH DEFINED 1,2,3 14,700
COMCAST CORP CL A 20030N200 7,378 250,000 SH DEFINED 1,2,3 250,000
COMPUTER ASSOCIATES INTL COM 12673P105 1,564 56,752 SH DEFINED 1,2,3 56,752
COMPUTER SCIENCES CORP COM 205363104 2,014 67,275 SH DEFINED 1,2,3 67,275
CONSTELLATION ENERGY PART CL B 21038E101 467 180,260 SH DEFINED 1,2,3 180,260
CON-WAY INC COM 205944101 1,829 56,075 SH DEFINED 1,2,3 56,075
CORNING INC COM 219350105 752 53,390 SH DEFINED 1,2,3 53,390
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
CURTISS-WRIGHT CORP COM 231561101 1,367 36,925 SH DEFINED 1,2,3 36,925
DELL COMPUTER CORP COM 24702R101 1,017 61,300 SH DEFINED 1,2,3 61,300
DENBURY RESOURCES INC COM 247916208 3,190 175,000 SH DEFINED 1,2,3 175,000
DEVON ENERGY CORP COM 25179M103 7,148 100,500 SH DEFINED 1,2,3 100,500
DIAMONDROCK HOSPITALITY CO COM 252784301 1,319 128,171 SH DEFINED 1,2,3 128,171
DIODES INC COM 254543101 1,638 70,675 SH DEFINED 1,2,3 70,675
ENERSYS COM 29275Y102 754 21,750 SH DEFINED 1,2,3 21,750
ENSCO INTERNATIONAL INC SPONS 29358Q109 3,970 75,000 SH DEFINED 1,2,3 75,000
ENTERGY CORP COM 29364G103 1,877 27,925 SH DEFINED 1,2,3 27,925
EOG RESOURCES INC COM 26875P101 1,111 10,000 SH DEFINED 1,2,3 10,000
EXXON MOBIL CORP COM 30231G102 3,469 40,000 SH DEFINED 1,2,3 40,000
EZCORP INC CL A 302301106 1,139 35,100 SH DEFINED 1,2,3 35,100
FEDEX CORPORATION COM 31428X106 7,679 83,500 SH DEFINED 1,2,3 83,500
FIRST AMERICAN FINANCIAL COM 31847R102 527 31,675 SH DEFINED 1,2,3 31,675
FORTUNE BRANDS HOME & SEC COM 34964C106 3,474 157,425 SH DEFINED 1,2,3 157,425
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
FRANKLIN RESOURCES INC COM 354613101 1,615 13,025 SH DEFINED 1,2,3 13,025
GENERAL MOTORS WARRANT 37045V118 611 36,757 SH DEFINED 1,2,3 36,757
GLOBAL CASH ACCESS INC COM 378967103 1,456 186,716 SH DEFINED 1,2,3 186,716
GLOBAL INDEMNITY PLC SHS G39319101 339 17,408 SH DEFINED 1,2,3 17,408
GOLDMAN SACHS GROUP INC COM 38141G104 1,300 10,450 SH DEFINED 1,2,3 10,450
GOOGLE INC CL A 38259P508 2,405 3,750 SH DEFINED 1,2,3 3,750
GRAY TELEVISION INC COM 389375106 797 421,444 SH DEFINED 1,2,3 421,444
GREAT PLAINS ENERGY INC COM 391164100 456 22,500 SH DEFINED 1,2,3 22,500
GRIFFON CORPORATION COM 398433102 1,353 126,419 SH DEFINED 1,2,3 126,419
HALOZYME THERAPEUTICS INC COM 40637H109 1,413 110,775 SH DEFINED 1,2,3 110,775
HARSCO CORP COM 415864107 1,396 59,500 SH DEFINED 1,2,3 59,500
HARTE-HANKS INC COM 416196103 1,735 191,675 SH DEFINED 1,2,3 191,675
HARTFORD FINANCIAL SVCS GRP COM 416515104 1,054 50,000 SH DEFINED 1,2,3 50,000
HESS CORP COM 42809H107 1,644 27,895 SH DEFINED 1,2,3 27,895
HEWLETT-PACKARD CO COM 428236103 8,838 370,873 SH DEFINED 1,2,3 370,873
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
HOSPITALITY PROPERTIES COM SHS 44106M102 2,257 85,275 SH DEFINED 1,2,3 85,275
HUNTINGTON INGALLS IND COM 446413106 1,946 48,350 SH DEFINED 1,2,3 48,350
INGERSOLL RAND CO SHS G47791101 2,050 49,570 SH DEFINED 1,2,3 49,570
INGRAM MICRO INC CL A 457153104 1,832 98,725 SH DEFINED 1,2,3 98,725
INNOSPEC INC COM 45768S105 632 20,798 SH DEFINED 1,2,3 20,798
INTERLINE BRANDS INC COM 458743101 1,151 53,275 SH DEFINED 1,2,3 53,275
INTERNATIONAL BUSINESS MACH COM 459200101 25,185 120,705 SH DEFINED 1,2,3 120,705
INTERVAL LEISURE GROUP COM 46113M108 299 17,200 SH DEFINED 1,2,3 17,200
INVESCO LTD SHS G491BT108 1,673 62,725 SH DEFINED 1,2,3 62,725
JAKKS PACIFIC INC COM 47012E106 698 40,025 SH DEFINED 1,2,3 40,025
JARDEN CORP COM 471109108 2,012 50,000 SH DEFINED 1,2,3 50,000
JOHNSON & JOHNSON COM 478160104 3,342 50,670 SH DEFINED 1,2,3 50,670
JONES APPAREL GROUP INC COM 48020T101 1,359 108,225 SH DEFINED 1,2,3 108,225
JPMORGAN CHASE & COMPANY COM 46625H100 6,261 136,175 SH DEFINED 1,2,3 136,175
KAISER ALUMINUM CORP COM 483007704 359 7,600 SH DEFINED 1,2,3 7,600
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
KAPSTONE PAPER & PACKAGING COM 48562P103 390 19,800 SH DEFINED 1,2,3 19,800
L-3 COMMUNICATIONS CORP COM 502424104 2,040 28,825 SH DEFINED 1,2,3 28,825
LEGG MASON INC COM 524901105 2,745 98,299 SH DEFINED 1,2,3 98,299
LENNAR CORP CL B 526057302 639 28,600 SH DEFINED 1,2,3 28,600
LIFE TECHNOLOGIES CORP COM 53217V109 1,932 39,580 SH DEFINED 1,2,3 39,580
LINCOLN NATIONAL CORP IND COM 534187109 4,745 180,000 SH DEFINED 1,2,3 180,000
MASCO CORPORATION COM 574599106 2,042 152,725 SH DEFINED 1,2,3 152,725
MEDIVATION INC COM 58501N101 389 5,210 SH DEFINED 1,2,3 5,210
MEDTRONIC INC COM 585055106 1,128 28,775 SH DEFINED 1,2,3 28,775
MERCK & CO INC COM 58933Y105 7,173 186,807 SH DEFINED 1,2,3 186,807
METLIFE INC COM 59156R108 4,695 125,700 SH DEFINED 1,2,3 125,700
MI DEVELOPMENTS INC CL A 55304X104 1,635 47,275 SH DEFINED 1,2,3 47,275
MICROSOFT CORP COM 594918104 9,902 307,005 SH DEFINED 1,2,3 307,005
MILLER INDUSTRIES INC COM 600551204 185 10,962 SH DEFINED 1,2,3 10,962
MOHAWK INDUSTRIES INC COM 608190104 1,580 23,750 SH DEFINED 1,2,3 23,750
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
MOLSON COORS BREWING CO CL B 60871R209 464 10,250 SH DEFINED 1,2,3 10,250
MORGAN ST DEAN WITTER DISC COM 617446448 2,324 118,315 SH DEFINED 1,2,3 118,315
MOTOROLA INC COM 620076307 2,062 40,568 SH DEFINED 1,2,3 40,568
MUELLER WATER PRODUCTS INC COM 624758108 992 297,875 SH DEFINED 1,2,3 297,875
NATL PENN BCSHS INC COM 637138108 1,215 137,250 SH DEFINED 1,2,3 137,250
NELNET INC CL A 64031N108 389 15,000 SH DEFINED 1,2,3 15,000
NORTHROP GRUMMAN CORP COM 666807102 3,023 49,500 SH DEFINED 1,2,3 49,500
NV ENERGY INC COM 67073Y106 432 26,800 SH DEFINED 1,2,3 26,800
OCCIDENTAL PETROLEUM COM 674599105 8,571 90,000 SH DEFINED 1,2,3 90,000
OFFICEMAX INC COM 67622P101 264 46,100 SH DEFINED 1,2,3 46,100
OMNICOM GROUP COM 681919106 2,408 47,550 SH DEFINED 1,2,3 47,550
ORACLE CORP COM 68389X105 6,893 236,390 SH DEFINED 1,2,3 236,390
OVERHILL FARMS INC COM 690212105 199 44,318 SH DEFINED 1,2,3 44,318
OWENS CORNING COM 690742101 1,551 43,050 SH DEFINED 1,2,3 43,050
PAR PHARMACEUTICAL COS INC COM 69888P106 395 10,200 SH DEFINED 1,2,3 10,200
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
PARK STERLING CORP COM 70086Y105 588 122,466 SH DEFINED 1,2,3 122,466
PFIZER INC COM 717081103 4,529 200,000 SH DEFINED 1,2,3 200,000
PHH CORP COM 693320202 1,221 78,950 SH DEFINED 1,2,3 78,950
PHOTOMEDEX INC COM 719358301 1,357 104,770 SH DEFINED 1,2,3 104,770
PIKE ELECTRIC CORP COM 721283109 475 57,750 SH DEFINED 1,2,3 57,750
PIONEER NATURAL RESOURCES COM 723787107 4,464 40,000 SH DEFINED 1,2,3 40,000
PITNEY-BOWES INC COM 724479100 594 33,775 SH DEFINED 1,2,3 33,775
PNC FINANCIAL CORP COM 693475105 1,642 25,469 SH DEFINED 1,2,3 25,469
PNM RESOURCES INC COM 69349H107 417 22,775 SH DEFINED 1,2,3 22,775
PORTLAND GENERAL ELECTRIC COM 736508847 518 20,725 SH DEFINED 1,2,3 20,725
PPG INDUSTRIES COM 693506107 1,593 16,625 SH DEFINED 1,2,3 16,625
PRIMERICA INC COM 74164M108 1,443 57,250 SH DEFINED 1,2,3 57,250
PROTECTIVE LIFE CORP COM 743674103 542 18,300 SH DEFINED 1,2,3 18,300
RENAISSANCERE HOLDINGS LTD COM G7496G103 2,236 29,525 SH DEFINED 1,2,3 29,525
RENT-A-CENTER INC COM 76009N100 1,384 36,675 SH DEFINED 1,2,3 36,675
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
RENTECH NITROGEN PARTNERS COM 760113100 7,186 259,050 SH DEFINED 1,2,3 259,050
ROYAL DUTCH SHELL PLC SPONS 780259206 2,510 35,797 SH DEFINED 1,2,3 35,797
SANDISK CORP NOTE 80004CAD3 675 570,000 PRN DEFINED 1,2,3 10,883
SEALY CORP COM 812139301 307 152,175 SH DEFINED 1,2,3 152,175
SEALY CORP SR SECD 812139400 600 9,075 SH DEFINED 1,2,3 9,075
SEARS HOLDINGS CORP COM 812350106 1,157 17,465 SH DEFINED 1,2,3 17,465
SKECHERS USA INC CL A 830566105 1,301 102,300 SH DEFINED 1,2,3 102,300
SPDR GOLD TRUST SHS 78463V107 40,530 250,000 SH DEFINED 1,2,3 250,000
STAPLES INC COM 855030102 5,317 328,442 SH DEFINED 1,2,3 328,442
STATE STREET CORP COM 857477103 1,338 29,400 SH DEFINED 1,2,3 29,400
TCF FINANCIAL CORP COM 872275102 1,280 107,675 SH DEFINED 1,2,3 107,675
TE CONNECTIVITY LTD REG SHS H84989104 2,024 55,075 SH DEFINED 1,2,3 55,075
TECH DATA CORP COM 878237106 961 17,712 SH DEFINED 1,2,3 17,712
TENET HEALTHCARE CORP COM 88033G100 192 36,100 SH DEFINED 1,2,3 36,100
THERMO FISHER SCIENTIFIC COM 883556102 1,590 28,203 SH DEFINED 1,2,3 28,203
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
THOR INDUSTRIES INC COM 885160101 822 26,050 SH DEFINED 1,2,3 26,050
TRAVELERS COS INC COM 89417E109 8,288 140,000 SH DEFINED 1,2,3 140,000
TUTOR PERINI CORP COM 901109108 885 56,775 SH DEFINED 1,2,3 56,775
UFP TECHNOLOGIES INC COM 902673102 511 26,258 SH DEFINED 1,2,3 26,258
UNIFIRST CORP COM 904708104 482 7,825 SH DEFINED 1,2,3 7,825
UNITED CONTINENTAL HOLDINGS COM 910047109 2,749 127,870 SH DEFINED 1,2,3 127,870
UNUM CORP COM 91529Y106 1,089 44,500 SH DEFINED 1,2,3 44,500
URANIUM ENERGY CORP COM 916896103 590 151,400 SH DEFINED 1,2,3 151,400
VALASSIS COMMUNICATIONS INC COM 918866104 1,542 67,050 SH DEFINED 1,2,3 67,050
VCA ANTECH INC COM 918194101 807 34,750 SH DEFINED 1,2,3 34,750
VIRTUS INVESTMENT PARTNERS COM 92828Q109 1,681 19,600 SH DEFINED 1,2,3 19,600
WEBSTER FINANCIAL CORP COM 947890109 1,292 57,000 SH DEFINED 1,2,3 57,000
WPX ENERGY INC COM 98212B103 1,964 109,027 SH DEFINED 1,2,3 109,027
WSFS FINANCIAL CORP COM 929328102 619 15,100 SH DEFINED 1,2,3 15,100
XEROX CORP COM 984121103 6,311 781,555 SH DEFINED 1,2,3 781,555
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
XL GROUP PLC SHS G98290102 915 42,200 SH DEFINED 1,2,3 42,200
YAHOO! INC COM 984332106 2,666 175,151 SH DEFINED 1,2,3 175,151