FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 30, 2011
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 11/14/2011
--------------------------------- --------------------------------- ----------
[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: 163
Form 13F Information Table Value Total: $333,373 (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
A123 SYSTEMS INC NOTE 03739TAA6 200 309,000 PRN DEFINED 1,2,3 42,917
ABBOTT LABORATORIES COM 002824100 3,912 76,500 SH DEFINED 1,2,3 76,500
AEROPOSTALE INC COM 007865108 659 60,975 SH DEFINED 1,2,3 60,975
ALCOA INC COM 013817101 2,192 229,085 SH DEFINED 1,2,3 229,085
ALLIANT ENERGY CORP COM 018802108 352 9,100 SH DEFINED 1,2,3 9,100
ALLSTATE CORPORATION COM 020002101 1,848 78,000 SH DEFINED 1,2,3 78,000
AMERICAN EQUITY INVT LIFE COM 025676206 813 92,925 SH DEFINED 1,2,3 92,925
AMERICAN INTERNATIONAL GRP COM 026874784 1,238 56,400 SH DEFINED 1,2,3 56,400
AMERICAN REPROGRAPHICS CO COM 029263100 438 130,375 SH DEFINED 1,2,3 130,375
AMGEN INC COM 031162100 2,748 50,000 SH DEFINED 1,2,3 50,000
ANADARKO PETROLEUM CORP COM 032511107 8,859 140,500 SH DEFINED 1,2,3 140,500
ANSYS INC COM 03662Q105 237 4,824 SH DEFINED 1,2,3 4,824
APACHE CORP COM 037411105 5,216 65,000 SH DEFINED 1,2,3 65,000
APOLLO GLOBAL MANAGEMENT CL A 037612306 345 33,700 SH DEFINED 1,2,3 33,700
APOLLO GROUP INC CL A 037604105 1,107 27,950 SH DEFINED 1,2,3 27,950
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
ARGAN INC COM 04010E109 160 15,755 SH DEFINED 1,2,3 15,755
ARGO GROUP INTERNATIONAL COM G0464B107 1,287 45,350 SH DEFINED 1,2,3 45,350
ARTHUR J GALLAGHER & CO COM 363576109 750 28,500 SH DEFINED 1,2,3 28,500
ASSURANT INC COM 04621X108 3,938 110,000 SH DEFINED 1,2,3 110,000
AVNET INC COM 053807103 2,638 101,150 SH DEFINED 1,2,3 101,150
BANK OF AMERICA CORP COM 060505104 694 113,425 SH DEFINED 1,2,3 113,425
BARRICK GOLD CORP COM 067901108 3,635 77,926 SH DEFINED 1,2,3 77,926
BAXTER INTL COM 071813109 687 12,233 SH DEFINED 1,2,3 12,233
BLOUNT INTERNATIONAL INC COM 095180105 342 25,600 SH DEFINED 1,2,3 25,600
BLUEKNIGHT ENERGY PARTNERS COM 09625U109 3,433 549,260 SH DEFINED 1,2,3 549,260
BP PLC SPONS 055622104 1,551 43,010 SH DEFINED 1,2,3 43,010
BRADY CORPORATION CL A 104674106 1,201 45,450 SH DEFINED 1,2,3 45,450
CALPINE CORP COM 131347304 2,382 169,180 SH DEFINED 1,2,3 169,180
CAPITAL LEASE FUNDING INC COM 140288101 827 229,000 SH DEFINED 1,2,3 229,000
CARPENTER TECHNOLOGY COM 144285103 220 4,900 SH DEFINED 1,2,3 4,900
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
CASTLE (A.M.) & CO COM 148411101 226 20,700 SH DEFINED 1,2,3 20,700
CENOVUS ENERGY INC COM 15135U109 1,459 47,500 SH DEFINED 1,2,3 47,500
CIRCOR INTERNATIONAL INC COM 17273K109 797 27,125 SH DEFINED 1,2,3 27,125
CITIGROUP INC COM 172967424 5,125 200,094 SH DEFINED 1,2,3 200,094
COCA COLA CO COM 191216100 561 8,300 SH DEFINED 1,2,3 8,300
COLLECTIVE BRANDS INC COM 19421W100 203 15,700 SH DEFINED 1,2,3 15,700
COMCAST CORP CL A 20030N200 5,180 250,000 SH DEFINED 1,2,3 250,000
COMPUTER ASSOCIATES INTL COM 12673P105 1,434 73,902 SH DEFINED 1,2,3 73,902
COMPUTER SCIENCES CORP COM 205363104 1,806 67,275 SH DEFINED 1,2,3 67,275
CONMED CORP COM 207410101 379 16,475 SH DEFINED 1,2,3 16,475
CONSECO INC COM 12621E103 1,291 238,675 SH DEFINED 1,2,3 238,675
CONSTELLATION ENERGY PART CL B 21038E101 501 180,260 SH DEFINED 1,2,3 180,260
CON-WAY INC COM 205944101 1,241 56,075 SH DEFINED 1,2,3 56,075
CROWN CRAFTS INC COM 228309100 137 37,369 SH DEFINED 1,2,3 37,369
CURTISS-WRIGHT CORP COM 231561101 1,228 42,600 SH DEFINED 1,2,3 42,600
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
CVR PARTNERS LP COM 126633106 5,865 249,250 SH DEFINED 1,2,3 249,250
DELL COMPUTER CORP COM 24702R101 1,009 71,325 SH DEFINED 1,2,3 71,325
DELPHI FINANCIAL GROUP CL A 247131105 743 34,538 SH DEFINED 1,2,3 34,538
DELTA AIR LINES INC COM 247361702 403 53,742 SH DEFINED 1,2,3 53,742
DENBURY RESOURCES INC COM 247916208 2,013 175,000 SH DEFINED 1,2,3 175,000
DEVON ENERGY CORP COM 25179M103 6,746 121,690 SH DEFINED 1,2,3 121,690
DIAMONDROCK HOSPITALITY CO COM 252784301 896 128,171 SH DEFINED 1,2,3 128,171
DIODES INC COM 254543101 1,287 71,825 SH DEFINED 1,2,3 71,825
DUNKIN BRANDS GROUP INC COM 265504100 242 8,726 SH DEFINED 1,2,3 8,726
ENSCO INTERNATIONAL INC SPONS 29358Q109 3,032 75,000 SH DEFINED 1,2,3 75,000
ENTERGY CORP COM 29364G103 1,851 27,925 SH DEFINED 1,2,3 27,925
EOG RESOURCES INC COM 26875P101 710 10,000 SH DEFINED 1,2,3 10,000
EXELON CORP COM 30161N101 1,383 32,465 SH DEFINED 1,2,3 32,465
EXXON MOBIL CORP COM 30231G102 2,905 40,000 SH DEFINED 1,2,3 40,000
EZCORP INC CL A 302301106 759 26,600 SH DEFINED 1,2,3 26,600
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
FEDEX CORPORATION COM 31428X106 4,061 60,000 SH DEFINED 1,2,3 60,000
FIRST AMERICAN FINANCIAL COM 31847R102 405 31,675 SH DEFINED 1,2,3 31,675
FRANKLIN RESOURCES INC COM 354613101 1,090 11,400 SH DEFINED 1,2,3 11,400
GANNETT COMPANY INC COM 364730101 984 103,300 SH DEFINED 1,2,3 103,300
GLOBAL CASH ACCESS INC COM 378967103 791 308,800 SH DEFINED 1,2,3 308,800
GLOBAL INDEMNITY PLC SHS G39319101 690 40,383 SH DEFINED 1,2,3 40,383
GLOBAL INDUSTRIES LTD COM 379336100 322 40,600 SH DEFINED 1,2,3 40,600
GMX RESOURCES INC COM 38011M108 156 68,900 SH DEFINED 1,2,3 68,900
GOLDMAN SACHS GROUP INC COM 38141G104 2,075 21,950 SH DEFINED 1,2,3 21,950
GOOGLE INC CL A 38259P508 1,931 3,750 SH DEFINED 1,2,3 3,750
GRAY TELEVISION INC COM 389375106 1,473 944,444 SH DEFINED 1,2,3 944,444
GRIFFON CORPORATION COM 398433102 1,034 126,419 SH DEFINED 1,2,3 126,419
HALOZYME THERAPEUTICS INC COM 40637H109 940 153,120 SH DEFINED 1,2,3 153,120
HARSCO CORP COM 415864107 1,012 52,200 SH DEFINED 1,2,3 52,200
HARTE-HANKS INC COM 416196103 1,635 192,750 SH DEFINED 1,2,3 192,750
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
HARTFORD FINANCIAL SVCS GRP COM 416515104 807 50,000 SH DEFINED 1,2,3 50,000
HESS CORP COM 42809H107 524 9,985 SH DEFINED 1,2,3 9,985
HEWLETT-PACKARD CO COM 428236103 8,945 398,439 SH DEFINED 1,2,3 398,439
HOSPITALITY PROPERTIES COM SHS 44106M102 1,810 85,275 SH DEFINED 1,2,3 85,275
HUNTINGTON INGALLS IND COM 446413106 933 38,350 SH DEFINED 1,2,3 38,350
IMPERIAL SUGAR CO COM 453096208 104 16,175 SH DEFINED 1,2,3 16,175
INGERSOLL RAND CO SHS G47791101 2,266 80,685 SH DEFINED 1,2,3 80,685
INGRAM MICRO INC CL A 457153104 1,404 87,050 SH DEFINED 1,2,3 87,050
INTERVAL LEISURE GROUP COM 46113M108 256 19,200 SH DEFINED 1,2,3 19,200
INTERNATIONAL BUSINESS MACH COM 459200101 21,108 120,705 SH DEFINED 1,2,3 120,705
ISHARES TR S&P GRW 464287309 5,910 96,500 SH DEFINED 1,2,3 96,500
J.C. PENNEY CO INC COM 708160106 1,652 61,700 SH DEFINED 1,2,3 61,700
JAKKS PACIFIC INC COM 47012E106 758 40,025 SH DEFINED 1,2,3 40,025
JARDEN CORP COM 471109108 1,608 56,900 SH DEFINED 1,2,3 56,900
JOHNSON & JOHNSON COM 478160104 3,227 50,670 SH DEFINED 1,2,3 50,670
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
JONES APPAREL GROUP INC COM 48020T101 997 108,225 SH DEFINED 1,2,3 108,225
JPMORGAN CHASE & COMPANY COM 46625H100 4,102 136,175 SH DEFINED 1,2,3 136,175
KAISER ALUMINUM CORP COM 483007704 337 7,600 SH DEFINED 1,2,3 7,600
KAPSTONE PAPER & PACKAGING COM 48562P103 275 19,800 SH DEFINED 1,2,3 19,800
L-3 COMMUNICATIONS CORP COM 502424104 1,786 28,825 SH DEFINED 1,2,3 28,825
LEGG MASON INC COM 524901105 3,156 122,739 SH DEFINED 1,2,3 122,739
LENNAR CORP CL B 526057302 498 48,700 SH DEFINED 1,2,3 48,700
LINCOLN NATIONAL CORP IND COM 534187109 2,813 180,000 SH DEFINED 1,2,3 180,000
MASCO CORPORATION COM 574599106 1,087 152,725 SH DEFINED 1,2,3 152,725
MERCK & CO INC COM 58933Y105 6,109 186,807 SH DEFINED 1,2,3 186,807
METLIFE INC COM 59156R108 2,241 80,000 SH DEFINED 1,2,3 80,000
MI DEVELOPMENTS INC CL A 55304X104 1,637 61,675 SH DEFINED 1,2,3 61,675
MICROSOFT CORP COM 594918104 5,668 227,725 SH DEFINED 1,2,3 227,725
MOHAWK INDUSTRIES INC COM 608190104 1,281 29,850 SH DEFINED 1,2,3 29,850
MORGAN ST DEAN WITTER DISC COM 617446448 1,948 144,210 SH DEFINED 1,2,3 144,210
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
MOTOROLA INC COM 620076307 1,700 40,568 SH DEFINED 1,2,3 40,568
MTS SYSTEMS CORP COM 553777103 654 21,353 SH DEFINED 1,2,3 21,353
MUELLER WATER PRODUCTS INC COM 624758108 531 214,275 SH DEFINED 1,2,3 214,275
NARA BANCORP INC COM 63080P105 735 121,100 SH DEFINED 1,2,3 121,100
NATL PENN BCSHS INC COM 637138108 962 137,250 SH DEFINED 1,2,3 137,250
NELNET INC CL A 64031N108 306 16,300 SH DEFINED 1,2,3 16,300
NORTHROP GRUMMAN CORP COM 666807102 2,582 49,500 SH DEFINED 1,2,3 49,500
OCCIDENTAL PETROLEUM COM 674599105 6,435 90,000 SH DEFINED 1,2,3 90,000
OMNICOM GROUP COM 681919106 1,714 46,525 SH DEFINED 1,2,3 46,525
ORACLE CORP COM 68389X105 1,724 60,000 SH DEFINED 1,2,3 60,000
OVERHILL FARMS INC COM 690212105 446 120,511 SH DEFINED 1,2,3 120,511
PARK STERLING CORP COM 70086Y105 526 153,900 SH DEFINED 1,2,3 153,900
PFIZER INC COM 717081103 3,536 200,000 SH DEFINED 1,2,3 200,000
PHH CORP COM 693320202 917 57,050 SH DEFINED 1,2,3 57,050
PIKE ELECTRIC CORP COM 721283109 318 46,925 SH DEFINED 1,2,3 46,925
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
PIONEER NATURAL RESOURCES COM 723787107 2,631 40,000 SH DEFINED 1,2,3 40,000
PITNEY-BOWES INC COM 724479100 635 33,775 SH DEFINED 1,2,3 33,775
PLANTRONICS INC COM 727493108 342 12,025 SH DEFINED 1,2,3 12,025
PNC FINANCIAL CORP COM 693475105 1,227 25,469 SH DEFINED 1,2,3 25,469
PORTLAND GENERAL ELECTRIC COM 736508847 746 31,500 SH DEFINED 1,2,3 31,500
PPG INDUSTRIES COM 693506107 1,106 15,650 SH DEFINED 1,2,3 15,650
PRIMERICA INC COM 74164M108 817 37,900 SH DEFINED 1,2,3 37,900
PUBLIC SERVICE CO OF N MEX COM 69349H107 374 22,775 SH DEFINED 1,2,3 22,775
RENAISSANCERE HOLDINGS LTD COM G7496G103 1,884 29,525 SH DEFINED 1,2,3 29,525
RENT-A-CENTER INC COM 76009N100 1,550 56,450 SH DEFINED 1,2,3 56,450
ROYAL DUTCH SHELL PLC SPONS 780259206 2,178 35,395 SH DEFINED 1,2,3 35,395
SANDISK CORP NOTE 80004CAC5 4,838 5,000,000 PRN DEFINED 1,2,3 60,713
SEALY CORP COM 812139301 243 163,925 SH DEFINED 1,2,3 163,925
SEALY CORP SR SECD 812139400 430 9,075 SH DEFINED 1,2,3 9,075
SEARS HOLDINGS CORP COM 812350106 1,005 17,465 SH DEFINED 1,2,3 17,465
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
SHERWIN WILLIAMS CO COM 824348106 1,221 16,425 SH DEFINED 1,2,3 16,425
SKECHERS USA INC CL A 830566105 1,211 86,300 SH DEFINED 1,2,3 86,300
SPDR GOLD TRUST SHS 78463V107 39,515 250,000 SH DEFINED 1,2,3 250,000
STAPLES INC COM 855030102 3,553 267,110 SH DEFINED 1,2,3 267,110
STATE STREET CORP COM 857477103 946 29,400 SH DEFINED 1,2,3 29,400
TCF FINANCIAL CORP COM 872275102 898 98,075 SH DEFINED 1,2,3 98,075
TE CONNECTIVITY LTD REG SHS H84989104 1,448 51,450 SH DEFINED 1,2,3 51,450
TECH DATA CORP COM 878237106 1,070 24,762 SH DEFINED 1,2,3 24,762
TENET HEALTHCARE CORP COM 88033G100 148 36,100 SH DEFINED 1,2,3 36,100
TRAVELERS COS INC COM 89417E109 6,822 140,000 SH DEFINED 1,2,3 140,000
TUTOR PERINI CORP COM 901109108 536 46,625 SH DEFINED 1,2,3 46,625
UAL CORP COM 910047109 2,091 107,910 SH DEFINED 1,2,3 107,910
UFP TECHNOLOGIES INC COM 902673102 381 26,458 SH DEFINED 1,2,3 26,458
UNIFIRST CORP/MA COM 904708104 593 13,100 SH DEFINED 1,2,3 13,100
UNUM CORP COM 91529Y106 933 44,500 SH DEFINED 1,2,3 44,500
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
URANIUM ENERGY CORP COM 916896103 354 129,200 SH DEFINED 1,2,3 129,200
VALASSIS COMMUNICATIONS INC COM 918866104 1,140 60,850 SH DEFINED 1,2,3 60,850
VCA ANTECH INC COM 918194101 364 22,775 SH DEFINED 1,2,3 22,775
VIAD CORP COM 92552R406 172 10,143 SH DEFINED 1,2,3 10,143
VIRTUS INVESTMENT PARTNERS COM 92828Q109 1,051 19,600 SH DEFINED 1,2,3 19,600
WATSON PHARMACEUTICALS INC COM 942683103 328 4,800 SH DEFINED 1,2,3 4,800
WEBSTER FINANCIAL CORP COM 947890109 872 57,000 SH DEFINED 1,2,3 57,000
WEYERHAEUSER COMPANY COM 962166104 1,098 70,581 SH DEFINED 1,2,3 70,581
WILLIAMS COS INC COM 969457100 5,729 235,360 SH DEFINED 1,2,3 235,360
WSFS FINANCIAL CORP COM 929328102 477 15,100 SH DEFINED 1,2,3 15,100
XEROX CORP COM 984121103 5,119 734,470 SH DEFINED 1,2,3 734,470
XL GROUP PLC SHS G98290102 735 39,100 SH DEFINED 1,2,3 39,100
YAHOO! INC COM 984332106 2,307 175,151 SH DEFINED 1,2,3 175,151