FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: March 31, 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                        05/16/2011
---------------------------------  ---------------------------------  ----------
[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:




<Page>



FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers: 4

Form 13F Information Table Entry Total: 188

Form 13F Information Table Value Total:  $1,110,004 (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

<Page>
<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
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  2,964   31,705     SH       DEFINED    1,2,3            31,705
ABBOTT LABORATORIES         COM     002824100  3,121   63,625     SH       DEFINED    1,2,3            63,625
AETNA INC                   COM     00817Y108  1,547   41,325     SH       DEFINED    1,2,3            41,325
ALLIANT ENERGY CORP         COM     018802108  428     11,000     SH       DEFINED    1,2,3           11,000
ALLSTATE CORPORATION        COM     020002101  2,479   78,000     SH       DEFINED    1,2,3            78,000
AMERICAN EQUITY INVT LIFE   COM     025676206  1,441   109,800    SH       DEFINED    1,2,3           109,800
AMERICAN REPROGRAPHICS CO   COM     029263100  724     69,925     SH       DEFINED    1,2,3            69,925
AMGEN INC                   COM     031162100  3,047   57,000     SH       DEFINED    1,2,3            57,000
ANADARKO PETROLEUM CORP     COM     032511107  11,510  140,500    SH       DEFINED    1,2,3           140,500
ANSYS INC                   COM     03662Q105  261     4,824      SH       DEFINED    1,2,3             4,824
APACHE CORP                 COM     037411105  8,510   65,000     SH       DEFINED    1,2,3            65,000
APOLLO GROUP INC            CL A    037604105  749     17,950     SH       DEFINED    1,2,3            17,950
ARGAN INC                   COM     04010E109  336     39,195     SH       DEFINED    1,2,3           39,195
ARGO GROUP INTERNATIONAL    COM     G0464B107  1,498   45,350     SH       DEFINED    1,2,3            45,350
ARTHUR J GALLAGHER & CO     COM     363576109  1,187   39,025     SH       DEFINED    1,2,3            39,025
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
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
ASSURANT INC                COM     04621X108  4,236   110,000    SH       DEFINED    1,2,3           110,000
AVNET INC                   COM     053807103  2,895   84,925     SH       DEFINED    1,2,3            84,925
BANK OF AMERICA CORP        COM     060505104  1,230   92,300     SH       DEFINED    1,2,3            92,300
BARRICK GOLD CORP           COM     067901108  4,045   77,926     SH       DEFINED    1,2,3            77,926
BAXTER INTL                 COM     071813109  1,552   28,859     SH       DEFINED    1,2,3            28,859
BECTON DICKINSON & CO       COM     075887109  1,768   22,200     SH       DEFINED    1,2,3            22,200
BLOUNT INTERNATIONAL INC    COM     095180105  879     54,975     SH       DEFINED    1,2,3            54,975
BOEING COMPANY              COM     097023105  462     6,250      SH       DEFINED    1,2,3             6,250
BP PLC-SPONS                SPONS   055622104  1,881   42,604     SH       DEFINED    1,2,3            42,604
BRADY CORPORATION           CL A    104674106  1,662   46,575     SH       DEFINED    1,2,3            46,575
CALPINE CORP                COM     131347304  2,923   184,214    SH       DEFINED    1,2,3           184,214
CAPITAL LEASE FUNDING INC   COM     140288101  737     134,500    SH       DEFINED    1,2,3          134,500
CARPENTER TECHNOLOGY        COM     144285103  491     11,500     SH       DEFINED    1,2,3           11,500
CASTLE (A.M.) & CO          COM     148411101  391     20,700     SH       DEFINED    1,2,3           20,700
CENOVUS ENERGY INC          COM     15135U109  1,871   47,500     SH       DEFINED    1,2,3            47,500
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
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
CHEMICAL FINANCIAL CORP     COM     163731102  557     27,925     SH       DEFINED    1,2,3            27,925
CIRCOR INTERNATIONAL INC    COM     17273K109  1,275   27,125     SH       DEFINED    1,2,3            27,125
CISCO SYSTEMS INC           COM     17275R102  1,361   79,370     SH       DEFINED    1,2,3            79,370
CITIGROUP INC               COM     172967101  7,637   1,727,857  SH       DEFINED    1,2,3         1,727,857
CNA SURETY CORPORATION      COM     12612L108  692,759 27,425,147 SH       DEFINED    1,2,3        27,425,147
COCA COLA CO                COM     191216100  1,546   23,300     SH       DEFINED    1,2,3            23,300
COMCAST CORP                CL A    20030N200  5,805   250,000    SH       DEFINED    1,2,3           250,000
COMPUTER ASSOCIATES INTL    COM     12673P105  1,787   73,902     SH       DEFINED    1,2,3            73,902
COMPUTER SCIENCES CORP      COM     205363104  2,437   50,000     SH       DEFINED    1,2,3            50,000
CONMED CORP                 COM     207410101  881     33,525     SH       DEFINED    1,2,3            33,525
CONSECO INC                 COM     12621E103  1,930   257,000    SH       DEFINED    1,2,3          257,000
CONSTELLATION ENERGY PART   CL B    21038E101  406     180,260    SH       DEFINED    1,2,3           180,260
CON-WAY INC                 COM     205944101  1,603   40,800     SH       DEFINED    1,2,3            40,800
CORNING INC                 COM     219350105  722     35,000     SH       DEFINED    1,2,3            35,000
COSTCO WHOLESALE CORP       COM     22160K105  1,210   16,500     SH       DEFINED    1,2,3            16,500
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
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
CROWN CRAFTS INC            COM     228309100  180     37,269     SH       DEFINED    1,2,3           37,269
CSX CORP                    COM     126408103  1,061   13,500     SH       DEFINED    1,2,3            13,500
CURTISS-WRIGHT CORP         COM     231561101  1,497   42,600     SH       DEFINED    1,2,3            42,600
CVS CORP                    COM     126650100  686     20,000     SH       DEFINED    1,2,3            20,000
DEERE & CO                  COM     244199105  1,114   11,500     SH       DEFINED    1,2,3            11,500
DELL COMPUTER CORP          COM     24702R101  1,431   98,625     SH       DEFINED    1,2,3            98,625
DELPHI FINANCIAL GROUP      CL A    247131105  1,061   34,538     SH       DEFINED    1,2,3            34,538
DELTA AIR LINES INC         COM     247361702  1,046   106,737    SH       DEFINED    1,2,3           106,737
DENBURY RESOURCES INC       COM     247916208  4,270   175,000    SH       DEFINED    1,2,3           175,000
DEVON ENERGY CORP           COM     25179M103  10,578  115,270    SH       DEFINED    1,2,3           115,270
DIAMONDROCK HOSPITALITY CO  COM     252784301  1,432   128,171    SH       DEFINED    1,2,3           128,171
DIODES INC                  COM     254543101  1,756   51,550     SH       DEFINED    1,2,3            51,550
DU PONT DE NEMOURS E.I.     COM     263534109  962     17,500     SH       DEFINED    1,2,3            17,500
ENSCO INTERNATIONAL INC     SPONS   29358Q109  4,945   85,500     SH       DEFINED    1,2,3            85,500
EOG RESOURCES INC           COM     26875P101  2,370   20,000     SH       DEFINED    1,2,3            20,000
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
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
EVEREST RE GROUP LTD        COM     G3223R108  5,511   62,500     SH       DEFINED    1,2,3            62,500
EXXON MOBIL CORP            COM     30231G102  3,639   43,250     SH       DEFINED    1,2,3            43,250
EZCORP INC                  CL A    302301106  1,074   34,200     SH       DEFINED    1,2,3          34,200
FAMOUS DAVE'S OF AMERICA    COM     307068106  189     19,341     SH       DEFINED    1,2,3           19,341
FIRST AMERICAN FINANCIAL    COM     31847R102  523     31,675     SH       DEFINED    1,2,3            31,675
FLUOR CORP                  COM     343412102  737     10,000     SH       DEFINED    1,2,3            10,000
FOREST LABORATORIES INC     COM     345838106  2,047   63,375     SH       DEFINED    1,2,3            63,375
GILEAD SCIENCES INC         COM     375558103  849     20,000     SH       DEFINED    1,2,3            20,000
GLOBAL CASH ACCESS INC      COM     378967103  779     238,300    SH       DEFINED    1,2,3          238,300
GLOBAL INDUSTRIES LTD       COM     379336100  327     33,400     SH       DEFINED    1,2,3           33,400
GLOBAL TRAFFIC NETWORK INC  COM     37947B103  453     36,304     SH       DEFINED    1,2,3           36,304
GMX RESOURCES INC           COM     38011M108  213     34,500     SH       DEFINED    1,2,3           34,500
GOLDMAN SACHS GROUP INC     COM     38141G104  7,748   48,850     SH       DEFINED    1,2,3            48,850
GOOGLE INC                  CL A    38259P508  2,673   4,560      SH       DEFINED    1,2,3             4,560
GRAY TELEVISION INC         COM     389375106  1,955   944,444    SH       DEFINED    1,2,3           944,444
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
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
GRIFFON CORPORATION         COM     398433102  1,304   99,319     SH       DEFINED    1,2,3            99,319
HALLIBURTON COMPANY         COM     406216101  573     11,500     SH       DEFINED    1,2,3            11,500
HALOZYME THERAPEUTICS INC   COM     40637H109  1,027   153,120    SH       DEFINED    1,2,3           153,120
HARSCO CORP                 COM     415864107  641     18,150     SH       DEFINED    1,2,3            18,150
HARTE-HANKS INC             COM     416196103  1,622   136,275    SH       DEFINED    1,2,3           136,275
HARTFORD FINANCIAL SVCS GRP COM     416515104  1,347   50,000     SH       DEFINED    1,2,3            50,000
HEARTLAND PAYMENT SYSTEMS   COM     42235N108  513     29,275     SH       DEFINED    1,2,3            29,275
HESS CORP                   COM     42809H107  851     9,985      SH       DEFINED    1,2,3             9,985
HEWLETT-PACKARD CO          COM     428236103  16,915  412,874    SH       DEFINED    1,2,3           412,874
HORIZON LINES INC-CL        COM     44044K101  24      28,450     SH       DEFINED    1,2,3            28,450
HOSPITALITY PROPERTIES      COM SHS 44106M102  2,549   110,125    SH       DEFINED    1,2,3           110,125
IMMUCOR INC                 COM     452526106  1,259   63,625     SH       DEFINED    1,2,3            63,625
IMPERIAL SUGAR CO           COM     453096208  217     16,300     SH       DEFINED    1,2,3           16,300
INGERSOLL RAND CO           SHS     G47791101  1,801   37,275     SH       DEFINED    1,2,3            37,275
INGRAM MICRO INC            CL A    457153104  264     12,575     SH       DEFINED    1,2,3            12,575
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
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
INSIGHT ENTERPRISES INC     COM     45765U103  531     31,175     SH       DEFINED    1,2,3            31,175
INTERNAL LEISURE GROUP      COM     46113M108  378     23,100     SH       DEFINED    1,2,3           23,100
INTERNATIONAL BUSINESS MACH COM     459200101  22,619  138,705    SH       DEFINED    1,2,3           138,705
J.C. PENNY CO INC (HLDG CO) COM     708160106  1,839   51,225     SH       DEFINED    1,2,3            51,225
JAKKS PACIFIC INC           COM     47012E106  271     14,025     SH       DEFINED    1,2,3            14,025
JARDEN CORP                 COM     471109108  2,024   56,900     SH       DEFINED    1,2,3            56,900
JOHNSON & JOHNSON           COM     478160104  4,857   81,970     SH       DEFINED    1,2,3            81,970
JONES APPAREL GROUP INC     COM     48020T101  1,118   81,275     SH       DEFINED    1,2,3            81,275
JPMORGAN CHASE & COMPANY    COM     46625H100  2,774   60,175     SH       DEFINED    1,2,3            60,175
KAISER ALUMINUM CORP        COM     483007704  374     7,600      SH       DEFINED    1,2,3            7,600
KAPSTONE PAPER & PACKAGING  COM     48562P103  340     19,800     SH       DEFINED    1,2,3           19,800
KOHLS CORP                  COM     500255104  796     15,000     SH       DEFINED    1,2,3            15,000
L-3 COMMUNICATIONS CORP     COM     502424104  2,623   33,500     SH       DEFINED    1,2,3            33,500
LABORATORY CRP OF AMER HLDG COM     50540R409  1,534   16,650     SH       DEFINED    1,2,3            16,650
LEGG MASON INC              COM     524901105  2,890   80,079     SH       DEFINED    1,2,3            80,079
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
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
LENNAR CORP                 CL B    526057302  631     43,000     SH       DEFINED    1,2,3           43,000
LINCOLN NATIONAL CORP IND   COM     534187109  5,858   195,000    SH       DEFINED    1,2,3           195,000
LIZ CLAIBORNE INC           COM     539320101  184     34,200     SH       DEFINED    1,2,3           34,200
LOCKHEED MARTIN CORP        COM     539830109  1,601   19,915     SH       DEFINED    1,2,3            19,915
MARRIOTT INTERNATIONAL      CL A    571903202  581     16,337     SH       DEFINED    1,2,3            16,337
MASCO CORPORATION           COM     574599106  1,818   130,575    SH       DEFINED    1,2,3           130,575
MASTERCARD INC              CL A    57636Q104  755     3,000      SH       DEFINED    1,2,3             3,000
MERCK & CO  INC             COM     58933Y105  5,452   165,157    SH       DEFINED    1,2,3           165,157
METLIFE INC                 COM     59156R108  1,789   40,000     SH       DEFINED    1,2,3            40,000
MI DEVELOPMENTS INC         CL A    55304X104  1,755   60,575     SH       DEFINED    1,2,3           60,575
MICROSOFT CORP              COM     594918104  2,853   112,370    SH       DEFINED    1,2,3           112,370
MILLER INDUSTRIES INC/TENN  COM     600551204  184     11,343     SH       DEFINED    1,2,3           11,343
MOLSON COORS BREWING CO     CL B    60871R209  774     16,500     SH       DEFINED    1,2,3            16,500
MORGAN ST DEAN WITTER DISC  COM     617446448  4,249   155,540    SH       DEFINED    1,2,3           155,540
MOTOROLA INC                COM     620076307  1,813   40,568     SH       DEFINED    1,2,3            40,568
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
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
MTS SYSTEMS CORP            COM     553777103  1,496   32,853     SH       DEFINED    1,2,3            32,853
MUELLER WATER PRODUCTS INC  COM     624758108  786     175,375    SH       DEFINED    1,2,3           175,375
NARA BANCORP INC            COM     63080P105  1,165   121,100    SH       DEFINED    1,2,3           121,100
NATIONAL GRID PLC           SPONS   636274300  1,340   27,895     SH       DEFINED    1,2,3            27,895
NATL PENN BCSHS INC         COM     637138108  1,062   137,250    SH       DEFINED    1,2,3           137,250
NELNET INC                  CL A    64031N108  356     16,300     SH       DEFINED    1,2,3           16,300
NORTHROP GRUMMAN CORP       COM     666807102  3,104   49,500     SH       DEFINED    1,2,3            49,500
OCCIDENTAL PETROLEUM        COM     674599105  9,404   90,000     SH       DEFINED    1,2,3            90,000
OMNICOM GROUP               COM     681919106  2,283   46,525     SH       DEFINED    1,2,3            46,525
ORACLE CORP                 COM     68389X105  3,009   90,000     SH       DEFINED    1,2,3            90,000
OVERHILL FARMS INC          COM     690212105  745     122,511    SH       DEFINED    1,2,3          122,511
PARK STERLING CORP          COM     70086Y105  670     138,200    SH       DEFINED    1,2,3          138,200
PEDIATRIX MEDICAL GROUP INC COM     58502B106  518     7,775      SH       DEFINED    1,2,3             7,775
PFIZER INC                  COM     717081103  5,000   246,180    SH       DEFINED    1,2,3           246,180
PHARMACEUTICAL HOLDRS       DEPOS   71712A206  595     9,000      SH       DEFINED    1,2,3             9,000
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
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
PHH CORP                    COM     693320202  1,242   57,050     SH       DEFINED    1,2,3            57,050
PIKE ELECTRIC CORP          COM     721283109  447     46,925     SH       DEFINED    1,2,3            46,925
PINNACLE WEST CAPITAL CORP  COM     723484101  836     19,540     SH       DEFINED    1,2,3            19,540
PIONEER NATURAL RESOURCES   COM     723787107  4,077   40,000     SH       DEFINED    1,2,3            40,000
PITNEY-BOWES  INC           COM     724479100  855     33,284     SH       DEFINED    1,2,3            33,284
PLANTRONICS INC             COM     727493108  1,049   28,650     SH       DEFINED    1,2,3            28,650
PNC FINANCIAL CORP          COM     693475105  1,604   25,469     SH       DEFINED    1,2,3            25,469
PORTLAND GENERAL ELECTRIC   COM     736508847  1,448   60,925     SH       DEFINED    1,2,3           60,925
PPG INDUSTRIES              COM     693506107  1,490   15,650     SH       DEFINED    1,2,3            15,650
PRAXAIR INC                 COM     74005P104  1,016   10,000     SH       DEFINED    1,2,3            10,000
PRIMERICA INC               COM     74164M108  967     37,900     SH       DEFINED    1,2,3            37,900
PROCTER & GAMBLE CO         COM     742718109  431     7,000      SH       DEFINED    1,2,3             7,000
PUBLIC SERVICE CO OF N MEX  COM     69349H107  917     61,475     SH       DEFINED    1,2,3            61,475
PULTE CORP                  COM     745867101  1,110   150,000    SH       DEFINED    1,2,3           150,000
REGIS CORP                  COM     758932107  387     21,800     SH       DEFINED    1,2,3           21,800
</Table>


<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
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
RENAISSANCERE HOLDINGS LTD  COM     G7496G103  2,301   33,350     SH       DEFINED    1,2,3            33,350
RENT-A-CENTER INC           COM     76009N100  1,451   41,550     SH       DEFINED    1,2,3           41,550
RITE AID CORP               COM     767754104  459     432,785    SH       DEFINED    1,2,3           432,785
ROYAL DUTCH SHELL PLC       SPONS   780259206  2,282   31,325     SH       DEFINED    1,2,3            31,325
SANDISK CORP                NOTE    80004CAC5  4,906   5,000,000  PRN      DEFINED    1,2,3            60,713
SEALY CORP                  COM     812139301  416     163,925    SH       DEFINED    1,2,3           163,925
SEALY CORP                  SR SECD 812139400  689     9,075      SH       DEFINED    1,2,3             9,075
SEARS HOLDINGS CORP         COM     812350106  1,443   17,465     SH       DEFINED    1,2,3            17,465
SHERWIN WILLIAMS CO         COM     824348106  1,380   16,425     SH       DEFINED    1,2,3            16,425
SPDR GOLD TRUST             SHS     78463V107  34,965  250,000    SH       DEFINED    1,2,3           250,000
STATE STREET CORP           COM     857477103  1,321   29,400     SH       DEFINED    1,2,3            29,400
TECH DATA CORP              COM     878237106  1,259   24,762     SH       DEFINED    1,2,3            24,762
TENET HEALTHCARE CORP       COM     88033G100  206     27,700     SH       DEFINED    1,2,3           27,700
THERMO FISHER SCIENTIFIC    COM     883556102  2,617   47,110     SH       DEFINED    1,2,3            47,110
TORCHMARK CORP              COM     891027104  1,943   29,225     SH       DEFINED    1,2,3            29,225
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
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

TRAVELERS COS INC           COM     89417E109  8,922   150,000    SH       DEFINED    1,2,3           150,000
UAL CORP                    COM     910047109  3,455   150,270    SH       DEFINED    1,2,3           150,270
UFP TECHNOLOGIES INC        COM     902673102  413     24,013     SH       DEFINED    1,2,3           24,013
UNIFIRST CORP/MA            COM     904708104  459     8,650      SH       DEFINED    1,2,3             8,650
UNITED CONTINENTAL HLDGS    NOTE    902549AH7  6,124   6,041,000  PRN      DEFINED    1,2,3           185,108
UNITED NATIONAL GROUP LTD   SHS     G39319101  1,383   62,933     SH       DEFINED    1,2,3            62,933
UNITED TECHNOLOGIES CORP    COM     913017109  762     9,000      SH       DEFINED    1,2,3             9,000
UNUM CORP                   COM     91529Y106  1,168   44,500     SH       DEFINED    1,2,3            44,500
USX - MARATHON GROUP INC    COM     565849106  823     15,430     SH       DEFINED    1,2,3            15,430
VALASSIS COMMUNICATIONS INC COM     918866104  1,285   44,100     SH       DEFINED    1,2,3            44,100
VIAD CORP                   COM     92552R406  692     28,918     SH       DEFINED    1,2,3            28,918
VIRTUS INVESTMENT PARTNERS  COM     92828Q109  1,155   19,600     SH       DEFINED    1,2,3           19,600
VISA INC                    CL A    92826C839  589     8,000      SH       DEFINED    1,2,3             8,000
WATSON PHARMACEUTICALS INC  COM     942683103  370     6,600      SH       DEFINED    1,2,3            6,600
WEBSTER FINANCIAL CORP      COM     947890109  1,222   57,000     SH       DEFINED    1,2,3            57,000
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
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
WEYERHAEUSER COMPANY        COM     962166104  1,263   51,361     SH       DEFINED    1,2,3            51,361
WILLIAMS COS INC            COM     969457100  926     29,705     SH       DEFINED    1,2,3            29,705
WSFS FINANCIAL CORP         COM     929328102  711     15,100     SH       DEFINED    1,2,3            15,100
XEROX CORP                  COM     984121103  6,710   630,000    SH       DEFINED    1,2,3           630,000
XL GROUP PLC                SHS     G98290102  932     37,900     SH       DEFINED    1,2,3           37,900
YAHOO! INC                  COM     984332106  3,247   194,651    SH       DEFINED    1,2,3           194,651
ZIMMER HOLDINGS INC         COM     98956P102  1,309   21,625     SH       DEFINED    1,2,3            21,625
ZORAN CORP                  COM     98975F101  1,021   98,244     SH       DEFINED    1,2,3            98,244
</Table>