FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: June 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                        08/15/2011
---------------------------------  ---------------------------------  ----------
[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: 3

Form 13F Information Table Entry Total: 189

Form 13F Information Table Value Total:  $408,238 (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
A123 SYSTEMS INC            NOTE    03739TAA6  557     618,000    PRN      DEFINED    1,2,3            85,833
ABBOTT LABORATORIES         COM     002824100  4,025   76,500     SH       DEFINED    1,2,3            76,500
AETNA INC                   COM     00817Y108  1,326   30,075     SH       DEFINED    1,2,3            30,075
ALCOA INC                   COM     013817101  2,161   136,260    SH       DEFINED    1,2,3           136,260
ALLIANT ENERGY CORP         COM     018802108  435     10,700     SH       DEFINED    1,2,3            10,700
ALLSTATE CORPORATION        COM     020002101  2,381   78,000     SH       DEFINED    1,2,3            78,000
AMERICAN EQUITY INVT LIFE   COM     025676206  1,396   109,800    SH       DEFINED    1,2,3           109,800
AMERICAN INTERNATIONAL GRP  COM     026874784  1,514   51,650     SH       DEFINED    1,2,3            51,650
AMERICAN REPROGRAPHICS CO   COM     029263100  762     107,825    SH       DEFINED    1,2,3           107,825
AMGEN INC                   COM     031162100  2,918   50,000     SH       DEFINED    1,2,3            50,000
ANADARKO PETROLEUM CORP     COM     032511107  10,785  140,500    SH       DEFINED    1,2,3           140,500
ANSYS INC                   COM     03662Q105  264     4,824      SH       DEFINED    1,2,3             4,824
APACHE CORP                 COM     037411105  8,020   65,000     SH       DEFINED    1,2,3            65,000
APOLLO GLOBAL MANAGEMENT    CL A    037612306  580     33,700     SH       DEFINED    1,2,3            33,700
APOLLO GROUP INC            CL A    037604105  1,221   27,950     SH       DEFINED    1,2,3            27,950
</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
ARGAN INC                   COM     04010E109  397     39,195     SH       DEFINED    1,2,3            39,195
ARGO GROUP INTERNATIONAL    COM     G0464B107  1,348   45,350     SH       DEFINED    1,2,3            45,350
ARTHUR J GALLAGHER & CO     COM     363576109  1,113   39,000     SH       DEFINED    1,2,3            39,000
ASSURANT INC                COM     04621X108  3,990   110,000    SH       DEFINED    1,2,3           110,000
AVNET INC                   COM     053807103  2,832   88,825     SH       DEFINED    1,2,3            88,825
BALTIMORE GAS & ELECTRIC CO COM     210371100  2,759   72,675     SH       DEFINED    1,2,3            72,675
BANK OF AMERICA CORP        COM     060505104  1,012   92,300     SH       DEFINED    1,2,3            92,300
BARRICK GOLD CORP           COM     067901108  3,529   77,926     SH       DEFINED    1,2,3            77,926
BAXTER INTL                 COM     071813109  1,301   21,804     SH       DEFINED    1,2,3            21,804
BECTON DICKINSON & CO       COM     075887109  1,913   22,200     SH       DEFINED    1,2,3            22,200
BLOUNT INTERNATIONAL INC    COM     095180105  680     38,950     SH       DEFINED    1,2,3            38,950
BOEING COMPANY              COM     097023105  462     6,250      SH       DEFINED    1,2,3             6,250
BP PLC                      SPONS   055622104  1,905   43,010     SH       DEFINED    1,2,3            43,010
BRADY CORPORATION           CL A    104674106  1,326   41,375     SH       DEFINED    1,2,3            41,375
CALPINE CORP                COM     131347304  1,605   99,480     SH       DEFINED    1,2,3            99,480
</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
CAPITAL LEASE FUNDING INC   COM     140288101  842     171,400    SH       DEFINED    1,2,3           171,400
CARPENTER TECHNOLOGY        COM     144285103  410     7,100      SH       DEFINED    1,2,3             7,100
CASTLE (A.M.) & CO          COM     148411101  344     20,700     SH       DEFINED    1,2,3            20,700
CENOVUS ENERGY INC          COM     15135U109  1,789   47,500     SH       DEFINED    1,2,3            47,500
CIRCOR INTERNATIONAL INC    COM     17273K109  1,162   27,125     SH       DEFINED    1,2,3            27,125
CISCO SYSTEMS INC           COM     17275R102  2,341   149,965    SH       DEFINED    1,2,3           149,965
CITIGROUP INC               COM     172967424  7,972   191,444    SH       DEFINED    1,2,3           191,444
COCA COLA CO                COM     191216100  1,198   17,800     SH       DEFINED    1,2,3            17,800
COMCAST CORP                CL A    20030N200  6,058   250,000    SH       DEFINED    1,2,3           250,000
COMPUTER ASSOCIATES INTL    COM     12673P105  1,688   73,902     SH       DEFINED    1,2,3            73,902
CONMED CORP                 COM     207410101  469     16,475     SH       DEFINED    1,2,3            16,475
CONSECO INC                 COM     12621E103  2,033   257,000    SH       DEFINED    1,2,3           257,000
CONSTELLATION ENERGY PART   CL B    21038E101  465     180,260    SH       DEFINED    1,2,3           180,260
CON-WAY INC                 COM     205944101  1,481   38,150     SH       DEFINED    1,2,3            38,150
CORNING INC                 COM     219350105  635     35,000     SH       DEFINED    1,2,3            35,000
</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
COSTCO WHOLESALE CORP       COM     22160K105  812     10,000     SH       DEFINED    1,2,3            10,000
CROWN CRAFTS INC            COM     228309100  182     37,369     SH       DEFINED    1,2,3            37,369
CSX CORP                    COM     126408103  590     22,500     SH       DEFINED    1,2,3            22,500
CURTISS-WRIGHT CORP         COM     231561101  1,379   42,600     SH       DEFINED    1,2,3            42,600
CVR PARTNERS LP             COM     126633106  6,177   275,000    SH       DEFINED    1,2,3           275,000
CVS CORP                    COM     126650100  601     16,000     SH       DEFINED    1,2,3            16,000
DEERE & CO                  COM     244199105  618     7,500      SH       DEFINED    1,2,3             7,500
DELL COMPUTER CORP          COM     24702R101  1,644   98,625     SH       DEFINED    1,2,3            98,625
DELPHI FINANCIAL GROUP      CL A    247131105  1,009   34,538     SH       DEFINED    1,2,3            34,538
DELTA AIR LINES INC         COM     247361702  493     53,742     SH       DEFINED    1,2,3            53,742
DENBURY RESOURCES INC       COM     247916208  3,500   175,000    SH       DEFINED    1,2,3           175,000
DEVON ENERGY CORP           COM     25179M103  8,853   112,330    SH       DEFINED    1,2,3           112,330
DIAMONDROCK HOSPITALITY CO  COM     252784301  1,375   128,171    SH       DEFINED    1,2,3           128,171
DIODES INC                  COM     254543101  1,163   44,550     SH       DEFINED    1,2,3            44,550
DU PONT DE NEMOURS E.I.     COM     263534109  486     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
ENSCO INTERNATIONAL INC     SPONS   29358Q109  3,998   75,000     SH       DEFINED    1,2,3            75,000
ENTERGY CORP                COM     29364G103  1,907   27,925     SH       DEFINED    1,2,3            27,925
EOG RESOURCES INC           COM     26875P101  1,046   10,000     SH       DEFINED    1,2,3            10,000
EXXON MOBIL CORP            COM     30231G102  3,520   43,250     SH       DEFINED    1,2,3            43,250
EZCORP INC                  CL A    302301106  1,000   28,100     SH       DEFINED    1,2,3            28,100
FAMOUS DAVE'S OF AMERICA    COM     307068106  197     19,641     SH       DEFINED    1,2,3            19,641
FEDEX CORPORATION           COM     31428X106  3,320   35,000     SH       DEFINED    1,2,3            35,000
FIRST AMERICAN FINANCIAL    COM     31847R102  496     31,675     SH       DEFINED    1,2,3            31,675
FLUOR CORP                  COM     343412102  647     10,000     SH       DEFINED    1,2,3            10,000
FOREST LABORATORIES INC     COM     345838106  2,493   63,375     SH       DEFINED    1,2,3            63,375
FRANKLIN RESOURCES INC      COM     354613101  200     1,525      SH       DEFINED    1,2,3             1,525
GILEAD SCIENCES INC         COM     375558103  704     17,000     SH       DEFINED    1,2,3            17,000
GLOBAL CASH ACCESS INC      COM     378967103  848     266,700    SH       DEFINED    1,2,3           266,700
GLOBAL INDUSTRIES LTD       COM     379336100  222     40,600     SH       DEFINED    1,2,3            40,600
GLOBAL TRAFFIC NETWORK INC  COM     37947B103  329     28,604     SH       DEFINED    1,2,3            28,604
</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
GMX RESOURCES INC           COM     38011M108  184     41,300     SH       DEFINED    1,2,3            41,300
GOLDMAN SACHS GROUP INC     COM     38141G104  2,921   21,950     SH       DEFINED    1,2,3            21,950
GOOGLE INC                  CL A    38259P508  2,152   4,250      SH       DEFINED    1,2,3             4,250
GRAY TELEVISION INC         COM     389375106  2,493   944,444    SH       DEFINED    1,2,3           944,444
GREAT PLAINS ENERGY INC     COM     391164100  193     9,300      SH       DEFINED    1,2,3             9,300
GRIFFON CORPORATION         COM     398433102  1,001   99,319     SH       DEFINED    1,2,3            99,319
HALLIBURTON COMPANY         COM     406216101  587     11,500     SH       DEFINED    1,2,3            11,500
HALOZYME THERAPEUTICS INC   COM     40637H109  1,058   153,120    SH       DEFINED    1,2,3           153,120
HARSCO CORP                 COM     415864107  575     17,650     SH       DEFINED    1,2,3            17,650
HARTE-HANKS INC             COM     416196103  1,565   192,750    SH       DEFINED    1,2,3           192,750
HARTFORD FINANCIAL SVCS GRP COM     416515104  1,319   50,000     SH       DEFINED    1,2,3            50,000
HEARTLAND PAYMENT SYSTEMS   COM     42235N108  603     29,275     SH       DEFINED    1,2,3            29,275
HESS CORP                   COM     42809H107  746     9,985      SH       DEFINED    1,2,3             9,985
HEWLETT-PACKARD CO          COM     428236103  13,456  369,679    SH       DEFINED    1,2,3           369,679
HOSPITALITY PROPERTIES      COM SHS 44106M102  2,316   95,500     SH       DEFINED    1,2,3            95,500
</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
HUNTINGTON INGALLS IND      COM     446413106  908     26,325     SH       DEFINED    1,2,3            26,325
IMMUCOR INC                 COM     452526106  1,299   63,625     SH       DEFINED    1,2,3            63,625
IMPERIAL SUGAR CO           COM     453096208  324     16,175     SH       DEFINED    1,2,3            16,175
INGERSOLL RAND CO           SHS     G47791101  2,517   55,430     SH       DEFINED    1,2,3            55,430
INGRAM MICRO INC            CL A    457153104  228     12,575     SH       DEFINED    1,2,3            12,575
INTERNAL LEISURE GROUP      COM     46113M108  316     23,100     SH       DEFINED    1,2,3            23,100
INTERNATIONAL BUSINESS MACH COM     459200101  21,307  124,205    SH       DEFINED    1,2,3           124,205
J.C. PENNEY CO INC          COM     708160106  1,407   40,725     SH       DEFINED    1,2,3            40,725
JAKKS PACIFIC INC           COM     47012E106  475     25,825     SH       DEFINED    1,2,3            25,825
JARDEN CORP                 COM     471109108  1,964   56,900     SH       DEFINED    1,2,3            56,900
JOHNSON & JOHNSON           COM     478160104  5,453   81,970     SH       DEFINED    1,2,3            81,970
JONES APPAREL GROUP INC     COM     48020T101  882     81,275     SH       DEFINED    1,2,3            81,275
JPMORGAN CHASE & COMPANY    COM     46625H100  6,148   150,175    SH       DEFINED    1,2,3           150,175
KAISER ALUMINUM CORP        COM     483007704  415     7,600      SH       DEFINED    1,2,3             7,600
KAPSTONE PAPER & PACKAGING  COM     48562P103  328     19,800     SH       DEFINED    1,2,3            19,800
</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
KOHLS CORP                  COM     500255104  625     12,500     SH       DEFINED    1,2,3            12,500
L-3 COMMUNICATIONS CORP     COM     502424104  2,930   33,500     SH       DEFINED    1,2,3            33,500
LEGG MASON INC              COM     524901105  4,198   128,159    SH       DEFINED    1,2,3           128,159
LENNAR CORP                 CL B    526057302  644     43,900     SH       DEFINED    1,2,3            43,900
LIFE TECHNOLOGIES CORP      COM     53217V109  1,577   30,290     SH       DEFINED    1,2,3            30,290
LINCOLN NATIONAL CORP IND   COM     534187109  5,128   180,000    SH       DEFINED    1,2,3           180,000
LIZ CLAIBORNE INC           COM     539320101  149     27,900     SH       DEFINED    1,2,3            27,900
LOCKHEED MARTIN CORP        COM     539830109  806     9,957      SH       DEFINED    1,2,3             9,957
MARRIOTT INTERNATIONAL      CL A    571903202  580     16,337     SH       DEFINED    1,2,3            16,337
MASCO CORPORATION           COM     574599106  1,571   130,575    SH       DEFINED    1,2,3           130,575
MASTERCARD INC              CL A    57636Q104  603     2,000      SH       DEFINED    1,2,3             2,000
MERCK & CO INC              COM     58933Y105  6,592   186,807    SH       DEFINED    1,2,3           186,807
METLIFE INC                 COM     59156R108  3,510   80,000     SH       DEFINED    1,2,3            80,000
MI DEVELOPMENTS INC         CL A    55304X104  1,877   61,675     SH       DEFINED    1,2,3            61,675
MICROSOFT CORP              COM     594918104  6,350   244,225    SH       DEFINED    1,2,3           244,225
</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
MILLER INDUSTRIES INC/TENN  COM     600551204  261     13,943     SH       DEFINED    1,2,3            13,943
MORGAN ST DEAN WITTER DISC  COM     617446448  4,716   204,965    SH       DEFINED    1,2,3           204,965
MOTOROLA INC                COM     620076307  1,868   40,568     SH       DEFINED    1,2,3            40,568
MTS SYSTEMS CORP            COM     553777103  1,128   26,978     SH       DEFINED    1,2,3            26,978
MUELLER WATER PRODUCTS INC  COM     624758108  698     175,375    SH       DEFINED    1,2,3           175,375
NARA BANCORP INC            COM     63080P105  985     121,100    SH       DEFINED    1,2,3           121,100
NATL PENN BCSHS INC         COM     637138108  1,088   137,250    SH       DEFINED    1,2,3           137,250
NELNET INC                  CL A    64031N108  360     16,300     SH       DEFINED    1,2,3            16,300
NORTHROP GRUMMAN CORP       COM     666807102  3,433   49,500     SH       DEFINED    1,2,3            49,500
OCCIDENTAL PETROLEUM        COM     674599105  9,364   90,000     SH       DEFINED    1,2,3            90,000
OMNICOM GROUP               COM     681919106  2,241   46,525     SH       DEFINED    1,2,3            46,525
ORACLE CORP                 COM     68389X105  1,975   60,000     SH       DEFINED    1,2,3            60,000
OVERHILL FARMS INC          COM     690212105  672     120,511    SH       DEFINED    1,2,3           120,511
PACIFIC BIOSCIENCES OF CALI COM     69404D108  105     8,967      SH       DEFINED    1,2,3             8,967
PARK STERLING CORP          COM     70086Y105  734     148,000    SH       DEFINED    1,2,3           148,000
</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
PFIZER INC                  COM     717081103  5,071   246,180    SH       DEFINED    1,2,3           246,180
PHARMACEUTICAL HOLDRS       DEPOS   71712A206  638     9,000      SH       DEFINED    1,2,3             9,000
PHH CORP                    COM     693320202  1,171   57,050     SH       DEFINED    1,2,3            57,050
PIKE ELECTRIC CORP          COM     721283109  415     46,925     SH       DEFINED    1,2,3            46,925
PIONEER NATURAL RESOURCES   COM     723787107  3,583   40,000     SH       DEFINED    1,2,3            40,000
PLANTRONICS INC             COM     727493108  1,047   28,650     SH       DEFINED    1,2,3            28,650
PNC FINANCIAL CORP          COM     693475105  1,518   25,469     SH       DEFINED    1,2,3            25,469
PORTLAND GENERAL ELECTRIC   COM     736508847  1,225   48,450     SH       DEFINED    1,2,3            48,450
PPG INDUSTRIES              COM     693506107  1,421   15,650     SH       DEFINED    1,2,3            15,650
PRAXAIR INC                 COM     74005P104  542     5,000      SH       DEFINED    1,2,3             5,000
PRIMERICA INC               COM     74164M108  833     37,900     SH       DEFINED    1,2,3            37,900
PROCTER & GAMBLE CO         COM     742718109  445     7,000      SH       DEFINED    1,2,3             7,000
PUBLIC SERVICE CO OF N MEX  COM     69349H107  1,029   61,475     SH       DEFINED    1,2,3            61,475
PULTE CORP                  COM     745867101  766     100,000    SH       DEFINED    1,2,3           100,000
REGIS CORP                  COM     758932107  334     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  2,333   33,350     SH       DEFINED    1,2,3            33,350
RENT-A-CENTER INC           COM     76009N100  1,270   41,550     SH       DEFINED    1,2,3            41,550
RITE AID CORP               COM     767754104  576     432,785    SH       DEFINED    1,2,3           432,785
ROYAL DUTCH SHELL PLC       SPONS   780259206  2,254   31,695     SH       DEFINED    1,2,3            31,695
SANDISK CORP                NOTE    80004CAC5  4,831   5,000,000  PRN      DEFINED    1,2,3            60,713
SEALY CORP                  COM     812139301  415     163,925    SH       DEFINED    1,2,3           163,925
SEALY CORP                  SR SECD 812139400  694     9,075      SH       DEFINED    1,2,3             9,075
SEARS HOLDINGS CORP         COM     812350106  1,248   17,465     SH       DEFINED    1,2,3            17,465
SEMGROUP ENERGY PARTNERS    COM     09625U109  4,422   549,260    SH       DEFINED    1,2,3           549,260
SHERWIN WILLIAMS CO         COM     824348106  1,378   16,425     SH       DEFINED    1,2,3            16,425
SKECHERS USA INC            CL A    830566105  1,250   86,300     SH       DEFINED    1,2,3            86,300
SPDR GOLD TRUST             SHS     78463V107  36,500  250,000    SH       DEFINED    1,2,3           250,000
STATE STREET CORP           COM     857477103  1,326   29,400     SH       DEFINED    1,2,3            29,400
TCF FINANCIAL CORP          COM     872275102  940     68,150     SH       DEFINED    1,2,3            68,150
TE CONNECTIVITY LTD         REG SHS H84989104  1,891   51,450     SH       DEFINED    1,2,3            51,450
</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
TECH DATA CORP              COM     878237106  1,211   24,762     SH       DEFINED    1,2,3            24,762
TENET HEALTHCARE CORP       COM     88033G100  173     27,700     SH       DEFINED    1,2,3            27,700
TORCHMARK CORP              COM     891027104  1,266   19,744     SH       DEFINED    1,2,3            19,744
TRAVELERS COS INC           COM     89417E109  8,173   140,000    SH       DEFINED    1,2,3           140,000
UAL CORP                    COM     910047109  3,256   143,880    SH       DEFINED    1,2,3           143,880
UFP TECHNOLOGIES INC        COM     902673102  501     26,458     SH       DEFINED    1,2,3            26,458
UNIFIRST CORP/MA            COM     904708104  736     13,100     SH       DEFINED    1,2,3            13,100
UNITED NATIONAL GROUP LTD   SHS     G39319101  1,119   50,433     SH       DEFINED    1,2,3            50,433
UNITED TECHNOLOGIES CORP    COM     913017109  443     5,000      SH       DEFINED    1,2,3             5,000
UNUM CORP                   COM     91529Y106  1,134   44,500     SH       DEFINED    1,2,3            44,500
USX - MARATHON GROUP INC    COM     565849106  1,527   28,986     SH       DEFINED    1,2,3            28,986
VALASSIS COMMUNICATIONS INC COM     918866104  1,844   60,850     SH       DEFINED    1,2,3            60,850
VIAD CORP                   COM     92552R406  338     15,143     SH       DEFINED    1,2,3            15,143
VIRTUS INVESTMENT PARTNERS  COM     92828Q109  1,190   19,600     SH       DEFINED    1,2,3            19,600
VISA INC                    CL A    92826C839  379     4,500      SH       DEFINED    1,2,3             4,500
</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
WATSON PHARMACEUTICALS INC  COM     942683103  454     6,600      SH       DEFINED    1,2,3             6,600
WEBSTER FINANCIAL CORP      COM     947890109  1,198   57,000     SH       DEFINED    1,2,3            57,000
WEYERHAEUSER COMPANY        COM     962166104  1,543   70,581     SH       DEFINED    1,2,3            70,581
WILLIAMS COS INC            COM     969457100  3,165   104,615    SH       DEFINED    1,2,3           104,615
WSFS FINANCIAL CORP         COM     929328102  599     15,100     SH       DEFINED    1,2,3            15,100
XEROX CORP                  COM     984121103  7,818   751,050    SH       DEFINED    1,2,3           751,050
XL GROUP PLC                SHS     G98290102  813     37,000     SH       DEFINED    1,2,3            37,000
YAHOO! INC                  COM     984332106  2,056   136,681    SH       DEFINED    1,2,3           136,681
ZORAN CORP                  COM     98975F101  825     98,244     SH       DEFINED    1,2,3            98,244
</Table>