FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: March 31, 2013

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                        05/10/2013
---------------------------------  ---------------------------------  ----------
[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: 175

Form 13F Information Table Value Total:  $451,644 (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  979     27,725     SH       DEFINED    1,2,3            27,725
ACTUANT CORP                CL A    00508X203  1,414   46,175     SH       DEFINED    1,2,3            46,175
AEROPOSTALE INC             COM     007865108  1,275   93,750     SH       DEFINED    1,2,3            93,750
AMEREN CORPORATION          COM     023608102  872     24,905     SH       DEFINED    1,2,3            24,905
AMERICAN EQUITY INVT LIFE HLCOM     025676206  1,384   92,925     SH       DEFINED    1,2,3            92,925
AMERICAN INTERNATIONAL GRP  COM NEW 026874784  2,512   64,700     SH       DEFINED    1,2,3            64,700
AMERICAN REPROGRAPHICS CO   COM     00191G103  389     130,375    SH       DEFINED    1,2,3           130,375
ANADARKO PETROLEUM CORP     COM     032511107  14,412  164,806    SH       DEFINED    1,2,3           164,806
ANIXTER INTERNATIONAL INC   COM     035290105  991     14,175     SH       DEFINED    1,2,3            14,175
ANTEC CORP                  COM     04269Q100  512     29,800     SH       DEFINED    1,2,3            29,800
APACHE CORP                 COM     037411105  5,015   65,000     SH       DEFINED    1,2,3            65,000
APOLLO GROUP INC            CL A    037604105  1,074   61,800     SH       DEFINED    1,2,3            61,800
APPLE COMPUTER INC          COM     037833100  1,543   3,485      SH       DEFINED    1,2,3             3,485
ARGAN INC                   COM     04010E109  250     16,777     SH       DEFINED    1,2,3            16,777
ARGO GROUP INTERNATIONAL    COM     G0464B107  1,583   38,250     SH       DEFINED    1,2,3            38,250




                                                                             
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
ARTIO GLOBAL INVESTORS INC  CL A    04315B107  277     101,800    SH       DEFINED    1,2,3           101,800
ASPEN INSURANCE HOLDINGS    SHS     G05384105  1,462   37,900     SH       DEFINED    1,2,3            37,900
ASSURANT INC                COM     04621X108  6,652   147,800    SH       DEFINED    1,2,3           147,800
AVNET INC                   COM     053807103  2,986   82,475     SH       DEFINED    1,2,3            82,475
BABCOCK & WILCOX CO/THE     COM     05615F102  1,178   41,447     SH       DEFINED    1,2,3            41,447
BAKER HUGHES INC            COM     057224107  2,673   57,600     SH       DEFINED    1,2,3            57,600
BANCORPSOUTH INC            COM     059692103  526     32,300     SH       DEFINED    1,2,3            32,300
BANK OF AMERICA CORP        COM     060505104  1,779   146,050    SH       DEFINED    1,2,3           146,050
BANK OF NEW YORK            COM     064058100  1,531   54,687     SH       DEFINED    1,2,3            54,687
BARNES & NOBLE INC          COM     067774109  961     58,406     SH       DEFINED    1,2,3            58,406
BARRICK GOLD CORP           COM     067901108  3,387   115,211    SH       DEFINED    1,2,3           115,211
BBCN BANCORP INC            COM     073295107  1,333   102,050    SH       DEFINED    1,2,3           102,050
BECTON DICKINSON & CO       COM     075887109  2,156   22,550     SH       DEFINED    1,2,3            22,550
BLUEKNIGHT ENERGY PARTNERS  COM     09625U109  2,700   315,110    SH       DEFINED    1,2,3           315,110
BOEING COMPANY              COM     097023105  2,790   32,500     SH       DEFINED    1,2,3            32,500




                                                                             
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
BP PLC                      SPONS   055622104  3,057   72,182     SH       DEFINED    1,2,3            72,182
BRADY CORPORATION           CL A    104674106  1,590   47,425     SH       DEFINED    1,2,3            47,425
CABOT OIL & GAS CORP        COM     127097103  2,130   31,500     SH       DEFINED    1,2,3            31,500
CAL DIVE INTERNATIONAL INC  COM     12802T101  395     219,600    SH       DEFINED    1,2,3           219,600
CALLAWAY GOLF COMPANY       COM     131193104  189     28,600     SH       DEFINED    1,2,3            28,600
CANADIAN NATURAL RESOURCES  COM     136385101  643     20,000     SH       DEFINED    1,2,3            20,000
CAPITAL LEASE FUNDING INC   COM     140288101  1,088   170,781    SH       DEFINED    1,2,3           170,781
CAPITAL PRODUCT PARTNERS    COM     Y11082107  2,484   300,000    SH       DEFINED    1,2,3           300,000
CARPENTER TECHNOLOGY        COM     144285103  483     9,800      SH       DEFINED    1,2,3             9,800
CASH AMERICA INTL INC       COM     14754D100  336     6,400      SH       DEFINED    1,2,3             6,400
CASTLE (A.M.) & CO          COM     148411101  858     49,000     SH       DEFINED    1,2,3            49,000
CIRCOR INTERNATIONAL INC    COM     17273K109  1,065   25,050     SH       DEFINED    1,2,3            25,050
CITIGROUP INC               COM     172967424  6,412   144,936    SH       DEFINED    1,2,3           144,936
COCA COLA CO                COM     191216100  671     16,600     SH       DEFINED    1,2,3            16,600
COMCAST CORP                CL A    20030N200  9,903   250,000    SH       DEFINED    1,2,3           250,000




                                                                             
Column                      Column  Column   Column    Column              Column     Column    Column
1:                          2:      3:       4:        5:                  6:         7:        8:

Name                        Title                      Shares or                                Voting Authority
of                          of      CUSIP    Value     Principal SH/  Put/ Investment Other     ------------------
Issuer                      Class   Number   (x$1000)  Amount    PRN  Call Discretion Mgrs      Sole   Shared None
CONSECO INC                 COM     12621E103  1,701   148,600    SH       DEFINED    1,2,3           148,600
CON-WAY INC                 COM     205944101  1,467   41,675     SH       DEFINED    1,2,3            41,675
CURTISS-WRIGHT CORP         COM     231561101  1,120   32,275     SH       DEFINED    1,2,3            32,275
CVR REFINING LP             COMUNIT 12663P107  2,499   72,044     SH       DEFINED    1,2,3            72,044
DANA HOLDING CORP           COM     235825205  1,076   60,324     SH       DEFINED    1,2,3            60,324
DEERE & CO                  COM     244199105  5,159   60,000     SH       DEFINED    1,2,3            60,000
DELL COMPUTER CORP          COM     24702R101  2,088   145,675    SH       DEFINED    1,2,3           145,675
DELPHI AUTOMOTIVE PLC       SHS     G27823106  2,733   61,550     SH       DEFINED    1,2,3            61,550
DELTA AIR LINES INC         COM NEW 247361702  1,651   100,000    SH       DEFINED    1,2,3           100,000
DENBURY RESOURCES INC       COM     247916208  2,891   155,000    SH       DEFINED    1,2,3           155,000
DEVON ENERGY CORP           COM     25179M103  4,542   80,500     SH       DEFINED    1,2,3            80,500
DIAMONDROCK HOSPITALITY CO  COM     252784301  985     105,771    SH       DEFINED    1,2,3           105,771
DIODES INC                  COM     254543101  1,483   70,675     SH       DEFINED    1,2,3            70,675
EATON CORP PLC              SHS     G29183103  1,777   29,020     SH       DEFINED    1,2,3            29,020
EMC CORPORATION             COM     268648102  1,433   60,000     SH       DEFINED    1,2,3            60,000




                                                                             
Column                      Column  Column   Column    Column              Column     Column    Column
1:                          2:      3:       4:        5:                  6:         7:        8:

Name                        Title                      Shares or                                Voting Authority
of                          of      CUSIP    Value     Principal SH/  Put/ Investment Other     ------------------
Issuer                      Class   Number   (x$1000)  Amount    PRN  Call Discretion Mgrs      Sole   Shared None
ENBRIDGE ENERGY PARTNERS LP COM     29250R106  6,631   220,000    SH       DEFINED    1,2,3           220,000
ENDO HEALTH SOLUTIONS INC   COM     29264F205  498     16,200     SH       DEFINED    1,2,3            16,200
ENERGY TRANSFER EQUITY LP   COM UNIT29273V100  3,509   60,000     SH       DEFINED    1,2,3            60,000
ENGILITY HOLDINGS INC - W/I COM     29285W104  685     28,575     SH       DEFINED    1,2,3            28,575
ENSCO INTERNATIONAL INC     SHS CL AG3157S106  3,600   60,000     SH       DEFINED    1,2,3            60,000
ENTERGY CORP                COM     29364G103  1,613   25,500     SH       DEFINED    1,2,3            25,500
EXXON MOBIL CORP            COM     30231G102  1,608   17,850     SH       DEFINED    1,2,3            17,850
EZCORP INC                  CL A    302301106  814     38,200     SH       DEFINED    1,2,3            38,200
FEDEX CORPORATION           COM     31428X106  8,200   83,500     SH       DEFINED    1,2,3            83,500
FORTUNE BRANDS HOME & SEC   COM     34964C106  261     6,975      SH       DEFINED    1,2,3             6,975
FRANKLIN RESOURCES INC      COM     354613101  1,482   9,825      SH       DEFINED    1,2,3             9,825
GENERAL DYNAMICS CORP.      COM     369550108  1,738   24,650     SH       DEFINED    1,2,3            24,650
GENERAL MOTORS              WARRANT 37045V118  1,013   109,152    SH       DEFINED    1,2,3           109,152
GLOBAL CASH ACCESS INC      COM     378967103  1,242   176,216    SH       DEFINED    1,2,3           176,216
GOLDMAN SACHS GROUP INC     COM     38141G104  2,218   15,075     SH       DEFINED    1,2,3            15,075




                                                                             
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
GOOGLE INC                  CL A    38259P508  2,641   3,325      SH       DEFINED    1,2,3             3,325
GOVERNMENT PROPERTIES INCOMECOM SHS 38376A103  401     15,600     SH       DEFINED    1,2,3            15,600
GRANITE REAL ESTATE INVESTMEUNIT    387437114  1,195   31,300     SH       DEFINED    1,2,3            31,300
GREAT PLAINS ENERGY INC     COM     391164100  480     20,700     SH       DEFINED    1,2,3            20,700
GRIFFON CORPORATION         COM     398433102  1,507   126,419    SH       DEFINED    1,2,3           126,419
HARSCO CORP                 COM     415864107  1,508   60,900     SH       DEFINED    1,2,3            60,900
HARTE-HANKS INC             COM     416196103  1,533   196,750    SH       DEFINED    1,2,3           196,750
HERMAN MILLER INC           COM     600544100  749     27,075     SH       DEFINED    1,2,3            27,075
HESS CORP                   COM     42809H107  1,226   17,115     SH       DEFINED    1,2,3            17,115
HEWLETT-PACKARD CO          COM     428236103  8,085   339,135    SH       DEFINED    1,2,3           339,135
HOSPITALITY PROPERTIES      COM SHS 44106M102  2,131   77,675     SH       DEFINED    1,2,3            77,675
HUNTINGTON INGALLS IND      COM     446413106  1,096   20,550     SH       DEFINED    1,2,3            20,550
ICONIX BRAND GROUP INC      COM     451055107  1,055   40,800     SH       DEFINED    1,2,3            40,800
INGERSOLL RAND CO           SHS     G47791101  957     17,405     SH       DEFINED    1,2,3            17,405
INGRAM MICRO INC            CL A    457153104  1,473   74,850     SH       DEFINED    1,2,3            74,850




                                                                             
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
INORG CHEM NEC              COM     45768S105  952     21,498     SH       DEFINED    1,2,3            21,498
INSIGHT ENTERPRISES INC     COM     45765U103  1,216   58,968     SH       DEFINED    1,2,3            58,968
INTERNATIONAL BUSINESS MACH COM     459200101  17,095  80,145     SH       DEFINED    1,2,3            80,145
INVESCO LTD                 SHS     G491BT108  2,298   79,350     SH       DEFINED    1,2,3            79,350
JAKKS PACIFIC INC           COM     47012E106  672     64,106     SH       DEFINED    1,2,3            64,106
JOHNSON & JOHNSON           COM     478160104  4,627   56,750     SH       DEFINED    1,2,3            56,750
JONES APPAREL GROUP INC     COM     48020T101  1,540   121,059    SH       DEFINED    1,2,3           121,059
JPMORGAN CHASE & COMPANY    COM     46625H100  8,124   171,175    SH       DEFINED    1,2,3           171,175
KAISER ALUMINUM CORP        COM     483007704  621     9,600      SH       DEFINED    1,2,3             9,600
KAPSTONE PAPER & PACKAGING  COM     48562P103  503     18,100     SH       DEFINED    1,2,3            18,100
L-3 COMMUNICATIONS CORP     COM     502424104  1,974   24,400     SH       DEFINED    1,2,3            24,400
LABORATORY CRP OF AMER HLDGSCOM NEW 50540R409  1,646   18,250     SH       DEFINED    1,2,3            18,250
LEGG MASON INC              COM     524901105  2,546   79,179     SH       DEFINED    1,2,3            79,179
LENNAR CORP                 CL B    526057302  419     12,980     SH       DEFINED    1,2,3            12,980
LEXMARK INTL GROUP INC      CL A    529771107  581     22,000     SH       DEFINED    1,2,3            22,000




                                                                             
Column                      Column  Column   Column    Column              Column     Column    Column
1:                          2:      3:       4:        5:                  6:         7:        8:

Name                        Title                      Shares or                                Voting Authority
of                          of      CUSIP    Value     Principal SH/  Put/ Investment Other     ------------------
Issuer                      Class   Number   (x$1000)  Amount    PRN  Call Discretion Mgrs      Sole   Shared None
LINCOLN NATIONAL CORP IND   COM     534187109  6,620   203,000    SH       DEFINED    1,2,3           203,000
MARKWEST ENERGY PARTNERS LP UNIT LP 570759100  6,075   100,000    SH       DEFINED    1,2,3           100,000
MASCO CORPORATION           COM     574599106  1,860   91,875     SH       DEFINED    1,2,3            91,875
MATTHEWS INTL CORP          CL A    577128101  1,013   29,025     SH       DEFINED    1,2,3            29,025
MEDTRONIC INC               COM     585055106  1,192   25,390     SH       DEFINED    1,2,3            25,390
MERCK & CO. INC.            COM     58933Y105  4,532   102,534    SH       DEFINED    1,2,3           102,534
METLIFE INC                 COM     59156R108  5,450   143,350    SH       DEFINED    1,2,3           143,350
MICROSOFT CORP              COM     594918104  15,957  557,830    SH       DEFINED    1,2,3           557,830
MILLER INDUSTRIES INC/TENN  COM     600551204  176     10,962     SH       DEFINED    1,2,3            10,962
MONSTER WORLDWIDE INC       COM     611742107  759     149,750    SH       DEFINED    1,2,3           149,750
MORGAN ST DEAN WITTER DISC  COM     617446448  1,823   82,950     SH       DEFINED    1,2,3            82,950
MUELLER WATER PRODUCTS INC  COM     624758108  1,481   249,775    SH       DEFINED    1,2,3           249,775
NATL PENN BCSHS INC         COM     637138108  1,352   126,475    SH       DEFINED    1,2,3           126,475
NELNET INC-CL A             CL A    64031N108  439     13,000     SH       DEFINED    1,2,3            13,000
NORTHROP GRUMMAN CORP       COM     666807102  1,526   21,750     SH       DEFINED    1,2,3            21,750




                                                                             
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
NRG ENERGY INC              COM NEW 629377508  912     34,446     SH       DEFINED    1,2,3            34,446
NV ENERGY INC               COM     67073Y106  543     27,100     SH       DEFINED    1,2,3            27,100
OCCIDENTAL PETROLEUM        COM     674599105  9,634   122,935    SH       DEFINED    1,2,3           122,935
OMNICOM GROUP               COM     681919106  1,928   32,725     SH       DEFINED    1,2,3            32,725
ORACLE CORP                 COM     68389X105  11,294  349,335    SH       DEFINED    1,2,3           349,335
OWENS CORNING               COM     690742101  1,666   42,250     SH       DEFINED    1,2,3            42,250
P G & E CORPORATION         COM     69331C108  3,017   67,748     SH       DEFINED    1,2,3            67,748
PACIFIC ETHANOL INC         COM     69423U206  334     992,389    SH       DEFINED    1,2,3           992,389
PARK STERLING CORP          COM     70086Y105  518     91,866     SH       DEFINED    1,2,3            91,866
PARTNERRE LTD               COM     G6852T105  2,174   23,350     SH       DEFINED    1,2,3            23,350
PETROLOGISTICS LP           UNIT LTD71672U101  2,756   200,000    SH       DEFINED    1,2,3           200,000
PFIZER INC                  COM     717081103  10,008  346,785    SH       DEFINED    1,2,3           346,785
PHH CORP                    COM     693320202  1,056   48,100     SH       DEFINED    1,2,3            48,100
PHOTOMEDEX INC              COM     719358301  1,686   104,770    SH       DEFINED    1,2,3           104,770
PIONEER NATURAL RESOURCES   COM     723787107  4,970   40,000     SH       DEFINED    1,2,3            40,000




                                                                             
Column                      Column  Column   Column    Column              Column     Column    Column
1:                          2:      3:       4:        5:                  6:         7:        8:

Name                        Title                      Shares or                                Voting Authority
of                          of      CUSIP    Value     Principal SH/  Put/ Investment Other     ------------------
Issuer                      Class   Number   (x$1000)  Amount    PRN  Call Discretion Mgrs      Sole   Shared None
PITNEY-BOWES  INC           COM     724479100  780     52,473     SH       DEFINED    1,2,3            52,473
PNC FINANCIAL CORP          COM     693475105  2,171   32,644     SH       DEFINED    1,2,3            32,644
PORTLAND GENERAL ELECTRIC   COM     736508847  203     6,700      SH       DEFINED    1,2,3             6,700
PRIMERICA INC               COM     74164M108  1,004   30,631     SH       DEFINED    1,2,3            30,631
PROTECTIVE LIFE CORP        COM     743674103  754     21,060     SH       DEFINED    1,2,3            21,060
RENT-A-CENTER INC           COM     76009N100  1,813   49,075     SH       DEFINED    1,2,3            49,075
RENTECH NITROGEN PARTNERS   COM     760113100  4,521   126,000    SH       DEFINED    1,2,3           126,000
ROWAN COS INC               SHS CL AG7665A101  2,652   75,000     SH       DEFINED    1,2,3            75,000
ROYAL DUTCH SHELL PLC       SPONS   780259206  2,425   37,217     SH       DEFINED    1,2,3            37,217
SKECHERS USA INC            CL A    830566105  802     37,942     SH       DEFINED    1,2,3            37,942
SPDR GOLD TRUST             SHS     78463V107  38,618  250,000    SH       DEFINED    1,2,3           250,000
SPRINT CORP                 COM     852061100  3,539   569,896    SH       DEFINED    1,2,3           569,896
STAPLES INC                 COM     855030102  4,076   303,752    SH       DEFINED    1,2,3           303,752
STATE STREET CORP           COM     857477103  2,387   40,400     SH       DEFINED    1,2,3            40,400
SUPERIOR ENERGY SERVICES INCCOM     868157108  283     10,900     SH       DEFINED    1,2,3            10,900




                                                                             
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
SYNOVUS FINANCIAL CORP      COM     87161C105  443     160,050    SH       DEFINED    1,2,3           160,050
TCF FINANCIAL CORP          COM     872275102  1,611   107,675    SH       DEFINED    1,2,3           107,675
TE CONNECTIVITY LTD         REG SHS H84989104  2,309   55,075     SH       DEFINED    1,2,3            55,075
TENET HEALTHCARE CORP       COM NEW 88033G407  415     8,725      SH       DEFINED    1,2,3             8,725
THERMO FISHER SCIENTIFIC    COM     883556102  835     10,913     SH       DEFINED    1,2,3            10,913
THOR INDUSTRIES INC         COM     885160101  235     6,375      SH       DEFINED    1,2,3             6,375
TRAVELERS COS INC           COM     89417E109  11,787  140,000    SH       DEFINED    1,2,3           140,000
TUPPERWARE CORP             COM     899896104  719     8,800      SH       DEFINED    1,2,3             8,800
TUTOR PERINI CORP           COM     901109108  1,279   66,250     SH       DEFINED    1,2,3            66,250
UAL CORP                    COM     910047109  1,669   52,130     SH       DEFINED    1,2,3            52,130
UFP TECHNOLOGIES INC        COM     902673102  379     19,243     SH       DEFINED    1,2,3            19,243
UNITED STATIONERS INC       COM     913004107  1,312   33,950     SH       DEFINED    1,2,3            33,950
UNUM CORP                   COM     91529Y106  1,257   44,500     SH       DEFINED    1,2,3            44,500
URANIUM ENERGY CORP         COM     916896103  684     310,700    SH       DEFINED    1,2,3           310,700
URS CORP                    COM     903236107  2,129   44,900     SH       DEFINED    1,2,3            44,900




                                                                             
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
VALASSIS COMMUNICATIONS INC COM     918866104  1,998   66,900     SH       DEFINED    1,2,3            66,900
VCA ANTECH INC              COM     918194101  1,675   71,325     SH       DEFINED    1,2,3            71,325
VIRTUS INVESTMENT PARTNERS  COM     92828Q109  2,011   10,795     SH       DEFINED    1,2,3            10,795
WALTER INDUSTRIES INC       COM     93317Q105  1,171   41,100     SH       DEFINED    1,2,3            41,100
WEBSTER FINANCIAL CORP      COM     947890109  1,053   43,400     SH       DEFINED    1,2,3            43,400
WET SEAL INC                CL A    961840105  220     72,900     SH       DEFINED    1,2,3            72,900
WPX ENERGY INC              COM     98212B103  4,911   306,540    SH       DEFINED    1,2,3           306,540
WSFS FINANCIAL CORP         COM     929328102  734     15,100     SH       DEFINED    1,2,3            15,100
XEROX CORP                  COM     984121103  4,563   530,535    SH       DEFINED    1,2,3           530,535
XL GROUP PLC                SHS     G98290102  997     32,900     SH       DEFINED    1,2,3            32,900