<SEC-DOCUMENT>0000021175-16-000185.txt : 20160512
<SEC-HEADER>0000021175-16-000185.hdr.sgml : 20160512
<ACCEPTANCE-DATETIME>20160512125823
ACCESSION NUMBER:		0000021175-16-000185
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160331
FILED AS OF DATE:		20160512
DATE AS OF CHANGE:		20160512
EFFECTIVENESS DATE:		20160512

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CNA FINANCIAL CORP
		CENTRAL INDEX KEY:			0000021175
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				366169860
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-00346
		FILM NUMBER:		161642735

	BUSINESS ADDRESS:	
		STREET 1:		CNA
		STREET 2:		333 S. WABASH
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60604
		BUSINESS PHONE:		3128225000

	MAIL ADDRESS:	
		STREET 1:		CNA
		STREET 2:		333 S. WABASH
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60604
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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        <confirmingCopyFlag>false</confirmingCopyFlag>
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      <filer>
        <credentials>
          <cik>0000021175</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>03-31-2016</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>03-31-2016</reportCalendarOrQuarter>
      <filingManager>
        <name>CNA FINANCIAL CORP</name>
        <address>
          <com:street1>CNA</com:street1>
          <com:street2>333 S. WABASH</com:street2>
          <com:city>CHICAGO</com:city>
          <com:stateOrCountry>IL</com:stateOrCountry>
          <com:zipCode>60604</com:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-00346</form13FFileNumber>
      <provideInfoForInstruction5>Y</provideInfoForInstruction5>
      <additionalInformation>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.</additionalInformation>
    </coverPage>
    <signatureBlock>
      <name>Lawrence J. Boysen</name>
      <title>Senior Vice President and Corporate Controller</title>
      <phone>312-822-5653</phone>
      <signature>Lawrence J. Boysen</signature>
      <city>Chicago</city>
      <stateOrCountry>IL</stateOrCountry>
      <signatureDate>05-04-2016</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>3</otherIncludedManagersCount>
      <tableEntryTotal>187</tableEntryTotal>
      <tableValueTotal>372015</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
      <otherManagers2Info>
        <otherManager2>
          <sequenceNumber>1</sequenceNumber>
          <otherManager>
            <form13FFileNumber>28-217</form13FFileNumber>
            <name>Loews Corporation</name>
          </otherManager>
        </otherManager2>
        <otherManager2>
          <sequenceNumber>2</sequenceNumber>
          <otherManager>
            <form13FFileNumber>28-172</form13FFileNumber>
            <name>The Continental Corporation</name>
          </otherManager>
        </otherManager2>
        <otherManager2>
          <sequenceNumber>3</sequenceNumber>
          <otherManager>
            <form13FFileNumber>28-387</form13FFileNumber>
            <name>Continental Casualty Company</name>
          </otherManager>
        </otherManager2>
      </otherManagers2Info>
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<DOCUMENT>
<TYPE>INFORMATION TABLE
<SEQUENCE>2
<FILENAME>q1form13fhrinformation.xml
<DESCRIPTION>INFORMATION TABLE
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    <nameOfIssuer>ARC DOCUMENT SOLUTIONS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00191G103</cusip>
    <value>684</value>
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      <sshPrnamt>152175</sshPrnamt>
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    <nameOfIssuer>AMERICAN INTERNATIONAL GROUP</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>026874784</cusip>
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    <nameOfIssuer>COLUMBUS MCKINNON CORP/NY</nameOfIssuer>
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    <nameOfIssuer>COMCAST CORP</nameOfIssuer>
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    <nameOfIssuer>COVANTA HOLDING CORP</nameOfIssuer>
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    <nameOfIssuer>CUBIC CORP</nameOfIssuer>
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    <nameOfIssuer>DANA HOLDING CORP</nameOfIssuer>
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    <nameOfIssuer>DELTA AIR LINES INC</nameOfIssuer>
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    <nameOfIssuer>DEVON ENERGY CORP</nameOfIssuer>
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    <cusip>25179M103</cusip>
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    <nameOfIssuer>DIAMONDROCK HOSPITALITY CO</nameOfIssuer>
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    <nameOfIssuer>DIODES INC</nameOfIssuer>
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    <value>1261</value>
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    <nameOfIssuer>DOVER CORP</nameOfIssuer>
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    <cusip>260003108</cusip>
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    <nameOfIssuer>DOW CHEMICAL CORP</nameOfIssuer>
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    <nameOfIssuer>ENBRIDGE ENERGY PARTNERS LP</nameOfIssuer>
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    <nameOfIssuer>ENERGY TRANSFER PARTNERS LP</nameOfIssuer>
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    <nameOfIssuer>ENOVA INTERNATIONAL INC-W/I</nameOfIssuer>
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    <nameOfIssuer>ESSENDANT INC</nameOfIssuer>
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    <cusip>296689102</cusip>
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    <nameOfIssuer>EZCORP INC</nameOfIssuer>
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    <nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
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    <nameOfIssuer>FEDEX CORPORATION</nameOfIssuer>
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    <nameOfIssuer>FIRST CITIZENS BCSHS</nameOfIssuer>
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    <nameOfIssuer>FIRST MIDWEST BANCORP INC/IL</nameOfIssuer>
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    <nameOfIssuer>GIBRALTAR INDUSTRIES INC</nameOfIssuer>
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    <nameOfIssuer>GOLDMAN SACHS GROUP INC</nameOfIssuer>
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    <nameOfIssuer>GOVERNMENT PROPERTIES INCOME</nameOfIssuer>
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    <titleOfClass>COM NEW</titleOfClass>
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    <value>550</value>
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      <sshPrnamt>42341</sshPrnamt>
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    <nameOfIssuer>NATL PENN BCSHS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>637138108</cusip>
    <value>1019</value>
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    <nameOfIssuer>NELNET INC CL A</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>64031N108</cusip>
    <value>212</value>
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    <nameOfIssuer>NEW SR INVT GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>648691103</cusip>
    <value>2802</value>
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      <sshPrnamt>272052</sshPrnamt>
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    <nameOfIssuer>NEWS CORP</nameOfIssuer>
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    <cusip>65249B109</cusip>
    <value>935</value>
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      <sshPrnamt>73225</sshPrnamt>
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    <nameOfIssuer>NEWS CORP</nameOfIssuer>
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    <cusip>65249B208</cusip>
    <value>1268</value>
    <shrsOrPrnAmt>
      <sshPrnamt>95725</sshPrnamt>
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    <nameOfIssuer>NOVAGOLD RESOURCES INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>66987E206</cusip>
    <value>549</value>
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    <nameOfIssuer>OCI PARTNERS LP</nameOfIssuer>
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    <cusip>67091N108</cusip>
    <value>633</value>
    <shrsOrPrnAmt>
      <sshPrnamt>83800</sshPrnamt>
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      <Sole>0</Sole>
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    <nameOfIssuer>OCCIDENTAL PETROLEUM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>674599105</cusip>
    <value>4462</value>
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      <sshPrnamt>65206</sshPrnamt>
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    <nameOfIssuer>OMNICOM GROUP INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>681919106</cusip>
    <value>1989</value>
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      <sshPrnamt>23900</sshPrnamt>
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      <Sole>0</Sole>
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    <nameOfIssuer>ON SEMICONDUCTOR CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>682189105</cusip>
    <value>3043</value>
    <shrsOrPrnAmt>
      <sshPrnamt>317375</sshPrnamt>
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      <Sole>0</Sole>
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    <nameOfIssuer>ORACLE CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68389X105</cusip>
    <value>9638</value>
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      <sshPrnamt>235600</sshPrnamt>
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      <Sole>0</Sole>
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    <nameOfIssuer>OWENS &amp; MINOR INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>690732102</cusip>
    <value>723</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17900</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
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    <nameOfIssuer>PHH CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>693320202</cusip>
    <value>544</value>
    <shrsOrPrnAmt>
      <sshPrnamt>43425</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
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    <nameOfIssuer>PNC FINL SVCS GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>693475105</cusip>
    <value>1065</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12604</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
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    <nameOfIssuer>PARK STERLING CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>70086Y105</cusip>
    <value>590</value>
    <shrsOrPrnAmt>
      <sshPrnamt>88466</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
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    <nameOfIssuer>PARKER HANNIFIN CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>701094104</cusip>
    <value>1502</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13525</sshPrnamt>
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      <Sole>0</Sole>
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    <nameOfIssuer>PFIZER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>717081103</cusip>
    <value>6387</value>
    <shrsOrPrnAmt>
      <sshPrnamt>215491</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
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    <nameOfIssuer>PIONEER NATURAL RESOURCES CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>723787107</cusip>
    <value>3771</value>
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      <sshPrnamt>26800</sshPrnamt>
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    <nameOfIssuer>PLAIMS ALL AMER PIPELINE LP</nameOfIssuer>
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    <cusip>726503105</cusip>
    <value>3623</value>
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      <sshPrnamt>172800</sshPrnamt>
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    <nameOfIssuer>PORTLAND GENERAL ELECTRIC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>736508847</cusip>
    <value>402</value>
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    <nameOfIssuer>PRIMERICA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74164M108</cusip>
    <value>419</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9431</sshPrnamt>
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      <Sole>0</Sole>
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    <nameOfIssuer>PULTE CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>745867101</cusip>
    <value>2935</value>
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    <nameOfIssuer>REINSURANCE GROUP OF AMERICA</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>759351604</cusip>
    <value>2589</value>
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      <sshPrnamt>26900</sshPrnamt>
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    <nameOfIssuer>RENT-A-CENTER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76009N100</cusip>
    <value>1157</value>
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      <sshPrnamt>73050</sshPrnamt>
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    <nameOfIssuer>RENTECH NITROGEN PARTNERS LP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>760113100</cusip>
    <value>3185</value>
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      <sshPrnamt>279150</sshPrnamt>
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    <nameOfIssuer>ROYAL DUTCH SHELL PLC</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>780259206</cusip>
    <value>3527</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>SPDR GOLD TRUST</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>78463V107</cusip>
    <value>29400</value>
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    <nameOfIssuer>SCHNITZER STEEL INDS INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>806882106</cusip>
    <value>796</value>
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      <sshPrnamt>43175</sshPrnamt>
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  <infoTable>
    <nameOfIssuer>SCIENCE APPLICATIONS INTE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>808625107</cusip>
    <value>672</value>
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      <sshPrnamt>12600</sshPrnamt>
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    <nameOfIssuer>STANLEY BLACK &amp; DECKER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>854502101</cusip>
    <value>1144</value>
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    <nameOfIssuer>STAPLES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>855030102</cusip>
    <value>2433</value>
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    <nameOfIssuer>STATE STR CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>857477103</cusip>
    <value>1310</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22400</sshPrnamt>
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    <nameOfIssuer>STONERIDGE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>86183P102</cusip>
    <value>1355</value>
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      <sshPrnamt>93125</sshPrnamt>
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  <infoTable>
    <nameOfIssuer>SUPERIOR ENERGY SERVICES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>868157108</cusip>
    <value>1729</value>
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  <infoTable>
    <nameOfIssuer>SYNOVUS FINANCIAL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87161C501</cusip>
    <value>1331</value>
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      <sshPrnamt>46046</sshPrnamt>
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    <nameOfIssuer>TCF FINANCIAL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>872275102</cusip>
    <value>733</value>
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    <nameOfIssuer>WILLIAMS COS INC DEL COM</nameOfIssuer>
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