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:
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
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
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
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
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
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
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
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
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
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
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
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
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
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