FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: June 30, 2010
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 08/16/2010
--------------------------------- --------------------------------- ----------
[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: 188
Form 13F Information Table Value Total: $765,423 (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 772 16,500 SH DEFINED 1,2,3 16,500
ADAPTEC INC COM 00651F108 329 113,900 SH DEFINED 1,2,3 113,900
AETNA INC COM 00817Y108 1,541 58,400 SH DEFINED 1,2,3 58,400
AFTERMARKET TECHNOLOGY CORP COM 00211W104 693 42,963 SH DEFINED 1,2,3 42,963
ALCATEL-LUCENT SPONS 013904305 1,161 457,225 SH DEFINED 1,2,3 457,225
ALCON INC COM SHS H01301102 207 1,400 SH DEFINED 1,2,3 1,400
ALLSTATE CORPORATION COM 020002101 1,727 60,125 SH DEFINED 1,2,3 60,125
AMERICAN EQUITY INVT LIFE COM 025676206 1,390 134,725 SH DEFINED 1,2,3 134,725
AMERICAN REPROGRAPHICS CO COM 029263100 187 21,425 SH DEFINED 1,2,3 21,425
AMGEN INC COM 031162100 2,998 57,000 SH DEFINED 1,2,3 57,000
ANADARKO PETROLEUM CORP COM 032511107 5,071 140,500 SH DEFINED 1,2,3 140,500
ANSYS INC COM 03662Q105 196 4,824 SH DEFINED 1,2,3 4,824
APACHE CORP COM 037411105 5,472 65,000 SH DEFINED 1,2,3 65,000
ARGO GROUP INTERNATIONAL COM G0464B107 1,239 40,500 SH DEFINED 1,2,3 40,500
ARMSTRONG WORLD INDUSTRIES COM 04247X102 321 10,650 SH DEFINED 1,2,3 10,650
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
ARTHUR J GALLAGHER & CO COM 363576109 1,037 42,550 SH DEFINED 1,2,3 42,550
ASSURANT INC COM 04621X108 3,817 110,000 SH DEFINED 1,2,3 110,000
AVNET INC COM 053807103 1,662 68,950 SH DEFINED 1,2,3 68,950
AVON PRODUCTS INC. COM 054303102 1,085 40,925 SH DEFINED 1,2,3 40,925
BALTIC TRADING COM Y0553W103 1,064 93,600 SH DEFINED 1,2,3 93,600
BANK OF AMERICA CORP COM 060505104 2,231 155,265 SH DEFINED 1,2,3 155,265
BANK OF NEW YORK COM 064058100 3,135 126,981 SH DEFINED 1,2,3 126,981
BARRICK GOLD CORP COM 067901108 5,155 113,531 SH DEFINED 1,2,3 113,531
BAXTER INTL COM 071813109 3,878 95,434 SH DEFINED 1,2,3 95,434
BLACKROCK FLORIDA INSD MUNI COM 09250G102 302 20,200 SH DEFINED 1,2,3 20,200
BLACKROCK MUNIYIELD INSURED COM 09254E103 880 63,700 SH DEFINED 1,2,3 63,700
BLACKROCK MUNIYIELD NY INS COM 09255E102 325 24,900 SH DEFINED 1,2,3 24,900
BLOUNT INTERNATIONAL INC COM 095180105 773 75,275 SH DEFINED 1,2,3 75,275
BOEING COMPANY COM 097023105 1,454 23,175 SH DEFINED 1,2,3 23,175
BP PLC SPONS 055622104 1,658 57,405 SH DEFINED 1,2,3 57,405
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
BRADY CORPORATION CL A 104674106 830 33,325 SH DEFINED 1,2,3 33,325
CALPINE CORP COM 131347304 1,986 156,149 SH DEFINED 1,2,3 156,149
CAPITAL ONE FINANCIAL CORP COM 14040H105 1,152 28,575 SH DEFINED 1,2,3 28,575
CENOVUS ENERGY INC-W/I COM 15135U109 1,225 47,500 SH DEFINED 1,2,3 47,500
CHEMICAL FINANCIAL CORP COM 163731102 608 27,925 SH DEFINED 1,2,3 27,925
CHESAPEAKE ENERGY CORP COM 165167107 629 30,000 SH DEFINED 1,2,3 30,000
CIBER INC COM 17163B102 483 174,300 SH DEFINED 1,2,3 174,300
CIRCOR INTERNATIONAL INC COM 17273K109 694 27,125 SH DEFINED 1,2,3 27,125
CISCO SYSTEMS INC COM 17275R102 895 42,000 SH DEFINED 1,2,3 42,000
CITIGROUP INC COM 172967101 1,571 417,933 SH DEFINED 1,2,3 417,933
CNA SURETY CORPORATION COM 12612L108 440,722 27,425,147 SH DEFINED 1,2,3 27,425,147
COCA COLA CO COM 191216100 1,418 28,300 SH DEFINED 1,2,3 28,300
COMCAST CORP CL A 20030N200 4,108 250,000 SH DEFINED 1,2,3 250,000
COMERICA COM 200340107 966 26,225 SH DEFINED 1,2,3 26,225
COMPUTER ASSOCIATES INTL COM 12673P105 1,766 95,952 SH DEFINED 1,2,3 95,952
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
CONMED CORP COM 207410101 625 33,525 SH DEFINED 1,2,3 33,525
CONSECO INC COM 12621E103 548 110,800 SH DEFINED 1,2,3 110,800
CONSTELLATION ENERGY PART CL B 21038E101 577 180,260 SH DEFINED 1,2,3 180,260
COOPER INDUSTRIES INC SHS G24140108 1,299 29,525 SH DEFINED 1,2,3 29,525
CORNING INC. COM 219350105 565 35,000 SH DEFINED 1,2,3 35,000
COSTCO WHOLESALE CORP COM 22160K105 1,426 26,000 SH DEFINED 1,2,3 26,000
CSX CORP. COM 126408103 1,787 36,000 SH DEFINED 1,2,3 36,000
CURTISS-WRIGHT CORP COM 231561101 342 11,775 SH DEFINED 1,2,3 11,775
CVS CORP COM 126650100 733 25,000 SH DEFINED 1,2,3 25,000
DEERE & CO COM 244199105 835 15,000 SH DEFINED 1,2,3 15,000
DELL COMPUTER CORP COM 24702R101 1,035 85,825 SH DEFINED 1,2,3 85,825
DELPHI FINANCIAL GROUP CL A 247131105 843 34,538 SH DEFINED 1,2,3 34,538
DELTA AIR LINES INC COM 247361702 794 67,577 SH DEFINED 1,2,3 67,577
DEVON ENERGY CORP COM 25179M103 7,022 115,270 SH DEFINED 1,2,3 115,270
DIAMONDROCK HOSPITALITY CO COM 252784301 1,054 128,171 SH DEFINED 1,2,3 128,171
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
DIODES INC COM 254543101 931 58,675 SH DEFINED 1,2,3 58,675
DU PONT DE NEMOURS E.I. COM 263534109 917 26,500 SH DEFINED 1,2,3 26,500
DYNEGY INC COM 26817G300 735 191,026 SH DEFINED 1,2,3 191,026
EMC CORPORATION COM 268648102 849 46,410 SH DEFINED 1,2,3 46,410
ENCANA CORP COM 292505104 1,441 47,500 SH DEFINED 1,2,3 47,500
ENSCO INTERNATIONAL INC SPONS 29358Q109 3,358 85,500 SH DEFINED 1,2,3 85,500
EOG RESOURCES INC COM 26875P101 1,476 15,000 SH DEFINED 1,2,3 15,000
EVEREST RE GROUP LTD COM G3223R108 1,556 22,000 SH DEFINED 1,2,3 22,000
EXELON CORP COM 30161N101 38 1,000 SH DEFINED 1,2,3 1,000
EXXON MOBIL CORP COM 30231G102 2,254 39,500 SH DEFINED 1,2,3 39,500
FBL FINANCIAL GROUP INC CL A 30239F106 357 17,000 SH DEFINED 1,2,3 17,000
FLUOR CORP COM 343412102 850 20,000 SH DEFINED 1,2,3 20,000
FOREST LABORATORIES INC COM 345838106 447 16,300 SH DEFINED 1,2,3 16,300
FORTUNE BRANDS INC COM 349631101 1,034 26,400 SH DEFINED 1,2,3 26,400
GENERAL ELECTRIC CO COM 369604103 548 38,000 SH DEFINED 1,2,3 38,000
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
GILEAD SCIENCES INC COM 375558103 737 21,500 SH DEFINED 1,2,3 21,500
GOLDMAN SACHS GROUP INC COM 38141G104 5,530 42,125 SH DEFINED 1,2,3 42,125
GOOGLE INC CL A 38259P508 2,696 6,060 SH DEFINED 1,2,3 6,060
GRACO COM 384109104 754 26,750 SH DEFINED 1,2,3 26,750
GRAY TELEVISION INC COM 389375106 2,276 944,444 SH DEFINED 1,2,3 944,444
GRIFFON CORPORATION COM 398433102 1,098 99,319 SH DEFINED 1,2,3 99,319
HALOZYME THERAPEUTICS INC COM 40637H109 301 42,688 SH DEFINED 1,2,3 42,688
HARTE-HANKS INC COM 416196103 1,424 136,275 SH DEFINED 1,2,3 136,275
HARTFORD FINANCIAL SVCS GRP COM 416515104 243 10,975 SH DEFINED 1,2,3 10,975
HEARTLAND PAYMENT SYSTEMS COM 42235N108 434 29,275 SH DEFINED 1,2,3 29,275
HESS CORP COM 42809H107 1,081 21,480 SH DEFINED 1,2,3 21,480
HEWLETT-PACKARD CO. COM 428236103 9,522 220,000 SH DEFINED 1,2,3 220,000
HOME DEPOT COM 437076102 561 20,000 SH DEFINED 1,2,3 20,000
HORIZON LINES INC COM 44044K101 120 28,450 SH DEFINED 1,2,3 28,450
HORMEL FOODS CORP COM 440452100 81 2,000 SH DEFINED 1,2,3 2,000
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
HOSPITALITY PROPERTIES COM SHS 44106M102 1,473 69,800 SH DEFINED 1,2,3 69,800
ILLINOIS TOOL WORKS INC COM 452308109 1,032 25,000 SH DEFINED 1,2,3 25,000
IMMUCOR INC COM 452526106 989 51,900 SH DEFINED 1,2,3 51,900
INGERSOLL RAND CO SHS G47791101 2,494 72,300 SH DEFINED 1,2,3 72,300
INSIGHT ENTERPRISES INC COM 45765U103 410 31,175 SH DEFINED 1,2,3 31,175
IBM COM 459200101 18,424 149,210 SH DEFINED 1,2,3 149,210
J.C. PENNY CO INC (HLDG CO) COM 708160106 1,609 74,925 SH DEFINED 1,2,3 74,925
JARDEN CORP COM 471109108 1,529 56,900 SH DEFINED 1,2,3 56,900
JOHNSON & JOHNSON COM 478160104 7,592 128,545 SH DEFINED 1,2,3 128,545
JONES APPAREL GROUP INC COM 480074103 843 53,175 SH DEFINED 1,2,3 53,175
JPMORGAN CHASE & CO COM 46634E114 959 75,905 SH DEFINED 1,2,3 75,905
JPMORGAN CHASE & COMPANY COM 46625H100 1,931 52,750 SH DEFINED 1,2,3 52,750
KELLY SERVICES INC CL A 488152208 780 52,471 SH DEFINED 1,2,3 52,471
KOHLS CORP COM 500255104 713 15,000 SH DEFINED 1,2,3 15,000
KRAFT FOODS CL A 50075N104 837 29,875 SH DEFINED 1,2,3 29,875
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
L-3 COMMUNICATIONS CORP COM 502424104 1,643 23,200 SH DEFINED 1,2,3 23,200
LABORATORY CRP OF AMER COM 50540R409 659 8,750 SH DEFINED 1,2,3 8,750
LINCOLN NATIONAL CORP COM 534187109 4,737 195,000 SH DEFINED 1,2,3 195,000
MARRIOTT INTERNATIONAL CL A 571903202 968 32,346 SH DEFINED 1,2,3 32,346
MASCO CORPORATION COM 574599106 1,405 130,575 SH DEFINED 1,2,3 130,575
MASTERCARD INC CL A 57636Q104 998 5,000 SH DEFINED 1,2,3 5,000
MEDIACOM COMMUNICATIONS CL A 58446K105 1,680 250,000 SH DEFINED 1,2,3 250,000
MEDTRONIC INC COM 585055106 73 2,000 SH DEFINED 1,2,3 2,000
MI DEVELOPMENTS INC CL A 55304X104 566 46,300 SH DEFINED 1,2,3 46,300
MICROSOFT CORP COM 594918104 2,230 96,925 SH DEFINED 1,2,3 96,925
MOLSON COORS BREWING CO CL B 60871R209 699 16,500 SH DEFINED 1,2,3 16,500
MORGAN ST DEAN WITTER COM 617446448 1,950 84,000 SH DEFINED 1,2,3 84,000
MORGAN STANLEY QUAL MUNI COM 46133J101 187 13,700 SH DEFINED 1,2,3 13,700
MOTOROLA INC COM 620076109 1,852 283,980 SH DEFINED 1,2,3 283,980
MTS SYSTEMS CORP COM 553777103 1,067 36,803 SH DEFINED 1,2,3 36,803
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
NARA BANCORP INC COM 63080P105 1,021 121,100 SH DEFINED 1,2,3 121,100
NATIONAL GRID PLC SPONS 636274300 1,378 37,425 SH DEFINED 1,2,3 37,425
NATL PENN BCSHS INC COM 637138108 825 137,250 SH DEFINED 1,2,3 137,250
NORTHROP GRUMMAN CORP COM 666807102 2,203 40,475 SH DEFINED 1,2,3 40,475
OCCIDENTAL PETROLEUM COM 674599105 6,944 90,000 SH DEFINED 1,2,3 90,000
OMNICOM GROUP COM 681919106 2,057 59,975 SH DEFINED 1,2,3 59,975
ORACLE CORP COM 68389X105 5,365 250,000 SH DEFINED 1,2,3 250,000
PEDIATRIX MEDICAL GROUP INC COM 58502B106 432 7,775 SH DEFINED 1,2,3 7,775
PEPSICO INCORPORATED COM 713448108 55 900 SH DEFINED 1,2,3 900
PFIZER INC COM 717081103 8,289 581,300 SH DEFINED 1,2,3 581,300
PHARMACEUTICAL HOLDRS TRUST DEPOSIT 71712A206 745 12,500 SH DEFINED 1,2,3 12,500
PHH CORP COM 693320202 1,086 57,050 SH DEFINED 1,2,3 57,050
PHILIP MORRIS INTERNATIONAL COM 718172109 688 15,000 SH DEFINED 1,2,3 15,000
PIKE ELECTRIC CORP COM 721283109 442 46,925 SH DEFINED 1,2,3 46,925
PINNACLE WEST CAPITAL CORP COM 723484101 710 19,540 SH DEFINED 1,2,3 19,540
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 2,383 108,494 SH DEFINED 1,2,3 108,494
PLAINS EXPLORATION & PROD COM 726505100 1,274 61,820 SH DEFINED 1,2,3 61,820
PLANTRONICS INC COM 727493108 819 28,650 SH DEFINED 1,2,3 28,650
PNC FINANCIAL CORP COM 693475105 833 14,744 SH DEFINED 1,2,3 14,744
POPULAR INC COM 733174106 441 164,583 SH DEFINED 1,2,3 164,583
PORTLAND GENERAL ELECTRIC COM 736508847 1,436 78,325 SH DEFINED 1,2,3 78,325
PPG INDUSTRIES COM 693506107 945 15,650 SH DEFINED 1,2,3 15,650
PPL CORPORATION COM 69351T106 1,697 68,033 SH DEFINED 1,2,3 68,033
PRAXAIR INC COM 74005P104 760 10,000 SH DEFINED 1,2,3 10,000
PRIMERICA INC COM 74164M108 317 14,775 SH DEFINED 1,2,3 14,775
PROCTER & GAMBLE CO COM 742718109 840 14,000 SH DEFINED 1,2,3 14,000
PROGRESS ENERGY INC COM 743263105 2,105 53,680 SH DEFINED 1,2,3 53,680
PUBLIC SERVICE CO OF N MEX COM 69349H107 687 61,475 SH DEFINED 1,2,3 61,475
REGIS CORP COM 758932107 519 33,325 SH DEFINED 1,2,3 33,325
RENAISSANCERE HOLDINGS LTD COM G7496G103 1,877 33,350 SH DEFINED 1,2,3 33,350
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
RENT-A-CENTER INC COM 76009N100 595 29,350 SH DEFINED 1,2,3 29,350
RITE AID CORP COM 767754104 424 432,785 SH DEFINED 1,2,3 432,785
SCHLUMBERGER LIMITED COM 806857108 77 1,400 SH DEFINED 1,2,3 1,400
SEALY CORP COM 812139301 229 85,775 SH DEFINED 1,2,3 85,775
SEALY CORP SR SECD 812139400 712 9,075 SH DEFINED 1,2,3 9,075
SEARS HOLDINGS CORP COM 812350106 1,129 17,465 SH DEFINED 1,2,3 17,465
SEMPRA ENERGY COM 816851109 1,381 29,525 SH DEFINED 1,2,3 29,525
SHERWIN WILLIAMS CO COM 824348106 1,136 16,425 SH DEFINED 1,2,3 16,425
SPDR GOLD TRUST SHS 78463V107 30,420 250,000 SH DEFINED 1,2,3 250,000
SPHERION CORPORATION COM 784153108 194 35,450 SH DEFINED 1,2,3 35,450
STAPLES INC COM 855030102 929 48,765 SH DEFINED 1,2,3 48,765
STARBUCKS CORP COM 855244109 49 2,000 SH DEFINED 1,2,3 2,000
STATE STREET CORP COM 857477103 994 29,400 SH DEFINED 1,2,3 29,400
SYMANTEC CORP COM 871503108 375 27,000 SH DEFINED 1,2,3 27,000
TALISMAN ENERGY INC COM 87425E103 2,505 165,000 SH DEFINED 1,2,3 165,000
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
TECH DATA CORP COM 878237106 745 20,912 SH DEFINED 1,2,3 20,912
THERMO FISHER SCIENTIFIC COM 883556102 2,311 47,110 SH DEFINED 1,2,3 47,110
THOMPSON CREEK METALS CO COM 884768102 52 6,000 SH DEFINED 1,2,3 6,000
TORCHMARK CORP COM 891027104 2,110 42,625 SH DEFINED 1,2,3 42,625
TRAVELERS COS INC/THE COM 89417E109 4,679 95,000 SH DEFINED 1,2,3 95,000
TYCO ELECTRONICS SHS H8912P106 2,385 93,975 SH DEFINED 1,2,3 93,975
UNILEVER NV SHS 904784709 843 30,850 SH DEFINED 1,2,3 30,850
UNITED NATIONAL GROUP LTD COM 90933T109 926 125,866 SH DEFINED 1,2,3 125,866
UNITED TECHNOLOGIES CORP. COM 913017109 1,885 29,040 SH DEFINED 1,2,3 29,040
UNUM CORP COM 91529Y106 966 44,500 SH DEFINED 1,2,3 44,500
VALASSIS COMMUNICATIONS INC COM 918866104 811 25,575 SH DEFINED 1,2,3 25,575
VALERO ENERGY CORP COM 91913Y100 944 52,525 SH DEFINED 1,2,3 52,525
VALIDUS HOLDINGS LTD COM SHS G9319H102 1,107 45,320 SH DEFINED 1,2,3 45,320
VIAD CORP COM 92552R406 643 36,418 SH DEFINED 1,2,3 36,418
VISA INC CL A 92826C839 1,061 15,000 SH DEFINED 1,2,3 15,000
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
WEBSTER FINANCIAL CORP COM 947890109 1,023 57,000 SH DEFINED 1,2,3 57,000
WILLIAMS COS INC COM 969457100 2,395 131,035 SH DEFINED 1,2,3 131,035
WSFS FINANCIAL CORP COM 929328102 543 15,100 SH DEFINED 1,2,3 15,100
XCEL ENERGY INC COM 98389B100 2,057 99,830 SH DEFINED 1,2,3 99,830
XERIUM TECHNOLOGIES INC COM 98416J118 4,483 317,500 SH DEFINED 1,2,3 317,500
XEROX CORP COM 984121103 4,744 590,000 SH DEFINED 1,2,3 590,000
ZIMMER HOLDINGS INC COM 98956P102 1,169 21,625 SH DEFINED 1,2,3 21,625
ZORAN CORP COM 98975F101 937 98,244 SH DEFINED 1,2,3 98,244