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:
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
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
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
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
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
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
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
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
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
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
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
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
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
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