13F-HR 1 cnaf0311.txt 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