FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31, 2009
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 02/16/2010
--------------------------------- --------------------------------- ----------
[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: 185
Form 13F Information Table Value Total: $745,527 (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 891 16,500 SH DEFINED 1,2,3 16,500
ADAPTEC INC COM 00651F108 382 113,900 SH DEFINED 1,2,3 113,900
AETNA INC COM 00817Y108 1,851 58,400 SH DEFINED 1,2,3 58,400
AFTERMARKET TECHNOLOGY CORP COM 00211W104 619 25,950 SH DEFINED 1,2,3 25,950
ALCATEL-LUCENT SPONS 013904305 1,518 457,225 SH DEFINED 1,2,3 457,225
ALCON INC COM SHS H01301102 230 1,400 SH DEFINED 1,2,3 1,400
ALLSTATE CORPORATION COM 020002101 1,806 60,125 SH DEFINED 1,2,3 60,125
AMERICAN EQUITY INVT LIFE COM 025676206 1,002 134,725 SH DEFINED 1,2,3 134,725
AMERICAN NATIONAL INSURANCE COM 028591105 645 5,400 SH DEFINED 1,2,3 5,400
AMGEN INC COM 031162100 2,404 42,500 SH DEFINED 1,2,3 42,500
ANADARKO PETROLEUM CORP COM 032511107 10,912 174,820 SH DEFINED 1,2,3 174,820
ANSYS INC COM 03662Q105 210 4,824 SH DEFINED 1,2,3 4,824
APACHE CORP COM 037411105 7,833 75,925 SH DEFINED 1,2,3 75,925
ARGO GROUP INTERNATIONAL COM G0464B107 876 30,075 SH DEFINED 1,2,3 30,075
ARMSTRONG WORLD INDUSTRIES COM 04247X102 772 19,825 SH DEFINED 1,2,3 19,825
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 340 15,125 SH DEFINED 1,2,3 15,125
ASSURANT INC COM 04621X108 3,243 110,000 SH DEFINED 1,2,3 110,000
AVNET INC COM 053807103 2,080 68,950 SH DEFINED 1,2,3 68,950
AVON PRODUCTS INC COM 054303102 1,046 33,200 SH DEFINED 1,2,3 33,200
BANK OF AMERICA CORP COM 060505104 1,177 78,175 SH DEFINED 1,2,3 78,175
BANK OF AMERICA CORP COM 060505419 1,150 77,090 SH DEFINED 1,2,3 77,090
BANK OF NEW YORK COM 064058100 2,876 102,831 SH DEFINED 1,2,3 102,831
BARRICK GOLD CORP COM 067901108 4,471 113,531 SH DEFINED 1,2,3 113,531
BAXTER INTL COM 071813109 3,324 56,639 SH DEFINED 1,2,3 56,639
BJ SERVICES CO COM 055482103 1,131 60,825 SH DEFINED 1,2,3 60,825
BLACK & DECKER MFG CO COM 091797100 1,598 24,650 SH DEFINED 1,2,3 24,650
BLACKROCK FLORIDA INSD MUNI COM 09250G102 522 38,900 SH DEFINED 1,2,3 38,900
BLACKROCK MUNIYIELD INSURED COM 09254E103 1,427 116,400 SH DEFINED 1,2,3 116,400
BLACKROCK MUNIYIELD NY COM 09255E102 660 55,900 SH DEFINED 1,2,3 55,900
BLOUNT INTERNATIONAL INC COM 095180105 539 53,325 SH DEFINED 1,2,3 53,325
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
BOEING COMPANY COM 097023105 2,026 37,425 SH DEFINED 1,2,3 37,425
BRADY CORPORATION CL A 104674106 674 22,450 SH DEFINED 1,2,3 22,450
CAPITAL ONE FINANCIAL CORP COM 14040H105 1,096 28,575 SH DEFINED 1,2,3 28,575
CARDINAL HEALTH INC. COM 14149Y108 1,232 38,200 SH DEFINED 1,2,3 38,200
CAREFUSION COM 14170T101 521 20,812 SH DEFINED 1,2,3 20,812
CENOVUS ENERGY INC-W/I COM 15135U109 1,197 47,500 SH DEFINED 1,2,3 47,500
CENTERPOINT ENERGY INC COM 15189T107 2,233 153,870 SH DEFINED 1,2,3 153,870
CHARLES RIVER LABORATORIES COM 159864107 847 25,150 SH DEFINED 1,2,3 25,150
CHEMICAL FINANCIAL CORP COM 163731102 658 27,925 SH DEFINED 1,2,3 27,925
CIBER INC COM 17163B102 601 174,300 SH DEFINED 1,2,3 174,300
CISCO SYSTEMS INC COM 17275R102 1,005 42,000 SH DEFINED 1,2,3 42,000
CITIGROUP INC COM 172967101 1,383 417,933 SH DEFINED 1,2,3 417,933
CNA SURETY CORPORATION COM 12612L108 408,360 27,425,147 SH DEFINED 1,2,3 27,425,147
COCA COLA CO COM 191216100 473 8,300 SH DEFINED 1,2,3 8,300
COMCAST CORP CL A 20030N200 4,392 274,350 SH DEFINED 1,2,3 274,350
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
COMCAST CORP CL A 20030N101 663 39,300 SH DEFINED 1,2,3 39,300
COMERICA COM 200340107 1,353 45,750 SH DEFINED 1,2,3 45,750
COMPUTER ASSOCIATES INTL COM 12673P105 1,435 63,877 SH DEFINED 1,2,3 63,877
CONMED CORP COM 207410101 467 20,475 SH DEFINED 1,2,3 20,475
CONSECO INC COM 208464883 367 73,350 SH DEFINED 1,2,3 73,350
CONSTELLATION ENERGY COM 21038E101 690 180,260 SH DEFINED 1,2,3 180,260
COOPER INDUSTRIES INC CL A G24140108 323 7,575 SH DEFINED 1,2,3 7,575
CORNING INC COM 219350105 676 35,000 SH DEFINED 1,2,3 35,000
COSTCO WHOLESALE CORP COM 22160K105 592 10,000 SH DEFINED 1,2,3 10,000
COVIDIEN PLC SHS G2554F105 1,828 38,180 SH DEFINED 1,2,3 38,180
CVS CORP COM 126408103 1,746 36,000 SH DEFINED 1,2,3 36,000
CVS CORP COM 126650100 2,255 70,000 SH DEFINED 1,2,3 70,000
DEERE & CO COM 244199105 5,409 100,000 SH DEFINED 1,2,3 100,000
DELL COMPUTER CORP COM 24702R101 1,378 95,975 SH DEFINED 1,2,3 95,975
DELPHI FINANCIAL GROUP CL A 247131105 773 34,538 SH DEFINED 1,2,3 34,538
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
DELTA AIR LINES INC COM 247361702 769 67,577 SH DEFINED 1,2,3 67,577
DEVON ENERGY CORP COM 25179M103 8,472 115,270 SH DEFINED 1,2,3 115,270
DIAMONDROCK HOSPITALITY CO COM 252784301 1,049 123,900 SH DEFINED 1,2,3 123,900
DIODES INC COM 254543101 404 19,800 SH DEFINED 1,2,3 19,800
DRESS BARN INC COM 261570105 382 16,526 SH DEFINED 1,2,3 16,526
DREW INDUSTRIES INC COM 26168L205 415 20,100 SH DEFINED 1,2,3 20,100
DU PONT DE NEMOURS E.I. COM 263534109 623 18,500 SH DEFINED 1,2,3 18,500
DYNEGY INC CL A 26817G102 1,729 955,130 SH DEFINED 1,2,3 955,130
EMC CORPORATION COM 268648102 811 46,410 SH DEFINED 1,2,3 46,410
ENCANA CORP COM 292505104 1,539 47,500 SH DEFINED 1,2,3 47,500
EOG RESOURCES INC COM 26875P101 1,460 15,000 SH DEFINED 1,2,3 15,000
EVEREST RE GROUP LTD COM G3223R108 1,885 22,000 SH DEFINED 1,2,3 22,000
EXELON CORP COM 30161N101 49 1,000 SH DEFINED 1,2,3 1,000
EXXON MOBIL CORP COM 30231G102 2,056 30,150 SH DEFINED 1,2,3 30,150
FBL FINANCIAL GROUP INC CL A 30239F106 443 23,900 SH DEFINED 1,2,3 23,900
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
GENERAL ELECTRIC CO COM 369604103 575 38,000 SH DEFINED 1,2,3 38,000
GILDAN ACTIVEWEAR INC COM 375916103 1,354 55,550 SH DEFINED 1,2,3 55,550
GILEAD SCIENCES INC COM 375558103 931 21,500 SH DEFINED 1,2,3 21,500
GOOGLE INC CL A 38259P508 4,997 8,060 SH DEFINED 1,2,3 8,060
GRACO COM 384109104 764 26,750 SH DEFINED 1,2,3 26,750
GRIFFON CORPORATION COM 398433102 1,214 99,319 SH DEFINED 1,2,3 99,319
HALLIBURTON COMPANY COM 406216101 903 30,000 SH DEFINED 1,2,3 30,000
HARMAN INTERNATIONAL COM 413086109 315 8,925 SH DEFINED 1,2,3 8,925
HARTE-HANKS INC COM 416196103 1,339 124,250 SH DEFINED 1,2,3 124,250
HARTFORD FINANCIAL SVCS GRP COM 416515104 255 10,975 SH DEFINED 1,2,3 10,975
HEARTLAND PAYMENT SYSTEMS COM 42235N108 384 29,275 SH DEFINED 1,2,3 29,275
HESS CORP COM 42809H107 1,300 21,480 SH DEFINED 1,2,3 21,480
HEWLETT-PACKARD CO COM 428236103 11,332 220,000 SH DEFINED 1,2,3 220,000
HOME DEPOT COM 437076102 1,263 43,650 SH DEFINED 1,2,3 43,650
HORIZON LINES INC COM 44044K101 158 28,450 SH DEFINED 1,2,3 28,450
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
HORMEL FOODS CORP COM 440452100 77 2,000 SH DEFINED 1,2,3 2,000
IMMUCOR INC COM 452526106 376 18,575 SH DEFINED 1,2,3 18,575
IMS HEALTH INC COM 449934108 1,198 56,875 SH DEFINED 1,2,3 56,875
INSIGHT ENTERPRISES INC COM 45765U103 241 21,100 SH DEFINED 1,2,3 21,100
IBM COM 459200101 17,323 132,340 SH DEFINED 1,2,3 132,340
J.C. PENNY CO INC COM 708160106 1,568 58,925 SH DEFINED 1,2,3 58,925
JOHNSON & JOHNSON COM 478160104 8,280 128,545 SH DEFINED 1,2,3 128,545
JONES APPAREL GROUP INC COM 480074103 854 53,175 SH DEFINED 1,2,3 53,175
JPMORGAN CHASE & CO-CW18 COM 46634E114 2,024 151,810 SH DEFINED 1,2,3 151,810
JPMORGAN CHASE & COMPANY COM 46625H100 1,971 47,300 SH DEFINED 1,2,3 47,300
KELLY SERVICES INC CL A 488152208 626 52,471 SH DEFINED 1,2,3 52,471
KRAFT FOODS INC CL A 50075N104 812 29,875 SH DEFINED 1,2,3 29,875
L-3 COMMUNICATIONS CORP COM 502424104 2,017 23,200 SH DEFINED 1,2,3 23,200
LAM RESEARCH CORP COM 512807108 748 19,075 SH DEFINED 1,2,3 19,075
LINCOLN NATIONAL CORP COM 534187109 4,852 195,000 SH DEFINED 1,2,3 195,000
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
MAGNA INTERNATIONAL INC CL A 559222401 1,726 34,125 SH DEFINED 1,2,3 34,125
MARRIOTT INTERNATIONAL CL A 571903202 881 32,346 SH DEFINED 1,2,3 32,346
MASTERCARD INC CL A 57636Q104 2,560 10,000 SH DEFINED 1,2,3 10,000
MCDERMOTT INTL INC COM 580037109 2,198 91,540 SH DEFINED 1,2,3 91,540
MEDIACOM COMMUNICATIONS CL A 58446K105 1,118 250,000 SH DEFINED 1,2,3 250,000
MEDTRONIC INC COM 585055106 638 14,500 SH DEFINED 1,2,3 14,500
METLIFE INC COM 59156R108 239 6,750 SH DEFINED 1,2,3 6,750
MI DEVELOPMENTS INC CL A 55304X104 569 46,300 SH DEFINED 1,2,3 46,300
MICROSOFT CORP COM 594918104 3,197 104,875 SH DEFINED 1,2,3 104,875
MOLSON COORS BREWING CO CL B 60871R209 745 16,500 SH DEFINED 1,2,3 16,500
MORGAN ST DEAN WITTER COM 617446448 1,143 38,600 SH DEFINED 1,2,3 38,600
MORGAN STANLEY QUAL MUNI SHS 61745P585 378 28,600 SH DEFINED 1,2,3 28,600
MOTOROLA INC COM 620076109 2,204 283,980 SH DEFINED 1,2,3 283,980
MTS SYSTEMS CORP COM 553777103 489 17,028 SH DEFINED 1,2,3 17,028
NARA BANCORP INC COM 63080P105 1,373 121,100 SH DEFINED 1,2,3 121,100
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
NATL PENN BCSHS INC COM 637138108 369 63,800 SH DEFINED 1,2,3 63,800
NORTHROP GRUMMAN CORP COM 666807102 2,261 40,475 SH DEFINED 1,2,3 40,475
OCCIDENTAL PETROLEUM COM 674599105 7,322 90,000 SH DEFINED 1,2,3 90,000
OMNICOM GROUP COM 681919106 1,668 42,600 SH DEFINED 1,2,3 42,600
ORACLE CORP COM 68389X105 6,133 250,000 SH DEFINED 1,2,3 250,000
PEDIATRIX MEDICAL GROUP INC COM 58502B106 467 7,775 SH DEFINED 1,2,3 7,775
PEPSICO INCORPORATED COM 713448108 1,392 22,900 SH DEFINED 1,2,3 22,900
PFIZER INC COM 717081103 10,574 581,300 SH DEFINED 1,2,3 581,300
PHARMACEUTICAL HOLDRS TRUST DEP 71712A206 825 12,500 SH DEFINED 1,2,3 12,500
PHH CORP COM 693320202 919 57,050 SH DEFINED 1,2,3 57,050
PHILIP MORRIS INTERNATIONAL COM 718172109 723 15,000 SH DEFINED 1,2,3 15,000
PIKE ELECTRIC CORP COM 721283109 435 46,925 SH DEFINED 1,2,3 46,925
PINNACLE WEST CAPITAL CORP COM 723484101 715 19,540 SH DEFINED 1,2,3 19,540
PITNEY-BOWES INC COM 724479100 1,654 72,689 SH DEFINED 1,2,3 72,689
PLANTRONICS INC COM 727493108 842 32,400 SH DEFINED 1,2,3 32,400
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
PNC FINANCIAL CORP COM 693475105 1,190 22,544 SH DEFINED 1,2,3 22,544
POPULAR INC COM 733174106 534 236,250 SH DEFINED 1,2,3 236,250
PORTLAND GENERAL ELECTRIC COM 736508847 2,099 102,825 SH DEFINED 1,2,3 102,825
PRAXAIR INC COM 74005P104 1,606 20,000 SH DEFINED 1,2,3 20,000
PROCTER & GAMBLE CO COM 742718109 849 14,000 SH DEFINED 1,2,3 14,000
PROGRESS ENERGY INC COM 743263105 2,201 53,680 SH DEFINED 1,2,3 53,680
PUBLIC SERVICE CO OF N MEX COM 69349H107 778 61,475 SH DEFINED 1,2,3 61,475
QUALCOMM INC COM 747525103 694 15,000 SH DEFINED 1,2,3 15,000
QWEST COMMUNICATIONS INTL COM 749121109 517 122,750 SH DEFINED 1,2,3 122,750
REGIS CORP COM 758932107 519 33,325 SH DEFINED 1,2,3 33,325
RENAISSANCERE HOLDINGS LTD COM G7496G103 1,669 31,400 SH DEFINED 1,2,3 31,400
RENT-A-CENTER INC COM 76009N100 520 29,350 SH DEFINED 1,2,3 29,350
RITE AID CORP COM 767754104 1,319 873,510 SH DEFINED 1,2,3 873,510
SARA LEE CORP COM 803111103 650 53,347 SH DEFINED 1,2,3 53,347
SCHLUMBERGER LIMITED COM 806857108 742 11,400 SH DEFINED 1,2,3 11,400
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
SEALY CORP COM 812139301 271 85,775 SH DEFINED 1,2,3 85,775
SEARS HOLDINGS CORP COM 812350106 1,457 17,465 SH DEFINED 1,2,3 17,465
SEMPRA ENERGY COM 816851109 1,653 29,525 SH DEFINED 1,2,3 29,525
SHERWIN WILLIAMS CO COM 824348106 425 6,900 SH DEFINED 1,2,3 6,900
SKECHERS USA INC CL A 830566105 1,143 38,875 SH DEFINED 1,2,3 38,875
SPDR GOLD TRUST SHS 78463V107 26,828 250,000 SH DEFINED 1,2,3 250,000
SPHERION CORPORATION COM 848420105 199 35,450 SH DEFINED 1,2,3 35,450
ST JUDE MEDICAL INC COM 790849103 736 20,000 SH DEFINED 1,2,3 20,000
STAPLES INC COM 855030102 2,264 92,070 SH DEFINED 1,2,3 92,070
STARBUCKS CORP COM 855244109 46 2,000 SH DEFINED 1,2,3 2,000
STATE STREET CORP COM 857477103 1,280 29,400 SH DEFINED 1,2,3 29,400
TALISMAN ENERGY INC COM 87425E103 3,076 165,000 SH DEFINED 1,2,3 165,000
TECH DATA CORP COM 878237106 774 16,587 SH DEFINED 1,2,3 16,587
THERMO FISHER SCIENTIFIC COM 883556102 2,247 47,110 SH DEFINED 1,2,3 47,110
THOMPSON CREEK METALS CO COM 884768102 70 6,000 SH DEFINED 1,2,3 6,000
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
TORCHMARK CORP COM 891027104 1,873 42,625 SH DEFINED 1,2,3 42,625
TRAVELERS COS INC/THE COM 89417E109 4,737 95,000 SH DEFINED 1,2,3 95,000
TREX COMPANY INC COM 89531P105 1,086 55,425 SH DEFINED 1,2,3 55,425
TYCO ELECTRONICS SHS H8912P106 2,307 93,975 SH DEFINED 1,2,3 93,975
UNILEVER NV SHS 904784709 997 30,850 SH DEFINED 1,2,3 30,850
UNITED NATIONAL GROUP LTD COM 90933T109 997 125,866 SH DEFINED 1,2,3 125,866
UNITED TECHNOLOGIES CORP COM 913017109 2,016 29,040 SH DEFINED 1,2,3 29,040
UNIVERSAL CORP-VA COM 913456109 555 12,175 SH DEFINED 1,2,3 12,175
UNUM CORP COM 91529Y106 869 44,500 SH DEFINED 1,2,3 44,500
VALERO ENERGY CORP COM 91913Y100 448 26,750 SH DEFINED 1,2,3 26,750
VALIDUS HOLDINGS LTD COM SHS G9319H102 4,267 158,405 SH DEFINED 1,2,3 158,405
VIAD CORP COM 92552R406 751 36,418 SH DEFINED 1,2,3 36,418
VISA INC CL A 92826C839 1,312 15,000 SH DEFINED 1,2,3 15,000
WEATHERFORD INTL LTD REG H27013103 394 22,000 SH DEFINED 1,2,3 22,000
WEBSTER FINANCIAL CORP COM 947890109 677 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
WHIRLPOOL CORPORATION COM 963320106 1,280 15,875 SH DEFINED 1,2,3 15,875
WILLIAMS COS INC COM 969457100 3,088 146,470 SH DEFINED 1,2,3 146,470
XEROX CORP COM 984121103 5,076 600,000 SH DEFINED 1,2,3 600,000
ZIMMER HOLDINGS INC COM 98956P102 1,278 21,625 SH DEFINED 1,2,3 21,625
ZORAN CORP COM 98975F101 1,086 98,244 SH DEFINED 1,2,3 98,244