FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 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 05/17/2010
--------------------------------- --------------------------------- ----------
[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: 184
Form 13F Information Table Value Total: $852,749 (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 869 16,500 SH DEFINED 1,2,3 16,500
ADAPTEC INC COM 00651F108 372 113,900 SH DEFINED 1,2,3 113,900
AETNA INC COM 00817Y108 2,050 58,400 SH DEFINED 1,2,3 58,400
AFTERMARKET TECHNOLOGY CORP COM 00211W104 445 25,950 SH DEFINED 1,2,3 25,950
ALCATEL-LUCENT SPONS 013904305 1,427 457,225 SH DEFINED 1,2,3 457,225
ALCON INC COM SHS H01301102 226 1,400 SH DEFINED 1,2,3 1,400
ALLSTATE CORPORATION COM 020002101 1,943 60,125 SH DEFINED 1,2,3 60,125
AMERICAN EQUITY INVT LIFE COM 025676206 1,435 134,725 SH DEFINED 1,2,3 134,725
AMERICAN NATIONAL INSURANCE COM 028591105 397 3,500 SH DEFINED 1,2,3 3,500
AMGEN INC COM 031162100 3,411 57,000 SH DEFINED 1,2,3 57,000
ANADARKO PETROLEUM CORP COM 032511107 12,696 174,320 SH DEFINED 1,2,3 174,320
ANSYS INC COM 03662Q105 208 4,824 SH DEFINED 1,2,3 4,824
APACHE CORP COM 037411105 6,598 65,000 SH DEFINED 1,2,3 65,000
ARGO GROUP INTERNATIONAL COM G0464B107 1,093 33,550 SH DEFINED 1,2,3 33,550
ARMSTRONG WORLD INDUSTRIES COM 04247X102 520 14,325 SH DEFINED 1,2,3 14,325
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
ARTHUR J GALLAGHER & CO COM 363576109 960 39,100 SH DEFINED 1,2,3 39,100
ASSURANT INC COM 04621X108 3,782 110,000 SH DEFINED 1,2,3 110,000
AVNET INC COM 053807103 2,069 68,950 SH DEFINED 1,2,3 68,950
AVON PRODUCTS INC COM 054303102 1,386 40,925 SH DEFINED 1,2,3 40,925
BALTIC TRADING COM Y0553W103 1,268 93,600 SH DEFINED 1,2,3 93,600
BANK OF AMERICA CORP COM 060505104 2,771 155,265 SH DEFINED 1,2,3 155,265
BANK OF NEW YORK COM 064058100 3,921 126,981 SH DEFINED 1,2,3 126,981
BARRICK GOLD CORP COM 067901108 4,353 113,531 SH DEFINED 1,2,3 113,531
BAXTER INTL COM 071813109 3,296 56,639 SH DEFINED 1,2,3 56,639
BLACKROCK FLORIDA INSD MUNI COM 09250G102 550 38,900 SH DEFINED 1,2,3 38,900
BLACKROCK MUNIYIELD INS COM 09254E103 1,524 116,400 SH DEFINED 1,2,3 116,400
BLACKROCK MUNIYIELD NY INS COM 09255E102 696 55,900 SH DEFINED 1,2,3 55,900
BLOUNT INTERNATIONAL INC COM 095180105 780 75,275 SH DEFINED 1,2,3 75,275
BOEING COMPANY COM 097023105 2,124 29,250 SH DEFINED 1,2,3 29,250
BP PLC SPONS 055622104 1,178 20,650 SH DEFINED 1,2,3 20,650
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
BRADY CORPORATION CL A 104674106 965 31,025 SH DEFINED 1,2,3 31,025
CALPINE CORP COM 131347304 1,857 156,149 SH DEFINED 1,2,3 156,149
CAPITAL ONE FINANCIAL CORP COM 14040H105 1,183 28,575 SH DEFINED 1,2,3 28,575
CENOVUS ENERGY INC-W/I COM 15135U109 1,245 47,500 SH DEFINED 1,2,3 47,500
CENTERPOINT ENERGY INC COM 15189T107 2,210 153,870 SH DEFINED 1,2,3 153,870
CHARLES RIVER LABORATORIES COM 159864107 989 25,150 SH DEFINED 1,2,3 25,150
CHEMICAL FINANCIAL CORP COM 163731102 660 27,925 SH DEFINED 1,2,3 27,925
CIBER INC COM 17163B102 652 174,300 SH DEFINED 1,2,3 174,300
CISCO SYSTEMS INC COM 17275R102 1,093 42,000 SH DEFINED 1,2,3 42,000
CITIGROUP INC COM 172967101 1,693 417,933 SH DEFINED 1,2,3 417,933
CNA SURETY CORPORATION COM 12612L108 487,893 27,425,147 SH DEFINED 1,2,3 27,425,147
COCA COLA CO COM 191216100 1,557 28,300 SH DEFINED 1,2,3 28,300
COMCAST CORP CL A 20030N200 4,930 274,350 SH DEFINED 1,2,3 274,350
COMCAST CORP CL A 20030N101 740 39,300 SH DEFINED 1,2,3 39,300
COMERICA COM 200340107 1,329 34,950 SH DEFINED 1,2,3 34,950
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
COMPUTER ASSOCIATES INTL COM 12673P105 1,499 63,877 SH DEFINED 1,2,3 63,877
CONMED CORP COM 207410101 488 20,475 SH DEFINED 1,2,3 20,475
CONSECO INC COM 208464883 689 110,800 SH DEFINED 1,2,3 110,800
CONSTELLATION ENERGY PART CL B 21038E101 631 180,260 SH DEFINED 1,2,3 180,260
COOPER INDUSTRIES INC SHS G24140108 1,415 29,525 SH DEFINED 1,2,3 29,525
CORNING INC COM 219350105 707 35,000 SH DEFINED 1,2,3 35,000
COSTCO WHOLESALE CORP COM 22160K105 597 10,000 SH DEFINED 1,2,3 10,000
CSX CORP COM 126408103 1,832 36,000 SH DEFINED 1,2,3 36,000
CVS CORP COM 126650100 2,559 70,000 SH DEFINED 1,2,3 70,000
DELL COMPUTER CORP COM 24702R101 1,726 114,925 SH DEFINED 1,2,3 114,925
DELPHI FINANCIAL GROUP CL A 247131105 869 34,538 SH DEFINED 1,2,3 34,538
DELTA AIR LINES INC COM 247361702 986 67,577 SH DEFINED 1,2,3 67,577
DEVON ENERGY CORP COM 25179M103 7,427 115,270 SH DEFINED 1,2,3 115,270
DIAMONDROCK HOSPITALITY CO COM 252784301 1,296 128,171 SH DEFINED 1,2,3 128,171
DIODES INC COM 254543101 835 37,275 SH DEFINED 1,2,3 37,275
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
DREW INDUSTRIES INC COM 26168L205 327 14,828 SH DEFINED 1,2,3 14,828
DU PONT DE NEMOURS E.I. COM 263534109 689 18,500 SH DEFINED 1,2,3 18,500
DYNEGY INC CL A 26817G102 1,203 955,130 SH DEFINED 1,2,3 955,130
EMC CORPORATION COM 268648102 837 46,410 SH DEFINED 1,2,3 46,410
ENCANA CORP COM 292505104 1,474 47,500 SH DEFINED 1,2,3 47,500
ENSCO INTERNATIONAL INC SPONS 29358Q109 3,829 85,500 SH DEFINED 1,2,3 85,500
EOG RESOURCES INC COM 26875P101 1,394 15,000 SH DEFINED 1,2,3 15,000
EVEREST RE GROUP LTD COM G3223R108 1,780 22,000 SH DEFINED 1,2,3 22,000
EXELON CORP COM 30161N101 44 1,000 SH DEFINED 1,2,3 1,000
EXXON MOBIL CORP COM 30231G102 2,646 39,500 SH DEFINED 1,2,3 39,500
FBL FINANCIAL GROUP INC CL A 30239F106 585 23,900 SH DEFINED 1,2,3 23,900
FLUOR CORP COM 343412102 558 12,000 SH DEFINED 1,2,3 12,000
GENERAL ELECTRIC CO COM 369604103 692 38,000 SH DEFINED 1,2,3 38,000
GILDAN ACTIVEWEAR INC COM 375916103 1,098 41,750 SH DEFINED 1,2,3 41,750
GILEAD SCIENCES INC COM 375558103 978 21,500 SH DEFINED 1,2,3 21,500
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
GLG PARTNERS INC COM 37929X107 292 95,000 SH DEFINED 1,2,3 95,000
GOLDMAN SACHS GROUP INC COM 38141G104 6,569 38,500 SH DEFINED 1,2,3 38,500
GOOGLE INC CL A 38259P508 4,570 8,060 SH DEFINED 1,2,3 8,060
GRACO COM 384109104 856 26,750 SH DEFINED 1,2,3 26,750
GRIFFON CORPORATION COM 398433102 1,238 99,319 SH DEFINED 1,2,3 99,319
HALLIBURTON COMPANY COM 406216101 904 30,000 SH DEFINED 1,2,3 30,000
HALOZYME THERAPEUTICS INC COM 40637H109 170 21,273 SH DEFINED 1,2,3 21,273
HARTE-HANKS INC COM 416196103 1,752 136,275 SH DEFINED 1,2,3 136,275
HARTFORD FINANCIAL SVCS GRP COM 416515104 312 10,975 SH DEFINED 1,2,3 10,975
HEARTLAND PAYMENT SYSTEMS COM 42235N108 545 29,275 SH DEFINED 1,2,3 29,275
HESS CORP COM 42809H107 1,344 21,480 SH DEFINED 1,2,3 21,480
HEWLETT-PACKARD CO COM 428236103 11,693 220,000 SH DEFINED 1,2,3 220,000
HOME DEPOT COM 437076102 1,412 43,650 SH DEFINED 1,2,3 43,650
HORIZON LINES INC COM 44044K101 155 28,450 SH DEFINED 1,2,3 28,450
HORMEL FOODS CORP COM 440452100 84 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 1,672 69,800 SH DEFINED 1,2,3 69,800
IMMUCOR INC COM 452526106 868 38,750 SH DEFINED 1,2,3 38,750
INGERSOLL RAND CO SHS G47791101 2,216 63,560 SH DEFINED 1,2,3 63,560
INSIGHT ENTERPRISES INC COM 45765U103 448 31,175 SH DEFINED 1,2,3 31,175
IBM COM 459200101 18,110 141,210 SH DEFINED 1,2,3 141,210
J.C. PENNEY CO INC HLDG CO COM 708160106 2,410 74,925 SH DEFINED 1,2,3 74,925
JARDEN CORP COM 471109108 1,010 30,350 SH DEFINED 1,2,3 30,350
JOHNSON & JOHNSON COM 478160104 8,381 128,545 SH DEFINED 1,2,3 128,545
JONES APPAREL GROUP INC COM 480074103 1,011 53,175 SH DEFINED 1,2,3 53,175
JPMORGAN CHASE & CO-CW18 COM 46634E114 2,333 151,810 SH DEFINED 1,2,3 151,810
JPMORGAN CHASE & COMPANY COM 46625H100 2,361 52,750 SH DEFINED 1,2,3 52,750
KELLY SERVICES INC CL A 488152208 874 52,471 SH DEFINED 1,2,3 52,471
KRAFT FOODS INC CL A 50075N104 1,956 64,675 SH DEFINED 1,2,3 64,675
L-3 COMMUNICATIONS CORP COM 502424104 2,126 23,200 SH DEFINED 1,2,3 23,200
LAM RESEARCH CORP COM 512807108 712 19,075 SH DEFINED 1,2,3 19,075
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
LINCOLN NATIONAL CORP COM 534187109 5,987 195,000 SH DEFINED 1,2,3 195,000
MAGNA INTERNATIONAL INC CL A 559222401 1,675 27,075 SH DEFINED 1,2,3 27,075
MARRIOTT INTERNATIONAL CL A 571903202 1,020 32,346 SH DEFINED 1,2,3 32,346
MASTERCARD INC CL A 57636Q104 2,540 10,000 SH DEFINED 1,2,3 10,000
MCDERMOTT INTL INC COM 580037109 2,464 91,540 SH DEFINED 1,2,3 91,540
MEDIACOM COMMUNICATIONS CL A 58446K105 1,488 250,000 SH DEFINED 1,2,3 250,000
MEDTRONIC INC COM 585055106 653 14,500 SH DEFINED 1,2,3 14,500
MI DEVELOPMENTS INC CL A 55304X104 604 46,300 SH DEFINED 1,2,3 46,300
MICROSOFT CORP COM 594918104 2,839 96,925 SH DEFINED 1,2,3 96,925
MOLSON COORS BREWING CO CL B 60871R209 694 16,500 SH DEFINED 1,2,3 16,500
MORGAN ST DEAN WITTER DISC COM 617446448 1,582 54,000 SH DEFINED 1,2,3 54,000
MORGAN STANLEY QUAL MUNI SECS 61745P585 386 28,600 SH DEFINED 1,2,3 28,600
MOTOROLA INC COM 620076109 1,994 283,980 SH DEFINED 1,2,3 283,980
MTS SYSTEMS CORP COM 553777103 1,004 34,578 SH DEFINED 1,2,3 34,578
NARA BANCORP INC COM 63080P105 1,061 121,100 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 831 120,475 SH DEFINED 1,2,3 120,475
NORTHROP GRUMMAN CORP COM 666807102 2,654 40,475 SH DEFINED 1,2,3 40,475
OCCIDENTAL PETROLEUM COM 674599105 7,609 90,000 SH DEFINED 1,2,3 90,000
OMNICOM GROUP COM 681919106 2,328 59,975 SH DEFINED 1,2,3 59,975
ORACLE CORP COM 68389X105 6,428 250,000 SH DEFINED 1,2,3 250,000
PEDIATRIX MEDICAL GROUP INC COM 58502B106 452 7,775 SH DEFINED 1,2,3 7,775
PEPSICO INCORPORATED COM 713448108 60 900 SH DEFINED 1,2,3 900
PFIZER INC COM 717081103 9,969 581,300 SH DEFINED 1,2,3 581,300
PHARMACEUTICAL HOLDRS TRUST DEPOS 71712A206 829 12,500 SH DEFINED 1,2,3 12,500
PHH CORP COM 693320202 1,345 57,050 SH DEFINED 1,2,3 57,050
PHILIP MORRIS INTERNATIONAL COM 718172109 782 15,000 SH DEFINED 1,2,3 15,000
PIKE ELECTRIC CORP COM 721283109 437 46,925 SH DEFINED 1,2,3 46,925
PINNACLE WEST CAPITAL CORP COM 723484101 737 19,540 SH DEFINED 1,2,3 19,540
PITNEY-BOWES INC COM 724479100 1,777 72,689 SH DEFINED 1,2,3 72,689
PLANTRONICS INC COM 727493108 896 28,650 SH DEFINED 1,2,3 28,650
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
PNC FINANCIAL CORP COM 693475105 1,346 22,544 SH DEFINED 1,2,3 22,544
POPULAR INC COM 733174106 207 71,000 SH DEFINED 1,2,3 71,000
PORTLAND GENERAL ELECTRIC COM 736508847 1,986 102,825 SH DEFINED 1,2,3 102,825
PRAXAIR INC COM 74005P104 1,660 20,000 SH DEFINED 1,2,3 20,000
PROCTER & GAMBLE CO COM 742718109 886 14,000 SH DEFINED 1,2,3 14,000
PROGRESS ENERGY INC COM 743263105 2,113 53,680 SH DEFINED 1,2,3 53,680
PUBLIC SERVICE CO OF N MEX COM 69349H107 770 61,475 SH DEFINED 1,2,3 61,475
QUALCOMM INC COM 747525103 630 15,000 SH DEFINED 1,2,3 15,000
REGIS CORP COM 758932107 623 33,325 SH DEFINED 1,2,3 33,325
RENAISSANCERE HOLDINGS LTD COM G7496G103 1,782 31,400 SH DEFINED 1,2,3 31,400
RENT-A-CENTER INC COM 76009N100 694 29,350 SH DEFINED 1,2,3 29,350
RITE AID CORP COM 767754104 649 432,785 SH DEFINED 1,2,3 432,785
SCHLUMBERGER LIMITED COM 806857108 723 11,400 SH DEFINED 1,2,3 11,400
SEALY CORP COM 812139301 300 85,775 SH DEFINED 1,2,3 85,775
SEARS HOLDINGS CORP COM 812350106 1,894 17,465 SH DEFINED 1,2,3 17,465
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
SEMPRA ENERGY COM 816851109 1,473 29,525 SH DEFINED 1,2,3 29,525
SHERWIN WILLIAMS CO COM 824348106 1,844 27,250 SH DEFINED 1,2,3 27,250
SPDR GOLD TRUST SHS 78463V107 27,238 250,000 SH DEFINED 1,2,3 250,000
SPHERION CORPORATION COM 784153108 291 35,450 SH DEFINED 1,2,3 35,450
ST JUDE MEDICAL INC COM 790849103 821 20,000 SH DEFINED 1,2,3 20,000
STAPLES INC COM 855030102 2,154 92,070 SH DEFINED 1,2,3 92,070
STARBUCKS CORP COM 855244109 49 2,000 SH DEFINED 1,2,3 2,000
STATE STREET CORP COM 857477103 1,327 29,400 SH DEFINED 1,2,3 29,400
SYMANTEC CORP COM 871503108 457 27,000 SH DEFINED 1,2,3 27,000
TALISMAN ENERGY INC COM 87425E103 2,815 165,000 SH DEFINED 1,2,3 165,000
TECH DATA CORP COM 878237106 364 8,687 SH DEFINED 1,2,3 8,687
THERMO FISHER SCIENTIFIC COM 883556102 2,423 47,110 SH DEFINED 1,2,3 47,110
THOMPSON CREEK METALS CO COM 884768102 81 6,000 SH DEFINED 1,2,3 6,000
TORCHMARK CORP COM 891027104 2,281 42,625 SH DEFINED 1,2,3 42,625
TRAVELERS COS INC/THE COM 89417E109 5,124 95,000 SH DEFINED 1,2,3 95,000
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
TREX COMPANY INC COM 89531P105 1,180 55,425 SH DEFINED 1,2,3 55,425
TRIUMPH GROUP INC COM 896818101 510 7,275 SH DEFINED 1,2,3 7,275
TYCO ELECTRONICS SHS H8912P106 2,582 93,975 SH DEFINED 1,2,3 93,975
UNILEVER NV SHS 904784709 930 30,850 SH DEFINED 1,2,3 30,850
UNITED NATIONAL GROUP LTD COM 90933T109 1,205 125,866 SH DEFINED 1,2,3 125,866
UNITED TECHNOLOGIES CORP COM 913017109 2,138 29,040 SH DEFINED 1,2,3 29,040
UNIVERSAL CORP-VA COM 913456109 374 7,100 SH DEFINED 1,2,3 7,100
UNUM CORP COM 91529Y106 1,102 44,500 SH DEFINED 1,2,3 44,500
VALASSIS COMMUNICATIONS INC COM 918866104 205 7,350 SH DEFINED 1,2,3 7,350
VALERO ENERGY CORP COM 91913Y100 1,035 52,525 SH DEFINED 1,2,3 52,525
VALIDUS HOLDINGS LTD COM SHS G9319H102 4,361 158,405 SH DEFINED 1,2,3 158,405
VIAD CORP COM 92552R406 748 36,418 SH DEFINED 1,2,3 36,418
VISA INC CL A 92826C839 1,365 15,000 SH DEFINED 1,2,3 15,000
WEBSTER FINANCIAL CORP COM 947890109 997 57,000 SH DEFINED 1,2,3 57,000
WILLIAMS COS INC COM 969457100 2,267 98,120 SH DEFINED 1,2,3 98,120
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
XCEL ENERGY INC COM 98389B100 2,116 99,830 SH DEFINED 1,2,3 99,830
XEROX CORP COM 984121103 5,753 590,000 SH DEFINED 1,2,3 590,000
ZIMMER HOLDINGS INC COM 98956P102 1,280 21,625 SH DEFINED 1,2,3 21,625
ZORAN CORP COM 98975F101 1,057 98,244 SH DEFINED 1,2,3 98,244