FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: September 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                        11/12/2010
---------------------------------  ---------------------------------  ----------
[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:




<Page>



FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers: 3

Form 13F Information Table Entry Total: 172

Form 13F Information Table Value Total:  $847,407 (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

<Page>
<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
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  862     16,500     SH       DEFINED    1,2,3            16,500
AETNA INC                   COM     00817Y108  1,846   58,400     SH       DEFINED    1,2,3            58,400
AFTERMARKET TECHNOLOGY CORP COM     00211W104  385     15,563     SH       DEFINED    1,2,3            15,563
ALCATEL-LUCENT	            SPONS   013904305  1,545   457,225    SH       DEFINED    1,2,3           457,225
ALCON INC                   COM SHS H01301102  234     1,400      SH       DEFINED    1,2,3             1,400
ALLSTATE CORPORATION        COM     020002101  2,461   78,000     SH       DEFINED    1,2,3            78,000
AMERICAN EQUITY INVT LIFE   COM     025676206  1,332   130,050    SH       DEFINED    1,2,3           130,050
AMERICAN REPROGRAPHICS CO   COM     029263100  168     21,425     SH       DEFINED    1,2,3            21,425
AMGEN INC                   COM     031162100  3,141   57,000     SH       DEFINED    1,2,3            57,000
ANADARKO PETROLEUM CORP     COM     032511107  8,016   140,500    SH       DEFINED    1,2,3           140,500
ANSYS INC                   COM     03662Q105  204     4,824      SH       DEFINED    1,2,3             4,824
APACHE CORP                 COM     037411105  6,354   65,000     SH       DEFINED    1,2,3            65,000
ARGO GROUP INTERNATIONAL    COM     G0464B107  1,407   40,500     SH       DEFINED    1,2,3            40,500
ARMSTRONG WORLD INDUSTRIES  COM     04247X102  442     10,650     SH       DEFINED    1,2,3            10,650
ARTHUR J GALLAGHER & CO     COM     363576109  1,029   39,025     SH       DEFINED    1,2,3            39,025
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
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  4,477   110,000    SH       DEFINED    1,2,3           110,000
AVNET INC                   COM     053807103  2,673   98,975     SH       DEFINED    1,2,3            98,975
BALTIC TRADING              COM     Y0553W103  1,031   93,600     SH       DEFINED    1,2,3            93,600
BANK OF AMERICA CORP        COM     060505104  1,209   92,300     SH       DEFINED    1,2,3            92,300
BANK OF NEW YORK            COM     064058100  3,318   126,981    SH       DEFINED    1,2,3           126,981
BARRICK GOLD CORP           COM     067901108  3,607   77,926     SH       DEFINED    1,2,3            77,926
BAXTER INTL                 COM     071813109  4,553   95,434     SH       DEFINED    1,2,3            95,434
BLOUNT INTERNATIONAL INC    COM     095180105  958     75,275     SH       DEFINED    1,2,3            75,275
BP PLC                      SPONS   055622104  1,738   42,225     SH       DEFINED    1,2,3            42,225
BRADY CORPORATION           CL A    104674106  1,017   34,850     SH       DEFINED    1,2,3            34,850
CALPINE CORP                COM     131347304  2,293   184,214    SH       DEFINED    1,2,3           184,214
CENOVUS ENERGY INC-W/I      COM     15135U109  1,367   47,500     SH       DEFINED    1,2,3            47,500
CHEMICAL FINANCIAL CORP     COM     163731102  576     27,925     SH       DEFINED    1,2,3            27,925
CHESAPEAKE ENERGY CORP      COM     165167107  680     30,000     SH       DEFINED    1,2,3            30,000
CIBER INC                   COM     17163B102  525     174,300    SH       DEFINED    1,2,3           174,300
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
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
CIRCOR INTERNATIONAL INC    COM     17273K109  857     27,125     SH       DEFINED    1,2,3            27,125
CISCO SYSTEMS INC           COM     17275R102  876     40,000     SH       DEFINED    1,2,3            40,000
CITIGROUP INC               COM     172967101  4,034   1,031,613  SH       DEFINED    1,2,3         1,031,613
CNA SURETY CORPORATION      COM     12612L108  491,459 27,425,147 SH       DEFINED    1,2,3        27,425,147
COCA COLA CO                COM     191216100  1,656   28,300     SH       DEFINED    1,2,3            28,300
COMCAST CORP                CL A    20030N200  4,253   250,000    SH       DEFINED    1,2,3           250,000
COMPUTER ASSOCIATES INTL    COM     12673P105  2,027   95,952     SH       DEFINED    1,2,3            95,952
CONMED CORP                 COM     207410101  751     33,525     SH       DEFINED    1,2,3            33,525
CONSECO INC                 COM     12621E103  614     110,800    SH       DEFINED    1,2,3           110,800
CONSTELLATION ENERGY PART   CL B    21038E101  519     180,260    SH       DEFINED    1,2,3           180,260
CON-WAY INC                 COM     205944101  1,095   35,325     SH       DEFINED    1,2,3            35,325
CORNING INC                 COM     219350105  640     35,000     SH       DEFINED    1,2,3            35,000
COSTCO WHOLESALE CORP       COM     22160K105  1,419   22,000     SH       DEFINED    1,2,3            22,000
CSX CORP                    COM     126408103  1,992   36,000     SH       DEFINED    1,2,3            36,000
CURTISS-WRIGHT CORP         COM     231561101  557     18,375     SH       DEFINED    1,2,3            18,375
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
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
CVS CORP                    COM     126650100  787     25,000     SH       DEFINED    1,2,3            25,000
DEERE & CO                  COM     244199105  1,047   15,000     SH       DEFINED    1,2,3            15,000
DELL COMPUTER CORP          COM     24702R101  1,113   85,825     SH       DEFINED    1,2,3            85,825
DELPHI FINANCIAL GROUP      CL A    247131105  863     34,538     SH       DEFINED    1,2,3            34,538
DELTA AIR LINES INC         COM     247361702  787     67,577     SH       DEFINED    1,2,3            67,577
DENBURY RESOURCES INC       COM     247916208  2,781   175,000    SH       DEFINED    1,2,3           175,000
DEVON ENERGY CORP           COM     25179M103  7,463   115,270    SH       DEFINED    1,2,3           115,270
DIAMONDROCK HOSPITALITY CO  COM     252784301  1,216   128,171    SH       DEFINED    1,2,3           128,171
DIODES INC                  COM     254543101  1,248   73,025     SH       DEFINED    1,2,3            73,025
DU PONT DE NEMOURS E.I.     COM     263534109  1,182   26,500     SH       DEFINED    1,2,3            26,500
ENSCO INTERNATIONAL INC     SPONS   29358Q109  3,824   85,500     SH       DEFINED    1,2,3            85,500
EOG RESOURCES INC           COM     26875P101  1,859   20,000     SH       DEFINED    1,2,3            20,000
EVEREST RE GROUP LTD        COM     G3223R108  1,902   22,000     SH       DEFINED    1,2,3            22,000
EXELON CORP                 COM     30161N101  43      1,000      SH       DEFINED    1,2,3             1,000
EXXON MOBIL CORP            COM     30231G102  2,892   46,800     SH       DEFINED    1,2,3            46,800
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
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
FLUOR CORP                  COM     343412102  991     20,000     SH       DEFINED    1,2,3            20,000
FOREST LABORATORIES INC     COM     345838106  1,045   33,775     SH       DEFINED    1,2,3            33,775
FORTUNE BRANDS INC          COM     349631101  1,591   32,325     SH       DEFINED    1,2,3            32,325
GENERAL ELECTRIC CO         COM     369604103  618     38,000     SH       DEFINED    1,2,3            38,000
GILEAD SCIENCES INC         COM     375558103  712     20,000     SH       DEFINED    1,2,3            20,000
GOLDMAN SACHS GROUP INC     COM     38141G104  6,340   43,850     SH       DEFINED    1,2,3            43,850
GOOGLE INC                  CL A    38259P508  3,186   6,060      SH       DEFINED    1,2,3             6,060
GRACO                       COM     384109104  849     26,750     SH       DEFINED    1,2,3            26,750
GRAY TELEVISION INC         COM     389375106  1,898   944,444    SH       DEFINED    1,2,3           944,444
GRIFFON CORPORATION         COM     398433102  1,211   99,319     SH       DEFINED    1,2,3            99,319
HALOZYME THERAPEUTICS INC   COM     40637H109  563     73,030     SH       DEFINED    1,2,3            73,030
HARTE-HANKS INC             COM     416196103  1,590   136,275    SH       DEFINED    1,2,3           136,275
HARTFORD FINANCIAL SVCS GRP COM     416515104  252     10,975     SH       DEFINED    1,2,3            10,975
HEARTLAND PAYMENT SYSTEMS   COM     42235N108  446     29,275     SH       DEFINED    1,2,3            29,275
HESS CORP                   COM     42809H107  2,024   34,240     SH       DEFINED    1,2,3            34,240
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
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
HEWLETT-PACKARD CO          COM     428236103  12,752  303,125    SH       DEFINED    1,2,3           303,125
HOME DEPOT                  COM     437076102  634     20,000     SH       DEFINED    1,2,3            20,000
HORIZON LINES INC           COM     44044K101  119     28,450     SH       DEFINED    1,2,3            28,450
HOSPITALITY PROPERTIES      COM SHS 44106M102  1,957   87,650     SH       DEFINED    1,2,3            87,650
ILLINOIS TOOL WORKS INC     COM     452308109  940     20,000     SH       DEFINED    1,2,3            20,000
IMMUCOR INC                 COM     452526106  1,029   51,900     SH       DEFINED    1,2,3            51,900
INGERSOLL RAND CO           SHS     G47791101  3,795   106,280    SH       DEFINED    1,2,3           106,280
INSIGHT ENTERPRISES INC     COM     45765U103  489     31,175     SH       DEFINED    1,2,3            31,175
IBM                         COM     459200101  20,717  154,440    SH       DEFINED    1,2,3           154,440
J.C. PENNY CO INC (HLDG CO) COM     708160106  2,732   100,525    SH       DEFINED    1,2,3           100,525
JARDEN CORP                 COM     471109108  1,771   56,900     SH       DEFINED    1,2,3            56,900
JOHNSON & JOHNSON           COM     478160104  6,772   109,295    SH       DEFINED    1,2,3           109,295
JONES APPAREL GROUP INC     COM     480074103  1,044   53,175     SH       DEFINED    1,2,3            53,175
JPMORGAN CHASE & CO         *W EXP  46634E114  886     75,905     SH       DEFINED    1,2,3            75,905
JPMORGAN CHASE & COMPANY    COM     46625H100  2,008   52,750     SH       DEFINED    1,2,3            52,750
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
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
KELLY SERVICES INC          CL A    488152208  615     52,471     SH       DEFINED    1,2,3            52,471
KOHLS CORP                  COM     500255104  790     15,000     SH       DEFINED    1,2,3            15,000
L-3 COMMUNICATIONS CORP     COM     502424104  2,296   31,775     SH       DEFINED    1,2,3            31,775
LABORATORY CRP OF AMER      COM     50540R409  822     10,475     SH       DEFINED    1,2,3            10,475
LINCOLN NATIONAL CORP       COM     534187109  4,664   195,000    SH       DEFINED    1,2,3           195,000
MARRIOTT INTERNATIONAL      CL A    571903202  1,159   32,346     SH       DEFINED    1,2,3            32,346
MASCO CORPORATION           COM     574599106  1,438   130,575    SH       DEFINED    1,2,3           130,575
MASTERCARD INC              CL A    57636Q104  1,120   5,000      SH       DEFINED    1,2,3             5,000
MEDIACOM COMMUNICATIONS     CL A    58446K105  1,658   250,000    SH       DEFINED    1,2,3           250,000
MEDTRONIC INC               COM     585055106  67      2,000      SH       DEFINED    1,2,3             2,000
MI DEVELOPMENTS INC         CL A    55304X104  509     46,300     SH       DEFINED    1,2,3            46,300
MICROSOFT CORP              COM     594918104  2,374   96,925     SH       DEFINED    1,2,3            96,925
MOLSON COORS BREWING CO     CL B    60871R209  779     16,500     SH       DEFINED    1,2,3            16,500
MORGAN ST DEAN WITTER       COM     617446448  2,073   84,000     SH       DEFINED    1,2,3            84,000
MOTOROLA INC                COM     620076109  2,422   283,980    SH       DEFINED    1,2,3           283,980
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
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  1,141   36,803     SH       DEFINED    1,2,3            36,803
NARA BANCORP INC            COM     63080P105  854     121,100    SH       DEFINED    1,2,3           121,100
NATIONAL GRID PLC           SPONS   636274300  2,380   55,675     SH       DEFINED    1,2,3            55,675
NATL PENN BCSHS INC         COM     637138108  858     137,250    SH       DEFINED    1,2,3           137,250
NORTHROP GRUMMAN CORP       COM     666807102  3,001   49,500     SH       DEFINED    1,2,3            49,500
OCCIDENTAL PETROLEUM        COM     674599105  7,047   90,000     SH       DEFINED    1,2,3            90,000
OMNICOM GROUP               COM     681919106  2,368   59,975     SH       DEFINED    1,2,3            59,975
ORACLE CORP                 COM     68389X105  6,713   250,000    SH       DEFINED    1,2,3           250,000
PEDIATRIX MEDICAL GROUP INC COM     58502B106  414     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  9,981   581,300    SH       DEFINED    1,2,3           581,300
PHARMACEUTICAL HOLDRS TRUST DEPOSIT 71712A206  810     12,500     SH       DEFINED    1,2,3            12,500
PHH CORP                    COM     693320202  1,201   57,050     SH       DEFINED    1,2,3            57,050
PHILIP MORRIS INTERNATIONAL COM     718172109  840     15,000     SH       DEFINED    1,2,3            15,000
PIKE ELECTRIC CORP          COM     721283109  342     46,925     SH       DEFINED    1,2,3            46,925
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
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
PINNACLE WEST CAPITAL CORP  COM     723484101  806     19,540     SH       DEFINED    1,2,3            19,540
PIONEER NATURAL RESOURCES   COM     723787107  2,601   40,000     SH       DEFINED    1,2,3            40,000
PITNEY-BOWES  INC           COM     724479100  1,923   89,967     SH       DEFINED    1,2,3            89,967
PLAINS EXPLORATION & PROD   COM     726505100  2,015   75,535     SH       DEFINED    1,2,3            75,535
PLANTRONICS INC             COM     727493108  968     28,650     SH       DEFINED    1,2,3            28,650
PNC FINANCIAL CORP          COM     693475105  1,181   22,744     SH       DEFINED    1,2,3            22,744
POPULAR INC                 COM     733174106  169     58,333     SH       DEFINED    1,2,3            58,333
PORTLAND GENERAL ELECTRIC   COM     736508847  516     25,425     SH       DEFINED    1,2,3            25,425
PPG INDUSTRIES              COM     693506107  1,139   15,650     SH       DEFINED    1,2,3            15,650
PPL CORPORATION             COM     69351T106  1,853   68,033     SH       DEFINED    1,2,3            68,033
PRAXAIR INC                 COM     74005P104  903     10,000     SH       DEFINED    1,2,3            10,000
PRIMERICA INC               COM     74164M108  301     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  2,384   53,680     SH       DEFINED    1,2,3            53,680
PUBLIC SERVICE CO OF N MEX  COM     69349H107  700     61,475     SH       DEFINED    1,2,3            61,475
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
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
PULTE CORP                  COM     745867101  1,314   150,000    SH       DEFINED    1,2,3           150,000
REGIS CORP                  COM     758932107  638     33,325     SH       DEFINED    1,2,3            33,325
RENAISSANCERE HOLDINGS LTD  COM     G7496G103  2,000   33,350     SH       DEFINED    1,2,3            33,350
RENT-A-CENTER INC           COM     76009N100  657     29,350     SH       DEFINED    1,2,3            29,350
RITE AID CORP               COM     767754104  408     432,785    SH       DEFINED    1,2,3           432,785
SCHLUMBERGER LIMITED        COM     806857108  86      1,400      SH       DEFINED    1,2,3             1,400
SEALY CORP                  COM     812139301  400     163,925    SH       DEFINED    1,2,3           163,925
SEALY CORP                  SR SECD 812139400  649     9,075      SH       DEFINED    1,2,3             9,075
SEARS HOLDINGS CORP         COM     812350106  1,260   17,465     SH       DEFINED    1,2,3            17,465
SHERWIN WILLIAMS CO         COM     824348106  1,234   16,425     SH       DEFINED    1,2,3            16,425
SPDR GOLD TRUST             SHS     78463V107  31,978  250,000    SH       DEFINED    1,2,3           250,000
SPHERION CORPORATION        COM     784153108  213     35,450     SH       DEFINED    1,2,3            35,450
STAPLES INC                 COM     855030102  1,234   58,980     SH       DEFINED    1,2,3            58,980
STATE STREET CORP           COM     857477103  1,107   29,400     SH       DEFINED    1,2,3            29,400
TECH DATA CORP              COM     878237106  843     20,912     SH       DEFINED    1,2,3            20,912
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
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
THERMO FISHER SCIENTIFIC    COM     883556102  2,256   47,110     SH       DEFINED    1,2,3            47,110
THOMPSON CREEK METALS CO    COM     884768102  65      6,000      SH       DEFINED    1,2,3             6,000
TORCHMARK CORP              COM     891027104  1,900   35,750     SH       DEFINED    1,2,3            35,750
TRAVELERS COS INC/THE       COM     89417E109  7,815   150,000    SH       DEFINED    1,2,3           150,000
TYCO ELECTRONICS            SHS     H8912P106  2,746   93,975     SH       DEFINED    1,2,3            93,975
UAL CORP                    COM     902549807  1,538   65,000     SH       DEFINED    1,2,3            65,000
UNITED NATIONAL GROUP LTD   SHS     G39319101  1,010   62,933     SH       DEFINED    1,2,3            62,933
UNITED TECHNOLOGIES CORP    COM     913017109  2,069   29,040     SH       DEFINED    1,2,3            29,040
UNUM CORP                   COM     91529Y106  986     44,500     SH       DEFINED    1,2,3            44,500
VALASSIS COMMUNICATIONS INC COM     918866104  867     25,575     SH       DEFINED    1,2,3            25,575
VALERO ENERGY CORP          COM     91913Y100  920     52,525     SH       DEFINED    1,2,3            52,525
VALIDUS HOLDINGS LTD        COM SHS G9319H102  632     23,980     SH       DEFINED    1,2,3            23,980
VIAD CORP                   COM     92552R406  704     36,418     SH       DEFINED    1,2,3            36,418
VISA INC                    CL A    92826C839  1,114   15,000     SH       DEFINED    1,2,3            15,000
WEBSTER FINANCIAL CORP      COM     947890109  1,001   57,000     SH       DEFINED    1,2,3            57,000
</Table>

<Table>
<Caption>

                         <c>     <c>      <c>       <c>       <c>  <c>  <c>        <c>       <c>    <c>    <c>
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

WILLIAMS COS INC            COM     969457100  2,504   131,035    SH       DEFINED    1,2,3           131,035
WSFS FINANCIAL CORP         COM     929328102  566     15,100     SH       DEFINED    1,2,3            15,100
XCEL ENERGY INC             COM     98389B100  1,253   54,545     SH       DEFINED    1,2,3            54,545
XERIUM TECHNOLOGIES INC     COM     98416J118  3,784   287,100    SH       DEFINED    1,2,3           287,100
XEROX CORP                  COM     984121103  6,521   630,000    SH       DEFINED    1,2,3           630,000
ZIMMER HOLDINGS INC         COM     98956P102  1,132   21,625     SH       DEFINED    1,2,3            21,625
ZORAN CORP                  COM     98975F101  751     98,244     SH       DEFINED    1,2,3            98,244
</Table>