FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: December 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                        02/14/2011
---------------------------------  ---------------------------------  ----------
[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:




<Page>



FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers: 3

Form 13F Information Table Entry Total: 163

Form 13F Information Table Value Total:  $1,034,117 (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  791     16,500     SH       DEFINED    1,2,3            16,500
AETNA INC                   COM     00817Y108  1,782   58,400     SH       DEFINED    1,2,3            58,400
ALCATEL-LUCENT              SPONS   013904305  546     184,550    SH       DEFINED    1,2,3           184,550
ALLSTATE CORPORATION        COM     020002101  2,487   78,000     SH       DEFINED    1,2,3            78,000
AMERICAN EQUITY INVT LIFE   COM     025676206  1,632   130,050    SH       DEFINED    1,2,3           130,050
AMERICAN REPROGRAPHICS CO   COM     029263100  249     32,800     SH       DEFINED    1,2,3            32,800
AMGEN INC                   COM     031162100  3,129   57,000     SH       DEFINED    1,2,3            57,000
ANADARKO PETROLEUM CORP     COM     032511107  10,700  140,500    SH       DEFINED    1,2,3           140,500
ANSYS INC                   COM     03662Q105  251     4,824      SH       DEFINED    1,2,3             4,824
APACHE CORP                 COM     037411105  7,750   65,000     SH       DEFINED    1,2,3            65,000
ARGO GROUP INTERNATIONAL    COM     G0464B107  1,517   40,500     SH       DEFINED    1,2,3            40,500
ARTHUR J GALLAGHER & CO     COM     363576109  1,135   39,025     SH       DEFINED    1,2,3            39,025
ASSURANT INC                COM     04621X108  4,237   110,000    SH       DEFINED    1,2,3           110,000
AVNET INC                   COM     053807103  3,269   98,975     SH       DEFINED    1,2,3            98,975
BALTIC TRADING              COM     Y0553W103  956     93,600     SH       DEFINED    1,2,3            93,600
</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
BANK OF AMERICA CORP        COM     060505104  1,231   92,300     SH       DEFINED    1,2,3            92,300
BARRICK GOLD CORP           COM     067901108  4,144   77,926     SH       DEFINED    1,2,3            77,926
BAXTER INTL                 COM     071813109  2,979   58,859     SH       DEFINED    1,2,3            58,859
BECTON DICKINSON & CO       COM     075887109  1,876   22,200     SH       DEFINED    1,2,3            22,200
BLOUNT INTERNATIONAL INC    COM     095180105  866     54,975     SH       DEFINED    1,2,3            54,975
BP PLC                      SPONS   055622104  1,865   42,225     SH       DEFINED    1,2,3            42,225
BRADY CORPORATION           CL A    104674106  1,604   49,200     SH       DEFINED    1,2,3            49,200
CALPINE CORP                COM     131347304  2,457   184,214    SH       DEFINED    1,2,3           184,214
CENOVUS ENERGY INC-W/I      COM     15135U109  1,579   47,500     SH       DEFINED    1,2,3            47,500
CHEMICAL FINANCIAL CORP     COM     163731102  619     27,925     SH       DEFINED    1,2,3            27,925
CHESAPEAKE ENERGY CORP      COM     165167107  65      2,500      SH       DEFINED    1,2,3             2,500
CIBER INC                   COM     17163B102  486     103,925    SH       DEFINED    1,2,3           103,925
CIRCOR INTERNATIONAL INC    COM     17273K109  1,147   27,125     SH       DEFINED    1,2,3            27,125
CITIGROUP INC               COM     172967101  4,927   1,041,597  SH       DEFINED    1,2,3         1,041,597
CNA SURETY CORPORATION      COM     12612L108  649,427 27,425,147 SH       DEFINED    1,2,3        27,425,147
</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
COCA COLA CO                COM     191216100  1,532   23,300     SH       DEFINED    1,2,3            23,300
COMCAST CORP                CL A    20030N200  5,203   250,000    SH       DEFINED    1,2,3           250,000
COMPUTER ASSOCIATES INTL    COM     12673P105  1,806   73,902     SH       DEFINED    1,2,3            73,902
COMPUTER SCIENCES CORP      COM     205363104  2,480   50,000     SH       DEFINED    1,2,3            50,000
CONMED CORP                 COM     207410101  886     33,525     SH       DEFINED    1,2,3            33,525
CONSECO INC                 COM     12621E103  751     110,800    SH       DEFINED    1,2,3           110,800
CONSTELLATION ENERGY PART   CL B    21038E101  501     180,260    SH       DEFINED    1,2,3           180,260
CON-WAY INC                 COM     205944101  1,492   40,800     SH       DEFINED    1,2,3            40,800
CORNING INC                 COM     219350105  676     35,000     SH       DEFINED    1,2,3            35,000
COSTCO WHOLESALE CORP       COM     22160K105  1,444   20,000     SH       DEFINED    1,2,3            20,000
CSX CORP                    COM     126408103  1,034   16,000     SH       DEFINED    1,2,3            16,000
CURTISS-WRIGHT CORP         COM     231561101  1,414   42,600     SH       DEFINED    1,2,3            42,600
CVS CORP                    COM     126650100  869     25,000     SH       DEFINED    1,2,3            25,000
DEERE & CO                  COM     244199105  997     12,000     SH       DEFINED    1,2,3            12,000
DELL COMPUTER CORP          COM     24702R101  1,163   85,825     SH       DEFINED    1,2,3            85,825
</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
DELPHI FINANCIAL GROUP      CL A    247131105  996     34,538     SH       DEFINED    1,2,3            34,538
DELTA AIR LINES INC         COM     247361702  851     67,577     SH       DEFINED    1,2,3            67,577
DENBURY RESOURCES INC       COM     247916208  3,341   175,000    SH       DEFINED    1,2,3           175,000
DEVON ENERGY CORP           COM     25179M103  9,050   115,270    SH       DEFINED    1,2,3           115,270
DIAMONDROCK HOSPITALITY CO  COM     252784301  1,538   128,171    SH       DEFINED    1,2,3           128,171
DIODES INC                  COM     254543101  1,573   58,275     SH       DEFINED    1,2,3            58,275
DRESSER-RAND GROUP INC      COM     261608103  1,822   42,780     SH       DEFINED    1,2,3            42,780
DU PONT DE NEMOURS E.I.     COM     263534109  1,072   21,500     SH       DEFINED    1,2,3            21,500
ENSCO INTERNATIONAL INC     SPONS   29358Q109  4,564   85,500     SH       DEFINED    1,2,3            85,500
EOG RESOURCES INC           COM     26875P101  1,828   20,000     SH       DEFINED    1,2,3            20,000
EVEREST RE GROUP LTD        COM     G3223R108  5,301   62,500     SH       DEFINED    1,2,3            62,500
EXXON MOBIL CORP            COM     30231G102  3,422   46,800     SH       DEFINED    1,2,3            46,800
FIRST AMERICAN FINANCIAL    COM     31847R102  232     15,525     SH       DEFINED    1,2,3            15,525
FLUOR CORP                  COM     343412102  663     10,000     SH       DEFINED    1,2,3            10,000
FOREST LABORATORIES INC     COM     345838106  1,497   46,825     SH       DEFINED    1,2,3            46,825

</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
FORTUNE BRANDS INC          COM     349631101  1,381   22,925     SH       DEFINED    1,2,3            22,925
GENERAL ELECTRIC CO         COM     369604103  640     35,000     SH       DEFINED    1,2,3            35,000
GILEAD SCIENCES INC         COM     375558103  725     20,000     SH       DEFINED    1,2,3            20,000
GOLDMAN SACHS GROUP INC     COM     38141G104  7,374   43,850     SH       DEFINED    1,2,3            43,850
GOOGLE INC                  CL A    38259P508  2,709   4,560      SH       DEFINED    1,2,3             4,560
GRACO INC                   COM     384109104  1,055   26,750     SH       DEFINED    1,2,3            26,750
GRAY TELEVISION INC         COM     389375106  1,766   944,444    SH       DEFINED    1,2,3           944,444
GRIFFON CORPORATION         COM     398433102  1,265   99,319     SH       DEFINED    1,2,3            99,319
HALOZYME THERAPEUTICS INC   COM     40637H109  921     116,290    SH       DEFINED    1,2,3           116,290
HARTE-HANKS INC             COM     416196103  1,740   136,275    SH       DEFINED    1,2,3           136,275
HEARTLAND PAYMENT SYSTEMS   COM     42235N108  451     29,275     SH       DEFINED    1,2,3            29,275
HESS CORP                   COM     42809H107  1,356   17,710     SH       DEFINED    1,2,3            17,710
HEWLETT-PACKARD CO          COM     428236103  17,445  414,380    SH       DEFINED    1,2,3           414,380
HORIZON LINES INC           COM     44044K101  124     28,450     SH       DEFINED    1,2,3            28,450
HOSPITALITY PROPERTIES      COM SHS 44106M102  2,537   110,125    SH       DEFINED    1,2,3           110,125
</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
IMMUCOR INC                 COM     452526106  1,150   57,975     SH       DEFINED    1,2,3            57,975
INGERSOLL RAND CO           SHS     G47791101  2,642   56,095     SH       DEFINED    1,2,3            56,095
INSIGHT ENTERPRISES INC     COM     45765U103  410     31,175     SH       DEFINED    1,2,3            31,175
INTERNATIONAL BUSINESS MACH COM     459200101  21,160  144,180    SH       DEFINED    1,2,3           144,180
J.C. PENNY CO INC (HLDG CO) COM     708160106  2,037   63,050     SH       DEFINED    1,2,3            63,050
JARDEN CORP                 COM     471109108  1,757   56,900     SH       DEFINED    1,2,3            56,900
JOHNSON & JOHNSON           COM     478160104  3,977   64,295     SH       DEFINED    1,2,3            64,295
JONES APPAREL GROUP INC     COM     48020T101  1,263   81,275     SH       DEFINED    1,2,3            81,275
JPMORGAN CHASE & CO         *W EXP  46634E114  1,097   75,905     SH       DEFINED    1,2,3            75,905
JPMORGAN CHASE & COMPANY    COM     46625H100  2,153   50,750     SH       DEFINED    1,2,3            50,750
KOHLS CORP                  COM     500255104  815     15,000     SH       DEFINED    1,2,3            15,000
L-3 COMMUNICATIONS CORP     COM     502424104  2,361   33,500     SH       DEFINED    1,2,3            33,500
LABORATORY CRP OF AMER      COM     50540R409  1,464   16,650     SH       DEFINED    1,2,3            16,650
LEGG MASON INC              COM     524901105  2,468   68,059     SH       DEFINED    1,2,3            68,059
LIFE TECHNOLOGIES CORP      COM     53217V109  2,425   43,690     SH       DEFINED    1,2,3            43,690
</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
LINCOLN NATIONAL CORP       COM     534187109  5,423   195,000    SH       DEFINED    1,2,3           195,000
LOCKHEED MARTIN CORP        COM     539830109  1,844   26,370     SH       DEFINED    1,2,3            26,370
MARRIOTT INTERNATIONAL      CL A    571903202  1,094   26,337     SH       DEFINED    1,2,3            26,337
MASCO CORPORATION           COM     574599106  1,653   130,575    SH       DEFINED    1,2,3           130,575
MASTERCARD INC              CL A    57636Q104  672     3,000      SH       DEFINED    1,2,3             3,000
MEDIACOM COMMUNICATIONS     CL A    58446K105  424     50,000     SH       DEFINED    1,2,3            50,000
MI DEVELOPMENTS INC         CL A    55304X104  1,021   37,675     SH       DEFINED    1,2,3            37,675
MICROSOFT CORP              COM     594918104  2,705   96,925     SH       DEFINED    1,2,3            96,925
MOLSON COORS BREWING CO     CL B    60871R209  828     16,500     SH       DEFINED    1,2,3            16,500
MORGAN ST DEAN WITTER       COM     617446448  4,669   171,575    SH       DEFINED    1,2,3           171,575
MOTOROLA INC                COM     620076109  2,576   283,980    SH       DEFINED    1,2,3           283,980
MTS SYSTEMS CORP            COM     553777103  1,379   36,803     SH       DEFINED    1,2,3            36,803
NARA BANCORP INC            COM     63080P105  1,193   121,100    SH       DEFINED    1,2,3           121,100
NATIONAL GRID PLC           SPONS   636274300  2,471   55,675     SH       DEFINED    1,2,3            55,675
NATL PENN BCSHS INC         COM     637138108  1,102   137,250    SH       DEFINED    1,2,3           137,250
</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
NORTHROP GRUMMAN CORP       COM     666807102  3,207   49,500     SH       DEFINED    1,2,3            49,500
OCCIDENTAL PETROLEUM        COM     674599105  8,829   90,000     SH       DEFINED    1,2,3            90,000
OMNICOM GROUP               COM     681919106  2,131   46,525     SH       DEFINED    1,2,3            46,525
ORACLE CORP                 COM     68389X105  5,478   175,000    SH       DEFINED    1,2,3           175,000
PACIFIC BIOSCIENCES OF CA   COM     69404D108  191     12,020     SH       DEFINED    1,2,3            12,020
PEDIATRIX MEDICAL GROUP INC COM     58502B106  523     7,775      SH       DEFINED    1,2,3             7,775
PFIZER INC                  COM     717081103  8,848   505,300    SH       DEFINED    1,2,3           505,300
PHARMACEUTICAL HOLDRS TRUST DEPOSIT 71712A206  585     9,000      SH       DEFINED    1,2,3             9,000
PHH CORP                    COM     693320202  1,321   57,050     SH       DEFINED    1,2,3            57,050
PHILIP MORRIS INTERNATIONAL COM     718172109  644     11,000     SH       DEFINED    1,2,3            11,000
PIKE ELECTRIC CORP          COM     721283109  403     46,925     SH       DEFINED    1,2,3            46,925
PINNACLE WEST CAPITAL CORP  COM     723484101  810     19,540     SH       DEFINED    1,2,3            19,540
PIONEER NATURAL RESOURCES   COM     723787107  3,473   40,000     SH       DEFINED    1,2,3            40,000
PITNEY-BOWES INC            COM     724479100  2,175   89,967     SH       DEFINED    1,2,3            89,967
PLAINS EXPLORATION & PROD   COM     726505100  1,618   50,345     SH       DEFINED    1,2,3            50,345
</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
PLANTRONICS INC             COM     727493108  1,066   28,650     SH       DEFINED    1,2,3            28,650
PNC FINANCIAL CORP          COM     693475105  1,546   25,469     SH       DEFINED    1,2,3            25,469
PORTLAND GENERAL ELECTRIC   COM     736508847  672     30,975     SH       DEFINED    1,2,3            30,975
PPG INDUSTRIES              COM     693506107  1,316   15,650     SH       DEFINED    1,2,3            15,650
PPL CORPORATION             COM     69351T106  2,521   95,798     SH       DEFINED    1,2,3            95,798
PRAXAIR INC                 COM     74005P104  955     10,000     SH       DEFINED    1,2,3            10,000
PRIMERICA INC               COM     74164M108  727     29,975     SH       DEFINED    1,2,3            29,975
PROCTER & GAMBLE CO         COM     742718109  901     14,000     SH       DEFINED    1,2,3            14,000
PROGRESS ENERGY INC         COM     743263105  2,334   53,680     SH       DEFINED    1,2,3            53,680
PUBLIC SERVICE CO OF N MEX  COM     69349H107  800     61,475     SH       DEFINED    1,2,3            61,475
PULTE CORP                  COM     745867101  1,128   150,000    SH       DEFINED    1,2,3           150,000
RENAISSANCERE HOLDINGS LTD  COM     G7496G103  2,124   33,350     SH       DEFINED    1,2,3            33,350
RENT-A-CENTER INC           COM     76009N100  947     29,350     SH       DEFINED    1,2,3            29,350
RITE AID CORP               COM     767754104  382     432,785    SH       DEFINED    1,2,3           432,785
SEALY CORP                  COM     812139301  479     163,925    SH       DEFINED    1,2,3           163,925
</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
SEALY CORP                  SR SECD 812139400  792     9,075      SH       DEFINED    1,2,3             9,075
SEARS HOLDINGS CORP         COM     812350106  1,288   17,465     SH       DEFINED    1,2,3            17,465
SHERWIN WILLIAMS CO         COM     824348106  1,376   16,425     SH       DEFINED    1,2,3            16,425
SPDR GOLD TRUST             SHS     78463V107  34,680  250,000    SH       DEFINED    1,2,3           250,000
STATE STREET CORP           COM     857477103  1,362   29,400     SH       DEFINED    1,2,3            29,400
TECH DATA CORP              COM     878237106  921     20,912     SH       DEFINED    1,2,3            20,912
THERMO FISHER SCIENTIFIC    COM     883556102  2,608   47,110     SH       DEFINED    1,2,3            47,110
TORCHMARK CORP              COM     891027104  2,136   35,750     SH       DEFINED    1,2,3            35,750
TRAVELERS COS INC/THE       COM     89417E109  8,357   150,000    SH       DEFINED    1,2,3           150,000
TYCO ELECTRONICS            SHS     H8912P106  2,317   65,450     SH       DEFINED    1,2,3            65,450
UAL CORP                    COM     910047109  1,548   65,000     SH       DEFINED    1,2,3            65,000
UNIFIRST CORP/MA            COM     904708104  113     2,050      SH       DEFINED    1,2,3             2,050
UNITED NATIONAL GROUP LTD   SHS     G39319101  1,287   62,933     SH       DEFINED    1,2,3            62,933
UNITED TECHNOLOGIES CORP    COM     913017109  2,050   26,040     SH       DEFINED    1,2,3            26,040
UNUM CORP                   COM     91529Y106  1,078   44,500     SH       DEFINED    1,2,3            44,500
</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
VALASSIS COMMUNICATIONS INC COM     918866104  1,152   35,600     SH       DEFINED    1,2,3            35,600
VALERO ENERGY CORP          COM     91913Y100  1,214   52,525     SH       DEFINED    1,2,3            52,525
VALIDUS HOLDINGS LTD        COM SHS G9319H102  734     23,980     SH       DEFINED    1,2,3            23,980
VIAD CORP                   COM     92552R406  998     39,193     SH       DEFINED    1,2,3            39,193
VISA INC                    CL A    92826C839  563     8,000      SH       DEFINED    1,2,3             8,000
WEBSTER FINANCIAL CORP      COM     947890109  1,123   57,000     SH       DEFINED    1,2,3            57,000
WEYERHAEUSER COMPANY        COM     962166104  972     51,361     SH       DEFINED    1,2,3            51,361
WILLIAMS COS INC            COM     969457100  2,606   105,435    SH       DEFINED    1,2,3           105,435
WSFS FINANCIAL CORP         COM     929328102  716     15,100     SH       DEFINED    1,2,3            15,100
XCEL ENERGY INC             COM     98389B100  1,285   54,545     SH       DEFINED    1,2,3            54,545
XEROX CORP                  COM     984121103  7,258   630,000    SH       DEFINED    1,2,3           630,000
ZIMMER HOLDINGS INC         COM     98956P102  1,161   21,625     SH       DEFINED    1,2,3            21,625
ZORAN CORP                  COM     98975F101  865     98,244     SH       DEFINED    1,2,3            98,244
</Table>