FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: September 30, 2011

Check here if Amendment [   ]; Amendment Number:
This Amendment (Check only one.):  [   ] is a restatement.
                                   [   ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:     CNA Financial Corporation
Address:  333 S. Wabash
	  Chicago,IL 60604


13F File Number:  28-346

The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person
signing the report is authorized to submit it, that all
information contained herein is true, correct, and complete, and
that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of
this form.


Person Signing this Report on Behalf of Reporting Manager:

Name: Lawrence J. Boysen
Title: Senior Vice President and Corporate Controller
Phone: (312) 822 5653
Signature, Place, and Date of Signing:

/s/ Lawrence J. Boysen             Chicago, IL                        11/14/2011
---------------------------------  ---------------------------------  ----------
[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:  $333,373 (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
A123 SYSTEMS INC            NOTE    03739TAA6  200     309,000    PRN      DEFINED    1,2,3            42,917
ABBOTT LABORATORIES         COM     002824100  3,912   76,500     SH       DEFINED    1,2,3            76,500
AEROPOSTALE INC             COM     007865108  659     60,975     SH       DEFINED    1,2,3            60,975
ALCOA INC                   COM     013817101  2,192   229,085    SH       DEFINED    1,2,3           229,085
ALLIANT ENERGY CORP         COM     018802108  352     9,100      SH       DEFINED    1,2,3             9,100
ALLSTATE CORPORATION        COM     020002101  1,848   78,000     SH       DEFINED    1,2,3            78,000
AMERICAN EQUITY INVT LIFE   COM     025676206  813     92,925     SH       DEFINED    1,2,3            92,925
AMERICAN INTERNATIONAL GRP  COM     026874784  1,238   56,400     SH       DEFINED    1,2,3            56,400
AMERICAN REPROGRAPHICS CO   COM     029263100  438     130,375    SH       DEFINED    1,2,3           130,375
AMGEN INC                   COM     031162100  2,748   50,000     SH       DEFINED    1,2,3            50,000
ANADARKO PETROLEUM CORP     COM     032511107  8,859   140,500    SH       DEFINED    1,2,3           140,500
ANSYS INC                   COM     03662Q105  237     4,824      SH       DEFINED    1,2,3             4,824
APACHE CORP                 COM     037411105  5,216   65,000     SH       DEFINED    1,2,3            65,000
APOLLO GLOBAL MANAGEMENT    CL A    037612306  345     33,700     SH       DEFINED    1,2,3            33,700
APOLLO GROUP INC            CL A    037604105  1,107   27,950     SH       DEFINED    1,2,3            27,950
</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
ARGAN INC                   COM     04010E109  160     15,755     SH       DEFINED    1,2,3            15,755
ARGO GROUP INTERNATIONAL    COM     G0464B107  1,287   45,350     SH       DEFINED    1,2,3            45,350
ARTHUR J GALLAGHER & CO     COM     363576109  750     28,500     SH       DEFINED    1,2,3            28,500
ASSURANT INC                COM     04621X108  3,938   110,000    SH       DEFINED    1,2,3           110,000
AVNET INC                   COM     053807103  2,638   101,150    SH       DEFINED    1,2,3           101,150
BANK OF AMERICA CORP        COM     060505104  694     113,425    SH       DEFINED    1,2,3           113,425
BARRICK GOLD CORP           COM     067901108  3,635   77,926     SH       DEFINED    1,2,3            77,926
BAXTER INTL                 COM     071813109  687     12,233     SH       DEFINED    1,2,3            12,233
BLOUNT INTERNATIONAL INC    COM     095180105  342     25,600     SH       DEFINED    1,2,3            25,600
BLUEKNIGHT ENERGY PARTNERS  COM     09625U109  3,433   549,260    SH       DEFINED    1,2,3           549,260
BP PLC                      SPONS   055622104  1,551   43,010     SH       DEFINED    1,2,3            43,010
BRADY CORPORATION           CL A    104674106  1,201   45,450     SH       DEFINED    1,2,3            45,450
CALPINE CORP                COM     131347304  2,382   169,180    SH       DEFINED    1,2,3           169,180
CAPITAL LEASE FUNDING INC   COM     140288101  827     229,000    SH       DEFINED    1,2,3           229,000
CARPENTER TECHNOLOGY        COM     144285103  220     4,900      SH       DEFINED    1,2,3             4,900
</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
CASTLE (A.M.) & CO          COM     148411101  226     20,700     SH       DEFINED    1,2,3            20,700
CENOVUS ENERGY INC          COM     15135U109  1,459   47,500     SH       DEFINED    1,2,3            47,500
CIRCOR INTERNATIONAL INC    COM     17273K109  797     27,125     SH       DEFINED    1,2,3            27,125
CITIGROUP INC               COM     172967424  5,125   200,094    SH       DEFINED    1,2,3           200,094
COCA COLA CO                COM     191216100  561     8,300      SH       DEFINED    1,2,3             8,300
COLLECTIVE BRANDS INC       COM     19421W100  203     15,700     SH       DEFINED    1,2,3            15,700
COMCAST CORP                CL A    20030N200  5,180   250,000    SH       DEFINED    1,2,3           250,000
COMPUTER ASSOCIATES INTL    COM     12673P105  1,434   73,902     SH       DEFINED    1,2,3            73,902
COMPUTER SCIENCES CORP      COM     205363104  1,806   67,275     SH       DEFINED    1,2,3            67,275
CONMED CORP                 COM     207410101  379     16,475     SH       DEFINED    1,2,3            16,475
CONSECO INC                 COM     12621E103  1,291   238,675    SH       DEFINED    1,2,3           238,675
CONSTELLATION ENERGY PART   CL B    21038E101  501     180,260    SH       DEFINED    1,2,3           180,260
CON-WAY INC                 COM     205944101  1,241   56,075     SH       DEFINED    1,2,3            56,075
CROWN CRAFTS INC            COM     228309100  137     37,369     SH       DEFINED    1,2,3            37,369
CURTISS-WRIGHT CORP         COM     231561101  1,228   42,600     SH       DEFINED    1,2,3            42,600
</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
CVR PARTNERS LP             COM     126633106  5,865   249,250    SH       DEFINED    1,2,3           249,250
DELL COMPUTER CORP          COM     24702R101  1,009   71,325     SH       DEFINED    1,2,3            71,325
DELPHI FINANCIAL GROUP      CL A    247131105  743     34,538     SH       DEFINED    1,2,3            34,538
DELTA AIR LINES INC         COM     247361702  403     53,742     SH       DEFINED    1,2,3            53,742
DENBURY RESOURCES INC       COM     247916208  2,013   175,000    SH       DEFINED    1,2,3           175,000
DEVON ENERGY CORP           COM     25179M103  6,746   121,690    SH       DEFINED    1,2,3           121,690
DIAMONDROCK HOSPITALITY CO  COM     252784301  896     128,171    SH       DEFINED    1,2,3           128,171
DIODES INC                  COM     254543101  1,287   71,825     SH       DEFINED    1,2,3            71,825
DUNKIN BRANDS GROUP INC     COM     265504100  242     8,726      SH       DEFINED    1,2,3             8,726
ENSCO INTERNATIONAL INC     SPONS   29358Q109  3,032   75,000     SH       DEFINED    1,2,3            75,000
ENTERGY CORP                COM     29364G103  1,851   27,925     SH       DEFINED    1,2,3            27,925
EOG RESOURCES INC           COM     26875P101  710     10,000     SH       DEFINED    1,2,3            10,000
EXELON CORP                 COM     30161N101  1,383   32,465     SH       DEFINED    1,2,3            32,465
EXXON MOBIL CORP            COM     30231G102  2,905   40,000     SH       DEFINED    1,2,3            40,000
EZCORP INC                  CL A    302301106  759     26,600     SH       DEFINED    1,2,3            26,600
</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
FEDEX CORPORATION           COM     31428X106  4,061   60,000     SH       DEFINED    1,2,3            60,000
FIRST AMERICAN FINANCIAL    COM     31847R102  405     31,675     SH       DEFINED    1,2,3            31,675
FRANKLIN RESOURCES INC      COM     354613101  1,090   11,400     SH       DEFINED    1,2,3            11,400
GANNETT COMPANY INC         COM     364730101  984     103,300    SH       DEFINED    1,2,3           103,300
GLOBAL CASH ACCESS INC      COM     378967103  791     308,800    SH       DEFINED    1,2,3           308,800
GLOBAL INDEMNITY PLC        SHS     G39319101  690     40,383     SH       DEFINED    1,2,3            40,383
GLOBAL INDUSTRIES LTD       COM     379336100  322     40,600     SH       DEFINED    1,2,3            40,600
GMX RESOURCES INC           COM     38011M108  156     68,900     SH       DEFINED    1,2,3            68,900
GOLDMAN SACHS GROUP INC     COM     38141G104  2,075   21,950     SH       DEFINED    1,2,3            21,950
GOOGLE INC                  CL A    38259P508  1,931   3,750      SH       DEFINED    1,2,3             3,750
GRAY TELEVISION INC         COM     389375106  1,473   944,444    SH       DEFINED    1,2,3           944,444
GRIFFON CORPORATION         COM     398433102  1,034   126,419    SH       DEFINED    1,2,3           126,419
HALOZYME THERAPEUTICS INC   COM     40637H109  940     153,120    SH       DEFINED    1,2,3           153,120
HARSCO CORP                 COM     415864107  1,012   52,200     SH       DEFINED    1,2,3            52,200
HARTE-HANKS INC             COM     416196103  1,635   192,750    SH       DEFINED    1,2,3           192,750
</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
HARTFORD FINANCIAL SVCS GRP COM     416515104  807     50,000     SH       DEFINED    1,2,3            50,000
HESS CORP                   COM     42809H107  524     9,985      SH       DEFINED    1,2,3             9,985
HEWLETT-PACKARD CO          COM     428236103  8,945   398,439    SH       DEFINED    1,2,3           398,439
HOSPITALITY PROPERTIES      COM SHS 44106M102  1,810   85,275     SH       DEFINED    1,2,3            85,275
HUNTINGTON INGALLS IND      COM     446413106  933     38,350     SH       DEFINED    1,2,3            38,350
IMPERIAL SUGAR CO           COM     453096208  104     16,175     SH       DEFINED    1,2,3            16,175
INGERSOLL RAND CO           SHS     G47791101  2,266   80,685     SH       DEFINED    1,2,3            80,685
INGRAM MICRO INC            CL A    457153104  1,404   87,050     SH       DEFINED    1,2,3            87,050
INTERVAL LEISURE GROUP      COM     46113M108  256     19,200     SH       DEFINED    1,2,3            19,200
INTERNATIONAL BUSINESS MACH COM     459200101  21,108  120,705    SH       DEFINED    1,2,3           120,705
ISHARES TR                  S&P GRW 464287309  5,910   96,500     SH       DEFINED    1,2,3            96,500
J.C. PENNEY CO INC          COM     708160106  1,652   61,700     SH       DEFINED    1,2,3            61,700
JAKKS PACIFIC INC           COM     47012E106  758     40,025     SH       DEFINED    1,2,3            40,025
JARDEN CORP                 COM     471109108  1,608   56,900     SH       DEFINED    1,2,3            56,900
JOHNSON & JOHNSON           COM     478160104  3,227   50,670     SH       DEFINED    1,2,3            50,670
</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
JONES APPAREL GROUP INC     COM     48020T101  997     108,225    SH       DEFINED    1,2,3           108,225
JPMORGAN CHASE & COMPANY    COM     46625H100  4,102   136,175    SH       DEFINED    1,2,3           136,175
KAISER ALUMINUM CORP        COM     483007704  337     7,600      SH       DEFINED    1,2,3             7,600
KAPSTONE PAPER & PACKAGING  COM     48562P103  275     19,800     SH       DEFINED    1,2,3            19,800
L-3 COMMUNICATIONS CORP     COM     502424104  1,786   28,825     SH       DEFINED    1,2,3            28,825
LEGG MASON INC              COM     524901105  3,156   122,739    SH       DEFINED    1,2,3           122,739
LENNAR CORP                 CL B    526057302  498     48,700     SH       DEFINED    1,2,3            48,700
LINCOLN NATIONAL CORP IND   COM     534187109  2,813   180,000    SH       DEFINED    1,2,3           180,000
MASCO CORPORATION           COM     574599106  1,087   152,725    SH       DEFINED    1,2,3           152,725
MERCK & CO INC              COM     58933Y105  6,109   186,807    SH       DEFINED    1,2,3           186,807
METLIFE INC                 COM     59156R108  2,241   80,000     SH       DEFINED    1,2,3            80,000
MI DEVELOPMENTS INC         CL A    55304X104  1,637   61,675     SH       DEFINED    1,2,3            61,675
MICROSOFT CORP              COM     594918104  5,668   227,725    SH       DEFINED    1,2,3           227,725
MOHAWK INDUSTRIES INC       COM     608190104  1,281   29,850     SH       DEFINED    1,2,3            29,850
MORGAN ST DEAN WITTER DISC  COM     617446448  1,948   144,210    SH       DEFINED    1,2,3           144,210
</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
MOTOROLA INC                COM     620076307  1,700   40,568     SH       DEFINED    1,2,3            40,568
MTS SYSTEMS CORP            COM     553777103  654     21,353     SH       DEFINED    1,2,3            21,353
MUELLER WATER PRODUCTS INC  COM     624758108  531     214,275    SH       DEFINED    1,2,3           214,275
NARA BANCORP INC            COM     63080P105  735     121,100    SH       DEFINED    1,2,3           121,100
NATL PENN BCSHS INC         COM     637138108  962     137,250    SH       DEFINED    1,2,3           137,250
NELNET INC                  CL A    64031N108  306     16,300     SH       DEFINED    1,2,3            16,300
NORTHROP GRUMMAN CORP       COM     666807102  2,582   49,500     SH       DEFINED    1,2,3            49,500
OCCIDENTAL PETROLEUM        COM     674599105  6,435   90,000     SH       DEFINED    1,2,3            90,000
OMNICOM GROUP               COM     681919106  1,714   46,525     SH       DEFINED    1,2,3            46,525
ORACLE CORP                 COM     68389X105  1,724   60,000     SH       DEFINED    1,2,3            60,000
OVERHILL FARMS INC          COM     690212105  446     120,511    SH       DEFINED    1,2,3           120,511
PARK STERLING CORP          COM     70086Y105  526     153,900    SH       DEFINED    1,2,3           153,900
PFIZER INC                  COM     717081103  3,536   200,000    SH       DEFINED    1,2,3           200,000
PHH CORP                    COM     693320202  917     57,050     SH       DEFINED    1,2,3            57,050
PIKE ELECTRIC CORP          COM     721283109  318     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
PIONEER NATURAL RESOURCES   COM     723787107  2,631   40,000     SH       DEFINED    1,2,3            40,000
PITNEY-BOWES INC            COM     724479100  635     33,775     SH       DEFINED    1,2,3            33,775
PLANTRONICS INC             COM     727493108  342     12,025     SH       DEFINED    1,2,3            12,025
PNC FINANCIAL CORP          COM     693475105  1,227   25,469     SH       DEFINED    1,2,3            25,469
PORTLAND GENERAL ELECTRIC   COM     736508847  746     31,500     SH       DEFINED    1,2,3            31,500
PPG INDUSTRIES              COM     693506107  1,106   15,650     SH       DEFINED    1,2,3            15,650
PRIMERICA INC               COM     74164M108  817     37,900     SH       DEFINED    1,2,3            37,900
PUBLIC SERVICE CO OF N MEX  COM     69349H107  374     22,775     SH       DEFINED    1,2,3            22,775
RENAISSANCERE HOLDINGS LTD  COM     G7496G103  1,884   29,525     SH       DEFINED    1,2,3            29,525
RENT-A-CENTER INC           COM     76009N100  1,550   56,450     SH       DEFINED    1,2,3            56,450
ROYAL DUTCH SHELL PLC       SPONS   780259206  2,178   35,395     SH       DEFINED    1,2,3            35,395
SANDISK CORP                NOTE    80004CAC5  4,838   5,000,000  PRN      DEFINED    1,2,3            60,713
SEALY CORP                  COM     812139301  243     163,925    SH       DEFINED    1,2,3           163,925
SEALY CORP                  SR SECD 812139400  430     9,075      SH       DEFINED    1,2,3             9,075
SEARS HOLDINGS CORP         COM     812350106  1,005   17,465     SH       DEFINED    1,2,3            17,465
</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
SHERWIN WILLIAMS CO         COM     824348106  1,221   16,425     SH       DEFINED    1,2,3            16,425
SKECHERS USA INC            CL A    830566105  1,211   86,300     SH       DEFINED    1,2,3            86,300
SPDR GOLD TRUST             SHS     78463V107  39,515  250,000    SH       DEFINED    1,2,3           250,000
STAPLES INC                 COM     855030102  3,553   267,110    SH       DEFINED    1,2,3           267,110
STATE STREET CORP           COM     857477103  946     29,400     SH       DEFINED    1,2,3            29,400
TCF FINANCIAL CORP          COM     872275102  898     98,075     SH       DEFINED    1,2,3            98,075
TE CONNECTIVITY LTD         REG SHS H84989104  1,448   51,450     SH       DEFINED    1,2,3            51,450
TECH DATA CORP              COM     878237106  1,070   24,762     SH       DEFINED    1,2,3            24,762
TENET HEALTHCARE CORP       COM     88033G100  148     36,100     SH       DEFINED    1,2,3            36,100
TRAVELERS COS INC           COM     89417E109  6,822   140,000    SH       DEFINED    1,2,3           140,000
TUTOR PERINI CORP           COM     901109108  536     46,625     SH       DEFINED    1,2,3            46,625
UAL CORP                    COM     910047109  2,091   107,910    SH       DEFINED    1,2,3           107,910
UFP TECHNOLOGIES INC        COM     902673102  381     26,458     SH       DEFINED    1,2,3            26,458
UNIFIRST CORP/MA            COM     904708104  593     13,100     SH       DEFINED    1,2,3            13,100
UNUM CORP                   COM     91529Y106  933     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
URANIUM ENERGY CORP         COM     916896103  354     129,200    SH       DEFINED    1,2,3           129,200
VALASSIS COMMUNICATIONS INC COM     918866104  1,140   60,850     SH       DEFINED    1,2,3            60,850
VCA ANTECH INC              COM     918194101  364     22,775     SH       DEFINED    1,2,3            22,775
VIAD CORP                   COM     92552R406  172     10,143     SH       DEFINED    1,2,3            10,143
VIRTUS INVESTMENT PARTNERS  COM     92828Q109  1,051   19,600     SH       DEFINED    1,2,3            19,600
WATSON PHARMACEUTICALS INC  COM     942683103  328     4,800      SH       DEFINED    1,2,3             4,800
WEBSTER FINANCIAL CORP      COM     947890109  872     57,000     SH       DEFINED    1,2,3            57,000
WEYERHAEUSER COMPANY        COM     962166104  1,098   70,581     SH       DEFINED    1,2,3            70,581
WILLIAMS COS INC            COM     969457100  5,729   235,360    SH       DEFINED    1,2,3           235,360
WSFS FINANCIAL CORP         COM     929328102  477     15,100     SH       DEFINED    1,2,3            15,100
XEROX CORP                  COM     984121103  5,119   734,470    SH       DEFINED    1,2,3           734,470
XL GROUP PLC                SHS     G98290102  735     39,100     SH       DEFINED    1,2,3            39,100
YAHOO! INC                  COM     984332106  2,307   175,151    SH       DEFINED    1,2,3           175,151
</Table>