FORM 13F
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended December 31, 2012
Check here if Amendment: [ ]; Amendment Number:
-------
This Amendment:
[ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Loews Corporation
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Address: 667 Madison Avenue New York New York 10065
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(Street) (City) (State) (Zip)
Form 13F File Number: 28-217
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: Gary W. Garson
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Title: General Counsel and Senior Vice President
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Phone: 212-521-2932
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Signature, Place, and Date of Signing:
/s/ Gary W. Garson
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(Signature)
Place: 667 Madison Avenue New York New York 10065
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(Street) (City) (State) (Zip)
Date: February 12, 2013
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Page 1 of 21
Loews Corporation ("Loews"), by virtue of its approximately 90% ownership of
voting securities of CNA Financial Corporation whose business address is 333
South Wabash Avenue, Chicago, Illinois 60604 ("CNA"), may be deemed to have
investment discretion regarding certain securities (the "CNA Securities") as
to which investment discretion is deemed to be exercised by CNA. CNA is
reporting on behalf of Loews regarding the CNA Securities.
Report Type:
[ ] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[X] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager.
Form 13F File Number: 28-346
Name: CNA Financial Corporation
Page 2 of 21
FORM 13F SUMMARY PAGE
REPORT SUMMARY
Number of Other Included Managers: NONE
Form 13F Information Table Entry Total: 216
Form 13F Information Table Value Total: $14,913.1 (million)
List of Other Included Managers: NONE
Page 3 of 21
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
ADVANCE AUTO Common 00751Y106 1,447 20,000 SH Sole 20,000
PARTS INC
AK STEEL HOLDING Common 001547108 804 174,728 SH Shared Defined 174,728
CORP
ALPHA NATURAL Common 02076X102 542 55,623 SH Shared Defined 55,623
RESOURCES INC
AMERICAN CAPITAL Common 02503X105 3,468 120,000 SH Sole 120,000
AGENCY CORP
AMERICAN Common 026874784 5,168 146,400 SH Sole 146,400
INTERNATIONAL GROUP
AMKOR Common 031652100 254 60,000 SH Sole 60,000
ANADARKO Common 032511107 1,255 16,890 SH Sole 16,890
PETROLEUM CORP
ANNALY CAPITAL Corp 035710AB8 2,021 2,000,000 PRN Sole 2,000,000
MGMT 5% 2015/05/15
APACHE CORP Common 037411105 320 4,080 SH Sole 4,080
APPLE INC Common 037833100 7,983 15,000 SH Shared Defined 15,000
ARTIO GLOBAL Common 04315B107 43 22,400 SH Sole 22,400
INVESTORS INC
ASHLAND INC Common 044209104 5,629 70,000 SH Sole 70,000
AURICO GOLD INC Common 05155C105 3,027 370,048 SH Sole 370,048
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TOTAL 31,961
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Page 4 of 21 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
AURIZON MINES LTD Common 05155P106 2,632 762,036 SH Sole 762,036
AVNET INC Common 053807103 304 9,925 SH Sole 9,925
BANK OF AMERICA Common 060505104 144 12,443 SH Sole 12,443
BANK OF AMERICA Warrant 060505153 1,450 125,000 SH Sole 125,000
BANK OF NEW YORK Common 064058100 272 10,573 SH Sole 10,573
MELLON CORP
BARRICK GOLD Common 067901108 12,424 354,866 SH Sole 354,866
BEMIS COMPANY Common 081437105 3,346 100,000 SH Sole 100,000
BOEING CO Common 097023105 226 3,000 SH Sole 3,000
BP PLC-SPONS ADR Common 055622104 296 7,099 SH Sole 7,099
BROCADE Common 111621306 2,025 380,000 SH Sole 380,000
COMMUNICATIONS
BOARDWALK PIPELINE Common 096627104 2,557,715 102,719,466 SH Sole 102,719,466
CAL DIVE Common 12802T101 82 47,628 SH Sole 47,628
INTERNATIONAL INC
CAPITAL ONE Common 14040H105 1,448 25,000 SH Sole 25,000
FINANCIAL CORP
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TOTAL 2,582,364
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Page 5 of 21 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
CAPLEASE INC Common 140288101 219 39,298 SH Sole 39,298
CARDINAL HEALTH Common 14149Y108 2,471 60,000 SH Sole 60,000
CARPENTER TECHNOLOGY Common 144285103 294 5,700 SH Sole 5,700
CASTLE A.M. & CO Common 148411101 155 10,500 SH Sole 10,500
CATERPILLAR INC Common 149123101 5,377 60,000 SH Sole 60,000
CBRE GROUP INC - A Common 12504L109 1,990 100,000 SH Sole 100,000
CBS CORP-CLASS B Common 124857202 951 25,000 SH Shared Defined 25,000
NON VOTING
CF INDUSTRIES Common 125269100 15,034 74,000 SH Sole 74,000
HOLDINGS INC
CIENA CORP Common 171779309 1,570 100,000 SH Sole 100,000
CISCO SYSTEMS INC Common 17275R102 12,576 640,000 SH Sole 640,000
CITIGROUP INC Common 172967424 2,977 75,248 SH Sole 75,248
CLIFFS NATURAL Common 18683K101 1,636 42,406 SH Shared Defined 42,406
RESOURCES INC
CNA FINANCIAL CORP Common 126117100 6,789,139 242,382,673 SH Sole 242,382,673
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TOTAL 6,834,389
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Page 6 of 21 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
CNO FINANCIAL Common 12621E103 309 33,100 SH Sole 33,100
GROUP INC
COEUR D'ALENE Common 192108504 3,408 138,544 SH Sole 138,544
MINES CORP
COMCAST CORP- Common 20030N200 4,098 114,000 SH Sole 114,000
SPECIAL CL A
COMSTOCK MINING Common 205750102 192 84,181 SH Sole 84,181
CUMMINS INC Common 231021106 2,167 20,000 SH Sole 20,000
CVS CAREMARK CORP Common 126650100 7,253 150,000 SH Sole 150,000
DEERE & CO Common 244199105 389 4,500 SH Sole 4,500
DELL INC Common 24702R101 135 13,375 SH Sole 13,375
DELPHI AUTOMOTIVE Common G27823106 205 5,350 SH Sole 5,350
PLC
DENBURY Common 247916208 8,181 505,000 SH Sole 505,000
RESOURCES INC
DEVON ENERGY Common 25179M103 338 6,500 SH Sole 6,500
CORPORATION
DIAMOND OFFSHORE Common 25271C102 4,764,310 70,104,620 SH Sole 70,104,620
DRILLING
DIRECTV Common 25490A309 3,010 60,000 SH Sole 60,000
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TOTAL 4,793,995
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Page 7 of 21 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
DU PONT E.I. DE Common 263534109 7,646 170,000 SH Sole 170,000
NEMOURS
EASTMAN CHEMICAL Common 277432100 4,083 60,000 SH Sole 60,000
EMC CORP Common 268648102 2,024 80,000 SH Sole 80,000
ENERGIZER Common 29266R108 5,599 70,000 SH Sole 70,000
HOLDINGS INC
EXELON CORP Common 30161N101 1,589 53,445 SH Shared Defined 53,445
EXETER RESOURCE Common 301835104 790 642,545 SH Sole 642,545
FEDEX CORP Common 31428X106 862 9,400 SH Sole 9,400
FIDELITY NATIONAL Common 31620M106 1,741 50,000 SH Sole 50,000
INFORMATIO
FIFTH THIRD Common 316773100 760 50,000 SH Sole 50,000
FORTUNE BRANDS Common 34964C106 227 7,775 SH Sole 7,775
HOME & SECURI
GASLOG LTD Common G37585109 6,495 522,500 SH Sole 522,500
GASLOG LTD Common G37585109 2,797 225,000 SH Shared Defined 225,000
GENERAL MOTORS CO Common 37045V100 9,802 340,000 SH Sole 340,000
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TOTAL 44,415
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Page 8 of 21 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
GENERAL MOTORS CO Common 37045V100 11,532 400,000 SH Shared Defined 400,000
GENERAL MOTORS CO Warrant 37045V126 1,176 40,800 SH Sole 40,800
GLOBAL CASH Common 378967103 273 34,844 SH Sole 34,844
ACCESS HOLDINGS
GOLDCORP INC Common 380956409 5,872 160,000 SH Sole 160,000
GREEN PLAINS Convert 393222AB0 891 1,000,000 PRN Sole 1,000,000
RENEWABLE 5.75%
2015/11/01
GREEN PLAINS Common 393222104 3,708 468,800 SH Sole 468,800
RENEWABLE ENERG
HARTE-HANKS INC Common 416196103 89 15,064 SH Sole 15,064
HASBRO INC Common 418056107 6,642 185,000 SH Sole 185,000
HEWLETT-PACKARD Common 428236103 4,158 291,800 SH Sole 291,800
HOME DEPOT INC Common 437076102 15,463 250,000 SH Shared Defined 250,000
HORNBECK Common 440543106 3,413 99,400 SH Sole 99,400
OFFSHORE
HUDBAY MINERALS Common 443628102 567 56,216 SH Sole 56,216
ICONIX BRAND Common 451055107 201 9,000 SH Sole 9,000
GROUP INC
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TOTAL 53,985
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Page 9 of 21 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
ILLINOIS TOOL WORKS Common 452308109 4,561 75,000 SH Sole 75,000
INFINERA CORP Common 45667G103 2,092 360,000 SH Sole 360,000
INTEL CORP Common 458140100 3,093 150,000 SH Shared Defined 150,000
INTL BUSINESS Common 459200101 1,729 9,024 SH Sole 9,024
MACHINES CORP
JAGUAR MINING INC Common 47009M103 213 331,092 SH Sole 331,092
JOHNSON & JOHNSON Common 478160104 13,206 188,387 SH Sole 188,387
JOY GLOBAL INC Common 481165108 1,553 24,354 SH Sole 24,354
JOY GLOBAL INC Common 481165108 1,604 25,155 SH Shared Defined 25,155
JPMORGAN CHASE & CO Common 46625H100 3,998 90,933 SH Sole 90,933
KIMBER RESOURCES Common 49435N101 233 641,515 SH Sole 641,515
KIMBERLY-CLARK Common 494368103 3,377 40,000 SH Sole 40,000
KINROSS GOLD Common 496902404 9,113 937,510 SH Sole 937,510
KOBEX MINERALS Common 49989C105 116 238,285 SH Sole 238,285
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TOTAL 44,888
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Page 10 of 21 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
KRAFT FOODS Common 50076Q106 3,334 73,333 SH Sole 73,333
GROUP INC
LEGG MASON INC Common 524901105 297 11,534 SH Sole 11,534
LINCOLN NATIONAL Common 534187109 466 18,000 SH Sole 18,000
CORP
LOCKHEED MARTIN Common 539830109 923 10,000 SH Sole 10,000
LOWE'S COS INC Common 548661107 1,776 50,000 SH Shared Defined 50,000
LOWE'S COS INC Common 548661107 1,421 40,000 SH Sole 40,000
MACY'S INC Common 55616P104 5,853 150,000 SH Shared Defined 150,000
MAG SILVER CORP Common 55903Q104 2,160 210,888 SH Sole 210,888
MARKET VECTORS JR Common 57060U589 3,028 153,000 SH Sole 153,000
GOLD MINER
MARTIN MARIETTA Common 573284106 3,771 40,000 SH Sole 40,000
MATERIALS
MATTEL INC Common 577081102 9,155 250,000 SH Sole 250,000
MEDTRONIC INC Common 585055106 235 5,720 SH Sole 5,720
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TOTAL 32,419
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Page 11 of 21 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
MERCK & CO. INC. Common 58933Y105 387 9,454 SH Sole 9,454
METLIFE INC Common 59156R108 494 15,000 SH Sole 15,000
MICROSOFT CORP Common 594918104 23,413 875,917 SH Sole 875,917
MIDWAY GOLD CORP Common 598153104 269 197,679 SH Sole 197,679
MONDELEZ Common 609207105 5,600 220,000 SH Sole 220,000
INTERNATIONAL INC-A
MORGANS HOTEL Common 61748W108 5,272 951,700 SH Sole 951,700
GROUP CO
MSCI INC Common 55354G100 1,550 50,000 SH Sole 50,000
MUELLER WATER Common 624758108 187 33,289 SH Sole 33,289
PRODUCTS INC-A
NATIONAL OILWELL Common 637071101 14,012 204,998 SH Sole 204,998
VARCO INC
NEWELL Common 651229106 5,568 250,000 SH Sole 250,000
RUBBERMAID INC
NEWFIELD Common 651290108 1,606 59,964 SH Shared Defined 59,964
EXPLORATION CO
NEWMONT MINING Common 651639106 4,644 100,000 SH Sole 100,000
NEWMONT MINING Common 651639106 1,603 34,516 SH Shared Defined 34,516
-------------
TOTAL 64,605
-------------
Page 12 of 21 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
NISOURCE INC Common 65473P105 248 9,965 SH Sole 9,965
OCCIDENTAL Common 674599105 912 11,900 SH Sole 11,900
PETROLEUM CORP
OMNICOM GROUP Common 681919106 224 4,475 SH Sole 4,475
ORACLE CORP Common 68389X105 18,711 561,540 SH Sole 561,540
PAN AMERICAN Common 697900108 792 42,176 SH Sole 42,176
SILVER CORP
PARK STERLING CORP Common 70086Y105 107 20,415 SH Sole 20,415
PARKER HANNIFIN Common 701094104 1,701 20,000 SH Sole 20,000
PARTNERRE LTD Common G6852T105 237 2,950 SH Sole 2,950
PBF ENERGY INC Common 69318G106 1,453 50,000 SH Sole 50,000
PEABODY ENERGY Common 704549104 533 20,034 SH Shared Defined 20,034
PFIZER INC Common 717081103 7,617 303,725 SH Sole 303,725
PMC - SIERRA INC Common 69344F106 1,563 300,000 SH Sole 300,000
PNC FINANCIAL Common 693475105 8,871 152,139 SH Sole 152,139
SERVICES GROUP
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TOTAL 42,969
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Page 13 of 21 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
PPL CORPORATION Common 69351T106 859 30,000 SH Sole 30,000
PRETIUM Common 74139C102 1,384 104,816 SH Sole 104,816
RESOURCES INC
PRUDENTIAL Common 744320102 533 10,000 SH Sole 10,000
FINANCIAL INC
REINSURANCE Common 759351604 428 8,000 SH Sole 8,000
GROUP OF AMERICA
RENT-A-CENTER INC Common 76009N100 215 6,264 SH Sole 6,264
REPUBLIC SERVICES Common 760759100 6,599 225,000 SH Sole 225,000
INC
ROYAL DUTCH Common 780259206 236 3,420 SH Sole 3,420
SHELL PLC-ADR
RUBICON MINERALS Common 780911103 3,600 1,401,817 SH Sole 1,401,817
CORP
SANDSTORM GOLD Common 80013R206 3,398 288,626 SH Sole 288,626
SCHLUMBERGER LTD Common 806857108 11,781 170,000 SH Sole 170,000
SCHWAB CHARLES Common 808513105 1,723 120,000 SH Sole 120,000
CORP
SEAGATE Common G7945M107 7,605 250,000 SH Sole 250,000
SONOCO PRODUCTS Common 835495102 2,527 85,000 SH Sole 85,000
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TOTAL 40,888
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Page 14 of 21 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
SPDR GOLD TRUST Common 78463V107 1,577 9,734 SH Shared Defined 9,734
SPRINT NEXTEL Common 852061100 222 39,069 SH Sole 39,069
STAPLES INC Common 855030102 2,286 200,526 SH Sole 200,526
STILLWATER MINING Common 86074Q102 6,390 499,963 SH Sole 499,963
SUNCOR ENERGY INC Common 867224107 9,729 295,000 SH Sole 295,000
SYNOVUS FINANCIAL Common 87161C105 45 18,225 SH Sole 18,225
CORP
TARGET CORP Common 87612E106 5,473 92,500 SH Sole 92,500
THORATEC CORP Common 885175307 825 22,000 SH Sole 22,000
TIFFANY & CO Common 886547108 5,734 100,000 SH Shared Defined 100,000
TIME WARNER CABLE Common 88732J207 4,860 50,000 SH Sole 50,000
TIME WARNER CABLE Common 88732J207 7,289 75,000 SH Shared Defined 75,000
TOTAL SA-SPON ADR Common 89151E109 8,062 155,000 SH Sole 155,000
TRAVELERS COS Common 89417E109 934 13,000 SH Sole 13,000
INC
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TOTAL 53,426
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Page 15 of 21 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
UBS AG-REG Common H89231338 196 12,425 SH Sole 12,425
UNITED PARCEL Common 911312106 4,424 60,000 SH Sole 60,000
SERVICE-CL B
UNITED STATES Common 912909108 788 33,031 SH Shared Defined 33,031
STEEL CORP
URANIUM ENERGY Common 916896103 175 68,367 SH Sole 68,367
VIACOM INC-CLASS B Common 92553P201 1,319 25,000 SH Shared Defined 25,000
VIRTUS INVESTMENT Common 92828Q109 401 3,318 SH Sole 3,318
PARTNERS
VISTA GOLD CORP Common 927926303 4,749 1,758,748 SH Sole 1,758,748
WALT DISNEY Common 254687106 1,494 30,000 SH Sole 30,000
WALTER ENERGY Common 93317Q105 541 15,086 SH Shared Defined 15,086
WELLPOINT INC Common 94973V107 286 4,700 SH Sole 4,700
WESTERN DIGITAL Common 958102105 13,809 325,000 SH Sole 325,000
WET SEAL INC Common 961840105 44 16,000 SH Sole 16,000
CLASS A
WHITING Common 966387102 347 8,000 SH Sole 8,000
PETROLEUM CORP
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TOTAL 28,573
-------------
Page 16 of 21 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
WPX ENERGY INC Common 98212B103 368 24,737 SH Sole 24,737
XEROX CORP Common 984121103 676 99,075 SH Sole 99,075
YAHOO! INC Common 984332106 222 11,149 SH Sole 11,149
ZHONE Common 98950P884 85 180,611 SH Sole 180,611
TECHNOLOGIES INC
ZOLTEK COMPANIES Common 98975W104 1,240 160,000 SH Sole 160,000
-------------
TOTAL $ 2,591
-------------
Page 17 of 21 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
ASHLAND INC Common 044209954 1,608 20,000 SH Put Sole 20,000
BARRICK GOLD Common 067901908 9,103 260,000 SH Call Sole 260,000
BARRICK GOLD Common 067901958 17,505 500,000 SH Put Sole 500,000
BOEING CO Common 097023955 7,536 100,000 SH Put Sole 100,000
CAMECO CORP Common 13321L958 789 40,000 SH Put Sole 40,000
CARDINAL HEALTH Common 14149Y958 4,118 100,000 SH Put Sole 100,000
CATERPILLAR INC Common 149123951 8,961 100,000 SH Put Sole 100,000
CF INDUSTRIES Common 125269900 2,032 10,000 SH Call Sole 10,000
HOLDINGS INC
CF INDUSTRIES Common 125269950 4,063 20,000 SH Put Sole 20,000
HOLDINGS INC
CHEVRON CORP Common 166764950 6,488 60,000 SH Put Sole 60,000
CIENA CORP Common 171779959 1,570 100,000 SH Put Sole 100,000
CISCO SYSTEMS INC Common 17275R952 5,109 260,000 SH Put Sole 260,000
CITIGROUP INC Common 172967904 1,582 40,000 SH Call Sole 40,000
-------------
TOTAL 70,464
-------------
Page 18 of 21 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
CITIGROUP INC Common 172967954 6,330 160,000 SH Put Sole 160,000
CORNING INC Common 219350955 2,522 200,000 SH Put Sole 200,000
CUMMINS INC Common 231021956 10,835 100,000 SH Put Sole 100,000
DU PONT E.I. DE Common 263534959 7,646 170,000 SH Put Sole 170,000
NEMOURS
GOLDCORP INC Common 380956959 4,771 130,000 SH Put Sole 130,000
INTEL CORP Common 458140950 1,650 80,000 SH Put Sole 80,000
INTL BUSINESS Common 459200951 7,662 40,000 SH Put Sole 40,000
MACHINES CORP
JOY GLOBAL INC Common 481165958 3,827 60,000 SH Put Sole 60,000
JPMORGAN CHASE & CO Common 46625H900 2,660 60,500 SH Call Sole 60,500
LOWE'S COS INC Common 548661957 8,525 240,000 SH Put Sole 240,000
MARATHON OIL Common 565849956 1,839 60,000 SH Put Sole 60,000
MARKET VECTORS JR Common 57060U959 6,729 340,000 SH Put Sole 340,000
GOLD MINER
MARTIN MARIETTA Common 573284956 10,371 110,000 SH Put Sole 110,000
MATERIALS
-------------
TOTAL 75,367
-------------
Page 19 of 21 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
MASTERCARD INC- Common 57636Q954 4,913 10,000 SH Put Sole 10,000
CLASS A
MERCK & CO. INC. Common 58933Y955 4,094 100,000 SH Put Sole 100,000
MICROSOFT CORP Common 594918954 7,752 290,000 SH Put Sole 290,000
MOLYCORP INC Common 608753959 944 100,000 SH Put Sole 100,000
MORGAN STANLEY Common 617446958 5,736 300,000 SH Put Sole 300,000
NEWMONT MINING Common 651639956 12,074 260,000 SH Put Sole 260,000
PARKER HANNIFIN Common 701094954 3,402 40,000 SH Put Sole 40,000
PRUDENTIAL Common 744320952 6,933 130,000 SH Put Sole 130,000
FINANCIAL INC
SCHWAB CHARLES Common 808513955 3,159 220,000 SH Put Sole 220,000
CORP
STAPLES INC Common 855030952 1,140 100,000 SH Put Sole 100,000
TESLA MOTORS INC Common 88160R901 16,935 500,000 SH Call Shared Defined 500,000
UNITED Common 910047959 4,208 180,000 SH Put Sole 180,000
CONTINENTAL
UNITED PARCEL Common 911312956 14,746 200,000 SH Put Sole 200,000
SERVICE-CL B
-------------
TOTAL 86,036
-------------
Page 20 of 21 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
VISA INC-CLASS A Common 92826C959 15,149 100,000 SH Put Sole 100,000
SHARES
VULCAN MATERIALS Common 929160959 1,041 20,000 SH Put Sole 20,000
WALT DISNEY Common 254687956 6,473 130,000 SH Put Sole 130,000
WHIRLPOOL CORP Common 963320956 7,125 70,000 SH Put Sole 70,000
-------------
TOTAL $ 29,788
-------------
AGGREGATE $ 14,913,123
=============
Page 21 of 21 Pages