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 September 30, 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: November 13, 2012
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Page 1 of 20
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 20
FORM 13F SUMMARY PAGE
REPORT SUMMARY
Number of Other Included Managers: One
Form 13F Information Table Entry Total: 209
Form 13F Information Table Value Total: $14,867.1 (million)
List of Other Included Managers:
No. Form 13F File Number Name
1 28- Loews MIP, Inc.
Page 3 of 20
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
A123 SYSTEMS INC Common 03739T108 343 1,370,800 SH Sole 1,370,800
ABBOTT LABS Common 002824100 7,005 102,175 SH Sole 102,175
ADVANCE AUTO Common 00751Y106 1,711 25,000 SH Sole 25,000
PARTS INC
ALLSTATE CORP Common 020002101 229 5,781 SH Sole 5,781
AMERICAN CAPITAL Common 02503X105 2,249 65,000 SH Sole 65,000
AGENCY CORP
AMERICAN Common 026874784 8,197 250,000 SH Shared Defined 1 250,000
INTERNATIONAL GROUP
AMERICAN Common 029263100 46 10,825 SH Sole 10,825
REPROGRAPHICS CO
AMKOR Common 031652100 265 60,000 SH Sole 60,000
ANADARKO Common 032511107 1,127 16,120 SH Sole 16,120
PETROLEUM CORP
ANNALY CAPITAL
MGMT 5% 2015/05/15 Corp 035710AB8 2,555 2,500,000 PRN Sole 2,500,000
AON PLC Common 037389103 2,876 55,000 SH Sole 55,000
APACHE CORP Common 037411105 353 4,080 SH Sole 4,080
APPLE INC Common 037833100 16,678 25,000 SH Shared Defined 1 25,000
ARTIO GLOBAL Common 04315B107 44 14,800 SH Sole 14,800
INVESTORS INC
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TOTAL 43,678
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Page 4 of 20 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 044209104 5,370 75,000 SH Sole 75,000
AT&T INC Common 00206R102 9,387 248,979 SH Shared Defined 1 248,979
AURICO GOLD INC Common 05155C105 2,587 370,048 SH Sole 370,048
AURIZON MINES LTD Common 05155P106 1,949 371,271 SH Sole 371,271
AVNET INC Common 053807103 289 9,925 SH Sole 9,925
BANK OF AMERICA WARRANT 060505153 1,104 125,000 SH Sole 125,000
BANK OF NEW YORK Common 064058100 348 15,378 SH Sole 15,378
MELLON CORP
BARRICK GOLD Common 067901108 14,772 353,736 SH Sole 353,736
BEMIS COMPANY Common 081437105 3,147 100,000 SH Sole 100,000
BOARDWALK Common 096627104 2,865,873 102,719,466 SH Sole 102,719,466
PIPELINE PARTNERS
BP PLC-SPONS ADR Common 055622104 219 5,174 SH Sole 5,174
BROCADE Common 111621306 2,248 380,000 SH Sole 380,000
COMMUNICATIONS
CAL DIVE Common 12802T101 63 41,128 SH Sole 41,128
INTERNATIONAL INC
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TOTAL 2,907,356
-----------
Page 5 of 20 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
CAPITAL ONE Common 14040H105 5,131 90,000 SH Sole 90,000
FINANCIAL CORP
CAPLEASE INC Common 140288101 221 42,798 SH Sole 42,798
CARDINAL HEALTH Common 14149Y108 3,897 100,000 SH Sole 100,000
CATERPILLAR INC Common 149123101 3,123 36,300 SH Sole 36,300
CATERPILLAR INC Common 149123101 8,604 100,000 SH Shared Defined 1 100,000
CBRE GROUP INC - A Common 12504L109 1,257 68,300 SH Sole 68,300
CF INDUSTRIES Common 125269100 14,446 65,000 SH Sole 65,000
HOLDINGS INC
CHEVRON CORP Common 166764100 9,278 79,601 SH Shared Defined 1 79,601
CISCO SYSTEMS INC Common 17275R102 12,221 640,000 SH Sole 640,000
CITIGROUP INC Common 172967424 1,846 56,430 SH Sole 56,430
CNA FINANCIAL CORP Common 126117100 6,495,856 242,382,673 SH Sole 242,382,673
CNO FINANCIAL Common 12621E103 319 33,100 SH Sole 33,100
GROUP INC
COEUR D'ALENE Common 192108504 3,994 138,544 SH Sole 138,544
MINES CORP
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TOTAL 6,560,193
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Page 6 of 20 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
COMCAST CORP- Common 20030N200 4,490 129,000 SH Sole 129,000
SPECIAL CL A
COMSTOCK MINING Common 205750102 275 84,181 SH Sole 84,181
CUMMINS INC Common 231021106 1,844 20,000 SH Sole 20,000
CUMMINS INC Common 231021106 11,526 125,000 SH Shared Defined 1 125,000
CVS CAREMARK CORP Common 126650100 7,263 150,000 SH Sole 150,000
DELL INC Common 24702R101 132 13,375 SH Sole 13,375
DENBURY Common 247916208 7,033 435,200 SH Sole 435,200
RESOURCES INC
DEVON ENERGY Common 25179M103 393 6,500 SH Sole 6,500
CORPORATION
DIAMOND OFFSHORE Common 25271C102 4,613,585 70,104,620 SH Sole 70,104,620
DRILLING
DIRECTV Common 25490A309 3,146 60,000 SH Sole 60,000
DU PONT (E.I.) DE Common 263534109 13,573 270,000 SH Sole 270,000
NEMOURS
EASTMAN CHEMICAL Common 277432100 2,851 50,000 SH Sole 50,000
-----------
4,666,111
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Page 7 of 20 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
EATON CORP Common 278058102 7,800 165,000 SH Sole 165,000
ELI LILLY & CO Common 532457108 9,490 200,166 SH Shared Defined 1 200,166
EMC CORP/MA Common 268648102 1,636 60,000 SH Sole 60,000
ENERGIZER Common 29266R108 4,477 60,000 SH Sole 60,000
HOLDINGS INC
ENSCO PLC-CL A Common 29358Q109 649 11,900 SH Sole 11,900
EXETER RESOURCE Common 301835104 997 593,958 SH Sole 593,958
FEDEX CORP Common 31428X106 795 9,400 SH Sole 9,400
FORTUNE BRANDS Common 34964C106 357 13,199 SH Sole 13,199
HOME & SECURI
FREEPORT- Common 35671D857 8,906 225,000 SH Shared Defined 1 225,000
MCMORAN COPPER
GASLOG LTD Common G37585109 6,050 522,500 SH Sole 522,500
GASLOG LTD Common G37585109 2,605 225,000 SH Shared Defined 1 225,000
GENERAL MOTORS CO Common 37045V100 7,735 340,000 SH Sole 340,000
GENERAL MOTORS CO Common 37045V100 4,550 200,000 SH Shared Defined 1 200,000
GENERAL MOTORS CO WARRANT 37045V126 928 40,800 SH Sole 40,800
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TOTAL 56,975
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Page 8 of 20 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
GENON ENERGY INC Common 37244E107 94 37,159 SH Sole 37,159
GLOBAL CASH Common 378967103 277 34,444 SH Sole 34,444
ACCESS HOLDINGS
GOLDCORP INC Common 380956409 7,336 160,000 SH Sole 160,000
GOLDEN STAR Common 38119T104 357 181,300 SH Sole 181,300
RESOURCES LTD
GOOGLE INC-CL A Common 38259P508 208 276 SH Sole 276
GRANITE REAL Common 387431109 230 6,400 SH Sole 6,400
ESTATE INC
GREEN PLAINS Common 393222104 2,747 468,800 SH Sole 468,800
RENEWABLE ENERG
GREEN PLAINS
RENEWABLE 5.75%
2015/11/01 Corp 393222AB0 783 1,000,000 PRN Sole 1,000,000
HARTE-HANKS INC Common 416196103 104 15,064 SH Sole 15,064
HASBRO INC Common 418056107 8,015 210,000 SH Sole 210,000
HEWLETT-PACKARD Common 428236103 599 35,105 SH Sole 35,105
HOME DEPOT INC Common 437076102 12,074 200,000 SH Shared Defined 1 200,000
HOSPITALITY Common 44106M102 202 8,500 SH Sole 8,500
PROPERTIES TRUST
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TOTAL 33,026
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Page 9 of 20 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
HUDBAY MINERALS Common 443628102 1,389 141,016 SH Sole 141,016
ILLINOIS TOOL WORKS Common 452308109 4,460 75,000 SH Sole 75,000
INFINERA CORP Common 45667G103 1,534 280,000 SH Sole 280,000
INTEL CORP Common 458140100 7,827 345,472 SH Shared Defined 1 345,472
INTL BUSINESS Common 459200101 3,034 14,624 SH Sole 14,624
MACHINES CORP
ISHARES DJ US REAL Common 464287739 8,614 133,793 SH Shared Defined 1 133,793
ESTATE
JAGUAR MINING INC Common 47009M103 404 331,092 SH Sole 331,092
JDS UNIPHASE CORP Common 46612J507 124 10,000 SH Sole 10,000
JOHNSON & JOHNSON Common 478160104 12,982 188,387 SH Sole 188,387
JONES GROUP Common 48020T101 144 11,203 SH Sole 11,203
JOY GLOBAL INC Common 481165108 1,121 20,000 SH Sole 20,000
JPMORGAN CHASE & Co Common 46625H100 787 19,433 SH Sole 19,433
KIMBER RESOURCES Common 49435N101 450 641,515 SH Sole 641,515
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TOTAL 42,870
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Page 10 of 20 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
KIMBERLY-CLARK Common 494368103 3,431 40,000 SH Sole 40,000
KINROSS GOLD Common 496902404 9,799 959,759 SH Sole 959,759
KOBEX MINERALS Common 49989C105 126 238,285 SH Sole 238,285
LEGG MASON INC Common 524901105 285 11,534 SH Sole 11,534
LINCOLN NATIONAL Common 534187109 435 18,000 SH Sole 18,000
CORP
LOCKHEED MARTIN Common 539830109 1,401 15,000 SH Sole 15,000
LOWE'S COS INC Common 548661107 4,233 140,000 SH Sole 140,000
LOWE'S COS INC Common 548661107 1,512 50,000 SH Shared Defined 1 50,000
MACY'S INC Common 55616P104 9,405 250,000 SH Shared Defined 1 250,000
MAG SILVER CORP Common 55903Q104 2,583 210,888 SH Sole 210,888
MARKET VECTORS JR Common 57060U589 3,782 153,000 SH Sole 153,000
GOLD MINER
MARTIN MARIETTA Common 573284106 3,315 40,000 SH Sole 40,000
MATERIALS
MATTEL INC Common 577081102 8,868 250,000 SH Sole 250,000
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TOTAL 49,175
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Page 11 of 20 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
MEDTRONIC INC Common 585055106 215 4,990 SH Sole 4,990
MERCK & CO. INC. Common 58933Y105 543 12,049 SH Sole 12,049
MERCK & CO. INC. Common 58933Y105 9,503 210,753 SH Shared Defined 1 210,753
METLIFE INC Common 59156R108 495 14,350 SH Sole 14,350
MICROSOFT CORP Common 594918104 30,778 1,034,217 SH Sole 1,034,217
MICROSOFT CORP Common 594918104 8,412 282,655 SH Shared Defined 1 282,655
MIDWAY GOLD CORP Common 598153104 322 197,679 SH Sole 197,679
MOLYCORP INC Common 608753109 575 50,000 SH Sole 50,000
MORGANS HOTEL Common 61748W108 6,420 1,000,000 SH Sole 1,000,000
GROUP CO
MUELLER WATER Common 624758108 174 35,489 SH Sole 35,489
PRODUCTS INC-A
NATIONAL OILWELL Common 637071101 12,417 154,998 SH Sole 154,998
VARCO INC
NEWELL Common 651229106 5,250 275,000 SH Sole 275,000
RUBBERMAID INC
-----------
TOTAL 75,104
-----------
Page 12 of 20 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
NEWMONT MINING Common 651639106 5,602 100,000 SH Sole 100,000
NYSE EURONEXT Common 629491101 986 40,000 SH Sole 40,000
OCCIDENTAL Common 674599105 1,024 11,900 SH Sole 11,900
PETROLEUM CORP
ORACLE CORP Common 68389X105 17,666 561,540 SH Sole 561,540
PAN AMERICAN Common 697900108 3,172 147,905 SH Sole 147,905
SILVER CORP
PARK STERLING CORP Common 70086Y105 101 20,415 SH Sole 20,415
PARKER HANNIFIN Common 701094104 2,507 30,000 SH Sole 30,000
PEPSICO INC Common 713448108 8,941 126,338 SH Shared Defined 1 126,338
PFIZER INC Common 717081103 6,821 274,500 SH Sole 274,500
PFIZER INC Common 717081103 9,229 371,394 SH Shared Defined 1 371,394
PITNEY BOWES INC Common 724479100 148 10,739 SH Sole 10,739
PMC - SIERRA INC Common 69344F106 1,906 340,000 SH Sole 340,000
PNC FINANCIAL Common 693475105 6,129 97,139 SH Sole 97,139
SERVICES GROUP
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TOTAL 64,232
-----------
Page 13 of 20 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 872 30,000 SH Sole 30,000
PRETIUM Common 74139C102 1,374 104,816 SH Sole 104,816
RESOURCES INC
REINSURANCE Common 759351604 463 8,000 SH Sole 8,000
GROUP OF AMERICA
REPUBLIC SERVICES Common 760759100 6,190 225,000 SH Sole 225,000
INC
ROYAL DUTCH Common 780259206 277 3,996 SH Sole 3,996
SHELL PLC-ADR
RUBICON MINERALS Common 780911103 5,263 1,401,817 SH Sole 1,401,817
CORP
SANDSTORM GOLD Common 80013R206 3,703 288,626 SH Sole 288,626
SCHLUMBERGER LTD Common 806857108 11,573 160,000 SH Sole 160,000
SCHWAB CHARLES Common 808513105 1,534 120,000 SH Sole 120,000
CORP
SEAGATE Common G7945M107 7,740 250,000 SH Sole 250,000
SONOCO PRODUCTS Common 835495102 2,634 85,000 SH Sole 85,000
STAPLES INC Common 855030102 582 50,526 SH Sole 50,526
STILLWATER MINING Common 86074Q102 10,470 888,074 SH Sole 888,074
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TOTAL 52,675
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Page 14 of 20 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
SUNCOR ENERGY INC Common 867224107 9,034 275,000 SH Sole 275,000
TARGET CORP Common 87612E106 5,712 90,000 SH Sole 90,000
THORATEC CORP Common 885175307 761 22,000 SH Sole 22,000
TIME WARNER CABLE Common 88732J207 4,753 50,000 SH Sole 50,000
TOTAL SA-SPON ADR Common 89151E109 8,267 165,000 SH Sole 165,000
TRAVELERS COS Common 89417E109 887 13,000 SH Sole 13,000
INC
UBS AG-REG Common H89231338 151 12,425 SH Sole 12,425
UNITED PARCEL Common 911312106 4,294 60,000 SH Sole 60,000
SERVICE-CL B
URANIUM ENERGY Common 916896103 178 68,367 SH Sole 68,367
VERIZON Common 92343V104 9,443 207,224 SH Shared Defined 1 207,224
COMMUNICATIONS INC
VIRTUS INVESTMENT Common 92828Q109 285 3,318 SH Sole 3,318
PARTNERS
VISTA GOLD CORP Common 927926303 6,384 1,758,748 SH Sole 1,758,748
WALT DISNEY CO. Common 254687106 2,091 40,000 SH Sole 40,000
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TOTAL 52,240
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Page 15 of 20 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
WELLPOINT INC Common 94973V107 273 4,700 SH Sole 4,700
WESTERN DIGITAL Common 958102105 11,038 285,000 SH Sole 285,000
WESTERN UNION CO Common 959802109 2,460 135,000 SH Sole 135,000
WET SEAL INC Common 961840105 50 16,000 SH Sole 16,000
CLASS A
WHITING Common 966387102 379 8,000 SH Sole 8,000
PETROLEUM CORP
WPX ENERGY INC Common 98212B103 213 12,818 SH Sole 12,818
XEROX CORP Common 984121103 727 99,075 SH Sole 99,075
XL GROUP PLC Common G98290102 209 8,700 SH Sole 8,700
YAHOO! INC Common 984332106 310 19,409 SH Sole 19,409
ZHONE Common 98950P884 276 437,684 SH Sole 437,684
TECHNOLOGIES INC
ZOLTEK COMPANIES Common 98975W104 1,596 207,500 SH Sole 207,500
-----------
TOTAL $ 17,531
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Page 16 of 20 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 4,296 60,000 SH Put Sole 60,000
BARRICK GOLD Common 067901908 9,187 220,000 SH Call Sole 220,000
BARRICK GOLD Common 067901958 16,704 400,000 SH Put Sole 400,000
BOEING CO Common 097023955 6,960 100,000 SH Put Sole 100,000
CAMECO CORP Common 13321L958 777 40,000 SH Put Sole 40,000
CARDINAL HEALTH Common 14149Y958 3,897 100,000 SH Put Sole 100,000
CATERPILLAR INC Common 149123951 8,604 100,000 SH Put Sole 100,000
CF INDUSTRIES Common 125269950 4,445 20,000 SH Put Sole 20,000
HOLDINGS INC
CHEVRON CORP Common 166764950 6,994 60,000 SH Put Sole 60,000
CISCO SYSTEMS INC Common 17275R952 4,965 260,000 SH Put Sole 260,000
CITIGROUP INC Common 172967904 1,309 40,000 SH Call Sole 40,000
CITIGROUP INC Common 172967954 2,618 80,000 SH Put Sole 80,000
CORNING INC Common 219350955 2,630 200,000 SH Put Sole 200,000
-----------
TOTAL 73,386
-----------
Page 17 of 20 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
CUMMINS INC Common 231021956 9,221 100,000 SH Put Sole 100,000
DU PONT (E.I.) DE Common 263534959 8,546 170,000 SH Put Sole 170,000
NEMOURS
EATON CORP Common 278058952 4,727 100,000 SH Put Sole 100,000
GOLDCORP INC Common 380956959 5,961 130,000 SH Put Sole 130,000
INTEL CORP Common 458140950 1,812 80,000 SH Put Sole 80,000
INTL BUSINESS Common 459200951 8,298 40,000 SH Put Sole 40,000
MACHINES CORP
JOY GLOBAL INC Common 481165958 3,364 60,000 SH Put Sole 60,000
JPMORGAN CHASE & CO Common 46625H900 2,449 60,500 SH Call Sole 60,500
LOWE'S COS INC Common 548661957 7,258 240,000 SH Put Sole 240,000
MARATHON OIL Common 565849956 1,773 60,000 SH Put Sole 60,000
MARKET VECTORS JR Common 57060U959 8,899 360,000 SH Put Sole 360,000
GOLD MINER
MARTIN MARIETTA Common 573284956 9,116 110,000 SH Put Sole 110,000
MATERIALS
MASTERCARD INC- Common 57636Q954 4,515 10,000 SH Put Sole 10,000
CLASS A
-----------
TOTAL 75,939
-----------
Page 18 of 20 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 58933Y955 4,510 100,000 SH Put Sole 100,000
MICROSOFT CORP Common 594918954 8,630 290,000 SH Put Sole 290,000
MOLYCORP INC Common 608753959 1,150 100,000 SH Put Sole 100,000
MORGAN STANLEY Common 617446958 6,361 380,000 SH Put Sole 380,000
NEWMONT MINING Common 651639956 5,602 100,000 SH Put Sole 100,000
PARKER HANNIFIN Common 701094954 4,179 50,000 SH Put Sole 50,000
PRUDENTIAL Common 744320952 7,630 140,000 SH Put Sole 140,000
FINANCIAL INC
SCHWAB CHARLES Common 808513955 3,324 260,000 SH Put Sole 260,000
CORP
STAPLES INC Common 855030952 1,152 100,000 SH Put Sole 100,000
TESLA MOTORS INC Common 88160R901 14,635 500,000 SH Call Shared Defined 1 500,000
UNITED Common 910047959 3,900 200,000 SH Put Sole 200,000
CONTINENTAL
UNITED PARCEL Common 911312956 8,588 120,000 SH Put Sole 120,000
SERVICE-CL B
VISA INC-CLASS A Common 92826C959 13,428 100,000 SH Put Sole 100,000
SHARES
-----------
TOTAL 83,089
-----------
Page 19 of 20 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
VULCAN MATERIALS Common 929160959 946 20,000 SH Put Sole 20,000
WALT DISNEY Common 254687956 6,796 130,000 SH Put Sole 130,000
WHIRLPOOL CORP Common 963320956 5,804 70,000 SH Put Sole 70,000
-----------
TOTAL $ 13,546
-----------
AGGREGATE $14,867,126
===========
Page 20 of 20 Pages