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, 2011
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 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: NONE.
Form 13F Information Table Entry Total: 206
Form 13F Information Table Value Total: $14,015.6 (million)
List of Other Included Managers: NONE.
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 CORP 03739TAA6 10 30,000 PRN Sole 30,000
A123 SYSTEMS INC Common 03739T108 1,055 655,400 SH Sole 655,400
ABBOTT Common 002824100 5,852 104,075 SH Sole 104,075
AGNICO-EAGLE Common 008474108 671 18,484 SH Sole 18,484
MINES LTD
ALLSTATE CORP Common 020002101 4,613 168,281 SH Sole 168,281
ALVARION LTD Common M0861T100 637 700,000 SH Sole 700,000
AMERICAN AXLE & Common 024061103 495 50,000 SH Shared Defined 50,000
MFG HOLDINGS
AMERICAN INTL Common 026874784 716 30,875 SH Sole 30,875
GROUP
AMERICAN INTL Warrant 026874156 7,501 323,300 SH Sole 323,300
GROUP
AMERICAN Common 029263100 50 10,825 SH Sole 10,825
REPROGRAPHICS CO
AMGEN INC Common 031162100 1,002 15,610 SH Sole 15,610
AMKOR Common 031652100 174 40,000 SH Sole 40,000
ANADARKO Common 032511107 1,015 13,300 SH Sole 13,300
PETROLEUM CORP
APACHE CORP Common 037411105 370 4,080 SH Sole 4,080
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TOTAL 24,161
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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
APPLE INC Common 037833100 10,125 25,000 SH Shared Defined 25,000
AURICO GOLD INC Common 05155C105 2,923 364,961 SH Sole 364,961
AURIZON MINES LTD Common 05155P106 1,821 371,271 SH Sole 371,271
AVNET INC Common 053807103 263 8,450 SH Sole 8,450
BARRICK GOLD Common 067901108 11,053 244,271 SH Sole 244,271
BEMIS COMPANY Common 081437105 4,512 150,000 SH Sole 150,000
BOARDWALK Common 096627104 2,842,248 102,719,466 SH Sole 102,719,466
PIPELINE PARTNERS
BOEING CO Common 097023105 1,467 20,000 SH Sole 20,000
BORGWARNER INC Common 099724106 3,187 50,000 SH Shared Defined 50,000
BROCADE Common 111621306 1,972 380,000 SH Sole 380,000
COMMUNICATIONS
CABLEVISION Common 12686C109 4,266 300,000 SH Shared Defined 300,000
SYSTEMS-NY GRP-A
CAL DIVE Common 12802T101 39 17,500 SH Sole 17,500
INTERNATIONAL INC
CAMECO CORP Common 13321L108 903 50,000 SH Sole 50,000
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TOTAL 2,884,779
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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
CAPLEASE INC Common 140288101 204 50,498 SH Sole 50,498
CATERPILLAR INC Common 149123101 3,171 35,000 SH Sole 35,000
CBS CORP-CLASS B Common 124857202 10,856 400,000 SH Shared Defined 400,000
NON VOTING
CF INDUSTRIES Common 125269100 8,119 56,000 SH Sole 56,000
HOLDINGS INC
CHEVRON CORP Common 166764100 6,916 65,000 SH Sole 65,000
CISCO SYSTEMS INC Common 17275R102 10,758 595,000 SH Sole 595,000
CITIGROUP INC Common 172967424 336 12,755 SH Sole 12,755
CNA FINANCIAL CORP Common 126117100 6,483,737 242,382,673 SH Sole 242,382,673
CNO FINANCIAL Common 12621E103 255 40,348 SH Sole 40,348
GROUP INC
COEUR D'ALENE Common 192108504 4,977 206,154 SH Sole 206,154
MINES CORP
COMCAST CORP Common 20030N200 5,277 224,000 SH Sole 224,000
COMSTOCK MINING Common 205750102 49 26,643 SH Sole 26,643
CSX CORP Common 126408103 1,053 50,000 SH Sole 50,000
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TOTAL 6,535,708
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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
CUMMINS INC Common 231021106 1,760 20,000 SH Sole 20,000
CVS CAREMARK CORP Common 126650100 9,176 225,000 SH Sole 225,000
DENBURY Common 247916208 529 35,000 SH Sole 35,000
RESOURCES INC
DEVON ENERGY Common 25179M103 570 9,200 SH Sole 9,200
CORPORATION
DIAMOND OFFSHORE Common 25271C102 3,873,981 70,104,620 SH Sole 70,104,620
DRILLING
DIANA SHIPPING INC Common Y2066G104 6,469 864,800 SH Sole 864,800
DU PONT (E.I.) DE Common 263534109 12,818 280,000 SH Sole 280,000
NEMOURS
EATON CORP Common 278058102 4,353 100,000 SH Sole 100,000
EMC CORP MASS Common 268648102 1,960 91,000 SH Sole 91,000
ENERGIZER Common 29266R108 3,874 50,000 SH Sole 50,000
HOLDINGS INC
ENSCO PLC-SPON ADR Common 29358Q109 558 11,900 SH Sole 11,900
ENTERGY CORP Common 29364G103 232 3,175 SH Sole 3,175
EXETER RESOURCE Common 301835104 1,556 593,958 SH Sole 593,958
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TOTAL 3,917,836
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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
EXXON MOBIL CORP Common 30231G102 10,491 123,775 SH Sole 123,775
FEDEX CORP Common 31428X106 785 9,400 SH Sole 9,400
FORD MOTOR CO Common 345370860 6,951 646,000 SH Sole 646,000
GENERAL MOTORS CO Common 37045V100 3,041 150,000 SH Shared Defined 150,000
GLOBAL CASH Common 378967103 316 71,051 SH Sole 71,051
ACCESS HOLDINGS
GMX RESOURCES Common 38011M108 20 16,200 SH Sole 16,200
GOLDCORP INC Common 380956409 6,195 140,000 SH Sole 140,000
GOLDEN STAR Common 38119T104 301 182,248 SH Sole 182,248
RESOURCES LTD
GOOGLE INC-CL A Common 38259P508 202 313 SH Sole 313
GREEN PLAINS Common 393222104 2,358 241,600 SH Sole 241,600
RENEWABLE ENERG
HALOZYME Common 40637H109 141 14,854 SH Sole 14,854
THERAPEUTICS INC
HARTE-HANKS INC Common 416196103 129 14,139 SH Sole 14,139
HEWLETT-PACKARD Common 428236103 2,451 95,140 SH Sole 95,140
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TOTAL 33,381
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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
HOME DEPOT INC Common 437076102 7,357 175,000 SH Sole 175,000
HOSPITALITY Common 44106M102 203 8,850 SH Sole 8,850
PROPERTIES TRUST
HUDBAY MINERALS Common 443628102 1,781 179,072 SH Sole 179,072
ILLINOIS TOOL WORKS Common 452308109 4,671 100,000 SH Sole 100,000
INFINERA CORP Common 45667G103 1,570 250,000 SH Sole 250,000
INGERSOLL RAND PLC Common G47791101 286 9,400 SH Sole 9,400
INTL BUSINESS Common 459200101 14,641 79,624 SH Sole 79,624
MACHINES CORP
ISHARES DJ SELECT Common 464287168 12,555 233,500 SH Sole 233,500
DIV INX
JAGUAR MINING INC Common 47009M103 5,494 861,659 SH Sole 861,659
JDS UNIPHASE CORP Common 46612J507 600 57,500 SH Sole 57,500
JOHNSON & JOHNSON Common 478160104 16,151 246,282 SH Sole 246,282
JPMORGAN CHASE & Co. Common 46625H100 147 4,433 SH Sole 4,433
Common 46625H100 3,990 120,000 SH Shared Defined 120,000
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TOTAL 69,446
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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
KIMBER RESOURCES Common 49435N101 554 641,515 SH Sole 641,515
KIMBERLY-CLARK Common 494368103 8,092 110,000 SH Sole 110,000
KINROSS GOLD Common 496902404 2,622 230,000 SH Sole 230,000
KOBEX MINERALS Common 49989C105 145 238,285 SH Sole 238,285
KRAFT FOODS INC Common 50075N104 8,966 240,000 SH Sole 240,000
LAS VEGAS SANDS Common 517834107 10,683 250,000 SH Shared Defined 250,000
LEGG MASON INC Common 524901105 241 10,004 SH Sole 10,004
LENNAR CORP - B SHS Common 526057302 184 11,800 SH Sole 11,800
LINCOLN NATIONAL Common 534187109 350 18,000 SH Sole 18,000
CORP
LOCKHEED MARTIN Common 539830109 2,427 30,000 SH Sole 30,000
LOWE'S COS INC Common 548661107 4,061 160,000 SH Sole 160,000
MAG SILVER CORP Common 55903Q104 1,386 210,888 SH Sole 210,888
MARKET VECTORS JR Common 57060U589 3,779 153,000 SH Sole 153,000
GOLD MINER
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TOTAL 43,490
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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
MARTIN MARIETTA Common 573284106 2,262 30,000 SH Sole 30,000
MATERIALS
MASCO CORP Common 574599106 147 14,050 SH Sole 14,050
MATTEL INC Common 577081102 9,022 325,000 SH Sole 325,000
MERCK & CO. INC. Common 58933Y105 685 18,174 SH Sole 18,174
METLIFE INC Common 59156R108 405 12,975 SH Sole 12,975
MI DEVELOPMENTS Common 55304X104 287 8,981 SH Sole 8,981
MICROSOFT CORP Common 594918104 28,834 1,110,717 SH Sole 1,110,717
MIDWAY GOLD CORP Common 598153104 413 197,679 SH Sole 197,679
MINEFINDERS CORP Common 602900102 1,348 126,838 SH Sole 126,838
MORGAN STANLEY Common 617446448 171 11,324 SH Sole 11,324
MORGANS HOTEL Common 61748W108 7,375 1,250,000 SH Sole 1,250,000
GROUP CO
MUELLER WATER Common 624758108 80 32,825 SH Sole 32,825
PRODUCTS INC
NATIONAL OILWELL Common 637071101 9,179 135,000 SH Sole 135,000
VARCO INC
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TOTAL 60,208
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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
NATL PENN BCSHS Common 637138108 88 10,400 SH Sole 10,400
NEW GOLD INC Common 644535106 1,071 106,250 SH Sole 106,250
NEWELL Common 651229106 4,441 275,000 SH Sole 275,000
RUBBERMAID INC
NEWMONT MINING Common 651639106 4,801 80,000 SH Sole 80,000
NORTHROP Common 666807102 268 4,591 SH Sole 4,591
GRUMMAN CORP
OCCIDENTAL Common 674599105 1,115 11,900 SH Sole 11,900
PETROLEUM CORP
OCH-ZIFF CAPITAL Common 67551U105 1,682 200,000 SH Shared Defined 200,000
MGMT GROUP
ORACLE CORP Common 68389X105 15,652 610,230 SH Sole 610,230
OVERHILL FARMS Common 690212105 58 15,718 SH Sole 15,718
PARK STERLING CORP Common 70086Y105 120 29,500 SH Sole 29,500
PARKER HANNIFIN Common 701094104 2,288 30,000 SH Sole 30,000
PFIZER INC Common 717081103 5,821 269,000 SH Sole 269,000
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TOTAL 37,405
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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
PMC - SIERRA INC Common 69344F106 1,873 340,000 SH Sole 340,000
PPL CORPORATION Common 69351T106 883 30,000 SH Sole 30,000
RANDGOLD Common 752344309 5,569 54,549 SH Sole 54,549
RESOURCES LTD
REINSURANCE Common 759351604 418 8,000 SH Sole 8,000
GROUP OF AMERICA
RENAISSANCE RE Common G7496G103 201 2,703 SH Sole 2,703
HOLDINGS LTD
REPUBLIC SERVICES Common 760759100 4,133 150,000 SH Sole 150,000
INC
ROYAL DUTCH Common 780259206 2,829 38,709 SH Sole 38,709
SHELL PLC-ADR
RPM INTERNATIONAL Common 749685103 4,296 175,000 SH Sole 175,000
INC
SCHWAB CHARLES Common 808513105 450 40,000 SH Sole 40,000
SEAGATE Common G7945M107 5,986 365,000 SH Sole 365,000
SEALY CORP Common 812139301 20 11,732 SH Sole 11,732
SONOCO PRODUCTS Common 835495102 3,296 100,000 SH Sole 100,000
SPDR S&P 500 ETF Common 78462F103 3,213 25,600 SH Sole 25,600
TRUST
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TOTAL 33,167
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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
STAPLES INC Common 855030102 477 34,376 SH Sole 34,376
STILLWATER MINING Common 86074Q102 10,911 1,043,148 SH Sole 1,043,148
SUNCOR ENERGY INC Common 867224107 5,483 190,200 SH Sole 190,200
SYMANTEC CORP Common 871503108 235 15,000 SH Sole 15,000
TARGET CORP Common 87612E106 5,122 100,000 SH Sole 100,000
TENNECO INC Common 880349105 596 20,000 SH Shared Defined 20,000
THORATEC CORP Common 885175307 1,074 32,000 SH Sole 32,000
TOTAL SA-SPON ADR Common 89151E109 9,455 185,000 SH Sole 185,000
TRAVELERS COS INC Common 89417E109 769 13,000 SH Sole 13,000
TRW AUTOMOTIVE Common 87264S106 978 30,000 SH Shared Defined 30,000
HOLDINGS CORP
UBS AG-REG Common H89231338 147 12,425 SH Sole 12,425
UNITED Common 910047109 2,096 111,065 SH Sole 111,065
CONTINENTAL
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TOTAL 37,343
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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
UNITED PARCEL Common 911312106 7,319 100,000 SH Sole 100,000
SERVICE-CL B
URANIUM ENERGY Common 916896103 104 33,908 SH Sole 33,908
VIRTUS INVESTMENT Common 92828Q109 252 3,318 SH Sole 3,318
PARTNERS
VISA INC Common 92826C839 2,031 20,000 SH Sole 20,000
VISTA GOLD CORP Common 927926303 5,399 1,758,748 SH Sole 1,758,748
VULCAN MATERIALS Common 929160109 2,361 60,000 SH Sole 60,000
WASTE MANAGEMENT Common 94106L109 4,907 150,000 SH Sole 150,000
WESTERN DIGITAL Common 958102105 8,666 280,000 SH Sole 280,000
WESTPORT Common 960908309 1,330 40,000 SH Sole 40,000
INNOVATIONS INC
WHIRLPOOL CORP Common 963320106 712 15,000 SH Sole 15,000
WHITING Common 966387102 374 8,000 SH Sole 8,000
PETROLEUM CORP
WILLIAMS COS INC Common 969457100 483 14,617 SH Sole 14,617
XEROX CORP Common 984121103 1,546 194,215 SH Sole 194,215
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TOTAL 35,484
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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
YAHOO! INC Common 984332106 289 17,894 SH Sole 17,894
ZHONE Common 98950P884 603 680,000 SH Sole 680,000
TECHNOLOGIES INC
ZOLTEK COMPANIES Common 98975W104 2,038 267,500 SH Sole 267,500
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TOTAL $ 2,930
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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
3M CO Common 88579Y951 3,269 40,000 SH Put Sole 40,000
ALLSTATE CORP Common 020002951 4,386 160,000 SH Put Sole 160,000
AMERICAN INTL Common 026874954 2,320 100,000 SH Put Sole 100,000
GROUP
AUTOMATIC DATA Common 053015953 4,321 80,000 SH Put Sole 80,000
PROCESSING
BARRICK GOLD Common 067901908 13,123 290,000 SH Call Sole 290,000
BARRICK GOLD Common 067901958 18,100 400,000 SH Put Sole 400,000
BOEING CO Common 097023955 4,401 60,000 SH Put Sole 60,000
CAMECO CORP Common 13321L958 1,444 80,000 SH Put Sole 80,000
CATERPILLAR INC Common 149123901 906 10,000 SH Call Sole 10,000
CATERPILLAR INC Common 149123951 18,120 200,000 SH Put Shared Defined 200,000
Common 149123951 9,060 100,000 SH Put Sole 100,000
CHEVRON CORP Common 166764950 6,384 60,000 SH Put Sole 60,000
CISCO SYSTEMS INC Common 17275R952 5,424 300,000 SH Put Sole 300,000
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TOTAL 91,258
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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
CITIGROUP INC Common 172967954 2,105 80,000 SH Put Sole 80,000
CUMMINS INC Common 231021956 7,042 80,000 SH Put Sole 80,000
DU PONT (E.I.) DE Common 263534959 6,409 140,000 SH Put Sole 140,000
NEMOURS
GENERAL MOTORS CO Common 37045V900 10,135 500,000 SH Call Shared Defined 500,000
GOLDCORP INC Common 380956909 2,655 60,000 SH Call Sole 60,000
GOLDCORP INC Common 380956959 4,425 100,000 SH Put Sole 100,000
HOME DEPOT INC Common 437076952 7,357 175,000 SH Put Sole 175,000
INTEL CORP Common 458140950 4,123 170,000 SH Put Sole 170,000
INTL BUSINESS Common 459200951 18,388 100,000 SH Put Sole 100,000
MACHINES CORP
J.C. PENNEY CO INC Common 708160956 2,812 80,000 SH Put Sole 80,000
JOHNSON & JOHNSON Common 478160954 10,493 160,000 SH Put Sole 160,000
JOY GLOBAL INC Common 481165958 4,498 60,000 SH Put Sole 60,000
LOWE'S COS INC Common 548661957 4,568 180,000 SH Put Sole 180,000
-------------
TOTAL 85,010
-------------
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
MARATHON OIL Common 565849956 1,756 60,000 SH Put Sole 60,000
MARKET VECTORS JR Common 57060U959 2,470 100,000 SH Put Sole 100,000
GOLD MINER
MARTIN MARIETTA Common 573284956 8,295 110,000 SH Put Sole 110,000
MATERIALS
MASTERCARD INC Common 57636Q954 3,728 10,000 SH Put Sole 10,000
MCKESSON CORP Common 58155Q953 3,116 40,000 SH Put Sole 40,000
MERCK & CO. INC. Common 58933Y955 3,770 100,000 SH Put Sole 100,000
MICROSOFT CORP Common 594918954 7,788 300,000 SH Put Sole 300,000
MORGAN STANLEY Common 617446958 4,539 300,000 SH Put Sole 300,000
NEWMONT MINING Common 651639906 1,200 20,000 SH Call Sole 20,000
NEWMONT MINING Common 651639956 12,002 200,000 SH Put Sole 200,000
ORACLE CORP Common 68389X955 2,565 100,000 SH Put Sole 100,000
PARKER HANNIFIN Common 701094954 3,050 40,000 SH Put Sole 40,000
PRAXAIR INC Common 74005P954 2,138 20,000 SH Put Sole 20,000
-------------
TOTAL 56,417
-------------
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
PRUDENTIAL Common 744320952 5,012 100,000 SH Put Sole 100,000
FINANCIAL INC
SCHWAB CHARLES Common 808513955 2,252 200,000 SH Put Sole 200,000
TARGET CORP Common 87612E956 2,049 40,000 SH Put Sole 40,000
TIFFANY & CO Common 886547958 9,939 150,000 SH Put Shared Defined 150,000
UNITED Common 910047959 3,774 200,000 SH Put Sole 200,000
CONTINENTAL
UNITED PARCEL Common 911312956 16,102 220,000 SH Put Sole 220,000
SERVICE INC
VISA INC Common 92826C959 10,153 100,000 SH Put Sole 100,000
VULCAN MATERIALS Common 929160959 4,722 120,000 SH Put Sole 120,000
WALT DISNEY CO Common 254687906 3,375 90,000 SH Call Sole 90,000
WALT DISNEY CO Common 254687956 4,500 120,000 SH Put Sole 120,000
WHIRLPOOL CORP Common 963320956 5,694 120,000 SH Put Sole 120,000
-------------
TOTAL $ 67,572
-------------
AGGREGATE 14,015,595
=============
Page 20 of 20 Pages