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 March 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: May 14, 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: 205
Form 13F Information Table Value Total: $15,762.3 (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 Common 03739T108 768 685,400 SH Sole 685,400
ABBOTT LABS Common 002824100 6,340 103,450 SH Sole 103,450
AGNICO-EAGLE Common 008474108 617 18,484 SH Sole 18,484
MINES LTD
ALLSTATE CORP Common 020002101 273 8,281 SH Sole 8,281
ALVARION LTD Common M0861T100 654 700,000 SH Sole 700,000
AMERICAN Common 029263100 58 10,825 SH Sole 10,825
REPROGRAPHICS CO
AMGEN INC Common 031162100 231 3,400 SH Sole 3,400
AMKOR Common 031652100 246 40,000 SH Sole 40,000
ANADARKO Common 032511107 1,042 13,300 SH Sole 13,300
PETROLEUM CORP
APACHE CORP Common 037411105 410 4,080 SH Sole 4,080
APPLE INC Common 037833100 5,995 10,000 SH Shared Defined 10,000
ASHLAND INC Common 044209104 1,527 25,000 SH Sole 25,000
AURICO GOLD INC Common 05155C105 3,282 370,048 SH Sole 370,048
-----------
TOTAL $ 21,443
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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
AURIZON MINES LTD Common 05155P106 1,815 371,271 SH Sole 371,271
AVNET INC Common 053807103 259 7,125 SH Sole 7,125
BANK OF AMERICA Common 060505104 82 8,568 SH Sole 8,568
Common 060505104 9,570 1,000,000 SH Shared Defined 1,000,000
BANK OF AMERICA Warrant 060505153 431 45,000 SH Sole 45,000
W EXP 10/28/201
BARRICK GOLD Common 067901108 11,415 262,531 SH Sole 262,531
BEMIS COMPANY Common 081437105 4,036 125,000 SH Sole 125,000
BOARDWALK Common 096627104 2,717,957 102,719,466 SH Sole 102,719,466
PIPELINE PARTNERS
BOEING CO Common 097023105 1,487 20,000 SH Sole 20,000
BROCADE Common 111621306 2,185 380,000 SH Sole 380,000
COMMUNICATIONS
CABLEVISION Common 12686C109 1,468 100,000 SH Shared Defined 100,000
SYSTEMS CORP
CAL DIVE Common 12802T101 91 27,673 SH Sole 27,673
INTERNATIONAL INC
CAPITAL ONE Common 14040H105 3,902 70,000 SH Sole 70,000
FINANCIAL CORP
-----------
TOTAL 2,788,193
-----------
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 241 59,798 SH Sole 59,798
CARDINAL HEALTH Common 14149Y108 2,156 50,000 SH Sole 50,000
CATERPILLAR INC Common 149123101 2,130 20,000 SH Sole 20,000
CBS CORP-CLASS B Common 124857202 8,478 250,000 SH Shared Defined 250,000
CF INDUSTRIES Common 125269100 15,708 86,000 SH Sole 86,000
HOLDINGS INC
CISCO SYSTEMS INC Common 17275R102 12,161 575,000 SH Sole 575,000
CITIGROUP INC Common 172967424 1,928 52,755 SH Sole 52,755
Common 172967424 12,793 350,000 SH Shared Defined 350,000
CNA FINANCIAL CORP Common 126117100 7,109,084 242,382,673 SH Sole 242,382,673
CNO FINANCIAL Common 12621E103 314 40,348 SH Sole 40,348
GROUP INC
COEUR D'ALENE Common 192108504 4,894 206,154 SH Sole 206,154
MINES CORP
COMCAST CORP- Common 20030N200 5,872 199,000 SH Sole 199,000
SPECIAL CL A
COMSTOCK MINING Common 205750102 116 58,951 SH Sole 58,951
-----------
TOTAL 7,175,875
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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 2,401 20,000 SH Sole 20,000
CVS CAREMARK CORP Common 126650100 8,960 200,000 SH Sole 200,000
DENBURY Common 247916208 3,921 215,100 SH Sole 215,100
RESOURCES INC
DEVON ENERGY Common 25179M103 462 6,500 SH Sole 6,500
CORPORATION
DIAMOND OFFSHORE Common 25271C102 4,679,483 70,104,620 SH Sole 70,104,620
DRILLING
DIANA SHIPPING INC Common Y2066G104 1,432 160,000 SH Sole 160,000
DU PONT (E.I.) DE Common 263534109 14,283 270,000 SH Sole 270,000
NEMOURS
EATON CORP Common 278058102 9,966 200,000 SH Sole 200,000
EMC CORP MASS Common 268648102 2,092 70,000 SH Sole 70,000
ENERGIZER Common 29266R108 3,709 50,000 SH Sole 50,000
HOLDINGS INC
ENSCO PLC-SPON ADR Common 29358Q109 630 11,900 SH Sole 11,900
ENTERGY CORP Common 29364G103 213 3,175 SH Sole 3,175
-----------
TOTAL 4,727,552
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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
EXETER RESOURCE Common 301835104 1,636 593,958 SH Sole 593,958
EXXON MOBIL CORP Common 30231G102 327 3,775 SH Sole 3,775
EZCORP INC-CL A Common 302301106 253 7,800 SH Sole 7,800
FEDEX CORP Common 31428X106 864 9,400 SH Sole 9,400
FIFTH THIRD Common 316773100 843 60,000 SH Sole 60,000
FORD MOTOR CO Common 345370860 4,990 400,000 SH Sole 400,000
FORTUNE BRANDS Common 34964C106 324 14,700 SH Sole 14,700
HOME & SEC IN
GENERAL MOTORS CO Common 37045V100 5,900 230,000 SH Sole 230,000
Common 37045V100 7,695 300,000 SH Shared Defined 300,000
GENERAL MOTORS CO Warrant 37045V126 534 20,800 SH Sole 20,800
W EXP 7/10/201
GLOBAL CASH Common 378967103 325 41,644 SH Sole 41,644
ACCESS HOLDINGS
GOLDCORP INC Common 380956409 7,210 160,000 SH Sole 160,000
GOLDEN STAR Common 38119T104 339 182,248 SH Sole 182,248
RESOURCES LTD
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TOTAL 31,240
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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
GOOGLE INC-CL A Common 38259P508 201 313 SH Sole 313
Common 38259P508 3,206 5,000 SH Shared Defined 5,000
GREEN PLAINS Common 393222104 3,731 345,800 SH Sole 345,800
RENEWABLE ENERG
HALOZYME Common 40637H109 144 11,274 SH Sole 11,274
THERAPEUTICS INC
HARSCO CORP Common 415864107 2,514 107,175 SH Sole 107,175
HARTE-HANKS INC Common 416196103 128 14,139 SH Sole 14,139
HASBRO INC Common 418056107 6,977 190,000 SH Sole 190,000
HEWLETT-PACKARD Common 428236103 9,193 385,790 SH Sole 385,790
HOSPITALITY Common 44106M102 234 8,850 SH Sole 8,850
PROPERTIES TRUST
HUDBAY MINERALS Common 443628102 1,546 141,016 SH Sole 141,016
ILLINOIS TOOL WORKS Common 452308109 5,712 100,000 SH Sole 100,000
INFINERA CORP Common 45667G103 2,030 250,000 SH Sole 250,000
INGERSOLL-RAND PLC Common G47791101 209 5,045 SH Sole 5,045
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TOTAL 35,825
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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
INTL BUSINESS Common 459200101 11,397 54,624 SH Sole 54,624
MACHINES CORP
ISHARES DJ SELECT Common 464287168 5,316 95,000 SH Sole 95,000
DIVIDEND
JAGUAR MINING INC Common 47009M103 2,553 542,163 SH Sole 542,163
JDS UNIPHASE CORP Common 46612J507 688 47,500 SH Sole 47,500
JOHNSON & JOHNSON Common 478160104 12,947 196,282 SH Sole 196,282
JPMORGAN CHASE & CO Common 46625H100 1,353 29,433 SH Sole 29,433
KIMBER RESOURCES Common 49435N101 591 641,515 SH Sole 641,515
KIMBERLY-CLARK Common 494368103 8,128 110,000 SH Sole 110,000
KINROSS GOLD Common 496902404 5,725 584,793 SH Sole 584,793
KOBEX MINERALS Common 49989C105 134 238,285 SH Sole 238,285
KRAFT FOODS INC- Common 50075N104 9,122 240,000 SH Sole 240,000
CLASS A
LAS VEGAS SANDS Common 517834107 11,514 200,000 SH Shared Defined 200,000
LEAR CORP Common 521865204 6,974 150,000 SH Shared Defined 150,000
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TOTAL 76,442
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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
LEGG MASON INC Common 524901105 279 10,004 SH Sole 10,004
LINCOLN NATIONAL Common 534187109 474 18,000 SH Sole 18,000
CORP
LOCKHEED MARTIN Common 539830109 2,696 30,000 SH Sole 30,000
LOWE'S COS INC Common 548661107 5,021 160,000 SH Sole 160,000
MAG SILVER CORP Common 55903Q104 2,134 210,888 SH Sole 210,888
MARKET VECTORS JR Common 57060U589 3,756 153,000 SH Sole 153,000
GOLD MINER
MARTIN MARIETTA Common 573284106 3,425 40,000 SH Sole 40,000
MATERIALS
MASCO CORP Common 574599106 188 14,050 SH Sole 14,050
MATTEL INC Common 577081102 9,257 275,000 SH Sole 275,000
MERCK & CO. INC. Common 58933Y105 698 18,174 SH Sole 18,174
METLIFE INC Common 59156R108 485 12,975 SH Sole 12,975
MI DEVELOPMENTS Common 55304X104 271 7,831 SH Sole 7,831
MICROSOFT CORP Common 594918104 32,923 1,020,717 SH Sole 1,020,717
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TOTAL 61,607
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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
MIDWAY GOLD CORP Common 598153104 200 197,679 SH Sole 197,679
MINEFINDERS CORP Common 602900102 3,817 272,738 SH Sole 272,738
MORGAN STANLEY Common 617446448 222 11,324 SH Sole 11,324
MORGANS HOTEL Common 61748W108 6,509 1,315,000 SH Sole 1,315,000
GROUP CO
MUELLER WATER Common 624758108 136 40,989 SH Sole 40,989
PRODUCTS INC-A
NATIONAL OILWELL Common 637071101 11,523 145,000 SH Sole 145,000
VARCO INC
NATL PENN BCSHS Common 637138108 92 10,400 SH Sole 10,400
NEWELL Common 651229106 4,898 275,000 SH Sole 275,000
RUBBERMAID INC
NEWMONT MINING Common 651639106 4,102 80,000 SH Sole 80,000
NORTHROP Common 666807102 280 4,591 SH Sole 4,591
GRUMMAN CORP
NYSE EURONEXT Common 629491101 3,001 100,000 SH Sole 100,000
OCCIDENTAL Common 674599105 1,133 11,900 SH Sole 11,900
PETROLEUM CORP
OCH ZIFF CAP Common 67551U105 6,032 650,000 SH Shared Defined 650,000
MGMT GROUP CL A
-----------
TOTAL 41,945
-----------
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
OMNICOM GROUP Common 681919106 218 4,300 SH Sole 4,300
ORACLE CORP Common 68389X105 16,785 575,625 SH Sole 575,625
OVERHILL FARMS Common 690212105 46 10,218 SH Sole 10,218
PARK STERLING CORP Common 70086Y105 136 28,300 SH Sole 28,300
PARKER HANNIFIN Common 701094104 2,537 30,000 SH Sole 30,000
PFIZER INC Common 717081103 6,092 269,000 SH Sole 269,000
PMC - SIERRA INC Common 69344F106 2,458 340,000 SH Sole 340,000
PNC FINANCIAL Common 693475105 3,377 52,364 SH Sole 52,364
SERVICES GROUP
PPL CORPORATION Common 69351T106 848 30,000 SH Sole 30,000
RANDGOLD Common 752344309 1,591 18,085 SH Sole 18,085
RESOURCES LTD
REINSURANCE Common 759351604 476 8,000 SH Sole 8,000
GROUP OF AMERICA
RENAISSANCE RE Common G749BG103 205 2,703 SH Sole 2,703
HOLDINGS LTD
REPUBLIC SERVICES Common 760759100 4,584 150,000 SH Sole 150,000
INC
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TOTAL 39,353
-----------
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
ROYAL DUTCH Common 780259206 4,120 58,746 SH Sole 58,746
SHELL PLC
RPM INTERNATIONAL Common 749685103 3,929 150,000 SH Sole 150,000
INC
SCHLUMBERGER LTD Common 806857108 10,000 143,000 SH Sole 143,000
SCHWAB CHARLES CORP Common 808513105 575 40,000 SH Sole 40,000
SEAGATE Common G7945M107 13,478 500,000 SH Sole 500,000
SEALY CORP Common 812139301 24 11,732 SH Sole 11,732
SONOCO PRODUCTS Common 835495102 3,320 100,000 SH Sole 100,000
STAPLES INC Common 855030102 3,745 231,346 SH Sole 231,346
STILLWATER MINING Common 86074Q102 13,185 1,043,148 SH Sole 1,043,148
SUNCOR ENERGY INC Common 867224107 9,722 297,300 SH Sole 297,300
TARGET CORP Common 87612E106 5,244 90,000 SH Sole 90,000
TESLA MOTORS INC Common 88160R101 5,586 150,000 SH Shared Defined 150,000
THORATEC CORP Common 885175307 742 22,000 SH Sole 22,000
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TOTAL 73,670
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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
TIME WARNER CABLE Common 88732J207 5,705 70,000 SH Sole 70,000
TOTAL SA-SPON ADR Common 89151E109 9,202 180,000 SH Sole 180,000
TRAVELERS COS INC Common 89417E109 770 13,000 SH Sole 13,000
TRW AUTOMOTIVE Common 87264S106 6,968 150,000 SH Shared Defined 150,000
HOLDINGS CORP
UBS AG-REG Common H89231338 174 12,425 SH Sole 12,425
UNITED Common 910047109 2,430 113,005 SH Sole 113,005
CONTINENTAL
UNITED PARCEL Common 911312106 6,458 80,000 SH Sole 80,000
SERVICE-CL B
URANIUM ENERGY Common 916896103 133 34,108 SH Sole 34,108
VIRTUS INVESTMENT Common 92828Q109 285 3,318 SH Sole 3,318
PARTNERS
VISA INC-CLASS A Common 92826C839 2,360 20,000 SH Sole 20,000
VISTA GOLD CORP Common 927926303 5,522 1,758,748 SH Sole 1,758,748
DISNEY WALT CO Common 254687106 2,627 60,000 SH Sole 60,000
WASTE MANAGEMENT Common 94106L109 3,496 100,000 SH Sole 100,000
-----------
TOTAL 46,130
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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 347 4,700 SH Sole 4,700
WESTERN DIGITAL Common 958102105 8,278 200,000 SH Sole 200,000
WESTERN UNION CO Common 959802109 2,200 125,000 SH Sole 125,000
WHITING Common 966387102 434 8,000 SH Sole 8,000
PETROLEUM CORP
WPX ENERGY INC Common 98212B103 200 11,098 SH Sole 11,098
WYNN RESORTS LTD Common 983134107 624 5,000 SH Shared Defined 5,000
XEROX CORP Common 984121103 800 99,075 SH Sole 99,075
YAHOO! INC Common 984332106 272 17,894 SH Sole 17,894
ZHONE Common 98950P884 789 680,000 SH Sole 680,000
TECHNOLOGIES INC
ZOLTEK COMPANIES Common 98975W104 2,349 207,500 SH Sole 207,500
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TOTAL 16,293
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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
BANK OF AMERICA Common 060505904 1,081 113,000 SH Call Sole 113,000
BANK OF AMERICA Common 060505954 1,081 113,000 SH Put Sole 113,000
BARRICK GOLD Common 067901908 10,435 240,000 SH Call Sole 240,000
BARRICK GOLD Common 067901958 17,392 400,000 SH Put Sole 400,000
BOEING CO Common 097023905 1,487 20,000 SH Call Sole 20,000
BOEING CO Common 097023955 4,462 60,000 SH Put Sole 60,000
CAMECO CORP Common 13321L958 860 40,000 SH Put Sole 40,000
CARDINAL HEALTH Common 14149Y958 4,311 100,000 SH Put Sole 100,000
CATERPILLAR INC Common 149123951 10,652 100,000 SH Put Sole 100,000
CF INDUSTRIES Common 125269950 5,480 30,000 SH Put Sole 30,000
HOLDINGS INC
CHESAPEAKE Common 165167907 11,575 500,000 SH Call Shared Defined 500,000
ENERGY CORP
CHEVRON CORP Common 166764950 6,433 60,000 SH Put Sole 60,000
CISCO SYSTEMS INC Common 17275R952 6,345 300,000 SH Put Sole 300,000
-----------
TOTAL 81,594
-----------
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 2,924 80,000 SH Put Sole 80,000
CUMMINS INC Common 231021956 7,202 60,000 SH Put Sole 60,000
DU PONT (E.I.) DE Common 263534959 7,406 140,000 SH Put Sole 140,000
NEMOURS
GENERAL MOTORS CO Common 37045V900 35,910 1,400,000 SH Call Shared Defined 1,400,000
GOLDCORP INC Common 380956959 7,210 160,000 SH Put Sole 160,000
INTEL CORP Common 458140950 2,727 97,000 SH Put Sole 97,000
INTL BUSINESS Common 459200951 8,346 40,000 SH Put Sole 40,000
MACHINES CORP
JOY GLOBAL INC Common 481165958 5,880 80,000 SH Put Sole 80,000
LOWE'S COS INC Common 548661957 5,648 180,000 SH Put Sole 180,000
MARATHON OIL Common 565849956 1,902 60,000 SH Put Sole 60,000
MARKET VECTORS JR Common 57060U959 4,910 200,000 SH Put Sole 200,000
GOLD MINER
MARTIN MARIETTA Common 573284956 9,419 110,000 SH Put Sole 110,000
MATERIALS
MASTERCARD INC- Common 57636Q954 4,205 10,000 SH Put Sole 10,000
CLASS A
-----------
TOTAL 103,689
-----------
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 3,840 100,000 SH Put Sole 100,000
MICROSOFT CORP Common 594918954 9,354 290,000 SH Put Sole 290,000
MORGAN STANLEY Common 617446958 7,463 380,000 SH Put Sole 380,000
NEWMONT MINING Common 651639956 5,127 100,000 SH Put Sole 100,000
PARKER HANNIFIN Common 701094954 3,382 40,000 SH Put Sole 40,000
POWERSHARES QQQ Common 73935A904 216,160 3,200,000 SH Call Shared Defined 3,200,000
TRUST
PRUDENTIAL Common 744320952 8,873 140,000 SH Put Sole 140,000
FINANCIAL INC
SCHWAB CHARLES CORP Common 808513955 2,874 200,000 SH Put Sole 200,000
SPDR GOLD TRUST Common 78463V957 56,742 350,000 SH Put Shared Defined 350,000
SPDR S&P 500 ETF Common 78462F953 70,405 500,000 SH Put Shared Defined 500,000
TRUST
STAPLES INC Common 855030952 1,619 100,000 SH Put Sole 100,000
TESLA MOTORS INC Common 88160R901 18,620 500,000 SH Call Shared Defined 500,000
UNITED Common 910047959 4,300 200,000 SH Put Sole 200,000
CONTINENTAL
-----------
TOTAL 408,759
-----------
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
UNITED PARCEL Common 911312956 9,686 120,000 SH Put Sole 120,000
SERVICE-CL B
VISA INC-CLASS A Common 92826C959 11,800 100,000 SH Put Sole 100,000
SHARES
VULCAN MATERIALS Common 929160959 854 20,000 SH Put Sole 20,000
DISNEY WALT CO Common 254687956 5,691 130,000 SH Put Sole 130,000
WHIRLPOOL CORP Common 963320956 4,612 60,000 SH Put Sole 60,000
-----------
TOTAL $ 32,643
-----------
AGGREGATE $15,762,253
===========
Page 20 of 20 Pages