0000060086-12-000004.txt : 20120213 0000060086-12-000004.hdr.sgml : 20120213 20120213142422 ACCESSION NUMBER: 0000060086-12-000004 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120213 DATE AS OF CHANGE: 20120213 EFFECTIVENESS DATE: 20120213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LOEWS CORP CENTRAL INDEX KEY: 0000060086 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 132646102 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-00217 FILM NUMBER: 12598000 BUSINESS ADDRESS: STREET 1: 667 MADISON AVE CITY: NEW YORK STATE: NY ZIP: 10065-8087 BUSINESS PHONE: 212-521-2000 MAIL ADDRESS: STREET 1: 667 MADISON AVE CITY: NEW YORK STATE: NY ZIP: 10065-8087 13F-HR 1 lc13f123111.txt LOEWS CORPORATION FORM 13-F FORM 13F UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------ 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 ------------------------------------------------------------------------------ Address: 667 Madison Avenue New York New York 10065 ------------------------------------------------------------------------------ (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 ------------------------------------------------------------------------------ Title: General Counsel and Senior Vice President ------------------------------------------------------------------------------ Phone: 212-521-2932 ------------------------------------------------------------------------------ Signature, Place, and Date of Signing: /s/ Gary W. Garson ------------------------------------------------------------------------------ (Signature) Place: 667 Madison Avenue New York New York 10065 ------------------------------------------------------------------------------ (Street) (City) (State) (Zip) Date: February 13, 2012 ------------------------------------------------------------------------------ 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 ------------- TOTAL 24,161 ------------- 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 ------------- TOTAL 2,884,779 ------------- 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 ------------- TOTAL 6,535,708 ------------- 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 ------------- TOTAL 3,917,836 ------------- 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 ------------- TOTAL 33,381 ------------- 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 ------------- TOTAL 69,446 ------------- 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 ------------- TOTAL 43,490 ------------- 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 ------------- TOTAL 60,208 ------------- 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 ------------- TOTAL 37,405 ------------- 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 ------------- TOTAL 33,167 ------------- 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 ------------- TOTAL 37,343 ------------- 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 ------------- TOTAL 35,484 ------------- 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 ------------- TOTAL $ 2,930 ------------- 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 ------------- TOTAL 91,258 ------------- 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