FORM 13F

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, D.C.  20549

                              ------------------

                              FORM 13F COVER PAGE

       Report for the Calendar Year or Quarter Ended        March 31, 2013

                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
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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:       May 13, 2013
------------------------------------------------------------------------------


                                  Page 1 of 17


  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 17


                            FORM 13F SUMMARY PAGE

                                REPORT SUMMARY

Number of Other Included Managers:  NONE.

Form 13F Information Table Entry Total:  172

Form 13F Information Table Value Total:  $17,014.2 (million)

List of Other Included Managers:  NONE.


                                  Page 3 of 17




                                                                                      
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            Put/   Investment  Other    -------------------------
Name of Issuer         Class   Number     (x$1000)    Amount        SH/PRN Call   Discretion  Managers Sole   Shared    None

ADVANCE AUTO           Common  00751Y106        1,653        20,000 SH            Sole                      20,000
PARTS INC

AMERICAN CAPITAL       Common  02503X105        3,934       120,000 SH            Sole                     120,000
AGENCY CORP

AMERICAN INTERNATIONAL Common  026874784       10,342       266,400 SH            Sole                     266,400
GROUP

AMKOR TECHNOLOGY       Common  031652100          240        60,000 SH            Sole                      60,000

ANADARKO               Common  032511107        1,380        15,775 SH            Sole                      15,775
PETROLEUM CORP

ANNALY CAPITAL         Corp    035710AB8        2,073     2,000,000 PRN           Sole                   2,000,000
MGMT 5% 2015/05/15

APACHE CORP            Common  037411105          315         4,080 SH            Sole                       4,080

APPLE INC              Common  037833100       11,066        25,000 SH            Shared Defined                           25,000

APPLE INC              Common  037833100          157           355 SH            Sole                         355

ARC DOCUMENT           Common  00191G103           32        10,825 SH            Sole                      10,825
SOLUTIONS INC

ARTIO GLOBAL           Common  04315B107           61        22,400 SH            Sole                      22,400
INVESTORS INC

ASSURANT INC           Common  04621X108          236         5,250 SH            Sole                       5,250

AURICO GOLD INC        Common  05155C105        2,328       370,048 SH            Sole                     370,048
                                         ------------
                          TOTAL                33,817
                                         ------------


                                                      Page 4 of 17 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            Put/   Investment  Other    -------------------------
Name of Issuer         Class   Number     (x$1000)    Amount        SH/PRN Call   Discretion  Managers Sole   Shared    None

AURIZON MINES LTD      Common  05155P106        3,831       874,928 SH            Sole                     874,928

AVNET INC              Common  053807103          295         8,150 SH            Sole                       8,150

BAKER HUGHES INC       Common  057224107          263         5,675 SH            Sole                       5,675

BANK OF AMERICA        Common  060505104        6,090       500,000 SH            Shared Defined                          500,000

BANK OF AMERICA        Common  060505104          152        12,443 SH            Sole                      12,443

BANK OF AMERICA        Warrant 060505153        1,523       125,000 SH     Call   Sole                     125,000

BARRICK GOLD           Common  067901108        9,620       327,221 SH            Sole                     327,221

BECTON DICKINSON       Common  075887109          227         2,375 SH            Sole                       2,375
AND CO

BOEING CO              Common  097023105          258         3,000 SH            Sole                       3,000

BP PLC-SPONS ADR       Common  055622104          304         7,190 SH            Sole                       7,190

BROCADE                Common  111621306        2,193       380,000 SH            Sole                     380,000
COMMUNICATIONS
                                         ------------
                          TOTAL                24,756
                                         ------------


                                                      Page 5 of 17 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            Put/   Investment  Other    -------------------------
Name of Issuer         Class   Number     (x$1000)    Amount        SH/PRN Call   Discretion  Managers Sole   Shared    None

BOARDWALK PIPELINE
COMMON UNITS           Common  096627104    3,010,708   102,719,466 SH            Sole                 102,719,466

CAL DIVE               Common  12802T101           87        48,328 SH            Sole                      48,328
INTERNATIONAL INC

CAMECO CORP            Common  13321L108          208        10,000 SH            Sole                      10,000

CAPITAL ONE            Common  14040H105       10,990       200,000 SH            Sole                     200,000
FINANCIAL CORP

CAPLEASE INC           Common  140288101          238        37,298 SH            Sole                      37,298

CARDINAL HEALTH        Common  14149Y108          832        20,000 SH            Sole                      20,000

CARPENTER TECHNOLOGY   Common  144285103          301         6,100 SH            Sole                       6,100

CASTLE A.M. & CO       Common  148411101          187        10,700 SH            Sole                      10,700

CBS CORP-CLASS B       Common  124857202        3,502        75,000 SH            Shared Defined                           75,000
NON VOTING

CF INDUSTRIES          Common  125269100       12,755        67,000 SH            Sole                      67,000
HOLDINGS INC

CHARTER                Common  16117M305        5,209        50,000 SH            Shared Defined                           50,000
COMMUNICATION-A

CIENA CORP             Common  171779309        1,601       100,000 SH            Sole                     100,000
                                         ------------
                          TOTAL             3,046,618
                                         ------------


                                                      Page 6 of 17 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            Put/   Investment  Other    -------------------------
Name of Issuer         Class   Number     (x$1000)    Amount        SH/PRN Call   Discretion  Managers Sole   Shared    None

CISCO SYSTEMS INC      Common  17275R102        8,985       430,000 SH            Sole                     430,000

CITIGROUP INC          Common  172967424          644        14,548 SH            Sole                      14,548

CNA FINANCIAL CORP     Common  126117100    7,923,490   242,382,673 SH            Sole                 242,382,673

CNO FINANCIAL          Common  12621E103          379        33,100 SH            Sole                      33,100
GROUP INC

COEUR D'ALENE          Common  192108504        2,613       138,544 SH            Sole                     138,544
MINES CORP

COMCAST CORP-          Common  20030N200          555        14,000 SH            Sole                      14,000
SPECIAL CL A

COMSTOCK MINING        Common  205750102          223       111,020 SH            Sole                     111,020

DEERE & CO             Common  244199105          387         4,500 SH            Sole                       4,500

DELL INC               Common  24702R101          192        13,375 SH            Sole                      13,375

DELPHI AUTOMOTIVE      Common  G27823106          238         5,350 SH            Sole                       5,350
PLC

DENBURY                Common  247916208        9,418       505,000 SH            Sole                     505,000
RESOURCES INC

DEVON ENERGY           Common  25179M103          367         6,500 SH            Sole                       6,500
CORPORATION

DIAMOND OFFSHORE       Common  25271C102    4,876,477    70,104,620 SH            Sole                  70,104,620
DRILLING

DU PONT E.I. DE        Common  263534109        1,966        40,000 SH            Sole                      40,000
NEMOURS

EXETER RESOURCE        Common  301835104          765       642,545 SH            Sole                     642,545
                                         ------------
                          TOTAL            12,826,699
                                         ------------


                                                      Page 7 of 17 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            Put/   Investment  Other    -------------------------
Name of Issuer         Class   Number     (x$1000)    Amount        SH/PRN Call   Discretion  Managers Sole   Shared    None

FEDEX CORP             Common  31428X106          923         9,400 SH            Sole                       9,400

GASLOG LTD             Common  G37585109        6,719       522,500 SH            Sole                     522,500

GASLOG LTD             Common  G37585109        2,894       225,000 SH            Shared Defined                          225,000

GENERAL MOTORS CO      Common  37045V100        8,346       300,000 SH            Sole                     300,000

GENERAL MOTORS CO      Warrant 37045V126        1,135        40,800 SH     Call   Sole                      40,800

GLAXO SMITH KLINE      Common  37733W105        2,346        50,000 SH            Sole                      50,000
PLC-SPON ADR

GLOBAL CASH            Common  378967103          270        38,344 SH            Sole                      38,344
ACCESS HOLDINGS

GOLDCORP INC           Common  380956409        2,018        60,000 SH            Sole                      60,000

GOLDMAN SACHS          Common  38141G104          221         1,500 SH            Sole                       1,500
GROUP INC

GRANITE REAL           Common  387437114          260         6,800 SH            Sole                       6,800
ESTATE INVESTMENT

GREEN PLAINS           Common  393222104        4,655       406,900 SH            Sole                     406,900
RENEWABLE ENERGY

HARTE-HANKS INC        Common  416196103          117        15,064 SH            Sole                      15,064

HEWLETT-PACKARD        Common  428236103        6,768       283,895 SH            Sole                     283,895
                                         ------------
                          TOTAL                36,672
                                         ------------


                                                      Page 8 of 17 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            Put/   Investment  Other    -------------------------
Name of Issuer         Class   Number     (x$1000)    Amount        SH/PRN Call   Discretion  Managers Sole   Shared    None

HOSPITALITY            Common  44106M102          233         8,500 SH            Sole                       8,500
PROPERTIES TRUST

IAMGOLD CORP           Common  450913108        3,243       449,638 SH            Sole                     449,638

ICONIX BRAND           Common  451055107          233         9,000 SH            Sole                       9,000
GROUP INC

INFINERA CORP          Common  45667G103        2,520       360,000 SH            Sole                     360,000

INNOSPEC INC           Common  45768S105          213         4,800 SH            Sole                       4,800

INTERPUBLIC GROUP      Common  460690100          256        19,650 SH            Sole                      19,650
OF COS INC

INTL BUSINESS          Common  459200101        1,887         8,849 SH            Sole                       8,849
MACHINES CORP

INVESCO LTD            Common  G491BT108          211         7,300 SH            Sole                       7,300

JAGUAR MINING INC      Common  47009M103          199       331,092 SH            Sole                     331,092

JOHNSON & JOHNSON      Common  478160104       15,200       186,432 SH            Sole                     186,432

JONES GROUP INC        Common  48020T101          145        11,378 SH            Sole                      11,378

JPMORGAN CHASE & CO    Common  46625H100        4,746       100,000 SH            Shared Defined                          100,000

JPMORGAN CHASE & CO    Common  46625H100       13,808       290,933 SH            Sole                     290,933
                                         ------------
                          TOTAL                42,894
                                         ------------


                                                      Page 9 of 17 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            Put/   Investment  Other    -------------------------
Name of Issuer         Class   Number     (x$1000)    Amount        SH/PRN Call   Discretion  Managers Sole   Shared    None

KIMBER RESOURCES       Common  49435N101          120       641,515 SH            Sole                     641,515

KINROSS GOLD           Common  496902404        7,434       937,510 SH            Sole                     937,510

KOBEX MINERALS         Common  49989C105          150       238,285 SH            Sole                     238,285

L-3                    Common  502424104          208         2,571 SH            Sole                       2,571
COMMUNICATIONS

LEGG MASON INC         Common  524901105          259         8,064 SH            Sole                       8,064

LINCOLN NATIONAL       Common  534187109          587        18,000 SH            Sole                      18,000
CORP

LOWE'S COS INC         Common  548661107          758        20,000 SH            Sole                      20,000

MAG SILVER CORP        Common  55903Q104        2,001       210,888 SH            Sole                     210,888

MANITOWOC              Common  563571108        3,598       175,000 SH            Shared Defined                          175,000
COMPANY INC

MARKET VECTORS JR      Common  57060U589        3,566       213,000 SH            Sole                     213,000
GOLD MINER

MARTIN MARIETTA        Common  573284106        3,061        30,000 SH            Sole                      30,000
MATERIALS

MERCK & CO. INC.       Common  58933Y105          462        10,442 SH            Sole                      10,442

METLIFE INC            Common  59156R108          570        15,000 SH            Sole                      15,000
                                         ------------
                          TOTAL                22,774
                                         ------------


                                                      Page 10 of 17 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            Put/   Investment  Other    -------------------------
Name of Issuer         Class   Number     (x$1000)    Amount        SH/PRN Call   Discretion  Managers Sole   Shared    None

MICROSOFT CORP         Common  594918104       19,658       687,092 SH            Sole                     687,092

MIDWAY GOLD CORP       Common  598153104          237       197,679 SH            Sole                     197,679

MONSTER                Common  611742107           69        13,575 SH            Sole                      13,575
WORLDWIDE INC

MORGANS HOTEL          Common  61748W108        5,634       951,700 SH            Sole                     951,700
GROUP CO

MUELLER WATER          Common  624758108          194        32,689 SH            Sole                      32,689
PRODUCTS INC-A

NASDAQ OMX GROUP       Common  631103108        9,367       290,000 SH            Sole                     290,000

NATIONAL OILWELL       Common  637071101       14,857       209,998 SH            Sole                     209,998
VARCO INC

NEWMONT MINING         Common  651639106       10,891       260,000 SH            Sole                     260,000

NOVACOPPER INC         Common  66988K102          317       173,076 SH            Sole                     173,076

NOVAGOLD               Common  66987E206        3,770     1,038,460 SH            Sole                   1,038,460
RESOURCES INC

OCCIDENTAL             Common  674599105        1,196        15,260 SH            Sole                      15,260
PETROLEUM CORP

OMNICOM GROUP          Common  681919106          222         3,775 SH            Sole                       3,775

ORACLE CORP            Common  68389X105       12,301       380,365 SH            Sole                     380,365
                                         ------------
                          TOTAL                78,713
                                         ------------


                                                      Page 11 of 17 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            Put/   Investment  Other    -------------------------
Name of Issuer         Class   Number     (x$1000)    Amount        SH/PRN Call   Discretion  Managers Sole   Shared    None

P G & E CORP           Common  69331C108          307         6,898 SH            Sole                       6,898

PAN AMERICAN           Common  697900108          693        42,176 SH            Sole                      42,176
SILVER CORP

PARK STERLING CORP     Common  70086Y105          115        20,415 SH            Sole                      20,415

PFIZER INC             Common  717081103        8,424       291,905 SH            Sole                     291,905

PMC - SIERRA INC       Common  69344F106        2,037       300,000 SH            Sole                     300,000

PNC FINANCIAL          Common  693475105        8,830       132,789 SH            Sole                     132,789
SERVICES GROUP

PPL CORPORATION        Common  69351T106          939        30,000 SH            Sole                      30,000

PRETIUM                Common  74139C102        2,268       286,003 SH            Sole                     286,003
RESOURCES INC

REINSURANCE            Common  759351604          477         8,000 SH            Sole                       8,000
GROUP OF AMERICA

RENT-A-CENTER INC      Common  76009N100          272         7,364 SH            Sole                       7,364

ROYAL DUTCH            Common  780259206          226         3,464 SH            Sole                       3,464
SHELL PLC-ADR

RUBICON MINERALS       Common  780911103        3,407     1,401,817 SH            Sole                   1,401,817
CORP

SANDSTORM GOLD         Common  80013R206        2,732       288,626 SH            Sole                     288,626
                                         ------------
                          TOTAL                30,727
                                         ------------


                                                      Page 12 of 17 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            Put/   Investment  Other    -------------------------
Name of Issuer         Class   Number     (x$1000)    Amount        SH/PRN Call   Discretion  Managers Sole   Shared    None

SCHLUMBERGER LTD       Common  806857108       11,608       155,000 SH            Sole                     155,000

SCHWAB CHARLES         Common  808513105        2,123       120,000 SH            Sole                     120,000
CORP

SPRINT NEXTEL          Common  852061100          361        58,061 SH            Sole                      58,061

STAPLES INC            Common  855030102        5,131       382,021 SH            Sole                     382,021

STATE STREET CORP      Common  857477103          251         4,250 SH            Sole                       4,250

STILLWATER MINING      Common  86074Q102        6,465       499,963 SH            Sole                     499,963

SUNCOR ENERGY INC      Common  867224107        9,753       325,000 SH            Sole                     325,000

SYNOVUS FINANCIAL      Common  87161C105           50        18,225 SH            Sole                      18,225
CORP

TE CONNECTIVITY LTD    Common  H84989104          212         5,050 SH            Sole                       5,050

THORATEC CORP          Common  885175307          825        22,000 SH            Sole                      22,000

TOTAL SA-SPON ADR      Common  89151E109        5,278       110,000 SH            Sole                     110,000

TRAVELERS COS INC      Common  89417E109        1,094        13,000 SH            Sole                      13,000

UBS AG-REG             Common  H89231338          191        12,425 SH            Sole                      12,425

UNITED PARCEL          Common  911312106        5,154        60,000 SH            Sole                      60,000
SERVICE-CL B
                                         ------------
                          TOTAL                48,496
                                         ------------


                                                      Page 13 of 17 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            Put/   Investment  Other    -------------------------
Name of Issuer         Class   Number     (x$1000)    Amount        SH/PRN Call   Discretion  Managers Sole   Shared    None

URANIUM ENERGY         Common  916896103          150        68,367 SH            Sole                      68,367

VIACOM INC-CLASS B     Common  92553P201        1,537        25,000 SH            Shared Defined                           25,000

VIRTUS INVESTMENT      Common  92828Q109          426         2,287 SH            Sole                       2,287
PARTNERS

VISTA GOLD CORP        Common  927926303        3,799     1,758,748 SH            Sole                   1,758,748

WELLPOINT INC          Common  94973V107          311         4,700 SH            Sole                       4,700

WELLS FARGO & CO       Common  949746101        9,248       250,000 SH            Sole                     250,000

WESTERN DIGITAL        Common  958102105        8,046       160,000 SH            Sole                     160,000

WET SEAL CL A          Common  961840105           48        16,000 SH            Sole                      16,000

WHITING                Common  966387102          407         8,000 SH            Sole                       8,000
PETROLEUM CORP

WPX ENERGY INC         Common  98212B103          501        31,258 SH            Sole                      31,258

XEROX CORP             Common  984121103          894       103,975 SH            Sole                     103,975

XL GROUP PLC           Common  G98290102          218         7,200 SH            Sole                       7,200

ZOLTEK COMPANIES       Common  98975W104        1,434       120,000 SH            Sole                     120,000
                                         ------------
                          TOTAL                27,019
                                         ------------


                                                      Page 14 of 17 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            Put/   Investment  Other    -------------------------
Name of Issuer         Class   Number     (x$1000)    Amount        SH/PRN Call   Discretion  Managers Sole   Shared    None

ASHLAND INC            Common  044209954        1,486        20,000 SH     Put    Sole                      20,000

BARRICK GOLD           Common  067901908        8,820       300,000 SH     Call   Sole                     300,000

BARRICK GOLD           Common  067901958        8,820       300,000 SH     Put    Sole                     300,000

CAMECO CORP            Common  13321L958          831        40,000 SH     Put    Sole                      40,000

CARDINAL HEALTH        Common  14149Y958        4,162       100,000 SH     Put    Sole                     100,000
INC

CATERPILLAR INC        Common  149123901       30,440       350,000 SH     Call   Shared Defined                          350,000

CF INDUSTRIES          Common  125269950        3,807        20,000 SH     Put    Sole                      20,000
HOLDINGS INC

CIENA CORP             Common  171779959        3,202       200,000 SH     Put    Sole                     200,000

CITIGROUP INC          Common  172967954        5,309       120,000 SH     Put    Sole                     120,000

CLIFFS NATURAL         Common  18683K951        1,901       100,000 SH     Put    Sole                     100,000
RESOURCES

CORNING INC            Common  219350955        2,662       200,000 SH     Put    Sole                     200,000

CUMMINS INC            Common  231021956        4,632        40,000 SH     Put    Sole                      40,000

DU PONT (E.I.) DE      Common  263534959        4,916       100,000 SH     Put    Sole                     100,000
NEMOURS
                                         ------------
                          TOTAL                80,988
                                         ------------


                                                      Page 15 of 17 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            Put/   Investment  Other    -------------------------
Name of Issuer         Class   Number     (x$1000)    Amount        SH/PRN Call   Discretion  Managers Sole   Shared    None

GENERAL MOTORS         Common  37045V900        5,564       200,000 SH     Call   Shared Defined                          200,000
CO

GOLDCORP INC           Common  380956959        2,018        60,000 SH     Put    Sole                      60,000

HOME DEPOT INC         Common  437076902       31,401       450,000 SH     Call   Shared Defined                          450,000

LOWE'S COS INC         Common  548661957        3,792       100,000 SH     Put    Sole                     100,000

MANITOWOC              Common  563571908        2,056       100,000 SH     Call   Shared Defined                          100,000
COMPANY INC

MARKET VECTORS JR      Common  57060U959        2,009       120,000 SH     Put    Sole                     120,000
GOLD

MARTIN MARIETTA        Common  573284956        3,061        30,000 SH     Put    Sole                      30,000
MATERIALS

MERCK & CO. INC.       Common  58933Y955          230         5,200 SH     Put    Sole                       5,200

MICROSOFT CORP         Common  594918954        2,575        90,000 SH     Put    Sole                      90,000

MOLYCORP INC           Common  608753959          520       100,000 SH     Put    Sole                     100,000

NEWMONT MINING         Common  651639956        6,702       160,000 SH     Put    Sole                     160,000
CORP

SCHWAB CHARLES         Common  808513955        1,061        60,000 SH     Put    Sole                      60,000
CORP

SPDR S&P 500 ETF       Common  78462F903      626,200     4,000,000 SH     Call   Shared Defined                        4,000,000
TRUST
                                         ------------
                          TOTAL               687,189
                                         ------------


                                                      Page 16 of 17 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            Put/   Investment  Other    -------------------------
Name of Issuer         Class   Number     (x$1000)    Amount        SH/PRN Call   Discretion  Managers Sole   Shared    None

TIME WARNER CABLE      Common  88732J907       12,008       125,000 SH     Call   Shared Defined                          125,000

UNITED PARCEL          Common  911312956        8,590       100,000 SH     Put    Sole                     100,000
SERVICE-CL B

WESTERN DIGITAL        Common  958102905        6,286       125,000 SH     Call   Sole                     125,000
CORP
                                         ------------
                        TOTAL            $     26,884
                                         ------------
              AGGREGATE                  $ 17,014,246
                                         ============


                                                      Page 17 of 17 Pages