A drawing of the Virgin of the Nativity, seated on the ground, rocking the Child who reclines on a small cradle. Behind her, two winged putti holding the horns of the ox, who warms the Child with its breath.
This is probably a first idea for the panel of the Holy Family with the Infant St John in Naples: the position of the Child is almost exactly the same in reverse, with his leg projecting over the side of the cradle, and the Virgin has the same drooping hand, which Parmigianino used again in the Madonna della Rosa.
There is a copy of the drawing in the Albertina.

On the verso are some slight anatomical drawings, in pen and ink.