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 June 30, 2011
Check here if Amendment: [ ]; Amendment Number:
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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: August 11, 2011
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Page 1 of 16
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 16
FORM 13F SUMMARY PAGE
REPORT SUMMARY
Number of Other Included Managers: NONE.
Form 13F Information Table Entry Total: 168
Form 13F Information Table Value Total: $15,735.1 (million)
List of Other Included Managers: NONE.
Page 3 of 16
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 3,139 590,000 SH Sole 590,000
ABBOTT LABS Common 002824100 8,160 155,075 SH Sole 155,075
AGNICO-EAGLE MINES Common 008474108 1,167 18,484 SH Sole 18,484
LTD
AIR PRODUCTS & Common 009158106 3,823 40,000 SH Sole 40,000
CHEMICALS INC
ALCOA INC Common 013817101 210 13,230 SH Sole 13,230
ALLSTATE CORP Common 020002101 6,328 207,256 SH Sole 207,256
ALVARION LTD Common M0861T100 1,036 700,000 SH Sole 700,000
AMERICAN Common 026874784 1,020 34,775 SH Sole 34,775
INTERNATIONAL GROUP
AMGEN INC Common 031162100 6,419 110,000 SH Sole 110,000
AMKOR TECHNOLOGY INC Common 031652100 247 40,000 SH Sole 40,000
ANADARKO PETROLEUM Common 032511107 1,021 13,300 SH Sole 13,300
CORP
APACHE CORP Common 037411105 503 4,080 SH Sole 4,080
AURICO GOLD INC Common 05155C105 6,114 556,351 SH Sole 556,351
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TOTAL $ 39,187
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Page 4 of 16 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 2,197 392,127 SH Sole 392,127
AVNET INC Common 053807103 290 9,100 SH Sole 9,100
BARRICK GOLD CORP Common 067901108 11,063 244,271 SH Sole 244,271
BELO SUN MINING CORP Common 080558109 779 715,110 SH Sole 715,110
BEMIS COMPANY Common 081437105 87,828 2,600,000 SH Sole 2,600,000
BOARDWALK PIPELINE Common 096627104 2,982,973 102,719,466 SH Sole 102,719,466
PARTNERS
BROCADE Common 111621306 2,455 380,000 SH Sole 380,000
COMMUNICATIONS SYS
CA INC Common 12673P105 207 9,046 SH Sole 9,046
CAMECO CORP Common 13321L108 1,318 50,000 SH Sole 50,000
CAPLEASE INC Common 140288101 93 18,998 SH Sole 18,998
CATERPILLAR INC Common 149123101 2,129 20,000 SH Sole 20,000
CF INDUSTRIES Common 125269100 9,181 64,804 SH Sole 64,804
HOLDINGS INC
CHEVRON CORP Common 166764100 16,969 165,000 SH Sole 165,000
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TOTAL $ 3,117,482
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Page 5 of 16 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
CISCO SYSTEMS INC Common 17275R102 10,686 684,540 SH Sole 684,540
CITIGROUP INC Common 172967424 2,463 59,140 SH Sole 59,140
CNA FINANCIAL CORP Common 126117100 7,041,217 242,382,673 SH Sole 242,382,673
CNO FINANCIAL GROUP Common 12621E103 198 25,048 SH Sole 25,048
INC
COMCAST CORP NEW Common 20030N200 4,216 174,000 SH Sole 174,000
CONSTELLATION Common 210371100 393 10,350 SH Sole 10,350
ENERGY GROUP
CVS CAREMARK CORP Common 126650100 6,577 175,000 SH Sole 175,000
DENBURY RESOURCES Common 247916208 700 35,000 SH Sole 35,000
INC
DEVON ENERGY Common 25179M103 575 7,300 SH Sole 7,300
CORPORATION
DIAMOND OFFSHORE Common 25271C102 4,936,066 70,104,620 SH Sole 70,104,620
DRILLING
DU PONT (E.I.) DE Common 263534109 12,972 240,000 SH Sole 240,000
NEMOURS
EATON CORP Common 278058102 2,573 50,000 SH Sole 50,000
EMC CORP MASS Common 268648102 1,102 40,000 SH Sole 40,000
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TOTAL $ 12,019,738
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Page 6 of 16 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
ENERGIZER HOLDINGS Common 29266R108 5,065 70,000 SH Sole 70,000
INC
ENSCO PLC-SPON ADR Common 29358Q109 634 11,900 SH Sole 11,900
EXETER RESOURCE Common 301835104 2,471 593,958 SH Sole 593,958
EXXON MOBIL CORP Common 30231G102 17,008 209,000 SH Sole 209,000
FEDEX CORP Common 31428X106 341 3,600 SH Sole 3,600
FOREST LABORATORIES Common 345838106 267 6,775 SH Sole 6,775
INC
GENERAL MOTORS CO Common 37045V100 11,081 365,000 SH Sole 365,000
GENUINE PARTS CO Common 372460105 7,616 140,000 SH Sole 140,000
GLOBAL CASH ACCESS Common 378967103 94 29,551 SH Sole 29,551
HOLDINGS
GOLDCORP INC Common 380956409 7,723 160,000 SH Sole 160,000
GREEN PLAINS Common 393222104 2,050 190,000 SH Sole 190,000
RENEWABLE ENERG
HALOZYME Common 40637H109 103 14,854 SH Sole 14,854
THERAPEUTICS INC
HARTE-HANKS INC Common 416196103 126 15,489 SH Sole 15,489
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TOTAL $ 54,579
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Page 7 of 16 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
HEWLETT-PACKARD CO Common 428236103 15,706 431,494 SH Sole 431,494
HOME DEPOT INC Common 437076102 7,244 200,000 SH Sole 200,000
HOSPITALITY Common 44106M102 214 8,825 SH Sole 8,825
PROPERTIES TRUST
ILLINOIS TOOL WORKS Common 452308109 7,061 125,000 SH Sole 125,000
INFINERA CORP Common 45667G103 1,727 250,000 SH Sole 250,000
INGERSOLL-RAND PLC Common G47791101 245 5,395 SH Sole 5,395
INTL BUSINESS Common 459200101 24,810 144,624 SH Sole 144,624
MACHINES CORP
JAGUAR MINING INC Common 47009M103 4,713 987,629 SH Sole 987,629
JDS UNIPHASE CORP Common 46612J507 1,364 81,900 SH Sole 81,900
JOHNSON & JOHNSON Common 478160104 13,250 199,188 SH Sole 199,188
KIMBER RESOURCES INC Common 49435N101 1,051 641,515 SH Sole 641,515
KIMBERLY-CLARK CORP Common 494368103 7,322 110,000 SH Sole 110,000
KOBEX MINERALS INC Common 49989C105 185 238,285 SH Sole 238,285
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TOTAL $ 84,892
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Page 8 of 16 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
KRAFT FOODS INC- Common 50075N104 9,160 260,000 SH Sole 260,000
CLASS A
L-3 COMMUNICATIONS Common 502424104 293 3,346 SH Sole 3,346
HOLDINGS
LEGG MASON INC Common 524901105 408 12,444 SH Sole 12,444
LEXMARK Common 529771107 2,341 80,000 SH Sole 80,000
INTERNATIONAL INC-A
LINCOLN NATIONAL CORP Common 534187109 513 18,000 SH Sole 18,000
LOCKHEED MARTIN Common 539830109 9,390 115,967 SH Sole 115,967
LOWE'S COS INC Common 548661107 932 40,000 SH Sole 40,000
MAG SILVER CORP Common 55903Q104 2,109 210,888 SH Sole 210,888
MARTIN MARIETTA Common 573284106 2,399 30,000 SH Sole 30,000
MATERIALS
MASTERCARD INC- Common 57636Q104 6,027 20,000 SH Sole 20,000
CLASS A
MATTEL INC Common 577081102 6,873 250,000 SH Sole 250,000
MERCK & CO. INC. Common 58933Y105 641 18,174 SH Sole 18,174
METLIFE INC Common 59156R108 2,580 58,800 SH Sole 58,800
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TOTAL $ 43,666
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Page 9 of 16 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
MICROSOFT CORP Common 594918104 23,751 913,517 SH Sole 913,517
MIDWAY GOLD CORP Common 598153104 386 197,679 SH Sole 197,679
MINEFINDERS CORP Common 602900102 1,788 137,673 SH Sole 137,673
MORGAN STANLEY Common 617446448 401 17,414 SH Sole 17,414
MORGANS HOTEL Common 61748W108 8,988 1,250,000 SH Sole 1,250,000
GROUP CO
MUELLER WATER Common 624758108 55 13,725 SH Sole 13,725
PRODUCTS INC-A
NATIONAL OILWELL Common 637071101 2,346 30,000 SH Sole 30,000
VARCO INC
NATL PENN BCSHS INC Common 637138108 82 10,400 SH Sole 10,400
NEW GOLD INC Common 644535106 1,093 106,250 SH Sole 106,250
NEWELL RUBBERMAID INC Common 651229106 5,050 320,000 SH Sole 320,000
NEWMONT MINING CORP Common 651639106 5,397 100,000 SH Sole 100,000
NORTHROP GRUMMAN Common 666807102 318 4,591 SH Sole 4,591
CORP
OCCIDENTAL Common 674599105 1,238 11,900 SH Sole 11,900
PETROLEUM CORP
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TOTAL $ 50,893
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Page 10 of 16 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 207 4,300 SH Sole 4,300
ORACLE CORP Common 68389X105 7,778 236,350 SH Sole 236,350
OVERHILL FARMS INC Common 690212105 75 13,418 SH Sole 13,418
PARK STERLING CORP Common 70086Y105 81 16,300 SH Sole 16,300
PEPSICO INC Common 713448108 5,663 80,400 SH Sole 80,400
PFIZER INC Common 717081103 484 23,485 SH Sole 23,485
PITNEY BOWES INC Common 724479100 3,768 163,900 SH Sole 163,900
PMC - SIERRA INC Common 69344F106 2,574 340,000 SH Sole 340,000
PPL CORPORATION Common 69351T106 1,113 40,000 SH Sole 40,000
PRUDENTIAL FINANCIAL Common 744320102 1,908 30,000 SH Sole 30,000
INC
RANDGOLD RESOURCES Common 752344309 7,490 89,114 SH Sole 89,114
LTD-ADR
RAYTHEON COMPANY Common 755111507 4,985 100,000 SH Sole 100,000
REINSURANCE GROUP Common 759351604 487 8,000 SH Sole 8,000
OF AMERICA
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TOTAL $ 36,613
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Page 11 of 16 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
RENAISSANCERE Common G7496G103 217 3,103 SH Sole 3,103
HOLDINGS LTD
RITE AID CORP Common 767754104 56 42,245 SH Sole 42,245
RPM INTERNATIONAL INC Common 749685103 3,223 140,000 SH Sole 140,000
SEALY CORP Common 812139301 30 11,732 SH Sole 11,732
SONOCO PRODUCTS CO Common 835495102 3,554 100,000 SH Sole 100,000
SYMANTEC CORP Common 871503108 296 15,000 SH Sole 15,000
THORATEC CORP Common 885175307 1,641 50,000 SH Sole 50,000
TOTAL SA-SPON ADR Common 89151E109 7,936 137,200 SH Sole 137,200
TRAVELERS COS INC Common 89417E109 759 13,000 SH Sole 13,000
UBS AG Common H89231338 227 12,425 SH Sole 12,425
UNITED CONTINENTAL Common 910047109 334 14,755 SH Sole 14,755
HOLDINGS
UNITED PARCEL Common 911312106 4,376 60,000 SH Sole 60,000
SERVICE
VISA INC Common 92826C839 1,685 20,000 SH Sole 20,000
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TOTAL $ 24,334
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Page 12 of 16 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
VISTA GOLD CORP Common 927926303 4,977 1,758,748 SH Sole 1,758,748
VULCAN MATERIALS CO Common 929160109 2,312 60,000 SH Sole 60,000
WASTE MANAGEMENT INC Common 94106L109 8,013 215,000 SH Sole 215,000
WESTERN DIGITAL CORP Common 958102105 9,079 249,550 SH Sole 249,550
WESTPORT Common 960908309 4,564 190,000 SH Sole 190,000
INNOVATIONS INC
WHIRLPOOL CORP Common 963320106 7,319 90,000 SH Sole 90,000
WHITING PETROLEUM Common 966387102 455 8,000 SH Sole 8,000
CORP
WILLIAMS COS INC Common 969457100 325 10,732 SH Sole 10,732
XEROX CORP Common 984121103 10,880 1,045,190 SH Sole 1,045,190
YAHOO! INC Common 984332106 200 13,284 SH Sole 13,284
ZHONE TECHNOLOGIES Common 98950P884 1,625 680,000 SH Sole 680,000
INC
ZOLTEK COMPANIES INC Common 98975W104 2,948 280,000 SH Sole 280,000
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TOTAL $ 52,697
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Page 13 of 16 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 5,691 60,000 SH Put Sole 60,000
ALLSTATE CORP Common 020002901 916 30,000 SH Call Sole 30,000
ALLSTATE CORP Common 020002951 4,885 160,000 SH Put Sole 160,000
AMERICAN Common 026874954 2,932 100,000 SH Put Sole 100,000
INTERNATIONAL GROUP
AUTOMATIC DATA Common 053015953 5,268 100,000 SH Put Sole 100,000
PROCESSING
BARRICK GOLD CORP Common 067901908 9,964 220,000 SH Call Sole 220,000
BARRICK GOLD CORP Common 067901958 9,058 200,000 SH Put Sole 200,000
BOEING CO Common 097023955 4,436 60,000 SH Put Sole 60,000
CAMECO CORP Common 13321L958 2,108 80,000 SH Put Sole 80,000
CATERPILLAR INC Common 149123951 12,775 120,000 SH Put Sole 120,000
CHEVRON CORP Common 166764950 7,199 70,000 SH Put Sole 70,000
CISCO SYSTEMS INC Common 17275R952 4,683 300,000 SH Put Sole 300,000
CITIGROUP INC Common 172967954 3,331 80,000 SH Put Sole 80,000
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TOTAL $ 73,246
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Page 14 of 16 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 231021956 4,140 40,000 SH Put Sole 40,000
DECKERS OUTDOOR Common 243537907 1,763 20,000 SH Call Sole 20,000
DU PONT (E.I.) DE Common 263534959 7,567 140,000 SH Put Sole 140,000
NEMOURS
GOLDCORP INC Common 380956909 2,896 60,000 SH Call Sole 60,000
INTEL CORP Common 458140950 4,432 200,000 SH Put Sole 200,000
INTL BUSINESS Common 459200951 15,440 90,000 SH Put Sole 90,000
MACHINES CORP
J.C. PENNEY CO INC Common 708160956 3,454 100,000 SH Put Sole 100,000
JOHNSON & JOHNSON Common 478160954 10,643 160,000 SH Put Sole 160,000
JOY GLOBAL INC Common 481165958 5,714 60,000 SH Put Sole 60,000
LOWE'S COS INC Common 548661957 1,865 80,000 SH Put Sole 80,000
MARATHON OIL CORP Common 565849956 3,161 60,000 SH Put Sole 60,000
MARTIN MARIETTA Common 573284956 6,398 80,000 SH Put Sole 80,000
MATERIALS
MASTERCARD INC- Common 57636Q954 3,013 10,000 SH Put Sole 10,000
CLASS A
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TOTAL $ 70,486
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Page 15 of 16 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
MCKESSON CORP Common 58155Q953 4,183 50,000 SH Put Sole 50,000
MERCK & CO. INC. Common 58933Y955 3,529 100,000 SH Put Sole 100,000
MICROSOFT CORP Common 594918954 7,800 300,000 SH Put Sole 300,000
NEWMONT MINING CORP Common 651639906 1,079 20,000 SH Call Sole 20,000
NEWMONT MINING CORP Common 651639956 10,794 200,000 SH Put Sole 200,000
ORACLE CORP Common 68389X955 3,291 100,000 SH Put Sole 100,000
PRAXAIR INC Common 74005P954 2,168 20,000 SH Put Sole 20,000
TARGET CORP Common 87612E956 1,876 40,000 SH Put Sole 40,000
UNITED PARCEL Common 911312956 13,127 180,000 SH Put Sole 180,000
SERVICE
VULCAN MATERIALS CO Common 929160959 3,082 80,000 SH Put Sole 80,000
WALT DISNEY CO Common 254687906 3,514 90,000 SH Call Sole 90,000
WALT DISNEY CO Common 254687956 4,685 120,000 SH Put Sole 120,000
WHIRLPOOL CORP Common 963320956 8,132 100,000 SH Put Sole 100,000
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TOTAL $ 67,260
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AGGREGATE TOTAL $ 15,735,074
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Page 16 of 16 Pages