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 September 30, 2009
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: November 12, 2009
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Page 1 of 15
Loews Corporation ("Loews"), by virtue of its approximately 90% ownership of
voting securities of CNA Financial Corporation whose business address is CNA
Plaza, Chicago, Illinois 60685 ("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 15
FORM 13F SUMMARY PAGE
REPORT SUMMARY
Number of Other Included Managers: NONE.
Form 13F Information Table Entry Total: 155
Form 13F Information Table Value Total: $15,814.3 (million)
List of Other Included Managers: NONE.
Page 3 of 15
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
3COM CORP Common 885535104 1,046 200,000 SH Sole 200,000
3M CO Common 88579Y101 738 10,000 SH Sole 10,000
ABBOTT LABS Common 002824100 2,968 60,000 SH Sole 60,000
AFFILIATED COMPUTER Common 008190100 8,199 151,349 SH Sole 151,349
SERVICES
AGNICO EAGLE MINES Common 008474108 4,122 60,750 SH Sole 60,750
LTD
ALCATEL-LUCENT- Common 013904305 192 42,652 SH Sole 42,652
SPONSORED ADR
ALLSTATE CORP Common 020002101 784 25,606 SH Sole 25,606
AMERICAN EQUITY INVT Common 025676206 74 10,544 SH Sole 10,544
LIFE HL
AMERIPRISE FINANCIAL Common 03076C106 3,633 100,000 SH Sole 100,000
INC
ANADARKO PETE CORP Common 032511107 1,747 27,850 SH Sole 27,850
APACHE CORP Common 037411105 487 5,305 SH Sole 5,305
AURIZON MINES LTD Common 05155P106 3,755 854,447 SH Sole 854,447
AUTOMATIC DATA Common 053015103 1,729 44,000 SH Sole 44,000
PROCESSING
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TOTAL $ 29,474
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Page 4 of 15 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 060505104 341 20,170 SH Sole 20,170
CORPORATION
BARRICK GOLD CORP Common 067901108 13,736 362,436 SH Sole 362,436
BLOCK H & R INC Common 093671105 3,676 200,000 SH Sole 200,000
BOARDWALK PIPELINE Common 096627104 2,834,927 114,219,466 SH Sole 114,219,466
PARTNERS
BOEING CO Common 097023105 208 3,850 SH Sole 3,850
BROADCOM CORP Common 111320107 1,841 60,000 SH Sole 60,000
BROCADE COMM SYS INC Common 111621306 1,572 200,000 SH Sole 200,000
CHENIERE ENERGY INC Common 16411R208 36 12,200 SH Sole 12,200
CIBER INC Common 17163B102 56 13,991 SH Sole 13,991
CIENA CORP Common 171779309 1,954 120,000 SH Sole 120,000
CISCO SYS INC Common 17275R102 4,708 200,000 SH Sole 200,000
CITIGROUP INC Common 172967101 159 32,791 SH Sole 32,791
CLIFFS NATURAL Common 18683K101 382 11,800 SH Sole 11,800
RESOURCES INC
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TOTAL $ 2,863,596
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Page 5 of 15 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
CNA FINL CORP Common 126117100 5,851,118 242,382,673 SH Sole 242,382,673
COMCAST CORP Common 20030N101 176 10,442 SH Sole 10,442
COMCAST CORP Common 20030N200 3,805 236,649 SH Sole 236,649
COVIDIEN LTD Common G2554F105 3,436 79,430 SH Sole 79,430
CVS CAREMARK CORP Common 126650100 2,681 75,000 SH Sole 75,000
DIAMOND OFFSHORE Common 25271C102 6,696,393 70,104,620 SH Sole 70,104,620
DRILLING INC
DYNEGY INC Common 26817G102 1,185 464,720 SH Sole 464,720
E M C CORP MASS Common 268648102 3,462 203,140 SH Sole 203,140
EBAY INC Common 278642103 3,540 150,000 SH Sole 150,000
ENERGIZER HLDGS INC Common 29266R108 4,976 75,000 SH Sole 75,000
ENSCO INTL INC Common 26874Q100 506 11,900 SH Sole 11,900
EXETER RESOURCE Common 301835104 3,141 641,100 SH Sole 641,100
FINISAR CORPORATION Common 31787A507 1,537 158,750 SH Sole 158,750
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TOTAL $ 12,575,956
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Page 6 of 15 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
GAMESTOP CORP Common 36467W109 3,971 150,000 SH Sole 150,000
GAMMON GOLD INC Common 36467T106 7,156 840,943 SH Sole 840,943
GOLDCORP INC Common 380956409 2,261 56,000 SH Sole 56,000
HEWLETT PACKARD CO Common 428236103 283 6,000 SH Sole 6,000
HOME DEPOT INC Common 437076102 4,370 164,045 SH Sole 164,045
IAMGOLD CORPORATION Common 450913108 2,852 201,633 SH Sole 201,633
IMA EXPLORATION INC Common 449664101 187 571,886 SH Sole 571,886
IMS HEALTH INC Common 449934108 1,649 107,450 SH Sole 107,450
INTEL CORP Common 458140100 5,871 300,000 SH Sole 300,000
INTERNATIONAL Common 459200101 5,217 43,619 SH Sole 43,619
BUSINESS MACHS
ISHARES INC MSCI Common 464286848 12,425 1,250,000 SH Sole 1,250,000
JAPAN
JAGUAR MINING INC Common 47009M103 9,461 987,629 SH Sole 987,629
JDS UNIPHASE CORP Common 46612J507 1,959 275,500 SH Sole 275,500
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TOTAL $ 57,662
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Page 7 of 15 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
JOHNSON & JOHNSON Common 478160104 639 10,493 SH Sole 10,493
JOY GLOBAL INC Common 481165108 979 20,000 SH Sole 20,000
KIMBER RESOURCES INC Common 49435N101 414 641,515 SH Sole 641,515
KRAFT FOODS INC Common 50075N104 1,146 43,625 SH Sole 43,625
LEXMARK INTL Common 529771107 3,446 160,000 SH Sole 160,000
LINCOLN NATL CORP IND Common 534187109 466 18,000 SH Sole 18,000
LOCKHEED MARTIN Common 539830109 2,428 31,090 SH Sole 31,090
LOWES COS INC Common 548661107 1,646 78,600 SH Sole 78,600
MARKET VECTORS Common 57060U100 1,691 37,339 SH Sole 37,339
GOLD MINERS
MEDIACOM Common 58446K105 196 34,000 SH Sole 34,000
COMMUNICATIONS CORP
MICROSOFT CORP Common 594918104 251 9,757 SH Sole 9,757
MIDWAY GOLD CORP Common 598153104 139 197,679 SH Sole 197,679
MINEFINDERS CORP Common 602900102 4,363 444,487 SH Sole 444,487
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TOTAL $ 17,804
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Page 8 of 15 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
MOTOROLA INC Common 620076109 157 18,268 SH Sole 18,268
NEW GOLD INC Common 644535106 2,989 788,752 SH Sole 788,752
NOVAGOLD Common 66987E206 6,104 1,192,184 SH Sole 1,192,184
RESOURCES INC
OCCIDENTAL Common 674599105 933 11,900 SH Sole 11,900
PETROLEUM CORP
ORACLE CORP Common 68389X105 478 22,950 SH Sole 22,950
OWENS CORNING INC Common 690742101 449 20,000 SH Sole 20,000
PFIZER INC Common 717081103 835 50,480 SH Sole 50,480
POPULAR INC Common 733174106 64 22,629 SH Sole 22,629
PRIDE INTL INC DEL Common 74153Q102 335 11,000 SH Sole 11,000
REINSURANCE GROUP Common 759351604 357 8,000 SH Sole 8,000
OF AMERICA
RITE AID CORP Common 767754104 45 27,620 SH Sole 27,620
RUBICON MINERALS CORP Common 780911103 2,132 481,250 SH Sole 481,250
SILICON IMAGE INC Common 82705T102 1,021 420,000 SH Sole 420,000
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TOTAL $ 15,899
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Page 9 of 15 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
SILVER STANDARD Common 82823L106 726 34,000 SH Sole 34,000
RESOURCES
SILVER WHEATON CORP Common 828336107 4,308 317,000 SH Sole 317,000
SPDR KBW BANK ETF Common 78464A797 14,110 604,800 SH Sole 604,800
STILLWATER MNG CO Common 86074Q102 2,016 300,000 SH Sole 300,000
SYMANTEC CORP Common 871503108 247 15,000 SH Sole 15,000
TALISMAN ENERGY INC Common 87425E103 840 48,450 SH Sole 48,450
THERMO FISHER Common 883556102 2,978 68,190 SH Sole 68,190
SCIENTIFIC INC
THORATEC CORP Common 885175307 4,057 134,022 SH Sole 134,022
TOTAL SYS SVCS INC Common 891906109 3,222 200,000 SH Sole 200,000
TRAVELERS COS Common 89417E109 295 6,000 SH Sole 6,000
INC
TREX COMPANY INC Common 89531P105 2,242 123,175 SH Sole 123,175
UNITED AMERICA Common 90933T109 75 10,189 SH Sole 10,189
INDEMNITY-A
UNITED PARCEL SERVICE Common 911312106 2,259 40,000 SH Sole 40,000
INC
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TOTAL $ 37,375
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Page 10 of 15 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 STATES STL Common 912909108 3,101 69,900 SH Sole 69,900
CORP
VALIDUS HOLDINGS LTD Common G9319H102 586 22,784 SH Sole 22,784
VARIAN MED SYS INC Common 92220P105 1,685 40,000 SH Sole 40,000
VULCAN MATERIALS CO Common 929160109 1,622 30,000 SH Sole 30,000
WASTE MANAGEMENT INC Common 94106L109 1,491 50,000 SH Sole 50,000
WESTERN DIGITAL CORP Common 958102105 3,079 84,300 SH Sole 84,300
WEYERHAEUSER CO Common 962166104 1,833 50,000 SH Sole 50,000
WHITING PETE CORP Common 966387102 294 5,100 SH Sole 5,100
WILLIAMS COS INC DEL Common 969457100 181 10,112 SH Sole 10,112
WILLIAMS PIPELINE Common 96950K103 3,171 165,500 SH Sole 165,500
PARTNERS LP
WILLIS GROUP Common G96655108 564 20,000 SH Sole 20,000
HOLDINGS LTD
XEROX CORP Common 984121103 7,051 911,000 SH Sole 911,000
ZHONE TECHNOLOGIES Common 98950P108 1,601 3,201,798 SH Sole 3,201,798
INC
ZOLTEK COMPANIES INC Common 98975W104 419 39,900 SH Sole 39,900
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TOTAL $ 26,678
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Page 11 of 15 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 6,642 90,000 SH Put Sole 90,000
ALLSTATE CORP Common 020002901 1,225 40,000 SH Call Sole 40,000
ALLSTATE CORP Common 020002951 4,287 140,000 SH Put Sole 140,000
AUTOMATIC DATA Common 053015953 7,860 200,000 SH Put Sole 200,000
PROCESSING
BANK OF AMERICA Common 060505954 1,294 76,500 SH Put Sole 76,500
CORPORATION
BARRICK GOLD CORP Common 067901908 3,790 100,000 SH Call Sole 100,000
BARRICK GOLD CORP Common 067901958 3,790 100,000 SH Put Sole 100,000
BLACK & DECKER CORP Common 091797900 2,315 50,000 SH Call Sole 50,000
BLACK & DECKER CORP Common 091797950 2,777 60,000 SH Put Sole 60,000
BROADCOM CORP Common 111320957 3,069 100,000 SH Put Sole 100,000
BROCADE COMM SYS INC Common 111621906 1,572 200,000 SH Call Sole 200,000
BROCADE COMM SYS INC Common 111621956 1,572 200,000 SH Put Sole 200,000
CAMECO CORP Common 13321L958 3,336 120,000 SH Put Sole 120,000
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TOTAL $ 43,529
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Page 12 of 15 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
CIENA CORP Common 171779959 3,256 200,000 SH Put Sole 200,000
CISCO SYS INC Common 17275R952 4,708 200,000 SH Put Sole 200,000
CLIFFS NATURAL Common 18683K951 6,472 200,000 SH Put Sole 200,000
RESOURCES INC
DISNEY WALT CO Common 254687906 4,394 160,000 SH Call Sole 160,000
DISNEY WALT CO Common 254687956 3,844 140,000 SH Put Sole 140,000
DU PONT E I DE Common 263534959 3,857 120,000 SH Put Sole 120,000
NEMOURS & CO
E M C CORP MASS Common 268648952 3,408 200,000 SH Put Sole 200,000
EATON CORP Common 278058952 5,659 100,000 SH Put Sole 100,000
GOLDCORP INC Common 380956909 9,689 240,000 SH Call Sole 240,000
HOME DEPOT INC Common 437076952 5,328 200,000 SH Put Sole 200,000
INTEL CORP Common 458140950 5,871 300,000 SH Put Sole 300,000
INTERNATIONAL Common 459200951 7,177 60,000 SH Put Sole 60,000
BUSINESS MACHS
JDS UNIPHASE CORP Common 46612J907 2,844 400,000 SH Call Sole 400,000
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TOTAL $ 66,507
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Page 13 of 15 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
JDS UNIPHASE CORP Common 46612J957 1,422 200,000 SH Put Sole 200,000
JOY GLOBAL INC Common 481165908 1,958 40,000 SH Call Sole 40,000
JOY GLOBAL INC Common 481165958 3,915 80,000 SH Put Sole 80,000
LOWES COS INC Common 548661957 3,350 160,000 SH Put Sole 160,000
MASTERCARD INC Common 57636Q954 14,151 70,000 SH Put Sole 70,000
CLASS A
MICROSOFT CORP Common 594918904 2,572 100,000 SH Call Sole 100,000
MICROSOFT CORP Common 594918954 5,144 200,000 SH Put Sole 200,000
ORACLE CORP Common 68389X955 2,084 100,000 SH Put Sole 100,000
PENNEY J C INC Common 708160956 4,050 120,000 SH Put Sole 120,000
PFIZER INC Common 717081953 2,674 161,600 SH Put Sole 161,600
PPL CORP Common 69351T906 3,034 100,000 SH Call Sole 100,000
PPL CORP Common 69351T956 1,214 40,000 SH Put Sole 40,000
SEAGATE TECHNOLOGY Common G7945J904 4,187 275,300 SH Call Sole 275,300
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TOTAL $ 49,755
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Page 14 of 15 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
SEAGATE TECHNOLOGY Common G7945J954 1,521 100,000 SH Put Sole 100,000
STILLWATER MNG CO Common 86074Q902 672 100,000 SH Call Sole 100,000
TARGET CORP Common 87612E956 1,867 40,000 SH Put Sole 40,000
THE ST JOE COMPANY Common 790148950 2,912 100,000 SH Put Sole 100,000
UNITED PARCEL SERVICE Common 911312956 3,953 70,000 SH Put Sole 70,000
INC
UNITED STATES STL Common 912909958 3,106 70,000 SH Put Sole 70,000
CORP NEW
VARIAN MED SYS INC Common 92220P955 1,685 40,000 SH Put Sole 40,000
VULCAN MATERIALS CO Common 929160959 4,326 80,000 SH Put Sole 80,000
WELLS FARGO & CO Common 949746951 2,818 100,000 SH Put Sole 100,000
WHOLE FOODS MKT INC Common 966837906 915 30,000 SH Call Sole 30,000
ZOLTEK COMPANIES INC Common 98975W904 6,300 600,000 SH Call Sole 600,000
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TOTAL $ 30,075
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AGGREGATE TOTAL $ 15,814,310
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Page 15 of 15 Pages
