FORM 13F
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended June 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
------------------------------------------------------------------------------
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: August 12, 2009
------------------------------------------------------------------------------
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: 148
Form 13F Information Table Value Total: $12,431.3 (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 946 200,000 SH Sole 200,000
3M CO Common 88579Y101 2,248 37,400 SH Sole 37,400
AFFILIATED COMPUTER Common 008190100 5,612 126,349 SH Sole 126,349
SERVICES
AGNICO EAGLE MINES Common 008474108 3,188 60,750 SH Sole 60,750
LTD
ALCATEL-LUCENT- Common 013904305 129 51,952 SH Sole 51,952
SPONSORED ADR
ALLSTATE CORP Common 020002101 625 25,606 SH Sole 25,606
AMERICAN EQUITY INVT Common 025676206 59 10,544 SH Sole 10,544
LIFE HL
AMERIPRISE FINANCIAL Common 03076C106 2,427 100,000 SH Sole 100,000
INC
ANADARKO PETE CORP Common 032511107 1,321 29,100 SH Sole 29,100
APACHE CORP Common 037411105 383 5,305 SH Sole 5,305
AURIZON MINES LTD Common 05155P106 3,078 854,447 SH Sole 854,447
AUTOMATIC DATA Common 053015103 851 24,000 SH Sole 24,000
PROCESSING
BANK OF AMERICA Common 060505104 223 16,880 SH Sole 16,880
CORPORATION
-------------
TOTAL $ 21,090
-------------
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
BARRICK GOLD CORP Common 067901108 12,160 362,436 SH Sole 362,436
BOARDWALK PIPELINE Common 096627104 2,579,076 114,219,466 SH Sole 114,219,466
PARTNERS
BROADCOM CORP Common 111320107 1,983 80,000 SH Sole 80,000
BROCADE COMM SYS INC Common 111621306 1,568 200,000 SH Sole 200,000
CHENIERE ENERGY INC Common 16411R208 36 12,200 SH Sole 12,200
CIBER INC Common 17163B102 43 13,991 SH Sole 13,991
CIENA CORP Common 171779309 1,449 140,000 SH Sole 140,000
CISCO SYS INC Common 17275R102 4,476 240,000 SH Sole 240,000
CLIFFS NATURAL Common 18683K101 374 15,300 SH Sole 15,300
RESOURCES INC
CNA FINL CORP Common 126117100 3,749,660 242,382,673 SH Sole 242,382,673
COEUR D'ALENE MINES Common 192108504 405 32,925 SH Sole 32,925
CORP
COMCAST CORP NEW Common 20030N200 2,902 205,829 SH Sole 205,829
COVIDIEN PLC Common G2554F105 2,933 78,350 SH Sole 78,350
-------------
TOTAL $ 6,357,065
-------------
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
CVS CAREMARK CORP Common 126650100 2,390 75,000 SH Sole 75,000
DEERE & CO Common 244199105 459 11,500 SH Sole 11,500
DIAMOND OFFSHORE Common 25271C102 5,752,785 70,104,620 SH Sole 70,104,620
DRILLING INC
DYNEGY INC NEW Common 26817G102 1,547 681,450 SH Sole 681,450
E M C CORP MASS Common 268648102 2,698 205,970 SH Sole 205,970
EBAY INC Common 278642103 4,283 250,000 SH Sole 250,000
ENERGIZER HLDGS INC Common 29266R108 3,918 75,000 SH Sole 75,000
ENSCO INTL INC Common 26874Q100 415 11,900 SH Sole 11,900
EXETER RESOURCE Common 301835104 2,166 641,100 SH Sole 641,100
FINISAR CORPORATION Common 31787A101 724 1,270,000 SH Sole 1,270,000
GAMMON GOLD INC Common 36467T106 5,609 840,943 SH Sole 840,943
GOLDCORP INC NEW Common 380956409 1,946 56,000 SH Sole 56,000
GOLDEN STAR Common 38119T104 1,041 507,820 SH Sole 507,820
RESOURCES LTD
-------------
TOTAL $ 5,779,981
-------------
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
HEWLETT PACKARD CO Common 428236103 226 6,000 SH Sole 6,000
HOME DEPOT INC Common 437076102 3,876 164,045 SH Sole 164,045
IAMGOLD CORPORATION Common 450913108 3,744 369,633 SH Sole 369,633
IMA EXPLORATION INC Common 449664101 143 571,886 SH Sole 571,886
INGERSOLL-RAND PLC Common G4776G101 215 10,291 SH Sole 10,291
INTEL CORP Common 458140100 4,965 300,000 SH Sole 300,000
INTERNATIONAL Common 459200101 1,422 13,619 SH Sole 13,619
BUSINESS MACHS
ISHARES INC MSCI Common 464286848 9,430 1,000,000 SH Sole 1,000,000
JAPAN
JAGUAR MINING INC Common 47009M103 8,706 987,629 SH Sole 987,629
JDS UNIPHASE CORP Common 46612J507 1,576 275,500 SH Sole 275,500
JOHNSON & JOHNSON Common 478160104 596 10,493 SH Sole 10,493
JOY GLOBAL INC Common 481165108 714 20,000 SH Sole 20,000
KIMBER RESOURCES INC Common 49435N101 309 641,515 SH Sole 641,515
-------------
TOTAL $ 35,922
-------------
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
KINROSS GOLD CORP Common 496902404 309 17,000 SH Sole 17,000
LEXMARK INTL NEW Common 529771107 1,902 120,000 SH Sole 120,000
LINCOLN NATL CORP IND Common 534187109 310 18,000 SH Sole 18,000
LOWES COS INC Common 548661107 1,526 78,600 SH Sole 78,600
MARKET VECTORS Common 57060U100 8,508 225,000 SH Sole 225,000
GOLD MINERS
MEDIACOM Common 58446K105 166 34,000 SH Sole 34,000
COMMUNICATIONS CORP
MICROSOFT CORP Common 594918104 261 10,982 SH Sole 10,982
MIDWAY GOLD CORP Common 598153104 136 197,679 SH Sole 197,679
MINEFINDERS CORP Common 602900102 3,080 444,487 SH Sole 444,487
MOTOROLA INC Common 620076109 121 18,268 SH Sole 18,268
NEW GOLD INC Common 644535106 3,430 1,284,752 SH Sole 1,284,752
NOVAGOLD Common 66987E206 5,103 1,192,184 SH Sole 1,192,184
RESOURCES INC
OCCIDENTAL Common 674599105 783 11,900 SH Sole 11,900
PETROLEUM CORP
-------------
TOTAL $ 25,635
-------------
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
ORACLE CORP Common 68389X105 492 22,950 SH Sole 22,950
OWENS CORNING INC Common 690742101 748 58,500 SH Sole 58,500
PFIZER INC Common 717081103 450 30,000 SH Sole 30,000
POPULAR INC Common 733174106 50 22,629 SH Sole 22,629
PRIDE INTL INC DEL Common 74153Q102 276 11,000 SH Sole 11,000
REINSURANCE GROUP Common 759351604 279 8,000 SH Sole 8,000
OF AMERICA
RUBICON MINERALS CORP Common 780911103 1,659 481,250 SH Sole 481,250
SILICON IMAGE INC Common 82705T102 962 420,000 SH Sole 420,000
SILVER STANDARD Common 82823L106 638 34,000 SH Sole 34,000
RESOURCES
SILVER WHEATON CORP Common 828336107 3,611 374,000 SH Sole 374,000
SPDR KBW BANK ETF Common 78464A797 10,917 604,800 SH Sole 604,800
STILLWATER MNG CO Common 86074Q102 3,807 666,763 SH Sole 666,763
TALISMAN ENERGY INC Common 87425E103 692 48,450 SH Sole 48,450
-------------
TOTAL $ 24,581
-------------
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
THERMO FISHER Common 883556102 3,188 78,190 SH Sole 78,190
SCIENTIFIC INC
THORATEC CORP Common 885175307 4,125 154,022 SH Sole 154,022
TOTAL SYS SVCS INC Common 891906109 2,678 200,000 SH Sole 200,000
TREX COMPANY INC Common 89531P105 2,412 180,375 SH Sole 180,375
UNITED AMERICA Common 90933T109 49 10,189 SH Sole 10,189
INDEMNITY-A
UNITED PARCEL SERVICE Common 911312106 2,000 40,000 SH Sole 40,000
INC
UNITED STATES STL Common 912909108 2,498 69,900 SH Sole 69,900
CORP NEW
VARIAN MED SYS INC Common 92220P105 1,406 40,000 SH Sole 40,000
VULCAN MATERIALS CO Common 929160109 1,724 40,000 SH Sole 40,000
WESTERN DIGITAL CORP Common 958102105 4,240 160,000 SH Sole 160,000
WEYERHAEUSER CO Common 962166104 3,043 100,000 SH Sole 100,000
WILLIAMS COS INC DEL Common 969457100 158 10,112 SH Sole 10,112
WILLIAMS PIPELINE Common 96950K103 2,989 165,500 SH Sole 165,500
PARTNERS L
-------------
TOTAL $ 30,510
-------------
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
WILLIS GROUP Common G96655108 515 20,000 SH Sole 20,000
HOLDINGS LTD
WYETH Common 983024100 207 4,557 SH Sole 4,557
XEROX CORP Common 984121103 6,875 1,061,000 SH Sole 1,061,000
ZHONE TECHNOLOGIES Common 98950P108 1,024 3,201,798 SH Sole 3,201,798
INC
ZOLTEK COMPANIES INC Common 98975W104 388 39,900 SH Sole 39,900
---------------
TOTAL $ 9,009
---------------
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 5,409 90,000 SH Put Sole 90,000
ALLSTATE CORP Common 020002901 976 40,000 SH Call Sole 40,000
ALLSTATE CORP Common 020002951 3,416 140,000 SH Put Sole 140,000
AUTOMATIC DATA Common 053015953 3,544 100,000 SH Put Sole 100,000
PROCESSING
BANK OF AMERICA Common 060505954 1,122 85,000 SH Put Sole 85,000
CORPORATION
BARRICK GOLD CORP Common 067901908 3,355 100,000 SH Call Sole 100,000
BARRICK GOLD CORP Common 067901958 3,355 100,000 SH Put Sole 100,000
BLACK & DECKER CORP Common 091797900 1,720 60,000 SH Call Sole 60,000
BLACK & DECKER CORP Common 091797950 1,720 60,000 SH Put Sole 60,000
BROADCOM CORP Common 111320957 2,479 100,000 SH Put Sole 100,000
BROCADE COMM SYS INC Common 111621906 1,568 200,000 SH Call Sole 200,000
BROCADE COMM SYS INC Common 111621956 1,568 200,000 SH Put Sole 200,000
CAMECO CORP Common 13321L958 2,560 100,000 SH Put Sole 100,000
-------------
TOTAL $ 32,792
-------------
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 2,070 200,000 SH Put Sole 200,000
CISCO SYS INC Common 17275R952 3,730 200,000 SH Put Sole 200,000
CLIFFS NATURAL Common 18683K901 245 10,000 SH Call Sole 10,000
RESOURCES INC
CLIFFS NATURAL Common 18683K951 4,894 200,000 SH Put Sole 200,000
RESOURCES INC
DISNEY WALT CO Common 254687906 3,733 160,000 SH Call Sole 160,000
DISNEY WALT CO Common 254687956 3,266 140,000 SH Put Sole 140,000
DU PONT E I DE Common 263534909 4,392 180,000 SH Call Sole 180,000
NEMOURS & CO
DU PONT E I DE Common 263534959 2,928 120,000 SH Put Sole 120,000
NEMOURS & CO
E M C CORP MASS Common 268648952 2,620 200,000 SH Put Sole 200,000
EATON CORP Common 278058952 4,461 100,000 SH Put Sole 100,000
GOLDCORP INC NEW Common 380956909 5,560 160,000 SH Call Sole 160,000
HOME DEPOT INC Common 437076952 4,726 200,000 SH Put Sole 200,000
INTEL CORP Common 458140950 4,965 300,000 SH Put Sole 300,000
--------------
TOTAL $ 47,590
--------------
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 46612J907 2,288 400,000 SH Call Sole 400,000
JDS UNIPHASE CORP Common 46612J957 1,144 200,000 SH Put Sole 200,000
JOY GLOBAL INC Common 481165908 1,429 40,000 SH Call Sole 40,000
JOY GLOBAL INC Common 481165958 2,858 80,000 SH Put Sole 80,000
LOWES COS INC Common 548661957 1,553 80,000 SH Put Sole 80,000
MASTERCARD INC Common 57636Q954 11,712 70,000 SH Put Sole 70,000
CLASS A
MICROSOFT CORP Common 594918904 2,377 100,000 SH Call Sole 100,000
MICROSOFT CORP Common 594918954 2,377 100,000 SH Put Sole 100,000
ORACLE CORP Common 68389X955 2,142 100,000 SH Put Sole 100,000
OWENS CORNING INC Common 690742901 256 20,000 SH Call Sole 20,000
PENNEY J C INC Common 708160956 2,871 100,000 SH Put Sole 100,000
PFIZER INC Common 717081953 2,424 161,600 SH Put Sole 161,600
PPL CORP Common 69351T906 3,296 100,000 SH Call Sole 100,000
--------------
TOTAL $ 36,727
--------------
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
PPL CORP Common 69351T956 1,318 40,000 SH Put Sole 40,000
SEAGATE TECHNOLOGY Common G7945J904 2,979 284,800 SH Call Sole 284,800
SEAGATE TECHNOLOGY Common G7945J954 1,046 100,000 SH Put Sole 100,000
STILLWATER MNG CO Common 86074Q902 571 100,000 SH Call Sole 100,000
TARGET CORP Common 87612E956 1,579 40,000 SH Put Sole 40,000
THE ST JOE COMPANY Common 790148950 2,649 100,000 SH Put Sole 100,000
UNITED PARCEL SERVICE Common 911312956 3,499 70,000 SH Put Sole 70,000
INC
UNITED STATES STL Common 912909958 2,502 70,000 SH Put Sole 70,000
CORP NEW
VARIAN MED SYS INC Common 92220P955 1,406 40,000 SH Put Sole 40,000
VULCAN MATERIALS CO Common 929160959 3,448 80,000 SH Put Sole 80,000
WELLS FARGO & CO Common 949746951 2,426 100,000 SH Put Sole 100,000
WHOLE FOODS MKT INC Common 966837906 1,139 60,000 SH Call Sole 60,000
ZOLTEK COMPANIES INC Common 98975W904 5,832 600,000 SH Call Sole 600,000
-------------
TOTAL $ 30,394
-------------
AGGREGATE TOTAL $ 12,431,296
===============
Page 15 of 15 Pages