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, 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: November 10, 2011
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Page 1 of 18
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 18
FORM 13F SUMMARY PAGE
REPORT SUMMARY
Number of Other Included Managers: NONE.
Form 13F Information Table Entry Total: 181
Form 13F Information Table Value Total: $12,631.5 (million)
List of Other Included Managers: NONE.
Page 3 of 18
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 2,083 605,400 SH Sole 605,400
ABBOTT Common 002824100 6,089 119,075 SH Sole 119,075
AGNICO-EAGLE MINES Common 008474108 1,100 18,484 SH Sole 18,484
LTD
AIR PRODUCTS & Common 009158106 3,819 50,000 SH Sole 50,000
CHEMICALS INC
ALCOA INC Common 013817101 224 23,355 SH Sole 23,355
ALLSTATE CORP Common 020002101 4,910 207,256 SH Sole 207,256
ALVARION LTD Common M0861T100 735 700,000 SH Sole 700,000
AMERICAN Common 026874784 544 24,775 SH Sole 24,775
INTERNATIONAL GROUP
AMERICAN Common 029263100 36 10,825 SH Sole 10,825
REPROGRAPHICS CO
AMGEN INC Common 031162100 7,332 133,400 SH Sole 133,400
AMKOR TECHNOLOGY INC Common 031652100 174 40,000 SH Sole 40,000
ANADARKO PETROLEUM Common 032511107 839 13,300 SH Sole 13,300
CORP
APACHE CORP Common 037411105 327 4,080 SH Sole 4,080
-----------
TOTAL $ 28,212
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Page 4 of 18 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
AURICO GOLD INC Common 05155C105 3,431 364,961 SH Sole 364,961
AURIZON MINES LTD Common 05155P106 1,894 371,271 SH Sole 371,271
AVNET INC Common 053807103 237 9,100 SH Sole 9,100
BARRICK GOLD CORP Common 067901108 11,395 244,271 SH Sole 244,271
BEMIS COMPANY Common 081437105 37,145 1,267,300 SH Sole 1,267,300
BOARDWALK PIPELINE Common 096627104 2,633,727 102,719,466 SH Sole 102,719,466
PARTNERS
BOEING CO Common 097023105 1,210 20,000 SH Sole 20,000
BROCADE Common 111621306 1,642 380,000 SH Sole 380,000
COMMUNICATIONS SYS
CALPINE CORP Common 131347304 291 20,690 SH Sole 20,690
CAMECO CORP Common 13321L108 916 50,000 SH Sole 50,000
CAPLEASE INC Common 140288101 185 51,298 SH Sole 51,298
CATERPILLAR INC Common 149123101 3,323 45,000 SH Sole 45,000
CF INDUSTRIES Common 125269100 6,416 52,000 SH Sole 52,000
HOLDINGS INC
-----------
TOTAL $ 2,701,812
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Page 5 of 18 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
CHEVRON CORP Common 166764100 11,111 120,000 SH Sole 120,000
CISCO SYSTEMS INC Common 17275R102 10,230 660,000 SH Sole 660,000
CITIGROUP INC Common 172967424 1,535 59,915 SH Sole 59,915
CNA FINANCIAL CORP Common 126117100 5,446,339 242,382,673 SH Sole 242,382,673
CNO FINANCIAL GROUP Common 12621E103 212 39,248 SH Sole 39,248
INC
COEUR D'ALENE MINES Common 192108504 1,457 67,954 SH Sole 67,954
CORP
COMCAST CORP- Common 20030N200 5,159 249,000 SH Sole 249,000
SPECIAL CL A
COMSTOCK MINING INC Common 205750102 53 26,643 SH Sole 26,643
CUMMINS INC Common 231021106 817 10,000 SH Sole 10,000
CVS CAREMARK CORP Common 126650100 8,398 250,000 SH Sole 250,000
DENBURY RESOURCES Common 247916208 403 35,000 SH Sole 35,000
INC
DEVON ENERGY Common 25179M103 480 8,665 SH Sole 8,665
CORPORATION
DIAMOND OFFSHORE Common 25271C102 3,837,527 70,104,620 SH Sole 70,104,620
DRILLING
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TOTAL $ 9,323,721
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Page 6 of 18 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
DU PONT (E.I.) DE Common 263534109 11,991 300,000 SH Sole 300,000
NEMOURS
EATON CORP Common 278058102 3,550 100,000 SH Sole 100,000
EMC CORP MASS Common 268648102 840 40,000 SH Sole 40,000
ENERGIZER HOLDINGS INCCommon 29266R108 3,322 50,000 SH Sole 50,000
ENSCO PLC-SPON ADR Common 29358Q109 481 11,900 SH Sole 11,900
ENTERGY CORP Common 29364G103 210 3,175 SH Sole 3,175
EXETER RESOURCE Common 301835104 2,175 593,958 SH Sole 593,958
EXXON MOBIL CORP Common 30231G102 13,711 188,775 SH Sole 188,775
FEDEX CORP Common 31428X106 636 9,400 SH Sole 9,400
GANNETT CO Common 364730101 101 10,555 SH Sole 10,555
GENERAL MOTORS CO Common 37045V100 6,861 340,000 SH Sole 340,000
GLOBAL CASH ACCESS Common 378967103 176 68,751 SH Sole 68,751
HOLDINGS
GLOBAL INDUSTRIES Common 379336100 101 12,700 SH Sole 12,700
LTD
-----------
TOTAL $ 44,155
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Page 7 of 18 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
GMX RESOURCES INC Common 38011M108 37 16,100 SH Sole 16,100
GOLDCORP INC Common 380956409 7,302 160,000 SH Sole 160,000
GREEN PLAINS Common 393222104 2,133 228,600 SH Sole 228,600
RENEWABLE ENERG
HALOZYME Common 40637H109 91 14,854 SH Sole 14,854
THERAPEUTICS INC
HARTE-HANKS INC Common 416196103 131 15,489 SH Sole 15,489
HEWLETT-PACKARD CO Common 428236103 11,984 533,809 SH Sole 533,809
HOME DEPOT INC Common 437076102 5,752 175,000 SH Sole 175,000
ILLINOIS TOOL WORKS Common 452308109 4,160 100,000 SH Sole 100,000
INFINERA CORP Common 45667G103 1,930 250,000 SH Sole 250,000
INGERSOLL-RAND PLC Common G47791101 264 9,400 SH Sole 9,400
INTL BUSINESS Common 459200101 21,793 124,624 SH Sole 124,624
MACHINES CORP
JAGUAR MINING INC Common 47009M103 4,616 987,629 SH Sole 987,629
JDS UNIPHASE CORP Common 46612J507 817 81,900 SH Sole 81,900
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TOTAL $ 61,010
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Page 8 of 18 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 16,323 256,282 SH Sole 256,282
KIMBER RESOURCES INC Common 49435N101 850 641,515 SH Sole 641,515
KIMBERLY-CLARK CORP Common 494368103 7,811 110,000 SH Sole 110,000
KOBEX MINERALS INC Common 49989C105 155 238,285 SH Sole 238,285
KRAFT FOODS INC- Common 50075N104 8,059 240,000 SH Sole 240,000
CLASS A
LEGG MASON INC Common 524901105 322 12,539 SH Sole 12,539
LENNAR CORP - B SHS Common 526057302 121 11,800 SH Sole 11,800
LINCOLN NATIONAL CORP Common 534187109 281 18,000 SH Sole 18,000
LOCKHEED MARTIN Common 539830109 2,542 35,000 SH Sole 35,000
LOWE'S COS INC Common 548661107 2,901 150,000 SH Sole 150,000
MAG SILVER CORP Common 55903Q104 1,649 210,888 SH Sole 210,888
MARTIN MARIETTA Common 573284106 1,897 30,000 SH Sole 30,000
MATERIALS
MASCO CORP Common 574599106 100 14,050 SH Sole 14,050
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TOTAL $ 43,011
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Page 9 of 18 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
MATTEL INC Common 577081102 9,062 350,000 SH Sole 350,000
MERCK & CO. INC. Common 58933Y105 594 18,174 SH Sole 18,174
METLIFE INC Common 59156R108 1,927 68,800 SH Sole 68,800
MI DEVELOPMENTS INC Common 55304X104 238 8,981 SH Sole 8,981
MICROSOFT CORP Common 594918104 28,682 1,152,342 SH Sole 1,152,342
MIDWAY GOLD CORP Common 598153104 392 197,679 SH Sole 197,679
MINEFINDERS CORP Common 602900102 1,747 126,838 SH Sole 126,838
MORGAN STANLEY Common 617446448 184 13,624 SH Sole 13,624
MORGANS HOTEL Common 61748W108 7,555 1,261,300 SH Sole 1,261,300
GROUP CO
MUELLER WATER Common 624758108 56 22,425 SH Sole 22,425
PRODUCTS INC
NATIONAL OILWELL Common 637071101 7,683 150,000 SH Sole 150,000
VARCO INC
NATL PENN BCSHS INC Common 637138108 73 10,400 SH Sole 10,400
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TOTAL $ 58,193
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Page 10 of 18 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
NEW GOLD INC Common 644535106 1,093 106,250 SH Sole 106,250
NEWELL RUBBERMAID INC Common 651229106 3,561 300,000 SH Sole 300,000
NEWMONT MINING CORP Common 651639106 10,072 160,000 SH Sole 160,000
NORTHROP GRUMMAN Common 666807102 240 4,591 SH Sole 4,591
CORP
OCCIDENTAL Common 674599105 851 11,900 SH Sole 11,900
PETROLEUM CORP
ORACLE CORP Common 68389X105 12,541 436,350 SH Sole 436,350
OVERHILL FARMS INC Common 690212105 58 15,718 SH Sole 15,718
PARK STERLING CORP Common 70086Y105 123 36,100 SH Sole 36,100
PARKER HANNIFIN CORP Common 701094104 2,525 40,000 SH Sole 40,000
PFIZER INC Common 717081103 4,756 269,000 SH Sole 269,000
PMC - SIERRA INC Common 69344F106 2,033 340,000 SH Sole 340,000
PPL CORPORATION Common 69351T106 1,142 40,000 SH Sole 40,000
RANDGOLD RESOURCES Common 752344309 5,707 59,002 SH Sole 59,002
LTD
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TOTAL $ 44,702
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Page 11 of 18 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
REINSURANCE GROUP Common 759351604 368 8,000 SH Sole 8,000
OF AMERICA
REPUBLIC SERVICES INC Common 760759100 4,209 150,000 SH Sole 150,000
ROYAL DUTCH SHELL PLC Common 780259206 3,221 52,359 SH Sole 52,359
RPM INTERNATIONAL INC Common 749685103 3,273 175,000 SH Sole 175,000
SEALED AIR CORP Common 81211K100 3,340 200,000 SH Sole 200,000
SEALY CORP Common 812139301 17 11,732 SH Sole 11,732
SONOCO PRODUCTS CO Common 835495102 4,235 150,000 SH Sole 150,000
STAPLES INC Common 855030102 339 25,505 SH Sole 25,505
STILLWATER MINING CO Common 86074Q102 6,963 819,148 SH Sole 819,148
SUNCOR ENERGY INC Common 867224107 4,457 175,200 SH Sole 175,200
SYMANTEC CORP Common 871503108 245 15,000 SH Sole 15,000
TARGET CORP Common 87612E106 4,904 100,000 SH Sole 100,000
THORATEC CORP Common 885175307 1,044 32,000 SH Sole 32,000
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TOTAL $ 36,615
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Page 12 of 18 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
TOTAL SA-SPON ADR Common 89151E109 7,897 180,000 SH Sole 180,000
TRAVELERS COS INC Common 89417E109 633 13,000 SH Sole 13,000
UBS AG Common H89231338 142 12,425 SH Sole 12,425
UNITED CONTINENTAL Common 910047109 2,152 111,065 SH Sole 111,065
HOLDINGS
UNITED PARCEL Common 911312106 6,315 100,000 SH Sole 100,000
SERVICE-CL B
URANIUM ENERGY CORP Common 916896103 80 29,156 SH Sole 29,156
VISA INC-CLASS A Common 92826C839 3,000 35,000 SH Sole 35,000
SHARES
VISTA GOLD CORP Common 927926303 5,874 1,758,748 SH Sole 1,758,748
VULCAN MATERIALS CO Common 929160109 1,654 60,000 SH Sole 60,000
WASTE MANAGEMENT INC Common 94106L109 5,861 180,000 SH Sole 180,000
WESTERN DIGITAL CORP Common 958102105 9,505 369,550 SH Sole 369,550
WESTPORT Common 960908309 1,501 51,900 SH Sole 51,900
INNOVATIONS INC
WHIRLPOOL CORP Common 963320106 5,490 110,000 SH Sole 110,000
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TOTAL $ 50,104
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Page 13 of 18 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
WHITING PETROLEUM Common 966387102 281 8,000 SH Sole 8,000
CORP
WILLIAMS COS INC Common 969457100 585 24,052 SH Sole 24,052
XEROX CORP Common 984121103 7,627 1,094,215 SH Sole 1,094,215
YAHOO! INC Common 984332106 236 17,894 SH Sole 17,894
ZHONE TECHNOLOGIES Common 98950P884 802 680,000 SH Sole 680,000
INC
ZOLTEK COMPANIES INC Common 98975W104 1,800 280,000 SH Sole 280,000
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TOTAL $ 11,331
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Page 14 of 18 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 5,025 70,000 SH Put Sole 70,000
ALLSTATE CORP Common 020002901 711 30,000 SH Call Sole 30,000
ALLSTATE CORP Common 020002951 3,790 160,000 SH Put Sole 160,000
AMERICAN Common 026874954 2,195 100,000 SH Put Sole 100,000
INTERNATIONAL GROUP
AUTOMATIC DATA Common 053015953 3,772 80,000 SH Put Sole 80,000
PROCESSING
BARRICK GOLD CORP Common 067901908 11,663 250,000 SH Call Sole 250,000
BARRICK GOLD CORP Common 067901958 9,330 200,000 SH Put Sole 200,000
BOEING CO Common 097023955 3,631 60,000 SH Put Sole 60,000
CAMECO CORP Common 13321L958 1,466 80,000 SH Put Sole 80,000
CATERPILLAR INC Common 149123901 738 10,000 SH Call Sole 10,000
CATERPILLAR INC Common 149123951 7,384 100,000 SH Put Sole 100,000
CHEVRON CORP Common 166764950 5,555 60,000 SH Put Sole 60,000
CISCO SYSTEMS INC Common 17275R952 4,650 300,000 SH Put Sole 300,000
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TOTAL $ 59,910
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Page 15 of 18 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
CITIGROUP INC Common 172967954 2,049 80,000 SH Put Sole 80,000
CUMMINS INC Common 231021956 7,349 90,000 SH Put Sole 90,000
DU PONT (E.I.) DE Common 263534959 5,596 140,000 SH Put Sole 140,000
NEMOURS
GOLDCORP INC Common 380956909 2,738 60,000 SH Call Sole 60,000
INTEL CORP Common 458140950 3,627 170,000 SH Put Sole 170,000
INTL BUSINESS Common 459200951 17,487 100,000 SH Put Sole 100,000
MACHINES CORP
J.C. PENNEY CO INC Common 708160956 2,678 100,000 SH Put Sole 100,000
JOHNSON & JOHNSON Common 478160954 10,190 160,000 SH Put Sole 160,000
JOY GLOBAL INC Common 481165958 3,743 60,000 SH Put Sole 60,000
LOWE'S COS INC Common 548661957 3,481 180,000 SH Put Sole 180,000
MARATHON OIL CORP Common 565849956 1,295 60,000 SH Put Sole 60,000
MARTIN MARIETTA Common 573284956 6,954 110,000 SH Put Sole 110,000
MATERIALS
MASTERCARD INC- Common 57636Q954 3,172 10,000 SH Put Sole 10,000
CLASS A
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TOTAL $ 70,359
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Page 16 of 18 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 3,635 50,000 SH Put Sole 50,000
MERCK & CO. INC. Common 58933Y955 3,270 100,000 SH Put Sole 100,000
MICROSOFT CORP Common 594918954 7,467 300,000 SH Put Sole 300,000
NEWMONT MINING CORP Common 651639906 1,259 20,000 SH Call Sole 20,000
NEWMONT MINING CORP Common 651639956 14,479 230,000 SH Put Sole 230,000
ORACLE CORP Common 68389X955 2,874 100,000 SH Put Sole 100,000
PARKER HANNIFIN CORP Common 701094954 2,525 40,000 SH Put Sole 40,000
PRAXAIR INC Common 74005P954 1,870 20,000 SH Put Sole 20,000
PRUDENTIAL FINANCIAL Common 744320952 4,686 100,000 SH Put Sole 100,000
INC
SCHWAB (CHARLES) Common 808513955 2,254 200,000 SH Put Sole 200,000
CORP
TARGET CORP Common 87612E956 1,962 40,000 SH Put Sole 40,000
TIFFANY & CO Common 886547958 9,123 150,000 SH Put Shared Defined 150,000
UNITED CONTINENTAL Common 910047959 3,876 200,000 SH Put Sole 200,000
HOLDINGS
-----------
TOTAL $ 59,280
-----------
Page 17 of 18 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 PARCEL Common 911312956 13,893 220,000 SH Put Sole 220,000
SERVICE-CL B
VISA INC-CLASS A Common 92826C959 8,572 100,000 SH Put Sole 100,000
SHARES
VULCAN MATERIALS CO Common 929160959 3,307 120,000 SH Put Sole 120,000
WALT DISNEY CO Common 254687906 2,714 90,000 SH Call Sole 90,000
WALT DISNEY CO Common 254687956 3,619 120,000 SH Put Sole 120,000
WHIRLPOOL CORP Common 963320906 998 20,000 SH Call Sole 20,000
WHIRLPOOL CORP Common 963320956 5,989 120,000 SH Put Sole 120,000
-----------
TOTAL $ 39,092
-----------
AGGREGATE TOTAL $12,631,507
===========
Page 18 of 18 Pages