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, 2008
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 10021
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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 12, 2008
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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 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 18
FORM 13F SUMMARY PAGE
REPORT SUMMARY
Number of Other Included Managers: NONE.
Form 13F Information Table Entry Total: 176
Form 13F Information Table Value Total: $17,891.6 (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
3COM CORP Common 885535104 344 162,300 SH Sole 162,300
3M CO Common 88579Y101 696 10,000 SH Sole 10,000
ACCENTURE LTD Common G1150G111 23,052 566,100 SH Sole 566,100
BERMUDA
AFFILIATED COMPUTER Common 008190100 17,510 327,349 SH Sole 327,349
SERVICES
ALCATEL-LUCENT- Common 013904305 293 48,552 SH Sole 48,552
SPONSORED ADR
ALCOA INC Common 013817101 787 22,100 SH Sole 22,100
ALLSTATE CORP Common 020002101 3,598 78,931 SH Sole 78,931
AMERICAN COMMERCIAL Common 025195207 2,733 250,000 SH Sole 250,000
LINES
AMERICAN ELEC PWR Common 025537101 297 7,378 SH Sole 7,378
INC
AMERICAN EQUITY INVT Common 025676206 86 10,544 SH Sole 10,544
LIFE HL
AMERICAN Common 026874107 351 13,260 SH Sole 13,260
INTERNATIONAL GROUP
AMERICAN NATL INS CO Common 028591105 391 3,991 SH Sole 3,991
AMGEN INC Common 031162100 36,318 770,108 SH Sole 770,108
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TOTAL $ 86,456
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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
ANADARKO PETE CORP Common 032511107 2,036 27,200 SH Sole 27,200
APACHE CORP Common 037411105 567 4,080 SH Sole 4,080
APEX SILVER MINES LTD Common G04074103 1,613 328,419 SH Sole 328,419
AURIZON MINES LTD Common 05155P106 2,583 536,305 SH Sole 536,305
AVIS BUDGET GROUP Common 053774105 8,789 1,050,000 SH Sole 1,050,000
INC
BANK OF AMERICA Common 060505104 466 19,503 SH Sole 19,503
CORPORATION
BARRICK GOLD CORP Common 067901108 14,842 326,196 SH Sole 326,196
BED BATH & BEYOND Common 075896100 843 30,000 SH Sole 30,000
INC
BLACK & DECKER CORP Common 091797100 1,900 33,043 SH Sole 33,043
BOARDWALK PIPELINE Common 096627104 1,250,986 53,256,122 SH Sole 53,256,122
PARTNERS
BROCADE Common 111621306 1,648 200,000 SH Sole 200,000
COMMUNICATIONS SYS
INC
CAPITAL ONE FINL CORP Common 14040H105 225 5,916 SH Sole 5,916
CHENIERE ENERGY INC Common 16411R208 3,268 747,800 SH Sole 747,800
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TOTAL $ 1,289,766
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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
CIBER INC Common 17163B102 96 15,466 SH Sole 15,466
CIT GROUP INC Common 125581108 3,882 570,000 SH Sole 570,000
CITIGROUP INC Common 172967101 9,584 571,824 SH Sole 571,824
CNA FINL CORP Common 126117100 6,073,317 241,483,773 SH Sole 241,483,773
CNH GLOBAL N V Common N20935206 859 25,300 SH Sole 25,300
COMCAST CORP NEW Common 20030N200 21,152 1,127,539 SH Sole 1,127,539
COMCAST CORP NEW Common 20030N101 144 7,602 SH Sole 7,602
CONEXANT SYSTEMS Common 207142308 1,485 330,000 SH Sole 330,000
CONSOL ENERGY INC Common 20854P109 20,227 180,000 SH Sole 180,000
D R HORTON INC Common 23331A109 2,658 245,000 SH Sole 245,000
DIAMOND OFFSHORE Common 25271C102 9,754,357 70,104,620 SH Sole 70,104,620
DRILLING INC
DIAMONDS TR Common 252787106 28,355 250,000 SH Sole 250,000
DISCOVERY HOLDING Common 25468Y107 2,196 100,000 SH Sole 100,000
CO-A W/I
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TOTAL $ 15,918,312
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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
DISNEY WALT CO Common 254687106 4,368 140,000 SH Sole 140,000
DOVER CORP Common 260003108 6,022 124,500 SH Sole 124,500
DU PONT E I DE Common 263534109 2,573 60,000 SH Sole 60,000
NEMOURS & CO
DYNEGY INC NEW Common 26817G102 23,163 2,709,130 SH Sole 2,709,130
E M C CORP MASS Common 268648102 177 12,048 SH Sole 12,048
ENSCO INTL INC Common 26874Q100 961 11,900 SH Sole 11,900
EXETER RESOURCE Common 301835104 840 191,100 SH Sole 191,100
FEDERAL HOME LN MTG Common 313400301 184 11,228 SH Sole 11,228
CORP
FEDERAL NATL MTG Common 313586109 2,484 127,310 SH Sole 127,310
ASSN
GAMMON GOLD INC Common 36467T106 3,250 299,500 SH Sole 299,500
GENERAL ELEC CO Common 369604103 2,330 87,290 SH Sole 87,290
GOLDCORP INC NEW Common 380956409 2,770 60,000 SH Sole 60,000
GOLDEN STAR Common 38119T104 1,366 507,820 SH Sole 507,820
RESOURCES LTD
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TOTAL $ 50,488
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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
HARTFORD FINANCIAL Common 416515104 494 7,650 SH Sole 7,650
SVCS GRP
HOME DEPOT INC Common 437076102 2,984 127,420 SH Sole 127,420
IAMGOLD CORPORATION Common 450913108 2,118 354,633 SH Sole 354,633
IKANOS Common 45173E105 1,289 382,500 SH Sole 382,500
COMMUNICATIONS INC
IMA EXPLORATION INC Common 449664101 182 571,886 SH Sole 571,886
IMS HEALTH INC Common 449934108 5,126 220,000 SH Sole 220,000
INGERSOLL-RAND Common G4776G101 645 17,235 SH Sole 17,235
COMPANY LTD
INTERNATIONAL Common 459200101 1,677 14,149 SH Sole 14,149
BUSINESS MACHS
ISHARES INC MSCI Common 464286848 28,058 2,250,000 SH Sole 2,250,000
JAPAN
JAGUAR MINING INC Common 47009M103 1,973 201,477 SH Sole 201,477
JDS UNIPHASE CORP Common 46612J507 3,976 350,000 SH Sole 350,000
JOHNSON & JOHNSON Common 478160104 349 5,418 SH Sole 5,418
KB HOME Common 48666K109 423 25,000 SH Sole 25,000
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TOTAL $ 49,294
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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
KBW BANK ETF Common 78464A797 15,758 550,000 SH Sole 550,000
KIMBER RESOURCES INC Common 49435N101 1,011 641,515 SH Sole 641,515
LEAR CORP Common 521865105 156 11,003 SH Sole 11,003
LEXMARK INTL NEW Common 529771107 6,686 200,000 SH Sole 200,000
LIBERTY Common 53071M500 1,454 60,000 SH Sole 60,000
ENTERTAINMENT-A W/I
LIBERTY GLOBAL INC-A Common 530555101 2,954 93,991 SH Sole 93,991
LIBERTY GLOBAL INC-C Common 530555309 1,308 43,068 SH Sole 43,068
LINCOLN NATL CORP IND Common 534187109 578 12,750 SH Sole 12,750
LOUISIANA-PACIFIC CORPCommon 546347105 2,547 300,000 SH Sole 300,000
LOWES COS INC Common 548661107 10,375 500,000 SH Sole 500,000
MEDIACOM Common 58446K105 182 34,000 SH Sole 34,000
COMMUNICATIONS CORP
MEMC ELECTRONIC Common 552715104 3,077 50,000 SH Sole 50,000
MATERIALS
METALLICA RESOURCES Common 59125J104 2,965 436,358 SH Sole 436,358
INC
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TOTAL $ 49,051
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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
MICROSOFT CORP Common 594918104 34,311 1,247,232 SH Sole 1,247,232
MIDWAY GOLD CORP Common 598153104 387 197,679 SH Sole 197,679
MINDSPEED Common 602682106 1,584 1,800,000 SH Sole 1,800,000
TECHNOLOGIES INC
MINEFINDERS CORP Common 602900102 1,036 100,811 SH Sole 100,811
MOTOROLA INC Common 620076109 134 18,268 SH Sole 18,268
NEW GOLD INC Common 644535106 2,887 375,451 SH Sole 375,451
NEWS CORP INC Common 65248E203 3,454 225,000 SH Sole 225,000
NEWS CORP INC Common 65248E104 640 42,570 SH Sole 42,570
NORTHWESTERN CORP Common 668074305 6,813 268,000 SH Sole 268,000
NRG ENERGY INC Common 629377508 2,340 54,554 SH Sole 54,554
OCCIDENTAL Common 674599105 1,069 11,900 SH Sole 11,900
PETROLEUM CORP
ORACLE CORP Common 68389X105 13,082 622,950 SH Sole 622,950
OWENS CORNING INC Common 690742101 4,323 190,000 SH Sole 190,000
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TOTAL $ 72,060
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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
PEABODY ENERGY Common 704549104 16,289 185,000 SH Sole 185,000
PFIZER INC Common 717081103 3,032 173,559 SH Sole 173,559
PIONEER NAT RES CO Common 723787107 1,198 15,300 SH Sole 15,300
POPULAR INC Common 733174106 149 22,629 SH Sole 22,629
PRG-SCHULTZ Common 69357C503 1,529 162,500 SH Sole 162,500
INTERNATIONAL INC
PRIMUS GUARANTY LTD Common G72457107 1,164 400,000 SH Sole 400,000
PULTE HOMES INC Common 745867101 963 100,000 SH Sole 100,000
RADIOSHACK CORP Common 750438103 17,914 1,460,000 SH Sole 1,460,000
RAYTHEON CO Common 755111507 3,940 70,000 SH Sole 70,000
RENT A CTR INC NEW Common 76009N100 278 13,502 SH Sole 13,502
RF MICRODEVICES INC Common 749941100 1,160 400,000 SH Sole 400,000
ROCKWELL Common 773903109 279 6,375 SH Sole 6,375
AUTOMATION INC
ROWAN COS INC Common 779382100 517 11,050 SH Sole 11,050
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TOTAL $ 48,412
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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
SAIC INC Common 78390X101 3,122 150,000 SH Sole 150,000
SARA LEE CORP Common 803111103 188 15,371 SH Sole 15,371
SCHERING PLOUGH Common 806605101 21,659 1,100,000 SH Sole 1,100,000
SEAGATE TECHNOLOGY Common G7945J104 1,148 60,000 SH Sole 60,000
SEMPRA ENERGY Common 816851109 202 3,574 SH Sole 3,574
SILICON IMAGE INC Common 82705T102 2,900 400,000 SH Sole 400,000
SLM CORP Common 78442P106 5,805 300,000 SH Sole 300,000
SMURFIT-STONE Common 832727101 5,689 1,397,770 SH Sole 1,397,770
CONTAINER CORP
SPRINT NEXTEL Common 852061100 969 101,950 SH Sole 101,950
CORPORATION
STILLWATER MNG CO Common 86074Q102 1,874 158,373 SH Sole 158,373
TALISMAN ENERGY INC Common 87425E103 1,072 48,450 SH Sole 48,450
TEMPLE-INLAND INC Common 879868107 1,409 125,000 SH Sole 125,000
THORATEC CORP Common 885175307 7,304 420,000 SH Sole 420,000
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TOTAL $ 53,341
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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
TIME WARNER CABLE-A Common 88732J108 2,886 109,000 SH Sole 109,000
TIME WARNER INC Common 887317105 2,960 200,000 SH Sole 200,000
TITAN INTERNATIONAL INCommon 88830M102 12,467 350,000 SH Sole 350,000
TREX COMPANY INC Common 89531P105 3,571 304,475 SH Sole 304,475
TYCO ELECTRONICS Common G9144P105 9,833 274,500 SH Sole 274,500
LTD-W/I
VODAFONE GROUP PLC Common 92857W209 4,640 157,500 SH Sole 157,500
NEW
WELLS FARGO & CO Common 949746101 2,375 100,000 SH Sole 100,000
WESTERN DIGITAL CORP Common 958102105 12,776 370,000 SH Sole 370,000
WHITING PETE CORP Common 966387102 541 5,100 SH Sole 5,100
NEW
WHOLE FOODS MKT INC Common 966837106 2,369 100,000 SH Sole 100,000
WIDEPOINT CORP Common 967590100 1,040 1,000,000 SH Sole 1,000,000
WILLIAMS COS INC DEL Common 969457100 223 5,542 SH Sole 5,542
WILLIAMS PIPELINE Common 96950K103 3,407 197,400 SH Sole 197,400
PARTNERS L
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TOTAL $ 59,088
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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
XERIUM TECHNOLOGIES Common 98416J100 3,168 800,000 SH Sole 800,000
INC
XEROX CORP Common 984121103 22,930 1,691,000 SH Sole 1,691,000
ZHONE TECHNOLOGIES Common 98950P108 1,638 2,100,000 SH Sole 2,100,000
INC
ZOLTEK COMPANIES INC Common 98975W104 8,026 330,950 SH Sole 330,950
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TOTAL $ 35,762
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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 88579Y901 696 10,000 SH Call Sole 10,000
3M CO Common 88579Y951 4,175 60,000 SH Put Sole 60,000
ALLSTATE CORP Common 020002951 4,559 100,000 SH Put Sole 100,000
AUTOMATIC DATA Common 053015953 5,028 120,000 SH Put Sole 120,000
PROCESSING
BARRICK GOLD CORP Common 067901908 5,460 120,000 SH Call Sole 120,000
BARRICK GOLD CORP Common 067901958 5,888 129,400 SH Put Sole 129,400
BED BATH & BEYOND Common 075896950 2,810 100,000 SH Put Sole 100,000
INC
BLACK & DECKER CORP Common 091797950 3,451 60,000 SH Put Sole 60,000
BROCADE Common 111621906 3,296 400,000 SH Call Sole 400,000
COMMUNICATIONS SYS
INC
BROCADE Common 111621956 1,648 200,000 SH Put Sole 200,000
COMMUNICATIONS SYS
INC
CLEVELAND CLIFFS INC Common 185896957 19,070 160,000 SH Put Sole 160,000
D R HORTON INC Common 23331A909 217 20,000 SH Call Sole 20,000
D R HORTON INC Common 23331A959 868 80,000 SH Put Sole 80,000
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TOTAL $ 57,166
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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
DISNEY WALT CO Common 254687956 4,368 140,000 SH Put Sole 140,000
DU PONT E I DE Common 263534909 5,147 120,000 SH Call Sole 120,000
NEMOURS & CO
DU PONT E I DE Common 263534959 6,862 160,000 SH Put Sole 160,000
NEMOURS & CO
DYNEGY INC NEW Common 26817G902 684 80,000 SH Call Sole 80,000
DYNEGY INC NEW Common 26817G952 684 80,000 SH Put Sole 80,000
FORD MTR CO DEL Common 345370900 10,390 2,160,000 SH Call Sole 2,160,000
GENERAL ELEC CO Common 369604953 5,338 200,000 SH Put Sole 200,000
GOLDMAN SACHS Common 38141G904 3,498 20,000 SH Call Sole 20,000
GROUP INC
HOME DEPOT INC Common 437076952 4,684 200,000 SH Put Sole 200,000
JDS UNIPHASE CORP Common 46612J957 3,976 350,000 SH Put Sole 350,000
LEHMAN BROS HLDGS INC Common 524908950 396 20,000 SH Put Sole 20,000
MERRILL LYNCH & CO Common 590188958 3,171 100,000 SH Put Sole 100,000
INC
MICROSOFT CORP Common 594918954 2,751 100,000 SH Put Sole 100,000
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TOTAL $ 51,949
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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
MOODY'S CORP Common 615369955 2,755 80,000 SH Put Sole 80,000
MOTOROLA INC Common 620076909 1,762 240,000 SH Call Sole 240,000
NEWMONT MINING CORP Common 651639906 7,302 140,000 SH Call Sole 140,000
OWENS CORNING INC Common 690742901 2,275 100,000 SH Call Sole 100,000
OWENS CORNING INC Common 690742951 910 40,000 SH Put Sole 40,000
PFIZER INC Common 717081953 3,871 221,600 SH Put Sole 221,600
PPL CORP Common 69351T906 7,318 140,000 SH Call Sole 140,000
SEAGATE TECHNOLOGY Common G7945J954 3,635 190,000 SH Put Sole 190,000
THE ST JOE COMPANY Common 790148950 3,432 100,000 SH Put Sole 100,000
UNITED PARCEL SERVICE Common 911312956 4,918 80,000 SH Put Sole 80,000
INC
UNITED STATES STL Common 912909958 12,935 70,000 SH Put Sole 70,000
CORP NEW
VULCAN MATERIALS CO Common 929160959 10,760 180,000 SH Put Sole 180,000
WELLS FARGO & CO Common 949746951 2,375 100,000 SH Put Sole 100,000
--------------
TOTAL $ 64,248
--------------
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
WHOLE FOODS MKT INC Common 966837956 4,264 180,000 SH Put Sole 180,000
ZOLTEK COMPANIES INC Common 98975W904 970 40,000 SH Call Sole 40,000
ZOLTEK COMPANIES INC Common 98975W954 970 40,000 SH Put Sole 40,000
---------------
TOTAL $ 6,204
---------------
AGGREGATE TOTAL $ 17,891,597
===============
Page 18 of 18 Pages