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 March 31, 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: May 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: 153
Form 13F Information Table Value Total: $16,707.8 (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
3M CO Common 88579Y101 288 3,080 SH Sole 3,080
ABBOTT LABS Common 002824100 7,407 151,000 SH Sole 151,000
AIR PRODS & CHEMS INC Common 009158106 3,607 40,000 SH Sole 40,000
ALLSTATE CORP Common 020002101 6,587 207,256 SH Sole 207,256
ALVARION LIMITED Common M0861T100 1,330 700,000 SH Sole 700,000
AMERICAN Common 026874784 1,054 30,000 SH Sole 30,000
INTERNATIONAL GROUP
AMGEN INC Common 031162100 5,345 100,000 SH Sole 100,000
AMKOR TECHNOLOGY INC Common 031652100 270 40,000 SH Sole 40,000
ANADARKO PETE CORP Common 032511107 1,090 13,300 SH Sole 13,300
APACHE CORP Common 037411105 534 4,080 SH Sole 4,080
AURIZON MINES LTD Common 05155P106 2,755 392,127 SH Sole 392,127
AVNET INC Common 053807103 262 7,700 SH Sole 7,700
BARRICK GOLD CORP Common 067901108 11,201 215,771 SH Sole 215,771
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TOTAL $ 41,730
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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
BEMIS COMPANY Common 081437105 65,620 2,000,000 SH Sole 2,000,000
BOARDWALK PIPELINE Common 096627104 3,354,818 102,719,466 SH Sole 102,719,466
PARTNERS
BROADRIDGE FINANCIAL Common 11133T103 2,496 110,000 SH Sole 110,000
SOLUTIONS
BROCADE COMM SYS INC Common 111621306 2,337 380,000 SH Sole 380,000
CALPINE CORP Common 131347304 287 18,070 SH Sole 18,070
CAMECO CORP Common 13321L108 1,202 40,000 SH Sole 40,000
CF INDUSTRIES Common 125269100 7,250 53,004 SH Sole 53,004
HOLDINGS INC
CHEVRON CORP Common 166764100 14,511 135,000 SH Sole 135,000
CISCO SYS INC Common 17275R102 10,422 607,710 SH Sole 607,710
CITIGROUP INC Common 172967101 732 165,663 SH Sole 165,663
CNA FINL CORP Common 126117100 7,162,408 242,382,673 SH Sole 242,382,673
COMCAST CORP NEW Common 20030N200 4,040 174,000 SH Sole 174,000
CVS CAREMARK CORP Common 126650100 6,006 175,000 SH Sole 175,000
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TOTAL $ 10,632,129
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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
DENBURY RESOURCES Common 247916208 854 35,000 SH Sole 35,000
INC
DEVON ENERGY Common 25179M103 688 7,500 SH Sole 7,500
CORPORATION
DIAMOND OFFSHORE Common 25271C102 5,447,129 70,104,620 SH Sole 70,104,620
DRILLING INC
DRESSER-RAND GROUP Common 261608103 2,005 37,400 SH Sole 37,400
INC
DU PONT E I DE Common 263534109 13,193 240,000 SH Sole 240,000
NEMOURS & CO
E M C CORP MASS Common 268648102 1,328 50,000 SH Sole 50,000
ENERGIZER HLDGS INC Common 29266R108 4,981 70,000 SH Sole 70,000
ENSCO INTL INC Common 29358Q109 688 11,900 SH Sole 11,900
EVEREST RE GROUP LTD Common G3223R108 335 3,800 SH Sole 3,800
EXETER RESOURCE Common 301835104 3,157 593,958 SH Sole 593,958
EXXON MOBIL CORP Common 30231G102 17,163 204,000 SH Sole 204,000
FOREST LABS INC Common 345838106 219 6,775 SH Sole 6,775
GAMESTOP CORP Common 36467W109 1,689 75,000 SH Sole 75,000
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TOTAL $ 5,493,429
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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
GAMMON GOLD INC Common 36467T106 5,814 556,351 SH Sole 556,351
GENERAL MOTORS CO Common 37045V100 10,705 345,000 SH Sole 345,000
GENUINE PARTS CO Common 372460105 7,510 140,000 SH Sole 140,000
GOLDCORP INC NEW Common 380956409 8,964 180,000 SH Sole 180,000
GREEN PLAINS Common 393222104 2,284 190,000 SH Sole 190,000
RENEWABLE ENERG
HALOZYME Common 40637H109 100 14,854 SH Sole 14,854
THERAPEUTICS INC
HARTE-HANKS INC Common 416196103 128 10,764 SH Sole 10,764
HEWLETT PACKARD CO Common 428236103 15,521 378,829 SH Sole 378,829
HOME DEPOT INC Common 437076102 7,412 200,000 SH Sole 200,000
HOSPITALITY Common 44106M102 229 9,875 SH Sole 9,875
PROPERTIES TRUST
ILLINOIS TOOL WKS INC Common 452308109 6,715 125,000 SH Sole 125,000
INFINERA CORP Common 45667G103 839 100,000 SH Sole 100,000
INTEL CORP Common 458140100 6,054 300,000 SH Sole 300,000
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TOTAL $ 72,275
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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
INTERNATIONAL Common 459200101 23,584 144,624 SH Sole 144,624
BUSINESS MACHS
ISHARES MSCI CANADA Common 464286509 840 25,000 SH Sole 25,000
JAGUAR MINING INC Common 47009M103 5,158 987,629 SH Sole 987,629
JDS UNIPHASE CORP Common 46612J507 2,124 101,900 SH Sole 101,900
JOHNSON & JOHNSON Common 478160104 11,802 199,188 SH Sole 199,188
KIMBER RESOURCES INC Common 49435N101 1,077 641,515 SH Sole 641,515
KIMBERLY-CLARK CORP Common 494368103 7,180 110,000 SH Sole 110,000
KOBEX MINERALS INC Common 49989C105 226 238,285 SH Sole 238,285
KRAFT FOODS INC Common 50075N104 8,154 260,000 SH Sole 260,000
L-3 COMMUNICATIONS Common 502424104 262 3,346 SH Sole 3,346
HLDGS INC
LEGG MASON INC Common 524901105 280 7,769 SH Sole 7,769
LEXMARK INTL NEW Common 529771107 2,963 80,000 SH Sole 80,000
LINCOLN NATL CORP IND Common 534187109 541 18,000 SH Sole 18,000
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TOTAL $ 64,191
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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
LOCKHEED MARTIN Common 539830109 9,402 116,935 SH Sole 116,935
LOWES COS INC Common 548661107 1,057 40,000 SH Sole 40,000
MAG SILVER CORP Common 55903Q104 2,516 210,888 SH Sole 331,200
MARTIN MARIETTA Common 573284106 2,690 30,000 SH Sole 30,000
MATERIALS
MASCO CORP Common 574599106 190 13,675 SH Sole 13,675
MASTERCARD INC Common 57636Q104 6,293 25,000 SH Sole 25,000
CLASS A
MATTEL INC Common 577081102 6,233 250,000 SH Sole 250,000
MCKESSON CORP Common 58155Q103 791 10,000 SH Sole 10,000
MERCK & CO INC Common 58933Y105 529 16,029 SH Sole 16,029
METLIFE INC Common 59156R108 2,630 58,800 SH Sole 58,800
MICROSOFT CORP Common 594918104 22,870 900,747 SH Sole 900,747
MIDWAY GOLD CORP Common 598153104 356 197,679 SH Sole 197,679
MINEFINDERS CORP Common 602900102 2,666 202,687 SH Sole 202,687
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TOTAL $ 58,223
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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
MOHAWK INDUSTRIES INC Common 608190104 44,652 730,200 SH Sole 730,200
MORGAN STANLEY Common 617446448 310 11,354 SH Sole 11,354
MORGANS HOTEL Common 61748W108 7,938 810,000 SH Sole 810,000
GROUP CO
MUELLER WATER Common 624758108 61 13,725 SH Sole 13,725
PRODUCTS INC-A
NATL PENN BCSHS INC Common 637138108 80 10,400 SH Sole 10,400
NEWELL RUBBERMAID INC Common 651229106 5,261 275,000 SH Sole 275,000
NORTHROP GRUMMAN Common 666807102 288 4,591 SH Sole 4,591
CORP
OCCIDENTAL Common 674599105 1,243 11,900 SH Sole 11,900
PETROLEUM CORP
OMNICOM GROUP INC Common 681919106 211 4,300 SH Sole 4,300
ORACLE CORP Common 68389X105 7,902 236,350 SH Sole 236,350
PEPSICO INC Common 713448108 5,179 80,400 SH Sole 80,400
PFIZER INC Common 717081103 477 23,485 SH Sole 23,485
PITNEY BOWES INC Common 724479100 6,863 267,133 SH Sole 267,133
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TOTAL $ 80,465
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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
PMC-SIERRA INC Common 69344F106 2,704 360,000 SH Sole 360,000
PPL CORP Common 69351T106 1,265 50,000 SH Sole 50,000
PRUDENTIAL FINANCIAL Common 744320102 1,540 25,000 SH Sole 25,000
INC
RANDGOLD RESOURCES Common 752344309 7,266 89,114 SH Sole 89,114
LTD
RAYTHEON CO Common 755111507 5,087 100,000 SH Sole 100,000
REINSURANCE GROUP Common 759351604 502 8,000 SH Sole 8,000
OF AMERICA
RENAISSANCE RE Common G7496G103 214 3,103 SH Sole 3,103
HLDGS LTD
RITE AID CORP Common 767754104 45 42,245 SH Sole 42,245
RPM INTL INC Common 749685103 3,797 160,000 SH Sole 160,000
RUBICON MINERALS CORP Common 780911103 1,522 267,850 SH Sole 267,850
SEALY CORP Common 812139301 30 11,732 SH Sole 11,732
SONOCO PRODUCTS CO Common 835495102 3,623 100,000 SH Sole 100,000
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TOTAL $ 27,595
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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
SYMANTEC CORP Common 871503108 278 15,000 SH Sole 15,000
THORATEC CORP Common 885175307 1,556 60,000 SH Sole 60,000
TOTAL S A Common 89151E109 7,316 120,000 SH Sole 120,000
TRAVELERS COS Common 89417E109 773 13,000 SH Sole 13,000
INC
UBS AG Common H89231338 224 12,425 SH Sole 12,425
UNITED CONTINENTAL Common 910047109 535 23,270 SH Sole 23,270
HOLDINGS
UNITED PARCEL SERVICE Common 911312106 3,716 50,000 SH Sole 50,000
INC
VISA INC-CLASS A Common 92826C839 1,472 20,000 SH Sole 20,000
SHARES
VISTA GOLD CORP Common 927926303 1,217 304,348 SH Sole 304,348
VULCAN MATERIALS Common 929160109 2,736 60,000 SH Sole 60,000
WASTE MANAGEMENT INC Common 94106L109 8,028 215,000 SH Sole 215,000
WESTERN DIGITAL CORP Common 958102105 6,323 169,550 SH Sole 169,550
WESTPORT Common 960908309 4,286 195,000 SH Sole 195,000
INNOVATIONS INC
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TOTAL $ 38,460
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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
WHIRLPOOL CORP Common 963320106 7,682 90,000 SH Sole 90,000
WHITING PETE CORP Common 966387102 588 8,000 SH Sole 8,000
NEW
XEROX CORP Common 984121103 10,975 1,030,500 SH Sole 1,030,500
YAHOO INC Common 984332106 315 18,904 SH Sole 18,904
ZHONE TECHNOLOGIES Common 98950P884 1,657 720,380 SH Sole 720,380
INC
ZOLTEK COMPANIES INC Common 98975W104 4,566 340,000 SH Sole 340,000
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TOTAL $ 25,783
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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 5,610 60,000 SH Put Sole 60,000
ALLSTATE CORP Common 020002951 5,085 160,000 SH Put Sole 160,000
AMERICAN Common 026874954 3,514 100,000 SH Put Sole 100,000
INTERNATIONAL GROUP
AUTOMATIC DATA Common 053015953 5,131 100,000 SH Put Sole 100,000
PROCESSING
BARRICK GOLD CORP Common 067901908 12,458 240,000 SH Call Sole 240,000
BARRICK GOLD CORP Common 067901958 10,382 200,000 SH Put Sole 200,000
BOEING CO Common 097023955 2,957 40,000 SH Put Sole 40,000
CAMECO CORP Common 13321L958 2,403 80,000 SH Put Sole 80,000
CATERPILLAR INC DEL Common 149123951 11,135 100,000 SH Put Sole 100,000
CISCO SYS INC Common 17275R952 5,145 300,000 SH Put Sole 300,000
CUMMINS INC Common 231021956 6,577 60,000 SH Put Sole 60,000
DISNEY WALT CO Common 254687906 3,878 90,000 SH Call Sole 90,000
DISNEY WALT CO Common 254687956 4,740 110,000 SH Put Sole 110,000
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TOTAL $ 79,015
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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
DU PONT E I DE Common 263534959 7,696 140,000 SH Put Sole 140,000
NEMOURS & CO
GOLDCORP INC NEW Common 380956909 2,988 60,000 SH Call Sole 60,000
INTEL CORP Common 458140950 4,036 200,000 SH Put Sole 200,000
INTERNATIONAL Common 459200951 14,676 90,000 SH Put Sole 90,000
BUSINESS MACHS
JOHNSON & JOHNSON Common 478160954 9,480 160,000 SH Put Sole 160,000
LOWES COS INC Common 548661957 2,114 80,000 SH Put Sole 80,000
MARATHON OIL CORP Common 565849956 3,199 60,000 SH Put Sole 60,000
MARTIN MARIETTA Common 573284956 7,174 80,000 SH Put Sole 80,000
MATERIALS
MCKESSON CORP Common 58155Q953 3,953 50,000 SH Put Sole 50,000
MICROSOFT CORP Common 594918954 7,617 300,000 SH Put Sole 300,000
NEWMONT MINING CORP Common 651639956 7,641 140,000 SH Put Sole 140,000
ORACLE CORP Common 68389X955 3,343 100,000 SH Put Sole 100,000
PENNEY J. C. CO INC Common 708160956 3,591 100,000 SH Put Sole 100,000
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TOTAL $ 77,508
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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
PRAXAIR INC Common 74005P954 2,032 20,000 SH Put Sole 20,000
TARGET CORP Common 87612E956 2,000 40,000 SH Put Sole 40,000
UNITED PARCEL SERVICE Common 911312956 5,946 80,000 SH Put Sole 80,000
INC
VULCAN MATERIALS Common 929160959 3,648 80,000 SH Put Sole 80,000
WHIRLPOOL CORP Common 963320956 3,414 40,000 SH Put Sole 40,000
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TOTAL $ 17,040
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AGGREGATE TOTAL $ 16,707,843
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Page 16 of 16 Pages