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, 2010
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 13, 2010
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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 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 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: $16,193.6 (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
ABBOTT LABS Common 002824100 6,848 130,000 SH Sole 130,000
ALCATEL-LUCENT- Common 013904305 133 42,652 SH Sole 42,652
SPONSORED
ALLSTATE CORP Common 020002101 7,612 235,606 SH Sole 235,606
ALVARION LIMITED Common M0861T100 1,584 400,000 SH Sole 400,000
AMERICAN EQUITY INVT Common 025676206 112 10,544 SH Sole 10,544
LIFE HL
ANADARKO PETE CORP Common 032511107 1,531 21,020 SH Sole 21,020
APACHE CORP Common 037411105 414 4,080 SH Sole 4,080
ASSURANT INC Common 04621X108 3,438 100,000 SH Sole 100,000
AURIZON MINES LTD Common 05155P106 4,022 854,447 SH Sole 854,447
AUTOMATIC DATA Common 053015103 889 20,000 SH Sole 20,000
PROCESSING
BALTIC TRADING LTD Common Y0553W103 949 70,000 SH Sole 70,000
BANK OF NEW YORK Common 064058100 380 12,295 SH Sole 12,295
MELLON CORP
BARRICK GOLD CORP Common 067901108 10,413 271,586 SH Sole 271,586
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TOTAL $ 38,325
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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
BEMIS COMPANY Common 081437105 3,082 107,300 SH Sole 107,300
BLOCK H & R INC Common 093671105 4,183 235,000 SH Sole 235,000
BOARDWALK PIPELINE Common 096627104 3,101,571 104,219,466 SH Sole 104,219,466
PARTNERS
BROADRIDGE FINANCIAL Common 11133T103 7,817 365,600 SH Sole 365,600
SOLUTIONS
CALPINE CORP Common 131347304 181 15,245 SH Sole 15,245
CAMECO CORP Common 13321L108 822 30,000 SH Sole 30,000
CENTERPOINT ENERGY Common 15189T107 213 14,830 SH Sole 14,830
INC
CHENIERE ENERGY INC Common 16411R208 38 12,200 SH Sole 12,200
CIBER INC Common 17163B102 52 13,991 SH Sole 13,991
CIENA CORP Common 171779309 1,068 70,000 SH Sole 70,000
CISCO SYS INC Common 17275R102 1,822 70,000 SH Sole 70,000
CITIGROUP INC Common 172967101 154 38,066 SH Sole 38,066
CLIFFS NATURAL Common 18683K101 1,419 20,000 SH Sole 20,000
RESOURCES INC
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TOTAL $ 3,122,422
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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 6,476,465 242,382,673 SH Sole 242,382,673
COMCAST CORP NEW Common 20030N200 3,426 190,649 SH Sole 190,649
CVS CAREMARK CORP Common 126650100 3,290 90,000 SH Sole 90,000
DELL INC Common 24702R101 161 10,700 SH Sole 10,700
DEVON ENERGY Common 25179M103 483 7,500 SH Sole 7,500
CORPORATION
DIAMOND OFFSHORE Common 25271C102 6,225,991 70,104,620 SH Sole 70,104,620
DRILLING INC
DU PONT E I DE Common 263534109 7,820 210,000 SH Sole 210,000
NEMOURS & CO
DYNEGY INC -CL A Common 26817G102 605 480,060 SH Sole 480,060
E M C CORP MASS Common 268648102 3,886 215,420 SH Sole 215,420
EBAY INC Common 278642103 2,697 100,000 SH Sole 100,000
ENERGIZER HLDGS INC Common 29266R108 5,397 86,000 SH Sole 86,000
ENSCO INTL INC Common 29358Q109 533 11,900 SH Sole 11,900
EXETER RESOURCE Common 301835104 3,974 641,100 SH Sole 641,100
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TOTAL $ 12,734,728
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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
EXXON MOBIL CORP Common 30231G102 226 3,375 SH Sole 3,375
FINISAR CORPORATION Common 31787A507 1,878 120,000 SH Sole 120,000
GAMESTOP CORP Common 36467W109 2,191 100,000 SH Sole 100,000
GAMMON GOLD INC Common 36467T106 3,555 494,423 SH Sole 494,423
GOLDCORP INC NEW Common 380956409 3,573 96,000 SH Sole 96,000
GREEN PLAINS Common 393222104 2,340 164,000 SH Sole 164,000
RENEWABLE ENERG
HARTE-HANKS INC Common 416196103 138 10,764 SH Sole 10,764
HEWLETT PACKARD CO Common 428236103 319 6,000 SH Sole 6,000
HOME DEPOT INC Common 437076102 778 24,045 SH Sole 24,045
INGERSOLL-RAND PLC Common G47791101 216 6,200 SH Sole 6,200
INTEL CORP Common 458140100 6,687 300,000 SH Sole 300,000
INTERNATIONAL Common 459200101 7,131 55,599 SH Sole 55,599
BUSINESS MACHS
JAGUAR MINING INC Common 47009M103 9,233 987,629 SH Sole 987,629
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TOTAL $ 38,265
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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
JDS UNIPHASE CORP Common 46612J507 5,008 400,000 SH Sole 400,000
JOHNSON & JOHNSON Common 478160104 728 11,163 SH Sole 11,163
JP MORGAN CHASE & CO Common 46634E114 226 14,700 SH Sole 14,700
W EXP 10/28/18
KIMBER RESOURCES INC Common 49435N101 638 641,515 SH Sole 641,515
KIMBERLY-CLARK CORP Common 494368103 6,288 100,000 SH Sole 100,000
KOBEX MINERALS INC Common 49989C105 218 238,285 SH Sole 238,285
KRAFT FOODS INC Common 50075N104 8,074 267,005 SH Sole 267,005
LEXMARK INTL NEW Common 529771107 2,886 80,000 SH Sole 80,000
LINCOLN NATL CORP IND Common 534187109 553 18,000 SH Sole 18,000
LOCKHEED MARTIN Common 539830109 5,825 70,000 SH Sole 70,000
LOWES COS INC Common 548661107 1,697 70,000 SH Sole 70,000
MARTIN MARIETTA Common 573284106 3,359 40,200 SH Sole 40,200
MATERIALS
MCDERMOTT INTL INC Common 580037109 313 11,610 SH Sole 11,610
MEDIACOM Common 58446K105 202 34,000 SH Sole 34,000
COMMUNICATIONS CORP
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TOTAL $ 36,015
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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
MICROSOFT CORP Common 594918104 264 9,007 SH Sole 9,007
MIDWAY GOLD CORP Common 598153104 128 197,679 SH Sole 197,679
MINEFINDERS CORP Common 602900102 3,897 421,487 SH Sole 421,487
MOTOROLA INC Common 620076109 128 18,268 SH Sole 18,268
NEW GOLD INC Common 644535106 3,439 788,752 SH Sole 788,752
NEWELL RUBBERMAID INC Common 651229106 4,560 300,000 SH Sole 300,000
NORTHROP GRUMMAN Common 666807102 252 3,841 SH Sole 3,841
CORP
NOVAGOLD RES INC Convert 66987EAA5 4,045 4,000,000 PRN Sole 4,000,000
NOTE 5.5% 5/1/15
NOVAGOLD Common 66987E206 7,990 1,118,979 SH Sole 1,118,979
RESOURCES INC
OCCIDENTAL Common 674599105 1,006 11,900 SH Sole 11,900
PETROLEUM CORP
OMNICOM GROUP INC Common 681919106 217 5,600 SH Sole 5,600
ORACLE CORP Common 68389X105 1,104 42,950 SH Sole 42,950
PENNEY J. C. CO INC Common 708160106 213 6,620 SH Sole 6,620
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TOTAL $ 27,243
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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
PFIZER INC Common 717081103 832 48,530 SH Sole 48,530
PITNEY BOWES INC Common 724479100 3,788 154,933 SH Sole 154,933
PRIMERICA INC Common 74164M108 1,068 71,175 SH Sole 71,175
PROGRESS ENERGY INC Common 743263105 267 6,790 SH Sole 6,790
PRUDENTIAL FINANCIAL Common 744320102 1,513 25,000 SH Sole 25,000
INC
REINSURANCE GROUP Common 759351604 420 8,000 SH Sole 8,000
OF AMERICA
RITE AID CORP Common 767754104 63 42,245 SH Sole 42,245
RPM INTL INC Common 749685103 487 22,800 SH Sole 22,800
RUBICON MINERALS Common 780911103 1,867 481,250 SH Sole 481,250
SEALED AIR CORP NEW Common 81211K100 1,676 79,500 SH Sole 79,500
SILICON IMAGE INC Common 82705T102 1,148 380,000 SH Sole 380,000
SILVER STANDARD Common 82823L106 426 23,971 SH Sole 23,971
RESOURCES
SONOCO PRODUCTS CO Common 835495102 3,079 100,000 SH Sole 100,000
SPDR KBW BANK ETF Common 78464A797 7,743 300,000 SH Sole 300,000
STILLWATER MNG CO Common 86074Q102 389 30,000 SH Sole 30,000
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TOTAL $ 24,766
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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
SYMANTEC CORP Common 871503108 254 15,000 SH Sole 15,000
TALISMAN ENERGY INC Common 87425E103 827 48,450 SH Sole 48,450
THORATEC CORP Common 885175307 4,282 128,022 SH Sole 128,022
TORCHMARK CORP Common 891027104 212 3,971 SH Sole 3,971
TRAVELERS COS Common 89417E109 324 6,000 SH Sole 6,000
INC
TREX COMPANY INC Common 89531P105 2,622 123,175 SH Sole 123,175
TREX CO INC Common 89531PAA3 6,621 5,500,000 PRN Sole 5,500,000
NOTE 6% 7/1/12
TYCO ELECTRONICS Common H8912P106 211 7,675 SH Sole 7,675
LTD-W/I
UBS AG Common H89231338 181 11,125 SH Sole 11,125
UNITED AMERICA Common 90933T109 98 10,189 SH Sole 10,189
INDEMNITY-A
UNITED PARCEL SERVICE Common 911312106 2,576 40,000 SH Sole 40,000
INC
UNITED STATES STL Common 912909108 1,270 20,000 SH Sole 20,000
CORP NEW
VALIDUS HOLDINGS LTD Common G9319H102 625 22,703 SH Sole 22,703
VARIAN MED SYS INC Common 92220P105 1,660 30,000 SH Sole 30,000
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TOTAL $ 21,763
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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
VULCAN MATERIALS Common 929160109 1,890 40,000 SH Sole 40,000
WASTE MANAGEMENT INC Common 94106L109 6,886 200,000 SH Sole 200,000
WENDY'S/ARBY'S Common 950587105 1,500 300,000 SH Sole 300,000
GROUP INC-A
WESTERN DIGITAL CORP Common 958102105 1,737 44,550 SH Sole 44,550
WESTPORT Common 960908309 3,783 229,400 SH Sole 229,400
INNOVATIONS INC
WHITING PETE CORP Common 966387102 412 5,100 SH Sole 5,100
NEW
XCEL ENERGY INC Common 98389B100 206 9,720 SH Sole 9,720
XEROX CORP Common 984121103 8,882 911,000 SH Sole 911,000
ZHONE TECHNOLOGIES Common 98950P884 1,981 720,380 SH Sole 720,380
INC
ZOLTEK COMPANIES INC Common 98975W104 569 59,000 SH Sole 59,000
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TOTAL $ 27,846
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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
ALLSTATE CORP Common 020002901 1,292 40,000 SH Call Sole 40,000
ALLSTATE CORP Common 020002951 4,523 140,000 SH Put Sole 140,000
AUTOMATIC DATA Common 053015953 4,447 100,000 SH Put Sole 100,000
PROCESSING
BARRICK GOLD CORP Common 067901908 6,901 180,000 SH Call Sole 180,000
BARRICK GOLD CORP Common 067901958 8,435 220,000 SH Put Sole 220,000
BROCADE COMM SYS INC Common 111621906 1,142 200,000 SH Call Sole 200,000
CAMECO CORP Common 13321L958 3,837 140,000 SH Put Sole 140,000
CIENA CORP Common 171779959 1,526 100,000 SH Put Sole 100,000
CLIFFS NATURAL Common 18683K951 8,514 120,000 SH Put Sole 120,000
RESOURCES INC
DISNEY WALT CO Common 254687906 3,491 100,000 SH Call Sole 100,000
DISNEY WALT CO Common 254687956 3,491 100,000 SH Put Sole 100,000
DU PONT E I DE Common 263534959 3,724 100,000 SH Put Sole 100,000
NEMOURS & CO
E M C CORP MASS Common 268648952 3,608 200,000 SH Put Sole 200,000
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TOTAL $ 54,931
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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
GOLDCORP INC NEW Common 380956909 7,444 200,000 SH Call Sole 200,000
INTEL CORP Common 458140950 6,687 300,000 SH Put Sole 300,000
INTERNATIONAL Common 459200951 8,978 70,000 SH Put Sole 70,000
BUSINESS MACHS
LOWES COS INC Common 548661957 1,939 80,000 SH Put Sole 80,000
MARTIN MARIETTA Common 573284956 6,684 80,000 SH Put Sole 80,000
MATERIALS
MICROSOFT CORP Common 594918904 2,929 100,000 SH Call Sole 100,000
MICROSOFT CORP Common 594918954 2,929 100,000 SH Put Sole 100,000
ORACLE CORP Common 68389X955 2,571 100,000 SH Put Sole 100,000
PENNEY J. C. CO INC Common 708160956 3,217 100,000 SH Put Sole 100,000
PPL CORP Common 69351T906 1,663 60,000 SH Call Sole 60,000
SEAGATE TECHNOLOGY Common G7945J904 1,278 70,000 SH Call Sole 70,000
TARGET CORP Common 87612E956 2,104 40,000 SH Put Sole 40,000
UNITED PARCEL SERVICE Common 911312956 5,153 80,000 SH Put Sole 80,000
INC
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TOTAL $ 53,576
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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
UNITED STATES STL Common 912909958 1,906 30,000 SH Put Sole 30,000
CORP NEW
VARIAN MED SYS INC Common 92220P955 2,213 40,000 SH Put Sole 40,000
VULCAN MATERIALS Common 929160959 3,779 80,000 SH Put Sole 80,000
ZOLTEK COMPANIES INC Common 98975W904 5,784 600,000 SH Call Sole 600,000
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TOTAL $ 13,682
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AGGREGATE TOTAL $ 16,193,562
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Page 15 of 15 Pages