FORM 13F UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------ FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended September 30, 2010 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: November 12, 2010 ------------------------------------------------------------------------------ Page 1 of 17 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 17 FORM 13F SUMMARY PAGE REPORT SUMMARY Number of Other Included Managers: NONE. Form 13F Information Table Entry Total: 172 Form 13F Information Table Value Total: $15,502.8 (million) List of Other Included Managers: NONE. Page 3 of 17 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 7,314 140,000 SH Sole 140,000 AIR PRODS & CHEMS INC Common 009158106 3,313 40,000 SH Sole 40,000 ALCATEL-LUCENT- Common 013904305 122 36,227 SH Sole 36,227 SPONSORED ADR ALLSTATE CORP Common 020002101 9,378 297,256 SH Sole 297,256 ALVARION LIMITED Common M0861T100 1,178 640,000 SH Sole 640,000 AMERICAN EQUITY INVT Common 025676206 105 10,219 SH Sole 10,219 LIFE HL AMGEN INC Common 031162100 4,409 80,000 SH Sole 80,000 AMKOR TECHNOLOGY INC Common 031652100 131 20,000 SH Sole 20,000 ANADARKO PETE CORP Common 032511107 759 13,300 SH Sole 13,300 APACHE CORP Common 037411105 399 4,080 SH Sole 4,080 ASSURANT INC Common 04621X108 2,035 50,000 SH Sole 50,000 AURIZON MINES LTD Common 05155P106 2,877 416,899 SH Sole 416,899 AUTOMATIC DATA Common 053015103 841 20,000 SH Sole 20,000 PROCESSING ------------- TOTAL $ 32,861 ------------- Page 4 of 17 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 AVNET INC Common 053807103 248 9,175 SH Sole 9,175 BANK OF NEW YORK Common 064058100 321 12,295 SH Sole 12,295 MELLON CORP BARRICK GOLD CORP Common 067901108 12,303 265,771 SH Sole 265,771 BAXTER INTERNATIONAL Common 071813109 735 15,398 SH Sole 15,398 INC BEMIS COMPANY Common 081437105 4,921 155,000 SH Sole 155,000 BOARDWALK PIPELINE Common 096627104 3,353,791 102,719,466 SH Sole 102,719,466 PARTNERS BROADRIDGE FINANCIAL Common 11133T103 7,620 333,200 SH Sole 333,200 SOLUTIONS BROCADE COMM SYS INC Common 111621306 1,055 180,000 SH Sole 180,000 CALPINE CORP Common 131347304 225 18,070 SH Sole 18,070 CAMECO CORP Common 13321L108 1,109 40,000 SH Sole 40,000 CF INDUSTRIES Common 125269100 4,966 52,000 SH Sole 52,000 HOLDINGS INC CHENIERE ENERGY INC Common 16411R208 31 12,200 SH Sole 12,200 CHEVRON CORP Common 166764100 9,726 120,000 SH Sole 120,000 ------------- TOTAL $ 3,397,051 ------------- Page 5 of 17 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 42 13,991 SH Sole 13,991 CIENA CORP Common 171779309 779 50,000 SH Sole 50,000 CISCO SYS INC Common 17275R102 5,913 270,000 SH Sole 270,000 CITIGROUP INC Common 172967101 393 100,401 SH Sole 100,401 CNA FINL CORP Common 126117100 6,784,291 242,382,673 SH Sole 242,382,673 COMCAST CORP NEW Common 20030N200 2,960 174,000 SH Sole 174,000 COTT CORPORATION Common 22163N106 2,355 300,000 SH Sole 300,000 CVS CAREMARK CORP Common 126650100 3,934 125,000 SH Sole 125,000 DENBURY RESOURCES Common 247916208 556 35,000 SH Sole 35,000 INC DEVON ENERGY Common 25179M103 486 7,500 SH Sole 7,500 CORPORATION DIAMOND OFFSHORE Common 25271C102 4,750,990 70,104,620 SH Sole 70,104,620 DRILLING INC DRESSER-RAND GROUP Common 261608103 1,291 35,000 SH Sole 35,000 INC DU PONT E I DE Common 263534109 12,047 270,000 SH Sole 270,000 NEMOURS & CO ------------- TOTAL $ 11,566,037 ------------- Page 6 of 17 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 DUN & BRADSTREET Common 26483E100 1,598 21,551 SH Sole 21,551 CORP DEL NEW DYNEGY INC -CL A Common 26817G300 341 70,000 SH Sole 70,000 E M C CORP MASS Common 268648102 4,062 200,000 SH Sole 200,000 ENERGIZER HLDGS INC Common 29266R108 5,378 80,000 SH Sole 80,000 ENSCO INTL INC Common 29358Q109 532 11,900 SH Sole 11,900 EXETER RESOURCE Common 301835104 3,987 593,958 SH Sole 593,958 EXXON MOBIL CORP Common 30231G102 14,480 234,350 SH Sole 234,350 FINISAR CORPORATION Common 31787A507 2,142 114,000 SH Sole 114,000 GAMESTOP CORP Common 36467W109 1,971 100,000 SH Sole 100,000 GAMMON GOLD INC Common 36467T106 3,900 556,351 SH Sole 556,351 GENUINE PARTS CO Common 372460105 6,243 140,000 SH Sole 140,000 GOLDCORP INC NEW Common 380956409 6,789 156,000 SH Sole 156,000 GREEN PLAINS Common 393222104 2,312 190,000 SH Sole 190,000 RENEWABLE ENERG ------------- TOTAL $ 53,735 ------------- Page 7 of 17 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 HARTE-HANKS INC Common 416196103 126 10,764 SH Sole 10,764 HEWLETT PACKARD CO Common 428236103 11,102 263,890 SH Sole 263,890 HOME DEPOT INC Common 437076102 7,033 222,000 SH Sole 222,000 ILLINOIS TOOL WKS INC Common 452308109 5,878 125,000 SH Sole 125,000 INGERSOLL-RAND PLC Common G47791101 374 10,465 SH Sole 10,465 INTEL CORP Common 458140100 5,760 300,000 SH Sole 300,000 INTERNATIONAL Common 459200101 16,922 126,149 SH Sole 126,149 BUSINESS MACHS JAGUAR MINING INC Common 47009M103 6,570 987,629 SH Sole 987,629 JDS UNIPHASE CORP Common 46612J507 3,469 280,000 SH Sole 280,000 JOHNSON & JOHNSON Common 478160104 12,571 202,883 SH Sole 202,883 KIMBER RESOURCES INC Common 49435N101 592 641,515 SH Sole 641,515 KIMBERLY-CLARK CORP Common 494368103 7,156 110,000 SH Sole 110,000 KOBEX MINERALS INC Common 49989C105 241 238,285 SH Sole 238,285 ------------- TOTAL $ 77,794 ------------- Page 8 of 17 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 KRAFT FOODS INC Common 50075N104 8,024 260,000 SH Sole 260,000 L-3 COMMUNICATIONS Common 502424104 213 2,946 SH Sole 2,946 HLDGS INC LEXMARK INTL NEW Common 529771107 2,231 50,000 SH Sole 50,000 LINCOLN NATL CORP IND Common 534187109 431 18,000 SH Sole 18,000 LOCKHEED MARTIN Common 539830109 7,841 110,000 SH Sole 110,000 LOWES COS INC Common 548661107 1,560 70,000 SH Sole 70,000 MAG SILVER CORP Common 55903Q104 2,598 331,200 SH Sole 331,200 MARATHON OIL CORP Common 565849106 4,502 136,000 SH Sole 136,000 MARTIN MARIETTA Common 573284106 3,864 50,200 SH Sole 50,200 MATERIALS MASCO CORP Common 574599106 151 13,675 SH Sole 13,675 MASTERCARD INC Common 57636Q104 4,480 20,000 SH Sole 20,000 CLASS A MATTEL INC Common 577081102 5,175 220,600 SH Sole 220,600 MEDIACOM Common 58446K105 225 34,000 SH Sole 34,000 COMMUNICATIONS CORP ------------- TOTAL $ 41,295 ------------- Page 9 of 17 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 14,670 599,007 SH Sole 599,007 MIDWAY GOLD CORP Common 598153104 115 197,679 SH Sole 197,679 MINEFINDERS CORP Common 602900102 1,980 202,687 SH Sole 202,687 MOHAWK INDUSTRIES INC Common 608190104 2,665 50,000 SH Sole 50,000 MOTOROLA INC Common 620076109 156 18,268 SH Sole 18,268 NATIONAL GRID PLC-SP Common 636274300 234 5,482 SH Sole 5,482 NATIONAL OILWELL Common 637071101 1,556 35,000 SH Sole 35,000 VARCO INC NATL PENN BCSHS INC Common 637138108 65 10,400 SH Sole 10,400 NEWELL RUBBERMAID INC Common 651229106 5,343 300,000 SH Sole 300,000 NORTHROP GRUMMAN Common 666807102 278 4,591 SH Sole 4,591 CORP NOVAGOLD RES INC Convert 66987EAA5 4,506 4,000,000 PRN Sole 4,000,000 NOTE 5.5% 5/1/15 NOVAGOLD Common 66987E206 3,230 369,557 SH Sole 369,557 RESOURCES INC NYSE EURONEXT Common 629491101 4,286 150,000 SH Sole 150,000 ------------- TOTAL $ 39,084 ------------- Page 10 of 17 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 OCCIDENTAL Common 674599105 932 11,900 SH Sole 11,900 PETROLEUM CORP OMNICOM GROUP INC Common 681919106 221 5,600 SH Sole 5,600 ORACLE CORP Common 68389X105 7,060 262,950 SH Sole 262,950 PENNEY J. C. CO INC Common 708160106 268 9,845 SH Sole 9,845 PEPSICO INC Common 713448108 5,342 80,400 SH Sole 80,400 PFIZER INC Common 717081103 833 48,530 SH Sole 48,530 PITNEY BOWES INC Common 724479100 6,396 299,176 SH Sole 299,176 PMC-SIERRA INC Common 69344F106 2,944 400,000 SH Sole 400,000 PPL CORP Common 69351T106 1,816 66,701 SH Sole 66,701 PROGRESS ENERGY INC Common 743263105 302 6,790 SH Sole 6,790 PRUDENTIAL FINANCIAL Common 744320102 1,355 25,000 SH Sole 25,000 INC RAYTHEON CO Common 755111507 4,571 100,000 SH Sole 100,000 REINSURANCE GROUP Common 759351604 386 8,000 SH Sole 8,000 OF AMERICA ------------- TOTAL $ 32,426 ------------- Page 11 of 17 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 RITE AID CORP Common 767754104 40 42,245 SH Sole 42,245 RPM INTL INC Common 749685103 3,972 199,400 SH Sole 199,400 RUBICON MINERALS CORP Common 780911103 1,133 267,850 SH Sole 267,850 SEALED AIR CORP NEW Common 81211K100 3,822 170,000 SH Sole 170,000 SEALY CORP Common 812139301 29 11,732 SH Sole 11,732 SILICON IMAGE INC Common 82705T102 717 150,000 SH Sole 150,000 SILVER STANDARD Common 82823L106 479 23,971 SH Sole 23,971 RESOURCES SONOCO PRODUCTS CO Common 835495102 3,344 100,000 SH Sole 100,000 SPDR KBW BANK ETF Common 78464A797 6,885 300,000 SH Sole 300,000 STILLWATER MNG CO Common 86074Q102 337 20,000 SH Sole 20,000 SYMANTEC CORP Common 871503108 227 15,000 SH Sole 15,000 SYSCO CORP Common 871829107 5,704 200,000 SH Sole 200,000 THORATEC CORP Common 885175307 4,364 118,022 SH Sole 118,022 ------------- TOTAL $ 31,053 ------------- Page 12 of 17 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 TRAVELERS COS INC Common 89417E109 18,912 363,000 SH Sole 363,000 TREX COMPANY INC Common 89531P105 1,764 92,500 SH Sole 92,500 TYCO ELECTRONICS LTD Common H8912P106 224 7,675 SH Sole 7,675 UBS AG Common H89231338 189 11,125 SH Sole 11,125 UNITED CONTINENTAL Common 910047109 355 15,000 SH Sole 15,000 HOLDINGS UNITED PARCEL SERVICE Common 911312106 3,335 50,000 SH Sole 50,000 INC UNITED STATES STL Common 912909108 1,315 30,000 SH Sole 30,000 CORP NEW VARIAN MED SYS INC Common 92220P105 1,210 20,000 SH Sole 20,000 VULCAN MATERIALS Common 929160109 2,954 80,000 SH Sole 80,000 WASTE MANAGEMENT INC Common 94106L109 7,684 215,000 SH Sole 215,000 WENDY'S/ARBY'S Common 950587105 1,359 300,000 SH Sole 300,000 GROUP INC-A WESTERN DIGITAL CORP Common 958102105 4,530 159,550 SH Sole 159,550 WESTPORT Common 960908309 2,811 159,700 SH Sole 159,700 INNOVATIONS INC WHIRLPOOL CORP Common 963320106 810 10,000 SH Sole 10,000 ------------- TOTAL $ 47,452 ------------- Page 13 of 17 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 PETE CORP Common 966387102 487 5,100 SH Sole 5,100 NEW WILLIAMS COS INC DEL Common 969457100 246 12,892 SH Sole 12,892 XEROX CORP Common 984121103 9,429 911,000 SH Sole 911,000 ZHONE TECHNOLOGIES Common 98950P884 1,484 720,380 SH Sole 720,380 INC ZOLTEK COMPANIES INC Common 98975W104 680 70,000 SH Sole 70,000 ------------- TOTAL $ 12,326 ------------- Page 14 of 17 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 5,203 60,000 SH Put Sole 60,000 ALLSTATE CORP Common 020002901 1,262 40,000 SH Call Sole 40,000 ALLSTATE CORP Common 020002951 6,310 200,000 SH Put Sole 200,000 AUTOMATIC DATA Common 053015953 8,406 200,000 SH Put Sole 200,000 PROCESSING BARRICK GOLD CORP Common 067901908 7,406 160,000 SH Call Sole 160,000 BARRICK GOLD CORP Common 067901958 14,813 320,000 SH Put Sole 320,000 BROCADE COMM SYS INC Common 111621906 1,172 200,000 SH Call Sole 200,000 CAMECO CORP Common 13321L958 4,991 180,000 SH Put Sole 180,000 CIENA CORP Common 171779909 156 10,000 SH Call Sole 10,000 CIENA CORP Common 171779959 1,557 100,000 SH Put Sole 100,000 CLIFFS NATURAL Common 18683K951 7,031 110,000 SH Put Sole 110,000 RESOURCES INC DISNEY WALT CO Common 254687906 3,310 100,000 SH Call Sole 100,000 DISNEY WALT CO Common 254687956 6,620 200,000 SH Put Sole 200,000 ------------- TOTAL $ 68,237 ------------- Page 15 of 17 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 4,462 100,000 SH Put Sole 100,000 NEMOURS & CO E M C CORP MASS Common 268648952 4,062 200,000 SH Put Sole 200,000 GOLDCORP INC NEW Common 380956909 6,963 160,000 SH Call Sole 160,000 INTEL CORP Common 458140950 7,680 400,000 SH Put Sole 400,000 INTERNATIONAL Common 459200951 14,755 110,000 SH Put Sole 110,000 BUSINESS MACHS ITT CORP Common 450911952 3,746 80,000 SH Put Sole 80,000 ITT EDUCATIONAL Common 45068B959 2,108 30,000 SH Put Sole 30,000 SERVICES INC JOHNSON & JOHNSON Common 478160954 9,914 160,000 SH Put Sole 160,000 LOWES COS INC Common 548661957 1,783 80,000 SH Put Sole 80,000 MARTIN MARIETTA Common 573284956 6,158 80,000 SH Put Sole 80,000 MATERIALS MCKESSON CORP Common 58155Q953 2,471 40,000 SH Put Sole 40,000 MICROSOFT CORP Common 594918904 2,449 100,000 SH Call Sole 100,000 MICROSOFT CORP Common 594918954 7,347 300,000 SH Put Sole 300,000 ------------- TOTAL $ 73,898 ------------- Page 16 of 17 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 68389X955 2,685 100,000 SH Put Sole 100,000 PENNEY J. C. CO INC Common 708160956 2,718 100,000 SH Put Sole 100,000 SEAGATE TECHNOLOGY Common G7945J904 942 80,000 SH Call Sole 80,000 TARGET CORP Common 87612E956 2,138 40,000 SH Put Sole 40,000 UNITED PARCEL SERVICE Common 911312956 5,335 80,000 SH Put Sole 80,000 INC UNITED STATES STL Common 912909958 1,315 30,000 SH Put Sole 30,000 CORP NEW VARIAN MED SYS INC Common 92220P955 2,420 40,000 SH Put Sole 40,000 VULCAN MATERIALS Common 929160959 2,954 80,000 SH Put Sole 80,000 WHIRLPOOL CORP Common 963320956 3,238 40,000 SH Put Sole 40,000 ZOLTEK COMPANIES INC Common 98975W904 5,832 600,000 SH Call Sole 600,000 ------------- TOTAL $ 29,577 ------------- AGGREGATE TOTAL $ 15,502,826 ============= Page 17 of 17 Pages