FORM 13F UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------ FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended March 31, 2013 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: May 13, 2013 ------------------------------------------------------------------------------ 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: $17,014.2 (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 Put/ Investment Other ------------------------- Name of Issuer Class Number (x$1000) Amount SH/PRN Call Discretion Managers Sole Shared None ADVANCE AUTO Common 00751Y106 1,653 20,000 SH Sole 20,000 PARTS INC AMERICAN CAPITAL Common 02503X105 3,934 120,000 SH Sole 120,000 AGENCY CORP AMERICAN INTERNATIONAL Common 026874784 10,342 266,400 SH Sole 266,400 GROUP AMKOR TECHNOLOGY Common 031652100 240 60,000 SH Sole 60,000 ANADARKO Common 032511107 1,380 15,775 SH Sole 15,775 PETROLEUM CORP ANNALY CAPITAL Corp 035710AB8 2,073 2,000,000 PRN Sole 2,000,000 MGMT 5% 2015/05/15 APACHE CORP Common 037411105 315 4,080 SH Sole 4,080 APPLE INC Common 037833100 11,066 25,000 SH Shared Defined 25,000 APPLE INC Common 037833100 157 355 SH Sole 355 ARC DOCUMENT Common 00191G103 32 10,825 SH Sole 10,825 SOLUTIONS INC ARTIO GLOBAL Common 04315B107 61 22,400 SH Sole 22,400 INVESTORS INC ASSURANT INC Common 04621X108 236 5,250 SH Sole 5,250 AURICO GOLD INC Common 05155C105 2,328 370,048 SH Sole 370,048 ------------ TOTAL 33,817 ------------ 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 Put/ Investment Other ------------------------- Name of Issuer Class Number (x$1000) Amount SH/PRN Call Discretion Managers Sole Shared None AURIZON MINES LTD Common 05155P106 3,831 874,928 SH Sole 874,928 AVNET INC Common 053807103 295 8,150 SH Sole 8,150 BAKER HUGHES INC Common 057224107 263 5,675 SH Sole 5,675 BANK OF AMERICA Common 060505104 6,090 500,000 SH Shared Defined 500,000 BANK OF AMERICA Common 060505104 152 12,443 SH Sole 12,443 BANK OF AMERICA Warrant 060505153 1,523 125,000 SH Call Sole 125,000 BARRICK GOLD Common 067901108 9,620 327,221 SH Sole 327,221 BECTON DICKINSON Common 075887109 227 2,375 SH Sole 2,375 AND CO BOEING CO Common 097023105 258 3,000 SH Sole 3,000 BP PLC-SPONS ADR Common 055622104 304 7,190 SH Sole 7,190 BROCADE Common 111621306 2,193 380,000 SH Sole 380,000 COMMUNICATIONS ------------ TOTAL 24,756 ------------ 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 Put/ Investment Other ------------------------- Name of Issuer Class Number (x$1000) Amount SH/PRN Call Discretion Managers Sole Shared None BOARDWALK PIPELINE COMMON UNITS Common 096627104 3,010,708 102,719,466 SH Sole 102,719,466 CAL DIVE Common 12802T101 87 48,328 SH Sole 48,328 INTERNATIONAL INC CAMECO CORP Common 13321L108 208 10,000 SH Sole 10,000 CAPITAL ONE Common 14040H105 10,990 200,000 SH Sole 200,000 FINANCIAL CORP CAPLEASE INC Common 140288101 238 37,298 SH Sole 37,298 CARDINAL HEALTH Common 14149Y108 832 20,000 SH Sole 20,000 CARPENTER TECHNOLOGY Common 144285103 301 6,100 SH Sole 6,100 CASTLE A.M. & CO Common 148411101 187 10,700 SH Sole 10,700 CBS CORP-CLASS B Common 124857202 3,502 75,000 SH Shared Defined 75,000 NON VOTING CF INDUSTRIES Common 125269100 12,755 67,000 SH Sole 67,000 HOLDINGS INC CHARTER Common 16117M305 5,209 50,000 SH Shared Defined 50,000 COMMUNICATION-A CIENA CORP Common 171779309 1,601 100,000 SH Sole 100,000 ------------ TOTAL 3,046,618 ------------ 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 Put/ Investment Other ------------------------- Name of Issuer Class Number (x$1000) Amount SH/PRN Call Discretion Managers Sole Shared None CISCO SYSTEMS INC Common 17275R102 8,985 430,000 SH Sole 430,000 CITIGROUP INC Common 172967424 644 14,548 SH Sole 14,548 CNA FINANCIAL CORP Common 126117100 7,923,490 242,382,673 SH Sole 242,382,673 CNO FINANCIAL Common 12621E103 379 33,100 SH Sole 33,100 GROUP INC COEUR D'ALENE Common 192108504 2,613 138,544 SH Sole 138,544 MINES CORP COMCAST CORP- Common 20030N200 555 14,000 SH Sole 14,000 SPECIAL CL A COMSTOCK MINING Common 205750102 223 111,020 SH Sole 111,020 DEERE & CO Common 244199105 387 4,500 SH Sole 4,500 DELL INC Common 24702R101 192 13,375 SH Sole 13,375 DELPHI AUTOMOTIVE Common G27823106 238 5,350 SH Sole 5,350 PLC DENBURY Common 247916208 9,418 505,000 SH Sole 505,000 RESOURCES INC DEVON ENERGY Common 25179M103 367 6,500 SH Sole 6,500 CORPORATION DIAMOND OFFSHORE Common 25271C102 4,876,477 70,104,620 SH Sole 70,104,620 DRILLING DU PONT E.I. DE Common 263534109 1,966 40,000 SH Sole 40,000 NEMOURS EXETER RESOURCE Common 301835104 765 642,545 SH Sole 642,545 ------------ TOTAL 12,826,699 ------------ 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 Put/ Investment Other ------------------------- Name of Issuer Class Number (x$1000) Amount SH/PRN Call Discretion Managers Sole Shared None FEDEX CORP Common 31428X106 923 9,400 SH Sole 9,400 GASLOG LTD Common G37585109 6,719 522,500 SH Sole 522,500 GASLOG LTD Common G37585109 2,894 225,000 SH Shared Defined 225,000 GENERAL MOTORS CO Common 37045V100 8,346 300,000 SH Sole 300,000 GENERAL MOTORS CO Warrant 37045V126 1,135 40,800 SH Call Sole 40,800 GLAXO SMITH KLINE Common 37733W105 2,346 50,000 SH Sole 50,000 PLC-SPON ADR GLOBAL CASH Common 378967103 270 38,344 SH Sole 38,344 ACCESS HOLDINGS GOLDCORP INC Common 380956409 2,018 60,000 SH Sole 60,000 GOLDMAN SACHS Common 38141G104 221 1,500 SH Sole 1,500 GROUP INC GRANITE REAL Common 387437114 260 6,800 SH Sole 6,800 ESTATE INVESTMENT GREEN PLAINS Common 393222104 4,655 406,900 SH Sole 406,900 RENEWABLE ENERGY HARTE-HANKS INC Common 416196103 117 15,064 SH Sole 15,064 HEWLETT-PACKARD Common 428236103 6,768 283,895 SH Sole 283,895 ------------ TOTAL 36,672 ------------ 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 Put/ Investment Other ------------------------- Name of Issuer Class Number (x$1000) Amount SH/PRN Call Discretion Managers Sole Shared None HOSPITALITY Common 44106M102 233 8,500 SH Sole 8,500 PROPERTIES TRUST IAMGOLD CORP Common 450913108 3,243 449,638 SH Sole 449,638 ICONIX BRAND Common 451055107 233 9,000 SH Sole 9,000 GROUP INC INFINERA CORP Common 45667G103 2,520 360,000 SH Sole 360,000 INNOSPEC INC Common 45768S105 213 4,800 SH Sole 4,800 INTERPUBLIC GROUP Common 460690100 256 19,650 SH Sole 19,650 OF COS INC INTL BUSINESS Common 459200101 1,887 8,849 SH Sole 8,849 MACHINES CORP INVESCO LTD Common G491BT108 211 7,300 SH Sole 7,300 JAGUAR MINING INC Common 47009M103 199 331,092 SH Sole 331,092 JOHNSON & JOHNSON Common 478160104 15,200 186,432 SH Sole 186,432 JONES GROUP INC Common 48020T101 145 11,378 SH Sole 11,378 JPMORGAN CHASE & CO Common 46625H100 4,746 100,000 SH Shared Defined 100,000 JPMORGAN CHASE & CO Common 46625H100 13,808 290,933 SH Sole 290,933 ------------ TOTAL 42,894 ------------ 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 Put/ Investment Other ------------------------- Name of Issuer Class Number (x$1000) Amount SH/PRN Call Discretion Managers Sole Shared None KIMBER RESOURCES Common 49435N101 120 641,515 SH Sole 641,515 KINROSS GOLD Common 496902404 7,434 937,510 SH Sole 937,510 KOBEX MINERALS Common 49989C105 150 238,285 SH Sole 238,285 L-3 Common 502424104 208 2,571 SH Sole 2,571 COMMUNICATIONS LEGG MASON INC Common 524901105 259 8,064 SH Sole 8,064 LINCOLN NATIONAL Common 534187109 587 18,000 SH Sole 18,000 CORP LOWE'S COS INC Common 548661107 758 20,000 SH Sole 20,000 MAG SILVER CORP Common 55903Q104 2,001 210,888 SH Sole 210,888 MANITOWOC Common 563571108 3,598 175,000 SH Shared Defined 175,000 COMPANY INC MARKET VECTORS JR Common 57060U589 3,566 213,000 SH Sole 213,000 GOLD MINER MARTIN MARIETTA Common 573284106 3,061 30,000 SH Sole 30,000 MATERIALS MERCK & CO. INC. Common 58933Y105 462 10,442 SH Sole 10,442 METLIFE INC Common 59156R108 570 15,000 SH Sole 15,000 ------------ TOTAL 22,774 ------------ 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 Put/ Investment Other ------------------------- Name of Issuer Class Number (x$1000) Amount SH/PRN Call Discretion Managers Sole Shared None MICROSOFT CORP Common 594918104 19,658 687,092 SH Sole 687,092 MIDWAY GOLD CORP Common 598153104 237 197,679 SH Sole 197,679 MONSTER Common 611742107 69 13,575 SH Sole 13,575 WORLDWIDE INC MORGANS HOTEL Common 61748W108 5,634 951,700 SH Sole 951,700 GROUP CO MUELLER WATER Common 624758108 194 32,689 SH Sole 32,689 PRODUCTS INC-A NASDAQ OMX GROUP Common 631103108 9,367 290,000 SH Sole 290,000 NATIONAL OILWELL Common 637071101 14,857 209,998 SH Sole 209,998 VARCO INC NEWMONT MINING Common 651639106 10,891 260,000 SH Sole 260,000 NOVACOPPER INC Common 66988K102 317 173,076 SH Sole 173,076 NOVAGOLD Common 66987E206 3,770 1,038,460 SH Sole 1,038,460 RESOURCES INC OCCIDENTAL Common 674599105 1,196 15,260 SH Sole 15,260 PETROLEUM CORP OMNICOM GROUP Common 681919106 222 3,775 SH Sole 3,775 ORACLE CORP Common 68389X105 12,301 380,365 SH Sole 380,365 ------------ TOTAL 78,713 ------------ 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 Put/ Investment Other ------------------------- Name of Issuer Class Number (x$1000) Amount SH/PRN Call Discretion Managers Sole Shared None P G & E CORP Common 69331C108 307 6,898 SH Sole 6,898 PAN AMERICAN Common 697900108 693 42,176 SH Sole 42,176 SILVER CORP PARK STERLING CORP Common 70086Y105 115 20,415 SH Sole 20,415 PFIZER INC Common 717081103 8,424 291,905 SH Sole 291,905 PMC - SIERRA INC Common 69344F106 2,037 300,000 SH Sole 300,000 PNC FINANCIAL Common 693475105 8,830 132,789 SH Sole 132,789 SERVICES GROUP PPL CORPORATION Common 69351T106 939 30,000 SH Sole 30,000 PRETIUM Common 74139C102 2,268 286,003 SH Sole 286,003 RESOURCES INC REINSURANCE Common 759351604 477 8,000 SH Sole 8,000 GROUP OF AMERICA RENT-A-CENTER INC Common 76009N100 272 7,364 SH Sole 7,364 ROYAL DUTCH Common 780259206 226 3,464 SH Sole 3,464 SHELL PLC-ADR RUBICON MINERALS Common 780911103 3,407 1,401,817 SH Sole 1,401,817 CORP SANDSTORM GOLD Common 80013R206 2,732 288,626 SH Sole 288,626 ------------ TOTAL 30,727 ------------ 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 Put/ Investment Other ------------------------- Name of Issuer Class Number (x$1000) Amount SH/PRN Call Discretion Managers Sole Shared None SCHLUMBERGER LTD Common 806857108 11,608 155,000 SH Sole 155,000 SCHWAB CHARLES Common 808513105 2,123 120,000 SH Sole 120,000 CORP SPRINT NEXTEL Common 852061100 361 58,061 SH Sole 58,061 STAPLES INC Common 855030102 5,131 382,021 SH Sole 382,021 STATE STREET CORP Common 857477103 251 4,250 SH Sole 4,250 STILLWATER MINING Common 86074Q102 6,465 499,963 SH Sole 499,963 SUNCOR ENERGY INC Common 867224107 9,753 325,000 SH Sole 325,000 SYNOVUS FINANCIAL Common 87161C105 50 18,225 SH Sole 18,225 CORP TE CONNECTIVITY LTD Common H84989104 212 5,050 SH Sole 5,050 THORATEC CORP Common 885175307 825 22,000 SH Sole 22,000 TOTAL SA-SPON ADR Common 89151E109 5,278 110,000 SH Sole 110,000 TRAVELERS COS INC Common 89417E109 1,094 13,000 SH Sole 13,000 UBS AG-REG Common H89231338 191 12,425 SH Sole 12,425 UNITED PARCEL Common 911312106 5,154 60,000 SH Sole 60,000 SERVICE-CL B ------------ TOTAL 48,496 ------------ 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 Put/ Investment Other ------------------------- Name of Issuer Class Number (x$1000) Amount SH/PRN Call Discretion Managers Sole Shared None URANIUM ENERGY Common 916896103 150 68,367 SH Sole 68,367 VIACOM INC-CLASS B Common 92553P201 1,537 25,000 SH Shared Defined 25,000 VIRTUS INVESTMENT Common 92828Q109 426 2,287 SH Sole 2,287 PARTNERS VISTA GOLD CORP Common 927926303 3,799 1,758,748 SH Sole 1,758,748 WELLPOINT INC Common 94973V107 311 4,700 SH Sole 4,700 WELLS FARGO & CO Common 949746101 9,248 250,000 SH Sole 250,000 WESTERN DIGITAL Common 958102105 8,046 160,000 SH Sole 160,000 WET SEAL CL A Common 961840105 48 16,000 SH Sole 16,000 WHITING Common 966387102 407 8,000 SH Sole 8,000 PETROLEUM CORP WPX ENERGY INC Common 98212B103 501 31,258 SH Sole 31,258 XEROX CORP Common 984121103 894 103,975 SH Sole 103,975 XL GROUP PLC Common G98290102 218 7,200 SH Sole 7,200 ZOLTEK COMPANIES Common 98975W104 1,434 120,000 SH Sole 120,000 ------------ TOTAL 27,019 ------------ 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 Put/ Investment Other ------------------------- Name of Issuer Class Number (x$1000) Amount SH/PRN Call Discretion Managers Sole Shared None ASHLAND INC Common 044209954 1,486 20,000 SH Put Sole 20,000 BARRICK GOLD Common 067901908 8,820 300,000 SH Call Sole 300,000 BARRICK GOLD Common 067901958 8,820 300,000 SH Put Sole 300,000 CAMECO CORP Common 13321L958 831 40,000 SH Put Sole 40,000 CARDINAL HEALTH Common 14149Y958 4,162 100,000 SH Put Sole 100,000 INC CATERPILLAR INC Common 149123901 30,440 350,000 SH Call Shared Defined 350,000 CF INDUSTRIES Common 125269950 3,807 20,000 SH Put Sole 20,000 HOLDINGS INC CIENA CORP Common 171779959 3,202 200,000 SH Put Sole 200,000 CITIGROUP INC Common 172967954 5,309 120,000 SH Put Sole 120,000 CLIFFS NATURAL Common 18683K951 1,901 100,000 SH Put Sole 100,000 RESOURCES CORNING INC Common 219350955 2,662 200,000 SH Put Sole 200,000 CUMMINS INC Common 231021956 4,632 40,000 SH Put Sole 40,000 DU PONT (E.I.) DE Common 263534959 4,916 100,000 SH Put Sole 100,000 NEMOURS ------------ TOTAL 80,988 ------------ 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 Put/ Investment Other ------------------------- Name of Issuer Class Number (x$1000) Amount SH/PRN Call Discretion Managers Sole Shared None GENERAL MOTORS Common 37045V900 5,564 200,000 SH Call Shared Defined 200,000 CO GOLDCORP INC Common 380956959 2,018 60,000 SH Put Sole 60,000 HOME DEPOT INC Common 437076902 31,401 450,000 SH Call Shared Defined 450,000 LOWE'S COS INC Common 548661957 3,792 100,000 SH Put Sole 100,000 MANITOWOC Common 563571908 2,056 100,000 SH Call Shared Defined 100,000 COMPANY INC MARKET VECTORS JR Common 57060U959 2,009 120,000 SH Put Sole 120,000 GOLD MARTIN MARIETTA Common 573284956 3,061 30,000 SH Put Sole 30,000 MATERIALS MERCK & CO. INC. Common 58933Y955 230 5,200 SH Put Sole 5,200 MICROSOFT CORP Common 594918954 2,575 90,000 SH Put Sole 90,000 MOLYCORP INC Common 608753959 520 100,000 SH Put Sole 100,000 NEWMONT MINING Common 651639956 6,702 160,000 SH Put Sole 160,000 CORP SCHWAB CHARLES Common 808513955 1,061 60,000 SH Put Sole 60,000 CORP SPDR S&P 500 ETF Common 78462F903 626,200 4,000,000 SH Call Shared Defined 4,000,000 TRUST ------------ TOTAL 687,189 ------------ 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 Put/ Investment Other ------------------------- Name of Issuer Class Number (x$1000) Amount SH/PRN Call Discretion Managers Sole Shared None TIME WARNER CABLE Common 88732J907 12,008 125,000 SH Call Shared Defined 125,000 UNITED PARCEL Common 911312956 8,590 100,000 SH Put Sole 100,000 SERVICE-CL B WESTERN DIGITAL Common 958102905 6,286 125,000 SH Call Sole 125,000 CORP ------------ TOTAL $ 26,884 ------------ AGGREGATE $ 17,014,246 ============ Page 17 of 17 Pages