13F-HR 1 form_13f-perry.txt --------------------------------------- OMB APPROVAL ----------------------------------- OMB Number: 3235-0006 Expires: December 31, 2009 Estimated average burden hours per response..........22.6 ----------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2006 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Perry Corp. 767 Fifth Avenue New York, NY 10153 Form 13F File Number: 028-4106 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: Michael C. Neus Title: General Counsel Phone: 212-583-4000
Signature, Place, and Date of Signing: /s/ Michael C. Neus NEW YORK, NY FEBRUARY 12, 2007 --------------------------- --------------------------- --------------------------- [Signature] [City, State] [Date]
Report Type (Check only one.):- [ ] 13F HOLDINGS REPORT.(Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [X] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) Form 13F Summary Page Report Summary: Number of Other Included Managers: 1 ------------------ Form 13F Information Table Entry Total: 181 ------------------ Form 13F Information Table Value Total: $8,733,605 ------------------ (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. NO. NAME ---------- ------------------------------ 1. Richard C. Perry. Perry Corp Form 13F Information Table Quarter ended December 31, 2006
INVESTMENT DISCRETION VOTING AUTHORITY FAIR MARKET SHARES OR VALUE PRINCIPAL SH/ PUT/ SHARED SHARED OTHER ISSUER TITLE OF CUSIP (IN AMOUNT PRN CALL SOLE DEFINED OTHER MANAGERS SOLE SHARED NONE CLASS NUMBER THOUSANDS) --------------------------------------------------------------------------------------------------------------------------------- 1-800 Contacts Inc. COMMON 681977104 $25,128 1,540,658 SH Shared 1 1,540,658 --------------------------------------------------------------------------------------------------------------------------------- ABX Air Inc. COMMON 00080S101 $19,733 2,847,443 SH Shared 1 2,847,443 --------------------------------------------------------------------------------------------------------------------------------- ACA Capital Holdings Inc. COMMON 000833103 $30,920 2,000,000 SH Shared 1 2,000,000 --------------------------------------------------------------------------------------------------------------------------------- Advance America Cash Advance COMMON 00739W107 $31,361 2,140,700 SH Shared 1 2,140,700 --------------------------------------------------------------------------------------------------------------------------------- Advance Auto Parts COMMON 00751Y106 $100,621 2,829,610 SH Shared 1 2,829,610 --------------------------------------------------------------------------------------------------------------------------------- Advo Inc. COMMON 007585102 $4,890 150,000 SH Shared 1 150,000 --------------------------------------------------------------------------------------------------------------------------------- Aetna Inc. COMMON 00817Y108 $87,016 2,015,200 SH Shared 1 2,015,200 --------------------------------------------------------------------------------------------------------------------------------- Affordable Residential Communities COMMON 008273104 $47,663 4,091,246 SH Shared 1 4,091,246 --------------------------------------------------------------------------------------------------------------------------------- Agile Software Corp. COMMON 00846X105 $21,299 3,463,200 SH Shared 1 3,463,200 --------------------------------------------------------------------------------------------------------------------------------- Allegheny Technologies Inc. COMMON 01741R102 $130,902 1,443,565 SH Shared 1 1,443,565 --------------------------------------------------------------------------------------------------------------------------------- Allied Healthcare International Inc. COMMON 01923A109 $3,954 1,349,510 SH Shared 1 1,349,510 --------------------------------------------------------------------------------------------------------------------------------- Allied World Assurance Holdings SHS G0219G203 $6,907 158,300 SH Shared 1 158,300 --------------------------------------------------------------------------------------------------------------------------------- Alphatec Holdings Inc. COMMON 02081G102 $143 38,000 SH Shared 1 38,000 --------------------------------------------------------------------------------------------------------------------------------- Altiris Inc. COMMON 02148M100 $624 24,577 SH Shared 1 24,577 --------------------------------------------------------------------------------------------------------------------------------- Altria Group Inc. COMMON 02209S103 $29,179 340,000 SH Shared 1 340,000 --------------------------------------------------------------------------------------------------------------------------------- Amer Intl Group Inc. COMMON 026874107 $34,630 483,252 SH Shared 1 483,252 --------------------------------------------------------------------------------------------------------------------------------- American Express Co. COMMON 025816109 $3,740 61,637 SH Shared 1 61,637 --------------------------------------------------------------------------------------------------------------------------------- Ameriprise Financial Inc. COMMON 03076C106 $672 12,327 SH Shared 1 12,327 --------------------------------------------------------------------------------------------------------------------------------- Apollo Group Inc. CL A 037604105 $23,729 608,900 SH Shared 1 608,900 --------------------------------------------------------------------------------------------------------------------------------- Aquantive Inc. COMMON 03839G105 $2,713 110,000 SH Shared 1 110,000 --------------------------------------------------------------------------------------------------------------------------------- Armstrong World Industries Inc. COMMON 04247X102 $22,340 527,012 SH Shared 1 527,012 --------------------------------------------------------------------------------------------------------------------------------- Aspen Insurance Holdings Ltd SHS G05384105 $51,297 1,946,000 SH Shared 1 1,946,000 --------------------------------------------------------------------------------------------------------------------------------- Atmel Corp. COMMON 049513104 $22,826 3,772,813 SH Shared 1 3,772,813 --------------------------------------------------------------------------------------------------------------------------------- Bellsouth Corp. COMMON 079860102 $100,580 2,135,000 SH Shared 1 2,135,000 --------------------------------------------------------------------------------------------------------------------------------- INVESTMENT DISCRETION VOTING AUTHORITY FAIR MARKET SHARES OR VALUE PRINCIPAL SH/ PUT/ SHARED SHARED OTHER ISSUER TITLE OF CUSIP (IN AMOUNT PRN CALL SOLE DEFINED OTHER MANAGERS SOLE SHARED NONE CLASS NUMBER THOUSANDS) --------------------------------------------------------------------------------------------------------------------------------- Borg Warner Inc. COMMON 099724106 $12,335 208,990 SH Shared 1 208,990 --------------------------------------------------------------------------------------------------------------------------------- Borland Software Corp. COMMON 099849101 $2,706 499,200 SH Shared 1 499,200 --------------------------------------------------------------------------------------------------------------------------------- BP PLC SPONSORED ADR 055622104 $13,213 196,914 SH Shared 1 196,914 --------------------------------------------------------------------------------------------------------------------------------- Burlington Northern Santa Fe Corp. COMMON 12189T104 $5,838 79,100 SH Shared 1 79,100 --------------------------------------------------------------------------------------------------------------------------------- Cal Dive International Inc. COMMON 12802T101 $15,777 1,257,100 SH Shared 1 1,257,100 --------------------------------------------------------------------------------------------------------------------------------- Cameron International Corp. COMMON 13342B105 $1,104 20,818 SH Shared 1 20,818 --------------------------------------------------------------------------------------------------------------------------------- Capital One Financial Corp. COMMON 14040H105 $104,936 1,366,000 SH Shared 1 1,366,000 --------------------------------------------------------------------------------------------------------------------------------- Caremark RX Inc. COMMON 141705103 $44,260 775,000 SH Shared 1 775,000 --------------------------------------------------------------------------------------------------------------------------------- Carpenter Technology COMMON 144285103 $51,732 504,600 SH Shared 1 504,600 --------------------------------------------------------------------------------------------------------------------------------- Catapult Communications Corp. COMMON 149016107 $423 47,049 SH Shared 1 47,049 --------------------------------------------------------------------------------------------------------------------------------- Cemex SAB de C.V. SPON ADR 151290889 $30,492 900,000 SH Shared 1 900,000 --------------------------------------------------------------------------------------------------------------------------------- Central European Distribution Corp. COMMON 153435102 $47,164 1,588,000 SH Shared 1 1,588,000 --------------------------------------------------------------------------------------------------------------------------------- Chemed Corp. COMMON 16359R103 $40,974 1,108,000 SH Shared 1 1,108,000 --------------------------------------------------------------------------------------------------------------------------------- Cheniere Energy Inc. COMMON 16411R208 $114,611 3,969,904 SH Shared 1 3,969,904 --------------------------------------------------------------------------------------------------------------------------------- Chicago Mercantile Holdings Inc. CL A 167760107 $25,589 50,200 SH Shared 1 50,200 --------------------------------------------------------------------------------------------------------------------------------- China Medical ADR SPONSORED ADR 169483104 $78,936 2,916,000 SH Shared 1 2,916,000 --------------------------------------------------------------------------------------------------------------------------------- Chipotle Mexican Grill Inc. CL B 169656204 $12,220 235,000 SH Shared 1 235,000 --------------------------------------------------------------------------------------------------------------------------------- Cirrus Logic Inc. COMMON 172755100 $13,508 1,963,400 SH Shared 1 1,963,400 ------------------------------------------------------------------------------------------------------------------ ------- CKX Inc. COMMON 12562M106 $34,017 2,900,000 SH Shared 1 2,900,000 --------------------------------------------------------------------------------------------------------------------------------- Clear Channel Communications COMMON 184502102 $285,939 8,045,555 SH Shared 1 8,045,555 --------------------------------------------------------------------------------------------------------------------------------- CNET Networks Inc. COMMON 12613R104 $40,090 4,415,246 SH Shared 1 4,415,246 --------------------------------------------------------------------------------------------------------------------------------- CNX Gas Corp. COMMON 12618H309 $6,987 274,000 SH Shared 1 274,000 --------------------------------------------------------------------------------------------------------------------------------- Columbia Labs Inc. COMMON 197779101 $19,469 3,817,365 SH Shared 1 3,817,365 --------------------------------------------------------------------------------------------------------------------------------- Community Health Systems Inc. COMMON 203668108 $38,346 1,050,000 SH Shared 1 1,050,000 --------------------------------------------------------------------------------------------------------------------------------- Companhia Vale Do SPONSORED Rio Doce ADR 204412209 $290,423 9,765,400 SH Shared 1 9,765,400 --------------------------------------------------------------------------------------------------------------------------------- Complete Production Services COMMON 20453E109 $14,441 681,200 SH Shared 1 681,200 --------------------------------------------------------------------------------------------------------------------------------- INVESTMENT DISCRETION VOTING AUTHORITY FAIR MARKET SHARES OR VALUE PRINCIPAL SH/ PUT/ SHARED SHARED OTHER ISSUER TITLE OF CUSIP (IN AMOUNT PRN CALL SOLE DEFINED OTHER MANAGERS SOLE SHARED NONE CLASS NUMBER THOUSANDS) --------------------------------------------------------------------------------------------------------------------------------- Comverse Technology Inc. COMMON 205862402 $3,164 150,000 SH Shared 1 150,000 --------------------------------------------------------------------------------------------------------------------------------- ConocoPhillips COMMON 20825C104 $105,375 1,464,555 SH Shared 1 1,464,555 --------------------------------------------------------------------------------------------------------------------------------- ConocoPhillips COMMON 20825C104 $14,390 200,000 SH CALL Shared 1 200,000 --------------------------------------------------------------------------------------------------------------------------------- Conor Medsystems Inc. COMMON 208264101 $58,744 1,875,000 SH Shared 1 1,875,000 --------------------------------------------------------------------------------------------------------------------------------- Constellation Energy Group COMMON 210371100 $82,644 1,200,000 SH Shared 1 1,200,000 --------------------------------------------------------------------------------------------------------------------------------- Continental Airlines CL B 210795308 $10,449 253,300 SH Shared 1 253,300 --------------------------------------------------------------------------------------------------------------------------------- Cowen Group Inc. COMMON 223621103 $17,660 835,000 SH Shared 1 835,000 --------------------------------------------------------------------------------------------------------------------------------- Digirad Corp. COMMON 253827109 $4,861 1,179,950 SH Shared 1 1,179,950 --------------------------------------------------------------------------------------------------------------------------------- Digitas Inc. COMMON 25388K104 $35,826 2,671,600 SH Shared 1 2,671,600 --------------------------------------------------------------------------------------------------------------------------------- DirecTV Group Inc. COMMON 25459L106 $8,432 338,100 SH PUT Shared 1 338,100 --------------------------------------------------------------------------------------------------------------------------------- Divx Inc. COMMON 255413106 $9,563 414,500 SH Shared 1 414,500 --------------------------------------------------------------------------------------------------------------------------------- Emdeon Corp. COMMON 290849108 $629 50,800 SH Shared 1 50,800 --------------------------------------------------------------------------------------------------------------------------------- Endeavor Acquisition Corp. COMMON 292577103 $3,463 376,800 SH Shared 1 376,800 --------------------------------------------------------------------------------------------------------------------------------- Endurance Specialty Holdings SHS G30397106 $260,988 7,134,720 SH Shared 1 7,134,720 --------------------------------------------------------------------------------------------------------------------------------- Epiq Systems Inc. COMMON 26882D109 $764 45,000 SH Shared 1 45,000 --------------------------------------------------------------------------------------------------------------------------------- Everest Re Group Ltd COMMON G3223R108 $8,673 88,400 SH Shared 1 88,400 --------------------------------------------------------------------------------------------------------------------------------- Exelon Corp. COMMON 30161N101 $35,896 580,000 SH CALL Shared 1 580,000 --------------------------------------------------------------------------------------------------------------------------------- Express Scripts Inc. COMMON 302182100 $7,160 100,000 SH PUT Shared 1 100,000 --------------------------------------------------------------------------------------------------------------------------------- F5 Networks Inc. COMMON 315616102 $50,878 685,600 SH Shared 1 685,600 --------------------------------------------------------------------------------------------------------------------------------- Fidelity National Financial CL A 31620R105 $69,974 2,930,221 SH Shared 1 2,930,221 --------------------------------------------------------------------------------------------------------------------------------- Fidelity National Information Services COMMON 31620M106 $145,167 3,621,037 SH Shared 1 3,621,037 --------------------------------------------------------------------------------------------------------------------------------- First Data Corp. COMMON 319963104 $23,897 936,400 SH Shared 1 936,400 --------------------------------------------------------------------------------------------------------------------------------- First Solar Inc. COMMON 336433107 $11,936 400,000 SH Shared 1 400,000 --------------------------------------------------------------------------------------------------------------------------------- Foundation Coal Holdings Inc. COMMON 35039W100 $15,880 500,000 SH Shared 1 500,000 --------------------------------------------------------------------------------------------------------------------------------- FPL Group Inc. COMMON 302571104 $2,459 47,572 SH Shared 1 47,572 --------------------------------------------------------------------------------------------------------------------------------- General Dynamics Corp. COMMON 369550108 $26,918 362,042 SH Shared 1 362,042 --------------------------------------------------------------------------------------------------------------------------------- Gold Kist Inc. COMMON 380614107 $28,335 1,349,262 SH Shared 1 1,349,262 --------------------------------------------------------------------------------------------------------------------------------- Grubb & Ellis Co. COMMON 400095204 $10,944 950,000 SH Shared 1 950,000 --------------------------------------------------------------------------------------------------------------------------------- Grupo Aeroportuario SPONSORED Ctr Norto SAB de CV ADR 400501102 $11,597 521,000 SH Shared 1 521,000 --------------------------------------------------------------------------------------------------------------------------------- INVESTMENT DISCRETION VOTING AUTHORITY FAIR MARKET SHARES OR VALUE PRINCIPAL SH/ PUT/ SHARED SHARED OTHER ISSUER TITLE OF CUSIP (IN AMOUNT PRN CALL SOLE DEFINED OTHER MANAGERS SOLE SHARED NONE CLASS NUMBER THOUSANDS) --------------------------------------------------------------------------------------------------------------------------------- GSI Commerce Inc. COMMON 36238G102 $13,442 716,900 SH Shared 1 716,900 --------------------------------------------------------------------------------------------------------------------------------- Gymboree Corp. COMMON 403777105 $1,240 32,500 SH Shared 1 32,500 --------------------------------------------------------------------------------------------------------------------------------- Healthspring Inc. COMMON 42224N101 $107,448 5,280,000 SH Shared 1 5,280,000 --------------------------------------------------------------------------------------------------------------------------------- Healthtronics Inc. COMMON 42222L107 $8,410 1,262,717 SH Shared 1 1,262,717 --------------------------------------------------------------------------------------------------------------------------------- Helix Energy Solutions Group COMMON 42330P107 $64,676 2,061,700 SH Shared 1 2,061,700 --------------------------------------------------------------------------------------------------------------------------------- Holly Energy Partners COM UT LT PRN 435763107 $4,130 102,600 SH Shared 1 102,600 --------------------------------------------------------------------------------------------------------------------------------- Hudson Highland Group Inc. COMMON 443792106 $37,756 2,263,532 SH Shared 1 2,263,532 --------------------------------------------------------------------------------------------------------------------------------- Hypercom Corp. COMMON 44913M105 $20,596 3,243,459 SH Shared 1 3,243,459 --------------------------------------------------------------------------------------------------------------------------------- Ico Global Communications CL A 44930K108 $7,397 1,618,629 SH Shared 1 1,618,629 --------------------------------------------------------------------------------------------------------------------------------- Integrated Device Technology COMMON 458118106 $168,326 10,873,753 SH Shared 1 10,873,753 --------------------------------------------------------------------------------------------------------------------------------- Investment Technology Group COMMON 46145F105 $20,754 484,000 SH Shared 1 484,000 --------------------------------------------------------------------------------------------------------------------------------- Invitrogen Corp. COMMON 46185R100 $299,927 5,300,000 SH Shared 1 5,300,000 --------------------------------------------------------------------------------------------------------------------------------- Ionatron Inc. COMMON 462070103 $2,176 530,829 SH Shared 1 530,829 --------------------------------------------------------------------------------------------------------------------------------- IPC Holdings Ltd. ORD G4933P101 $61,142 1,944,104 SH Shared 1 1,944,104 --------------------------------------------------------------------------------------------------------------------------------- Ishares TR Russell 2000 464287655 $156,060 2,000,000 SH PUT Shared 1 2,000,000 --------------------------------------------------------------------------------------------------------------------------------- I-trax Inc. COMMON 45069D203 $4,242 1,368,374 SH Shared 1 1,368,374 --------------------------------------------------------------------------------------------------------------------------------- Ixia COMMON 45071R109 $16,609 1,730,093 SH Shared 1 1,730,093 --------------------------------------------------------------------------------------------------------------------------------- Johnson & Johnson COMMON 478160104 $96,482 1,461,412 SH Shared 1 1,461,412 --------------------------------------------------------------------------------------------------------------------------------- Jupitermedia Corp COMMON 48207D101 $2,772 350,000 SH Shared 1 350,000 --------------------------------------------------------------------------------------------------------------------------------- Kaiser Aluminum Corp COMMON 483007704 $14,529 259,537 SH Shared 1 259,537 --------------------------------------------------------------------------------------------------------------------------------- KBW Inc. COMMON 482423100 $5,907 201,000 SH Shared 1 201,000 --------------------------------------------------------------------------------------------------------------------------------- Leapfrog Enterprises Inc. CL A 52186N106 $1,896 200,000 SH Shared 1 200,000 --------------------------------------------------------------------------------------------------------------------------------- Liberty Media Holding Corp. CAP COM SER A 53071M302 $28,943 295,400 SH Shared 1 295,400 --------------------------------------------------------------------------------------------------------------------------------- Lionbridge Technologies Inc. COMMON 536252109 $33,866 5,258,700 SH Shared 1 5,258,700 --------------------------------------------------------------------------------------------------------------------------------- M/I Homes Inc COMMON 55305B101 $29,254 766,000 SH Shared 1 766,000 --------------------------------------------------------------------------------------------------------------------------------- Magma Design Automation COMMON 559181102 $7,367 825,000 SH Shared 1 825,000 --------------------------------------------------------------------------------------------------------------------------------- Marchex Inc. CL B 56624R108 $14,389 1,075,425 SH Shared 1 1,075,425 --------------------------------------------------------------------------------------------------------------------------------- Martin Marietta Materials Inc. COMMON 573284106 $22,860 220,000 SH Shared 1 220,000 --------------------------------------------------------------------------------------------------------------------------------- INVESTMENT DISCRETION VOTING AUTHORITY FAIR MARKET SHARES OR VALUE PRINCIPAL SH/ PUT/ SHARED SHARED OTHER ISSUER TITLE OF CUSIP (IN AMOUNT PRN CALL SOLE DEFINED OTHER MANAGERS SOLE SHARED NONE CLASS NUMBER THOUSANDS) --------------------------------------------------------------------------------------------------------------------------------- MasterCard Inc. COMMON 57636Q104 $52,692 535,000 SH PUT Shared 1 535,000 --------------------------------------------------------------------------------------------------------------------------------- McData Corp. CL B 580031102 $10,175 1,850,000 SH Shared 1 1,850,000 --------------------------------------------------------------------------------------------------------------------------------- McData Corp. CL A 580031201 $22,910 4,128,000 SH Shared 1 4,128,000 --------------------------------------------------------------------------------------------------------------------------------- Microsoft Corp COMMON 594918104 $26,874 900,000 SH Shared 1 900,000 --------------------------------------------------------------------------------------------------------------------------------- Monogram Biosciences Inc COMMON 60975U108 $42,751 24,017,516 SH Shared 1 24,017,516 --------------------------------------------------------------------------------------------------------------------------------- Montpelier Re Holdings LTD SHS G62185106 $26,651 1,432,100 SH Shared 1 1,432,100 --------------------------------------------------------------------------------------------------------------------------------- Move Inc. COMMON 62458M108 $2,690 488,200 SH Shared 1 488,200 --------------------------------------------------------------------------------------------------------------------------------- MSC. Software Corp. COMMON 553531104 $23,424 1,538,000 SH Shared 1 1,538,000 --------------------------------------------------------------------------------------------------------------------------------- Nasdaq Stock Market COMMON 631103108 $200,135 6,500,000 SH Shared 1 6,500,000 --------------------------------------------------------------------------------------------------------------------------------- Nations Health * W EXP 63860C118 $671 397,200 SH Shared 1 397,200 08/24/2007 --------------------------------------------------------------------------------------------------------------------------------- Neustar Inc. CL A 64126X201 $7,753 239,000 SH Shared 1 239,000 --------------------------------------------------------------------------------------------------------------------------------- News Corp CL A 65248E104 $618,836 28,809,861 SH Shared 1 28,809,861 --------------------------------------------------------------------------------------------------------------------------------- Newstar Financial Inc. COMMON 65251F105 $18,450 1,000,000 SH Shared 1 1,000,000 --------------------------------------------------------------------------------------------------------------------------------- North American Energy Partners COMMON 656844107 $74,863 4,598,466 SH Shared 1 4,598,466 --------------------------------------------------------------------------------------------------------------------------------- NRG Energy Inc. COMMON 629377508 $48,577 867,300 SH Shared 1 867,300 --------------------------------------------------------------------------------------------------------------------------------- NTL Inc. COMMON 62941W101 $25,240 1,000,000 SH Shared 1 1,000,000 --------------------------------------------------------------------------------------------------------------------------------- NTL Inc. * W EXP 62941W119 $1,290 51,118 SH Shared 1 51,118 01/13/2011 --------------------------------------------------------------------------------------------------------------------------------- Ocwen Financial Corp COMMON 675746309 $57,316 3,613,888 SH Shared 1 3,613,888 --------------------------------------------------------------------------------------------------------------------------------- Office Depot COMMON 676220106 $47,102 1,234,004 SH Shared 1 1,234,004 --------------------------------------------------------------------------------------------------------------------------------- Omnicell Inc. COMMON 68213N109 $24,305 1,304,606 SH Shared 1 1,304,606 --------------------------------------------------------------------------------------------------------------------------------- Omniture Inc. COMMON 68212S109 $8,262 586,824 SH Shared 1 586,824 --------------------------------------------------------------------------------------------------------------------------------- Oregon Steel Mills Inc. COMMON 686079104 $78,013 1,250,000 SH Shared 1 1,250,000 --------------------------------------------------------------------------------------------------------------------------------- Orient Express Hotels CL A G67743107 $59,150 1,250,000 SH Shared 1 1,250,000 --------------------------------------------------------------------------------------------------------------------------------- Oshkosh Truck Corp. COMMON 688239201 $50,841 1,050,000 SH Shared 1 1,050,000 --------------------------------------------------------------------------------------------------------------------------------- Pacific Sunwear Of California COMMON 694873100 $3,231 165,000 SH Shared 1 165,000 --------------------------------------------------------------------------------------------------------------------------------- Partnerre LTD COMMON G6852T105 $38,335 539,700 SH Shared 1 539,700 --------------------------------------------------------------------------------------------------------------------------------- Pegasystems Inc. COMMON 705573103 $28,739 2,911,775 SH Shared 1 2,911,775 --------------------------------------------------------------------------------------------------------------------------------- Phelps Dodge Corp. COMMON 717265102 $73,161 611,100 SH Shared 1 611,100 --------------------------------------------------------------------------------------------------------------------------------- Platinum Underwriters Holdings LTD COMMON G7127P100 $145,274 4,695,348 SH Shared 1 4,695,348 --------------------------------------------------------------------------------------------------------------------------------- INVESTMENT DISCRETION VOTING AUTHORITY FAIR MARKET SHARES OR VALUE PRINCIPAL SH/ PUT/ SHARED SHARED OTHER ISSUER TITLE OF CUSIP (IN AMOUNT PRN CALL SOLE DEFINED OTHER MANAGERS SOLE SHARED NONE CLASS NUMBER THOUSANDS) --------------------------------------------------------------------------------------------------------------------------------- PXRE Group Ltd. COMMON G73018106 $6,400 1,388,300 SH Shared 1 1,388,300 --------------------------------------------------------------------------------------------------------------------------------- Quest Software Inc. COMMON 74834T103 $49,196 3,365,000 SH Shared 1 3,365,000 --------------------------------------------------------------------------------------------------------------------------------- Questar Corp. COMMON 748356102 $4,941 59,500 SH Shared 1 59,500 --------------------------------------------------------------------------------------------------------------------------------- Radioshack Corp. COMMON 750438103 $36,077 2,150,000 SH Shared 1 2,150,000 --------------------------------------------------------------------------------------------------------------------------------- Reliance Steel & Aluminum COMMON 759509102 $27,290 693,000 SH Shared 1 693,000 --------------------------------------------------------------------------------------------------------------------------------- Rite Aid Corp. COMMON 767754104 $31,908 5,865,451 SH Shared 1 5,865,451 --------------------------------------------------------------------------------------------------------------------------------- Riverbed Technology Inc. COMMON 768573107 $7,890 257,009 SH Shared 1 257,009 --------------------------------------------------------------------------------------------------------------------------------- Sandisk Corp. COMMON 80004C101 $3,032 70,500 SH Shared 1 70,500 --------------------------------------------------------------------------------------------------------------------------------- Sears Holdings Corp. COMMON 812350106 $452,563 2,694,952 SH Shared 1 2,694,952 --------------------------------------------------------------------------------------------------------------------------------- Sonicwall Inc. COMMON 835470105 $1,263 150,000 SH Shared 1 150,000 --------------------------------------------------------------------------------------------------------------------------------- Station Casinos Inc. COMMON 857689103 $18,090 221,500 SH Shared 1 221,500 --------------------------------------------------------------------------------------------------------------------------------- Stone Energy Corp. COMMON 861642106 $29,164 825,000 SH Shared 1 825,000 --------------------------------------------------------------------------------------------------------------------------------- Swift Transportation Co Inc. COMMON 870756103 $27,584 1,050,000 SH Shared 1 1,050,000 --------------------------------------------------------------------------------------------------------------------------------- Symantec Corp. COMMON 871503108 $58,757 2,818,101 SH Shared 1 2,818,101 --------------------------------------------------------------------------------------------------------------------------------- Synaptics Inc. COMMON 87157D109 $297 10,000 SH Shared 1 10,000 --------------------------------------------------------------------------------------------------------------------------------- Tekelec COMMON 879101103 $11,371 767,800 SH Shared 1 767,800 --------------------------------------------------------------------------------------------------------------------------------- Terra Industries Inc. COMMON 880915103 $12,259 1,023,300 SH Shared 1 1,023,300 --------------------------------------------------------------------------------------------------------------------------------- Threshold Pharmaceuticals COMMON 885807107 $13,683 3,698,118 SH Shared 1 3,698,118 --------------------------------------------------------------------------------------------------------------------------------- Time Warner Inc. COMMON 887317105 $5,127 235,400 SH Shared 1 235,400 --------------------------------------------------------------------------------------------------------------------------------- Triad Hospitals Inc. COMMON 89579K109 $33,464 800,000 SH Shared 1 800,000 --------------------------------------------------------------------------------------------------------------------------------- Trident Microsystems Inc. COMMON 895919108 $7,309 402,057 SH Shared 1 402,057 --------------------------------------------------------------------------------------------------------------------------------- TXU Corp. COMMON 873168108 $35,692 658,400 SH Shared 1 658,400 --------------------------------------------------------------------------------------------------------------------------------- Ultra Petroleum Corp. COMMON 903914109 $46,079 965,200 SH Shared 1 965,200 --------------------------------------------------------------------------------------------------------------------------------- Union Pacific COMMON 907818108 $35,176 382,270 SH Shared 1 382,270 --------------------------------------------------------------------------------------------------------------------------------- Unisys Corp. COMMON 909214108 $28,643 3,653,400 SH Shared 1 3,653,400 --------------------------------------------------------------------------------------------------------------------------------- Unitedhealth Group Inc. COMMON 91324P102 $367,895 6,847,100 SH Shared 1 6,847,100 --------------------------------------------------------------------------------------------------------------------------------- Universal American Financial Corp. COMMON 913377107 $108,494 5,820,500 SH Shared 1 5,820,500 --------------------------------------------------------------------------------------------------------------------------------- Univision Communications Inc. CL A 914906102 $41,619 1,175,000 SH Shared 1 1,175,000 --------------------------------------------------------------------------------------------------------------------------------- US Airways Group, Inc. COMMON 90341W108 $56,020 1,040,300 SH Shared 1 1,040,300 --------------------------------------------------------------------------------------------------------------------------------- INVESTMENT DISCRETION VOTING AUTHORITY FAIR MARKET SHARES OR VALUE PRINCIPAL SH/ PUT/ SHARED SHARED OTHER ISSUER TITLE OF CUSIP (IN AMOUNT PRN CALL SOLE DEFINED OTHER MANAGERS SOLE SHARED NONE CLASS NUMBER THOUSANDS) --------------------------------------------------------------------------------------------------------------------------------- Verigy Ltd SHS Y93691106 $16,138 909,210 SH Shared 1 909,210 --------------------------------------------------------------------------------------------------------------------------------- Verint Systems Inc. COMMON 92343X100 $21,505 627,342 SH Shared 1 627,342 --------------------------------------------------------------------------------------------------------------------------------- Verisign Inc. COMMON 92343E102 $171,145 7,116,200 SH Shared 1 7,116,200 --------------------------------------------------------------------------------------------------------------------------------- Vistacare Inc. CL A 92839Y109 $17,936 1,767,074 SH Shared 1 1,767,074 --------------------------------------------------------------------------------------------------------------------------------- Walgreen Co. COMMON 931422109 $190,118 4,142,900 SH Shared 1 4,142,900 --------------------------------------------------------------------------------------------------------------------------------- Weatherford International LTD COMMON G95089101 $21,104 505,000 SH Shared 1 505,000 --------------------------------------------------------------------------------------------------------------------------------- Wellcare Health Plans Inc. COMMON 94946T106 $54,755 794,700 SH Shared 1 794,700 --------------------------------------------------------------------------------------------------------------------------------- Wellpoint Inc. COMMON 94973V107 $33,128 421,000 SH Shared 1 421,000 --------------------------------------------------------------------------------------------------------------------------------- Wells Fargo & Co. COMMON 949746101 $64,594 1,816,480 SH Shared 1 1,816,480 --------------------------------------------------------------------------------------------------------------------------------- Western Union Co. COMMON 959802109 $13,239 590,500 SH Shared 1 590,500 --------------------------------------------------------------------------------------------------------------------------------- Williams Cos. Inc. COMMON 969457100 $101,824 3,898,300 SH Shared 1 3,898,300 --------------------------------------------------------------------------------------------------------------------------------- Williams Partners L.P. COM UNIT LP 96950F104 $18,525 478,670 SH Shared 1 478,670 --------------------------------------------------------------------------------------------------------------------------------- Winn-Dixie Stores Inc. COMMON 974280307 $36,615 2,712,252 SH Shared 1 2,712,252 --------------------------------------------------------------------------------------------------------------------------------- Winthrop Realty Trust SH BEN INT 976391102 $1,973 288,000 SH Shared 1 288,000 --------------------------------------------------------------------------------------------------------------------------------- XL Cap Ltd CL A G98255105 $29,130 404,472 SH Shared 1 404,472 --------------------------------------------------------------------------------------------------------------------------------- Yahoo Inc. COMMON 984332106 $99,223 3,885,000 SH Shared 1 3,885,000 --------------------------------------------------------------------------------------------------------------------------------- Total Fair Market Value $8,733,605 (in thousands)