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: March 31, 2007 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 MAY 14, 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: 179 ------------------ Form 13F Information Table Value Total: $9,603,434 ------------------ (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 March 31, 2007
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 $25,883 1,540,658 SHS Shared 1 1,540,658 ------------------------------------------------------------------------------------------------------------------------------------ Abercrombie & Fitch Co. CL A 002896207 $31,831 420,600 SHS Shared 1 420,600 ------------------------------------------------------------------------------------------------------------------------------------ ABX Air Inc. COMMON 00080S101 $19,505 2,847,443 SHS Shared 1 2,847,443 ------------------------------------------------------------------------------------------------------------------------------------ AC Moore Arts & Crafts Inc. COMMON 00086T103 $8,805 413,000 SHS Shared 1 413,000 ------------------------------------------------------------------------------------------------------------------------------------ ACA Capital Holdings Inc. COMMON 000833103 $26,407 1,883,516 SHS Shared 1 1,883,516 ------------------------------------------------------------------------------------------------------------------------------------ Advance America Cash Advance Centers Inc. COMMON 00739W107 $32,945 2,140,700 SHS Shared 1 2,140,700 ------------------------------------------------------------------------------------------------------------------------------------ Advance Auto Parts COMMON 00751Y106 $89,521 2,322,210 SHS Shared 1 2,322,210 ------------------------------------------------------------------------------------------------------------------------------------ Aetna Inc. COMMON 00817Y108 $83,867 1,915,200 SHS Shared 1 1,915,200 ------------------------------------------------------------------------------------------------------------------------------------ Affordable Residential Communities COMMON 008273104 $60,120 4,956,325 SHS Shared 1 4,956,325 ------------------------------------------------------------------------------------------------------------------------------------ Agere Systems Inc. COMMON 00845V308 $8,143 360,000 SHS Shared 1 360,000 ------------------------------------------------------------------------------------------------------------------------------------ Agile Software Corp. COMMON 00846X105 $9,336 1,343,337 SHS Shared 1 1,343,337 ------------------------------------------------------------------------------------------------------------------------------------ AirTran Holdings Inc. COMMON 00949P108 $10,539 1,026,200 SHS Shared 1 1,026,200 ------------------------------------------------------------------------------------------------------------------------------------ Allegheny Technologies Inc. COMMON 01741R102 $206,900 1,939,265 SHS Shared 1 1,939,265 ------------------------------------------------------------------------------------------------------------------------------------ Alliance Imaging Inc. COMMON 018606202 $1,756 201,200 SHS Shared 1 201,200 ------------------------------------------------------------------------------------------------------------------------------------ Allied Healthcare International Inc. COMMON 01923A109 $4,116 1,349,510 SHS Shared 1 1,349,510 ------------------------------------------------------------------------------------------------------------------------------------ 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) ------------------------------------------------------------------------------------------------------------------------------------ Allied World Assurance Holdings SHS G0219G203 $3,604 84,300 SHS Shared 1 84,300 ------------------------------------------------------------------------------------------------------------------------------------ Allstate Corp. COMMON 020002101 $12,474 207,700 SHS Shared 1 207,700 ------------------------------------------------------------------------------------------------------------------------------------ Amdocs Ltd. COMMON G02602103 $14,756 404,500 SHS Shared 1 404,500 ------------------------------------------------------------------------------------------------------------------------------------ Amer Intl Group COMMON 026874107 $32,484 483,252 SHS Shared 1 483,252 ------------------------------------------------------------------------------------------------------------------------------------ American Express COMMON 025816109 $3,476 61,637 SHS Shared 1 61,637 ------------------------------------------------------------------------------------------------------------------------------------ Ameriprise Financial Inc. COMMON 03076C106 $704 12,327 SHS Shared 1 12,327 ------------------------------------------------------------------------------------------------------------------------------------ Ann Taylor Stores COMMON 036115103 $71,983 1,856,200 SHS Shared 1 1,856,200 ------------------------------------------------------------------------------------------------------------------------------------ Armstrong World Industries COMMON 04247X102 $49,719 977,761 SHS Shared 1 977,761 ------------------------------------------------------------------------------------------------------------------------------------ Aspen Insurance Holdings Ltd. SHS G05384105 $48,803 1,862,000 SHS Shared 1 1,862,000 ------------------------------------------------------------------------------------------------------------------------------------ Atmel Corp. COMMON 049513104 $28,525 5,671,000 SHS Shared 1 5,671,000 ------------------------------------------------------------------------------------------------------------------------------------ Bank of New York COMMON 064057102 $28,385 700,000 SHS Shared 1 700,000 ------------------------------------------------------------------------------------------------------------------------------------ Borg-Warner Inc. COMMON 099724106 $15,762 208,990 SHS Shared 1 208,990 ------------------------------------------------------------------------------------------------------------------------------------ British Petroleum Sponsored ADR 055622104 $12,750 196,914 SHS Shared 1 196,914 ------------------------------------------------------------------------------------------------------------------------------------ Burger King COMMON 121208201 $8,424 390,000 SHS Shared 1 390,000 ------------------------------------------------------------------------------------------------------------------------------------ Burlington Northern Santa Fe Corp. COMMON 12189T104 $90,814 1,129,100 SHS Shared 1 1,129,100 ------------------------------------------------------------------------------------------------------------------------------------ Cameron International Corp. COMMON 13342B105 $1,307 20,818 SHS Shared 1 20,818 ------------------------------------------------------------------------------------------------------------------------------------ Capital One Financial COMMON 14040H105 $264,110 3,500,000 SHS Shared 1 3,500,000 ------------------------------------------------------------------------------------------------------------------------------------ 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) ------------------------------------------------------------------------------------------------------------------------------------ Carmike Cinemas Inc. COMMON 143436400 $1,549 66,754 SHS Shared 1 66,754 ------------------------------------------------------------------------------------------------------------------------------------ Cemex S.A.B. de C.V. Sponsored ADR 151290889 $39,637 1,210,302 SHS Shared 1 1,210,302 ------------------------------------------------------------------------------------------------------------------------------------ Central Euro Distribution COMMON 153435102 $35,433 1,217,200 SHS Shared 1 1,217,200 ------------------------------------------------------------------------------------------------------------------------------------ Chemed Corp. COMMON 16359R103 $29,768 608,000 SHS Shared 1 608,000 ------------------------------------------------------------------------------------------------------------------------------------ Cheniere Energy Inc. COMMON 16411R208 $123,663 3,969,904 SHS Shared 1 3,969,904 ------------------------------------------------------------------------------------------------------------------------------------ Chico's Fas Inc. COMMON 168615102 $60,342 2,470,000 SHS Shared 1 2,470,000 ------------------------------------------------------------------------------------------------------------------------------------ China Medical Sponsored ADR 169483104 $65,731 2,849,200 SHS Shared 1 2,849,200 ------------------------------------------------------------------------------------------------------------------------------------ Chipotle Mexican Grill Cl B CL B 169656204 $17,771 309,600 SHS Shared 1 309,600 ------------------------------------------------------------------------------------------------------------------------------------ Cintas Corp. COMMON 172908105 $5,800 160,700 SHS Shared 1 160,700 ------------------------------------------------------------------------------------------------------------------------------------ CKX Inc. COMMON 12562M106 $32,190 2,900,000 SHS Shared 1 2,900,000 ------------------------------------------------------------------------------------------------------------------------------------ Claire's Stores Inc. COMMON 179584107 $78,694 2,450,000 SHS Shared 1 2,450,000 ------------------------------------------------------------------------------------------------------------------------------------ Clear Channel Communications COMMON 184502102 $314,684 8,980,700 SHS Shared 1 8,980,700 ------------------------------------------------------------------------------------------------------------------------------------ Coldwater Creek Inc. COMMON 193068103 $18,735 923,800 SHS Shared 1 923,800 ------------------------------------------------------------------------------------------------------------------------------------ Columbia Labs COMMON 197779101 $5,115 3,817,365 SHS Shared 1 3,817,365 ------------------------------------------------------------------------------------------------------------------------------------ Community Health Systems Inc. COMMON 203668108 $37,013 1,050,000 SHS Shared 1 1,050,000 ------------------------------------------------------------------------------------------------------------------------------------ Companhia Vale Do Rio Sponsored Doce ADR 204412209 $373,673 10,102,000 SHS Shared 1 10,102,000 ------------------------------------------------------------------------------------------------------------------------------------ Computer Sciences Corp. COMMON 205363104 $13,590 260,700 SHS Shared 1 260,700 ------------------------------------------------------------------------------------------------------------------------------------ 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) ------------------------------------------------------------------------------------------------------------------------------------ Conoco Phillips COMMON 20825C104 $13,670 200,000 SHS CALL Shared 1 200,000 ------------------------------------------------------------------------------------------------------------------------------------ Conseco Inc. COMMON 208464883 $12,216 706,100 SHS Shared 1 706,100 ------------------------------------------------------------------------------------------------------------------------------------ Constellation Energy Group COMMON 210371100 $104,340 1,200,000 SHS Shared 1 1,200,000 ------------------------------------------------------------------------------------------------------------------------------------ Continental Airlines CL B 210795308 $5,579 153,300 SHS Shared 1 153,300 ------------------------------------------------------------------------------------------------------------------------------------ Coventry Health Care Inc. COMMON 222862104 $49,105 876,100 SHS Shared 1 876,100 ------------------------------------------------------------------------------------------------------------------------------------ Csx Corp. COMMON 126408103 $48,060 1,200,000 SHS Shared 1 1,200,000 ------------------------------------------------------------------------------------------------------------------------------------ CVS Corp. COMMON 126650100 $341 9,999 SHS Shared 1 9,999 ------------------------------------------------------------------------------------------------------------------------------------ Cypress Semiconductor COMMON 232806109 $57,733 3,112,300 SHS Shared 1 3,112,300 ------------------------------------------------------------------------------------------------------------------------------------ Digirad Corporation COMMON 253827109 $5,440 1,179,950 SHS Shared 1 1,179,950 ------------------------------------------------------------------------------------------------------------------------------------ DirecTV Group Inc. COMMON 25459L106 $7,800 338,100 SHS PUT Shared 1 338,100 ------------------------------------------------------------------------------------------------------------------------------------ Divx Inc. COMMON 255413106 $8,307 414,500 SHS Shared 1 414,500 ------------------------------------------------------------------------------------------------------------------------------------ Doral Financial Corp. COMMON 25811P100 $4,100 2,500,000 SHS Shared 1 2,500,000 ------------------------------------------------------------------------------------------------------------------------------------ Endurance Specialty Holdings SHS G30397106 $254,995 7,134,720 SHS Shared 1 7,134,720 ------------------------------------------------------------------------------------------------------------------------------------ Everest Re Group Ltd COMMON G3223R108 $4,914 51,100 SHS Shared 1 51,100 ------------------------------------------------------------------------------------------------------------------------------------ Exelon Corp. COMMON 30161N101 $58,747 855,000 SHS CALL Shared 1 855,000 ------------------------------------------------------------------------------------------------------------------------------------ F5 Networks Inc. COMMON 315616102 $20,137 302,000 SHS Shared 1 302,000 ------------------------------------------------------------------------------------------------------------------------------------ Fidelity National Financial CL A 31620R105 $61,757 2,572,121 SHS Shared 1 2,572,121 ------------------------------------------------------------------------------------------------------------------------------------ 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) ------------------------------------------------------------------------------------------------------------------------------------ Fidelity National Information Services Inc. COMMON 31620M106 $164,612 3,621,037 SHS Shared 1 3,621,037 ------------------------------------------------------------------------------------------------------------------------------------ Fieldstone Investment Corp. COMMON 31659U300 $2,379 775,000 SHS Shared 1 775,000 ------------------------------------------------------------------------------------------------------------------------------------ First Data Corp. COMMON 319963104 $32,404 1,204,600 SHS Shared 1 1,204,600 ------------------------------------------------------------------------------------------------------------------------------------ First Solar Inc. COMMON 336433107 $30,973 595,513 SHS Shared 1 595,513 ------------------------------------------------------------------------------------------------------------------------------------ Foundation Coal Holdings Inc. COMMON 35039W100 $15,779 459,500 SHS Shared 1 459,500 ------------------------------------------------------------------------------------------------------------------------------------ FPL Group COMMON 302571104 $2,910 47,572 SHS Shared 1 47,572 ------------------------------------------------------------------------------------------------------------------------------------ Freeport-McMoran Copper & Gold CL B 35671D857 $13,238 200,000 SHS Shared 1 200,000 ------------------------------------------------------------------------------------------------------------------------------------ General Dynamics COMMON 369550108 $27,660 362,042 SHS Shared 1 362,042 ------------------------------------------------------------------------------------------------------------------------------------ Giant Industries Inc. COMMON 374508109 $19,510 257,900 SHS Shared 1 257,900 ------------------------------------------------------------------------------------------------------------------------------------ Halliburton COMMON 406216101 $46,023 1,450,000 SHS PUT Shared 1 1,450,000 ------------------------------------------------------------------------------------------------------------------------------------ Halliburton COMMON 406216101 $73,161 2,305,000 SHS Shared 1 2,305,000 ------------------------------------------------------------------------------------------------------------------------------------ Harrah's Entertainment Inc. COMMON 413619107 $99,229 1,175,000 SHS Shared 1 1,175,000 ------------------------------------------------------------------------------------------------------------------------------------ Healthspring Inc. COMMON 42224N101 $126,927 5,389,700 SHS Shared 1 5,389,700 ------------------------------------------------------------------------------------------------------------------------------------ Healthtronics Inc. COMMON 42222L107 $6,806 1,262,717 SHS Shared 1 1,262,717 ------------------------------------------------------------------------------------------------------------------------------------ Helix Energy Solutions Group COMMON 42330P107 $76,881 2,061,700 SHS Shared 1 2,061,700 ------------------------------------------------------------------------------------------------------------------------------------ Herbalife Ltd COMMON G4412G101 $19,399 495,000 SHS Shared 1 495,000 ------------------------------------------------------------------------------------------------------------------------------------ Holly Energy Partners COM UT L.P. LTD PTN 435763107 $4,782 102,600 SHS Shared 1 102,600 ------------------------------------------------------------------------------------------------------------------------------------ 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) ------------------------------------------------------------------------------------------------------------------------------------ Hudson Highland Group COMMON 443792106 $35,288 2,263,532 SHS Shared 1 2,263,532 ------------------------------------------------------------------------------------------------------------------------------------ Ico Global Comm Hldg Ltd CL A 44930K108 $6,313 1,618,629 SHS Shared 1 1,618,629 ------------------------------------------------------------------------------------------------------------------------------------ Integrated Device Technology COMMON 458118106 $179,915 11,667,653 SHS Shared 1 11,667,653 ------------------------------------------------------------------------------------------------------------------------------------ Invitrogen Corp COMMON 46185R100 $302,813 4,757,470 SHS Shared 1 4,757,470 ------------------------------------------------------------------------------------------------------------------------------------ Ionatron Inc. COMMON 462070103 $8,031 1,723,329 SHS Shared 1 1,723,329 ------------------------------------------------------------------------------------------------------------------------------------ IPC Holdings Ltd ORD G4933P101 $70,797 2,453,978 SHS Shared 1 2,453,978 ------------------------------------------------------------------------------------------------------------------------------------ IShares TR -Emerging MSCI Markets EMERG MKT 464287234 $116,500 1,000,000 SHS PUT Shared 1 1,000,000 ------------------------------------------------------------------------------------------------------------------------------------ Ishares TR -Russell 2000 RUSSELL 2000 464287655 $79,510 1,000,000 SHS PUT Shared 1 1,000,000 ------------------------------------------------------------------------------------------------------------------------------------ I-trax Inc. COMMON 45069D203 $5,419 1,368,374 SHS Shared 1 1,368,374 ------------------------------------------------------------------------------------------------------------------------------------ J.B. Hunt Transport Services, Inc. COMMON 445658107 $7,872 300,000 SHS Shared 1 300,000 ------------------------------------------------------------------------------------------------------------------------------------ Johnson & Johnson COMMON 478160104 $88,065 1,461,412 SHS Shared 1 1,461,412 ------------------------------------------------------------------------------------------------------------------------------------ KBR Inc. COMMON 48242W106 $4,070 200,000 SHS Shared 1 200,000 ------------------------------------------------------------------------------------------------------------------------------------ KBR Inc. COMMON 48242W106 $27,473 1,350,000 SHS PUT Shared 1 1,350,000 ------------------------------------------------------------------------------------------------------------------------------------ Keane Inc. COMMON 486665102 $8,148 600,000 SHS Shared 1 600,000 ------------------------------------------------------------------------------------------------------------------------------------ Lear Corporation COMMON 521865105 $6,975 191,032 SHS Shared 1 191,032 ------------------------------------------------------------------------------------------------------------------------------------ Liberty Media- Interactive A INT COM SER 53071M104 $27,012 1,134,000 SHS Shared 1 1,134,000 ------------------------------------------------------------------------------------------------------------------------------------ Lionbridge Technologies COMMON 536252109 $27,143 5,332,707 SHS Shared 1 5,332,707 ------------------------------------------------------------------------------------------------------------------------------------ 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) ------------------------------------------------------------------------------------------------------------------------------------ Lonestar Technologies Inc. COMMON 542312103 $16,508 250,000 SHS Shared 1 250,000 ------------------------------------------------------------------------------------------------------------------------------------ M/I Homes Inc. COMMON 55305B101 $20,337 766,000 SHS Shared 1 766,000 ------------------------------------------------------------------------------------------------------------------------------------ Magma Design Automation, Inc. COMMON 559181102 $6,283 525,300 SHS Shared 1 525,300 ------------------------------------------------------------------------------------------------------------------------------------ Martin Marietta Materials Inc. COMMON 573284106 $15,386 113,800 SHS Shared 1 113,800 ------------------------------------------------------------------------------------------------------------------------------------ MGIC Investment Corp. COMMON 552848103 $26,514 450,000 SHS Shared 1 450,000 ------------------------------------------------------------------------------------------------------------------------------------ Mirant Corp. COMMON 60467R100 $53,201 1,314,900 SHS Shared 1 1,314,900 ------------------------------------------------------------------------------------------------------------------------------------ Mohawk Industries, Inc. COMMON 608190104 $12,308 150,000 SHS PUT Shared 1 150,000 ------------------------------------------------------------------------------------------------------------------------------------ Monogram Biosciences Inc COMMON 60975U108 $31,208 16,086,423 SHS Shared 1 16,086,423 ------------------------------------------------------------------------------------------------------------------------------------ Montpelier Re Holding Ltd SHS G62185106 $32,921 1,898,540 SHS Shared 1 1,898,540 ------------------------------------------------------------------------------------------------------------------------------------ MRU Holdings Inc. COMMON 55348A102 $12,474 1,800,000 SHS Shared 1 1,800,000 ------------------------------------------------------------------------------------------------------------------------------------ MSC Software Corporation COMMON 553531104 $25,273 1,838,000 SHS Shared 1 1,838,000 ------------------------------------------------------------------------------------------------------------------------------------ Nasdaq Stock Market COMMON 631103108 $132,345 4,500,000 SHS Shared 1 4,500,000 ------------------------------------------------------------------------------------------------------------------------------------ National Cinemedia Inc. COMMON 635309107 $31,963 1,197,110 SHS Shared 1 1,197,110 ------------------------------------------------------------------------------------------------------------------------------------ NationsHealth Inc. *W EXP 08/24/2007 63860C118 $592 397,200 SHS Shared 1 397,200 ------------------------------------------------------------------------------------------------------------------------------------ News Corp. CL A 65248E104 $638,553 27,619,061 SHS Shared 1 27,619,061 ------------------------------------------------------------------------------------------------------------------------------------ Newstar Financial Inc. COMMON 65251F105 $16,760 1,000,000 SHS Shared 1 1,000,000 ------------------------------------------------------------------------------------------------------------------------------------ North American Energy Partners COMMON 656844107 $96,982 4,598,466 SHS Shared 1 4,598,466 ------------------------------------------------------------------------------------------------------------------------------------ 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) ------------------------------------------------------------------------------------------------------------------------------------ Northwestern Corp. COMMON 668074305 $886 25,000 SHS Shared 1 25,000 ------------------------------------------------------------------------------------------------------------------------------------ Novelis Inc. COMMON 67000X106 $7,313 165,800 SHS Shared 1 165,800 ------------------------------------------------------------------------------------------------------------------------------------ NRG Energy Inc. COMMON 629377508 $16,209 225,000 SHS Shared 1 225,000 ------------------------------------------------------------------------------------------------------------------------------------ Ocwen Financial Corp. COMMON 675746309 $46,511 3,613,888 SHS Shared 1 3,613,888 ------------------------------------------------------------------------------------------------------------------------------------ Office Depot COMMON 676220106 $105,434 3,000,400 SHS Shared 1 3,000,400 ------------------------------------------------------------------------------------------------------------------------------------ Oshkosh Truck Corp. COMMON 688239201 $52,274 986,300 SHS Shared 1 986,300 ------------------------------------------------------------------------------------------------------------------------------------ PartnerRe LTD COMMON G6852T105 $37,450 546,400 SHS Shared 1 546,400 ------------------------------------------------------------------------------------------------------------------------------------ Pegasystems Inc. COMMON 705573103 $26,721 2,888,795 SHS Shared 1 2,888,795 ------------------------------------------------------------------------------------------------------------------------------------ People's Bank Bridgeport Conn COMMON 710198102 $35,520 800,000 SHS Shared 1 800,000 ------------------------------------------------------------------------------------------------------------------------------------ PHH Corporation COMMON 693320202 $12,224 400,000 SHS Shared 1 400,000 ------------------------------------------------------------------------------------------------------------------------------------ Platinum Underwriters Holdings COMMON G7127P100 $135,815 4,233,648 SHS Shared 1 4,233,648 ------------------------------------------------------------------------------------------------------------------------------------ PRA International COMMON 69353C101 $8,294 384,672 SHS Shared 1 384,672 ------------------------------------------------------------------------------------------------------------------------------------ Progressive Corp. COMMON 743315103 $9,854 451,600 SHS Shared 1 451,600 ------------------------------------------------------------------------------------------------------------------------------------ PXRE Group Ltd. COMMON G73018106 $6,640 1,383,300 SHS Shared 1 1,383,300 ------------------------------------------------------------------------------------------------------------------------------------ Qualcomm Inc. COMMON 747525103 $160,834 3,770,139 SHS Shared 1 3,770,139 ------------------------------------------------------------------------------------------------------------------------------------ Radian Group Inc. COMMON 750236101 $18,659 340,000 SHS Shared 1 340,000 ------------------------------------------------------------------------------------------------------------------------------------ Radio Shack COMMON 750438103 $12,749 471,659 SHS Shared 1 471,659 ------------------------------------------------------------------------------------------------------------------------------------ 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) ------------------------------------------------------------------------------------------------------------------------------------ Realogy Group COMMON 75605E100 $28,426 960,000 SHS Shared 1 960,000 ------------------------------------------------------------------------------------------------------------------------------------ Reliance Steel & Aluminum Co. COMMON 759509102 $35,961 743,000 SHS Shared 1 743,000 ------------------------------------------------------------------------------------------------------------------------------------ Rinker Group LTD Sponsored ADR 76687M101 $1,973 27,100 SHS Shared 1 27,100 ------------------------------------------------------------------------------------------------------------------------------------ Rite Aid Corp. COMMON 767754104 $33,844 5,865,451 SHS Shared 1 5,865,451 ------------------------------------------------------------------------------------------------------------------------------------ River Bed Technology Inc COMMON 768573107 $7,101 256,909 SHS Shared 1 256,909 ------------------------------------------------------------------------------------------------------------------------------------ Ryland Group COMMON 783764103 $50,628 1,200,000 SHS PUT Shared 1 1,200,000 ------------------------------------------------------------------------------------------------------------------------------------ Scientific Games Corp. CL A 80874P109 $40,563 1,235,545 SHS Shared 1 1,235,545 ------------------------------------------------------------------------------------------------------------------------------------ Sealy Corp. COMMON 812139301 $8,964 512,834 SHS Shared 1 512,834 ------------------------------------------------------------------------------------------------------------------------------------ Sears Holdings Corp. COMMON 812350106 $485,523 2,694,952 SHS Shared 1 2,694,952 ------------------------------------------------------------------------------------------------------------------------------------ Select Sector SPDR TR - SBI Materials MATERIALS 81369Y100 $151,249 3,975,000 SHS PUT Shared 1 3,975,000 ------------------------------------------------------------------------------------------------------------------------------------ Servicemaster Co. COMMON 81760N109 $30,780 2,000,000 SHS Shared 1 2,000,000 ------------------------------------------------------------------------------------------------------------------------------------ SLM Corp. COMMON 78442P106 $40,900 1,000,000 SHS Shared 1 1,000,000 ------------------------------------------------------------------------------------------------------------------------------------ Sunoco Inc. COMMON 86764P109 $42,116 597,900 SHS Shared 1 597,900 ------------------------------------------------------------------------------------------------------------------------------------ Swift Transportation Co Inc. COMMON 870756103 $3,981 127,745 SHS Shared 1 127,745 ------------------------------------------------------------------------------------------------------------------------------------ Symantec Corp. COMMON 871503108 $108,777 6,287,701 SHS Shared 1 6,287,701 ------------------------------------------------------------------------------------------------------------------------------------ Synaptics Inc. COMMON 87157D109 $256 10,000 SHS Shared 1 10,000 ------------------------------------------------------------------------------------------------------------------------------------ Synovus Financial Corp. COMMON 87161C105 $32,340 1,000,000 SHS Shared 1 1,000,000 ------------------------------------------------------------------------------------------------------------------------------------ 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) ----------------------------------------------------------------------------------------------------------------------------------- Tanox Inc. COMMON 87588Q109 $16,884 900,000 SHS Shared 1 900,000 ----------------------------------------------------------------------------------------------------------------------------------- Targa Resources Partners LP Com Unit 87611X105 $8,703 300,000 SHS Shared 1 300,000 ----------------------------------------------------------------------------------------------------------------------------------- Terra Industries Inc. COMMON 880915103 $11,812 675,000 SHS Shared 1 675,000 ----------------------------------------------------------------------------------------------------------------------------------- Threshold Pharmaceuticals COMMON 885807107 $5,436 3,698,118 SHS Shared 1 3,698,118 ----------------------------------------------------------------------------------------------------------------------------------- Time Warner Cable Inc. CL A 88732J108 $164,789 4,397,883 SHS Shared 1 4,397,883 ----------------------------------------------------------------------------------------------------------------------------------- Time Warner Inc. COMMON 887317105 $4,642 235,400 SHS Shared 1 235,400 ----------------------------------------------------------------------------------------------------------------------------------- Triad Hospitals Inc. COMMON 89579K109 $36,575 700,000 SHS Shared 1 700,000 ----------------------------------------------------------------------------------------------------------------------------------- Trident Microsystems Inc. COMMON 895919108 $8,065 402,057 SHS Shared 1 402,057 ----------------------------------------------------------------------------------------------------------------------------------- Union Pacific COMMON 907818108 $38,820 382,270 SHS Shared 1 382,270 ----------------------------------------------------------------------------------------------------------------------------------- Unitedhealth Group Inc. COMMON 91324P102 $363,501 6,862,400 SHS Shared 1 6,862,400 ----------------------------------------------------------------------------------------------------------------------------------- Universal American Financial Corp. COMMON 913377107 $112,801 5,820,500 SHS Shared 1 5,820,500 ----------------------------------------------------------------------------------------------------------------------------------- US Airways Group, Inc. COMMON 90341W108 $29,121 640,300 SHS Shared 1 640,300 ----------------------------------------------------------------------------------------------------------------------------------- Verigy Ltd SHS Y93691106 $17,307 737,410 SHS Shared 1 737,410 ----------------------------------------------------------------------------------------------------------------------------------- Verint Systems Inc. COMMON 92343X100 $13,787 428,842 SHS Shared 1 428,842 ----------------------------------------------------------------------------------------------------------------------------------- Verisign Inc. COMMON 92343E102 $142,679 5,679,900 SHS Shared 1 5,679,900 ----------------------------------------------------------------------------------------------------------------------------------- Virgin Media Inc. *W EXP 1/10/2011 92769L119 $1,291 51,118 SHS Shared 1 51,118 ----------------------------------------------------------------------------------------------------------------------------------- Vistacare Inc. CL A 92839Y109 $10,773 1,238,270 SHS Shared 1 1,238,270 ----------------------------------------------------------------------------------------------------------------------------------- Walgreen Co. COMMON 931422109 $162,584 3,542,900 SHS Shared 1 3,542,900 ----------------------------------------------------------------------------------------------------------------------------------- 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) ------------------------------------------------------------------------------------------------------------------------------------ Wellpoint Inc. COMMON 94973V107 $37,363 460,700 SHS Shared 1 460,700 ------------------------------------------------------------------------------------------------------------------------------------ Wells Fargo & Co. COMMON 949746101 $62,541 1,816,480 SHS Shared 1 1,816,480 ------------------------------------------------------------------------------------------------------------------------------------ Wendy's International Inc. COMMON 950590109 $62,600 2,000,000 SHS Shared 1 2,000,000 ------------------------------------------------------------------------------------------------------------------------------------ Wesco International Inc. COMMON 95082P105 $38,829 618,500 SHS Shared 1 618,500 ------------------------------------------------------------------------------------------------------------------------------------ Williams Cos. Inc. COMMON 969457100 $110,946 3,898,300 SHS Shared 1 3,898,300 ------------------------------------------------------------------------------------------------------------------------------------ COM UNIT Williams Partners L.P. L P 96950F104 $22,847 478,670 SHS Shared 1 478,670 ------------------------------------------------------------------------------------------------------------------------------------ Winn Dixie Stores Inc. COMMON 974280307 $24,710 1,400,000 SHS Shared 1 1,400,000 ------------------------------------------------------------------------------------------------------------------------------------ Witness Systems Inc. COMMON 977424100 $33,979 1,260,821 SHS Shared 1 1,260,821 ------------------------------------------------------------------------------------------------------------------------------------ XL Capital Ltd CL A G98255105 $20,349 290,872 SHS Shared 1 290,872 ------------------------------------------------------------------------------------------------------------------------------------ Yahoo Inc. COMMON 984332106 $30,923 988,600 SHS Shared 1 988,600 ------------------------------------------------------------------------------------------------------------------------------------ Total Fair Market Value $9,603,434 (in thousands)