Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations Investments – (Continued) expected returns are anticipated to compensate for the added risk.
This risk is also considered in the interest rate assumptions for the underlying insurance products.
The carrying value of non-traded securities at December 31, 2005 was $141.0 million which represents 0.4% of CNA’s total investment portfolio.
These securities were in a net unrealized gain position of $115.0 million at December 31, 2005.
Of the non-traded securities, 67.0% are priced by unrelated third party sources.
Included in CNA’s general account fixed maturity securities at December 31, 2005 are $12,946.0 million of assetbacked securities, at fair value, consisting of approximately 64.0% in collateralized mortgage obligations (“CMOs”), 21.0% in corporate asset-backed obligations, 13.0% in corporate mortgage-backed pass-through certificates and 2.0% in U. S.  Government agency issued pass-through certificates.
The majority of CMOs held are actively traded in liquid markets and are primarily priced by a third party pricing service.
The carrying value of the components of the general account short-term investment portfolio is presented in the following table:
## Table 0 ##
The fair value of collateral held related to securities lending, included in other short-term investments, was $767.4 million and $918.0 million at December 31, 2005 and 2004.
ACCOUNTING STANDARDS In December of 2004, the Financial Accounting Standards Board (“FASB”) issued a complete replacement of Statement of Financial Accounting Standards (“SFAS”) No.123, “Share-Based Payment” (“SFAS No.123R”), which covers a wide range of share-based compensation arrangements, including share options, restricted share plans, performance-based awards, share appreciation rights, and employee share purchase plans.
SFAS No.123R requires companies to use the fair value method in accounting for employee stock options which results in compensation expense recorded in the income statement.
Compensation expense is measured at the grant date using an option-pricing model and is recognized over the service period, which is usually the vesting period.
In March of 2005, the SEC issued Staff Accounting Bulletin (“SAB”) No.107, “Share-Based Payment.
” This bulletin summarizes the SEC staff’s views regarding the valuation of share-based payment arrangements for public companies and the interaction between SFAS No.123R and certain SEC rules and regulations.
In April of 2005, the SEC issued an amendment to Rule 4-01(a) of Regulation S-X regarding the compliance date for SFAS No.123R.
SFAS No.123R is effective for the first interim or annual reporting period of the first fiscal year beginning on or after June 15, 2005.
The adoption of SFAS No.123R and SAB No.107 are not expected to have a significant impact on our results of operations or equity.
Item 6.
Selected Financial Data.
## Table 1 ##
(a) Restated to correct CNA’s accounting for discontinued operations acquired in CNA’s merger with The Continental Corporation in 1995.
Please read information about the restatement included in Note 25 of the Notes to Consolidated Financial Statements included under Item 8.
Item 1.  Business CNA Financial Corporation  (Continued) and possible regulatory limitations, impositions and restrictions arising from the Emergency Economic Stabilization Act of 2008.
Properties: The 333 S.  Wabash Avenue building, located in Chicago, Illinois and owned by CCC, a wholly owned subsidiary of CNA, serves as the home office for CNA and its insurance subsidiaries.
CNA owns or leases office space in various cities throughout the United States and in other countries.
The following table sets forth certain information with respect to the principal office buildings owned or leased by CNA:
## Table 2 ##
CNA leases its office space described above except for the Chicago, Illinois building, the Reading, Pennsylvania building, and the Aurora, Illinois building, which are owned.
DIAMOND OFFSHORE DRILLING, INC.  Diamond Offshore Drilling, Inc.  (“Diamond Offshore”), is engaged, through its subsidiaries, in the business of owning and operating drilling rigs that are used in the drilling of offshore oil and gas wells on a contract basis for companies engaged in exploration and production of hydrocarbons.
Diamond Offshore owns 47 offshore rigs.
Diamond Offshore accounted for 25.9%, 26.3% and 18.3% of our consolidated total revenue for the years ended December 31, 2009, 2008 and 2007.
Diamond Offshore owns and operates 32 semisubmersible rigs, consisting of 13 high specification and 19 intermediate rigs.
Semisubmersible rigs consist of an upper working and living deck resting on vertical columns connected to lower hull members.
Such rigs operate in a “semi-submerged” position, remaining afloat, off bottom, in a position in which the lower hull is approximately 55 feet to 90 feet below the water line and the upper deck protrudes well above the surface.
Semisubmersible rigs are typically anchored in position and remain stable for drilling in the semi-submerged floating position due in part to their wave transparency characteristics at the water line.
Semisubmersible rigs can also be held in position through the use of a computer controlled thruster (“dynamic-positioning”) system to maintain the rig’s position over a drillsite.
Five semisubmersible rigs in Diamond Offshore’s fleet have this capability.
Diamond Offshore’s high specification semisubmersible rigs are generally capable of working in water depths of 4,000 feet or greater or in harsh environments and have other advanced features, as compared to intermediate semisubmersible rigs.
As of January 25, 2010, seven of the 13 high specification semisubmersible rigs, including the recently acquired Ocean Courage, were located in the U. S.  Gulf of Mexico (“GOM”).
At that date Diamond Offshore had two high specification semisubmersible rigs operating offshore Brazil, while a third was en route to Brazil from the GOM.
Of

<table><tr><td>December 31</td><td>2005</td><td>2004</td></tr><tr><td>(In millions)</td><td></td><td></td></tr><tr><td>Short-term investments available-for-sale:</td><td></td><td></td></tr><tr><td>Commercial paper</td><td>$1,906.0</td><td>$1,655.0</td></tr><tr><td>U.S. Treasury securities</td><td>251.0</td><td>2,382.0</td></tr><tr><td>Money market funds</td><td>294.0</td><td>174.0</td></tr><tr><td>Other</td><td>1,419.0</td><td>1,193.0</td></tr><tr><td>Total short-term investments available-for-sale</td><td>3,870.0</td><td>5,404.0</td></tr><tr><td>Short-term investments trading:</td><td></td><td></td></tr><tr><td>Commercial paper</td><td>94.0</td><td>46.0</td></tr><tr><td>U.S. Treasury securities</td><td>64.0</td><td>300.0</td></tr><tr><td>Money market funds</td><td>200.0</td><td>99.0</td></tr><tr><td>Other</td><td>10.0</td><td>14.0</td></tr><tr><td>Total short-term investments trading</td><td>368.0</td><td>459.0</td></tr><tr><td>Total short-term investments</td><td>$4,238.0</td><td>$5,863.0</td></tr></table>
<table><tr><td>Year Ended December 31</td><td>2005</td><td rowspan="2">2004 Restated(a)</td><td rowspan="2">2003 Restated(a)</td><td rowspan="2">2002 Restated(a)</td><td rowspan="2">2001 Restated(a)</td></tr><tr><td>(In millions, except per share data)</td><td></td></tr><tr><td>Results of Operations:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Revenues</td><td>$16,017.8</td><td>$15,236.9</td><td>$16,459.7</td><td>$17,463.9</td><td>$18,736.2</td></tr><tr><td>Income (loss) before taxes and minority</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>interest</td><td>$1,846.5</td><td>$1,828.8</td><td>$-1,357.1</td><td>$1,666.1</td><td>$-764.5</td></tr><tr><td>Income (loss) from continuing operations</td><td>$1,192.9</td><td>$1,235.3</td><td>$-654.0</td><td>$993.5</td><td>$-510.4</td></tr><tr><td>Discontinued operations, net</td><td>18.7</td><td>-19.5</td><td>56.8</td><td>-33.8</td><td>9.9</td></tr><tr><td>Cumulative effect of changes in</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>accounting principles, net</td><td></td><td></td><td></td><td>-39.6</td><td>-53.3</td></tr><tr><td>Net income (loss)</td><td>$1,211.6</td><td>$1,215.8</td><td>$-597.2</td><td>$920.1</td><td>$-553.8</td></tr><tr><td>Income (loss) attributable to:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loews common stock:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income (loss) from continuing</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>operations</td><td>$941.6</td><td>$1,050.8</td><td>$-769.2</td><td>$852.8</td><td>$-510.4</td></tr><tr><td>Discontinued operations, net</td><td>18.7</td><td>-19.5</td><td>56.8</td><td>-33.8</td><td>9.9</td></tr><tr><td>Cumulative effect of changes in</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>accounting principles, net</td><td></td><td></td><td></td><td>-39.6</td><td>-53.3</td></tr><tr><td>Loews common stock</td><td>960.3</td><td>1,031.3</td><td>-712.4</td><td>779.4</td><td>-553.8</td></tr><tr><td>Carolina Group stock</td><td>251.3</td><td>184.5</td><td>115.2</td><td>140.7</td><td></td></tr><tr><td>Net income (loss)</td><td>$1,211.6</td><td>$1,215.8</td><td>$-597.2</td><td>$920.1</td><td>$-553.8</td></tr><tr><td>Diluted Income (Loss) Per Share:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loews common stock:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income (loss) from continuing operations</td><td>$5.06</td><td>$5.66</td><td>$-4.15</td><td>$4.54</td><td>$-2.61</td></tr><tr><td>Discontinued operations, net</td><td>0.10</td><td>-0.10</td><td>0.31</td><td>-0.18</td><td>0.05</td></tr><tr><td>Cumulative effect of changes in</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>accounting principles, net</td><td></td><td></td><td></td><td>-0.21</td><td>-0.27</td></tr><tr><td>Net income (loss)</td><td>$5.16</td><td>$5.56</td><td>$-3.84</td><td>$4.15</td><td>$-2.83</td></tr><tr><td>Carolina Group stock</td><td>$3.62</td><td>$3.15</td><td>$2.76</td><td>$3.50</td><td></td></tr><tr><td>Financial Position:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Investments</td><td>$45,396.0</td><td>$44,298.5</td><td>$42,514.8</td><td>$40,136.7</td><td>$41,159.1</td></tr><tr><td>Total assets</td><td>70,675.6</td><td>73,720.3</td><td>77,673.9</td><td>70,211.0</td><td>74,732.9</td></tr><tr><td>Debt</td><td>5,206.8</td><td>6,990.3</td><td>5,820.2</td><td>5,651.9</td><td>5,920.3</td></tr><tr><td>Shareholders’ equity</td><td>13,092.1</td><td>11,969.9</td><td>10,855.3</td><td>10,995.5</td><td>9,170.5</td></tr><tr><td>Cash dividends per share:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loews common stock</td><td>0.60</td><td>0.60</td><td>0.60</td><td>0.60</td><td>0.58</td></tr><tr><td>Carolina Group stock</td><td>1.82</td><td>1.82</td><td>1.81</td><td>1.34</td><td></td></tr><tr><td>Book value per share of Loews common</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>stock</td><td>70.93</td><td>65.56</td><td>59.85</td><td>60.39</td><td>47.89</td></tr><tr><td>Shares outstanding:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loews common stock</td><td>185.85</td><td>185.58</td><td>185.45</td><td>185.44</td><td>191.49</td></tr><tr><td>Carolina Group stock</td><td>78.19</td><td>67.97</td><td>57.97</td><td>39.91</td><td></td></tr></table>
<table><tr><td>Location</td><td>Size (square feet)</td><td>Principal Usage</td></tr><tr><td>333 S. Wabash Avenue Chicago, Illinois</td><td>803,728</td><td>Principal executive offices of CNA</td></tr><tr><td>401 Penn Street Reading, Pennsylvania</td><td>171,318</td><td>Property and casualty insurance offices</td></tr><tr><td>2405 Lucien Way Maitland, Florida</td><td>121,959</td><td>Property and casualty insurance offices</td></tr><tr><td>40 Wall Street New York, New York</td><td>107,927</td><td>Property and casualty insurance offices</td></tr><tr><td>1100 Ward Avenue Honolulu, Hawaii</td><td>104,478</td><td>Property and casualty insurance offices</td></tr><tr><td>101 S. Phillips Avenue Sioux Falls, South Dakota</td><td>83,616</td><td>Property and casualty insurance offices</td></tr><tr><td>600 N. Pearl Street Dallas, Texas</td><td>70,790</td><td>Property and casualty insurance offices</td></tr><tr><td>675 Placentia Avenue Brea, California</td><td>63,538</td><td>Property and casualty insurance offices</td></tr><tr><td>1249 S. River Road Cranbury, New Jersey</td><td>56,100</td><td>Property and casualty insurance offices</td></tr><tr><td>4267 Meridian Parkway Aurora, Illinois</td><td>46,903</td><td>Data center</td></tr></table>

Question: What is the column number of the section where Revenues of Operations is the most?
Answer: 5