Cocked and locked (as set forth by Jeff Cooper, Condition One). With this design it is the best - really, the only - way to carry it in such a way as to be instantly ready for use and safe. I don't recommend loaded but uncocked (Condition Two). The hammer has to be cocked on the draw, which is difficult and prone to fumbling under stress. Or there is chamber empty with a loaded magazine (Condition Three). This is certainly safe, but it is not instantly ready for use as you have to jack the slide and chamber a round on the draw. Loaded and cocked with the safety off (Condition Zero) is not recommended for safety reasons.