UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 30, 2011
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: Cowen Group, Inc.
Address: 599 Lexington Avenue, 2Oth Flr.
New York, NY 10022
13F File Number: 028-14571
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: Owen Littman
Title: General Counsel
Phone: 212-201-4841
Signature, Place, and Date of Signing:
/s/ Owen Littman New York, NY November 14, 2011
Report Type (Check only one.):
[ X] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 5
Form 13F Information Table Entry Total: 304
Form 13F Information Table Value Total: $768,433 (thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional managers with respect to which this report is filed, other
than the manager filing this report.
No. 13F File Number Name
01 028-06309 Ramius LLC
02 028-10674 Ramius Advisors, LLC
03 028-14361 Ramius Alternative Solutions LLC
04 028-10501 Cowen Capital LLC
05 028-04125 Cowen and Company LLC
FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
ADVANCED ANALOGIC TECHNOLOGI COM 00752J108 420 96994 SH DEFINED 02 96994 0 0
ADVISORSHARES TR CAMBRIA GL TAC 00768Y800 223 9318 SH DEFINED 05 9318 0 0
AGL RES INC COM 001204106 3972 97499 SH DEFINED 02 97499 0 0
ALCOA INC COM 013817101 2660 278000 SH CALL DEFINED 02 278000 0 0
AMAZON COM INC COM 023135106 4 19 SH DEFINED 05 19 0 0
AMAZON COM INC COM 023135106 10076 46600 SH PUT DEFINED 02 46600 0 0
AMERON INTL INC COM 030710107 1426 16784 SH DEFINED 02 16784 0 0
AMERON INTL INC COM 030710107 1699 20000 SH CALL DEFINED 02 20000 0 0
AMGEN INC COM 031162100 7 122 SH DEFINED 05 122 0 0
AMGEN INC COM 031162100 835 15200 SH CALL DEFINED 05 15200 0 0
APAC CUSTOMER SERVICES INC COM 00185E106 3082 361793 SH DEFINED 02 361793 0 0
API TECHNOLOGIES CORP COM NEW 00187E203 99 25179 SH DEFINED 02 25179 0 0
ARIAD PHARMACEUTICALS INC COM 04033A100 1099 125000 SH DEFINED 02 125000 0 0
ATLAS ENERGY LP COM UNITS LP 04930A104 2024 109000 SH CALL DEFINED 05 109000 0 0
AUTOZONE INC COM 053332102 6073 19026 SH DEFINED 05 19026 0 0
AUTOZONE INC COM 053332102 5362 16800 SH PUT DEFINED 05 16800 0 0
AVANIR PHARMACEUTICALS INC CL A NEW 05348P401 53 18600 SH PUT DEFINED 05 18600 0 0
AVANIR PHARMACEUTICALS INC CL A NEW 05348P401 95 33059 SH DEFINED 05 33059 0 0
AVANIR PHARMACEUTICALS INC CL A NEW 05348P401 399 139900 SH CALL DEFINED 05 139900 0 0
BARCLAYS BK PLC IPATH S&P MT ETN 06740C519 2733 37330 SH DEFINED 03 37330 0 0
BARCLAYS BK PLC IPTH S&P VIX NEW 06740C261 534 10000 SH DEFINED 02 10000 0 0
BEST BUY INC SDCV 2.250% 1/1 086516AF8 998 1000000 PRN DEFINED 05 1000000 0 0
BIOGEN IDEC INC COM 09062X103 1239 13300 SH CALL DEFINED 02 13300 0 0
BIONOVO INC COM NEW 090643206 285 500176 SH DEFINED 05 500176 0 0
BIOSANTE PHARMACEUTICALS INC COM NEW 09065V203 43 18800 SH CALL DEFINED 05 18800 0 0
BIOSANTE PHARMACEUTICALS INC COM NEW 09065V203 91 40000 SH PUT DEFINED 05 40000 0 0
BJS WHOLESALE CLUB INC COM 05548J106 1954 38127 SH DEFINED 02 38127 0 0
BLACKBOARD INC COM 091935502 893 20000 SH DEFINED 02 20000 0 0
BLACKBOARD INC COM 091935502 3 64 SH DEFINED 05 64 0 0
BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 369 3500 SH DEFINED 02 3500 0 0
BROADWIND ENERGY INC COM 11161T108 240 750000 SH DEFINED 02 750000 0 0
BUCKEYE PARTNERS L P UNIT LTD PARTN 118230101 281 4500 SH DEFINED 02 4500 0 0
CADENCE PHARMACEUTICALS INC COM 12738T100 0 5 SH DEFINED 05 5 0 0
CADENCE PHARMACEUTICALS INC COM 12738T100 459 70000 SH CALL DEFINED 05 70000 0 0
CALIPER LIFE SCIENCES INC COM 130872104 2677 255650 SH DEFINED 02 255650 0 0
CALIPER LIFE SCIENCES INC COM 130872104 1 94 SH DEFINED 05 94 0 0
CALIPER LIFE SCIENCES INC COM 130872104 170 16200 SH CALL DEFINED 02 16200 0 0
CAPITAL ONE FINL CORP COM 14040H105 200 5050 SH DEFINED 02 5050 0 0
CAPITAL ONE FINL CORP COM 14040H105 1193 30100 SH PUT DEFINED 05 30100 0 0
CAPITAL ONE FINL CORP COM 14040H105 856 21600 SH CALL DEFINED 05 21600 0 0
CATERPILLAR INC DEL COM 149123101 8 111 SH DEFINED 05 111 0 0
CATERPILLAR INC DEL COM 149123101 4430 60000 SH CALL DEFINED 02 60000 0 0
CELGENE CORP COM 151020104 0 1 SH DEFINED 05 1 0 0
CELGENE CORP COM 151020104 1052 17000 SH CALL DEFINED 05 17000 0 0
CENTRAL FD CDA LTD CL A 153501101 207 10000 SH DEFINED 02 10000 0 0
CEPHALON INC COM 156708109 22620 280300 SH CALL DEFINED 02 280300 0 0
CEPHALON INC COM 156708109 5092 63100 SH PUT DEFINED 02 63100 0 0
CEPHALON INC COM 156708109 18443 228532 SH DEFINED 02 228532 0 0
CHEVRON CORP NEW COM 166764100 4630 50000 SH CALL DEFINED 02 50000 0 0
CHEVRON CORP NEW COM 166764100 72 783 SH DEFINED 05 783 0 0
CISCO SYS INC COM 17275R102 11 734 SH DEFINED 05 734 0 0
CISCO SYS INC COM 17275R102 2968 191500 SH CALL DEFINED 02 191500 0 0
CITIGROUP INC COM NEW 172967424 2 68 SH DEFINED 05 68 0 0
CITIGROUP INC COM NEW 172967424 2546 99400 SH CALL DEFINED 02 99400 0 0
CLEVELAND BIOLABS INC COM 185860103 712 281300 SH DEFINED 02 281300 0 0
COMPUTER PROGRAMS & SYS INC COM 205306103 1985 30000 SH DEFINED 02 30000 0 0
CONOCOPHILLIPS COM 20825C104 11398 180000 SH CALL DEFINED 02 180000 0 0
CONSTELLATION ENERGY PRTNR L COM UNIT LLC B 21038E101 180 64720 SH DEFINED 02 64720 0 0
CONTINUCARE CORP COM 212172100 1748 274000 SH DEFINED 02 274000 0 0
COWEN GROUP INC NEW CL A 223622101 1063 392201 SH DEFINED 02 392201 0 0
CREDIT SUISSE NASSAU BRH ETN IDX-LKD 20 22542D845 1545 76276 SH DEFINED 03 76276 0 0
CROWN HOLDINGS INC COM 228368106 2023 66100 SH CALL DEFINED 05 66100 0 0
CUBIST PHARMACEUTICALS INC NOTE 2.500%11/0 229678AD9 2053 1500000 PRN DEFINED 05 1500000 0 0
D R HORTON INC COM 23331A109 450 49800 SH CALL DEFINED 05 49800 0 0
DENDREON CORP COM 24823Q107 765 85000 SH PUT DEFINED 05 85000 0 0
DENDREON CORP COM 24823Q107 108 12000 SH DEFINED 05 12000 0 0
DEVELOPERS DIVERSIFIED RLTY NOTE 1.750%11/1 251591AX1 765 825000 PRN DEFINED 05 825000 0 0
DEVON ENERGY CORP NEW COM 25179M103 4602 83000 SH CALL DEFINED 05 83000 0 0
DPL INC COM 233293109 3426 113657 SH DEFINED 02 113657 0 0
DRESSER-RAND GROUP INC COM 261608103 9922 244800 SH CALL DEFINED 05 244800 0 0
DU PONT E I DE NEMOURS & CO COM 263534109 4797 120000 SH CALL DEFINED 05 120000 0 0
DYNEGY INC DEL COM 26817G300 869 211000 SH PUT DEFINED 02 211000 0 0
EARTHLINK INC COM 270321102 980 150000 SH CALL DEFINED 05 150000 0 0
EASTMAN CHEM CO COM 277432100 634 18500 SH CALL DEFINED 05 18500 0 0
ECOLAB INC COM 278865100 489 10000 SH CALL DEFINED 02 10000 0 0
EL PASO CORP COM 28336L109 653 37384 SH DEFINED 02 37384 0 0
EL PASO CORP COM 28336L109 886 50700 SH PUT DEFINED 02 50700 0 0
EL PASO CORP COM 28336L109 1 35 SH DEFINED 05 35 0 0
EMDEON INC CL A 29084T104 0 13 SH DEFINED 05 13 0 0
EMDEON INC CL A 29084T104 808 43000 SH PUT DEFINED 02 43000 0 0
ENDO PHARMACEUTICALS HLDGS I NOTE 1.750% 4/1 29264FAB2 849 750000 PRN DEFINED 05 750000 0 0
ENERGY XXI (BERMUDA) LTD USD UNRS SHS G10082140 1989 92700 SH DEFINED 02 92700 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 582 14500 SH DEFINED 02 14500 0 0
EQUINIX INC NOTE 3.000%10/1 29444UAG1 1054 1000000 PRN DEFINED 05 1000000 0 0
EXELIXIS INC COM 30161Q104 505 92556 SH DEFINED 05 92556 0 0
EXELIXIS INC COM 30161Q104 928 170000 SH CALL DEFINED 05 170000 0 0
EXELON CORP COM 30161N101 8 179 SH DEFINED 05 179 0 0
EXELON CORP COM 30161N101 832 19530 SH DEFINED 02 19530 0 0
EXXON MOBIL CORP COM 30231G102 896 12331 SH DEFINED 02 12331 0 0
EXXON MOBIL CORP COM 30231G102 29 408 SH DEFINED 05 408 0 0
EXXON MOBIL CORP COM 30231G102 1453 20000 SH PUT DEFINED 02 20000 0 0
FORD MTR CO DEL *W EXP 01/01/201 345370134 111 50000 SH DEFINED 05 50000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 6769 700000 SH PUT DEFINED 02 700000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 2901 300000 SH CALL DEFINED 02 300000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 1 87 SH DEFINED 05 87 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 5923 612531 SH DEFINED 02 612531 0 0
GENERAL MLS INC COM 370334104 8 205 SH DEFINED 05 205 0 0
GENERAL MLS INC COM 370334104 315 8176 SH DEFINED 02 8176 0 0
GERON CORP COM 374163103 6 3016 SH DEFINED 05 3016 0 0
GERON CORP COM 374163103 58 27500 SH CALL DEFINED 05 27500 0 0
GILEAD SCIENCES INC COM 375558103 0 12 SH DEFINED 05 12 0 0
GILEAD SCIENCES INC COM 375558103 2025 52200 SH CALL DEFINED 05 52200 0 0
GLOBAL INDS LTD COM 379336100 758 95600 SH CALL DEFINED 02 95600 0 0
GLOBAL INDS LTD COM 379336100 2572 324700 SH PUT DEFINED 02 324700 0 0
GLOBAL INDS LTD COM 379336100 396 50000 SH DEFINED 02 50000 0 0
GLOBAL INDS LTD DBCV 2.750% 8/0 379336AE0 10711 11000000 PRN DEFINED 02 11000000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 4 43 SH DEFINED 05 43 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 2837 30000 SH PUT DEFINED 02 30000 0 0
GOODRICH CORP COM 382388106 1405 11641 SH DEFINED 02 11641 0 0
GOODRICH CORP COM 382388106 80107 663800 SH CALL DEFINED 02 663800 0 0
GOODRICH CORP COM 382388106 3017 25000 SH CALL DEFINED 05 25000 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 518 32099 SH DEFINED 05 32099 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 2582 160000 SH PUT DEFINED 05 160000 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 734 19308 SH DEFINED 02 19308 0 0
HUMAN GENOME SCIENCES INC COM 444903108 1015 80000 SH CALL DEFINED 05 80000 0 0
INTERMUNE INC COM 45884X103 505 25000 SH CALL DEFINED 05 25000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 874 5000 SH DEFINED 02 5000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 78 445 SH DEFINED 05 445 0 0
ISHARES GOLD TRUST ISHARES 464285105 514 32500 SH DEFINED 02 32500 0 0
ISHARES INC MSCI AUSTRALIA 464286103 961 47900 SH DEFINED 02 47900 0 0
ISHARES INC MSCI AUSTRALIA 464286103 28 1396 SH DEFINED 05 1396 0 0
ISHARES INC MSCI CDA INDEX 464286509 255 10000 SH DEFINED 02 10000 0 0
ISHARES INC MSCI CDA INDEX 464286509 12 479 SH DEFINED 05 479 0 0
ISHARES INC MSCI JAPAN 464286848 194 20500 SH DEFINED 03 20500 0 0
ISHARES INC MSCI JAPAN 464286848 1 100 SH DEFINED 05 100 0 0
ISHARES INC MSCI S KOREA 464286772 2736 58748 SH DEFINED 02 58748 0 0
ISHARES INC MSCI S KOREA 464286772 16 360 SH DEFINED 05 360 0 0
ISHARES S&P GSCI COMMODITY I UNIT BEN INT 46428R107 263 8720 SH DEFINED 03 8720 0 0
ISHARES TR FTSE CHINA25 IDX 464287184 462 15000 SH DEFINED 02 15000 0 0
ISHARES TR FTSE CHINA25 IDX 464287184 742 24074 SH DEFINED 05 24074 0 0
ISHARES TR FTSE CHINA25 IDX 464287184 6166 200000 SH CALL DEFINED 02 200000 0 0
ISHARES TR FTSE CHINA25 IDX 464287184 6166 200000 SH PUT DEFINED 02 200000 0 0
ISHARES TR HIGH YLD CORP 464288513 34851 420923 SH DEFINED 03 420923 0 0
ISHARES TR HIGH YLD CORP 464288513 13 154 SH DEFINED 05 154 0 0
ISHARES TR IBOXX INV CPBD 464287242 225 2001 SH DEFINED 05 2001 0 0
ISHARES TR MSCI EAFE INDEX 464287465 529 11065 SH DEFINED 03 11065 0 0
ISHARES TR MSCI EMERG MKT 464287234 39 1120 SH DEFINED 05 1120 0 0
ISHARES TR MSCI EMERG MKT 464287234 702 20000 SH CALL DEFINED 02 20000 0 0
ISHARES TR MSCI EMERG MKT 464287234 351 10000 SH PUT DEFINED 02 10000 0 0
ISHARES TR RSSL MCRCP IDX 464288869 242 6150 SH DEFINED 05 6150 0 0
ISHARES TR RUSSELL 2000 464287655 354 5500 SH DEFINED 05 5500 0 0
ISHARES TR RUSSELL 2000 464287655 12860 200000 SH PUT DEFINED 02 200000 0 0
ISHARES TR RUSSELL1000GRW 464287614 11088 210837 SH DEFINED 03 210837 0 0
JOHNSON & JOHNSON COM 478160104 231 3630 SH DEFINED 02 3630 0 0
JOHNSON & JOHNSON COM 478160104 10 162 SH DEFINED 05 162 0 0
KEY TECHNOLOGY INC COM 493143101 220 19488 SH DEFINED 05 19488 0 0
KINETIC CONCEPTS INC COM NEW 49460W208 659 10000 SH CALL DEFINED 02 10000 0 0
KIT DIGITAL INC COM NEW 482470200 84 10000 SH DEFINED 02 10000 0 0
LIFE TECHNOLOGIES CORP COM 53217V109 769 20000 SH CALL DEFINED 05 20000 0 0
LIGAND PHARMACEUTICALS INC COM NEW 53220K504 274 20000 SH PUT DEFINED 05 20000 0 0
LIGHTBRIDGE CORP COM 53224K104 405 157400 SH CALL DEFINED 02 157400 0 0
LINCOLN NATL CORP IND COM 534187109 810 51800 SH PUT DEFINED 05 51800 0 0
LINCOLN NATL CORP IND COM 534187109 396 25348 SH DEFINED 05 25348 0 0
LUBRIZOL CORP COM 549271104 6183 45800 SH PUT DEFINED 02 45800 0 0
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 632 10460 SH DEFINED 02 10460 0 0
MAKO SURGICAL CORP COM 560879108 924 27000 SH DEFINED 05 27000 0 0
MAKO SURGICAL CORP COM 560879108 4288 125300 SH PUT DEFINED 05 125300 0 0
MANNKIND CORP COM 56400P201 1 358 SH DEFINED 05 358 0 0
MANNKIND CORP COM 56400P201 312 82400 SH CALL DEFINED 05 82400 0 0
MARKET VECTORS ETF TR LAT AM SML CAP 57060U530 200 9091 SH DEFINED 05 9091 0 0
MARKET VECTORS ETF TR MTG REIT ETF 57060U324 379 16560 SH DEFINED 05 16560 0 0
MCDONALDS CORP COM 580135101 9 102 SH DEFINED 05 102 0 0
MCDONALDS CORP COM 580135101 2020 23000 SH CALL DEFINED 05 23000 0 0
MCMORAN EXPLORATION CO NOTE 5.250%10/0 582411AE4 1242 1300000 PRN DEFINED 02 1300000 0 0
MEASUREMENT SPECIALTIES INC COM 583421102 223 8600 SH DEFINED 05 8600 0 0
MEDCO HEALTH SOLUTIONS INC COM 58405U102 8221 175335 SH DEFINED 02 175335 0 0
MEDTRONIC INC COM 585055106 118 3561 SH DEFINED 05 3561 0 0
MEDTRONIC INC COM 585055106 665 20000 SH CALL DEFINED 05 20000 0 0
MF GLOBAL HLDGS LTD COM 55277J108 124 30000 SH DEFINED 05 30000 0 0
MITSUBISHI UFJ FINL GROUP IN SPONSORED ADR 606822104 828 186000 SH DEFINED 02 186000 0 0
MOLYCORP INC DEL COM 608753109 230 7000 SH CALL DEFINED 05 7000 0 0
MOTOROLA MOBILITY HLDGS INC COM 620097105 4961 131300 SH DEFINED 02 131300 0 0
NALCO HOLDING COMPANY COM 62985Q101 2894 82733 SH DEFINED 02 82733 0 0
NATIONAL SEMICONDUCTOR CORP COM 637640103 8875 355000 SH CALL DEFINED 02 355000 0 0
NATIONAL SEMICONDUCTOR CORP COM 637640103 250 10000 SH PUT DEFINED 02 10000 0 0
NEOPROBE CORP COM 640518106 178 60000 SH DEFINED 02 60000 0 0
NETFLIX INC COM 64110L106 1416 12500 SH PUT DEFINED 02 12500 0 0
NETLOGIC MICROSYSTEMS INC COM 64118B100 4745 98600 SH DEFINED 02 98600 0 0
NORTHGATE MINERALS CORP COM 666416102 2846 847800 SH DEFINED 02 847800 0 0
NOVAVAX INC COM 670002104 104 65000 SH DEFINED 02 65000 0 0
NOVAVAX INC COM 670002104 1 533 SH DEFINED 05 533 0 0
NVIDIA CORP COM 67066G104 1001 80000 SH PUT DEFINED 02 80000 0 0
NVIDIA CORP COM 67066G104 675 53986 SH DEFINED 02 53986 0 0
OMNICARE INC COM 681904108 519 20400 SH CALL DEFINED 05 20400 0 0
PACKAGING CORP AMER COM 695156109 1925 82600 SH CALL DEFINED 05 82600 0 0
PAETEC HOLDING CORP COM 695459107 846 160000 SH DEFINED 02 160000 0 0
PDL BIOPHARMA INC COM 69329Y104 0 39 SH DEFINED 05 39 0 0
PDL BIOPHARMA INC COM 69329Y104 576 103600 SH CALL DEFINED 05 103600 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 1045 54700 SH CALL DEFINED 02 54700 0 0
PFIZER INC COM 717081103 78 4383 SH DEFINED 05 4383 0 0
PFIZER INC COM 717081103 309 17500 SH CALL DEFINED 05 17500 0 0
PHARMATHENE INC COM 71714G102 33 19000 SH DEFINED 02 19000 0 0
PHARMATHENE INC COM 71714G102 477 270800 SH CALL DEFINED 02 270800 0 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 295 5000 SH DEFINED 02 5000 0 0
PLUG POWER INC COM NEW 72919P202 283 155480 SH DEFINED 02 155480 0 0
POWERSHARES DB G10 CURCY HAR COM UT BEN INT 73935Y102 1586 69113 SH DEFINED 03 69113 0 0
POWERSHARES ETF TRUST AERSPC DEF PTF 73935X690 299 18300 SH DEFINED 05 18300 0 0
POWERSHARES ETF TRUST CLEANTECH PORT 73935X278 225 10800 SH DEFINED 05 10800 0 0
POWERSHARES ETF TRUST DYN EN EX PROD 73935X658 375 19722 SH DEFINED 05 19722 0 0
POWERSHARES ETF TRUST DYN FD & BEV 73935X849 270 15059 SH DEFINED 05 15059 0 0
POWERSHARES ETF TRUST DYN LSR & ENT 73935X757 170 10484 SH DEFINED 05 10484 0 0
POWERSHARES ETF TRUST FINL SECT PORT 73935X377 252 16105 SH DEFINED 05 16105 0 0
POWERSHARES ETF TRUST HI YLD EQ DVDN 73935X302 108 13118 SH DEFINED 05 13118 0 0
POWERSHARES ETF TRUST WATER RESOURCE 73935X575 286 19022 SH DEFINED 05 19022 0 0
POWERSHARES ETF TRUST II COMPLTN PORTFLIO 73936Q306 303 28319 SH DEFINED 05 28319 0 0
POWERSHARES ETF TRUST II GRW & INC PORT 73936Q504 293 24860 SH DEFINED 05 24860 0 0
POWERSHARES ETF TRUST II KBW HG YLD FIN 73936Q793 317 15270 SH DEFINED 05 15270 0 0
POWERSHARES GLOBAL ETF TRUST DEV MKTS EX-US 73936T789 499 15861 SH DEFINED 05 15861 0 0
PRIMUS GUARANTY LTD SHS G72457107 527 100000 SH DEFINED 05 100000 0 0
PROCERA NETWORKS INC COM NEW 74269U203 787 81942 SH DEFINED 02 81942 0 0
PROGRESS ENERGY INC COM 743263105 13840 267589 SH DEFINED 02 267589 0 0
PROGRESS ENERGY INC COM 743263105 11 211 SH DEFINED 05 211 0 0
QUALCOMM INC COM 747525103 1674 34419 SH DEFINED 02 34419 0 0
QUALCOMM INC COM 747525103 5208 107100 SH CALL DEFINED 02 107100 0 0
QUALCOMM INC COM 747525103 2067 42500 SH PUT DEFINED 02 42500 0 0
QUANTUM FUEL SYS TECH WORLDW COM NEW 74765E208 126 50380 SH DEFINED 02 50380 0 0
RAMBUS INC DEL NOTE 5.000% 6/1 750917AC0 1107 1000000 PRN DEFINED 05 1000000 0 0
REGENERON PHARMACEUTICALS COM 75886F107 2299 39500 SH CALL DEFINED 05 39500 0 0
ROCKWOOD HLDGS INC COM 774415103 1806 53600 SH CALL DEFINED 05 53600 0 0
RUSSELL EXCHANGE TRADED FDS EQUITY ETF 782474522 202 8315 SH DEFINED 05 8315 0 0
RYDEX ETF TRUST FINANCIAL ETF 78355W858 209 9677 SH DEFINED 05 9677 0 0
RYDEX ETF TRUST INDLS ETF 78355W833 655 14400 SH DEFINED 05 14400 0 0
RYDEX ETF TRUST MATERIALS ETF 78355W825 379 7723 SH DEFINED 05 7723 0 0
RYDEX ETF TRUST RUSS 1000 EQWT 78355W593 602 21979 SH DEFINED 05 21979 0 0
RYDEX ETF TRUST TECHNOLOGY ETF 78355W817 673 14848 SH DEFINED 05 14848 0 0
SANGAMO BIOSCIENCES INC COM 800677106 99 22700 SH PUT DEFINED 05 22700 0 0
SANGAMO BIOSCIENCES INC COM 800677106 0 97 SH DEFINED 05 97 0 0
SANGAMO BIOSCIENCES INC COM 800677106 230 52700 SH CALL DEFINED 05 52700 0 0
SAVIENT PHARMACEUTICALS INC COM 80517Q100 477 116300 SH CALL DEFINED 05 116300 0 0
SAVIENT PHARMACEUTICALS INC COM 80517Q100 0 108 SH DEFINED 05 108 0 0
SAVIENT PHARMACEUTICALS INC NOTE 4.750% 2/0 80517QAA8 493 665000 PRN DEFINED 05 665000 0 0
SBA COMMUNICATIONS CORP NOTE 4.000%10/0 78388JAM8 646 500000 PRN DEFINED 05 500000 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 2331 327396 SH DEFINED 02 327396 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 3 453 SH DEFINED 05 453 0 0
SEAGATE TECHNOLOGY PLC SHS G7945M107 436 42400 SH CALL DEFINED 02 42400 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 1648 47224 SH DEFINED 03 47224 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 0 6 SH DEFINED 05 6 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 4103 138341 SH DEFINED 03 138341 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 293 5002 SH DEFINED 05 5002 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 1030 17597 SH DEFINED 03 17597 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1064 90127 SH DEFINED 03 90127 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 4120 174594 SH DEFINED 03 174594 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 0 1 SH DEFINED 05 1 0 0
SIGA TECHNOLOGIES INC COM 826917106 1058 323600 SH DEFINED 02 323600 0 0
SIGA TECHNOLOGIES INC COM 826917106 0 39 SH DEFINED 05 39 0 0
SIGA TECHNOLOGIES INC COM 826917106 262 80000 SH CALL DEFINED 02 80000 0 0
SILVER BULL RES INC COM 827458100 22 37263 SH DEFINED 02 37263 0 0
SMITHFIELD FOODS INC NOTE 4.000% 6/3 832248AR9 1108 1000000 PRN DEFINED 05 1000000 0 0
SOUTHERN UN CO NEW COM 844030106 406 10000 SH DEFINED 02 10000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 3741 23670 SH DEFINED 02 23670 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 3934 24892 SH DEFINED 05 24892 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 2782 17600 SH CALL DEFINED 05 17600 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 7903 50000 SH PUT DEFINED 05 50000 0 0
SPDR INDEX SHS FDS S&P BRIC 40ETF 78463X798 741 36300 SH DEFINED 05 36300 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 11587 102400 SH CALL DEFINED 02 102400 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 14711 130000 SH CALL DEFINED 05 130000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 2987 26400 SH DEFINED 05 26400 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 105799 935000 SH PUT DEFINED 02 935000 0 0
SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP 78467Y107 3654 25706 SH DEFINED 03 25706 0 0
SPDR SERIES TRUST BRCLYS CAP CONV 78464A359 3299 92595 SH DEFINED 03 92595 0 0
SPDR SERIES TRUST DJ REIT ETF 78464A607 480 8500 SH DEFINED 05 8500 0 0
SPDR SERIES TRUST S&P HOMEBUILD 78464A888 133 10000 SH DEFINED 05 10000 0 0
STERLING BANCORP COM 859158107 299 41157 SH DEFINED 02 41157 0 0
SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 269 5800 SH DEFINED 02 5800 0 0
SUNOCO LOGISTICS PRTNRS L P COM UNITS 86764L108 841 9500 SH DEFINED 02 9500 0 0
T3 MOTION INC COM NEW 89853X306 211 215000 SH DEFINED 02 215000 0 0
TE CONNECTIVITY LTD REG SHS H84989104 577 20500 SH CALL DEFINED 05 20500 0 0
TEMPLE INLAND INC COM 879868107 1534 48909 SH DEFINED 02 48909 0 0
TEMPLE INLAND INC COM 879868107 8877 283000 SH CALL DEFINED 02 283000 0 0
THRESHOLD PHARMACEUTICAL INC COM NEW 885807206 247 175000 SH DEFINED 05 175000 0 0
TRANSATLANTIC HLDGS INC COM 893521104 349 7200 SH DEFINED 02 7200 0 0
TYCO INTERNATIONAL LTD SHS H89128104 1631 40000 SH CALL DEFINED 05 40000 0 0
UNITED STATES OIL FUND LP UNITS 91232N108 4878 160000 SH PUT DEFINED 02 160000 0 0
UNITED THERAPEUTICS CORP DEL COM 91307C102 412 11000 SH CALL DEFINED 05 11000 0 0
UNITED THERAPEUTICS CORP DEL COM 91307C102 937 25000 SH PUT DEFINED 05 25000 0 0
UNITED THERAPEUTICS CORP DEL COM 91307C102 525 14000 SH DEFINED 05 14000 0 0
USA TECHNOLOGIES INC *W EXP 12/31/201 90328S195 15 23200 SH DEFINED 02 23200 0 0
VALE S A ADR 91912E105 2067 90636 SH DEFINED 02 90636 0 0
VALE S A ADR 91912E105 2472 108400 SH PUT DEFINED 02 108400 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 1113 30000 SH CALL DEFINED 05 30000 0 0
VANGUARD INTL EQUITY INDEX F FTSE SMCAP ETF 922042718 329 4196 SH DEFINED 05 4196 0 0
VANGUARD INTL EQUITY INDEX F MSCI EMR MKT ETF 922042858 2781 77608 SH DEFINED 02 77608 0 0
VANGUARD INTL EQUITY INDEX F MSCI EMR MKT ETF 922042858 13328 371805 SH DEFINED 03 371805 0 0
VARIAN SEMICONDUCTOR EQUIPMN COM 922207105 1 14 SH DEFINED 05 14 0 0
VARIAN SEMICONDUCTOR EQUIPMN COM 922207105 19385 317000 SH CALL DEFINED 02 317000 0 0
VARIAN SEMICONDUCTOR EQUIPMN COM 922207105 12206 199600 SH PUT DEFINED 02 199600 0 0
VARIAN SEMICONDUCTOR EQUIPMN COM 922207105 8521 139352 SH DEFINED 02 139352 0 0
VERISIGN INC COM 92343E102 1333 46600 SH CALL DEFINED 02 46600 0 0
VERTEX PHARMACEUTICALS INC COM 92532F100 333 7500 SH PUT DEFINED 05 7500 0 0
VERTEX PHARMACEUTICALS INC NOTE 3.350%10/0 92532FAN0 2340 2000000 PRN DEFINED 05 2000000 0 0
VIRNETX HLDG CORP COM 92823T108 153 10200 SH DEFINED 02 10200 0 0
VIRNETX HLDG CORP COM 92823T108 0 3 SH DEFINED 05 3 0 0
VIVUS INC COM 928551100 1 100 SH CALL DEFINED 05 100 0 0
VIVUS INC COM 928551100 264 32700 SH PUT DEFINED 05 32700 0 0
VIVUS INC COM 928551100 234 29010 SH DEFINED 05 29010 0 0
WAL MART STORES INC COM 931142103 22 409 SH DEFINED 05 409 0 0
WAL MART STORES INC COM 931142103 359 6925 SH DEFINED 02 6925 0 0
WALTER INVT MGMT CORP COM 93317W102 258 11258 SH DEFINED 02 11258 0 0
WEBMD HEALTH CORP COM 94770V102 2166 71850 SH DEFINED 02 71850 0 0
WEBMD HEALTH CORP COM 94770V102 603 20000 SH CALL DEFINED 02 20000 0 0
XILINX INC COM 983919101 206 7500 SH DEFINED 05 7500 0 0
YAHOO INC COM 984332106 586 44500 SH PUT DEFINED 02 44500 0 0
YAHOO INC COM 984332106 766 58135 SH DEFINED 02 58135 0 0
YAHOO INC COM 984332106 6585 500000 SH CALL DEFINED 02 500000 0 0