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, 2008

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:    Jefferies Group Inc.
Address: 520 Madison Ave., 12th Floor
         New York, NY  10022

13F File Number:  28-10917

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:      Roland Kelly
Title:     Assistant Secretary
Phone:     310- 914-1373

Signature, Place, and Date of Signing:

     /s/  Roland Kelly     Los Angeles, CA     May 13, 2008

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:         3

Form13F Information Table Entry Total:     887

Form13F Information Table Value Total:     $4,752,814 (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   28-10432                      Jefferies & Company, Inc.
02   28-11329                      Jefferies Asset Management, LLC
04   28-13012                      Jefferies High Yield Trading, 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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
3M CO                          COM              88579Y101      422     5328 SH       SOLE    01               5328        0        0
A D C TELECOMMUNICATIONS       COM NEW          000886309      130    10725 SH       SOLE    01              10725        0        0
A S DAMPSKIBSSELSKABET TORM    SPONSORED ADR    00208W109      343    11541 SH       SOLE    01              11541        0        0
ABB LTD                        SPONSORED ADR    000375204    12114   450000 SH       SOLE    01             450000        0        0
ABBOTT LABS                    COM              002824100     2847    51627 SH       SOLE    01 02           51627        0        0
ABERCROMBIE & FITCH CO         CL A             002896207    30871   422087 SH       SOLE    01 02          422087        0        0
ACTIVISION INC NEW             COM NEW          004930202     1126    41256 SH       SOLE    01              41256        0        0
ACTIVISION INC NEW             COM NEW          004930202     1775    65000 SH  CALL SOLE    01              65000        0        0
ADAPTEC INC                    NOTE 0.750%12/2  00651FAG3      222     2300 PRN      SOLE    01               2300        0        0
ADOBE SYS INC                  COM              00724F101      285     8016 SH       SOLE    01               8016        0        0
ADVOCAT INC                    COM              007586100      126    12200 SH       SOLE    02              12200        0        0
AEP INDS INC                   COM              001031103     6664   220000 SH       SOLE    04             220000        0        0
AEROPOSTALE                    COM              007865108    17397   641700 SH       SOLE    01 02          641700        0        0
AEROPOSTALE                    COM              007865108     3364   124100 SH  CALL SOLE    01             124100        0        0
AEROPOSTALE                    COM              007865108     4563   168300 SH  PUT  SOLE    01             168300        0        0
AETNA INC NEW                  COM              00817Y108     1729    41078 SH       SOLE    01              41078        0        0
AFLAC INC                      COM              001055102      861    13258 SH       SOLE    01              13258        0        0
AGILENT TECHNOLOGIES INC       COM              00846U101      306    10263 SH       SOLE    01              10263        0        0
AIR PRODS & CHEMS INC          COM              009158106     1200    13040 SH       SOLE    01              13040        0        0
AIRGAS INC                     COM              009363102      232     5099 SH       SOLE    01               5099        0        0
AKAMAI TECHNOLOGIES INC        COM              00971T101      690    24506 SH       SOLE    01              24506        0        0
ALCATEL-LUCENT                 SPONSORED ADR    013904305      177    30700 SH       SOLE    01              30700        0        0
ALCOA INC                      COM              013817101     3937   109167 SH       SOLE    01             109167        0        0
ALCOA INC                      COM              013817101     2719    75400 SH  PUT  SOLE    01              75400        0        0
ALCON INC                      COM SHS          H01301102    56900      400 SH       SOLE    01                400        0        0
ALEXION PHARMACEUTICALS INC    COM              015351109      237     4000 SH  PUT  SOLE    01               4000        0        0
ALEXION PHARMACEUTICALS INC    COM              015351109      237     4000 SH  CALL SOLE    01               4000        0        0
ALEXION PHARMACEUTICALS INC    COM              015351109     1120    18881 SH       SOLE    01              18881        0        0
ALIGN TECHNOLOGY INC           COM              016255101     1111   100000 SH       SOLE    02             100000        0        0
ALLEGHENY ENERGY INC           COM              017361106      383     7594 SH       SOLE    01               7594        0        0
ALLEGHENY TECHNOLOGIES INC     COM              01741R102     1250    17519 SH       SOLE    01              17519        0        0
ALLERGAN INC                   COM              018490102      664    11772 SH       SOLE    01              11772        0        0
ALLIANCE DATA SYSTEMS CORP     COM              018581108      242     5100 SH       SOLE    01               5100        0        0
ALLIANCE IMAGING INC           COM NEW          018606202      176    20297 SH       SOLE    02              20297        0        0
ALLIANT ENERGY CORP            COM              018802108      228     6500 SH       SOLE    01               6500        0        0
ALLIANT TECHSYSTEMS INC        COM              018804104      216     2083 SH       SOLE    01               2083        0        0
ALLIANT TECHSYSTEMS INC        NOTE 2.750% 2/1  018804AH7     3403    25000 PRN      SOLE    01              25000        0        0
ALLIANZ SE                     SP ADR 1/10 SH   018805101     9830   500000 SH       SOLE    01             500000        0        0
ALLION HEALTHCARE INC          COM              019615103      604   146169 SH       SOLE    01             146169        0        0
ALTRIA GROUP INC               COM              02209S103     9578    31820 SH       SOLE    01              31820        0        0
AMAZON COM INC                 COM              023135106      349     4893 SH       SOLE    01               4893        0        0
AMERICAN CAPITAL STRATEGIES    COM              024937104      853    24972 SH       SOLE    01              24972        0        0
AMERICAN CAPITAL STRATEGIES    COM              024937104      683    20000 SH  PUT  SOLE    02              20000        0        0
AMERICAN EAGLE OUTFITTERS NE   COM              02553E106    15740   898922 SH       SOLE    01 02          898922        0        0
AMERICAN ELEC PWR INC          COM              025537101      542    13021 SH       SOLE    01              13021        0        0
AMERICAN EXPRESS CO            COM              025816109      715    16351 SH       SOLE    01              16351        0        0
AMERICAN EXPRESS CO            COM              025816109     8744   200000 SH  PUT  SOLE    01             200000        0        0
AMERICAN FINL GROUP INC OHIO   NOTE 1.486% 6/0  025932AD6      444     9860 PRN      SOLE    01               9860        0        0
AMERICAN INTL GROUP INC        COM              026874107      712    16470 SH       SOLE    01              16470        0        0
AMERICAN TOWER CORP            CL A             029912201      906    23106 SH       SOLE    01              23106        0        0
AMERICREDIT CORP               NOTE 0.750% 9/1  03060RAP6     3500    57500 PRN      SOLE    04              57500        0        0
AMERICREDIT CORP               NOTE 1.750%11/1  03060RAM3     3052    33000 PRN      SOLE    04              33000        0        0
AMERICREDIT CORP               NOTE 2.125% 9/1  03060RAR2     7595   140000 PRN      SOLE    04             140000        0        0
AMERIPRISE FINL INC            COM              03076C106      420     8096 SH       SOLE    01               8096        0        0
AMERISOURCEBERGEN CORP         COM              03073E105     2261    55173 SH       SOLE    01 02           55173        0        0
AMGEN INC                      COM              031162100     4270   102200 SH  CALL SOLE    01             102200        0        0
AMN HEALTHCARE SERVICES INC    COM              001744101      386    25000 SH       SOLE    02              25000        0        0
AMPCO-PITTSBURGH CORP          COM              032037103      228     5300 SH       SOLE    01               5300        0        0
AMR CORP                       COM              001765106      301    33398 SH       SOLE    01              33398        0        0
AMR CORP                       COM              001765106     2463   273100 SH  CALL SOLE    01             273100        0        0
AMSURG CORP                    COM              03232P405      237    10000 SH  CALL SOLE    01              10000        0        0
ANADARKO PETE CORP             COM              032511107      783    12423 SH       SOLE    01              12423        0        0
ANALOG DEVICES INC             COM              032654105      425    14400 SH       SOLE    01              14400        0        0
ANALOGIC CORP                  COM PAR $0.05    032657207     1036    15566 SH       SOLE    01 02           15566        0        0
ANHEUSER BUSCH COS INC         COM              035229103      896    18874 SH       SOLE    01 02           18874        0        0
ANNALY CAP MGMT INC            COM              035710409      514    33544 SH       SOLE    01              33544        0        0
ANNTAYLOR STORES CORP          COM              036115103     5291   218829 SH       SOLE    01 02          218829        0        0
AON CORP                       COM              037389103      451    11216 SH       SOLE    01              11216        0        0
APACHE CORP                    COM              037411105      244     2016 SH       SOLE    01               2016        0        0
APARTMENT INVT & MGMT CO       CL A             03748R101      741    20704 SH       SOLE    01              20704        0        0
APOLLO GROUP INC               CL A             037604105     1365    31600 SH  CALL SOLE    01              31600        0        0
APOLLO GROUP INC               CL A             037604105     1598    37000 SH  PUT  SOLE    01              37000        0        0
APPLE INC                      COM              037833100      459     3198 SH       SOLE    01               3198        0        0
APPLE INC                      COM              037833100     7175    50000 SH  CALL SOLE    01              50000        0        0
APPLE INC                      COM              037833100     7175    50000 SH  PUT  SOLE    01              50000        0        0
APPLERA CORP                   COM AP BIO GRP   038020103      771    23477 SH       SOLE    01              23477        0        0
APPLIED MATLS INC              COM              038222105      412    21118 SH       SOLE    01              21118        0        0
APRIA HEALTHCARE GROUP INC     COM              037933108      261    13228 SH       SOLE    01              13228        0        0
ARCH COAL INC                  COM              039380100      400     9200 SH       SOLE    01               9200        0        0
ARCHER DANIELS MIDLAND CO      COM              039483102      617    14996 SH       SOLE    01              14996        0        0
ARROW ELECTRS INC              COM              042735100      764    22700 SH       SOLE    01              22700        0        0
ASHLAND INC NEW                COM              044209104      462     9770 SH       SOLE    01               9770        0        0
ASM INTL N V                   COM              N07045102     8202   442631 SH       SOLE    01             442631        0        0
ASML HOLDING N V               NY REG SHS       N07059186      744    30000 SH       SOLE    02              30000        0        0
ASTORIA FINL CORP              COM              046265104      272    10000 SH       SOLE    02              10000        0        0
AT&T INC                       COM              00206R102    19150      500 SH       SOLE    01                500        0        0
ATLAS AIR WORLDWIDE HLDGS IN   COM NEW          049164205    47252   859113 SH       SOLE    01 04          859113        0        0
AUTODESK INC                   COM              052769106      372    11807 SH       SOLE    01              11807        0        0
AUTOZONE INC                   COM              053332102      652     5730 SH       SOLE    01               5730        0        0
AUXILIUM PHARMACEUTICALS INC   COM              05334D107      548    20500 SH       SOLE    01 02           20500        0        0
AVNET INC                      COM              053807103      831    25386 SH       SOLE    01              25386        0        0
AVNET INC                      DBCV 2.000% 3/1  053807AL7     4067    36150 PRN      SOLE    01              36150        0        0
AVON PRODS INC                 COM              054303102      747    18883 SH       SOLE    01              18883        0        0
BALL CORP                      COM              058498106      411     8948 SH       SOLE    01               8948        0        0
BANK MONTREAL QUE              COM              063671101      625    13957 SH       SOLE    01              13957        0        0
BANK OF AMERICA CORPORATION    COM              060505104      546    14400 SH       SOLE    01              14400        0        0
BANK OF AMERICA CORPORATION    COM              060505104      948    25000 SH  CALL SOLE    01              25000        0        0
BARD C R INC                   COM              067383109      791     8202 SH       SOLE    01               8202        0        0
BARR PHARMACEUTICALS INC       COM              068306109     1757    36360 SH       SOLE    01 02           36360        0        0
BARRICK GOLD CORP              COM              067901108      326     7500 SH       SOLE    01               7500        0        0
BAXTER INTL INC                COM              071813109      401     6937 SH       SOLE    01               6937        0        0
BE AEROSPACE INC               COM              073302101      730    20878 SH       SOLE    01              20878        0        0
BE AEROSPACE INC               COM              073302101     3422    97900 SH  CALL SOLE    01              97900        0        0
BEAR STEARNS COS INC           COM              073902108      330    31500 SH  PUT  SOLE    01              31500        0        0
BEBE STORES INC                COM              075571109     5856   544769 SH       SOLE    02             544769        0        0
BECKMAN COULTER INC            COM              075811109      316     4900 SH       SOLE    01               4900        0        0
BECTON DICKINSON & CO          COM              075887109     1891    22025 SH       SOLE    01              22025        0        0
BEST BUY INC                   SDCV 2.250% 1/1  086516AF8     5066    47130 PRN      SOLE    01              47130        0        0
BEST BUY INC                   COM              086516101    10782   260075 SH       SOLE    01             260075        0        0
BEST BUY INC                   COM              086516101     2073    50000 SH  CALL SOLE    01              50000        0        0
BHP BILLITON LTD               SPONSORED ADR    088606108     6881   104500 SH       SOLE    01             104500        0        0
BIOGEN IDEC INC                COM              09062X103      802    13000 SH  PUT  SOLE    01              13000        0        0
BIOGEN IDEC INC                COM              09062X103      558     9044 SH       SOLE    01               9044        0        0
BIOVAIL CORP                   COM              09067J109      115    10809 SH       SOLE    01              10809        0        0
BIOVAIL CORP                   COM              09067J109      735    69000 SH  CALL SOLE    01              69000        0        0
BLACKROCK INC                  COM              09247X101      633     3100 SH       SOLE    01               3100        0        0
BLACKSTONE GROUP L P           COM UNIT LTD     09253U108      159    10000 SH       SOLE    02              10000        0        0
BLOCK H & R INC                COM              093671105      579    27883 SH       SOLE    01              27883        0        0
BOEING CO                      COM              097023105    29748      400 SH       SOLE    01                400        0        0
BORDERS GROUP INC              COM              099709107      105    17924 SH       SOLE    01              17924        0        0
BORGWARNER INC                 COM              099724106      232     5382 SH       SOLE    01               5382        0        0
BOSTON PROPERTIES INC          COM              101121101      594     6450 SH       SOLE    01               6450        0        0
BOSTON SCIENTIFIC CORP         COM              101137107     6988   543000 SH  CALL SOLE    01             543000        0        0
BOSTON SCIENTIFIC CORP         COM              101137107     1936   150404 SH       SOLE    01             150404        0        0
BRANDYWINE RLTY TR             SH BEN INT NEW   105368203      477    28124 SH       SOLE    01              28124        0        0
BRE PROPERTIES INC             CL A             05564E106      363     7978 SH       SOLE    01               7978        0        0
BRIGHT HORIZON FAMILY SOLUTI   COM              109195107      331     7697 SH       SOLE    01 02            7697        0        0
BRISTOL MYERS SQUIBB CO        COM              110122108      700    32897 SH       SOLE    01              32897        0        0
BRISTOL MYERS SQUIBB CO        COM              110122108     4352   204300 SH  CALL SOLE    01             204300        0        0
BROOKFIELD ASSET MGMT INC      CL A LTD VT SH   112585104    21150    89001 SH       SOLE    01              89001        0        0
BROWN FORMAN CORP              CL B             115637209    27272    12239 SH       SOLE    01              12239        0        0
BRUKER CORP                    COM              116794108      942    61253 SH       SOLE    01 02           61253        0        0
BRUNSWICK CORP                 COM              117043109      236    14791 SH       SOLE    01              14791        0        0
BUCYRUS INTL INC NEW           CL A             118759109      254     2500 SH       SOLE    01               2500        0        0
BUNGE LIMITED                  COM              G16962105     7385    85000 SH  PUT  SOLE    01              85000        0        0
BURGER KING HLDGS INC          COM              121208201      246     8900 SH       SOLE    01               8900        0        0
BURLINGTON NORTHN SANTA FE C   COM              12189T104     1337    14500 SH  PUT  SOLE    01              14500        0        0
BURLINGTON NORTHN SANTA FE C   COM              12189T104     1876    20339 SH       SOLE    01              20339        0        0
C H ROBINSON WORLDWIDE INC     COM NEW          12541W209      764    14045 SH       SOLE    01              14045        0        0
CA INC                         COM              12673P105      346    15379 SH       SOLE    01              15379        0        0
CADENCE PHARMACEUTICALS INC    COM              12738T100      119    20000 SH       SOLE    02              20000        0        0
CAMDEN PPTY TR                 SH BEN INT       133131102      305     6084 SH       SOLE    01               6084        0        0
CAPITAL ONE FINL CORP          COM              14040H105      367     7460 SH       SOLE    01               7460        0        0
CAPITAL ONE FINL CORP          COM              14040H105     2707    55000 SH  CALL SOLE    01              55000        0        0
CAPITAL SR LIVING CORP         COM              140475104      225    27782 SH       SOLE    01 02           27782        0        0
CARNIVAL CORP                  DBCV 2.000% 4/1  143658AN2     2741    25000 PRN      SOLE    01              25000        0        0
CARNIVAL CORP                  PAIRED CTF       143658300      893    22060 SH       SOLE    01 02           22060        0        0
CARPENTER TECHNOLOGY CORP      COM              144285103      420     7500 SH  PUT  SOLE    01               7500        0        0
CATERPILLAR INC DEL            COM              149123101      268     3428 SH       SOLE    01               3428        0        0
CB RICHARD ELLIS GROUP INC     CL A             12497T101      708    32704 SH       SOLE    01              32704        0        0
CBL & ASSOC PPTYS INC          COM              124830100      257    10938 SH       SOLE    01              10938        0        0
CBS CORP NEW                   CL B             124857202     1182    53554 SH       SOLE    01              53554        0        0
CELANESE CORP DEL              COM SER A        150870103      219     5600 SH       SOLE    01               5600        0        0
CELGENE CORP                   COM              151020104     6062    98900 SH  PUT  SOLE    01              98900        0        0
CELGENE CORP                   COM              151020104      576     9400 SH       SOLE    01               9400        0        0
CENTENNIAL COMMUNCTNS CORP N   CL A NEW         15133V208      343    58100 SH       SOLE    01              58100        0        0
CENTERPOINT ENERGY INC         COM              15189T107    28746    16432 SH       SOLE    01              16432        0        0
CENTRAL FD CDA LTD             CL A             153501101      555    44100 SH       SOLE    01              44100        0        0
CEPHALON INC                   COM              156708109      779    12100 SH       SOLE    01 02           12100        0        0
CF INDS HLDGS INC              COM              125269100      290     2800 SH       SOLE    01               2800        0        0
CF INDS HLDGS INC              COM              125269100     5834    56300 SH  CALL SOLE    01              56300        0        0
CF INDS HLDGS INC              COM              125269100     3627    35000 SH  PUT  SOLE    01              35000        0        0
CHATTEM INC                    COM              162456107      587     8850 SH       SOLE    01               8850        0        0
CHECK POINT SOFTWARE TECH LT   ORD              M22465104      609    27217 SH       SOLE    01 02           27217        0        0
CHEESECAKE FACTORY INC         COM              163072101      270    12400 SH       SOLE    01              12400        0        0
CHESAPEAKE ENERGY CORP         COM              165167107     1168    25300 SH  PUT  SOLE    01              25300        0        0
CHESAPEAKE ENERGY CORP         COM              165167107     2561    55500 SH  CALL SOLE    01              55500        0        0
CHESAPEAKE ENERGY CORP         COM              165167107     1197    25927 SH       SOLE    01              25927        0        0
CHESAPEAKE ENERGY CORP         6.25% PFD CONV   165167818      686     2000 SH       SOLE    01               2000        0        0
CHEVRON CORP NEW               COM              166764100     1546    18107 SH       SOLE    01              18107        0        0
CHICOS FAS INC                 COM              168615102     1067   150100 SH       SOLE    02             150100        0        0
CHINA PETE & CHEM CORP         SPON ADR H SHS   16941R108     4406    51246 SH       SOLE    01              51246        0        0
CHINDEX INTERNATIONAL INC      COM              169467107      230     6100 SH       SOLE    01               6100        0        0
CHIQUITA BRANDS INTL INC       *W EXP 03/19/200 170032114      335    55300 SH       SOLE    01              55300        0        0
CHUBB CORP                     COM              171232101      506    10219 SH       SOLE    01              10219        0        0
CIBER INC                      SDCV 2.875%12/1  17163BAB8      969    10000 PRN      SOLE    01              10000        0        0
CIENA CORP                     COM NEW          171779309      729    23637 SH       SOLE    01              23637        0        0
CIENA CORP                     NOTE 0.250% 5/0  171779AB7     2970    31720 PRN      SOLE    01              31720        0        0
CIGNA CORP                     COM              125509109     1010    24889 SH       SOLE    01              24889        0        0
CINCINNATI BELL INC NEW        COM              171871106       95    22400 SH       SOLE    01              22400        0        0
CINTAS CORP                    COM              172908105      324    11349 SH       SOLE    01              11349        0        0
CIRCUIT CITY STORE INC         COM              172737108       47    11700 SH       SOLE    01              11700        0        0
CISCO SYS INC                  COM              17275R102     2822   117147 SH       SOLE    01             117147        0        0
CISCO SYS INC                  COM              17275R102     2409   100000 SH  PUT  SOLE    01             100000        0        0
CITIGROUP INC                  COM              172967101      405    18904 SH       SOLE    01 02           18904        0        0
CITIGROUP INC                  COM              172967101     2870   134000 SH  CALL SOLE    01             134000        0        0
CITIGROUP INC                  COM              172967101    12957   604900 SH  PUT  SOLE    01             604900        0        0
CITRIX SYS INC                 COM              177376100     2355    80292 SH       SOLE    01              80292        0        0
CITRIX SYS INC                 COM              177376100     1241    42300 SH  CALL SOLE    01              42300        0        0
CITRIX SYS INC                 COM              177376100    14392   490700 SH  PUT  SOLE    01             490700        0        0
CLAUDE RES INC                 COM              182873109       39    40000 SH       SOLE    01              40000        0        0
CLEAR CHANNEL COMMUNICATIONS   COM              184502102     5131   175600 SH       SOLE    01 02          175600        0        0
CLEAR CHANNEL COMMUNICATIONS   COM              184502102     3390   116000 SH  PUT  SOLE    01             116000        0        0
CLEVELAND CLIFFS INC           COM              185896107      347     2895 SH       SOLE    01               2895        0        0
CLOROX CO DEL                  COM              189054109     1305    23039 SH       SOLE    01              23039        0        0
CMS ENERGY CORP                COM              125896100     2037   150444 SH       SOLE    01             150444        0        0
CNET NETWORKS INC              COM              12613R104    50739  7146368 SH       SOLE    01            7146368        0        0
COACH INC                      COM              189754104     1270    42128 SH       SOLE    01              42128        0        0
COCA COLA CO                   COM              191216100     2303    37835 SH       SOLE    01 02           37835        0        0
COCA COLA CO                   COM              191216100    80811  1327600 SH  CALL SOLE    01            1327600        0        0
COCA COLA ENTERPRISES INC      COM              191219104      491    20285 SH       SOLE    01              20285        0        0
COGNIZANT TECHNOLOGY SOLUTIO   CL A             192446102      381    13225 SH       SOLE    01              13225        0        0
COLLAGENEX PHARMACEUTICALS I   COM              19419B100     1163    70192 SH       SOLE    02              70192        0        0
COMCAST CORP NEW               CL A             20030N101      358    18500 SH       SOLE    01              18500        0        0
COMMUNITY HEALTH SYS INC NEW   COM              203668108     1848    55000 SH       SOLE    02              55000        0        0
COMPASS MINERALS INTL INC      COM              20451N101     4777    81000 SH  PUT  SOLE    01              81000        0        0
COMPASS MINERALS INTL INC      COM              20451N101     4486    76068 SH       SOLE    01              76068        0        0
CONAGRA FOODS INC              COM              205887102      446    18632 SH       SOLE    01              18632        0        0
CONEXANT SYSTEMS INC           COM              207142100     1783  3075000 SH       SOLE    02            3075000        0        0
CONOCOPHILLIPS                 COM              20825C104    18378   241155 SH       SOLE    01             241155        0        0
CONOCOPHILLIPS                 COM              20825C104    11432   150000 SH  CALL SOLE    01             150000        0        0
CONOCOPHILLIPS                 COM              20825C104    23488   308200 SH  PUT  SOLE    01             308200        0        0
CONSOL ENERGY INC              COM              20854P109     1446    20900 SH       SOLE    01              20900        0        0
CONSOLIDATED EDISON INC        COM              209115104      284     7146 SH       SOLE    01               7146        0        0
CONSOLIDATED GRAPHICS INC      COM              209341106      235     4200 SH       SOLE    01               4200        0        0
CONSTELLATION BRANDS INC       CL A             21036P108     1078    61027 SH       SOLE    01              61027        0        0
CONSTELLATION ENERGY GROUP I   COM              210371100     1944    22020 SH       SOLE    01              22020        0        0
COOPER COS INC                 DBCV 2.625% 7/0  216648AG0     2497    25000 PRN      SOLE    01              25000        0        0
COSTCO WHSL CORP NEW           COM              22160K105      572     8805 SH       SOLE    01               8805        0        0
COTT CORP QUE                  COM              22163N106      239    68165 SH       SOLE    01              68165        0        0
COVANTA HLDG CORP              COM              22282E102     1155    42000 SH  CALL SOLE    01              42000        0        0
COVENTRY HEALTH CARE INC       COM              222862104      614    15209 SH       SOLE    01              15209        0        0
COVIDIEN LTD                   COM              G2552X108     2290    51750 SH       SOLE    02              51750        0        0
CRAY INC                       NOTE 3.000%12/0  225223AB2     1260    14360 PRN      SOLE    01              14360        0        0
CROCS INC                      COM              227046109      183    10483 SH       SOLE    01              10483        0        0
CROWN HOLDINGS INC             COM              228368106      603    23971 SH       SOLE    01 02           23971        0        0
CSG SYS INTL INC               NOTE 2.500% 6/1  126349AB5      316     3930 PRN      SOLE    01               3930        0        0
CSX CORP                       COM              126408103      469     8365 SH       SOLE    01               8365        0        0
CUBIST PHARMACEUTICALS INC     NOTE 2.250% 6/1  229678AC1     1810    20200 PRN      SOLE    01              20200        0        0
CUMMINS INC                    COM              231021106     1209    25828 SH       SOLE    01              25828        0        0
CVS CAREMARK CORPORATION       COM              126650100     9691   239224 SH       SOLE    01 02          239224        0        0
CVS CAREMARK CORPORATION       COM              126650100     5064   125000 SH  CALL SOLE    01             125000        0        0
CVS CAREMARK CORPORATION       COM              126650100     5064   125000 SH  PUT  SOLE    01             125000        0        0
CYPRESS SEMICONDUCTOR CORP     COM              232806109      380    16100 SH       SOLE    01              16100        0        0
DAIMLER AG                     REG SHS          D1668R123     5176    60500 SH       SOLE    01              60500        0        0
DANAHER CORP DEL               COM              235851102     1119    14716 SH       SOLE    01              14716        0        0
DARDEN RESTAURANTS INC         COM              237194105      948    29126 SH       SOLE    01 02           29126        0        0
DAVITA INC                     COM              23918K108      776    16181 SH       SOLE    01 02           16181        0        0
DEERE & CO                     COM              244199105     1551    19284 SH       SOLE    01              19284        0        0
DENDREON CORP                  COM              24823Q107     9626  1997000 SH  CALL SOLE                  1997000        0        0
DEUTSCHE BANK AG               NAMEN AKT        D18190898    11350   100400 SH       SOLE    01             100400        0        0
DICKS SPORTING GOODS INC       COM              253393102      244     9100 SH       SOLE    01               9100        0        0
DICKS SPORTING GOODS INC       NOTE 1.606% 2/1  253393AB8      932     9450 PRN      SOLE    01               9450        0        0
DILLARDS INC                   CL A             254067101      356    20666 SH       SOLE    01              20666        0        0
DIME CMNTY BANCSHARES          COM              253922108      262    15000 SH       SOLE    02              15000        0        0
DIRECTV GROUP INC              COM              25459L106      476    19203 SH       SOLE    01              19203        0        0
DISNEY WALT CO                 NOTE 2.125% 4/1  254687AU0      486     4550 PRN      SOLE    01               4550        0        0
DISNEY WALT CO                 COM DISNEY       254687106    39598    13140 SH       SOLE    01              13140        0        0
DOLBY LABORATORIES INC         COM              25659T107      307     8466 SH       SOLE    01               8466        0        0
DOMINION RES INC VA NEW        COM              25746U109      283     6926 SH       SOLE    01               6926        0        0
DOMINION RES INC VA NEW        NOTE 2.125%12/1  25746UAT6     2809    24970 PRN      SOLE    01              24970        0        0
DOUGLAS EMMETT INC             COM              25960P109      950    43058 SH       SOLE    01              43058        0        0
DOW CHEM CO                    COM              260543103     1813    49192 SH       SOLE    01              49192        0        0
DRESS BARN INC                 COM              261570105      360    27828 SH       SOLE    01 02           27828        0        0
DRS TECHNOLOGIES INC           COM              23330X100      396     6800 SH       SOLE    01               6800        0        0
DST SYS INC DEL                DBCV 3.625% 8/1  233326AD9     2981    21900 PRN      SOLE    01              21900        0        0
DST SYS INC DEL                DBCV 4.125% 8/1  233326AB3      277     1900 PRN      SOLE    01               1900        0        0
DTE ENERGY CO                  COM              233331107      268     6888 SH       SOLE    01               6888        0        0
DU PONT E I DE NEMOURS & CO    COM              263534109     1588    33962 SH       SOLE    01              33962        0        0
DUKE ENERGY CORP NEW           COM              26441C105     1062    59483 SH       SOLE    01              59483        0        0
DUKE REALTY CORP               COM NEW          264411505      396    17377 SH       SOLE    01              17377        0        0
E M C CORP MASS                COM              268648102      452    31524 SH       SOLE    01              31524        0        0
E M C CORP MASS                NOTE 1.750%12/0  268648AM4      590     5030 PRN      SOLE    01               5030        0        0
EASTMAN CHEM CO                COM              277432100     1176    18831 SH       SOLE    01              18831        0        0
EASTMAN KODAK CO               COM              277461109      187    10559 SH       SOLE    01              10559        0        0
EBAY INC                       COM              278642103     8654   290000 SH  CALL SOLE    01             290000        0        0
ECOLAB INC                     COM              278865100      738    16996 SH       SOLE    01              16996        0        0
EDISON INTL                    COM              281020107     1253    25568 SH       SOLE    01              25568        0        0
EDWARDS LIFESCIENCES CORP      COM              28176E108      571    12809 SH       SOLE    01              12809        0        0
EDWARDS LIFESCIENCES CORP      DBCV 3.875% 5/1  28176EAB4     5549    55150 PRN      SOLE    01              55150        0        0
ELAN PLC                       ADR              284131208     3515   168500 SH  CALL SOLE    01             168500        0        0
ELAN PLC                       ADR              284131208     2023    97000 SH  PUT  SOLE    01              97000        0        0
ELECTRONIC DATA SYS NEW        COM              285661104      251    15085 SH       SOLE    01              15085        0        0
EMBARQ CORP                    COM              29078E105      640    15972 SH       SOLE    01              15972        0        0
EMCORE CORP                    COM              290846104       87    15100 SH       SOLE    01              15100        0        0
ENCYSIVE PHARMACEUTICALS INC   COM              29256X107      346   147023 SH       SOLE    02             147023        0        0
ENDEAVOUR INTL CORP            COM              29259G101     4174  3138400 SH       SOLE    01            3138400        0        0
ENERGIZER HLDGS INC            COM              29266R108      203     2239 SH       SOLE    01               2239        0        0
ENERGY CONVERSION DEVICES IN   COM              292659109      365    12200 SH       SOLE    01              12200        0        0
ENTERGY CORP NEW               COM              29364G103      780     7147 SH       SOLE    01               7147        0        0
EOG RES INC                    COM              26875P101      291     2423 SH       SOLE    01               2423        0        0
EQUIFAX INC                    COM              294429105      528    15311 SH       SOLE    01              15311        0        0
EQUITABLE RES INC              COM              294549100      565     9588 SH       SOLE    01               9588        0        0
ERICSSON L M TEL CO            ADR B SEK 10     294821608    17903   911107 SH       SOLE    01             911107        0        0
ETHAN ALLEN INTERIORS INC      COM              297602104      364    12800 SH       SOLE    01              12800        0        0
EVANS & SUTHERLAND COMPUTER    COM              299096107       22    28372 SH       SOLE    01              28372        0        0
EXCEL MARITIME CARRIERS LTD    COM              V3267N107      478    16300 SH  PUT  SOLE    02              16300        0        0
EXELON CORP                    COM              30161N101      461     5675 SH       SOLE    01               5675        0        0
EXPEDIA INC DEL                COM              30212P105      489    22319 SH       SOLE    01              22319        0        0
EXPRESS SCRIPTS INC            COM              302182100      237     3681 SH       SOLE    01               3681        0        0
EXPRESSJET HOLDINGS INC        NOTE 4.250% 8/0  30218UAB4      400     4220 PRN      SOLE    01               4220        0        0
EXXON MOBIL CORP               COM              30231G102      967    11432 SH       SOLE    01              11432        0        0
F M C CORP                     COM NEW          302491303      205     3700 SH       SOLE    01               3700        0        0
FAIRCHILD SEMICONDUCTOR CORP   NOTE 5.000%11/0  303727AJ0      628     6300 PRN      SOLE    01               6300        0        0
FAMILY DLR STORES INC          COM              307000109     2424   124329 SH       SOLE    01             124329        0        0
FAMILY DLR STORES INC          COM              307000109     1954   100200 SH  PUT  SOLE    01             100200        0        0
FEDERAL HOME LN MTG CORP       COM              313400301      906    35800 SH       SOLE    01              35800        0        0
FEDERAL HOME LN MTG CORP       COM              313400301      970    38300 SH  PUT  SOLE    01              38300        0        0
FEI CO                         NOTE 2.875% 6/0  30241LAF6      501     5030 PRN      SOLE    01               5030        0        0
FEI CO                         NOTE 6/1         30241LAD1     6692    97010 PRN      SOLE    01              97010        0        0
FIDELITY NATIONAL FINANCIAL    CL A             31620R105      356    19404 SH       SOLE    01              19404        0        0
FIDELITY NATL INFORMATION SV   COM              31620M106      238     6247 SH       SOLE    01               6247        0        0
FINISH LINE INC                CL A             317923100      246    51726 SH       SOLE    01              51726        0        0
FIRST HORIZON NATL CORP        COM              320517105      333    23798 SH       SOLE    01              23798        0        0
FISERV INC                     COM              337738108      611    12703 SH       SOLE    01              12703        0        0
FLEXTRONICS INTL LTD           ORD              Y2573F102      265    28200 SH       SOLE    01              28200        0        0
FORD MTR CO DEL                COM PAR $0.01    345370860     1298   226978 SH       SOLE    01 02          226978        0        0
FOREST LABS INC                COM              345838106     1180    29500 SH       SOLE    02              29500        0        0
FOREST OIL CORP                COM PAR $0.01    346091705      607    12400 SH       SOLE    01              12400        0        0
FPL GROUP INC                  COM              302571104      540     8609 SH       SOLE    01               8609        0        0
FRANKLIN ELEC INC              COM              353514102      214     6265 SH       SOLE    01               6265        0        0
FREEPORT-MCMORAN COPPER & GO   COM              35671D857    12891   133979 SH       SOLE    01             133979        0        0
FREEPORT-MCMORAN COPPER & GO   COM              35671D857    19995   207800 SH  CALL SOLE    01             207800        0        0
FREEPORT-MCMORAN COPPER & GO   COM              35671D857    17464   181500 SH  PUT  SOLE    01             181500        0        0
FRONTLINE LTD                  SHS              G3682E127   137159  2980432 SH       SOLE    01            2980432        0        0
FRONTLINE LTD                  SHS              G3682E127      690    15000 SH  PUT  SOLE    01              15000        0        0
FURNITURE BRANDS INTL INC      COM              360921100      253    21600 SH       SOLE    01              21600        0        0
GALLAGHER ARTHUR J & CO        COM              363576109      215     9094 SH       SOLE    01               9094        0        0
GAMESTOP CORP NEW              CL A             36467W109      207     4006 SH       SOLE    01               4006        0        0
GANNETT INC                    COM              364730101     1368    47100 SH  CALL SOLE    01              47100        0        0
GAP INC DEL                    COM              364760108      273    13893 SH       SOLE    01              13893        0        0
GAP INC DEL                    COM              364760108      295    15000 SH  PUT  SOLE    02              15000        0        0
GARMIN LTD                     ORD              G37260109      216     4000 SH       SOLE    01               4000        0        0
GENCO SHIPPING & TRADING LTD   SHS              Y2685T107     1326    23500 SH  CALL SOLE    01              23500        0        0
GENCORP INC                    SDCV 2.250%11/1  368682AL4     2940    35000 PRN      SOLE    01              35000        0        0
GENENTECH INC                  COM NEW          368710406    28413      350 SH       SOLE    01                350        0        0
GENENTECH INC                  COM NEW          368710406    12989   160000 SH  CALL SOLE    01             160000        0        0
GENENTECH INC                  COM NEW          368710406    10553   130000 SH  PUT  SOLE    01             130000        0        0
GENERAL CABLE CORP DEL NEW     COM              369300108      382     6461 SH       SOLE    01               6461        0        0
GENERAL CABLE CORP DEL NEW     NOTE 0.875%11/1  369300AD0      738     5440 PRN      SOLE    01               5440        0        0
GENERAL DYNAMICS CORP          COM              369550108     1201    14403 SH       SOLE    01              14403        0        0
GENERAL ELECTRIC CO            COM              369604103    36244   180097 SH       SOLE    01 02          180097        0        0
GENERAL GROWTH PPTYS INC       COM              370021107     1633    42770 SH       SOLE    01              42770        0        0
GENERAL MLS INC                COM              370334104     1533    25607 SH       SOLE    01              25607        0        0
GENERAL MTRS CORP              COM              370442105     8276   434431 SH       SOLE    01             434431        0        0
GENERAL MTRS CORP              COM              370442105     7412   389100 SH  CALL SOLE    01             389100        0        0
GENERAL MTRS CORP              COM              370442105     8464   444300 SH  PUT  SOLE    01             444300        0        0
GENTIVA HEALTH SERVICES INC    COM              37247A102      287    13137 SH       SOLE    01 02           13137        0        0
GENWORTH FINL INC              COM CL A         37247D106      544    24014 SH       SOLE    01              24014        0        0
GENZYME CORP                   COM              372917104     2957    39673 SH       SOLE    01 02           39673        0        0
GENZYME CORP                   COM              372917104     5143    69000 SH  PUT  SOLE    01              69000        0        0
GENZYME CORP                   NOTE 1.250%12/0  372917AN4      225     1940 PRN      SOLE    01               1940        0        0
GEORGIA GULF CORP              COM PAR $0.01    373200203      317    45800 SH  CALL SOLE    01              45800        0        0
GILEAD SCIENCES INC            COM              375558103      317     6150 SH       SOLE    01               6150        0        0
GLOBAL PMTS INC                COM              37940X102      360     8700 SH       SOLE    01               8700        0        0
GMX RES INC                    COM              38011M108    15070   431425 SH       SOLE                   431425        0        0
GOLDMAN SACHS GROUP INC        COM              38141G104     1654    10000 SH  PUT  SOLE    01              10000        0        0
GOLDMAN SACHS GROUP INC        COM              38141G104    18312    10820 SH       SOLE    01              10820        0        0
GOODRICH CORP                  COM              382388106     1276    22192 SH       SOLE    01              22192        0        0
GOODYEAR TIRE & RUBR CO        COM              382550101      214     8308 SH       SOLE    01               8308        0        0
GOOGLE INC                     CL A             38259P508      308      700 SH       SOLE    01                700        0        0
GOOGLE INC                     CL A             38259P508    28675    65100 SH  PUT  SOLE    01              65100        0        0
GRACE W R & CO DEL NEW         COM              38388F108     1271    55716 SH       SOLE    01              55716        0        0
GRACE W R & CO DEL NEW         COM              38388F108     4064   178100 SH  CALL SOLE    01             178100        0        0
GRACE W R & CO DEL NEW         COM              38388F108      541    23700 SH  PUT  SOLE    01              23700        0        0
GRAFTECH INTL LTD              COM              384313102      314    19400 SH       SOLE    01              19400        0        0
GRAINGER W W INC               COM              384802104      313     4100 SH       SOLE    01               4100        0        0
GRANITE CONSTR INC             COM              387328107     3006    91900 SH  PUT  SOLE    01              91900        0        0
GRANITE CONSTR INC             COM              387328107     3968   121300 SH  CALL SOLE    01             121300        0        0
GRANITE CONSTR INC             COM              387328107     3874   118448 SH       SOLE    01             118448        0        0
GREAT WOLF RESORTS INC         COM              391523107       96    15000 SH       SOLE    02              15000        0        0
GREATBATCH INC                 COM              39153L106      598    32500 SH       SOLE    02              32500        0        0
HARLEY DAVIDSON INC            COM              412822108     3547    94595 SH       SOLE    01              94595        0        0
HARLEY DAVIDSON INC            COM              412822108     1943    51800 SH  CALL SOLE    01              51800        0        0
HARLEY DAVIDSON INC            COM              412822108     3930   104800 SH  PUT  SOLE    01             104800        0        0
HARMAN INTL INDS INC           COM              413086109      628    14427 SH       SOLE    01              14427        0        0
HARSCO CORP                    COM              415864107      261     4715 SH       SOLE    01               4715        0        0
HASBRO INC                     COM              418056107      425    15244 SH       SOLE    01              15244        0        0
HAYES LEMMERZ INTL INC         COM NEW          420781304     6554  2349082 SH       SOLE    04            2349082        0        0
HEALTH MGMT ASSOC INC NEW      NOTE 4.375% 8/0  421933AF9     9937   100000 PRN      SOLE    01             100000        0        0
HEALTH NET INC                 COM              42222G108      647    21000 SH       SOLE    01              21000        0        0
HEALTHSOUTH CORP               COM NEW          421924309     2697   151600 SH  PUT  SOLE    01             151600        0        0
HEALTHSOUTH CORP               COM NEW          421924309      859    48285 SH       SOLE    01              48285        0        0
HELICOS BIOSCIENCES CORP       COM              42326R109      184    30634 SH       SOLE    02              30634        0        0
HELIX ENERGY SOLUTIONS GRP I   COM              42330P107      740    23500 SH  CALL SOLE    01              23500        0        0
HERCULES INC                   COM              427056106      498    27240 SH       SOLE    01              27240        0        0
HESS CORP                      COM              42809H107     1270    14405 SH       SOLE    01              14405        0        0
HESS CORP                      COM              42809H107     2645    30000 SH  CALL SOLE    01              30000        0        0
HEWLETT PACKARD CO             COM              428236103      599    13118 SH       SOLE    01              13118        0        0
HILLENBRAND INDS INC           COM              431573104      284     5940 SH       SOLE    01               5940        0        0
HOLLY CORP                     COM PAR $0.01    435758305      212     4876 SH       SOLE    01               4876        0        0
HOLOGIC INC                    COM              436440101      267     4800 SH       SOLE    01               4800        0        0
HORNBECK OFFSHORE SVCS INC N   COM              440543106     4752   104057 SH       SOLE    01             104057        0        0
HOSPIRA INC                    COM              441060100      372     8690 SH       SOLE    01               8690        0        0
HOSPITALITY PPTYS TR           COM SH BEN INT   44106M102      276     8112 SH       SOLE    01               8112        0        0
HOST HOTELS & RESORTS INC      COM              44107P104      948    59573 SH       SOLE    01              59573        0        0
HUMAN GENOME SCIENCES INC      NOTE 2.250%10/1  444903AK4     1815    23500 PRN      SOLE    01              23500        0        0
HUMANA INC                     COM              444859102      669    14921 SH       SOLE    01              14921        0        0
HUNTINGTON BANCSHARES INC      COM              446150104      538    50000 SH  PUT  SOLE    02              50000        0        0
HUNTSMAN CORP                  COM              447011107     1187    50378 SH       SOLE    01 02           50378        0        0
HUTCHINSON TECHNOLOGY INC      COM              448407106      240    15111 SH       SOLE    01              15111        0        0
IDENIX PHARMACEUTICALS INC     COM              45166R204      495    98589 SH       SOLE    01              98589        0        0
IHOP CORP                      COM              449623107      220     4600 SH       SOLE    01               4600        0        0
ILLINOIS TOOL WKS INC          COM              452308109      540    11200 SH       SOLE    01              11200        0        0
IMS HEALTH INC                 COM              449934108      469    22318 SH       SOLE    01              22318        0        0
INCYTE CORP                    NOTE 3.500% 2/1  45337CAE2     1064    10000 PRN      SOLE    01              10000        0        0
INGERSOLL-RAND COMPANY LTD     CL A             G4776G101      223     5000 SH  CALL SOLE    01               5000        0        0
INPUT/OUTPUT INC               NOTE 5.500%12/1  457652AB1      326     1000 PRN      SOLE    01               1000        0        0
INTEGRA LIFESCIENCES HLDGS C   COM NEW          457985208      422     9700 SH  PUT  SOLE    01               9700        0        0
INTEL CORP                     COM              458140100     2157   101859 SH       SOLE    01             101859        0        0
INTERMUNE INC                  COM              45884X103     3337   228900 SH  CALL SOLE    01             228900        0        0
INTERMUNE INC                  COM              45884X103     6589   451900 SH  PUT  SOLE    01             451900        0        0
INTERMUNE INC                  COM              45884X103     3591   246300 SH       SOLE    01             246300        0        0
INTERNATIONAL BUSINESS MACHS   COM              459200101    11514   100000 SH  PUT  SOLE    01             100000        0        0
INTERNATIONAL GAME TECHNOLOG   COM              459902102     1472    36613 SH       SOLE    01 02           36613        0        0
INTERPUBLIC GROUP COS INC      COM              460690100      107    12719 SH       SOLE    01              12719        0        0
INTERSIL CORP                  CL A             46069S109      203     7900 SH       SOLE    01               7900        0        0
INTERSTATE HOTELS & RESRTS I   COM              46088S106      716   149798 SH       SOLE    01             149798        0        0
INTL PAPER CO                  COM              460146103      501    18416 SH       SOLE    01              18416        0        0
INTUIT                         COM              461202103      920    34054 SH       SOLE    01              34054        0        0
INTUITIVE SURGICAL INC         COM NEW          46120E602      527     1625 SH       SOLE    01               1625        0        0
INVESTMENT TECHNOLOGY GRP NE   COM              46145F105      369     8000 SH       SOLE    01               8000        0        0
INVITROGEN CORP                NOTE 1.500% 2/1  46185RAK6     1109    10930 PRN      SOLE    01              10930        0        0
ISHARES COMEX GOLD TR          ISHARES          464285105    16321      180 SH       SOLE    01                180        0        0
ISHARES INC                    MSCI AUSTRALIA   464286103     8758      340 SH       SOLE    01                340        0        0
ISHARES INC                    MSCI S KOREA     464286772    10879      195 SH       SOLE    01                195        0        0
ISHARES INC                    MSCI SINGAPORE   464286673     6385      500 SH       SOLE    01                500        0        0
ISHARES INC                    MSCI SPAIN       464286764    11054      180 SH       SOLE    01                180        0        0
ISHARES INC                    MSCI BRAZIL      464286400    12479     2160 SH       SOLE    01               2160        0        0
ISHARES INC                    MSCI MEXICO      464286822    11820      200 SH       SOLE    01                200        0        0
ISHARES INC                    MSCI GERMAN      464286806    10713      340 SH       SOLE    01                340        0        0
ISHARES TR                     DJ US FINL SVC   464287770    36223      417 SH       SOLE    01                417        0        0
ISHARES TR                     S&P LTN AM 40    464287390    12625       50 SH       SOLE    01                 50        0        0
ISHARES TR                     RUSSELL1000VAL   464287598      804    10943 SH       SOLE    01              10943        0        0
ISHARES TR                     RUSSELL 2000     464287655    18390   269300 SH  PUT  SOLE    01             269300        0        0
ISHARES TR                     RUSSELL 2000     464287655    48895   715986 SH       SOLE    01             715986        0        0
ISHARES TR                     MSCI EMERG MKT   464287234    22845      170 SH       SOLE    01                170        0        0
ISHARES TR                     MSCI EAFE IDX    464287465    57592      801 SH       SOLE    01                801        0        0
ISHARES TR                     S&P GSSI NATL    464287374    69481      544 SH       SOLE    01                544        0        0
ISHARES TR                     S&P GSTI SOFTW   464287515     8964      200 SH       SOLE    01                200        0        0
ISHARES TR                     FTSE XNHUA IDX   464287184     8108       60 SH       SOLE    01                 60        0        0
ISHARES TR                     DJ US UTILS      464287697    64550      702 SH       SOLE    01                702        0        0
ISHARES TR                     DJ US FINL SEC   464287788    71035      870 SH       SOLE    01                870        0        0
ISHARES TR                     DJ US ENERGY     464287796   136820     1063 SH       SOLE    01               1063        0        0
ISHARES TR                     DJ US BAS MATL   464287838   139832     1884 SH       SOLE    01               1884        0        0
ISHARES TR                     DJ OIL&GAS EXP   464288851    60813      882 SH       SOLE    01                882        0        0
ISHARES TR                     DJ OIL EQUIP     464288844    55762      907 SH       SOLE    01                907        0        0
ISHARES TR                     DJ AEROSPACE     464288760    47138      798 SH       SOLE    01                798        0        0
ISHARES TR                     CONS SRVC IDX    464287580    56676      985 SH       SOLE    01                985        0        0
ISHARES TR                     COHEN&ST RLTY    464287564    35693      444 SH       SOLE    01                444        0        0
ISHARES TR                     1-3 YR TRS BD    464287457     9266      110 SH       SOLE    01                110        0        0
ISHARES TR                     TRANSP AVE IDX   464287192   100428     1175 SH       SOLE    01               1175        0        0
ISHARES TR                     DJ US TELECOMM   464287713    55504     2375 SH       SOLE    01               2375        0        0
ISHARES TR                     S&P SMLCAP 600   464287804    42669      712 SH       SOLE    01                712        0        0
ISLE OF CAPRI CASINOS INC      COM              464592104     1395   195108 SH       SOLE    01             195108        0        0
ITT CORP NEW                   COM              450911102      875    16888 SH       SOLE    01              16888        0        0
ITT EDUCATIONAL SERVICES INC   COM              45068B109     3936    85700 SH  PUT  SOLE    01              85700        0        0
IVANHOE MINES LTD              COM              46579N103      877    85000 SH       SOLE    01              85000        0        0
JACOBS ENGR GROUP INC DEL      COM              469814107     1185    16099 SH       SOLE    01              16099        0        0
JANUS CAP GROUP INC            COM              47102X105      900    38680 SH       SOLE    01              38680        0        0
JDS UNIPHASE CORP              COM PAR $0.001   46612J507      181    13507 SH       SOLE    01              13507        0        0
JO-ANN STORES INC              COM              47758P307      628    42645 SH       SOLE    02              42645        0        0
JOHNSON & JOHNSON              COM              478160104     1548    23861 SH       SOLE    01              23861        0        0
JOHNSON CTLS INC               COM              478366107      765    22641 SH       SOLE    01              22641        0        0
JP MORGAN CHASE & CO           COM              46625H100      859    20000 SH  CALL SOLE    01              20000        0        0
JP MORGAN CHASE & CO           COM              46625H100     5154   120000 SH  PUT  SOLE    01             120000        0        0
JP MORGAN CHASE & CO           COM              46625H100     3115    72535 SH       SOLE    01              72535        0        0
JUNIPER NETWORKS INC           COM              48203R104      660    26395 SH       SOLE    01              26395        0        0
KAISER ALUMINUM CORP           COM PAR $0.01    483007704      245     3535 SH       SOLE    01               3535        0        0
KANSAS CITY SOUTHERN           COM NEW          485170302      201     5000 SH  PUT  SOLE    01               5000        0        0
KB HOME                        COM              48666K109      868    35100 SH  CALL SOLE    01              35100        0        0
KB HOME                        COM              48666K109      215     8700 SH  PUT  SOLE    01               8700        0        0
KERYX BIOPHARMACEUTICALS INC   COM              492515101       71   118235 SH       SOLE    01             118235        0        0
KERYX BIOPHARMACEUTICALS INC   COM              492515101       28    47400 SH  CALL SOLE    01              47400        0        0
KINDER MORGAN ENERGY PARTNER   UT LTD PARTNER   494550106    41018      750 SH       SOLE    01                750        0        0
KINDRED HEALTHCARE INC         COM              494580103      206     9500 SH       SOLE    02               9500        0        0
KKR FINANCIAL HLDGS LLC        COM              48248A306      624    49300 SH       SOLE    02              49300        0        0
KLA-TENCOR CORP                COM              482480100      243     6555 SH       SOLE    01               6555        0        0
KNIGHT CAPITAL GROUP INC       CL A             499005106     1241    76400 SH  PUT  SOLE    01              76400        0        0
KONINKLIJKE PHILIPS ELECTRS    NY REG SH NEW    500472303   191750  5001302 SH       SOLE    01            5001302        0        0
KRAFT FOODS INC                CL A             50075N104     8559      276 SH       SOLE    01                276        0        0
KROGER CO                      COM              501044101      926    36448 SH       SOLE    01              36448        0        0
LA Z BOY INC                   COM              505336107     5708   684357 SH       SOLE    01             684357        0        0
LABORATORY CORP AMER HLDGS     COM NEW          50540R409      717     9729 SH       SOLE    01               9729        0        0
LABORATORY CORP AMER HLDGS     COM NEW          50540R409     1474    20000 SH  CALL SOLE    01              20000        0        0
LAMAR ADVERTISING CO           CL A             512815101      212     5914 SH       SOLE    01               5914        0        0
LAS VEGAS SANDS CORP           COM              517834107      884    12000 SH       SOLE    01              12000        0        0
LAZARD LTD                     SHS A            G54050102      382    10000 SH       SOLE    01              10000        0        0
LEAPFROG ENTERPRISES INC       CL A             52186N106       73    10300 SH       SOLE    01 02           10300        0        0
LEAR CORP                      COM              521865105     2073    80000 SH  PUT  SOLE    01              80000        0        0
LEHMAN BROS HLDGS INC          COM              524908100    12748   338677 SH       SOLE    01             338677        0        0
LEHMAN BROS HLDGS INC          COM              524908100      482    12800 SH  CALL SOLE    01              12800        0        0
LEHMAN BROS HLDGS INC          COM              524908100    60875  1617300 SH  PUT  SOLE    01            1617300        0        0
LEUCADIA NATL CORP             COM              527288104      427     9432 SH       SOLE    01               9432        0        0
LEUCADIA NATL CORP             NOTE 3.750% 4/1  527288AX2    37119   178140 PRN      SOLE    01             178140        0        0
LEVEL 3 COMMUNICATIONS INC     NOTE 2.875% 7/1  52729NBA7     1373    19650 PRN      SOLE    01              19650        0        0
LEVEL 3 COMMUNICATIONS INC     COM              52729N100       32    15000 SH       SOLE    01              15000        0        0
LIBERTY MEDIA CORP NEW         INT COM SER A    53071M104      405    25100 SH       SOLE    01              25100        0        0
LIFECELL CORP                  COM              531927101      372     8862 SH       SOLE    01               8862        0        0
LIMITED BRANDS INC             COM              532716107     1502    87856 SH       SOLE    01              87856        0        0
LIMITED BRANDS INC             COM              532716107     6041   353300 SH  CALL SOLE    01             353300        0        0
LINDSAY CORP                   COM              535555106      307     3000 SH       SOLE    01               3000        0        0
LIZ CLAIBORNE INC              COM              539320101      353    19460 SH       SOLE    01              19460        0        0
LOCKHEED MARTIN CORP           COM              539830109      713     7179 SH       SOLE    01               7179        0        0
LOCKHEED MARTIN CORP           DBCV 8/1         539830AP4     4661    34030 PRN      SOLE    01              34030        0        0
LOEWS CORP                     COM              540424108     5425   134872 SH       SOLE    01             134872        0        0
LOGITECH INTL S A              SHS              H50430232     5551   218200 SH       SOLE    01             218200        0        0
M D C HLDGS INC                COM              552676108      342     7803 SH       SOLE    01               7803        0        0
MACK CALI RLTY CORP            COM              554489104      484    13540 SH       SOLE    01              13540        0        0
MACYS INC                      COM              55616P104     1672    72504 SH       SOLE    02              72504        0        0
MAGUIRE PPTYS INC              COM              559775101    30309  2118046 SH       SOLE    01 04         2118046        0        0
MANITOWOC INC                  COM              563571108      389     9546 SH       SOLE    01               9546        0        0
MANNKIND CORP                  NOTE 3.750%12/1  56400PAA0     1083    16500 PRN      SOLE    01              16500        0        0
MARATHON OIL CORP              COM              565849106      652    14300 SH       SOLE    01              14300        0        0
MARRIOTT INTL INC NEW          CL A             571903202      376    10950 SH       SOLE    01              10950        0        0
MARSHALL & ILSLEY CORP NEW     COM              571837103      232    10000 SH       SOLE    02              10000        0        0
MASCO CORP                     COM              574599106      309    15571 SH       SOLE    01              15571        0        0
MASSEY ENERGY CORP             COM              576206106      363     9950 SH       SOLE    01               9950        0        0
MASTERCARD INC                 CL A             57636Q104    14716    65994 SH       SOLE    01              65994        0        0
MASTERCARD INC                 CL A             57636Q104    46070   206600 SH  CALL SOLE    01             206600        0        0
MASTERCARD INC                 CL A             57636Q104    38198   171300 SH  PUT  SOLE    01             171300        0        0
MATTEL INC                     COM              577081102      937    47095 SH       SOLE    01              47095        0        0
MAXTOR CORP                    NOTE 2.375% 8/1  577729AE6      684     5000 PRN      SOLE    01               5000        0        0
MAXTOR CORP                    NOTE 6.800% 4/3  577729AC0     1627    15220 PRN      SOLE    01              15220        0        0
MCAFEE INC                     COM              579064106      331    10000 SH  CALL SOLE    01              10000        0        0
MCAFEE INC                     COM              579064106      351    10600 SH  PUT  SOLE    01              10600        0        0
MCCLATCHY CO                   CL A             579489105      474    44300 SH       SOLE    01              44300        0        0
MCCORMICK & CO INC             COM NON VTG      579780206     1246    33714 SH       SOLE    01              33714        0        0
MCDONALDS CORP                 COM              580135101      647    11619 SH       SOLE    01 02           11619        0        0
MCGRAW HILL COS INC            COM              580645109      226     6114 SH       SOLE    01               6114        0        0
MCGRAW HILL COS INC            COM              580645109     7021   190000 SH  CALL SOLE    01             190000        0        0
MCKESSON CORP                  COM              58155Q103      579    11049 SH       SOLE    01              11049        0        0
MCKESSON CORP                  COM              58155Q103      576    11000 SH  PUT  SOLE    01              11000        0        0
MDU RES GROUP INC              COM              552690109      323    13152 SH       SOLE    01              13152        0        0
MEADWESTVACO CORP              COM              583334107      503    18464 SH       SOLE    01              18464        0        0
MEDTRONIC INC                  COM              585055106     2334    48250 SH       SOLE    02              48250        0        0
MEDTRONIC INC                  NOTE 1.625% 4/1  585055AM8     6100    57950 PRN      SOLE    01              57950        0        0
MELLANOX TECHNOLOGIES LTD      SHS              M51363113      465    33341 SH       SOLE    01 02           33341        0        0
MEMC ELECTR MATLS INC          COM              552715104      326     4600 SH       SOLE    01               4600        0        0
MENTOR CORP MINN               COM              587188103      221     8600 SH       SOLE    01               8600        0        0
MENTOR GRAPHICS CORP           SDCV 6.250% 3/0  587200AF3     1673    17800 PRN      SOLE    01              17800        0        0
MERCK & CO INC                 COM              589331107     2535    66800 SH  CALL SOLE    01              66800        0        0
MERCK & CO INC                 COM              589331107     3795   100000 SH  PUT  SOLE    01             100000        0        0
MERCURY COMPUTER SYS           NOTE 2.000% 5/0  589378AB4     2290    26020 PRN      SOLE    01              26020        0        0
MEREDITH CORP                  COM              589433101      305     7978 SH       SOLE    01               7978        0        0
MERRILL LYNCH & CO INC         COM              590188108     1450    35595 SH       SOLE    01              35595        0        0
MERRILL LYNCH & CO INC         COM              590188108    13888   340900 SH  CALL SOLE    01             340900        0        0
MERRILL LYNCH & CO INC         COM              590188108    21124   518500 SH  PUT  SOLE    01             518500        0        0
MERRILL LYNCH & CO INC         NOTE 3/1         590188W46     5568    52370 PRN      SOLE    01              52370        0        0
METHANEX CORP                  COM              59151K108      550    21000 SH  CALL SOLE    01              21000        0        0
MGM MIRAGE                     COM              552953101      294     5000 SH       SOLE    01 02            5000        0        0
MICROCHIP TECHNOLOGY INC       COM              595017104      982    30000 SH  PUT  SOLE    02              30000        0        0
MICROCHIP TECHNOLOGY INC       COM              595017104      564    17227 SH       SOLE    01              17227        0        0
MICRON TECHNOLOGY INC          COM              595112103       63    10450 SH       SOLE    01 02           10450        0        0
MICROSOFT CORP                 COM              594918104      390    13723 SH       SOLE    01              13723        0        0
MICROSOFT CORP                 COM              594918104     3150   111000 SH  CALL SOLE    01             111000        0        0
MILLENNIUM PHARMACEUTICALS I   COM              599902103      224    14500 SH  CALL SOLE    01              14500        0        0
MILLIPORE CORP                 COM              601073109      585     8672 SH       SOLE    01               8672        0        0
MINDSPEED TECHNOLOGIES INC     COM              602682106      480  1000000 SH       SOLE    02            1000000        0        0
MIRANT CORP NEW                *W EXP 01/03/201 60467R118      753    47509 SH       SOLE    01              47509        0        0
MIRANT CORP NEW                *W EXP 01/03/201 60467R126      562    33340 SH       SOLE    01              33340        0        0
MIRANT CORP NEW                COM              60467R100     5240   144000 SH  CALL SOLE    01             144000        0        0
MITSUBISHI UFJ FINL GROUP IN   SPONSORED ADR    606822104     3959   455000 SH       SOLE    01             455000        0        0
MOHAWK INDS INC                COM              608190104      237     3305 SH       SOLE    01               3305        0        0
MOLEX INC                      COM              608554101      200     8638 SH       SOLE    01               8638        0        0
MOLSON COORS BREWING CO        CL B             60871R209     1146    21808 SH       SOLE    01              21808        0        0
MONSANTO CO NEW                COM              61166W101     3806    34138 SH       SOLE    01              34138        0        0
MONSANTO CO NEW                COM              61166W101     3903    35000 SH  CALL SOLE    01              35000        0        0
MOODYS CORP                    COM              615369105    26123      750 SH       SOLE    01                750        0        0
MORGAN STANLEY                 COM NEW          617446448     2173    47555 SH       SOLE    01              47555        0        0
MORGAN STANLEY                 COM NEW          617446448     3428    75000 SH  PUT  SOLE    01              75000        0        0
MOTOROLA INC                   COM              620076109      164    17641 SH       SOLE    01              17641        0        0
MTR GAMING GROUP INC           COM              553769100     6091   870183 SH       SOLE    04             870183        0        0
MURPHY OIL CORP                COM              626717102      469     5708 SH       SOLE    01               5708        0        0
MURPHY OIL CORP                COM              626717102     4107    50000 SH  CALL SOLE    01              50000        0        0
MYLAN INC                      COM              628530107     2900   250000 SH  PUT  SOLE    01             250000        0        0
MYLAN INC                      COM              628530107     2039   175782 SH       SOLE    01             175782        0        0
MYRIAD GENETICS INC            COM              62855J104     3392    84179 SH       SOLE    01              84179        0        0
NASDAQ OMX GROUP INC           COM              631103108    39638    26300 SH       SOLE    01              26300        0        0
NATIONAL HEALTHCARE CORP       COM              635906100      403     8202 SH       SOLE    01 02            8202        0        0
NATIONAL OILWELL VARCO INC     COM              637071101      362     6204 SH       SOLE    01               6204        0        0
NATIONAL SEMICONDUCTOR CORP    COM              637640103      599    32687 SH       SOLE    01              32687        0        0
NATIONWIDE HEALTH PPTYS INC    COM              638620104      301     8930 SH       SOLE    01               8930        0        0
NAVIGANT CONSULTING INC        COM              63935N107     2313   121874 SH       SOLE    01             121874        0        0
NAVTEQ CORP                    COM              63936L100     1618    23800 SH       SOLE    01 02           23800        0        0
NETFLIX INC                    COM              64110L106     1161    33500 SH  PUT  SOLE    01              33500        0        0
NEW YORK & CO INC              COM              649295102    12848  2238362 SH       SOLE    01 02         2238362        0        0
NEW YORK TIMES CO              CL A             650111107      370    19600 SH  CALL SOLE    01              19600        0        0
NEW YORK TIMES CO              CL A             650111107      531    28100 SH  PUT  SOLE    01              28100        0        0
NEWALLIANCE BANCSHARES INC     COM              650203102      184    15000 SH       SOLE    02              15000        0        0
NEWMONT MINING CORP            COM              651639106     1666    36768 SH       SOLE    01              36768        0        0
NEWMONT MINING CORP            COM              651639106     6881   151900 SH  CALL SOLE    01             151900        0        0
NEXCEN BRANDS INC              COM              653351106     1137   331428 SH       SOLE    01             331428        0        0
NIKE INC                       CL B             654106103     2033    29900 SH       SOLE    01              29900        0        0
NISOURCE INC                   COM              65473P105      460    26694 SH       SOLE    01              26694        0        0
NOBEL LEARNING CMNTYS INC      COM              654889104     1175    87787 SH       SOLE    01              87787        0        0
NOBLE CORPORATION              SHS              G65422100      932    18767 SH       SOLE    01              18767        0        0
NOKIA CORP                     SPONSORED ADR    654902204     4306   135271 SH       SOLE    01             135271        0        0
NOKIA CORP                     SPONSORED ADR    654902204    14642   460000 SH  PUT  SOLE    01             460000        0        0
NORDSTROM INC                  COM              655664100      717    22000 SH       SOLE    01              22000        0        0
NORTHROP GRUMMAN CORP          COM              666807102      787    10118 SH       SOLE    01              10118        0        0
NOVAMED INC DEL                COM              66986W108      125    32200 SH       SOLE    02              32200        0        0
NOVARTIS A G                   SPONSORED ADR    66987V109     3596    70200 SH       SOLE    01              70200        0        0
NOVELLUS SYS INC               COM              670008101      396    18793 SH       SOLE    01              18793        0        0
NRG ENERGY INC                 COM NEW          629377508      283     7267 SH       SOLE    01               7267        0        0
NUCOR CORP                     COM              670346105     1972    29108 SH       SOLE    01              29108        0        0
NYSE EURONEXT                  COM              629491101      617    10000 SH       SOLE    02              10000        0        0
O REILLY AUTOMOTIVE INC        COM              686091109      560    19649 SH       SOLE    01              19649        0        0
OCCIDENTAL PETE CORP DEL       COM              674599105      973    13300 SH       SOLE    01              13300        0        0
ODYSSEY HEALTHCARE INC         COM              67611V101      592    65798 SH       SOLE    01 02           65798        0        0
OFFICE DEPOT INC               COM              676220106      388    35107 SH       SOLE    01              35107        0        0
OFFICEMAX INC DEL              COM              67622P101      796    41581 SH       SOLE    01              41581        0        0
OM GROUP INC                   COM              670872100     1526    27973 SH       SOLE    01              27973        0        0
OM GROUP INC                   COM              670872100     9975   182900 SH  PUT  SOLE    01             182900        0        0
OMNICARE CAP TR II             PFD B TR 4.00%   68214Q200     3500   116650 SH       SOLE    01             116650        0        0
OMNICARE INC                   COM              681904108      458    25200 SH       SOLE    01 02           25200        0        0
OMNICARE INC                   DBCV 3.250%12/1  681904AL2     5083    76730 PRN      SOLE    01              76730        0        0
OMNICOM GROUP INC              COM              681919106      286     6474 SH       SOLE    01               6474        0        0
ONYX PHARMACEUTICALS INC       COM              683399109     3919   160000 SH  CALL SOLE    01 02          160000        0        0
ONYX PHARMACEUTICALS INC       COM              683399109      726    25000 SH  PUT  SOLE    01              25000        0        0
OPTIMER PHARMACEUTICALS INC    COM              68401H104      310    50000 SH       SOLE    02              50000        0        0
ORACLE CORP                    COM              68389X105    19445   994100 SH  PUT  SOLE    01             994100        0        0
OVERSEAS SHIPHOLDING GROUP I   COM              690368105      895    12773 SH       SOLE    01              12773        0        0
OWENS & MINOR INC NEW          COM              690732102     1031    26200 SH       SOLE    01 02           26200        0        0
OWENS CORNING NEW              COM              690742101      522    28800 SH       SOLE    01              28800        0        0
PACCAR INC                     COM              693718108     1420    31547 SH       SOLE    01              31547        0        0
PACTIV CORP                    COM              695257105      358    13669 SH       SOLE    01              13669        0        0
PAETEC HOLDING CORP            COM              695459107    21980  3301500 SH       SOLE    01 04         3301500        0        0
PALL CORP                      COM              696429307      598    17044 SH       SOLE    01              17044        0        0
PANTRY INC                     NOTE 3.000%11/1  698657AL7     3538    45500 PRN      SOLE    01              45500        0        0
PAR PHARMACEUTICAL COS INC     COM              69888P106     5739   330000 SH  PUT  SOLE    01             330000        0        0
PAR PHARMACEUTICAL COS INC     COM              69888P106     4651   267452 SH       SOLE    01             267452        0        0
PAR PHARMACEUTICAL COS INC     COM              69888P106     5739   330000 SH  CALL SOLE    01             330000        0        0
PARTNERRE LTD                  COM              G6852T105      229     3000 SH       SOLE    01               3000        0        0
PDL BIOPHARMA INC              COM              69329Y104      685    64700 SH  CALL SOLE    01              64700        0        0
PDL BIOPHARMA INC              COM              69329Y104     1999   188723 SH       SOLE    01             188723        0        0
PEABODY ENERGY CORP            COM              704549104      982    19255 SH       SOLE    01              19255        0        0
PENN NATL GAMING INC           COM              707569109      875    20000 SH       SOLE    02              20000        0        0
PENSKE AUTOMOTIVE GRP INC      COM              70959W103      619    31804 SH       SOLE    02              31804        0        0
PEPCO HOLDINGS INC             COM              713291102      540    21841 SH       SOLE    01              21841        0        0
PEPSI BOTTLING GROUP INC       COM              713409100      686    20226 SH       SOLE    01              20226        0        0
PEPSICO INC                    COM              713448108    44607    18427 SH       SOLE    01              18427        0        0
PEPSICO INC                    COM              713448108      967    13400 SH  CALL SOLE    01              13400        0        0
PEPSICO INC                    COM              713448108     1292    17900 SH  PUT  SOLE    01              17900        0        0
PERKINELMER INC                COM              714046109      315    12973 SH       SOLE    01              12973        0        0
PERMIAN BASIN RTY TR           UNIT BEN INT     714236106    44300     2000 SH       SOLE    01               2000        0        0
PETROLEO BRASILEIRO SA PETRO   SP ADR NON VTG   71654V101      237     2800 SH       SOLE    01               2800        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408     2195    21500 SH  PUT  SOLE    01              21500        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408     5483    53700 SH  CALL SOLE    01              53700        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408      265     2600 SH       SOLE    01               2600        0        0
PHARMACEUTICAL RES INC         NOTE 2.875% 9/3  717125AC2     2197    25000 PRN      SOLE    01              25000        0        0
PHARMERICA CORP                COM              71714F104     2486   150000 SH       SOLE    02             150000        0        0
PHOTRONICS INC                 NOTE 2.250% 4/1  719405AE2     7000    70000 PRN      SOLE    01              70000        0        0
PINNACLE ENTMT INC             COM              723456109      332    25900 SH       SOLE    02              25900        0        0
PINNACLE WEST CAP CORP         COM              723484101     1117    31852 SH       SOLE    01              31852        0        0
PIONEER NAT RES CO             COM              723787107     5661   115243 SH       SOLE    01             115243        0        0
PIONEER NAT RES CO             COM              723787107     3930    80000 SH  CALL SOLE    01              80000        0        0
PIONEER NAT RES CO             COM              723787107     1474    30000 SH  PUT  SOLE    01              30000        0        0
PITNEY BOWES INC               COM              724479100      782    22321 SH       SOLE    01              22321        0        0
PLUM CREEK TIMBER CO INC       COM              729251108      215     5278 SH       SOLE    01               5278        0        0
POLO RALPH LAUREN CORP         CL A             731572103     4372    75000 SH  CALL SOLE    01              75000        0        0
POTASH CORP SASK INC           COM              73755L107    11020    71000 SH  CALL SOLE    01              71000        0        0
POTASH CORP SASK INC           COM              73755L107     2763    17800 SH  PUT  SOLE    01              17800        0        0
POZEN INC                      COM              73941U102      311    30000 SH       SOLE    02              30000        0        0
PPG INDS INC                   COM              693506107      452     7473 SH       SOLE    01               7473        0        0
PPL CORP                       COM              69351T106     1975    43003 SH       SOLE    01              43003        0        0
PRAXAIR INC                    COM              74005P104      741     8793 SH       SOLE    01               8793        0        0
PRECISION CASTPARTS CORP       COM              740189105     1694    16595 SH       SOLE    01              16595        0        0
PRECISION CASTPARTS CORP       COM              740189105     4083    40000 SH  CALL SOLE    01              40000        0        0
PRECISION CASTPARTS CORP       COM              740189105     4083    40000 SH  PUT  SOLE    01              40000        0        0
PROCTER & GAMBLE CO            COM              742718109     6091    86932 SH       SOLE    01              86932        0        0
PROCTER & GAMBLE CO            COM              742718109    13411   191400 SH  CALL SOLE    01             191400        0        0
PROCTER & GAMBLE CO            COM              742718109     7007   100000 SH  PUT  SOLE    01             100000        0        0
PROGRESS ENERGY INC            COM              743263105      926    22196 SH       SOLE    01              22196        0        0
PROGRESSIVE GAMING INTL CORP   COM              74332S102      219   103345 SH       SOLE    02             103345        0        0
PROLOGIS                       SH BEN INT       743410102      362     6144 SH       SOLE    01               6144        0        0
PROSHARES TR                   REAL EST PRO     74347R552     2980    30000 SH       SOLE    04              30000        0        0
PROSHARES TR                   ULTRASHRT FINL   74347R628      705     6000 SH       SOLE    02               6000        0        0
PROSHARES TR                   ULTRASHT SP500   74347R883      387     6000 SH       SOLE                     6000        0        0
PROSHARES TR                   ULTSHT RUS2000   74347R834      495     6000 SH       SOLE    02               6000        0        0
PRUDENTIAL FINL INC            COM              744320102     6468    82657 SH       SOLE    01              82657        0        0
PRUDENTIAL FINL INC            COM              744320102     6260    80000 SH  PUT  SOLE    01              80000        0        0
PRUDENTIAL PLC                 PER SUB 6.50%    G7293H189    35115     1500 SH       SOLE    01               1500        0        0
PUBLIC SVC ENTERPRISE GROUP    COM              744573106      711    17700 SH       SOLE    01              17700        0        0
PUGET ENERGY INC NEW           COM              745310102      419    16200 SH       SOLE    01              16200        0        0
QIMONDA AG                     SPONSORED ADR    746904101      248    57500 SH       SOLE                    57500        0        0
QUALCOMM INC                   COM              747525103    19594   477900 SH  PUT  SOLE    01             477900        0        0
QUALCOMM INC                   COM              747525103    20500      500 SH       SOLE    01                500        0        0
QUALCOMM INC                   COM              747525103    28171   687100 SH  CALL SOLE    01             687100        0        0
QUEST DIAGNOSTICS INC          COM              74834L100      724    16000 SH       SOLE    02              16000        0        0
QUESTAR CORP                   COM              748356102     1437    25404 SH       SOLE    01              25404        0        0
QUINTANA MARITIME LTD          SHS              Y7169G109      947    40000 SH       SOLE    02              40000        0        0
QWEST COMMUNICATIONS INTL IN   COM              749121109       54    11972 SH       SOLE    01              11972        0        0
RALCORP HLDGS INC NEW          COM              751028101      285     4900 SH       SOLE    01               4900        0        0
RAM ENERGY RESOURCES INC       COM              75130P109    67886 13798035 SH       SOLE    01 04        13798035        0        0
RAYTHEON CO                    COM NEW          755111507      973    15065 SH       SOLE    01              15065        0        0
RED HAT INC                    COM              756577102     1315    71500 SH       SOLE    01              71500        0        0
REGENERON PHARMACEUTICALS      COM              75886F107      246    12833 SH       SOLE    01              12833        0        0
REGIONS FINANCIAL CORP NEW     COM              7591EP100      352    17848 SH       SOLE    01              17848        0        0
REHABCARE GROUP INC            COM              759148109      173    11600 SH       SOLE    01 02           11600        0        0
RENT A CTR INC NEW             COM              76009N100      918    50000 SH  CALL SOLE    01              50000        0        0
RESEARCH IN MOTION LTD         COM              760975102     1122    10000 SH  PUT  SOLE    01              10000        0        0
RESEARCH IN MOTION LTD         COM              760975102    16240   144700 SH  CALL SOLE    01             144700        0        0
RESEARCH IN MOTION LTD         COM              760975102      898     8000 SH       SOLE    02               8000        0        0
REUTERS GROUP PLC              SPONSORED ADR    76132M102     6756    97500 SH       SOLE    02              97500        0        0
REYNOLDS AMERICAN INC          COM              761713106      885    14991 SH       SOLE    01              14991        0        0
RIGEL PHARMACEUTICALS INC      COM NEW          766559603      601    32200 SH  CALL SOLE    01              32200        0        0
ROBERT HALF INTL INC           COM              770323103      779    30250 SH       SOLE    01              30250        0        0
ROCKWELL COLLINS INC           COM              774341101      419     7324 SH       SOLE    01               7324        0        0
ROCKWOOD HLDGS INC             COM              774415103      262     8000 SH  CALL SOLE    01               8000        0        0
ROHM & HAAS CO                 COM              775371107      247     4575 SH       SOLE    01               4575        0        0
ROSS STORES INC                COM              778296103      900    30031 SH       SOLE    01 02           30031        0        0
ROWAN COS INC                  COM              779382100     1183    28727 SH       SOLE    01              28727        0        0
RUBY TUESDAY INC               COM              781182100      242    32250 SH       SOLE    02              32250        0        0
RUDDICK CORP                   COM              781258108      461    12500 SH       SOLE    01 02           12500        0        0
RUSH ENTERPRISES INC           CL A             781846209      522    32977 SH       SOLE    01 02           32977        0        0
RYDER SYS INC                  COM              783549108      573     9407 SH       SOLE    01               9407        0        0
SAFEWAY INC                    COM NEW          786514208      429    14600 SH       SOLE    01              14600        0        0
SANDISK CORP                   COM              80004C101      320    14200 SH       SOLE    01              14200        0        0
SAP AKTIENGESELLSCHAFT         SPONSORED ADR    803054204    64110  1293325 SH       SOLE    01            1293325        0        0
SARA LEE CORP                  COM              803111103      354    25300 SH  CALL SOLE    01              25300        0        0
SARA LEE CORP                  COM              803111103     2097   150000 SH  PUT  SOLE    01             150000        0        0
SCANA CORP NEW                 COM              80589M102      355     9700 SH       SOLE    01               9700        0        0
SCHERING PLOUGH CORP           COM              806605101     7159   496792 SH       SOLE    01             496792        0        0
SCHERING PLOUGH CORP           COM              806605101     1287    89300 SH  CALL SOLE    01              89300        0        0
SCHERING PLOUGH CORP           COM              806605101     5764   400000 SH  PUT  SOLE    01             400000        0        0
SCHLUMBERGER LTD               COM              806857108     1305    15000 SH  CALL SOLE    01              15000        0        0
SCHLUMBERGER LTD               DBCV 1.500% 6/0  806857AC2      478     1990 PRN      SOLE    01               1990        0        0
SCHWAB CHARLES CORP NEW        COM              808513105      463    24608 SH       SOLE    01              24608        0        0
SEALED AIR CORP NEW            COM              81211K100      574    22719 SH       SOLE    01              22719        0        0
SEARS HLDGS CORP               COM              812350106     5105    50000 SH  PUT  SOLE    01              50000        0        0
SEARS HLDGS CORP               COM              812350106     1021    10000 SH  CALL SOLE    01              10000        0        0
SEARS HLDGS CORP               COM              812350106     1341    13131 SH       SOLE    01              13131        0        0
SELECT SECTOR SPDR TR          SBI CONS DISCR   81369Y407     1130    36800 SH       SOLE    01              36800        0        0
SELECT SECTOR SPDR TR          SBI HEALTHCARE   81369Y209     1559    50000 SH  PUT  SOLE    02              50000        0        0
SELECT SECTOR SPDR TR          SBI INT-FINL     81369Y605     3532   142000 SH       SOLE    01             142000        0        0
SELECT SECTOR SPDR TR          SBI INT-FINL     81369Y605    12845   516500 SH  CALL SOLE    01             516500        0        0
SELECT SECTOR SPDR TR          SBI INT-FINL     81369Y605    31946  1284500 SH  PUT  SOLE    01            1284500        0        0
SELECT SECTOR SPDR TR          SBI INT-INDS     81369Y704      714    19100 SH       SOLE    01              19100        0        0
SELECT SECTOR SPDR TR          SBI INT-TECH     81369Y803      426    19000 SH       SOLE    01              19000        0        0
SELECT SECTOR SPDR TR          SBI MATERIALS    81369Y100    37370   930300 SH  PUT  SOLE    01             930300        0        0
SEMPRA ENERGY                  COM              816851109      300     5626 SH       SOLE    01               5626        0        0
SENORX INC                     COM              81724W104      161    25000 SH       SOLE    02              25000        0        0
SEPRACOR INC                   COM              817315104     1675    85835 SH       SOLE    01              85835        0        0
SEPRACOR INC                   NOTE 10/1        817315AW4     3579    39880 PRN      SOLE    01              39880        0        0
SFBC INTL INC                  NOTE 2.250% 8/1  784121AB1      954    10000 PRN      SOLE    01              10000        0        0
SIGMA ALDRICH CORP             COM              826552101      384     6444 SH       SOLE    01               6444        0        0
SIGMATEL INC                   COM              82661W107      997   345103 SH       SOLE    02             345103        0        0
SIGNATURE BK NEW YORK N Y      COM              82669G104      255    10000 SH       SOLE    02              10000        0        0
SINA CORP                      ORD              G81477104     1699    48200 SH  CALL SOLE    01              48200        0        0
SLM CORP                       COM              78442P106     1049    68313 SH       SOLE    01              68313        0        0
SLM CORP                       COM              78442P106      312    20300 SH  CALL SOLE    01              20300        0        0
SLM CORP                       COM              78442P106      614    40000 SH  PUT  SOLE    01              40000        0        0
SMITH MICRO SOFTWARE INC       COM              832154108       64    10500 SH       SOLE    01              10500        0        0
SOCIEDAD QUIMICA MINERA DE C   SPON ADR SER B   833635105      253    10800 SH       SOLE    01              10800        0        0
SOUTHERN CO                    COM              842587107      267     7488 SH       SOLE    01               7488        0        0
SOUTHWESTERN ENERGY CO         COM              845467109      408    12100 SH       SOLE    01              12100        0        0
SPDR SERIES TRUST              KBW REGL BKG     78464A698      351    10000 SH       SOLE    02              10000        0        0
SPDR TR                        UNIT SER 1       78462F103   162693  1232800 SH  PUT  SOLE    01            1232800        0        0
SPDR TR                        UNIT SER 1       78462F103     5675    43000 SH  CALL SOLE    01              43000        0        0
SPRINT NEXTEL CORP             COM SER 1        852061100       70    10436 SH       SOLE    01              10436        0        0
SPRINT NEXTEL CORP             COM SER 1        852061100    10662  1593700 SH  CALL SOLE    01            1593700        0        0
ST JOE CO                      COM              790148100      240     5586 SH       SOLE    01               5586        0        0
ST JUDE MED INC                COM              790849103     3455    80000 SH  CALL SOLE    01              80000        0        0
STANCORP FINL GROUP INC        COM              852891100      617    12933 SH       SOLE    01              12933        0        0
STARBUCKS CORP                 COM              855244109      314    17896 SH       SOLE    01              17896        0        0
STARWOOD HOTELS&RESORTS WRLD   COM              85590A401     1605    21018 SH       SOLE    01 02           21018        0        0
STATE STR CORP                 COM              857477103      483     6116 SH       SOLE    01               6116        0        0
STEEL DYNAMICS INC             COM              858119100      406    12300 SH       SOLE    01              12300        0        0
STILLWATER MNG CO              COM              86074Q102      210    13600 SH       SOLE    01              13600        0        0
STREETTRACKS GOLD TR           GOLD SHS         863307104      411     4544 SH       SOLE                     4544        0        0
SUN HEALTHCARE GROUP INC       COM NEW          866933401      243    19108 SH       SOLE    01 02           19108        0        0
SUNOCO INC                     COM              86764P109     1153    21982 SH       SOLE    01              21982        0        0
SUNOCO INC                     COM              86764P109      614    11700 SH  CALL SOLE    01              11700        0        0
SUNPOWER CORP                  COM CL A         867652109      231     3100 SH       SOLE    01               3100        0        0
SUNTECH PWR HLDGS CO LTD       ADR              86800C104      203     5000 SH  CALL SOLE    01               5000        0        0
SUNTRUST BKS INC               COM              867914103      563    10211 SH       SOLE    01              10211        0        0
SUNTRUST BKS INC               COM              867914103      425     7700 SH  CALL SOLE    01               7700        0        0
SYMANTEC CORP                  COM              871503108      416    25005 SH       SOLE    01              25005        0        0
SYSTEMAX INC                   COM              871851101      603    50000 SH       SOLE    02              50000        0        0
T-3 ENERGY SRVCS INC           COM              87306E107      221     5200 SH       SOLE    01               5200        0        0
TAKE-TWO INTERACTIVE SOFTWAR   COM              874054109     6918   271100 SH  CALL SOLE    01             271100        0        0
TAKE-TWO INTERACTIVE SOFTWAR   COM              874054109      531    20800 SH  PUT  SOLE    01              20800        0        0
TARGET CORP                    COM              87612E106     4830    95300 SH  CALL SOLE    01              95300        0        0
TECH DATA CORP                 COM              878237106    17164   523300 SH  PUT  SOLE    01             523300        0        0
TECH DATA CORP                 COM              878237106     9075   276683 SH       SOLE    01             276683        0        0
TECHWELL INC                   COM              87874D101      342    31584 SH       SOLE    02              31584        0        0
TEKELEC                        NOTE 2.250% 6/1  879101AE3      491     5000 PRN      SOLE    01               5000        0        0
TELEFLEX INC                   COM              879369106     1685    35307 SH       SOLE    01 02           35307        0        0
TELETECH HOLDINGS INC          COM              879939106      243    10800 SH       SOLE    01              10800        0        0
TEMPUR PEDIC INTL INC          COM              88023U101      139    12600 SH       SOLE    01              12600        0        0
TEMPUR PEDIC INTL INC          COM              88023U101     2360   214500 SH  CALL SOLE    01             214500        0        0
TEMPUR PEDIC INTL INC          COM              88023U101      882    80200 SH  PUT  SOLE    01              80200        0        0
TEREX CORP NEW                 COM              880779103      684    10936 SH       SOLE    01              10936        0        0
TESORO CORP                    COM              881609101      360    12000 SH       SOLE    01              12000        0        0
TEVA PHARMACEUTICAL INDS LTD   ADR              881624209     3105    67220 SH       SOLE    01              67220        0        0
TEXAS INDS INC                 COM              882491103      210     3500 SH       SOLE    01               3500        0        0
TEXAS ROADHOUSE INC            CL A             882681109      146    14900 SH       SOLE    01 02           14900        0        0
TEXTRON INC                    COM              883203101     2799    50500 SH  CALL SOLE    01              50500        0        0
TEXTRON INC                    COM              883203101      504     9100 SH  PUT  SOLE    01               9100        0        0
THERMO FISHER SCIENTIFIC INC   COM              883556102      270     4751 SH       SOLE    01               4751        0        0
THORNBURG MTG INC              COM              885218107      908   750200 SH  PUT  SOLE    02             750200        0        0
TIBCO SOFTWARE INC             COM              88632Q103      162    22700 SH       SOLE    01              22700        0        0
TIFFANY & CO NEW               COM              886547108     1510    36100 SH       SOLE    01              36100        0        0
TIME WARNER INC                COM              887317105      380    27110 SH       SOLE    01              27110        0        0
TIME WARNER TELECOM INC        CL A             887319101      736    47533 SH       SOLE    01              47533        0        0
TITANIUM METALS CORP           COM NEW          888339207      557    37031 SH       SOLE    01              37031        0        0
TORO CO                        COM              891092108      327     7900 SH       SOLE    01               7900        0        0
TRIQUINT SEMICONDUCTOR INC     COM              89674K103       51    10087 SH       SOLE    01              10087        0        0
TRW AUTOMOTIVE HLDGS CORP      COM              87264S106      254    10862 SH       SOLE    01              10862        0        0
TWEEN BRANDS INC               COM              901166108     9114   368400 SH       SOLE    01 02          368400        0        0
TYSON FOODS INC                CL A             902494103     3190   200000 SH  CALL SOLE    01             200000        0        0
TYSON FOODS INC                CL A             902494103      518    32473 SH       SOLE    01              32473        0        0
U S AIRWAYS GROUP INC          COM              90341W108      742    83300 SH       SOLE    01              83300        0        0
UAL CORP                       COM NEW          902549807     1070    49700 SH       SOLE    01              49700        0        0
UAL CORP                       COM NEW          902549807     2584   120000 SH  CALL SOLE    01             120000        0        0
UAP HLDG CORP                  COM              903441103      521    13600 SH       SOLE    01 02           13600        0        0
UBS AG                         SHS NEW          H89231338      239     8300 SH       SOLE    01 02            8300        0        0
UCBH HOLDINGS INC              COM              90262T308      233    30000 SH       SOLE    02              30000        0        0
UDR INC                        COM              902653104      250    10212 SH       SOLE    01              10212        0        0
UNDER ARMOUR INC               CL A             904311107     5490      150 SH       SOLE    01                150        0        0
UNION PAC CORP                 COM              907818108      641     5115 SH       SOLE    01               5115        0        0
UNION PAC CORP                 COM              907818108     6269    50000 SH  PUT  SOLE    01              50000        0        0
UNISYS CORP                    COM              909214108       63    14200 SH       SOLE    01              14200        0        0
UNITED RENTALS INC             COM              911363109      279    14800 SH       SOLE    01              14800        0        0
UNITED STATES STL CORP NEW     COM              912909108     5722    45100 SH  PUT  SOLE    01              45100        0        0
UNITED STATES STL CORP NEW     COM              912909108     1078     8499 SH       SOLE    01               8499        0        0
UNITED TECHNOLOGIES CORP       COM              913017109     1089    15823 SH       SOLE    01              15823        0        0
UNITED THERAPEUTICS CORP DEL   COM              91307C102     8540    98500 SH  CALL SOLE    01              98500        0        0
UNITED THERAPEUTICS CORP DEL   COM              91307C102      867    10000 SH  PUT  SOLE    01              10000        0        0
UNITED THERAPEUTICS CORP DEL   COM              91307C102     1029    11864 SH       SOLE    01              11864        0        0
UNITEDHEALTH GROUP INC         COM              91324P102     4746   138123 SH       SOLE    01 02          138123        0        0
UNITEDHEALTH GROUP INC         COM              91324P102      344    10000 SH  CALL SOLE    02              10000        0        0
UNIVERSAL HLTH SVCS INC        CL B             913903100     3065    57100 SH       SOLE    01 02           57100        0        0
URS CORP NEW                   COM              903236107      487    14900 SH  CALL SOLE    01              14900        0        0
US BANCORP DEL                 COM NEW          902973304      367    11335 SH       SOLE    01              11335        0        0
UST INC                        COM              902911106     2126    39000 SH  PUT  SOLE    01              39000        0        0
VAALCO ENERGY INC              COM NEW          91851C201       55    10968 SH       SOLE    01              10968        0        0
VALEANT PHARMACEUTICALS INTL   COM              91911X104      740    57716 SH       SOLE    01              57716        0        0
VALERO ENERGY CORP NEW         COM              91913Y100      717    14600 SH       SOLE    01              14600        0        0
VALIDUS HOLDINGS LTD           COM SHS          G9319H102      351    15000 SH       SOLE    02              15000        0        0
VARIAN MED SYS INC             COM              92220P105      970    20701 SH       SOLE    01 02           20701        0        0
VECTOR GROUP LTD               COM              92240M108    58436  3322136 SH       SOLE    01            3322136        0        0
VECTOR GROUP LTD               NOTE 5.000%11/1  92240MAH1     6950    55000 PRN      SOLE    01              55000        0        0
VERIFONE HLDGS INC             COM              92342Y109      698    44000 SH       SOLE    02              44000        0        0
VERISIGN INC                   COM              92343E102      581    17479 SH       SOLE    01              17479        0        0
VERTEX PHARMACEUTICALS INC     COM              92532F100      444    18600 SH       SOLE    01              18600        0        0
VIACOM INC NEW                 CL B             92553P201      408    10300 SH       SOLE    02              10300        0        0
VISHAY INTERTECHNOLOGY INC     COM              928298108      164    18100 SH       SOLE    01              18100        0        0
VISTEON CORP                   COM              92839U107     1195   317902 SH       SOLE    01             317902        0        0
VISTEON CORP                   COM              92839U107      169    45000 SH  PUT  SOLE    01              45000        0        0
VULCAN MATLS CO                COM              929160109     1034    15573 SH       SOLE    01              15573        0        0
VULCAN MATLS CO                COM              929160109     1335    20100 SH  PUT  SOLE    01              20100        0        0
VYYO INC                       COM NEW          918458209      273   667000 SH       SOLE    02             667000        0        0
WACHOVIA CORP NEW              COM              929903102     1636    60608 SH       SOLE    01              60608        0        0
WACHOVIA CORP NEW              COM              929903102     2430    90000 SH  PUT  SOLE    01              90000        0        0
WADDELL & REED FINL INC        CL A             930059100      247     7700 SH       SOLE    01               7700        0        0
WAL MART STORES INC            COM              931142103      590    11200 SH       SOLE    02              11200        0        0
WALGREEN CO                    COM              931422109      561    14741 SH       SOLE    01              14741        0        0
WARNACO GROUP INC              COM NEW          934390402      204     5170 SH       SOLE    01               5170        0        0
WASHINGTON FED INC             COM              938824109      264    11572 SH       SOLE    01              11572        0        0
WATERS CORP                    COM              941848103     4991    89609 SH       SOLE    01 02           89609        0        0
WELLPOINT INC                  COM              94973V107    13724    31275 SH       SOLE    01              31275        0        0
WELLPOINT INC                  COM              94973V107     3981    90200 SH  CALL SOLE    01              90200        0        0
WELLPOINT INC                  COM              94973V107     2043    46300 SH  PUT  SOLE    01              46300        0        0
WERNER ENTERPRISES INC         COM              950755108      312    16800 SH       SOLE    01              16800        0        0
WESTERN DIGITAL CORP           COM              958102105      324    12000 SH       SOLE    01              12000        0        0
WESTERN UN CO                  COM              959802109      249    11705 SH       SOLE    01              11705        0        0
WET SEAL INC                   CL A             961840105      821   242197 SH       SOLE    01 02          242197        0        0
WEYERHAEUSER CO                COM              962166104      494     7590 SH       SOLE    01               7590        0        0
WHIRLPOOL CORP                 COM              963320106      964    11110 SH       SOLE    01              11110        0        0
WHIRLPOOL CORP                 COM              963320106      868    10000 SH  PUT  SOLE    01              10000        0        0
WHOLE FOODS MKT INC            COM              966837106     1314    39858 SH       SOLE    01              39858        0        0
WILLIAMS COS INC DEL           COM              969457100      302     9149 SH       SOLE    01               9149        0        0
WILMINGTON TRUST CORP          COM              971807102      224     7200 SH       SOLE    01 02            7200        0        0
WIMM BILL DANN FOODS OJSC      SPONSORED ADR    97263M109      236     2300 SH       SOLE    01               2300        0        0
WMS INDS INC                   COM              929297109      212     5901 SH       SOLE    01               5901        0        0
WORLD ACCEP CORP DEL           COM              981419104      440    13800 SH       SOLE    01              13800        0        0
WORLD ACCEP CORPORATION        NOTE 3.000%10/0  981417AB4      798    10000 PRN      SOLE    01              10000        0        0
WORTHINGTON INDS INC           COM              981811102      229    13600 SH       SOLE    01              13600        0        0
WYETH                          DBCV 1/1         983024AD2     1709    17040 PRN      SOLE    01              17040        0        0
WYETH                          COM              983024100      704    16866 SH       SOLE    01              16866        0        0
WYETH                          COM              983024100     4176   100000 SH  CALL SOLE    01             100000        0        0
WYNDHAM WORLDWIDE CORP         COM              98310W108      349    16871 SH       SOLE    01              16871        0        0
XCEL ENERGY INC                COM              98389B100      416    20867 SH       SOLE    01              20867        0        0
XEROX CORP                     COM              984121103      932    62268 SH       SOLE    01              62268        0        0
XILINX INC                     COM              983919101      507    21356 SH       SOLE    01              21356        0        0
XL CAP LTD                     CL A             G98255105      663    22435 SH       SOLE    01              22435        0        0
XM SATELLITE RADIO HLDGS INC   CL A             983759101      655    56400 SH       SOLE    01              56400        0        0
YAHOO INC                      COM              984332106     2706    93548 SH       SOLE    01              93548        0        0
YAHOO INC                      COM              984332106     7820   270300 SH  CALL SOLE    01             270300        0        0
YAHOO INC                      COM              984332106     5786   200000 SH  PUT  SOLE    01             200000        0        0
YELLOW ROADWAY CORP            NOTE 3.375%11/2  985577AB1      419     5450 PRN      SOLE    01               5450        0        0
YRC WORLDWIDE INC              COM              984249102      178    13600 SH       SOLE    01              13600        0        0
YUM BRANDS INC                 COM              988498101      215     5772 SH       SOLE    01               5772        0        0
ZIMMER HLDGS INC               COM              98956P102     2344    30100 SH       SOLE    01 02           30100        0        0
ZIONS BANCORPORATION           COM              989701107      524    11503 SH       SOLE    01              11503        0        0