SEC FORM 13F-HR

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE

OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8

Report for the Calendar Year or Quarter Ended: 09-30-2013
Check here if Amendment    Amendment Number:
This Amendment (Check only one.):    is a restatement.
   adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: COWEN GROUP, INC.
Address: 599 LEXINGTON AVENUE, 20TH FLOOR
NEW YORK, NY  10022
Form 13F File Number: 028-14571

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name: Owen Littman
Title: General Counsel
Phone: 212-201-4841
Signature, Place, and Date of Signing:
/s/ Owen Littman New YorkNY 11-14-2013
[Signature] [City, State] [Date]
Report Type (Check only one.):
X 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
   13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
   13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)
Form 13F Summary Page
Report Summary:
Number of Other Included Managers: 3
Form 13F Information Table Entry Total: 222
Form 13F Information Table Value Total: 666,951
(thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]
No. Form 13F File Number Name
1 028-10674 RAMIUS ADVISORS LLC
2 028-14361 Ramius Alternative Solutions LLC
3 028-04125 COWEN & COMPANY, LLC

SEC FORM 13-F Information Table

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
FORTRESS PAPER LTD-CL A CS 34958R101 2,627 384,898 SH   DFND 1 384,898 0 0
ACCESS MIDSTREAM PARTNERS L UNIT 00434L109 242 5,000 SH   DFND 1 5,000 0 0
ACHILLION PHARMACEUTICALS IN COM 00448Q201 0 100 SH   DFND 2 100 0 0
ACHILLION PHARMACEUTICALS IN COM 00448Q201 302 100,000 SH Call DFND 2 0 0 0
ACTIVE NETWORK INC COM 00506D100 287 20,100 SH   DFND 2 20,100 0 0
ACTIVE NETWORK INC COM 00506D100 3,184 222,500 SH   DFND 1 222,500 0 0
ADOBE SYS INC COM 00724F101 784 15,100 SH Call DFND 2 0 0 0
AGILENT TECHNOLOGIES INC COM 00846U101 461 9,000 SH   DFND 1 9,000 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 2,001 164,000 SH Call DFND 2 0 0 0
AMYRIS INC COM 03236M101 99 42,800 SH   DFND 1 42,800 0 0
APPLIED MATLS INC COM 038222105 1,490 8,500,000 SH Put DFND 1 8,500,000 0 0
ARIAD PHARMACEUTICALS INC COM 04033A100 828 45,000 SH   DFND 1 45,000 0 0
ASTEX PHARMACEUTICALS INC COM 04624B103 5,340 628,972 SH   DFND 1 628,972 0 0
AURICO GOLD INC COM 05155C105 40 10,600 SH   DFND 1 10,600 0 0
B2GOLD CORP COM 11777Q209 62 25,000 SH   DFND 1 25,000 0 0
BANK OF AMERICA CORPORATION COM 060505104 360 2,610,000 SH Call DFND 1 0 0 0
BAXTER INTL INC COM 071813109 985 15,000 SH   DFND 2 15,000 0 0
BAXTER INTL INC COM 071813109 1,314 20,000 SH Put DFND 2 20,000 0 0
BELO CORP COM SER A 080555105 333 2,430,000 SH Call DFND 1 0 0 0
BIOGEN IDEC INC COM 09062X103 843 3,500 SH Call DFND 2 0 0 0
BLACKBERRY LTD COM 09228F103 1,647 20,730,000 SH Put DFND 1 20,730,000 0 0
BOISE INC COM 09746Y105 1,260 100,000 SH   DFND 1 100,000 0 0
BROADCOM CORP CL A 111320107 390 15,000 SH Call DFND 2 0 0 0
BUCKEYE PARTNERS L P UNIT LTD PARTN 118230101 1,556 23,750 SH   DFND 1 23,750 0 0
CAPITAL ONE FINL CORP COM 14040H105 347 5,050 SH   DFND 1 5,050 0 0
CAPITALSOURCE INC COM 14055X102 210 17,700 SH   DFND 2 17,700 0 0
CARNIVAL CORP PAIRED CTF 143658300 653 20,000 SH Call DFND 2 0 0 0
CF INDS HLDGS INC COM 125269100 474 2,250 SH   DFND 1 2,250 0 0
CISCO SYS INC COM 17275R102 1,036 44,200 SH   DFND 2 44,200 0 0
CISCO SYS INC COM 17275R102 1,036 44,200 SH Put DFND 2 44,200 0 0
COMPUWARE CORP COM 205638109 1,912 170,873 SH   DFND 1 170,873 0 0
COOPER TIRE & RUBR CO COM 216831107 320 1,040,000 SH Put DFND 1 1,040,000 0 0
COOPER TIRE & RUBR CO COM 216831107 417 13,537 SH   DFND 2 13,537 0 0
COOPER TIRE & RUBR CO COM 216831107 619 20,100 SH Put DFND 2 20,100 0 0
COOPER TIRE & RUBR CO COM 216831107 3,662 11,890,000 SH Call DFND 1 0 0 0
COPART INC COM 217204106 501 15,750 SH   DFND 1 15,750 0 0
COWEN GROUP INC NEW CL A 223622101 5,484 1,594,292 SH   DFND 1 1,594,292 0 0
CROWN HOLDINGS INC COM 228368106 846 20,000 SH Call DFND 2 0 0 0
CYPRESS SEMICONDUCTOR CORP COM 232806109 234 25,000 SH Put DFND 2 25,000 0 0
CYPRESS SEMICONDUCTOR CORP COM 232806109 491 52,500 SH Call DFND 2 0 0 0
DELL INC COM 24702R101 10 700 SH   DFND 2 700 0 0
DELL INC COM 24702R101 1,191 8,660,000 SH Call DFND 1 0 0 0
DELL INC COM 24702R101 13,268 964,900 SH   DFND 1 964,900 0 0
ELAN PLC ADR 284131208 318 20,398 SH   DFND 2 20,398 0 0
ELAN PLC ADR 284131208 408 2,620,000 SH Call DFND 1 0 0 0
ELAN PLC ADR 284131208 10,900 699,620 SH   DFND 1 699,620 0 0
ENERGY TRANSFER EQUITY L P COM UT LTD PTN 29273V100 932 14,175 SH   DFND 1 14,175 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 1,366 22,375 SH   DFND 1 22,375 0 0
EQUINIX INC COM NEW 29444U502 3,009 16,382 SH   DFND 1 16,382 0 0
EXPEDIA INC DEL COM NEW 30212P303 363 7,000 SH   DFND 2 7,000 0 0
EXPEDIA INC DEL COM NEW 30212P303 1,295 25,000 SH Put DFND 2 25,000 0 0
EXPEDIA INC DEL COM NEW 30212P303 3,632 70,100 SH Call DFND 2 0 0 0
EXXON MOBIL CORP COM 30231G102 256 2,971 SH   DFND 1 2,971 0 0
FACEBOOK INC CL A 30303M102 201 4,000 SH   DFND 2 4,000 0 0
FACEBOOK INC CL A 30303M102 502 10,000 SH Put DFND 2 10,000 0 0
FAMILY DLR STORES INC COM 307000109 288 4,000 SH   DFND 2 4,000 0 0
FAMILY DLR STORES INC COM 307000109 720 10,000 SH Call DFND 2 0 0 0
FAMILY DLR STORES INC COM 307000109 720 10,000 SH Put DFND 2 10,000 0 0
FEDERAL SIGNAL CORP COM 313855108 846 65,708 SH   DFND 1 65,708 0 0
FMC TECHNOLOGIES INC COM 30249U101 2,030 28,300 SH Call DFND 2 0 0 0
FORTINET INC COM 34959E109 203 10,000 SH Call DFND 2 0 0 0
FORTINET INC COM 34959E109 810 40,000 SH   DFND 2 40,000 0 0
GENCORP INC COM 368682100 361 22,500 SH   DFND 1 22,500 0 0
GENESIS ENERGY L P UNIT LTD PARTN 371927104 501 10,000 SH   DFND 1 10,000 0 0
GLOBECOMM SYSTEMS INC COM 37956X103 6,557 468,015 SH   DFND 1 468,015 0 0
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 61 13,300 SH   DFND 1 13,300 0 0
GOLDEN MINERALS CO COM 381119106 45 47,800 SH   DFND 1 47,800 0 0
GOLDEN STAR RES LTD CDA COM 38119T104 13 31,600 SH   DFND 1 31,600 0 0
GOOGLE INC CL A 38259P508 964 1,100 SH   DFND 1 1,100 0 0
GROUPON INC COM CL A 399473107 734 65,500 SH Call DFND 2 0 0 0
GROUPON INC COM CL A 399473107 1,121 100,000 SH Put DFND 2 100,000 0 0
GROUPON INC COM CL A 399473107 1,906 170,000 SH   DFND 2 170,000 0 0
HALLIBURTON CO COM 406216101 14,460 300,300 SH Call DFND 2 0 0 0
HARMONY GOLD MNG LTD SPONSORED ADR 413216300 59 17,400 SH   DFND 1 17,400 0 0
HARRIS TEETER SUPERMARKETS I COM 414585109 349 7,088 SH   DFND 2 7,088 0 0
HARSCO CORP COM 415864107 498 20,000 SH Call DFND 2 0 0 0
HEALTH MGMT ASSOC INC NEW CL A 421933102 512 40,000 SH Call DFND 2 0 0 0
HEALTH MGMT ASSOC INC NEW CL A 421933102 2,307 180,200 SH Put DFND 2 180,200 0 0
HERBALIFE LTD COM USD SHS G4412G101 877 12,575 SH   DFND 1 12,575 0 0
HI-TECH PHARMACAL INC COM 42840B101 2,136 49,511 SH   DFND 1 49,511 0 0
HOUSTON AMERN ENERGY CORP COM 44183U100 11 38,000 SH   DFND 1 38,000 0 0
IAMGOLD CORP COM 450913108 57 11,900 SH   DFND 1 11,900 0 0
IMMUNOGEN INC COM 45253H101 740 43,500 SH   DFND 2 43,500 0 0
IMMUNOGEN INC COM 45253H101 1,595 93,700 SH Put DFND 2 93,700 0 0
INERGY L P UNIT LTD PTNR 456615103 355 25,750 SH   DFND 1 25,750 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 833 4,500 SH   DFND 1 4,500 0 0
IRON MTN INC COM 462846106 1,108 40,999 SH   DFND 1 40,999 0 0
ISHARES MSCI CDA ETF 464286509 283 10,000 SH   DFND 1 10,000 0 0
ISHARES RUS 1000 VAL ETF 464287598 42,258 490,237 SH   DFND 3 490,237 0 0
ISHARES RUSSELL 2000 ETF 464287655 810 7,600 SH   DFND 1 7,600 0 0
JOHNSON & JOHNSON COM 478160104 3,034 35,000 SH   DFND 2 35,000 0 0
JOHNSON & JOHNSON COM 478160104 3,034 35,000 SH Put DFND 2 35,000 0 0
JONES GROUP INC COM 48020T101 427 28,445 SH   DFND 1 28,445 0 0
JONES GROUP INC COM 48020T101 826 55,000 SH Put DFND 2 55,000 0 0
JONES GROUP INC COM 48020T101 961 6,400,000 SH Put DFND 1 6,400,000 0 0
JONES GROUP INC COM 48020T101 1,006 67,000 SH Call DFND 2 0 0 0
KIOR INC CL A 497217109 31 11,100 SH   DFND 1 11,100 0 0
LAMAR ADVERTISING CO CL A 512815101 847 18,000 SH   DFND 1 18,000 0 0
LEAP WIRELESS INTL INC COM NEW 521863308 3,572 22,610,000 SH Call DFND 1 0 0 0
LEAP WIRELESS INTL INC COM NEW 521863308 7,328 46,380,000 SH Put DFND 1 46,380,000 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 360 13,500 SH   DFND 1 13,500 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 4,786 63,455 SH   DFND 1 63,455 0 0
LIFE TECHNOLOGIES CORP COM 53217V109 1,497 20,000 SH   DFND 2 20,000 0 0
LIFE TECHNOLOGIES CORP COM 53217V109 4,490 60,000 SH Put DFND 2 60,000 0 0
LIFE TECHNOLOGIES CORP COM 53217V109 5,148 68,800 SH Call DFND 2 0 0 0
LIFE TECHNOLOGIES CORP COM 53217V109 28,455 380,268 SH   DFND 1 380,268 0 0
LINN ENERGY LLC UNIT LTD LIAB 536020100 2,657 10,250,000 SH Call DFND 1 0 0 0
LINN ENERGY LLC UNIT LTD LIAB 536020100 3,272 12,620,000 SH Put DFND 1 12,620,000 0 0
LOWES COS INC COM 548661107 1,690 35,500 SH Call DFND 2 0 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 7,660 104,600 SH Call DFND 2 0 0 0
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 1,888 33,460 SH   DFND 1 33,460 0 0
MAKO SURGICAL CORP COM 560879108 885 30,000 SH Call DFND 2 0 0 0
MAKO SURGICAL CORP COM 560879108 1,623 5,500,000 SH Put DFND 1 5,500,000 0 0
MAKO SURGICAL CORP COM 560879108 2,618 88,727 SH   DFND 1 88,727 0 0
MALLINCKRODT PUB LTD CO SHS G5785G107 2,204 49,989 SH   DFND 1 49,989 0 0
MANNKIND CORP COM 56400P201 51 9,000 SH   DFND 2 9,000 0 0
MANNKIND CORP COM 56400P201 328 57,500 SH Call DFND 2 0 0 0
MICROSOFT CORP COM 594918104 901 27,085 SH   DFND 1 27,085 0 0
MOLEX INC CL A 608554200 5,716 149,325 SH   DFND 1 149,325 0 0
MONDELEZ INTL INC CL A 609207105 283 9,000 SH   DFND 1 9,000 0 0
MONSTER WORLDWIDE INC COM 611742107 72 16,200 SH   DFND 1 16,200 0 0
MYLAN INC COM 628530107 2,672 70,000 SH Put DFND 2 70,000 0 0
NABORS INDUSTRIES LTD SHS G6359F103 514 32,000 SH   DFND 1 32,000 0 0
NEUROCRINE BIOSCIENCES INC COM 64125C109 113 10,000 SH Call DFND 2 0 0 0
NEW GOLD INC CDA COM 644535106 62 10,300 SH   DFND 1 10,300 0 0
NEWS CORP NEW CL B 65249B208 444 27,000 SH   DFND 1 27,000 0 0
NII HLDGS INC CL B NEW 62913F201 64 10,600 SH Call DFND 2 0 0 0
NII HLDGS INC CL B NEW 62913F201 599 98,600 SH   DFND 2 98,600 0 0
NII HLDGS INC CL B NEW 62913F201 1,090 179,550 SH   DFND 1 179,550 0 0
NOBLE CORPORATION BAAR NAMEN -AKT H5833N103 1,510 40,000 SH Put DFND 2 40,000 0 0
NOBLE CORPORATION BAAR NAMEN -AKT H5833N103 14,149 374,600 SH Call DFND 2 0 0 0
NORTHWEST PIPE CO COM 667746101 1,524 46,345 SH   DFND 1 46,345 0 0
NUANCE COMMUNICATIONS INC COM 67020Y100 955 51,100 SH   DFND 2 51,100 0 0
NUANCE COMMUNICATIONS INC COM 67020Y100 2,421 129,590 SH   DFND 1 129,590 0 0
NUANCE COMMUNICATIONS INC COM 67020Y100 2,522 13,500,000 SH Put DFND 1 13,500,000 0 0
NV ENERGY INC COM 67073Y106 5,836 247,180 SH   DFND 1 247,180 0 0
NYSE EURONEXT COM 629491101 17,393 414,314 SH   DFND 1 414,314 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 253 2,700 SH Call DFND 2 0 0 0
OIL STS INTL INC COM 678026105 1,164 11,250 SH   DFND 1 11,250 0 0
ONCOTHYREON INC COM 682324108 412 200,000 SH   DFND 1 200,000 0 0
ONEOK PARTNERS LP UNIT LTD PARTN 68268N103 637 12,015 SH   DFND 1 12,015 0 0
ONYX PHARMACEUTICALS INC COM 683399109 1,110 890,000 SH Put DFND 1 890,000 0 0
ONYX PHARMACEUTICALS INC COM 683399109 4,801 38,500 SH Call DFND 2 0 0 0
ONYX PHARMACEUTICALS INC COM 683399109 21,069 168,961 SH   DFND 1 168,961 0 0
ONYX PHARMACEUTICALS INC COM 683399109 25,438 20,400,000 SH Call DFND 1 0 0 0
OPTIMER PHARMACEUTICALS INC COM 68401H104 0 2,000 SH Call DFND 2 0 0 0
OPTIMER PHARMACEUTICALS INC COM 68401H104 171 13,581 SH   DFND 2 13,581 0 0
PACKAGING CORP AMER COM 695156109 5,017 87,900 SH Call DFND 2 0 0 0
PACTERA TECHNOLOGY INTL LTD SPONSORED ADR 695255109 707 12,000,000 SH Put DFND 1 12,000,000 0 0
PACWEST BANCORP DEL COM 695263103 253 7,376 SH   DFND 2 7,376 0 0
PARKERVISION INC COM 701354102 94 28,000 SH   DFND 1 28,000 0 0
PERRIGO CO COM 714290103 1,838 1,490,000 SH Put DFND 1 1,490,000 0 0
PERRIGO CO COM 714290103 6,835 5,540,000 SH Call DFND 1 0 0 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 1,215 23,070 SH   DFND 1 23,070 0 0
POLYCOM INC COM 73172K104 546 50,000 SH Put DFND 2 50,000 0 0
POLYCOM INC COM 73172K104 612 56,000 SH   DFND 2 56,000 0 0
POWERSHARES ETF TRUST II SENIOR LN PORT 73936Q769 15,782 639,283 SH   DFND 3 639,283 0 0
PROSHARES TR II ULTRASHORT YEN N 74347W569 785 12,620 SH   DFND 1 12,620 0 0
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 510 8,800 SH Call DFND 2 0 0 0
RADISYS CORP COM 750459109 91 28,400 SH   DFND 1 28,400 0 0
REGENCY ENERGY PARTNERS L P COM UNITS L P 75885Y107 286 10,000 SH   DFND 1 10,000 0 0
REPLIGEN CORP COM 759916109 776 70,000 SH Call DFND 2 0 0 0
REPROS THERAPEUTICS INC COM NEW 76028H209 587 21,900 SH   DFND 2 21,900 0 0
REPROS THERAPEUTICS INC COM NEW 76028H209 654 24,400 SH Put DFND 2 24,400 0 0
RESMED INC COM 761152107 660 12,500 SH Put DFND 2 12,500 0 0
RICHMONT MINES INC COM 76547T106 74 52,300 SH   DFND 1 52,300 0 0
RIVERBED TECHNOLOGY INC COM 768573107 146 10,000 SH   DFND 2 10,000 0 0
RLJ ENTMT INC COM 74965F104 74 13,503 SH   DFND 1 13,503 0 0
ROCKWOOD HLDGS INC COM 774415103 3,733 55,800 SH Call DFND 2 0 0 0
RUBICON MINERALS CORP COM 780911103 21 16,800 SH   DFND 1 16,800 0 0
RUE21 INC COM 781295100 40 1,000 SH   DFND 2 1,000 0 0
RUE21 INC COM 781295100 2,045 5,070,000 SH Put DFND 1 5,070,000 0 0
SANCHEZ ENERGY CORP COM 79970Y105 779 29,490 SH   DFND 1 29,490 0 0
SCHWAB CHARLES CORP NEW COM 808513105 1,162 54,950 SH   DFND 1 54,950 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 4,741 293,201 SH   DFND 1 293,201 0 0
SEALED AIR CORP NEW COM 81211K100 598 22,000 SH Put DFND 2 22,000 0 0
SEALED AIR CORP NEW COM 81211K100 639 23,500 SH   DFND 2 23,500 0 0
SEALED AIR CORP NEW COM 81211K100 1,020 37,500 SH Call DFND 2 0 0 0
SEATTLE GENETICS INC COM 812578102 88 2,000 SH   DFND 2 2,000 0 0
SEATTLE GENETICS INC COM 812578102 1,218 27,800 SH Put DFND 2 27,800 0 0
SHFL ENTMT INC COM 78423R105 2,655 115,598 SH   DFND 1 115,598 0 0
SIBANYE GOLD LTD SPONSORED ADR 825724206 645 123,750 SH   DFND 1 123,750 0 0
SIGA TECHNOLOGIES INC COM 826917106 1,035 270,914 SH   DFND 1 270,914 0 0
SLM CORP COM 78442P106 9,178 368,600 SH Call DFND 2 0 0 0
SMITHFIELD FOODS INC COM 832248108 0 35,600 SH Put DFND 2 35,600 0 0
SMITHFIELD FOODS INC COM 832248108 0 382,500 SH Call DFND 2 0 0 0
SMITHFIELD FOODS INC COM 832248108 26,673 78,450,000 SH Call DFND 1 0 0 0
SOURCEFIRE INC COM 83616T108 486 6,400 SH Call DFND 2 0 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 258 2,015 SH   DFND 1 2,015 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 874 5,200 SH   DFND 1 5,200 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 56,116 33,400,000 SH Put DFND 1 33,400,000 0 0
SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP 78467Y107 97,431 430,482 SH   DFND 3 430,482 0 0
SPDR SERIES TRUST BRC HGH YLD BD 78464A417 1,126 28,250 SH   DFND 1 28,250 0 0
SPRINT CORP COM SER 1 85207U105 1,238 19,910,000 SH Call DFND 1 0 0 0
STERLING BANCORP COM 859158107 565 41,157 SH   DFND 1 41,157 0 0
STERLING FINL CORP WASH COM NEW 859319303 254 8,875 SH   DFND 2 8,875 0 0
SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 669 14,297 SH   DFND 1 14,297 0 0
SUNESIS PHARMACEUTICALS INC COM NEW 867328601 2,244 452,517 SH   DFND 2 452,517 0 0
SUNOCO LOGISTICS PRTNRS L P COM UNITS 86764L108 1,745 26,259 SH   DFND 1 26,259 0 0
SYNTA PHARMACEUTICALS CORP COM 87162T206 221 35,000 SH Call DFND 2 0 0 0
TANZANIAN ROYALTY EXPL CORP COM 87600U104 31 12,300 SH   DFND 1 12,300 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 692 23,428 SH   DFND 1 23,428 0 0
TESORO CORP COM 881609101 4,081 92,800 SH   DFND 1 92,800 0 0
THE ADT CORPORATION COM 00101J106 955 23,490 SH   DFND 1 23,490 0 0
THRESHOLD PHARMACEUTICAL INC COM NEW 885807206 93 20,000 SH   DFND 1 20,000 0 0
TIMMINS GOLD CORP COM 88741P103 26 15,600 SH   DFND 1 15,600 0 0
TRANSITION THERAPEUTICS INC COM NEW 893716209 150 36,600 SH   DFND 2 36,600 0 0
TRANSOCEAN LTD REG SHS H8817H100 1,902 42,750 SH   DFND 1 42,750 0 0
TURQUOISE HILL RES LTD COM 900435108 75 17,000 SH   DFND 2 17,000 0 0
U S AIRWAYS GROUP INC COM 90341W108 1,909 10,070,000 SH Put DFND 1 10,070,000 0 0
UNITEDHEALTH GROUP INC COM 91324P102 201 2,800 SH   DFND 2 2,800 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 13,008 324,110 SH   DFND 3 324,110 0 0
VERTEX PHARMACEUTICALS INC COM 92532F100 1,365 18,000 SH   DFND 2 18,000 0 0
VERTEX PHARMACEUTICALS INC COM 92532F100 3,124 41,200 SH Put DFND 2 41,200 0 0
VIRNETX HLDG CORP COM 92823T108 2,945 144,369 SH   DFND 1 144,369 0 0
VISTA GOLD CORP COM NEW 927926303 43 93,800 SH   DFND 1 93,800 0 0
VIVUS INC COM 928551100 395 42,500 SH   DFND 2 42,500 0 0
VIVUS INC COM 928551100 1,349 145,000 SH Call DFND 2 0 0 0
VIVUS INC COM 928551100 2,072 222,759 SH   DFND 1 222,759 0 0
WAL-MART STORES INC COM 931142103 564 7,625 SH   DFND 1 7,625 0 0
WALTER INVT MGMT CORP COM 93317W102 448 11,335 SH   DFND 1 11,335 0 0
WILLIAMS COS INC DEL COM 969457100 455 12,500 SH   DFND 1 12,500 0 0