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: 12-31-2013
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 02-13-2014
[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: 226
Form 13F Information Table Value Total: 594,922
(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
ACHILLION PHARMACEUTICALS IN COM 00448Q201 50 15,000 SH   DFND 1 15,000 0 0
ACHILLION PHARMACEUTICALS IN COM 00448Q201 332 100,000 SH Call DFND 3 100,000 0 0
ACI WORLDWIDE INC COM 004498101 2,477 38,100 SH   DFND 2 38,100 0 0
ADOBE SYS INC COM 00724F101 2,581 43,100 SH   DFND 2 43,100 0 0
AIR PRODS & CHEMS INC COM 009158106 2,459 22,000 SH   DFND 2 22,000 0 0
AIR PRODS & CHEMS INC COM 009158106 2,537 22,700 SH   DFND 3 22,700 0 0
AIR PRODS & CHEMS INC COM 009158106 2,537 22,700 SH Put DFND 3 22,700 0 0
AKAMAI TECHNOLOGIES INC COM 00971T101 2,501 53,000 SH   DFND 2 53,000 0 0
ALCOA INC COM 013817101 393 37,000 SH Call DFND 3 37,000 0 0
ALLISON TRANSMISSION HLDGS I COM 01973R101 472 17,092 SH   DFND 1 17,092 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 1,401 55,500 SH Call DFND 1 55,500 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 1,969 77,985 SH   DFND 1 77,985 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 294 22,900 SH Call DFND 3 22,900 0 0
ANTARES PHARMA INC COM 036642106 67 15,000 SH   DFND 1 15,000 0 0
AOL INC COM 00184X105 2,093 44,900 SH   DFND 3 44,900 0 0
APPLIED MATLS INC COM 038222105 88 5,000 SH   DFND 3 5,000 0 0
APPLIED MATLS INC COM 038222105 7,358 416,200 SH Call DFND 1 416,200 0 0
ARENA PHARMACEUTICALS INC COM 040047102 59 10,000 SH   DFND 1 10,000 0 0
ARIAD PHARMACEUTICALS INC COM 04033A100 102 15,000 SH   DFND 1 15,000 0 0
ASHLAND INC NEW COM 044209104 2,180 22,468 SH   DFND 1 22,468 0 0
ASHLAND INC NEW COM 044209104 2,475 25,500 SH   DFND 2 25,500 0 0
ASHLAND INC NEW COM 044209104 5,036 51,900 SH Put DFND 1 51,900 0 0
BAKER HUGHES INC COM 057224107 2,481 44,900 SH   DFND 2 44,900 0 0
BARRICK GOLD CORP COM 067901108 441 25,000 SH   DFND 1 25,000 0 0
BEAM INC COM 073730103 2,382 35,000 SH   DFND 2 35,000 0 0
BLUEBIRD BIO INC COM 09609G100 3,330 158,709 SH   DFND 1 158,709 0 0
BOARDWALK PIPELINE PARTNERS UT LTD PARTNER 096627104 717 28,100 SH   DFND 1 28,100 0 0
BOB EVANS FARMS INC COM 096761101 1,601 31,643 SH   DFND 1 31,643 0 0
BROCADE COMMUNICATIONS SYS I COM NEW 111621306 2,477 279,400 SH   DFND 2 279,400 0 0
BUCKEYE PARTNERS L P UNIT LTD PARTN 118230101 1,225 17,250 SH   DFND 1 17,250 0 0
BURGER KING WORLDWIDE INC COM 121220107 2,569 112,400 SH   DFND 2 112,400 0 0
CACI INTL INC CL A 127190304 2,409 32,900 SH   DFND 2 32,900 0 0
CANADIAN PAC RY LTD COM 13645T100 2,376 15,700 SH   DFND 2 15,700 0 0
CAPITAL ONE FINL CORP COM 14040H105 383 5,000 SH   DFND 1 5,000 0 0
CAPITAL SR LIVING CORP COM 140475104 240 10,000 SH Put DFND 3 10,000 0 0
CBS CORP NEW CL B 124857202 2,569 40,300 SH   DFND 2 40,300 0 0
CEMPRA INC COM 15130J109 248 20,000 SH   DFND 1 20,000 0 0
CHICOS FAS INC COM 168615102 2,376 126,100 SH   DFND 2 126,100 0 0
CISCO SYS INC COM 17275R102 457 20,383 SH   DFND 3 20,383 0 0
CISCO SYS INC COM 17275R102 3,813 170,000 SH Put DFND 3 170,000 0 0
COBALT INTL ENERGY INC COM 19075F106 629 38,200 SH Call DFND 3 38,200 0 0
COLE REAL ESTATE INVTS INC COM 19329V105 1,841 131,100 SH   DFND 1 131,100 0 0
COMMONWEALTH REIT COM SH BEN INT 203233101 2,434 104,400 SH   DFND 2 104,400 0 0
COMMONWEALTH REIT COM SH BEN INT 203233101 2 78 SH   DFND 3 78 0 0
COMMUNITY HEALTH SYS INC NEW COM 203668108 39 999 SH   DFND 3 999 0 0
COMMUNITY HEALTH SYS INC NEW COM 203668108 719 18,300 SH   DFND 1 18,300 0 0
COMMUNITY HEALTH SYS INC NEW COM 203668108 3,184 81,100 SH Call DFND 1 81,100 0 0
COMPUWARE CORP COM 205638109 2,879 256,800 SH Call DFND 1 256,800 0 0
COMPUWARE CORP COM 205638109 3,051 272,208 SH   DFND 1 272,208 0 0
COWEN GROUP INC NEW CL A 223622101 16,877 4,316,490 SH   DFND 1 4,316,490 0 0
CRESTWOOD MIDSTREAM PARTNERS UNIT LTD PARTNER 226378107 812 32,624 SH   DFND 1 32,624 0 0
CUBIST PHARMACEUTICALS INC COM 229678107 207 3,000 SH   DFND 1 3,000 0 0
CYPRESS SEMICONDUCTOR CORP COM 232806109 263 25,000 SH Put DFND 3 25,000 0 0
CYPRESS SEMICONDUCTOR CORP COM 232806109 551 52,500 SH Call DFND 3 52,500 0 0
EBAY INC COM 278642103 873 15,916 SH   DFND 1 15,916 0 0
EDWARDS GROUP LTD SPONSORED ADR 281736108 1,174 115,344 SH   DFND 1 115,344 0 0
ENERGY TRANSFER EQUITY L P COM UT LTD PTN 29273V100 1,731 21,175 SH   DFND 1 21,175 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 986 14,875 SH   DFND 1 14,875 0 0
EQUINIX INC COM NEW 29444U502 2,853 16,080 SH   DFND 1 16,080 0 0
EXXON MOBIL CORP COM 30231G102 301 2,971 SH   DFND 1 2,971 0 0
F M C CORP COM NEW 302491303 1,962 26,000 SH Call DFND 3 26,000 0 0
FAMILY DLR STORES INC COM 307000109 195 3,000 SH   DFND 3 3,000 0 0
FAMILY DLR STORES INC COM 307000109 650 10,000 SH Call DFND 3 10,000 0 0
FAMILY DLR STORES INC COM 307000109 650 10,000 SH Put DFND 3 10,000 0 0
FAMILY DLR STORES INC COM 307000109 2,365 36,400 SH   DFND 2 36,400 0 0
FEDERAL SIGNAL CORP COM 313855108 670 45,708 SH   DFND 1 45,708 0 0
FIDELITY NATIONAL FINANCIAL CL A 31620R105 14,333 441,700 SH Call DFND 1 441,700 0 0
FORTRESS PAPER LTD-CL A CS 34958R101 1,114 280,328 SH   DFND 1 280,328 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 2,294 114,300 SH   DFND 2 114,300 0 0
GENESIS ENERGY L P UNIT LTD PARTN 371927104 394 7,500 SH   DFND 1 7,500 0 0
GERON CORP COM 374163103 59 12,500 SH   DFND 1 12,500 0 0
GOOGLE INC CL A 38259P508 1,457 1,300 SH   DFND 1 1,300 0 0
HALLIBURTON CO COM 406216101 7,993 157,500 SH Call DFND 3 157,500 0 0
HARMAN INTL INDS INC COM 413086109 2,398 29,300 SH   DFND 2 29,300 0 0
HEALTH MGMT ASSOC INC NEW CL A 421933102 462 35,300 SH Call DFND 3 35,300 0 0
HEALTH MGMT ASSOC INC NEW CL A 421933102 1,391 106,200 SH Put DFND 1 106,200 0 0
HERBALIFE LTD COM USD SHS G4412G101 832 10,575 SH   DFND 1 10,575 0 0
HEWLETT PACKARD CO COM 428236103 2,443 87,300 SH   DFND 2 87,300 0 0
HOLOGIC INC COM 436440101 503 22,499 SH   DFND 1 22,499 0 0
HOUSTON AMERN ENERGY CORP COM 44183U100 10 38,000 SH   DFND 1 38,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 2,514 29,900 SH   DFND 2 29,900 0 0
IMMUNOGEN INC COM 45253H101 1,125 76,658 SH   DFND 3 76,658 0 0
IMMUNOGEN INC COM 45253H101 1,320 90,000 SH Put DFND 3 90,000 0 0
INGERSOLL-RAND PLC SHS G47791101 2,593 42,100 SH   DFND 2 42,100 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 844 4,500 SH   DFND 1 4,500 0 0
ISHARES MSCI CDA ETF 464286509 292 10,000 SH   DFND 1 10,000 0 0
ISHARES RUSSELL 2000 ETF 464287655 59,872 519,000 SH Put DFND 1 519,000 0 0
JOHNSON & JOHNSON COM 478160104 165 1,800 SH   DFND 3 1,800 0 0
JOHNSON & JOHNSON COM 478160104 1,832 20,000 SH Put DFND 3 20,000 0 0
KRAFT FOODS GROUP INC COM 50076Q106 1,143 21,200 SH   DFND 3 21,200 0 0
KRAFT FOODS GROUP INC COM 50076Q106 1,143 21,200 SH Put DFND 3 21,200 0 0
LAMAR ADVERTISING CO CL A 512815101 3,587 68,645 SH   DFND 1 68,645 0 0
LAMAR ADVERTISING CO CL A 512815101 15,508 296,800 SH Put DFND 1 296,800 0 0
LAMAR ADVERTISING CO CL A 512815101 18,001 344,500 SH Call DFND 1 344,500 0 0
LEAP WIRELESS INTL INC COM NEW 521863308 11,656 669,900 SH Put DFND 1 669,900 0 0
LEAR CORP COM NEW 521865204 2,372 29,300 SH   DFND 2 29,300 0 0
LENDER PROCESSING SVCS INC COM 52602E102 964 25,787 SH   DFND 1 25,787 0 0
LIFE TECHNOLOGIES CORP COM 53217V109 5,215 68,800 SH Call DFND 3 68,800 0 0
LIFE TECHNOLOGIES CORP COM 53217V109 33,882 446,989 SH   DFND 1 446,989 0 0
LINN ENERGY LLC UNIT LTD LIAB 536020100 4,899 159,100 SH Call DFND 1 159,100 0 0
LINNCO LLC COMSHS LTD INT 535782106 0 1 SH   DFND 3 1 0 0
LINNCO LLC COMSHS LTD INT 535782106 1,685 54,700 SH Put DFND 1 54,700 0 0
LORAL SPACE & COMMUNICATNS I COM 543881106 535 6,600 SH Call DFND 3 6,600 0 0
LORAL SPACE & COMMUNICATNS I COM 543881106 850 10,500 SH Put DFND 3 10,500 0 0
LORAL SPACE & COMMUNICATNS I COM 543881106 3,806 47,000 SH   DFND 3 47,000 0 0
LSI CORPORATION COM 502161102 143 12,994 SH   DFND 3 12,994 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 2,007 25,000 SH Put DFND 3 25,000 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 9,930 123,700 SH Call DFND 3 123,700 0 0
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 1,769 27,960 SH   DFND 1 27,960 0 0
MANNKIND CORP COM 56400P201 125 24,000 SH   DFND 3 24,000 0 0
MCKESSON CORP COM 58155Q103 242 1,500 SH   DFND 1 1,500 0 0
MEDASSETS INC COM 584045108 2,119 106,859 SH   DFND 2 106,859 0 0
MENS WEARHOUSE INC COM 587118100 612 12,000 SH Call DFND 3 12,000 0 0
MICROSOFT CORP COM 594918104 2,342 62,600 SH   DFND 2 62,600 0 0
MONDELEZ INTL INC CL A 609207105 2,439 69,100 SH   DFND 2 69,100 0 0
MOTOROLA SOLUTIONS INC COM NEW 620076307 2,464 36,500 SH   DFND 2 36,500 0 0
MYLAN INC COM 628530107 3,038 70,000 SH Put DFND 3 70,000 0 0
MYRIAD GENETICS INC COM 62855J104 63 3,000 SH   DFND 3 3,000 0 0
MYRIAD GENETICS INC COM 62855J104 420 20,000 SH Put DFND 3 20,000 0 0
NABORS INDUSTRIES LTD SHS G6359F103 679 39,968 SH   DFND 1 39,968 0 0
NCR CORP NEW COM 62886E108 511 14,994 SH   DFND 1 14,994 0 0
NCR CORP NEW COM 62886E108 2,510 73,700 SH   DFND 2 73,700 0 0
NEUROCRINE BIOSCIENCES INC COM 64125C109 93 10,000 SH Call DFND 3 10,000 0 0
NII HLDGS INC CL B NEW 62913F201 0 100 SH   DFND 3 100 0 0
NII HLDGS INC CL B NEW 62913F201 388 140,900 SH Call DFND 3 140,900 0 0
NII HLDGS INC CL B NEW 62913F201 792 288,178 SH   DFND 1 288,178 0 0
NORTHWEST PIPE CO COM 667746101 1,957 51,820 SH   DFND 1 51,820 0 0
NUANCE COMMUNICATIONS INC COM 67020Y100 1,515 99,700 SH Call DFND 1 99,700 0 0
NUANCE COMMUNICATIONS INC COM 67020Y100 2,749 180,827 SH   DFND 1 180,827 0 0
NUANCE COMMUNICATIONS INC COM 67020Y100 152 10,000 SH   DFND 3 10,000 0 0
NUPATHE INC COM 67059M100 420 128,492 SH   DFND 1 128,492 0 0
OIL STS INTL INC COM 678026105 2,049 20,147 SH   DFND 1 20,147 0 0
OIL STS INTL INC COM 678026105 2,401 23,600 SH   DFND 2 23,600 0 0
OLIN CORP COM PAR $1 680665205 1,010 35,000 SH Call DFND 3 35,000 0 0
OMNICOM GROUP INC COM 681919106 17,403 234,006 SH   DFND 1 234,006 0 0
ONCOTHYREON INC COM 682324108 616 350,000 SH   DFND 1 350,000 0 0
ONEOK PARTNERS LP UNIT LTD PARTN 68268N103 622 11,815 SH   DFND 1 11,815 0 0
OUTERWALL INC COM 690070107 1,004 14,922 SH   DFND 1 14,922 0 0
OWENS ILL INC COM NEW 690768403 2,548 71,200 SH   DFND 2 71,200 0 0
PACTERA TECHNOLOGY INTL LTD SPONSORED ADR 695255109 718 102,500 SH Put DFND 1 102,500 0 0
PARKERVISION INC COM 701354102 91 20,000 SH   DFND 1 20,000 0 0
PENNEY J C INC COM 708160106 2,814 307,500 SH Call DFND 1 307,500 0 0
PENNEY J C INC COM 708160106 712 77,800 SH Put DFND 1 77,800 0 0
PEPSICO INC COM 713448108 2,364 28,500 SH   DFND 2 28,500 0 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 1,091 21,070 SH   DFND 1 21,070 0 0
POLYCOM INC COM 73172K104 590 52,500 SH   DFND 3 52,500 0 0
POLYCOM INC COM 73172K104 634 56,500 SH Put DFND 3 56,500 0 0
POWERSHARES ETF TRUST II SENIOR LN PORT 73936Q769 13,211 530,803 SH   DFND 2 530,803 0 0
PROGRESSIVE WASTE SOLUTIONS COM 74339G101 1,979 79,958 SH   DFND 2 79,958 0 0
PROSHARES TR II ULTRASHORT YEN N 74347W569 780 11,000 SH   DFND 1 11,000 0 0
PVR PARTNERS L P COM UNIT REPTG L 693665101 2,482 92,523 SH   DFND 1 92,523 0 0
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 479 8,800 SH Call DFND 3 8,800 0 0
RAYTHEON CO COM NEW 755111507 943 10,400 SH   DFND 3 10,400 0 0
RAYTHEON CO COM NEW 755111507 943 10,400 SH Put DFND 3 10,400 0 0
REGENCY ENERGY PARTNERS L P COM UNITS L P 75885Y107 263 10,000 SH   DFND 1 10,000 0 0
REGIONS FINL CORP NEW COM 7591EP100 584 59,000 SH Call DFND 3 59,000 0 0
RIVERBED TECHNOLOGY INC COM 768573107 462 25,558 SH   DFND 1 25,558 0 0
RLJ ENTMT INC COM 74965F104 65 13,503 SH   DFND 1 13,503 0 0
ROCKWELL COLLINS INC COM 774341101 2,432 32,900 SH   DFND 2 32,900 0 0
ROCKWOOD HLDGS INC COM 774415103 273 3,800 SH Call DFND 3 3,800 0 0
SAFEWAY INC COM NEW 786514208 814 25,000 SH Call DFND 1 25,000 0 0
SAFEWAY INC COM NEW 786514208 4,589 140,900 SH Put DFND 1 140,900 0 0
SALESFORCE COM INC COM 79466L302 276 5,000 SH   DFND 3 5,000 0 0
SALESFORCE COM INC COM 79466L302 386 7,000 SH Put DFND 3 7,000 0 0
SANCHEZ ENERGY CORP COM 79970Y105 266 10,857 SH   DFND 1 10,857 0 0
SANTARUS INC COM 802817304 639 20,000 SH   DFND 3 20,000 0 0
SCHWAB CHARLES CORP NEW COM 808513105 1,304 50,150 SH   DFND 1 50,150 0 0
SCIENCE APPLICATNS INTL CP N COM 808625107 661 20,000 SH   DFND 1 20,000 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 4,735 279,701 SH   DFND 1 279,701 0 0
SEALED AIR CORP NEW COM 81211K100 1,277 37,500 SH Call DFND 3 37,500 0 0
SEATTLE GENETICS INC COM 812578102 80 2,000 SH   DFND 3 2,000 0 0
SEATTLE GENETICS INC COM 812578102 1,009 25,300 SH Put DFND 3 25,300 0 0
SERVICE CORP INTL COM 817565104 1,731 95,479 SH   DFND 1 95,479 0 0
SIGA TECHNOLOGIES INC COM 826917106 686 209,654 SH   DFND 1 209,654 0 0
SLM CORP COM 78442P106 6 200 SH Put DFND 3 200 0 0
SLM CORP COM 78442P106 23,915 910,000 SH Call DFND 3 910,000 0 0
SOTHEBYS COM 835898107 2,453 46,100 SH   DFND 2 46,100 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 905 4,900 SH   DFND 1 4,900 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 31,582 171,000 SH Put DFND 1 171,000 0 0
SPDR SERIES TRUST BRC HGH YLD BD 78464A417 1,085 26,750 SH   DFND 1 26,750 0 0
SPRINT CORP COM SER 1 85207U105 548 50,989 SH   DFND 1 50,989 0 0
SPX CORP COM 784635104 2,520 25,300 SH   DFND 2 25,300 0 0
STERLING BANCORP DEL COM 85917A100 695 51,960 SH   DFND 1 51,960 0 0
SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 671 14,297 SH   DFND 1 14,297 0 0
SUNEDISON INC COM 86732Y109 1,355 103,900 SH Put DFND 3 103,900 0 0
SUNEDISON INC COM 86732Y109 301 23,000 SH Call DFND 3 23,000 0 0
SUNEDISON INC COM 86732Y109 1,253 96,000 SH   DFND 3 96,000 0 0
SUNESIS PHARMACEUTICALS INC COM NEW 867328601 3,299 696,075 SH   DFND 3 696,075 0 0
SUNOCO LOGISTICS PRTNRS L P COM UNITS 86764L108 1,227 16,259 SH   DFND 1 16,259 0 0
SYSCO CORP COM 871829107 5,429 150,400 SH Call DFND 1 150,400 0 0
TETRAPHASE PHARMACEUTICALS I COM 88165N105 203 15,000 SH   DFND 1 15,000 0 0
THE ADT CORPORATION COM 00101J106 364 9,000 SH   DFND 3 9,000 0 0
THE ADT CORPORATION COM 00101J106 2,024 50,000 SH Call DFND 3 50,000 0 0
THE ADT CORPORATION COM 00101J106 2,400 59,300 SH   DFND 2 59,300 0 0
THERAVANCE INC COM 88338T104 1,426 40,005 SH   DFND 1 40,005 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 2,594 23,300 SH   DFND 2 23,300 0 0
TIME WARNER CABLE INC COM 88732J207 760 5,612 SH   DFND 1 5,612 0 0
TIME WARNER CABLE INC COM 88732J207 2,331 17,200 SH Put DFND 1 17,200 0 0
TIMKEN CO COM 887389104 874 15,875 SH   DFND 1 15,875 0 0
T-MOBILE US INC COM 872590104 542 16,119 SH   DFND 1 16,119 0 0
TRANSOCEAN LTD REG SHS H8817H100 972 19,659 SH   DFND 1 19,659 0 0
TRANSOCEAN LTD REG SHS H8817H100 5,174 104,700 SH Call DFND 1 104,700 0 0
UNITED RENTALS INC COM 911363109 2,627 33,700 SH   DFND 2 33,700 0 0
UNITEDHEALTH GROUP INC COM 91324P102 286 3,800 SH   DFND 3 3,800 0 0
UNITEDHEALTH GROUP INC COM 91324P102 286 3,800 SH Put DFND 3 3,800 0 0
UTI WORLDWIDE INC ORD G87210103 2,378 135,430 SH   DFND 2 135,430 0 0
VAIL RESORTS INC COM 91879Q109 2,400 31,900 SH   DFND 2 31,900 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 2,595 22,100 SH   DFND 2 22,100 0 0
VANDA PHARMACEUTICALS INC COM 921659108 310 25,000 SH   DFND 1 25,000 0 0
VERTEX PHARMACEUTICALS INC COM 92532F100 1,858 25,000 SH Put DFND 3 25,000 0 0
VERTEX PHARMACEUTICALS INC COM 92532F100 372 5,000 SH Call DFND 3 5,000 0 0
VERTEX PHARMACEUTICALS INC COM 92532F100 706 9,500 SH   DFND 3 9,500 0 0
VIRNETX HLDG CORP COM 92823T108 4,778 246,157 SH   DFND 1 246,157 0 0
VIROPHARMA INC COM 928241108 997 20,000 SH   DFND 1 20,000 0 0
VIROPHARMA INC COM 928241108 2,552 51,200 SH Put DFND 1 51,200 0 0
VIVUS INC COM 928551100 1,432 157,738 SH   DFND 1 157,738 0 0
VIVUS INC COM 928551100 2,543 280,000 SH Call DFND 3 280,000 0 0
VMWARE INC CL A COM 928563402 6,091 67,900 SH Put DFND 3 67,900 0 0
WAL-MART STORES INC COM 931142103 639 8,125 SH   DFND 1 8,125 0 0
WAL-MART STORES INC COM 931142103 3,935 50,000 SH Call DFND 3 50,000 0 0
WALTER INVT MGMT CORP COM 93317W102 401 11,335 SH   DFND 1 11,335 0 0
WENDYS CO COM 95058W100 2,454 281,400 SH   DFND 2 281,400 0 0
WILLIAMS COS INC DEL COM 969457100 482 12,500 SH   DFND 1 12,500 0 0
WILLIAMS COS INC DEL COM 969457100 2,646 68,600 SH   DFND 2 68,600 0 0
XYLEM INC COM 98419M100 654 18,900 SH Call DFND 3 18,900 0 0
YUM BRANDS INC COM 988498101 4,158 55,000 SH Call DFND 3 55,000 0 0