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: 03-31-2014
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 05-14-2014
[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: 208
Form 13F Information Table Value Total: 811,142
(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
1 800 FLOWERS COM CL A 68243Q106 226 40,100 SH   DFND 3 40,100 0 0
ACACIA RESH CORP ACACIA TCH COM 003881307 270 17,660 SH   DFND 1 17,660 0 0
ACI WORLDWIDE INC COM 004498101 3,469 58,602 SH   DFND 2 58,602 0 0
ADOBE SYS INC COM 00724F101 3,368 51,232 SH   DFND 2 51,232 0 0
AIR PRODS & CHEMS INC COM 009158106 3,469 29,145 SH   DFND 2 29,145 0 0
AKAMAI TECHNOLOGIES INC COM 00971T101 3,235 55,578 SH   DFND 2 55,578 0 0
ALLERGAN INC COM 018490102 226 1,825 SH   DFND 1 1,825 0 0
AMCOL INTL CORP COM 02341W103 966 21,100 SH   DFND 3 21,100 0 0
AMERICAN RAILCAR INDS INC COM 02916P103 795 11,350 SH   DFND 1 11,350 0 0
AMGEN INC COM 031162100 411 3,330 SH   DFND 1 3,330 0 0
ANTARES PHARMA INC COM 036642106 53 15,000 SH   DFND 1 15,000 0 0
APPLE INC COM 037833100 751 1,400 SH   DFND 1 1,400 0 0
APPLIED MATLS INC COM 038222105 3,885 190,300 SH   DFND 1 190,300 0 0
APPLIED MATLS INC COM 038222105 51 2,500 SH   DFND 3 2,500 0 0
ARROWHEAD RESH CORP COM NEW 042797209 164 10,000 SH   DFND 1 10,000 0 0
ASHLAND INC NEW COM 044209104 1,215 12,213 SH   DFND 1 12,213 0 0
AUTOZONE INC COM 053332102 1,719 3,200 SH   DFND 3 3,200 0 0
BAKER HUGHES INC COM 057224107 3,632 55,859 SH   DFND 2 55,859 0 0
BEAM INC COM 073730103 20,163 242,058 SH   DFND 1 242,058 0 0
BEAM INC COM 073730103 1,001 12,022 SH   DFND 3 12,022 0 0
BLUEBIRD BIO INC COM 09609G100 2,370 104,226 SH   DFND 1 104,226 0 0
BOARDWALK PIPELINE PARTNERS UT LTD PARTNER 096627104 209 15,600 SH   DFND 1 15,600 0 0
BOB EVANS FARMS INC COM 096761101 2,027 40,508 SH   DFND 1 40,508 0 0
BROCADE COMMUNICATIONS SYS I COM NEW 111621306 3,804 358,515 SH   DFND 2 358,515 0 0
BUCKEYE PARTNERS L P UNIT LTD PARTN 118230101 1,069 14,250 SH   DFND 1 14,250 0 0
BURGER KING WORLDWIDE INC COM 121220107 3,440 129,581 SH   DFND 2 129,581 0 0
CACI INTL INC CL A 127190304 3,295 44,651 SH   DFND 2 44,651 0 0
CAMERON INTERNATIONAL CORP COM 13342B105 3,440 55,690 SH   DFND 2 55,690 0 0
CANADIAN PAC RY LTD COM 13645T100 3,313 22,021 SH   DFND 2 22,021 0 0
CAPITAL ONE FINL CORP COM 14040H105 386 5,000 SH   DFND 1 5,000 0 0
CAPITALSOURCE INC COM 14055X102 187 12,784 SH   DFND 3 12,784 0 0
CATAMARAN CORP COM 148887102 4,006 89,500 SH   DFND 3 89,500 0 0
CEMPRA INC COM 15130J109 267 23,100 SH   DFND 1 23,100 0 0
CHENIERE ENERGY INC COM NEW 16411R208 277 5,000 SH   DFND 1 5,000 0 0
CHICOS FAS INC COM 168615102 3,283 204,795 SH   DFND 2 204,795 0 0
CHINA MING YANG WIND PWR GRO SPONSORED ADR 16951C108 32 11,400 SH   DFND 1 11,400 0 0
CHIPMOS TECH BERMUDA LTD SHS G2110R114 224 10,160 SH   DFND 1 10,160 0 0
CIBER INC COM 17163B102 80 17,400 SH   DFND 3 17,400 0 0
CISCO SYS INC COM 17275R102 9,424 420,400 SH   DFND 3 420,400 0 0
CITRIX SYS INC COM 177376100 214 3,725 SH   DFND 1 3,725 0 0
COMCAST CORP NEW CL A 20030N101 47,377 946,785 SH   DFND 1 946,785 0 0
COMMONWEALTH REIT COM SH BEN INT 203233101 526 20,000 SH   DFND 1 20,000 0 0
COMMONWEALTH REIT COM SH BEN INT 203233101 3,416 129,881 SH   DFND 2 129,881 0 0
COMMUNITY HEALTH SYS INC NEW COM 203668108 4,203 107,300 SH   DFND 1 107,300 0 0
COMMUNITY HEALTH SYS INC NEW RIGHT 01/27/2016 203668116 2 25,100 SH   DFND 3 25,100 0 0
COMPUWARE CORP COM 205638109 3,633 345,979 SH   DFND 1 345,979 0 0
COWEN GROUP INC NEW CL A 223622101 19,039 4,317,321 SH   DFND 1 4,317,321 0 0
CRESTWOOD EQUITY PARTNERS LP UNIT LTD PARTNER 226344109 394 28,434 SH   DFND 1 28,434 0 0
CRESTWOOD MIDSTREAM PARTNERS UNIT LTD PARTNER 226378107 848 37,624 SH   DFND 1 37,624 0 0
CUBIST PHARMACEUTICALS INC COM 229678107 558 7,625 SH   DFND 1 7,625 0 0
DOMINION RES INC VA NEW COM 25746U109 532 7,500 SH   DFND 1 7,500 0 0
DRESSER-RAND GROUP INC COM 261608103 1,060 18,140 SH   DFND 1 18,140 0 0
EBAY INC COM 278642103 1,507 27,276 SH   DFND 1 27,276 0 0
ENERGY TRANSFER EQUITY L P COM UT LTD PTN 29273V100 2,027 43,350 SH   DFND 1 43,350 0 0
ENTEGRIS INC COM 29362U104 1,556 128,500 SH   DFND 1 128,500 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 1,379 19,875 SH   DFND 1 19,875 0 0
EPL OIL & GAS INC COM 26883D108 3,729 96,596 SH   DFND 1 96,596 0 0
EPL OIL & GAS INC COM 26883D108 386 10,000 SH   DFND 3 10,000 0 0
EQUINIX INC COM NEW 29444U502 832 4,500 SH   DFND 1 4,500 0 0
EXXON MOBIL CORP COM 30231G102 290 2,971 SH   DFND 1 2,971 0 0
FACEBOOK INC CL A 30303M102 272 4,510 SH   DFND 1 4,510 0 0
FACEBOOK INC CL A 30303M102 0 1 SH   DFND 3 1 0 0
FEDERAL SIGNAL CORP COM 313855108 732 49,108 SH   DFND 1 49,108 0 0
FIDELITY NATIONAL FINANCIAL CL A 31620R105 3,304 105,096 SH   DFND 2 105,096 0 0
FIDELITY NATIONAL FINANCIAL CL A 31620R105 8,417 267,700 SH   DFND 1 267,700 0 0
FOREST LABS INC COM 345838106 46,770 506,885 SH   DFND 1 506,885 0 0
FOREST LABS INC COM 345838106 1,098 11,899 SH   DFND 3 11,899 0 0
FOSTER WHEELER AG COM H27178104 28,098 866,691 SH   DFND 1 866,691 0 0
GAMESTOP CORP NEW CL A 36467W109 7,126 173,400 SH   DFND 3 173,400 0 0
GASTAR EXPL INC NEW COM 36729W202 67 12,200 SH   DFND 1 12,200 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 3,415 155,232 SH   DFND 2 155,232 0 0
GENESEE & WYO INC CL A 371559105 866 8,901 SH   DFND 1 8,901 0 0
GENESIS ENERGY L P UNIT LTD PARTN 371927104 461 8,500 SH   DFND 1 8,500 0 0
GILEAD SCIENCES INC COM 375558103 464 6,545 SH   DFND 1 6,545 0 0
GREENBRIER COS INC COM 393657101 611 13,400 SH   DFND 1 13,400 0 0
HALOZYME THERAPEUTICS INC COM 40637H109 201 15,800 SH   DFND 1 15,800 0 0
HARMAN INTL INDS INC COM 413086109 3,444 32,364 SH   DFND 2 32,364 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 2,290 85,967 SH   DFND 1 85,967 0 0
HEWLETT PACKARD CO COM 428236103 3,761 116,238 SH   DFND 2 116,238 0 0
HOLOGIC INC COM 436440101 381 17,711 SH   DFND 1 17,711 0 0
HORIZON PHARMA INC COM 44047T109 488 32,300 SH   DFND 3 32,300 0 0
HOUSTON AMERN ENERGY CORP COM 44183U100 21 38,000 SH   DFND 1 38,000 0 0
HOWARD HUGHES CORP COM 44267D107 3,653 25,594 SH   DFND 2 25,594 0 0
HUDSON CITY BANCORP COM 443683107 229 23,300 SH   DFND 3 23,300 0 0
HUNT J B TRANS SVCS INC COM 445658107 209 2,900 SH   DFND 1 2,900 0 0
IDERA PHARMACEUTICALS INC COM NEW 45168K306 41 10,000 SH   DFND 1 10,000 0 0
ILLUMINA INC COM 452327109 223 1,500 SH   DFND 1 1,500 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 962 5,000 SH   DFND 1 5,000 0 0
ISHARES MSCI CDA ETF 464286509 296 10,000 SH   DFND 1 10,000 0 0
ISHARES RUSSELL 2000 ETF 464287655 18,940 162,800 SH   DFND 1 162,800 0 0
JAZZ PHARMACEUTICALS PLC SHS USD G50871105 475 3,425 SH   DFND 1 3,425 0 0
JUNIPER NETWORKS INC COM 48203R104 728 28,262 SH   DFND 1 28,262 0 0
KEYW HLDG CORP COM 493723100 344 18,400 SH   DFND 3 18,400 0 0
KKR FINL HLDGS LLC COM 48248A306 8,754 756,605 SH   DFND 1 756,605 0 0
LAMAR ADVERTISING CO CL A 512815101 9,149 179,398 SH   DFND 1 179,398 0 0
LEAR CORP COM NEW 521865204 3,606 43,069 SH   DFND 2 43,069 0 0
LEGG MASON INC COM 524901105 3,788 77,243 SH   DFND 2 77,243 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 3,531 90,203 SH   DFND 2 90,203 0 0
LORAL SPACE & COMMUNICATNS I COM 543881106 5,947 84,100 SH   DFND 3 84,100 0 0
LOWES COS INC COM 548661107 3,174 64,900 SH   DFND 3 64,900 0 0
LSI CORPORATION COM 502161102 307 27,702 SH   DFND 3 27,702 0 0
MACK CALI RLTY CORP COM 554489104 1,407 67,700 SH   DFND 3 67,700 0 0
MACQUARIE INFRASTR CO LLC MEMBERSHIP INT 55608B105 3,563 62,211 SH   DFND 2 62,211 0 0
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 2,089 29,960 SH   DFND 1 29,960 0 0
MANNKIND CORP COM 56400P201 128 31,800 SH   DFND 3 31,800 0 0
MARATHON PETE CORP COM 56585A102 2,072 23,800 SH   DFND 3 23,800 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 944 40,000 SH   DFND 3 40,000 0 0
MCKESSON CORP COM 58155Q103 265 1,500 SH   DFND 1 1,500 0 0
MENS WEARHOUSE INC COM 587118100 245 5,000 SH   DFND 1 5,000 0 0
MICROSOFT CORP COM 594918104 205 5,000 SH   DFND 1 5,000 0 0
MICROSOFT CORP COM 594918104 3,758 91,693 SH   DFND 2 91,693 0 0
MONDELEZ INTL INC CL A 609207105 299 8,666 SH   DFND 1 8,666 0 0
MONDELEZ INTL INC CL A 609207105 3,483 100,796 SH   DFND 2 100,796 0 0
MOTOROLA SOLUTIONS INC COM NEW 620076307 3,416 53,140 SH   DFND 2 53,140 0 0
NABORS INDUSTRIES LTD SHS G6359F103 376 15,237 SH   DFND 1 15,237 0 0
NCR CORP NEW COM 62886E108 3,761 102,888 SH   DFND 2 102,888 0 0
NII HLDGS INC CL B NEW 62913F201 322 270,571 SH   DFND 1 270,571 0 0
NOBLE CORP PLC SHS USD G65431101 4,256 130,000 SH Call DFND 3 130,000 0 0
NORDION INC COM 65563C105 173 15,000 SH   DFND 3 15,000 0 0
NORTHWEST PIPE CO COM 667746101 1,964 54,320 SH   DFND 1 54,320 0 0
NUANCE COMMUNICATIONS INC COM 67020Y100 3,428 199,624 SH   DFND 1 199,624 0 0
NUANCE COMMUNICATIONS INC COM 67020Y100 34 2,000 SH   DFND 3 2,000 0 0
OIL STS INTL INC COM 678026105 953 9,668 SH   DFND 1 9,668 0 0
OIL STS INTL INC COM 678026105 3,564 36,143 SH   DFND 2 36,143 0 0
OMNICOM GROUP INC COM 681919106 5,241 72,185 SH   DFND 1 72,185 0 0
ONEOK PARTNERS LP UNIT LTD PARTN 68268N103 767 14,315 SH   DFND 1 14,315 0 0
OUTERWALL INC COM 690070107 1,569 21,643 SH   DFND 1 21,643 0 0
OWENS ILL INC COM NEW 690768403 3,478 102,804 SH   DFND 2 102,804 0 0
PACER INTL INC TENN COM 69373H106 990 110,494 SH   DFND 1 110,494 0 0
PACIFIC BIOSCIENCES CALIF IN COM 69404D108 54 10,100 SH   DFND 1 10,100 0 0
PACTERA TECHNOLOGY INTL LTD SPONSORED ADR 695255109 102 14,050 SH Put DFND 3 14,050 0 0
PACWEST BANCORP DEL COM 695263103 3,541 82,333 SH   DFND 1 82,333 0 0
PARKERVISION INC COM 701354102 96 20,000 SH   DFND 1 20,000 0 0
PEPSICO INC COM 713448108 3,647 43,673 SH   DFND 2 43,673 0 0
PHILLIPS 66 PARTNERS LP COM UNIT REP INT 718549207 631 13,000 SH   DFND 1 13,000 0 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 1,106 20,070 SH   DFND 1 20,070 0 0
PLAINS GP HLDGS L P SHS A REP LTPN 72651A108 839 30,000 SH   DFND 1 30,000 0 0
PMC-SIERRA INC COM 69344F106 627 82,440 SH   DFND 1 82,440 0 0
POWERSHARES ETF TRUST II SENIOR LN PORT 73936Q769 13,201 530,803 SH   DFND 2 530,803 0 0
PROGRESSIVE WASTE SOLUTIONS COM 74339G101 3,532 139,551 SH   DFND 2 139,551 0 0
PROSHARES TR PSHS ULSHT SP500 74347B300 567 20,000 SH   DFND 1 20,000 0 0
PROSHARES TR II ULTRASHORT YEN N 74347W569 1,319 19,500 SH   DFND 1 19,500 0 0
PROSHARES TR II ULTRASHRT EURO 74347W882 169 10,000 SH   DFND 1 10,000 0 0
PTC INC COM 69370C100 3,184 89,861 SH   DFND 2 89,861 0 0
QEP RES INC COM 74733V100 7,361 250,043 SH   DFND 1 250,043 0 0
QUALCOMM INC COM 747525103 1,273 16,140 SH   DFND 1 16,140 0 0
REGENCY ENERGY PARTNERS L P COM UNITS L P 75885Y107 272 10,000 SH   DFND 1 10,000 0 0
REGIONS FINL CORP NEW COM 7591EP100 222 20,000 SH   DFND 3 20,000 0 0
REPUBLIC AWYS HLDGS INC COM 760276105 1,084 118,631 SH   DFND 1 118,631 0 0
RIGEL PHARMACEUTICALS INC COM NEW 766559603 213 55,000 SH   DFND 3 55,000 0 0
RIVERBED TECHNOLOGY INC COM 768573107 936 47,469 SH   DFND 1 47,469 0 0
RLJ ENTMT INC COM 74965F104 60 13,503 SH   DFND 1 13,503 0 0
ROCKWELL COLLINS INC COM 774341101 3,365 42,231 SH   DFND 2 42,231 0 0
SAFEWAY INC COM NEW 786514208 517 14,000 SH   DFND 3 14,000 0 0
SANCHEZ ENERGY CORP COM 79970Y105 322 10,857 SH   DFND 1 10,857 0 0
SCHWAB CHARLES CORP NEW COM 808513105 1,157 42,350 SH   DFND 1 42,350 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 3,910 284,803 SH   DFND 1 284,803 0 0
SEATTLE GENETICS INC COM 812578102 433 9,500 SH   DFND 1 9,500 0 0
SERVICE CORP INTL COM 817565104 725 36,462 SH   DFND 1 36,462 0 0
SIGA TECHNOLOGIES INC COM 826917106 650 209,654 SH   DFND 1 209,654 0 0
SIRIUS XM HLDGS INC COM 82968B103 5,431 1,697,096 SH   DFND 1 1,697,096 0 0
SLM CORP COM 78442P106 8,587 350,800 SH   DFND 3 350,800 0 0
SOTHEBYS COM 835898107 3,156 72,472 SH   DFND 2 72,472 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 252 2,040 SH   DFND 1 2,040 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 309 2,500 SH   DFND 3 2,500 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 99,188 530,400 SH   DFND 1 530,400 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 2,543 13,600 SH   DFND 3 13,600 0 0
SPDR SERIES TRUST BRC HGH YLD BD 78464A417 1,085 26,250 SH   DFND 1 26,250 0 0
SPX CORP COM 784635104 3,202 32,568 SH   DFND 2 32,568 0 0
STERLING BANCORP DEL COM 85917A100 658 51,960 SH   DFND 1 51,960 0 0
STRYKER CORP COM 863667101 2,036 25,000 SH   DFND 3 25,000 0 0
SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 490 11,797 SH   DFND 1 11,797 0 0
SUNEDISON INC COM 86732Y109 4,086 216,900 SH   DFND 3 216,900 0 0
SUNESIS PHARMACEUTICALS INC COM NEW 867328601 492 74,660 SH   DFND 3 74,660 0 0
SUNOCO LOGISTICS PRTNRS L P COM UNITS 86764L108 1,432 15,759 SH   DFND 1 15,759 0 0
SWS GROUP INC COM 78503N107 1,545 206,513 SH   DFND 1 206,513 0 0
SYSCO CORP COM 871829107 3,754 103,900 SH   DFND 1 103,900 0 0
TESORO CORP COM 881609101 15,153 299,510 SH   DFND 1 299,510 0 0
TETRAPHASE PHARMACEUTICALS I COM 88165N105 200 18,400 SH   DFND 1 18,400 0 0
THE ADT CORPORATION COM 00101J106 1,782 59,500 SH   DFND 3 59,500 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 3,382 28,124 SH   DFND 2 28,124 0 0
TIME WARNER CABLE INC COM 88732J207 39,544 288,266 SH   DFND 1 288,266 0 0
TIMKEN CO COM 887389104 3,458 58,831 SH   DFND 2 58,831 0 0
T-MOBILE US INC COM 872590104 304 9,211 SH   DFND 1 9,211 0 0
TOWER GROUP INTL LTD COM G8988C105 2,412 893,100 SH Put DFND 1 893,100 0 0
TRIANGLE PETE CORP COM NEW 89600B201 2,131 258,587 SH   DFND 1 258,587 0 0
TRINITY INDS INC COM 896522109 1,110 15,400 SH   DFND 1 15,400 0 0
TRIQUINT SEMICONDUCTOR INC COM 89674K103 989 73,834 SH   DFND 1 73,834 0 0
TWENTY FIRST CENTY FOX INC CL B 90130A200 389 12,500 SH   DFND 3 12,500 0 0
UNITED RENTALS INC COM 911363109 3,707 39,042 SH   DFND 2 39,042 0 0
UNITED RENTALS INC COM 911363109 9,646 101,600 SH   DFND 3 101,600 0 0
URS CORP NEW COM 903236107 1,766 37,525 SH   DFND 1 37,525 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 3,166 24,018 SH   DFND 2 24,018 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 5,352 40,600 SH   DFND 3 40,600 0 0
VANDA PHARMACEUTICALS INC COM 921659108 488 30,000 SH   DFND 1 30,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 79,016 1,661,061 SH   DFND 1 1,661,061 0 0
VIRNETX HLDG CORP COM 92823T108 3,875 273,257 SH   DFND 1 273,257 0 0
VMWARE INC CL A COM 928563402 7,766 71,900 SH   DFND 3 71,900 0 0
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR 92857W308 1,332 36,190 SH   DFND 1 36,190 0 0
WABTEC CORP COM 929740108 548 7,075 SH   DFND 1 7,075 0 0
WAL-MART STORES INC COM 931142103 311 4,063 SH   DFND 1 4,063 0 0
WALTER INVT MGMT CORP COM 93317W102 338 11,335 SH   DFND 1 11,335 0 0
WENDYS CO COM 95058W100 3,155 345,976 SH   DFND 2 345,976 0 0
WILLIAMS COS INC DEL COM 969457100 507 12,500 SH   DFND 1 12,500 0 0
WILLIAMS COS INC DEL COM 969457100 3,368 82,997 SH   DFND 2 82,997 0 0
XPO LOGISTICS INC COM 983793100 2,827 96,135 SH   DFND 1 96,135 0 0
XYRATEX LTD COM G98268108 5,425 409,400 SH Put DFND 1 409,400 0 0
ZALE CORP NEW COM 988858106 1,231 58,893 SH   DFND 1 58,893 0 0