SEC Filing | Cowen

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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:	Oct 31, 2018
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 York, NY	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

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

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
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