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
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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
AGILENT TECHNOLOGIES INC COM 00846U101 44,898 1,050,000 SH   SOLE   1,050,000 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 46,020 2,000,000 SH Put SOLE   2,000,000 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 25,289 1,100,000 SH   SOLE   1,100,000 0 0
APPLE INC COM 037833100 23,792 60,000 SH Put SOLE   60,000 0 0
APPLE INC COM 037833100 16,178 40,800 SH   SOLE   40,800 0 0
ARRAY BIOPHARMA INC NOTE 3.000% 6/0 04269XAA3 476 500,000 PRN   SOLE   0 0 0
BALLY TECHNOLOGIES INC COM 05874B107 11,284 200,000 SH   SOLE   200,000 0 0
BARNES GROUP INC NOTE 3.375% 3/1 067806AD1 17,108 15,096,000 PRN   SOLE   0 0 0
BARRICK GOLD CORP COM 067901108 121,985 7,750,000 SH Call SOLE   7,750,000 0 0
BARRICK GOLD CORP COM 067901108 35,415 2,250,000 SH Put SOLE   2,250,000 0 0
BARRICK GOLD CORP COM 067901108 42,498 2,700,000 SH   SOLE   2,700,000 0 0
BOSTON PRIVATE FINL HLDGS IN *W EXP 11/21/201 101119113 1,169 287,889 SH   SOLE   287,889 0 0
COBALT INTL ENERGY INC NOTE 2.625%12/0 19075FAA4 38,225 36,000,000 PRN   SOLE   0 0 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 70,483 1,125,200 SH   SOLE   1,125,200 0 0
COMMONWEALTH REIT COM SH BEN INT 203233101 27,744 1,200,000 SH   SOLE   1,200,000 0 0
CONSTELLATION BRANDS INC CL A 21036P108 125,088 2,400,000 SH   SOLE   2,400,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 15,544 830,800 SH Put SOLE   830,800 0 0
DISCOVERY COMMUNICATNS NEW COM SER C 25470F302 25,439 364,598 SH   SOLE   364,598 0 0
E TRADE FINANCIAL CORP NOTE 8/3 269246AZ7 17,435 14,247,000 PRN   SOLE   0 0 0
ELAN PLC ADR 284131208 46,309 3,275,000 SH   SOLE   3,275,000 0 0
ENERSYS NOTE 3.375% 6/0 29275YAA0 23,958 18,206,000 PRN   SOLE   0 0 0
EXELON CORP COM 30161N101 30,880 1,000,000 SH Put SOLE   1,000,000 0 0
EXELON CORP COM 30161N101 30,880 1,000,000 SH   SOLE   1,000,000 0 0
FOREST CITY ENTERPRISES INC NOTE 4.250% 8/1 345550AP2 11,290 10,050,000 PRN   SOLE   0 0 0
GENCORP INC SDCV 4.062%12/3 368682AN0 30,389 16,400,000 PRN   SOLE   0 0 0
GENERAL DYNAMICS CORP COM 369550108 39,165 500,000 SH Call SOLE   500,000 0 0
GENERAL ELECTRIC CO COM 369604103 5,798 250,000 SH   SOLE   250,000 0 0
GENERAL MTRS CO COM 37045V100 76,856 2,307,300 SH Put SOLE   2,307,300 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V126 1,211 73,355 SH   SOLE   73,355 0 0
HESS CORP COM 42809H107 149,616 2,250,200 SH   SOLE   2,250,200 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 6,077 31,800 SH Put SOLE   31,800 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 9,485 500,000 SH Call SOLE   500,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 9,485 500,000 SH Put SOLE   500,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 9,485 500,000 SH   SOLE   500,000 0 0
ISHARES TR RUSSELL 2000 464287655 19,400 200,000 SH Put SOLE   200,000 0 0
ISHARES TR DJ US REAL EST 464287739 16,608 250,000 SH Put SOLE   250,000 0 0
LEUCADIA NATL CORP NOTE 3.750% 4/1 527288AX2 3,643 2,890,000 PRN   SOLE   0 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 66,803 527,000 SH   SOLE   527,000 0 0
MARRIOTT INTL INC NEW CL A 571903202 8,074 200,000 SH Put SOLE   200,000 0 0
MGIC INVT CORP WIS NOTE 5.000% 5/0 552848AD5 2,563 2,500,000 PRN   SOLE   0 0 0
MGM RESORTS INTERNATIONAL COM 552953101 9,903 670,000 SH Put SOLE   670,000 0 0
MOSAIC CO NEW COM 61945C103 215,240 4,000,000 SH Call SOLE   4,000,000 0 0
NEWPARK RES INC NOTE 4.000%10/0 651718AC2 19,032 14,832,000 PRN   SOLE   0 0 0
NORTHROP GRUMMAN CORP COM 666807102 62,100 750,000 SH Call SOLE   750,000 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 51,307 575,000 SH   SOLE   575,000 0 0
PENN NATL GAMING INC COM 707569109 66,150 1,250,000 SH   SOLE   1,250,000 0 0
PFIZER INC COM 717081103 39,214 1,400,000 SH Put SOLE   1,400,000 0 0
PFIZER INC COM 717081103 39,189 1,399,115 SH   SOLE   1,399,115 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 71,415 1,500,000 SH Put SOLE   1,500,000 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 140,829 3,550,000 SH Put SOLE   3,550,000 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 56,400 1,000,000 SH Put SOLE   1,000,000 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 172,260 2,200,000 SH Put SOLE   2,200,000 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 194,450 10,000,000 SH Put SOLE   10,000,000 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 213,200 5,000,000 SH Put SOLE   5,000,000 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 61,170 2,000,000 SH Put SOLE   2,000,000 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 150,520 4,000,000 SH Put SOLE   4,000,000 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 39,150 1,040,382 SH   SOLE   1,040,382 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 136,977 1,150,000 SH Call SOLE   1,150,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 317,632 1,980,000 SH Put SOLE   1,980,000 0 0
SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP 78467Y107 94,545 450,000 SH Put SOLE   450,000 0 0
SPDR SERIES TRUST S&P RETAIL ETF 78464A714 15,322 200,000 SH Put SOLE   200,000 0 0
SPRINT NEXTEL CORP COM SER 1 852061100 182,520 26,000,000 SH   SOLE   26,000,000 0 0
STILLWATER MNG CO NOTE 1.750%10/1 86074QAL6 28,113 26,931,000 PRN   SOLE   0 0 0
SUNPOWER CORP DBCV 4.500% 3/1 867652AE9 11,743 10,000,000 PRN   SOLE   0 0 0
SUNPOWER CORP DBCV 4.750% 4/1 867652AC3 3,122 2,925,000 PRN   SOLE   0 0 0
TALISMAN ENERGY INC COM 87425E103 43,342 3,800,000 SH   SOLE   3,800,000 0 0
TFS FINL CORP COM 87240R107 67,200 6,000,000 SH   SOLE   6,000,000 0 0
T-MOBILE US INC COM 872590104 99,240 4,000,000 SH   SOLE   4,000,000 0 0
U S AIRWAYS GROUP INC COM 90341W108 19,302 1,175,500 SH Put SOLE   1,175,500 0 0
UNITEDHEALTH GROUP INC COM 91324P102 72,028 1,100,000 SH   SOLE   1,100,000 0 0
YAHOO INC COM 984332106 80,610 3,207,712 SH   SOLE   3,207,712 0 0
TOWER GROUP INTL LTD COM G8988C105 49,224 2,400,000 SH   SOLE   2,400,000 0 0
TYCO INTERNATIONAL LTD SHS H89128104 65,900 2,000,000 SH Call SOLE   2,000,000 0 0
TYCO INTERNATIONAL LTD SHS H89128104 32,950 1,000,000 SH Put SOLE   1,000,000 0 0
TYCO INTERNATIONAL LTD SHS H89128104 82,375 2,500,000 SH   SOLE   2,500,000 0 0