-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, A4tEBGhiMQuibWch1/YhD6eW8KCeuzaLtLR8IvL7ynEH1+EqSb6C6tOyxhy0R5am PMeLAA1qxHZ4voKSidVd5g== 0001166588-08-000007.txt : 20080513 0001166588-08-000007.hdr.sgml : 20080513 20080513143512 ACCESSION NUMBER: 0001166588-08-000007 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20080513 DATE AS OF CHANGE: 20080513 EFFECTIVENESS DATE: 20080513 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BNP PARIBAS ARBITRAGE, SNC CENTRAL INDEX KEY: 0001166588 IRS NUMBER: 233022591 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-10038 FILM NUMBER: 08827033 BUSINESS ADDRESS: STREET 1: 787 SEVENTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 610 491 1492 MAIL ADDRESS: STREET 1: 555 CROTON ROAD CITY: KING OF PRUSSIA STATE: PA ZIP: 19406 FORMER COMPANY: FORMER CONFORMED NAME: BNP PARIBAS ARBITRAGE SA DATE OF NAME CHANGE: 20020205 13F-HR 1 bnpparb13f.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended:Mar 31,2008 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: BNP PARIBAS ARBITRAGE, SNC Address: 555 CROTON RD KING OF PRUSSIA, PA 19406 13F File Number: 028 - 10038 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: Fred Hoevenaar Title: Managing Director, Compliance Phone: (212) 841-2031 Signature ,Place, and Date of Signing: Fred Hoevenaar New York, NY 2008/05/13 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 managers(s).) List of Other Managers Reporting for this Manager: **NONE** I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total:2,036 Form 13F Information Table Value Total:$110,626,855,623 List of Other Included Managers: No. 13F File Number Name **NONE**
Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page 1 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- ADVANTAGE ENERGY INCOME FD TR COM 00762L101 236 20814 SH SOLE 20814 0 0 AGNICO EAGLE MINES LTD COM 008474108 6858 99675 SH SOLE 99675 0 0 AGRIUM INC COM 008916108 6539 102395 SH SOLE 102395 0 0 BCE INC COM 05534B760 59608 2100652 SH SOLE 2100652 0 0 BANK MONTREAL QUE COM 063671101 271 6240 SH SOLE 6240 0 0 BANK NOVA SCOTIA HALIFAX COM 064149107 362 8248 SH SOLE 8248 0 0 BARRICK GOLD CORP COM 067901108 27456 617689 SH SOLE 617689 0 0 BAYTEX ENERGY TR TRUST UNIT COM 073176109 724 32527 SH SOLE 32527 0 0 BROOKFIELD ASSET MGMT INC COM 112585104 27694 707708 SH SOLE 707708 0 0 BROOKFIELD PPTYS CORP COM 112900105 1934 103776 SH SOLE 103776 0 0 CAE INC COM 124765108 9669 857783 SH SOLE 857783 0 0 CAMECO CORP COM 13321L108 10818 329677 SH SOLE 329677 0 0 CDN IMPERIAL BK OF COMMERCE COM 136069101 5445 86480 SH SOLE 86480 0 0 CANADIAN NATL RY CO COM 136375102 19801 407920 SH SOLE 407920 0 0 CANADIAN NAT RES LTD COM 136385101 27122 395410 SH SOLE 395410 0 0 CANADIAN PAC RY LTD COM 13645T100 7101 109165 SH SOLE 109165 0 0 CELESTICA INC SUB VTG SHS COM 15101Q108 254 38651 SH SOLE 38651 0 0 COTT CORP QUE COM 22163N106 48 14000 SH SOLE 14000 0 0 DENISON MINES CORP COM 248356107 248 38000 SH SOLE 38000 0 0 ELDORADO GOLD CORP NEW COM 284902103 968 139800 SH SOLE 139800 0 0 ENCANA CORP COM 292505104 39725 534901 SH SOLE 534901 0 0 ENBRIDGE INC COM 29250N105 2303 55533 SH SOLE 55533 0 0 ENERPLUS RES FD UNIT TR G COM 29274D604 14591 307858 SH SOLE 307858 0 0 FAIRFAX FINL HLDGS LTD SUB VTG COM 303901102 1908 6774 SH SOLE 6774 0 0 FORDING CDN COAL TR TR UNIT COM 345425102 8578 165561 SH SOLE 165561 0 0 GERDAU AMERISTEEL CORP COM 37373P105 836 59900 SH SOLE 59900 0 0 GILDAN ACTIVEWEAR INC COM 375916103 2838 78049 SH SOLE 78049 0 0 GOLDCORP INC NEW COM 380956409 19770 503140 SH SOLE 503140 0 0 GROUPE CGI INC COM 39945C109 1214 115154 SH SOLE 115154 0 0 HARVEST ENERGY TR TRUST UNIT COM 41752X101 2218 100505 SH SOLE 100505 0 0 IMPERIAL OIL LTD COM 453038408 10975 208289 SH SOLE 208289 0 0 IVANHOE MINES LTD COM 46579N103 1034 99116 SH SOLE 99116 0 0 KINROSS GOLD CORP COM NO PAR COM 496902404 9798 431848 SH SOLE 431848 0 0 LUNDIN MINING CORP COM 550372106 1624 236544 SH SOLE 236544 0 0 MDS INC COM 55269P302 1658 86696 SH SOLE 86696 0 0 MI DEVS INC COM 55304X104 507 18364 SH SOLE 18364 0 0 MAGNA INTL INC COM 559222401 4561 65696 SH SOLE 65696 0 0 MANULIFE FINL CORP COM 56501R106 36248 985989 SH SOLE 985989 0 0 METHANEX CORP COM 59151K108 1057 40397 SH SOLE 40397 0 0 NEXEN INC COM 65334H102 10349 353716 SH SOLE 353716 0 0 NORTEL NETWORKS CORP NEW COM 656568508 1944 306438 SH SOLE 306438 0 0 NOVA CHEMICALS CORP COM 66977W109 1409 58820 SH SOLE 58820 0 0 OPEN TEXT CORP COM 683715106 310 9952 SH SOLE 9952 0 0 PAN AMERICAN SILVER CORP COM 697900108 1140 29371 SH SOLE 29371 0 0 PENN WEST ENERGY TR TR UNIT COM 707885109 8568 309042 SH SOLE 309042 0 0 PETRO-CDA COM 71644E102 14642 344850 SH SOLE 344850 0 0 POTASH CORP SASK INC COM 73755L107 35783 224602 SH SOLE 224602 0 0 PRECISION DRILLING TR TR UNIT COM 740215108 1451 54002 SH SOLE 54002 0 0 PROVIDENT ENERGY TR TR UNIT COM 74386K104 1197 113781 SH SOLE 113781 0 0 QUEBECOR WORLD INC COM NON-VTG COM 748203106 4 25943 SH SOLE 25943 0 0 RESEARCH IN MOTION LTD COM 760975102 39382 344671 SH SOLE 344671 0 0 RITCHIE BROS AUCTIONEERS COM 767744105 922 11874 SH SOLE 11874 0 0 ROGERS COMMUNICATIONS INC CL B COM 775109200 12709 362981 SH SOLE 362981 0 0 ROYAL BK CDA MONTREAL QUE COM 780087102 676 15098 SH SOLE 15098 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page2 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- SHAW COMMUNICATIONS INC CL B C COM 82028K200 4404 249462 SH SOLE 249462 0 0 SUN LIFE FINL INC COM 866796105 2115 46100 SH SOLE 46100 0 0 SUNCOR ENERGY INC COM 867229106 31886 328775 SH SOLE 328775 0 0 TALISMAN ENERGY INC COM 87425E103 12954 737436 SH SOLE 737436 0 0 TECK COMINCO LTD CL B COM 878742204 12884 308713 SH SOLE 308713 0 0 THOMSON CORP COM 884903105 5250 155938 SH SOLE 155938 0 0 TORONTO DOMINION BK ONT COM 891160509 710 11980 SH SOLE 11980 0 0 TRANSALTA CORP COM 89346D107 4763 154351 SH SOLE 154351 0 0 TRANSCANADA CORP COM 89353D107 25081 787664 SH SOLE 787664 0 0 YAMANA GOLD INC COM 98462Y100 10294 889434 SH SOLE 889434 0 0 AGILENT TECHNOLOGIES INC COM 00846U101 4204 140947 SH SOLE 140947 0 0 ALCOA INC COM 013817101 54686 1516528 SH SOLE 1516528 0 0 ALCOA INC OPTION 013817101 3107 8026 SH PUT SOLE 8026 0 0 ALCOA INC OPTION 013817101 2848 17624 SH CALL SOLE 17624 0 0 AIRTRAN HLDGS INC BOND CV 00949PAB4 1124966 12288000 PRN SOLE 12288000 0 0 ADVANCE AUTO PARTS INC COM 00751Y106 12918 379382 SH SOLE 379382 0 0 APPLE INC COM 037833100 183744 1280448 SH SOLE 1280448 0 0 APPLE INC OPTION 037833100 28010 12997 SH CALL SOLE 12997 0 0 APPLE INC OPTION 037833100 38037 23803 SH PUT SOLE 23803 0 0 ABB LTD COM 000375204 1958 72750 SH SOLE 72750 0 0 ABINGTON BANCORP INC COM 00350L109 1032 100044 SH SOLE 100044 0 0 AMERISOURCEBERGEN CORP COM 03073E105 24694 602597 SH SOLE 602597 0 0 ABITIBIBOWATER INC OPTION 003687100 7726 11838 SH PUT SOLE 11838 0 0 APPLERA CORP COM AP BIO GRP COM 038020103 1990 60558 SH SOLE 60558 0 0 AMBAC FINL GROUP INC COM 023139108 1438 250003 SH SOLE 250003 0 0 AMBAC FINL GROUP INC OPTION 023139108 2101 5078 SH PUT SOLE 5078 0 0 ABBOTT LABS COM 002824100 44410 805249 SH SOLE 805249 0 0 ABBOTT LABS OPTION 002824100 4394 10401 SH PUT SOLE 10401 0 0 ABBOTT LABS OPTION 002824100 2197 6720 SH CALL SOLE 6720 0 0 COMPANHIA DE BEBIDAS DAS AME S COM 20441W203 9033 119409 SH SOLE 119409 0 0 ALLIANCE BANKSHARES CORP COM 018535104 680 129999 SH SOLE 129999 0 0 BARRICK GOLD CORP COM 067901108 13395 308295 SH SOLE 308295 0 0 BARRICK GOLD CORP OPTION 067901108 255 1900 SH CALL SOLE 1900 0 0 BARRICK GOLD CORP OPTION 067901108 1165 5110 SH PUT SOLE 5110 0 0 AMERICAN CAPITAL STRATEGIES COM 024937104 1386 40561 SH SOLE 40561 0 0 ACE LTD COM G0070K103 4494 81623 SH SOLE 81623 0 0 AMERICREDIT CORP COM 03060R101 370 36786 SH SOLE 36786 0 0 AMERICREDIT CORP OPTION 03060R101 562 535 SH PUT SOLE 535 0 0 ARCH CAP GROUP LTD COM G0450A105 211 3068 SH SOLE 3068 0 0 ARCH COAL INC COM 039380100 573 13183 SH SOLE 13183 0 0 ACCENTURE LTD BERMUDA COM G1150G111 3580 101803 SH SOLE 101803 0 0 AFFILIATED COMPUTER SERVICES COM 008190100 1464 29224 SH SOLE 29224 0 0 ALBERTO CULVER CO NEW COM 013078100 474 17292 SH SOLE 17292 0 0 ACXIOM CORP COM 005125109 238 20035 SH SOLE 20035 0 0 ADOBE SYS INC COM 00724F101 22379 628809 SH SOLE 628809 0 0 ADOBE SYS INC OPTION 00724F101 205 3395 SH CALL SOLE 3395 0 0 ADOBE SYS INC OPTION 00724F101 1452 5601 SH PUT SOLE 5601 0 0 ANALOG DEVICES INC COM 032654105 26960 913288 SH SOLE 913288 0 0 ARCHER DANIELS MIDLAND CO COM 039483102 11325 275146 SH SOLE 275146 0 0 ARCHER DANIELS MIDLAND CO OPTION 039483102 655 4754 SH CALL SOLE 4754 0 0 ARCHER DANIELS MIDLAND CO OPTION 039483102 751 6035 SH PUT SOLE 6035 0 0 AUTOMATIC DATA PROCESSING IN COM 053015103 14507 342217 SH SOLE 342217 0 0 ALLIANCE DATA SYSTEMS CORP COM 018581108 729 15343 SH SOLE 15343 0 0 AUTODESK INC COM 052769106 3407 108242 SH SOLE 108242 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page3 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- ADAMS EXPRESS CO COM 006212104 4786 382594 SH SOLE 382594 0 0 AMEREN CORP COM 023608102 3413 77486 SH SOLE 77486 0 0 AEGON N V NY REGISTRY SH COM 007924103 932 63687 SH SOLE 63687 0 0 AGNICO EAGLE MINES LTD COM 008474108 660 9746 SH SOLE 9746 0 0 AMERICAN EAGLE OUTFITTERS NE COM 02553E106 204 11630 SH SOLE 11630 0 0 AMERICAN ELEC PWR INC COM 025537101 31523 757208 SH SOLE 757208 0 0 AES CORP COM 00130H105 4877 292543 SH SOLE 292543 0 0 AETNA INC NEW COM 00817Y108 7662 182033 SH SOLE 182033 0 0 AMERICAN OIL & GAS INC NEW COM 028723104 170 52000 SH SOLE 52000 0 0 ASTORIA FINL CORP COM 046265104 272 10033 SH SOLE 10033 0 0 AFFYMETRIX INC COM 00826T108 632 36319 SH SOLE 36319 0 0 AFLAC INC COM 001055102 22119 340555 SH SOLE 340555 0 0 AFLAC INC OPTION 001055102 456 3290 SH PUT SOLE 3290 0 0 AFLAC INC OPTION 001055102 210 551 SH CALL SOLE 551 0 0 AMERICAN FINL RLTY TR COM 02607P305 267 33610 SH SOLE 33610 0 0 ISHARES TR LEHMAN AGG BND COM 464287226 7765 75621 SH SOLE 75621 0 0 ATHEROGENICS INC OPTION 047439104 372 15596 SH CALL SOLE 15596 0 0 ATHEROGENICS INC OPTION 047439104 4399 6375 SH PUT SOLE 6375 0 0 ALLERGAN INC COM 018490102 5953 105568 SH SOLE 105568 0 0 ASSURED GUARANTY LTD COM G0585R106 245 10306 SH SOLE 10306 0 0 AMERIGROUP CORP COM 03073T102 502 18380 SH SOLE 18380 0 0 AGRIUM INC COM 008916108 899 14470 SH SOLE 14470 0 0 ASPEN INSURANCE HOLDINGS LTD S COM G05384105 5580 211526 SH SOLE 211526 0 0 ASHFORD HOSPITALITY TR INC COM COM 044103109 102 18044 SH SOLE 18044 0 0 ALLIED IRISH BKS P L C SPON COM 019228402 253 5865 SH SOLE 5865 0 0 AMERICAN INTL GROUP INC COM 026874107 156324 3614437 SH SOLE 3614437 0 0 AMERICAN INTL GROUP INC OPTION 026874107 12754 31674 SH CALL SOLE 31674 0 0 AMERICAN INTL GROUP INC OPTION 026874107 63322 73749 SH PUT SOLE 73749 0 0 APOLLO INVT CORP COM 03761U106 187 11814 SH SOLE 11814 0 0 ANTARES PHARMA INC COM 036642106 107 100000 SH SOLE 100000 0 0 APPLIED INDL TECHNOLOGIES IN COM 03820C105 319 10679 SH SOLE 10679 0 0 APARTMENT INVT & MGMT CO COM 03748R101 33735 942063 SH SOLE 942063 0 0 ASSURANT INC COM 04621X108 12626 207463 SH SOLE 207463 0 0 ISHARES INC MSCI BRAZIL OPTION 464286400 5812 6200 SH PUT SOLE 6200 0 0 AKAMAI TECHNOLOGIES INC COM 00971T101 2004 71152 SH SOLE 71152 0 0 AK STL HLDG CORP COM 001547108 1034 19006 SH SOLE 19006 0 0 AK STL HLDG CORP OPTION 001547108 3543 4414 SH CALL SOLE 4414 0 0 ALLIED CAP CORP NEW COM 01903Q108 362 19639 SH SOLE 19639 0 0 ALKERMES INC COM 01642T108 302 25426 SH SOLE 25426 0 0 ALLSTATE CORP COM 020002101 81701 1699971 SH SOLE 1699971 0 0 ALLSTATE CORP OPTION 020002101 298 1646 SH PUT SOLE 1646 0 0 ALPHARMA INC BOND CV 020813AH4 1051250 10000000 PRN SOLE 10000000 0 0 ALTERA CORP COM 021441100 2820 153022 SH SOLE 153022 0 0 ALTERA CORP OPTION 021441100 921 2742 SH PUT SOLE 2742 0 0 ALCATEL-LUCENT COM 013904305 1478 256573 SH SOLE 256573 0 0 AUTOLIV INC COM 052800109 8877 176824 SH SOLE 176824 0 0 ALEXION PHARMACEUTICALS INC COM 015351109 1193 20114 SH SOLE 20114 0 0 ALEXION PHARMACEUTICALS INC OPTION 015351109 1380 500 SH CALL SOLE 500 0 0 APPLIED MATLS INC COM 038222105 19414 995061 SH SOLE 995061 0 0 APPLIED MATLS INC OPTION 038222105 2700 14859 SH PUT SOLE 14859 0 0 APPLIED MATLS INC OPTION 038222105 1036 9234 SH CALL SOLE 9234 0 0 AMB PROPERTY CORP COM 00163T109 2519 46286 SH SOLE 46286 0 0 APPLIED MICRO CIRCUITS CORP COM 03822W406 73 10190 SH SOLE 10190 0 0 ADVANCED MICRO DEVICES INC COM 007903107 7271 1234393 SH SOLE 1234393 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page4 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- ADVANCED MICRO DEVICES INC OPTION 007903107 1098 22562 SH CALL SOLE 22562 0 0 ADVANCED MICRO DEVICES INC OPTION 007903107 14614 43071 SH PUT SOLE 43071 0 0 ADVANCED MICRO DEVICES INC BOND CV 007903AL1 125750 2000000 PRN SOLE 2000000 0 0 AMETEK INC NEW COM 031100100 466 10623 SH SOLE 10623 0 0 AFFILIATED MANAGERS GROUP COM 008252108 821 9050 SH SOLE 9050 0 0 AMGEN INC COM 031162100 44714 1070236 SH SOLE 1070236 0 0 AMGEN INC OPTION 031162100 622 8122 SH CALL SOLE 8122 0 0 AMGEN INC OPTION 031162100 8357 7331 SH PUT SOLE 7331 0 0 AMGEN INC BOND CV 031162AN0 4206500 47000004 PRN SOLE 47000004 0 0 AMKOR TECHNOLOGY INC OPTION 031652100 322 2902 PRN CALL SOLE 2902 0 0 AMYLIN PHARMACEUTICALS INC COM 032346108 1899 64996 SH SOLE 64996 0 0 AMERICAN MED SYS HLDGS INC BOND CV 02744MAA6 735000 7500000 PRN SOLE 7500000 0 0 AMERIPRISE FINL INC COM 03076C106 1885 36353 SH SOLE 36353 0 0 AMR CORP OPTION 001765106 286 9600 SH CALL SOLE 9600 0 0 AMR CORP OPTION 001765106 6290 4625 SH PUT SOLE 4625 0 0 ALBANY MOLECULAR RESH INC COM 012423109 485 39966 SH SOLE 39966 0 0 AMERICAN TOWER CORP COM 029912201 7840 199946 SH SOLE 199946 0 0 AMERICAN TOWER CORP OPTION 029912201 571 2562 SH CALL SOLE 2562 0 0 AMERICAN WOODMARK CORP COM 030506109 431 20948 SH SOLE 20948 0 0 AMERICA MOVIL SAB DE CV SPON COM 02364W105 4221 66279 SH SOLE 66279 0 0 AMERICA MOVIL SAB DE CV SPON OPTION 02364W105 230 1000 SH PUT SOLE 1000 0 0 AMERICA MOVIL SAB DE CV SPON OPTION 02364W105 610 1000 SH CALL SOLE 1000 0 0 AMREIT COM 032158107 679 95000 SH SOLE 95000 0 0 AMAZON COM INC COM 023135106 91256 1279892 SH SOLE 1279892 0 0 AMAZON COM INC OPTION 023135106 12000 11902 SH PUT SOLE 11902 0 0 AMAZON COM INC OPTION 023135106 9578 5881 SH CALL SOLE 5881 0 0 AUTONATION INC COM 05329W102 512 34202 SH SOLE 34202 0 0 ABERCROMBIE & FITCH CO COM 002896207 1930 26388 SH SOLE 26388 0 0 AMERICAN LD LEASE INC COM 027118108 1173 56999 SH SOLE 56999 0 0 ALPHA NATURAL RESOURCES INC COM 02076X102 210 4845 SH SOLE 4845 0 0 ANSYS INC COM 03662Q105 440 12736 SH SOLE 12736 0 0 AON CORP COM 037389103 3234 80457 SH SOLE 80457 0 0 APACHE CORP COM 037411105 87656 725507 SH SOLE 725507 0 0 APACHE CORP OPTION 037411105 1804 2035 SH PUT SOLE 2035 0 0 APACHE CORP OPTION 037411105 5401 2349 SH CALL SOLE 2349 0 0 ANADARKO PETE CORP COM 032511107 71723 1137911 SH SOLE 1137911 0 0 ANADARKO PETE CORP OPTION 032511107 1451 5679 SH PUT SOLE 5679 0 0 ANADARKO PETE CORP OPTION 032511107 8124 9507 SH CALL SOLE 9507 0 0 AIR PRODS & CHEMS INC COM 009158106 8584 93309 SH SOLE 93309 0 0 AMPHENOL CORP NEW COM 032095101 307 8232 SH SOLE 8232 0 0 APOLLO GROUP INC COM 037604105 2839 65721 SH SOLE 65721 0 0 APOLLO GROUP INC OPTION 037604105 587 353 SH PUT SOLE 353 0 0 ARACRUZ CELULOSE S A SPON COM 038496204 3687 54013 SH SOLE 54013 0 0 ARIBA INC COM 04033V203 99 10245 SH SOLE 10245 0 0 ARENA RESOURCES INC COM 040049108 565 14585 SH SOLE 14585 0 0 ALEXANDRIA REAL ESTATE EQ IN COM 015271109 4690 50584 SH SOLE 50584 0 0 ARVINMERITOR INC COM 043353101 142 11325 SH SOLE 11325 0 0 ARENA PHARMACEUTICALS INC COM 040047102 80 11649 SH SOLE 11649 0 0 ARRIS GROUP INC COM 04269Q100 93 16057 SH SOLE 16057 0 0 ASA LIMITED COM G3156P103 14359 175237 SH SOLE 175237 0 0 LIBERTY ALL-STAR GROWTH FD I COM 529900102 758 160500 SH SOLE 160500 0 0 ASHLAND INC NEW COM 044209104 765 16174 SH SOLE 16174 0 0 ASM INTL N V COM N07045102 270 14581 SH SOLE 14581 0 0 ASML HOLDING N V NY REG SHS COM N07059186 2886 116330 SH SOLE 116330 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page5 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- ASPECT MED SYS INC BOND CV 045235AB4 54375 1000000 PRN SOLE 1000000 0 0 ALLEGHENY TECHNOLOGIES INC COM 01741R102 3533 49514 SH SOLE 49514 0 0 ATMEL CORP COM 049513104 36 10273 SH SOLE 10273 0 0 ATLAS ENERGY RESOURCES LLC COM 049303100 6764 218203 SH SOLE 218203 0 0 ATP OIL & GAS CORP COM 00208J108 298 9114 SH SOLE 9114 0 0 APTARGROUP INC COM 038336103 351 9015 SH SOLE 9015 0 0 ATS MED INC BOND CV 002083AB9 436875 5000000 PRN SOLE 5000000 0 0 ACTUANT CORP COM 00508X203 396 13102 SH SOLE 13102 0 0 ACTIVISION INC NEW COM 004930202 8186 299739 SH SOLE 299739 0 0 ACTIVISION INC NEW OPTION 004930202 470 1000 SH CALL SOLE 1000 0 0 ATWOOD OCEANICS INC COM 050095108 783 8537 SH SOLE 8537 0 0 ANGLOGOLD ASHANTI LTD COM 035128206 3181 93671 SH SOLE 93671 0 0 YAMANA GOLD INC COM 98462Y100 184 12555 SH SOLE 12555 0 0 AVALONBAY CMNTYS INC COM 053484101 4172 43071 SH SOLE 43071 0 0 AVOCENT CORP COM 053893103 178 10532 SH SOLE 10532 0 0 AVON PRODS INC COM 054303102 8493 214807 SH SOLE 214807 0 0 AVENTINE RENEWABLE ENERGY COM 05356X403 64 12346 SH SOLE 12346 0 0 AVNET INC COM 053807103 489 14939 SH SOLE 14939 0 0 AVERY DENNISON CORP COM 053611109 2632 53444 SH SOLE 53444 0 0 ALLIED WASTE INDS INC COM PAR$ COM 019589308 1217 112627 SH SOLE 112627 0 0 ALLIED WASTE INDS INC COM PAR$ OPTION 019589308 1844 11446 SH PUT SOLE 11446 0 0 AXA COM 054536107 4025 111454 SH SOLE 111454 0 0 ANIXTER INTL INC COM 035290105 212 3316 SH SOLE 3316 0 0 AMERICAN AXLE & MFG HLDGS IN OPTION 024061103 2354 6374 SH PUT SOLE 6374 0 0 AMERICAN EXPRESS CO COM 025816109 46891 1072519 SH SOLE 1072519 0 0 AMERICAN EXPRESS CO OPTION 025816109 7490 15370 SH CALL SOLE 15370 0 0 AMERICAN EXPRESS CO OPTION 025816109 17066 16386 SH PUT SOLE 16386 0 0 AXIS CAPITAL HOLDINGS SHS COM G0692U109 254 7484 SH SOLE 7484 0 0 ALLEGHENY ENERGY INC COM 017361106 2507 49634 SH SOLE 49634 0 0 ACUITY BRANDS INC COM 00508Y102 377 8786 SH SOLE 8786 0 0 ALLIANZ SE SP COM 018805101 2638 134202 SH SOLE 134202 0 0 ASTRAZENECA PLC COM 046353108 339 8918 SH SOLE 8918 0 0 AUTOZONE INC COM 053332102 9751 85659 SH SOLE 85659 0 0 AUTOZONE INC OPTION 053332102 421 357 SH PUT SOLE 357 0 0 BOEING CO COM 097023105 57069 767360 SH SOLE 767360 0 0 BOEING CO OPTION 097023105 1128 3743 SH CALL SOLE 3743 0 0 BOEING CO OPTION 097023105 9054 7459 SH PUT SOLE 7459 0 0 BANK OF AMERICA CORPORATION COM 060505104 94963 2504970 SH SOLE 2504970 0 0 BANK OF AMERICA CORPORATION OPTION 060505104 27792 81117 SH CALL SOLE 81117 0 0 BANK OF AMERICA CORPORATION OPTION 060505104 415 250 SH PUT SOLE 250 0 0 BANK OF AMERICA CORPORATION OPTION 060505104 57638 93993 SH PUT SOLE 93993 0 0 BRASKEM S A SP COM 105532105 285 16796 SH SOLE 16796 0 0 CREDICORP LTD COM G2519Y108 47786 666095 SH SOLE 666095 0 0 BAXTER INTL INC COM 071813109 50929 880826 SH SOLE 880826 0 0 BED BATH & BEYOND INC COM 075896100 3280 111200 SH SOLE 111200 0 0 BANCO BRADESCO S A SP COM 059460303 45361 1634054 SH SOLE 1634054 0 0 BANCO BRADESCO S A SP OPTION 059460303 390 2000 SH PUT SOLE 2000 0 0 BIOTECH HOLDRS TR DEPOSTRY RCP COM 09067D201 2013 11600 SH SOLE 11600 0 0 BB&T CORP COM 054937107 11531 359675 SH SOLE 359675 0 0 BANCO BILBAO VIZCAYA ARGENTA COM 05946K101 3699 168201 SH SOLE 168201 0 0 BANKATLANTIC BANCORP COM 065908501 1955 500000 SH SOLE 500000 0 0 BEST BUY INC COM 086516101 12543 302525 SH SOLE 302525 0 0 BEST BUY INC OPTION 086516101 2088 7413 SH CALL SOLE 7413 0 0 BEST BUY INC OPTION 086516101 4194 4823 SH PUT SOLE 4823 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page6 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- BRUNSWICK CORP COM 117043109 201 12595 SH SOLE 12595 0 0 BLACKROCK REAL ASSET EQUITY COM 09254B109 1230 75800 SH SOLE 75800 0 0 BRINKS CO COM 109696104 16964 252515 SH SOLE 252515 0 0 BARD C R INC COM 067383109 2817 29221 SH SOLE 29221 0 0 BARCLAYS PLC COM 06738E204 411 11366 SH SOLE 11366 0 0 BLUE COAT SYSTEMS INC COM 09534T508 547 24833 SH SOLE 24833 0 0 BELDEN INC COM 077454106 448 12678 SH SOLE 12678 0 0 BLACK & DECKER CORP COM 091797100 3241 49029 SH SOLE 49029 0 0 BRANDYWINE RLTY TR SH BEN INT COM 105368203 239 14112 SH SOLE 14112 0 0 BLACKROCK STRAT DIVD ACHIEVE COM 09249Y107 964 84278 SH SOLE 84278 0 0 BLACKROCK DIVID ACHIEVRS TM COM 09250N107 147 12889 SH SOLE 12889 0 0 BECTON DICKINSON & CO COM 075887109 16614 193522 SH SOLE 193522 0 0 BEA SYS INC COM 073325102 1479 77221 SH SOLE 77221 0 0 STRATEGIC HOTELS & RESORTS I COM 86272T106 247 18831 SH SOLE 18831 0 0 FRANKLIN RES INC COM 354613101 3069 31638 SH SOLE 31638 0 0 BERKLEY W R CORP COM 084423102 250 9041 SH SOLE 9041 0 0 BROWN FORMAN CORP CL B COM 115637209 1482 22383 SH SOLE 22383 0 0 BUNGE LIMITED COM G16962105 14370 165396 SH SOLE 165396 0 0 GENERAL CABLE CORP DEL NEW BOND CV 369300AD0 271250 2000000 PRN SOLE 2000000 0 0 BORDERS GROUP INC COM 099709107 2551 434504 SH SOLE 434504 0 0 BLACKROCK GLBL ENRGY & RES T COM 09250U101 2246 75000 SH SOLE 75000 0 0 BENCHMARK ELECTRS INC COM 08160H101 561 31262 SH SOLE 31262 0 0 BAKER HUGHES INC COM 057224107 33372 487181 SH SOLE 487181 0 0 BAKER HUGHES INC OPTION 057224107 677 1460 SH CALL SOLE 1460 0 0 BAKER HUGHES INC OPTION 057224107 7113 6593 SH PUT SOLE 6593 0 0 BHP BILLITON LTD COM 088606108 804 12216 SH SOLE 12216 0 0 SOTHEBYS COM 835898107 346 11982 SH SOLE 11982 0 0 BAIDU COM INC SPON COM 056752108 34292 143106 SH SOLE 143106 0 0 BIG LOTS INC COM 089302103 1161 52053 SH SOLE 52053 0 0 BIOGEN IDEC INC COM 09062X103 36750 595727 SH SOLE 595727 0 0 BIOGEN IDEC INC OPTION 09062X103 491 1479 SH PUT SOLE 1479 0 0 BIOGEN IDEC INC OPTION 09062X103 1837 1545 SH CALL SOLE 1545 0 0 BIO RAD LABS INC COM 090572207 225 2530 SH SOLE 2530 0 0 BIODEL INC COM 09064M105 545 50185 SH SOLE 50185 0 0 BJS WHOLESALE CLUB INC COM 05548J106 496 13901 SH SOLE 13901 0 0 BJ SVCS CO COM 055482103 9010 316042 SH SOLE 316042 0 0 BJ SVCS CO OPTION 055482103 225 1119 SH PUT SOLE 1119 0 0 BJ SVCS CO OPTION 055482103 294 1028 SH CALL SOLE 1028 0 0 BANK OF NEW YORK MELLON CORP COM 064058100 109990 2635757 SH SOLE 2635757 0 0 BURGER KING HLDGS INC OPTION 121208201 490 1000 SH CALL SOLE 1000 0 0 BARNES & NOBLE INC COM 067774109 284 9265 SH SOLE 9265 0 0 BANKUNITED FINL CORP COM 06652B103 6513 1300000 SH SOLE 1300000 0 0 BELO CORP COM SER A COM 080555105 2185 206735 SH SOLE 206735 0 0 BALL CORP COM 058498106 1905 41466 SH SOLE 41466 0 0 BLUE CHIP VALUE FD INC COM 095333100 421 88590 SH SOLE 88590 0 0 BMC SOFTWARE INC COM 055921100 6991 214977 SH SOLE 214977 0 0 BIOMED REALTY TRUST INC COM 09063H107 392 16388 SH SOLE 16388 0 0 BIOMARIN PHARMACEUTICAL INC COM 09061G101 2674 75599 SH SOLE 75599 0 0 BEMIS INC COM 081437105 764 30055 SH SOLE 30055 0 0 BIOMIMETIC THERAPEUTICS INC COM 09064X101 249 31112 SH SOLE 31112 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 103997 4882487 SH SOLE 4882487 0 0 BRISTOL MYERS SQUIBB CO OPTION 110122108 1048 46783 SH CALL SOLE 46783 0 0 BRISTOL MYERS SQUIBB CO OPTION 110122108 11957 21908 SH PUT SOLE 21908 0 0 BURLINGTON NORTHN SANTA FE C COM 12189T104 20398 221193 SH SOLE 221193 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page7 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- BURLINGTON NORTHN SANTA FE C OPTION 12189T104 496 1100 SH PUT SOLE 1100 0 0 BURLINGTON NORTHN SANTA FE C OPTION 12189T104 1261 2432 SH CALL SOLE 2432 0 0 BP PLC COM 055622104 12489 205911 SH SOLE 205911 0 0 BOSTON PRIVATE FINL HLDGS IN BOND CV 101119AB1 619943 7005000 PRN SOLE 7005000 0 0 BOSTON PRIVATE FINL HLDGS IN BOND CV 101119AC9 265500 2999999 PRN SOLE 2999999 0 0 BROOKFIELD PPTYS CORP COM 112900105 471 24387 SH SOLE 24387 0 0 OILSANDS QUEST INC COM 678046103 73 18615 SH SOLE 18615 0 0 BROADCOM CORP COM 111320107 8493 440762 SH SOLE 440762 0 0 BROADCOM CORP OPTION 111320107 4549 3877 SH PUT SOLE 3877 0 0 BRE PROPERTIES INC COM 05564E106 482 10585 SH SOLE 10585 0 0 BROOKLINE BANCORP INC DEL COM 11373M107 164 14289 SH SOLE 14289 0 0 BRUKER CORP COM 116794108 475 30882 SH SOLE 30882 0 0 BARR PHARMACEUTICALS INC COM 068306109 2478 51297 SH SOLE 51297 0 0 BRASIL TELECOM PARTICIPACOES S COM 105530109 1946 29724 SH SOLE 29724 0 0 BRISTOW GROUP INC PFD CNV 5.50%COM 110394400 52132 771300 SH SOLE 771300 0 0 BEAR STEARNS COS INC COM 073902108 1232 117426 SH SOLE 117426 0 0 BEAR STEARNS COS INC OPTION 073902108 1448 11472 SH CALL SOLE 11472 0 0 BEAR STEARNS COS INC OPTION 073902108 25934 4726 SH PUT SOLE 4726 0 0 BOSTON SCIENTIFIC CORP COM 101137107 5208 404679 SH SOLE 404679 0 0 BOSTON SCIENTIFIC CORP OPTION 101137107 1176 11718 SH CALL SOLE 11718 0 0 BOSTON SCIENTIFIC CORP OPTION 101137107 248 1146 SH PUT SOLE 1146 0 0 PEABODY ENERGY CORP COM 704549104 3823 74967 SH SOLE 74967 0 0 PEABODY ENERGY CORP OPTION 704549104 490 2000 SH CALL SOLE 2000 0 0 BUCYRUS INTL INC NEW COM 118759109 519 5103 SH SOLE 5103 0 0 ANHEUSER BUSCH COS INC COM 035229103 13387 282122 SH SOLE 282122 0 0 BIOVAIL CORP COM 09067J109 4207 395000 SH SOLE 395000 0 0 COMPANIA DE MINAS BUENAVENTU COM 204448104 276 4030 SH SOLE 4030 0 0 BRUSH ENGINEERED MATLS INC COM 117421107 213 8299 SH SOLE 8299 0 0 BORGWARNER INC COM 099724106 600 13945 SH SOLE 13945 0 0 BLACKSTONE GROUP L P COM UNIT COM 09253U108 4207 264913 SH SOLE 264913 0 0 BOSTON PROPERTIES INC COM 101121101 5444 59129 SH SOLE 59129 0 0 BALLY TECHNOLOGIES INC COM 05874B107 747 21755 SH SOLE 21755 0 0 BEAZER HOMES USA INC COM 07556Q105 1952 206584 SH SOLE 206584 0 0 BEAZER HOMES USA INC OPTION 07556Q105 8894 4600 SH PUT SOLE 4600 0 0 BPZ RESOURCES INC COM 055639108 670 30817 SH SOLE 30817 0 0 CITIGROUP INC COM 172967101 718409 33539155 SH SOLE 33539155 0 0 CITIGROUP INC OPTION 172967101 33279 113354 SH CALL SOLE 113354 0 0 CITIGROUP INC OPTION 172967101 171598 255717 SH PUT SOLE 255717 0 0 CA INC COM 12673P105 3714 165056 SH SOLE 165056 0 0 CA INC OPTION 12673P105 237 813 SH PUT SOLE 813 0 0 CACHE INC COM 127150308 435 38491 SH SOLE 38491 0 0 CONAGRA FOODS INC COM 205887102 13488 563174 SH SOLE 563174 0 0 CARDINAL HEALTH INC COM 14149Y108 5616 106951 SH SOLE 106951 0 0 CONTINENTAL AIRLS INC CL B COM 210795308 1842 95776 SH SOLE 95776 0 0 CONTINENTAL AIRLS INC CL B OPTION 210795308 6774 9850 SH CALL SOLE 9850 0 0 CONTINENTAL AIRLS INC CL B OPTION 210795308 10104 8675 SH PUT SOLE 8675 0 0 CAL MAINE FOODS INC COM 128030202 206 6182 SH SOLE 6182 0 0 CAMERON INTERNATIONAL CORP COM 13342B105 4819 115741 SH SOLE 115741 0 0 CAMERON INTERNATIONAL CORP OPTION 13342B105 407 734 SH PUT SOLE 734 0 0 AVIS BUDGET GROUP COM 053774105 112 10504 SH SOLE 10504 0 0 CATERPILLAR INC DEL COM 149123101 6104 77960 SH SOLE 77960 0 0 CATERPILLAR INC DEL OPTION 149123101 2951 7074 SH PUT SOLE 7074 0 0 CATERPILLAR INC DEL OPTION 149123101 5317 5689 SH CALL SOLE 5689 0 0 CHUBB CORP COM 171232101 32829 663484 SH SOLE 663484 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page8 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- CINCINNATI BELL INC NEW COM 171871106 84 19799 SH SOLE 19799 0 0 COOPER INDS LTD COM G24182100 2501 62283 SH SOLE 62283 0 0 CB RICHARD ELLIS GROUP INC COM 12497T101 1809 83585 SH SOLE 83585 0 0 CHICAGO BRIDGE & IRON CO N V N COM 167250109 644 16400 SH SOLE 16400 0 0 CHRISTOPHER & BANKS CORP COM 171046105 438 43800 SH SOLE 43800 0 0 CBL & ASSOC PPTYS INC COM 124830100 214 9104 SH SOLE 9104 0 0 CBRL GROUP INC COM 12489V106 262 7333 SH SOLE 7333 0 0 CBS CORP NEW CL B COM 124857202 74716 3383891 SH SOLE 3383891 0 0 CBS CORP NEW CL B OPTION 124857202 740 938 SH PUT SOLE 938 0 0 CUBIST PHARMACEUTICALS INC COM 229678107 919 49906 SH SOLE 49906 0 0 COCA COLA ENTERPRISES INC COM 191219104 3092 127782 SH SOLE 127782 0 0 COCA COLA ENTERPRISES INC OPTION 191219104 200 1000 SH CALL SOLE 1000 0 0 CROWN CASTLE INTL CORP COM 228227104 2760 80016 SH SOLE 80016 0 0 CAMECO CORP COM 13321L108 11625 352917 SH SOLE 352917 0 0 CARNIVAL CORP PAIRED CTF COM 143658300 6571 162326 SH SOLE 162326 0 0 CABOT MICROELECTRONICS CORP COM 12709P103 615 19138 SH SOLE 19138 0 0 CLEAR CHANNEL COMMUNICATIONS COM 184502102 23539 805585 SH SOLE 805585 0 0 CLEAR CHANNEL COMMUNICATIONS OPTION 184502102 422 5500 SH PUT SOLE 5500 0 0 COEUR D ALENE MINES CORP IDA COM 192108108 157 38836 SH SOLE 38836 0 0 CITADEL BROADCASTING CORP COM 17285T106 39 23658 SH SOLE 23658 0 0 CADENCE DESIGN SYSTEM INC COM 127387108 1467 137319 SH SOLE 137319 0 0 CADENCE DESIGN SYSTEM INC BOND CV 127387AD0 1188000 13500001 PRN SOLE 13500001 0 0 CEDAR SHOPPING CTRS INC COM 150602209 378 32379 SH SOLE 32379 0 0 CAREER EDUCATION CORP COM 141665109 306 24047 SH SOLE 24047 0 0 CENTRAL EUROPEAN DIST CORP COM 153435102 275 4732 SH SOLE 4732 0 0 CENTRAL EUROPEAN DIST CORP BOND CV 153435AA0 530625 5000000 PRN SOLE 5000000 0 0 CENTRAL EUROPE AND RUSSIA FD COM 153436100 985 20763 SH SOLE 20763 0 0 CONSTELLATION ENERGY GROUP I COM 210371100 27983 317014 SH SOLE 317014 0 0 CELL GENESYS INC BOND CV 150921AB0 267000 4000000 PRN SOLE 4000000 0 0 CELGENE CORP COM 151020104 11115 181345 SH SOLE 181345 0 0 CELGENE CORP OPTION 151020104 280 774 SH CALL SOLE 774 0 0 BRIGHTPOINT INC COM 109473405 119 14179 SH SOLE 14179 0 0 CNOOC LTD COM 126132109 1925 13112 SH SOLE 13112 0 0 CEPHALON INC COM 156708109 9713 150817 SH SOLE 150817 0 0 CERNER CORP COM 156782104 540 14473 SH SOLE 14473 0 0 CENTRAL EUROPEAN MEDIA ENTRP COM G20045202 1722 20202 SH SOLE 20202 0 0 CF INDS HLDGS INC COM 125269100 2894 27927 SH SOLE 27927 0 0 COUNTRYWIDE FINANCIAL CORP COM 222372104 23609 4292518 SH SOLE 4292518 0 0 COUNTRYWIDE FINANCIAL CORP OPTION 222372104 2551 8204 SH PUT SOLE 8204 0 0 COUNTRYWIDE FINANCIAL CORP DBC BOND CV 222372AN4 973500 11000000 PRN SOLE 11000000 0 0 COUNTRYWIDE FINANCIAL CORP DBC BOND CV 222372AP9 256500 2999999 PRN SOLE 2999999 0 0 LOEWS CORP CAROLNA GP STK COM 540424207 1606 22132 SH SOLE 22132 0 0 COUGAR BIOTECHNOLOGY INC COM 222083107 1749 83500 SH SOLE 83500 0 0 CHILE FD INC COM 168834109 332 17700 SH SOLE 17700 0 0 CHURCH & DWIGHT INC COM 171340102 329 6057 SH SOLE 6057 0 0 CHESAPEAKE ENERGY CORP COM 165167107 10693 231692 SH SOLE 231692 0 0 CHESAPEAKE ENERGY CORP OPTION 165167107 1714 8958 SH PUT SOLE 8958 0 0 CHESAPEAKE ENERGY CORP OPTION 165167107 3071 3019 SH CALL SOLE 3019 0 0 CHESAPEAKE ENERGY CORP BOND CV 165167CA3 2835000 22500000 PRN SOLE 22500000 0 0 CHESAPEAKE ENERGY CORP BOND CV 165167BZ9 5166000 41000000 PRN SOLE 41000000 0 0 CHECK POINT SOFTWARE TECH LT COM M22465104 2000 89304 SH SOLE 89304 0 0 CHINA MOBILE LIMITED COM 16941M109 3516 46880 SH SOLE 46880 0 0 C H ROBINSON WORLDWIDE INC COM 12541W209 6255 114978 SH SOLE 114978 0 0 CHICOS FAS INC COM 168615102 399 56075 SH SOLE 56075 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page9 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- CHUNGHWA TELECOM CO LTD SPON COM 17133Q304 487 18700 SH SOLE 18700 0 0 CHINA UNICOM LTD COM 16945R104 17344 815403 SH SOLE 815403 0 0 CIGNA CORP COM 125509109 4602 113438 SH SOLE 113438 0 0 BANCOLOMBIA S A SPON COM 05968L102 251 7080 SH SOLE 7080 0 0 CIENA CORP COM 171779309 9479 307474 SH SOLE 307474 0 0 CIENA CORP OPTION 171779309 584 610 SH PUT SOLE 610 0 0 CIENA CORP BOND CV 171779AB7 561750 5999999 PRN SOLE 5999999 0 0 COMPANHIA ENERGETICA DE MINA SPCOM 204409601 4306 238164 SH SOLE 238164 0 0 CINCINNATI FINL CORP COM 172062101 3597 94564 SH SOLE 94564 0 0 CIT GROUP INC COM 125581108 388 32741 SH SOLE 32741 0 0 CIT GROUP INC OPTION 125581108 260 500 SH PUT SOLE 500 0 0 VALE CAP LTD NT RIO CV VALE COM 91912C208 21460 325000 SH SOLE 325000 0 0 VALE CAP LTD NT RIO P VALE COM 91912C307 6557 100000 SH SOLE 100000 0 0 COLGATE PALMOLIVE CO COM 194162103 39848 511465 SH SOLE 511465 0 0 COLGATE PALMOLIVE CO OPTION 194162103 220 205 SH CALL SOLE 205 0 0 CORE LABORATORIES LP BOND CV 21868FAB9 1366250 10000000 PRN SOLE 10000000 0 0 CLARCOR INC COM 179895107 221 6218 SH SOLE 6218 0 0 CLEVELAND CLIFFS INC COM 185896107 559 4665 SH SOLE 4665 0 0 CLEAN HARBORS INC COM 184496107 416 6404 SH SOLE 6404 0 0 MACK CALI RLTY CORP COM 554489104 573 16045 SH SOLE 16045 0 0 CLOROX CO DEL COM 189054109 6395 112900 SH SOLE 112900 0 0 COMERICA INC COM 200340107 2509 71533 SH SOLE 71533 0 0 COMMERCIAL METALS CO COM 201723103 296 9862 SH SOLE 9862 0 0 COMMERCIAL METALS CO OPTION 201723103 543 2049 SH CALL SOLE 2049 0 0 COMMERCIAL METALS CO OPTION 201723103 324 900 SH PUT SOLE 900 0 0 COMCAST CORP NEW COM 20030N101 52950 2737866 SH SOLE 2737866 0 0 COMCAST CORP NEW OPTION 20030N101 1319 22106 SH CALL SOLE 22106 0 0 COMCAST CORP NEW OPTION 20030N101 11166 25612 SH PUT SOLE 25612 0 0 COMCAST CORP NEW COM 20030N200 698 36802 SH SOLE 36802 0 0 CME GROUP INC COM 12572Q105 8239 17562 SH SOLE 17562 0 0 CME GROUP INC OPTION 12572Q105 437 287 SH CALL SOLE 287 0 0 CME GROUP INC OPTION 12572Q105 811 239 SH PUT SOLE 239 0 0 CHIPOTLE MEXICAN GRILL INC COM 169656105 5757 50752 SH SOLE 50752 0 0 CHIPOTLE MEXICAN GRILL INC CL BCOM 169656204 436 4492 SH SOLE 4492 0 0 CMGI INC COM 125750307 194 14599 SH SOLE 14599 0 0 CUMMINS INC COM 231021106 4143 88482 SH SOLE 88482 0 0 COMPASS MINERALS INTL INC COM 20451N101 283 4804 SH SOLE 4804 0 0 CMS ENERGY CORP COM 125896100 15812 1167795 SH SOLE 1167795 0 0 CENTENE CORP DEL COM 15135B101 239 17164 SH SOLE 17164 0 0 CNET NETWORKS INC COM 12613R104 9396 1323383 SH SOLE 1323383 0 0 CONSECO INC COM 208464883 772 75642 SH SOLE 75642 0 0 CONSECO INC OPTION 208464883 928 1750 SH PUT SOLE 1750 0 0 CENTERPOINT ENERGY INC COM 15189T107 17529 1228381 SH SOLE 1228381 0 0 CON-WAY INC COM 205944101 10522 212645 SH SOLE 212645 0 0 CONSOL ENERGY INC COM 20854P109 3109 44932 SH SOLE 44932 0 0 CAPITAL ONE FINL CORP COM 14040H105 2945 59824 SH SOLE 59824 0 0 CAPITAL ONE FINL CORP OPTION 14040H105 228 350 SH CALL SOLE 350 0 0 CAPITAL ONE FINL CORP OPTION 14040H105 461 4120 SH PUT SOLE 4120 0 0 CABOT OIL & GAS CORP COM 127097103 448 8815 SH SOLE 8815 0 0 COACH INC COM 189754104 12588 417526 SH SOLE 417526 0 0 COACH INC OPTION 189754104 1470 5250 SH PUT SOLE 5250 0 0 ROCKWELL COLLINS INC COM 774341101 2771 48484 SH SOLE 48484 0 0 3COM CORP COM 885535104 62 27158 SH SOLE 27158 0 0 CONOCOPHILLIPS COM 20825C104 98921 1298010 SH SOLE 1298010 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page10 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- CONOCOPHILLIPS OPTION 20825C104 15841 21401 SH PUT SOLE 21401 0 0 CONOCOPHILLIPS OPTION 20825C104 15643 25882 SH CALL SOLE 25882 0 0 CORUS BANKSHARES INC COM 220873103 117 11983 SH SOLE 11983 0 0 COSTCO WHSL CORP NEW COM 22160K105 6959 107111 SH SOLE 107111 0 0 COSTCO WHSL CORP NEW OPTION 22160K105 1226 2981 SH CALL SOLE 2981 0 0 COSTCO WHSL CORP NEW OPTION 22160K105 609 1519 SH PUT SOLE 1519 0 0 COVIDIEN LTD COM G2552X108 51937 1173713 SH SOLE 1173713 0 0 COPA HOLDINGS SA COM P31076105 503 13200 SH SOLE 13200 0 0 CAMPBELL SOUP CO COM 134429109 2539 74792 SH SOLE 74792 0 0 CAPELLA EDUCATION COMPANY COM 139594105 267 4889 SH SOLE 4889 0 0 CORN PRODS INTL INC COM 219023108 446 12003 SH SOLE 12003 0 0 CHOICEPOINT INC COM 170388102 93466 1963571 SH SOLE 1963571 0 0 CAMDEN PPTY TR SH BEN INT COM 133131102 796 15852 SH SOLE 15852 0 0 COMPUWARE CORP COM 205638109 857 116722 SH SOLE 116722 0 0 CERADYNE INC COM 156710105 886 27728 SH SOLE 27728 0 0 CURAGEN CORP BOND CV 23126RAE1 340162 4825000 PRN SOLE 4825000 0 0 SALESFORCE COM INC COM 79466L302 3628 62687 SH SOLE 62687 0 0 CARDIOME PHARMA CORP COM 14159U202 1281 152480 SH SOLE 152480 0 0 CERAGON NETWORKS LTD COM M22013102 295 31200 SH SOLE 31200 0 0 CARRIZO OIL & CO INC COM 144577103 207 3485 SH SOLE 3485 0 0 CREDIT SUISSE GROUP COM 225401108 893 17554 SH SOLE 17554 0 0 COGDELL SPENCER INC COM 19238U107 9073 577150 SH SOLE 577150 0 0 COMPUTER SCIENCES CORP COM 205363104 3074 75359 SH SOLE 75359 0 0 CISCO SYS INC COM 17275R102 132778 5511733 SH SOLE 5511733 0 0 CISCO SYS INC OPTION 17275R102 10213 61149 SH CALL SOLE 61149 0 0 CISCO SYS INC OPTION 17275R102 28389 60602 SH PUT SOLE 60602 0 0 CAPITALSOURCE INC COM 14055X102 5706 590047 SH SOLE 590047 0 0 CADBURY SCHWEPPES PLC COM 127209302 307 6951 SH SOLE 6951 0 0 CASH AMER INTL INC COM 14754D100 431 11850 SH SOLE 11850 0 0 CALAMOS STRATEGIC TOTL RETN CO COM 128125101 922 76100 SH SOLE 76100 0 0 CSX CORP COM 126408103 6018 107329 SH SOLE 107329 0 0 CSX CORP OPTION 126408103 356 606 SH CALL SOLE 606 0 0 CINTAS CORP COM 172908105 1417 49657 SH SOLE 49657 0 0 COOPER TIRE & RUBR CO OPTION 216831107 227 2517 SH PUT SOLE 2517 0 0 CELL THERAPEUTICS INC BOND CV 150934AF4 87552 1823999 PRN SOLE 1823999 0 0 CENTURYTEL INC COM 156700106 1442 43378 SH SOLE 43378 0 0 COGNIZANT TECHNOLOGY SOLUTIO COM 192446102 2913 101048 SH SOLE 101048 0 0 CENTEX CORP COM 152312104 964 39810 SH SOLE 39810 0 0 CENTEX CORP OPTION 152312104 491 750 SH CALL SOLE 750 0 0 CENTEX CORP OPTION 152312104 680 1150 SH PUT SOLE 1150 0 0 CITRIX SYS INC COM 177376100 4949 168730 SH SOLE 168730 0 0 CARNIVAL PLC COM 14365C103 367 9100 SH SOLE 9100 0 0 CUTERA INC COM 232109108 454 33679 SH SOLE 33679 0 0 COUSINS PPTYS INC COM 222795106 349 14113 SH SOLE 14113 0 0 COVANTA HLDG CORP DBCV 1.000% BOND CV 22282EAA0 426388 3850000 PRN SOLE 3850000 0 0 CVB FINL CORP COM 126600105 184 17685 SH SOLE 17685 0 0 CABLEVISION SYS CORP COM 12686C109 8223 383712 SH SOLE 383712 0 0 COVANCE INC COM 222816100 237 2861 SH SOLE 2861 0 0 CONVERGYS CORP COM 212485106 476 31578 SH SOLE 31578 0 0 COVENTRY HEALTH CARE INC COM 222862104 2335 57857 SH SOLE 57857 0 0 CVS CAREMARK CORPORATION COM 126650100 23658 584000 SH SOLE 584000 0 0 CVS CAREMARK CORPORATION OPTION 126650100 713 2619 SH PUT SOLE 2619 0 0 CVS CAREMARK CORPORATION OPTION 126650100 1072 2934 SH CALL SOLE 2934 0 0 CHEVRON CORP NEW COM 166764100 102581 1201746 SH SOLE 1201746 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page11 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- CHEVRON CORP NEW OPTION 166764100 12022 16310 SH PUT SOLE 16310 0 0 CHEVRON CORP NEW OPTION 166764100 12760 14192 SH CALL SOLE 14192 0 0 CEMEX SAB DE CV SPON COM 151290889 10175 389557 SH SOLE 389557 0 0 CORRECTIONS CORP AMER NEW COM 22025Y407 246 8936 SH SOLE 8936 0 0 CYCLACEL PHARMACEUTICALS INC COM 23254L108 149 50000 SH SOLE 50000 0 0 COMMUNITY HEALTH SYS INC NEW COM 203668108 608 18121 SH SOLE 18121 0 0 CYMER INC COM 232572107 950 36468 SH SOLE 36468 0 0 CITY NATL CORP COM 178566105 17356 350909 SH SOLE 350909 0 0 CYPRESS BIOSCIENCES INC PAR $ COM 232674507 5508 769219 SH SOLE 769219 0 0 CITIZENS COMMUNICATIONS CO COM 17453B101 1674 159599 SH SOLE 159599 0 0 DOMINION RES INC VA NEW COM 25746U109 7209 176528 SH SOLE 176528 0 0 DAIMLER AG REG SHS COM D1668R123 12676 148173 SH SOLE 148173 0 0 DARLING INTL INC COM 237266101 141 10860 SH SOLE 10860 0 0 DEUTSCHE BANK AG NAMEN AKT COM D18190898 6766 59851 SH SOLE 59851 0 0 POWERSHS DB MULTI SECT COMM DB COM 73936B408 10737 294560 SH SOLE 294560 0 0 DIEBOLD INC COM 253651103 2144 57103 SH SOLE 57103 0 0 DRESS BARN INC BOND CV 261570AB1 493717 3514000 PRN SOLE 3514000 0 0 MACROSHARES OIL DOWN TRADEAB S COM 55610N105 1075 96000 SH SOLE 96000 0 0 DCT INDUSTRIAL TRUST INC COM 233153105 427 42918 SH SOLE 42918 0 0 DU PONT E I DE NEMOURS & CO COM 263534109 13579 290393 SH SOLE 290393 0 0 DU PONT E I DE NEMOURS & CO OPTION 263534109 1116 4176 SH CALL SOLE 4176 0 0 DU PONT E I DE NEMOURS & CO OPTION 263534109 623 2237 SH PUT SOLE 2237 0 0 PROSHARES TR ULTRA DOW 30 COM 74347R305 3440 48279 SH SOLE 48279 0 0 DEVELOPERS DIVERSIFIED RLTY COM 251591103 4255 101607 SH SOLE 101607 0 0 DEVELOPERS DIVERSIFIED RLTY BOND CV 251591AS2 422500 5000000 PRN SOLE 5000000 0 0 DEERE & CO COM 244199105 17061 212090 SH SOLE 212090 0 0 DEERE & CO OPTION 244199105 376 306 SH PUT SOLE 306 0 0 DEERE & CO OPTION 244199105 456 388 SH CALL SOLE 388 0 0 DOUGLAS EMMETT INC COM 25960P109 552 25024 SH SOLE 25024 0 0 DELL INC COM 24702R101 37107 1862796 SH SOLE 1862796 0 0 DELL INC OPTION 24702R101 763 11723 SH CALL SOLE 11723 0 0 DELL INC OPTION 24702R101 6855 18631 SH PUT SOLE 18631 0 0 DEAN FOODS CO NEW COM 242370104 2186 108791 SH SOLE 108791 0 0 DEAN FOODS CO NEW OPTION 242370104 6057 10874 SH PUT SOLE 10874 0 0 DELPHI FINL GROUP INC COM 247131105 382 13075 SH SOLE 13075 0 0 DISCOVER FINL SVCS COM 254709108 12960 791709 SH SOLE 791709 0 0 DISCOVER FINL SVCS OPTION 254709108 1146 7664 SH PUT SOLE 7664 0 0 DISCOVER FINL SVCS OPTION 254709108 424 1762 SH CALL SOLE 1762 0 0 QUEST DIAGNOSTICS INC COM 74834L100 2277 50305 SH SOLE 50305 0 0 D R HORTON INC COM 23331A109 3020 191735 SH SOLE 191735 0 0 D R HORTON INC OPTION 23331A109 485 5800 SH CALL SOLE 5800 0 0 D R HORTON INC OPTION 23331A109 4113 5408 SH PUT SOLE 5408 0 0 DANAHER CORP DEL COM 235851102 9450 124297 SH SOLE 124297 0 0 DIAMONDS TR UNIT SER 1 COM 252787106 1441541 11777295 SH SOLE 11777295 0 0 DISNEY WALT CO COM DISNEY COM 254687106 38062 1212941 SH SOLE 1212941 0 0 DISNEY WALT CO COM DISNEY OPTION 254687106 2303 9641 SH CALL SOLE 9641 0 0 DISNEY WALT CO COM DISNEY OPTION 254687106 7648 27582 SH PUT SOLE 27582 0 0 DISCOVERY HOLDING CO COM 25468Y107 1358 63986 SH SOLE 63986 0 0 DISH NETWORK CORP COM 25470M109 1366 47562 SH SOLE 47562 0 0 DIGITAL RLTY TR INC COM 253868103 571 16086 SH SOLE 16086 0 0 DOLLAR TREE INC COM 256746108 327 11841 SH SOLE 11841 0 0 GENENTECH INC COM 368710406 4162 51272 SH SOLE 51272 0 0 GENENTECH INC OPTION 368710406 417 2323 SH CALL SOLE 2323 0 0 DUN & BRADSTREET CORP DEL NE COM 26483E100 268 3299 SH SOLE 3299 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page12 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- DENDREON CORP COM 24823Q107 72 15032 SH SOLE 15032 0 0 DENDREON CORP OPTION 24823Q107 9619 58657 SH CALL SOLE 58657 0 0 DENDREON CORP OPTION 24823Q107 1886 26526 SH PUT SOLE 26526 0 0 DENDREON CORP BOND CV 24823QAB3 654750 9000000 PRN SOLE 9000000 0 0 DENBURY RES INC COM 247916208 378 13241 SH SOLE 13241 0 0 DIAMOND OFFSHORE DRILLING IN COM 25271C102 9874 84832 SH SOLE 84832 0 0 PROSHARES TR SHORT DOW 30 COM 74347R701 7041 110639 SH SOLE 110639 0 0 DOVER CORP COM 260003108 2650 63428 SH SOLE 63428 0 0 DOW CHEM CO COM 260543103 62582 1698282 SH SOLE 1698282 0 0 DOW CHEM CO OPTION 260543103 1672 9692 SH CALL SOLE 9692 0 0 DOW CHEM CO OPTION 260543103 1319 2561 SH PUT SOLE 2561 0 0 DELTA PETE CORP COM 247907207 337 14930 SH SOLE 14930 0 0 DELTA PETE CORP BOND CV 247907AD0 538125 5000000 PRN SOLE 5000000 0 0 DRESSER-RAND GROUP INC COM 261608103 344 11200 SH SOLE 11200 0 0 DUKE REALTY CORP COM 264411505 528 23153 SH SOLE 23153 0 0 DIAMONDROCK HOSPITALITY CO COM 252784301 282 22260 SH SOLE 22260 0 0 DARDEN RESTAURANTS INC COM 237194105 2696 82834 SH SOLE 82834 0 0 DIGITAL RIV INC COM 25388B104 770 24861 SH SOLE 24861 0 0 DRYSHIPS INC SHS COM Y2109Q101 443 7400 SH SOLE 7400 0 0 DSP GROUP INC COM 23332B106 441 34600 SH SOLE 34600 0 0 DEUTSCHE TELEKOM AG COM 251566105 6261 377634 SH SOLE 377634 0 0 DTE ENERGY CO COM 233331107 14377 369694 SH SOLE 369694 0 0 DIRECTV GROUP INC COM 25459L106 6505 262420 SH SOLE 262420 0 0 DUKE ENERGY CORP NEW COM 26441C105 23602 1322220 SH SOLE 1322220 0 0 DEVRY INC DEL COM 251893103 723 17291 SH SOLE 17291 0 0 COHEN & STEERS DIV MJRS FDIN COM 19248G106 3166 204900 SH SOLE 204900 0 0 DEVON ENERGY CORP NEW COM 25179M103 28639 274508 SH SOLE 274508 0 0 DEVON ENERGY CORP NEW OPTION 25179M103 1874 6990 SH PUT SOLE 6990 0 0 DEVON ENERGY CORP NEW OPTION 25179M103 18318 11234 SH CALL SOLE 11234 0 0 ISHARES TR DJ SEL DIV INX COM 464287168 9112 157456 SH SOLE 157456 0 0 PROSHARES TR ULTRASHT DOW30 COM 74347R867 22026 386693 SH SOLE 386693 0 0 DYNEGY INC DEL COM 26817G102 1680 212935 SH SOLE 212935 0 0 ENI S P A COM 26874R108 4991 73277 SH SOLE 73277 0 0 BRINKER INTL INC COM 109641100 972 52404 SH SOLE 52404 0 0 EBAY INC COM 278642103 12506 419113 SH SOLE 419113 0 0 EBAY INC OPTION 278642103 3648 12103 SH CALL SOLE 12103 0 0 EBAY INC OPTION 278642103 2249 10124 SH PUT SOLE 10124 0 0 ENCANA CORP COM 292505104 5719 75496 SH SOLE 75496 0 0 ENCANA CORP OPTION 292505104 928 3178 SH PUT SOLE 3178 0 0 ENCANA CORP OPTION 292505104 2106 3180 SH CALL SOLE 3180 0 0 ISHARES INC MSCI CHILE IND COM 464286640 3135 59451 SH SOLE 59451 0 0 ECOLAB INC COM 278865100 1824 42005 SH SOLE 42005 0 0 CONSOLIDATED EDISON INC COM 209115104 4939 124403 SH SOLE 124403 0 0 EDUCATION RLTY TR INC COM 28140H104 13696 1089607 SH SOLE 1089607 0 0 ELECTRONIC DATA SYS NEW COM 285661104 2979 178889 SH SOLE 178889 0 0 CLAYMORE EXCHANGE TRADED FD BN COM 18383M100 32265 707563 SH SOLE 707563 0 0 EVERGREEN ENERGY INC COM 30024B104 40 25943 SH SOLE 25943 0 0 ISHARES TR MSCI EMERG MKT COM 464287234 370549 2757469 SH SOLE 2757469 0 0 ISHARES TR MSCI EMERG MKT OPTION 464287234 7862 12900 SH PUT SOLE 12900 0 0 ISHARES TR MSCI EAFE IDX COM 464287465 6432 89464 SH SOLE 89464 0 0 EQUIFAX INC COM 294429105 1511 43834 SH SOLE 43834 0 0 ENERGEN CORP COM 29265N108 35541 570489 SH SOLE 570489 0 0 ELDORADO GOLD CORP NEW COM 284902103 140 20578 SH SOLE 20578 0 0 VAALCO ENERGY INC COM 91851C201 802 161287 SH SOLE 161287 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page13 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- EDISON INTL COM 281020107 38802 791563 SH SOLE 791563 0 0 EASTMAN KODAK CO COM 277461109 19621 1110437 SH SOLE 1110437 0 0 EASTMAN KODAK CO OPTION 277461109 2248 35300 SH CALL SOLE 35300 0 0 EASTMAN KODAK CO OPTION 277461109 7232 26706 SH PUT SOLE 26706 0 0 LAUDER ESTEE COS INC COM 518439104 1841 40144 SH SOLE 40144 0 0 ELAN PLC COM 284131208 585 28030 SH SOLE 28030 0 0 EARTHLINK INC COM 270321102 99 13091 SH SOLE 13091 0 0 COMPANHIA PARANAENSE ENERG C S COM 20441B407 275 16836 SH SOLE 16836 0 0 EQUITY LIFESTYLE PPTYS INC COM 29472R108 300 6071 SH SOLE 6071 0 0 EMULEX CORP COM 292475209 957 58912 SH SOLE 58912 0 0 CALLAWAY GOLF CO COM 131193104 464 31584 SH SOLE 31584 0 0 E M C CORP MASS COM 268648102 30154 2102815 SH SOLE 2102815 0 0 E M C CORP MASS OPTION 268648102 852 15302 SH CALL SOLE 15302 0 0 E M C CORP MASS OPTION 268648102 5134 13657 SH PUT SOLE 13657 0 0 E M C CORP MASS BOND CV 268648AK8 1957868 16645000 PRN SOLE 16645000 0 0 EMCOR GROUP INC COM 29084Q100 588 26486 SH SOLE 26486 0 0 EMCORE CORP COM 290846104 139 24160 SH SOLE 24160 0 0 EASTMAN CHEM CO COM 277432100 3948 63224 SH SOLE 63224 0 0 EMERSON ELEC CO COM 291011104 14183 275611 SH SOLE 275611 0 0 EMERSON ELEC CO OPTION 291011104 915 1429 SH CALL SOLE 1429 0 0 ENBRIDGE INC COM 29250N105 272 6600 SH SOLE 6600 0 0 ENDO PHARMACEUTICALS HLDGS I COM 29264F205 350 14638 SH SOLE 14638 0 0 ENERGY CONVERSION DEVICES IN COM 292659109 741 24791 SH SOLE 24791 0 0 ENERSIS S A COM 29274F104 1027 58100 SH SOLE 58100 0 0 REED ELSEVIER N V SPONS COM 758204200 715 18697 SH SOLE 18697 0 0 ENERGIZER HLDGS INC COM 29266R108 463 5121 SH SOLE 5121 0 0 ENTEGRIS INC COM 29362U104 547 76009 SH SOLE 76009 0 0 EOG RES INC COM 26875P101 9917 82644 SH SOLE 82644 0 0 EOG RES INC OPTION 26875P101 1926 7626 SH PUT SOLE 7626 0 0 EOG RES INC OPTION 26875P101 8607 3654 SH CALL SOLE 3654 0 0 EL PASO CORP COM 28336L109 9840 591320 SH SOLE 591320 0 0 EDGE PETE CORP DEL PFD CONV A COM 279862205 5010 188000 SH SOLE 188000 0 0 ISHARES INC MSCI PAC J IDX COM 464286665 660 4870 SH SOLE 4870 0 0 ENTERTAINMENT PPTYS TR COM SH COM 29380T105 350 7103 SH SOLE 7103 0 0 ENTERTAINMENT PPTYS TR PFD C C COM 29380T402 26238 1250000 SH SOLE 1250000 0 0 EMBARQ CORP COM 29078E105 12580 313725 SH SOLE 313725 0 0 EQUITY RESIDENTIAL SH BEN INT COM 29476L107 8416 202832 SH SOLE 202832 0 0 EQUITABLE RES INC COM 294549100 486 8259 SH SOLE 8259 0 0 ERICSSON L M TEL CO COM 294821608 4920 250388 SH SOLE 250388 0 0 EMBRAER-EMPRESA BRASILEIRA D SPCOM 29081M102 6024 152465 SH SOLE 152465 0 0 EMBRAER-EMPRESA BRASILEIRA D SPOPTION 29081M102 409 2450 SH PUT SOLE 2450 0 0 EMBRAER-EMPRESA BRASILEIRA D SPOPTION 29081M102 238 450 SH CALL SOLE 450 0 0 ELECTRONIC ARTS INC COM 285512109 5127 102695 SH SOLE 102695 0 0 EVERGREEN SOLAR INC COM 30033R108 325 35092 SH SOLE 35092 0 0 EXPRESS SCRIPTS INC COM 302182100 6891 107134 SH SOLE 107134 0 0 ESSEX PPTY TR INC COM 297178105 721 6325 SH SOLE 6325 0 0 ENSCO INTL INC COM 26874Q100 4553 72710 SH SOLE 72710 0 0 ENSCO INTL INC OPTION 26874Q100 384 1134 SH PUT SOLE 1134 0 0 ENSCO INTL INC OPTION 26874Q100 1540 1984 SH CALL SOLE 1984 0 0 E TRADE FINANCIAL CORP COM 269246104 633 163953 SH SOLE 163953 0 0 ENTERCOM COMMUNICATIONS CORP COM 293639100 905 91169 SH SOLE 91169 0 0 EATON CORP COM 278058102 5787 72632 SH SOLE 72632 0 0 EATON VANCE TX ADV GLB DIV O COM 27828U106 263 9200 SH SOLE 9200 0 0 ENTERGY CORP NEW COM 29364G103 40896 374920 SH SOLE 374920 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page14 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- EATON VANCE TAX ADVT DIV INC COM 27828G107 3137 134705 SH SOLE 134705 0 0 ISHARES INC MSCI AUSTRALIA COM 464286103 277 10741 SH SOLE 10741 0 0 ISHARES INC MSCI SWEDEN COM 464286756 377 12517 SH SOLE 12517 0 0 ISHARES INC MSCI GERMAN COM 464286806 75893 2408525 SH SOLE 2408525 0 0 ISHARES INC MSCI HONG KONG COM 464286871 2438 135800 SH SOLE 135800 0 0 ISHARES INC MSCI JAPAN COM 464286848 883 71409 SH SOLE 71409 0 0 ISHARES INC MSCI SWITZERLD COM 464286749 26137 1009940 SH SOLE 1009940 0 0 ISHARES INC MSCI MALAYSIA COM 464286830 3836 323700 SH SOLE 323700 0 0 ISHARES INC MSCI SPAIN COM 464286764 27720 451392 SH SOLE 451392 0 0 ISHARES INC MSCI FRANCE COM 464286707 49364 1412816 SH SOLE 1412816 0 0 ISHARES INC MSCI SINGAPORE COM 464286673 3252 254662 SH SOLE 254662 0 0 ISHARES INC MSCI TAIWAN COM 464286731 1959 123600 SH SOLE 123600 0 0 ISHARES INC MSCI UTD KINGD COM 464286699 44149 2047717 SH SOLE 2047717 0 0 ISHARES INC MSCI MEXICO COM 464286822 96083 1625771 SH SOLE 1625771 0 0 ISHARES INC MSCI S KOREA COM 464286772 33199 595065 SH SOLE 595065 0 0 ISHARES INC MSCI S KOREA OPTION 464286772 308 1500 SH CALL SOLE 1500 0 0 ISHARES INC MSCI S KOREA OPTION 464286772 1215 1500 SH PUT SOLE 1500 0 0 ISHARES INC MSCI BRAZIL COM 464286400 336801 4372333 SH SOLE 4372333 0 0 EXELON CORP COM 30161N101 40144 493955 SH SOLE 493955 0 0 EXELIXIS INC COM 30161Q104 142 20477 SH SOLE 20477 0 0 EXTERRAN HLDGS INC COM 30225X103 435 6736 SH SOLE 6736 0 0 EXPEDITORS INTL WASH INC COM 302130109 3319 73471 SH SOLE 73471 0 0 EXPEDIA INC DEL COM 30212P105 2202 100604 SH SOLE 100604 0 0 ADVANCED MEDICAL OPTICS INC BOND CV 00763MAG3 364000 4000000 PRN SOLE 4000000 0 0 FORD MTR CO DEL PAR $0.01 COM 345370860 93452 16337740 SH SOLE 16337740 0 0 FORD MTR CO DEL PAR $0.01 OPTION 345370860 1642 46206 SH CALL SOLE 46206 0 0 FORD MTR CO DEL PAR $0.01 OPTION 345370860 6351 36394 SH PUT SOLE 36394 0 0 FORD MTR CO DEL BOND CV 345370CF5 3087000 36000000 PRN SOLE 36000000 0 0 FIRST AMERN CORP CALIF COM 318522307 1541 45395 SH SOLE 45395 0 0 FASTENAL CO COM 311900104 2903 63213 SH SOLE 63213 0 0 FRIEDMAN BILLINGS RAMSEY GRO COM 358434108 42 24600 SH SOLE 24600 0 0 FIRST CMNTY BANCORP CALIF COM 31983B101 282 10494 SH SOLE 10494 0 0 FOREST CITY ENTERPRISES INC COM 345550107 819 22260 SH SOLE 22260 0 0 FUELCELL ENERGY INC COM 35952H106 84 12617 SH SOLE 12617 0 0 FIRST COMWLTH FINL CORP PA COM 319829107 200 17294 SH SOLE 17294 0 0 FELCOR LODGING TR INC COM 31430F101 214 17760 SH SOLE 17760 0 0 FTI CONSULTING INC COM 302941109 964 13568 SH SOLE 13568 0 0 FREEPORT-MCMORAN COPPER & GO COM 35671D857 38832 403570 SH SOLE 403570 0 0 FREEPORT-MCMORAN COPPER & GO OPTION 35671D857 4840 6506 SH PUT SOLE 6506 0 0 FREEPORT-MCMORAN COPPER & GO OPTION 35671D857 6331 8356 SH CALL SOLE 8356 0 0 FREEPORT-MCMORAN COPPER & GO P COM 35671D782 266953 1900699 SH SOLE 1900699 0 0 FAMILY DLR STORES INC COM 307000109 1499 76869 SH SOLE 76869 0 0 FOUNDRY NETWORKS INC COM 35063R100 994 85859 SH SOLE 85859 0 0 FEDEX CORP COM 31428X106 9317 100539 SH SOLE 100539 0 0 FEDEX CORP OPTION 31428X106 1066 488 SH PUT SOLE 488 0 0 FIRSTENERGY CORP COM 337932107 54568 795218 SH SOLE 795218 0 0 FIRST TR ENHANCED EQTY INC F COM 337318109 1434 100000 SH SOLE 100000 0 0 F5 NETWORKS INC COM 315616102 781 42976 SH SOLE 42976 0 0 SUNAMERICA FCSED ALPHA GRW F COM 867037103 1368 88750 SH SOLE 88750 0 0 FIRST HORIZON NATL CORP COM 320517105 687 49058 SH SOLE 49058 0 0 FEDERATED INVS INC PA CL B COM 314211103 68632 1752598 SH SOLE 1752598 0 0 FIDELITY NATL INFORMATION SV COM 31620M106 2887 75701 SH SOLE 75701 0 0 FISERV INC COM 337738108 3083 64101 SH SOLE 64101 0 0 FIFTH THIRD BANCORP COM 316773100 1505 71958 SH SOLE 71958 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page15 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- COMFORT SYS USA INC COM 199908104 421 32368 SH SOLE 32368 0 0 FOOT LOCKER INC COM 344849104 282 23962 SH SOLE 23962 0 0 FLEXTRONICS INTL LTD COM Y2573F102 1449 154296 SH SOLE 154296 0 0 FLIR SYS INC COM 302445101 819 27203 SH SOLE 27203 0 0 FLOWERS FOODS INC COM 343498101 349 14100 SH SOLE 14100 0 0 FLUOR CORP NEW COM 343412102 6453 45716 SH SOLE 45716 0 0 FLOWSERVE CORP COM 34354P105 1127 10798 SH SOLE 10798 0 0 FIRST MIDWEST BANCORP DEL COM 320867104 1595 57432 SH SOLE 57432 0 0 F M C CORP COM 302491303 613 11041 SH SOLE 11041 0 0 FOCUS MEDIA HLDG LTD COM 34415V109 563 16031 SH SOLE 16031 0 0 FRESENIUS MED CARE AG&CO KGA COM 358029106 6453 128238 SH SOLE 128238 0 0 FOMENTO ECONOMICO MEXICANO S S COM 344419106 7250 173533 SH SOLE 173533 0 0 FIDELITY NATIONAL FINANCIAL COM 31620R105 210 11441 SH SOLE 11441 0 0 FEDERAL NATL MTG ASSN COM 313586109 24613 935152 SH SOLE 935152 0 0 FEDERAL NATL MTG ASSN OPTION 313586109 837 5473 SH CALL SOLE 5473 0 0 FEDERAL NATL MTG ASSN OPTION 313586109 11062 13392 SH PUT SOLE 13392 0 0 FORTUNE BRANDS INC COM 349631101 3165 45545 SH SOLE 45545 0 0 FORESTAR REAL ESTATE GROUP I COM 346233109 5929 238023 SH SOLE 238023 0 0 FORMFACTOR INC COM 346375108 1190 62315 SH SOLE 62315 0 0 FPL GROUP INC COM 302571104 40304 642401 SH SOLE 642401 0 0 FIRST INDUSTRIAL REALTY TRUS COM 32054K103 454 14690 SH SOLE 14690 0 0 FEDERAL HOME LN MTG CORP COM 313400301 24976 986420 SH SOLE 986420 0 0 FEDERAL HOME LN MTG CORP OPTION 313400301 372 3714 SH CALL SOLE 3714 0 0 FEDERAL HOME LN MTG CORP OPTION 313400301 7553 16348 SH PUT SOLE 16348 0 0 FAIRPOINT COMMUNICATIONS INC COM 305560104 143 15800 SH SOLE 15800 0 0 FEDERAL REALTY INVT TR SH BEN COM 313747206 1058 13579 SH SOLE 13579 0 0 FOREST LABS INC COM 345838106 11818 295374 SH SOLE 295374 0 0 FIRST SOLAR INC COM 336433107 1510 6534 SH SOLE 6534 0 0 FOREST OIL CORP PAR $0.01 OPTION 346091705 380 2440 SH PUT SOLE 2440 0 0 FRANKLIN UNVL TR SH BEN INT COM 355145103 407 64554 SH SOLE 64554 0 0 FRANCE TELECOM COM 35177Q105 9465 281873 SH SOLE 281873 0 0 FMC TECHNOLOGIES INC COM 30249U101 413 7256 SH SOLE 7256 0 0 FRONTIER OIL CORP COM 35914P105 2645 97021 SH SOLE 97021 0 0 FULLER H B CO COM 359694106 297 14531 SH SOLE 14531 0 0 FOSTER WHEELER LTD SHS COM G36535139 2800 49446 SH SOLE 49446 0 0 ISHARES TR FTSE XNHUA IDX COM 464287184 348393 2578013 SH SOLE 2578013 0 0 GANNETT INC COM 364730101 16017 551355 SH SOLE 551355 0 0 GANNETT CO INC BOND CV 364725AG6 992700 10000000 PRN SOLE 10000000 0 0 DWS GLOBAL COMMODITIES STK F COM 23338Y100 4785 284667 SH SOLE 284667 0 0 GMH CMNTYS TR COM 36188G102 2406 277194 SH SOLE 277194 0 0 GENERAL DYNAMICS CORP COM 369550108 60560 726397 SH SOLE 726397 0 0 GABELLI DIVD & INCOME TR COM 36242H104 2905 163026 SH SOLE 163026 0 0 MARKET VECTORS ETF TR GOLD MIN COM 57060U100 424 8887 SH SOLE 8887 0 0 GENERAL ELECTRIC CO COM 369604103 482230 13029731 SH SOLE 13029731 0 0 GENERAL ELECTRIC CO OPTION 369604103 16266 58705 SH CALL SOLE 58705 0 0 GENERAL ELECTRIC CO OPTION 369604103 28228 84916 SH PUT SOLE 84916 0 0 GREIF INC COM 397624107 487 7172 SH SOLE 7172 0 0 GENZYME CORP COM 372917104 20213 271165 SH SOLE 271165 0 0 GENZYME CORP OPTION 372917104 245 424 SH PUT SOLE 424 0 0 GUESS INC COM 401617105 562 13883 SH SOLE 13883 0 0 GUARANTY FINL GROUP INC COM 40108N106 2506 235961 SH SOLE 235961 0 0 GOLD FIELDS LTD NEW COM 38059T106 13660 987672 SH SOLE 987672 0 0 GOLD FIELDS LTD NEW OPTION 38059T106 315 4100 SH CALL SOLE 4100 0 0 GOLD FIELDS LTD NEW OPTION 38059T106 412 2666 SH PUT SOLE 2666 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page16 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- GFI GROUP INC COM 361652209 860 15000 SH SOLE 15000 0 0 GOLDCORP INC NEW COM 380956409 2012 51928 SH SOLE 51928 0 0 GERDAU S A COM 373737105 7693 251661 SH SOLE 251661 0 0 GERDAU S A OPTION 373737105 212 2500 SH PUT SOLE 2500 0 0 GERDAU S A OPTION 373737105 510 3000 SH CALL SOLE 3000 0 0 GENERAL GROWTH PPTYS INC COM 370021107 4384 114846 SH SOLE 114846 0 0 GREENHILL & CO INC COM 395259104 344 4942 SH SOLE 4942 0 0 GILEAD SCIENCES INC COM 375558103 20017 388460 SH SOLE 388460 0 0 GILEAD SCIENCES INC OPTION 375558103 2555 2864 SH CALL SOLE 2864 0 0 GENERAL MLS INC COM 370334104 46553 777430 SH SOLE 777430 0 0 GLOBAL CROSSING LTD BOND CV 37932JAA1 1141912 12147999 PRN SOLE 12147999 0 0 GLOBAL INDS LTD COM 379336100 293 18202 SH SOLE 18202 0 0 GLOBAL INDS LTD DBCV 2.750% 8/0BOND CV 379336AE0 578438 7500000 PRN SOLE 7500000 0 0 CLOUGH GLOBAL OPPORTUNITIES SH COM 18914E106 958 58719 SH SOLE 58719 0 0 CORNING INC COM 219350105 31984 1330442 SH SOLE 1330442 0 0 CORNING INC OPTION 219350105 266 6507 SH PUT SOLE 6507 0 0 GENERAL MTRS CORP COM 370442105 24820 1302865 SH SOLE 1302865 0 0 GENERAL MTRS CORP OPTION 370442105 1189 17792 SH CALL SOLE 17792 0 0 GENERAL MTRS CORP OPTION 370442105 48321 56152 SH PUT SOLE 56152 0 0 GENERAL MTRS CORP SENIOR DEBEN COM 370442691 8015 350000 SH SOLE 350000 0 0 GAMESTOP CORP NEW COM 36467W109 3203 61932 SH SOLE 61932 0 0 GMARKET INC SPON COM 38012G100 8335 389125 SH SOLE 389125 0 0 GEMSTAR-TV GUIDE INTL INC COM 36866W106 160 33999 SH SOLE 33999 0 0 GENWORTH FINL INC COM COM 37247D106 2377 104997 SH SOLE 104997 0 0 GOL LINHAS AEREAS INTLG S A SP COM 38045R107 5352 359462 SH SOLE 359462 0 0 GOL LINHAS AEREAS INTLG S A SP OPTION 38045R107 2009 2050 SH PUT SOLE 2050 0 0 RANDGOLD RES LTD OPTION 752344309 280 500 SH CALL SOLE 500 0 0 RANDGOLD RES LTD OPTION 752344309 440 500 SH PUT SOLE 500 0 0 GOOGLE INC COM 38259P508 94932 215524 SH SOLE 215524 0 0 GOOGLE INC OPTION 38259P508 10284 3357 SH CALL SOLE 3357 0 0 GOOGLE INC OPTION 38259P508 38389 5911 SH PUT SOLE 5911 0 0 GENUINE PARTS CO COM 372460105 4305 107026 SH SOLE 107026 0 0 GROUP 1 AUTOMOTIVE INC BOND CV 398905AE9 669375 10500000 PRN SOLE 10500000 0 0 GLOBAL PMTS INC COM 37940X102 528 12757 SH SOLE 12757 0 0 GAP INC DEL COM 364760108 3497 177700 SH SOLE 177700 0 0 GAP INC DEL OPTION 364760108 374 2150 SH PUT SOLE 2150 0 0 GAP INC DEL OPTION 364760108 306 2460 SH CALL SOLE 2460 0 0 GOODRICH CORP COM 382388106 84793 1474406 SH SOLE 1474406 0 0 S & P 500 GEARED FD INC COM 78381R105 272 17176 SH SOLE 17176 0 0 GARMIN LTD COM G37260109 11025 204133 SH SOLE 204133 0 0 GRANT PRIDECO INC COM 38821G101 23833 484218 SH SOLE 484218 0 0 GOLDMAN SACHS GROUP INC COM 38141G104 84317 509809 SH SOLE 509809 0 0 GOLDMAN SACHS GROUP INC OPTION 38141G104 4543 4205 SH CALL SOLE 4205 0 0 GOLDMAN SACHS GROUP INC OPTION 38141G104 28142 13132 SH PUT SOLE 13132 0 0 GLOBAL SOURCES LTD COM G39300101 409 27556 SH SOLE 27556 0 0 GOLDEN STAR RES LTD CDA COM 38119T104 48 14024 SH SOLE 14024 0 0 GOODYEAR TIRE & RUBR CO COM 382550101 2610 101170 SH SOLE 101170 0 0 GOODYEAR TIRE & RUBR CO OPTION 382550101 596 2975 SH PUT SOLE 2975 0 0 GOODYEAR TIRE & RUBR CO OPTION 382550101 1429 2784 SH CALL SOLE 2784 0 0 GRAFTECH INTL LTD COM 384313102 212 13086 SH SOLE 13086 0 0 GTX INC DEL COM 40052B108 1636 101764 SH SOLE 101764 0 0 GRANITE CONSTR INC COM 387328107 543 16598 SH SOLE 16598 0 0 GREY WOLF INC COM 397888108 471 69417 SH SOLE 69417 0 0 GRAINGER W W INC COM 384802104 1418 18558 SH SOLE 18558 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page17 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- GYMBOREE CORP COM 403777105 514 12900 SH SOLE 12900 0 0 HALLIBURTON CO COM 406216101 49099 1248391 SH SOLE 1248391 0 0 HALLIBURTON CO OPTION 406216101 5916 25549 SH PUT SOLE 25549 0 0 HALLIBURTON CO OPTION 406216101 11058 24685 SH CALL SOLE 24685 0 0 HANSEN NAT CORP COM 411310105 587 16626 SH SOLE 16626 0 0 HARMAN INTL INDS INC COM 413086109 970 22273 SH SOLE 22273 0 0 HASBRO INC COM 418056107 1886 67598 SH SOLE 67598 0 0 HILLENBRAND INDS INC COM 431573104 71829 1502702 SH SOLE 1502702 0 0 HUNTINGTON BANCSHARES INC COM 446150104 7082 658746 SH SOLE 658746 0 0 HSBC HLDGS PLC SPON COM 404280406 2951 35859 SH SOLE 35859 0 0 HANCOCK HLDG CO COM 410120109 228 5417 SH SOLE 5417 0 0 HUDSON CITY BANCORP COM 443683107 2201 124501 SH SOLE 124501 0 0 HEALTH CARE REIT INC COM 42217K106 313 6944 SH SOLE 6944 0 0 HCP INC COM 40414L109 3578 105815 SH SOLE 105815 0 0 HOME DEPOT INC COM 437076102 78166 2794622 SH SOLE 2794622 0 0 HOME DEPOT INC OPTION 437076102 3925 23158 SH CALL SOLE 23158 0 0 HOME DEPOT INC OPTION 437076102 12257 20074 SH PUT SOLE 20074 0 0 HDFC BANK LTD COM 40415F101 12279 124991 SH SOLE 124991 0 0 HERCULES OFFSHORE INC COM 427093109 481 19152 SH SOLE 19152 0 0 HESS CORP COM 42809H107 11688 132548 SH SOLE 132548 0 0 HESS CORP OPTION 42809H107 936 2032 SH PUT SOLE 2032 0 0 HEWITT ASSOCS INC COM 42822Q100 274 6895 SH SOLE 6895 0 0 HUMAN GENOME SCIENCES INC COM 444903108 1411 239527 SH SOLE 239527 0 0 HUMAN GENOME SCIENCES INC OPTION 444903108 296 732 SH PUT SOLE 732 0 0 HUMAN GENOME SCIENCES INC BOND CV 444903AM0 344375 4750000 PRN SOLE 4750000 0 0 HUMAN GENOME SCIENCES INC BOND CV 444903AK4 231750 2999999 PRN SOLE 2999999 0 0 HUGOTON RTY TR TEX UNIT BEN INTCOM 444717102 253 9172 SH SOLE 9172 0 0 HARTFORD FINL SVCS GROUP INC COM 416515104 33591 443326 SH SOLE 443326 0 0 DOT HILL SYS CORP COM 25848T109 431 143600 SH SOLE 143600 0 0 HIGHWOODS PPTYS INC COM 431284108 389 12519 SH SOLE 12519 0 0 PETROHAWK ENERGY CORP COM 716495106 569 28210 SH SOLE 28210 0 0 HECLA MNG CO COM 422704106 160 14346 SH SOLE 14346 0 0 HECLA MNG CO 6.5% CONV PFD COM 422704304 8348 75000 SH SOLE 75000 0 0 HARMONIC INC COM 413160102 78 10309 SH SOLE 10309 0 0 HEALTH MGMT ASSOC INC NEW COM 421933102 72 13525 SH SOLE 13525 0 0 HOME PROPERTIES INC COM 437306103 400 8325 SH SOLE 8325 0 0 HARMONY GOLD MNG LTD COM 413216300 120 10169 SH SOLE 10169 0 0 HEALTH NET INC COM 42222G108 2284 74170 SH SOLE 74170 0 0 HEINZ H J CO COM 423074103 38060 810308 SH SOLE 810308 0 0 HOLLY CORP PAR $0.01 COM 435758305 334 7700 SH SOLE 7700 0 0 HARLEY DAVIDSON INC COM 412822108 11279 300771 SH SOLE 300771 0 0 HARLEY DAVIDSON INC OPTION 412822108 1450 850 SH PUT SOLE 850 0 0 HOLOGIC INC COM 436440101 1942 34932 SH SOLE 34932 0 0 HOLOGIC INC BOND CV 436440AA9 288375 2999999 PRN SOLE 2999999 0 0 HONEYWELL INTL INC COM 438516106 22685 402074 SH SOLE 402074 0 0 HONEYWELL INTL INC OPTION 438516106 956 1306 SH CALL SOLE 1306 0 0 HONEYWELL INTL INC OPTION 438516106 936 1824 SH PUT SOLE 1824 0 0 HORNBECK OFFSHORE SVCS INC N COM 440543106 271 5938 SH SOLE 5938 0 0 STARWOOD HOTELS&RESORTS WRLD COM 85590A401 5303 102464 SH SOLE 102464 0 0 STARWOOD HOTELS&RESORTS WRLD OPTION 85590A401 405 500 SH CALL SOLE 500 0 0 HOT TOPIC INC COM 441339108 399 92500 SH SOLE 92500 0 0 HELMERICH & PAYNE INC COM 423452101 561 11974 SH SOLE 11974 0 0 HERCULES INC COM 427056106 903 49383 SH SOLE 49383 0 0 HEWLETT PACKARD CO COM 428236103 56749 1242864 SH SOLE 1242864 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page18 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- HEWLETT PACKARD CO OPTION 428236103 7160 26619 SH PUT SOLE 26619 0 0 HEWLETT PACKARD CO OPTION 428236103 8334 12976 SH CALL SOLE 12976 0 0 HOSPITALITY PPTYS TR COM SH BE COM 44106M102 692 20353 SH SOLE 20353 0 0 HEALTHCARE RLTY TR COM 421946104 339 12980 SH SOLE 12980 0 0 BLOCK H & R INC COM 093671105 166861 8037626 SH SOLE 8037626 0 0 HRPT PPTYS TR COM SH BEN INT COM 40426W101 200 29783 SH SOLE 29783 0 0 HARRIS CORP DEL COM 413875105 238 4904 SH SOLE 4904 0 0 HARSCO CORP COM 415864107 614 11106 SH SOLE 11106 0 0 SCHEIN HENRY INC COM 806407102 1002 17454 SH SOLE 17454 0 0 HEIDRICK & STRUGGLES INTL IN COM 422819102 870 26738 SH SOLE 26738 0 0 HOSPIRA INC COM 441060100 1755 41026 SH SOLE 41026 0 0 HOST HOTELS & RESORTS INC COM 44107P104 4852 304765 SH SOLE 304765 0 0 HERSHEY CO COM 427866108 4124 109485 SH SOLE 109485 0 0 HUTCHINSON TECHNOLOGY INC BOND CV 448407AF3 233625 2999999 PRN SOLE 2999999 0 0 HANCOCK JOHN TAX-ADV DIV INC COM 41013V100 820 53510 SH SOLE 53510 0 0 HUMANA INC COM 444859102 3063 68286 SH SOLE 68286 0 0 HUNTSMAN CORP COM 447011107 161049 6838607 SH SOLE 6838607 0 0 HEADWATERS INC COM 42210P102 183 13910 SH SOLE 13910 0 0 DESARROLLADORA HOMEX S A DE COM 25030W100 1927 33203 SH SOLE 33203 0 0 IAC INTERACTIVECORP COM 44919P300 4951 238499 SH SOLE 238499 0 0 IAC INTERACTIVECORP OPTION 44919P300 700 4066 SH CALL SOLE 4066 0 0 IAC INTERACTIVECORP OPTION 44919P300 810 1408 SH PUT SOLE 1408 0 0 IAMGOLD CORP COM 450913108 89 12199 SH SOLE 12199 0 0 ISHARES TR DJ BROKER-DEAL COM 464288794 123145 3305015 SH SOLE 3305015 0 0 IDEARC INC COM 451663108 62 17099 SH SOLE 17099 0 0 ISHARES TR DJ REGIONAL BK COM 464288778 8627 244453 SH SOLE 244453 0 0 ISHARES TR NASDQ BIO INDX COM 464287556 60624 800000 SH SOLE 800000 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 36645 318267 SH SOLE 318267 0 0 INTERNATIONAL BUSINESS MACHS OPTION 459200101 9025 21133 SH PUT SOLE 21133 0 0 INTERNATIONAL BUSINESS MACHS OPTION 459200101 28690 18348 SH CALL SOLE 18348 0 0 ICICI BK LTD COM 45104G104 20636 540353 SH SOLE 540353 0 0 ICICI BK LTD OPTION 45104G104 332 193 SH PUT SOLE 193 0 0 INTERCONTINENTALEXCHANGE INC COM 45865V100 1774 13592 SH SOLE 13592 0 0 INTERNATIONAL COAL GRP INC N COM 45928H106 87 13676 SH SOLE 13676 0 0 INTERDIGITAL INC COM 45867G101 262 13240 SH SOLE 13240 0 0 INTEGRATED DEVICE TECHNOLOGY COM 458118106 320 35817 SH SOLE 35817 0 0 ISHARES TR DJ US UTILS COM 464287697 37051 402945 SH SOLE 402945 0 0 ISHARES TR 7-10 YR TRS BD COM 464287440 2668 29100 SH SOLE 29100 0 0 ISHARES TR DJ OIL&GAS EXP COM 464288851 4137 60000 SH SOLE 60000 0 0 ISHARES TR S&P EURO PLUS COM 464287861 1040 9900 SH SOLE 9900 0 0 ISHARES TR DJ OIL EQUIP COM 464288844 1230 20000 SH SOLE 20000 0 0 INTERNATIONAL FLAVORS&FRAGRA COM 459506101 1606 36464 SH SOLE 36464 0 0 INTERFACE INC COM 458665106 206 14655 SH SOLE 14655 0 0 INFINEON TECHNOLOGIES AG COM 45662N103 1926 274371 SH SOLE 274371 0 0 ISHARES TR S&P GSSI NATL COM 464287374 333 2606 SH SOLE 2606 0 0 INTERNATIONAL GAME TECHNOLOG COM 459902102 5328 132514 SH SOLE 132514 0 0 INTERNATIONAL GAME TECHNOLOG D BOND CV 459902AP7 1007500 10000000 PRN SOLE 10000000 0 0 ISHARES TR S&P GSTI SOFTW COM 464287515 3586 80000 SH SOLE 80000 0 0 ISHARES TR DJ HEALTH CARE COM 464288828 9883 210000 SH SOLE 210000 0 0 IHS INC COM 451734107 288 4486 SH SOLE 4486 0 0 INSTEEL INDUSTRIES INC COM 45774W108 425 36539 SH SOLE 36539 0 0 ISHARES TR S&P MIDCAP 400 COM 464287507 7243 93170 SH SOLE 93170 0 0 ISHARES TR S&P MIDCP VALU COM 464287705 8366 114549 SH SOLE 114549 0 0 ISHARES TR S&P MC 400 GRW COM 464287606 8481 104053 SH SOLE 104053 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page19 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- ISHARES TR S&P SMLCAP 600 COM 464287804 37288 622200 SH SOLE 622200 0 0 ISHARES TR S&P SMLCP VALU COM 464287879 686 10479 SH SOLE 10479 0 0 ISHARES TR S&P SMLCP GROW COM 464287887 5847 47293 SH SOLE 47293 0 0 AQUILA INC COM 03840P102 116 36270 SH SOLE 36270 0 0 ISHARES TR S&P LTN AM 40 COM 464287390 36141 143134 SH SOLE 143134 0 0 ILLUMINA INC COM 452327109 738 9724 SH SOLE 9724 0 0 INVERNESS MED INNOVATIONS IN COM 46126P106 268 8899 SH SOLE 8899 0 0 INDYMAC BANCORP INC COM 456607100 365 73647 SH SOLE 73647 0 0 INDYMAC BANCORP INC OPTION 456607100 514 350 SH PUT SOLE 350 0 0 IMCLONE SYS INC BOND CV 45245WAF6 3790000 40000000 PRN SOLE 40000000 0 0 INCYTE CORP COM 45337C102 163 15519 SH SOLE 15519 0 0 INFORMATICA CORP COM 45666Q102 180 10543 SH SOLE 10543 0 0 INFOSYS TECHNOLOGIES LTD COM 456788108 24399 682117 SH SOLE 682117 0 0 INFOSYS TECHNOLOGIES LTD OPTION 456788108 1665 2500 SH PUT SOLE 2500 0 0 ING GROEP N V COM 456837103 3817 102147 SH SOLE 102147 0 0 BARCLAYS BK PLC IP MSCI IND 36 COM 06739F291 883 13400 SH SOLE 13400 0 0 INTEL CORP COM 458140100 179664 8482716 SH SOLE 8482716 0 0 INTEL CORP OPTION 458140100 590 4000 SH PUT SOLE 4000 0 0 INTEL CORP OPTION 458140100 10180 58676 SH CALL SOLE 58676 0 0 INTEL CORP OPTION 458140100 28671 71601 SH PUT SOLE 71601 0 0 INTUIT COM 461202103 6701 248100 SH SOLE 248100 0 0 ION GEOPHYSICAL CORP COM 462044108 154 11165 SH SOLE 11165 0 0 INTL PAPER CO COM 460146103 20517 754307 SH SOLE 754307 0 0 INTL PAPER CO OPTION 460146103 282 300 SH PUT SOLE 300 0 0 IPC HLDGS LTD COM G4933P101 649 23160 SH SOLE 23160 0 0 INTERPUBLIC GROUP COS INC COM 460690100 1222 145272 SH SOLE 145272 0 0 INTERPUBLIC GROUP COS INC OPTION 460690100 210 4572 SH CALL SOLE 4572 0 0 INTERPUBLIC GROUP COS INC OPTION 460690100 812 4974 SH PUT SOLE 4974 0 0 IMPERIAL SUGAR CO NEW COM 453096208 1998 106176 SH SOLE 106176 0 0 INGERSOLL-RAND COMPANY LTD COM G4776G101 3316 74387 SH SOLE 74387 0 0 INLAND REAL ESTATE CORP BOND CV 457461AB7 1117812 12250000 PRN SOLE 12250000 0 0 INTERNATIONAL RECTIFIER CORP COM 460254105 436 20266 SH SOLE 20266 0 0 INTERSIL CORP COM 46069S109 578 22524 SH SOLE 22524 0 0 ISIS PHARMACEUTICALS INC COM 464330109 290 20575 SH SOLE 20575 0 0 INTUITIVE SURGICAL INC COM 46120E602 2453 7563 SH SOLE 7563 0 0 ITC HLDGS CORP COM 465685105 331 6352 SH SOLE 6352 0 0 INTERMUNE INC COM 45884X103 34316 2353623 SH SOLE 2353623 0 0 ITRON INC COM 465741106 263 2913 SH SOLE 2913 0 0 ITT CORP NEW COM 450911102 5252 101366 SH SOLE 101366 0 0 BANCO ITAU HLDG FINANCIERA S SPCOM 059602201 51302 2254063 SH SOLE 2254063 0 0 BANCO ITAU HLDG FINANCIERA S SPOPTION 059602201 1482 9500 SH PUT SOLE 9500 0 0 ILLINOIS TOOL WKS INC COM 452308109 33219 688757 SH SOLE 688757 0 0 IMPERIAL TOBACCO GROUP PLC COM 453142101 681 7400 SH SOLE 7400 0 0 ISHARES TR S&P 500 VALUE COM 464287408 5538 79984 SH SOLE 79984 0 0 INVITROGEN CORP COM 46185R100 1905 22292 SH SOLE 22292 0 0 INVITROGEN CORP OPTION 46185R100 2022 977 SH CALL SOLE 977 0 0 ISHARES TR S&P 500 INDEX COM 464287200 145584 1100987 SH SOLE 1100987 0 0 ISHARES TR S&P500 GRW COM 464287309 41555 662752 SH SOLE 662752 0 0 INVESCO LTD SHS COM G491BT108 298 12233 SH SOLE 12233 0 0 ISHARES TR RUSSELL 1000 COM 464287622 19698 273661 SH SOLE 273661 0 0 ISHARES TR RUSSELL1000VAL COM 464287598 14988 204057 SH SOLE 204057 0 0 ISHARES TR RUSSELL1000GRW COM 464287614 7142 131187 SH SOLE 131187 0 0 ISHARES TR RUSSELL 2000 COM 464287655 1222751 17905266 SH SOLE 17905266 0 0 ISHARES TR RUSSELL MCP GR COM 464287481 23990 236820 SH SOLE 236820 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page20 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- ISHARES TR RUSSELL MIDCAP COM 464287499 4130 44143 SH SOLE 44143 0 0 ISHARES TR RUSSELL MCP VL COM 464287473 1559 12126 SH SOLE 12126 0 0 ISHARES TR DJ US ENERGY COM 464287796 4517 35093 SH SOLE 35093 0 0 ISHARES TR DJ US FINL SEC COM 464287788 27035 331110 SH SOLE 331110 0 0 ISHARES TR DJ US FINL SVC COM 464287770 27215 313210 SH SOLE 313210 0 0 ISHARES TR DJ US HEALTHCR COM 464287762 343 5474 SH SOLE 5474 0 0 ISHARES TR DJ US BAS MATL COM 464287838 20932 282020 SH SOLE 282020 0 0 ISHARES TR DJ US REAL EST COM 464287739 184852 2839510 SH SOLE 2839510 0 0 ISHARES TR TRANSP AVE IDX COM 464287192 158367 1852891 SH SOLE 1852891 0 0 ISHARES TR DJ US TECH SEC COM 464287721 19008 362062 SH SOLE 362062 0 0 ISHARES TR DJ US TELECOMM COM 464287713 1770 75723 SH SOLE 75723 0 0 JAKKS PAC INC COM 47012E106 318 11528 SH SOLE 11528 0 0 SUN MICROSYSTEMS INC COM 866810203 54545 3512245 SH SOLE 3512245 0 0 JABIL CIRCUIT INC COM 466313103 574 60639 SH SOLE 60639 0 0 JETBLUE AWYS CORP COM 477143101 1334 229970 SH SOLE 229970 0 0 JETBLUE AWYS CORP OPTION 477143101 1687 2745 SH PUT SOLE 2745 0 0 JETBLUE AWYS CORP DBCV 3.750% BOND CV 477143AC5 328313 4250000 PRN SOLE 4250000 0 0 NUVEEN CORE EQUITY ALPHA FUN COM 67090X107 536 36550 SH SOLE 36550 0 0 JOHNSON CTLS INC COM 478366107 12458 368588 SH SOLE 368588 0 0 J2 GLOBAL COMMUNICATIONS INC COM 46626E205 269 12031 SH SOLE 12031 0 0 PENNEY J C INC COM 708160106 7693 203997 SH SOLE 203997 0 0 PENNEY J C INC OPTION 708160106 3236 2087 SH PUT SOLE 2087 0 0 JDS UNIPHASE CORP PAR $0.001 COM 46612J507 867 64747 SH SOLE 64747 0 0 JACOBS ENGR GROUP INC DEL COM 469814107 2904 39457 SH SOLE 39457 0 0 JOHNSON & JOHNSON COM 478160104 219126 3377925 SH SOLE 3377925 0 0 JOHNSON & JOHNSON OPTION 478160104 3774 16456 SH CALL SOLE 16456 0 0 JOHNSON & JOHNSON OPTION 478160104 6169 12035 SH PUT SOLE 12035 0 0 JUNIPER NETWORKS INC COM 48203R104 6956 278248 SH SOLE 278248 0 0 JUNIPER NETWORKS INC OPTION 48203R104 557 2051 SH CALL SOLE 2051 0 0 JUNIPER NETWORKS INC OPTION 48203R104 793 2388 SH PUT SOLE 2388 0 0 JANUS CAP GROUP INC COM 47102X105 563 24179 SH SOLE 24179 0 0 ST JOE CO COM 790148100 893 20795 SH SOLE 20795 0 0 JOY GLOBAL INC COM 481165108 2979 45725 SH SOLE 45725 0 0 JP MORGAN CHASE & CO COM 46625H100 234581 5461717 SH SOLE 5461717 0 0 JP MORGAN CHASE & CO OPTION 46625H100 35169 42379 SH CALL SOLE 42379 0 0 JP MORGAN CHASE & CO OPTION 46625H100 28185 53680 SH PUT SOLE 53680 0 0 NORDSTROM INC COM 655664100 2585 79290 SH SOLE 79290 0 0 KELLOGG CO COM 487836108 30508 580445 SH SOLE 580445 0 0 KOOKMIN BK NEW COM 50049M109 3200 57100 SH SOLE 57100 0 0 SPDR SERIES TRUST KBW BK ETF COM 78464A797 71499 1840399 SH SOLE 1840399 0 0 KB HOME COM 48666K109 596 24084 SH SOLE 24084 0 0 KB HOME OPTION 48666K109 5144 3210 SH PUT SOLE 3210 0 0 KBR INC COM 48242W106 257 9283 SH SOLE 9283 0 0 SPDR SERIES TRUST KBW CAP MKTS COM 78464A771 10034 198858 SH SOLE 198858 0 0 COLE KENNETH PRODTNS INC COM 193294105 465 27478 SH SOLE 27478 0 0 KOREA ELECTRIC PWR COM 500631106 4586 304900 SH SOLE 304900 0 0 KERYX BIOPHARMACEUTICALS INC COM 492515101 599 997926 SH SOLE 997926 0 0 KERYX BIOPHARMACEUTICALS INC OPTION 492515101 831 753 SH PUT SOLE 753 0 0 KIRBY CORP COM 497266106 524 9200 SH SOLE 9200 0 0 KEYCORP NEW COM 493267108 4036 183869 SH SOLE 183869 0 0 KRAFT FOODS INC COM 50075N104 80681 2601761 SH SOLE 2601761 0 0 KING PHARMACEUTICALS INC COM 495582108 1554 178671 SH SOLE 178671 0 0 KINROSS GOLD CORP BOND CV 496902AB3 874000 8000000 PRN SOLE 8000000 0 0 SPDR SERIES TRUST KBW INS ETF COM 78464A789 1154 25000 SH SOLE 25000 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page21 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- KIMCO REALTY CORP COM 49446R109 4182 106777 SH SOLE 106777 0 0 KLA-TENCOR CORP COM 482480100 6460 174125 SH SOLE 174125 0 0 KLA-TENCOR CORP OPTION 482480100 1984 2279 SH PUT SOLE 2279 0 0 KIMBERLY CLARK CORP COM 494368103 15214 235696 SH SOLE 235696 0 0 KIMBERLY CLARK CORP OPTION 494368103 1079 1477 SH PUT SOLE 1477 0 0 CARMAX INC COM 143130102 875 45049 SH SOLE 45049 0 0 KENEXA CORP COM 488879107 477 25828 SH SOLE 25828 0 0 COCA COLA CO COM 191216100 94527 1552940 SH SOLE 1552940 0 0 COCA COLA CO OPTION 191216100 2030 10135 SH PUT SOLE 10135 0 0 COCA COLA CO OPTION 191216100 13538 12371 SH CALL SOLE 12371 0 0 KROGER CO COM 501044101 4183 164683 SH SOLE 164683 0 0 KROGER CO OPTION 501044101 252 827 SH PUT SOLE 827 0 0 KILROY RLTY CORP COM 49427F108 245 4991 SH SOLE 4991 0 0 CRYSTALLEX INTL CORP COM 22942F101 33 14322 SH SOLE 14322 0 0 KOHLS CORP COM 500255104 4886 113924 SH SOLE 113924 0 0 LAMAR ADVERTISING CO COM 512815101 574 15977 SH SOLE 15977 0 0 LAZARD LTD SHS A COM G54050102 1337 35000 SH SOLE 35000 0 0 LIBERTY GLOBAL INC COM SER A COM 530555101 1117 32766 SH SOLE 32766 0 0 LIBERTY GLOBAL INC COM SER C COM 530555309 210 6452 SH SOLE 6452 0 0 LCA-VISION INC PAR $.001 COM 501803308 938 75000 SH SOLE 75000 0 0 U S AIRWAYS GROUP INC COM 90341W108 874 98041 SH SOLE 98041 0 0 LEAR CORP OPTION 521865105 745 5775 SH PUT SOLE 5775 0 0 LEAP WIRELESS INTL INC COM 521863308 475 10186 SH SOLE 10186 0 0 LEGGETT & PLATT INC COM 524660107 1515 99360 SH SOLE 99360 0 0 LEHMAN BROS HLDGS INC COM 524908100 38417 1020643 SH SOLE 1020643 0 0 LEHMAN BROS HLDGS INC OPTION 524908100 264 6133 SH CALL SOLE 6133 0 0 LEHMAN BROS HLDGS INC OPTION 524908100 12921 9140 SH PUT SOLE 9140 0 0 LENNAR CORP COM 526057104 1178 62648 SH SOLE 62648 0 0 LENNAR CORP OPTION 526057104 529 1176 SH PUT SOLE 1176 0 0 CHINA LIFE INS CO LTD SPON COM 16939P106 50940 978490 SH SOLE 978490 0 0 CHINA LIFE INS CO LTD SPON OPTION 16939P106 1640 750 SH PUT SOLE 750 0 0 LIGAND PHARMACEUTICALS INC CL BCOM 53220K207 6030 1507530 SH SOLE 1507530 0 0 LABORATORY CORP AMER HLDGS COM 50540R409 3665 49746 SH SOLE 49746 0 0 LASALLE HOTEL PPTYS COM SH BEN COM 517942108 303 10544 SH SOLE 10544 0 0 LIBERTY MEDIA CORP NEW INT COM COM 53071M104 2279 141213 SH SOLE 141213 0 0 LIZ CLAIBORNE INC COM 539320101 1420 78214 SH SOLE 78214 0 0 LKQ CORP COM 501889208 242 10756 SH SOLE 10756 0 0 L-3 COMMUNICATIONS HLDGS INC COM 502424104 5071 46380 SH SOLE 46380 0 0 LINEAR TECHNOLOGY CORP COM 535678106 79232 2581676 SH SOLE 2581676 0 0 LINEAR TECHNOLOGY CORP OPTION 535678106 567 2663 SH CALL SOLE 2663 0 0 LINEAR TECHNOLOGY CORP OPTION 535678106 589 6551 SH PUT SOLE 6551 0 0 LILLY ELI & CO COM 532457108 123016 2384499 SH SOLE 2384499 0 0 LILLY ELI & CO OPTION 532457108 997 3217 SH CALL SOLE 3217 0 0 LILLY ELI & CO OPTION 532457108 8970 9154 SH PUT SOLE 9154 0 0 LEGG MASON INC COM 524901105 12577 224666 SH SOLE 224666 0 0 LEGG MASON INC OPTION 524901105 5919 2466 SH PUT SOLE 2466 0 0 LIBERTY MEDIA CORP NEW ENT COM COM 53071M500 415 18341 SH SOLE 18341 0 0 LOCKHEED MARTIN CORP COM 539830109 13590 136629 SH SOLE 136629 0 0 LOCKHEED MARTIN CORP OPTION 539830109 314 473 SH PUT SOLE 473 0 0 LINCOLN NATL CORP IND COM 534187109 3957 76103 SH SOLE 76103 0 0 CHENIERE ENERGY INC COM 16411R208 493 24918 SH SOLE 24918 0 0 ALLIANT ENERGY CORP COM 018802108 285 8140 SH SOLE 8140 0 0 LOGITECH INTL S A SHS COM H50430232 1989 78171 SH SOLE 78171 0 0 LOWES COS INC COM 548661107 8385 365512 SH SOLE 365512 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page22 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- LOWES COS INC OPTION 548661107 511 3714 SH CALL SOLE 3714 0 0 LOWES COS INC OPTION 548661107 1577 3556 SH PUT SOLE 3556 0 0 LG DISPLAY CO LTD SPONS COM 50186V102 1058 47399 SH SOLE 47399 0 0 LIFEPOINT HOSPITALS INC BOND CV 53219LAH2 252000 2999999 PRN SOLE 2999999 0 0 LOUISIANA PAC CORP COM 546347105 793 86389 SH SOLE 86389 0 0 LOUISIANA PAC CORP OPTION 546347105 412 2600 SH PUT SOLE 2600 0 0 ISHARES TR IBOXX INV CPBD COM 464287242 1874 17815 SH SOLE 17815 0 0 LAM RESEARCH CORP COM 512807108 1272 33269 SH SOLE 33269 0 0 LIBERTY PPTY TR SH BEN INT COM 531172104 722 23221 SH SOLE 23221 0 0 LSI CORPORATION COM 502161102 871 175939 SH SOLE 175939 0 0 LIMITED BRANDS INC COM 532716107 1514 88519 SH SOLE 88519 0 0 LIMITED BRANDS INC OPTION 532716107 529 2460 SH PUT SOLE 2460 0 0 LOEWS CORP COM 540424108 4568 113573 SH SOLE 113573 0 0 LUCENT TECHNOLOGIES INC DBCV 2 BOND CV 549463AH0 153500 2000000 PRN SOLE 2000000 0 0 LEUCADIA NATL CORP COM 527288104 1879 41556 SH SOLE 41556 0 0 LEUCADIA NATL CORP BOND CV 527288AX2 526147 2525000 PRN SOLE 2525000 0 0 SOUTHWEST AIRLS CO COM 844741108 2607 210240 SH SOLE 210240 0 0 LUXOTTICA GROUP S P A COM 55068R202 599 23800 SH SOLE 23800 0 0 LEVEL 3 COMMUNICATIONS INC COM 52729N100 544 256517 SH SOLE 256517 0 0 LAS VEGAS SANDS CORP COM 517834107 9814 133274 SH SOLE 133274 0 0 LAS VEGAS SANDS CORP OPTION 517834107 5863 1700 SH PUT SOLE 1700 0 0 LAWSON SOFTWARE INC NEW COM 52078P102 139 18496 SH SOLE 18496 0 0 LEXMARK INTL NEW COM 529771107 1426 46425 SH SOLE 46425 0 0 LEXINGTON REALTY TRUST COM 529043101 226 15708 SH SOLE 15708 0 0 LEXINGTON REALTY TRUST PFD CON COM 529043309 23285 625100 SH SOLE 625100 0 0 LLOYDS TSB GROUP PLC COM 539439109 625 17423 SH SOLE 17423 0 0 LUBRIZOL CORP COM 549271104 950 17112 SH SOLE 17112 0 0 MACYS INC COM 55616P104 26758 1160374 SH SOLE 1160374 0 0 MASTERCARD INC COM 57636Q104 2708 12145 SH SOLE 12145 0 0 MASTERCARD INC OPTION 57636Q104 4243 4715 SH PUT SOLE 4715 0 0 MASTERCARD INC OPTION 57636Q104 9207 1695 SH CALL SOLE 1695 0 0 MID-AMER APT CMNTYS INC COM 59522J103 356 7144 SH SOLE 7144 0 0 MACERICH CO COM 554382101 6385 90861 SH SOLE 90861 0 0 MANPOWER INC COM 56418H100 260 4630 SH SOLE 4630 0 0 MARRIOTT INTL INC NEW COM 571903202 3187 92765 SH SOLE 92765 0 0 MASCO CORP COM 574599106 2130 107410 SH SOLE 107410 0 0 MATTEL INC COM 577081102 2496 125447 SH SOLE 125447 0 0 MARTEK BIOSCIENCES CORP COM 572901106 344 11243 SH SOLE 11243 0 0 MBIA INC COM 55262C100 459 37561 SH SOLE 37561 0 0 MBIA INC OPTION 55262C100 381 1411 SH CALL SOLE 1411 0 0 MBIA INC OPTION 55262C100 1911 5456 SH PUT SOLE 5456 0 0 MOBILE TELESYSTEMS OJSC COM 607409109 35666 470216 SH SOLE 470216 0 0 MCDONALDS CORP COM 580135101 37600 674194 SH SOLE 674194 0 0 MCDONALDS CORP OPTION 580135101 2352 9145 SH PUT SOLE 9145 0 0 MCDONALDS CORP OPTION 580135101 6935 6468 SH CALL SOLE 6468 0 0 MICROCHIP TECHNOLOGY INC COM 595017104 2112 64531 SH SOLE 64531 0 0 MCKESSON CORP COM 58155Q103 5605 107027 SH SOLE 107027 0 0 MOODYS CORP COM 615369105 2610 74942 SH SOLE 74942 0 0 MOODYS CORP OPTION 615369105 291 2023 SH PUT SOLE 2023 0 0 MICREL INC COM 594793101 533 57526 SH SOLE 57526 0 0 MICROS SYS INC COM 594901100 280 8305 SH SOLE 8305 0 0 M D C HLDGS INC OPTION 552676108 248 250 SH CALL SOLE 250 0 0 MEREDITH CORP COM 589433101 5347 139794 SH SOLE 139794 0 0 MCDERMOTT INTL INC COM 580037109 388 7084 SH SOLE 7084 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page23 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- MEDTRONIC INC COM 585055106 19835 410076 SH SOLE 410076 0 0 MEDTRONIC INC OPTION 585055106 892 3763 SH CALL SOLE 3763 0 0 MEDTRONIC INC OPTION 585055106 2435 4991 SH PUT SOLE 4991 0 0 MEDTRONIC INC BOND CV 585055AL0 2370938 22500000 PRN SOLE 22500000 0 0 MEDTRONIC INC BOND CV 585055AM8 473625 4500000 PRN SOLE 4500000 0 0 MDU RES GROUP INC COM 552690109 12378 504190 SH SOLE 504190 0 0 MEDIVATION INC COM 58501N101 668 46942 SH SOLE 46942 0 0 MIDCAP SPDR TR UNIT SER 1 COM 595635103 265149 1878355 SH SOLE 1878355 0 0 MEDAREX INC COM 583916101 3277 370317 SH SOLE 370317 0 0 MASSEY ENERGY CORP COM 576206106 889 24361 SH SOLE 24361 0 0 MASSEY ENERGY CORP OPTION 576206106 353 2260 SH PUT SOLE 2260 0 0 MERCADOLIBRE INC COM 58733R102 486 12218 SH SOLE 12218 0 0 MENTOR GRAPHICS CORP COM 587200106 318 35993 SH SOLE 35993 0 0 METHANEX CORP COM 59151K108 264 10100 SH SOLE 10100 0 0 MERRILL LYNCH & CO INC COM 590188108 68617 1685226 SH SOLE 1685226 0 0 MERRILL LYNCH & CO INC OPTION 590188108 253 7897 SH CALL SOLE 7897 0 0 MERRILL LYNCH & CO INC OPTION 590188108 47580 23576 SH PUT SOLE 23576 0 0 MESA AIR GROUP INC BOND CV 590479AD3 945770 25500000 PRN SOLE 25500000 0 0 METLIFE INC COM 59156R108 11633 193049 SH SOLE 193049 0 0 METLIFE INC OPTION 59156R108 1695 5187 SH PUT SOLE 5187 0 0 METLIFE INC OPTION 59156R108 1107 1983 SH CALL SOLE 1983 0 0 MF GLOBAL LTD SHS COM G60642108 496 50000 SH SOLE 50000 0 0 MFA MTG INVTS INC COM 55272X102 106 16765 SH SOLE 16765 0 0 MCAFEE INC COM 579064106 414 12497 SH SOLE 12497 0 0 MAGNA INTL INC COM 559222401 274 3800 SH SOLE 3800 0 0 MAGELLAN HEALTH SVCS INC COM 559079207 463 11659 SH SOLE 11659 0 0 MGM MIRAGE COM 552953101 2066 35157 SH SOLE 35157 0 0 MGM MIRAGE OPTION 552953101 1650 1000 SH PUT SOLE 1000 0 0 MOHAWK INDS INC COM 608190104 476 6645 SH SOLE 6645 0 0 MCGRAW HILL COS INC COM 580645109 8369 226485 SH SOLE 226485 0 0 MEDCO HEALTH SOLUTIONS INC COM 58405U102 12019 274463 SH SOLE 274463 0 0 MEDCO HEALTH SOLUTIONS INC OPTION 58405U102 477 1736 SH CALL SOLE 1736 0 0 MEDCO HEALTH SOLUTIONS INC OPTION 58405U102 1988 4247 SH PUT SOLE 4247 0 0 MARSHALL & ILSLEY CORP NEW COM 571837103 1252 53973 SH SOLE 53973 0 0 MILLICOM INTL CELLULAR S A SHS COM L6388F110 1466 15506 SH SOLE 15506 0 0 MIDDLEBY CORP COM 596278101 294 4714 SH SOLE 4714 0 0 MILLIPORE CORP COM 601073109 2333 34602 SH SOLE 34602 0 0 MIRANT CORP NEW COM 60467R100 478948 13161530 SH SOLE 13161530 0 0 MIRANT CORP NEW OPTION 60467R100 625 1519 SH CALL SOLE 1519 0 0 MIRANT CORP NEW OPTION 60467R100 407 626 SH PUT SOLE 626 0 0 MCCORMICK & CO INC COM NON VTG COM 579780206 1344 36346 SH SOLE 36346 0 0 MKS INSTRUMENT INC COM 55306N104 693 32402 SH SOLE 32402 0 0 MILLER HERMAN INC COM 600544100 302 12290 SH SOLE 12290 0 0 MARTIN MARIETTA MATLS INC COM 573284106 262 2471 SH SOLE 2471 0 0 MILLENNIUM PHARMACEUTICALS I COM 599902103 231 14956 SH SOLE 14956 0 0 MARSH & MCLENNAN COS INC COM 571748102 3217 132129 SH SOLE 132129 0 0 3M CO COM 88579Y101 10502 132685 SH SOLE 132685 0 0 3M CO OPTION 88579Y101 1084 2822 SH CALL SOLE 2822 0 0 3M CO OPTION 88579Y101 3435 6302 SH PUT SOLE 6302 0 0 MANNKIND CORP COM 56400P201 811 135808 SH SOLE 135808 0 0 MONSTER WORLDWIDE INC COM 611742107 967 39960 SH SOLE 39960 0 0 ALTRIA GROUP INC COM 02209S103 169021 7613557 SH SOLE 7613557 0 0 ALTRIA GROUP INC OPTION 02209S103 448 1000 SH CALL SOLE 1000 0 0 ALTRIA GROUP INC OPTION 02209S103 4710 10140 SH PUT SOLE 10140 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page24 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- ALTRIA GROUP INC OPTION 02209S103 6274 13454 SH CALL SOLE 13454 0 0 MOLINA HEALTHCARE INC COM 60855R100 508 20813 SH SOLE 20813 0 0 MOLEX INC COM 608554101 1327 57314 SH SOLE 57314 0 0 MONSANTO CO NEW COM 61166W101 62002 556072 SH SOLE 556072 0 0 MONSANTO CO NEW OPTION 61166W101 3588 2604 SH PUT SOLE 2604 0 0 MONSANTO CO NEW OPTION 61166W101 560 135 SH CALL SOLE 135 0 0 MOSAIC CO COM 61945A107 1385 13495 SH SOLE 13495 0 0 MOSAIC CO OPTION 61945A107 1781 724 SH CALL SOLE 724 0 0 MOTOROLA INC COM 620076109 80832 8691562 SH SOLE 8691562 0 0 MOTOROLA INC OPTION 620076109 157 17727 SH CALL SOLE 17727 0 0 MOTOROLA INC OPTION 620076109 4067 5245 SH PUT SOLE 5245 0 0 MAGUIRE PPTYS INC COM 559775101 3862 269849 SH SOLE 269849 0 0 MPS GROUP INC COM 553409103 214 18118 SH SOLE 18118 0 0 MONOLITHIC PWR SYS INC COM 609839105 604 34274 SH SOLE 34274 0 0 MONTPELIER RE HOLDINGS LTD SHS COM G62185106 217 13521 SH SOLE 13521 0 0 MERCK & CO INC COM 589331107 99170 2613171 SH SOLE 2613171 0 0 MERCK & CO INC OPTION 589331107 898 6170 SH CALL SOLE 6170 0 0 MERCK & CO INC OPTION 589331107 14932 11029 SH PUT SOLE 11029 0 0 MARATHON OIL CORP COM 565849106 28394 622678 SH SOLE 622678 0 0 MARATHON OIL CORP OPTION 565849106 627 3151 SH CALL SOLE 3151 0 0 MARATHON OIL CORP OPTION 565849106 1583 3509 SH PUT SOLE 3509 0 0 MARVELL TECHNOLOGY GROUP LTD COM G5876H105 2445 224754 SH SOLE 224754 0 0 MEDICIS PHARMACEUTICAL CORP COM 584690309 518 26307 SH SOLE 26307 0 0 MORGAN STANLEY COM 617446448 162785 3562037 SH SOLE 3562037 0 0 MORGAN STANLEY OPTION 617446448 2462 10976 SH CALL SOLE 10976 0 0 MORGAN STANLEY OPTION 617446448 28948 25581 SH PUT SOLE 25581 0 0 MICROSOFT CORP COM 594918104 279212 9838339 SH SOLE 9838339 0 0 MICROSOFT CORP OPTION 594918104 440 1000 SH PUT SOLE 1000 0 0 MICROSOFT CORP OPTION 594918104 660 1000 SH CALL SOLE 1000 0 0 MICROSOFT CORP OPTION 594918104 19228 97348 SH CALL SOLE 97348 0 0 MICROSOFT CORP OPTION 594918104 40058 106269 SH PUT SOLE 106269 0 0 MICROSTRATEGY INC COM 594972408 1384 18703 SH SOLE 18703 0 0 MICROSTRATEGY INC OPTION 594972408 604 390 SH PUT SOLE 390 0 0 ARCELORMITTAL SA LUXEMBOURG NY COM 03938L104 1275 15588 SH SOLE 15588 0 0 M & T BK CORP COM 55261F104 3369 41866 SH SOLE 41866 0 0 MGIC INVT CORP WIS COM 552848103 166 15763 SH SOLE 15763 0 0 MGIC INVT CORP WIS OPTION 552848103 2584 3800 SH PUT SOLE 3800 0 0 MECHEL OAO COM 583840103 1791 15742 SH SOLE 15742 0 0 VAIL RESORTS INC COM 91879Q109 200 4149 SH SOLE 4149 0 0 MATTSON TECHNOLOGY INC COM 577223100 433 71023 SH SOLE 71023 0 0 MITSUBISHI UFJ FINL GROUP IN COM 606822104 40495 4654626 SH SOLE 4654626 0 0 MANITOWOC INC COM 563571108 2012 49325 SH SOLE 49325 0 0 MINERALS TECHNOLOGIES INC COM 603158106 211 3357 SH SOLE 3357 0 0 MICRON TECHNOLOGY INC COM 595112103 3533 591831 SH SOLE 591831 0 0 MICRON TECHNOLOGY INC BOND CV 595112AH6 1016750 14000000 PRN SOLE 14000000 0 0 MURPHY OIL CORP COM 626717102 3315 40355 SH SOLE 40355 0 0 MACROVISION CORP COM 555904101 226 16706 SH SOLE 16706 0 0 MUELLER WTR PRODS INC COM SER ACOM 624758108 125 15265 SH SOLE 15265 0 0 MEADWESTVACO CORP COM 583334107 1554 57082 SH SOLE 57082 0 0 MEXICO EQUITY & INCOME FD COM 592834105 201 8100 SH SOLE 8100 0 0 MAX CAPITAL GROUP LTD SHS COM G6052F103 213 8122 SH SOLE 8122 0 0 MYRIAD GENETICS INC COM 62855J104 6089 151128 SH SOLE 151128 0 0 MYRIAD GENETICS INC OPTION 62855J104 2071 3232 SH PUT SOLE 3232 0 0 MYLAN INC COM 628530107 2289 197363 SH SOLE 197363 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page25 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- MYLAN INC BOND CV 628530AG2 831250 10000000 PRN SOLE 10000000 0 0 MYLAN INC PFD CONV COM 628530206 50835 58812 SH SOLE 58812 0 0 NEWALLIANCE BANCSHARES INC COM 650203102 129 10557 SH SOLE 10557 0 0 NOBLE ENERGY INC COM 655044105 3120 42854 SH SOLE 42854 0 0 NABORS INDUSTRIES LTD SHS COM G6359F103 8843 261873 SH SOLE 261873 0 0 NATIONAL CITY CORP COM 635405103 1317 132407 SH SOLE 132407 0 0 NATIONAL CITY CORP OPTION 635405103 1020 500 SH PUT SOLE 500 0 0 NCR CORP NEW COM 62886E108 747 32730 SH SOLE 32730 0 0 NCI BUILDING SYS INC BOND CV 628852AG0 928750 10000000 PRN SOLE 10000000 0 0 NEWCASTLE INVT CORP COM 65105M108 105 12769 SH SOLE 12769 0 0 NOVA CHEMICALS CORP OPTION 66977W109 2384 7456 SH PUT SOLE 7456 0 0 NOBLE CORPORATION SHS COM G65422100 4918 99022 SH SOLE 99022 0 0 NEWMONT MINING CORP COM 651639106 21708 479203 SH SOLE 479203 0 0 NEWMONT MINING CORP OPTION 651639106 1047 4510 SH CALL SOLE 4510 0 0 NEWMONT MINING CORP OPTION 651639106 3855 5711 SH PUT SOLE 5711 0 0 NET SERVICOS DE COMUNICACAO SP COM 64109T201 3580 338386 SH SOLE 338386 0 0 NEWMARKET CORP COM 651587107 271 3594 SH SOLE 3594 0 0 NETFLIX INC COM 64110L106 571 16490 SH SOLE 16490 0 0 NEWFIELD EXPL CO COM 651290108 7480 141524 SH SOLE 141524 0 0 NATIONWIDE HEALTH PPTYS INC COM 638620104 680 20136 SH SOLE 20136 0 0 NISOURCE INC COM 65473P105 1430 82964 SH SOLE 82964 0 0 NII HLDGS INC CL B COM 62913F201 907 28555 SH SOLE 28555 0 0 NII HLDGS INC CL B OPTION 62913F201 1093 382 SH PUT SOLE 382 0 0 NII HLDGS INC BOND CV 62913FAJ1 1190625 15000000 PRN SOLE 15000000 0 0 BLUE NILE INC COM 09578R103 673 12423 SH SOLE 12423 0 0 NIKE INC CL B COM 654106103 36554 537557 SH SOLE 537557 0 0 NIKE INC CL B OPTION 654106103 911 2314 SH PUT SOLE 2314 0 0 NIKE INC CL B OPTION 654106103 841 1115 SH CALL SOLE 1115 0 0 NEKTAR THERAPEUTICS COM 640268108 123 17656 SH SOLE 17656 0 0 NALCO HOLDING COMPANY COM 62985Q101 280 13240 SH SOLE 13240 0 0 ANNALY CAP MGMT INC COM 035710409 14493 945989 SH SOLE 945989 0 0 NMT MED INC COM 629294109 165 42510 SH SOLE 42510 0 0 NMT MED INC OPTION 629294109 321 377 SH PUT SOLE 377 0 0 NYMEX HOLDINGS INC COM 62948N104 232 2556 SH SOLE 2556 0 0 NATIONAL RETAIL PROPERTIES I COM 637417106 393 17802 SH SOLE 17802 0 0 NATIONAL RETAIL PROPERTIES I BOND CV 637417AC0 350000 3500000 PRN SOLE 3500000 0 0 NATIONAL RETAIL PROPERTIES I BOND CV 637417AA4 512500 5000000 PRN SOLE 5000000 0 0 NORTHROP GRUMMAN CORP COM 666807102 10732 137920 SH SOLE 137920 0 0 NOKIA CORP COM 654902204 9803 308381 SH SOLE 308381 0 0 NOKIA CORP OPTION 654902204 1047 2350 SH PUT SOLE 2350 0 0 NOKIA CORP OPTION 654902204 663 650 SH CALL SOLE 650 0 0 NATIONAL OILWELL VARCO INC COM 637071101 17423 298435 SH SOLE 298435 0 0 NATIONAL OILWELL VARCO INC OPTION 637071101 256 431 SH PUT SOLE 431 0 0 NOVELL INC COM 670006105 2392 380359 SH SOLE 380359 0 0 NOVELL INC OPTION 670006105 340 2000 SH PUT SOLE 2000 0 0 NOVELL INC DBCV 0.500% 7/1 BOND CV 670006AC9 1034000 11000000 PRN SOLE 11000000 0 0 NATIONAL PENN BANCSHARES INC COM 637138108 231 12710 SH SOLE 12710 0 0 NRG ENERGY INC COM 629377508 787 20182 SH SOLE 20182 0 0 NRG ENERGY INC PFD CONV MAND COM 629377870 28811 85100 SH SOLE 85100 0 0 NORFOLK SOUTHERN CORP COM 655844108 8996 165611 SH SOLE 165611 0 0 NORFOLK SOUTHERN CORP OPTION 655844108 298 723 SH CALL SOLE 723 0 0 NORFOLK SOUTHERN CORP OPTION 655844108 460 1000 SH PUT SOLE 1000 0 0 NATIONAL SEMICONDUCTOR CORP COM 637640103 1354 73921 SH SOLE 73921 0 0 NATIONAL SEMICONDUCTOR CORP OPTION 637640103 317 520 SH PUT SOLE 520 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page26 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- NORTEL NETWORKS CORP NEW COM 656568508 621 92847 SH SOLE 92847 0 0 NORTHERN TR CORP COM 665859104 6722 101133 SH SOLE 101133 0 0 NIPPON TELEG & TEL CORP COM 654624105 3469 160000 SH SOLE 160000 0 0 NBTY INC COM 628782104 485 16210 SH SOLE 16210 0 0 NORTHEAST UTILS COM 664397106 42312 1724219 SH SOLE 1724219 0 0 NUANCE COMMUNICATIONS INC COM 67020Y100 195 11179 SH SOLE 11179 0 0 NUCOR CORP COM 670346105 11243 165968 SH SOLE 165968 0 0 NUCOR CORP OPTION 670346105 1862 2831 SH PUT SOLE 2831 0 0 NUCOR CORP OPTION 670346105 4122 2579 SH CALL SOLE 2579 0 0 NVIDIA CORP COM 67066G104 10808 546122 SH SOLE 546122 0 0 NVIDIA CORP OPTION 67066G104 1073 3607 SH PUT SOLE 3607 0 0 NOVELLUS SYS INC COM 670008101 1351 64200 SH SOLE 64200 0 0 NVR INC COM 62944T105 548 917 SH SOLE 917 0 0 NOVARTIS A G COM 66987V109 3244 63327 SH SOLE 63327 0 0 NAVTEQ CORP COM 63936L100 4267 62748 SH SOLE 62748 0 0 NORTHWEST AIRLS CORP COM 667280408 228 25388 SH SOLE 25388 0 0 NORTHWESTERN CORP COM 668074305 14467 593624 SH SOLE 593624 0 0 NETWORK EQUIP TECHNOLOGIES COM 641208103 99 15064 SH SOLE 15064 0 0 NEWELL RUBBERMAID INC COM 651229106 24061 1052065 SH SOLE 1052065 0 0 NORTHWEST NAT GAS CO COM 667655104 288 6627 SH SOLE 6627 0 0 NEWS CORP CL B COM 65248E203 279 14675 SH SOLE 14675 0 0 NEWS CORP COM 65248E104 43828 2337485 SH SOLE 2337485 0 0 NORTHGATE MINERALS CORP COM 666416102 44 13798 SH SOLE 13798 0 0 NEXEN INC COM 65334H102 480 16200 SH SOLE 16200 0 0 NEW YORK CMNTY BANCORP INC COM 649445103 431 23628 SH SOLE 23628 0 0 NEW YORK TIMES CO COM 650111107 504 26671 SH SOLE 26671 0 0 NYSE EURONEXT COM 629491101 15001 243095 SH SOLE 243095 0 0 TELECOM CORP NEW ZEALAND LTD COM 879278208 595 40000 SH SOLE 40000 0 0 REALTY INCOME CORP COM 756109104 589 22994 SH SOLE 22994 0 0 ROYAL CARIBBEAN CRUISES LTD OPTION V7780T103 360 4000 SH CALL SOLE 4000 0 0 ROYAL CARIBBEAN CRUISES LTD OPTION V7780T103 3440 5962 SH PUT SOLE 5962 0 0 OCWEN FINL CORP BOND CV 675746AD3 419375 5000000 PRN SOLE 5000000 0 0 OMNICARE INC DBCV 3.250%12/1 BOND CV 681904AL2 331250 5000000 PRN SOLE 5000000 0 0 OFFICE DEPOT INC COM 676220106 1077 97421 SH SOLE 97421 0 0 ISHARES TR S&P 100 IDX FD COM 464287101 127623 2080246 SH SOLE 2080246 0 0 CORPORATE OFFICE PPTYS TR SH B COM 22002T108 458 13635 SH SOLE 13635 0 0 NETWORK APPLIANCE INC OPTION 64120L104 1154 1015 SH PUT SOLE 1015 0 0 OWENS ILL INC COM 690768403 274 4850 SH SOLE 4850 0 0 OIL SVC HOLDRS TR DEPOSTRY RCPTCOM 678002106 15534 87860 SH SOLE 87860 0 0 OCEANEERING INTL INC COM 675232102 493 7833 SH SOLE 7833 0 0 ISHARES TR RUSSELL 2000 OPTION 464287655 2188 8800 SH CALL SOLE 8800 0 0 ISHARES TR RUSSELL 2000 OPTION 464287655 12687 12750 SH PUT SOLE 12750 0 0 OMNICOM GROUP INC COM 681919106 6436 145688 SH SOLE 145688 0 0 OFFICEMAX INC DEL COM 67622P101 228 11919 SH SOLE 11919 0 0 OLD NATL BANCORP IND COM 680033107 1078 59879 SH SOLE 59879 0 0 ON SEMICONDUCTOR CORP COM 682189105 235 41301 SH SOLE 41301 0 0 ONYX PHARMACEUTICALS INC COM 683399109 18975 653627 SH SOLE 653627 0 0 ONYX PHARMACEUTICALS INC OPTION 683399109 1622 5965 SH PUT SOLE 5965 0 0 GOLDCORP INC NEW OPTION 380956409 1398 2792 SH CALL SOLE 2792 0 0 OPLINK COMMUNICATIONS INC COM 68375Q403 315 35501 SH SOLE 35501 0 0 ORACLE CORP COM 68389X105 24814 1268608 SH SOLE 1268608 0 0 ORACLE CORP OPTION 68389X105 7029 35547 SH PUT SOLE 35547 0 0 ORACLE CORP OPTION 68389X105 6855 24948 SH CALL SOLE 24948 0 0 OSI PHARMACEUTICALS INC COM 671040103 645 17255 SH SOLE 17255 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page27 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- OCCIDENTAL PETE CORP DEL COM 674599105 106459 1454958 SH SOLE 1454958 0 0 OCCIDENTAL PETE CORP DEL OPTION 674599105 2903 7231 SH PUT SOLE 7231 0 0 OCCIDENTAL PETE CORP DEL OPTION 674599105 4016 4698 SH CALL SOLE 4698 0 0 FLEXTRONICS INTL LTD OPTION Y2573F102 1563 8934 SH PUT SOLE 8934 0 0 PHARMACEUTICAL HLDRS TR DEPOSI OPTION 71712A206 570 1000 SH PUT SOLE 1000 0 0 OCH ZIFF CAP MGMT GROUP COM 67551U105 28350 1350000 SH SOLE 1350000 0 0 PACER INTL INC TENN COM 69373H106 169 10267 SH SOLE 10267 0 0 PENSKE AUTOMOTIVE GRP INC COM 70959W103 306 15729 SH SOLE 15729 0 0 PALM INC NEW COM 696643105 7205 1441064 SH SOLE 1441064 0 0 PEPSIAMERICAS INC COM 71343P200 428 16783 SH SOLE 16783 0 0 PAYCHEX INC COM 704326107 3830 111800 SH SOLE 111800 0 0 PEOPLES UNITED FINANCIAL INC COM 712704105 43375 2505782 SH SOLE 2505782 0 0 POWERSHARES ETF TRUST DYN BIOT COM 73935X856 839 50000 SH SOLE 50000 0 0 PEPSI BOTTLING GROUP INC COM 713409100 5214 153764 SH SOLE 153764 0 0 PITNEY BOWES INC COM 724479100 2559 73059 SH SOLE 73059 0 0 PETROLEO BRASILEIRO SA PETRO COM 71654V408 110562 1082769 SH SOLE 1082769 0 0 PETROLEO BRASILEIRO SA PETRO OPTION 71654V408 3675 6000 SH PUT SOLE 6000 0 0 PETROLEO BRASILEIRO SA PETRO SPCOM 71654V101 60845 718448 SH SOLE 718448 0 0 PACCAR INC COM 693718108 5854 130097 SH SOLE 130097 0 0 PACCAR INC OPTION 693718108 214 132 SH PUT SOLE 132 0 0 PG&E CORP COM 69331C108 4831 131214 SH SOLE 131214 0 0 POTLATCH CORP NEW COM 737630103 334 8093 SH SOLE 8093 0 0 PLUM CREEK TIMBER CO INC COM 729251108 2239 55002 SH SOLE 55002 0 0 PRICELINE COM INC COM 741503403 4509 37308 SH SOLE 37308 0 0 PRECISION CASTPARTS CORP COM 740189105 4910 48097 SH SOLE 48097 0 0 PERINI CORP COM 713839108 842 23229 SH SOLE 23229 0 0 METROPCS COMMUNICATIONS INC COM 591708102 179 10518 SH SOLE 10518 0 0 SOUTHERN COPPER CORP COM 84265V105 230 2218 SH SOLE 2218 0 0 PERDIGAO S A COMERCIO E INDS SPCOM 71361V303 576 12651 SH SOLE 12651 0 0 PATTERSON COMPANIES INC COM 703395103 2226 61333 SH SOLE 61333 0 0 PRIDE INTL INC DEL COM 74153Q102 811 23200 SH SOLE 23200 0 0 PRIDE INTL INC DEL OPTION 74153Q102 230 1899 SH CALL SOLE 1899 0 0 PDL BIOPHARMA INC COM 69329Y104 537 50687 SH SOLE 50687 0 0 HANCOCK JOHN PATRIOT PREM II C COM 41013T105 2833 307900 SH SOLE 307900 0 0 PUBLIC SVC ENTERPRISE GROUP COM 744573106 30958 770286 SH SOLE 770286 0 0 PENNSYLVANIA RL ESTATE INVT SH COM 709102107 219 8987 SH SOLE 8987 0 0 PACIFIC ETHANOL INC COM 69423U107 65 14681 SH SOLE 14681 0 0 PEPSICO INC COM 713448108 149418 2069500 SH SOLE 2069500 0 0 PEPSICO INC OPTION 713448108 5389 15236 SH PUT SOLE 15236 0 0 PEPSICO INC OPTION 713448108 2611 5925 SH CALL SOLE 5925 0 0 PETSMART INC COM 716768106 534 26117 SH SOLE 26117 0 0 PFIZER INC COM 717081103 316830 15137619 SH SOLE 15137619 0 0 PFIZER INC OPTION 717081103 6526 99938 SH CALL SOLE 99938 0 0 PFIZER INC OPTION 717081103 56152 131184 SH PUT SOLE 131184 0 0 PRINCIPAL FINANCIAL GROUP IN COM 74251V102 5398 96880 SH SOLE 96880 0 0 PROVIDENT FINL SVCS INC COM 74386T105 166 11761 SH SOLE 11761 0 0 PROCTER & GAMBLE CO COM 742718109 208599 2977013 SH SOLE 2977013 0 0 PROCTER & GAMBLE CO OPTION 742718109 6830 24354 SH PUT SOLE 24354 0 0 PROCTER & GAMBLE CO OPTION 742718109 10453 15889 SH CALL SOLE 15889 0 0 POWERSHARES ETF TRUST GOLDEN D COM 73935X401 13787 552586 SH SOLE 552586 0 0 PROGRESS ENERGY INC COM 743263105 26547 636610 SH SOLE 636610 0 0 PROGENICS PHARMACEUTICALS IN COM 743187106 490 75016 SH SOLE 75016 0 0 PROGRESSIVE CORP OHIO COM 743315103 4872 303143 SH SOLE 303143 0 0 PARKER HANNIFIN CORP COM 701094104 3106 44840 SH SOLE 44840 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page28 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- KONINKLIJKE PHILIPS ELECTRS NY COM 500472303 4784 124779 SH SOLE 124779 0 0 PULTE HOMES INC COM 745867101 913 62724 SH SOLE 62724 0 0 PULTE HOMES INC OPTION 745867101 220 200 SH PUT SOLE 200 0 0 POWERSHARES ETF TRUST WATER RE COM 73935X575 9620 500000 SH SOLE 500000 0 0 POLARIS INDS INC COM 731068102 7968 194300 SH SOLE 194300 0 0 PIER 1 IMPORTS INC COM 720279108 70 11135 SH SOLE 11135 0 0 PARKER DRILLING CO COM 701081101 101 15710 SH SOLE 15710 0 0 PARKER DRILLING CO BOND CV 701081AR2 726064 8181000 PRN SOLE 8181000 0 0 PERKINELMER INC COM 714046109 1043 42996 SH SOLE 42996 0 0 PHOTRONICS INC BOND CV 719405AE2 182400 1823999 PRN SOLE 1823999 0 0 PROLOGIS SH BEN INT COM 743410102 7257 123292 SH SOLE 123292 0 0 PALL CORP COM 696429307 17501 499038 SH SOLE 499038 0 0 PLANTRONICS INC NEW COM 727493108 592 30640 SH SOLE 30640 0 0 PMC-SIERRA INC COM 69344F106 661 116011 SH SOLE 116011 0 0 PMI GROUP INC COM 69344M101 615 105657 SH SOLE 105657 0 0 PMI GROUP INC OPTION 69344M101 1737 3971 SH PUT SOLE 3971 0 0 PARAMETRIC TECHNOLOGY CORP COM 699173209 184 11507 SH SOLE 11507 0 0 PNC FINL SVCS GROUP INC COM 693475105 5555 84724 SH SOLE 84724 0 0 PNC FINL SVCS GROUP INC OPTION 693475105 838 430 SH PUT SOLE 430 0 0 PNM RES INC COM 69349H107 4897 392725 SH SOLE 392725 0 0 PENTAIR INC COM 709631105 234 7324 SH SOLE 7324 0 0 PINNACLE WEST CAP CORP COM 723484101 519 14792 SH SOLE 14792 0 0 PHOENIX COS INC NEW COM 71902E109 185 15144 SH SOLE 15144 0 0 PIEDMONT NAT GAS INC COM 720186105 374 14249 SH SOLE 14249 0 0 POLYONE CORP COM 73179P106 66 10423 SH SOLE 10423 0 0 PEPCO HOLDINGS INC COM 713291102 26690 1079681 SH SOLE 1079681 0 0 POTASH CORP SASK INC COM 73755L107 3950 25450 SH SOLE 25450 0 0 POTASH CORP SASK INC OPTION 73755L107 513 755 SH PUT SOLE 755 0 0 PHARMACEUTICAL PROD DEV INC COM 717124101 204 4872 SH SOLE 4872 0 0 PPG INDS INC COM 693506107 65224 1077897 SH SOLE 1077897 0 0 PHARMACEUTICAL HLDRS TR DEPOSI COM 71712A206 38880 557500 SH SOLE 557500 0 0 PPL CORP COM 69351T106 10785 234859 SH SOLE 234859 0 0 POST PPTYS INC COM 737464107 463 11994 SH SOLE 11994 0 0 PETROQUEST ENERGY INC COM 716748108 587 33843 SH SOLE 33843 0 0 PERRIGO CO COM 714290103 402 10653 SH SOLE 10653 0 0 PROSPERITY BANCSHARES INC COM 743606105 301 10486 SH SOLE 10486 0 0 PRUDENTIAL FINL INC COM 744320102 7987 102072 SH SOLE 102072 0 0 PRUDENTIAL FINL INC OPTION 744320102 1624 2562 SH CALL SOLE 2562 0 0 PRUDENTIAL FINL INC OPTION 744320102 3059 2321 SH PUT SOLE 2321 0 0 PAR PHARMACEUTICAL COS INC COM 69888P106 1284 73849 SH SOLE 73849 0 0 PHARMACEUTICAL RES INC BOND CV 717125AC2 351500 4000000 PRN SOLE 4000000 0 0 PAREXEL INTL CORP COM 699462107 398 15232 SH SOLE 15232 0 0 PUBLIC STORAGE COM 74460D109 8902 100450 SH SOLE 100450 0 0 PROSHARES TR SHORT QQQ PSHS COM 74347R602 7404 121374 SH SOLE 121374 0 0 PORTUGAL TELECOM SGPS S A COM 737273102 1732 149730 SH SOLE 149730 0 0 PATTERSON UTI ENERGY INC COM 703481101 724 27669 SH SOLE 27669 0 0 PLATINUM UNDERWRITER HLDGS L COM G7127P100 221 6804 SH SOLE 6804 0 0 PETROCHINA CO LTD COM 71646E100 7766 61972 SH SOLE 61972 0 0 PETROCHINA CO LTD OPTION 71646E100 1690 672 SH PUT SOLE 672 0 0 PACTIV CORP COM 695257105 1364 52034 SH SOLE 52034 0 0 PHILLIPS VAN HEUSEN CORP COM 718592108 336 8860 SH SOLE 8860 0 0 PRIVATEBANCORP INC BOND CV 742962AD5 476250 5000000 PRN SOLE 5000000 0 0 POWERWAVE TECHNOLOGIES INC COM 739363109 44 17219 SH SOLE 17219 0 0 QUANTA SVCS INC BOND CV 74762EAE2 378375 2999999 PRN SOLE 2999999 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page29 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- PRAXAIR INC COM 74005P104 18328 217593 SH SOLE 217593 0 0 PIONEER NAT RES CO COM 723787107 3247 66097 SH SOLE 66097 0 0 POWERSHARES ETF TRUST DYN OIL COM 73935X625 3877 148138 SH SOLE 148138 0 0 PLAINS EXPL& PRODTN CO COM 726505100 336 6317 SH SOLE 6317 0 0 PETROBRAS ENERGIA PARTCPTNS SP COM 71646M102 116 10237 SH SOLE 10237 0 0 QWEST COMMUNICATIONS INTL IN COM 749121109 2674 590372 SH SOLE 590372 0 0 QWEST COMMUNICATIONS INTL IN OPTION 749121109 925 8040 SH PUT SOLE 8040 0 0 QWEST COMMUNICATIONS INTL IN BOND CV 749121BY4 822000 8000000 PRN SOLE 8000000 0 0 QUALCOMM INC COM 747525103 133785 3263046 SH SOLE 3263046 0 0 QUALCOMM INC OPTION 747525103 7263 16416 SH PUT SOLE 16416 0 0 QUALCOMM INC OPTION 747525103 5815 13929 SH CALL SOLE 13929 0 0 PROSHARES TR ULTRASHORT QQQ COM 74347R875 26131 525767 SH SOLE 525767 0 0 PROSHARES TR ULTRA QQQ PSHS COM 74347R206 2855 40810 SH SOLE 40810 0 0 QLOGIC CORP COM 747277101 2070 134849 SH SOLE 134849 0 0 POWERSHARES QQQ TRUST UNIT SER COM 73935A104 1409084 32229724 SH SOLE 32229724 0 0 QUEST SOFTWARE INC COM 74834T103 569 43509 SH SOLE 43509 0 0 RYDER SYS INC COM 783549108 485 7966 SH SOLE 7966 0 0 RACKABLE SYS INC COM 750077109 442 48424 SH SOLE 48424 0 0 RITE AID CORP OPTION 767754104 583 21809 SH CALL SOLE 21809 0 0 RITE AID CORP OPTION 767754104 588 2400 SH PUT SOLE 2400 0 0 RAE SYS INC COM 75061P102 19 10251 SH SOLE 10251 0 0 RALCORP HLDGS INC NEW COM 751028101 313 5384 SH SOLE 5384 0 0 REYNOLDS AMERICAN INC COM 761713106 6910 117066 SH SOLE 117066 0 0 RAIT FINANCIAL TRUST COM 749227104 114 16459 SH SOLE 16459 0 0 BANKRATE INC COM 06646V108 22201 445000 SH SOLE 445000 0 0 ROBBINS & MYERS INC COM 770196103 253 7750 SH SOLE 7750 0 0 ROGERS COMMUNICATIONS INC CL B COM 775109200 237 6600 SH SOLE 6600 0 0 ROYAL CARIBBEAN CRUISES LTD COM V7780T103 2970 90266 SH SOLE 90266 0 0 ROWAN COS INC COM 779382100 3836 93156 SH SOLE 93156 0 0 RADIAN GROUP INC OPTION 750236101 320 1000 SH PUT SOLE 1000 0 0 ROYAL DUTCH SHELL PLC SPONS COM 780259206 441 6387 SH SOLE 6387 0 0 ROYAL DUTCH SHELL PLC SPON COM 780259107 659 9776 SH SOLE 9776 0 0 DR REDDYS LABS LTD COM 256135203 376 25942 SH SOLE 25942 0 0 EVEREST RE GROUP LTD COM G3223R108 305 3410 SH SOLE 3410 0 0 RESOURCES CONNECTION INC COM 76122Q105 546 30542 SH SOLE 30542 0 0 REGENCY CTRS CORP COM 758849103 1201 18541 SH SOLE 18541 0 0 REPSOL YPF S A COM 76026T205 3576 103913 SH SOLE 103913 0 0 REGIONS FINANCIAL CORP NEW COM 7591EP100 7306 369947 SH SOLE 369947 0 0 RF MICRODEVICES INC COM 749941100 161 60423 SH SOLE 60423 0 0 REINSURANCE GROUP AMER INC COM 759351109 9396 172594 SH SOLE 172594 0 0 REGAL ENTMT GROUP BOND CV 758766AB5 2297470 14270000 PRN SOLE 14270000 0 0 ROYAL GOLD INC COM 780287108 6027 199779 SH SOLE 199779 0 0 ROBERT HALF INTL INC COM 770323103 1431 55605 SH SOLE 55605 0 0 RMR HOSPITALITY REAL ESTATE COM 74963J108 703 50000 SH SOLE 50000 0 0 TRANSOCEAN INC NEW SHS COM G90073100 35828 264998 SH SOLE 264998 0 0 RESEARCH IN MOTION LTD COM 760975102 14858 132390 SH SOLE 132390 0 0 COMPANHIA VALE DO RIO DOCE COM 204412209 117833 3401656 SH SOLE 3401656 0 0 COMPANHIA VALE DO RIO DOCE OPTION 204412209 5913 14500 SH PUT SOLE 14500 0 0 COMPANHIA VALE DO RIO DOCE OPTION 204412209 1464 3700 SH CALL SOLE 3700 0 0 COMPANHIA VALE DO RIO DOCE SPONCOM 204412100 32581 1117689 SH SOLE 1117689 0 0 REGIONAL BK HOLDRS TR DEPOSITR COM 75902E100 102944 865000 SH SOLE 865000 0 0 ROCK-TENN CO COM 772739207 279 9316 SH SOLE 9316 0 0 POLO RALPH LAUREN CORP COM 731572103 4590 78737 SH SOLE 78737 0 0 RLI CORP COM 749607107 284 5724 SH SOLE 5724 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page30 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- RAMBUS INC DEL COM 750917106 350 15023 SH SOLE 15023 0 0 RAMBUS INC DEL OPTION 750917106 509 1133 SH CALL SOLE 1133 0 0 RENAISSANCERE HOLDINGS LTD COM G7496G103 33087 637386 SH SOLE 637386 0 0 REALNETWORKS INC COM 75605L104 69 12025 SH SOLE 12025 0 0 ROHM & HAAS CO COM 775371107 1762 32584 SH SOLE 32584 0 0 ROCKWELL AUTOMATION INC COM 773903109 1695 29520 SH SOLE 29520 0 0 ROPER INDS INC NEW COM 776696106 395 6645 SH SOLE 6645 0 0 ROSS STORES INC COM 778296103 219 7317 SH SOLE 7317 0 0 RANGE RES CORP COM 75281A109 2342 36912 SH SOLE 36912 0 0 DONNELLEY R R & SONS CO COM 257867101 1769 58377 SH SOLE 58377 0 0 RELIANT ENERGY INC COM 75952B105 2134 90238 SH SOLE 90238 0 0 RELIANT ENERGY INC OPTION 75952B105 2090 10450 SH PUT SOLE 10450 0 0 RELIANCE STEEL & ALUMINUM CO COM 759509102 526 8793 SH SOLE 8793 0 0 REPUBLIC SVCS INC COM 760759100 520 17799 SH SOLE 17799 0 0 RADIOSHACK CORP COM 750438103 801 49286 SH SOLE 49286 0 0 RYDEX ETF TRUST S&P 500 EQ TRD COM 78355W106 19905 464971 SH SOLE 464971 0 0 RETAIL HOLDRS TR DEP RCPT COM 76127U101 487506 5292080 SH SOLE 5292080 0 0 RAYTHEON CO COM 755111507 9646 149295 SH SOLE 149295 0 0 REUTERS GROUP PLC COM 76132M102 420 6063 SH SOLE 6063 0 0 COHEN & STEERS REIT & UTIL I COM 19247Y108 2230 129300 SH SOLE 129300 0 0 REDWOOD TR INC COM 758075402 248 6816 SH SOLE 6816 0 0 IMS HEALTH INC COM 449934108 1274 60658 SH SOLE 60658 0 0 RYANAIR HLDGS PLC COM 783513104 7321 258868 SH SOLE 258868 0 0 CLAYMORE RAYMOND JAMES SB1 E COM 183833102 11998 772100 SH SOLE 772100 0 0 RYLAND GROUP INC COM 783764103 2178 66209 SH SOLE 66209 0 0 RYLAND GROUP INC OPTION 783764103 394 2039 SH PUT SOLE 2039 0 0 RAYONIER INC COM 754907103 221 5088 SH SOLE 5088 0 0 SPRINT NEXTEL CORP COM SER 1 COM 852061100 27821 4158598 SH SOLE 4158598 0 0 SPRINT NEXTEL CORP COM SER 1 OPTION 852061100 3845 9086 SH PUT SOLE 9086 0 0 SAFECO CORP COM 786429100 1546 35224 SH SOLE 35224 0 0 SONIC AUTOMOTIVE INC BOND CV 83545GAK8 1367992 12845000 PRN SOLE 12845000 0 0 SAIC INC COM 78390X101 360 19343 SH SOLE 19343 0 0 SANMINA SCI CORP COM 800907107 24 14907 SH SOLE 14907 0 0 SAP AKTIENGESELLSCHAFT COM 803054204 11877 239593 SH SOLE 239593 0 0 SAPIENT CORP COM 803062108 79 11318 SH SOLE 11318 0 0 SATYAM COMPUTER SERVICES LTD COM 804098101 1513 66997 SH SOLE 66997 0 0 SBA COMMUNICATIONS CORP COM 78388J106 2382 79841 SH SOLE 79841 0 0 STERLING BANCSHARES INC COM 858907108 139 13997 SH SOLE 13997 0 0 STARBUCKS CORP COM 855244109 42508 2429043 SH SOLE 2429043 0 0 SCANA CORP NEW COM 80589M102 1021 27913 SH SOLE 27913 0 0 SCHOLASTIC CORP COM 807066105 257 8481 SH SOLE 8481 0 0 SCHWAB CHARLES CORP NEW COM 808513105 62110 3298467 SH SOLE 3298467 0 0 SCHWAB CHARLES CORP NEW OPTION 808513105 469 1172 SH PUT SOLE 1172 0 0 SYCAMORE NETWORKS INC COM 871206108 84 23069 SH SOLE 23069 0 0 SCIELE PHARMA INC COM 808627103 277 14200 SH SOLE 14200 0 0 STEELCASE INC COM 858155203 1201 108600 SH SOLE 108600 0 0 SANDRIDGE ENERGY INC COM 80007P307 3915 100000 SH SOLE 100000 0 0 SADIA S A SPON COM 786326108 2502 140654 SH SOLE 140654 0 0 PROSHARES TR ULTRASHT SP500 COM 74347R883 20158 312666 SH SOLE 312666 0 0 SPECTRA ENERGY CORP COM 847560109 4150 182435 SH SOLE 182435 0 0 SEALED AIR CORP NEW COM 81211K100 1380 54634 SH SOLE 54634 0 0 SPARTECH CORP COM 847220209 1353 160652 SH SOLE 160652 0 0 SEPRACOR INC BOND CV 817315AW4 718000 8000000 PRN SOLE 8000000 0 0 SMITHFIELD FOODS INC OPTION 832248108 1166 8444 PRN CALL SOLE 8444 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page31 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- SMITHFIELD FOODS INC OPTION 832248108 3092 11330 PRN PUT SOLE 11330 0 0 SHUTTERFLY INC COM 82568P304 379 25457 SH SOLE 25457 0 0 SEATTLE GENETICS INC COM 812578102 101 11127 SH SOLE 11127 0 0 SCHERING PLOUGH CORP COM 806605101 10694 742131 SH SOLE 742131 0 0 SCHERING PLOUGH CORP OPTION 806605101 1793 1197 SH PUT SOLE 1197 0 0 SCHERING PLOUGH CORP PFD CONV COM 806605705 35136 229378 SH SOLE 229378 0 0 SHAW GROUP INC COM 820280105 1651 35023 SH SOLE 35023 0 0 PROSHARES TR SHORT S&P 500 COM 74347R503 9616 143633 SH SOLE 143633 0 0 SHINHAN FINANCIAL GROUP CO L S COM 824596100 296 2800 SH SOLE 2800 0 0 SEARS HLDGS CORP COM 812350106 8332 81614 SH SOLE 81614 0 0 SEARS HLDGS CORP OPTION 812350106 4111 1027 SH PUT SOLE 1027 0 0 SUNSTONE HOTEL INVS INC NEW COM 867892101 306 19101 SH SOLE 19101 0 0 SHERWIN WILLIAMS CO COM 824348106 20055 392928 SH SOLE 392928 0 0 ISHARES TR 1-3 YR TRS BD COM 464287457 1028 12200 SH SOLE 12200 0 0 SIEMENS A G COM 826197501 8118 74515 SH SOLE 74515 0 0 SIGMA ALDRICH CORP COM 826552101 11404 191182 SH SOLE 191182 0 0 COMPANHIA SIDERURGICA NACION COM 20440W105 29315 814525 SH SOLE 814525 0 0 COMPANHIA SIDERURGICA NACION OPTION 20440W105 640 2000 SH PUT SOLE 2000 0 0 SELECTIVE INS GROUP INC COM 816300107 359 15029 SH SOLE 15029 0 0 SMITH INTL INC COM 832110100 18565 289042 SH SOLE 289042 0 0 SMITH INTL INC OPTION 832110100 416 657 SH CALL SOLE 657 0 0 SMITH INTL INC OPTION 832110100 411 1343 SH PUT SOLE 1343 0 0 APEX SILVER MINES LTD COM G04074103 132 10864 SH SOLE 10864 0 0 SINA CORP COM G81477104 39861 1130797 SH SOLE 1130797 0 0 SIRIUS SATELLITE RADIO INC COM 82966U103 872 304841 SH SOLE 304841 0 0 SVB FINL GROUP COM 78486Q101 348 7971 SH SOLE 7971 0 0 SIX FLAGS INC PIERS COM 83001P505 7270 607900 SH SOLE 607900 0 0 SK TELECOM LTD COM 78440P108 272 12600 SH SOLE 12600 0 0 SAKS INC BOND CV 79377WAL2 1050750 9000000 PRN SOLE 9000000 0 0 SCHLUMBERGER LTD COM 806857108 65630 754363 SH SOLE 754363 0 0 SCHLUMBERGER LTD OPTION 806857108 7672 8861 SH PUT SOLE 8861 0 0 SCHLUMBERGER LTD OPTION 806857108 7558 7222 SH CALL SOLE 7222 0 0 SARA LEE CORP COM 803111103 5868 419716 SH SOLE 419716 0 0 SL GREEN RLTY CORP COM 78440X101 1449 17783 SH SOLE 17783 0 0 RECKSON OPER PARTNERSHIP L P D BOND CV 75621LAJ3 475074 5129000 PRN SOLE 5129000 0 0 SLM CORP COM 78442P106 3402 221659 SH SOLE 221659 0 0 SLM CORP OPTION 78442P106 1029 2144 SH PUT SOLE 2144 0 0 STERLITE INDS INDIA LTD ADS COM 859737207 2188 122765 SH SOLE 122765 0 0 ST MARY LD & EXPL CO COM 792228108 451 11715 SH SOLE 11715 0 0 SEMICONDUCTOR HLDRS TR DEP RCPTCOM 816636203 16627 578950 SH SOLE 578950 0 0 SEMICONDUCTOR HLDRS TR DEP RCPTOPTION 816636203 1111 6215 SH PUT SOLE 6215 0 0 SEMTECH CORP COM 816850101 271 18898 SH SOLE 18898 0 0 SNAP ON INC COM 833034101 819 16101 SH SOLE 16101 0 0 SANDISK CORP COM 80004C101 6185 274018 SH SOLE 274018 0 0 SANDISK CORP OPTION 80004C101 2118 2334 SH PUT SOLE 2334 0 0 SANDISK CORP BOND CV 80004CAC5 1947750 26500000 PRN SOLE 26500000 0 0 SONY CORP COM 835699307 164450 4104075 SH SOLE 4104075 0 0 SPAIN FD COM 846330108 232 19100 SH SOLE 19100 0 0 SENIOR HSG PPTYS TR SH BEN INT COM 81721M109 531 22396 SH SOLE 22396 0 0 SMITH & NEPHEW PLC SPDN COM 83175M205 370 5608 SH SOLE 5608 0 0 CHINA PETE & CHEM CORP SPON COM 16941R108 2675 31113 SH SOLE 31113 0 0 SYNOVUS FINL CORP COM 87161C105 8599 777527 SH SOLE 777527 0 0 SANOFI AVENTIS COM 80105N105 4879 129971 SH SOLE 129971 0 0 SOUTHERN CO COM 842587107 15093 423850 SH SOLE 423850 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page32 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- SOHU COM INC COM 83408W103 397 8800 SH SOLE 8800 0 0 SONOCO PRODS CO COM 835495102 1434 50100 SH SOLE 50100 0 0 SONUS NETWORKS INC COM 835916107 123 35813 SH SOLE 35813 0 0 SOVEREIGN BANCORP INC COM 845905108 4837 519011 SH SOLE 519011 0 0 STANDARD PAC CORP NEW COM 85375C101 660 135905 SH SOLE 135905 0 0 SIMON PPTY GROUP INC NEW COM 828806109 22235 239322 SH SOLE 239322 0 0 SIMON PPTY GROUP INC NEW OPTION 828806109 785 1863 SH PUT SOLE 1863 0 0 SIMON PPTY GROUP INC NEW OPTION 828806109 261 2438 SH CALL SOLE 2438 0 0 SIMON PPTY GROUP INC NEW PFD C COM 828806802 73593 975000 SH SOLE 975000 0 0 STAPLES INC COM 855030102 29816 1348537 SH SOLE 1348537 0 0 SPSS INC COM 78462K102 245 6319 SH SOLE 6319 0 0 SPX CORP COM 784635104 329 3138 SH SOLE 3138 0 0 SUNPOWER CORP COM COM 867652109 2017 27067 SH SOLE 27067 0 0 SPDR TR UNIT SER 1 COM 78462F103 4450163 33721021 SH SOLE 33721021 0 0 SPDR TR UNIT SER 1 OPTION 78462F103 2657 5430 SH PUT SOLE 5430 0 0 STERICYCLE INC COM 858912108 1043 20258 SH SOLE 20258 0 0 SEMPRA ENERGY COM 816851109 89762 1684719 SH SOLE 1684719 0 0 SMURFIT-STONE CONTAINER CORP OPTION 832727101 351 7800 SH CALL SOLE 7800 0 0 SMURFIT-STONE CONTAINER CORP OPTION 832727101 962 2743 SH PUT SOLE 2743 0 0 STAGE STORES INC COM 85254C305 458 28258 SH SOLE 28258 0 0 SASOL LTD COM 803866300 1130 23355 SH SOLE 23355 0 0 SCRIPPS E W CO OHIO COM 811054204 946 22509 SH SOLE 22509 0 0 BANCO SANTANDER SA COM 05964H105 3063 153587 SH SOLE 153587 0 0 STEWART ENTERPRISES INC COM 860370105 128 19886 SH SOLE 19886 0 0 SUNTRUST BKS INC COM 867914103 258435 4686891 SH SOLE 4686891 0 0 SUNTRUST BKS INC OPTION 867914103 351 3141 SH CALL SOLE 3141 0 0 SUNTRUST BKS INC OPTION 867914103 1678 4224 SH PUT SOLE 4224 0 0 ST JUDE MED INC COM 790849103 7552 174853 SH SOLE 174853 0 0 STEEL DYNAMICS INC COM 858119100 2051 62080 SH SOLE 62080 0 0 STMICROELECTRONICS N V NY REGI COM 861012102 2135 200296 SH SOLE 200296 0 0 STATOILHYDRO ASA COM 85771P102 930 31127 SH SOLE 31127 0 0 SUNTECH PWR HLDGS CO LTD COM 86800C104 3065 75571 SH SOLE 75571 0 0 QUESTAR CORP COM 748356102 3459 61148 SH SOLE 61148 0 0 STATE STR CORP COM 857477103 7536 95392 SH SOLE 95392 0 0 STATE STR CORP OPTION 857477103 493 420 SH PUT SOLE 420 0 0 SEAGATE TECHNOLOGY SHS COM G7945J104 271 12946 SH SOLE 12946 0 0 CONSTELLATION BRANDS INC COM 21036P108 863 48839 SH SOLE 48839 0 0 SUNCOR ENERGY INC COM 867229106 10924 113379 SH SOLE 113379 0 0 SUNCOR ENERGY INC OPTION 867229106 2871 3194 SH PUT SOLE 3194 0 0 SUNCOR ENERGY INC OPTION 867229106 550 1046 SH CALL SOLE 1046 0 0 SUNOCO INC COM 86764P109 11067 210916 SH SOLE 210916 0 0 SUPERVALU INC COM 868536103 10112 337296 SH SOLE 337296 0 0 SAVVIS INC BOND CV 805423AA8 602000 8000000 PRN SOLE 8000000 0 0 SOFTWARE HOLDRS TR DEPOSITRY R COM 83404B103 6462 167800 SH SOLE 167800 0 0 STANLEY WKS COM 854616109 1194 25069 SH SOLE 25069 0 0 SKYWORKS SOLUTIONS INC COM 83088M102 131 18036 SH SOLE 18036 0 0 SOUTHWESTERN ENERGY CO COM 845467109 1069 31725 SH SOLE 31725 0 0 SAFEWAY INC COM 786514208 4721 160856 SH SOLE 160856 0 0 SYBASE INC COM 871130100 407 15489 SH SOLE 15489 0 0 SPDR TR UNIT SER 1 OPTION 78462F103 1519 5384 SH CALL SOLE 5384 0 0 STRYKER CORP COM 863667101 3705 56958 SH SOLE 56958 0 0 SYMANTEC CORP COM 871503108 7621 458542 SH SOLE 458542 0 0 SYNGENTA AG COM 87160A100 630 10769 SH SOLE 10769 0 0 SYSTEMAX INC COM 871851101 422 35000 SH SOLE 35000 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page33 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- SYSCO CORP COM 871829107 26909 927254 SH SOLE 927254 0 0 AT&T INC COM 00206R102 183855 4800397 SH SOLE 4800397 0 0 AT&T INC OPTION 00206R102 9696 37084 SH PUT SOLE 37084 0 0 AT&T INC OPTION 00206R102 12300 28331 SH CALL SOLE 28331 0 0 TAM SA SP COM 87484D103 3633 189340 SH SOLE 189340 0 0 MOLSON COORS BREWING CO CL B COM 60871R209 2587 49203 SH SOLE 49203 0 0 TCF FINL CORP COM 872275102 189 10523 SH SOLE 10523 0 0 TECK COMINCO LTD CL B COM 878742204 266 6500 SH SOLE 6500 0 0 TATA COMMUNICATIONS LTD SPONS COM 876564105 546 21997 SH SOLE 21997 0 0 TAUBMAN CTRS INC COM 876664103 328 6296 SH SOLE 6296 0 0 TORONTO DOMINION BK ONT COM 891160509 50540 823803 SH SOLE 823803 0 0 TERADATA CORP DEL COM 88076W103 1181 53545 SH SOLE 53545 0 0 TECO ENERGY INC COM 872375100 966 60580 SH SOLE 60580 0 0 TELEFONICA S A COM 879382208 3122 36092 SH SOLE 36092 0 0 INTEGRYS ENERGY GROUP INC COM 45822P105 994 21304 SH SOLE 21304 0 0 TYCO ELECTRONICS LTD COM G9144P105 8451 246235 SH SOLE 246235 0 0 TERADYNE INC COM 880770102 640 51565 SH SOLE 51565 0 0 TEVA PHARMACEUTICAL INDS LTD COM 881624209 7399 160179 SH SOLE 160179 0 0 TEVA PHARMACEUTICAL INDS LTD OPTION 881624209 447 1945 SH PUT SOLE 1945 0 0 TEVA PHARMACEUTICAL INDS LTD OPTION 881624209 661 2946 SH CALL SOLE 2946 0 0 TEREX CORP NEW COM 880779103 2550 40797 SH SOLE 40797 0 0 TAIWAN GREATER CHINA FD SH BEN COM 874037104 125 18100 SH SOLE 18100 0 0 TELEFLEX INC COM 879369106 216 4536 SH SOLE 4536 0 0 TARGET CORP COM 87612E106 693435 13682614 SH SOLE 13682614 0 0 TARGET CORP OPTION 87612E106 4790 14884 SH CALL SOLE 14884 0 0 TARGET CORP OPTION 87612E106 81022 108496 SH PUT SOLE 108496 0 0 TENET HEALTHCARE CORP COM 88033G100 537 94956 SH SOLE 94956 0 0 TIM HORTONS INC COM 88706M103 212 6238 SH SOLE 6238 0 0 THOR INDS INC COM 885160101 288 9679 SH SOLE 9679 0 0 TELECOM ITALIA S P A NEW SPON COM 87927Y102 4536 217155 SH SOLE 217155 0 0 TIBCO SOFTWARE INC COM 88632Q103 191 26757 SH SOLE 26757 0 0 TITANIUM METALS CORP COM 888339207 551 36583 SH SOLE 36583 0 0 TIFFANY & CO NEW COM 886547108 6888 164627 SH SOLE 164627 0 0 TEMPLE INLAND INC COM 879868107 17089 1343469 SH SOLE 1343469 0 0 ISHARES TR US TIPS BD FD COM 464287176 3138 28556 SH SOLE 28556 0 0 TIVO INC COM 888706108 1990 227139 SH SOLE 227139 0 0 TJX COS INC NEW COM 872540109 3075 92974 SH SOLE 92974 0 0 TURKCELL ILETISIM HIZMETLERI S COM 900111204 242 11600 SH SOLE 11600 0 0 TELLABS INC COM 879664100 7002 1284800 SH SOLE 1284800 0 0 TELLABS INC OPTION 879664100 149 12483 SH CALL SOLE 12483 0 0 TELLABS INC OPTION 879664100 2252 5005 SH PUT SOLE 5005 0 0 TALISMAN ENERGY INC COM 87425E103 9718 549042 SH SOLE 549042 0 0 TOYOTA MOTOR CORP SP COM 892331307 16881 167320 SH SOLE 167320 0 0 THORNBURG MTG INC PFD CONV SER COM 885218701 1062 250000 SH SOLE 250000 0 0 TORCHMARK CORP COM 891027104 2110 35040 SH SOLE 35040 0 0 THERMO FISHER SCIENTIFIC INC COM 883556102 10137 178349 SH SOLE 178349 0 0 THOMSON COM 885118109 148 21200 SH SOLE 21200 0 0 TELEFONOS DE MEXICO S A B SPON COM 879403780 137099 3646245 SH SOLE 3646245 0 0 TELEFONOS DE MEXICO S A B SPON OPTION 879403780 220 1000 SH PUT SOLE 1000 0 0 THOMAS & BETTS CORP COM 884315102 319 8776 SH SOLE 8776 0 0 TELE NORTE LESTE PART S A SPON COM 879246106 4260 160495 SH SOLE 160495 0 0 TERRA NITROGEN CO L P COM UNIT COM 881005201 424 3800 SH SOLE 3800 0 0 THOMSON CORP COM 884903105 12306 367000 SH SOLE 367000 0 0 TOLL BROTHERS INC COM 889478103 1758 74875 SH SOLE 74875 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page34 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- TOLL BROTHERS INC OPTION 889478103 1469 2856 SH PUT SOLE 2856 0 0 TOTAL S A COM 89151E109 5825 78708 SH SOLE 78708 0 0 THOMAS PPTYS GROUP INC COM 884453101 1835 209048 SH SOLE 209048 0 0 TEMPUR PEDIC INTL INC COM 88023U101 112 10203 SH SOLE 10203 0 0 TRIQUINT SEMICONDUCTOR INC COM 89674K103 166 32808 SH SOLE 32808 0 0 TERRA INDS INC COM 880915103 378 10645 SH SOLE 10645 0 0 TRICO MARINE SERVICES INC BOND CV 896106AQ4 1495125 13500001 PRN SOLE 13500001 0 0 TRUMP ENTMT RESORTS INC COM 89816T103 64 17718 SH SOLE 17718 0 0 TRUMP ENTMT RESORTS INC OPTION 89816T103 1328 8850 SH PUT SOLE 8850 0 0 PRICE T ROWE GROUP INC COM 74144T108 2072 41449 SH SOLE 41449 0 0 TRAVELERS COMPANIES INC COM 89417E109 32263 674260 SH SOLE 674260 0 0 TRW AUTOMOTIVE HLDGS CORP OPTION 87264S106 425 425 SH PUT SOLE 425 0 0 TENARIS S A COM 88031M109 1280 25684 SH SOLE 25684 0 0 TAIWAN SEMICONDUCTOR MFG LTD COM 874039100 431 41992 SH SOLE 41992 0 0 TYSON FOODS INC COM 902494103 1294 81112 SH SOLE 81112 0 0 TESORO CORP COM 881609101 1387 46229 SH SOLE 46229 0 0 TESORO CORP OPTION 881609101 325 1045 SH PUT SOLE 1045 0 0 TOTAL SYS SVCS INC COM 891906109 1647 69626 SH SOLE 69626 0 0 TIM PARTICIPACOES S A SPONS COM 88706P106 1911 59174 SH SOLE 59174 0 0 TRANE INC COM 892893108 91756 1999042 SH SOLE 1999042 0 0 TELECOM HLDRS TR DEPOSITRY RCPTCOM 87927P200 3238 100000 SH SOLE 100000 0 0 TATA MTRS LTD COM 876568502 1040 66587 SH SOLE 66587 0 0 TAKE-TWO INTERACTIVE SOFTWAR COM 874054109 1177 46113 SH SOLE 46113 0 0 TUPPERWARE BRANDS CORP COM 899896104 1347 34833 SH SOLE 34833 0 0 GRUPO TELEVISA SA DE CV SP COM 40049J206 3193 131719 SH SOLE 131719 0 0 TIME WARNER TELECOM INC COM 887319101 288 18575 SH SOLE 18575 0 0 TIME WARNER INC COM 887317105 51560 3677610 SH SOLE 3677610 0 0 TIME WARNER INC OPTION 887317105 767 23776 SH CALL SOLE 23776 0 0 TIME WARNER INC OPTION 887317105 6427 17263 SH PUT SOLE 17263 0 0 TIME WARNER TELECOM INC DBCV 2 BOND CV 887319AC5 731500 7000000 PRN SOLE 7000000 0 0 TEXAS INSTRS INC COM 882508104 18316 647907 SH SOLE 647907 0 0 TEXAS INSTRS INC OPTION 882508104 778 5645 SH CALL SOLE 5645 0 0 TEXAS INSTRS INC OPTION 882508104 4573 11518 SH PUT SOLE 11518 0 0 TEXTRON INC COM 883203101 303258 5472002 SH SOLE 5472002 0 0 TRI CONTL CORP COM 895436103 4746 272432 SH SOLE 272432 0 0 TYCO INTL LTD BERMUDA SHS COM G9143X208 16186 367449 SH SOLE 367449 0 0 UAP HLDG CORP COM 903441103 657 17143 SH SOLE 17143 0 0 UAL CORP COM 902549807 355 16475 SH SOLE 16475 0 0 UAL CORP OPTION 902549807 890 5756 SH CALL SOLE 5756 0 0 UAL CORP OPTION 902549807 1352 2170 SH PUT SOLE 2170 0 0 UNIONBANCAL CORP COM 908906100 905 18444 SH SOLE 18444 0 0 UNIBANCO-UNIAO DE BANCOS BRA G COM 90458E107 64191 550336 SH SOLE 550336 0 0 UNIBANCO-UNIAO DE BANCOS BRA G OPTION 90458E107 1772 1300 SH PUT SOLE 1300 0 0 UBS AG SHS COM H89231338 16652 578203 SH SOLE 578203 0 0 UCBH HOLDINGS INC COM 90262T308 81 10502 SH SOLE 10502 0 0 MACROSHARES OIL UP TRADEABLE S COM 55610L109 2774 96493 SH SOLE 96493 0 0 UDR INC COM 902653104 906 36935 SH SOLE 36935 0 0 DOMTAR CORP COM 257559104 119 17451 SH SOLE 17451 0 0 UNISYS CORP COM 909214108 378 85363 SH SOLE 85363 0 0 UNISYS CORP OPTION 909214108 644 1980 SH PUT SOLE 1980 0 0 UNILEVER PLC SPON COM 904767704 590 17509 SH SOLE 17509 0 0 UNILEVER N V N Y SHS COM 904784709 9600 284605 SH SOLE 284605 0 0 UNITEDHEALTH GROUP INC COM 91324P102 47213 1374073 SH SOLE 1374073 0 0 UNITEDHEALTH GROUP INC OPTION 91324P102 7959 4177 SH PUT SOLE 4177 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page35 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- UNUM GROUP COM 91529Y106 1412 64136 SH SOLE 64136 0 0 UNION PAC CORP COM 907818108 81437 649524 SH SOLE 649524 0 0 UNION PAC CORP OPTION 907818108 1909 2440 SH PUT SOLE 2440 0 0 UNION PAC CORP OPTION 907818108 4258 3429 SH CALL SOLE 3429 0 0 UNIT CORP COM 909218109 4450 78547 SH SOLE 78547 0 0 UNITED ONLINE INC COM 911268100 596 56458 SH SOLE 56458 0 0 ULTRA PETROLEUM CORP COM 903914109 1619 20896 SH SOLE 20896 0 0 ULTRA PETROLEUM CORP OPTION 903914109 225 750 SH PUT SOLE 750 0 0 UNITED PARCEL SERVICE INC CL B COM 911312106 29261 400726 SH SOLE 400726 0 0 UNITED PARCEL SERVICE INC CL B OPTION 911312106 1690 4298 SH PUT SOLE 4298 0 0 UNITED PARCEL SERVICE INC CL B OPTION 911312106 1548 5137 SH CALL SOLE 5137 0 0 URS CORP NEW COM 903236107 331 10124 SH SOLE 10124 0 0 LIBERTY ALL STAR EQUITY FD SH COM 530158104 3209 502200 SH SOLE 502200 0 0 US BANCORP DEL COM 902973304 58959 1821960 SH SOLE 1821960 0 0 US BANCORP DEL OPTION 902973304 2100 8482 SH CALL SOLE 8482 0 0 US BANCORP DEL OPTION 902973304 2892 13438 SH PUT SOLE 13438 0 0 US BIOENERGY CORP COM 90342V109 88 14988 SH SOLE 14988 0 0 UNITED STATES OIL FUND LP UNITSCOM 91232N108 40680 500000 SH SOLE 500000 0 0 UST INC COM 902911106 67106 1230842 SH SOLE 1230842 0 0 UNITED STATIONERS INC COM 913004107 304 6368 SH SOLE 6368 0 0 USEC INC COM 90333E108 488 131997 SH SOLE 131997 0 0 USEC INC BOND CV 90333EAC2 290625 5000000 PRN SOLE 5000000 0 0 REAVES UTIL INCOME FD COM SH B COM 756158101 2143 100000 SH SOLE 100000 0 0 UTILITIES HOLDRS TR DEPOSITRY COM 918019100 62528 502800 SH SOLE 502800 0 0 UNITED THERAPEUTICS CORP DEL COM 91307C102 2624 30261 SH SOLE 30261 0 0 UNITED THERAPEUTICS CORP DEL BOND CV 91307CAD4 1167750 9000000 PRN SOLE 9000000 0 0 UNITED TECHNOLOGIES CORP COM 913017109 20916 303923 SH SOLE 303923 0 0 UNITED TECHNOLOGIES CORP OPTION 913017109 1903 3335 SH PUT SOLE 3335 0 0 UNITED TECHNOLOGIES CORP OPTION 913017109 2037 3644 SH CALL SOLE 3644 0 0 VARIAN MED SYS INC COM 92220P105 2056 43902 SH SOLE 43902 0 0 VISTEON CORP COM 92839U107 66 17439 SH SOLE 17439 0 0 VISTEON CORP OPTION 92839U107 4594 18730 SH PUT SOLE 18730 0 0 VOTORANTIM CELULOSE E PAPEL COM 92906P106 364 12750 SH SOLE 12750 0 0 VEOLIA ENVIRONNEMENT COM 92334N103 1064 15209 SH SOLE 15209 0 0 V F CORP COM 918204108 65623 846633 SH SOLE 846633 0 0 VIACOM INC NEW CL B COM 92553P201 8392 211811 SH SOLE 211811 0 0 VIGNETTE CORP COM 926734401 448 33944 SH SOLE 33944 0 0 OPEN JT STK CO-VIMPEL COMMUN COM 68370R109 11708 391696 SH SOLE 391696 0 0 VIVO PARTICIPACOES S A SPON COM 92855S101 259 43456 SH SOLE 43456 0 0 MERIDIAN BIOSCIENCE INC COM 589584101 312 9339 SH SOLE 9339 0 0 NOBLE CORPORATION SHS OPTION G65422100 825 2219 SH CALL SOLE 2219 0 0 NOBLE CORPORATION SHS OPTION G65422100 484 1464 SH PUT SOLE 1464 0 0 VALERO ENERGY CORP NEW COM 91913Y100 32703 665921 SH SOLE 665921 0 0 VALERO ENERGY CORP NEW OPTION 91913Y100 3351 10697 SH CALL SOLE 10697 0 0 VALERO ENERGY CORP NEW OPTION 91913Y100 11246 10061 SH PUT SOLE 10061 0 0 VULCAN MATLS CO COM 929160109 10961 165070 SH SOLE 165070 0 0 VIRGIN MEDIA INC COM 92769L101 13174 936287 SH SOLE 936287 0 0 VIRGIN MEDIA INC OPTION 92769L101 304 475 SH PUT SOLE 475 0 0 VALMONT INDS INC COM 920253101 369 4200 SH SOLE 4200 0 0 VMWARE INC COM 928563402 364 8500 SH SOLE 8500 0 0 VORNADO RLTY TR SH BEN INT COM 929042109 8740 101377 SH SOLE 101377 0 0 VANGUARD INDEX FDS REIT ETF COM 922908553 11351 181931 SH SOLE 181931 0 0 VODAFONE GROUP PLC NEW SPONS COM 92857W209 536 18147 SH SOLE 18147 0 0 TRANSOCEAN INC NEW SHS OPTION G90073100 406 1262 SH CALL SOLE 1262 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page36 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- TRANSOCEAN INC NEW SHS OPTION G90073100 1283 992 SH PUT SOLE 992 0 0 VIEWPOINT FINL GROUP COM 926727108 8259 500225 SH SOLE 500225 0 0 VISTAPRINT LIMITED SHS COM G93762204 205 5856 SH SOLE 5856 0 0 VENOCO INC COM 92275P307 719 61852 SH SOLE 61852 0 0 VALIDUS HOLDINGS LTD COM SHS COM G9319H102 1766 75367 SH SOLE 75367 0 0 NABORS INDUSTRIES LTD SHS OPTION G6359F103 588 1155 SH CALL SOLE 1155 0 0 NABORS INDUSTRIES LTD SHS OPTION G6359F103 467 2332 SH PUT SOLE 2332 0 0 VERIGY LTD SHS COM Y93691106 529 28100 SH SOLE 28100 0 0 VERISIGN INC COM 92343E102 10593 318690 SH SOLE 318690 0 0 VERISIGN INC OPTION 92343E102 2703 4399 SH CALL SOLE 4399 0 0 VERTEX PHARMACEUTICALS INC COM 92532F100 1153 48259 SH SOLE 48259 0 0 VERASUN ENERGY CORP COM 92336G106 286 38965 SH SOLE 38965 0 0 VISHAY INTERTECHNOLOGY INC COM 928298108 208 22928 SH SOLE 22928 0 0 VENTAS INC COM 92276F100 1777 39576 SH SOLE 39576 0 0 VANGUARD INDEX FDS VALUE ETF COM 922908744 8003 133214 SH SOLE 133214 0 0 VANGUARD INDEX FDS GROWTH ETF COM 922908736 2793 48206 SH SOLE 48206 0 0 VANGUARD INDEX FDS LARGE CAP E COM 922908637 7491 125921 SH SOLE 125921 0 0 VERIZON COMMUNICATIONS INC COM 92343V104 184131 5051598 SH SOLE 5051598 0 0 VERIZON COMMUNICATIONS INC OPTION 92343V104 5072 21913 SH CALL SOLE 21913 0 0 VERIZON COMMUNICATIONS INC OPTION 92343V104 14759 33593 SH PUT SOLE 33593 0 0 WESTAMERICA BANCORPORATION COM 957090103 409 7771 SH SOLE 7771 0 0 WALGREEN CO COM 931422109 11886 312060 SH SOLE 312060 0 0 WALGREEN CO OPTION 931422109 1430 9157 SH CALL SOLE 9157 0 0 WALGREEN CO OPTION 931422109 1166 5989 SH PUT SOLE 5989 0 0 WATERS CORP COM 941848103 2046 36735 SH SOLE 36735 0 0 WACHOVIA CORP NEW COM 929903102 135623 5023065 SH SOLE 5023065 0 0 WACHOVIA CORP NEW OPTION 929903102 1534 19621 SH CALL SOLE 19621 0 0 WACHOVIA CORP NEW OPTION 929903102 30969 26484 SH PUT SOLE 26484 0 0 WABCO HLDGS INC COM 92927K102 24254 531662 SH SOLE 531662 0 0 WIMM BILL DANN FOODS OJSC COM 97263M109 809 7899 SH SOLE 7899 0 0 WELLCARE HEALTH PLANS INC COM 94946T106 1645 42230 SH SOLE 42230 0 0 WESTERN DIGITAL CORP COM 958102105 1170 43268 SH SOLE 43268 0 0 WISCONSIN ENERGY CORP COM 976657106 371 8426 SH SOLE 8426 0 0 WENDYS INTL INC COM 950590109 839 36394 SH SOLE 36394 0 0 WELLS FARGO & CO NEW COM 949746101 80475 2765461 SH SOLE 2765461 0 0 WELLS FARGO & CO NEW OPTION 949746101 5795 27828 SH CALL SOLE 27828 0 0 WELLS FARGO & CO NEW OPTION 949746101 13999 41691 SH PUT SOLE 41691 0 0 WELLS FARGO & CO NEW DBCV 5/0 BOND CV 949746FA4 948567 9578000 PRN SOLE 9578000 0 0 WHOLE FOODS MKT INC COM 966837106 9552 289706 SH SOLE 289706 0 0 MEMC ELECTR MATLS INC COM 552715104 6616 93312 SH SOLE 93312 0 0 WASHINGTON FED INC COM 938824109 265 11600 SH SOLE 11600 0 0 WEATHERFORD INTERNATIONAL LT COM G95089101 8925 123148 SH SOLE 123148 0 0 WEATHERFORD INTERNATIONAL LT OPTION G95089101 2407 2443 SH CALL SOLE 2443 0 0 WEATHERFORD INTERNATIONAL LT OPTION G95089101 2649 4256 SH PUT SOLE 4256 0 0 WILLBROS GROUP INC COM 969199108 370 12078 SH SOLE 12078 0 0 WILLBROS GROUP INC BOND CV 969199AC2 99146 629000 PRN SOLE 629000 0 0 W-H ENERGY SVCS INC COM 92925E108 227 3291 SH SOLE 3291 0 0 WHIRLPOOL CORP COM 963320106 11633 134055 SH SOLE 134055 0 0 WINDSTREAM CORP COM 97381W104 1235 103313 SH SOLE 103313 0 0 WIPRO LTD SPON COM 97651M109 2895 251064 SH SOLE 251064 0 0 WESTERN ASSET CLYM INFL OPP COM 95766R104 2992 250000 SH SOLE 250000 0 0 WELLPOINT INC COM 94973V107 9330 211417 SH SOLE 211417 0 0 WALTER INDS INC COM 93317Q105 265 4239 SH SOLE 4239 0 0 WASHINGTON MUT INC COM 939322103 2090 202948 SH SOLE 202948 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page37 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- WASHINGTON MUT INC OPTION 939322103 233 6886 SH CALL SOLE 6886 0 0 WASHINGTON MUT INC OPTION 939322103 3992 5341 SH PUT SOLE 5341 0 0 WILLIAMS COS INC DEL COM 969457100 137253 4161709 SH SOLE 4161709 0 0 WARNER MUSIC GROUP CORP COM 934550104 1370 275000 SH SOLE 275000 0 0 WASTE MGMT INC DEL COM 94106L109 39928 1189762 SH SOLE 1189762 0 0 WMS INDS INC COM 929297109 560 15573 SH SOLE 15573 0 0 WAL MART STORES INC COM 931142103 118781 2251773 SH SOLE 2251773 0 0 WAL MART STORES INC OPTION 931142103 6182 34466 SH PUT SOLE 34466 0 0 WAL MART STORES INC OPTION 931142103 10192 14336 SH CALL SOLE 14336 0 0 WASHINGTON MUT INC CONV7.75%SE COM 939322814 56490 79563 SH SOLE 79563 0 0 WESTERN REFNG INC COM 959319104 1927 143053 SH SOLE 143053 0 0 WATSON PHARMACEUTICALS INC COM 942683103 577 19681 SH SOLE 19681 0 0 WASHINGTON POST CO CL B COM 939640108 1296 1959 SH SOLE 1959 0 0 WASHINGTON REAL ESTATE INVT SH COM 939653101 480 14371 SH SOLE 14371 0 0 WEINGARTEN RLTY INVS SH BEN INTCOM 948741103 1195 34706 SH SOLE 34706 0 0 WORLD ACCEP CORP DEL COM 981419104 224 7044 SH SOLE 7044 0 0 WARNACO GROUP INC COM 934390402 643 16296 SH SOLE 16296 0 0 AQUA AMERICA INC COM 03836W103 778 41446 SH SOLE 41446 0 0 WESTERN UN CO COM 959802109 152427 7166279 SH SOLE 7166279 0 0 WATSON WYATT WORLDWIDE INC COM 942712100 493 8683 SH SOLE 8683 0 0 WESCO INTL INC BOND CV 95082PAG0 414375 5000000 PRN SOLE 5000000 0 0 WRIGLEY WM JR CO COM 982526105 4913 78188 SH SOLE 78188 0 0 WEYERHAEUSER CO COM 962166104 211816 3256699 SH SOLE 3256699 0 0 WEYERHAEUSER CO OPTION 962166104 230 177 SH PUT SOLE 177 0 0 WYETH COM 983024100 48129 1152523 SH SOLE 1152523 0 0 WYETH OPTION 983024100 699 5079 SH CALL SOLE 5079 0 0 WYETH OPTION 983024100 3518 3905 SH PUT SOLE 3905 0 0 WYNDHAM WORLDWIDE CORP COM 98310W108 1094 52879 SH SOLE 52879 0 0 WYNN RESORTS LTD COM 983134107 2279 22646 SH SOLE 22646 0 0 WYNN RESORTS LTD OPTION 983134107 940 1000 SH PUT SOLE 1000 0 0 UNITED STATES STL CORP NEW COM 912909108 11139 87797 SH SOLE 87797 0 0 UNITED STATES STL CORP NEW OPTION 912909108 1720 2966 SH PUT SOLE 2966 0 0 UNITED STATES STL CORP NEW OPTION 912909108 661 258 SH CALL SOLE 258 0 0 SPDR SERIES TRUST S&P BIOTECH COM 78464A870 2814 52579 SH SOLE 52579 0 0 SELECT SECTOR SPDR TR SBI INT- OPTION 81369Y506 11794 17283 SH PUT SOLE 17283 0 0 EXCO RESOURCES INC COM 269279402 8041 434664 SH SOLE 434664 0 0 CIMAREX ENERGY CO COM 171798101 691 12619 SH SOLE 12619 0 0 XCEL ENERGY INC COM 98389B100 9525 477468 SH SOLE 477468 0 0 SPDR SERIES TRUST OILGAS EQUIP COM 78464A748 1853 47212 SH SOLE 47212 0 0 XL CAP LTD COM G98255105 1814 61401 SH SOLE 61401 0 0 SELECT SECTOR SPDR TR SBI MATE COM 81369Y100 447895 11150000 SH SOLE 11150000 0 0 SELECT SECTOR SPDR TR SBI INT- COM 81369Y506 1343785 18144553 SH SOLE 18144553 0 0 SELECT SECTOR SPDR TR SBI INT- COM 81369Y605 930940 37432266 SH SOLE 37432266 0 0 SELECT SECTOR SPDR TR SBI INT- OPTION 81369Y605 9262 53253 SH CALL SOLE 53253 0 0 SELECT SECTOR SPDR TR SBI INT- OPTION 81369Y605 39644 107564 SH PUT SOLE 107564 0 0 SELECT SECTOR SPDR TR SBI INT- COM 81369Y704 376244 10060000 SH SOLE 10060000 0 0 SELECT SECTOR SPDR TR SBI INT- COM 81369Y803 145289 6486116 SH SOLE 6486116 0 0 XILINX INC COM 983919101 7763 326847 SH SOLE 326847 0 0 XILINX INC OPTION 983919101 529 1111 SH PUT SOLE 1111 0 0 XILINX INC DBCV 3.125% 3/1 BOND CV 983919AD3 676875 7500000 PRN SOLE 7500000 0 0 SELECT SECTOR SPDR TR SBI CONS COM 81369Y308 44256 1588499 SH SOLE 1588499 0 0 SELECT SECTOR SPDR TR SBI INT- COM 81369Y886 319242 8414401 SH SOLE 8414401 0 0 SELECT SECTOR SPDR TR SBI HEAL COM 81369Y209 166140 5330128 SH SOLE 5330128 0 0 SELECT SECTOR SPDR TR SBI CONS COM 81369Y407 185565 6040535 SH SOLE 6040535 0 0 Manager: BNP PARIBAS ARBITRAGE, SNC Period End Date: Mar 31,2008 Page38 of 39 ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 - ------------------------------ ------------------ --------- --------- ------------------ ------- -------- --------------------- Value Shrs or SH/ PUT/ Other Voting Authority Name of Issuer Title of Class CUSIP (x$1000) Prn Amt PRN CALL Dscretn Managers Sole Shared None - ------------------------------ ------------------ --------- --------- --------- --- ---- ------- -------- --------- ------ ---- SPDR SERIES TRUST S&P METALS M COM 78464A755 162706 2331363 SH SOLE 2331363 0 0 COVIDIEN LTD OPTION G2552X108 424 3465 SH CALL SOLE 3465 0 0 COVIDIEN LTD OPTION G2552X108 2090 6707 SH PUT SOLE 6707 0 0 XM SATELLITE RADIO HLDGS INC COM 983759101 1901 163574 SH SOLE 163574 0 0 XM SATELLITE RADIO HLDGS INC BOND CV 983759AC5 175000 2000000 PRN SOLE 2000000 0 0 EXXON MOBIL CORP COM 30231G102 226195 2674333 SH SOLE 2674333 0 0 EXXON MOBIL CORP OPTION 30231G102 31116 43161 SH PUT SOLE 43161 0 0 EXXON MOBIL CORP OPTION 30231G102 28210 33463 SH CALL SOLE 33463 0 0 XOMA LTD COM G9825R107 34 13044 SH SOLE 13044 0 0 SPDR SERIES TRUST S&P OILGAS E COM 78464A730 10547 196218 SH SOLE 196218 0 0 DENTSPLY INTL INC NEW COM 249030107 1128 29232 SH SOLE 29232 0 0 SPDR SERIES TRUST S&P RETAIL E COM 78464A714 32097 1012202 SH SOLE 1012202 0 0 XYRATEX LTD COM G98268108 179 10000 SH SOLE 10000 0 0 XEROX CORP COM 984121103 3843 256733 SH SOLE 256733 0 0 XEROX CORP OPTION 984121103 695 5290 SH PUT SOLE 5290 0 0 RESEARCH IN MOTION LTD OPTION 760975102 5045 2434 SH CALL SOLE 2434 0 0 SELECT SECTOR SPDR TR SBI INT- OPTION 81369Y506 7209 8456 SH CALL SOLE 8456 0 0 XTO ENERGY INC COM 98385X106 72572 1173170 SH SOLE 1173170 0 0 XTO ENERGY INC OPTION 98385X106 1149 2099 SH CALL SOLE 2099 0 0 YELLOW ROADWAY CORP BOND CV 985577AA3 1654584 18500000 PRN SOLE 18500000 0 0 YAHOO INC COM 984332106 69129 2389522 SH SOLE 2389522 0 0 YAHOO INC OPTION 984332106 7941 29311 SH PUT SOLE 29311 0 0 YAHOO INC OPTION 984332106 2539 19071 SH CALL SOLE 19071 0 0 RESEARCH IN MOTION LTD OPTION 760975102 2466 3533 SH PUT SOLE 3533 0 0 GARMIN LTD OPTION G37260109 1298 308 SH PUT SOLE 308 0 0 YRC WORLDWIDE INC COM 984249102 513 39117 SH SOLE 39117 0 0 SEMICONDUCTOR HLDRS TR DEP RCPTOPTION 816636203 1692 6520 SH CALL SOLE 6520 0 0 YUM BRANDS INC COM 988498101 38737 1041026 SH SOLE 1041026 0 0 BUNGE LIMITED OPTION G16962105 1420 475 SH PUT SOLE 475 0 0 ZWEIG FD COM 989834106 3519 766671 SH SOLE 766671 0 0 ZIONS BANCORPORATION COM 989701107 770 16915 SH SOLE 16915 0 0 OIL SVC HOLDRS TR DEPOSTRY RCPTOPTION 678002106 3871 4420 SH CALL SOLE 4420 0 0 OIL SVC HOLDRS TR DEPOSTRY RCPTOPTION 678002106 6121 6579 SH PUT SOLE 6579 0 0 RETAIL HOLDRS TR DEP RCPT OPTION 76127U101 201 200 SH CALL SOLE 200 0 0 RETAIL HOLDRS TR DEP RCPT OPTION 76127U101 3882 6518 SH PUT SOLE 6518 0 0 ZIMMER HLDGS INC COM 98956P102 5784 74288 SH SOLE 74288 0 0 ZORAN CORP COM 98975F101 300 21934 SH SOLE 21934 0 0 ISHARES INC MSCI BRAZIL OPTION 464286400 2961 3397 SH CALL SOLE 3397 0 0
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