UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 2005
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: Labranche & Co Inc.
Address: One Exchange Plaza
New York, NY 10271
13F File Number: 28-10499
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: Harvey S. Traison
Title: Senior Vice President and Chief Financial Officer
Phone: 212-482-8950
Signature, Place, and Date of Signing:
/s/ Harvey S. Traison New York, NY May 04, 2005
Report Type (Check only one.):
[ X] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 2
Form13F Information Table Entry Total: 488
Form13F Information Table Value Total: $568,212 (thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional managers with respect to which this report is filed, other
than the manager filing this report.
No. 13F File Number Name
01 28-10500 Labranche & Co., LLC
02 28-10501 Labranche Structured Products, LLC
FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
3M CO COM 88579Y101 455 5314 SH DEFINED 01 0 5314 0
ABBOTT LABS COM 002824100 3820 81947 SH DEFINED 02 0 81947 0
ACTUANT CORP CL A NEW 00508X203 257 5712 SH DEFINED 01 0 5712 0
ADOLOR CORP COM 00724X102 132 13268 SH DEFINED 02 0 13268 0
ADVANCE AUTO PARTS INC COM 00751Y106 875 17348 SH DEFINED 01 0 17348 0
ADVANCED MEDICAL OPTICS INC COM 00763M108 620 17132 SH DEFINED 01 0 17132 0
ADVANCED MICRO DEVICES INC COM 007903107 833 10111 SH Call DEFINED 02 0 10111 0
ADVANCED MICRO DEVICES INC COM 007903107 2298 11317 SH Put DEFINED 02 0 11317 0
AFFILIATED MANAGERS GROUP COM 008252108 242 293 SH Call DEFINED 02 0 293 0
AGERE SYS INC CL A 00845V100 1486 1038834 SH DEFINED 01 0 1038834 0
AGERE SYS INC CL B 00845V209 1773 1248868 SH DEFINED 01 0 1248868 0
AGILENT TECHNOLOGIES INC COM 00846U101 251 11296 SH DEFINED 01 0 11296 0
ALLEGHANY CORP DEL COM 017175100 540 1948 SH DEFINED 01 0 1948 0
ALLEGHENY ENERGY INC COM 017361106 232 332 SH Call DEFINED 02 0 332 0
ALLERGAN INC COM 018490102 444 6396 SH DEFINED 01 0 6396 0
ALLIANT TECHSYSTEMS INC COM 018804104 425 5951 SH DEFINED 01 0 5951 0
ALVARION LTD SHS M0861T100 308 32244 SH DEFINED 02 0 32244 0
AMERADA HESS CORP COM 023551104 6063 63018 SH DEFINED 02 0 63018 0
AMERADA HESS CORP COM 023551104 770 317 SH Call DEFINED 02 0 317 0
AMERICAN EXPRESS CO COM 025816109 270 5257 SH DEFINED 01 0 5257 0
AMERICAN FINL GROUP INC OHIO COM 025932104 1063 34499 SH DEFINED 02 0 34499 0
AMERICAN INTL GROUP INC COM 026874107 631 11391 SH DEFINED 02 0 11391 0
AMERITRADE HLDG CORP NEW COM 03074K100 214 20983 SH DEFINED 02 0 20983 0
AMERITRADE HLDG CORP NEW COM 03074K100 229 935 SH Put DEFINED 02 0 935 0
AMGEN INC COM 031162100 461 7913 SH DEFINED 02 0 7913 0
AMSOUTH BANCORPORATION COM 032165102 347 13389 SH DEFINED 02 0 13389 0
ANADARKO PETE CORP COM 032511107 368 4838 SH DEFINED 02 0 4838 0
ANADARKO PETE CORP COM 032511107 651 708 SH Call DEFINED 02 0 708 0
ANNTAYLOR STORES CORP COM 036115103 318 577 SH Call DEFINED 02 0 577 0
APACHE CORP COM 037411105 1826 29817 SH DEFINED 02 0 29817 0
APACHE CORP COM 037411105 913 605 SH Call DEFINED 02 0 605 0
APOLLO GROUP INC CL A 037604105 698 9425 SH DEFINED 02 0 9425 0
APPLIED MICRO CIRCUITS CORP COM 03822W109 111 33830 SH DEFINED 02 0 33830 0
APPLIED SIGNAL TECHNOLOGY IN COM 038237103 835 36477 SH DEFINED 02 0 36477 0
ARCHER DANIELS MIDLAND CO COM 039483102 280 11391 SH DEFINED 01 0 11391 0
ARCHSTONE SMITH TR COM 039583109 270 7923 SH DEFINED 01 0 7923 0
ASSURED GUARANTY LTD COM G0585R106 210 11716 SH DEFINED 01 0 11716 0
ASTORIA FINL CORP COM 046265104 587 23211 SH DEFINED 02 0 23211 0
ASTRAZENECA PLC SPONSORED ADR 046353108 217 5500 SH DEFINED 02 0 5500 0
ATHEROGENICS INC COM 047439104 481 36716 SH DEFINED 02 0 36716 0
AU OPTRONICS CORP SPONSORED ADR 002255107 923 62938 SH DEFINED 02 0 62938 0
AUSTRALIA&NEW ZEALAND BKG GR SPONSORED ADR 052528304 219 2750 SH DEFINED 01 0 2750 0
AUTONATION INC COM 05329W102 420 22188 SH DEFINED 02 0 22188 0
AUTOZONE INC COM 053332102 213 2480 SH DEFINED 02 0 2480 0
AVALONBAY CMNTYS INC COM 053484101 463 1261 SH Put DEFINED 02 0 1261 0
AVON PRODS INC COM 054303102 868 1913 SH Put DEFINED 02 0 1913 0
AZTAR CORP COM 054802103 236 8265 SH DEFINED 02 0 8265 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 280 8463 SH DEFINED 02 0 8463 0
BANK NEW YORK INC COM 064057102 599 20631 SH DEFINED 02 0 20631 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 261 3 SH DEFINED 01 0 3 0
BERKSHIRE HATHAWAY INC DEL CL B 084670207 234 82 SH DEFINED 01 0 82 0
BERRY PETE CO CL A 085789105 545 10601 SH DEFINED 02 0 10601 0
BEST BUY INC COM 086516101 308 550 SH Call DEFINED 02 0 550 0
BIOMET INC COM 090613100 348 9581 SH DEFINED 02 0 9581 0
BIOTECH HOLDERS TR DEPOSTRY RCPTS 09067D201 247 254 SH Call DEFINED 02 0 254 0
BIOTECH HOLDERS TR DEPOSTRY RCPTS 09067D201 953 6770 SH DEFINED 02 0 6770 0
BIOVAIL CORP COM 09067J109 262 17400 SH DEFINED 02 0 17400 0
BLUE NILE INC COM 09578R103 378 13665 SH DEFINED 02 0 13665 0
BMC SOFTWARE INC COM 055921100 153 10210 SH DEFINED 01 0 10210 0
BP PLC SPONSORED ADR 055622104 5439 87157 SH DEFINED 02 0 87157 0
BRISTOL MYERS SQUIBB CO COM 110122108 321 12627 SH DEFINED 02 0 12627 0
BUILDING MATLS HLDG CORP COM 120113105 331 7435 SH DEFINED 02 0 7435 0
C H ROBINSON WORLDWIDE INC COM 12541W100 942 18289 SH DEFINED 02 0 18289 0
CALPINE CORP COM 131347106 545 194535 SH DEFINED 02 0 194535 0
CALPINE CORP COM 131347106 247 7225 SH Call DEFINED 02 0 7225 0
CALPINE CORP COM 131347106 807 6415 SH Put DEFINED 02 0 6415 0
CAMBIOR INC COM 13201L103 43 19929 SH DEFINED 01 0 19929 0
CAMPBELL SOUP CO COM 134429109 1154 39752 SH DEFINED 02 0 39752 0
CANTEL MEDICAL CORP COM 138098108 378 13049 SH DEFINED 02 0 13049 0
CANYON RESOURCES CORP COM NEW 138869300 24 33917 SH DEFINED 01 0 33917 0
CAPITAL ONE FINL CORP COM 14040H105 1442 19285 SH DEFINED 01 0 19285 0
CARMAX INC COM 143130102 239 7603 SH DEFINED 01 0 7603 0
CELGENE CORP COM 151020104 310 9109 SH DEFINED 02 0 9109 0
CELL THERAPEUTICS INC COM 150934107 484 810 SH Put DEFINED 02 0 810 0
CENTENE CORP DEL COM 15135B101 812 27074 SH DEFINED 02 0 27074 0
CENTRAL EUROPEAN DIST CORP COM 153435102 1155 34682 SH DEFINED 02 0 34682 0
CHECKPOINT SYS INC COM 162825103 212 12541 SH DEFINED 01 0 12541 0
CHEVRONTEXACO CORP COM 166764100 397 700 SH Call DEFINED 02 0 700 0
CHEVRONTEXACO CORP COM 166764100 2040 34993 SH DEFINED 02 0 34993 0
CHICOS FAS INC COM 168615102 3881 137344 SH DEFINED 02 0 137344 0
CHINA PETE & CHEM CORP SPON ADR H SHS 16941R108 289 7100 SH DEFINED 02 0 7100 0
CHUNGHWA TELECOM CO LTD SPONSORED ADR 17133Q205 248 11710 SH DEFINED 02 0 11710 0
CIGNA CORP COM 125509109 1036 11603 SH DEFINED 01 0 11603 0
CIT GROUP INC COM 125581108 275 7236 SH DEFINED 01 0 7236 0
CITIZENS COMMUNICATIONS CO COM 17453B101 331 25577 SH DEFINED 01 0 25577 0
CITIZENS COMMUNICATIONS CO COM 17453B101 283 21890 SH DEFINED 02 0 21890 0
CLAIRES STORES INC COM 179584107 1438 62405 SH DEFINED 02 0 62405 0
CLEVELAND CLIFFS INC COM 185896107 3875 53178 SH DEFINED 02 0 53178 0
CLEVELAND CLIFFS INC COM 185896107 1086 852 SH Call DEFINED 02 0 852 0
CLEVELAND CLIFFS INC COM 185896107 455 964 SH Put DEFINED 02 0 964 0
CMS ENERGY CORP COM 125896100 678 51968 SH DEFINED 02 0 51968 0
CNF INC COM 12612W104 265 5667 SH DEFINED 02 0 5667 0
COEUR D ALENE MINES CORP IDA COM 192108108 57 15431 SH DEFINED 02 0 15431 0
COGNOS INC COM 19244C109 2142 51305 SH DEFINED 02 0 51305 0
COINSTAR INC COM 19259P300 363 17112 SH DEFINED 02 0 17112 0
COMMERCE BANCORP INC NJ COM 200519106 1035 2087 SH Call DEFINED 02 0 2087 0
COMMERCE BANCORP INC NJ COM 200519106 310 3163 SH Put DEFINED 02 0 3163 0
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 278 9613 SH DEFINED 02 0 9613 0
COMPANHIA VALE DO RIO DOCE SPON ADR PFD 204412100 255 9607 SH DEFINED 02 0 9607 0
COMPANHIA VALE DO RIO DOCE SPONSORED ADR 204412209 339 10738 SH DEFINED 02 0 10738 0
COMPUTER ASSOC INTL INC COM 204912109 1094 1443 SH Call DEFINED 02 0 1443 0
COMPUTER SCIENCES CORP COM 205363104 758 16528 SH DEFINED 01 0 16528 0
COMVERSE TECHNOLOGY INC COM PAR $0.10 205862402 318 868 SH Call DEFINED 02 0 868 0
CONOCOPHILLIPS COM 20825C104 354 3286 SH DEFINED 02 0 3286 0
CONOCOPHILLIPS COM 20825C104 969 325 SH Call DEFINED 02 0 325 0
CONTINENTAL AIRLS INC CL B 210795308 172 14302 SH DEFINED 02 0 14302 0
COOPER COS INC COM NEW 216648402 4161 57078 SH DEFINED 02 0 57078 0
COOPER COS INC COM NEW 216648402 731 10024 SH DEFINED 01 0 10024 0
CTI MOLECULAR IMAGING INC COM 22943D105 289 14255 SH DEFINED 02 0 14255 0
CVS CORP COM 126650100 529 10046 SH DEFINED 01 0 10046 0
DADE BEHRING HLDGS INC COM 23342J206 206 3498 SH DEFINED 02 0 3498 0
DANAHER CORP DEL COM 235851102 929 17403 SH DEFINED 02 0 17403 0
DEAN FOODS CO NEW COM 242370104 341 9929 SH DEFINED 02 0 9929 0
DELPHI FINL GROUP INC CL A 247131105 642 14927 SH DEFINED 02 0 14927 0
DELTA AIR LINES INC DEL COM 247361108 742 2868 SH Put DEFINED 02 0 2868 0
DISCOVERY LABORATORIES INC N COM 254668106 186 33091 SH DEFINED 02 0 33091 0
DOLBY LABORATORIES INC COM 25659T107 502 21359 SH DEFINED 01 0 21359 0
DOW JONES & CO INC COM 260561105 1199 32088 SH DEFINED 01 0 32088 0
DREAMWORKS ANIMATION SKG INC CL A 26153C103 3652 89700 SH DEFINED 02 0 89700 0
DST SYS INC DEL COM 233326107 441 9554 SH DEFINED 01 0 9554 0
DUKE REALTY CORP COM NEW 264411505 233 7806 SH DEFINED 01 0 7806 0
DYCOM INDS INC COM 267475101 481 20913 SH DEFINED 02 0 20913 0
E M C CORP MASS COM 268648102 1232 100000 SH DEFINED 01 0 100000 0
EAGLE HOSPITALITY PPTY TR IN COM 26959T102 101 11247 SH DEFINED 01 0 11247 0
EASTMAN CHEM CO COM 277432100 795 13476 SH DEFINED 02 0 13476 0
EDISON INTL COM 281020107 467 13452 SH DEFINED 02 0 13452 0
ELECTRONICS FOR IMAGING INC COM 286082102 611 34244 SH DEFINED 02 0 34244 0
EMBRATEL PARTICIPACOES S A RIGHT 99/99/9999 29081N118 12676 SH DEFINED 01 0 12676 0
EMBRATEL PARTICIPACOES S A SP ADR PFD NEW 29081N209 82 10000 SH DEFINED 01 0 10000 0
EMERSON ELEC CO COM 291011104 323 4975 SH DEFINED 01 0 4975 0
EMPRESAS ICA SOCIEDAD CONTRL SPONSORED ADR 292448107 67 28584 SH DEFINED 01 0 28584 0
ENCANA CORP COM 292505104 2005 1434 SH Call DEFINED 02 0 1434 0
ENEL SOCIETA PER AZIONI ADR 29265W108 406 8465 SH DEFINED 01 0 8465 0
ENERPLUS RES FD UNIT TR G NEW 29274D604 301 8300 SH DEFINED 02 0 8300 0
ENERSIS S A SPONSORED ADR 29274F104 143 16975 SH DEFINED 02 0 16975 0
ENI S P A SPONSORED ADR 26874R108 672 5161 SH DEFINED 01 0 5161 0
ENSCO INTL INC COM 26874Q100 1450 38497 SH DEFINED 02 0 38497 0
ENZO BIOCHEM INC COM 294100102 165 11451 SH DEFINED 01 0 11451 0
ENZO BIOCHEM INC COM 294100102 1033 71667 SH DEFINED 02 0 71667 0
EPIX PHARMACEUTICALS INC COM 26881Q101 254 36279 SH DEFINED 02 0 36279 0
EQUANT N V NY REG SHS 294409107 61 11110 SH DEFINED 01 0 11110 0
ESS TECHNOLOGY INC COM 269151106 116 21930 SH DEFINED 02 0 21930 0
EVEREST RE GROUP LTD COM G3223R108 1201 14116 SH DEFINED 02 0 14116 0
EXPEDITORS INTL WASH INC COM 302130109 213 3983 SH DEFINED 02 0 3983 0
EXXON MOBIL CORP COM 30231G102 623 10448 SH DEFINED 01 0 10448 0
EXXON MOBIL CORP COM 30231G102 5571 93481 SH DEFINED 02 0 93481 0
FAIRFAX FINL HLDGS LTD SUB VTG 303901102 311 2077 SH DEFINED 01 0 2077 0
FAIRPOINT COMMUNICATIONS INC COM 305560104 162 10815 SH DEFINED 01 0 10815 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 286 5906 SH DEFINED 01 0 5906 0
FEDERATED INVS INC PA CL B 314211103 225 7935 SH DEFINED 01 0 7935 0
FEDEX CORP COM 31428X106 267 2844 SH DEFINED 02 0 2844 0
FIDELITY NATL FINL INC COM 316326107 936 1215 SH Call DEFINED 02 0 1215 0
FIRST AMERN CORP CALIF COM 318522307 233 7066 SH DEFINED 02 0 7066 0
FIRST DATA CORP COM 319963104 1876 47716 SH DEFINED 01 0 47716 0
FIRST HORIZON PHARMACEUTICAL COM 32051K106 245 14501 SH DEFINED 02 0 14501 0
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GAP INC DEL COM 364760108 335 15339 SH DEFINED 02 0 15339 0
GATEWAY INC COM 367626108 403 100000 SH DEFINED 01 0 100000 0
GENENTECH INC COM NEW 368710406 335 5912 SH DEFINED 02 0 5912 0
GENERAL MLS INC COM 370334104 971 19756 SH DEFINED 02 0 19756 0
GENESIS ENERGY L P UNIT LTD PARTN 371927104 193 21667 SH DEFINED 01 0 21667 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 422 9200 SH DEFINED 02 0 9200 0
GLOBAL CROSSING LTD SHS NEW G3921A175 206 1147 SH Call DEFINED 02 0 1147 0
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GRACE W R & CO DEL NEW COM 38388F108 157 18423 SH DEFINED 02 0 18423 0
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HERSHEY FOODS CORP COM 427866108 295 535 SH Call DEFINED 02 0 535 0
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LUCENT TECHNOLOGIES INC COM 549463107 550 200076 SH DEFINED 01 0 200076 0
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MANAGED HIGH YIELD PLUS FD I COM 561911108 2080 400000 SH DEFINED 01 0 400000 0
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MANPOWER INC COM 56418H100 327 7509 SH DEFINED 01 0 7509 0
MANULIFE FINL CORP COM 56501R106 384 8013 SH DEFINED 02 0 8013 0
MARATHON OIL CORP COM 565849106 302 6441 SH DEFINED 02 0 6441 0
MARSH & MCLENNAN COS INC COM 571748102 500 1775 SH Put DEFINED 02 0 1775 0
MARTHA STEWART LIVING OMNIME CL A 573083102 401 1469 SH Call DEFINED 02 0 1469 0
MARTHA STEWART LIVING OMNIME CL A 573083102 1155 1538 SH Put DEFINED 02 0 1538 0
MCDATA CORP CL A 580031201 131 34642 SH DEFINED 02 0 34642 0
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MEDCO HEALTH SOLUTIONS INC COM 58405U102 532 10731 SH DEFINED 01 0 10731 0
MEDTRONIC INC COM 585055106 264 5181 SH DEFINED 01 0 5181 0
MERCK & CO INC COM 589331107 594 18347 SH DEFINED 01 0 18347 0
MERCK & CO INC COM 589331107 762 23545 SH DEFINED 02 0 23545 0
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MERIT MED SYS INC COM 589889104 210 17506 SH DEFINED 02 0 17506 0
MERRILL LYNCH & CO INC COM 590188108 15777 278754 SH DEFINED 02 0 278754 0
MERRILL LYNCH & CO INC COM 590188108 1266 2539 SH Call DEFINED 02 0 2539 0
MERRILL LYNCH & CO INC COM 590188108 731 2622 SH Put DEFINED 02 0 2622 0
MEXICO EQUITY & INCOME FD COM 592834105 183 11552 SH DEFINED 01 0 11552 0
MGM MIRAGE COM 552953101 1831 25854 SH DEFINED 02 0 25854 0
MGM MIRAGE COM 552953101 210 239 SH Call DEFINED 02 0 239 0
MGM MIRAGE COM 552953101 229 854 SH Put DEFINED 02 0 854 0
MICHAELS STORES INC COM 594087108 216 223 SH Call DEFINED 02 0 223 0
MICHAELS STORES INC COM 594087108 1165 32103 SH DEFINED 02 0 32103 0
MIDCAP SPDR TR UNIT SER 1 595635103 1986 10250 SH Call DEFINED 02 0 10250 0
MIDCAP SPDR TR UNIT SER 1 595635103 494 4100 SH DEFINED 02 0 4100 0
MILACRON INC COM 598709103 47 15440 SH DEFINED 01 0 15440 0
MOHAWK INDS INC COM 608190104 246 2916 SH DEFINED 02 0 2916 0
MOLEX INC COM 608554101 336 12742 SH DEFINED 02 0 12742 0
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MONSANTO CO NEW COM 61166W101 690 345 SH Call DEFINED 02 0 345 0
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MURPHY OIL CORP COM 626717102 238 2410 SH DEFINED 02 0 2410 0
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NABORS INDUSTRIES LTD SHS G6359F103 208 400 SH Call DEFINED 02 0 400 0
NASH FINCH CO COM 631158102 239 6299 SH DEFINED 02 0 6299 0
NATIONAL OILWELL VARCO INC COM 637071101 205 4381 SH DEFINED 02 0 4381 0
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NEWALLIANCE BANCSHARES INC COM 650203102 304 21728 SH DEFINED 01 0 21728 0
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NORTEL NETWORKS CORP NEW COM 656568102 3413 1250000 SH DEFINED 01 0 1250000 0
NORTHERN TR CORP COM 665859104 570 13127 SH DEFINED 02 0 13127 0
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NOVARTIS A G SPONSORED ADR 66987V109 727 15547 SH DEFINED 01 0 15547 0
NOVARTIS A G SPONSORED ADR 66987V109 346 7400 SH DEFINED 02 0 7400 0
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NYFIX INC COM 670712108 99 18337 SH DEFINED 02 0 18337 0
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OCCIDENTAL PETE CORP DEL COM 674599105 232 3262 SH DEFINED 02 0 3262 0
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OMI CORP NEW COM Y6476W104 257 13428 SH DEFINED 01 0 13428 0
OMNICOM GROUP INC COM 681919106 332 696 SH Call DEFINED 02 0 696 0
OPEN JT STK CO-VIMPEL COMMUN SPONSORED ADR 68370R109 3393 98583 SH DEFINED 02 0 98583 0
OVERSTOCK COM INC DEL COM 690370101 341 683 SH Put DEFINED 02 0 683 0
PACCAR INC COM 693718108 313 746 SH Call DEFINED 02 0 746 0
PACCAR INC COM 693718108 218 469 SH Put DEFINED 02 0 469 0
PAR PHARMACEUTICAL COS INC COM 69888P106 897 26832 SH DEFINED 02 0 26832 0
PARKER HANNIFIN CORP COM 701094104 218 3578 SH DEFINED 02 0 3578 0
PENNEY J C INC COM 708160106 1669 32140 SH DEFINED 02 0 32140 0
PENNEY J C INC COM 708160106 586 618 SH Call DEFINED 02 0 618 0
PEPSI BOTTLING GROUP INC COM 713409100 297 10669 SH DEFINED 01 0 10669 0
PEPSICO INC COM 713448108 636 1473 SH Call DEFINED 02 0 1473 0
PEPSICO INC COM 713448108 202 1555 SH Put DEFINED 02 0 1555 0
PERFORMANCE FOOD GROUP CO COM 713755106 921 33291 SH DEFINED 02 0 33291 0
PERKINELMER INC COM 714046109 272 13173 SH DEFINED 02 0 13173 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V101 381 9906 SH DEFINED 02 0 9906 0
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PG&E CORP COM 69331C108 336 733 SH Call DEFINED 02 0 733 0
PHARMACEUTICAL HLDRS TR DEPOSITRY RCPT 71712A206 302 4200 SH DEFINED 02 0 4200 0
PHARMACEUTICAL HLDRS TR DEPOSITRY RCPT 71712A206 329 975 SH Call DEFINED 02 0 975 0
PHARMACEUTICAL PROD DEV INC COM 717124101 254 380 SH Call DEFINED 02 0 380 0
PLC SYS INC COM 69341D104 19 35967 SH DEFINED 01 0 35967 0
PMC-SIERRA INC COM 69344F106 221 1058 SH Call DEFINED 02 0 1058 0
POWERSHARES ETF TRUST WNDRHLL CLN EN 73935X500 4874 338451 SH DEFINED 02 0 338451 0
POWERSHARES ETF TRUST DYNM MC GRWTH 73935X807 7024 487770 SH DEFINED 02 0 487770 0
POWERSHARES ETF TRUST DYNM LRG CP VL 73935X708 8453 571517 SH DEFINED 02 0 571517 0
POWERSHARES ETF TRUST DYMN MC VAL 73935X880 8244 551094 SH DEFINED 02 0 551094 0
POWERSHARES ETF TRUST DYNM LRG CP GR 73935X609 6462 442332 SH DEFINED 02 0 442332 0
PRICESMART INC RIGHT 99/99/9999 741511117 5 10000 SH DEFINED 01 0 10000 0
PRIDE INTL INC DEL COM 74153Q102 1038 41790 SH DEFINED 02 0 41790 0
PROCTER & GAMBLE CO COM 742718109 323 3727 SH Put DEFINED 02 0 3727 0
PROCTER & GAMBLE CO COM 742718109 1049 2384 SH Call DEFINED 02 0 2384 0
PROCTER & GAMBLE CO COM 742718109 11129 209979 SH DEFINED 02 0 209979 0
PULTE HOMES INC COM 745867101 2316 31461 SH DEFINED 02 0 31461 0
PULTE HOMES INC COM 745867101 828 885 SH Call DEFINED 02 0 885 0
QUESTAR CORP COM 748356102 443 940 SH Call DEFINED 02 0 940 0
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QUIKSILVER INC COM 74838C106 359 12379 SH DEFINED 02 0 12379 0
QWEST COMMUNICATIONS INTL IN COM 749121109 303 81823 SH DEFINED 01 0 81823 0
RADIAN GROUP INC COM 750236101 249 5210 SH DEFINED 01 0 5210 0
RANDGOLD RES LTD ADR 752344309 130 10497 SH DEFINED 02 0 10497 0
RAYTHEON CO COM NEW 755111507 790 20407 SH DEFINED 02 0 20407 0
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RF MICRODEVICES INC COM 749941100 277 53115 SH DEFINED 02 0 53115 0
RINKER GROUP LTD SPONSORED ADR 76687M101 925 11045 SH DEFINED 01 0 11045 0
ROYAL DUTCH PETE CO NY REG EUR .56 780257804 452 7520 SH DEFINED 02 0 7520 0
ROYCE FOCUS TR COM 78080N108 101 10226 SH DEFINED 01 0 10226 0
SALTON INC COM 795757103 28 12701 SH DEFINED 01 0 12701 0
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SASOL LTD SPONSORED ADR 803866300 593 24844 SH DEFINED 01 0 24844 0
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SECURE COMPUTING CORP COM 813705100 123 14366 SH DEFINED 02 0 14366 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 2467 32074 SH Put DEFINED 02 0 32074 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 844 28000 SH DEFINED 02 0 28000 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 429 14300 SH Put DEFINED 02 0 14300 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 2396 82200 SH DEFINED 02 0 82200 0
SELECT SECTOR SPDR TR SBI INT-TECH 81369Y803 359 18371 SH DEFINED 02 0 18371 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 2026 31090 SH Put DEFINED 02 0 31090 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 573 3622 SH Call DEFINED 02 0 3622 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 453 19600 SH DEFINED 02 0 19600 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 559 18700 SH DEFINED 02 0 18700 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1474 51819 SH DEFINED 02 0 51819 0
SEMICONDUCTOR HLDRS TR DEP RCPT 816636203 4749 146000 SH DEFINED 02 0 146000 0
SEMICONDUCTOR HLDRS TR DEP RCPT 816636203 381 2365 SH Call DEFINED 02 0 2365 0
SEMICONDUCTOR HLDRS TR DEP RCPT 816636203 213 1183 SH Put DEFINED 02 0 1183 0
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SOFTWARE HOLDRS TR DEPOSITRY RCPT 83404B103 2439 70000 SH DEFINED 02 0 70000 0
SONUS NETWORKS INC COM 835916107 171 40310 SH DEFINED 02 0 40310 0
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SOUTHERN CO COM 842587107 209 6564 SH DEFINED 02 0 6564 0
SOUTHWESTERN ENERGY CO COM 845467109 355 6252 SH DEFINED 02 0 6252 0
SPDR TR UNIT SER 1 78462F103 2359 20000 SH DEFINED 02 0 20000 0
SPINNAKER EXPL CO COM 84855W109 275 7737 SH DEFINED 02 0 7737 0
SPRINT CORP COM FON 852061100 2168 95304 SH DEFINED 02 0 95304 0
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STERICYCLE INC COM 858912108 246 396 SH Put DEFINED 02 0 396 0
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STREETTRACKS SER TR FORTUNE 500 86330E885 2799 33200 SH DEFINED 02 0 33200 0
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UNITED NAT FOODS INC COM 911163103 323 11292 SH DEFINED 02 0 11292 0
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VALASSIS COMMUNICATIONS INC COM 918866104 657 18800 SH DEFINED 02 0 18800 0
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VANGUARD INDEX TR EXT MKT VIPERS 922908652 791 9900 SH DEFINED 02 0 9900 0
VANGUARD INDEX TR SMLL CP VIPERS 922908751 323 6000 SH DEFINED 02 0 6000 0
VANGUARD INTL EQUITY INDEX F EMR MKT VIPERS 922042858 33040 700000 SH DEFINED 02 0 700000 0
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VIACOM INC CL B 925524308 1185 34026 SH DEFINED 01 0 34026 0
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WELLS FARGO & CO NEW COM 949746101 520 8696 SH DEFINED 02 0 8696 0
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WESTERN WIRELESS CORP CL A 95988E204 473 324 SH Call DEFINED 02 0 324 0
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WIPRO LTD SPON ADR 1 SH 97651M109 288 14105 SH DEFINED 02 0 14105 0
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WYETH COM 983024100 430 10190 SH DEFINED 02 0 10190 0
WYNDHAM INTL INC CL A 983101106 89 111472 SH DEFINED 01 0 111472 0
XCEL ENERGY INC COM 98389B100 294 17106 SH DEFINED 01 0 17106 0
ZEBRA TECHNOLOGIES CORP CL A 989207105 1220 25696 SH DEFINED 02 0 25696 0