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

                                    Form 13F

                              Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: June 30, 2005

Check here if Amendment [ X]; Amendment Number: 1
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:      Jeffrey M. Chertoff
Title:     Senior Vice President and Chief Financial Officer
Phone:     212-482-8935

Signature, Place, and Date of Signing:

     /s/ Jeffrey M. Chertoff     New York, NY     August 10, 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:     687

Form13F Information Table Value Total:     $882,938 (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      981    13562 SH       DEFINED 02                  0    13562        0
99 CENTS ONLY STORES           COM              65440K106      454    35722 SH       DEFINED 02                  0    35722        0
ABB LTD                        SPONSORED ADR    000375204      190    29336 SH       DEFINED 01                  0    29336        0
ABBOTT LABS                    COM              002824100     1983    40452 SH       DEFINED 02                  0    40452        0
ABERCROMBIE & FITCH CO         CL A             002896207      616     8967 SH       DEFINED 02                  0     8967        0
ACE LTD                        ORD              G0070K103      678    15106 SH       DEFINED 02                  0    15106        0
ADOBE SYS INC                  COM              00724F101      202     7046 SH       DEFINED 02                  0     7046        0
ADVANCED MEDICAL OPTICS INC    COM              00763M108      203     5101 SH       DEFINED 01                  0     5101        0
ADVANCED MICRO DEVICES INC     COM              007903107      843     6229 SH  Call DEFINED 02                  0     6229        0
ADVANCED MICRO DEVICES INC     COM              007903107     1075     8757 SH  Put  DEFINED 02                  0     8757        0
ADVANCED MICRO DEVICES INC     COM              007903107      372    21440 SH       DEFINED 02                  0    21440        0
AFFILIATED MANAGERS GROUP      COM              008252108      518      381 SH  Call DEFINED 02                  0      381        0
AFFORDABLE RESIDENTIAL CMTYS   COM              008273104      285    21360 SH       DEFINED 02                  0    21360        0
AFFYMETRIX INC                 COM              00826T108      390     7234 SH       DEFINED 02                  0     7234        0
AGERE SYS INC                  COM              00845V308      224    18631 SH       DEFINED 01                  0    18631        0
AGILENT TECHNOLOGIES INC       COM              00846U101      496    21562 SH       DEFINED 01                  0    21562        0
AIR PRODS & CHEMS INC          COM              009158106      235     3893 SH       DEFINED 02                  0     3893        0
AIRGAS INC                     COM              009363102      296    12013 SH       DEFINED 02                  0    12013        0
ALASKA AIR GROUP INC           COM              011659109      273     9164 SH       DEFINED 01                  0     9164        0
ALCOA INC                      COM              013817101      300    11478 SH       DEFINED 02                  0    11478        0
ALCON INC                      COM SHS          H01301102     2170    19849 SH       DEFINED 02                  0    19849        0
ALLEGHENY ENERGY INC           COM              017361106      347      339 SH  Call DEFINED 02                  0      339        0
ALLEGHENY ENERGY INC           COM              017361106      316    12514 SH       DEFINED 02                  0    12514        0
ALLIED CAP CORP NEW            COM              01903Q108      500     4000 SH  Call DEFINED 02                  0     4000        0
ALLIED CAP CORP NEW            COM              01903Q108      760     2000 SH  Put  DEFINED 02                  0     2000        0
ALLSTATE CORP                  COM              020002101     3048    51012 SH       DEFINED 02                  0    51012        0
ALTRIA GROUP INC               COM              02209S103     1090    16858 SH       DEFINED 01                  0    16858        0
ALTRIA GROUP INC               COM              02209S103      450     6952 SH       DEFINED 02                  0     6952        0
ALTRIA GROUP INC               COM              02209S103      665     3947 SH  Call DEFINED 02                  0     3947        0
ALTRIA GROUP INC               COM              02209S103      270      831 SH  Put  DEFINED 02                  0      831        0
ALVARION LTD                   SHS              M0861T100      320    27642 SH       DEFINED 02                  0    27642        0
AMERADA HESS CORP              COM              023551104     9564    89790 SH       DEFINED 02                  0    89790        0
AMERADA HESS CORP              COM              023551104      940      232 SH  Call DEFINED 02                  0      232        0
AMERICA MOVIL S A DE C V       SPON ADR L SHS   02364W105      248      617 SH  Call DEFINED 02                  0      617        0
AMERICAN ELEC PWR INC          COM              025537101      225     6115 SH       DEFINED 01                  0     6115        0
AMERICAN ELEC PWR INC          COM              025537101      999    27093 SH       DEFINED 02                  0    27093        0
AMERICAN EXPRESS CO            COM              025816109     8378   157397 SH       DEFINED 02                  0   157397        0
AMERICAN FINL GROUP INC OHIO   COM              025932104      214     6399 SH       DEFINED 02                  0     6399        0
AMERICAN INTL GROUP INC        COM              026874107     8863   152549 SH       DEFINED 02                  0   152549        0
AMERICAN INTL GROUP INC        COM              026874107     1028     3322 SH  Call DEFINED 02                  0     3322        0
AMERITRADE HLDG CORP NEW       COM              03074K100      423     1290 SH  Call DEFINED 02                  0     1290        0
AMERITRADE HLDG CORP NEW       COM              03074K100      774    41608 SH       DEFINED 02                  0    41608        0
AMGEN INC                      COM              031162100     2856    47232 SH       DEFINED 02                  0    47232        0
AMR CORP                       COM              001765106     1709   141161 SH       DEFINED 02                  0   141161        0
ANADARKO PETE CORP             COM              032511107     1400     1090 SH  Call DEFINED 02                  0     1090        0
ANADARKO PETE CORP             COM              032511107      251     1098 SH  Put  DEFINED 02                  0     1098        0
ANALOG DEVICES INC             COM              032654105      415      500 SH  Call DEFINED 02                  0      500        0
ANGLOGOLD ASHANTI LTD          SPONSORED ADR    035128206      461    12900 SH       DEFINED 02                  0    12900        0
ANGLOGOLD ASHANTI LTD          SPONSORED ADR    035128206      218     1623 SH  Call DEFINED 02                  0     1623        0
ANNTAYLOR STORES CORP          COM              036115103      249      767 SH  Call DEFINED 02                  0      767        0
APACHE CORP                    COM              037411105     1213     1070 SH  Call DEFINED 02                  0     1070        0
APACHE CORP                    COM              037411105     2021    31288 SH       DEFINED 02                  0    31288        0
APOLLO GROUP INC               CL A             037604105      980    12515 SH       DEFINED 02                  0    12515        0
APOLLO GROUP INC               CL A             037604105      285      493 SH  Call DEFINED 02                  0      493        0
APPLE COMPUTER INC             COM              037833100      807    21959 SH       DEFINED 02                  0    21959        0
APPLERA CORP                   COM AP BIO GRP   038020103      352    17889 SH       DEFINED 02                  0    17889        0
APPLIED MATLS INC              COM              038222105      779    48142 SH       DEFINED 02                  0    48142        0
APPLIED MICRO CIRCUITS CORP    COM              03822W109       95    37124 SH       DEFINED 02                  0    37124        0
ARCH COAL INC                  COM              039380100      529     9718 SH       DEFINED 02                  0     9718        0
ARIAD PHARMACEUTICALS INC      COM              04033A100      199    30001 SH       DEFINED 02                  0    30001        0
ASK JEEVES INC                 COM              045174109      607    20090 SH       DEFINED 02                  0    20090        0
ASTRAZENECA PLC                SPONSORED ADR    046353108     1081    26200 SH       DEFINED 02                  0    26200        0
AT&T CORP                      COM NEW          001957505      800    42011 SH       DEFINED 02                  0    42011        0
ATHEROGENICS INC               COM              047439104      307     1616 SH  Call DEFINED 02                  0     1616        0
ATP OIL & GAS CORP             COM              00208J108      271    11600 SH       DEFINED 02                  0    11600        0
AUTOMATIC DATA PROCESSING IN   COM              053015103      246     5860 SH       DEFINED 02                  0     5860        0
AUTOZONE INC                   COM              053332102      337     3650 SH       DEFINED 02                  0     3650        0
AUTOZONE INC                   COM              053332102      301      411 SH  Call DEFINED 02                  0      411        0
AVAYA INC                      COM              053499109      256    30726 SH       DEFINED 01                  0    30726        0
AVERY DENNISON CORP            COM              053611109      426     8052 SH       DEFINED 01                  0     8052        0
AVNET INC                      COM              053807103      254    11289 SH       DEFINED 02                  0    11289        0
AVON PRODS INC                 COM              054303102     1279     1794 SH  Put  DEFINED 02                  0     1794        0
BAKER HUGHES INC               COM              057224107      265     5185 SH       DEFINED 02                  0     5185        0
BANK NEW YORK INC              COM              064057102      232     8058 SH       DEFINED 02                  0     8058        0
BANK OF AMERICA CORPORATION    COM              060505104     5343   117152 SH       DEFINED 02                  0   117152        0
BARD C R INC                   COM              067383109      333     5003 SH       DEFINED 02                  0     5003        0
BARRICK GOLD CORP              COM              067901108      563    22499 SH       DEFINED 01                  0    22499        0
BARRICK GOLD CORP              COM              067901108      513    20500 SH       DEFINED 02                  0    20500        0
BEAR STEARNS COS INC           COM              073902108     5224    50259 SH       DEFINED 02                  0    50259        0
BED BATH & BEYOND INC          COM              075896100      234     5599 SH       DEFINED 02                  0     5599        0
BEST BUY INC                   COM              086516101      316     4608 SH       DEFINED 02                  0     4608        0
BEST BUY INC                   COM              086516101     1910     1000 SH  Call DEFINED 02                  0     1000        0
BIOGEN IDEC INC                COM              09062X103      364    10570 SH       DEFINED 02                  0    10570        0
BIOTECH HOLDERS TR             DEPOSTRY RCPTS   09067D201      411     1209 SH  Put  DEFINED 02                  0     1209        0
BIOTECH HOLDERS TR             DEPOSTRY RCPTS   09067D201      868      402 SH  Call DEFINED 02                  0      402        0
BIOTECH HOLDERS TR             DEPOSTRY RCPTS   09067D201    13195    78870 SH       DEFINED 02                  0    78870        0
BIOVAIL CORP                   COM              09067J109      781    50300 SH       DEFINED 02                  0    50300        0
BJ SVCS CO                     COM              055482103      756    14413 SH       DEFINED 02                  0    14413        0
BLOCK H & R INC                COM              093671105      335      500 SH  Put  DEFINED 02                  0      500        0
BLUE NILE INC                  COM              09578R103      401    12260 SH       DEFINED 02                  0    12260        0
BOWATER INC                    COM              102183100      241     1729 SH  Put  DEFINED 02                  0     1729        0
BP PLC                         SPONSORED ADR    055622104     2746    44026 SH       DEFINED 02                  0    44026        0
BP PLC                         SPONSORED ADR    055622104      490     1337 SH  Call DEFINED 02                  0     1337        0
BRISTOL MYERS SQUIBB CO        COM              110122108      261     1868 SH  Call DEFINED 02                  0     1868        0
BRISTOL MYERS SQUIBB CO        COM              110122108      530    21197 SH       DEFINED 02                  0    21197        0
BROADCOM CORP                  CL A             111320107      979     2041 SH  Call DEFINED 02                  0     2041        0
BROADCOM CORP                  CL A             111320107      417      829 SH  Put  DEFINED 02                  0      829        0
BURLINGTON NORTHN SANTA FE C   COM              12189T104      543    11531 SH       DEFINED 02                  0    11531        0
BURLINGTON RES INC             COM              122014103      203      333 SH  Call DEFINED 02                  0      333        0
CABLEVISION SYS CORP           CL A NY CABLVS   12686C109      535    16613 SH       DEFINED 02                  0    16613        0
CAL DIVE INTL INC              COM              127914109      531    10133 SH       DEFINED 02                  0    10133        0
CALPINE CORP                   COM              131347106       49    14474 SH       DEFINED 02                  0    14474        0
CALPINE CORP                   COM              131347106      396     5693 SH  Call DEFINED 02                  0     5693        0
CALPINE CORP                   COM              131347106     1362    10478 SH  Put  DEFINED 02                  0    10478        0
CANYON RESOURCES CORP          COM NEW          138869300       50    73131 SH       DEFINED 01                  0    73131        0
CAPITAL ONE FINL CORP          COM              14040H105      614     7680 SH       DEFINED 01                  0     7680        0
CAPITAL ONE FINL CORP          COM              14040H105      502      767 SH  Call DEFINED 02                  0      767        0
CAREMARK RX INC                COM              141705103      398     8942 SH       DEFINED 02                  0     8942        0
CARMAX INC                     COM              143130102      346    12965 SH       DEFINED 01                  0    12965        0
CB RICHARD ELLIS GROUP INC     CL A             12497T101     1281    29200 SH       DEFINED 02                  0    29200        0
CELL THERAPEUTICS INC          COM              150934107       32    11801 SH       DEFINED 02                  0    11801        0
CEMEX S A                      SPON ADR 5 ORD   151290889      548    12924 SH       DEFINED 02                  0    12924        0
CENDANT CORP                   COM              151313103      314     1255 SH  Call DEFINED 02                  0     1255        0
CENTEX CORP                    COM              152312104      303     4287 SH       DEFINED 01                  0     4287        0
CENTRAL EUROPEAN DIST CORP     COM              153435102      367     9824 SH       DEFINED 02                  0     9824        0
CENTURY ALUM CO                COM              156431108      276    13516 SH       DEFINED 02                  0    13516        0
CEPHALON INC                   COM              156708109     1166    29294 SH       DEFINED 02                  0    29294        0
CEPHALON INC                   COM              156708109      307     1982 SH  Put  DEFINED 02                  0     1982        0
CHESAPEAKE ENERGY CORP         COM              165167107      433    18998 SH       DEFINED 02                  0    18998        0
CHEVRON CORP NEW               COM              166764100      557     9966 SH       DEFINED 02                  0     9966        0
CHEVRON CORP NEW               COM              166764100      826     2843 SH  Call DEFINED 02                  0     2843        0
CHEVRON CORP NEW               COM              166764100      659     1767 SH  Put  DEFINED 02                  0     1767        0
CHICOS FAS INC                 COM              168615102     1335    38944 SH       DEFINED 02                  0    38944        0
CHINA FD INC                   COM              169373107      545    19200 SH       DEFINED 01                  0    19200        0
CHINA NETCOM GROUP CORP HK L   SPONSORED ADR    16940Q101      241     8300 SH       DEFINED 02                  0     8300        0
CHINA PETE & CHEM CORP         SPON ADR H SHS   16941R108      320     8200 SH       DEFINED 02                  0     8200        0
CHINA YUCHAI INTL LTD          COM              G21082105      376    31000 SH       DEFINED 02                  0    31000        0
CIGNA CORP                     COM              125509109      463     4323 SH       DEFINED 01                  0     4323        0
CIGNA CORP                     COM              125509109     3523    32914 SH       DEFINED 02                  0    32914        0
CIMAREX ENERGY CO              COM              171798101      719    18475 SH       DEFINED 02                  0    18475        0
CISCO SYS INC                  COM              17275R102     1940   101678 SH       DEFINED 02                  0   101678        0
CIT GROUP INC                  COM              125581108      279     6484 SH       DEFINED 01                  0     6484        0
CITIGROUP INC                  COM              172967101    11499   248745 SH       DEFINED 02                  0   248745        0
CITIGROUP INC                  COM              172967101      298     2928 SH  Call DEFINED 02                  0     2928        0
CITIGROUP INC                  COM              172967101      346     2200 SH  Put  DEFINED 02                  0     2200        0
CITIZENS COMMUNICATIONS CO     COM              17453B101      294    21890 SH       DEFINED 02                  0    21890        0
CLAIRES STORES INC             COM              179584107      907    37705 SH       DEFINED 02                  0    37705        0
CLEVELAND CLIFFS INC           COM              185896107     2326    40278 SH       DEFINED 02                  0    40278        0
CLEVELAND CLIFFS INC           COM              185896107      215      898 SH  Call DEFINED 02                  0      898        0
CLEVELAND CLIFFS INC           COM              185896107      309      360 SH  Put  DEFINED 02                  0      360        0
CMS ENERGY CORP                COM              125896100      254    16886 SH       DEFINED 02                  0    16886        0
COCA COLA CO                   COM              191216100      207     4965 SH       DEFINED 02                  0     4965        0
COCA COLA CO                   COM              191216100      293     1000 SH  Put  DEFINED 02                  0     1000        0
COEUR D ALENE MINES CORP IDA   COM              192108108       56    15392 SH       DEFINED 02                  0    15392        0
COGNOS INC                     COM              19244C109      766    22442 SH       DEFINED 02                  0    22442        0
COMERICA INC                   COM              200340107      314     5431 SH       DEFINED 01                  0     5431        0
COMMERCE BANCORP INC NJ        COM              200519106      951     3090 SH  Call DEFINED 02                  0     3090        0
COMMERCE BANCORP INC NJ        COM              200519106      228     2245 SH  Put  DEFINED 02                  0     2245        0
COMMERCIAL FEDERAL CORPORATI   COM              201647104      240     7120 SH       DEFINED 01                  0     7120        0
COMPUTER ASSOC INTL INC        COM              204912109     1090     1465 SH  Call DEFINED 02                  0     1465        0
COMPUTER ASSOC INTL INC        COM              204912109     5126   186536 SH       DEFINED 02                  0   186536        0
COMPUWARE CORP                 COM              205638109       81    11208 SH       DEFINED 02                  0    11208        0
COMVERSE TECHNOLOGY INC        COM PAR $0.10    205862402      271    11482 SH       DEFINED 02                  0    11482        0
CONAGRA FOODS INC              COM              205887102      475    20515 SH       DEFINED 02                  0    20515        0
CONOCOPHILLIPS                 COM              20825C104      277     4810 SH       DEFINED 02                  0     4810        0
CONOCOPHILLIPS                 COM              20825C104     1177      650 SH  Call DEFINED 02                  0      650        0
CONTINENTAL AIRLS INC          CL B             210795308      133    10022 SH       DEFINED 01                  0    10022        0
CONTINENTAL AIRLS INC          CL B             210795308      266    20057 SH       DEFINED 02                  0    20057        0
COOPER CAMERON CORP            COM              216640102      235      561 SH  Call DEFINED 02                  0      561        0
COOPER COS INC                 COM NEW          216648402      255      536 SH  Call DEFINED 02                  0      536        0
CORNING INC                    COM              219350105      258    15549 SH       DEFINED 02                  0    15549        0
CORRPRO COS INC                COM              220317101       42    42927 SH       DEFINED 01                  0    42927        0
COST PLUS INC CALIF            COM              221485105      223     8926 SH       DEFINED 02                  0     8926        0
COSTCO WHSL CORP NEW           COM              22160K105      213     4762 SH       DEFINED 02                  0     4762        0
COVENTRY HEALTH CARE INC       COM              222862104      415     5863 SH       DEFINED 01                  0     5863        0
CSX CORP                       COM              126408103      315     7395 SH       DEFINED 01                  0     7395        0
CULLEN FROST BANKERS INC       COM              229899109      240     5035 SH       DEFINED 01                  0     5035        0
CV THERAPEUTICS INC            COM              126667104      257    11501 SH       DEFINED 02                  0    11501        0
CVD EQUIP CORP                 COM              126601103       21    10176 SH       DEFINED 01                  0    10176        0
CVS CORP                       COM              126650100      652    22412 SH       DEFINED 02                  0    22412        0
CVS CORP                       COM              126650100      553    19015 SH       DEFINED 01                  0    19015        0
CYBERONICS INC                 COM              23251P102      241     5551 SH       DEFINED 02                  0     5551        0
DADE BEHRING HLDGS INC         COM              23342J206      237     3640 SH       DEFINED 02                  0     3640        0
DANAHER CORP DEL               COM              235851102     1034    19760 SH       DEFINED 02                  0    19760        0
DELL INC                       COM              24702R101      740    18751 SH       DEFINED 02                  0    18751        0
DELTA AIR LINES INC DEL        COM              247361108       56    15024 SH       DEFINED 01                  0    15024        0
DELTA AIR LINES INC DEL        COM              247361108     1056   280908 SH       DEFINED 02                  0   280908        0
DELTA AIR LINES INC DEL        COM              247361108      532     1960 SH  Put  DEFINED 02                  0     1960        0
DEVON ENERGY CORP NEW          COM              25179M103      223     4410 SH       DEFINED 02                  0     4410        0
DIAGEO P L C                   SPON ADR NEW     25243Q205      246     4142 SH       DEFINED 01                  0     4142        0
DIAMOND OFFSHORE DRILLING IN   COM              25271C102      468     8768 SH       DEFINED 02                  0     8768        0
DIEBOLD INC                    COM              253651103     1557    34511 SH       DEFINED 02                  0    34511        0
DISCOVERY LABORATORIES INC N   COM              254668106      384    52903 SH       DEFINED 02                  0    52903        0
DISNEY WALT CO                 COM DISNEY       254687106      331    13165 SH       DEFINED 02                  0    13165        0
DJ ORTHOPEDICS INC             COM              23325G104      276    10046 SH       DEFINED 02                  0    10046        0
DOLLAR GEN CORP                COM              256669102      225    11041 SH       DEFINED 02                  0    11041        0
DOLLAR TREE STORES INC         COM              256747106      258    10749 SH       DEFINED 02                  0    10749        0
DONNELLEY R R & SONS CO        COM              257867101      345     9983 SH       DEFINED 01                  0     9983        0
DOW CHEM CO                    COM              260543103      762    17118 SH       DEFINED 02                  0    17118        0
DREAMWORKS ANIMATION SKG INC   CL A             26153C103      783    29900 SH       DEFINED 02                  0    29900        0
DST SYS INC DEL                COM              233326107      407     8707 SH       DEFINED 02                  0     8707        0
DST SYS INC DEL                COM              233326107      439     9384 SH       DEFINED 01                  0     9384        0
DU PONT E I DE NEMOURS & CO    COM              263534109     1139    26471 SH       DEFINED 01                  0    26471        0
DU PONT E I DE NEMOURS & CO    COM              263534109      522    12127 SH       DEFINED 02                  0    12127        0
E M C CORP MASS                COM              268648102     1371   100000 SH       DEFINED 01                  0   100000        0
E M C CORP MASS                COM              268648102      436    31817 SH       DEFINED 02                  0    31817        0
EASTMAN CHEM CO                COM              277432100     1084    19656 SH       DEFINED 02                  0    19656        0
EBAY INC                       COM              278642103     2380     8000 SH  Call DEFINED 02                  0     8000        0
EBAY INC                       COM              278642103     3163     8100 SH  Put  DEFINED 02                  0     8100        0
EDISON INTL                    COM              281020107     1185      950 SH  Call DEFINED 02                  0      950        0
EDUCATION MGMT CORP            COM              28139T101      619    18342 SH       DEFINED 02                  0    18342        0
EDWARDS AG INC                 COM              281760108      572    12672 SH       DEFINED 02                  0    12672        0
EL PASO CORP                   COM              28336L109      269    23370 SH       DEFINED 02                  0    23370        0
ELAN PLC                       ADR              284131208      777     6684 SH  Put  DEFINED 02                  0     6684        0
ELAN PLC                       ADR              284131208      564    82725 SH       DEFINED 02                  0    82725        0
ELAN PLC                       ADR              284131208      295     3608 SH  Call DEFINED 02                  0     3608        0
EMERSON ELEC CO                COM              291011104      447     7133 SH       DEFINED 01                  0     7133        0
ENCANA CORP                    COM              292505104     3484    88000 SH       DEFINED 02                  0    88000        0
ENCANA CORP                    COM              292505104      577     1013 SH  Call DEFINED 02                  0     1013        0
ENI S P A                      SPONSORED ADR    26874R108      489     3816 SH       DEFINED 01                  0     3816        0
ENSCO INTL INC                 COM              26874Q100     1553    43433 SH       DEFINED 02                  0    43433        0
ENTERGY CORP NEW               COM              29364G103      683     9043 SH       DEFINED 01                  0     9043        0
ENZO BIOCHEM INC               COM              294100102     1510    84193 SH       DEFINED 02                  0    84193        0
ENZON PHARMACEUTICALS INC      COM              293904108       83    12864 SH       DEFINED 02                  0    12864        0
EOG RES INC                    COM              26875P101      224     3935 SH       DEFINED 02                  0     3935        0
EPIX PHARMACEUTICALS INC       COM              26881Q101      220    24779 SH       DEFINED 02                  0    24779        0
EQUITY OFFICE PROPERTIES TRU   COM              294741103      414    12518 SH       DEFINED 02                  0    12518        0
ESS TECHNOLOGY INC             COM              269151106       89    21230 SH       DEFINED 02                  0    21230        0
EVEREST RE GROUP LTD           COM              G3223R108     1545    16616 SH       DEFINED 02                  0    16616        0
EVERGREEN MANAGED INCOME FD    COM SHS          30024Y104      225    12908 SH       DEFINED 01                  0    12908        0
EXPRESS SCRIPTS INC            COM              302182100      875    17506 SH       DEFINED 02                  0    17506        0
EXXON MOBIL CORP               COM              30231G102     1764     3538 SH  Call DEFINED 02                  0     3538        0
EXXON MOBIL CORP               COM              30231G102     4286    74583 SH       DEFINED 01                  0    74583        0
EXXON MOBIL CORP               COM              30231G102     3689    64184 SH       DEFINED 02                  0    64184        0
F M C CORP                     COM NEW          302491303      220     3924 SH       DEFINED 02                  0     3924        0
FASTENAL CO                    COM              311900104      211      500 SH  Call DEFINED 02                  0      500        0
FEDERAL NATL MTG ASSN          COM              313586109      359      650 SH  Put  DEFINED 02                  0      650        0
FEDERAL REALTY INVT TR         SH BEN INT NEW   313747206      239     4045 SH       DEFINED 01                  0     4045        0
FEDERATED DEPT STORES INC DE   COM              31410H101      782    10673 SH       DEFINED 02                  0    10673        0
FIDELITY NATL FINL INC         COM              316326107     1204     1250 SH  Call DEFINED 02                  0     1250        0
FIRST AMERN CORP CALIF         COM              318522307      420    10466 SH       DEFINED 02                  0    10466        0
FIRST BANCORP P R              COM              318672102      400     9961 SH       DEFINED 02                  0     9961        0
FIRST BANCORP P R              COM              318672102      613      170 SH  Call DEFINED 02                  0      170        0
FIRST HORIZON NATL CORP        COM              320517105      307     7264 SH       DEFINED 01                  0     7264        0
FLAGSTAR BANCORP INC           COM              337930101      485    25609 SH       DEFINED 02                  0    25609        0
FLAMEL TECHNOLOGIES SA         SPONSORED ADR    338488109      317    17497 SH       DEFINED 02                  0    17497        0
FLEXTRONICS INTL LTD           ORD              Y2573F102      413    31258 SH       DEFINED 02                  0    31258        0
FLIR SYS INC                   COM              302445101      360    12058 SH       DEFINED 02                  0    12058        0
FORD MTR CO CAP TR II          PFD TR CV6.5%    345395206      341     8450 SH       DEFINED 01                  0     8450        0
FORD MTR CO DEL                COM PAR $0.01    345370860      399    38944 SH       DEFINED 01                  0    38944        0
FORD MTR CO DEL                COM PAR $0.01    345370860     1131   110467 SH       DEFINED 02                  0   110467        0
FORDING CDN COAL TR            TR UNIT          345425102     1125    12200 SH       DEFINED 02                  0    12200        0
FOREST LABS INC                COM              345838106     1044    26881 SH       DEFINED 02                  0    26881        0
FOUNDATION COAL HLDGS INC      COM              35039W100      335    12900 SH       DEFINED 02                  0    12900        0
FREEPORT-MCMORAN COPPER & GO   CL B             35671D857      877     3380 SH  Call DEFINED 02                  0     3380        0
FREEPORT-MCMORAN COPPER & GO   CL B             35671D857      600     2191 SH  Put  DEFINED 02                  0     2191        0
FREEPORT-MCMORAN COPPER & GO   CL B             35671D857      682    18211 SH       DEFINED 02                  0    18211        0
FUELCELL ENERGY INC            COM              35952H106      155    15215 SH       DEFINED 02                  0    15215        0
GAP INC DEL                    COM              364760108      595    30115 SH       DEFINED 02                  0    30115        0
GATEWAY INC                    COM              367626108      330   100000 SH       DEFINED 01                  0   100000        0
GENENTECH INC                  COM NEW          368710406      918      250 SH  Call DEFINED 02                  0      250        0
GENERAL ELEC CO                COM              369604103      892    25732 SH       DEFINED 02                  0    25732        0
GENERAL GROWTH PPTYS INC       COM              370021107      675    16434 SH       DEFINED 02                  0    16434        0
GENERAL MLS INC                COM              370334104     1074    22950 SH       DEFINED 02                  0    22950        0
GENERAL MTRS CORP              COM              370442105      523    15391 SH       DEFINED 02                  0    15391        0
GENTEX CORP                    COM              371901109      305    16758 SH       DEFINED 02                  0    16758        0
GENZYME CORP                   COM              372917104      476     7932 SH       DEFINED 02                  0     7932        0
GEORGIA GULF CORP              COM PAR $0.01    373200203      329    10597 SH       DEFINED 02                  0    10597        0
GEORGIA PAC CORP               COM              373298108      323    10151 SH       DEFINED 02                  0    10151        0
GETTY IMAGES INC               COM              374276103      312      760 SH  Call DEFINED 02                  0      760        0
GLAXOSMITHKLINE PLC            SPONSORED ADR    37733W105      805    16600 SH       DEFINED 02                  0    16600        0
GLOBALSANTAFE CORP             SHS              G3930E101      414    10150 SH       DEFINED 02                  0    10150        0
GOLD FIELDS LTD NEW            SPONSORED ADR    38059T106      528    46500 SH       DEFINED 02                  0    46500        0
GOLDCORP INC NEW               COM              380956409      290    18371 SH       DEFINED 01                  0    18371        0
GOLDCORP INC NEW               COM              380956409      558    35376 SH       DEFINED 02                  0    35376        0
GOLDCORP INC NEW               COM              380956409      274     2475 SH  Call DEFINED 02                  0     2475        0
GOLDEN STAR RES LTD CDA        COM              38119T104       94    30467 SH       DEFINED 01                  0    30467        0
GOLDEN WEST FINL CORP DEL      COM              381317106      232     3596 SH       DEFINED 02                  0     3596        0
GOLDMAN SACHS GROUP INC        COM              38141G104     1792    17565 SH       DEFINED 02                  0    17565        0
GOODYEAR TIRE & RUBR CO        COM              382550101      550     1000 SH  Call DEFINED 02                  0     1000        0
GOOGLE INC                     CL A             38259P508    18870     2955 SH  Call DEFINED 02                  0     2955        0
GOOGLE INC                     CL A             38259P508     1914     2028 SH  Put  DEFINED 02                  0     2028        0
GRANT PRIDECO INC              COM              38821G101      341    12877 SH       DEFINED 02                  0    12877        0
GTECH HLDGS CORP               COM              400518106      997    34082 SH       DEFINED 02                  0    34082        0
GUIDANT CORP                   COM              401698105     1407    20908 SH       DEFINED 02                  0    20908        0
HALLIBURTON CO                 COM              406216101      790    16510 SH       DEFINED 02                  0    16510        0
HANOVER COMPRESSOR CO          COM              410768105      158    13692 SH       DEFINED 02                  0    13692        0
HARMAN INTL INDS INC           COM              413086109     2125    26116 SH       DEFINED 02                  0    26116        0
HARMONY GOLD MNG LTD           SPONSORED ADR    413216300      382    44600 SH       DEFINED 02                  0    44600        0
HARRAHS ENTMT INC              COM              413619107     1131    15689 SH       DEFINED 02                  0    15689        0
HARRAHS ENTMT INC              COM              413619107      651      405 SH  Call DEFINED 02                  0      405        0
HARTFORD FINL SVCS GROUP INC   COM              416515104     1020    13639 SH       DEFINED 01                  0    13639        0
HCA INC                        COM              404119109      252     4445 SH       DEFINED 02                  0     4445        0
HEINZ H J CO                   COM              423074103     1976    55789 SH       DEFINED 02                  0    55789        0
HEWLETT PACKARD CO             COM              428236103     1055    44893 SH       DEFINED 02                  0    44893        0
HOME DEPOT INC                 COM              437076102     1638    42111 SH       DEFINED 02                  0    42111        0
HUNT J B TRANS SVCS INC        COM              445658107      213    11094 SH       DEFINED 02                  0    11094        0
IMCLONE SYS INC                COM              45245W109      415    13347 SH       DEFINED 02                  0    13347        0
INAMED CORP                    COM              453235103      214      405 SH  Call DEFINED 02                  0      405        0
INFOSPACE INC                  COM NEW          45678T201      718    21802 SH       DEFINED 02                  0    21802        0
INFRASOURCE SVCS INC           COM              45684P102      165    15876 SH       DEFINED 01                  0    15876        0
INSITE VISION INC              COM              457660108       96   148178 SH       DEFINED 01                  0   148178        0
INTEL CORP                     COM              458140100     6004   230725 SH       DEFINED 02                  0   230725        0
INTERNATIONAL BUSINESS MACHS   COM              459200101     2648    35684 SH       DEFINED 02                  0    35684        0
INTERNATIONAL FLAVORS&FRAGRA   COM              459506101      537    14835 SH       DEFINED 02                  0    14835        0
INTERNATIONAL GAME TECHNOLOG   COM              459902102     1849    65694 SH       DEFINED 02                  0    65694        0
INTERNET HOLDRS TR             DEPOSIT RCPT     46059W102    14144   261100 SH       DEFINED 02                  0   261100        0
INTERNET HOLDRS TR             DEPOSIT RCPT     46059W102      386     1373 SH  Call DEFINED 02                  0     1373        0
INTL PAPER CO                  COM              460146103      278     9199 SH       DEFINED 02                  0     9199        0
INTUITIVE SURGICAL INC         COM NEW          46120E602      709    15248 SH       DEFINED 02                  0    15248        0
ISHARES INC                    MSCI JAPAN       464286848    12073  1190641 SH       DEFINED 02                  0  1190641        0
ISHARES INC                    MSCI TAIWAN      464286731      271    22396 SH       DEFINED 02                  0    22396        0
ISHARES INC                    MSCI UTD KINGD   464286699     1258    69986 SH       DEFINED 02                  0    69986        0
ISHARES INC                    MSCI SWITZERLD   464286749     1446    87000 SH       DEFINED 02                  0    87000        0
ISHARES INC                    MSCI SWEDEN      464286756     1056    52300 SH       DEFINED 02                  0    52300        0
ISHARES INC                    MSCI STH AFRCA   464286780     1748    24112 SH       DEFINED 02                  0    24112        0
ISHARES INC                    MSCI S KOREA     464286772     2322    72551 SH       DEFINED 02                  0    72551        0
ISHARES INC                    MSCI MEXICO      464286822     1372    50680 SH       DEFINED 02                  0    50680        0
ISHARES INC                    MSCI MALAYSIA    464286830     2390   345494 SH       DEFINED 02                  0   345494        0
ISHARES INC                    MSCI HONG KONG   464286871     7982   642602 SH       DEFINED 02                  0   642602        0
ISHARES INC                    MSCI GERMAN      464286806     2130   120074 SH       DEFINED 02                  0   120074        0
ISHARES INC                    MSCI FRANCE      464286707     1055    43900 SH       DEFINED 02                  0    43900        0
ISHARES INC                    MSCI EMU INDEX   464286608     7801   109650 SH       DEFINED 02                  0   109650        0
ISHARES INC                    MSCI CDA INDEX   464286509     1313    72326 SH       DEFINED 02                  0    72326        0
ISHARES INC                    MSCI BELGIUM     464286301     3947   220000 SH       DEFINED 02                  0   220000        0
ISHARES INC                    MSCI AUSTRALIA   464286103     1693    95760 SH       DEFINED 02                  0    95760        0
ISHARES INC                    MSCI AUSTRIA     464286202     3069   127930 SH       DEFINED 02                  0   127930        0
ISHARES INC                    MSCI ITALY       464286855     1411    57280 SH       DEFINED 02                  0    57280        0
ISHARES TR                     RUSSELL1000VAL   464287598     5152    77307 SH       DEFINED 02                  0    77307        0
ISHARES TR                     NASDQ BIO INDX   464287556      839     5323 SH  Call DEFINED 02                  0     5323        0
ISHARES TR                     NASDQ BIO INDX   464287556      668     6791 SH  Put  DEFINED 02                  0     6791        0
ISHARES TR                     RUSL 2000 VALU   464287630      714    11100 SH       DEFINED 02                  0    11100        0
ISHARES TR                     RUSSELL 2000     464287655     1870    29358 SH       DEFINED 02                  0    29358        0
ISHARES TR                     RUSSELL 2000     464287655      534     3828 SH  Call DEFINED 02                  0     3828        0
ISHARES TR                     RUSSELL 2000     464287655     1076    12180 SH  Put  DEFINED 02                  0    12180        0
ISHARES TR                     NASDQ BIO INDX   464287556     6953   102400 SH       DEFINED 02                  0   102400        0
ISHARES TR                     RUSSELL MCP VL   464287473      886     7500 SH       DEFINED 02                  0     7500        0
ISHARES TR                     DJ US FINL SVC   464287770      318     2939 SH       DEFINED 02                  0     2939        0
ISHARES TR                     S&P 500 INDEX    464287200     2399    20040 SH       DEFINED 02                  0    20040        0
ISHARES TR                     RUSSELL 3000     464287689     2034    29700 SH       DEFINED 02                  0    29700        0
ISHARES TR                     MSCI EAFE IDX    464287465     1587    30300 SH       DEFINED 02                  0    30300        0
ISHARES TR                     LEHMAN AGG BND   464287226    29195   282405 SH       DEFINED 02                  0   282405        0
ISHARES TR                     FTSE XNHUA IDX   464287184     3626    63498 SH       DEFINED 02                  0    63498        0
ISHARES TR                     DJ US REAL EST   464287739     1908    30000 SH       DEFINED 02                  0    30000        0
ISHARES TR                     DJ US FINL SEC   464287788     1232    12977 SH       DEFINED 02                  0    12977        0
ISHARES TR                     CONS SRVC IDX    464287580      291     4900 SH       DEFINED 02                  0     4900        0
ISHARES TR                     COHEN&ST RLTY    464287564     3440    48314 SH       DEFINED 02                  0    48314        0
ISHARES TR                     7-10 YR TRS BD   464287440     3003    34530 SH       DEFINED 02                  0    34530        0
ISHARES TR                     20+ YR TRS BD    464287432     5177    32825 SH  Put  DEFINED 02                  0    32825        0
ISHARES TR                     20+ YR TRS BD    464287432    10082    25215 SH  Call DEFINED 02                  0    25215        0
ISHARES TR                     20+ YR TRS BD    464287432     4183    43261 SH       DEFINED 02                  0    43261        0
ISHARES TR                     S&P GBL HLTHCR   464287325      835    16720 SH       DEFINED 02                  0    16720        0
ISHARES TR                     DJ US TECH SEC   464287721     1174    25660 SH       DEFINED 02                  0    25660        0
ISHARES TR                     US TIPS BD FD    464287176      257     2400 SH       DEFINED 02                  0     2400        0
ISHARES TR                     S&P EURO PLUS    464287861    16127   216470 SH       DEFINED 02                  0   216470        0
ISHARES TR                     S&P GBL TELCM    464287275      605    12100 SH       DEFINED 02                  0    12100        0
ISHARES TR                     S&P MIDCAP 400   464287507      552     8000 SH       DEFINED 02                  0     8000        0
ISHARES TR                     S&P MIDCP GROW   464287606     1042    15000 SH       DEFINED 02                  0    15000        0
ISHARES TR                     S&P SMLCAP 600   464287804     6785   123455 SH       DEFINED 02                  0   123455        0
ISHARES TR                     S&P SMLCP VALU   464287879     2453    39800 SH       DEFINED 02                  0    39800        0
ISHARES TR                     SMLL GRWTH IDX   464288604     5366    85434 SH       DEFINED 02                  0    85434        0
ISHARES TR                     TRANSP AVE IDX   464287192    16746   267643 SH       DEFINED 02                  0   267643        0
ISHARES TR                     S&P GBL FIN      464287333      546     8390 SH       DEFINED 02                  0     8390        0
JANUS CAP GROUP INC            COM              47102X105      172    11436 SH       DEFINED 02                  0    11436        0
JDA SOFTWARE GROUP INC         COM              46612K108      132    11618 SH       DEFINED 02                  0    11618        0
JDS UNIPHASE CORP              COM              46612J101      492   323487 SH       DEFINED 02                  0   323487        0
JOHNSON & JOHNSON              COM              478160104      787    12103 SH       DEFINED 02                  0    12103        0
JOHNSON CTLS INC               COM              478366107      218     3877 SH       DEFINED 02                  0     3877        0
JONES LANG LASALLE INC         COM              48020Q107      204     4623 SH       DEFINED 01                  0     4623        0
JPMORGAN & CHASE & CO          COM              46625H100     1253    35470 SH       DEFINED 02                  0    35470        0
JUNIPER NETWORKS INC           COM              48203R104      412    16372 SH       DEFINED 02                  0    16372        0
KELLWOOD CO                    COM              488044108     1000    37165 SH       DEFINED 01                  0    37165        0
KERR MCGEE CORP                COM              492386107      369     4839 SH       DEFINED 02                  0     4839        0
KINDER MORGAN ENERGY PARTNER   UT LTD PARTNER   494550106      223      521 SH  Call DEFINED 02                  0      521        0
KINDER MORGAN INC KANS         COM              49455P101      225     2699 SH       DEFINED 02                  0     2699        0
KINDRED HEALTHCARE INC         COM              494580103      347      289 SH  Call DEFINED 02                  0      289        0
KINETIC CONCEPTS INC           COM NEW          49460W208      400     6672 SH       DEFINED 01                  0     6672        0
KINROSS GOLD CORP              COM NO PAR       496902404      217    35600 SH       DEFINED 02                  0    35600        0
KLA-TENCOR CORP                COM              482480100     1611    36893 SH       DEFINED 02                  0    36893        0
KLA-TENCOR CORP                COM              482480100      403      443 SH  Put  DEFINED 02                  0      443        0
KNIGHT TRANSN INC              COM              499064103      213     8760 SH       DEFINED 01                  0     8760        0
KOHLS CORP                     COM              500255104     4694    83952 SH       DEFINED 02                  0    83952        0
KONINKLIJKE AHOLD N V          SPON ADR NEW     500467303      158    19300 SH       DEFINED 02                  0    19300        0
KONINKLIJKE PHILIPS ELECTRS    NY REG SH NEW    500472303      250     9906 SH       DEFINED 01                  0     9906        0
KRISPY KREME DOUGHNUTS INC     COM              501014104      228      739 SH  Put  DEFINED 02                  0      739        0
L-3 COMMUNICATIONS HLDGS INC   COM              502424104      291      434 SH  Call DEFINED 02                  0      434        0
LA QUINTA CORP                 PAIRED CTF       50419U202      294    31476 SH       DEFINED 01                  0    31476        0
LAIDLAW INTL INC               COM              50730R102      617    25600 SH       DEFINED 02                  0    25600        0
LAUDER ESTEE COS INC           CL A             518439104      703    17953 SH       DEFINED 01                  0    17953        0
LAUDER ESTEE COS INC           CL A             518439104      545    13938 SH       DEFINED 02                  0    13938        0
LEGG MASON INC                 COM              524901105      489     4701 SH       DEFINED 02                  0     4701        0
LEHMAN BROS HLDGS INC          COM              524908100     4526    45585 SH       DEFINED 02                  0    45585        0
LEHMAN BROS HLDGS INC          COM              524908100     1559      821 SH  Call DEFINED 02                  0      821        0
LEHMAN BROS HLDGS INC          COM              524908100      272     1718 SH  Put  DEFINED 02                  0     1718        0
LILLY ELI & CO                 COM              532457108      244     1273 SH  Call DEFINED 02                  0     1273        0
LILLY ELI & CO                 COM              532457108      558    10020 SH       DEFINED 02                  0    10020        0
LINEAR TECHNOLOGY CORP         COM              535678106      252     6879 SH       DEFINED 02                  0     6879        0
LINENS N THINGS INC            COM              535679104      905    38254 SH       DEFINED 01                  0    38254        0
LIONS GATE ENTMNT CORP         COM NEW          535919203      164    15942 SH       DEFINED 01                  0    15942        0
LONE STAR TECHNOLOGIES INC     COM              542312103      371     8154 SH       DEFINED 02                  0     8154        0
LONGS DRUG STORES CORP         COM              543162101      205     4772 SH       DEFINED 01                  0     4772        0
LOWES COS INC                  COM              548661107      397     6821 SH       DEFINED 01                  0     6821        0
LOWES COS INC                  COM              548661107     1066    18308 SH       DEFINED 02                  0    18308        0
LSI LOGIC CORP                 COM              502161102       91    10660 SH       DEFINED 02                  0    10660        0
LUCENT TECHNOLOGIES INC        COM              549463107      861   295991 SH       DEFINED 01                  0   295991        0
LYONDELL CHEMICAL CO           COM              552078107      335    12676 SH       DEFINED 01                  0    12676        0
M & T BK CORP                  COM              55261F104      471     4475 SH       DEFINED 01                  0     4475        0
M & T BK CORP                  COM              55261F104      443     4211 SH       DEFINED 02                  0     4211        0
M D C HLDGS INC                COM              552676108      258     3132 SH       DEFINED 02                  0     3132        0
MACDERMID INC                  COM              554273102      211     6756 SH       DEFINED 01                  0     6756        0
MACROMEDIA INC                 COM              556100105      238     6225 SH       DEFINED 02                  0     6225        0
MANAGED HIGH YIELD PLUS FD I   COM              561911108     1339   260000 SH       DEFINED 01                  0   260000        0
MANOR CARE INC NEW             COM              564055101      386     1214 SH  Call DEFINED 02                  0     1214        0
MANULIFE FINL CORP             COM              56501R106      300     6265 SH       DEFINED 02                  0     6265        0
MARATHON OIL CORP              COM              565849106      261     4897 SH       DEFINED 02                  0     4897        0
MARATHON OIL CORP              COM              565849106      670      587 SH  Call DEFINED 02                  0      587        0
MARSH & MCLENNAN COS INC       COM              571748102      928    33492 SH       DEFINED 02                  0    33492        0
MARSH & MCLENNAN COS INC       COM              571748102      543      846 SH  Put  DEFINED 02                  0      846        0
MARTHA STEWART LIVING OMNIME   CL A             573083102      481      860 SH  Call DEFINED 02                  0      860        0
MASSEY ENERGY CORP             COM              576206106      219     5794 SH       DEFINED 02                  0     5794        0
MATRITECH INC                  COM              576818108       11    15693 SH       DEFINED 01                  0    15693        0
MAY DEPT STORES CO             COM              577778103      413      750 SH  Call DEFINED 02                  0      750        0
MBIA INC                       COM              55262C100      478     1101 SH  Call DEFINED 02                  0     1101        0
MBIA INC                       COM              55262C100      264     1873 SH  Put  DEFINED 02                  0     1873        0
MBNA CORP                      COM              55262L100      284    10875 SH       DEFINED 02                  0    10875        0
MBNA CORP                      COM              55262L100      357      934 SH  Call DEFINED 02                  0      934        0
MCDATA CORP                    CL A             580031201       85    21302 SH       DEFINED 02                  0    21302        0
MCDONALDS CORP                 COM              580135101     1304    46982 SH       DEFINED 02                  0    46982        0
MEADWESTVACO CORP              COM              583334107      325    11589 SH       DEFINED 01                  0    11589        0
MEDCO HEALTH SOLUTIONS INC     COM              58405U102      457     8558 SH       DEFINED 01                  0     8558        0
MEDTRONIC INC                  COM              585055106     1062    20500 SH       DEFINED 01                  0    20500        0
MEDTRONIC INC                  COM              585055106      243     4684 SH       DEFINED 02                  0     4684        0
MELLON FINL CORP               COM              58551A108      344    12005 SH       DEFINED 02                  0    12005        0
MENTOR GRAPHICS CORP           COM              587200106      106    10332 SH       DEFINED 02                  0    10332        0
MERCK & CO INC                 COM              589331107      449    14594 SH       DEFINED 01                  0    14594        0
MERCK & CO INC                 COM              589331107      412    13367 SH       DEFINED 02                  0    13367        0
MERCURY INTERACTIVE CORP       COM              589405109      254      731 SH  Put  DEFINED 02                  0      731        0
MERIDIAN GOLD INC              COM              589975101      436     3850 SH  Call DEFINED 02                  0     3850        0
MERRILL LYNCH & CO INC         COM              590188108     1912    34756 SH       DEFINED 02                  0    34756        0
MERRILL LYNCH & CO INC         COM              590188108      542     1776 SH  Put  DEFINED 02                  0     1776        0
MERRILL LYNCH & CO INC         COM              590188108      737     1759 SH  Call DEFINED 02                  0     1759        0
METALLICA RES INC              COM              59125J104       19    15440 SH       DEFINED 01                  0    15440        0
METRIS COS INC                 COM              591598107      224      764 SH  Call DEFINED 02                  0      764        0
MGM MIRAGE                     COM              552953101      657    16608 SH       DEFINED 02                  0    16608        0
MGM MIRAGE                     COM              552953101      510     1471 SH  Call DEFINED 02                  0     1471        0
MGM MIRAGE                     COM              552953101      214     2248 SH  Put  DEFINED 02                  0     2248        0
MICHAELS STORES INC            COM              594087108     1638    39583 SH       DEFINED 02                  0    39583        0
MICHAELS STORES INC            COM              594087108      277      311 SH  Call DEFINED 02                  0      311        0
MICROCHIP TECHNOLOGY INC       COM              595017104      535     1115 SH  Call DEFINED 02                  0     1115        0
MICRON TECHNOLOGY INC          COM              595112103      103    10133 SH       DEFINED 02                  0    10133        0
MICROSOFT CORP                 COM              594918104     3924   158097 SH       DEFINED 02                  0   158097        0
MIDCAP SPDR TR                 UNIT SER 1       595635103    38737   309300 SH       DEFINED 02                  0   309300        0
MIDCAP SPDR TR                 UNIT SER 1       595635103      501     3542 SH  Put  DEFINED 02                  0     3542        0
MILACRON INC                   COM              598709103       87    45968 SH       DEFINED 01                  0    45968        0
MITTAL STEEL CO N V            NY REG SH CL A   60684P101      315    13255 SH       DEFINED 02                  0    13255        0
MOHAWK INDS INC                COM              608190104      282     3416 SH       DEFINED 02                  0     3416        0
MOLSON COORS BREWING CO        CL B             60871R209      206     3319 SH       DEFINED 01                  0     3319        0
MONSANTO CO NEW                COM              61166W101     3619    57559 SH       DEFINED 02                  0    57559        0
MONSANTO CO NEW                COM              61166W101      215      135 SH  Call DEFINED 02                  0      135        0
MORGAN STANLEY                 COM NEW          617446448    20877   397878 SH       DEFINED 02                  0   397878        0
MORGAN STANLEY                 COM NEW          617446448      274     1458 SH  Put  DEFINED 02                  0     1458        0
MORGAN STANLEY                 COM NEW          617446448      204      878 SH  Call DEFINED 02                  0      878        0
MOTOROLA INC                   COM              620076109      788    43173 SH       DEFINED 02                  0    43173        0
MURPHY OIL CORP                COM              626717102      282     5404 SH       DEFINED 01                  0     5404        0
MURPHY OIL CORP                COM              626717102      227     4340 SH       DEFINED 02                  0     4340        0
NABORS INDUSTRIES LTD          SHS              G6359F103      221     3645 SH       DEFINED 02                  0     3645        0
NATIONAL CITY CORP             COM              635405103      258     7571 SH       DEFINED 02                  0     7571        0
NATIONAL SEMICONDUCTOR CORP    COM              637640103     1327    60241 SH       DEFINED 02                  0    60241        0
NCI BUILDING SYS INC           COM              628852105      457    13940 SH       DEFINED 02                  0    13940        0
NCR CORP NEW                   COM              62886E108      431    12258 SH       DEFINED 02                  0    12258        0
NETEASE COM INC                SPONSORED ADR    64110W102      819    14320 SH       DEFINED 02                  0    14320        0
NETEASE COM INC                SPONSORED ADR    64110W102      751      935 SH  Call DEFINED 02                  0      935        0
NETFLIX COM INC                COM              64110L106      257    15628 SH       DEFINED 02                  0    15628        0
NEW YORK CMNTY BANCORP INC     COM              649445103      319    17594 SH       DEFINED 01                  0    17594        0
NEW YORK TIMES CO              CL A             650111107      789    25326 SH       DEFINED 02                  0    25326        0
NEWMONT MINING CORP            COM              651639106     3155    80827 SH       DEFINED 02                  0    80827        0
NEWS CORP                      CL B             65248E203      268    15874 SH       DEFINED 01                  0    15874        0
NEWS CORP                      CL B             65248E203      391    23200 SH       DEFINED 02                  0    23200        0
NEXTEL PARTNERS INC            CL A             65333F107      404     2231 SH  Call DEFINED 02                  0     2231        0
NII HLDGS INC                  CL B NEW         62913F201     1647    25841 SH       DEFINED 02                  0    25841        0
NIKE INC                       CL B             654106103     3518    40619 SH       DEFINED 02                  0    40619        0
NISOURCE INC                   COM              65473P105      347    14043 SH       DEFINED 01                  0    14043        0
NOBLE CORPORATION              SHS              G65422100      613     9963 SH       DEFINED 01                  0     9963        0
NOKIA CORP                     SPONSORED ADR    654902204     3305   198630 SH       DEFINED 01                  0   198630        0
NORDSTROM INC                  COM              655664100      343     5039 SH       DEFINED 02                  0     5039        0
NORTEL NETWORKS CORP NEW       COM              656568102     3263  1250000 SH       DEFINED 01                  0  1250000        0
NORTEL NETWORKS CORP NEW       COM              656568102       29    11250 SH       DEFINED 02                  0    11250        0
NORTH FORK BANCORPORATION NY   COM              659424105      241     8575 SH       DEFINED 02                  0     8575        0
NORTHERN TR CORP               COM              665859104      250     5490 SH       DEFINED 02                  0     5490        0
NORTHWEST AIRLS CORP           CL A             667280101       55    12250 SH       DEFINED 02                  0    12250        0
NOVARTIS A G                   SPONSORED ADR    66987V109     1471    31000 SH       DEFINED 02                  0    31000        0
NOVARTIS A G                   SPONSORED ADR    66987V109     1257    26489 SH       DEFINED 01                  0    26489        0
NPS PHARMACEUTICALS INC        COM              62936P103      221    19454 SH       DEFINED 02                  0    19454        0
NRG ENERGY INC                 COM NEW          629377508      978     1976 SH  Call DEFINED 02                  0     1976        0
NU SKIN ENTERPRISES INC        CL A             67018T105      304    13048 SH       DEFINED 01                  0    13048        0
NUCOR CORP                     COM              670346105     2542    55719 SH       DEFINED 02                  0    55719        0
NVIDIA CORP                    COM              67066G104      237     8883 SH       DEFINED 02                  0     8883        0
OCA INC                        COM              67083Q101       21    11198 SH       DEFINED 01                  0    11198        0
OIL STS INTL INC               COM              678026105      365    14517 SH       DEFINED 02                  0    14517        0
OIL SVC HOLDRS TR              DEPOSTRY RCPT    678002106     2589    25400 SH       DEFINED 02                  0    25400        0
OIL SVC HOLDRS TR              DEPOSTRY RCPT    678002106      571     1600 SH  Call DEFINED 02                  0     1600        0
OMNICARE INC                   COM              681904108      443    10431 SH       DEFINED 02                  0    10431        0
OMNICOM GROUP INC              COM              681919106      657     8226 SH       DEFINED 02                  0     8226        0
OPEN JT STK CO-VIMPEL COMMUN   SPONSORED ADR    68370R109      241     1670 SH  Put  DEFINED 02                  0     1670        0
OPEN JT STK CO-VIMPEL COMMUN   SPONSORED ADR    68370R109     1986    58358 SH       DEFINED 02                  0    58358        0
ORACLE CORP                    COM              68389X105     2856   216328 SH       DEFINED 02                  0   216328        0
OWENS ILL INC                  COM NEW          690768403      470    18776 SH       DEFINED 02                  0    18776        0
PACIFICARE HEALTH SYS DEL      COM              695112102     7793   109069 SH       DEFINED 02                  0   109069        0
PAR PHARMACEUTICAL COS INC     COM              69888P106     1400    44003 SH       DEFINED 02                  0    44003        0
PEABODY ENERGY CORP            COM              704549104      330     6340 SH       DEFINED 02                  0     6340        0
PEACE ARCH ENTMT GROUP INC     COM              704586304        7    15532 SH       DEFINED 01                  0    15532        0
PEDIATRIX MED GROUP            COM              705324101      414     5636 SH       DEFINED 01                  0     5636        0
PENNEY J C INC                 COM              708160106      713     1014 SH  Call DEFINED 02                  0     1014        0
PEPSICO INC                    COM              713448108     1057    19599 SH       DEFINED 02                  0    19599        0
PEPSICO INC                    COM              713448108      479     1281 SH  Call DEFINED 02                  0     1281        0
PEPSICO INC                    COM              713448108      486     3538 SH  Put  DEFINED 02                  0     3538        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408      351      450 SH  Call DEFINED 02                  0      450        0
PETSMART INC                   COM              716768106      640    21163 SH       DEFINED 02                  0    21163        0
PFIZER INC                     COM              717081103     2179    78990 SH       DEFINED 02                  0    78990        0
PFIZER INC                     COM              717081103      206     1145 SH  Call DEFINED 02                  0     1145        0
PG&E CORP                      COM              69331C108      948    25262 SH       DEFINED 02                  0    25262        0
PG&E CORP                      COM              69331C108      438      560 SH  Call DEFINED 02                  0      560        0
PHARMACEUTICAL HLDRS TR        DEPOSITRY RCPT   71712A206     8798   120000 SH       DEFINED 02                  0   120000        0
PHARMACEUTICAL HLDRS TR        DEPOSITRY RCPT   71712A206      300      747 SH  Call DEFINED 02                  0      747        0
PHELPS DODGE CORP              COM              717265102      413      550 SH  Put  DEFINED 02                  0      550        0
PLACER DOME INC                COM              725906101      811    52700 SH       DEFINED 02                  0    52700        0
PLC SYS INC                    COM              69341D104       13    22816 SH       DEFINED 01                  0    22816        0
PMC-SIERRA INC                 COM              69344F106      481     2058 SH  Call DEFINED 02                  0     2058        0
PNC FINL SVCS GROUP INC        COM              693475105      331     6070 SH       DEFINED 02                  0     6070        0
POLARIS INDS INC               COM              731068102      294      393 SH  Put  DEFINED 02                  0      393        0
POWERSHARES ETF TRUST          HI YLD EQ DVDN   73935X302    11793   785704 SH       DEFINED 02                  0   785704        0
POWERSHARES ETF TRUST          WNDRHLL CLN EN   73935X500     2011   137365 SH       DEFINED 02                  0   137365        0
PRECISION CASTPARTS CORP       COM              740189105      446     5729 SH       DEFINED 01                  0     5729        0
PRICESMART INC                 RIGHT 99/99/9999 741511117        7    10000 SH       DEFINED 01                  0    10000        0
PRIDE INTL INC DEL             COM              74153Q102      727    28288 SH       DEFINED 02                  0    28288        0
PROCTER & GAMBLE CO            COM              742718109      464     4991 SH  Put  DEFINED 02                  0     4991        0
PROCTER & GAMBLE CO            COM              742718109    16879   319979 SH       DEFINED 02                  0   319979        0
PROCTER & GAMBLE CO            COM              742718109      515     1357 SH  Call DEFINED 02                  0     1357        0
PROLOGIS                       SH BEN INT       743410102      201     5003 SH       DEFINED 01                  0     5003        0
PROVIDIAN FINL CORP            COM              74406A102      301    17095 SH       DEFINED 02                  0    17095        0
PULTE HOMES INC                COM              745867101     3177    37707 SH       DEFINED 02                  0    37707        0
PULTE HOMES INC                COM              745867101     1366      929 SH  Call DEFINED 02                  0      929        0
PULTE HOMES INC                COM              745867101      480     1842 SH  Put  DEFINED 02                  0     1842        0
QLOGIC CORP                    COM              747277101      365    11818 SH       DEFINED 02                  0    11818        0
QUANTA SVCS INC                COM              74762E102      165    18751 SH       DEFINED 01                  0    18751        0
RADIAN GROUP INC               COM              750236101      401     8501 SH       DEFINED 01                  0     8501        0
RANDGOLD RES LTD               ADR              752344309      339     2355 SH  Call DEFINED 02                  0     2355        0
RAYONIER INC                   COM              754907103      810    15276 SH       DEFINED 02                  0    15276        0
RAYTHEON CO                    COM NEW          755111507      920    23527 SH       DEFINED 02                  0    23527        0
REALNETWORKS INC               COM              75605L104      311    62602 SH       DEFINED 02                  0    62602        0
RED HAT INC                    COM              756577102      146    11125 SH       DEFINED 02                  0    11125        0
REDWOOD TR INC                 COM              758075402      300     5821 SH       DEFINED 02                  0     5821        0
REGIONAL BK HOLDRS TR          DEPOSITRY RCPT   75902E100    21224   158200 SH       DEFINED 02                  0   158200        0
REGIONS FINANCIAL CORP NEW     COM              7591EP100      221     6517 SH       DEFINED 02                  0     6517        0
RENAL CARE GROUP INC           COM              759930100      325     7052 SH       DEFINED 02                  0     7052        0
RENOVIS INC                    COM              759885106      192    12600 SH       DEFINED 02                  0    12600        0
RENTECH INC                    COM              760112102       19    15268 SH       DEFINED 01                  0    15268        0
RESPIRONICS INC                COM              761230101      491      672 SH  Call DEFINED 02                  0      672        0
RETAIL HOLDRS TR               DEP RCPT         76127U101      503     3000 SH  Put  DEFINED 02                  0     3000        0
RETAIL HOLDRS TR               DEP RCPT         76127U101     2193    22900 SH       DEFINED 02                  0    22900        0
REUNION INDS INC               COM              761312107        5    29859 SH       DEFINED 01                  0    29859        0
RF MICRODEVICES INC            COM              749941100      278    51315 SH       DEFINED 02                  0    51315        0
RITE AID CORP                  COM              767754104      106    25391 SH       DEFINED 02                  0    25391        0
ROYAL DUTCH PETE CO            NY REG EUR .56   780257804      263      510 SH  Call DEFINED 02                  0      510        0
ROYAL DUTCH PETE CO            NY REG EUR .56   780257804      385      500 SH  Put  DEFINED 02                  0      500        0
ROYCE FOCUS TR                 COM              78080N108      129    15067 SH       DEFINED 01                  0    15067        0
SALTON INC                     COM              795757103       35    30940 SH       DEFINED 01                  0    30940        0
SANDISK CORP                   COM              80004C101     1340    56490 SH       DEFINED 02                  0    56490        0
SANOFI AVENTIS                 SPONSORED ADR    80105N105      399     9734 SH       DEFINED 02                  0     9734        0
SANOFI AVENTIS                 SPONSORED ADR    80105N105      262     6388 SH       DEFINED 01                  0     6388        0
SAP AKTIENGESELLSCHAFT         SPONSORED ADR    803054204      574     2607 SH  Call DEFINED 02                  0     2607        0
SBC COMMUNICATIONS INC         COM              78387G103      624    26276 SH       DEFINED 01                  0    26276        0
SBC COMMUNICATIONS INC         COM              78387G103     2138    90018 SH       DEFINED 02                  0    90018        0
SCHERING PLOUGH CORP           COM              806605101      678    35587 SH       DEFINED 02                  0    35587        0
SCHLUMBERGER LTD               COM              806857108      749     9858 SH       DEFINED 01                  0     9858        0
SCHLUMBERGER LTD               COM              806857108      450     5930 SH       DEFINED 02                  0     5930        0
SCHWAB CHARLES CORP NEW        COM              808513105      392    34792 SH       DEFINED 02                  0    34792        0
SCICLONE PHARMACEUTICALS INC   COM              80862K104       54    12013 SH       DEFINED 02                  0    12013        0
SELECT SECTOR SPDR TR          SBI MATERIALS    81369Y100     1170    43100 SH       DEFINED 02                  0    43100        0
SELECT SECTOR SPDR TR          SBI INT-TECH     81369Y803      496    24900 SH       DEFINED 02                  0    24900        0
SELECT SECTOR SPDR TR          SBI INT-FINL     81369Y605     2321    36638 SH  Put  DEFINED 02                  0    36638        0
SELECT SECTOR SPDR TR          SBI INT-FINL     81369Y605     1157    39273 SH       DEFINED 02                  0    39273        0
SELECT SECTOR SPDR TR          SBI INT-ENERGY   81369Y506     3741    30752 SH  Put  DEFINED 02                  0    30752        0
SELECT SECTOR SPDR TR          SBI INT-ENERGY   81369Y506      448     1581 SH  Call DEFINED 02                  0     1581        0
SELECT SECTOR SPDR TR          SBI CONS STPLS   81369Y308      452    19900 SH       DEFINED 02                  0    19900        0
SELECT SECTOR SPDR TR          SBI INT-ENERGY   81369Y506    13308   299450 SH       DEFINED 02                  0   299450        0
SEMICONDUCTOR HLDRS TR         DEP RCPT         816636203     7714   229100 SH       DEFINED 02                  0   229100        0
SEMICONDUCTOR HLDRS TR         DEP RCPT         816636203      249     1545 SH  Call DEFINED 02                  0     1545        0
SEPRACOR INC                   COM              817315104     3029     2843 SH  Call DEFINED 02                  0     2843        0
SEPRACOR INC                   COM              817315104      752     2539 SH  Put  DEFINED 02                  0     2539        0
SHANDA INTERACTIVE ENTMT LTD   SPONSORED ADR    81941Q203      401      439 SH  Call DEFINED 02                  0      439        0
SHIRE PHARMACEUTICALS GRP PL   SPONSORED ADR    82481R106      884    26963 SH       DEFINED 02                  0    26963        0
SIEBEL SYS INC                 COM              826170102      631    70900 SH       DEFINED 02                  0    70900        0
SIGMA ALDRICH CORP             COM              826552101      219      511 SH  Put  DEFINED 02                  0      511        0
SINA CORP                      ORD              G81477104      225      381 SH  Call DEFINED 02                  0      381        0
SINGING MACH INC               COM NEW          829322304       11    15880 SH       DEFINED 01                  0    15880        0
SIX FLAGS INC                  COM              83001P109      792   170405 SH       DEFINED 01                  0   170405        0
SMITH A O                      COM              831865209      323    12080 SH       DEFINED 01                  0    12080        0
SMITH INTL INC                 COM              832110100      536     8407 SH       DEFINED 02                  0     8407        0
SOFTWARE HOLDRS TR             DEPOSITRY RCPT   83404B103      271     7700 SH       DEFINED 02                  0     7700        0
SONICWALL INC                  COM              835470105      123    22938 SH       DEFINED 02                  0    22938        0
SONUS NETWORKS INC             COM              835916107      137    28610 SH       DEFINED 02                  0    28610        0
SOUTHERN CO                    COM              842587107      366    10546 SH       DEFINED 02                  0    10546        0
SOUTHWEST AIRLS CO             COM              844741108      197    14146 SH       DEFINED 02                  0    14146        0
SOUTHWESTERN ENERGY CO         COM              845467109      377      371 SH  Call DEFINED 02                  0      371        0
SPRINT CORP                    COM FON          852061100      815     2875 SH  Call DEFINED 02                  0     2875        0
SPX CORP                       COM              784635104     3133    68144 SH       DEFINED 02                  0    68144        0
ST JUDE MED INC                COM              790849103      377     8636 SH       DEFINED 01                  0     8636        0
ST PAUL TRAVELERS INC          COM              792860108      202     5099 SH       DEFINED 02                  0     5099        0
STATE STR CORP                 COM              857477103      484    10023 SH       DEFINED 01                  0    10023        0
STEEL DYNAMICS INC             COM              858119100      414    15775 SH       DEFINED 02                  0    15775        0
STILLWATER MNG CO              COM              86074Q102       88    11857 SH       DEFINED 02                  0    11857        0
STMICROELECTRONICS N V         NY REGISTRY      861012102      191    12013 SH       DEFINED 02                  0    12013        0
STONE ENERGY CORP              COM              861642106      489    10002 SH       DEFINED 02                  0    10002        0
STREETTRACKS SER TR            TOTAL MKT ETF    86330E885     3151    36700 SH       DEFINED 02                  0    36700        0
SUNCOR ENERGY INC              COM              867229106      201     4238 SH       DEFINED 01                  0     4238        0
SUNCOR ENERGY INC              COM              867229106     2716    57400 SH       DEFINED 02                  0    57400        0
SUNOCO INC                     COM              86764P109     1723    15154 SH       DEFINED 02                  0    15154        0
SUNOCO INC                     COM              86764P109     1297      387 SH  Call DEFINED 02                  0      387        0
SUPERIOR INDS INTL INC         COM              868168105      360    15196 SH       DEFINED 02                  0    15196        0
SYBASE INC                     COM              871130100      403    21952 SH       DEFINED 02                  0    21952        0
SYNAPTICS INC                  COM              87157D109      386    18078 SH       DEFINED 02                  0    18078        0
TAIWAN SEMICONDUCTOR MFG LTD   SPONSORED ADR    874039100       94    10300 SH       DEFINED 02                  0    10300        0
TALBOTS INC                    COM              874161102      207     6387 SH       DEFINED 02                  0     6387        0
TARGET CORP                    COM              87612E106      355     6526 SH       DEFINED 02                  0     6526        0
TCW CONV SECS FD INC           COM              872340104       73    14595 SH       DEFINED 01                  0    14595        0
TECH DATA CORP                 COM              878237106      493    13461 SH       DEFINED 02                  0    13461        0
TELEFONOS DE MEXICO S A        SPON ADR ORD L   879403780     1587    84000 SH       DEFINED 02                  0    84000        0
TELESP CELULAR PART S A        SPON ADR PFD     87952L108       57    13381 SH       DEFINED 01                  0    13381        0
TENGASCO INC                   COM NEW          88033R205       11    44052 SH       DEFINED 01                  0    44052        0
TERADYNE INC                   COM              880770102      223    18637 SH       DEFINED 02                  0    18637        0
TERRA INDS INC                 COM              880915103       71    10401 SH       DEFINED 02                  0    10401        0
TETON PETE CO                  COM NEW          88162A205      153    35962 SH       DEFINED 01                  0    35962        0
TEVA PHARMACEUTICAL INDS LTD   ADR              881624209      842    27036 SH       DEFINED 02                  0    27036        0
TEXAS INSTRS INC               COM              882508104      787    28048 SH       DEFINED 02                  0    28048        0
TIME WARNER INC                COM              887317105     2845   170231 SH       DEFINED 02                  0   170231        0
TJX COS INC NEW                COM              872540109      336    13783 SH       DEFINED 02                  0    13783        0
TODCO                          CL A             88889T107      526    20500 SH       DEFINED 02                  0    20500        0
TOTAL S A                      SPONSORED ADR    89151E109      509     4357 SH       DEFINED 01                  0     4357        0
TOYOTA MOTOR CORP              SP ADR REP2COM   892331307      361     5046 SH       DEFINED 01                  0     5046        0
TOYOTA MOTOR CORP              SP ADR REP2COM   892331307     2589    36208 SH       DEFINED 02                  0    36208        0
TRANSOCEAN INC                 ORD              G90078109     3179     3431 SH  Call DEFINED 02                  0     3431        0
TURBOCHEF TECHNOLOGIES INC     COM NEW          900006206      219     1004 SH  Call DEFINED 02                  0     1004        0
TXU CORP                       COM              873168108      204     2460 SH       DEFINED 02                  0     2460        0
TYCO INTL LTD NEW              COM              902124106     1672    57268 SH       DEFINED 01                  0    57268        0
U S G CORP                     COM NEW          903293405      684    16101 SH       DEFINED 02                  0    16101        0
ULTRA PETROLEUM CORP           COM              903914109    10012   329768 SH       DEFINED 02                  0   329768        0
ULTRA PETROLEUM CORP           COM              903914109      353      884 SH  Call DEFINED 02                  0      884        0
UNIONBANCAL CORP               COM              908906100      279     4172 SH       DEFINED 01                  0     4172        0
UNITED INDL CORP               COM              910671106      625    17500 SH       DEFINED 02                  0    17500        0
UNITED PARCEL SERVICE INC      CL B             911312106      540     7802 SH       DEFINED 02                  0     7802        0
UNITEDHEALTH GROUP INC         COM              91324P102      725     1960 SH  Call DEFINED 02                  0     1960        0
UNOCAL CORP                    COM              915289102      535      945 SH  Call DEFINED 02                  0      945        0
UNOCAL CORP                    COM              915289102     1841    28307 SH       DEFINED 02                  0    28307        0
VALASSIS COMMUNICATIONS INC    COM              918866104      415    11200 SH       DEFINED 02                  0    11200        0
VALERO ENERGY CORP NEW         COM              91913Y100      202     2548 SH       DEFINED 02                  0     2548        0
VANGUARD INDEX TR              EXT MKT VIPERS   922908652      838     9900 SH       DEFINED 02                  0     9900        0
VANGUARD INDEX TR              SMLL CP VIPERS   922908751      340     6000 SH       DEFINED 02                  0     6000        0
VANGUARD INTL EQUITY INDEX F   EMR MKT VIPERS   922042858     2703    55075 SH       DEFINED 02                  0    55075        0
VANGUARD INTL EQUITY INDEX F   EURO VIPERS      922042874     5681   116000 SH       DEFINED 02                  0   116000        0
VANGUARD INTL EQUITY INDEX F   PACIFIC VIPERS   922042866     2836    58400 SH       DEFINED 02                  0    58400        0
VEECO INSTRS INC DEL           COM              922417100      232    14259 SH       DEFINED 02                  0    14259        0
VENTANA MED SYS INC            COM              92276H106      236     5874 SH       DEFINED 02                  0     5874        0
VERIZON COMMUNICATIONS         COM              92343V104      256     7411 SH       DEFINED 02                  0     7411        0
VIRAGEN INC                    COM NEW          927638403        7    10685 SH       DEFINED 01                  0    10685        0
VISTEON CORP                   COM              92839U107      414    68640 SH       DEFINED 01                  0    68640        0
WACHOVIA CORP 2ND NEW          COM              929903102      217     4383 SH       DEFINED 01                  0     4383        0
WAL MART STORES INC            COM              931142103     2207    45782 SH       DEFINED 02                  0    45782        0
WAL MART STORES INC            COM              931142103      375     2400 SH  Call DEFINED 02                  0     2400        0
WALGREEN CO                    COM              931422109      807    17543 SH       DEFINED 02                  0    17543        0
WASHINGTON GROUP INTL INC      COM NEW          938862208     2244    43887 SH       DEFINED 02                  0    43887        0
WASHINGTON MUT INC             COM              939322103      345     8469 SH       DEFINED 02                  0     8469        0
WASHINGTON POST CO             CL B             939640108      400      479 SH       DEFINED 01                  0      479        0
WASTE MGMT INC DEL             COM              94106L109     1140    40211 SH       DEFINED 01                  0    40211        0
WATSCO INC                     COM              942622200      454    10662 SH       DEFINED 02                  0    10662        0
WEATHERFORD INTERNATIONAL LT   COM              G95089101      244      472 SH  Call DEFINED 02                  0      472        0
WEATHERFORD INTERNATIONAL LT   COM              G95089101      367     6337 SH       DEFINED 02                  0     6337        0
WEBEX COMMUNICATIONS INC       COM              94767L109      234     8846 SH       DEFINED 02                  0     8846        0
WEBMD CORP                     COM              94769M105      112    10878 SH       DEFINED 02                  0    10878        0
WEIGHT WATCHERS INTL INC NEW   COM              948626106      278      422 SH  Call DEFINED 02                  0      422        0
WELLS FARGO & CO NEW           COM              949746101     1478    24004 SH       DEFINED 02                  0    24004        0
WENDYS INTL INC                COM              950590109      292     6138 SH       DEFINED 02                  0     6138        0
WESTERN WIRELESS CORP          CL A             95988E204      823    19467 SH       DEFINED 02                  0    19467        0
WESTERN WIRELESS CORP          CL A             95988E204      513      318 SH  Call DEFINED 02                  0      318        0
WEYERHAEUSER CO                COM              962166104      801    12588 SH       DEFINED 02                  0    12588        0
WHIRLPOOL CORP                 COM              963320106      380     5420 SH       DEFINED 02                  0     5420        0
WINNEBAGO INDS INC             COM              974637100      227     6933 SH       DEFINED 01                  0     6933        0
WOLVERINE WORLD WIDE INC       COM              978097103      405    16882 SH       DEFINED 02                  0    16882        0
WYETH                          COM              983024100      411     9244 SH       DEFINED 02                  0     9244        0
WYNDHAM INTL INC               CL A             983101106       17    15406 SH       DEFINED 01                  0    15406        0
XM SATELLITE RADIO HLDGS INC   CL A             983759101      351      900 SH  Call DEFINED 02                  0      900        0
XTO ENERGY INC                 COM              98385X106      526    15471 SH       DEFINED 02                  0    15471        0
YAHOO INC                      COM              984332106      907    26180 SH       DEFINED 02                  0    26180        0
YAHOO INC                      COM              984332106      254      889 SH  Call DEFINED 02                  0      889        0
YORK INTL CORP NEW             COM              986670107      491    12920 SH       DEFINED 01                  0    12920        0
ZEBRA TECHNOLOGIES CORP        CL A             989207105      249     5696 SH       DEFINED 02                  0     5696        0
ZIONS BANCORPORATION           COM              989701107      258     3512 SH       DEFINED 02                  0     3512        0