UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 30, 2004
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Labranche & Co Inc.
Address: One Exchange Plaza
New York, NY
13F File Number: 28-10499
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Harvey S. Traison
Title: Senior Vice President and Chief Financial Officer
Phone: 212-482-8950
Signature, Place, and Date of Signing:
/s/ Harvey S. Traison New York, NY November 12, 2004
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: 425
Form13F Information Table Value Total: $637,814 (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 1713 21417 SH DEFINED 02 0 1713 0
3M CO COM 88579Y101 1700 21260 SH DEFINED 01 0 1700 0
ADOLOR CORP COM 00724X102 251 22336 SH DEFINED 02 0 251 0
ADVANCED MEDICAL OPTICS INC COM 00763M108 361 9125 SH DEFINED 01 0 361 0
ADVANCED MICRO DEVICES INC COM 007903107 435 6183 SH Put DEFINED 02 0 435 0
ADVANCED MICRO DEVICES INC COM 007903107 2002 7216 SH Call DEFINED 02 0 2002 0
AGERE SYS INC CL A 00845V100 29 27323 SH DEFINED 01 0 29 0
AGERE SYS INC CL B 00845V209 1318 1292489 SH DEFINED 01 0 1318 0
AGILENT TECHNOLOGIES INC COM 00846U101 1554 72047 SH DEFINED 01 0 1554 0
ALLERGAN INC COM 018490102 921 12699 SH DEFINED 01 0 921 0
ALLSTATE CORP COM 020002101 209 4347 SH DEFINED 02 0 209 0
ALTRIA GROUP INC COM 02209S103 517 10986 SH DEFINED 02 0 517 0
ALVARION LTD SHS M0861T100 307 23742 SH DEFINED 02 0 307 0
AMERADA HESS CORP COM 023551104 546 6132 SH DEFINED 02 0 546 0
AMERADA HESS CORP COM 023551104 1793 645 SH Call DEFINED 02 0 1793 0
AMERICAN EXPRESS CO COM 025816109 999 19405 SH DEFINED 02 0 999 0
AMERICAN EXPRESS CO COM 025816109 994 19321 SH DEFINED 01 0 994 0
AMERICAN INTL GROUP INC COM 026874107 2598 38212 SH DEFINED 02 0 2598 0
AMERIGROUP CORP COM 03073T102 1232 21910 SH DEFINED 02 0 1232 0
AMGEN INC COM 031162100 986 17366 SH DEFINED 02 0 986 0
ANADARKO PETE CORP COM 032511107 3531 53216 SH DEFINED 02 0 3531 0
ANADARKO PETE CORP COM 032511107 353 313 SH Call DEFINED 02 0 353 0
ANNTAYLOR STORES CORP COM 036115103 200 8554 SH DEFINED 02 0 200 0
APACHE CORP COM 037411105 638 553 SH Call DEFINED 02 0 638 0
APACHE CORP COM 037411105 2963 59136 SH DEFINED 02 0 2963 0
APOLLO GROUP INC CL A 037604105 657 857 SH Put DEFINED 02 0 657 0
ARAMARK CORP CL B 038521100 323 13400 SH DEFINED 01 0 323 0
ARCHER DANIELS MIDLAND CO COM 039483102 195 11471 SH DEFINED 01 0 195 0
ASTORIA FINL CORP COM 046265104 292 8226 SH DEFINED 02 0 292 0
AT&T WIRELESS SVCS INC COM 00209A106 560 37860 SH DEFINED 02 0 560 0
AT&T WIRELESS SVCS INC COM 00209A106 1331 90087 SH DEFINED 01 0 1331 0
ATHEROGENICS INC COM 047439104 2631 2914 SH Call DEFINED 02 0 2631 0
ATHEROGENICS INC COM 047439104 333 2990 SH Put DEFINED 02 0 333 0
ATMEL CORP COM 049513104 41 11306 SH DEFINED 02 0 41 0
AU OPTRONICS CORP SPONSORED ADR 002255107 431 34430 SH DEFINED 02 0 431 0
AVAYA INC COM 053499109 725 52017 SH DEFINED 01 0 725 0
AVON PRODS INC COM 054303102 457 1157 SH Call DEFINED 02 0 457 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 499 9471 SH DEFINED 02 0 499 0
BANCO ITAU HLDG FINANCIERA S SP ADR 500 PFD 059602201 390 7022 SH DEFINED 02 0 390 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 206 7377 SH DEFINED 02 0 206 0
BANK NEW YORK INC COM 064057102 224 1179 SH Put DEFINED 02 0 224 0
BANK NEW YORK INC COM 064057102 584 3344 SH Call DEFINED 02 0 584 0
BANK OF AMERICA CORPORATION COM 060505104 1473 33986 SH DEFINED 02 0 1473 0
BERKSHIRE HATHAWAY INC DEL CL B 084670207 256 89 SH DEFINED 01 0 256 0
BIO RAD LABS INC CL A 090572207 787 15407 SH DEFINED 01 0 787 0
BIOGEN IDEC INC COM 09062X103 251 4097 SH DEFINED 02 0 251 0
BIOLASE TECHNOLOGY INC COM 090911108 406 900 SH Put DEFINED 02 0 406 0
BIOTECH HOLDERS TR DEPOSTRY RCPTS 09067D201 768 276 SH Call DEFINED 02 0 768 0
BIOTECH HOLDERS TR DEPOSTRY RCPTS 09067D201 1419 9820 SH DEFINED 02 0 1419 0
BIOVAIL CORP COM 09067J109 713 41200 SH DEFINED 02 0 713 0
BLOCK H & R INC COM 093671105 979 19809 SH DEFINED 01 0 979 0
BOEING CO COM 097023105 239 4627 SH DEFINED 02 0 239 0
BP PLC SPONSORED ADR 055622104 825 775 SH Call DEFINED 02 0 825 0
BP PLC SPONSORED ADR 055622104 1471 25576 SH DEFINED 02 0 1471 0
BRISTOL MYERS SQUIBB CO COM 110122108 1020 43077 SH DEFINED 01 0 1020 0
BROADCOM CORP CL A 111320107 306 11229 SH DEFINED 02 0 306 0
CABLE & WIRELESS PUB LTD CO SPONSORED ADR 126830207 58 10962 SH DEFINED 01 0 58 0
CALPINE CORP COM 131347106 500 172417 SH DEFINED 02 0 500 0
CALPINE CORP COM 131347106 1804 7769 SH Put DEFINED 02 0 1804 0
CAMBIOR INC COM 13201L103 144 46638 SH DEFINED 01 0 144 0
CAPITAL ALLIANCE INCM TR REI COM NEW 13971R306 187 10857 SH DEFINED 01 0 187 0
CAPITAL ONE FINL CORP COM 14040H105 1318 17841 SH DEFINED 01 0 1318 0
CASH SYSTEMS INC COM 14756B102 103 15685 SH DEFINED 01 0 103 0
CATERPILLAR INC DEL COM 149123101 337 4183 SH DEFINED 02 0 337 0
CBRL GROUP INC COM 12489V106 514 14245 SH DEFINED 02 0 514 0
CELESTICA INC SUB VTG SHS 15101Q108 278 21875 SH DEFINED 01 0 278 0
CEMEX S A SPON ADR 5 ORD 151290889 332 11792 SH DEFINED 02 0 332 0
CEPHALON INC COM 156708109 208 688 SH Put DEFINED 02 0 208 0
CERADYNE INC COM 156710105 346 7870 SH DEFINED 02 0 346 0
CHESAPEAKE ENERGY CORP COM 165167107 162 10261 SH DEFINED 01 0 162 0
CHICOS FAS INC COM 168615102 2416 70630 SH DEFINED 02 0 2416 0
CHITTENDEN CORP COM 170228100 201 7362 SH DEFINED 01 0 201 0
CHUNGHWA TELECOM CO LTD SPONSORED ADR 17133Q205 550 31244 SH DEFINED 02 0 550 0
CIRCUIT CITY STORE INC COM 172737108 641 41789 SH DEFINED 01 0 641 0
CISCO SYS INC COM 17275R102 384 21288 SH DEFINED 02 0 384 0
CITIGROUP INC COM 172967101 3227 73147 SH DEFINED 02 0 3227 0
CITIZENS COMMUNICATIONS CO COM 17453B101 875 65378 SH DEFINED 02 0 875 0
CLEAR CHANNEL COMMUNICATIONS COM 184502102 334 10722 SH DEFINED 01 0 334 0
CLEVELAND CLIFFS INC COM 185896107 211 214 SH Call DEFINED 02 0 211 0
CNA FINL CORP COM 126117100 339 14101 SH DEFINED 02 0 339 0
CNOOC LTD SPONSORED ADR 126132109 221 238 SH Call DEFINED 02 0 221 0
COEUR D ALENE MINES CORP IDA COM 192108108 103 21727 SH DEFINED 02 0 103 0
COMMERCE BANCORP INC NJ COM 200519106 3461 62699 SH DEFINED 02 0 3461 0
COMMERCE BANCORP INC NJ COM 200519106 249 1110 SH Call DEFINED 02 0 249 0
COMPANHIA VALE DO RIO DOCE SPONSORED ADR 204412209 291 12972 SH DEFINED 02 0 291 0
COMPANHIA VALE DO RIO DOCE SPON ADR PFD 204412100 301 15621 SH DEFINED 02 0 301 0
COMPANIA DE TELECOMUNICS CHI SPON ADR NEW 204449300 203 18297 SH DEFINED 02 0 203 0
COMPUTER ASSOC INTL INC COM 204912109 1415 53804 SH DEFINED 02 0 1415 0
COMPUTER ASSOC INTL INC COM 204912109 1379 2265 SH Call DEFINED 02 0 1379 0
COMVERSE TECHNOLOGY INC COM PAR $0.10 205862402 2975 157976 SH DEFINED 02 0 2975 0
CONTINENTAL AIRLS INC CL B 210795308 152 17877 SH DEFINED 01 0 152 0
COOPER COS INC COM NEW 216648402 207 3019 SH DEFINED 01 0 207 0
COOPER COS INC COM NEW 216648402 734 862 SH Call DEFINED 02 0 734 0
COOPER INDS LTD CL A G24182100 380 6447 SH DEFINED 02 0 380 0
COTT CORP QUE COM 22163N106 479 16600 SH DEFINED 02 0 479 0
COUNTRYWIDE FINANCIAL CORP COM 222372104 205 5198 SH DEFINED 02 0 205 0
COUNTRYWIDE FINANCIAL CORP COM 222372104 2415 500 SH Call DEFINED 02 0 2415 0
CROWN HOLDINGS INC COM 228368106 308 29851 SH DEFINED 02 0 308 0
CSX CORP COM 126408103 253 7620 SH DEFINED 01 0 253 0
CURATIVE HEALTH SRVCS INC COM 23126W100 127 18553 SH DEFINED 02 0 127 0
DADE BEHRING HLDGS INC COM 23342J206 585 10492 SH DEFINED 02 0 585 0
DANAHER CORP DEL COM 235851102 451 615 SH Call DEFINED 02 0 451 0
DANAHER CORP DEL COM 235851102 630 12285 SH DEFINED 02 0 630 0
DEAN FOODS CO NEW COM 242370104 875 29162 SH DEFINED 02 0 875 0
DELTA AIR LINES INC DEL COM 247361108 2395 4189 SH Put DEFINED 02 0 2395 0
DELTA AIR LINES INC DEL COM 247361108 39 11849 SH DEFINED 02 0 39 0
DELTA AIR LINES INC DEL COM 247361108 242 4163 SH Call DEFINED 02 0 242 0
DELTA AIR LINES INC DEL COM 247361108 37 11334 SH DEFINED 01 0 37 0
DIAGEO P L C SPON ADR NEW 25243Q205 273 5411 SH DEFINED 01 0 273 0
DIAMONDS TR UNIT SER 1 252787106 3177 31500 SH DEFINED 02 0 3177 0
DIEBOLD INC COM 253651103 665 14247 SH DEFINED 02 0 665 0
DOLLAR GEN CORP COM 256669102 267 13267 SH DEFINED 01 0 267 0
DOLLAR TREE STORES INC COM 256747106 378 14016 SH DEFINED 02 0 378 0
DOMINOS PIZZA INC COM 25754A201 449 30535 SH DEFINED 01 0 449 0
DONNELLEY R R & SONS CO COM 257867101 763 24367 SH DEFINED 02 0 763 0
DU PONT E I DE NEMOURS & CO COM 263534109 201 4693 SH DEFINED 02 0 201 0
E M C CORP MASS COM 268648102 304 26344 SH DEFINED 02 0 304 0
EASTMAN CHEM CO COM 277432100 286 6012 SH DEFINED 01 0 286 0
EDISON INTL COM 281020107 724 1645 SH Call DEFINED 02 0 724 0
EL PASO CORP COM 28336L109 155 16876 SH DEFINED 02 0 155 0
ELECTRONICS FOR IMAGING INC COM 286082102 350 21488 SH DEFINED 02 0 350 0
EMPRESAS ICA SOCIEDAD CONTRL SPONSORED ADR 292448107 64 30937 SH DEFINED 01 0 64 0
ENERSIS S A SPONSORED ADR 29274F104 195 26872 SH DEFINED 02 0 195 0
ENZO BIOCHEM INC COM 294100102 596 39704 SH DEFINED 02 0 596 0
ENZON PHARMACEUTICALS INC COM 293904108 410 25705 SH DEFINED 02 0 410 0
EQUITY OFFICE PROPERTIES TRU COM 294741103 442 16218 SH DEFINED 02 0 442 0
ESS TECHNOLOGY INC COM 269151106 714 104818 SH DEFINED 02 0 714 0
EVEREST RE GROUP LTD COM G3223R108 3050 41036 SH DEFINED 02 0 3050 0
EXELON CORP COM 30161N101 283 7701 SH DEFINED 02 0 283 0
EXPEDITORS INTL WASH INC COM 302130109 241 4663 SH DEFINED 02 0 241 0
EXXON MOBIL CORP COM 30231G102 823 17022 SH DEFINED 02 0 823 0
EXXON MOBIL CORP COM 30231G102 4760 98487 SH DEFINED 01 0 4760 0
F M C CORP COM NEW 302491303 318 445 SH Call DEFINED 02 0 318 0
FASTENAL CO COM 311900104 220 803 SH Call DEFINED 02 0 220 0
FEDERAL HOME LN MTG CORP COM 313400301 372 5709 SH DEFINED 02 0 372 0
FEDERAL NATL MTG ASSN COM 313586109 548 8641 SH DEFINED 02 0 548 0
FEDEX CORP COM 31428X106 246 2865 SH DEFINED 02 0 246 0
FIFTH THIRD BANCORP COM 316773100 249 5067 SH DEFINED 02 0 249 0
FIRST NATL BANKSHRS FL INC N COM 321100109 231 9392 SH DEFINED 01 0 231 0
FLAGSTAR BANCORP INC COM 337930101 1076 50565 SH DEFINED 02 0 1076 0
FLEXTRONICS INTL LTD ORD Y2573F102 136 10300 SH DEFINED 02 0 136 0
FLIR SYS INC COM 302445101 212 286 SH Call DEFINED 02 0 212 0
FMC TECHNOLOGIES INC COM 30249U101 532 15931 SH DEFINED 02 0 532 0
FORD MTR CO DEL COM PAR $0.01 345370860 1758 125112 SH DEFINED 01 0 1758 0
FOX ENTMT GROUP INC CL A 35138T107 629 22679 SH DEFINED 01 0 629 0
FREEPORT-MCMORAN COPPER & GO CL B 35671D857 804 1578 SH Call DEFINED 02 0 804 0
FREEPORT-MCMORAN COPPER & GO CL B 35671D857 340 5426 SH Put DEFINED 02 0 340 0
FRIEDMAN BILLINGS RAMSEY GRO CL A 358434108 811 42439 SH DEFINED 01 0 811 0
GAP INC DEL COM 364760108 699 37387 SH DEFINED 01 0 699 0
GATX CORP COM 361448103 252 9458 SH DEFINED 02 0 252 0
GENERAL ELEC CO COM 369604103 573 17049 SH DEFINED 02 0 573 0
GENERAL MLS INC COM 370334104 964 21462 SH DEFINED 02 0 964 0
GILEAD SCIENCES INC COM 375558103 386 202 SH Call DEFINED 02 0 386 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 446 10200 SH DEFINED 02 0 446 0
GLOBAL CROSSING LTD SHS NEW G3921A175 473 1293 SH Call DEFINED 02 0 473 0
GLOBAL PMTS INC COM 37940X102 247 4610 SH DEFINED 01 0 247 0
GOLDEN STAR RES LTD CDA COM 38119T104 176 33313 SH DEFINED 01 0 176 0
GOLDMAN SACHS GROUP INC COM 38141G104 351 3764 SH DEFINED 02 0 351 0
GOODYEAR TIRE & RUBR CO COM 382550101 181 16866 SH DEFINED 01 0 181 0
HALLIBURTON CO COM 406216101 396 11749 SH DEFINED 01 0 396 0
HARMAN INTL INDS INC COM 413086109 257 340 SH Call DEFINED 02 0 257 0
HARMAN INTL INDS INC COM 413086109 623 5778 SH DEFINED 02 0 623 0
HAWAIIAN ELEC INDUSTRIES COM 419870100 443 16710 SH DEFINED 02 0 443 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 383 11279 SH DEFINED 02 0 383 0
HECLA MNG CO COM 422704106 80 10742 SH DEFINED 02 0 80 0
HELLENIC TELECOM ORGANIZATN SPONSORED ADR 423325307 72 10725 SH DEFINED 02 0 72 0
HONEYWELL INTL INC COM 438516106 401 11196 SH DEFINED 02 0 401 0
HONEYWELL INTL INC COM 438516106 424 1770 SH Put DEFINED 02 0 424 0
HONEYWELL INTL INC COM 438516106 287 1802 SH Call DEFINED 02 0 287 0
HOSPIRA INC COM 441060100 486 15895 SH DEFINED 02 0 486 0
IAMGOLD CORP COM 450913108 189 23539 SH DEFINED 01 0 189 0
ICICI BK LTD ADR 45104G104 179 12976 SH DEFINED 02 0 179 0
INDIA FD INC COM 454089103 356 15000 SH DEFINED 01 0 356 0
INFOSYS TECHNOLOGIES LTD SPONSORED ADR 456788108 748 13208 SH DEFINED 02 0 748 0
INFRASOURCE SVCS INC COM 45684P102 152 14433 SH DEFINED 01 0 152 0
INTEL CORP COM 458140100 1088 54314 SH DEFINED 02 0 1088 0
INTERMUNE INC COM 45884X103 131 11107 SH DEFINED 02 0 131 0
INTERNATIONAL BUSINESS MACHS COM 459200101 413 4821 SH DEFINED 02 0 413 0
INTERNATIONAL GAME TECHNOLOG COM 459902102 887 1205 SH Call DEFINED 02 0 887 0
INTERNATIONAL GAME TECHNOLOG COM 459902102 5947 165420 SH DEFINED 02 0 5947 0
ISHARES INC MSCI GERMAN 464286806 2660 168700 SH DEFINED 02 0 2660 0
ISHARES INC MSCI TAIWAN 464286731 1966 185800 SH DEFINED 02 0 1966 0
ISHARES INC MSCI S KOREA 464286772 4112 164488 SH DEFINED 02 0 4112 0
ISHARES INC MSCI STH AFRCA 464286780 520 8000 SH DEFINED 02 0 520 0
ISHARES INC MSCI NETHERLND 464286814 355 22200 SH DEFINED 02 0 355 0
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ISHARES INC MSCI JAPAN 464286848 1164 120000 SH DEFINED 02 0 1164 0
ISHARES INC MSCI MALAYSIA 464286830 491 73000 SH DEFINED 02 0 491 0
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ISHARES INC MSCI MEXICO 464286822 3325 162450 SH DEFINED 02 0 3325 0
ISHARES INC MSCI EMU INDEX 464286608 856 13750 SH DEFINED 02 0 856 0
ISHARES INC MSCI BRAZIL 464286400 927 50000 SH DEFINED 02 0 927 0
ISHARES INC MSCI AUSTRIA 464286202 189 10600 SH DEFINED 02 0 189 0
ISHARES INC MSCI GERMAN 464286806 4522 286777 SH DEFINED 02 0 4522 0
ISHARES INC MSCI PAC J IDX 464286665 2896 36191 SH DEFINED 02 0 2896 0
ISHARES INC MSCI MEXICO 464286822 2453 119941 SH DEFINED 02 0 2453 0
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ISHARES TR S&P500/BAR GRW 464287309 431 8000 SH DEFINED 02 0 431 0
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ISHARES TR S&P MIDCAP 400 464287507 475 4000 SH DEFINED 02 0 475 0
ISHARES TR S&P MIDCP VALU 464287705 3786 32845 SH DEFINED 02 0 3786 0
ISHARES TR DJ US REAL EST 464287739 1615 14960 SH DEFINED 02 0 1615 0
ISHARES TR S&P SMLCAP 600 464287804 7356 51000 SH DEFINED 02 0 7356 0
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ISHARES TR 20+ YR TRS BD 464287432 66989 758400 SH DEFINED 02 0 66989 0
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JDS UNIPHASE CORP COM 46612J101 2656 788048 SH DEFINED 02 0 2656 0
JOHNSON & JOHNSON COM 478160104 1234 21901 SH DEFINED 02 0 1234 0
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KEYSPAN CORP COM 49337W100 215 5492 SH DEFINED 02 0 215 0
KINDER MORGAN ENERGY PARTNER UT LTD PARTNER 494550106 228 789 SH Call DEFINED 02 0 228 0
KINDRED HEALTHCARE INC COM 494580103 283 11614 SH DEFINED 02 0 283 0
KINROSS GOLD CORP COM NEW 496902206 118 17400 SH DEFINED 02 0 118 0
KLA-TENCOR CORP COM 482480100 1072 1643 SH Put DEFINED 02 0 1072 0
KLA-TENCOR CORP COM 482480100 991 1962 SH Call DEFINED 02 0 991 0
KONINKLIJKE AHOLD N V SPON ADR NEW 500467303 139 21700 SH DEFINED 02 0 139 0
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KRISPY KREME DOUGHNUTS INC COM 501014104 552 749 SH Put DEFINED 02 0 552 0
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LAUDER ESTEE COS INC CL A 518439104 476 11399 SH DEFINED 01 0 476 0
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MEDICINES CO COM 584688105 220 9122 SH DEFINED 02 0 220 0
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MIDCAP SPDR TR UNIT SER 1 595635103 1466 9017 SH Call DEFINED 02 0 1466 0
MIDCAP SPDR TR UNIT SER 1 595635103 2947 27200 SH DEFINED 02 0 2947 0
MIDSOUTH BANCORP INC COM 598039105 225 6830 SH DEFINED 01 0 225 0
MILACRON INC COM 598709103 175 56200 SH DEFINED 01 0 175 0
MIRAMAR MINING CORP COM 60466E100 121 95094 SH DEFINED 01 0 121 0
MONEYGRAM INTL INC COM 60935Y109 208 12205 SH DEFINED 01 0 208 0
MORGAN STANLEY COM NEW 617446448 354 7173 SH DEFINED 02 0 354 0
MURPHY OIL CORP COM 626717102 296 3414 SH DEFINED 02 0 296 0
NATIONAL CITY CORP COM 635405103 226 5858 SH DEFINED 02 0 226 0
NATIONAL FUEL GAS CO N J COM 636180101 251 8865 SH DEFINED 02 0 251 0
NEWS CORP LTD ADR NEW 652487703 285 8667 SH DEFINED 01 0 285 0
NIKE INC CL B 654106103 287 3648 SH DEFINED 01 0 287 0
NOBLE CORPORATION SHS G65422100 563 12526 SH DEFINED 01 0 563 0
NOBLE ENERGY INC COM 655044105 218 3741 SH DEFINED 02 0 218 0
NOKIA CORP SPONSORED ADR 654902204 2388 174086 SH DEFINED 01 0 2388 0
NORTHGATE MINERALS CORP COM 666416102 38 19636 SH DEFINED 01 0 38 0
NOVARTIS A G SPONSORED ADR 66987V109 569 12200 SH DEFINED 02 0 569 0
NPS PHARMACEUTICALS INC COM 62936P103 382 17464 SH DEFINED 02 0 382 0
NRG ENERGY INC COM NEW 629377508 226 8400 SH DEFINED 02 0 226 0
OFFICE DEPOT INC COM 676220106 452 30083 SH DEFINED 01 0 452 0
OIL SVC HOLDRS TR DEPOSTRY RCPT 678002106 4679 4065 SH Call DEFINED 02 0 4679 0
OMNICARE INC COM 681904108 451 15904 SH DEFINED 02 0 451 0
OMNICOM GROUP INC COM 681919106 315 575 SH Call DEFINED 02 0 315 0
OMNICOM GROUP INC COM 681919106 250 922 SH Put DEFINED 02 0 250 0
OPEN JT STK CO-VIMPEL COMMUN SPONSORED ADR 68370R109 885 785 SH Call DEFINED 02 0 885 0
OVERSTOCK COM INC DEL COM 690370101 206 535 SH Call DEFINED 02 0 206 0
PAR PHARMACEUTICAL COS INC COM 69888P106 878 24442 SH DEFINED 02 0 878 0
PEC SOLUTIONS INC COM 705107100 125 10644 SH DEFINED 02 0 125 0
PEDIATRIX MED GROUP COM 705324101 2493 45455 SH DEFINED 01 0 2493 0
PENNEY J C INC COM 708160106 421 793 SH Put DEFINED 02 0 421 0
PENNEY J C INC COM 708160106 541 999 SH Call DEFINED 02 0 541 0
PEPSICO INC COM 713448108 390 1738 SH Call DEFINED 02 0 390 0
PEPSICO INC COM 713448108 3986 81935 SH DEFINED 02 0 3986 0
PEPSICO INC COM 713448108 253 1553 SH Put DEFINED 02 0 253 0
PETROBRAS ENERGIA PARTCPTNS SP ADR B SHS 71646M102 118 10711 SH DEFINED 02 0 118 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V101 526 16471 SH DEFINED 02 0 526 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 554 15724 SH DEFINED 02 0 554 0
PETSMART INC COM 716768106 498 17554 SH DEFINED 02 0 498 0
PFIZER INC COM 717081103 397 577 SH Call DEFINED 02 0 397 0
PFIZER INC COM 717081103 1633 53371 SH DEFINED 02 0 1633 0
PG&E CORP COM 69331C108 687 1491 SH Call DEFINED 02 0 687 0
PG&E CORP COM 69331C108 499 16415 SH DEFINED 02 0 499 0
PHARMACEUTICAL HLDRS TR DEPOSITRY RCPT 71712A206 8485 119200 SH DEFINED 02 0 8485 0
PHARMACEUTICAL HLDRS TR DEPOSITRY RCPT 71712A206 2270 3233 SH Put DEFINED 02 0 2270 0
POGO PRODUCING CO COM 730448107 207 4370 SH DEFINED 02 0 207 0
POSCO SPONSORED ADR 693483109 735 19428 SH DEFINED 02 0 735 0
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PRIME HOSPITALITY CORP COM 741917108 122 10051 SH DEFINED 02 0 122 0
PROCTER & GAMBLE CO COM 742718109 273 1618 SH Call DEFINED 02 0 273 0
PROCTER & GAMBLE CO COM 742718109 12018 222056 SH DEFINED 02 0 12018 0
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PULTE HOMES INC COM 745867101 3631 59163 SH DEFINED 02 0 3631 0
PYR ENERGY CORP COM 693677106 45 38784 SH DEFINED 01 0 45 0
QUALCOMM INC COM 747525103 688 880 SH Call DEFINED 02 0 688 0
QUALCOMM INC COM 747525103 210 5378 SH DEFINED 02 0 210 0
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QUICKSILVER RESOURCES INC COM 74837R104 896 27440 SH DEFINED 02 0 896 0
REGIONAL BK HOLDRS TR DEPOSITRY RCPT 75902E100 1177 8800 SH DEFINED 02 0 1177 0
REGIONS FINANCIAL CORP NEW COM 7591EP100 327 9892 SH DEFINED 01 0 327 0
RETAIL HOLDRS TR DEP RCPT 76127U101 2280 25000 SH DEFINED 02 0 2280 0
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SATYAM COMPUTER SERVICES LTD ADR 804098101 304 13161 SH DEFINED 02 0 304 0
SCHWAB CHARLES CORP NEW COM 808513105 121 13132 SH DEFINED 02 0 121 0
SCICLONE PHARMACEUTICALS INC COM 80862K104 206 57875 SH DEFINED 02 0 206 0
SCP POOL CORP COM 784028102 246 9177 SH DEFINED 02 0 246 0
SECURE COMPUTING CORP COM 813705100 97 12743 SH DEFINED 02 0 97 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 205 9500 SH DEFINED 02 0 205 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 693 4153 SH Put DEFINED 02 0 693 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 1515 43300 SH DEFINED 02 0 1515 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 3498 127100 SH DEFINED 02 0 3498 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 9288 325914 SH DEFINED 02 0 9288 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 204 7322 SH Put DEFINED 02 0 204 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 3122 110000 SH DEFINED 02 0 3122 0
SEMICONDUCTOR HLDRS TR DEP RCPT 816636203 7442 246100 SH DEFINED 02 0 7442 0
SEMICONDUCTOR HLDRS TR DEP RCPT 816636203 636 4186 SH Call DEFINED 02 0 636 0
SEMICONDUCTOR HLDRS TR DEP RCPT 816636203 1141 3326 SH Put DEFINED 02 0 1141 0
SEPRACOR INC COM 817315104 330 2755 SH Put DEFINED 02 0 330 0
SEPRACOR INC COM 817315104 5613 3462 SH Call DEFINED 02 0 5613 0
SERVICEMASTER CO COM 81760N109 136 10600 SH DEFINED 01 0 136 0
SIERRA WIRELESS INC COM 826516106 187 10530 SH DEFINED 02 0 187 0
SILICONWARE PRECISION INDS L SPONSD ADR SPL 827084864 344 102198 SH DEFINED 02 0 344 0
SIMON PPTY GROUP INC NEW COM 828806109 768 14317 SH DEFINED 01 0 768 0
SIRIUS SATELLITE RADIO INC COM 82966U103 4000 1250000 SH DEFINED 01 0 4000 0
SIRVA INC COM 82967Y104 436 19024 SH DEFINED 01 0 436 0
SK TELECOM LTD SPONSORED ADR 78440P108 454 23329 SH DEFINED 02 0 454 0
SMITH INTL INC COM 832110100 314 5168 SH DEFINED 02 0 314 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 307 6365 SH DEFINED 02 0 307 0
SOUTHERN CO COM 842587107 355 11846 SH DEFINED 02 0 355 0
SPDR TR UNIT SER 1 78462F103 2234 20000 SH DEFINED 02 0 2234 0
SPINNAKER EXPL CO COM 84855W109 508 14499 SH DEFINED 02 0 508 0
SPX CORP COM 784635104 562 15889 SH DEFINED 02 0 562 0
SPX CORP COM 784635104 550 871 SH Put DEFINED 02 0 550 0
ST JUDE MED INC COM 790849103 675 8964 SH DEFINED 01 0 675 0
STARBUCKS CORP COM 855244109 326 124 SH Call DEFINED 02 0 326 0
STRATEGIC HOTEL CAP INC COM 86272T106 188 13914 SH DEFINED 01 0 188 0
STREETTRACKS INDEX SHS FDS DJ EURO STX 50 863308201 340 10000 SH DEFINED 02 0 340 0
SUNOCO INC COM 86764P109 382 5159 SH DEFINED 02 0 382 0
SUSSEX BANCORP COM 869245100 193 12658 SH DEFINED 01 0 193 0
SWIFT ENERGY CO COM 870738101 258 10765 SH DEFINED 02 0 258 0
SYBASE INC COM 871130100 210 15257 SH DEFINED 02 0 210 0
TAG-IT PAC INC COM 873774103 51 14701 SH DEFINED 01 0 51 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 322 45151 SH DEFINED 01 0 322 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 1050 147095 SH DEFINED 02 0 1050 0
TECH DATA CORP COM 878237106 258 6698 SH DEFINED 02 0 258 0
TELE NORTE LESTE PART S A SPON ADR PFD 879246106 241 18203 SH DEFINED 02 0 241 0
TELEPHONE & DATA SYS INC COM 879433100 1655 19668 SH DEFINED 02 0 1655 0
TELESP CELULAR PART S A SPON ADR PFD 87952L108 67 10766 SH DEFINED 02 0 67 0
TELETOUCH COMMUNICATIONS INC COM NEW 87951V206 13 35583 SH DEFINED 01 0 13 0
TENARIS S A SPONSORED ADR 88031M109 320 7030 SH DEFINED 02 0 320 0
TETON PETE CO COM NEW 88162A205 41 28700 SH DEFINED 01 0 41 0
TIME WARNER INC COM 887317105 162 10067 SH DEFINED 02 0 162 0
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TJX COS INC NEW COM 872540109 594 26941 SH DEFINED 01 0 594 0
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TYSON FOODS INC CL A 902494103 272 16982 SH DEFINED 01 0 272 0
ULTRA PETROLEUM CORP COM 903914109 6615 134859 SH DEFINED 02 0 6615 0
ULTRA PETROLEUM CORP COM 903914109 1334 843 SH Call DEFINED 02 0 1334 0
UNION BANKSHARES INC COM 905400107 262 11155 SH DEFINED 01 0 262 0
UNITED MICROELECTRONICS CORP SPONSORED ADR 910873207 180 53241 SH DEFINED 01 0 180 0
UNITED MICROELECTRONICS CORP SPONSORED ADR 910873207 589 174300 SH DEFINED 02 0 589 0
UNITED NAT FOODS INC COM 911163103 229 8591 SH DEFINED 02 0 229 0
UNITED PARCEL SERVICE INC CL B 911312106 271 3566 SH DEFINED 01 0 271 0
UNITED TECHNOLOGIES CORP COM 913017109 406 4352 SH DEFINED 02 0 406 0
UNIVERSAL HLTH SVCS INC CL B 913903100 391 8983 SH DEFINED 01 0 391 0
UNOCAL CORP COM 915289102 403 758 SH Call DEFINED 02 0 403 0
US BANCORP DEL COM NEW 902973304 422 14617 SH DEFINED 02 0 422 0
VALERO ENERGY CORP NEW COM 91913Y100 610 112 SH Call DEFINED 02 0 610 0
VANGUARD INDEX TR SML CP G VIPER 922908595 1189 25300 SH DEFINED 02 0 1189 0
VANGUARD INDEX TR SMLL CP VIPERS 922908751 497 10000 SH DEFINED 02 0 497 0
VANGUARD INDEX TR STK MRK VIPERS 922908769 1897 17600 SH DEFINED 02 0 1897 0
VANGUARD INDEX TR EXT MKT VIPERS 922908652 1238 16900 SH DEFINED 02 0 1238 0
VENTANA MED SYS INC COM 92276H106 481 9536 SH DEFINED 02 0 481 0
VIACOM INC CL B 925524308 717 21377 SH DEFINED 01 0 717 0
VIDESH SANCHAR NIGAM LTD SPON ADR NEW 92659G600 122 16279 SH DEFINED 02 0 122 0
VISHAY INTERTECHNOLOGY INC COM 928298108 364 636 SH Put DEFINED 02 0 364 0
WACHOVIA CORP 2ND NEW COM 929903102 814 17330 SH DEFINED 02 0 814 0
WAL MART STORES INC COM 931142103 204 3836 SH DEFINED 02 0 204 0
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WASHINGTON MUT INC COM 939322103 521 13341 SH DEFINED 02 0 521 0
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WCI CMNTYS INC COM 92923C104 314 13456 SH DEFINED 01 0 314 0
WEATHERFORD INTERNATIONAL LT COM G95089101 322 836 SH Call DEFINED 02 0 322 0
WELLS FARGO & CO NEW COM 949746101 771 12924 SH DEFINED 02 0 771 0
WHEATON RIV MINERALS LTD COM 962902102 457 145049 SH DEFINED 01 0 457 0
WILLIAMS COS INC DEL COM 969457100 197 16318 SH DEFINED 02 0 197 0
WILLIAMS SONOMA INC COM 969904101 612 16310 SH DEFINED 02 0 612 0
WIPRO LTD SPON ADR 1 SH 97651M109 289 15313 SH DEFINED 02 0 289 0
XTO ENERGY INC COM 98385X106 244 7516 SH DEFINED 02 0 244 0
YAHOO INC COM 984332106 279 8221 SH DEFINED 02 0 279 0
YAMANA GOLD INC COM 98462Y100 134 50682 SH DEFINED 01 0 134 0
ZYMOGENETICS INC COM 98985T109 183 10513 SH DEFINED 02 0 183 0