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

                                    Form 13F

                              Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: December 31, 2008

Check here if Amendment [  ]; Amendment Number:
This Amendment (Check only one.): [  ] is a restatement.
                                  [  ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:    GLG Partners, Inc.
Address: 390 Park Avenue, 20th Floor
         New York, NY  10022

13F File Number:  028-13068

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:      Alejandro San Miguel
Title:     General Counsel and Corporate Secretary
Phone:     212-224-7200

Signature, Place, and Date of Signing:

      /s/ Alejandro San Miguel     New York, NY     February 09, 2009

* GLG INC. ACTS AS A SUB-ADVISOR TO GLG PARTNERS LP IN RESPECT OF CERTAIN
SECURITIES LISTED IN THE INFORMATION TABLE.

** CERTAIN SECTION 13(F) SECURITIES HAVE BEEN OMITTED FROM THIS REPORT BECAUSE
THOSE SECURITIES ARE PART OF THE LEHMAN BANKRUPTCY AND THEREFORE THE
INSTITUTIONAL INVESTMENT MANAGER FILING THIS FORM 13F ("GLG") DOES NOT HAVE
INVESTMENT DISCRETION OVER THOSE SECURITIES.

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:     331

Form13F Information Table Value Total:     $1,949,660 (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   28-10979                      GLG Partners LP
02   28-13070                      GLG Inc.



                                    
                                                     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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
ABB LTD                        SPONSORED ADR    000375204     6478   431572 SH       DEFINED 01             431572        0        0
ABBOTT LABS                    COM              002824100     9075   170042 SH       DEFINED 01             170042        0        0
ACACIA RESH CORP               ACACIA TCH COM   003881307      427   140329 SH       DEFINED 01             140329        0        0
ACCENTURE LTD BERMUDA          CL A             G1150G111     1469    44800 SH       DEFINED 01              44800        0        0
ACE LTD                        SHS              H0023R105     1923    36330 SH       DEFINED 01              36330        0        0
AFFORDABLE RESIDENTIAL CMNTY   NOTE 7.500% 8/1  00828UAB9    13050 14500000 PRN      DEFINED 01           14500000        0        0
AFLAC INC                      COM              001055102     2364    51571 SH       DEFINED 01              51571        0        0
AIR PRODS & CHEMS INC          COM              009158106     3072    61112 SH       DEFINED 01              61112        0        0
AKAMAI TECHNOLOGIES INC        COM              00971T101     2521   167059 SH       DEFINED 01             167059        0        0
ALCOA INC                      COM              013817101      282    25000 SH       DEFINED 01              25000        0        0
ALCON INC                      COM SHS          H01301102    52885   380000 SH       DEFINED 01             380000        0        0
ALLEGHENY ENERGY INC           COM              017361106     3470   102481 SH       DEFINED 01             102481        0        0
ALLERGAN INC                   COM              018490102     1398    34685 SH       DEFINED 01              34685        0        0
ALLERGAN INC                   NOTE 1.500% 4/0  018490AL6     5555  5500000 PRN      DEFINED 01            5500000        0        0
ALLIANCE DATA SYSTEMS CORP     COM              018581108      867    18639 SH       DEFINED 01              18639        0        0
ALLSTATE CORP                  COM              020002101     1818    55490 SH       DEFINED 01              55490        0        0
ALTRIA GROUP INC               COM              02209S103     8557   568170 SH       DEFINED 01             568170        0        0
AMAZON COM INC                 COM              023135106      960    18717 SH       DEFINED 01              18717        0        0
AMDOCS LTD                     ORD              G02602103     2103   115000 SH  CALL DEFINED 01             115000        0        0
AMDOCS LTD                     ORD              G02602103     1097    60000 SH       DEFINED 01              60000        0        0
AMERICAN ELEC PWR INC          COM              025537101     1231    37000 SH       DEFINED 01              37000        0        0
AMERICAN TOWER CORP            CL A             029912201     4004   136556 SH       DEFINED 01             136556        0        0
AMERICREDIT CORP               COM              03060R101      902   118100 SH  PUT  DEFINED 01             118100        0        0
AMERICREDIT CORP               NOTE 2.125% 9/1  03060RAR2     4150 10000000 PRN      DEFINED 01           10000000        0        0
AMGEN INC                      COM              031162100    25221   436730 SH       DEFINED 01             436730        0        0
AMGEN INC                      NOTE 0.375% 2/0  031162AQ3    10014 10500000 PRN      DEFINED 01           10500000        0        0
ANADARKO PETE CORP             COM              032511107     6526   169296 SH       DEFINED 01             169296        0        0
APACHE CORP                    COM              037411105     9477   127158 SH       DEFINED 01             127158        0        0
APEX SILVER MINES LTD          NOTE 4.000% 9/1  03760XAD3      218  2500000 PRN      DEFINED 01            2500000        0        0
APEX SILVER MINES LTD          NOTE 2.875% 3/1  03760XAB7      544  6500000 PRN      DEFINED 01            6500000        0        0
APOLLO GROUP INC               CL A             037604105     9992   130415 SH       DEFINED 01             130415        0        0
APPLE INC                      COM              037833100     7892    92463 SH       DEFINED 01              92463        0        0
APPLIED MATLS INC              COM              038222105     4233   417848 SH       DEFINED 01             417848        0        0
ARCHER DANIELS MIDLAND CO      UNIT 99/99/9999  039483201    10759   290000 SH       DEFINED 01             290000        0        0
ARVINMERITOR INC               NOTE 4.625% 3/0  043353AF8     2685 10000000 PRN      DEFINED 01           10000000        0        0
AT&T INC                       COM              00206R102    29718  1042733 SH       DEFINED 01            1042733        0        0
AVIS BUDGET GROUP              COM              053774105     9098   320000 SH       DEFINED 01             320000        0        0
BALL CORP                      COM              058498106     1563    37577 SH       DEFINED 01              37577        0        0
BANK OF AMERICA CORPORATION    COM              060505104      309    21924 SH  PUT  DEFINED 01              21924        0        0
BANK OF NEW YORK MELLON CORP   COM              064058100     6860   242157 SH       DEFINED 01             242157        0        0
BARRICK GOLD CORP              COM              067901108     1434    39000 SH       DEFINED 01              39000        0        0
BARRICK GOLD CORP              COM              067901108     7354   200000 SH  CALL DEFINED 01             200000        0        0
BAXTER INTL INC                COM              071813109     4559    85068 SH       DEFINED 01              85068        0        0
BECTON DICKINSON & CO          COM              075887109     1783    26065 SH       DEFINED 01              26065        0        0
BERKSHIRE HATHAWAY INC DEL     CL A             084670108     3478       36 SH       DEFINED 01                 36        0        0
BERRY PETE CO                  CL A             085789105      756   100000 SH       DEFINED 01             100000        0        0
BIOGEN IDEC INC                COM              09062X103     2447    51384 SH       DEFINED 01              51384        0        0
BIOMIMETIC THERAPEUTICS INC    COM              09064X101    13476  1461560 SH       DEFINED 01            1461560        0        0
BLOCK H & R INC                COM              093671105    12163   535344 SH       DEFINED 01             535344        0        0
BMC SOFTWARE INC               COM              055921100      873    32426 SH       DEFINED 01              32426        0        0
BOEING CO                      COM              097023105     2516    58965 SH       DEFINED 01              58965        0        0
BOSTON PPTYS LTD PARTNERSHIP   NOTE 2.875% 2/1  10112RAK0    17917 22500000 PRN      DEFINED 01           22500000        0        0
BOSTON PRIVATE FINL HLDGS IN   NOTE 3.000% 7/1  101119AB1      473   500000 PRN      DEFINED 01             500000        0        0
BOSTON PROPERTIES INC          COM              101121101      231     4200 SH       DEFINED 01               4200        0        0
BOSTON SCIENTIFIC CORP         COM              101137107     1113   143824 SH       DEFINED 01             143824        0        0
BRISTOL MYERS SQUIBB CO        COM              110122108     6056   260494 SH       DEFINED 01             260494        0        0
BROADCOM CORP                  CL A             111320107     4227   249066 SH       DEFINED 01             249066        0        0
BURLINGTON NORTHN SANTA FE C   COM              12189T104     2610    34480 SH       DEFINED 01              34480        0        0
C H ROBINSON WORLDWIDE INC     COM NEW          12541W209      877    15935 SH       DEFINED 01              15935        0        0
CA INC                         COM              12673P105     7045   380198 SH       DEFINED 01             380198        0        0
CABLEVISION SYS CORP           CL A NY CABLVS   12686C109      898    53341 SH       DEFINED 01              53341        0        0
CALPINE CORP                   COM NEW          131347304      779   107000 SH       DEFINED 01             107000        0        0
CAMERON INTERNATIONAL CORP     COM              13342B105      410    20000 SH       DEFINED 01              20000        0        0
CAREER EDUCATION CORP          COM              141665109    12547   699365 SH       DEFINED 01             699365        0        0
CAREER EDUCATION CORP          COM              141665109     2691   150000 SH  CALL DEFINED 01             150000        0        0
CATERPILLAR INC DEL            COM              149123101     4090    91568 SH       DEFINED 01              91568        0        0
CELGENE CORP                   COM              151020104    11935   215899 SH       DEFINED 01             215899        0        0
CENTERPOINT ENERGY INC         COM              15189T107     5109   404840 SH       DEFINED 01             404840        0        0
CHENIERE ENERGY INC            COM NEW          16411R208       35    10500 SH       DEFINED 01              10500        0        0
CHENIERE ENERGY INC            NOTE 2.250% 8/0  16411RAE9     1500 10000000 PRN      DEFINED 01           10000000        0        0
CHESAPEAKE ENERGY CORP         COM              165167107     4278   264571 SH       DEFINED 01             264571        0        0
CHEVRON CORP NEW               COM              166764100    35588   481114 SH       DEFINED 01             481114        0        0
CHINA LIFE INS CO LTD          SPON ADR REP H   16939P106      487    10500 SH       DEFINED 01              10500        0        0
CHINA MED TECHNOLOGIES INC     NOTE 3.500%11/1  169483AB0     7080 10000000 PRN      DEFINED 01           10000000        0        0
CHUBB CORP                     COM              171232101     1873    36734 SH       DEFINED 01              36734        0        0
CISCO SYS INC                  COM              17275R102    14910   914750 SH       DEFINED 01             914750        0        0
CIT GROUP INC                  COM              125581108     1135   250000 SH       DEFINED 01             250000        0        0
CITIGROUP INC                  COM              172967101      513    76500 SH  PUT  DEFINED 01              76500        0        0
CITRIX SYS INC                 COM              177376100      736    31229 SH       DEFINED 01              31229        0        0
CMS ENERGY CORP                COM              125896100     4405   435716 SH       DEFINED 01             435716        0        0
COACH INC                      COM              189754104     2983   143638 SH       DEFINED 01             143638        0        0
COCA COLA CO                   COM              191216100    15397   340110 SH       DEFINED 01             340110        0        0
COEUR D ALENE MINES CORP IDA   NOTE 3.250% 3/1  192108AR9      510  2000000 PRN      DEFINED 01            2000000        0        0
COEUR D ALENE MINES CORP IDA   NOTE 1.250% 1/1  192108AQ1     1519  5000000 PRN      DEFINED 01            5000000        0        0
COMCAST CORP NEW               CL A             20030N101     8281   490573 SH       DEFINED 01             490573        0        0
COMPANHIA DE BEBIDAS DAS AME   SPON ADR PFD     20441W203     2706    61063 SH       DEFINED 01              61063        0        0
CONOCOPHILLIPS                 COM              20825C104     4866    93939 SH       DEFINED 01              93939        0        0
CONSOLIDATED EDISON INC        COM              209115104     1058    27166 SH       DEFINED 01              27166        0        0
CORNING INC                    COM              219350105     4224   443180 SH       DEFINED 01             443180        0        0
COVIDIEN LTD                   COM              G2552X108     7169   197829 SH       DEFINED 01             197829        0        0
CROWN HOLDINGS INC             COM              228368106     2233   116320 SH       DEFINED 01             116320        0        0
CSX CORP                       COM              126408103    20714   637944 SH       DEFINED 01             637944        0        0
CURAGEN CORP                   COM              23126R101      560   132000 SH       DEFINED 01             132000        0        0
CVS CAREMARK CORPORATION       COM              126650100    18114   630256 SH       DEFINED 01             630256        0        0
DEERE & CO                     COM              244199105     2211    57705 SH       DEFINED 01              57705        0        0
DELL INC                       COM              24702R101     4669   456000 SH       DEFINED 01             456000        0        0
DENBURY RES INC                COM NEW          247916208     2184   200000 SH       DEFINED 01             200000        0        0
DEVELOPERS DIVERSIFIED RLTY    NOTE 3.000% 3/1  251591AS2     2142  5000000 PRN      DEFINED 01            5000000        0        0
DEVON ENERGY CORP NEW          COM              25179M103     3480    52964 SH       DEFINED 01              52964        0        0
DEVRY INC DEL                  COM              251893103     7898   137574 SH       DEFINED 01             137574        0        0
DIAMOND OFFSHORE DRILLING IN   COM              25271C102      589    10000 SH       DEFINED 01              10000        0        0
DIRECTV GROUP INC              COM              25459L106     1485    64840 SH       DEFINED 01              64840        0        0
DISCOVER FINL SVCS             COM              254709108    26220  2751283 SH       DEFINED 01            2751283        0        0
DISCOVERY COMMUNICATNS NEW     COM SER A        25470F104      147    10409 SH       DEFINED 01              10409        0        0
DISCOVERY COMMUNICATNS NEW     COM SER C        25470F302      175    13049 SH       DEFINED 01              13049        0        0
DISNEY WALT CO                 COM DISNEY       254687106     1945    85741 SH       DEFINED 01              85741        0        0
DOLAN MEDIA CO                 COM              25659P402     2423   367683 SH       DEFINED 01             367683        0        0
DOW CHEM CO                    COM              260543103      423    28000 SH       DEFINED 01              28000        0        0
DU PONT E I DE NEMOURS & CO    COM              263534109     2472    97727 SH       DEFINED 01              97727        0        0
DUKE ENERGY CORP NEW           COM              26441C105     6290   419074 SH       DEFINED 01             419074        0        0
E M C CORP MASS                NOTE 1.750%12/0  268648AM4    12139 13000000 PRN      DEFINED 01           13000000        0        0
E M C CORP MASS                COM              268648102     2160   206341 SH       DEFINED 01             206341        0        0
EAGLE MATERIALS INC            COM              26969P108     1197    65010 SH       DEFINED 01              65010        0        0
EDGE PETE CORP DEL             PFD CONV A       279862205      100    50000 SH       DEFINED 01              50000        0        0
ELIXIR GAMING TECHNOLOGIES I   COM              28661G105      211  1625000 SH       DEFINED 01            1625000        0        0
ENDEAVOR INTL CORP INC         NOTE 6.000% 1/1  29257MAB6     2402  4000000 PRN      DEFINED 01            4000000        0        0
ENZON PHARMACEUTICALS INC      NOTE 4.000% 6/0  293904AE8     7143 10000000 PRN      DEFINED 01           10000000        0        0
EOG RES INC                    COM              26875P101     2463    36996 SH       DEFINED 01              36996        0        0
EQUINIX INC                    COM NEW          29444U502      798    15000 SH       DEFINED 01              15000        0        0
EQUITABLE RES INC              COM              294549100     2323    69246 SH       DEFINED 01              69246        0        0
EQUITY RESIDENTIAL             SH BEN INT       29476L107      292     9800 SH       DEFINED 01               9800        0        0
EXELON CORP                    COM              30161N101     7111   127868 SH       DEFINED 01             127868        0        0
EXPEDITORS INTL WASH INC       COM              302130109      655    19694 SH       DEFINED 01              19694        0        0
EXXON MOBIL CORP               COM              30231G102    44024   551467 SH       DEFINED 01             551467        0        0
FEDEX CORP                     COM              31428X106     2878    44863 SH       DEFINED 01              44863        0        0
FIRSTENERGY CORP               COM              337932107     2190    45075 SH       DEFINED 01              45075        0        0
FORD MTR CO DEL                COM PAR $0.01    345370860      771   336500 SH  PUT  DEFINED 01             336500        0        0
FORD MTR CO DEL                NOTE 4.250%12/1  345370CF5     7881 30000000 PRN      DEFINED 01           30000000        0        0
FOSTER WHEELER LTD             SHS NEW          G36535139     5785   247446 SH       DEFINED 01             247446        0        0
FPL GROUP INC                  COM              302571104     1258    25000 SH       DEFINED 01              25000        0        0
FREEPORT-MCMORAN COPPER & GO   PFD CONV         35671D782     2679    58500 SH       DEFINED 01              58500        0        0
FRESENIUS KABI PHARMACEUTHLD   RIGHT 06/30/2011 35802M115      140   400000 SH       DEFINED 01             400000        0        0
GENENTECH INC                  COM NEW          368710406     4472    53933 SH       DEFINED 01              53933        0        0
GENERAL DYNAMICS CORP          COM              369550108     2279    39568 SH       DEFINED 01              39568        0        0
GENERAL ELECTRIC CO            COM              369604103    18262  1127260 SH       DEFINED 01            1127260        0        0
GENERAL MLS INC                COM              370334104     2251    37048 SH       DEFINED 01              37048        0        0
GENERAL MTRS CORP              DEB SR CV C 33   370442717      798   250000 SH       DEFINED 01             250000        0        0
GENZYME CORP                   COM              372917104     6464    97394 SH       DEFINED 01              97394        0        0
GERDAU AMERISTEEL CORP         COM              37373P105     1061   175000 SH       DEFINED 01             175000        0        0
GILEAD SCIENCES INC            COM              375558103    20352   397966 SH       DEFINED 01             397966        0        0
GILEAD SCIENCES INC            NOTE 0.500% 5/0  375558AG8     4073  3000000 PRN      DEFINED 01            3000000        0        0
GLG PARTNERS INC               UNIT 12/28/2011  37929X206      214    98300 SH       DEFINED 01              98300        0        0
GLOBAL CROSSING LTD            NOTE 5.000% 5/1  37932JAA1     5150 10000000 PRN      DEFINED 01           10000000        0        0
GOLDCORP INC NEW               COM              380956409     1230    39000 SH       DEFINED 01              39000        0        0
GOLDEN POND HEALTHCARE INC     COM              38116J109     2437   337000 SH       DEFINED 01             337000        0        0
GOLDEN POND HEALTHCARE INC     *W EXP 11/06/201 38116J117       14   450000 SH       DEFINED 01             450000        0        0
GOLDMAN SACHS GROUP INC        COM              38141G104    14647   173563 SH       DEFINED 01             173563        0        0
GOODRICH CORP                  COM              382388106     6308   170395 SH       DEFINED 01             170395        0        0
GOOGLE INC                     CL A             38259P508     8604    27967 SH       DEFINED 01              27967        0        0
GREY WOLF INC                  FRNT 4/0         397888AF5     7920  8000000 PRN      DEFINED 01            8000000        0        0
HALLIBURTON CO                 COM              406216101     1724    94842 SH       DEFINED 01              94842        0        0
HARMONY GOLD MNG LTD           SPONSORED ADR    413216300    10970  1000000 SH  PUT  DEFINED 01            1000000        0        0
HCP INC                        COM              40414L109      253     9100 SH       DEFINED 01               9100        0        0
HECKMANN CORP                  *W EXP 11/09/201 422680116     1000   869150 SH       DEFINED 01             869150        0        0
HESS CORP                      COM              42809H107     5344    99633 SH       DEFINED 01              99633        0        0
HEWLETT PACKARD CO             COM              428236103     8499   234209 SH       DEFINED 01             234209        0        0
HONEYWELL INTL INC             COM              438516106     2380    72493 SH       DEFINED 01              72493        0        0
INCYTE CORP                    COM              45337C102      758   200000 SH       DEFINED 01             200000        0        0
INCYTE CORP                    COM              45337C102     1213   320000 SH  CALL DEFINED 01             320000        0        0
INTEL CORP                     COM              458140100    10382   708159 SH       DEFINED 01             708159        0        0
INTEL CORP                     COM              458140100    18208  1242000 SH  CALL DEFINED 01            1242000        0        0
INTEL CORP                     SDCV 2.950%12/1  458140AD2     2144  2500000 PRN      DEFINED 01            2500000        0        0
INTERNATIONAL BUSINESS MACHS   COM              459200101    15601   185378 SH       DEFINED 01             185378        0        0
INTERNATIONAL COAL GRP INC N   NOTE 9.000% 8/0  45928HAD8     3039  5500000 PRN      DEFINED 01            5500000        0        0
INTL PAPER CO                  COM              460146103      153    13000 SH       DEFINED 01              13000        0        0
INTREPID POTASH INC            COM              46121Y102      216    10400 SH       DEFINED 01              10400        0        0
INTUIT                         COM              461202103      815    34277 SH       DEFINED 01              34277        0        0
IPC HLDGS LTD                  ORD              G4933P101     1672    55917 SH       DEFINED 01              55917        0        0
ISHARES INC                    MSCI TAIWAN      464286731      271    35767 SH       DEFINED 01              35767        0        0
ISHARES TR                     DJ OIL&GAS EXP   464288851     1924    50000 SH       DEFINED 01              50000        0        0
ISHARES TR                     FTSE XNHUA IDX   464287184     1342    46116 SH       DEFINED 01              46116        0        0
ISHARES TR                     MSCI EMERG MKT   464287234     2886   115592 SH       DEFINED 01             115592        0        0
JETBLUE AIRWAYS CORP           DBCV 5.500%10/1  477143AE1     8621  5000000 PRN      DEFINED 01            5000000        0        0
JOHNSON & JOHNSON              COM              478160104    39201   655208 SH       DEFINED 01             655208        0        0
JPMORGAN & CHASE & CO          COM              46625H100    31531  1000043 SH       DEFINED 01            1000043        0        0
JUNIPER NETWORKS INC           COM              48203R104     4392   250852 SH       DEFINED 01             250852        0        0
KELLOGG CO                     COM              487836108     5319   121295 SH       DEFINED 01             121295        0        0
KEYCORP NEW                    COM              493267108    14373  1686924 SH       DEFINED 01            1686924        0        0
KINROSS GOLD CORP              COM NO PAR       496902404     1676    91000 SH       DEFINED 01              91000        0        0
KOHLS CORP                     COM              500255104     8418   232535 SH       DEFINED 01             232535        0        0
KROGER CO                      COM              501044101    11557   437613 SH       DEFINED 01             437613        0        0
LIBERTY ACQUISITION HLDGS CO   UNIT 99/99/9999  53015Y206     3270   388800 SH       DEFINED 01             388800        0        0
LIBERTY MEDIA CORP             DEB 3.500% 1/1   530715AN1     7641 27000000 PRN      DEFINED 01           27000000        0        0
LIBERTY MEDIA CORP NEW         ENT COM SER A    53071M500      882    50471 SH       DEFINED 01              50471        0        0
LILLY ELI & CO                 COM              532457108     2182    54179 SH       DEFINED 01              54179        0        0
LOCKHEED MARTIN CORP           COM              539830109     1142    13578 SH       DEFINED 01              13578        0        0
MACYS INC                      COM              55616P104     8800   850232 SH       DEFINED 01             850232        0        0
MARATHON OIL CORP              COM              565849106     1368    50000 SH       DEFINED 01              50000        0        0
MARTIN MARIETTA MATLS INC      COM              573284106     1456    15000 SH       DEFINED 01              15000        0        0
MATTEL INC                     COM              577081102     1062    66400 SH       DEFINED 01              66400        0        0
MCGRAW HILL COS INC            COM              580645109      691    29800 SH       DEFINED 01              29800        0        0
MEDTRONIC INC                  COM              585055106    12597   400931 SH       DEFINED 01             400931        0        0
MEDTRONIC INC                  NOTE 1.625% 4/1  585055AM8    21780 24750000 PRN      DEFINED 01           24750000        0        0
MERCK & CO INC                 COM              589331107    10573   347809 SH       DEFINED 01             347809        0        0
METLIFE INC                    COM              59156R108     2888    82858 SH       DEFINED 01              82858        0        0
MICROSOFT CORP                 COM              594918104    31508  1620758 SH       DEFINED 01            1620758        0        0
MICROVISION INC DEL            COM              594960106      488   156000 SH       DEFINED 01             156000        0        0
MINDRAY MEDICAL INTL LTD       SPON ADR         602675100      242    13470 SH       DEFINED 01              13470        0        0
MOBILE TELESYSTEMS OJSC        SPONSORED ADR    607409109     5991   224543 SH       DEFINED 01             224543        0        0
MOLSON COORS BREWING CO        CL B             60871R209     8884   181608 SH       DEFINED 01             181608        0        0
MONSANTO CO NEW                COM              61166W101     4495    63890 SH       DEFINED 01              63890        0        0
MURPHY OIL CORP                COM              626717102      887    20000 SH       DEFINED 01              20000        0        0
MYLAN INC                      PFD CONV         628530206     4653     7250 SH       DEFINED 01               7250        0        0
NABORS INDS INC                NOTE 0.940% 5/1  629568AP1    19594 23750000 PRN      DEFINED 01           23750000        0        0
NATIONAL CITY CORP             NOTE 4.000% 2/0  635405AW3     5818  6500000 PRN      DEFINED 01            6500000        0        0
NEWFIELD EXPL CO               COM              651290108      494    25000 SH       DEFINED 01              25000        0        0
NEWMONT MINING CORP            NOTE 1.250% 7/1  651639AJ5     6615  6000000 PRN      DEFINED 01            6000000        0        0
NEWMONT MINING CORP            COM              651639106     3704    91000 SH       DEFINED 01              91000        0        0
NEWS CORP                      CL A             65248E104      700    77000 SH       DEFINED 01              77000        0        0
NII HLDGS INC                  NOTE 3.125% 6/1  62913FAJ1     4800  8000000 PRN      DEFINED 01            8000000        0        0
NIKE INC                       CL B             654106103      326     6400 SH       DEFINED 01               6400        0        0
NOBLE ENERGY INC               COM              655044105     1201    24400 SH       DEFINED 01              24400        0        0
NORFOLK SOUTHERN CORP          COM              655844108     1836    39016 SH       DEFINED 01              39016        0        0
NOVA BIOSOURCE FUELS INC       NOTE 10.000% 9/3 65488WAC7      613  3500000 PRN      DEFINED 01            3500000        0        0
NPS PHARMACEUTICALS INC        COM              62936P103    19366  3118563 SH       DEFINED 01            3118563        0        0
NV ENERGY INC                  COM              67073Y106     2165   218901 SH       DEFINED 01             218901        0        0
OCCIDENTAL PETE CORP DEL       COM              674599105     6322   105378 SH       DEFINED 01             105378        0        0
ODYSSEY MARINE EXPLORATION I   COM              676118102     9847  3058100 SH       DEFINED 01            3058100        0        0
OMNICARE INC                   DBCV 3.250%12/1  681904AL2     3458  6000000 PRN      DEFINED 01            6000000        0        0
ORACLE CORP                    COM              68389X105    22809  1286436 SH       DEFINED 01            1286436        0        0
ORMAT TECHNOLOGIES INC         COM              686688102      829    26000 SH       DEFINED 01              26000        0        0
OSCIENT PHARMACEUTICALS CORP   COM NEW          68812R303      155   859539 SH       DEFINED 01             859539        0        0
PACKAGING CORP AMER            COM              695156109     3720   276405 SH       DEFINED 01             276405        0        0
PEABODY ENERGY CORP            COM              704549104      776    34130 SH       DEFINED 01              34130        0        0
PEPSI BOTTLING GROUP INC       COM              713409100     3356   149068 SH       DEFINED 01             149068        0        0
PEPSICO INC                    COM              713448108     8556   156222 SH       DEFINED 01             156222        0        0
PETROHAWK ENERGY CORP          COM              716495106     1658   106058 SH       DEFINED 01             106058        0        0
PFIZER INC                     COM              717081103    32576  1839398 SH       DEFINED 01            1839398        0        0
PG&E CORP                      COM              69331C108     2245    58000 SH       DEFINED 01              58000        0        0
PHILIP MORRIS INTL INC         COM              718172109     4311    99086 SH       DEFINED 01              99086        0        0
PIONEER NAT RES CO             COM              723787107     2168    40000 SH       DEFINED 01              40000        0        0
PLAINS EXPL& PRODTN CO         COM              726505100     3595   154672 SH       DEFINED 01             154672        0        0
PLUM CREEK TIMBER CO INC       COM              729251108      219     6300 SH       DEFINED 01               6300        0        0
POTASH CORP SASK INC           COM              73755L107    11852   161868 SH       DEFINED 01             161868        0        0
POTASH CORP SASK INC           COM              73755L107    10983   150000 SH  CALL DEFINED 01             150000        0        0
PPG INDS INC                   COM              693506107     1091    25719 SH       DEFINED 01              25719        0        0
PPL CORP                       COM              69351T106     1043    34000 SH       DEFINED 01              34000        0        0
PRAXAIR INC                    COM              74005P104      594    10000 SH       DEFINED 01              10000        0        0
PRECISION CASTPARTS CORP       COM              740189105     4495    75578 SH       DEFINED 01              75578        0        0
PRICE T ROWE GROUP INC         COM              74144T108      361    10200 SH       DEFINED 01              10200        0        0
PROCTER & GAMBLE CO            COM              742718109    22322   361078 SH       DEFINED 01             361078        0        0
PROLOGIS                       NOTE 1.875%11/1  743410AR3     4238 10000000 PRN      DEFINED 01           10000000        0        0
PROLOGIS                       NOTE 2.250% 4/0  743410AQ5     9919 21500000 PRN      DEFINED 01           21500000        0        0
PUBLIC STORAGE                 COM              74460D109      334     4200 SH       DEFINED 01               4200        0        0
QUALCOMM INC                   COM              747525103     6204   173159 SH       DEFINED 01             173159        0        0
RELIANCE STEEL & ALUMINUM CO   COM              759509102     1755    88000 SH       DEFINED 01              88000        0        0
RENAISSANCERE HOLDINGS LTD     COM              G7496G103     1938    37590 SH       DEFINED 01              37590        0        0
RESEARCH IN MOTION LTD         COM              760975102     8481   209000 SH       DEFINED 01             209000        0        0
RF MICRODEVICES INC            NOTE 1.000% 4/1  749941AJ9      950  3000000 PRN      DEFINED 01            3000000        0        0
ROHM & HAAS CO                 COM              775371107      247     4000 SH       DEFINED 01               4000        0        0
SCHLUMBERGER LTD               COM              806857108     4464   105455 SH       DEFINED 01             105455        0        0
SCHLUMBERGER LTD               DBCV 2.125% 6/0  806857AD0     6294  5000000 PRN      DEFINED 01            5000000        0        0
SCRIPPS NETWORKS INTERACT IN   CL A COM         811065101      548    24900 SH       DEFINED 01              24900        0        0
SELECT SECTOR SPDR TR          SBI INT-FINL     81369Y605    31613  2525000 SH       DEFINED 01            2525000        0        0
SEMICONDUCTOR HLDRS TR         DEP RCPT         816636203    13208   750000 SH       DEFINED 01             750000        0        0
SEPRACOR INC                   NOTE 10/1        817315AW4     5828  6250000 PRN      DEFINED 01            6250000        0        0
SESI L L C                     NOTE 1.500%12/1  78412FAH7     5034  7250000 PRN      DEFINED 01            7250000        0        0
SIMON PPTY GROUP INC NEW       COM              828806109      409     7700 SH       DEFINED 01               7700        0        0
SINCLAIR BROADCAST GROUP INC   NOTE 3.000% 5/1  829226AW9     8613 16250000 PRN      DEFINED 01           16250000        0        0
SOLARFUN POWER HOLDINGS CO L   SPONSORED ADR    83415U108      544   108500 SH       DEFINED 01             108500        0        0
SOUTHERN CO                    COM              842587107     9604   259556 SH       DEFINED 01             259556        0        0
SOUTHWESTERN ENERGY CO         COM              845467109     1358    46876 SH       DEFINED 01              46876        0        0
SPDR GOLD TRUST                GOLD SHS         78463V107     9661   111665 SH       DEFINED 01             111665        0        0
SPDR SERIES TRUST              S&P HOMEBUILD    78464A888     3787   316137 SH       DEFINED 01             316137        0        0
SPDR SERIES TRUST              S&P METALS MNG   78464A755      971    35000 SH       DEFINED 01              35000        0        0
SPDR SERIES TRUST              S&P RETAIL ETF   78464A714    17494   859016 SH       DEFINED 01             859016        0        0
SPDR TR                        UNIT SER 1       78462F103    12082   133888 SH       DEFINED 01             133888        0        0
SPECTRA ENERGY CORP            COM              847560109     1295    82276 SH       DEFINED 01              82276        0        0
SPX CORP                       COM              784635104    10064   248189 SH       DEFINED 01             248189        0        0
ST JUDE MED INC                COM              790849103     3629   110094 SH       DEFINED 01             110094        0        0
STAPLES INC                    COM              855030102     2436   135926 SH       DEFINED 01             135926        0        0
STATE STR CORP                 COM              857477103    17464   444045 SH       DEFINED 01             444045        0        0
STEEL DYNAMICS INC             COM              858119100    14451  1292551 SH       DEFINED 01            1292551        0        0
STONELEIGH PARTNERS ACQUS CO   *W EXP 05/31/201 861923126       34  1120000 SH       DEFINED 01            1120000        0        0
STREAM GLOBAL SVCS INC         *W EXP 10/17/201 86323M118       45   300000 SH       DEFINED 01             300000        0        0
SUNPOWER CORP                  DBCV 0.750% 8/0  867652AB5     5237  7000000 PRN      DEFINED 01            7000000        0        0
SUNTECH PWR HLDGS CO LTD       NOTE 0.250% 2/1  86800CAC8     3569  5000000 PRN      DEFINED 01            5000000        0        0
SYMANTEC CORP                  NOTE 0.750% 6/1  871503AD0     9400 10000000 PRN      DEFINED 01           10000000        0        0
TAIWAN SEMICONDUCTOR MFG LTD   SPONSORED ADR    874039100      948   120000 SH       DEFINED 01             120000        0        0
TD AMERITRADE HLDG CORP        COM              87236Y108     1781   125000 SH       DEFINED 01             125000        0        0
TEVA PHARMACEUTICAL INDS LTD   ADR              881624209     9280   218000 SH  CALL DEFINED 01             218000        0        0
TEXAS INSTRS INC               COM              882508104     4330   278996 SH       DEFINED 01             278996        0        0
TIME WARNER CABLE INC          CL A             88732J108      220    10251 SH       DEFINED 01              10251        0        0
TIME WARNER INC                COM              887317105    11841  1176990 SH       DEFINED 01            1176990        0        0
TM ENTMT & MEDIA INC           *W EXP 10/17/201 87260T116       13   425000 SH       DEFINED 01             425000        0        0
TRANSOCEAN INC NEW             SHS              G90073100     9777   206920 SH       DEFINED 01             206920        0        0
TREX INC                       NOTE 6.000% 7/0  89531PAA3     2020  2500000 PRN      DEFINED 01            2500000        0        0
TRIAN ACQUISITION I CORP       UNIT 99/99/9999  89582E207     4575   500000 SH       DEFINED 01             500000        0        0
TRIAN ACQUISITION I CORP       *W EXP 01/23/201 89582E116      460  2000000 SH       DEFINED 01            2000000        0        0
TYCO INTL LTD BERMUDA          SHS              G9143X208      777    37500 SH       DEFINED 01              37500        0        0
U S AIRWAYS GROUP INC          COM              90341W108      580    75000 SH       DEFINED 01              75000        0        0
UAL CORP                       COM NEW          902549807      246    80000 SH       DEFINED 01              80000        0        0
UAL CORP                       DBCV 5.000% 2/0  902549AE4     2933  6000000 PRN      DEFINED 01            6000000        0        0
ULTRA PETROLEUM CORP           COM              903914109     1950    56500 SH       DEFINED 01              56500        0        0
UNION PAC CORP                 COM              907818108     3839    80307 SH       DEFINED 01              80307        0        0
UNITED RENTALS NORTH AMER IN   NOTE 1.875%10/1  911365AH7     3581  5000000 PRN      DEFINED 01            5000000        0        0
UNITED STATES OIL FUND LP      UNITS            91232N108     3310   100000 SH  CALL DEFINED 01             100000        0        0
UNITED TECHNOLOGIES CORP       COM              913017109    17793   331966 SH       DEFINED 01             331966        0        0
UNITED THERAPEUTICS CORP DEL   COM              91307C102    11974   191426 SH       DEFINED 01             191426        0        0
UNITEDHEALTH GROUP INC         COM              91324P102     5355   201314 SH       DEFINED 01             201314        0        0
US BANCORP DEL                 COM NEW          902973304    20383   814987 SH       DEFINED 01             814987        0        0
USEC INC                       NOTE 3.000%10/0  90333EAC2     5671 13000000 PRN      DEFINED 01           13000000        0        0
UTSTARCOM INC                  COM              918076100      104    40000 SH       DEFINED 01              40000        0        0
VALERO ENERGY CORP NEW         COM              91913Y100     1082    50000 SH       DEFINED 01              50000        0        0
VALIDUS HOLDINGS LTD           COM SHS          G9319H102     2315    88500 SH       DEFINED 01              88500        0        0
VANTAGE DRILLING COMPANY       *W EXP 05/24/201 G93205121       55   550000 SH       DEFINED 01             550000        0        0
VERIZON COMMUNICATIONS INC     COM              92343V104    31345   924624 SH       DEFINED 01             924624        0        0
VIRGIN MEDIA INC               COM              92769L101     7811  1565390 SH       DEFINED 01            1565390        0        0
VISA INC                       COM CL A         92826C839     2212    42174 SH       DEFINED 01              42174        0        0
VORNADO RLTY TR                DBCV 2.850% 4/0  929042AC3     8768 11750000 PRN      DEFINED 01           11750000        0        0
VORNADO RLTY TR                SH BEN INT       929042109      296     4900 SH       DEFINED 01               4900        0        0
VULCAN MATLS CO                COM              929160109      209     3000 SH       DEFINED 01               3000        0        0
WACHOVIA CORP NEW              CONV7.5%PFD CL A 929903219    13739    18250 SH       DEFINED 01              18250        0        0
WAL MART STORES INC            COM              931142103    35309   629845 SH       DEFINED 01             629845        0        0
WEATHERFORD INTERNATIONAL LT   COM              G95089101      812    75000 SH       DEFINED 01              75000        0        0
WEBMD CORP                     NOTE 1.750% 6/1  94769MAE5    10426 12000000 PRN      DEFINED 01           12000000        0        0
WELLPOINT INC                  COM              94973V107     6161   146235 SH       DEFINED 01             146235        0        0
WELLS FARGO & CO NEW           COM              949746101    15546   527330 SH       DEFINED 01             527330        0        0
WESCO INTL INC                 NOTE 1.750%11/1  95082PAG0     5702 10250000 PRN      DEFINED 01           10250000        0        0
WESCO INTL INC                 COM              95082P105      996    51810 SH       DEFINED 01              51810        0        0
WESTAR ENERGY INC              COM              95709T100     2265   110412 SH       DEFINED 01             110412        0        0
WHITING PETE CORP NEW          COM              966387102     1171    35000 SH       DEFINED 01              35000        0        0
WILLBROS GROUP INC             COM              969199108     2307   272348 SH       DEFINED 01             272348        0        0
WILLIAMS COS INC DEL           COM              969457100     1004    69338 SH       DEFINED 01              69338        0        0
WINDSTREAM CORP                COM              97381W104     7392   803451 SH       DEFINED 01             803451        0        0
WYETH                          COM              983024100     6410   170900 SH       DEFINED 01             170900        0        0
WYETH                          COM              983024100    10308   274800 SH  CALL DEFINED 01             274800        0        0
XTO ENERGY INC                 COM              98385X106     3717   105389 SH       DEFINED 01             105389        0        0
YAHOO INC                      COM              984332106     1592   130485 SH       DEFINED 01             130485        0        0
ZBB ENERGY CORPORATION         COM              98876R204     2030  1503340 SH       DEFINED 01            1503340        0        0
ZIMMER HLDGS INC               COM              98956P102      425    10524 SH       DEFINED 01              10524        0        0