Cowen Group

Cowen as of June 30, 2011

Portfolio Holdings for Cowen

Cowen holds 219 positions in its portfolio as reported in the June 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Lubrizol Corporation 8.1 $67M 499k 134.27
Bucyrus International 4.8 $40M 434k 91.66
iShares iBoxx $ High Yid Corp Bond (HYG) 4.7 $39M 424k 91.31
Spdr S&p 500 Etf (SPY) 4.1 $34M 259k 131.96
Ford Motor Company (F) 2.9 $24M 1.7M 13.79
Lawson Software 2.9 $24M 2.1M 11.22
Cephalon 2.8 $23M 270k 85.37
Capital One Financial (COF) 2.7 $22M 433k 51.68
ConocoPhillips (COP) 2.6 $21M 283k 75.19
iShares Russell 2000 Index (IWM) 2.4 $20M 235k 82.80
Vanguard Emerging Markets ETF (VWO) 2.2 $18M 373k 48.62
SPDR S&P MidCap 400 ETF (MDY) 2.1 $17M 98k 177.44
Varian Semiconductor 1.9 $16M 254k 61.44
Eastman Chemical Company (EMN) 1.6 $13M 131k 102.07
Credit Suisse Nassau Brh etf 1.6 $13M 631k 20.84
National Semiconductor Corporation 1.5 $13M 516k 24.61
Citigroup (C) 1.5 $13M 300k 41.64
iShares MSCI Emerging Markets Indx (EEM) 1.4 $11M 235k 47.60
General Mills (GIS) 1.4 $11M 300k 37.22
Ipath Dow Jones-aig Commodity (DJP) 1.2 $10M 220k 47.23
Yahoo! 1.2 $10M 679k 15.04
SRA International 1.2 $9.8M 319k 30.92
Lkd Barclays Bk Plc Ipath S&p Etn etf 1.1 $9.6M 190k 50.37
Qualcomm (QCOM) 1.1 $9.5M 167k 56.79
United Therapeutics Corporation (UTHR) 1.1 $9.4M 170k 55.12
Philip Morris International (PM) 1.1 $8.8M 132k 66.78
Energy Xxi 1.0 $8.2M 246k 33.22
Consumer Discretionary SPDR (XLY) 1.0 $8.2M 203k 40.21
Energy Select Sector SPDR (XLE) 0.9 $7.6M 101k 75.35
iShares MSCI BRIC Index Fund (BKF) 0.8 $6.7M 141k 47.80
Walt Disney Company (DIS) 0.8 $6.6M 170k 39.04
Tata Motors 0.8 $6.7M 296k 22.51
Ball Corporation (BALL) 0.7 $6.0M 155k 38.46
JPMorgan Chase & Co. (JPM) 0.7 $5.8M 143k 40.93
Rockwood Holdings 0.7 $5.7M 103k 55.71
Halliburton Company (HAL) 0.7 $5.6M 110k 51.00
SPDR Gold Trust (GLD) 0.7 $5.6M 38k 146.01
Praxair 0.7 $5.5M 50k 109.89
Transocean (RIG) 0.7 $5.4M 84k 64.55
Packaging Corporation of America (PKG) 0.7 $5.4M 191k 27.99
SPDR Barclays Capital Convertible SecETF (CWB) 0.6 $5.3M 127k 41.48
Vale (VALE) 0.6 $5.1M 161k 31.96
BJ's Wholesale Club 0.6 $5.2M 103k 50.35
Alcoa 0.6 $4.8M 300k 15.86
Vertex Pharmaceuticals Incorporated (VRTX) 0.6 $4.7M 90k 52.00
California Pizza Kitchen 0.6 $4.6M 251k 18.47
Vanguard Intl Equity Index F glb ex us etf (VNQI) 0.6 $4.6M 88k 51.95
SIGA Technologies (SIGA) 0.5 $4.5M 462k 9.74
Teekay Shipping Marshall Isl (TK) 0.5 $4.3M 140k 30.88
Crown Holdings (CCK) 0.5 $4.1M 107k 38.82
PowerShares DB Agriculture Fund 0.5 $3.8M 121k 31.74
iShares MSCI Spain Index (EWP) 0.5 $3.8M 90k 42.13
UnitedHealth (UNH) 0.5 $3.7M 71k 52.00
Marshall & Ilsley Corporation 0.5 $3.7M 468k 7.97
Gilead Sciences (GILD) 0.4 $3.5M 85k 41.40
Chesapeake Energy Corporation 0.4 $3.4M 116k 29.69
Industrial SPDR (XLI) 0.4 $3.5M 94k 37.24
Scientific Games (LNW) 0.4 $3.4M 328k 10.34
Goldman Sachs (GS) 0.4 $3.3M 25k 133.08
Biogen Idec (BIIB) 0.4 $3.2M 30k 106.93
Technology SPDR (XLK) 0.4 $3.1M 122k 25.70
Graham Packaging Company 0.4 $3.1M 124k 25.22
Barclays Bk Plc ipth s^p vix 0.4 $3.0M 142k 21.14
Teva Pharmaceutical Industries (TEVA) 0.3 $2.9M 60k 48.22
McDonald's Corporation (MCD) 0.3 $2.8M 33k 84.33
MAKO Surgical 0.3 $2.8M 94k 29.73
CUBIST PHARM CONVERTIBLE security 0.3 $2.8M 2.0M 1.40
Cameco Corporation (CCJ) 0.3 $2.7M 104k 26.35
iShares S&P GSCI Commodity-Indexed (GSG) 0.3 $2.7M 80k 34.11
iShares FTSE/Xinhua China 25 Index (FXI) 0.3 $2.6M 61k 42.95
Hartford Financial Services (HIG) 0.3 $2.7M 100k 26.43
Kendle International 0.3 $2.7M 177k 15.08
Dendreon Corporation 0.3 $2.7M 65k 40.82
Agrium 0.3 $2.6M 29k 87.81
GSI Commerce 0.3 $2.6M 88k 29.58
WebMD Health 0.3 $2.5M 56k 45.58
Market Vectors Agribusiness 0.3 $2.4M 45k 53.86
El Paso Corporation 0.3 $2.3M 115k 20.21
NVIDIA Corporation (NVDA) 0.3 $2.2M 136k 15.94
Sara Lee 0.2 $2.0M 104k 19.07
Human Genome Sciences 0.2 $2.0M 80k 24.54
Continucare Corporation 0.2 $2.0M 322k 6.18
CurrencyShares Japanese Yen Trust 0.2 $2.0M 16k 122.54
Computer Programs & Systems (TBRG) 0.2 $1.9M 30k 63.43
AGL Resources 0.2 $1.7M 42k 40.71
Ness Technologies 0.2 $1.8M 234k 7.57
AboveNet 0.2 $1.8M 25k 70.48
AutoZone (AZO) 0.2 $1.6M 5.5k 295.14
Timberland Company 0.2 $1.6M 38k 43.00
Smart Modular Technologies 0.2 $1.7M 181k 9.16
Goldcorp 0.2 $1.6M 33k 48.26
Vanguard Extended Duration ETF (EDV) 0.2 $1.6M 19k 81.43
Allergan 0.2 $1.5M 18k 83.26
Xerox Corporation 0.2 $1.5M 140k 10.41
Mcmoran Exploration Co. Cv. Sr conv 0.2 $1.5M 1.3M 1.17
Ariad Pharmaceuticals 0.2 $1.4M 125k 11.33
iShares MSCI South Africa Index (EZA) 0.2 $1.4M 20k 71.08
iShares MSCI Austria Investable Mkt (EWO) 0.2 $1.4M 62k 22.76
Health Care SPDR (XLV) 0.2 $1.3M 37k 35.53
Optimer Pharmaceuticals 0.2 $1.3M 110k 11.89
Powershares DB G10 Currency Harvest Fund 0.2 $1.3M 53k 24.78
Mosaic (MOS) 0.2 $1.4M 20k 67.75
Wells Fargo & Company (WFC) 0.1 $1.2M 44k 28.09
iShares MSCI EAFE Index Fund (EFA) 0.1 $1.2M 20k 60.15
Barnes & Noble 0.1 $1.2M 75k 16.58
iShares MSCI Hong Kong Index Fund (EWH) 0.1 $1.2M 65k 18.52
iShares MSCI All Peru Capped Index Fund (EPU) 0.1 $1.2M 32k 37.64
Rambus Inc Del note 5.000% 6/1 0.1 $1.1M 1.0M 1.12
Devon Energy Corporation (DVN) 0.1 $1.1M 14k 78.80
Arch Coal 0.1 $1.0M 39k 26.30
United States Oil Fund 0.1 $1.1M 30k 37.23
Intel Corp sdcv 0.1 $1.1M 1.1M 1.05
Financial Select Sector SPDR (XLF) 0.1 $1.1M 73k 15.35
iShares Barclays TIPS Bond Fund (TIP) 0.1 $1.1M 9.6k 110.65
Developers Diversified Rlty note 1.750%11/1 0.1 $1.1M 1.0M 1.05
Dendreon Corp note 0.1 $1.1M 1.0M 1.10
Pfizer (PFE) 0.1 $1.0M 50k 20.59
WellPoint 0.1 $1.0M 13k 79.00
D.R. Horton (DHI) 0.1 $970k 84k 11.52
Salix Pharmaceuticals 0.1 $996k 25k 39.84
Primus Guaranty Ltd Com Stk 0.1 $1.0M 196k 5.25
Savient Pharmaceuticals 0.1 $981k 131k 7.47
CurrencyShares British Pound Ster. Trst 0.1 $1000k 6.3k 159.31
Pdl Biopharma Inc note 3.750% 5/0 0.1 $980k 1.0M 0.98
Medtronic 0.1 $906k 24k 38.56
Advanced Analogic Technologies In 0.1 $930k 154k 6.05
BMC Software 0.1 $797k 15k 54.72
International Business Machines (IBM) 0.1 $864k 5.0k 171.60
Delcath Systems 0.1 $833k 163k 5.11
L-1 Identity Solutions 0.1 $835k 71k 11.76
Materials SPDR (XLB) 0.1 $807k 21k 39.39
Cadence Pharmaceuticals 0.1 $862k 95k 9.10
Cleveland BioLabs 0.1 $808k 237k 3.41
Verigy 0.1 $731k 49k 14.96
Seagate Technology Com Stk 0.1 $727k 45k 16.16
iShares MSCI Taiwan Index 0.1 $759k 50k 15.18
AVANIR Pharmaceuticals 0.1 $774k 230k 3.37
iShares MSCI Canada Index (EWC) 0.1 $747k 24k 31.70
Quantum Fuel Systems Technolog 0.1 $723k 208k 3.47
Te Connectivity Ltd for (TEL) 0.1 $754k 21k 36.78
Amgen Inc note 0.375% 2/0 0.1 $687k 680k 1.01
Nike (NKE) 0.1 $666k 7.4k 90.00
Pre-Paid Legal Services 0.1 $672k 10k 66.53
PDL BioPharma 0.1 $648k 112k 5.80
Dynavax Technologies Corporation 0.1 $638k 232k 2.75
Dynegy 0.1 $656k 106k 6.19
Bionovo (BNVI) 0.1 $682k 897k 0.76
Procera Networks 0.1 $644k 60k 10.73
T3 Motion 0.1 $673k 225k 2.99
Kroger (KR) 0.1 $578k 23k 24.80
Iron Mountain Incorporated 0.1 $612k 18k 34.00
K-V Pharmaceutical Company 0.1 $608k 224k 2.72
Vivus 0.1 $599k 73k 8.25
Oil Service HOLDRs 0.1 $572k 4.0k 142.86
iShares MSCI Singapore Index Fund 0.1 $587k 43k 13.72
Mead Johnson Nutrition 0.1 $535k 7.9k 67.50
iShares Gold Trust 0.1 $476k 33k 14.65
iShares S&P SmallCap 600 Index (IJR) 0.1 $527k 7.2k 73.34
iShares MSCI Italy Index 0.1 $485k 28k 17.62
PharmAthene 0.1 $533k 181k 2.94
Lightbridge Corporation 0.1 $531k 148k 3.59
Wal-Mart Stores (WMT) 0.1 $375k 7.1k 53.14
Amgen (AMGN) 0.1 $414k 7.1k 58.33
Telvent Git Alcobendas Com Stk 0.1 $398k 10k 39.80
Southern Union Company 0.1 $408k 10k 40.10
Sterling Ban 0.1 $391k 41k 9.50
Constellation Energy Partners 0.1 $386k 150k 2.58
PowerShares Autonomic BalancedNFA Gl ETF 0.1 $391k 30k 13.25
Powershares Etf Tr Ii s^p500 low vol 0.1 $382k 15k 25.05
Plug Power (PLUG) 0.1 $435k 196k 2.22
Mobile TeleSystems OJSC 0.0 $349k 18k 19.00
Lowe's Companies (LOW) 0.0 $291k 13k 23.28
Visa (V) 0.0 $360k 4.3k 84.15
Lam Research Corporation (LRCX) 0.0 $368k 8.3k 44.34
MannKind Corporation 0.0 $351k 92k 3.80
Sunoco Logistics Partners 0.0 $302k 3.5k 86.29
Blackboard 0.0 $358k 8.4k 42.71
Cowen 0.0 $334k 89k 3.76
ProShares UltraShort S&P500 0.0 $310k 15k 20.67
Consumer Staples Select Sect. SPDR (XLP) 0.0 $367k 12k 31.22
iShares Silver Trust (SLV) 0.0 $338k 10k 33.80
Rural/Metro Corporation 0.0 $333k 19k 17.25
First Trust Value Line Dividend Indx Fnd (FVD) 0.0 $332k 21k 16.11
Threshold Pharmaceuticals 0.0 $334k 200k 1.67
Indexiq Etf Tr (ROOF) 0.0 $372k 18k 20.82
Johnson & Johnson (JNJ) 0.0 $241k 3.6k 66.39
Transatlantic Holdings 0.0 $245k 5.0k 49.00
Walter Investment Management 0.0 $250k 11k 22.21
Magellan Midstream Partners 0.0 $237k 4.0k 59.85
Allied World Assurance 0.0 $288k 5.0k 57.60
CurrencyShares Australian Dollar Trust 0.0 $216k 2.0k 108.00
iShares MSCI Netherlands Investable (EWN) 0.0 $216k 10k 21.55
EXCO Resources 0.0 $177k 10k 17.70
iShares MSCI Japan Index 0.0 $166k 16k 10.45
VeriFone Systems 0.0 $205k 4.6k 44.34
Amylin Pharmaceuticals 0.0 $200k 15k 13.33
Sterling Bancshares 0.0 $204k 25k 8.16
iShares MSCI Mexico Inv. Mt. Idx. (EWW) 0.0 $192k 3.1k 62.68
Market Vectors Vietnam ETF. 0.0 $180k 8.7k 20.78
iShares MSCI Switzerland Index Fund (EWL) 0.0 $179k 6.7k 26.54
Keryx Biopharmaceuticals 0.0 $78k 16k 4.76
Tenet Healthcare Corporation 0.0 $64k 10k 6.25
Orthovita 0.0 $124k 32k 3.84
Geron Corporation (GERN) 0.0 $122k 31k 4.00
iShares S&P US Pref Stock Idx Fnd (PFF) 0.0 $80k 2.0k 40.00
iShares MSCI Sweden Index (EWD) 0.0 $101k 3.2k 31.82
Market Vectors Nuclear Energy 0.0 $65k 3.0k 21.52
PowerShares Autonomic Bal GrowNFA ETF 0.0 $56k 4.3k 13.17
Market Vectors Etf Tr lat am sml cap 0.0 $118k 3.9k 30.33
Savient Pharmaceuticals note 0.0 $75k 75k 1.00
Powershares Etf Tr Ii s^p500 hgh bet 0.0 $105k 4.5k 23.39
Orexigen Therapeutics 0.0 $40k 29k 1.37
iShares Dow Jones US Real Estate (IYR) 0.0 $10k 165.00 60.61
Ford Mtr Co Del *w exp 01/01/201 0.0 $20k 3.8k 5.26
iShares MSCI Germany Index Fund (EWG) 0.0 $8.0k 299.00 26.76
iShares MSCI Australia Index Fund (EWA) 0.0 $2.0k 70.00 28.57
iShares MSCI Belgium Investable Mkt (EWK) 0.0 $12k 816.00 14.71
Converted Organics Inc *w exp 12/31/201 0.0 $11k 375k 0.03
Silver Bull Res 0.0 $25k 37k 0.67