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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950159-05-001313.txt : 20051114
<SEC-HEADER>0000950159-05-001313.hdr.sgml : 20051111
<ACCEPTANCE-DATETIME>20051114123756
ACCESSION NUMBER:		0000950159-05-001313
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050930
FILED AS OF DATE:		20051114
DATE AS OF CHANGE:		20051114
EFFECTIVENESS DATE:		20051114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CLINTON GROUP INC
		CENTRAL INDEX KEY:			0001134119
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-06121
		FILM NUMBER:		051198801

	BUSINESS ADDRESS:	
		STREET 1:		32 OLD SLIP 5TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
		BUSINESS PHONE:		2128250400
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>clintongrp13f.txt
<TEXT>
                                  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, 2005

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

Institutional Investment Manager Filing this Report:

Name:          Clinton Group, Inc.
Address:       9 West 57th Street, 26th Floor
               New York, NY 10019

Form 13F File Number: 28-06121

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:          John Hall
Title:         CFO
Phone:         212-825-0400

Signature, Place, and Date of Signing:

/s/ John Hall              New York, NY                11/09/05
- -------------              ------------                --------
 [Signature]               [City, State]               [Date]

Report Type (Check only one.):

[X]  13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
     are reported in this report.)

[ ]  13F NOTICE. (Check here if no holdings reported are in this report, and
     all holdings are reported by other reporting manager(s).)

[ ]  13F COMBINATION REPORT. (Check here if a portion of the holdings for this
     reporting manager is reported in this report and a portion is reported by
     other reporting manager(s).)



<PAGE>

<TABLE>
<CAPTION>

NAME OF ISSUER                 TITLE OF CLASS          CUSIP      VALUE     SHARES  SH/ PUT/ INVSTMT OTHER       VOTING AUTHORITY
                                                                  (x1000)   PRN AMT PRN CALL DSCRETN MANAGERS SOLE   SHARED  NONE
<C>                            <C>                     <C>        <C>     <C>       <C> <C>  <C>     <C>      <C>    <C>   <C>
AMR CORP                       NOTE 4.250% 9/2         001765BA3   3,653  4,500,000 PRN      DEFINED 01, 02                4,500,000
ATMI INC                       COM                     00207R101     205      6,598 SH       DEFINED 01, 02   6,598
ABBOTT LABS                    COM                     002824100   1,315     31,022 SH       DEFINED 01, 02   31,022
ACCREDITED HOME LENDRS HLDG    COM                     00437P107     204      5,800 SH       DEFINED 01, 02   5,800
ACXIOM CORP                    COM                     005125109     902     48,200 SH       DEFINED 01, 02   48,200
ALLIANCE DATA SYSTEMS CORP     COM                     018581108     290      7,400 SH       DEFINED 01, 02   7,400
ALTERA CORP                    COM                     021441100     449     23,471 SH       DEFINED 01, 02   23,471
AMERADA HESS CORP              COM                     023551104     921      6,700 SH       DEFINED 01, 02   6,700
AMEREN CORP                    COM                     023608102   2,317     43,322 SH       DEFINED 01, 02   43,322
AMERICAN AXLE & MFG HLDGS IN   COM                     024061103     374     16,200 SH       DEFINED 01, 02   16,200
AMERICAN FINL GROUP INC OHIO   COM                     025932104     573     16,900 SH       DEFINED 01, 02   16,900
AMERICAN GREETINGS CORP        CL A                    026375105     477     17,400 SH       DEFINED 01, 02   17,400
AMERITRADE HLDG CORP NEW       COM                     03074K100   8,423    392,300 SH       DEFINED 01, 02   392,300
AMGEN INC                      COM                     031162100     228      2,867 SH       DEFINED 01, 02   2,867
AMGEN INC                      NOTE 3/0                031162AL4   7,478  9,500,000 PRN      DEFINED 01, 02                9,500,000
AMPHENOL CORP NEW              CL A                    032095101     210      5,200 SH       DEFINED 01, 02   5,200
AMSOUTH BANCORPORATION         COM                     032165102     951     37,635 SH       DEFINED 01, 02   37,635
ANADARKO PETE CORP             COM                     032511107   3,364     35,137 SH       DEFINED 01, 02   35,137
ANDREW CORP                    COM                     034425108   1,903    170,700 SH       DEFINED 01, 02   170,700
ANIXTER INTL INC               COM                     035290105     355      8,800 SH       DEFINED 01, 02   8,800
ANTHRACITE CAP INC             COM                     037023108     344     29,700 SH       DEFINED 01, 02   29,700
APACHE CORP                    COM                     037411105   3,368     44,774 SH       DEFINED 01, 02   44,774
APOLLO GROUP INC               CL A                    037604105     755     11,365 SH       DEFINED 01, 02   11,365
APPLEBEES INTL INC             COM                     037899101     385     18,600 SH       DEFINED 01, 02   18,600
ARCHSTONE SMITH TR             COM                     039583109   3,317     83,200 SH       DEFINED 01, 02   83,200
ARMOR HOLDINGS INC             COM                     042260109     237      5,500 SH       DEFINED 01, 02   5,500
AUTOLIV INC                    COM                     052800109   1,044     24,000 SH       DEFINED 01, 02   24,000
AUTOZONE INC                   COM                     053332102   1,631     19,588 SH       DEFINED 01, 02   19,588
AVON PRODS INC                 COM                     054303102     236      8,752 SH       DEFINED 01, 02   8,752
AXCELIS TECHNOLOGIES INC       COM                     054540109     255     48,850 SH       DEFINED 01, 02   48,850
BANK NEW YORK INC              COM                     064057102   2,666     90,641 SH       DEFINED 01, 02   90,641
BANKATLANTIC BANCORP           CL A                    065908501     194     11,400 SH       DEFINED 01, 02   11,400
BARNES GROUP INC               COM                     067806109     315      8,783 SH       DEFINED 01, 02   8,783
BAXTER INTL INC                COM                     071813109   1,447     36,290 SH       DEFINED 01, 02   36,290
BEAR STEARNS COS INC           COM                     073902108   1,471     13,399 SH       DEFINED 01, 02   13,399
BED BATH & BEYOND INC          COM                     075896100   1,871     46,564 SH       DEFINED 01, 02   46,564
BEMIS INC                      COM                     081437105     269     10,900 SH       DEFINED 01, 02   10,900
BERRY PETE CO                  CL A                    085789105     247      3,700 SH       DEFINED 01, 02   3,700
BIOGEN IDEC INC                COM                     09062X103     207      5,237 SH       DEFINED 01, 02   5,237
BLACK & DECKER CORP            COM                     091797100     690      8,400 SH       DEFINED 01, 02   8,400
BORDERS GROUP INC              COM                     099709107     264     11,900 SH       DEFINED 01, 02   11,900
BOSTON SCIENTIFIC CORP         COM                     101137107     728     31,170 SH       DEFINED 01, 02   31,170

<PAGE>

CF INDS HLDGS INC              COM ADDED               125269100   1,850    124,900 SH       DEFINED 01, 02   124,900
CNET NETWORKS INC              NOTE 0.750% 4/1         12613RAD6   4,693  4,644,000 PRN      DEFINED 01, 02                4,644,000
CSG SYS INTL INC               NOTE 2.500% 6/1         126349AB5   6,104  6,075,000 PRN      DEFINED 01, 02                6,075,000
CVS CORP                       COM                     126650100     590     20,342 SH       DEFINED 01, 02   20,342
CABLEVISION SYS CORP           CL A                    12686C109  12,161    396,500 SH       DEFINED 01, 02   396,500
CACI INTL INC                  CL A                    127190304     412      6,800 SH       DEFINED 01, 02   6,800
CAREER EDUCATION CORP          COM                     141665109     217      6,100 SH       DEFINED 01, 02   6,100
CASEYS GEN STORES INC          COM                     147528103     580     25,011 SH       DEFINED 01, 02   25,011
CELANESE CORP DEL              PFD 4.25% CONV          150870202   1,850     70,000 PRN      DEFINED 01, 02                   70,000
CENTENE CORP DEL               COM                     15135B101     468     18,700 SH       DEFINED 01, 02   18,700
CENTERPOINT ENERGY INC         COM                     15189T107     488     32,800 SH       DEFINED 01, 02   32,800
CHATTEM INC                    COM                     162456107     501     14,109 SH       DEFINED 01, 02   14,109
CHEESECAKE FACTORY INC         COM                     163072101     325     10,400 SH       DEFINED 01, 02   10,400
CHEVRON CORP NEW               COM                     166764100   3,481     53,779 SH       DEFINED 01, 02   53,779
CHIQUITA BRANDS INTL INC       COM                     170032809     243      8,700 SH       DEFINED 01, 02   8,700
CITIGROUP INC                  COM                     172967101     210      4,608 SH       DEFINED 01, 02   4,608
CLARCOR INC                    COM                     179895107     623     21,695 SH       DEFINED 01, 02   21,695
CLEAR CHANNEL COMMUNICATIONS   COM                     184502102     291      8,851 SH       DEFINED 01, 02   8,851
COMCAST HOLDINGS CORP ZONES    CV2% PCS                200300507  31,589    768,400 PRN      DEFINED 01, 02                  768,400
COMCAST CORP NEW               CL A                    20030N101     634     21,581 SH       DEFINED 01, 02   21,581
COMMSCOPE INC                  SDCV 1.000% 3/1         203372AD9   3,881  4,000,000 PRN      DEFINED 01, 02                4,000,000
CONOCOPHILLIPS                 COM                     20825C104   3,263     46,678 SH       DEFINED 01, 02   46,678
CONSECO INC                    COM NEW                 208464883   1,809     85,700 SH       DEFINED 01, 02   85,700
CONSTELLATION BRANDS INC       CL A                    21036P108     281     10,800 SH       DEFINED 01, 02   10,800
COOPER CAMERON CORP            COM                     216640102   3,349     45,300 SH       DEFINED 01, 02   45,300
CORNING INC                    COM                     219350105     619     32,027 SH       DEFINED 01, 02   32,027
COUNTRYWIDE FINANCIAL CORP     COM                     222372104     808     24,500 SH       DEFINED 01, 02   24,500
COURTSIDE ACQUISITION CORP     COM ADDED               22274N102   3,084    600,000 SH       DEFINED 01, 02   600,000
COURTSIDE ACQUISITION CORP     *W EXP 06/29/200 ADDED  22274N110       4    712,500 SH       DEFINED 01, 02   712,500
CROWN HOLDINGS INC             COM                     228368106     194     12,200 SH       DEFINED 01, 02   12,200
CYPRESS SEMICONDUCTOR CORP     COM                     232806109   1,326     88,100 SH       DEFINED 01, 02   88,100
DRS TECHNOLOGIES INC           COM                     23330X100     269      5,458 SH       DEFINED 01, 02   5,458
DST SYS INC DEL                DBCV 4.125% 8/1         233326AB3  12,616 10,000,000 PRN      DEFINED 01, 02               10,000,000
DANAHER CORP DEL               COM                     235851102   1,530     28,432 SH       DEFINED 01, 02   28,432
DARDEN RESTAURANTS INC         COM                     237194105   2,354     77,500 SH       DEFINED 01, 02   77,500
DELPHI FINL GROUP INC          CL A                    247131105     234      5,000 SH       DEFINED 01, 02   5,000
DIEBOLD INC                    COM                     253651103     886     25,700 SH       DEFINED 01, 02   25,700
DILLARDS INC                   CL A                    254067101   1,727     82,700 SH       DEFINED 01, 02   82,700
DIME BANCORP INC NEW           *W EXP 99/99/999        25429Q110     128    799,418 SH       DEFINED 01, 02   799,418
DISNEY WALT CO                 COM DISNEY              254687106     280     11,598 SH       DEFINED 01, 02   11,598
DOW CHEM CO                    COM                     260543103     371      8,905 SH       DEFINED 01, 02   8,905
DRESS BARN INC                 COM                     261570105     223      9,800 SH       DEFINED 01, 02   9,800
DUKE ENERGY CORP               COM                     264399106     836     28,661 SH       DEFINED 01, 02   28,661
ENSCO INTL INC                 COM                     26874Q100   1,701     36,500 SH       DEFINED 01, 02   36,500
EASTMAN CHEM CO                COM                     277432100     291      6,200 SH       DEFINED 01, 02   6,200

<PAGE>

EDO CORP                       COM                     281347104     286      9,521 SH       DEFINED 01, 02   9,521
EDWARDS AG INC                 COM                     281760108     696     15,883 SH       DEFINED 01, 02   15,883
ELECTRONIC ARTS INC            COM                     285512109   1,320     23,200 SH       DEFINED 01, 02   23,200
ELECTRONICS FOR IMAGING INC    COM                     286082102     362     15,800 SH       DEFINED 01, 02   15,800
ELIZABETH ARDEN INC            COM                     28660G106     211      9,800 SH       DEFINED 01, 02   9,800
ENCORE ACQUISITION CO          COM                     29255W100     431     11,100 SH       DEFINED 01, 02   11,100
ENDO PHARMACEUTICALS HLDGS I   COM                     29264F205     299     11,193 SH       DEFINED 01, 02   11,193
ENERGIZER HLDGS INC            COM                     29266R108     284      5,000 SH       DEFINED 01, 02   5,000
ENERGY PARTNERS LTD            COM                     29270U105     756     24,200 SH       DEFINED 01, 02   24,200
ENTEGRIS INC                   COM                     29362U104     142     12,600 SH       DEFINED 01, 02   12,600
ENTRAVISION COMMUNICATIONS C   CL A                    29382R107     111     14,135 SH       DEFINED 01, 02   14,135
EXELON CORP                    COM                     30161N101   2,385     44,630 SH       DEFINED 01, 02   44,630
EXPRESSJET HOLDINGS INC        CL A                    30218U108     189     21,071 SH       DEFINED 01, 02   21,071
EXTREME NETWORKS INC           COM                     30226D106     260     58,353 SH       DEFINED 01, 02   58,353
EXXON MOBIL CORP               COM                     30231G102   3,784     59,552 SH       DEFINED 01, 02   59,552
FLIR SYS INC                   NOTE 3.000% 6/0         302445AB7   5,872  4,005,000 PRN      DEFINED 01, 02                4,005,000
FAIRCHILD SEMICONDUCTOR INTL   COM                     303726103     184     12,400 SH       DEFINED 01, 02   12,400
FEDERAL NATL MTG ASSN          COM                     313586109   1,971     43,966 SH       DEFINED 01, 02   43,966
FEDERAL REALTY INVT TR         SH BEN INT NEW          313747206     305      5,000 SH       DEFINED 01, 02   5,000
FEDERATED DEPT STORES INC DE   COM                     31410H101   1,692     25,307 SH       DEFINED 01, 02   25,307
FIFTH THIRD BANCORP            COM                     316773100     721     19,607 SH       DEFINED 01, 02   19,607
FIRST BANCORP P R              COM                     318672102     277     16,361 SH       DEFINED 01, 02   16,361
FIRST DATA CORP                COM                     319963104     356      8,909 SH       DEFINED 01, 02   8,909
FIRST MARBLEHEAD CORP          COM                     320771108   1,240     48,800 SH       DEFINED 01, 02   48,800
FIRSTFED FINL CORP             COM                     337907109     506      9,400 SH       DEFINED 01, 02   9,400
FIRSTENERGY CORP               COM                     337932107     238      4,572 SH       DEFINED 01, 02   4,572
FOREST OIL CORP                COM PAR $0.01           346091705     271      5,200 SH       DEFINED 01, 02   5,200
FOUNDRY NETWORKS INC           COM                     35063R100     132     10,364 SH       DEFINED 01, 02   10,364
FRANKLIN RES INC               COM                     354613101   1,845     21,972 SH       DEFINED 01, 02   21,972
FREEPORT-MCMORAN COPPER & GO   CL B                    35671D857     224      4,600 SH       DEFINED 01, 02   4,600
FRIEDMAN BILLINGS RAMSEY GRO   CL A                    358434108   1,993    195,546 SH       DEFINED 01, 02   195,546
FRONTIER OIL CORP              COM                     35914P105     696     15,700 SH       DEFINED 01, 02   15,700
GAMESTOP CORP                  CL A                    36466R101     371     11,800 SH       DEFINED 01, 02   11,800
GEMSTAR-TV GUIDE INTL INC      COM                     36866W106   1,987    671,439 SH       DEFINED 01, 02   671,439
GENCORP INC                    NOTE 4.000% 1/1         368682AJ9   1,928  1,472,000 PRN      DEFINED 01, 02                1,472,000
GENENTECH INC                  COM NEW                 368710406     312      3,700 SH       DEFINED 01, 02   3,700
GENERAL ELEC CO                COM                     369604103     303      8,985 SH       DEFINED 01, 02   8,985
GENERAL GROWTH PPTYS INC       COM                     370021107   1,325     29,500 SH       DEFINED 01, 02   29,500
GEORGIA PAC CORP               COM                     373298108     272      8,000 SH       DEFINED 01, 02   8,000
GLIMCHER RLTY TR               SH BEN INT              379302102     281     11,500 SH       DEFINED 01, 02   11,500
GOLDMAN SACHS GROUP INC        COM                     38141G104   5,379     44,239 SH       DEFINED 01, 02   44,239
GOODYEAR TIRE & RUBR CO        COM                     382550101   1,373     88,100 SH       DEFINED 01, 02   88,100
GRACE W R & CO DEL NEW         COM                     38388F108   2,320    259,263 SH       DEFINED 01, 02   259,263
GREY WOLF INC                  NOTE 3.750% 5/0         397888AD0   9,557  6,890,000 PRN      DEFINED 01, 02                6,890,000
GUIDANT CORP                   COM                     401698105  40,716    591,032 SH       DEFINED 01, 02   591,032

<PAGE>

GUILFORD PHARMACEUTICALS INC   NOTE 5.000% 7/0         401829AB2   3,980  4,000,000 PRN      DEFINED 01, 02                4,000,000
GYMBOREE CORP                  COM                     403777105     331     24,265 SH       DEFINED 01, 02   24,265
HCA INC                        COM                     404119109     362      7,545 SH       DEFINED 01, 02   7,545
HRPT PPTYS TR COM              SH BEN INT              40426W101     215     17,300 SH       DEFINED 01, 02   17,300
HALLIBURTON CO                 NOTE 3.125% 7/1         406216AM3   7,518  4,000,000 PRN      DEFINED 01, 02                4,000,000
HARLEY DAVIDSON INC            COM                     412822108   3,043     62,822 SH       DEFINED 01, 02   62,822
HERSHEY CO                     COM                     427866108     989     17,558 SH       DEFINED 01, 02   17,558
HIBBETT SPORTING GOODS INC     COM                     428565105     309     13,870 SH       DEFINED 01, 02   13,870
HIBERNIA CORP                  CL A                    428656102   2,112     70,300 SH       DEFINED 01, 02   70,300
HILTON HOTELS CORP             COM                     432848109   1,148     51,447 SH       DEFINED 01, 02   51,447
HOLLY CORP                     COM PAR $0.01           435758305     416      6,500 SH       DEFINED 01, 02   6,500
HOME DEPOT INC                 COM                     437076102     843     22,094 SH       DEFINED 01, 02   22,094
HORMEL FOODS CORP              COM                     440452100     729     22,100 SH       DEFINED 01, 02   22,100
HOVNANIAN ENTERPRISES INC      CL A                    442487203     804     15,700 SH       DEFINED 01, 02   15,700
HUDSON CITY BANCORP            COM                     443683107  18,569  1,560,433 SH       DEFINED 01, 02   1,560,433
HUNTSMAN CORP                  COM                     447011107     782     40,000 SH       DEFINED 01, 02   40,000
IBERIABANK CORP                COM                     450828108     268      5,047 SH       DEFINED 01, 02   5,047
ILLINOIS TOOL WKS INC          COM                     452308109   3,447     41,871 SH       DEFINED 01, 02   41,871
IMCLONE SYS INC                COM                     45245W109     367     11,681 SH       DEFINED 01, 02   11,681
INTEL CORP                     COM                     458140100   1,253     50,821 SH       DEFINED 01, 02   50,821
INTERNATIONAL RECTIFIER CORP   COM                     460254105   1,501     33,300 SH       DEFINED 01, 02   33,300
INTERNATIONAL SPEEDWAY CORP    CL A                    460335201     472      9,000 SH       DEFINED 01, 02   9,000
INTUIT                         COM                     461202103     586     13,072 SH       DEFINED 01, 02   13,072
INVITROGEN CORP                COM                     46185R100     271      3,600 SH       DEFINED 01, 02   3,600
JPMORGAN & CHASE & CO          COM                     46625H100     295      8,700 SH       DEFINED 01, 02   8,700
KLA-TENCOR CORP                COM                     482480100     494     10,139 SH       DEFINED 01, 02   10,139
KNBT BANCORP INC               COM                     482921103     250     16,072 SH       DEFINED 01, 02   16,072
KB HOME                        COM                     48666K109     556      7,600 SH       DEFINED 01, 02   7,600
KIRBY CORP                     COM                     497266106     302      6,100 SH       DEFINED 01, 02   6,100
L-3 COMMUNICATIONS HLDGS INC   COM                     502424104     561      7,100 SH       DEFINED 01, 02   7,100
LABORATORY CORP AMER HLDGS     COM NEW                 50540R409     974     20,000 SH       DEFINED 01, 02   20,000
LABRANCHE & CO INC             COM                     505447102     209     24,000 SH       DEFINED 01, 02   24,000
LAUDER ESTEE COS INC           CL A                    518439104     453     13,000 SH       DEFINED 01, 02   13,000
LEAR CORP                      COM                     521865105   1,145     33,700 SH       DEFINED 01, 02   33,700
LEGGETT & PLATT INC            COM                     524660107     437     21,628 SH       DEFINED 01, 02   21,628
LENNAR CORP                    CL A                    526057104   3,388     56,700 SH       DEFINED 01, 02   56,700
LENNOX INTL INC                COM                     526107107     285     10,400 SH       DEFINED 01, 02   10,400
LIFEPOINT HOSPITALS INC        COM                     53219L109   1,019     23,308 SH       DEFINED 01, 02   23,308
LIMITED BRANDS INC             COM                     532716107   1,449     70,948 SH       DEFINED 01, 02   70,948
LINEAR TECHNOLOGY CORP         COM                     535678106     233      6,211 SH       DEFINED 01, 02   6,211
LOCKHEED MARTIN CORP           COM                     539830109   3,116     51,054 SH       DEFINED 01, 02   51,054
LOUISIANA PAC CORP             COM                     546347105     955     34,500 SH       DEFINED 01, 02   34,500
LOWES COS INC                  COM                     548661107     846     13,142 SH       DEFINED 01, 02   13,142
LUCENT TECHNOLOGIES INC        DBCV 2.750% 6/1         549463AG2   2,874  2,500,000 PRN      DEFINED 01, 02                2,500,000
LYONDELL CHEMICAL CO           COM                     552078107   2,616     91,400 SH       DEFINED 01, 02   91,400

<PAGE>

M D C HLDGS INC                COM                     552676108     986     12,500 SH       DEFINED 01, 02   12,500
MFC BANCORP LTD                COM NEW                 55271X202   5,312    212,923 SH       DEFINED 01, 02   212,923
MGIC INVT CORP WIS             COM                     552848103     336      5,228 SH       DEFINED 01, 02   5,228
MGI PHARMA INC                 COM                     552880106     315     13,545 SH       DEFINED 01, 02   13,545
M/I HOMES INC                  COM                     55305B101     263      4,856 SH       DEFINED 01, 02   4,856
MACK CALI RLTY CORP            COM                     554489104     759     16,900 SH       DEFINED 01, 02   16,900
MANITOWOC INC                  COM                     563571108     221      4,400 SH       DEFINED 01, 02   4,400
MARATHON OIL CORP              COM                     565849106  11,526    167,216 SH       DEFINED 01, 02   167,216
MATTEL INC                     COM                     577081102     541     32,456 SH       DEFINED 01, 02   32,456
MEDICIS PHARMACEUTICAL CORP    CL A                    584690309   2,055     63,100 SH       DEFINED 01, 02   63,100
MEDTRONIC INC                  COM                     585055106   1,181     22,032 SH       DEFINED 01, 02   22,032
MERITAGE HOMES CORP            COM                     59001A102     422      5,500 SH       DEFINED 01, 02   5,500
MICHAELS STORES INC            COM                     594087108     241      7,300 SH       DEFINED 01, 02   7,300
MICREL INC                     COM                     594793101     301     26,812 SH       DEFINED 01, 02   26,812
MICROSOFT CORP                 COM                     594918104     248      9,646 SH       DEFINED 01, 02   9,646
MICROCHIP TECHNOLOGY INC       COM                     595017104     378     12,555 SH       DEFINED 01, 02   12,555
MICRON TECHNOLOGY INC          COM                     595112103   1,361    102,353 SH       DEFINED 01, 02   102,353
MILLER HERMAN INC              COM                     600544100   2,521     83,203 SH       DEFINED 01, 02   83,203
MINE SAFETY APPLIANCES CO      COM                     602720104     248      6,400 SH       DEFINED 01, 02   6,400
MONSTER WORLDWIDE INC          COM                     611742107   1,204     39,200 SH       DEFINED 01, 02   39,200
MORGAN STANLEY                 COM NEW                 617446448   2,741     50,814 SH       DEFINED 01, 02   50,814
MOTOROLA INC                   COM                     620076109   1,491     67,500 SH       DEFINED 01, 02   67,500
NTL INC DEL                    COM                     62940M104   3,046     45,600 SH       DEFINED 01, 02   45,600
NATIONAL CITY CORP             COM                     635405103     558     16,684 SH       DEFINED 01, 02   16,684
NATIONAL INSTRS CORP           COM                     636518102     627     25,456 SH       DEFINED 01, 02   25,456
NATURAL RESOURCE PARTNERS L    COM UNIT L P            63900P103     293      4,700 SH       DEFINED 01, 02   4,700
NAVISTAR INTL CORP NEW         COM                     63934E108     658     20,300 SH       DEFINED 01, 02   20,300
NEIMAN MARCUS GROUP INC        CL A                    640204202  17,031    170,400 SH       DEFINED 01, 02   170,400
NETWORK APPLIANCE INC          COM                     64120L104     385     16,200 SH       DEFINED 01, 02   16,200
NEW YORK CMNTY BANCORP INC     COM                     649445103     177     10,800 SH       DEFINED 01, 02   10,800
NEW YORK TIMES CO              CL A                    650111107     588     19,773 SH       DEFINED 01, 02   19,773
NEWFIELD EXPL CO               COM                     651290108   2,597     52,900 SH       DEFINED 01, 02   52,900
NEWMONT MINING CORP            COM                     651639106     292      6,200 SH       DEFINED 01, 02   6,200
NEWPARK RES INC                COM PAR $.01NEW         651718504      86     10,245 SH       DEFINED 01, 02   10,245
NEWS CORP                      CL A                    65248E104     195     12,500 SH       DEFINED 01, 02   12,500
NOBLE ENERGY INC               COM                     655044105     797     17,000 SH       DEFINED 01, 02   17,000
NORDSON CORP                   COM                     655663102     425     11,177 SH       DEFINED 01, 02   11,177
NORTHERN BORDER PARTNERS       PARTN                   664785102     665     13,900 SH       DEFINED 01, 02   13,900
L P UNIT LTD
OSI PHARMACEUTICALS INC        COM                     671040103     877     30,000 SH       DEFINED 01, 02   30,000
OCCIDENTAL PETE CORP DEL       COM                     674599105   3,392     39,700 SH       DEFINED 01, 02   39,700
ON SEMICONDUCTOR CORP          COM                     682189105      63     12,200 SH       DEFINED 01, 02   12,200
OPTIMAL GROUP INC              CL A                    68388R208  24,411  1,180,409 SH       DEFINED 01, 02   1,180,409
ORACLE CORP                    COM                     68389X105   1,593    128,505 SH       DEFINED 01, 02   128,505
OUTBACK STEAKHOUSE INC         COM                     689899102   2,266     61,900 SH       DEFINED 01, 02   61,900
OWENS ILL INC                  COM NEW                 690768403     474     23,000 SH       DEFINED 01, 02   23,000

<PAGE>

PMC-SIERRA INC                 COM                     69344F106     255     28,900 SH       DEFINED 01, 02   28,900
PMI GROUP INC                  COM                     69344M101   2,041     51,200 SH       DEFINED 01, 02   51,200
PPG INDS INC                   COM                     693506107   1,361     22,998 SH       DEFINED 01, 02   22,998
PACTIV CORP                    COM                     695257105   2,627    149,939 SH       DEFINED 01, 02   149,939
PANERA BREAD CO                CL A                    69840W108     606     11,834 SH       DEFINED 01, 02   11,834
PAYCHEX INC                    COM                     704326107   1,962     52,910 SH       DEFINED 01, 02   52,910
PENN NATL GAMING INC           COM                     707569109     352     11,321 SH       DEFINED 01, 02   11,321
PENNEY J C INC                 COM                     708160106     237      5,000 SH       DEFINED 01, 02   5,000
PENTAIR INC                    COM                     709631105   3,019     82,700 SH       DEFINED 01, 02   82,700
PETCO ANIMAL SUPPLIES          COM NEW                 716016209     343     16,201 SH       DEFINED 01, 02   16,201
PETSMART INC                   COM                     716768106   1,888     86,700 SH       DEFINED 01, 02   86,700
PHELPS DODGE CORP              COM                     717265102   1,624     12,500 SH       DEFINED 01, 02   12,500
PHILLIPS VAN HEUSEN CORP       COM                     718592108     533     17,175 SH       DEFINED 01, 02   17,175
PLAINS ALL AMERN PIPELINE      PARTN                   726503105     797     18,700 SH       DEFINED 01, 02   18,700
L UNIT LTD
PLANTRONICS INC NEW            COM                     727493108     863     28,000 SH       DEFINED 01, 02   28,000
POLARIS INDS INC               COM                     731068102     297      6,000 SH       DEFINED 01, 02   6,000
POLY                           COM                     73172K104     534     33,000 SH       DEFINED 01, 02   33,000
POWERWAVE TECHNOLOGIES INC     NOTE 1.875%11/1         739363AD1   3,939  3,000,000 PRN      DEFINED 01, 02                3,000,000
PREMIERE GLOBAL SVCS INC       COM                     740585104     125     15,300 SH       DEFINED 01, 02   15,300
PRICELINE COM INC              COM NEW                 741503403     201     10,406 SH       DEFINED 01, 02   10,406
PROASSURANCE CORP              COM                     74267C106     331      7,100 SH       DEFINED 01, 02   7,100
PROTECTIVE LIFE CORP           COM                     743674103   2,623     63,700 SH       DEFINED 01, 02   63,700
PROVIDENT FINL SVCS INC        COM                     74386T105     233     13,212 SH       DEFINED 01, 02   13,212
QUANEX CORP                    COM                     747620102     609      9,200 SH       DEFINED 01, 02   9,200
QUIKSILVER INC                 COM                     74838C106   1,079     74,700 SH       DEFINED 01, 02   74,700
QUILMES INDL QUINSA SOCIETE    CL B                    74838Y207   4,158    132,900 SH       DEFINED 01, 02   132,900
SP ADR
R H DONNELLEY CORP             COM NEW                 74955W307     436      6,900 SH       DEFINED 01, 02   6,900
RF MICRODEVICES INC            COM                     749941100     102     18,111 SH       DEFINED 01, 02   18,111
RADIO ONE INC                  CL D NON VTG            75040P405     317     24,143 SH       DEFINED 01, 02   24,143
RAMBUS INC DEL                 NOTE 2/0                750917AB2   5,597  7,000,000 PRN      DEFINED 01, 02                7,000,000
RAYTHEON CO                    COM NEW                 755111507     573     15,079 SH       DEFINED 01, 02   15,079
REALTY IN                      COM                     756109104     698     29,200 SH       DEFINED 01, 02   29,200
RED HAT INC                    COM                     756577102     415     19,600 SH       DEFINED 01, 02   19,600
REINSURANCE GROUP AMER INC     PFD TR INC EQ           759351307   5,877    100,000 PRN      DEFINED 01, 02                  100,000
RELIANT ENERGY INC             COM                     75952B105       4     37,365 SH       DEFINED 01, 02   37,365
REMINGTON OIL & GAS CORP       COM                     759594302     764     18,406 SH       DEFINED 01, 02   18,406
ROHM & HAAS CO                 COM                     775371107   1,376     33,457 SH       DEFINED 01, 02   33,457
ROSS STORES INC                COM                     778296103     451     19,016 SH       DEFINED 01, 02   19,016
RYDER SYS INC                  COM                     783549108     828     24,200 SH       DEFINED 01, 02   24,200
RYLAND GROUP INC               COM                     783764103     889     13,000 SH       DEFINED 01, 02   13,000
SBC COMMUNICATIONS INC         COM                     78387G103     243     10,141 SH       DEFINED 01, 02   10,141
SEI INVESTMENTS CO             COM                     784117103     308      8,200 SH       DEFINED 01, 02   8,200
SPDR TR                        UNIT SER 1              78462F103  56,041    455,467 SH       DEFINED 01, 02   455,467
ST JOE CO                      COM                     790148100   3,397     54,400 SH       DEFINED 01, 02   54,400
SAKS INC                       COM                     79377W108   9,326    504,100 SH       DEFINED 01, 02   504,100

<PAGE>

SANMINA SCI CORP               COM                     800907107     725    168,900 SH       DEFINED 01, 02   168,900
SARA LEE CORP                  COM                     803111103   1,423     75,077 SH       DEFINED 01, 02   75,077
SCANSOFT INC                   COM                     80603P107     114     21,300 SH       DEFINED 01, 02   21,300
SCHLUMBERGER LTD               COM                     806857108   5,359     63,508 SH       DEFINED 01, 02   63,508
SELECTIVE INS GROUP INC        COM                     816300107     357      7,300 SH       DEFINED 01, 02   7,300
SERENA SOFTWARE INC            NOTE 1.500%12/1         817492AB7   6,183  6,050,000 PRN      DEFINED 01, 02                6,050,000
SHAW GROUP INC                 COM                     820280105   3,566    144,600 SH       DEFINED 01, 02   144,600
SHERWIN WILLIAMS CO            COM                     824348106     758     17,200 SH       DEFINED 01, 02   17,200
SHUFFLE MASTER INC             COM                     825549108     214      8,100 SH       DEFINED 01, 02   8,100
SIERRA HEALTH SVCS INC         COM                     826322109   1,012     14,700 SH       DEFINED 01, 02   14,700
SIGMA ALDRICH CORP             COM                     826552101   1,519     23,712 SH       DEFINED 01, 02   23,712
SIX FLAGS INC                  COM                     83001P109     115     16,000 SH       DEFINED 01, 02   16,000
SKYWEST INC                    COM                     830879102     255      9,491 SH       DEFINED 01, 02   9,491
SOLECTRON CORP                 COM                     834182107     220     56,200 SH       DEFINED 01, 02   56,200
SONIC CORP                     COM                     835451105   1,088     39,765 SH       DEFINED 01, 02   39,765
SOTHEBYS HLDGS INC             CL A                    835898107     224     13,400 SH       DEFINED 01, 02   13,400
SOUTHWEST AIRLS CO             COM                     844741108     561     37,779 SH       DEFINED 01, 02   37,779
SOUTHWESTERN ENERGY CO         COM                     845467109     264      3,600 SH       DEFINED 01, 02   3,600
STAR GAS PARTNERS L P          UNIT LTD PARTNR         85512C105     273    111,000 SH       DEFINED 01, 02   111,000
STATE AUTO FINL CORP           COM                     855707105     200      6,333 SH       DEFINED 01, 02   6,333
STARWOOD HOTELS&RESORTS WRLD   PAIRED CTF              85590A203   2,899     50,700 SH       DEFINED 01, 02   50,700
STATION CASINOS INC            COM                     857689103   1,108     16,700 SH       DEFINED 01, 02   16,700
STEELCASE INC                  CL A                    858155203     171     11,800 SH       DEFINED 01, 02   11,800
STERLING BANCSHARES INC        COM                     858907108     391     26,600 SH       DEFINED 01, 02   26,600
STONE ENERGY CORP              COM                     861642106     537      8,800 SH       DEFINED 01, 02   8,800
SUBURBAN PROPANE PARTNERS L    UNIT LTD PARTN          864482104     301     10,500 SH       DEFINED 01, 02   10,500
SUN MICROSYSTEMS INC           COM                     866810104   1,108    281,845 SH       DEFINED 01, 02   281,845
SUNOCO INC                     COM                     86764P109     602      7,700 SH       DEFINED 01, 02   7,700
SUNRISE SENIOR LIVING INC      COM                     86768K106     294      4,400 SH       DEFINED 01, 02   4,400
SWIFT ENERGY CO                COM                     870738101     352      7,700 SH       DEFINED 01, 02   7,700
SYCAMORE NETWORKS INC          COM                     871206108   1,046    277,370 SH       DEFINED 01, 02   277,370
SYNOVUS FINL CORP              COM                     87161C105   1,501     54,142 SH       DEFINED 01, 02   54,142
SYSCO CORP                     COM                     871829107   1,874     59,748 SH       DEFINED 01, 02   59,748
TJX COS INC NEW                COM                     872540109     293     14,322 SH       DEFINED 01, 02   14,322
TELEWEST GLOBAL INC            COM                     87956T107   6,374    277,741 SH       DEFINED 01, 02   277,741
TEXTRON INC                    COM                     883203101     466      6,500 SH       DEFINED 01, 02   6,500
THOR INDS INC                  COM                     885160101     564     16,600 SH       DEFINED 01, 02   16,600
TIVO INC                       COM                     888706108   1,378    251,500 SH       DEFINED 01, 02   251,500
TODCO                          CL A                    88889T107     342      8,200 SH       DEFINED 01, 02   8,200
TOLL BROTHERS INC              COM                     889478103     393      8,800 SH       DEFINED 01, 02   8,800
TORCHMARK CORP                 COM                     891027104     286      5,412 SH       DEFINED 01, 02   5,412
TRIAD HOSPITALS INC            COM                     89579K109     489     10,800 SH       DEFINED 01, 02   10,800
TRIBUNE CO NEW                 COM                     896047107     559     16,496 SH       DEFINED 01, 02   16,496
TRIMBLE NAVIGATION LTD         COM                     896239100     305      9,056 SH       DEFINED 01, 02   9,056
TYCO INTL LTD NEW              COM                     902124106     568     20,400 SH       DEFINED 01, 02   20,400

<PAGE>

ULTI                           COM                     903844108     126     11,399 SH       DEFINED 01, 02   11,399
UNIVISION COMMUNICATIONS INC   CL A                    914906102     211      7,963 SH       DEFINED 01, 02   7,963
VENTIV HEALTH INC              COM                     922793104     215      8,200 SH       DEFINED 01, 02   8,200
VERINT SYS INC                 COM                     92343X100     315      7,685 SH       DEFINED 01, 02   7,685
VIACOM INC                     CL B                    925524308     478     14,476 SH       DEFINED 01, 02   14,476
VISHAY INTERTECHNOLOGY INC     COM                     928298108     478     40,000 SH       DEFINED 01, 02   40,000
WCI CMNTYS INC                 COM                     92923C104     221      7,800 SH       DEFINED 01, 02   7,800
WMS INDS INC                   COM                     929297109     515     18,300 SH       DEFINED 01, 02   18,300
WALGREEN CO                    COM                     931422109     960     22,105 SH       DEFINED 01, 02   22,105
WASHINGTON MUT INC             COM                     939322103     569     14,496 SH       DEFINED 01, 02   14,496
WATERS CORP                    COM                     941848103     316      7,600 SH       DEFINED 01, 02   7,600
WEBSENSE INC                   COM                     947684106     205      4,000 SH       DEFINED 01, 02   4,000
WEIGHT WATCHERS INTL INC NEW   COM                     948626106     748     14,500 SH       DEFINED 01, 02   14,500
WEINGARTEN RLTY INVS           SH BEN INT              948741103   1,419     37,500 SH       DEFINED 01, 02   37,500
WENDYS INTL INC                COM                     950590109  17,654    391,000 SH       DEFINED 01, 02   391,000
WESTLAKE CHEM CORP             COM                     960413102     290     10,700 SH       DEFINED 01, 02   10,700
WIND RIVER SYSTEMS INC         COM                     973149107     298     23,036 SH       DEFINED 01, 02   23,036
WINDROSE MED PPTYS TR          PFD SER A 7.5 ADDED     973491202   1,906     71,000 PRN      DEFINED 01, 02                   71,000
WRIGLEY WM JR CO               COM                     982526105   1,896     26,378 SH       DEFINED 01, 02   26,378
WYNN RESORTS LTD               COM                     983134107     438      9,700 SH       DEFINED 01, 02   9,700
XILINX INC                     COM                     983919101     923     33,157 SH       DEFINED 01, 02   33,157
YAHOO INC                      COM                     984332106   1,181     34,900 SH       DEFINED 01, 02   34,900
YUM BRANDS INC                 COM                     988498101     527     10,896 SH       DEFINED 01, 02   10,896
ZIMMER HLDGS INC               COM                     98956P102   1,005     14,594 SH       DEFINED 01, 02   14,594
ACE LTD                        ORD                     G0070K103     284      6,029 SH       DEFINED 01, 02   6,029
RENAISSANCERE HOLDINGS LTD     COM                     G7496G103     984     22,500 SH       DEFINED 01, 02   22,500
XL CAP LTD                     CL A                    G98255105   1,212     17,821 SH       DEFINED 01, 02   17,821
MILLICOM INTL CELLULAR S A     SHS NEW                 L6388F110   1,030     55,893 SH       DEFINED 01, 02   55,893
KERZNER INTERNATIONAL LTD      SHS                     P6065Y107     721     12,986 SH       DEFINED 01, 02   12,986
ROYAL CARIBBEAN CRUISES LTD    COM                     V7780T103     976     22,600 SH       DEFINED 01, 02   22,600
FLEXTRONICS INTL LTD           ORD                     Y2573F102   1,167     90,800 SH       DEFINED 01, 02   90,800

                               343                               639,170


</TABLE>

<PAGE>



                              FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:              2
Form 13F Information Table Entry Total:         343
Form 13F Information Table Value Total:         $639,170
                                                (thousands)

List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.

[If there are no entries in this list, state "NONE" and omit the column headings
and list entries.]

     No. Form 13F File Number Name

     01       28- 10034                       CGI Holdings, Inc.
     02       28- 10033                       Clinton Group Equity, Co.

<PAGE>





</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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