Maybe I just don't get it but did Bass bet $577 million of the fund's $739 million in assets on a put position on the SPDR 500 ETF? 
Please somebody set me straight. He could have some horrific performance the 4th qtr if the market doesn't collapse in the next three weeks.


                          FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:                      0
                                                     -------
Form 13F Information Table Entry Total:                12
                                                     -------
Form 13F Information Table Value Total:              739,190 (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.

<PAGE>
<TABLE>
<CAPTION>
COLUMN 1                       COLUMN 2    COLUMN 3  COLUMN 4           COLUMN 5           COLUMN 6 COLUMN 7        COLUMN 8
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                               TITLE OF               VALUE    SHRS OR                    INVESTMENT  OTHER      VOTING AUTHORITY
NAME OF ISSUER                  CLASS       CUSIP    (X1000)   PRN AMT   SH/PRN  PUT/CALL DISCRETION MANAGERS SOLE       SHARED NONE
------------------------------------------------------------------------------------------------------------------------------------
<S>                          <C>          <C>       <C>       <C>       <C>      <C>      <C>        <C>      <C>        <C>    <C>
API TECHNOLOGIES CORP        COM          00187E203    6,904  1,747,938   SH                 Sole              1,747,938

DEUTSCHE BANK AG-REGISTERED  NAMEN AKT    D18190898   44,560  1,287,500   SH     PUT         Sole              1,287,500

EARTHLINK INC                COM          270321102    5,329    816,100   SH                 Sole                816,100

GOLAR LNG PARTNERS LP        COM UNIT LPI Y2745C102   20,363    796,348   SH                 Sole                796,348

IMATION CORP                 COM          45245A107    7,642  1,045,413   SH                 Sole              1,045,413

MCMORAN EXPLORATION CO       COM          582411104   12,909  1,300,000   SH                 Sole              1,300,000

MCMORAN EXPLORATION CO       COM          582411104   30,783  3,100,000   SH     CALL        Sole              3,100,000

SPDR S&P 500 ETF TRUST       TR UNIT      78462F103  577,065  5,100,000   SH     PUT         Sole              5,100,000

SEAHAWK DRILLING INC         COM          81201R107      625    250,000   SH                 Sole                250,000

SIX FLAGS ENTERTAINMENT CORP COM          83001A102   16,599    598,802   SH                 Sole                598,802

TESSERA TECHNOLOGIES INC     COM          88164L100    2,253    188,700   SH                 Sole                188,700

YAHOO! INC                   COM          984332106   14,158  1,075,000   SH     CALL        Sole              1,075,000
</TABLE>