13F-HR 1 gram1q08.txt GRUSS ASSET MANAGEMENT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 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: Gruss Asset Management, L.P. Address: 667 Madison Avenue New York, NY 10065 13F File Number: 28-06219 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: Howard Guberman Title: Manager, Gruss Co., LLC, GP of Gruss Asset Mgmt LP Phone: 212-688-1500 Signature, Place, and Date of Signing: /s/ Howard Guberman New York, NY May 06, 2008 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: 0 Form13F Information Table Entry Total: 53 Form13F Information Table Value Total: $891,016 (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. NONE 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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- AIRNET SYS INC COM 009417106 1320 500000 SH SOLE 500000 0 0 ALTRIA GROUP INC COM 02209S103 42081 578200 SH SOLE 578200 0 0 ASE TEST LTD ORD Y02516105 26529 1823300 SH SOLE 1823300 0 0 BEA SYS INC COM 073325102 39001 2036600 SH SOLE 2036600 0 0 BEAR STEARNS COS INC COM 073902108 14416 1374300 SH SOLE 1374300 0 0 BEAR STEARNS COS INC COM 073902108 2116 196300 SH CALL SOLE 196300 0 0 BPW ACQUISITION CORP UNIT 99/99/9999 055637201 6420 671500 SH SOLE 671500 0 0 CABLEVISION SYS CORP CL A NY CABLVS 12686C109 10134 472900 SH CALL SOLE 472900 0 0 CALPINE CORP COM NEW 131347304 8875 481800 SH SOLE 481800 0 0 CBS CORP NEW CL B 124857202 1008 45649 SH SOLE 45649 0 0 CLEAR CHANNEL COMMUNICATIONS COM 184502102 16051 549700 SH PUT SOLE 549700 0 0 CNX GAS CORP COM 12618H309 16731 518300 SH SOLE 518300 0 0 COMMERCIAL METALS CO COM 201723103 2122 70800 SH SOLE 70800 0 0 COMMERCIAL METALS CO COM 201723103 5784 192300 SH CALL SOLE 192300 0 0 COVIDIEN LTD COM G2552X108 1259 28446 SH SOLE 28446 0 0 ENERGY EAST CORP COM 29266M109 32873 1362900 SH SOLE 1362900 0 0 EXTERRAN HLDGS INC COM 30225X103 23708 367342 SH SOLE 367342 0 0 EXTERRAN HLDGS INC COM 30225X103 5316 83600 SH CALL SOLE 83600 0 0 FINISH LINE INC CL A 317923100 954 196300 SH CALL SOLE 196300 0 0 GHL ACQUISITION CORP WT 02/14/13 36172H116 530 963600 SH SOLE 963600 0 0 GHL ACQUSITION CORP UNIT 36172H108 8769 963600 SH SOLE 963600 0 0 GRANT PRIDECO INC COM 38821G101 95651 1943338 SH SOLE 1943338 0 0 HARTFORD FINL SVCS GROUP INC COM 416515104 1787 24000 SH PUT SOLE 24000 0 0 ISHARES TR DJ US REAL EST 464287739 12453 192300 SH PUT SOLE 192300 0 0 JP MORGAN CHASE & CO COM 46625H100 1760 41200 SH PUT SOLE 41200 0 0 KAPSTONE PAPER & PACKAGING C *W EXP 08/15/200 48562P111 2284 1351600 SH SOLE 1351600 0 0 LOEWS CORP COM 540424108 88126 2191100 SH SOLE 2191100 0 0 MBIA INC COM 55262C100 1730 144300 SH CALL SOLE 144300 0 0 METLIFE INC COM 59156R108 2855 48100 SH PUT SOLE 48100 0 0 MOTOROLA INC COM 620076109 8875 963600 SH CALL SOLE 963600 0 0 NRDC ACQUISITION CORP *W EXP 10/17/201 62941R110 480 960700 SH SOLE 960700 0 0 NRDC ACQUISITION CORP COM 62941R102 8829 960700 SH SOLE 960700 0 0 NYMEX HOLDINGS INC COM 62948N104 44516 491184 SH SOLE 491184 0 0 PRINCIPAL FINANCIAL GROUP IN COM 74251V102 1837 33600 SH PUT SOLE 33600 0 0 QUANEX CORP COM 747620102 52939 1023168 SH SOLE 1023168 0 0 SAPPHIRE INDUSTRIALS CORP *W EXP 01/17/201 80306T117 432 960000 SH SOLE 960000 0 0 SAPPHIRE INDUSTRIALS CORP COM 80306T109 8794 960000 SH SOLE 960000 0 0 SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 22695 920700 SH PUT SOLE 920700 0 0 SLM CORP COM 78442P106 1489 98200 SH CALL SOLE 98200 0 0 SOVEREIGN BANCORP INC COM 845905108 1783 192100 SH CALL SOLE 192100 0 0 SP ACQUISITION HOLDINGS INC COM 78470A104 4452 486000 SH SOLE 486000 0 0 SUNPOWER CORP COM CL A 867652109 58889 790354 SH SOLE 790354 0 0 TARRAGON CORP COM 876287103 2236 1040071 SH SOLE 1040071 0 0 TRANE INC COM 892893108 85668 1866400 SH SOLE 1866400 0 0 TRIAN ACQUISITION I CORP *W EXP 01/23/201 89582E116 672 960700 SH SOLE 960700 0 0 TRIAN ACQUISITION I CORP COM 89582E108 8694 960700 SH SOLE 960700 0 0 TRIPLECROWN ACQUISITION CORP COM 89677G109 1568 171963 SH SOLE 171963 0 0 TYCO ELECTRONICS LTD COM NEW G9144P105 976 28446 SH SOLE 28446 0 0 TYCO INTL LTD BERMUDA SHS G9143X208 1253 28446 SH SOLE 28446 0 0 UAP HLDG CORP COM 903441103 23204 605222 SH SOLE 605222 0 0 VIACOM INC NEW CL B 92553P201 1809 45649 SH SOLE 45649 0 0 WACHOVIA CORP NEW COM 929903102 11948 459700 SH PUT SOLE 459700 0 0 YAHOO INC COM 984332106 64335 2223800 SH SOLE 2223800 0 0