The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALASKA AIR GROUP INC COM 011659109 352 4,800 SH   SOLE   4,800 0 0
ALCATEL-LUCENT SPONSORED ADR 013904305 2,187 497,000 SH   SOLE   497,000 0 0
ALLIED NEVADA GOLD CORP COM 019344100 3,078 867,000 SH Put SOLE   867,000 0 0
ALLIED NEVADA GOLD CORP COM 019344100 444 125,000 SH Put SOLE   125,000 0 0
ANADARKO PETE CORP COM 032511107 50,253 633,551 SH   SOLE   633,551 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 13,126 1,120,000 SH Put SOLE   1,120,000 0 0
ANNALY CAP MGMT INC Note 035710AA0 4,706 4,500,000 SH   SOLE   4,500,000 0 0
APACHE CORP COM 037411105 4,678 54,437 SH   SOLE   54,437 0 0
APACHE CORP COM 037411105 40,942 476,400 SH Call SOLE   476,400 0 0
APPLE INC COM 037833100 12,457 22,200 SH   SOLE   22,200 0 0
ARCH COAL INC COM 039380100 2,061 463,096 SH   SOLE   463,096 0 0
ARCH COAL INC COM 039380100 1,558 350,000 SH Put SOLE   350,000 0 0
AUTOZONE INC COM 053332102 574 1,200 SH   SOLE   1,200 0 0
BANK OF AMERICA CORPORATION COM 060505104 23,910 1,535,651 SH   SOLE   1,535,651 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06742E711 8,510 200,000 SH Put SOLE   200,000 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06742E711 4,255 100,000 SH Put SOLE   100,000 0 0
BARRETT BILL CORP COM 06846N104 6,293 235,000 SH   SOLE   235,000 0 0
BARRICK GOLD CORP COM 067901108 23,615 1,339,490 SH   SOLE   1,339,490 0 0
CABOT OIL & GAS CORP COM 127097103 7,903 203,900 SH   SOLE   203,900 0 0
CAMERON INTERNATIONAL CORP COM 13342B105 9,695 162,867 SH   SOLE   162,867 0 0
CANADIAN NAT RES LTD COM 136385101 1,479 43,700 SH   SOLE   43,700 0 0
CAPITAL ONE FINL CORP COM 14040H105 260 3,400 SH   SOLE   3,400 0 0
CHEVRON CORP NEW COM 166764100 8,399 67,240 SH   SOLE   67,240 0 0
CIMAREX ENERGY CO COM 171798101 3,201 30,515 SH   SOLE   30,515 0 0
CITIGROUP INC COM 172967424 9,737 186,851 SH   SOLE   186,851 0 0
CME GROUP INC COM 12572Q105 2,362 30,100 SH   SOLE   30,100 0 0
COBALT INTL ENERGY INC COM 19075F106 17,242 1,048,154 SH   SOLE   1,048,154 0 0
COBALT INTL ENERGY INC COM 19075F106 11,515 700,000 SH Put SOLE   700,000 0 0
COBALT INTL ENERGY INC Note 19075FAA4 40,912 46,000,000 SH   SOLE   46,000,000 0 0
DELPHI AUTOMOTIVE PLC SHS G27823106 367 6,100 SH   SOLE   6,100 0 0
DELTA AIR LINES INC DEL COM 247361702 349 12,700 SH   SOLE   12,700 0 0
DENDREON CORP COM 24823Q107 748 250,000 SH Put SOLE   250,000 0 0
DENDREON CORP Note 24823QAC1 3,195 5,000,000 SH   SOLE   5,000,000 0 0
DEVON ENERGY CORP NEW COM 25179M103 4,483 72,459 SH   SOLE   72,459 0 0
DISCOVER FINL SVCS COM 254709108 257 4,600 SH   SOLE   4,600 0 0
DOW CHEM CO COM 260543103 302 6,800 SH   SOLE   6,800 0 0
DRESSER-RAND GROUP INC COM 261608103 596 10,000 SH   SOLE   10,000 0 0
DRYSHIPS INC. Note 262498AB4 13,572 13,471,000 SH   SOLE   13,471,000 0 0
ENCANA CORP COM 292505104 3,940 218,300 SH   SOLE   218,300 0 0
ENERGY XXI (BERMUDA) LTD USD UNRS SHS G10082140 8,531 315,246 SH   SOLE   315,246 0 0
EOG RES INC COM 26875P101 7,569 45,099 SH   SOLE   45,099 0 0
EQT CORP COM 26884L109 34,479 384,036 SH   SOLE   384,036 0 0
EXCO RESOURCES INC COM 269279402 2,788 525,000 SH Put SOLE   525,000 0 0
FMC TECHNOLOGIES INC COM 30249U101 2,611 50,000 SH   SOLE   50,000 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 4,987 132,130 SH   SOLE   132,130 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 23,403 620,100 SH Call SOLE   620,100 0 0
GENERAL MTRS CO COM 37045V100 801 19,600 SH   SOLE   19,600 0 0
GOODRICH PETE CORP COM 382410405 853 50,095 SH   SOLE   50,095 0 0
GOODRICH PETE CORP Note 382410AC2 4,065 4,000,000 SH   SOLE   4,000,000 0 0
GOOGLE INC CL A 38259P508 16,250 14,500 SH   SOLE   14,500 0 0
GULFPORT ENERGY CORP COM 402635304 19,255 304,916 SH   SOLE   304,916 0 0
HALLIBURTON CO COM 406216101 9,145 180,200 SH   SOLE   180,200 0 0
HARMAN INTL INDS INC COM 413086109 295 3,600 SH   SOLE   3,600 0 0
HESS CORP COM 42809H107 8,723 105,100 SH   SOLE   105,100 0 0
HOME DEPOT INC COM 437076102 239 2,900 SH   SOLE   2,900 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 1,723 35,000 SH   SOLE   35,000 0 0
IAMGOLD CORP COM 450913108 1,399 420,000 SH Put SOLE   420,000 0 0
INTEROIL CORP Note 460951AC0 3,751 4,000,000 SH   SOLE   4,000,000 0 0
ISHARES MSCI EMG MKT ETF 464287234 62,655 1,500,000 SH Call SOLE   1,500,000 0 0
ISHARES MSCI EMG MKT ETF 464287234 41,824 1,001,300 SH Call SOLE   1,001,300 0 0
ISHARES MSCI EMG MKT ETF 464287234 125,310 3,000,000 SH Call SOLE   3,000,000 0 0
ISHARES MSCI EMG MKT ETF 464287234 20,885 500,000 SH Call SOLE   500,000 0 0
ISHARES MSCI EMG MKT ETF 464287234 42,756 1,023,600 SH Call SOLE   1,023,600 0 0
ISHARES MSCI EMG MKT ETF 464287234 11,279 270,015 SH   SOLE   270,015 0 0
ISHARES MSCI MEX CAP ETF 464286822 24,450 359,556 SH   SOLE   359,556 0 0
ISHARES MSCI STH KOR ETF 464286772 5,271 81,500 SH   SOLE   81,500 0 0
ISHARES US HOME CONS ETF 464288752 621 25,000 SH   SOLE   25,000 0 0
JPMORGAN CHASE & CO COM 46625H100 351 6,000 SH   SOLE   6,000 0 0
KIRBY CORP COM 497266106 1,499 15,100 SH   SOLE   15,100 0 0
KODIAK OIL & GAS CORP COM 50015Q100 3,475 310,000 SH   SOLE   310,000 0 0
LIFE TECHNOLOGIES CORP COM 53217V109 811 10,700 SH   SOLE   10,700 0 0
LINN ENERGY LLC UNIT LTD LIAB 536020100 6,928 225,000 SH Put SOLE   225,000 0 0
LINN ENERGY LLC UNIT LTD LIAB 536020100 2,309 75,000 SH Put SOLE   75,000 0 0
LOWES COS INC COM 548661107 233 4,700 SH   SOLE   4,700 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 12,866 160,263 SH   SOLE   160,263 0 0
MANNKIND CORP Note 56400PAC6 6,259 5,980,000 SH   SOLE   5,980,000 0 0
MARATHON OIL CORP COM 565849106 61,739 1,748,977 SH   SOLE   1,748,977 0 0
MARATHON PETE CORP COM 56585A102 5,255 57,286 SH   SOLE   57,286 0 0
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 5,485 190,000 SH   SOLE   190,000 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 3,945 186,782 SH   SOLE   186,782 0 0
MASCO CORP COM 574599106 230 10,100 SH   SOLE   10,100 0 0
MICRON TECHNOLOGY INC Note 595112AH6 50,280 33,000,000 SH   SOLE   33,000,000 0 0
MOHAWK INDS INC COM 608190104 298 2,000 SH   SOLE   2,000 0 0
NEWFIELD EXPL CO COM 651290108 52,201 2,119,408 SH   SOLE   2,119,408 0 0
NII HLDGS INC CL B 62913F201 2,307 838,800 SH Put SOLE   838,800 0 0
NORTHERN OIL & GAS INC NEV COM 665531109 17,873 1,186,030 SH   SOLE   1,186,030 0 0
NVR INC COM 62944T105 513 500 SH   SOLE   500 0 0
OASIS PETE INC NEW COM 674215108 4,683 99,709 SH   SOLE   99,709 0 0
ORANGE SPONSORED ADR 684060106 1,729 140,000 SH   SOLE   140,000 0 0
PRICELINE COM INC COM 741503403 465 400 SH   SOLE   400 0 0
PRUDENTIAL FINL INC COM 744320102 323 3,500 SH   SOLE   3,500 0 0
QUICKSILVER RESOURCES INC COM 74837R104 4,122 1,342,551 SH   SOLE   1,342,551 0 0
RADIAN GROUP INC Note 750236AN1 26,006 17,600,000 SH   SOLE   17,600,000 0 0
RITE AID CORP Note 767754BU7 10,353 5,000,000 SH   SOLE   5,000,000 0 0
ROGERS COMMUNICATIONS INC CL B 775109200 2,263 50,000 SH   SOLE   50,000 0 0
ROWAN COMPANIES PLC SHS CL A G7665A101 6,927 195,900 SH   SOLE   195,900 0 0
SANDRIDGE ENERGY INC COM 80007P307 14,022 2,310,000 SH Put SOLE   2,310,000 0 0
SCHLUMBERGER LTD COM 806857108 13,526 150,100 SH   SOLE   150,100 0 0
SEADRILL LIMITED SHS G7945E105 5,628 137,000 SH   SOLE   137,000 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 8,617 128,932 SH   SOLE   128,932 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 23,049 260,414 SH   SOLE   260,414 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 37,751 1,726,933 SH   SOLE   1,726,933 0 0
SILVER STD RES INC COM 82823L106 1,392 200,000 SH Put SOLE   200,000 0 0
SINA CORP ORD G81477104 12,638 150,000 SH Put SOLE   150,000 0 0
SM ENERGY CO COM 78454L100 11,070 133,200 SH   SOLE   133,200 0 0
SOUTHWEST AIRLS CO COM 844741108 367 19,500 SH   SOLE   19,500 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 336,893 2,900,000 SH Call SOLE   2,900,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 148,239 802,725 SH   SOLE   802,725 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 9,891 243,551 SH   SOLE   243,551 0 0
SUNCOR ENERGY INC NEW COM 867224107 47,668 1,359,995 SH   SOLE   1,359,995 0 0
SUNEDISON INC COM 86732Y109 9,135 700,000 SH Put SOLE   700,000 0 0
SUNPOWER CORP DBCV 4.500% 3/1 867652AE9 16,982 12,000,000 SH   SOLE   12,000,000 0 0
SUNPOWER CORP DBCV 4.750% 4/1 867652AC3 6,637 5,500,000 SH   SOLE   5,500,000 0 0
SUPERIOR ENERGY SVCS INC COM 868157108 1,775 66,700 SH   SOLE   66,700 0 0
TENNECO INC COM 880349105 226 4,000 SH   SOLE   4,000 0 0
TRIPADVISOR INC COM 896945201 248 3,000 SH   SOLE   3,000 0 0
TRW AUTOMOTIVE HLDGS CORP COM 87264S106 357 4,800 SH   SOLE   4,800 0 0
U S SILICA HLDGS INC COM 90346E103 2,047 60,000 SH   SOLE   60,000 0 0
WALTER ENERGY INC COM 93317Q105 3,742 225,000 SH Put SOLE   225,000 0 0
WALTER ENERGY INC COM 93317Q105 5,613 337,500 SH Put SOLE   337,500 0 0
WEIGHT WATCHERS INTL INC NEW COM 948626106 6,586 200,000 SH Put SOLE   200,000 0 0
WELLS FARGO & CO NEW COM 949746101 318 7,000 SH   SOLE   7,000 0 0
WESTLAKE CHEM CORP COM 960413102 1,953 16,000 SH   SOLE   16,000 0 0
WHIRLPOOL CORP COM 963320106 220 1,400 SH   SOLE   1,400 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 2,034 40,000 SH   SOLE   40,000 0 0
WORKDAY INC CL A 98138H101 249 3,000 SH   SOLE   3,000 0 0
YAHOO INC COM 984332106 295 7,300 SH   SOLE   7,300 0 0