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 768 11,925 SH   DFND   11,925 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 726 18,175 SH   DFND   18,175 0 0
BEAZER HOMES USA INC COM NEW 07556Q881 998 50,000 SH   DFND   50,000 0 0
CAMECO CORP COM 13321L108 457 32,000 SH   DFND   32,000 0 0
CARNIVAL CORP PAIRED CTF 143658300 296 6,000 SH   DFND   6,000 0 0
CINEMARK HOLDINGS INC COM 17243V102 470 11,700 SH   DFND   11,700 0 0
CITIGROUP INC COM NEW 172967424 1,768 32,000 SH   DFND   32,000 0 0
CITIGROUP INC COM NEW 172967424 16,572 300,000 SH Call DFND   300,000 0 0
DANAHER CORP DEL COM 235851102 719 8,400 SH   DFND   8,400 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 742 18,070 SH   DFND   18,070 0 0
GLOBAL X FDS FTSE GREECE 20 37950E366 440 43,750 SH   DFND   43,750 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 1,114 61,500 SH   DFND   61,500 0 0
ISHARES JP MOR EM MK ETF 464288281 270 2,454 SH   DFND   2,454 0 0
ISHARES MSCI BRZ CAP ETF 464286400 3,277 100,000 SH Put DFND   100,000 0 0
ISHARES MSCI JAPAN ETF 464286848 375 29,245 SH   DFND   29,245 0 0
ISHARES TR 7-10 Y TR BD ETF 464287440 316 3,008 SH   DFND   3,008 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 11,886 300,000 SH Call DFND   300,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 585 4,686 SH   DFND   4,686 0 0
ISHARES TR U.S. REAL ES ETF 464287739 2,852 40,000 SH   DFND   40,000 0 0
KRISPY KREME DOUGHNUTS INC COM 501014104 264 13,700 SH   DFND   13,700 0 0
KROGER CO COM 501044101 1,160 16,000 SH   DFND   16,000 0 0
MARKET VECTORS ETF TR VIETNAM ETF 57060U761 13,644 732,000 SH   DFND   732,000 0 0
MORGAN STANLEY COM NEW 617446448 853 22,000 SH   DFND   22,000 0 0
NORWEGIAN CRUISE LINE HLDGS SHS G66721104 314 5,600 SH   DFND   5,600 0 0
PENNYMAC MTG INVT TR COM 70931T103 1,346 77,204 SH   DFND   77,204 0 0
POWERSHARES DB CMDTY IDX TRA UNIT BEN INT 73935S105 46 2,538 SH   DFND   2,538 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 1,069 9,981 SH   DFND   9,981 0 0
POWERSHS DB MULTI SECT COMM PS DB AGRICUL FD 73936B408 2,335 100,000 SH Call DFND   100,000 0 0
POWERSHS DB MULTI SECT COMM PS DB AGRICUL FD 73936B408 705 30,175 SH   DFND   30,175 0 0
FACTORSHARES TR ISE CYBER SEC 30304R407 789 25,000 SH   DFND   25,000 0 0
SANDERSON FARMS INC COM 800013104 428 5,700 SH   DFND   5,700 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 3,006 40,000 SH Put DFND   40,000 0 0
SOLARCITY CORP COM 83416T100 707 13,200 SH   DFND   13,200 0 0
SOUTHWEST AIRLS CO COM 844741108 716 21,650 SH   DFND   21,650 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 2,058 10,000 SH Put DFND   10,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 363 1,764 SH   DFND   1,764 0 0
SPDR SERIES TRUST S&P BK ETF 78464A797 2,176 60,000 SH   DFND   60,000 0 0
SPDR SERIES TRUST S&P HOMEBUILD 78464A888 2,930 80,000 SH   DFND   80,000 0 0
SUNPOWER CORP COM 867652406 625 22,000 SH   DFND   22,000 0 0
TERRAFORM PWR INC CL A COM 88104R100 684 18,000 SH   DFND   18,000 0 0
TOLL BROTHERS INC COM 889478103 535 14,000 SH   DFND   14,000 0 0
UNITED CONTL HLDGS INC COM 910047109 745 14,050 SH   DFND   14,050 0 0
VALE S A ADR 91912E105 2,474 420,000 SH Call DFND   420,000 0 0
VISTEON CORP COM NEW 92839U206 2,394 22,800 SH   DFND   22,800 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 1,081 12,800 SH   DFND   12,800 0 0