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
BEAZER HOMES USA INC COM NEW 07556Q881 1,626 122,000 SH   DFND 1,2 122,000 0 0
BOFI HLDG INC COM 05566U108 1,932 15,000 SH Put DFND 1,2 15,000 0 0
CINEMARK HOLDINGS INC COM 17243V102 543 16,700 SH   DFND 1,2 16,700 0 0
CITIGROUP INC COM NEW 172967424 9,922 200,000 SH   DFND 1,2 200,000 0 0
DANAHER CORP DEL COM 235851102 120 1,406 SH   DFND 1,2 1,406 0 0
FACTORSHARES TR ISE CYBER SEC 30304R407 631 25,000 SH   DFND 1,2 25,000 0 0
GLOBAL X FDS FTSE GREECE 20 37950E366 113 11,715 SH   DFND 1,2 11,715 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 1,280 76,500 SH   DFND 1,2 76,500 0 0
ISHARES MSCI BRZ CAP ETF 464286400 1,646 75,000 SH Put DFND 1,2 75,000 0 0
ISHARES MSCI EURZONE ETF 464286608 245 7,125 SH   DFND 1,2 7,125 0 0
ISHARES TR 7-10 Y TR BD ETF 464287440 1,109 10,283 SH   DFND 1,2 10,283 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 8,868 250,000 SH Call DFND 1,2 250,000 0 0
ISHARES TR IBOXX INV CP ETF 464287242 1,254 10,800 SH   DFND 1,2 10,800 0 0
ISHARES TR JP MOR EM MK ETF 464288281 2,820 26,506 SH   DFND 1,2 26,506 0 0
ISHARES TR MSCI EAFE ETF 464287465 8,598 150,000 SH Call DFND 1,2 150,000 0 0
ISHARES TR RUS 2000 GRW ETF 464287648 6,699 50,000 SH Put DFND 1,2 50,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 5,460 50,000 SH Put DFND 1,2 50,000 0 0
ISHARES TR S&P 500 VAL ETF 464287408 12,605 150,000 SH Call DFND 1,2 150,000 0 0
ISHARES TR U.S. REAL ES ETF 464287739 4,612 65,000 SH   DFND 1,2 65,000 0 0
KB HOME COM 48666K109 1,450 107,000 SH   DFND 1,2 107,000 0 0
KRISPY KREME DOUGHNUTS INC COM 501014104 200 13,700 SH   DFND 1,2 13,700 0 0
KROGER CO COM 501044101 1,154 32,000 SH   DFND 1,2 32,000 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 687 50,000 SH Call DFND 1,2 50,000 0 0
MARKET VECTORS ETF TR VIETNAM ETF 57060U761 8,127 525,000 SH   DFND 1,2 525,000 0 0
MORGAN STANLEY COM NEW 617446448 693 22,000 SH   DFND 1,2 22,000 0 0
NETSCOUT SYS INC COM 64115T104 594 16,785 SH   DFND 1,2 16,785 0 0
PENNYMAC MTG INVT TR COM 70931T103 1,194 77,204 SH   DFND 1,2 77,204 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 1,354 13,308 SH   DFND 1,2 13,308 0 0
POWERSHS DB MULTI SECT COMM PS DB AGRICUL FD 73936B408 2,088 100,000 SH Call DFND 1,2 100,000 0 0
SANDERSON FARMS INC COM 800013104 391 5,700 SH   DFND 1,2 5,700 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 9,283 125,000 SH Put DFND 1,2 125,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 1,299 6,780 SH   DFND 1,2 6,780 0 0
SPDR SERIES TRUST S&P BK ETF 78464A797 1,994 60,000 SH   DFND 1,2 60,000 0 0
SPDR SERIES TRUST S&P HOMEBUILD 78464A888 2,738 80,000 SH   DFND 1,2 80,000 0 0
TRIBUNE PUBG CO COM 896082104 235 30,000 SH   DFND 1,2 30,000 0 0
VISTEON CORP COM NEW 92839U206 2,814 27,800 SH   DFND 1,2 27,800 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 1,363 16,400 SH   DFND 1,2 16,400 0 0