AMERICAN AIRLS GROUP INC COM 02376R102 5704 108074 SH DFND 108074 0 0 AMERICAN CAPITAL AGENCY CORP COM 02503X105 13474 631713 SH DFND 631713 0 0 AMERICAN EXPRESS CO COM 025816109 12554 160700 SH Call DFND 160700 0 0 APPLE INC COM 037833100 4032 32400 SH DFND 32400 0 0 APOLLO RESIDENTIAL MTG INC COM 03763V102 4658 292040 SH DFND 292040 0 0 ARMOUR RESIDENTIAL REIT INC COM 042315101 12034 3796226 SH DFND 3796226 0 0 DELTA AIR LINES INC DEL COM NEW 247361702 5476 121795 SH DFND 121795 0 0 DISCOVER FINL SVCS COM 254709108 12589 223400 SH Call DFND 223400 0 0 ISHARES IBOXX HI YD ETF 464288513 88413 975750 SH DFND 975750 0 0 ISHARES TR S&P 100 ETF 464287101 80260 2000000 SH Call DFND 2000000 0 0 INVESCO MORTGAGE CAPITAL INC COM 46131B100 20935 1348059 SH DFND 1348059 0 0 POWERSHARES QQQ TRUST Unit Ser 1 73935A104 160829 1523000 SH Call DFND 1523000 0 0 SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 1884 25000 SH DFND 25000 0 0 SELECT SECTOR SPDR TR SBI Materials 81369Y100 40730 525000 SH Call DFND 525000 0 0 SOUTHWEST AIRLS CO COM 844741108 6606 149127 SH DFND 149127 0 0 SPDR SERIES TRUST S&P HOMEBUILD 78464A888 1401 38000 SH DFND 38000 0 0 UNITED CONTL HLDGS INC COM 910047109 6270 93227 SH DFND 93227 0 0