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
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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
Biogen Idec Inc. COM 09062X103 19,691 19,691 SH   DFND   91,500 0 0
Boeing Co COM 097023105 10,162 10,162 SH   DFND   99,200 0 0
Boston Scientific Corp COM 101137107 9,270 9,270 SH   DFND   1,000,000 0 0
CBS Corp CL B 124857202 99,890 99,890 SH   DFND   2,044,000 0 0
Charter Comm's Inc CL A 16117M305 33,687 33,687 SH   DFND   272,000 0 0
Cubist Pharms Inc. COM 229678107 19,944 19,944 SH   DFND   413,000 0 0
Delta Air Lines Inc. COM 247361702 72,249 72,249 SH   DFND   3,861,500 0 0
Select Sector SPDR TR SBI INT-FINL 81369Y605 10,616 10,616 SH   DFND   544,700 0 0
Gilead Sciences Inc. COM 375558103 31,311 31,311 SH   DFND   610,700 0 0
Google Inc. CL A 38259P508 196,543 196,543 SH   DFND   223,250 0 0
Johnson & Johnson COM 478160104 11,076 11,076 SH   DFND   129,000 0 0
Procter & Gamble Co COM 742718109 43,599 43,599 SH   DFND   566,300 0 0
Select Sector SPDR TR TECHNOLOGY 81369Y803 6,256 6,256 SH   DFND   204,500 0 0
US Airways Group Inc. COM 90341W108 38,817 38,817 SH   DFND   2,364,000 0 0
Verizon Comm's Inc. COM 92343V104 23,811 23,811 SH   DFND   473,000 0 0
Workday Inc. CL A 98138H101 32,397 32,397 SH   DFND   505,500 0 0
LyondellBasell Ind's NV SHS - A N53745100 14,445 14,445 SH   DFND   218,000 0 0