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
ADT CORPORATION COM 00101J106 5,204 128,000 SH   DFND 1,2 128,000 0 0
ALPS ETF TR ALERIAN MLP 00162Q866 6,118 347,829 SH   DFND 1,2 347,829 0 0
ANADARKO PETE CORP CALL 032511907 139 1,500 SH Call DFND 1,2 1,500 0 0
ANADARKO PETE CORP COM 032511107 260 2,800 SH   DFND 1,2 2,800 0 0
ANNALY CAP MGMT INC COM 035710409 2,316 200,000 SH   DFND 1,2 200,000 0 0
BANK OF AMERICA CORPORATION COM 060505104 1,270 92,000 SH   DFND 1,2 92,000 0 0
BARCLAYS BK PLC DJUBS CMDT ETN36 06738C778 472 12,680 SH   DFND 1,2 12,680 0 0
CINEMARK HOLDINGS INC COM 17243V102 3,387 106,700 SH   DFND 1,2 106,700 0 0
CITIGROUP INC CALL 172967904 3,478 71,700 SH Call DFND 1,2 71,700 0 0
CITIGROUP INC COM NEW 172967424 9,446 194,720 SH   DFND 1,2 194,720 0 0
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 920 24,000 SH   DFND 1,2 24,000 0 0
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 931 35,000 SH   DFND 1,2 35,000 0 0
CONTINENTAL RESOURCES INC COM 212015101 345 3,221 SH   DFND 1,2 3,221 0 0
Danaher COM 235851102 347 5,000 SH   DFND 1,2 5,000 0 0
FAMILY DLR STORES INC COM 307000109 2,139 29,700 SH   DFND 1,2 29,700 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 864 8,900 SH   DFND 1,2 8,900 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 506 30,000 SH   DFND 1,2 30,000 0 0
GULFPORT ENERGY CORP COM NEW 402635304 458 7,120 SH   DFND 1,2 7,120 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 8,199 370,000 SH   DFND 1,2 370,000 0 0
ISHARES JP MOR EM MK ETF 464288281 938 8,600 SH   DFND 1,2 8,600 0 0
ISHARES IBOXX INV CP ETF 464287242 1,188 10,468 SH   DFND 1,2 10,468 0 0
ISHARES TIPS BD ETF 464287176 1,204 10,694 SH   DFND 1,2 10,694 0 0
ISHARES U.S. REAL ES ETF 464287739 697 10,921 SH   DFND 1,2 10,921 0 0
ISHARES MSCI EMG MKT ETF 464287234 497 12,200 SH   DFND 1,2 12,200 0 0
ISHARES MSCI EAFE ETF 464287465 778 12,201 SH   DFND 1,2 12,201 0 0
ISHARES IBOXX HI YD ETF 464288513 1,908 20,833 SH   DFND 1,2 20,833 0 0
ISHARES CALL 464287465 19,140 300,000 SH Call DFND 1,2 300,000 0 0
KRISPY KREME DOUGHNUTS INC COM 501014104 1,451 75,000 SH   DFND 1,2 75,000 0 0
MICROSOFT CORP COM 594918104 2,756 82,800 SH   DFND 1,2 82,800 0 0
MORGAN STANLEY COM NEW 617446448 1,082 40,130 SH   DFND 1,2 40,130 0 0
PENNYMAC MTG INVT TR CALL 70931T903 1,758 77,500 SH Call DFND 1,2 77,500 0 0
PENNYMAC MTG INVT TR COM 70931T103 15,215 670,850 SH   DFND 1,2 670,850 0 0
PHILIP MORRIS INTL INC COM 718172109 485 5,600 SH   DFND 1,2 5,600 0 0
PINNACLE ENTMT INC COM 723456109 501 20,000 SH   DFND 1,2 20,000 0 0
PIONEER NAT RES CO COM 723787107 311 1,647 SH   DFND 1,2 1,647 0 0
PNC FINL SVCS GROUP INC COM 693475105 478 6,600 SH   DFND 1,2 6,600 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 2,008 43,268 SH   DFND 1,2 43,268 0 0
SOUTHERN COPPER CORP COM 84265V105 953 35,000 SH   DFND 1,2 35,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 922 5,486 SH   DFND 1,2 5,486 0 0
SPDR S&P 500 ETF TR CALL 78462F903 18,481 110,000 SH Call DFND 1,2 110,000 0 0
SPDR SERIES TRUST BRC HGH YLD BD 78464A417 1,913 48,000 SH   DFND 1,2 48,000 0 0
STAR BULK CARRIERS CORP SHS NEW Y8162K121 2,026 199,976 SH   DFND 1,2 199,976 0 0
SUPERIOR ENERGY SVCS INC COM 868157108 217 8,669 SH   DFND 1,2 8,669 0 0
TRONOX LTD SHS CL A Q9235V101 3,915 160,000 SH   DFND 1,2 160,000 0 0
UNILEVER N V N Y SHS NEW 904784709 881 23,350 SH   DFND 1,2 23,350 0 0
US BANCORP DEL COM NEW 902973304 512 14,000 SH   DFND 1,2 14,000 0 0
WCI CMNTYS INC COM PAR $0.01 92923C807 1,812 105,000 SH   DFND 1,2 105,000 0 0
WELLS FARGO & CO NEW COM 949746101 496 12,000 SH   DFND 1,2 12,000 0 0