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
AMBEV SA SPONSORED ADR 02319V103 1,319 178,000 SH   DFND 1,2 178,000 0 0
ANNALY CAP MGMT INC COM 35710409 2,194 200,000 SH   DFND 1,2 200,000 0 0
BARCLAYS BK PLC DJUBS CMDT ETN36 06738C778 500 12,680 SH   DFND 1,2 12,680 0 0
BEAZER HOMES USA INC COM NEW 07556Q881 8,434 420,000 SH Call DFND 1,2 420,000 0 0
CARMIKE CINEMAS INC COM 143436400 2,804 93,900 SH   DFND 1,2 93,900 0 0
CIMAREX ENERGY CO COM 171798101 1,553 13,036 SH   DFND 1,2 13,036 0 0
CINEMARK HOLDINGS INC COM 17243V102 2,341 80,700 SH   DFND 1,2 80,700 0 0
CITIGROUP INC COM NEW 172967424 25,180 529,000 SH Call DFND 1,2 529,000 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 930 74,000 SH   DFND 1,2 74,000 0 0
CONNS INC COM 208242107 971 25,000 SH Call DFND 1,2 25,000 0 0
DANAHER CORP DEL COM 235851102 375 5,000 SH   DFND 1,2 5,000 0 0
FAMILY DLR STORES INC COM 307000109 1,723 29,700 SH   DFND 1,2 29,700 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 830 8,900 SH   DFND 1,2 8,900 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 13,448 504,800 SH Call DFND 1,2 504,800 0 0
ISHARES EMU ETF 464286608 607 14,367 SH   DFND 1,2 14,367 0 0
ISHARES MSCI JAPAN ETF 464286848 6,016 530,976 SH   DFND 1,2 530,976 0 0
ISHARES TIPS BD ETF 464287176 1,626 14,501 SH   DFND 1,2 14,501 0 0
ISHARES CHINA LG-CAP ETF 464287184 3,041 85,000 SH Put DFND 1,2 85,000 0 0
ISHARES MSCI EMG MKT ETF 464287234 652 15,900 SH   DFND 1,2 15,900 0 0
ISHARES RUSSELL 2000 ETF 464287655 702 6,037 SH   DFND 1,2 6,037 0 0
ISHARES JP MOR EM MK ETF 464288281 1,292 11,600 SH   DFND 1,2 11,600 0 0
ISHARES IBOXX HI YD ETF 464288513 3,148 33,353 SH   DFND 1,2 33,353 0 0
KRISPY KREME DOUGHNUTS INC COM 501014104 557 31,400 SH   DFND 1,2 31,400 0 0
LENNAR CORP CL A 526057104 18,998 480,000 SH Call DFND 1,2 480,000 0 0
MARKET VECTORS ETF TR VIETNAM ETF 57060U761 944 43,500 SH   DFND 1,2 43,500 0 0
MELCO CROWN ENTMT LTD ADR 585464100 763 19,750 SH   DFND 1,2 19,750 0 0
MICROSOFT CORP COM 594918104 3,394 82,800 SH   DFND 1,2 82,800 0 0
MORGAN STANLEY COM NEW 617446448 686 22,000 SH   DFND 1,2 22,000 0 0
PENNYMAC MTG INVT TR COM 70931T103 12,177 509,495 SH   DFND 1,2 509,495 0 0
PERFECT WORLD CO LTD SPON ADR REP B 71372U104 827 40,000 SH   DFND 1,2 40,000 0 0
PIONEER NATURAL RESOURCES CO COM 723787107 1,871 10,000 SH Call DFND 1,2 10,000 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 811 9,253 SH   DFND 1,2 9,253 0 0
SAFEWAY INC COM NEW 786514208 14,185 384,000 SH Call DFND 1,2 384,000 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 8,461 95,000 SH   DFND 1,2 95,000 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 2,264 43,268 SH   DFND 1,2 43,268 0 0
SOUTHERN COPPER CORP COM 84265V105 1,019 35,000 SH   DFND 1,2 35,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 944 5,050 SH   DFND 1,2 5,050 0 0
SPDR SERIES TRUST BRC HGH YLD BD 78464A417 2,892 70,000 SH   DFND 1,2 70,000 0 0
SPDR SERIES TRUST S&P HOMEBUILD 78464A888 4,883 150,000 SH Call DFND 1,2 150,000 0 0
STAR BULK CARRIERS CORP SHS NEW Y8162K121 2,854 199,976 SH   DFND 1,2 199,976 0 0
TRONOX LTD SHS CL A Q9235V101 5,158 217,000 SH   DFND 1,2 217,000 0 0
VISTEON CORP COM NEW 92839U206 5,085 57,500 SH   DFND 1,2 57,500 0 0
WCI CMTYS INC COM PAR $0.01 92923C807 2,786 141,000 SH   DFND 1,2 141,000 0 0