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 2,120 184,500 SH   DFND 1,2 184,500 0 0
BOEING CO COM 097023105 8,675 60,000 SH Call DFND 1,2 60,000 0 0
CANADIAN PAC RY LTD COM 13645T100 345 2,700 SH   DFND 1,2 2,700 0 0
CITIGROUP INC COM NEW 172967424 2,872 55,500 SH   DFND 1,2 55,500 0 0
CLAYMORE EXCHANGE TRD FD TR GUGGENHEIM SOLAR 18383Q739 552 18,000 SH   DFND 1,2 18,000 0 0
CSX CORP COM 126408103 363 14,000 SH   DFND 1,2 14,000 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 854 60,000 SH   DFND 1,2 60,000 0 0
ISHARES MSCI EURZONE ETF 464286608 555 15,840 SH   DFND 1,2 15,840 0 0
ISHARES MSCI JAPAN ETF 464286848 505 41,654 SH   DFND 1,2 41,654 0 0
ISHARES TR CHINA ETF 46429B671 357 8,000 SH   DFND 1,2 8,000 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 353 10,000 SH   DFND 1,2 10,000 0 0
ISHARES TR JP MOR EM MK ETF 464288281 2,547 24,081 SH   DFND 1,2 24,081 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 5,631 50,000 SH Put DFND 1,2 50,000 0 0
ISHARES TR U.S. REAL ES ETF 464287739 239 3,180 SH   DFND 1,2 3,180 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 325 4,350 SH   DFND 1,2 4,350 0 0
MARKET VECTORS ETF TR VIETNAM ETF 57060U761 4,222 285,450 SH   DFND 1,2 285,450 0 0
MOSAIC CO NEW COM 61945C103 2,069 75,000 SH Call DFND 1,2 75,000 0 0
NORFOLK SOUTHERN CORP COM 655844108 338 4,000 SH   DFND 1,2 4,000 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 521 4,655 SH   DFND 1,2 4,655 0 0
PRICELINE GRP INC COM NEW 741503403 255 200 SH   DFND 1,2 200 0 0
QUALCOMM INC COM 747525103 2,249 45,000 SH Call DFND 1,2 45,000 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 3,908 50,000 SH Put DFND 1,2 50,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 739 3,626 SH   DFND 1,2 3,626 0 0
SPDR SERIES TRUST S&P HOMEBUILD 78464A888 3,418 100,000 SH Call DFND 1,2 100,000 0 0
TRAVELPORT WORLDWIDE LTD SHS G9019D104 258 20,000 SH   DFND 1,2 20,000 0 0
UNION PAC CORP COM 907818108 360 4,600 SH   DFND 1,2 4,600 0 0
UNITED STATES OIL FUND LP UNITS 91232N108 2,750 250,000 SH Call DFND 1,2 250,000 0 0
VISTEON CORP COM NEW 92839U206 1,145 10,000 SH   DFND 1,2 10,000 0 0