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
Expires: July 31, 2015
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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
CROWN CASTLE INC COM 22822V101 99,604,750 1,225,000 SH DFND 0 1,225,000 0
DIGITAL RLTY TR INC COM 253868103 270,315,000 1,500,000 SH Put DFND 0 1,500,000 0
EMERSON ELEC CO COM 291011104 26,204,000 200,000 SH Put DFND 0 200,000 0
EQUINIX INC COM 29444U700 147,036,000 150,000 SH DFND 0 150,000 0
ETSY INC COM 29786A106 249,900,000 5,000,000 SH DFND 0 5,000,000 0
FORTIVE CORP COM 34959J108 41,460,000 750,000 SH Put DFND 0 750,000 0
GCI LIBERTY INC COM SER C 36164V800 24,555,921 659,928 SH DFND 0 659,928 0
HDFC BANK LTD SPONSORED ADS 40415F101 19,831,475 797,085 SH DFND 0 797,085 0
HEWLETT PACKARD ENTERPRISE C COM 42824C109 652,911,510 27,421,735 SH DFND 0 27,421,735 0
INVESCO QQQ TR UNIT SER 1 46090E103 230,872,000 400,000 SH Put DFND 0 400,000 0
ISHARES TR IBOXX HI YD ETF 464288513 397,800,000 5,000,000 SH Put DFND 0 5,000,000 0
ISHARES TR RUS 1000 VAL ETF 464287598 213,670,000 1,000,000 SH Put DFND 0 1,000,000 0
ISHARES TR RUSSELL 2000 ETF 464287655 124,000,000 500,000 SH Put DFND 0 500,000 0
NORWEGIAN CRUISE LINE HLDGS SHS G66721104 246,578,200 13,186,000 SH DFND 0 13,186,000 0
OR ROYALTIES INC. COM SHS 68390D106 118,280,220 3,111,000 SH DFND 0 3,111,000 0
PEPSICO INC COM 713448108 197,994,750 1,275,000 SH DFND 0 1,275,000 0
PHILLIPS 66 COM 718546104 3,507,147,180 19,251,000 SH DFND 0 19,251,000 0
PINTEREST INC CL A 72352L106 513,520,000 28,000,000 SH DFND 0 28,000,000 0
SEADRILL LTD COM G7997W102 214,718,368 4,719,085 SH DFND 0 4,719,085 0
SELECT SECTOR SPDR TR STATE STREET IND 81369Y704 1,212,975,000 7,500,000 SH Put DFND 0 7,500,000 0
SELECT SECTOR SPDR TR STATE STREET CON 81369Y308 749,297,200 9,140,000 SH Put DFND 0 9,140,000 0
SELECT SECTOR SPDR TR STATE STREET CON 81369Y407 468,614,000 4,300,000 SH Put DFND 0 4,300,000 0
SOUTHWEST AIRLS CO COM 844741108 1,140,099,220 30,346,000 SH DFND 0 30,346,000 0
SPDR SERIES TRUST STATE STREET SPD 78464A755 97,209,000 900,000 SH Put DFND 0 900,000 0
STRATEGY INC NOTE 0.625% 3/1 594972AJ0 11,539,000 10,000,000 PRN DFND 0 10,000,000 0
SUNCOR ENERGY INC NEW COM 867224107 3,482,066,588 52,670,800 SH DFND 0 52,670,800 0
TRANSOCEAN LTD REGISTERED SHS H8817H100 103,605,909 15,626,834 SH DFND 0 15,626,834 0
TRIPLE FLAG PRECIOUS METAL COM 89679M104 4,625,045,543 133,248,215 SH DFND 0 133,347,439 0
UNITI GROUP LLC COM SHS 912932100 553,534,614 59,012,219 SH DFND 0 59,012,219 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106 151,420,500 1,650,000 SH Put DFND 0 1,650,000 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106 183,540,000 2,000,000 SH Call DFND 0 2,000,000 0
WAYFAIR INC NOTE 3.500%11/1 94419LAR2 26,246,100 15,000,000 PRN DFND 0 15,000,000 0
WHEATON PRECIOUS METALS CORP COM 962879102 13,101,000 100,000 SH Call DFND 0 100,000 0