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
CHARM COMMUNICATIONS INC ADR SHS CL A 16112R101 1,577 368,002 SH   DFND 1 368,002 0 0
MELCO CROWN ENTMT LTD ADR 585464100 24,556 626,100 SH   DFND 1 626,100 0 0
AUTONAVI HLDGS LTD SPONSORED ADR 05330F106 3,340 234,400 SH   DFND 1 234,400 0 0
BAIDU INC SPON ADR REP A 056752108 25,597 143,900 SH   DFND 1 143,900 0 0
E HOUSE CHINA HLDGS LTD ADR 26852W103 12,416 823,370 SH   DFND 1 823,370 0 0
NEW ORIENTAL ED N TECH GRP I SPON ADR 647581107 25,439 807,594 SH   DFND 1 807,594 0 0
SOUFUN HLDGS LTD ADR ADR 836034108 1,121 13,607 SH   DFND 1 13,607 0 0
PROSHARES TR SHRT 20+YR TRE 74347X849 5,927 180,200 SH   DFND 1 180,200 0 0
XUEDA ED GROUP SPONSORED ADR 98418W109 764 124,689 SH   DFND 1 124,689 0 0
PROSHARES TR PSHS ULTSH 20YRS 74347B201 6,035 76,200 SH   DFND 1 76,200 0 0
CLOROX CO DEL COM 189054109 3,117 33,600 SH   DFND 1 33,600 0 0
KELLOGG CO COM 487836108 2,944 48,200 SH   DFND 1 48,200 0 0
KIMBERLY CLARK CORP COM 494368103 3,029 29,000 SH   DFND 1 29,000 0 0
HIMAX TECHNOLOGIES INC SPONSORED ADR 43289P106 1,603 113,100 SH   DFND 1 113,100 0 0
ABBVIE INC COM 00287Y109 3,304 62,567 SH   DFND 1 62,567 0 0
PROCTER AND GAMBLE CO COM 742718109 6,358 78,100 SH   DFND 1 78,100 0 0
MCDONALDS CORP COM 580135101 2,591 26,700 SH   DFND 1 26,700 0 0
LAS VEGAS SANDS CORP COM 517834107 1,175 14,900 SH   DFND 1 14,900 0 0
COCA COLA CO COM 191216100 2,627 63,600 SH   DFND 1 63,600 0 0