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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
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 11,260 915,440 SH   SOLE   0 0 915,440
ISHARES MSCI BRZ CAP ETF 464286400 875,591 42,340,000 SH Call SOLE   0 0 42,340,000
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 20,580 1,500,000 SH Call SOLE   0 0 1,500,000
MBIA INC COM 55262C100 30,127 4,649,200 SH Put SOLE   0 0 4,649,200