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
ISHARES MSCI EMG MKT ETF 464287234 13,361 321,487 SH   DFND 1 321,487 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 11,732 549,320 SH   DFND 1 549,320 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 10,158 87,409 SH   DFND 1 87,409 0 0
ISHARES IBOXX HI YD ETF 464288513 4,782 52,007 SH   DFND 1 52,007 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 31,876 161,792 SH   DFND 1 161,792 0 0
ISHARES MSCI EMG MKT ETF 464287234 268 2,000 SH Call DFND 1 2,000 0 0
ISHARES MSCI EMG MKT ETF 464287234 625 2,000 SH Put DFND 1 2,000 0 0
ISHARES MSCI EMG MKT ETF 464287234 244 2,000 SH Put DFND 1 2,000 0 0
ISHARES MSCI EMG MKT ETF 464287234 388 2,800 SH Put DFND 1 2,800 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 420 2,250 SH Put DFND 1 2,250 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 1,125 5,000 SH Put DFND 1 5,000 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 763 2,500 SH Put DFND 1 2,500 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 918 1,000 SH Put DFND 1 1,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 1,119 2,850 SH Put DFND 1 2,850 0 0
SPDR SERIES TRUST S&P RETAIL ETF 78464A714 349 1,100 SH Call DFND 1 1,100 0 0
SPDR SERIES TRUST S&P RETAIL ETF 78464A714 336 1,100 SH Put DFND 1 1,100 0 0