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 TR CHINA LG-CAP ETF 464287184 15,862 457,000 SH   DFND 1 457,000 0 0
GENERAL DYNAMICS CORP COM 369550108 587 3,400 SH   DFND 1 3,400 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 42,419 387,000 SH   DFND 1 387,000 0 0
HUNTINGTON INGALLS INDS INC COM 446413106 672 3,650 SH   DFND 1 3,650 0 0
LOCKHEED MARTIN CORP COM 539830109 537 2,150 SH   DFND 1 2,150 0 0
NORTHROP GRUMMAN CORP COM 666807102 581 2,500 SH   DFND 1 2,500 0 0
VANECK VECTORS ETF TR RUSSIA ETF 92189F403 4,350 205,000 SH   DFND 1 205,000 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 9,649 415,000 SH   DFND 1 415,000 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 15,670 322,637 SH   DFND 1 322,637 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 236 2,250 SH Put DFND 1 2,250 0 0
ISHARES TR MSCI EAFE ETF 464287465 170 10,000 SH Call DFND 1 10,000 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 80 20,000 SH Call DFND 1 20,000 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 1,650 15,000 SH Put DFND 1 15,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 5,457 17,000 SH Call DFND 1 17,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 3,360 7,000 SH Put DFND 1 7,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 17,170 10,000 SH Put DFND 1 10,000 0 0