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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
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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
ISHARES TR IBOXX HI YD ETF 464288513 15,645 177,000 SH   DFND 1 177,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 4,798 40,650 SH   DFND 1 40,650 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 54,159 834,243 SH   DFND 1 834,243 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 9,439 181,511 SH   DFND 1 181,511 0 0
ISHARES MSCI BRZ CAP ETF 464286400 1,266 37,070 SH   DFND 1 37,070 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 9,928 250,000 SH   DFND 1 250,000 0 0
ISHARES MSCI MEX CAP ETF 464286822 5,394 100,000 SH   DFND 1 100,000 0 0
GLOBAL X FDS GB MSCI AR ETF 37950E259 9,959 340,000 SH   DFND 1 340,000 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 2,467 100,000 SH   DFND 1 100,000 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 62,400 12,000 SH Call DFND 1 12,000 0 0
ISHARES TR MSCI EAFE ETF 464287465 54,892 8,419 SH Call DFND 1 8,419 0 0
ISHARES MSCI STH KOR ETF 464286772 67,810 10,000 SH Put DFND 1 10,000 0 0
ISHARES MSCI BRZ CAP ETF 464286400 8,535 2,500 SH Call DFND 1 2,500 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 23,604 2,000 SH Call DFND 1 2,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 23,604 2,000 SH Put DFND 1 2,000 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 13,764 1,000 SH Put DFND 1 1,000 0 0