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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
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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 MSCI EAFE ETF 464287465 33,672 491,700 SH   DFND 1 491,700 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 10,942 90,000 SH   DFND 1 90,000 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 47,115 688,008 SH   DFND 1 688,008 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 4,857 88,800 SH   DFND 1 88,800 0 0
GLOBAL X FDS MSCI GREECE ETF 37950E366 1,389 146,815 SH   DFND 1 146,815 0 0
SPDR SERIES TRUST S&P METALS MNG 78464A755 4,393 136,500 SH   DFND 1 136,500 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 16,399 112,750 SH   DFND 1 112,750 0 0
GLOBAL X FDS GB MSCI AR ETF 37950E259 2,331 73,301 SH   DFND 1 73,301 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 65,640 1,200,000 SH Call DFND 1 1,200,000 0 0
ISHARES TR IBOXX HI YD ETF 464288513 88,760 1,000,000 SH Call DFND 1 1,000,000 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 29,127 650,000 SH Call DFND 1 650,000 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 29,127 650,000 SH Put DFND 1 650,000 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 15,684 350,000 SH Put DFND 1 350,000 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 40,232 587,500 SH Call DFND 1 587,500 0 0
SPDR SERIES TRUST S&P METALS MNG 78464A755 16,090 500,000 SH Call DFND 1 500,000 0 0