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
ADVANCED ENERGY INDS COM 007973100 9,414 411,790 SH   DFND   411,790 0 0
ADVANCED ENERGY INDS COM 007973100 2,520 110,250 SH   DFND 1 110,250 0 0
AIXTRON SE SPONSORED ADR 009606104 4,226 291,035 SH   DFND   291,035 0 0
AIXTRON SE SPONSORED ADR 009606104 1,138 78,360 SH   DFND 1 78,360 0 0
ALTERA CORP COM 021441100 9,316 286,540 SH   DFND   286,540 0 0
ALTERA CORP COM 021441100 2,508 77,140 SH   DFND 1 77,140 0 0
APPLIED MATLS INC COM 038222105 13,511 764,210 SH   DFND   764,210 0 0
APPLIED MATLS INC COM 038222105 3,617 204,560 SH   DFND 1 204,560 0 0
BROADCOM CORP CL A 111320107 1,565 52,790 SH   DFND 1 52,790 0 0
BROADCOM CORP CL A 111320107 5,846 197,210 SH   DFND   197,210 0 0
CANADIAN SOLAR INC COM 136635109 2,369 79,460 SH   DFND 1 79,460 0 0
CANADIAN SOLAR INC COM 136635109 8,854 296,930 SH   DFND   296,930 0 0
CAVIUM INC COM 14964U108 5,236 151,710 SH   DFND   151,710 0 0
CAVIUM INC COM 14964U108 1,408 40,790 SH   DFND 1 40,790 0 0
CREE INC COM 225447101 1,789 28,620 SH   DFND 1 28,620 0 0
CREE INC COM 225447101 6,682 106,880 SH   DFND   106,880 0 0
E M C CORP MASS COM 268648102 1,369 54,430 SH   DFND 1 54,430 0 0
E M C CORP MASS COM 268648102 5,092 202,470 SH   DFND   202,470 0 0
FABRINET SHS G3323L100 5,557 270,280 SH   DFND   270,280 0 0
FABRINET SHS G3323L100 1,496 72,770 SH   DFND 1 72,770 0 0
FAIRCHILD SEMICONDUCTOR INTL COM 303726103 1,917 143,630 SH   DFND 1 143,630 0 0
FAIRCHILD SEMICONDUCTOR INTL COM 303726103 7,021 525,920 SH   DFND   525,920 0 0
FREESCALE SEMICONDUCTOR LTD SHS G3727Q101 9,824 612,060 SH   DFND   612,060 0 0
FREESCALE SEMICONDUCTOR LTD SHS G3727Q101 2,630 163,870 SH   DFND 1 163,870 0 0
GT ADVANCED TECHNOLOGIES INC COM 36191U106 1,242 142,450 SH   DFND 1 142,450 0 0
GT ADVANCED TECHNOLOGIES INC COM 36191U106 4,626 530,550 SH   DFND   530,550 0 0
HIMAX TECHNOLOGIES INC SPONSORED ADR 43289P106 1,939 131,820 SH   DFND 1 131,820 0 0
HIMAX TECHNOLOGIES INC SPONSORED ADR 43289P106 7,224 491,080 SH   DFND   491,080 0 0
INVENSENSE INC COM 46123D205 4,712 226,780 SH   DFND   226,780 0 0
INVENSENSE INC COM 46123D205 1,266 60,920 SH   DFND 1 60,920 0 0
JA SOLAR HOLDINGS CO LTD SPON ADR REP5ORD 466090206 6,190 675,050 SH   DFND   675,050 0 0
JA SOLAR HOLDINGS CO LTD SPON ADR REP5ORD 466090206 1,661 181,150 SH   DFND 1 181,150 0 0
JDS UNIPHASE CORP COM PAR $0.001 46612J507 2,156 166,040 SH   DFND 1 166,040 0 0
JDS UNIPHASE CORP COM PAR $0.001 46612J507 8,052 620,070 SH   DFND   620,070 0 0
LAM RESEARCH CORP COM 512807108 13,724 252,050 SH   DFND   252,050 0 0
LAM RESEARCH CORP COM 512807108 3,694 67,840 SH   DFND 1 67,840 0 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 5,217 362,810 SH   DFND   362,810 0 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 1,429 99,390 SH   DFND 1 99,390 0 0
MAXIM INTEGRATED PRODS INC COM 57772K101 931 33,370 SH   DFND 1 33,370 0 0
MAXIM INTEGRATED PRODS INC COM 57772K101 3,459 123,990 SH   DFND   123,990 0 0
MENTOR GRAPHICS CORP COM 587200106 3,670 152,490 SH   DFND   152,490 0 0
MENTOR GRAPHICS CORP COM 587200106 982 40,810 SH   DFND 1 40,810 0 0
MICROCHIP TECHNOLOGY INC COM 595017104 966 21,590 SH   DFND 1 21,590 0 0
MICROCHIP TECHNOLOGY INC COM 595017104 3,589 80,210 SH   DFND   80,210 0 0
MICRON TECHNOLOGY INC COM 595112103 9,845 452,660 SH   DFND   452,660 0 0
MICRON TECHNOLOGY INC COM 595112103 2,635 121,170 SH   DFND 1 121,170 0 0
NEOPHOTONICS CORP COM 64051T100 446 63,110 SH   DFND 1 63,110 0 0
NEOPHOTONICS CORP COM 64051T100 1,637 231,890 SH   DFND   231,890 0 0
NETAPP INC COM 64110D104 3,566 86,680 SH   DFND   86,680 0 0
NETAPP INC COM 64110D104 959 23,320 SH   DFND 1 23,320 0 0
NVIDIA CORP COM 67066G104 1,015 63,360 SH   DFND 1 63,360 0 0
NVIDIA CORP COM 67066G104 3,791 236,640 SH   DFND   236,640 0 0
ON SEMICONDUCTOR CORP COM 682189105 9,744 1,182,570 SH   DFND   1,182,570 0 0
ON SEMICONDUCTOR CORP COM 682189105 2,624 318,420 SH   DFND 1 318,420 0 0
RF MICRODEVICES INC COM 749941100 1,361 263,790 SH   DFND 1 263,790 0 0
RF MICRODEVICES INC COM 749941100 5,056 979,910 SH   DFND   979,910 0 0
RUBICON TECHNOLOGY INC COM 78112T107 1,659 166,730 SH   DFND 1 166,730 0 0
RUBICON TECHNOLOGY INC COM 78112T107 6,181 621,253 SH   DFND   621,253 0 0
RUDOLPH TECHNOLOGIES INC COM 781270103 1,478 125,890 SH   DFND 1 125,890 0 0
RUDOLPH TECHNOLOGIES INC COM 781270103 5,491 467,730 SH   DFND   467,730 0 0
SILICONWARE PRECISION INDS L SPONSD ADR SPL 827084864 1,692 282,960 SH   DFND   282,960 0 0
SILICONWARE PRECISION INDS L SPONSD ADR SPL 827084864 464 77,590 SH   DFND 1 77,590 0 0
SONUS NETWORKS INC COM 835916107 373 118,500 SH   DFND 1 118,500 0 0
SONUS NETWORKS INC COM 835916107 1,366 433,600 SH   DFND   433,600 0 0
SPRINT CORP COM SER 1 85207U105 2,622 243,930 SH   DFND   243,930 0 0
SPRINT CORP COM SER 1 85207U105 706 65,670 SH   DFND 1 65,670 0 0
STMICROELECTRONICS N V NY REGISTRY 861012102 5,431 678,860 SH   DFND   678,860 0 0
STMICROELECTRONICS N V NY REGISTRY 861012102 1,458 182,240 SH   DFND 1 182,240 0 0
SUNEDISON INC COM 86732Y109 1,827 140,020 SH   DFND 1 140,020 0 0
SUNEDISON INC COM 86732Y109 6,825 522,980 SH   DFND   522,980 0 0
SUNPOWER CORP COM 867652406 1,386 46,500 SH   DFND 1 46,500 0 0
SUNPOWER CORP COM 867652406 5,178 173,700 SH   DFND   173,700 0 0
TERADYNE INC COM 880770102 1,909 108,320 SH   DFND 1 108,320 0 0
TERADYNE INC COM 880770102 7,092 402,510 SH   DFND   402,510 0 0
TRINA SOLAR LIMITED SPON ADR 89628E104 6,239 456,410 SH   DFND   456,410 0 0
TRINA SOLAR LIMITED SPON ADR 89628E104 1,674 122,470 SH   DFND 1 122,470 0 0
ULTRATECH INC COM 904034105 6,097 210,240 SH   DFND   210,240 0 0
ULTRATECH INC COM 904034105 1,640 56,560 SH   DFND 1 56,560 0 0
VEECO INSTRS INC DEL COM 922417100 1,132 34,400 SH Call DFND 1 34,400 0 0
VEECO INSTRS INC DEL COM 922417100 4,219 128,200 SH Call DFND   128,200 0 0
VEECO INSTRS INC DEL COM 922417100 6,430 195,390 SH   DFND   195,390 0 0
VEECO INSTRS INC DEL COM 922417100 1,730 52,580 SH   DFND 1 52,580 0 0
VISHAY INTERTECHNOLOGY INC COM 928298108 6,054 456,560 SH   DFND   456,560 0 0
VISHAY INTERTECHNOLOGY INC COM 928298108 1,621 122,210 SH   DFND 1 122,210 0 0
XILINX INC COM 983919101 1,687 36,730 SH   DFND 1 36,730 0 0
XILINX INC COM 983919101 6,258 136,270 SH   DFND   136,270 0 0
YINGLI GREEN ENERGY HLDG CO ADR 98584B103 986 195,150 SH   DFND 1 195,150 0 0
YINGLI GREEN ENERGY HLDG CO ADR 98584B103 3,682 729,050 SH   DFND   729,050 0 0