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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
BAIDU INC SPON ADR REP A 056752108 2,248 9,600 SH   DFND 1 9,600 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 3,068 103,649 SH   DFND 1 0 0 103,649
ISHARES TR MSCI EMG MKT ETF 464287234 80,717 1,713,000 SH   DFND 1 1,713,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 243,936 1,600,000 SH Put DFND 1 0 0 1,600,000
ISHARES TR RUSSELL 2000 ETF 464287655 75,468 495,000 SH   DFND 1 495,000 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 25,725 2,500,000 SH   DFND 1 0 0 2,500,000
SELECT SECTOR SPDR TR ENERGY 81369Y506 51,305 710,000 SH   DFND 1 710,000 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 10,068 191,113 SH   DFND 1 191,113 0 0