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
BAIDU INC SPON ADR REP A 056752108 10,272 67,459 SH   DFND 1 67,459 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 16,416 1,299,771 SH   DFND 1 1,299,771 0 0
CITIGROUP INC COM NEW 172967424 6,639 139,472 SH   DFND 1 139,472 0 0
GOOGLE INC CL A 38259P508 19,612 17,597 SH   DFND 1 17,597 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 15,458 464,344 SH   DFND 1 464,344 0 0
HOME INNS & HOTELS MGMT INC SPON ADR 43713W107 257 7,960 SH   DFND 1 7,960 0 0
ISHARES CHINA LG-CAP ETF 464287184 240 670,000 SH Call DFND 1 670,000 0 0
MICRON TECHNOLOGY INC COM 595112103 6,297 266,160 SH   DFND 1 266,160 0 0
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 3,520 119,920 SH   DFND 1 119,920 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 34,915 18,670,000 SH Put DFND 1 18,670,000 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 4,988 249,131 SH   DFND 1 249,131 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 67,760 1,669,800 SH Put DFND 1 1,669,800 0 0
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 5,280 89,566 SH   DFND 1 89,566 0 0
VEECO INSTRS INC DEL COM 922417100 8,120 193,655 SH   DFND 1 193,655 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 4,850 102,460 SH   DFND 1 102,460 0 0
YAHOO INC COM 984332106 23,143 644,638 SH   DFND 1 644,638 0 0