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
AMBEV SA SPONSORED ADR 02319V103 105 14,980 SH   DFND 1 14,980 0 0
BAIDU INC SPON ADR REP A 056752108 5,259 28,150 SH   DFND 1 28,150 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 238 16,400 SH   DFND 1 16,400 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 11,964 904,271 SH   DFND 1 904,271 0 0
CITIGROUP INC COM NEW 172967424 2,570 54,562 SH   DFND 1 54,562 0 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 4,521 92,440 SH   DFND 1 92,440 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 9,941 691,290 SH   DFND 1 691,290 0 0
MARKET VECTORS ETF TR INDIA SMALL CP 57061R551 3,995 77,350 SH   DFND 1 77,350 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 3,133 214,160 SH   DFND 1 214,160 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 18,085 92,400 SH Put DFND 1 92,400 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 221 1,130 SH   DFND 1 1,130 0 0
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 5,369 89,566 SH   DFND 1 89,566 0 0
VEECO INSTRS INC DEL COM 922417100 5,663 151,984 SH   DFND 1 151,984 0 0
VIMPELCOM LTD SPONSORED ADR 92719A106 251 29,870 SH   DFND 1 29,870 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 5,206 105,460 SH   DFND 1 105,460 0 0
YAHOO INC COM 984332106 34,921 994,058 SH   DFND 1 994,058 0 0
YAHOO INC COM 984332106 11,277 321,000 SH Call DFND 1 321,000 0 0