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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 MSCI AUST ETF 464286903 7,184 378,900 SH   DFND 1 378,900 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 10,116 99,700 SH   DFND 1 99,700 0 0
ISHARES TR IBOXX HI YD ETF 464288513 11,264 139,790 SH   DFND 1 139,790 0 0
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 12,911 881,276 SH   DFND 1 881,276 0 0
MARKET VECTORS ETF TR VIETNAM ETF 57060U761 4,412 298,288 SH   DFND 1 298,288 0 0
SPDR SERIES TRUST S&P OILGAS EXP 78464A730 730 24,169 SH   DFND 1 24,169 0 0
ISHARES TR MSCI EAFE ETF 464287465 145 10,000 SH Call DFND 1 10,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 311 7,500 SH Put DFND 1 7,500 0 0
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 33 12,000 SH Call DFND 1 12,000 0 0