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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
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
ISHARES TR MSCI EMG MKT ETF 464287234 55,146 1,400,000 SH Put DFND 1 1,400,000 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 16,367 415,500 SH   DFND 1 415,500 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 320 8,128 SH   DFND   8,128 0 0
ISHARES TR RUS 1000 GRW ETF 464287614 8,775 77,107 SH   DFND 1 77,107 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 104,850 1,500,000 SH Put DFND 1 1,500,000 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 52,425 750,000 SH Call DFND 1 750,000 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 313,426 13,208,000 SH Put DFND 1 13,208,000 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 64,800 2,730,737 SH   DFND 1 2,730,737 0 0