| 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 |
| ADOBE SYSTEMS INC - EQUITIES | COM | 00724F101 | 6,744 | 65,504 | SH | | SOLE | 0 | 65,504 | 0 | 0 |
| ALPHABET INC-CL A | CAP STK CL A | 02079K305 | 3,962 | 5,000 | SH | | SOLE | 0 | 5,000 | 0 | 0 |
| ALPHABET INC-CL C | CAP STK CL C | 02079K107 | 317,990 | 412,000 | SH | | SOLE | 0 | 412,000 | 0 | 0 |
| AMAZON.COM INC - EQUITIES | COM | 023135106 | 112,481 | 150,000 | SH | | SOLE | 0 | 150,000 | 0 | 0 |
| APPLE COMPUTER - G7 EQ | COM | 037833100 | 114,117 | 985,300 | SH | | SOLE | 0 | 985,300 | 0 | 0 |
| ARCELOR MITTAL G7 EQUITIES | NY REGISTRY SH | 03938L104 | 43,313 | 5,933,290 | SH | | SOLE | 0 | 5,933,290 | 0 | 0 |
| COMCAST CORP-CLASS A GLOBAL EQUITY | CL A | 20030N101 | 42,121 | 610,000 | SH | | SOLE | 0 | 610,000 | 0 | 0 |
| CONSUMER DISCRETIONARY SELT- DIV FUT | SBI CONS DISCR | 81369Y407 | 1,954 | 24,000 | SH | | SOLE | 0 | 24,000 | 0 | 0 |
| CONSUMER STAPLES SPDR- DIV FUT | SBI CONS STPLS | 81369Y308 | 3,982 | 77,000 | SH | | SOLE | 0 | 77,000 | 0 | 0 |
| DELTA AIR LINES INC | COM NEW | 247361702 | 8,362 | 170,000 | SH | | SOLE | 0 | 170,000 | 0 | 0 |
| FACEBOOK CLASS A ORD SHS | CL A | 30303M102 | 18,168 | 157,918 | SH | | SOLE | 0 | 157,918 | 0 | 0 |
| FINANCIAL SELECT SECTOR SPDR- DIV FUT | SBI INT-FINL | 81369Y605 | 2,000 | 86,000 | SH | | SOLE | 0 | 86,000 | 0 | 0 |
| FRONTIER COMMUNICATIONS ORD SHS | COM | 35906A108 | 2,028 | 600,000 | SH | | SOLE | 0 | 600,000 | 0 | 0 |
| GOLDMAN SACHS - G7 EQ | COM | 38141G104 | 741 | 3,096 | SH | | SOLE | 0 | 3,096 | 0 | 0 |
| HEALTH CARE SELECT SECTOR G7 EQUITIES | SBI HEALTHCARE | 81369Y209 | 163,733 | 2,375,000 | SH | | SOLE | 0 | 2,375,000 | 0 | 0 |
| INDUSTRIAL SELECT SECT SPDR- DIV FUT | SBI INT-INDS | 81369Y704 | 1,991 | 32,000 | SH | | SOLE | 0 | 32,000 | 0 | 0 |
| ISHARES IBOXX HIGH YIELD COR- DIV FUT | IBOXX HI YD ETF | 464288513 | 21,638 | 250,000 | SH | | SOLE | 0 | 250,000 | 0 | 0 |
| ISHARES IBOXX INVESTMENT GRA- DIV FUT | IBOXX INV CP ETF | 464287242 | 12,538 | 107,000 | SH | | SOLE | 0 | 107,000 | 0 | 0 |
| ISHARES J.P. MORGAN USD EMERG MARK CK | JP MOR EM MK ETF | 464288281 | 9,133 | 82,862 | SH | | SOLE | 0 | 82,862 | 0 | 0 |
| ISHARES MSCI BRAZIL CAPPED - EQUITIES | MSCI BRZ CAP ETF | 464286400 | 1,351 | 40,510 | SH | | SOLE | 0 | 40,510 | 0 | 0 |
| ISHARES MSCI EMERGING MARKETS ETF - CK | MSCI EMG MKT ETF | 464287234 | 3,536 | 101,000 | SH | | SOLE | 0 | 101,000 | 0 | 0 |
| ISHARES RUSSELL 2000 ETF - DIV FUT CK | RUSSELL 2000 ETF | 464287655 | 5,394 | 40,000 | SH | | SOLE | 0 | 40,000 | 0 | 0 |
| JETBLUE AIRWAYS CORP | COM | 477143101 | 41,701 | 1,860,000 | SH | | SOLE | 0 | 1,860,000 | 0 | 0 |
| MATERIALS SELECT SECTOR SPDR- DIV FUT CK | SBI MATERIALS | 81369Y100 | 1,988 | 40,000 | SH | | SOLE | 0 | 40,000 | 0 | 0 |
| MELCO CROWN ENTERTAINMENT -ADR | ADR | 585464100 | 24,168 | 1,520,000 | SH | | SOLE | 0 | 1,520,000 | 0 | 0 |
| MGM RESORTS INTERNATIONAL | COM | 552953101 | 44,398 | 1,540,000 | SH | | SOLE | 0 | 1,540,000 | 0 | 0 |
| PETROLEO BRASILEIRO SA -G7 EQ | SPONSORED ADR | 71654V408 | 57,408 | 5,678,303 | SH | | SOLE | 0 | 5,678,303 | 0 | 0 |
| TECHNOLOGY SELECT SECT SPDR- DIV FUT | TECHNOLOGY | 81369Y803 | 1,983 | 41,000 | SH | | SOLE | 0 | 41,000 | 0 | 0 |
| TELEFONICA BRASIL ADR | SPONSORED ADR | 87936R106 | 2,676 | 200,000 | SH | | SOLE | 0 | 200,000 | 0 | 0 |
| TELEPHONE AND DATA SYSTEMS | COM NEW | 879433829 | 21,797 | 755,000 | SH | | SOLE | 0 | 755,000 | 0 | 0 |
| TIM PARTICIPACOES SA-ADR NEW | SPONSORED ADR | 88706P205 | 7,493 | 635,000 | SH | | SOLE | 0 | 635,000 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 | 26,455 | 460,000 | SH | | SOLE | 0 | 460,000 | 0 | 0 |
| TWITTER INC - EQUITIES | COM | 90184L102 | 27,743 | 1,702,000 | SH | | SOLE | 0 | 1,702,000 | 0 | 0 |
| UNITED CONTINENTAL HOLDINGS | COM | 910047109 | 24,779 | 340,000 | SH | | SOLE | 0 | 340,000 | 0 | 0 |
| UTILITIES SELECT SECTOR SPDR- DIV FUTURE | SBI INT-UTILS | 81369Y886 | 1,991 | 41,000 | SH | | SOLE | 0 | 41,000 | 0 | 0 |
| WYNN RESORTS LTD - GLOBAL EQUITY | COM | 983134107 | 4,326 | 50,000 | SH | | SOLE | 0 | 50,000 | 0 | 0 |
| YPF S.A.-SPONSORED ADR -G7 EQ | SPON ADR CL D | 984245100 | 7,565 | 458,474 | SH | | SOLE | 0 | 458,474 | 0 | 0 |
| TWITTER INC - EQUITIES | CALL | 90184L902 | 24,450 | 1,500,000 | SH | Call | SOLE | 0 | 1,500,000 | 0 | 0 |
| ARCELOR MITTAL G7 EQUITIES | CALL | 03938L904 | 14,600 | 2,000,000 | SH | Call | SOLE | 0 | 2,000,000 | 0 | 0 |
| STANDARD CHARTER 7.50 PERP | DEBT 7.500%12/3 | G84228CQ9 | 9,975 | 10,000,000 | SH | | SOLE | 0 | 10,000,000 | 0 | 0 |
| STANDARD CHARTER 7.50 PERP | DEBT 7.500%12/3 | G84228CQ9 | 1,995 | 2,000,000 | SH | | DFND | 1 | 0 | 2,000,000 | 0 |
