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
ISHARES IBOXX INV GR CORP BOND COMMON STOCK 464287242 30,455 268,276 SH   SOLE 0 268,276 0 0
ISHARES SP CITIGROUP INTL TRE COMMON STOCK 464288117 6,488 64,392 SH   SOLE 0 64,392 0 0
MARKET VECTORS EMERGING MARKET COMMON STOCK 57060U522 23,594 970,960 SH   SOLE 0 970,960 0 0
PIMCO ENHANCED SHORT MATURITY COMMON STOCK 72201R833 718 7,079 SH   SOLE 0 7,079 0 0
POWERSHARES DB COMMODITY INDEX COMMON STOCK 73935S105 6,993 271,462 SH   SOLE 0 271,462 0 0
POWERSHARES DB G10 CURRENCY HA COMMON STOCK 73935Y102 9,972 390,302 SH   SOLE 0 390,302 0 0
POWERSHARES EMER MKTS SOVEREIG COMMON STOCK 73936T573 13,971 511,020 SH   SOLE 0 511,020 0 0
POWERSHARES FTSE RAFI EMERGIN COMMON STOCK 73936T763 14,068 693,011 SH   SOLE 0 693,011 0 0
POWERSHARES FTSE RAFI DEV MKT COMMON STOCK 73936T771 2,264 83,300 SH   SOLE 0 83,300 0 0
POWERSHARES FTSE RAFI DEV MKT COMMON STOCK 73936T789 14,975 360,755 SH   SOLE 0 360,755 0 0
PROSHARES SHORT SP500 ETF COMMON STOCK 74347R503 19,390 692,994 SH   SOLE 0 692,994 0 0
PROSHARES SHORT QQQ ETF COMMON STOCK 74347R602 5,502 267,974 SH   SOLE 0 267,974 0 0
PROSHARES SHORT RUSSELL 2000 E COMMON STOCK 74347R826 3,105 168,087 SH   SOLE 0 168,087 0 0
SPDR DOW JONES INTL REAL ESTAT COMMON STOCK 78463X863 903 21,427 SH   SOLE 0 21,427 0 0
SPDR BARCLAYS CAPITAL EMERGING COMMON STOCK 78464A391 2,911 96,298 SH   SOLE 0 96,298 0 0
VANGUARD LONG-TERM CORPORATE COMMON STOCK 92206C813 4,586 55,932 SH   SOLE 0 55,932 0 0