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
ABERCROMBIE & FITCH CO CL A 002896207 459 13,955 SH   SOLE   13,955 0 0
ALPS ETF TR ALERIAN MLP 00162Q866 5,007 281,429 SH   SOLE   281,429 0 0
AMBEV SA SPONSORED ADR 02319V103 882 120,000 SH   SOLE   120,000 0 0
ANNALY CAP MGMT INC COM 035710409 1,994 200,000 SH   SOLE   200,000 0 0
AVALONBAY CMNTYS INC COM 053484101 1,019 8,616 SH   SOLE   8,616 0 0
BANK OF AMERICA CORPORATION COM 060505104 1,432 92,000 SH   SOLE   92,000 0 0
BARCLAYS BK PLC DJUBS CMDT ETN36 06738C778 466 12,680 SH   SOLE   12,680 0 0
BROADCOM CORP CL A 111320107 1,012 34,148 SH   SOLE   34,148 0 0
CARMIKE CINEMAS INC COM 143436400 3,449 123,900 SH   SOLE   123,900 0 0
CENTURYLINK INC COM 156700106 864 27,136 SH   SOLE   27,136 0 0
CIMAREX ENERGY CO COM 171798101 686 6,536 SH   SOLE   6,536 0 0
CINEMARK HOLDINGS INC COM 17243V102 3,556 106,700 SH   SOLE   106,700 0 0
CITIGROUP INC COM NEW 172967424 7,686 147,499 SH   SOLE   147,499 0 0
CITIGROUP INC COM NEW 172967424 297,027 5,700,000 SH Call SOLE   5,700,000 0 0
CLIFFS NAT RES INC COM 18683K101 517 19,727 SH   SOLE   19,727 0 0
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 844 35,000 SH   SOLE   35,000 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 415 37,000 SH   SOLE   37,000 0 0
CONOCOPHILLIPS COM 20825C104 673 9,520 SH   SOLE   9,520 0 0
DANAHER CORP DEL COM 235851102 386 5,000 SH   SOLE   5,000 0 0
DIAMOND OFFSHORE DRILLING IN COM 25271C102 1,001 17,584 SH   SOLE   17,584 0 0
EDWARDS LIFESCIENCES CORP COM 28176E108 719 10,940 SH   SOLE   10,940 0 0
F5 NETWORKS INC COM 315616102 685 7,536 SH   SOLE   7,536 0 0
FAMILY DLR STORES INC COM 307000109 1,930 29,700 SH   SOLE   29,700 0 0
FIRSTENERGY CORP COM 337932107 936 28,395 SH   SOLE   28,395 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 871 8,900 SH   SOLE   8,900 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 463 30,000 SH   SOLE   30,000 0 0
GULFPORT ENERGY CORP COM NEW 402635304 777 12,310 SH   SOLE   12,310 0 0
HCP INC COM 40414L109 983 27,078 SH   SOLE   27,078 0 0
HEALTH CARE REIT INC COM 42217K106 1,000 18,674 SH   SOLE   18,674 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 8,371 292,500 SH   SOLE   292,500 0 0
INTUITIVE SURGICAL INC COM NEW 46120E602 741 1,928 SH   SOLE   1,928 0 0
ISHARES MSCI STH KOR ETF 464286772 3,428 53,000 SH   SOLE   53,000 0 0
ISHARES MSCI EAFE ETF 464287465 951 14,179 SH   SOLE   14,179 0 0
ISHARES CHINA LG-CAP ETF 464287184 479,625 12,500,000 SH Call SOLE   12,500,000 0 0
ISHARES IBOXX HI YD ETF 464288513 2,526 27,194 SH   SOLE   27,194 0 0
ISHARES MSCI RUSSIA CAP 46429B705 3,351 153,000 SH   SOLE   153,000 0 0
JABIL CIRCUIT INC COM 466313103 374 21,462 SH   SOLE   21,462 0 0
JOY GLOBAL INC COM 481165108 861 14,715 SH   SOLE   14,715 0 0
JPMORGAN CHASE & CO COM 46625H100 9,316 159,310 SH   SOLE   159,310 0 0
KRISPY KREME DOUGHNUTS INC COM 501014104 1,844 95,600 SH   SOLE   95,600 0 0
MARKET VECTORS ETF TR VIETNAM ETF 57060U761 808 43,000 SH   SOLE   43,000 0 0
MICROSOFT CORP COM 594918104 3,098 82,800 SH   SOLE   82,800 0 0
MORGAN STANLEY COM NEW 617446448 1,258 40,130 SH   SOLE   40,130 0 0
MOSAIC CO NEW COM 61945C103 933 19,732 SH   SOLE   19,732 0 0
NEWFIELD EXPL CO COM 651290108 622 25,244 SH   SOLE   25,244 0 0
NEWMONT MINING CORP COM 651639106 561 24,361 SH   SOLE   24,361 0 0
OASIS PETE INC NEW COM 674215108 673 14,336 SH   SOLE   14,336 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 670 7,045 SH   SOLE   7,045 0 0
PEABODY ENERGY CORP COM 704549104 661 33,824 SH   SOLE   33,824 0 0
PENNYMAC MTG INVT TR COM 70931T103 15,792 687,805 SH   SOLE   687,805 0 0
PHILIP MORRIS INTL INC COM 718172109 244 2,800 SH   SOLE   2,800 0 0
QUANTA SVCS INC COM 74762E102 672 21,295 SH   SOLE   21,295 0 0
SAFEWAY INC COM NEW 786514208 6,543 200,900 SH   SOLE   200,900 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 2,261 43,268 SH   SOLE   43,268 0 0
SOUTHERN COPPER CORP COM 84265V105 1,255 43,700 SH   SOLE   43,700 0 0
SPDR SERIES TRUST BRC HGH YLD BD 78464A417 2,393 59,000 SH   SOLE   59,000 0 0
STAR BULK CARRIERS CORP SHS NEW Y8162K121 2,666 199,976 SH   SOLE   199,976 0 0
TERADATA CORP DEL COM 88076W103 380 8,350 SH   SOLE   8,350 0 0
THE ADT CORPORATION COM 00101J106 8,003 197,747 SH   SOLE   197,747 0 0
TRONOX LTD SHS CL A Q9235V101 4,268 185,000 SH   SOLE   185,000 0 0
WCI CMNTYS INC COM PAR $0.01 92923C807 2,692 141,000 SH   SOLE   141,000 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 1,322 26,000 SH   SOLE   26,000 0 0