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
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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
SPDR S&P 500 ETF TR TR UNIT 78462F103 46,357 251,000 SH Put SOLE   0 0 251,000
ISHARES 20+ YR TR BD ETF 464287432 9,524 93,500 SH Put SOLE   0 0 93,500
SPDR S&P 500 ETF TR TR UNIT 78462F103 75,479 408,680 SH   SOLE   0 0 408,680
ISHARES 20+ YR TR BD ETF 464287432 19,811 194,490 SH   SOLE   0 0 194,490
POWERSHS DB MULTI SECT COMM PS DB AGRICUL FD 73936B408 4,294 177,090 SH   SOLE   0 0 177,090
POWERSHS DB MULTI SECT COMM DB BASE METALS 73936B705 3,382 200,605 SH   SOLE   0 0 200,605
SPDR GOLD TRUST GOLD SHS 78463V107 2,740 23,600 SH   SOLE   0 0 23,600
ADVISORSHARES TR PERITUS HG YLD 00768Y503 2,324 44,935 SH   SOLE   0 0 44,935
UNITED STATES NATL GAS FUND UNIT PAR $0.001 912318201 2,939 142,060 SH   SOLE   0 0 142,060
UNITED STATES OIL FUND LP UNITS 91232N108 3,000 84,945 SH   SOLE   0 0 84,945
POWERSHS DB US DOLLAR INDEX DOLL INDX BULL 73936D107 5,091 236,585 SH   SOLE   0 0 236,585
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 2,416 41,085 SH   SOLE   0 0 41,085
ISHARES RUSSELL 2000 ETF 464287655 461 4,000 SH   SOLE   0 0 4,000
UNITED STATES NATL GAS FUND UNIT PAR $0.001 912318201 2,897 140,000 SH Put SOLE   0 0 140,000
ISHARES RUSSELL 2000 ETF 464287655 577 5,000 SH Put SOLE   0 0 5,000