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
D R HORTON INC COM 23331A109 9,804 129,633 SH   SOLE 0 129,633 0 0
INVESCO QQQ TR UNIT SER 1 46090E103 6,141 22,104 SH   SOLE 0 22,104 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 2,911 105,238 SH   SOLE 0 105,238 0 0
ISHARES TR GLB INFRASTR ETF 464288372 270 7,000 SH   SOLE 0 7,000 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 1,561 35,400 SH Put SOLE 0 35,400 0 0
ISHARES TR IBOXX HI YD ETF 464288513 656,518 7,825,000 SH Put SOLE 0 7,825,000 0 0
MICROSOFT CORP COM 594918104 25,751 122,431 SH   SOLE 0 122,431 0 0
SPDR GOLD TR GOLD SHS 78463V107 11,159 63,000 SH   SOLE 0 63,000 0 0
VANGUARD WORLD FDS INDUSTRIAL ETF 92204A603 2,519 17,401 SH   SOLE 0 17,401 0 0
VISA INC COM CL A 92826C839 28,482 142,429 SH   SOLE 0 142,429 0 0