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 MSCI Emerging Markets Indx ETF EEM 464287234 10,543 308,900 SH   SOLE   0 0 308,900
iShares MSCI Emerging Markets Indx ETF EEM Call 464287904 10,640 212,800 SH Call SOLE   0 0 212,800
iShares MSCI Emerging Markets Indx ETF EEM Put 464287954 36,330 984,400 SH Put SOLE   0 0 984,400
iShares MSCI EAFE ETF EFA 464287465 41,913 784,000 SH   SOLE   0 0 784,000
iShares MSCI EAFE ETF EFA Call 464287905 10,137 146,300 SH Call SOLE   0 0 146,300
iShares MSCI EAFE ETF EFA Put 464287955 36,739 788,600 SH Put SOLE   0 0 788,600
SPDR Gold Trust GLD 78463V107 7,684 51,900 SH   SOLE   0 0 51,900
SPDR Gold Trust GLD Call 78463V907 3,861 25,400 SH Call SOLE   0 0 25,400
SPDR Gold Trust GLD Put 78463V957 7,380 51,900 SH Put SOLE   0 0 51,900
ISHARES TR - 3-7 YR TREAS BD ETF IEI 464288661 440 3,300 SH   SOLE   0 0 3,300
ishares ETF - CORE MSCI EMKT IEMG 46434G103 22,724 561,510 SH   SOLE   0 0 561,510
IShares ETF-Rus2000 IWM 464287655 41,740 364,665 SH   SOLE   0 0 364,665
i-shares U.S. REAL ES ETF IYR 464287739 202 2,900 SH   SOLE   0 0 2,900
POWERSHARES QQQ TRUST QQQ 73935A104 1,523 8,000 SH   SOLE   0 0 8,000
POWERSHARES QQQ TRUST QQQ Call 73935A904 2,016 8,400 SH Call SOLE   0 0 8,400
POWERSHARES QQQ TRUST QQQ Put 73935A954 1,480 8,000 SH Put SOLE   0 0 8,000
iShares Trust - iShares 1-3 Year Treasury Bond ETF SHY 464287457 425 4,900 SH   SOLE   0 0 4,900
SPDR S&P 500 ETF TR SPY 78462F103 364,804 1,415,317 SH   SOLE   0 0 1,415,317
SPDR S&P 500 ETF TR SPY Call 78462F903 371,788 1,292,300 SH Call SOLE   0 0 1,292,300
SPDR S&P 500 ETF TR SPY Put 78462F953 793,387 2,679,600 SH Put SOLE   0 0 2,679,600
IShares ETF-20yr TLT 464287432 3,167 19,200 SH   SOLE   0 0 19,200
IShares ETF-20yr TLT Put 464287952 2,662 19,200 SH Put SOLE   0 0 19,200
SELECT SECTOR SPDR TR XLB 81369Y100 111,020 2,464,915 SH   SOLE   0 0 2,464,915
SELECT SECTOR SPDR TR XLC 81369Y852 161,949 3,660,687 SH   SOLE   0 0 3,660,687
SELECT SECTOR SPDR TR XLE 81369Y506 103,939 3,576,734 SH   SOLE   0 0 3,576,734
SELECT SECTOR SPDR TR XLF 81369Y605 123,909 5,951,407 SH   SOLE   0 0 5,951,407
SELECT SECTOR SPDR TR XLF Put 81369Y955 324 18,000 SH Put SOLE   0 0 18,000
SELECT SECTOR SPDR TR XLI 81369Y704 142,213 2,409,968 SH   SOLE   0 0 2,409,968
SELECT SECTOR SPDR TR XLK 81369Y803 218,215 2,715,120 SH   SOLE   0 0 2,715,120
SELECT SECTOR SPDR TR XLP 81369Y308 147,476 2,707,449 SH   SOLE   0 0 2,707,449
SELECT SECTOR SPDR TR XLRE 81369Y860 30,882 996,172 SH   SOLE   0 0 996,172
SELECT SECTOR SPDR TR XLU 81369Y886 109,079 1,968,548 SH   SOLE   0 0 1,968,548
SELECT SECTOR SPDR TR XLV 81369Y209 193,318 2,182,417 SH   SOLE   0 0 2,182,417
SELECT SECTOR SPDR TR XLY 81369Y407 150,300 1,532,414 SH   SOLE   0 0 1,532,414