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 10,800 244,950 SH   SOLE   0 0 244,950
iShares MSCI Emerging Markets Indx ETF EEM Call 464287904 7,795 155,900 SH Call SOLE   0 0 155,900
iShares MSCI Emerging Markets Indx ETF EEM Put 464287954 83,065 2,056,700 SH Put SOLE   0 0 2,056,700
iShares MSCI EAFE ETF EFA 464287465 36,140 567,800 SH   SOLE   0 0 567,800
iShares MSCI EAFE ETF EFA Call 464287905 803 11,000 SH Call SOLE   0 0 11,000
iShares MSCI EAFE ETF EFA Put 464287955 34,542 568,100 SH Put SOLE   0 0 568,100
SPDR Gold Trust GLD 78463V107 9,458 53,400 SH   SOLE   0 0 53,400
SPDR Gold Trust GLD Put 78463V957 9,612 53,400 SH Put SOLE   0 0 53,400
ishares ETF - CORE MSCI EMKT IEMG 46434G103 26,521 502,300 SH   SOLE   0 0 502,300
IShares ETF-Rus2000 IWM 464287655 36,639 244,600 SH   SOLE   0 0 244,600
IShares ETF-Rus2000 IWM Put 464287955 390 2,600 SH Put SOLE   0 0 2,600
POWERSHARES QQQ TRUST QQQ 73935A104 718 2,585 SH   SOLE   0 0 2,585
POWERSHARES QQQ TRUST QQQ Call 73935A904 714 2,100 SH Call SOLE   0 0 2,100
POWERSHARES QQQ TRUST QQQ Put 73935A954 525 2,100 SH Put SOLE   0 0 2,100
SPDR S&P 500 ETF TR SPY 78462F103 418,789 1,250,526 SH   SOLE   0 0 1,250,526
SPDR S&P 500 ETF TR SPY Call 78462F903 14,244 41,400 SH Call SOLE   0 0 41,400
SPDR S&P 500 ETF TR SPY Put 78462F953 1,321,721 4,330,800 SH Put SOLE   0 0 4,330,800
IShares ETF-20yr TLT 464287432 2,841 17,400 SH   SOLE   0 0 17,400
IShares ETF-20yr TLT Put 464287952 2,598 17,400 SH Put SOLE   0 0 17,400
SELECT SECTOR SPDR TR XLB 81369Y100 99,427 1,562,329 SH   SOLE   0 0 1,562,329
SELECT SECTOR SPDR TR XLC 81369Y852 162,422 2,734,369 SH   SOLE   0 0 2,734,369
SELECT SECTOR SPDR TR XLE 81369Y506 78,323 2,615,120 SH   SOLE   0 0 2,615,120
SELECT SECTOR SPDR TR XLF 81369Y605 118,662 4,929,855 SH   SOLE   0 0 4,929,855
SELECT SECTOR SPDR TR XLF Put 81369Y955 324 18,000 SH Put SOLE   0 0 18,000
SELECT SECTOR SPDR TR XLI 81369Y704 127,283 1,653,452 SH   SOLE   0 0 1,653,452
SELECT SECTOR SPDR TR XLK 81369Y803 259,858 2,226,716 SH   SOLE   0 0 2,226,716
SELECT SECTOR SPDR TR XLP 81369Y308 113,731 1,774,280 SH   SOLE   0 0 1,774,280
SELECT SECTOR SPDR TR XLRE 81369Y860 29,968 849,668 SH   SOLE   0 0 849,668
SELECT SECTOR SPDR TR XLU 81369Y886 72,105 1,214,291 SH   SOLE   0 0 1,214,291
SELECT SECTOR SPDR TR XLV 81369Y209 183,097 1,735,851 SH   SOLE   0 0 1,735,851
SELECT SECTOR SPDR TR XLY 81369Y407 168,180 1,144,241 SH   SOLE   0 0 1,144,241