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 8,771 169,750 SH   SOLE   0 0 169,750
iShares MSCI Emerging Markets Indx ETF EEM Call 464287904 6,815 136,300 SH Call SOLE   0 0 136,300
iShares MSCI Emerging Markets Indx ETF EEM Put 464287954 34,036 694,600 SH Put SOLE   0 0 694,600
iShares MSCI EAFE ETF EFA 464287465 32,511 445,600 SH   SOLE   0 0 445,600
iShares MSCI EAFE ETF EFA Put 464287955 31,639 448,800 SH Put SOLE   0 0 448,800
SPDR Gold Trust GLD 78463V107 9,524 53,400 SH   SOLE   0 0 53,400
SPDR Gold Trust GLD Call 78463V907 2,299 12,100 SH Call SOLE   0 0 12,100
SPDR Gold Trust GLD Put 78463V957 8,957 53,400 SH Put SOLE   0 0 53,400
ishares ETF - CORE MSCI EMKT IEMG 46434G103 27,068 436,300 SH   SOLE   0 0 436,300
IShares ETF-Rus2000 IWM 464287655 36,898 188,200 SH   SOLE   0 0 188,200
IShares ETF-Rus2000 IWM Put 464287955 429 2,200 SH Put SOLE   0 0 2,200
POWERSHARES QQQ TRUST QQQ 73935A104 231 792 SH   SOLE   0 0 792
SPDR S&P 500 ETF TR SPY 78462F103 395,276 1,057,227 SH   SOLE   0 0 1,057,227
SPDR S&P 500 ETF TR SPY Call 78462F903 29,068 72,500 SH Call SOLE   0 0 72,500
SPDR S&P 500 ETF TR SPY Put 78462F953 664,633 1,848,100 SH Put SOLE   0 0 1,848,100
IShares ETF-20yr TLT 464287432 2,745 17,400 SH   SOLE   0 0 17,400
IShares ETF-20yr TLT Put 464287952 2,619 17,400 SH Put SOLE   0 0 17,400
SELECT SECTOR SPDR TR XLB 81369Y100 47,777 659,990 SH   SOLE   0 0 659,990
SELECT SECTOR SPDR TR XLC 81369Y852 142,898 2,117,635 SH   SOLE   0 0 2,117,635
SELECT SECTOR SPDR TR XLE 81369Y506 40,362 1,064,966 SH   SOLE   0 0 1,064,966
SELECT SECTOR SPDR TR XLF 81369Y605 137,153 4,652,403 SH   SOLE   0 0 4,652,403
SELECT SECTOR SPDR TR XLF Put 81369Y955 324 18,000 SH Put SOLE   0 0 18,000
SELECT SECTOR SPDR TR XLI 81369Y704 111,191 1,255,684 SH   SOLE   0 0 1,255,684
SELECT SECTOR SPDR TR XLK 81369Y803 336,920 2,591,293 SH   SOLE   0 0 2,591,293
SELECT SECTOR SPDR TR XLP 81369Y308 86,846 1,287,565 SH   SOLE   0 0 1,287,565
SELECT SECTOR SPDR TR XLRE 81369Y860 31,880 871,989 SH   SOLE   0 0 871,989
SELECT SECTOR SPDR TR XLU 81369Y886 43,459 693,123 SH   SOLE   0 0 693,123
SELECT SECTOR SPDR TR XLV 81369Y209 174,880 1,541,611 SH   SOLE   0 0 1,541,611
SELECT SECTOR SPDR TR XLY 81369Y407 163,103 1,014,446 SH   SOLE   0 0 1,014,446