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 LEHMAN 20+ YR TREAS COMM 464287432 4,541 40,000 SH Call SOLE   40,000 0 0
ISHARES LEHMAN 20+ YR TREAS ETF 464287432 4,577 40,320 SH   SOLE   40,320 0 0
ISHARES LEHMAN AGG BOND FUND ETF 464287226 4,518 41,295 SH   SOLE   41,295 0 0
ISHARES RUSSELL 2000 COMM 464287655 1,188 10,000 SH Put SOLE   10,000 0 0
ISHARES RUSSELL 2000 ETF 464287655 1,188 10,000 SH   SOLE   10,000 0 0
PERITUS HIGH YIELD ETF ETF 00768Y503 2,896 54,325 SH   SOLE   54,325 0 0
POWERSHARES DB AGRICULTURE F ETF 73936B408 1,996 72,705 SH   SOLE   72,705 0 0
POWERSHARES DB BASE METALS F ETF 73936B705 2,053 120,880 SH   SOLE   120,880 0 0
POWERSHARES DB ENERGY FUND ETF 73936B101 1,404 45,655 SH   SOLE   45,655 0 0
POWERSHARES DB US DOL IND BU ETF 73936D107 2,937 138,160 SH   SOLE   138,160 0 0
SPDR GOLD TRUST ETF 78463V107 1,764 13,775 SH   SOLE   13,775 0 0
SPDR S&P 500 ETF TRUST COMM 78462F103 57,777 295,200 SH Put SOLE   295,200 0 0
SPDR S&P 500 ETF TRUST ETF 78462F103 72,265 369,225 SH   SOLE   369,225 0 0
UNITED STATES OIL FUND LP ETF 91232N108 700 18,015 SH   SOLE   18,015 0 0
VANGUARD EUROPEAN ETF ETF 922042874 2,266 37,805 SH   SOLE   37,805 0 0