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 20+ YR TR BD ETF 464287432 2,907 25,000 SH Call SOLE   25,000 0 0
ISHARES LEHMAN 20+ YR TREAS 20+ YR TR BD ETF 464287432 3,947 33,950 SH   SOLE   33,950 0 0
ISHARES LEHMAN AGG BOND FUND CORE US AGGBD ET 464287226 3,949 36,195 SH   SOLE   36,195 0 0
ISHARES RUSSELL 2000 RUSSELL 2000 ETF 464287655 1,203 11,000 SH Put SOLE   11,000 0 0
ISHARES RUSSELL 2000 RUSSELL 2000 ETF 464287655 547 5,000 SH Call SOLE   5,000 0 0
ISHARES RUSSELL 2000 RUSSELL 2000 ETF 464287655 1,094 10,000 SH   SOLE   10,000 0 0
PERITUS HIGH YIELD ETF PERITUS HG YLD 00768Y503 2,458 49,030 SH   SOLE   49,030 0 0
POWERSHARES DB AGRICULTURE F PS DB AGRICUL FD 73936B408 1,633 63,910 SH   SOLE   63,910 0 0
POWERSHARES DB BASE METALS F DB BASE METALS 73936B705 1,507 89,105 SH   SOLE   89,105 0 0
POWERSHARES DB ENERGY FUND DB ENERGY FUND 73936B101 1,036 38,490 SH   SOLE   38,490 0 0
POWERSHARES DB US DOL IND BU DOLL INDX BULL 73936D107 2,667 116,625 SH   SOLE   116,625 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,322 11,375 SH   SOLE   11,375 0 0
SPDR S&P 500 ETF TRUST TR UNIT 78462F103 5,103 25,900 SH Call SOLE   25,900 0 0
SPDR S&P 500 ETF TRUST TR UNIT 78462F103 74,119 376,200 SH Put SOLE   376,200 0 0
SPDR S&P 500 ETF TRUST TR UNIT 78462F103 90,479 459,240 SH   SOLE   459,240 0 0
UNITED STATES OIL FUND LP UNITS 91232N108 482 14,020 SH   SOLE   14,020 0 0
US NATURAL GAS FUND LP UNIT PAR $0.001 912318201 1,355 61,270 SH   SOLE   61,270 0 0
VANGUARD EUROPEAN ETF FTSE EUROPE ETF 922042874 1,879 34,020 SH   SOLE   34,020 0 0