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 881 7,000 SH Put SOLE   7,000 0 0
ISHARES LEHMAN 20+ YR TREAS 20+ YR TR BD ETF 464287432 6,107 48,500 SH   SOLE   48,500 0 0
ISHARES LEHMAN TRES INF PR S TIPS BD ETF 464287176 2,024 18,070 SH   SOLE   18,070 0 0
PERITUS HIGH YIELD ETF PERITUS HG YLD 00768Y503 1,424 34,600 SH   SOLE   34,600 0 0
POWERSHARES DB AGRICULTURE F PS DB AGRICUL FD 73936B408 1,591 63,910 SH   SOLE   63,910 0 0
POWERSHARES DB ENERGY FUND DB ENERGY FUND 73936B101 769 44,000 SH   SOLE   44,000 0 0
POWERSHARES DB US DOL IND BU DOLL INDX BULL 73936D107 2,796 116,625 SH   SOLE   116,625 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,000 8,805 SH   SOLE   8,805 0 0
SPDR LEHMAN HIGH YIELD BOND BRC HGH YLD BD 78464A417 597 15,450 SH   SOLE   15,450 0 0
SPDR S&P 500 ETF TRUST TR UNIT 78462F103 9,044 44,000 SH Call SOLE   44,000 0 0
SPDR S&P 500 ETF TRUST TR UNIT 78462F103 91,610 445,700 SH Put SOLE   420,700 0 0
SPDR S&P 500 ETF TRUST TR UNIT 78462F103 102,629 499,315 SH   SOLE   499,315 0 0
UNITED STATES OIL FUND LP UNITS 91232N108 659 32,385 SH   SOLE   32,385 0 0
US NATURAL GAS FUND LP UNIT PAR $0.001 912318201 1,117 75,625 SH   SOLE   75,625 0 0
VANGUARD EUROPEAN ETF FTSE EUROPE ETF 922042874 1,783 34,020 SH   SOLE   34,020 0 0