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
Telecom Italia SPA Sp ADR ADR 87927y102 108 10,000 SH   SOLE   0 0 10,000
iShares Tr S&P 1500 Index COM 464287150 708 7,581 SH   SOLE   0 0 7,581
ISHARES TR 20 YR TR BD ETF COM 464287432 47,545 364,021 SH   SOLE   364,021 0 0
ISHARES TR 7-10 Y TR BD ETF COM 464287440 23,719 214,965 SH   SOLE   214,965 0 0
PIMCO ETF TR 25YR+ ZERO U S COM 72201R882 3,967 31,947 SH   SOLE   31,947 0 0
VANGUARD WORLD FD EXTENDED DUR COM 921910709 3,941 31,093 SH   SOLE   31,093 0 0
VANGUARD WORLD FDS CONSUM STP ETF COM 92204A207 3,470 25,642 SH   SOLE   25,642 0 0
VANGUARD WORLD FDS HEALTH CAR ETF COM 92204A504 1,752 14,211 SH   SOLE   14,211 0 0
VANGUARD WORLD FDS UTILITIES ETF COM 92204A876 1,750 16,274 SH   SOLE   16,274 0 0