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
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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
AERCAP HOLDINGS NV SHS N00985106 38,845 845,000 SH   SOLE   845,000 0 0
ATHENE HLDG LTD CL A G0686D107 1,319 26,386 SH   SOLE   26,386 0 0
CREDIT ACCEPTANCE CORP COM 225310101 49,245 246,952 SH   SOLE   246,952 0 0
ISHARES MSCI CDA ETF 464286509 11,425 425,020 SH   SOLE   425,020 0 0
ISHARES MSCI EURZONE ETF 464286608 37,237 989,018 SH   SOLE   989,018 0 0
ISHARES MSCI PAC JP ETF 464286665 5,466 122,300 SH   SOLE   122,300 0 0
ISHARES MSCI SZ CAP ETF 464286749 9,959 311,419 SH   SOLE   311,419 0 0
ISHARES MSCI SWEDEN ETF 464286756 3,252 103,001 SH   SOLE   103,001 0 0
ISHARES TR 1-3 YR CR BD ETF 464288646 5,023 47,750 SH   SOLE   47,750 0 0
ISHARES MSCI EURO FL ETF 464289180 3,129 154,000 SH   SOLE   154,000 0 0
VANGUARD SCOTTSDALE FDS INT-TERM CORP 92206C870 12,551 145,300 SH   SOLE   145,300 0 0
VANGUARD INDEX FDS S & P 500 ETF SHS 922908363 42,953 198,535 SH   SOLE   198,535 0 0
FIVE OAKS INVT CORP COM 33830W106 20,783 4,051,275 SH   SOLE   4,051,275 0 0
ISHARES TR MSCI DENMRK ETF 46429B523 2,077 37,482 SH   SOLE   37,482 0 0
ISHARES INC MSCI JPN ETF NEW 46434G822 26,902 522,362 SH   SOLE   522,362 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 19,936 612,470 SH   SOLE   612,470 0 0
PORTMARNOCK LEASING LLC NOTE 736879AA5 3,816 3,912,789 PRN   SOLE   3,912,789 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 9,320 39,535 SH   SOLE   39,535 0 0
SPDR SERIES TRUST S&P OILGAS EXP 78464A730 7,277 194,355 SH   SOLE   194,355 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 26,374 354,680 SH   SOLE   354,680 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 2,243 41,088 SH   SOLE   41,088 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 17,577 199,850 SH   SOLE   199,850 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 9,015 128,967 SH   SOLE   128,967 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 28,990 1,221,671 SH   SOLE   1,221,671 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 4,252 65,350 SH   SOLE   65,350 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 39,106 733,567 SH   SOLE   733,567 0 0
SELECT SECTOR SPDR TR RL EST SEL SEC 81369Y860 3,811 120,611 SH   SOLE   120,611 0 0
SERITAGE GROWTH PPTYS CL A 81752R100 29,455 682,629 SH   SOLE   682,629 0 0