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 MSCI Emerging Markets Indx ETF EEM 464287234 2,077 59,550 SH   SOLE   0 0 59,550
iShares MSCI Emerging Markets Indx ETF EEM Call 464287904 220 5,500 SH Call SOLE   0 0 5,500
iShares MSCI Emerging Markets Indx ETF EEM Put 464287954 29,171 741,400 SH Put SOLE   0 0 741,400
iShares MSCI EAFE ETF EFA 464287465 28,809 514,346 SH   SOLE   0 0 514,346
iShares MSCI EAFE ETF EFA Call 464287905 240 3,700 SH Call SOLE   0 0 3,700
iShares MSCI EAFE ETF EFA Put 464287955 31,798 517,000 SH Put SOLE   0 0 517,000
SPDR Gold Trust GLD 78463V107 3,511 22,700 SH   SOLE   0 0 22,700
SPDR Gold Trust GLD Put 78463V957 3,746 22,700 SH Put SOLE   0 0 22,700
ishares ETF - CORE MSCI EMKT IEMG 46434G103 23,983 558,000 SH   SOLE   0 0 558,000
IShares ETF-Rus2000 IWM 464287655 34,617 209,900 SH   SOLE   0 0 209,900
IShares ETF-Rus2000 IWM Put 464287955 323 1,900 SH Put SOLE   0 0 1,900
POWERSHARES QQQ TRUST QQQ 73935A104 304 1,137 SH   SOLE   0 0 1,137
SPDR S&P 500 ETF TR SPY 78462F103 399,663 1,118,940 SH   SOLE   0 0 1,118,940
SPDR S&P 500 ETF TR SPY Call 78462F903 782,618 1,850,800 SH Call SOLE   0 0 1,850,800
SPDR S&P 500 ETF TR SPY Put 78462F953 967,206 2,166,300 SH Put SOLE   0 0 2,166,300
IShares ETF-20yr TLT 464287432 441 4,300 SH   SOLE   0 0 4,300
IShares ETF-20yr TLT Put 464287952 288 2,400 SH Put SOLE   0 0 2,400
SELECT SECTOR SPDR TR XLB 81369Y100 20,847 306,535 SH   SOLE   0 0 306,535
SELECT SECTOR SPDR TR XLC 81369Y852 67,503 1,409,537 SH   SOLE   0 0 1,409,537
SELECT SECTOR SPDR TR XLE 81369Y506 37,291 517,790 SH   SOLE   0 0 517,790
SELECT SECTOR SPDR TR XLF 81369Y605 90,773 2,989,873 SH   SOLE   0 0 2,989,873
SELECT SECTOR SPDR TR XLI 81369Y704 65,267 787,868 SH   SOLE   0 0 787,868
SELECT SECTOR SPDR TR XLK 81369Y803 215,978 1,818,298 SH   SOLE   0 0 1,818,298
SELECT SECTOR SPDR TR XLP 81369Y308 55,035 824,745 SH   SOLE   0 0 824,745
SELECT SECTOR SPDR TR XLRE 81369Y860 21,237 589,754 SH   SOLE   0 0 589,754
SELECT SECTOR SPDR TR XLU 81369Y886 24,629 375,964 SH   SOLE   0 0 375,964
SELECT SECTOR SPDR TR XLV 81369Y209 123,876 1,022,845 SH   SOLE   0 0 1,022,845
SELECT SECTOR SPDR TR XLY 81369Y407 94,996 666,871 SH   SOLE   0 0 666,871