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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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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
HERCULES OFFSHORE INC COM NEW 427093307 22 10,017 SH   OTR   0 10,017 0
ISHARES TR IBOXX HI YD ETF 464288513 2,095 26,000 SH   OTR   0 26,000 0
ING GROEP N V DBCV 6.000%12/2 456837AE3 3,015 3,000,000 PRN   OTR   0 3,000,000 0
SPDR SERIES TRUST BRC HGH YLD BD 78464A417 2,781 82,000 SH   OTR   0 82,000 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 2,423 33,634 SH   SOLE   33,634 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 4,066 80,531 SH   SOLE   80,531 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 3,877 49,603 SH   SOLE   49,603 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1,450 60,868 SH   SOLE   60,868 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 3,879 90,564 SH   SOLE   90,564 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 3,955 91,383 SH   SOLE   91,383 0 0