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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
iShares MSCI Emerging Markets Indx ETF EEM 464287234   522,192 13,200 SH   SOLE   0 0 13,200
iShares MSCI Emerging Markets Indx ETF EEM Put 464287954   25,076,200 659,900 SH Put SOLE   0 0 659,900
iShares MSCI EAFE ETF EFA 464287465   31,602,750 435,900 SH   SOLE   0 0 435,900
iShares MSCI EAFE ETF EFA Call 464287905   210,000 2,800 SH Call SOLE   0 0 2,800
iShares MSCI EAFE ETF EFA Put 464287955   29,035,500 438,500 SH Put SOLE   0 0 438,500
SPDR Gold Trust GLD 78463V107   3,921,940 22,000 SH   SOLE   0 0 22,000
SPDR Gold Trust GLD Put 78463V957   3,630,000 22,000 SH Put SOLE   0 0 22,000
ishares ETF - CORE MSCI EMKT IEMG 46434G103   25,946,256 526,400 SH   SOLE   0 0 526,400
IShares ETF-Rus2000 IWM 464287655   34,934,657 186,547 SH   SOLE   0 0 186,547
IShares ETF-Rus2000 IWM Put 464287955   262,500 1,500 SH Put SOLE   0 0 1,500
SPDR S&P 500 ETF TR SPY 78462F103   473,755,499 1,068,750 SH   SOLE   0 0 1,068,750
SPDR S&P 500 ETF TR SPY Call 78462F903   142,434,000 312,800 SH Call SOLE   0 0 312,800
SPDR S&P 500 ETF TR SPY Put 78462F953   830,955,000 2,119,000 SH Put SOLE   0 0 2,119,000
IShares ETF-20yr TLT 464287432   494,112 4,800 SH   SOLE   0 0 4,800
IShares ETF-20yr TLT Put 464287952   504,000 4,800 SH Put SOLE   0 0 4,800
SELECT SECTOR SPDR TR XLB 81369Y100   18,980,463 229,039 SH   SOLE   0 0 229,039
SELECT SECTOR SPDR TR XLC 81369Y852   64,240,600 987,102 SH   SOLE   0 0 987,102
SELECT SECTOR SPDR TR XLE 81369Y506   31,383,568 386,640 SH   SOLE   0 0 386,640
SELECT SECTOR SPDR TR XLF 81369Y605   94,328,870 2,798,246 SH   SOLE   0 0 2,798,246
SELECT SECTOR SPDR TR XLI 81369Y704   64,357,443 599,678 SH   SOLE   0 0 599,678
SELECT SECTOR SPDR TR XLK 81369Y803   213,431,232 1,227,604 SH   SOLE   0 0 1,227,604
SELECT SECTOR SPDR TR XLP 81369Y308   50,447,688 680,163 SH   SOLE   0 0 680,163
SELECT SECTOR SPDR TR XLRE 81369Y860   18,471,190 490,082 SH   SOLE   0 0 490,082
SELECT SECTOR SPDR TR XLU 81369Y886   19,510,413 298,142 SH   SOLE   0 0 298,142
SELECT SECTOR SPDR TR XLV 81369Y209   101,828,196 767,183 SH   SOLE   0 0 767,183
SELECT SECTOR SPDR TR XLY 81369Y407   80,760,616 475,594 SH   SOLE   0 0 475,594