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
Aggregate Bond Fund ETF - iSha COM IE00B44CG 2,720 27,186 SH   SOLE   3,265 0 23,921
Barclays 1-3 Yr Credit Bond ET COM 464288646 10,917 103,520 SH   SOLE   13,875 0 89,645
Barclays 1-3 year Treasury ETF COM 464287457 315 3,739 SH   SOLE   84 0 3,655
Barclays 7-10 Year Treasury ET COM 464287440 1,377 13,880 SH   SOLE   4,750 0 9,130
Barclays High Yield ETF - SPDR COM 78464A417 14,244 351,180 SH   SOLE   121,675 0 229,505
Corporate Bond Fund ETF - iSha COM 464287242 10,568 92,547 SH   SOLE   11,570 0 80,977
Intermediate Term Credit US ET COM 464288638 1,026 9,510 SH   SOLE   1,510 0 8,000
Long Term Corporate Bond ETF COM 92206c813 3,097 37,320 SH   SOLE   37,320 0 0
Peritus High Yield ETF - Advis COM 00768Y503 11,468 221,774 SH   SOLE   193,089 0 28,685
S&P Muni Bond ETF - iShares COM 464288414 5,198 50,105 SH   SOLE   2,640 0 47,465
Senior Loan ETF - Powershares COM 73936q769 4,509 181,235 SH   SOLE   122,950 0 58,285
Managed Futures ETF - Wisdomtr COM 97717W125 483 11,637 SH   SOLE   690 0 10,947
US Natural Gas ETF - ALPS COM 912318201 1,445 69,850 SH   SOLE   3,740 0 66,110
Activision Inc. COM 00507v109 285 16,000 SH   SOLE   16,000 0 0
American Tower Corp-Class A COM 03027x100 343 4,300 SH   SOLE   4,300 0 0
Apple Inc COM 037833100 1,352 2,410 SH   SOLE   2,410 0 0
Bank of America Corp COM 060505104 685 44,000 SH   SOLE   0 0 44,000
Catamaran Corp COM 148887102 261 5,500 SH   SOLE   5,500 0 0
Citigroup Inc COM 172967424 386 7,400 SH   SOLE   7,400 0 0
Clean Harbors Inc COM 184496107 390 6,500 SH   SOLE   6,500 0 0
Exxon Mobil Corp COM 30231G102 326 3,225 SH   SOLE   3,225 0 0
Hovnanian Enterprises Inc. COM 442487203 182 27,450 SH   SOLE   27,450 0 0
Owens Corning COM 690742101 265 6,520 SH   SOLE   6,520 0 0
Pepsico Inc COM 713448108 352 4,250 SH   SOLE   4,250 0 0
QQQ Trust ETF - Powershares COM 73935A104 4,436 50,430 SH   SOLE   2,660 0 47,770
Quanta Services Inc COM 74762e102 363 11,500 SH   SOLE   11,500 0 0
Russell 2000 ETF - iShares COM 464287655 11,250 97,520 SH   SOLE   84,540 0 12,980
S&P500 ETF - iShares COM 464287200 46,231 249,020 SH   SOLE   213,233 0 35,787
S&P500 Index ETF - SPDR COM 78462F103 26,026 140,919 SH   SOLE   115,076 0 25,843
Superior Energy Services Inc COM 868157108 407 15,295 SH   SOLE   15,295 0 0
Tesoro Corp COM 881609101 1,667 28,495 SH   SOLE   17,560 0 10,935
Austria ETF - iShares COM 464286202 4,095 206,697 SH   SOLE   183,107 0 23,590
China ETF - First Trust COM 33737j141 991 42,330 SH   SOLE   0 0 42,330
China ETF - iShares COM 46429b671 30,485 632,214 SH   SOLE   588,055 0 44,159
El Dorado Gold Corp Ltd New COM 284902103 912 160,230 SH   SOLE   95,390 0 64,840
Germany ETF - First Trust COM 33737j190 762 18,080 SH   SOLE   0 0 18,080
Germany ETF - iShares COM 464286806 27,003 850,233 SH   SOLE   774,983 0 75,250
Goldcorp Inc New COM 380956409 899 41,505 SH   SOLE   26,195 0 15,310
Hong Kong ETF - iShares COM 464286871 1,442 69,985 SH   SOLE   52,720 0 17,265
Japan ETF - First Trust COM 33737j158 1,048 22,450 SH   SOLE   0 0 22,450
Japan ETF - iShares COM 464286848 48,925 4,030,363 SH   SOLE   3,571,173 0 459,190
Japan Hedged Equity ETF - Wisd COM 97717w851 422 8,300 SH   SOLE   0 0 8,300
Korea ETF - First Trust COM 33737j166 461 16,330 SH   SOLE   0 0 16,330
Korea ETF - iShares COM 464286772 16,126 249,355 SH   SOLE   226,039 0 23,316
MSCI ACWI ETF - SPDR (London) COM IE00B44Z5 2,833 30,261 SH   SOLE   0 0 30,261
MSCI BRIC ETF - iShares COM 464286657 711 18,855 SH   SOLE   990 0 17,865
Malaysia ETF - iShares COM 464286830 840 53,102 SH   SOLE   41,280 0 11,822
Netherlands ETF - iShares COM 464286814 5,479 211,317 SH   SOLE   190,680 0 20,637
Norway ETF - Global X COM 37950E747 9,789 587,094 SH   SOLE   514,316 0 72,778
Russia ETF - iShares COM 46429B705 22,536 1,029,056 SH   SOLE   939,921 0 89,135
Sweden ETF - iShares COM 464286756 2,098 58,555 SH   SOLE   44,785 0 13,770
Taiwan ETF - iShares COM 464286731 4,446 308,340 SH   SOLE   260,373 0 47,967
United Kingdom ETF - iShares COM 464286699 9,730 466,001 SH   SOLE   343,923 0 122,078
ACWI ex US ETF - iShares COM 464288240 652 13,960 SH   SOLE   0 0 13,960
All Country World Index ETF - COM 464288257 13,944 242,001 SH   SOLE   6,783 0 235,218
Australian Dollar ETF - Curren COM 23129U101 3,873 43,310 SH   SOLE   2,280 0 41,030
Currency Harvest ETF - Powersh COM 73935y102 3,918 154,120 SH   SOLE   88,640 0 65,480
Global Long Short ETF - Adviso COM 00768Y404 14,990 675,841 SH   SOLE   501,820 0 174,021
Macro Tracker ETF - Index IQ COM 45409b206 389 14,820 SH   SOLE   840 0 13,980
Merger Arb ETF - Credit Suisse COM 22542D845 395 18,740 SH   SOLE   1,141 0 17,599
Multi-Strategy Tracker ETF - I COM 45409B107 2,145 74,055 SH   SOLE   2,415 0 71,640
RAFI Long/Short ETF - ProShare COM 74347x310 273 6,420 SH   SOLE   370 0 6,050
Consumer China ETF - Global X COM 37950E408 6,161 390,215 SH   SOLE   254,780 0 135,435
Consumer Discretionary ETF - S COM 81369Y407 13,575 203,125 SH   SOLE   10,670 0 192,455
Energy and Exploration ETF - P COM 73935x658 9,553 277,315 SH   SOLE   231,375 0 45,940
Gold Miners ETF - Market Vecto COM 57060U100 388 18,375 SH   SOLE   18,375 0 0
Info Tech ETF - Vanguard COM 92204a702 8,066 90,080 SH   SOLE   78,420 0 11,660
S&P 500 Buy Write ETF - Powers COM 73936G308 9,783 471,480 SH   SOLE   24,820 0 446,660
Technology Select Sector ETF - COM 81369Y803 631 17,650 SH   SOLE   0 0 17,650