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
GLOBAL X FDS BOLSA FTSE COL20 37950E200 3,130 155,315 SH   SOLE   0 0 155,315
ISHARES MSCI BRZ CAP ETF 464286400 2,970 62,152 SH   SOLE   0 0 62,152
ISHARES MSCI UK ETF 464286699 17,278 827,489 SH   SOLE   288,153 0 539,336
ISHARES MSCI GERMANY ETF 464286806 1,308 41,815 SH   OTR   0 0 41,815
ISHARES MSCI GERMANY ETF 464286806 19,194 613,604 SH   SOLE   195,563 0 418,041
ISHARES US HLTHCR PR ETF 464288828 19,889 193,437 SH   SOLE   62,459 0 130,978
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 3,137 119,130 SH   SOLE   0 0 119,130
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 370 3,935 SH   SOLE   0 0 3,935
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 41,848 1,091,208 SH   SOLE   401,847 0 689,361
SPDR GOLD TRUST GOLD SHS 78463V107 560 4,372 SH   OTR   0 0 4,372
SPDR INDEX SHS FDS S&P INTL ETF 78463x772 611 11,917 SH   SOLE   0 0 11,917
SPDR S&P 500 ETF TR TR UNIT 78462F103 6,692 34,191 SH   SOLE   0 0 34,191
UNITED STS COMMODITY INDEX F COMM IDX FND 911717106 1,418 23,396 SH   OTR   0 0 23,396
VANGUARD BD INDEX FD INC TOTAL BND MRKT 921937835 1,043 12,685 SH   SOLE   0 0 12,685
VANGUARD INDEX FDS TOTAL STK MKT 922908769 9,082 89,238 SH   OTR   0 0 89,238
VANGUARD INDEX FDS TOTAL STK MKT 922908769 1,060 10,415 SH   SOLE   0 0 10,415
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 690 13,193 SH   SOLE   0 0 13,193
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 4,064 94,224 SH   SOLE   0 0 94,224
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 3,656 60,987 SH   OTR   0 0 60,987
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 38,241 637,886 SH   SOLE   203,903 0 433,983
VANGUARD WORLD FDS CONSUM DIS ETF 92204A108 663 6,072 SH   OTR   0 0 6,072
VANGUARD WORLD FDS CONSUM DIS ETF 92204A108 47,457 434,663 SH   SOLE   138,069 0 296,594
WISDOMTREE TR JAPN HEDGE EQT 97717w851 3,521 71,337 SH   OTR   0 0 71,337
WISDOMTREE TR JAPN HEDGE EQT 97717w851 41,842 847,689 SH   SOLE   258,562 0 589,127
WISDOMTREE TR EUROPE SMCP DV 97717w869 55,232 914,140 SH   SOLE   293,130 0 621,010
WISDOMTREE TR EUROPE SMCP DV 97717w869 3,929 65,024 SH   OTR   0 0 65,024