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
BARCLAYS BK PLC ETN+ SEL MLP 06742c723 819 28,060 SH   SOLE   0 0 28,060
ISHARES MSCI PAC JP ETF 464286665 1,098 24,216 SH   SOLE   0 0 24,216
ISHARES MSCI SZ CAP ETF 464286749 5,462 164,456 SH   SOLE   0 0 164,456
ISHARES MSCI ACWI ETF 464288257 4,608 76,768 SH   SOLE   0 0 76,768
ISHARES US HLTHCR PR ETF 464288828 1,567 11,780 SH   OTR   0 0 11,780
ISHARES US HLTHCR PR ETF 464288828 9,194 69,098 SH   SOLE   29,872 0 39,226
ISHARES TR 1-3 YR TR BD ETF 464287457 225 2,649 SH   OTR   0 0 2,649
ISHARES TR MSCI UTD KNGDM 46434v548 12,276 681,612 SH   SOLE   0 0 681,612
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 317 3,006 SH   SOLE   0 0 3,006
SELECT SECTOR SPDR TR SBI MATERIALS 81369y100 8,991 184,319 SH   SOLE   0 0 184,319
SELECT SECTOR SPDR TR SBI CONS STPLS 81369y308 19,975 409,834 SH   SOLE   147,386 0 262,448
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369y506 620 7,996 SH   SOLE   0 0 7,996
SELECT SECTOR SPDR TR SBI INT-FINL 81369y605 19,688 816,587 SH   SOLE   281,815 0 534,772
SELECT SECTOR SPDR TR SBI INT-INDS 81369y704 1,156 20,735 SH   SOLE   0 0 20,735
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 1,338 32,285 SH   OTR   0 0 32,285
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 44,500 1,073,840 SH   SOLE   465,144 0 608,696
SELECT SECTOR SPDR TR SBI INT-UTILS 81369y886 8,515 191,648 SH   SOLE   50,473 0 141,175
SPDR GOLD TRUST GOLD SHS 78463V107 497 4,372 SH   OTR   0 0 4,372
SPDR INDEX SHS FDS EURO STOXX 50 78463X202 18,107 466,436 SH   SOLE   0 0 466,436
SPDR S&P 500 ETF TR TR UNIT 78462F103 6,163 29,856 SH   SOLE   0 0 29,856
UBS AG JERSEY BRH ALERIAN INFRST 902641646 525 13,833 SH   OTR   0 0 13,833
UBS AG JERSEY BRH ALERIAN INFRST 902641646 13,810 363,986 SH   SOLE   159,265 0 204,721
UNITED STS COMMODITY INDEX F COMM IDX FND 911717106 990 22,035 SH   OTR   0 0 22,035
VANGUARD BD INDEX FD INC TOTAL BND MRKT 921937835 999 11,979 SH   SOLE   0 0 11,979
VANGUARD INDEX FDS REIT ETF 922908553 584 6,932 SH   OTR   0 0 6,932
VANGUARD INDEX FDS TOTAL STK MKT 922908769 7,385 68,858 SH   OTR   0 0 68,858
VANGUARD INDEX FDS TOTAL STK MKT 922908769 6,240 58,182 SH   SOLE   0 0 58,182
VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF 922042742 30,182 490,041 SH   SOLE   147,511 0 342,530
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 544 11,159 SH   SOLE   0 0 11,159
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 3,741 91,546 SH   SOLE   0 0 91,546
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 4,232 78,050 SH   OTR   0 0 78,050
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 27,722 511,283 SH   SOLE   398,275 0 113,008
VANGUARD WORLD FDS CONSUM DIS ETF 92204A108 1,434 11,706 SH   OTR   0 0 11,706
VANGUARD WORLD FDS CONSUM DIS ETF 92204A108 38,287 312,599 SH   SOLE   113,488 0 199,111
VANGUARD WORLD FDS ENERGY ETF 92204A306 11,068 101,278 SH   SOLE   38,688 0 62,590
VANGUARD WORLD FDS HEALTH CAR ETF 92204A504 13,707 101,143 SH   SOLE   32,592 0 68,551
VANGUARD WORLD FDS INDUSTRIAL ETF 92204A603 18,615 173,408 SH   SOLE   63,582 0 109,826
VANGUARD WORLD FDS INF TECH ETF 92204A702 4,743 44,529 SH   SOLE   0 0 44,529
VANGUARD WORLD FDS MATERIALS ETF 92204A801 9,347 86,112 SH   SOLE   51,357 0 34,755
VANGUARD WORLD FDS UTILITIES ETF 92204A876 1,168 12,053 SH   SOLE   12,053 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 3,091 56,081 SH   OTR   0 0 56,081
WISDOMTREE TR JAPN HEDGE EQT 97717W851 18,377 333,391 SH   SOLE   147,847 0 185,544
WISDOMTREE TR EUROPE HEDGED EQ 97717X701 6,982 105,565 SH   SOLE   56,173 0 49,392
WISDOMTREE TR EUROPE HEDGED EQ 97717X701 332 5,015 SH   OTR   0 0 5,015