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
AGCO CORP COM 001084102 263 4,685 SH   SOLE NONE 0 0 4,685
ADVISORSHARES TR PERITUS HG YL COM 00768Y503 5,957 111,756 SH   SOLE NONE 0 0 111,756
ADVANCED MICRO DEVICES INC COM 007903107 276 65,894 SH   SOLE NONE 0 0 65,894
ALLIANCE RES PARTNER L P UT LT COM 01877R108 219 4,700 SH   SOLE NONE 0 0 4,700
ARMOUR RESIDENTIAL REIT INC COM 042315101 67 15,491 SH   SOLE NONE 0 0 15,491
BAXTER INTL INC COM 071813109 2,051 28,362 SH   SOLE NONE 0 0 28,362
BRADY CORP CL A COM 104674106 274 9,167 SH   SOLE NONE 0 0 9,167
BROOKS AUTOMATION INC COM 114340102 211 19,596 SH   SOLE NONE 0 0 19,596
CSX CORP COM 126408103 1,155 37,477 SH   SOLE NONE 0 0 37,477
CYS INVTS INC COM 12673A108 153 16,993 SH   SOLE NONE 0 0 16,993
CALUMET SPECIALTY PRODS PTNR U COM 131476103 502 15,800 SH   SOLE NONE 0 0 15,800
CARBONITE INC COM 141337105 289 24,109 SH   SOLE NONE 0 0 24,109
CEDAR FAIR L P DEPOSITRY UNIT COM 150185106 397 7,500 SH   SOLE NONE 0 0 7,500
CLIFFS NATURAL RESOURCES INC. COM 18683K408 198 13,816 SH   SOLE NONE 0 0 13,816
CONOCOPHILLIPS COM 20825C104 2,482 28,950 SH   SOLE NONE 0 0 28,950
CORNING INC COM 219350105 2,186 99,570 SH   SOLE NONE 0 0 99,570
EARTHLINK HLDGS CORP COM 27033X101 120 32,235 SH   SOLE NONE 0 0 32,235
FIRST TR EXCHANGE TRADED FD NY COM 33733E203 632 7,682 SH   SOLE NONE 0 0 7,682
FIRST TR EXCHANGE TRADED FD DJ COM 33733E302 7,608 127,696 SH   SOLE NONE 117,541 0 10,155
FIRST TR EXCHANGE TRADED FD CO COM 33734X101 594 17,873 SH   SOLE NONE 0 0 17,873
FIRST TR EXCHANGE TRADED FD CO COM 33734X119 625 15,694 SH   SOLE NONE 0 0 15,694
FIRST TR EXCHANGE TRADED FD HL COM 33734X143 605 11,358 SH   SOLE NONE 0 0 11,358
FORD MTR CO DEL PAR $0.01 COM 345370860 2,193 127,184 SH   SOLE NONE 0 0 127,184
GENERAL CABLE CORP DEL NEW COM 369300108 217 8,449 SH   SOLE NONE 0 0 8,449
GENERAL ELECTRIC CO COM 369604103 2,058 78,320 SH   SOLE NONE 0 0 78,320
HERCULES OFFSHORE INC COM 427093109 153 37,982 SH   SOLE NONE 0 0 37,982
ION GEOPHYSICAL CORP COM 462044108 241 57,144 SH   SOLE NONE 0 0 57,144
ISHARES GLOBAL HIGH YIELD CORP COM 464286178 928 16,912 SH   SOLE NONE 0 0 16,912
ISHARES EMU ETF COM 464286608 2,749 64,952 SH   SOLE NONE 0 0 64,952
ISHARES MSCI BRIC INDX COM 464286657 15,947 413,677 SH   SOLE NONE 285,003 0 128,674
ISHARES MSCI SZ CAP ETF COM 464286749 245 7,145 SH   SOLE NONE 0 0 7,145
ISHARES MSCI SWEDEN ETF COM 464286756 246 6,986 SH   SOLE NONE 0 0 6,986
ISHARES MSCI SPAN CP ETF COM 464286764 255 5,959 SH   SOLE NONE 0 0 5,959
ISHARES MSCI GERMANY ETF COM 464286806 255 8,160 SH   SOLE NONE 0 0 8,160
ISHARES CORE SP500 ETF COM 464287200 179,931 913,355 SH   SOLE NONE 593,566 0 319,789
ISHARES CORE TOTUSBD ETF COM 464287226 41,647 380,681 SH   SOLE NONE 22,344 0 358,337
ISHARES MSCI EMG MKT ETF COM 464287234 16,160 373,825 SH   SOLE NONE 256,631 0 117,194
ISHARES IBOXX INV CP ETF COM 464287242 5,028 42,157 SH   SOLE NONE 0 0 42,157
ISHARES LATN AMER 40 ETF COM 464287390 15,951 417,010 SH   SOLE NONE 285,466 0 131,544
ISHARES SP 500 VAL ETF COM 464287408 525 5,819 SH   SOLE NONE 0 0 5,819
ISHARES 7-10 Y TR BD ETF COM 464287440 1,831 17,675 SH   SOLE NONE 0 0 17,675
ISHARES 1-3 YR TR BD ETF COM 464287457 21,818 258,023 SH   SOLE NONE 11,524 0 246,499
ISHARES RUS MDCP VAL ETF COM 464287473 242 3,336 SH   SOLE NONE 0 0 3,336
ISHARES RUS MID-CAP ETF COM 464287499 1,535 9,443 SH   SOLE NONE 0 0 9,443
ISHARES CORE SP MCP ETF COM 464287507 1,156 8,079 SH   SOLE NONE 0 0 8,079
ISHARES NA TEC-SFTWR ETF COM 464287515 21,430 249,188 SH   SOLE NONE 169,136 0 80,052
ISHARES RUS 1000 VAL ETF COM 464287598 6,074 59,983 SH   SOLE NONE 0 0 59,983
ISHARES RUS 1000 GRW ETF COM 464287614 6,038 66,405 SH   SOLE NONE 0 0 66,405
ISHARES RUSSELL 2000 ETF COM 464287655 427 3,593 SH   SOLE NONE 0 0 3,593
ISHARES DOW JONES US ETF COM 464287846 268 2,699 SH   SOLE NONE 0 0 2,699
ISHARES INTL TREA BD ETF COM 464288117 6,030 57,290 SH   SOLE NONE 0 0 57,290
ISHARES MSCI AC ASIA ETF COM 464288182 2,579 41,136 SH   SOLE NONE 0 0 41,136
ISHARES MSCI ACWI US ETF COM 464288240 75,310 1,568,306 SH   SOLE NONE 1,048,559 0 519,747
ISHARES JP MOR EM MK ETF COM 464288281 10,786 93,571 SH   SOLE NONE 4,236 0 89,335
ISHARES NAT AMT FREE BD COM 464288414 1,182 10,876 SH   SOLE NONE 0 0 10,876
ISHARES 3-7 YR TR BD ETF COM 464288661 1,805 14,820 SH   SOLE NONE 0 0 14,820
ISHARES SHRT TRS BD ETF COM 464288679 7,256 65,805 SH   SOLE NONE 11,041 0 54,764
ISHARES TR FLTG RATE BD ETF COM 46429B655 6,963 137,073 SH   SOLE NONE 0 0 137,073
ITRON INC COM 465741106 283 6,973 SH   SOLE NONE 0 0 6,973
KKR CO L P DEL UNITS COM 48248M102 409 16,800 SH   SOLE NONE 0 0 16,800
KIMBERLY CLARK CORP COM 494368103 2,050 18,430 SH   SOLE NONE 0 0 18,430
KINDER MORGAN ENERGY PARTNER U COM 494550106 444 5,400 SH   SOLE NONE 0 0 5,400
LILLY ELI CO COM 532457108 2,217 35,666 SH   SOLE NONE 0 0 35,666
MARKET VECTORS ETF TR HG YLD M COM 57060U878 2,959 98,115 SH   SOLE NONE 0 0 98,115
MARKET VECTORS ETF TR EMKT HIY COM 57061R403 4,190 158,664 SH   SOLE NONE 9,232 0 149,432
MEMORIAL PRODTN PARTNERS LP U COM 586048100 431 17,800 SH   SOLE NONE 0 0 17,800
MICROSOFT CORP COM 594918104 2,194 52,612 SH   SOLE NONE 0 0 52,612
MICROSTRATEGY INC CL A NEW COM 594972408 286 2,032 SH   SOLE NONE 0 0 2,032
NATURAL RESOURCE PARTNERS L U COM 63900P103 442 26,700 SH   SOLE NONE 0 0 26,700
NORFOLK SOUTHERN CORP COM 655844108 1,196 11,605 SH   SOLE NONE 0 0 11,605
NORTHERN TIER ENERGY LP UN RE COM 665826103 447 16,700 SH   SOLE NONE 0 0 16,700
NOVATEL WIRELESS INC NEW COM 66987M604 224 117,242 SH   SOLE NONE 0 0 117,242
OAKTREE CAP GROUP LLC UNIT CL COM 674001201 330 6,600 SH   SOLE NONE 0 0 6,600
OCH ZIFF CAP MGMT GROUP CL A COM 67551U105 411 29,700 SH   SOLE NONE 0 0 29,700
OFFICE DEPOT INC COM 676220106 162 28,531 SH   SOLE NONE 0 0 28,531
1 800 FLOWERS CL A COM 68243Q106 150 25,916 SH   SOLE NONE 0 0 25,916
ORBITZ WORLDWIDE INC COM 68557K109 213 23,943 SH   SOLE NONE 0 0 23,943
PEPSICO INC COM 713448108 2,153 24,103 SH   SOLE NONE 0 0 24,103
POWERSHARES ETF TRUST II SENIO COM 73936Q769 2,210 88,852 SH   SOLE NONE 0 0 88,852
POWERSHARES ETF TRUST II INTL COM 73936Q835 505 16,453 SH   SOLE NONE 0 0 16,453
POWERSHARES ETF TRUST II CEF I COM 73936Q843 5,005 196,263 SH   SOLE NONE 0 0 196,263
POWERSHARES GLOBAL ETF TRUST F COM 73936T557 2,443 124,633 SH   SOLE NONE 20,727 0 103,906
PROSHARES TR PSHS ULTSH 20YRS COM 74347B201 223 3,666 SH   SOLE NONE 0 0 3,666
SM ENERGY CO COM 78454L100 254 3,025 SH   SOLE NONE 0 0 3,025
SPDR SP 500 ETF TR TR UNIT COM 78462F103 210,390 1,074,953 SH   SOLE NONE 672,767 0 402,186
SPDR SERIES TRUST BRCLY INTL C COM 78464A151 3,249 85,827 SH   SOLE NONE 0 0 85,827
SPDR SERIES TRUST NUV HGHYLD M COM 78464A284 2,760 49,023 SH   SOLE NONE 8,689 0 40,334
SPDR SERIES TRUST BRC CNV SECS COM 78464A359 2,518 49,867 SH   SOLE NONE 8,150 0 41,717
SPDR SERIES TRUST BRCLY EM LOC COM 78464A391 2,721 87,168 SH   SOLE NONE 0 0 87,168
SPDR SERIES TRUST BRCLYS INTL COM 78464A516 3,346 55,024 SH   SOLE NONE 9,450 0 45,574
SPDR SER TR SHT TRM HGH YLD COM 78468R408 7,411 239,388 SH   SOLE NONE 13,138 0 226,250
SELECT SECTOR SPDR TR SBI INT- COM 81369Y506 16,058 160,416 SH   SOLE NONE 107,311 0 53,105
SIGMA DESIGNS INC COM 826565103 235 51,381 SH   SOLE NONE 0 0 51,381
TAIWAN SEMICONDUCTOR MFG LTD S COM 874039100 2,261 105,693 SH   SOLE NONE 0 0 105,693
TERRA NITROGEN CO L P UNIT COM 881005201 346 2,400 SH   SOLE NONE 0 0 2,400
3M CO COM 88579Y101 2,183 15,243 SH   SOLE NONE 0 0 15,243
VANGUARD BD INDEX FD INC TOTAL COM 921937835 21,901 266,369 SH   SOLE NONE 5,948 0 260,421
VANGUARD INTL EQUITY INDEX F F COM 922042858 3,770 87,408 SH   SOLE NONE 0 0 87,408
VANGUARD NAT RES LLC UNIT COM 92205F106 435 13,500 SH   SOLE NONE 0 0 13,500
CAPITAL PRODUCT PARTNERS L P COM Y11082107 437 38,300 SH   SOLE NONE 0 0 38,300
BAY BANCORP INC COM 07203T106 115 22,217 SH   DFND 1 0 0 22,217
ISHARES MSCI EAFE ETF COM 464287465 5,592 81,783 SH   DFND 1 0 0 81,783
ISHARES RUS 1000 GRW ETF COM 464287614 3,840 42,229 SH   DFND 1 0 0 42,229
PIMCO ETF TR TOTL RETN ETF COM 72201R775 1,032 9,466 SH   DFND 1 0 0 9,466
PIMCO ETF TR 0-5 HIGH YIELD COM 72201R783 232 2,174 SH   DFND 1 0 0 2,174
POWERSHS DB MULTI SECT M DB EN COM 73936B101 340 11,062 SH   DFND 1 0 0 11,062
POWERSHS DB MULTI SECT M DB OI COM 73936B507 353 11,460 SH   DFND 1 0 0 11,460
POWERSHARES ETF TRUST II SENIO COM 73936Q769 319 12,810 SH   DFND 1 0 0 12,810
SPDR SP 500 ETF TR TR UNIT COM 78462F103 4,607 23,541 SH   DFND 1 0 0 23,541
SPDR SERIES TRUST BARC SHT TR COM 78464A474 640 20,787 SH   DFND 1 0 0 20,787
VANGUARD BD INDEX FD INC SHORT COM 921937827 330 4,106 SH   DFND 1 0 0 4,106
VANGUARD CHARLOTTE FDS INTL BD COM 92203J407 252 4,910 SH   DFND 1 0 0 4,910
VANGUARD INTL EQUITY INDEX F T COM 922042742 5,725 92,001 SH   DFND 1 0 0 92,001
VANGUARD INTL EQUITY INDEX F F COM 922042858 5,954 138,057 SH   DFND 1 0 0 138,057
VANGUARD INDEX FDS MID CAP ETF COM 922908629 3,076 25,920 SH   DFND 1 0 0 25,920
VANGUARD INDEX FDS VALUE ETF COM 922908744 5,773 71,319 SH   DFND 1 0 0 71,319
VANGUARD INDEX FDS SMALL CP ET COM 922908751 1,920 16,396 SH   DFND 1 0 0 16,396