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
JPM PRIME MM FUND-CAPITAL SHS CASH 481992JQ9 3,640 3,640,770 SH   SOLE 0 0 0 0
INDUSTRIAL SELECT SECTOR SPDR FUND ETP USD COM 81369Y704 8,246 157,580 SH   SOLE 0 157,580 0 0
ISHARES GLOBAL CONSUMER DISCRETIONARY ETF ETP USD COM 464288745 7,772 94,700 SH   SOLE 0 94,700 0 0
ISHARES GLOBAL TECH ETF ETP USD COM 464287291 19,124 226,300 SH   SOLE 0 226,300 0 0
ISHARES INC ISHS MSCI UK IDX COM 464286699 31,584 1,533,991 SH   SOLE 0 1,533,991 0 0
ISHARES MSCI GERMANY ETF ETP USD COM 464286806 38,274 1,220,872 SH   SOLE 0 1,220,872 0 0
ISHARES MSCI SPAIN CAPPED ETF ETP USD COM 464286764 8,473 207,687 SH   SOLE 0 207,687 0 0
ISHARES RUSSELL 2000 VALUE ETF ETP USD COM 464287630 17,596 174,500 SH   SOLE 0 174,500 0 0
SECTOR SPDR TRUST AMEX CONSUMER STAPLES INDEX COM 81369Y308 10,484 243,497 SH   SOLE 0 243,497 0 0
SECTOR SPDR TRUST AMEX TECHNOLOGY SELECT INDEX COM 81369Y803 7,356 202,377 SH   SOLE 0 202,377 0 0
SELECT SECTOR SPDR FUND MATERIALS COM 81369Y100 3,278 69,332 SH   SOLE 0 69,332 0 0
SPDR S&P INSURANCE ETF ETP USD COM 78464A789 4,703 75,600 SH   SOLE 0 75,600 0 0
SPDR S&P REGIONAL BANKING ETF ETP USD COM 78464A698 2,958 71,500 SH   SOLE 0 71,500 0 0
WISDOMTREE TR JAPN HEDGE EQT COM 97717W851 28,956 611,663 SH   SOLE 0 611,663 0 0
SCE ACTIVE RESERVE 2 EQUITY CASH 996106860 31 31,879 SH   SOLE 0 0 0 0
POWERSHARES S&P SC CONS-DISC COM 73937B506 430 8,920 SH   SOLE 0 8,920 0 0
POWERSHARES S&P SMALLCAP FINAN COM 73937B803 670 16,960 SH   SOLE 0 16,960 0 0
POWERSHARES S&P SMALLCAP MATER COM 73937B852 1,800 40,000 SH   SOLE 0 40,000 0 0
POWERSHARES S&P SC INFO TECH COM 73937B860 405 8,930 SH   SOLE 0 8,930 0 0
POWERSHARES S&P SC INDUSTRIA COM 73937B878 1,820 39,650 SH   SOLE 0 39,650 0 0
POWERSHARES S&P SC HEALTH CA COM 73937B886 461 8,520 SH   SOLE 0 8,520 0 0
iShares MSCI South Korea Capped ETF COM 464286772 124 2,020 SH   SOLE 0 2,020 0 0
Marathon Petroleum Corporation COM 56585A102 321 3,695 SH   SOLE 0 3,695 0 0
iShares MSCI Mexico Capped ETF COM 464286822 256 4,010 SH   SOLE 0 4,010 0 0
Phillips 66 COM 718546104 330 4,290 SH   SOLE 0 4,290 0 0
iShares North American Tech-Software ETF COM 464287515 416 5,085 SH   SOLE 0 5,085 0 0
Market Vectors Oil Services ETF COM 57060U191 274 5,450 SH   SOLE 0 5,450 0 0
Materials Select Sector SPDR Fund COM 81369Y100 270 5,730 SH   SOLE 0 5,730 0 0
SPDR S&P Homebuilders ETF COM 78464A888 217 6,685 SH   SOLE 0 6,685 0 0
HollyFrontier Corporation COM 436106108 323 6,800 SH   SOLE 0 6,800 0 0
iShares MSCI Spain Capped ETF COM 464286764 286 7,010 SH   SOLE 0 7,010 0 0
Utilities Select Sector SPDR Fund COM 81369Y886 318 7,690 SH   SOLE 0 7,690 0 0
SPDR S&P China ETF COM 78463X400 563 7,755 SH   SOLE 0 7,755 0 0
iShares MSCI Taiwan ETF COM 464286731 118 8,205 SH   SOLE 0 8,205 0 0
iShares MSCI Australia ETF COM 464286103 218 8,440 SH   SOLE 0 8,440 0 0
Market Vectors Poland ETF COM 57060U571 221 9,560 SH   SOLE 0 9,560 0 0
SPDR S&P International Industrial Sector ETF COM 78463X673 307 9,660 SH   SOLE 0 9,660 0 0
iShares U.S. Telecommunications ETF COM 464287713 315 10,525 SH   SOLE 0 10,525 0 0
SPDR S&P International Materials Sector ETF COM 78463X665 253 10,870 SH   SOLE 0 10,870 0 0
WisdomTree Middle East Dividend Fund COM 97717X305 268 11,890 SH   SOLE 0 11,890 0 0
Health Care Select Sector SPDR Fund COM 81369Y209 804 13,755 SH   SOLE 0 13,755 0 0
SPDR S&P Regional Banking ETF COM 78464A698 657 15,880 SH   SOLE 0 15,880 0 0
Consumer Staples Select Sector SPDR Fund COM 81369Y308 725 16,860 SH   SOLE 0 16,860 0 0
Consumer Discretionary Select Sector SPDR Fund COM 81369Y407 1,161 17,950 SH   SOLE 0 17,950 0 0
Industrial Select Sector SPDR Fund COM 81369Y704 1,092 20,870 SH   SOLE 0 20,870 0 0
Powershares DWA Emerging Markets Technical Leaders Portfolio COM 73936Q207 417 23,570 SH   SOLE 0 23,570 0 0
iShares Global Tech ETF COM 464287291 2,113 25,005 SH   SOLE 0 25,005 0 0
SPDR S&P Insurance ETF COM 78464A789 1,747 28,510 SH   SOLE 0 28,510 0 0
iShares MSCI France ETF COM 464286707 852 29,205 SH   SOLE 0 29,205 0 0
iShares MSCI Germany ETF COM 464286806 1,160 37,020 SH   SOLE 0 37,020 0 0
WisdomTree Japan Hedged Equity Fund COM 97717W851 1,819 38,430 SH   SOLE 0 38,430 0 0
iShares MSCI Italy Capped ETF COM 464286855 722 40,790 SH   SOLE 0 40,790 0 0
iShares MSCI United Kingdom ETF COM 46434V548 2,030 98,640 SH   SOLE 0 98,640 0 0
Cash Cash USD 758 758,058 SH   SOLE 0 0 0 0
SPDR(R) Barclays Aggregate Bond ETF COM 78464A649 4,540 79,500 SH   SOLE 0 79,500 0 0
iShares J.P. Morgan USD Emerging Markets Bond ETF COM 464288281 1,548 13,900 SH   SOLE 0 13,900 0 0
Ishares MSCI EAFE Small Cap ETF COM 464288273 2,322 44,500 SH   SOLE 0 44,500 0 0
PowerShares Senior Loan Portfolio COM 73936Q769 4,522 182,300 SH   SOLE 0 182,300 0 0
SPDR(R) Barclays High Yield Bond ETF COM 78464A417 4,590 111,100 SH   SOLE 0 111,100 0 0