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 2,883 2,883,616 SH   SOLE 0 0 0 0
DB X-TRACKERS MSCI EMERGING MARKETS INFORMATION COM B4WW7Y4 7,577 2,333,650 SH   SOLE 0 2,333,650 0 0
FINANCIAL SELECT SECTOR SPDR FUND ETP USD COM 81369Y605 15,545 683,610 SH   SOLE 0 683,610 0 0
GLOBAL X FTSE GREECE 20 ETF ETP USD COM 37950E366 4,934 219,290 SH   SOLE 0 219,290 0 0
INDUSTRIAL SELECT SECTOR SPDR FUND ETP USD COM 81369Y704 8,518 157,580 SH   SOLE 0 157,580 0 0
ISHARES MSCI CANADA ETF ETP USD COM 464286509 7,631 236,930 SH   SOLE 0 236,930 0 0
ISHARES MSCI GERMANY ETF ETP USD COM 464286806 33,401 1,067,837 SH   SOLE 0 1,067,837 0 0
ISHARES MSCI JAPAN ETF ETP USD COM 464286848 13,028 1,082,100 SH   SOLE 0 1,082,100 0 0
ISHARES MSCI SPAIN CAPPED ETF ETP USD COM 464286764 8,893 207,687 SH   SOLE 0 207,687 0 0
ISHARES MSCI SWEDEN ETF ETP USD COM 464286756 6,997 198,290 SH   SOLE 0 198,290 0 0
ISHARES U.S. HEALTHCARE PROVIDERS ETF ETP USD COM 464288828 21,296 207,120 SH   SOLE 0 207,120 0 0
MARKET VECTORS OIL SERVICE ETF ETP USD COM 57060U191 8,707 150,750 SH   SOLE 0 150,750 0 0
SECTOR SPDR TRUST AMEX CONSUMER STAPLES INDEX COM 81369Y308 10,864 243,497 SH   SOLE 0 243,497 0 0
SECTOR SPDR TRUST AMEX TECHNOLOGY SELECT INDEX COM 81369Y803 5,804 151,347 SH   SOLE 0 151,347 0 0
SPDR S&P REGIONAL BANKING ETF ETP USD COM 78464A698 2,882 71,500 SH   SOLE 0 71,500 0 0
WISDOMTREE TR JAPN HEDGE EQT COM 97717W851 13,059 264,583 SH   SOLE 0 264,583 0 0
SPDR MSCI EUROPE HEALTH CARESM UCITS ETF ETP EUR COM 7224698 26,999 183,800 SH   SOLE 0 183,800 0 0
SCE ACTIVE RESERVE 2 EQUITY CASH 996106860 88 88,977 SH   SOLE 0 0 0 0
POWERSHARES S&P SC CONS-DISC COM 73937B506 161 3,370 SH   SOLE 0 3,370 0 0
POWERSHARES S&P SMALLCAP ENERG COM 73937B704 374 6,870 SH   SOLE 0 6,870 0 0
POWERSHARES S&P SMALLCAP FINAN COM 73937B803 672 16,960 SH   SOLE 0 16,960 0 0
POWERSHARES S&P SMALLCAP MATER COM 73937B852 543 11,670 SH   SOLE 0 11,670 0 0
POWERSHARES S&P SC INFO TECH COM 73937B860 955 20,365 SH   SOLE 0 20,365 0 0
POWERSHARES S&P SC INDUSTRIA COM 73937B878 1,429 31,335 SH   SOLE 0 31,335 0 0
POWERSHARES S&P SC HEALTH CA COM 73937B886 1,492 26,460 SH   SOLE 0 26,460 0 0
Global X FTSE Greece 20 ETF COM 37950E366 103 4,610 SH   SOLE 0 4,610 0 0
iShares MSCI Taiwan ETF COM 464286731 129 8,205 SH   SOLE 0 8,205 0 0
iShares MSCI South Korea Capped ETF COM 464286772 131 2,020 SH   SOLE 0 2,020 0 0
iShares Russell 2000 ETF COM 464287655 169 1,430 SH   SOLE 0 1,430 0 0
iShares MSCI Canada ETF COM 464286509 199 6,190 SH   SOLE 0 6,190 0 0
Consumer Discretionary Select Sector SPDR Fund COM 81369Y407 212 3,190 SH   SOLE 0 3,190 0 0
iShares MSCI Australia ETF COM 464286103 220 8,440 SH   SOLE 0 8,440 0 0
Market Vectors Poland ETF COM 57060U571 220 9,560 SH   SOLE 0 9,560 0 0
WisdomTree Middle East Dividend Fund COM 97717X305 250 11,890 SH   SOLE 0 11,890 0 0
SPDR S&P International Materials Sector ETF COM 78463X665 262 10,870 SH   SOLE 0 10,870 0 0
iShares MSCI Mexico Capped ETF COM 464286822 271 4,010 SH   SOLE 0 4,010 0 0
Materials Select Sector SPDR Fund COM 81369Y100 284 5,730 SH   SOLE 0 5,730 0 0
SPDR S&P International Industrial Sector ETF COM 78463X673 314 9,660 SH   SOLE 0 9,660 0 0
iShares U.S. Telecommunications ETF COM 464287713 319 10,525 SH   SOLE 0 10,525 0 0
Utilities Select Sector SPDR Fund COM 81369Y886 340 7,690 SH   SOLE 0 7,690 0 0
Technology Select Sector SPDR Fund COM 81369Y803 353 9,220 SH   SOLE 0 9,220 0 0
iShares North American Tech-Software ETF COM 464287515 373 4,355 SH   SOLE 0 4,355 0 0
iShares MSCI France ETF COM 464286707 424 14,575 SH   SOLE 0 14,575 0 0
Powershares DWA Emerging Markets Technical Leaders Portfolio COM 73936Q207 438 23,570 SH   SOLE 0 23,570 0 0
Energy Select Sector SPDR Fund COM 81369Y506 502 5,020 SH   SOLE 0 5,020 0 0
iShares J.P. Morgan USD Emerging Markets Bond ETF COM 464288281 555 4,820 SH   SOLE 0 4,820 0 0
MSCI EM Info Tech ETF COM B4179V1 557 174,560 SH   SOLE 0 174,560 0 0
Ishares US Healthcare ETF COM 464287762 577 5,620 SH   SOLE 0 5,620 0 0
iShares MSCI Sweden ETF COM 464286756 580 16,440 SH   SOLE 0 16,440 0 0
SPDR MSCI Europe Health Care UCITS ETF COM 7224698 595 4,060 SH   SOLE 0 4,060 0 0
iShares Global Consumer Discretionary ETF COM 464288745 610 7,260 SH   SOLE 0 7,260 0 0
SPDR S&P Regional Banking ETF COM 78464A698 640 15,880 SH   SOLE 0 15,880 0 0
iShares MSCI Spain Capped ETF COM 464286764 668 15,610 SH   SOLE 0 15,610 0 0
iShares MSCI Japan ETF COM 464286848 671 55,780 SH   SOLE 0 55,780 0 0
WisdomTree Japan Hedged Equity Fund COM 97717W851 676 13,700 SH   SOLE 0 13,700 0 0
iShares MSCI Italy Capped ETF COM 464286855 708 40,790 SH   SOLE 0 40,790 0 0
Consumer Staples Select Sector SPDR Fund COM 81369Y308 752 16,860 SH   SOLE 0 16,860 0 0
Health Care Select Sector SPDR Fund COM 81369Y209 836 13,755 SH   SOLE 0 13,755 0 0
iShares MSCI Germany ETF COM 464286806 883 28,250 SH   SOLE 0 28,250 0 0
Market Vectors Oil Services ETF COM 57060U191 1,099 19,040 SH   SOLE 0 19,040 0 0
Industrial Select Sector SPDR Fund COM 81369Y704 1,128 20,870 SH   SOLE 0 20,870 0 0
Cash CASH USD 1,133 1,133,377 SH   SOLE 0 0 0 0
iShares MSCI United Kingdom ETF COM 46434V548 1,473 70,550 SH   SOLE 0 70,550 0 0
Financial Select Sector SPDR Fund COM 81369Y605 1,542 67,820 SH   SOLE 0 67,820 0 0
PowerShares Senior Loan Portfolio COM 73936Q769 1,570 63,150 SH   SOLE 0 63,150 0 0
SPDR(R) Barclays Aggregate Bond ETF COM 78464A649 1,596 27,550 SH   SOLE 0 27,550 0 0
iShares Global Tech ETF COM 464287291 1,605 18,045 SH   SOLE 0 18,045 0 0
SPDR(R) Barclays High Yield Bond ETF COM 78464A417 1,606 38,500 SH   SOLE 0 38,500 0 0
Ishares MSCI EAFE Small Cap ETF COM 464288273 2,354 44,500 SH   SOLE 0 44,500 0 0