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
EGA EMERGING GLOBAL SHS TR EGS EMKTCONS ETF 268461779 2,277 107,117 SH   OTR   107,117 0 0
ISHARES MSCI AUST ETF 464286103 10,219 538,975 SH   OTR   538,975 0 0
ISHARES MSCI CDA ETF 464286509 2,090 97,210 SH   OTR   97,210 0 0
ISHARES MSCI FRANCE ETF 464286707 6,453 266,541 SH   OTR   266,541 0 0
ISHARES MSCI ITALCPD ETF 464286855 6,629 482,460 SH   OTR   482,460 0 0
ISHARES MSCI JAPAN ETF 464286848 28,122 2,320,261 SH   OTR   2,320,261 0 0
ISHARES MSCI MEX CAP 464286822 5,269 105,740 SH   OTR   105,740 0 0
ISHARES MSCI STH KOR ETF 464286772 3,090 62,208 SH   OTR   62,208 0 0
ISHARES MSCI SWEDEN ETF 464286756 6,477 221,960 SH   OTR   221,960 0 0
ISHARES MSCI SZ CAPP ETF 464286749 16,531 532,562 SH   OTR   532,562 0 0
ISHARES MSCI SPAN CP ETF 464286764 5,664 200,364 SH   OTR   200,364 0 0
ISHARES TR US DJ OIL EQ&SV ETF 464288844 3,014 84,248 SH   OTR   84,248 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 1,765 50,015 SH   OTR   50,015 0 0
ISHARES TR MSCI AC ASIA ETF 464288182 13,601 254,654 SH   OTR   254,654 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 13,301 413,193 SH   OTR   413,193 0 0
ISHARES TR MSCI INDIA ETF 46429B598 6,232 226,600 SH   OTR   226,600 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 1,278 11,351 SH   OTR   11,351 0 0
ISHARES TR EUROPE ETF 464287861 12,803 319,189 SH   OTR   319,189 0 0
OPKO HEALTH INC COM 68375N103 2,992 295,156 SH   OTR   295,156 0 0
ORMAT TECHNOLOGIES INC COM 686688102 8,860 243,113 SH   OTR   243,113 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 12,224 109,276 SH   OTR   109,276 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369y407 25,774 329,756 SH   OTR   329,756 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 14,407 285,347 SH   OTR   285,347 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 13,259 184,079 SH   OTR   184,079 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 28,027 1,176,107 SH   OTR   1,176,107 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 11,974 279,570 SH   OTR   279,570 0 0
SPDR DOW JONES INDL AVRG ETF UT SER 1 78467X109 200 1,149 SH   OTR   1,149 0 0
SPDR INDEX SHS FDS S&P CHINA ETF 78463X400 11,437 155,628 SH   OTR   155,628 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 5,505 27,001 SH   OTR   27,001 0 0
SPDR SERIES TRUST S&P BK ETF 78464A797 14,068 415,972 SH   OTR   415,972 0 0
SPDR SERIES TRUST S&P HOMEBUILD 78464A888 15,851 463,737 SH   OTR   463,737 0 0
SPDR SERIES TRUST S&P PHARMAC 78464A722 5,501 107,450 SH   OTR   107,450 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 1,302 31,071 SH   OTR   31,071 0 0
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 33,160 664,797 SH   OTR   664,797 0 0
WISDOMTREE TR EUROPE HEDGED EQ 97717X701 6,535 121,438 SH   OTR   121,438 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 25,116 501,512 SH   OTR   501,512 0 0