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 881 41,430 SH   OTR   41,430 0 0
ISHARES MSCI AUST ETF 464286103 3,440 181,453 SH   OTR   181,453 0 0
ISHARES MSCI CDA ETF 464286509 1,051 48,884 SH   OTR   48,884 0 0
ISHARES MSCI FRANCE ETF 464286707 2,329 96,211 SH   OTR   96,211 0 0
ISHARES MSCI ITALCPD ETF 464286855 2,262 164,620 SH   OTR   164,620 0 0
ISHARES MSCI JAPAN ETF 464286848 10,449 862,126 SH   OTR   862,126 0 0
ISHARES MSCI MEX CAP 464286822 2,112 42,393 SH   OTR   42,393 0 0
ISHARES MSCI STH KOR ETF 464286772 1,033 20,793 SH   OTR   20,793 0 0
ISHARES MSCI SWEDEN ETF 464286756 2,351 80,586 SH   OTR   80,586 0 0
ISHARES MSCI SZ CAPP ETF 464286749 5,447 175,475 SH   OTR   175,475 0 0
ISHARES MSCI SPAN CP ETF 464286764 2,168 76,672 SH   OTR   76,672 0 0
ISHARES TR US DJ OIL EQ&SV ETF 464288844 1,120 31,294 SH   OTR   31,294 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 383 10,863 SH   OTR   10,863 0 0
ISHARES TR MSCI AC ASIA ETF 464288182 5,404 101,171 SH   OTR   101,171 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 5,083 157,907 SH   OTR   157,907 0 0
ISHARES TR MSCI INDIA ETF 46429B598 2,402 87,339 SH   OTR   87,339 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 35 313 SH   OTR   313 0 0
ISHARES TR EUROPE ETF 464287861 5,508 137,334 SH   OTR   137,334 0 0
OPKO HEALTH INC COM 68375N103 1,822 179,755 SH   OTR   179,755 0 0
ORMAT TECHNOLOGIES INC COM 686688102 3,317 91,010 SH   OTR   91,010 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 2,981 26,648 SH   OTR   26,648 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369y407 9,686 123,919 SH   OTR   123,919 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 5,684 112,586 SH   OTR   112,586 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 5,197 72,151 SH   OTR   72,151 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 11,682 490,218 SH   OTR   490,218 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 4,088 95,436 SH   OTR   95,436 0 0
SPDR DOW JONES INDL AVRG ETF UT SER 1 78467X109 80 461 SH   OTR   461 0 0
SPDR INDEX SHS FDS S&P CHINA ETF 78463X400 3,973 54,066 SH   OTR   54,066 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 1,580 7,749 SH   OTR   7,749 0 0
SPDR SERIES TRUST S&P BK ETF 78464A797 5,148 152,232 SH   OTR   152,232 0 0
SPDR SERIES TRUST S&P HOMEBUILD 78464A888 6,219 181,936 SH   OTR   181,936 0 0
SPDR SERIES TRUST S&P PHARMAC 78464A722 2,120 41,414 SH   OTR   41,414 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 489 11,661 SH   OTR   11,661 0 0
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 11,131 223,146 SH   OTR   223,146 0 0
WISDOMTREE TR EUROPE HEDGED EQ 97717X701 2,549 47,375 SH   OTR   47,375 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 11,256 224,762 SH   OTR   224,762 0 0