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
CELGENE CORP COM 151020104 423 4,053 SH   OTR   4,053 0 0
GILEAD SCIENCES INC COM 375558103 413 5,767 SH   OTR   5,767 0 0
ISHARES INC MSCI AUST ETF 464286103 3,225 139,179 SH   OTR   139,179 0 0
ISHARES INC MSCI STH KOR ETF 464286772 49 657 SH   OTR   657 0 0
ISHARES INC MSCI FRANCE ETF 464286707 8,551 273,905 SH   OTR   273,905 0 0
ISHARES INC MSCI SPAIN ETF 464286764 2,809 85,718 SH   OTR   85,718 0 0
ISHARES INC MSCI JPN ETF NEW 46434G822 4,279 71,403 SH   OTR   71,403 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 1,159 25,105 SH   OTR   25,105 0 0
ISHARES TR MSCI INDIA ETF 46429B598 2,808 77,853 SH   OTR   77,853 0 0
ISHARES TR US OIL EQ&SV ETF 464288844 1,124 31,294 SH   OTR   31,294 0 0
ISHARES TR MSCI AC ASIA ETF 464288182 4,841 63,465 SH   OTR   63,465 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 79 520 SH   OTR   520 0 0
ORMAT TECHNOLOGIES INC COM 686688102 4,614 72,116 SH   OTR   72,116 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 339 2,176 SH   OTR   2,176 0 0
PRICELINE GRP INC COM NEW 741503403 716 412 SH   OTR   412 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 6,451 78,028 SH   OTR   78,028 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 1,664 29,249 SH   OTR   29,249 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 2,338 36,560 SH   OTR   36,560 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 11,235 402,544 SH   OTR   402,544 0 0
SELECT SECTOR SPDR TR RL EST SEL SEC 81369Y860 3,420 103,834 SH   OTR   103,834 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 5,480 104,015 SH   OTR   104,015 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 6,871 95,085 SH   OTR   95,085 0 0
SPDR DOW JONES INDL AVRG ETF UT SER 1 78467X109 114 461 SH   OTR   461 0 0
SPDR INDEX SHS FDS S&P CHINA ETF 78463X400 5,854 54,610 SH   OTR   54,610 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 188 705 SH   OTR   705 0 0
SPDR SERIES TRUST S&P HOMEBUILD 78464A888 32 732 SH   OTR   732 0 0
SPDR SERIES TRUST S&P BK ETF 78464A797 5,123 108,209 SH   OTR   108,209 0 0
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 2,771 46,839 SH   OTR   46,839 0 0
WISDOMTREE TR EUROPE HEDGED EQ 97717X701 436 6,836 SH   OTR   6,836 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 47 800 SH   OTR   800 0 0