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
Financial Select Sector SPDR ETF 81369Y605 750 41,200 SH   SOLE   41,200 0 0
Market Vectors Gold Miners ETF ETF 57060U100 2,749 72,644 SH   SOLE   72,644 0 0
PowerShares QQQ ETF 73935A104 704 10,212 SH   SOLE   10,212 0 0
PowerShares QQQ ETF 73935A104 6,762 98,045 SH   DFND 1 98,045 0 0
SPDR S&P Retail ETF 78464A714 6,941 98,621 SH   DFND 1 98,621 0 0
Technology Select Sector SPDR ETF 81369Y803 702 23,200 SH   SOLE   23,200 0 0
Utilities Spyder ETF 81369Y886 3,924 100,383 SH   DFND 1 100,383 0 0
Vanguard Information Technolog ETF 92204A702 692 9,500 SH   SOLE   9,500 0 0
iShares Dow Jones US Financial ETF 464287788 754 11,119 SH   SOLE   11,119 0 0
iShares Dow Jones US Financial ETF 464287770 727 11,000 SH   SOLE   11,000 0 0
iShares Dow Jones US Telecom ETF 464287713 1,550 63,800 SH   SOLE   63,800 0 0
iShares Dow Jones US Utilities ETF 464287697 1,631 16,800 SH   SOLE   16,800 0 0
iShares Goldman Sachs Software ETF 464287515 701 10,100 SH   SOLE   10,100 0 0
iShares Russell Midcap Value I ETF 464287473 6,944 121,842 SH   DFND 1 121,842 0 0
iShares S&P Global Consumer St ETF 464288737 1,617 19,600 SH   SOLE   19,600 0 0
iShares S&P MidCap Index ETF 464287507 1,583 13,761 SH   SOLE   13,761 0 0
Merck COM 58933Y105 722 16,350 SH   SOLE   16,350 0 0
Market Vectors ETF Junior Gold ETF 57060U589 2,839 169,605 SH   SOLE   169,605 0 0
iShares Nasdaq Biotechnology ETF 464287556 10,623 66,428 SH   SOLE   66,428 0 0
iShares Nasdaq Biotechnology ETF 464287556 7,169 44,826 SH   DFND 1 44,826 0 0
iShares Russell 2000 Value Ind ETF 464287630 5,480 65,389 SH   SOLE   65,389 0 0
Chesapeake Granite Wash Trust COM 165185109 2,619 187,395 SH   SOLE   187,395 0 0
Gastar Exploration COM 367299203 62 35,318 SH   SOLE   35,318 0 0
Imperial Petrolium Recovery COM 453079105 0 22,000 SH   SOLE   22,000 0 0
Knight Capital Group, Inc. COM 499005106 42 11,550 SH   SOLE   11,550 0 0
iShares MSCI Australia Index ETF 464286103 6,812 251,924 SH   DFND 1 251,924 0 0
iShares MSCI Italy Index ETF 464286855 1,821 154,390 SH   SOLE   154,390 0 0
iShares MSCI Pacific ex-Japan ETF 464286665 6,711 135,043 SH   DFND 1 135,043 0 0
iShares MSCI South Korea Index ETF 464286772 683 11,500 SH   SOLE   11,500 0 0
iShares MSCI Spain Index ETF 464286764 1,901 67,175 SH   SOLE   67,175 0 0
iShares S&P India Nifty 50 Ind ETF 464289529 1,965 81,810 SH   SOLE   81,810 0 0
iShares S&P Latin America 40 I ETF 464287390 656 15,042 SH   SOLE   15,042 0 0
SPDR Gold Shares ETF 78463V107 8,476 54,873 SH   SOLE   54,873 0 0
United States Natural Gas ETF 912318201 6,181 282,500 SH   SOLE   282,500 0 0
iShares Silver Trust ETF 46428Q109 4,556 166,123 SH   SOLE   166,123 0 0