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
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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
ALLERGAN INC. COM 018490102 6,335 75,200 SH   SOLE   75,200 0 0
ANADARKO PETROLEUM COM 032511107 430 5,000 SH   SOLE   5,000 0 0
APPLE INC COM 037833100 4,758 12,000 SH   SOLE   12,000 0 0
AT&T INC COM 00206R102 1,841 52,000 SH   SOLE   52,000 0 0
BANK OF AMERICA COM 060505104 1,929 150,000 SH   SOLE   150,000 0 0
BROADCOM CORP - CL A COM 111320107 7,874 233,000 SH   SOLE   233,000 0 0
CHEVRON COM 166764100 2,367 20,000 SH   SOLE   20,000 0 0
EXXON COM 30231G102 14,727 163,000 SH   SOLE   163,000 0 0
FRONTLINE LTD. COM G3682E127 80 45,000 SH   SOLE   45,000 0 0
GENERAL ELECTRIC CO. COM 369604103 10,041 433,000 SH   SOLE   433,000 0 0
GOOGLE INC - CL A COM 38259P508 1,162 1,320 SH   SOLE   1,320 0 0
HUMANA INC COM 444859102 7,932 94,000 SH   SOLE   94,000 0 0
INTEL CORP COM 458140100 1,372 56,640 SH   SOLE   56,640 0 0
INTERNATIONAL BUSINESS MACHINE COM 459200101 573 3,000 SH   SOLE   3,000 0 0
INVENSENSE, INC. COM 46123D205 1,153 75,000 SH   SOLE   75,000 0 0
JP MORGAN COM 46625H100 5,912 112,000 SH   SOLE   112,000 0 0
LONGTOP FINANCIAL ADR COM 543189108 3 94,200 SH   SOLE   94,200 0 0
MICROSOFT CORP COM 594918104 9,065 262,400 SH   SOLE   262,400 0 0
PVTPL GDR LEVANESE CO FOR DEV COM 522386101 474 42,264 SH   SOLE   42,264 0 0
SANDISK CORP COM 80004C101 6,110 100,000 SH   SOLE   100,000 0 0
TAIWAN SEMICONDUCTOR MFG CO COM 874039100 7,128 389,091 SH   SOLE   389,091 0 0
VERIZON COMMUNICATION INC. COM 92343V104 1,510 30,000 SH   SOLE   30,000 0 0
CONSUMER STAPLES SPDR ETF 81369Y308 103,245 2,602,600 SH   SOLE   2,602,600 0 0
DB COMMODITY INDEX FUND ETF 73935S105 18,881 751,332 SH   SOLE   751,332 0 0
ISHARES CORE MSCI EMERGING MKT ETF 46434G103 43,858 952,200 SH   SOLE   952,200 0 0
ISHARES CORE S&P MIDCAP ETF ETF 464287507 13,229 114,537 SH   SOLE   114,537 0 0
ISHARES NORTH AMER NATURAL RES ETF 464287374 91,761 2,398,355 SH   SOLE   2,398,355 0 0
ISHARES RUSSELL 2000 VALUE ETF ETF 464287630 13,420 156,228 SH   SOLE   156,228 0 0
ISHARES S&P 500 VALUE ETF ETF 464287408 13,406 176,932 SH   SOLE   176,932 0 0
ISHARES S&P MIDCAP 400/GROWTH ETF 464287606 13,143 102,017 SH   SOLE   102,017 0 0
NASDAQ 100 MFC POWERSHARES ETF 73935A104 3,856 54,100 SH   SOLE   54,100 0 0
POWERSHARES ETF TRUST II ETF 73937B779 10,674 343,000 SH   SOLE   343,000 0 0
RUSSELL 2000 INDEX FUND ETF 464287655 6,208 64,000 SH   SOLE   64,000 0 0
SELECT SECTOR SPDR-AGRICULTURE ETF 57060U605 76,017 1,485,000 SH   SOLE   1,485,000 0 0
SELECT SECTOR SPDR-CONSUMER DI ETF 81369Y407 130,820 2,319,500 SH   SOLE   2,319,500 0 0
SELECT SECTOR SPDR-ENERGY ETF 81369Y506 67,831 866,300 SH   SOLE   866,300 0 0
SELECT SECTOR SPDR-FINANCIAL ETF 81369Y605 172,924 8,893,000 SH   SOLE   8,893,000 0 0
SELECT SECTOR SPDR-HEALTH CARE ETF 81369Y209 119,672 2,513,600 SH   SOLE   2,513,600 0 0
SELECT SECTOR SPDR-INDUSTRIAL ETF 81369Y704 88,401 2,073,200 SH   SOLE   2,073,200 0 0
SELECT SECTOR SPDR-MATERIALS ETF 81369Y100 22,405 584,300 SH   SOLE   584,300 0 0
SELECT SECTOR SPDR-TECHNOLOGY ETF 81369Y803 171,863 5,619,200 SH   SOLE   5,619,200 0 0
SELECT SECTOR SPDR-UTILITIES ETF 81369Y886 122,034 3,243,007 SH   SOLE   3,243,007 0 0
SPDR S&P OIL & GAS EXPLORATION ETF 78464A730 46,457 798,500 SH   SOLE   798,500 0 0
SPDR-S&P 500 INDEX ETF 78462F103 143,897 897,000 SH   SOLE   897,000 0 0
VANGUARD EAFE ETF ETF 921943858 52,946 1,487,250 SH   SOLE   1,487,250 0 0