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
ISH MSCI EMERG MKT ETF 464287234 48,487 1,133,400 SH   SOLE   1,133,400 0 0
PWRSH QQQ ETF 73935A104 26,736 387,650 SH   SOLE   387,650 0 0
SPDR DJ REIT ETF ETF 78464A607 33,140 426,900 SH   SOLE   426,900 0 0
ISH RUSS1000GRW ETF 464287614 24,174 339,000 SH   SOLE   339,000 0 0
ISH S&P LTN AM 40 ETF 464287390 25,720 589,225 SH   SOLE   589,225 0 0
ISH RUSS MCP GR ETF 464287481 31,805 455,200 SH   SOLE   455,200 0 0
ISH INC MSCI PAC J IDX ETF 464286665 24,870 500,400 SH   SOLE   500,400 0 0
ISH DJ US REAL EST ETF 464287739 25,221 363,000 SH   SOLE   363,000 0 0
ISH RUSS1000VAL ETF 464287598 22,038 271,500 SH   SOLE   271,500 0 0
VG SPEC PORTF DIV APP ETF 921908844 19,809 301,500 SH   SOLE   301,500 0 0
VG WHALL INC HI DIV YLD ETF 921946406 17,636 325,500 SH   SOLE   325,500 0 0
ISH S&P MC 400 GRW ETF 464287606 29,472 230,000 SH   SOLE   230,000 0 0
SPDR S&P INTL ETF 78463X772 11,849 243,750 SH   SOLE   243,750 0 0
ISH HGH DIV EQT FD ETF 46429B663 12,484 191,000 SH   SOLE   191,000 0 0
ISH RUSS MIDCAP ETF 464287499 6,746 53,000 SH   SOLE   53,000 0 0
SPDR S&P DIVID ETF 78464A763 12,706 192,800 SH   SOLE   192,800 0 0
ISH DJ SEL DIV INX ETF 464287168 12,826 202,300 SH   SOLE   202,300 0 0
ISH INC MSCI MEXICO CAP ETF 464286822 10,499 140,750 SH   SOLE   140,750 0 0
ISH INC MSCI BRAZIL CAP ETF 464286400 9,643 177,000 SH   SOLE   177,000 0 0
SPDR S&P 500 ETF 78462F103 6,522 41,630 SH   SOLE   41,630 0 0
ISH MSCI EAFE INDEX ETF 464287465 10,392 176,200 SH   SOLE   176,200 0 0
ISH INC MSCI CDA INDEX ETF 464286509 8,753 307,000 SH   SOLE   307,000 0 0
ISH DJ INTL SEL DIVD ETF 464288448 7,938 232,500 SH   SOLE   232,500 0 0
VG INTL EQ AW X US ETF 922042775 7,056 152,200 SH   SOLE   152,200 0 0
ISH RUSL 2000 GROW ETF 464287648 3,794 35,250 SH   SOLE   35,250 0 0
SELSEC SPDR TECH ETF 81369Y803 3,481 115,000 SH   SOLE   115,000 0 0
ISH S&P 500 VAL ETF 464287408 5,535 75,000 SH   SOLE   75,000 0 0
ISH RUSS 2000 ETF 464287655 3,286 34,800 SH   SOLE   34,800 0 0
ISH CORE S&P MCP ETF 464287507 3,222 28,000 SH   SOLE   28,000 0 0
ISH INC MSCI HONG KONG ETF 464286871 4,732 238,500 SH   SOLE   238,500 0 0
ISH DJ US BAS MATL ETF 464287838 2,846 40,500 SH   SOLE   40,500 0 0
ISH RUSL 2000 VALU ETF 464287630 2,195 26,350 SH   SOLE   26,350 0 0
ISH INC MSCI AUSTRALIA ETF 464286103 2,731 101,000 SH   SOLE   101,000 0 0
ISH MSCI ACWI EX ETF 464288240 3,429 80,000 SH   SOLE   80,000 0 0
SELSEC SPDR SBI INT-ENERGY ETF 81369Y506 1,725 21,750 SH   SOLE   21,750 0 0
ISH S&P NA NAT RES ETF 464287374 1,866 46,000 SH   SOLE   46,000 0 0
ALPS ETF ALERIAN MLP ETF 00162Q866 1,595 90,000 SH   SOLE   90,000 0 0
MKT VECT OIL SVCS ETF 57060U191 1,416 33,000 SH   SOLE   33,000 0 0
ISH INC MSCI GERMAN ETF 464286806 2,692 110,000 SH   SOLE   110,000 0 0
ISH INC MSCI STH AFRCA ETF 464286780 1,130 17,700 SH   SOLE   17,700 0 0
ISH INC MSCI SINGAPORE ETF 464286673 921 66,000 SH   SOLE   66,000 0 0
ISH GOLD ISH ETF 464285105 846 54,500 SH   SOLE   54,500 0 0
ISH INC MSCI TAIWAN ETF 464286731 1,534 115,000 SH   SOLE   115,000 0 0
SPDR S&P MIDCAP 400 ETF 78467Y107 629 3,000 SH   SOLE   3,000 0 0
SPDR GOLD GOLD SHS ETF 78463V107 587 3,800 SH   SOLE   3,800 0 0
VG INTL EQMSCI PAC ETF 922042866 464 8,000 SH   SOLE   8,000 0 0
ISH COHEN&ST RLTY ETF 464287564 390 4,725 SH   SOLE   4,725 0 0
ISH S&P NA TECH FD ETF 464287549 327 4,500 SH   SOLE   4,500 0 0
SPDR S&P BIOTECH ETF 78464A870 325 3,250 SH   SOLE   3,250 0 0
IBM COM 459200101 262 1,230 SH   SOLE   1,230 0 0
SELSEC SPDR SBI INT-INDS ETF 81369Y704 251 6,000 SH   SOLE   6,000 0 0
ISH IBOXX INV CPBD ETF 464287242 1,319 11,000 SH   SOLE   11,000 0 0
ISH S&P GL C STAPL ETF 464288737 248 3,000 SH   SOLE   3,000 0 0
ISH DJ US FINL SEC ETF 464287788 238 3,500 SH   SOLE   3,500 0 0
ISH DJ MED DEVICES ETF 464288810 230 3,000 SH   SOLE   3,000 0 0
APPLE INC COM COM 037833100 757 1,709 SH   SOLE   1,709 0 0