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
VANGUARD INTLE QUITY INDEX F MSCI EUROPE ETF 922042874 10,974 223,146 SH   OTR   223,146 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 4,779 72,151 SH   OTR   72,151 0 0
ISHARES INC MSCI STH KOR CAP 464286772 1,014 20,793 SH   OTR   20,793 0 0
SPDR DOW JONES INDL AVRG ETF UT SER 1 78467X109 75 461 SH   OTR   461 0 0
ISHARES MSCI SPAN CP ETF 464286764 2,274 76,672 SH   OTR   76,672 0 0
SELECT SECTOR SPD RTR SBI CONS DISCR 81369y407 9,162 123,379 SH   OTR   123,379 0 0
ISHARES TR S&P EURO PLUS 464287861 5,466 137,334 SH   OTR   137,334 0 0
WISDOMTREE TRUST JAPN HEDGE EQT 97717W851 10,937 224,762 SH   OTR   224,762 0 0
ISHARES INC MSCI JAPAN 464286848 9,854 862,126 SH   OTR   862,126 0 0
EGA EMERGING GLOBAL SHS TR EGS EMKTCONS ETF 268461779 900 41,430 SH   OTR   41,430 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 480 11,661 SH   OTR   11,661 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 3,770 95,436 SH   OTR   95,436 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 3,712 36,476 SH   OTR   36,476 0 0
ISHARES INC MSCI FRANCE 464286707 2,316 96,211 SH   OTR   96,211 0 0
ISHARES INC MSCI MEXICO CAP 464286822 2,186 42,393 SH   OTR   42,393 0 0
ISHARES INC MSCI CDA INDEX 464286509 1,124 48,884 SH   OTR   48,884 0 0
ISHARES TR DJ OIL EQUIP 464288844 2,013 55,319 SH   OTR   55,319 0 0
ISHARES INC MSCI SWITZ CAPP 464286749 5,368 175,475 SH   OTR   175,475 0 0
OPKO HEALTH INC COM 68375N103 404 46,387 SH   OTR   46,387 0 0
SPDR SERIES TRUST S&P HOMEBUILD 78464A888 6,228 181,936 SH   OTR   181,936 0 0
ISHARES TR MSCI EMERG MKT 464287234 6,481 197,707 SH   OTR   197,707 0 0
ORMAT TECHNOLOGIES INC COM 686688102 3,069 91,010 SH   OTR   91,010 0 0
SPDR INDEX SHS FDS S&P CHINA ETF 78463X400 3,728 54,066 SH   OTR   54,066 0 0
ISHARES TR FTSE CHINA25 IDX 464287184 385 10,863 SH   OTR   10,863 0 0
SELECT SECTO RSPDR TR SBI INT-INDS 81369Y704 10,527 211,011 SH   OTR   211,011 0 0
SPDR S&P 500ETF TR TR UNIT 78462F103 1,536 8,014 SH   OTR   8,014 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 7,080 115,686 SH   OTR   115,686 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 5,313 112,586 SH   OTR   112,586 0 0
ISHARES TR MSCI ACJPN IDX 464288182 5,337 101,171 SH   OTR   101,171 0 0
ISHARES INC MSCI ITALY 464286855 2,357 164,620 SH   OTR   164,620 0 0
WISDOMTREE TR EUROPE HEDGED EQ 97717X701 2,589 47,375 SH   OTR   47,375 0 0
ISHARES INC MSCI SWEDEN 464286756 3,438 118,439 SH   OTR   118,439 0 0
ISHARES INC MSCI AUSTRIALIA 464286103 3,252 181,453 SH   OTR   181,453 0 0
SPDR SERIES TRUST S&P BK ETF 78464A797 5,060 152,232 SH   OTR   152,232 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 11,108 490,218 SH   OTR   490,218 0 0
ISHARES TR RUSSELL 2000 464287655 34 313 SH   OTR   313 0 0