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
EGA EMERGING GLOBAL SHS TR EGS EMKTCONS ETF 268461779 1,029 41,430 SH   OTR   41,430 0 0
ISHARES MSCI AUST ETF 464286103 3,792 181,453 SH   OTR   181,453 0 0
ISHARES MSCI JAPAN ETF 464286848 3,835 305,802 SH   OTR   305,802 0 0
ISHARES MSCI MEX CAP ETF 464286822 2,055 42,393 SH   OTR   42,393 0 0
ISHARES MSCI STH KOR ETF 464286772 2,414 41,530 SH   OTR   41,530 0 0
ISHARES MSCI FRANCE ETF 464286707 2,324 96,211 SH   OTR   96,211 0 0
ISHARES MSCI CDA ETF 464286509 1,256 48,884 SH   OTR   48,884 0 0
ISHARES MSCI SPAN CP ETF 464286764 2,056 76,672 SH   OTR   76,672 0 0
ISHARES MSCI SWEDEN ETF 464286756 2,343 80,586 SH   OTR   80,586 0 0
ISHARES MSCI SZ CAP ETF 464286749 5,361 175,475 SH   OTR   175,475 0 0
ISHARES MSCI ITALCPD ETF 464286855 1,814 164,620 SH   OTR   164,620 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 413 10,863 SH   OTR   10,863 0 0
ISHARES TR MSCI INDIA ETF 46429B598 2,290 77,853 SH   OTR   77,853 0 0
ISHARES TR US OIL EQ&SV ETF 464288844 1,238 31,294 SH   OTR   31,294 0 0
ISHARES TR MSCI AC ASIA ETF 464288182 3,801 62,807 SH   OTR   62,807 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 65 520 SH   OTR   520 0 0
ISHARES TR MSCI UTD KNGDM 46434V548 4,061 256,351 SH   OTR   256,351 0 0
ISHARES TR NASDQ BIOTEC ETF 464287556 1,164 4,021 SH   OTR   4,021 0 0
ISHARES TR EUROPE ETF 464287861 2,648 67,243 SH   OTR   67,243 0 0
OPKO HEALTH INC COM 68375N103 1,272 117,943 SH   OTR   117,943 0 0
ORMAT TECHNOLOGIES INC COM 686688102 3,481 72,116 SH   OTR   72,116 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 279 2,353 SH   OTR   2,353 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 5,627 78,028 SH   OTR   78,028 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 1,529 28,741 SH   OTR   28,741 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 1,782 37,286 SH   OTR   37,286 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 8,216 425,692 SH   OTR   425,692 0 0
SPDR DOW JONES INDL AVRG ETF UT SER 1 78467X109 84 461 SH   OTR   461 0 0
SPDR INDEX SHS FDS S&P CHINA ETF 78463X400 4,320 54,066 SH   OTR   54,066 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 252 1,164 SH   OTR   1,164 0 0
SPDR SERIES TRUST S&P HOMEBUILD 78464A888 25 732 SH   OTR   732 0 0
SPDR SERIES TRUST S&P PHARMAC 78464A722 1,854 41,949 SH   OTR   41,949 0 0
SPDR SERIES TRUST S&P BK ETF 78464A797 4,830 144,692 SH   OTR   144,692 0 0
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 11,729 240,691 SH   OTR   240,691 0 0
WISDOMTREE TR EUROPE HEDGED EQ 97717X701 2,290 42,613 SH   OTR   42,613 0 0