Select Asset Management & Trust 13F-HR Quarterly holdings report by institutional manager

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

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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
Banco Santander	COM	05964H105	846	173,713	SH		OTR		0	0	173,713
Bank of America	COM	60505104	579	34,420	SH		OTR		0	0	34,420
BB&T Corp	COM	54937107	514	13,597	SH		OTR		0	0	13,597
Berkshire Hathaway Inc. C	COM	84670702	281	2,125	SH		OTR	1	0	0	2,125
Blackstone Group LP	ETF	09253U108	237	8,100	SH		SOLE		0	0	8,100
Chevron Texaco Corporatio	COM	166764100	233	2,595	SH		OTR		0	0	2,595
Citigroup	COM	172967424	787	15,200	SH		OTR		0	0	15,200
Dow Diamonds - SPDR Dow J	ETF	78467X109	15,573	89,506	SH		SOLE		0	0	89,506
EMC Corp.	ETF	268648102	257	10,000	SH		SOLE		0	0	10,000
Exxon Mobil Corp.	COM	30231G102	690	8,857	SH		OTR		0	0	8,857
Financial Select Sector	ETF	81369Y605	895	37,550	SH		SOLE		0	0	37,550
General Electric Co.	COM	369604103	1,386	44,492	SH		OTR		0	0	44,492
General Motors Corp.	COM	370442105	850	25,000	SH		OTR		0	0	25,000
Implant Sciences	COM	45320R108	10	20,000	SH		OTR		0	0	20,000
iShares MSCI Emerging Mar	ETF	464287234	563	17,500	SH		SOLE		0	0	17,500
iShares MSCI Hong Kong In	ETF	464286871	297	15,000	SH		SOLE		0	0	15,000
iShares Russell 2000	ETF	464287655	3,559	31,600	SH		SOLE		0	0	31,600
Kinder Morgan	COM	49455P101	373	25,000	SH		OTR		0	0	25,000
Kindred Healthcare Inc	COM	494580103	1,198	100,600	SH		OTR		0	0	100,600
Market Vectors Gold Miner	ETF	57060U100	233	17,000	SH		SOLE		0	0	17,000
Mastercard	COM	57636Q104	204	2,100	SH		OTR	1	0	0	2,100
Microsoft Corp	COM	594918104	492	8,868	SH		OTR		0	0	8,868
MSCI EAFE Index	ETF	464287465	397	6,758	SH		SOLE		0	0	6,758
NASDAQ 100 Trust	ETF	73935A104	2,291	20,485	SH		SOLE		0	0	20,485
Nestle SA ADR	COM	641069406	246	3,300	SH		OTR	1	0	0	3,300
Phillip Morris Internatio	COM	718172109	207	2,360	SH		OTR	1	0	0	2,360
Precision Castparts Corp	COM	740189105	1,508	6,500	SH		OTR		0	0	6,500
Rite Aid Corporation	COM	767754104	787	100,335	SH		OTR		0	0	100,335
Royal Dutch Shell PLC	COM	780259206	281	6,131	SH		OTR		0	0	6,131
S&P 500 Spiders	ETF	78462F103	32,594	159,877	SH		SOLE		0	0	159,877
Short S&P 500 ProShares	ETF SHORT	74347R503	732	35,071	SH		SOLE		0	0	35,071
TOMI Environmental Soluti	COM	890023104	13	24,100	SH		OTR		0	0	24,100
Ultra S&P 500 Proshares	ETF	74347R107	1,071	17,000	SH		SOLE		0	0	17,000
UltraShort Euro ProShares	ETF SHORT	74347W882	766	30,000	SH		SOLE		0	0	30,000
Ultrashort S&P 500 Prosha	ETF SHORT	74347B300	2,813	141,150	SH		SOLE		0	0	141,150
Unilever NV-NY shares	COM	904784709	128	2,950	SH		OTR	1	0	0	2,950
Unilever NV-NY shares	COM	904784709	138	3,189	SH		OTR		0	0	3,189
Vanguard Dividend Appreci	ETF	921908844	206	2,647	SH		SOLE		0	0	2,647
Vanguard Growth Vipers	ETF	922908736	1,709	16,061	SH		SOLE		0	0	16,061
Vanguard Value	ETF	922908744	274	3,360	SH		SOLE		0	0	3,360
Walt Disney (Holding Comp	COM	254687106	235	2,241	SH		OTR		0	0	2,241
Wells Fargo & Co.	COM	949746101	149	2,741	SH		OTR		0	0	2,741
Wells Fargo & Co.	COM	949746101	171	3,145	SH		OTR	1	0	0	3,145