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
iShares ETFs/USA ISHARES MSCI MEXICO CAPPED 464286822 24,278 452,100 SH   SOLE   452,100 0 0
Powershares ETFs/USA POWERSHARES EM MKT SOVR DEBT 73936T573 1,636 57,822 SH   SOLE   57,822 0 0
State Street ETF/USA UTILITIES SELECT SECTOR SPDR 81369Y886 6,031 121,550 SH   SOLE   121,550 0 0
iShares ETFs/USA ISHARES IBOXX USD HIGH YIELD 464288513 5,784 70,800 SH   SOLE   70,800 0 0
iShares ETFs/USA ISHARES IBOXX INVESTMENT GRA 464287242 9,090 76,500 SH   SOLE   76,500 0 0
Market Vectors ETFs/USA VANECK VECTORS RUSSIA ETF 92189F403 30,089 1,839,200 SH   SOLE   1,839,200 0 0
Market Vectors ETFs/USA VANECK VECTORS INDONESIA IND 92189F833 2 100 SH   SOLE   100 0 0
Vanguard ETF/USA VANGUARD REIT ETF 922908553 6,964 83,100 SH   SOLE   83,100 0 0
iShares ETFs/USA ISHARES MBS ETF 464288588 27,008 246,689 SH   SOLE   246,689 0 0