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
Powershares ETFs/USA POWERSHARES EM MKT SOVR DEBT 73936T573 1,522 55,722 SH   SOLE   55,722 0 0
State Street ETF/USA UTILITIES SELECT SECTOR SPDR 81369Y886 5,494 126,950 SH   SOLE   126,950 0 0
iShares ETFs/USA ISHARES IBOXX USD HIGH YIELD 464288513 6,446 80,000 SH   SOLE   80,000 0 0
iShares ETFs/USA ISHARES IBOXX INVESTMENT GRA 464287242 10,272 90,100 SH   SOLE   90,100 0 0
Market Vectors ETFs/USA MARKET VECTORS RUSSIA ETF 57060U506 2,310 157,700 SH   SOLE   157,700 0 0
iShares ETFs/USA ISHARES MSCI CHILE CAPPED ET 464286640 1,433 44,900 SH   SOLE   44,900 0 0
Market Vectors ETFs/USA MARKET VECTORS INDONESIA IND 57060U753 2 100 SH   SOLE   100 0 0
Vanguard ETF/USA VANGUARD REIT ETF 922908553 5,916 74,200 SH   SOLE   74,200 0 0
iShares ETFs/USA ISHARES MBS ETF 464288588 20,408 189,489 SH   SOLE   189,489 0 0