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
State Street ETF/USA UTILITIES SELECT SECTOR SPDR 81369Y886 13,426 302,177 SH   SOLE   302,177 0 0
Vanguard ETF/USA VANGUARD REIT ETF 922908553 13,405 159,000 SH   SOLE   159,000 0 0
iShares ETFs/USA ISHARES MSCI BRAZIL CAPPED E 464286400 76,976 2,453,800 SH   SOLE   2,453,800 0 0
iShares ETFs/USA ISHARES IBOXX INVESTMENT GRA 464287242 2,787 22,900 SH   SOLE   22,900 0 0
iShares ETFs/USA ISHARES MSCI CHILE CAPPED ET 464286640 1,136 28,200 SH   SOLE   28,200 0 0
iShares ETFs/USA ISHARES IBOXX HIGH YIELD COR 464288513 6,542 72,202 SH   SOLE   72,202 0 0
Market Vectors ETFs/USA MARKET VECTORS RUSSIA ETF 57060U506 492 28,900 SH   SOLE   28,900 0 0
iShares ETFs/USA ISHARES MSCI MEXICO CAPPED 464286822 10,371 178,942 SH   SOLE   178,942 0 0