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 15,049 357,535 SH   SOLE   357,535 0 0
Vanguard ETF/USA VANGUARD REIT ETF 922908553 23,531 327,500 SH   SOLE   327,500 0 0
iShares ETFs/USA ISHARES MSCI BRAZIL CAPPED E 464286400 21,330 490,900 SH   SOLE   490,900 0 0
iShares ETFs/USA ISHARES IBOXX INVESTMENT GRA 464287242 3,984 33,700 SH   SOLE   33,700 0 0
iShares ETFs/USA ISHARES MSCI CHILE CAPPED ET 464286640 124 2,900 SH   SOLE   2,900 0 0
iShares ETFs/USA ISHARES IBOXX HIGH YIELD COR 464288513 23,208 252,400 SH   SOLE   252,400 0 0
Market Vectors ETFs/USA MARKET VECTORS RUSSIA ETF 57060U506 5,886 263,100 SH   SOLE   263,100 0 0
Market Vectors ETFs/USA MARKET VECTORS INDONESIA IND 57060U753 5 200 SH   SOLE   200 0 0