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
Vanguard ETF/USA VANGUARD REIT ETF 922908553 25,310 358,400 SH   SOLE   358,400 0 0
iShares/USA ISHARES MSCI BRAZIL CAPPED E 464286400 54,677 1,214,100 SH   SOLE   1,214,100 0 0
iShares/USA ISHARES IBOXX INVESTMENT GRA 464287242 12,033 102,900 SH   SOLE   102,900 0 0
iShares/USA ISHARES MSCI CHILE CAPPED ET 464286640 1,681 36,900 SH   SOLE   36,900 0 0
iShares/USA ISHARES IBOXX HIGH YIELD COR 464288513 36,397 385,600 SH   SOLE   385,600 0 0
Van Eck ETF/USA MARKET VECTORS RUSSIA ETF 57060U506 28,363 1,182,300 SH   SOLE   1,182,300 0 0