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
State Street ETF/USA UTILITIES SELECT SECTOR SPDR 81369Y886 13,506 305,143 SH   SOLE   305,143 0 0
iShares ETFs/USA ISHARES MSCI BRAZIL CAPPED E 464286400 78,354 1,639,900 SH   SOLE   1,639,900 0 0
Vanguard ETF/USA VANGUARD REIT ETF 922908553 27,818 371,700 SH   SOLE   371,700 0 0
iShares ETFs/USA ISHARES IBOXX INVESTMENT GRA 464287242 5,486 46,000 SH   SOLE   46,000 0 0
iShares ETFs/USA ISHARES MSCI CHILE CAPPED ET 464286640 608 13,400 SH   SOLE   13,400 0 0
iShares ETFs/USA ISHARES IBOXX HIGH YIELD COR 464288513 31,035 326,000 SH   SOLE   326,000 0 0