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
Vanguard Charlotte FDS INTL BD IDX ETF INTL BD IDX ETF 92203J407 22,092 417,773 SH   SOLE   417,773 0 0
iShares MSCI CDA ETF MSCI CDA ETF 464286509 800 37,200 SH   SOLE   37,200 0 0
iShares MSCI France ETF MSCI FRANCE ETF 464286707 5,815 240,200 SH   SOLE   240,200 0 0
iShares TR HDG MSCI Germn MSCI GERM 46434V704 7,994 328,025 SH   SOLE   328,025 0 0
iShares MSCI Italy Capped ETF MSCI ITALCPD ETF 464286855 8,254 600,727 SH   SOLE   600,727 0 0
iShares MSCI Netherlands ETF MSCI NETHERL ETF 464286814 9,155 384,005 SH   SOLE   384,005 0 0
iShares MSCI Spain Capped ETF MSCI SPAN CP ETF 464286764 6,419 227,043 SH   SOLE   227,043 0 0
iShares MSCI Sweden ETF MSCI SWEDEN ETF 464286756 4,990 171,007 SH   SOLE   171,007 0 0
Ishares TR LATN AMER 40 ETF LATN AMER 40 ETF 464287390 1,592 75,125 SH   SOLE   75,125 0 0
iShares MSCI SZ CAP ETF MSCI SZ CAP ETF 464286749 865 27,875 SH   SOLE   27,875 0 0
Vanguard Index Fds S&P 500 ETF S&P 500 ETF 922908363 22,118 118,320 SH   SOLE   118,320 0 0
SPDR Index SHS FDS Asia Pacif ETF Asia Pacif ETF 78463X301 4,957 67,350 SH   SOLE   67,350 0 0
Wisdomtree TR Japan Hedge EQT Japan Hedge EQT 97717W851 3,150 62,900 SH   SOLE   62,900 0 0
Vanguard Index FDS Small CP ETF Small CP ETF 922908751 9,225 83,383 SH   SOLE   83,383 0 0