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
iShares MSCI CDA ETF MSCI CDA ETF 464286509 2,667 112,475 SH   SOLE   112,475 0 0
iShares MSCI France ETF MSCI FRANCE ETF 464286707 7,767 321,200 SH   SOLE   321,200 0 0
iShares TR HDG MSCI Germn MSCI GERM 46434V704 8,469 368,050 SH   SOLE   368,050 0 0
iShares MSCI Italy Capped ETF MSCI ITALCPD ETF 464286855 8,686 711,952 SH   SOLE   711,952 0 0
iShares MSCI Netherlands ETF MSCI NETHERL ETF 464286814 8,693 353,380 SH   SOLE   353,380 0 0
iShares MSCI Spain Capped ETF MSCI SPAN CP ETF 464286764 7,044 259,168 SH   SOLE   259,168 0 0
iShares MSCI Sweden ETF MSCI SWEDEN ETF 464286756 4,383 148,832 SH   SOLE   148,832 0 0
iShares TR LATN AMER 40 ETF LATN AMER 40 ETF 464287390 7,794 309,775 SH   SOLE   309,775 0 0
iShares MSCI SZ CAP ETF MSCI SZ CAP ETF 464286749 850 28,600 SH   SOLE   28,600 0 0
Vanguard Index Fds S&P 500 ETF S&P 500 ETF 922908363 25,455 134,995 SH   SOLE   134,995 0 0
SPDR Index SHS FDS Asia Pacif ETF Asia Pacif ETF 78463X301 7,060 95,325 SH   SOLE   95,325 0 0
Wisdomtree TR Japan Hedge EQT Japan Hedge EQT 97717W851 3,392 77,600 SH   SOLE   77,600 0 0
Vanguard Index FDS Small CP ETF Small CP ETF 922908751 11,122 99,758 SH   SOLE   99,758 0 0
iShares TR MSCI UTD KNGDM MSCI UTD KNGDM 45434V548 855 54,525 SH   SOLE   54,525 0 0
Barclays BK PLC DJUBS CMDT ETN36 DJUBS CMDT ETN36 06738C778 6,527 303,600 SH   SOLE   303,600 0 0
iShares MSCI AUST ETF MSCI AUST ETF 464286103 902 46,675 SH   SOLE   46,675 0 0