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 NW Zealand CP ETF MSCI NW ZEALND CP ETF 464289123 7,385 171,625 SH   SOLE   171,625 0 0
iShares MSCI France ETF MSCI FRANCE ETF 464286707 2,404 105,100 SH   SOLE   105,100 0 0
iShares TR HDG MSCI Germn MSCI GERM 46434V704 3,301 145,625 SH   SOLE   145,625 0 0
iShares MSCI Italy Capped ETF MSCI ITALCPD ETF 464286855 3,150 290,352 SH   SOLE   290,352 0 0
iShares MSCI Netherlands ETF MSCI NETHERL ETF 464286814 4,009 173,155 SH   SOLE   173,155 0 0
iShares MSCI Spain Capped ETF MSCI SPAN CP ETF 464286764 3,064 122,668 SH   SOLE   122,668 0 0
iShares MSCI Sweden ETF MSCI SWEDEN ETF 464286756 6,535 238,957 SH   SOLE   238,957 0 0
iShares TR LATN AMER 40 ETF LATN AMER 40 ETF 464287390 4,693 178,500 SH   SOLE   178,500 0 0
iShares MSCI SZ CAP ETF MSCI SZ CAP ETF 464286749 6,826 230,225 SH   SOLE   230,225 0 0
Vanguard Index Fds S&P 500 ETF S&P 500 ETF 922908363 24,216 125,995 SH   SOLE   125,995 0 0
SPDR Index SHS FDS Asia Pacif ETF Asia Pacif ETF 78463X301 4,560 60,925 SH   SOLE   60,925 0 0
Wisdomtree TR Japan Hedge EQT Japan Hedge EQT 97717W851 2,328 60,022 SH   SOLE   60,022 0 0
Vanguard Index FDS Small CP ETF Small CP ETF 922908751 10,467 90,483 SH   SOLE   90,483 0 0