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 6,503 138,800 SH   SOLE   138,800 0 0
iShares MSCI France ETF MSCI FRANCE ETF 464286707 2,348 97,200 SH   SOLE   97,200 0 0
iShares MSCI GERMANY ETF MSCI GERM 464286806 5,629 214,275 SH   SOLE   214,275 0 0
iShares MSCI Italy Capped ETF MSCI ITALCPD ETF 464286855 3,674 333,377 SH   SOLE   333,377 0 0
iShares MSCI Netherlands ETF MSCI NETHERL ETF 464286814 5,700 227,455 SH   SOLE   227,455 0 0
iShares MSCI Spain Capped ETF MSCI SPAN CP ETF 464286764 3,818 142,368 SH   SOLE   142,368 0 0
iShares MSCI Sweden ETF MSCI SWEDEN ETF 464286756 11,377 391,357 SH   SOLE   391,357 0 0
iShares TR LATN AMER 40 ETF LATN AMER 40 ETF 464287390 5,483 195,550 SH   SOLE   195,550 0 0
iShares MSCI SZ CAP ETF MSCI SZ CAP ETF 464286749 5,668 185,525 SH   SOLE   185,525 0 0
Vanguard Index Fds S&P 500 ETF S&P 500 ETF 922908363 24,265 122,127 SH   SOLE   122,127 0 0
SPDR Index SHS FDS Asia Pacif ETF Asia Pacif ETF 78463X301 4,758 57,725 SH   SOLE   57,725 0 0
Wisdomtree TR Japan Hedge EQT Japan Hedge EQT 97717W851 3,855 89,847 SH   SOLE   89,847 0 0
Vanguard Index FDS Small CP ETF Small CP ETF 922908751 10,452 85,545 SH   SOLE   85,545 0 0
iShares TR MSCI UTD KNGDM MSCI UTD KNGDM 46434V548 937 59,125 SH   SOLE   59,125 0 0
Proshares TR Short QQQ New TR Short QQQ New 74347B714 6,968 146,419 SH   SOLE   149,419 0 0