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 2,590 65,200 SH   SOLE   65,200 0 0
iShares MSCI France ETF MSCI FRANCE ETF 464286707 5,200 210,800 SH   SOLE   210,800 0 0
iShares MSCI GERMANY ETF MSCI GERM 464286806 6,047 228,350 SH   SOLE   228,350 0 0
iShares INC MSCI ITL ETF New MSCI ITL ETF 46434G830 4,307 177,913 SH   SOLE   177,913 0 0
iShares MSCI Netherlands ETF MSCI NETHERL ETF 464286814 5,171 214,130 SH   SOLE   214,130 0 0
iShares MSCI Spain Capped ETF MSCI SPAN CP ETF 464286764 4,329 163,293 SH   SOLE   163,293 0 0
iShares MSCI Sweden ETF MSCI SWEDEN ETF 464286756 4,317 150,257 SH   SOLE   150,257 0 0
iShares TR LATN AMER 40 ETF LATN AMER 40 ETF 464287390 3,502 126,975 SH   SOLE   126,975 0 0
iShares MSCI SZ CAP ETF MSCI SZ CAP ETF 464286749 2,598 88,175 SH   SOLE   88,175 0 0
Vanguard Index Fds S&P 500 ETF S&P 500 ETF 922908363 19,377 94,377 SH   SOLE   94,377 0 0
SPDR Index SHS FDS Asia Pacif ETF Asia Pacif ETF 78463X301 3,495 46,525 SH   SOLE   46,525 0 0
iShares INC MSCI JPN ETF NEW MSCI JPN ETF 46434G822 4,219 86,350 SH   SOLE   86,350 0 0
Vanguard Index FDS Small CP ETF Small CP ETF 922908751 8,314 64,470 SH   SOLE   64,470 0 0
Proshares TR Short QQQ New TR Short QQQ New 74347B714 6,907 146,019 SH   SOLE   146,019 0 0