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 FRANCE ETF 464286707 260 9,800 SH   OTR   0 9,800 0
ISHARES MSCI HONG KG ETF 464286871 38 1,890 SH   OTR   0 1,890 0
ISHARES MSCI JAPAN ETF 464286848 302 25,700 SH   OTR   0 25,700 0
ISHARES MSCI SINGAP ETF 464286673 280 20,990 SH   OTR   0 20,990 0
ISHARES MSCI SZ CAP ETF 464286749 261 8,020 SH   OTR   0 8,020 0
ISHARES TR 1-3 YR TR BD ETF 464287457 171 2,020 SH   OTR   0 2,020 0
ISHARES TR 20+ YR TR BD ETF 464287432 171 1,470 SH   OTR   0 1,470 0
ISHARES TR 7-10 Y TR BD ETF 464287440 171 1,650 SH   OTR   0 1,650 0
ISHARES TR MSCI UTD KNGDM 46434V548 259 13,350 SH   OTR   0 13,350 0
ISHARES TR RUS 1000 GRW ETF 464287614 690 7,530 SH   OTR   0 7,530 0
ISHARES TR RUS 2000 GRW ETF 464287648 639 4,930 SH   OTR   0 4,930 0
ISHARES TR RUS MD CP GR ETF 464287481 675 7,640 SH   OTR   0 7,640 0
ISHARES TR TIPS BD ETF 464287176 511 4,560 SH   OTR   0 4,560 0
ISHARES TR S&P 100 ETF 464287101 2,247 25,484 SH   OTR   0 25,484 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 26,418 532,719 SH   SOLE   532,719 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 26,478 414,300 SH   SOLE   414,300 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 26,529 588,094 SH   SOLE   588,094 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 26,085 391,137 SH   SOLE   391,137 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 1,023 11,286 SH   SOLE   11,286 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 26,457 1,141,855 SH   SOLE   1,141,855 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 26,295 494,728 SH   SOLE   494,728 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 26,650 667,919 SH   SOLE   667,919 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 24,332 123,500 SH   OTR   0 123,500 0