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
Aberdeen Latin America Equity Fund Closed-End Fund 00306K106 2,581 92,919 SH   SOLE   92,919 0 0
GRANA Y MONTERO S A A Stock 38500P208 22,861 1,347,141 SH   SOLE   1,347,141 0 0
iShares MSCI Brazil Capped ETF ETF 464286400 78,232 1,736,946 SH   SOLE   1,736,946 0 0
iShares MSCI EMU ETF ETF 464286608 407,884 9,649,482 SH   SOLE   9,649,482 0 0
ISHARES MSCI TAIWAN ETF ETF 464286731 31,838 2,212,500 SH   SOLE   2,212,500 0 0
ISHARES MSCI SOUTH KOREA ETF ETF 464286772 103,017 1,674,796 SH   SOLE   1,674,796 0 0
ISHARES MSCI GERMANY ETF 464286806 41,044 1,309,203 SH   SOLE   1,309,203 0 0
iShares MSCI Japan ETF ETF 464286848 599,979 52,954,927 SH   SOLE   52,954,927 0 0
iShares MSCI Hong Kong ETF ETF 464286871 147,827 7,473,573 SH   SOLE   7,473,573 0 0
iShares S&P 100 ETF ETF 464287101 20,040 242,000 SH   SOLE   242,000 0 0
iShares China Large-Cap ETF ETF 464287184 178,258 4,982,068 SH   SOLE   4,982,068 0 0
iShares Core S&P 500 ETF ETF 464287200 345,228 1,834,953 SH   SOLE   1,834,953 0 0
iShares Russell 2000 ETF ETF 464287655 297,095 2,553,680 SH   SOLE   2,553,680 0 0
iShares High Dividend ETF ETF 46429B663 66,626 932,610 SH   SOLE   932,610 0 0
SPDR S&P 500 ETF TRUST ETF 78462F103 9,399 50,261 SH   SOLE   50,261 0 0
SPDR S&P CHINA ETF ETF 78463X400 48,567 667,951 SH   SOLE   667,951 0 0
SPDR Materials Select Sector ETF ETF 81369Y100 178,148 3,767,932 SH   SOLE   3,767,932 0 0
SPDR Financial Select Sector ETF ETF 81369Y605 38,830 1,738,129 SH   SOLE   1,738,129 0 0
SPDR Industrial Select Sector ETF ETF 81369Y704 265,281 5,069,387 SH   SOLE   5,069,387 0 0
SPDR Technology Select Sector ETF ETF 81369Y803 407,767 11,217,796 SH   SOLE   11,217,796 0 0
VALE SA Stock 91912E105 27,897 2,074,152 SH   SOLE   2,074,152 0 0
Vanguard FTSE Emerging Markets ETF ETF 922042858 20,917 515,461 SH   SOLE   515,461 0 0
Vanguard S&P 500 ETF ETF 922908363 718,983 4,195,990 SH   SOLE   4,195,990 0 0
Vanguard Value ETF ETF 922908744 406,406 5,203,000 SH   SOLE   5,203,000 0 0
Vanguard Total Stock Market ETF ETF 922908769 129,792 1,331,614 SH   SOLE   1,331,614 0 0
WisdomTree Japan Hedged Equity Fund ETF 97717W851 104,707 2,211,804 SH   SOLE   2,211,804 0 0