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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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABERDEEN CHILE FUNDS INC COM 00301W105   3,585 418,800 SH   SOLE   418,800 0 0
ABERDEEN LATIN AMERICA EQUITY FUND, INC. COM 00306K106   2,540 92,919 SH   SOLE   92,919 0 0
GRANA Y MONTERO SA SPONSORED ADR 38500P208   20,234 1,347,141 SH   SOLE   1,347,141 0 0
ISHARES MSCI BRAZIL INDEX FUND ETF 464286400   55,514 1,277,660 SH   SOLE   1,277,660 0 0
ISHARES MSCI EMU Index Fund ETF 464286608   51,449 1,336,342 SH   SOLE   1,336,342 0 0
ISHARES MSCI TAIWAN INDEX FD ETF 464286731   61,405 4,021,266 SH   SOLE   4,021,266 0 0
ISHARES MSCI SOUTH KOREA IND ETF 464286772   89,566 1,480,187 SH   SOLE   1,480,187 0 0
ISHARES MSCI GERMANY ETF 464286806   143,656 5,186,145 SH   SOLE   5,186,145 0 0
ISHARES MSCI JAPAN INDEX FUND ETF 464286848   629,695 53,500,010 SH   SOLE   53,500,010 0 0
ISHARES MSCI HONG KONG INDEX ETF 464286871   151,938 7,473,573 SH   SOLE   7,473,573 0 0
ISHARES S&P 100 Index Fund ETF 464287101   21,335 242,000 SH   SOLE   242,000 0 0
ISHARES FTSEXINHUA CHINA 25 ETF 464287184   48,787 1,274,479 SH   SOLE   1,274,479 0 0
ISHARES S P 500 INDEX FUND ETF 464287200   588,889 2,970,286 SH   SOLE   2,970,286 0 0
ISHARES RUSSEL 2000 INDEX ETF 464287655   288,432 2,637,697 SH   SOLE   2,637,697 0 0
ISHARES HIGH DIVIDEND EQUITY ETF 46429B663   121,595 1,616,095 SH   SOLE   1,616,095 0 0
LATAM AIRLINES GROUP SA SPONSORED ADR 51817R106   43,201 3,799,536 SH   SOLE   3,799,536 0 0
SPDR S&P 500 ETF TRUST ETF 78462F103   19,754 100,265 SH   SOLE   100,265 0 0
SPDR S&P CHINA ETF ETF 78463X400   49,745 648,988 SH   SOLE   648,988 0 0
SELECT SECTOR SPDR TRUST - THE MATERIALS ETF 81369Y100   193,216 3,896,278 SH   SOLE   3,896,278 0 0
SELECT SECTOR SPDR TRUST - INDUSTRIAL ETF 81369Y704   12,845 241,670 SH   SOLE   241,670 0 0
SELECT SECTOR SPDR FUND- TECHNOLOGY ETF 81369Y803   511,312 12,814,831 SH   SOLE   12,814,831 0 0
VALE SA ADR 91912E105   22,836 2,074,152 SH   SOLE   2,074,152 0 0
VANGUARD EMERGING MARKET ETF 922042858   5,526 132,479 SH   SOLE   132,479 0 0
VANGUARD INDEX FUNDS - VANGUARD S&P 500 ETF ETF 922908363   709,998 3,931,544 SH   SOLE   3,931,544 0 0
VANGUARD VALUE ETF ETF 922908744   713,755 8,790,086 SH   SOLE   8,790,086 0 0
VANGUARD TOTAL STOCK MKT ETF ETF 922908769   134,813 1,331,614 SH   SOLE   1,331,614 0 0
WISDOMTREE TR - Japan Hedged Equity Fund ETF 97717W851   69,042 1,319,615 SH   SOLE   1,319,615 0 0