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 CHILE FUNDS INC COM 00301W105 2,730,576 418,800 SH   SOLE   418,800 0 0
ABERDEEN LATIN AMERICA EQUITY FUND INC COM 00306K106 1,810,071 92,919 SH   SOLE   92,919 0 0
DB HARVEST CSI 300 CHINA A ETF 233051879 4,929,123 206,067 SH   SOLE   206,067 0 0
ISHARES INC ISHARES MSCI EUROZONE ETF ETF 464286608 229,881,889 6,517,774 SH   SOLE   6,517,774 0 0
ISHARES MSCI TAIWAN INDEX FD ETF 464286731 3,049,144 233,472 SH   SOLE   233,472 0 0
ISHARES MSCI GERMANY ETF 464286806 168,329,714 6,417,450 SH   SOLE   6,417,450 0 0
ISHARES, INC. - ISHARES MSCI JAPAN INDEX FUND ETF 464286848 359,232,145 31,456,405 SH   SOLE   31,456,405 0 0
ISHARES MSCI HONG KONG INDEX ETF 464286871 78,040,922 3,945,446 SH   SOLE   3,945,446 0 0
ISHARES FTSEXINHUA CHINA 25 ETF 464287184 7,332,910 218,697 SH   SOLE   218,697 0 0
ISHARES CORE S&P 500 ETF ETF 464287200 137,427,520 662,429 SH   SOLE   662,429 0 0
ISHARES TRUST ISHARES RUSSELL 2000 ETF ETF 464287655 212,944,324 1,893,175 SH   SOLE   1,893,175 0 0
ISHARES TRUST ISHARES MSCI EAFE SMALL CAP ETF ETF 46429B671 2,333,684 55,209 SH   SOLE   55,209 0 0
ISHARES TRUST - ISHARES MSCI USA QUALITY ETF 46432F339 17,934,000 274,388 SH   SOLE   274,388 0 0
LATAM AIRLINES GROUP SA ETF 51817R106 23,503,558 3,273,476 SH   SOLE   3,273,476 0 0
SPDR S&P 500 ETF TRUST SPONSORED ADR 78462F103 711,246,615 3,447,118 SH   SOLE   3,447,118 0 0
SPDR S&P CHINA ETF ETF 78463X400 15,455,664 222,672 SH   SOLE   222,672 0 0
Health Care Select Sector SPDR ETF 81369Y209 117,250,708 1,680,031 SH   SOLE   1,680,031 0 0
FINANCIAL SELECT SECTOR SPDR ETF 81369Y605 122,470,041 5,253,970 SH   SOLE   5,253,970 0 0
Industrial Select Sector SPDR Fund (USD) ETF 81369Y704 562 10 SH   SOLE   10 0 0
SELECT SECTOR SPDR FUND- TECHNOLOGY ETF 81369Y803 245,482,073 5,826,776 SH   SOLE   5,826,776 0 0
Utilities Select Sector SPDR ETF 81369Y886 10,883,896 224,781 SH   SOLE   224,781 0 0
VANGUARD EMERGING MARKET ETF 922042858 84,913,014 2,430,948 SH   SOLE   2,430,948 0 0
VANGUARD S&P 500 ETF ETF 922908363 152,434,497 805,594 SH   SOLE   805,594 0 0
Vanguard Value ETF ETF 922908744 441,074,118 5,273,483 SH   SOLE   5,273,483 0 0
Vanguard small cap ETF 922908751 23,886,961 210,532 SH   SOLE   210,532 0 0
VANGUARD INDEX FUNDS VANGUARD TOTAL STOCK ETF 922908769 140,498,593 1,331,614 SH   SOLE   1,331,614 0 0
WisdomTree India ETF 97717W422 925,664 47,276 SH   SOLE   47,276 0 0