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
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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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ISHARES INC MSCI BRAZIL ETF 464286400 19,749 714,000 SH   SOLE   714,000 0 0
APPLE INC COM 037833100 10,856 93,738 SH   SOLE   93,738 0 0
BK OF AMERICA CORP COM 060505104 992 41,192 SH   SOLE   41,192 0 0
COMCAST CORP NEW CL A 20030N101 1,113 24,069 SH   SOLE   24,069 0 0
COCA COLA CO COM 191216100 1,063 21,538 SH   SOLE   21,538 0 0
EXXON MOBIL CORP COM 30231G102 766 22,308 SH   SOLE   22,308 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 23,478 559,000 SH   SOLE   559,000 0 0
VANGUARD INDEX FDS VALUE ETF 922908744 81,999 784,600 SH   SOLE   784,600 0 0
NEW ORIENTAL ED & TECHNOLOGY SPON ADR 647581107 4,186 28,000 SH   SOLE   28,000 0 0
ISHARES INC MSCI EMERG MRKT 464286533 107,601 1,950,000 SH   SOLE   1,950,000 0 0
JPMORGAN CHASE & CO COM 46625H100 1,549 16,088 SH   SOLE   16,088 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 1,300 21,847 SH   SOLE   21,847 0 0
CITIGROUP INC COM NEW 172967424 473 10,979 SH   SOLE   10,979 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 310,443 927,000 SH   SOLE   927,000 0 0
ISHARES INC CORE MSCI EMKT 46434G103 228,677 4,331,000 SH   SOLE   4,331,000 0 0
ISHARES TR MSCI USA MIN VOL 46429B697 104,849 1,645,200 SH   SOLE   1,645,200 0 0
ISHARES TR IBOXX INV CP ETF 464287242 114,504 850,000 SH   SOLE   850,000 0 0
WELLS FARGO CO NEW COM 949746101 484 20,596 SH   SOLE   20,596 0 0
TAL EDUCATION GROUP SPONSORED ADS 874080104 4,182 55,000 SH   SOLE   55,000 0 0
PROCTER AND GAMBLE CO COM 742718109 1,817 13,076 SH   SOLE   13,076 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 719 11,933 SH   SOLE   11,933 0 0
CISCO SYS INC COM 17275R102 879 22,304 SH   SOLE   22,304 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 18,638 63,400 SH   SOLE   63,400 0 0
MICROSOFT CORP COM 594918104 8,002 38,046 SH   SOLE   38,046 0 0
MERCK & CO. INC COM 58933Y105 1,106 13,332 SH   SOLE   13,332 0 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363 647,173 2,103,600 SH   SOLE   2,103,600 0 0
ISHARES TR CORE S&P500 ETF 464287200 644,462 1,917,700 SH   SOLE   1,917,700 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553 2,586 32,750 SH   SOLE   32,750 0 0
ISHARES TR MSCI USA QLT FCT 46432F339 49,308 475,300 SH   SOLE   475,300 0 0
INTEL CORP COM 458140100 1,158 22,363 SH   SOLE   22,363 0 0
PFIZER INC COM 717081103 1,077 29,336 SH   SOLE   29,336 0 0
JD.COM INC SPON ADR CL A 47215P106 7,761 100,000 SH   SOLE   100,000 0 0
ISHARES INC MSCI STH KOR ETF 464286772 23,588 361,000 SH   SOLE   361,000 0 0
ISHARES INC MSCI TAIWAN ETF 46434G772 52,174 1,162,000 SH   SOLE   1,162,000 0 0
JOHNSON & JOHNSON COM 478160104 2,072 13,919 SH   SOLE   13,919 0 0
FACEBOOK INC CL A 30303M102 3,325 12,696 SH   SOLE   12,696 0 0
ORACLE CORP COM 68389X105 647 10,842 SH   SOLE   10,842 0 0
ISHARES TR MSCI USA MMENTM 46432F396 97,638 662,400 SH   SOLE   662,400 0 0
VANGUARD INDEX FDS TOTAL STK MKT 922908769 173,205 1,017,000 SH   SOLE   1,017,000 0 0
ISHARES TR IBOXX HI YD ETF 464288513 88,934 1,060,000 SH   SOLE   1,060,000 0 0
AT&T INC COM 00206R102 1,072 37,615 SH   SOLE   37,615 0 0