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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
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
SPDR SER TR PORTFOLIO AGRGTE 464287440 188,062 1,665,293 SH   DFND   0 0 1,665,293
ISHARES TR US TREAS BD ETF 78464A649 86,075 2,903,041 SH   DFND   0 0 2,903,041
SPDR SER TR PORTFLI INTRMDIT 78464A672 95,986 2,992,078 SH   DFND   0 0 2,992,078
ISHARES TR BARCLAYS 7 10 YR 46429B267 94,786 3,619,175 SH   DFND   0 0 3,619,175
SPDR GOLD TR GOLD SHS 78463V107 1,556 9,728 SH   SOLE   0 0 9,728
SPDR SER TR PORTFOLIO AGRGTE 464287440 4,807 42,568 SH   SOLE   0 0 42,568
ISHARES TR US TREAS BD ETF 78464A649 1,027 34,654 SH   SOLE   0 0 34,654
ISHARES TR BARCLAYS 7 10 YR 46429B267 2,429 92,751 SH   SOLE   0 0 92,751
SPDR SER TR PORTFLI INTRMDIT 78464A672 788 24,572 SH   SOLE   0 0 24,572
SPDR SER TR PORTFOLIO LN TSR 78464A664 1,236 31,715 SH   SOLE   0 0 31,715