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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
ISHARES TR TIPS BD ETF 464287176   6,500,238 60,518 SH   SOLE   60,518 0 0
ISHARES TR IBOXX INV CP ETF 464287242   7,147,875 65,625 SH   SOLE   65,625 0 0
ISHARES TR JPMORGAN USD EMG 464288281   7,476,147 83,374 SH   SOLE   83,374 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553   4,617,081 53,389 SH   SOLE   53,389 0 0
ISHARES INC MSCI FRANCE ETF 464286707   1,412,081 34,100 SH   SOLE   34,100 0 0
ISHARES INC MSCI SPAIN ETF 464286764   1,399,395 43,500 SH   SOLE   43,500 0 0
ISHARES INC MSCI GERMANY ETF 464286806   1,428,750 45,000 SH   SOLE   45,000 0 0
ISHARES INC MSCI NETHERL ETF 464286814   1,558,620 31,500 SH   SOLE   31,500 0 0
ISHARES TR ISHS 1-5YR INVS 464288646   12,666,160 247,000 SH   SOLE   247,000 0 0
ISHARES TR MSCI DENMARK ETF 46429B523   1,478,274 12,100 SH   SOLE   12,100 0 0
ISHARES TR MSCI UK ETF NEW 46435G334   1,399,189 40,900 SH   SOLE   40,900 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308   2,496,972 32,700 SH   SOLE   32,700 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407   2,629,627 14,300 SH   SOLE   14,300 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506   2,558,511 27,100 SH   SOLE   27,100 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605   2,569,320 61,000 SH   SOLE   61,000 0 0
SELECT SECTOR SPDR TR COMMUNICATION 81369Y852   2,555,958 31,300 SH   SOLE   31,300 0 0
VANGUARD CHARLOTTE FDS TOTAL INT BD ETF 92203J407   4,928,838 100,200 SH   SOLE   100,200 0 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102   16,683,511 287,300 SH   SOLE   287,300 0 0