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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ISHARES TR TIPS BD ETF 464287176   7,025,024 65,587 SH   SOLE   65,587 0 0
ISHARES TR IBOXX INV CP ETF 464287242   9,770,281 90,625 SH   SOLE   90,625 0 0
ISHARES TR JPMORGAN USD EMG 464288281   7,904,821 88,629 SH   SOLE   88,629 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553   5,672,045 67,420 SH   SOLE   67,420 0 0
VANGUARD CHARLOTTE FDS TOTAL INT BD ETF 92203J407   3,529,863 72,500 SH   SOLE   72,500 0 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102   16,723,807 288,400 SH   SOLE   288,400 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308   920,728 12,000 SH   SOLE   12,000 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407   3,024,155 16,500 SH   SOLE   16,500 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506   3,576,210 39,300 SH   SOLE   39,300 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605   1,843,151 44,900 SH   SOLE   44,900 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803   1,787,625 7,900 SH   SOLE   7,900 0 0
SELECT SECTOR SPDR TR COMMUNICATION 81369Y852   3,870,026 45,000 SH   SOLE   45,000 0 0
ISHARES INC MSCI SPAIN ETF 464286764   965,273 30,900 SH   SOLE   30,900 0 0
ISHARES INC MSCI HONG KG ETF 464286871   987,866 64,700 SH   SOLE   64,700 0 0
ISHARES TR ISHS 1-5YR INVS 464288646   12,375,330 241,500 SH   SOLE   241,500 0 0
ISHARES TR MSCI DENMARK ETF 46429B523   1,045,462 8,300 SH   SOLE   8,300 0 0
ISHARES TR MSCI UK ETF NEW 46435G334   987,596 28,300 SH   SOLE   28,300 0 0
ISHARES TR CORE INTL AGGR 46435G672   923,610 18,500 SH   SOLE   18,500 0 0
ISHARES INC MSCI CDA ETF 464286509   984,380 26,500 SH   SOLE   26,500 0 0
ISHARES INC MSCI FRANCE ETF 464286707   946,552 25,000 SH   SOLE   25,000 0 0