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   4,164,816 37,677 SH   SOLE   37,677 0 0
ISHARES TR IBOXX INV CP ETF 464287242   8,630,639 76,202 SH   SOLE   76,202 0 0
ISHARES TR JPMORGAN USD EMG 464288281   7,673,332 82,138 SH   SOLE   82,138 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553   6,702,114 69,337 SH   SOLE   69,337 0 0
VANGUARD CHARLOTTE FDS TOTAL INT BD ETF 92203J407   1,257,142 25,000 SH   SOLE   25,000 0 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102   17,238,430 292,000 SH   SOLE   292,000 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209   1,981,458 12,900 SH   SOLE   12,900 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407   2,226,363 11,100 SH   SOLE   11,100 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506   3,002,512 34,300 SH   SOLE   34,300 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605   1,999,880 44,200 SH   SOLE   44,200 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803   1,894,008 8,400 SH   SOLE   8,400 0 0
SELECT SECTOR SPDR TR COMMUNICATION 81369Y852   4,619,900 51,200 SH   SOLE   51,200 0 0
ISHARES INC MSCI NETHERL ETF 464286814   1,173,105 23,000 SH   SOLE   23,000 0 0
ISHARES TR ISHS 1-5YR INVS 464288646   13,283,037 252,200 SH   SOLE   252,200 0 0
ISHARES TR MSCI DENMARK ETF 46429B523   1,105,514 8,700 SH   SOLE   8,700 0 0
ISHARES INC MSCI ITALY ETF 46434G830   1,155,128 29,500 SH   SOLE   29,500 0 0
ISHARES TR MSCI UK ETF NEW 46435G334   1,076,943 28,700 SH   SOLE   28,700 0 0
ISHARES TR CORE INTL AGGR 46435G672   3,887,183 75,000 SH   SOLE   75,000 0 0
ISHARES INC MSCI FRANCE ETF 464286707   1,123,680 27,600 SH   SOLE   27,600 0 0
ISHARES INC MSCI GERMANY ETF 464286806   1,189,080 35,100 SH   SOLE   35,100 0 0