<?xml version="1.0" encoding="us-ascii"?>
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    <infoTable>
        <nameOfIssuer>ISHARES TR</nameOfIssuer>
        <titleOfClass>TIPS BD ETF</titleOfClass>
        <cusip>464287176</cusip>
        <value>7092001</value>
        <shrsOrPrnAmt>
            <sshPrnamt>64094</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>64094</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES TR</nameOfIssuer>
        <titleOfClass>IBOXX INV CP ETF</titleOfClass>
        <cusip>464287242</cusip>
        <value>12597132</value>
        <shrsOrPrnAmt>
            <sshPrnamt>116124</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>116124</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES TR</nameOfIssuer>
        <titleOfClass>JPMORGAN USD EMG</titleOfClass>
        <cusip>464288281</cusip>
        <value>7892945</value>
        <shrsOrPrnAmt>
            <sshPrnamt>87321</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>87321</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>VANGUARD INDEX FDS</nameOfIssuer>
        <titleOfClass>REAL ESTATE ETF</titleOfClass>
        <cusip>922908553</cusip>
        <value>5588215</value>
        <shrsOrPrnAmt>
            <sshPrnamt>62292</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>62292</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>VANGUARD SCOTTSDALE FDS</nameOfIssuer>
        <titleOfClass>SHORT TERM TREAS</titleOfClass>
        <cusip>92206C102</cusip>
        <value>17025428</value>
        <shrsOrPrnAmt>
            <sshPrnamt>290100</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>290100</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
        <titleOfClass>SBI HEALTHCARE</titleOfClass>
        <cusip>81369Y209</cusip>
        <value>1875036</value>
        <shrsOrPrnAmt>
            <sshPrnamt>12900</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>12900</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
        <titleOfClass>SBI CONS DISCR</titleOfClass>
        <cusip>81369Y407</cusip>
        <value>2189748</value>
        <shrsOrPrnAmt>
            <sshPrnamt>11100</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>11100</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
        <titleOfClass>ENERGY</titleOfClass>
        <cusip>81369Y506</cusip>
        <value>3040515</value>
        <shrsOrPrnAmt>
            <sshPrnamt>32700</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>32700</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
        <titleOfClass>FINANCIAL</titleOfClass>
        <cusip>81369Y605</cusip>
        <value>2318748</value>
        <shrsOrPrnAmt>
            <sshPrnamt>46800</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>46800</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
        <titleOfClass>TECHNOLOGY</titleOfClass>
        <cusip>81369Y803</cusip>
        <value>1672118</value>
        <shrsOrPrnAmt>
            <sshPrnamt>8100</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>8100</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
        <titleOfClass>COMMUNICATION</titleOfClass>
        <cusip>81369Y852</cusip>
        <value>4720359</value>
        <shrsOrPrnAmt>
            <sshPrnamt>49100</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>49100</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES INC</nameOfIssuer>
        <titleOfClass>MSCI SPAIN ETF</titleOfClass>
        <cusip>464286764</cusip>
        <value>989779</value>
        <shrsOrPrnAmt>
            <sshPrnamt>25900</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>25900</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES INC</nameOfIssuer>
        <titleOfClass>MSCI GERMANY ETF</titleOfClass>
        <cusip>464286806</cusip>
        <value>971260</value>
        <shrsOrPrnAmt>
            <sshPrnamt>26100</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>26100</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES INC</nameOfIssuer>
        <titleOfClass>MSCI NETHERL ETF</titleOfClass>
        <cusip>464286814</cusip>
        <value>949375</value>
        <shrsOrPrnAmt>
            <sshPrnamt>20200</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>20200</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES TR</nameOfIssuer>
        <titleOfClass>ISHS 1-5YR INVS</titleOfClass>
        <cusip>464288646</cusip>
        <value>12499399</value>
        <shrsOrPrnAmt>
            <sshPrnamt>238700</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>238700</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES TR</nameOfIssuer>
        <titleOfClass>MSCI UK ETF NEW</titleOfClass>
        <cusip>46435G334</cusip>
        <value>934335</value>
        <shrsOrPrnAmt>
            <sshPrnamt>24900</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>24900</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES TR</nameOfIssuer>
        <titleOfClass>CORE INTL AGGR</titleOfClass>
        <cusip>46435G672</cusip>
        <value>4913834</value>
        <shrsOrPrnAmt>
            <sshPrnamt>98300</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>98300</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES INC</nameOfIssuer>
        <titleOfClass>MSCI CDA ETF</titleOfClass>
        <cusip>464286509</cusip>
        <value>939471</value>
        <shrsOrPrnAmt>
            <sshPrnamt>23100</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>23100</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES INC</nameOfIssuer>
        <titleOfClass>MSCI SWITZERLAND</titleOfClass>
        <cusip>464286749</cusip>
        <value>942919</value>
        <shrsOrPrnAmt>
            <sshPrnamt>18100</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>18100</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
</informationTable>
