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
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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ISHARES TR TIPS BD ETF 464287176   8,182,169 74,546 SH   SOLE   74,546 0 0
ISHARES TR IBOXX INV CP ETF 464287242   11,189,004 102,642 SH   SOLE   102,642 0 0
ISHARES TR JPMORGAN USD EMG 464288281   2,150,351 23,348 SH   SOLE   23,348 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553   5,684,244 64,236 SH   SOLE   64,236 0 0
SELECT SECTOR SPDR TR COMMUNICATION 81369Y852   4,964,442 45,900 SH   SOLE   45,900 0 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102   17,444,350 296,800 SH   SOLE   296,800 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209   1,572,657 11,700 SH   SOLE   11,700 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308   969,456 12,000 SH   SOLE   12,000 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407   3,965,486 18,200 SH   SOLE   18,200 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506   535,626 6,300 SH   SOLE   6,300 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605   2,348,222 45,000 SH   SOLE   45,000 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803   2,092,953 8,300 SH   SOLE   8,300 0 0
ISHARES INC MSCI GERMANY ETF 464286806   1,061,870 25,100 SH   SOLE   25,100 0 0
ISHARES INC MSCI NETHERL ETF 464286814   1,099,654 20,200 SH   SOLE   20,200 0 0
ISHARES TR IBOXX HI YD ETF 464288513   4,755,033 59,000 SH   SOLE   59,000 0 0
ISHARES TR ISHS 1-5YR INVS 464288646   13,245,228 251,100 SH   SOLE   251,100 0 0
ISHARES INC MSCI SINGPOR ETF 46434G780   1,058,717 40,800 SH   SOLE   40,800 0 0
ISHARES TR MSCI UK ETF NEW 46435G334   1,056,552 26,600 SH   SOLE   26,600 0 0
ISHARES INC MSCI SWITZERLAND 464286749   1,034,379 18,900 SH   SOLE   18,900 0 0
ISHARES INC MSCI SPAIN ETF 464286764   1,093,017 24,900 SH   SOLE   24,900 0 0