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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   7,207,525 67,759 SH   SOLE   67,759 0 0
ISHARES TR IBOXX INV CP ETF 464287242   11,878,997 111,383 SH   SOLE   111,383 0 0
ISHARES TR JPMORGAN USD EMG 464288281   9,668,868 108,274 SH   SOLE   108,274 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553   8,341,169 93,985 SH   SOLE   93,985 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407   4,962,384 21,600 SH   SOLE   21,600 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605   2,086,500 42,800 SH   SOLE   42,800 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803   2,707,386 11,400 SH   SOLE   11,400 0 0
SELECT SECTOR SPDR TR COMMUNICATION 81369Y852   4,574,256 46,600 SH   SOLE   46,600 0 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102   9,732,532 167,600 SH   SOLE   167,600 0 0
VANGUARD SCOTTSDALE FDS INTER TERM TREAS 92206C706   820,476 14,200 SH   SOLE   14,200 0 0
ISHARES TR MSCI DENMARK ETF 46429B523   1,025,847 9,500 SH   SOLE   9,500 0 0
ISHARES INC MSCI ITALY ETF 46434G830   1,041,267 28,900 SH   SOLE   28,900 0 0
ISHARES TR MSCI UK ETF NEW 46435G334   998,424 29,400 SH   SOLE   29,400 0 0
ISHARES TR CORE INTL AGGR 46435G672   6,857,125 137,500 SH   SOLE   137,500 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100   339,760 4,000 SH   SOLE   4,000 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308   832,650 10,500 SH   SOLE   10,500 0 0
ISHARES INC MSCI HONG KG ETF 464286871   1,017,332 60,700 SH   SOLE   60,700 0 0
ISHARES TR IBOXX HI YD ETF 464288513   1,413,900 18,000 SH   SOLE   18,000 0 0
ISHARES TR MBS ETF 464288588   448,056 4,900 SH   SOLE   4,900 0 0
ISHARES TR ISHS 1-5YR INVS 464288646   13,026,364 252,400 SH   SOLE   252,400 0 0
ISHARES INC MSCI FRANCE ETF 464286707   1,067,376 29,600 SH   SOLE   29,600 0 0
ISHARES INC MSCI NETHERL ETF 464286814   1,059,850 23,500 SH   SOLE   23,500 0 0