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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
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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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ISHARES TR TIPS BD ETF 464287176 11,130,896 100,053 SH SOLE 100,053 0 0
ISHARES TR IBOXX INV CP ETF 464287242 16,401,408 147,004 SH SOLE 147,004 0 0
ISHARES TR JPMORGAN USD EMG 464288281 10,385,011 108,874 SH SOLE 108,874 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553 8,927,179 98,047 SH SOLE 98,047 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605 2,256,654 41,800 SH SOLE 41,800 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 6,973,145 24,800 SH SOLE 24,800 0 0
SELECT SECTOR SPDR TR COMMUNICATION 81369Y852 4,631,417 39,100 SH SOLE 39,100 0 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102 10,133,007 172,200 SH SOLE 172,200 0 0
VANGUARD SCOTTSDALE FDS INTER TERM TREAS 92206C706 1,056,528 17,600 SH SOLE 17,600 0 0
ISHARES TR ISHS 1-5YR INVS 464288646 13,304,279 250,900 SH SOLE 250,900 0 0
ISHARES TR MSCI DENMARK ETF 46429B523 1,013,094 9,300 SH SOLE 9,300 0 0
ISHARES INC MSCI ITALY ETF 46434G830 1,029,800 19,900 SH SOLE 19,900 0 0
ISHARES TR CORE INTL AGGR 46435G672 7,035,445 137,300 SH SOLE 137,300 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 837,337 10,700 SH SOLE 10,700 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 2,280,084 25,400 SH SOLE 25,400 0 0
ISHARES INC MSCI NETHERL ETF 464286814 1,128,203 19,500 SH SOLE 19,500 0 0
ISHARES INC MSCI HONG KG ETF 464286871 1,039,785 48,300 SH SOLE 48,300 0 0
ISHARES TR IBOXX HI YD ETF 464288513 1,437,162 17,700 SH SOLE 17,700 0 0
ISHARES TR MBS ETF 464288588 466,271 4,900 SH SOLE 4,900 0 0
ISHARES INC MSCI SPAIN ETF 464286764 1,127,634 22,900 SH SOLE 22,900 0 0
ISHARES INC MSCI GERMANY ETF 464286806 1,041,081 25,100 SH SOLE 25,100 0 0