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
Expires: July 31, 2015
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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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
FIDELITY COVINGTON TRUST MSCI COMMNTN SVC 316092873 6,267,570 89,900 SH DFND 1 89,900 0 0
ISHARES INC MSCI AUST ETF 464286103 1,687,500 60,000 SH DFND 1 60,000 0 0
ISHARES INC MSCI CDA ETF 464286509 1,708,743 29,700 SH DFND 1 29,700 0 0
SELECT SECTOR SPDR TR ST STR INDL ETF 81369Y704 3,176,815 17,300 SH DFND 1 17,300 0 0
SELECT SECTOR SPDR TR ST STR TECHN ETF 81369Y803 4,387,795 23,500 SH DFND 1 23,500 0 0
SELECT SECTOR SPDR TR ST STR DISCR ETF 81369Y407 8,037,584 68,600 SH DFND 1 68,600 0 0
SELECT SECTOR SPDR TR ST STR ENERG ETF 81369Y506 929,989 17,400 SH DFND 1 17,400 0 0
SELECT SECTOR SPDR TR ST STR FINL ETF 81369Y605 2,732,951 50,900 SH DFND 1 50,900 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553 9,003,888 91,736 SH DFND 1 91,736 0 0
SELECT SECTOR SPDR TR ST STR STAPL ETF 81369Y308 1,226,342 14,600 SH DFND 1 14,600 0 0
ISHARES TR IBOXX INV CP ETF 464287242 15,785,830 143,900 SH DFND 1 143,900 0 0
ISHARES TR JPMORGAN USD EMG 464288281 11,870,132 122,600 SH DFND 1 122,600 0 0
ISHARES TR TIPS BD ETF 464287176 22,925,140 208,600 SH DFND 1 208,600 0 0
SPDR SERIES TRUST ST STR SP INS 78464A789 734,200 12,000 SH DFND 1 12,000 0 0
SPDR SERIES TRUST ST STR SP SEMI 78464A862 1,035,442 1,700 SH DFND 1 1,700 0 0
VANGUARD CHARLOTTE FDS TOTAL INT BD ETF 92203J407 4,961,095 102,400 SH DFND 1 102,400 0 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102 23,883,005 410,200 SH DFND 1 410,200 0 0
VANGUARD SCOTTSDALE FDS INTER TERM TREAS 92206C706 5,135,956 86,800 SH DFND 1 86,800 0 0
ISHARES TR IBOXX HI YD ETF 464288513 1,088,136 13,600 SH DFND 1 13,600 0 0
ISHARES TR ISHS 1-5YR INVS 464288646 12,618,748 240,700 SH DFND 1 240,700 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 1,702,824 36,900 SH DFND 1 36,900 0 0
ISHARES TR BROAD USD HIGH 46435U853 1,892,233 51,100 SH DFND 1 51,100 0 0
SPDR SERIES TRUST ST STR SW SERV 78464A599 308,152 1,800 SH DFND 1 1,800 0 0
ISHARES INC MSCI FRANCE ETF 464286707 1,728,562 38,200 SH DFND 1 38,200 0 0
ISHARES INC MSCI NETHERL ETF 464286814 1,757,300 25,300 SH DFND 1 25,300 0 0
ISHARES INC MSCI HONG KG ETF 464286871 1,627,368 77,400 SH DFND 1 77,400 0 0