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 4,423,805 61,300 SH DFND 1 61,300 0 0
ISHARES INC MSCI FRANCE ETF 464286707 1,753,183 40,700 SH DFND 1 40,700 0 0
ISHARES INC MSCI SPAIN ETF 464286764 1,818,295 30,400 SH DFND 1 30,400 0 0
SELECT SECTOR SPDR TR ST STR INDL ETF 81369Y704 2,291,138 13,600 SH DFND 1 13,600 0 0
SELECT SECTOR SPDR TR ST STR TECHN ETF 81369Y803 10,247,700 52,600 SH DFND 1 52,600 0 0
SELECT SECTOR SPDR TR ST STR DISCR ETF 81369Y407 4,525,881 41,500 SH DFND 1 41,500 0 0
SELECT SECTOR SPDR TR ST STR ENERG ETF 81369Y506 1,033,680 16,800 SH DFND 1 16,800 0 0
SELECT SECTOR SPDR TR ST STR FINL ETF 81369Y605 2,445,222 45,400 SH DFND 1 45,400 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553 9,934,400 109,736 SH DFND 1 109,736 0 0
SELECT SECTOR SPDR TR ST STR STAPL ETF 81369Y308 1,189,760 14,600 SH DFND 1 14,600 0 0
ISHARES TR IBOXX INV CP ETF 464287242 9,759,673 95,300 SH DFND 1 95,300 0 0
ISHARES TR JPMORGAN USD EMG 464288281 10,342,024 113,300 SH DFND 1 113,300 0 0
ISHARES TR TIPS BD ETF 464287176 18,596,988 178,800 SH DFND 1 178,800 0 0
SPDR SERIES TRUST ST STR SP SEMI 78464A862 2,331,088 4,400 SH DFND 1 4,400 0 0
VANGUARD CHARLOTTE FDS TOTAL INT BD ETF 92203J407 4,649,292 99,200 SH DFND 1 99,200 0 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102 24,042,812 417,700 SH DFND 1 417,700 0 0
VANGUARD SCOTTSDALE FDS INTER TERM TREAS 92206C706 5,006,610 88,300 SH DFND 1 88,300 0 0
ISHARES TR IBOXX HI YD ETF 464288513 1,106,248 14,300 SH DFND 1 14,300 0 0
ISHARES TR ISHS 1-5YR INVS 464288646 12,201,970 238,200 SH DFND 1 238,200 0 0
ISHARES INC MSCI ITALY ETF 46434G830 1,678,804 28,300 SH DFND 1 28,300 0 0
ISHARES TR BROAD USD HIGH 46435U853 1,953,588 54,600 SH DFND 1 54,600 0 0
SPDR SERIES TRUST ST STR SP BANK 78464A797 342,913 5,400 SH DFND 1 5,400 0 0
ISHARES INC MSCI GERMANY ETF 464286806 1,740,032 41,700 SH DFND 1 41,700 0 0
ISHARES INC MSCI NETHERL ETF 464286814 1,831,444 26,800 SH DFND 1 26,800 0 0
ISHARES INC MSCI HONG KG ETF 464286871 1,757,195 79,200 SH DFND 1 79,200 0 0