FIDELITY COVINGTON TRUST MSCI COMMNTN SVC 316092873 4423805 61300 SH DFND 1 61300 0 0 ISHARES INC MSCI FRANCE ETF 464286707 1753183 40700 SH DFND 1 40700 0 0 ISHARES INC MSCI SPAIN ETF 464286764 1818295 30400 SH DFND 1 30400 0 0 SELECT SECTOR SPDR TR ST STR INDL ETF 81369Y704 2291138 13600 SH DFND 1 13600 0 0 SELECT SECTOR SPDR TR ST STR TECHN ETF 81369Y803 10247700 52600 SH DFND 1 52600 0 0 SELECT SECTOR SPDR TR ST STR DISCR ETF 81369Y407 4525881 41500 SH DFND 1 41500 0 0 SELECT SECTOR SPDR TR ST STR ENERG ETF 81369Y506 1033680 16800 SH DFND 1 16800 0 0 SELECT SECTOR SPDR TR ST STR FINL ETF 81369Y605 2445222 45400 SH DFND 1 45400 0 0 VANGUARD INDEX FDS REAL ESTATE ETF 922908553 9934400 109736 SH DFND 1 109736 0 0 SELECT SECTOR SPDR TR ST STR STAPL ETF 81369Y308 1189760 14600 SH DFND 1 14600 0 0 ISHARES TR IBOXX INV CP ETF 464287242 9759673 95300 SH DFND 1 95300 0 0 ISHARES TR JPMORGAN USD EMG 464288281 10342024 113300 SH DFND 1 113300 0 0 ISHARES TR TIPS BD ETF 464287176 18596988 178800 SH DFND 1 178800 0 0 SPDR SERIES TRUST ST STR SP SEMI 78464A862 2331088 4400 SH DFND 1 4400 0 0 VANGUARD CHARLOTTE FDS TOTAL INT BD ETF 92203J407 4649292 99200 SH DFND 1 99200 0 0 VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102 24042812 417700 SH DFND 1 417700 0 0 VANGUARD SCOTTSDALE FDS INTER TERM TREAS 92206C706 5006610 88300 SH DFND 1 88300 0 0 ISHARES TR IBOXX HI YD ETF 464288513 1106248 14300 SH DFND 1 14300 0 0 ISHARES TR ISHS 1-5YR INVS 464288646 12201970 238200 SH DFND 1 238200 0 0 ISHARES INC MSCI ITALY ETF 46434G830 1678804 28300 SH DFND 1 28300 0 0 ISHARES TR BROAD USD HIGH 46435U853 1953588 54600 SH DFND 1 54600 0 0 SPDR SERIES TRUST ST STR SP BANK 78464A797 342913 5400 SH DFND 1 5400 0 0 ISHARES INC MSCI GERMANY ETF 464286806 1740032 41700 SH DFND 1 41700 0 0 ISHARES INC MSCI NETHERL ETF 464286814 1831444 26800 SH DFND 1 26800 0 0 ISHARES INC MSCI HONG KG ETF 464286871 1757195 79200 SH DFND 1 79200 0 0