Alaska Permanent Fund 13F-HR Quarterly holdings report by institutional manager

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

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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	IBOXX HI YD ETF	464288513	101,680	1,245,775	SH		SOLE		1,245,775	0	0
ISHARES TR	IBOXX HI YD ETF	464288513	2,449	30,000	SH		SOLE		30,000	0	0
ISHARES TR	BROAD USD HIGH	46435U853	1,911	50,000	SH		SOLE		50,000	0	0
ATHENE HLDG LTD	CL A	G0684D107	723	23,180	SH		SOLE		23,180	0	0
CAPRI HOLDINGS LIMITED	SHS	G1890L107	461	29,490	SH		SOLE		29,490	0	0
GATES INDUSTRIAL CORPRATIN P	ORD SHS	G39108108	791	76,900	SH		SOLE		76,900	0	0
JANUS HENDERSON GROUP PLC	ORD SHS	G4474Y214	906	42,830	SH		SOLE		42,830	0	0
INTERNATIONAL GAME TECHNOLOG	SHS USD	G4863A108	652	73,210	SH		SOLE		73,210	0	0
INVESCO LTD	SHS	G491BT108	640	59,520	SH		SOLE		59,520	0	0
JAZZ PHARMACEUTICALS PLC	SHS USD	G50871105	815	7,390	SH		SOLE		7,390	0	0
LAZARD LTD	SHS A	G54050102	774	27,030	SH		SOLE		27,030	0	0
NIELSEN HLDGS PLC	SHS EUR	G6518L108	750	50,500	SH		SOLE		50,500	0	0
NORWEGIAN CRUISE LINE HLDG L	SHS	G66721104	316	19,240	SH		SOLE		19,240	0	0
ARDAGH GROUP S A	CL A	L0223L101	724	56,110	SH		SOLE		56,110	0	0
LYONDELLBASELL INDUSTRIES N	SHS - A -	N53745100	731	11,130	SH		SOLE		11,130	0	0
MYLAN NV	SHS EURO	N59465109	859	53,440	SH		SOLE		53,440	0	0
COPA HOLDINGS SA	CL A	P31076105	496	9,820	SH		SOLE		9,820	0	0
ROYAL CARIBBEAN CRUISES LTD	COM	V7780T103	438	8,710	SH		SOLE		8,710	0	0
ADT INC DEL	COM	00090Q103	430	53,900	SH		SOLE		53,900	0	0
AGNC INVT CORP	COM	00123Q104	355	27,500	SH		SOLE		27,500	0	0
AMC NETWORKS INC	CL A	00164V103	579	24,770	SH		SOLE		24,770	0	0
AT&T INC	COM	00206R102	690	22,840	SH		SOLE		22,840	0	0
ABBVIE INC	COM	00287Y109	1,698	17,297	SH		SOLE		17,297	0	0
AFFILIATED MANAGERS GROUP IN	COM	008252108	784	10,510	SH		SOLE		10,510	0	0
AIR LEASE CORP	CL A	00912X302	658	22,480	SH		SOLE		22,480	0	0
ALASKA AIR GROUP INC	COM	011659109	550	15,180	SH		SOLE		15,180	0	0
ALBEMARLE CORP	COM	012653101	1,211	15,690	SH		SOLE		15,690	0	0
ALEXION PHARMACEUTICALS INC	COM	015351109	1,069	9,520	SH		SOLE		9,520	0	0
ALLIANCE DATA SYSTEMS CORP	COM	018581108	425	9,410	SH		SOLE		9,410	0	0
ALLISON TRANSMISSION HLDGS I	COM	01973R101	797	21,670	SH		SOLE		21,670	0	0
ALLSTATE CORP	COM	020002101	913	9,410	SH		SOLE		9,410	0	0
ALLY FINL INC	COM	02005N100	638	32,190	SH		SOLE		32,190	0	0
ALTRIA GROUP INC	COM	02209S103	859	21,880	SH		SOLE		21,880	0	0
AMERICAN AIRLS GROUP INC	COM	02376R102	471	36,020	SH		SOLE		36,020	0	0
AMERICAN INTL GROUP INC	COM NEW	026874784	287	9,200	SH		SOLE		9,200	0	0
AMERISOURCEBERGEN CORP	COM	03073E105	564	5,600	SH		SOLE		5,600	0	0
AMERIPRISE FINL INC	COM	03076C106	972	6,480	SH		SOLE		6,480	0	0
ANNALY CAPITAL MANAGEMENT IN	COM	035710409	736	112,190	SH		SOLE		112,190	0	0
ANTERO RESOURCES CORP	COM	03674X106	924	363,790	SH		SOLE		363,790	0	0
ANTERO MIDSTREAM CORP	COM	03676B102	819	160,610	SH		SOLE		160,610	0	0
ARROW ELECTRS INC	COM	042735100	876	12,760	SH		SOLE		12,760	0	0
ASSOCIATED BANC CORP	COM	045487105	662	48,400	SH		SOLE		48,400	0	0
BGC PARTNERS INC	CL A	05541T101	504	183,910	SH		SOLE		183,910	0	0
BOK FINL CORP	COM NEW	05561Q201	709	12,560	SH		SOLE		12,560	0	0
BK OF AMERICA CORP	COM	060505104	755	31,800	SH		SOLE		31,800	0	0
BANK NEW YORK MELLON CORP	COM	064058100	699	18,090	SH		SOLE		18,090	0	0
BANK OZK	COM	06417N103	813	34,630	SH		SOLE		34,630	0	0
BANKUNITED INC	COM	06652K103	271	13,400	SH		SOLE		13,400	0	0
BERRY GLOBAL GROUP INC	COM	08579W103	1,037	23,400	SH		SOLE		23,400	0	0
BIOGEN INC	COM	09062X103	920	3,440	SH		SOLE		3,440	0	0
BLOCK H & R INC	COM	093671105	293	20,500	SH		SOLE		20,500	0	0
BORGWARNER INC	COM	099724106	869	24,610	SH		SOLE		24,610	0	0
BRIGHTHOUSE FINL INC	COM	10922N103	716	25,720	SH		SOLE		25,720	0	0
BRISTOL-MYERS SQUIBB CO	COM	110122108	1,157	19,680	SH		SOLE		19,680	0	0
BRUNSWICK CORP	COM	117043109	1,121	17,520	SH		SOLE		17,520	0	0
CIGNA CORP NEW	COM	125523100	1,045	5,570	SH		SOLE		5,570	0	0
CIT GROUP INC	COM NEW	125581801	468	22,580	SH		SOLE		22,580	0	0
CNA FINL CORP	COM	126117100	347	10,800	SH		SOLE		10,800	0	0
CVS HEALTH CORP	COM	126650100	967	14,890	SH		SOLE		14,890	0	0
CABOT CORP	COM	127055101	818	22,070	SH		SOLE		22,070	0	0
CAPITAL ONE FINL CORP	COM	14040H105	665	10,630	SH		SOLE		10,630	0	0
CARDINAL HEALTH INC	COM	14149Y108	1,036	19,850	SH		SOLE		19,850	0	0
CARNIVAL CORP	UNIT 99/99/999	143658300	371	22,580	SH		SOLE		22,580	0	0
CATERPILLAR INC DEL	COM	149123101	897	7,090	SH		SOLE		7,090	0	0
CELANESE CORP DEL	COM	150870103	337	3,900	SH		SOLE		3,900	0	0
CENTENE CORP DEL	COM	15135B101	1,211	19,050	SH		SOLE		19,050	0	0
CENTURYLINK INC	COM	156700106	774	77,170	SH		SOLE		77,170	0	0
CERENCE INC	COM	156727109	1,217	29,800	SH		SOLE		29,800	0	0
CHANGE HEALTHCARE INC	COM	15912K100	732	65,400	SH		SOLE		65,400	0	0
CHEMOURS CO	COM	163851108	968	63,080	SH		SOLE		63,080	0	0
CHIMERA INVT CORP	COM NEW	16934Q208	485	50,420	SH		SOLE		50,420	0	0
CIMAREX ENERGY CO	COM	171798101	607	22,080	SH		SOLE		22,080	0	0
CITIGROUP INC	COM NEW	172967424	709	13,870	SH		SOLE		13,870	0	0
CITIZENS FINANCIAL GROUP INC	COM	174610105	688	27,250	SH		SOLE		27,250	0	0
COLONY CAP INC NEW	CL A COM	19626G108	414	172,390	SH		SOLE		172,390	0	0
COMERICA INC	COM	200340107	567	14,890	SH		SOLE		14,890	0	0
COMMSCOPE HLDG CO INC	COM	20337X109	586	70,390	SH		SOLE		70,390	0	0
CUMMINS INC	COM	231021106	1,017	5,870	SH		SOLE		5,870	0	0
D R HORTON INC	COM	23331A109	488	8,800	SH		SOLE		8,800	0	0
DXC TECHNOLOGY CO	COM	23355L106	534	32,340	SH		SOLE		32,340	0	0
DAVITA INC	COM	23918K108	1,049	13,250	SH		SOLE		13,250	0	0
DELL TECHNOLOGIES INC	CL C	24703L202	538	9,800	SH		SOLE		9,800	0	0
DELTA AIR LINES INC DEL	COM NEW	247361702	508	18,120	SH		SOLE		18,120	0	0
DIAMONDBACK ENERGY INC	COM	25278X109	499	11,940	SH		SOLE		11,940	0	0
DISCOVERY INC	COM SER A	25470F104	738	34,960	SH		SOLE		34,960	0	0
DISCOVER FINL SVCS	COM	254709108	614	12,250	SH		SOLE		12,250	0	0
DOMTAR CORP	COM NEW	257559203	575	27,240	SH		SOLE		27,240	0	0
E TRADE FINANCIAL CORP	COM NEW	269246401	1,163	23,390	SH		SOLE		23,390	0	0
EAST WEST BANCORP INC	COM	27579R104	822	22,680	SH		SOLE		22,680	0	0
EASTMAN CHEM CO	COM	277432100	930	13,360	SH		SOLE		13,360	0	0
ELEMENT SOLUTIONS INC	COM	28618M106	463	42,700	SH		SOLE		42,700	0	0
EQUITABLE HLDGS INC	COM	29452E101	846	43,850	SH		SOLE		43,850	0	0
EQUITRANS MIDSTREAM CORP	COM	294600101	693	83,370	SH		SOLE		83,370	0	0
EVERCORE INC	CLASS A	29977A105	799	13,560	SH		SOLE		13,560	0	0
F N B CORP	COM	302520101	628	83,720	SH		SOLE		83,720	0	0
FIFTH THIRD BANCORP	COM	316773100	664	34,430	SH		SOLE		34,430	0	0
FIRST HORIZON NATL CORP	COM	320517105	627	62,960	SH		SOLE		62,960	0	0
FOOT LOCKER INC	COM	344849104	723	24,780	SH		SOLE		24,780	0	0
FORD MTR CO DEL	COM	345370860	697	114,610	SH		SOLE		114,610	0	0
FRANKLIN RESOURCES INC	COM	354613101	787	37,540	SH		SOLE		37,540	0	0
GAP INC	COM	364760108	765	60,620	SH		SOLE		60,620	0	0
GENERAL MTRS CO	COM	37045V100	707	27,930	SH		SOLE		27,930	0	0
GILEAD SCIENCES INC	COM	375558103	1,223	15,900	SH		SOLE		15,900	0	0
GOLDMAN SACHS GROUP INC	COM	38141G104	921	4,660	SH		SOLE		4,660	0	0
GOODYEAR TIRE & RUBR CO	COM	382550101	576	64,390	SH		SOLE		64,390	0	0
GRAFTECH INTL LTD	COM	384313508	649	81,270	SH		SOLE		81,270	0	0
HP INC	COM	40434L105	945	54,190	SH		SOLE		54,190	0	0
HANESBRANDS INC	COM	410345102	761	67,400	SH		SOLE		67,400	0	0
HARLEY DAVIDSON INC	COM	412822108	640	26,920	SH		SOLE		26,920	0	0
HARTFORD FINL SVCS GROUP INC	COM	416515104	569	14,760	SH		SOLE		14,760	0	0
HEWLETT PACKARD ENTERPRISE C	COM	42824C109	621	63,870	SH		SOLE		63,870	0	0
HOLLYFRONTIER CORP	COM	436106108	561	19,220	SH		SOLE		19,220	0	0
HUNTINGTON BANCSHARES INC	COM	446150104	623	68,960	SH		SOLE		68,960	0	0
HUNTSMAN CORP	COM	447011107	795	44,240	SH		SOLE		44,240	0	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	929	7,690	SH		SOLE		7,690	0	0
INTL PAPER CO	COM	460146103	813	23,090	SH		SOLE		23,090	0	0
INTERPUBLIC GROUP COS INC	COM	460690100	359	20,900	SH		SOLE		20,900	0	0
JABIL INC	COM	466313103	726	22,640	SH		SOLE		22,640	0	0
JETBLUE AWYS CORP	COM	477143101	591	54,260	SH		SOLE		54,260	0	0
KEYCORP	COM	493267108	655	53,780	SH		SOLE		53,780	0	0
KOHLS CORP	COM	500255104	422	20,340	SH		SOLE		20,340	0	0
KRAFT HEINZ CO	COM	500754106	1,079	33,830	SH		SOLE		33,830	0	0
KROGER CO	COM	501044101	1,126	33,270	SH		SOLE		33,270	0	0
L BRANDS INC	COM	501797104	861	57,490	SH		SOLE		57,490	0	0
LEAR CORP	COM NEW	521865204	916	8,400	SH		SOLE		8,400	0	0
LEGG MASON INC	COM	524901105	1,360	27,330	SH		SOLE		27,330	0	0
LENNAR CORP	CL A	526057104	1,073	17,410	SH		SOLE		17,410	0	0
LINCOLN NATL CORP IND	COM	534187109	625	17,000	SH		SOLE		17,000	0	0
LIONS GATE ENTMNT CORP	CL B NON VTG	535919500	845	123,690	SH		SOLE		123,690	0	0
MFA FINL INC	COM	55272X102	154	61,700	SH		SOLE		61,700	0	0
MGIC INVT CORP WIS	COM	552848103	603	73,610	SH		SOLE		73,610	0	0
MACYS INC	COM	55616P104	458	66,510	SH		SOLE		66,510	0	0
MANPOWERGROUP INC	COM	56418H100	766	11,140	SH		SOLE		11,140	0	0
MARATHON PETE CORP	COM	56585A102	609	16,290	SH		SOLE		16,290	0	0
MCKESSON CORP	COM	58155Q103	1,103	7,190	SH		SOLE		7,190	0	0
MEDNAX INC	COM	58502B106	719	42,040	SH		SOLE		42,040	0	0
METLIFE INC	COM	59156R108	773	21,160	SH		SOLE		21,160	0	0
MOLINA HEALTHCARE INC	COM	60855R100	1,459	8,200	SH		SOLE		8,200	0	0
MORGAN STANLEY	COM NEW	617446448	1,037	21,470	SH		SOLE		21,470	0	0
NCR CORP NEW	COM	62886E108	572	33,020	SH		SOLE		33,020	0	0
NRG ENERGY INC	COM NEW	629377508	837	25,710	SH		SOLE		25,710	0	0
NAVIENT CORPORATION	COM	63938C108	521	74,110	SH		SOLE		74,110	0	0
NEW RESIDENTIAL INVT CORP	COM NEW	64828T201	481	64,680	SH		SOLE		64,680	0	0
NEWELL BRANDS INC	COM	651229106	850	53,550	SH		SOLE		53,550	0	0
NEXSTAR MEDIA GROUP INC	CL A	65336K103	831	9,930	SH		SOLE		9,930	0	0
NORDSTROM INC	COM	655664100	430	27,750	SH		SOLE		27,750	0	0
NU SKIN ENTERPRISES INC	CL A	67018T105	470	12,300	SH		SOLE		12,300	0	0
O-I GLASS INC	COM	67098H104	943	104,970	SH		SOLE		104,970	0	0
ONEMAIN HLDGS INC	COM	68268W103	616	25,120	SH		SOLE		25,120	0	0
OSHKOSH CORP	COM	688239201	842	11,750	SH		SOLE		11,750	0	0
PBF ENERGY INC	CL A	69318G106	285	27,880	SH		SOLE		27,880	0	0
PG&E CORP	COM	69331C108	1,167	131,620	SH		SOLE		131,620	0	0
PVH CORPORATION	COM	693656100	526	10,940	SH		SOLE		10,940	0	0
PACWEST BANCORP DEL	COM	695263103	539	27,330	SH		SOLE		27,330	0	0
PARSLEY ENERGY INC	CL A	701877102	571	53,460	SH		SOLE		53,460	0	0
PENSKE AUTOMOTIVE GRP INC	COM	70959W103	792	20,450	SH		SOLE		20,450	0	0
PHILLIPS 66	COM	718546104	655	9,110	SH		SOLE		9,110	0	0
PINNACLE FINL PARTNERS INC	COM	72346Q104	702	16,710	SH		SOLE		16,710	0	0
POPULAR INC	COM NEW	733174700	674	18,120	SH		SOLE		18,120	0	0
PRINCIPAL FINANCIAL GROUP IN	COM	74251V102	778	18,720	SH		SOLE		18,720	0	0
PROSHARES TR	PSHS ULT SEMIC	74347R669	515	8,500	SH		SOLE		8,500	0	0
PRUDENTIAL FINL INC	COM	744320102	672	11,030	SH		SOLE		11,030	0	0
PULTE GROUP INC	COM	745867101	889	26,120	SH		SOLE		26,120	0	0
QUANTA SVCS INC	COM	74762E102	463	11,800	SH		SOLE		11,800	0	0
QURATE RETAIL INC	COM SER A	74915M100	936	98,530	SH		SOLE		98,530	0	0
RANGE RES CORP	COM	75281A109	1,379	244,880	SH		SOLE		244,880	0	0
RAYMOND JAMES FINL INC	COM	754730109	794	11,540	SH		SOLE		11,540	0	0
REGIONS FINANCIAL CORP NEW	COM	7591EP100	685	61,560	SH		SOLE		61,560	0	0
RESIDEO TECHNOLOGIES INC	COM	76118Y104	1,132	96,620	SH		SOLE		96,620	0	0
RYDER SYS INC	COM	783549108	756	20,150	SH		SOLE		20,150	0	0
SLM CORP	COM	78442P106	826	117,430	SH		SOLE		117,430	0	0
SVB FINANCIAL GROUP	COM	78486Q101	983	4,560	SH		SOLE		4,560	0	0
SANTANDER CONSUMER USA HDG I	COM	80283M101	767	41,680	SH		SOLE		41,680	0	0
SIGNATURE BK NEW YORK N Y	COM	82669G104	866	8,100	SH		SOLE		8,100	0	0
SOUTHWEST AIRLS CO	COM	844741108	301	8,800	SH		SOLE		8,800	0	0
SPIRIT AEROSYSTEMS HLDGS INC	COM CL A	848574109	136	5,700	SH		SOLE		5,700	0	0
STATE STR CORP	COM	857477103	921	14,490	SH		SOLE		14,490	0	0
STEEL DYNAMICS INC	COM	858119100	827	31,710	SH		SOLE		31,710	0	0
STERLING BANCORP DEL	COM	85917A100	584	49,810	SH		SOLE		49,810	0	0
SYNOVUS FINL CORP	COM NEW	87161C501	574	27,950	SH		SOLE		27,950	0	0
SYNNEX CORP	COM	87162W100	1,007	8,410	SH		SOLE		8,410	0	0
SYNCHRONY FINANCIAL	COM	87165B103	626	28,250	SH		SOLE		28,250	0	0
TCF FINANCIAL CORPORATION NE	COM	872307103	721	24,510	SH		SOLE		24,510	0	0
TAPESTRY INC	COM	876030107	523	39,370	SH		SOLE		39,370	0	0
TEXAS CAP BANCSHARES INC	COM	88224Q107	541	17,520	SH		SOLE		17,520	0	0
TEXTRON INC	COM	883203101	355	10,800	SH		SOLE		10,800	0	0
THOR INDS INC	COM	885160101	1,673	15,700	SH		SOLE		15,700	0	0
TIMKEN CO	COM	887389104	922	20,260	SH		SOLE		20,260	0	0
TOLL BROTHERS INC	COM	889478103	835	25,610	SH		SOLE		25,610	0	0
TWO HBRS INVT CORP	COM NEW	90187B408	310	61,460	SH		SOLE		61,460	0	0
UMPQUA HLDGS CORP	COM	904214103	653	61,360	SH		SOLE		61,360	0	0
UNITED AIRLS HLDGS INC	COM	910047109	396	11,430	SH		SOLE		11,430	0	0
UNITED RENTALS INC	COM	911363109	1,072	7,190	SH		SOLE		7,190	0	0
UNITED THERAPEUTICS CORP DEL	COM	91307C102	1,384	11,440	SH		SOLE		11,440	0	0
UNUM GROUP	COM	91529Y106	581	35,040	SH		SOLE		35,040	0	0
URBAN OUTFITTERS INC	COM	917047102	556	36,530	SH		SOLE		36,530	0	0
VALERO ENERGY CORP	COM	91913Y100	637	10,830	SH		SOLE		10,830	0	0
VIACOMCBS INC	CL B	92556H206	980	42,003	SH		SOLE		42,003	0	0
VISTRA ENERGY CORP	COM	92840M102	372	20,000	SH		SOLE		20,000	0	0
VOYA FINANCIAL INC	COM	929089100	850	18,220	SH		SOLE		18,220	0	0
WALGREENS BOOTS ALLIANCE INC	COM	931427108	760	17,920	SH		SOLE		17,920	0	0
WELLS FARGO CO NEW	COM	949746101	495	19,340	SH		SOLE		19,340	0	0
WESCO INTL INC	COM	95082P105	686	19,550	SH		SOLE		19,550	0	0
WESTERN ALLIANCE BANCORP	COM	957638109	752	19,850	SH		SOLE		19,850	0	0
WESTERN DIGITAL CORP.	COM	958102105	406	9,200	SH		SOLE		9,200	0	0
WESTROCK CO	COM	96145D105	750	26,530	SH		SOLE		26,530	0	0
WHIRLPOOL CORP	COM	963320106	865	6,680	SH		SOLE		6,680	0	0
WINTRUST FINL CORP	COM	97650W108	663	15,190	SH		SOLE		15,190	0	0
WYNDHAM DESTINATIONS INC	COM	98310W108	602	21,370	SH		SOLE		21,370	0	0
XEROX HOLDINGS CORP	COM NEW	98421M106	448	29,270	SH		SOLE		29,270	0	0
ZIONS BANCORPORATION N A	COM	989701107	713	20,960	SH		SOLE		20,960	0	0
FRANKLIN TEMPLETON ETF TR	FTSE JAPAN ETF	35473P744	8,762	360,000	SH		SOLE		360,000	0	0
ISHARES INC	MSCI STH KOR E	464286772	3,999	70,000	SH		SOLE		70,000	0	0
ISHARES TR	CORE S&P TTL S	464287150	11,874	171,000	SH		SOLE		171,000	0	0
ISHARES TR	MSCI EURO FL E	464289180	4,283	301,000	SH		SOLE		301,000	0	0
ISHARES TR	CORE MSCI EAFE	46432F842	14,576	255,000	SH		SOLE		255,000	0	0
ISHARES INC	CORE MSCI EMKT	46434G103	10,850	227,934	SH		SOLE		227,934	0	0
ISHARES INC	MSCI GBL ETF N	46434G848	6,883	280,600	SH		SOLE		280,600	0	0
SPDR SER TR	S&P BK ETF	78464A797	9,494	301,000	SH		SOLE		301,000	0	0
SPDR SER TR	S&P OILGAS EXP	78468R556	3,914	75,000	SH		SOLE		75,000	0	0
VANECK VECTORS ETF TR	GOLD MINERS ET	92189F106	6,236	170,000	SH		SOLE		170,000	0	0
VANGUARD WORLD FDS	ENERGY ETF	92204A306	8,803	175,000	SH		SOLE		175,000	0	0
ISHARES TR	IBOXX HI YD ET	464288513	212,582	2,604,532	SH		SOLE		2,604,532	0	0
ISHARES TR	BROAD USD HIGH	46435U853	172,388	4,510,410	SH		SOLE		4,510,410	0	0
SPDR SER TR	RUSSELL LOW VO	78468R754	413,089	5,615,674	SH		SOLE		5,615,674	0	0
SPDR SER TR	RUSSELL MOMENT	78468R762	296,521	4,334,468	SH		SOLE		4,334,468	0	0
SPDR SER TR	RUSSELL YIELD	78468R770	329,951	5,617,235	SH		SOLE		5,617,235	0	0
DBX ETF TR	XTRACK HRVST C	233051879	5,922	199,315	SH		SOLE		199,315	0	0
ISHARES TR	RUS 2000 VAL E	464287630	101,017	1,036,493	SH		SOLE		1,036,493	0	0
ISHARES TR	MSCI CHINA ETF	46429B671	2,564	39,175	SH		SOLE		39,175	0	0
ISHARES TR	CORE MSCI EAFE	46432F842	1,405,828	24,594,613	SH		SOLE		24,594,613	0	0
KRANESHARES TR	CSI CHI INTERN	500767306	4,729	76,355	SH		SOLE		76,355	0	0
SPDR SER TR	S&P OILGAS EXP	78468R556	7,927	151,920	SH		SOLE		151,920	0	0
SELECT SECTOR SPDR TR	SBI HEALTHCARE	81369Y209	4,440	44,365	SH		SOLE		44,365	0	0
SELECT SECTOR SPDR TR	SBI CONS DISCR	81369Y407	5,317	41,630	SH		SOLE		41,630	0	0
SELECT SECTOR SPDR TR	SBI INT-FINL	81369Y605	70,002	3,025,156	SH		SOLE		3,025,156	0	0
SELECT SECTOR SPDR TR	SBI INT-INDS	81369Y704	17,948	261,249	SH		SOLE		261,249	0	0
SELECT SECTOR SPDR TR	TECHNOLOGY	81369Y803	2,947	28,203	SH		SOLE		28,203	0	0
SELECT SECTOR SPDR TR	COMMUNICATION	81369Y852	4,957	91,723	SH		SOLE		91,723	0	0
VANECK VECTORS ETF TR	GOLD MINERS ET	92189F106	127,864	3,485,941	SH		SOLE		3,485,941	0	0
VANECK VECTORS ETF TR	SEMICONDUCTOR ET	92189F676	3,669	24,010	SH		SOLE		24,010	0	0
VANECK VECTORS ETF TR	JR GOLD MINERS	92189F791	145,234	2,929,291	SH		SOLE		2,929,291	0	0
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT E	922042858	523,111	13,206,543	SH		SOLE		13,206,543	0	0
VANGUARD INDEX FDS	S&P 500 ETF SH	922908363	2,040,945	7,200,880	SH		SOLE		7,200,880	0	0
VIR BIOTECHNOLOGY INC	COM	92764N102	196,656	4,800,000	SH		SOLE		4,800,000	0	0