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    <cusip>742718109</cusip>
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      <sshPrnamt>16695</sshPrnamt>
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    <votingAuthority>
      <Sole>16695</Sole>
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    <nameOfIssuer>SPDR  S&amp;P Regional Banking</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78464a698</cusip>
    <value>16720</value>
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      <sshPrnamt>414690</sshPrnamt>
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    <votingAuthority>
      <Sole>414690</Sole>
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    <nameOfIssuer>SPDR S&amp;P Pharmaceuticals ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78464A722</cusip>
    <value>307</value>
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      <sshPrnamt>2960</sshPrnamt>
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    <cusip>790849103</cusip>
    <value>12819</value>
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      <sshPrnamt>185111</sshPrnamt>
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    <nameOfIssuer>Technology Select Sect SPDR</nameOfIssuer>
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    <cusip>81369y803</cusip>
    <value>261</value>
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      <sshPrnamt>6803</sshPrnamt>
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      <Sole>6803</Sole>
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    <nameOfIssuer>Towers Watson &amp; Co-Cl A</nameOfIssuer>
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    <cusip>891894107</cusip>
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      <Sole>10822</Sole>
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    <nameOfIssuer>Vanguard Utilities ETF</nameOfIssuer>
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    <cusip>92204a876</cusip>
    <value>13020</value>
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      <sshPrnamt>134650</sshPrnamt>
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    <titleOfClass>COM</titleOfClass>
    <cusip>92343V104</cusip>
    <value>12611</value>
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      <sshPrnamt>257742</sshPrnamt>
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      <Sole>257742</Sole>
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    <titleOfClass>COM</titleOfClass>
    <cusip>931422109</cusip>
    <value>207</value>
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      <sshPrnamt>2799</sshPrnamt>
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    <votingAuthority>
      <Sole>2799</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Xcel Energy Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>98389B100</cusip>
    <value>4384</value>
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      <sshPrnamt>136027</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>136027</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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</informationTable>
