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
Estimated average burden
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
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 8,245 195,900 SH   SOLE Giralda 0 0 195,900
ISHARES TR U.S. TELECOM ETF 464287713 6,829 228,000 SH   SOLE Giralda 0 0 228,000
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 13,652 275,300 SH   SOLE Giralda 0 0 275,300
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 29,892 562,400 SH   SOLE Giralda 0 0 562,400
ISHARES TR U.S. TECH ETF 464287721 45,448 451,050 SH   SOLE Giralda 0 0 451,050
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 30,406 674,050 SH   SOLE Giralda 0 0 674,050
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 28,169 310,850 SH   SOLE Giralda 0 0 310,850
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 44,593 1,924,600 SH   SOLE Giralda 0 0 1,924,600
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 33,435 523,150 SH   SOLE Giralda 0 0 523,150
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 32,165 482,300 SH   SOLE Giralda 0 0 482,300