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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 8,242 174,550 SH   SOLE 0 0 0 174,550
ISHARES TR U.S. TECH ETF 464287721 44,031 421,750 SH   SOLE 0 0 0 421,750
ISHARES TR U.S. TELECOM ETF 464287713 6,737 230,100 SH   SOLE 0 0 0 230,100
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 13,578 279,500 SH   SOLE 0 0 0 279,500
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 29,776 376,150 SH   SOLE 0 0 0 376,150
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 43,521 1,759,850 SH   SOLE 0 0 0 1,759,850
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 29,727 525,400 SH   SOLE 0 0 0 525,400
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 29,671 611,900 SH   SOLE 0 0 0 611,900
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 32,033 468,450 SH   SOLE 0 0 0 468,450
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 33,034 457,850 SH   SOLE 0 0 0 457,850