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 6,637 149,390 SH   SOLE Giralda 0 0 149,390
ISHARES TR U.S. TECH ETF 464287721 41,123 391,800 SH   SOLE Giralda 0 0 391,800
ISHARES TR U.S. TELECOM ETF 464287713 5,931 196,277 SH   SOLE Giralda 0 0 196,277
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 12,400 254,197 SH   SOLE Giralda 0 0 254,197
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 25,247 325,437 SH   SOLE Giralda 0 0 325,437
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 40,327 1,672,617 SH   SOLE Giralda 0 0 1,672,617
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 27,464 492,447 SH   SOLE Giralda 0 0 492,447
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 27,004 554,050 SH   SOLE Giralda 0 0 554,050
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 30,394 419,221 SH   SOLE Giralda 0 0 419,221
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 31,634 419,822 SH   SOLE Giralda 0 0 419,822
VANGUARD WORLD FDS INF TECH ETF 92204A702 267 2,508 SH   SOLE Giralda 0 0 2,508
FIDELITY CONSMR STAPLES 316092303 685 23,182 SH   SOLE Giralda 0 0 23,182
FIDELITY MSCI ENERGY IDX 316092402 2,759 124,347 SH   SOLE Giralda 0 0 124,347
FIDELITY MSCI HLTH CARE I 316092600 767 21,747 SH   SOLE Giralda 0 0 21,747
FIDELITY MSCI UTILS INDEX 316092865 184 6,409 SH   SOLE Giralda 0 0 6,409
FIDELITY TELECOMM SVCS 316092873 171 6,366 SH   SOLE Giralda 0 0 6,366
FIDELITY MSCI INFO TECH I 316092808 1,032 32,183 SH   SOLE Giralda 0 0 32,183
FIDELITY MSCI CONSM DIS 316092204 766 25,085 SH   SOLE Giralda 0 0 25,085
FIDELITY MSCI INDL INDX 316092709 683 23,727 SH   SOLE Giralda 0 0 23,727
FIDELITY MSCI FINLS IDX 316092501 999 34,721 SH   SOLE Giralda 0 0 34,721
FIDELITY MSCI MATLS INDEX 316092881 308 11,127 SH   SOLE Giralda 0 0 11,127