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
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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
FIDELITY CONSMR STAPLES 316092303 1,400 46,248 SH   DFND   46,248 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 6,726 155,400 SH   DFND   155,400 0 0
ISHARES TR U.S. TECH ETF 464287721 36,754 343,400 SH   DFND   343,400 0 0
ISHARES TR U.S. TELECOM ETF 464287713 5,628 195,500 SH   DFND   195,500 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 24,725 409,900 SH   DFND   409,900 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 36,283 1,522,567 SH   DFND   1,522,567 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 24,868 492,529 SH   DFND   492,529 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 27,211 377,768 SH   DFND   377,768 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 26,972 345,089 SH   DFND   345,089 0 0
VANGUARD WORLD FDS INF TECH ETF 92204A702 277 2,556 SH   DFND   2,556 0 0
FIDELITY MSCI ENERGY IDX 316092402 1,600 93,640 SH   DFND   93,640 0 0
FIDELITY MSCI HLTH CARE I 316092600 1,527 44,229 SH   DFND   44,229 0 0
FIDELITY MSCI UTILS INDEX 316092865 433 15,542 SH   DFND   15,542 0 0
FIDELITY TELECOMM SVCS 316092873 360 13,484 SH   DFND   13,484 0 0
FIDELITY MSCI INFO TECH I 316092808 2,085 63,478 SH   DFND   63,478 0 0
FIDELITY MSCI CONSM DIS 316092204 1,526 49,728 SH   DFND   49,728 0 0
FIDELITY MSCI INDL INDX 316092709 1,548 56,907 SH   DFND   56,907 0 0
FIDELITY MSCI FINLS IDX 316092501 2,030 71,719 SH   DFND   71,719 0 0