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
SPDR S&P 500 ETF TR TR UNIT 78462F103 298 1,450 SH   DFND   1,450 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 11,393 229,600 SH   DFND   229,600 0 0
ISHARES TR U.S. TECH ETF 464287721 29,458 271,500 SH   DFND   271,500 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 13,461 300,400 SH   DFND   300,400 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 17,335 280,100 SH   DFND   280,100 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 23,619 425,800 SH   DFND   425,800 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 22,697 427,770 SH   DFND   427,770 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 24,724 364,767 SH   DFND   364,767 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 24,803 313,564 SH   DFND   313,564 0 0
VANGUARD WORLD FDS TELCOMM ETF 92204A884 10,264 110,700 SH   DFND   110,700 0 0
VANGUARD WORLD FDS INF TECH ETF 92204A702 271 2,475 SH   DFND   2,475 0 0
FIDELITY CONSMR STAPLES 316092303 1,422 44,896 SH   DFND   44,896 0 0
FIDELITY MSCI ENERGY IDX 316092402 1,248 71,086 SH   DFND   71,086 0 0
FIDELITY MSCI HLTH CARE I 316092600 1,541 48,183 SH   DFND   48,183 0 0
FIDELITY MSCI UTILS INDEX 316092865 822 25,815 SH   DFND   25,815 0 0
FIDELITY TELECOMM SVCS 316092873 741 24,779 SH   DFND   24,779 0 0
FIDELITY MSCI INFO TECH I 316092808 1,855 55,881 SH   DFND   55,881 0 0
FIDELITY MSCI CONSM DIS 316092204 1,547 49,869 SH   DFND   49,869 0 0
FIDELITY MSCI INDL INDX 316092709 1,627 57,253 SH   DFND   57,253 0 0
FIDELITY MSCI FINLS IDX 316092501 81 2,996 SH   DFND   2,996 0 0
FIDELITY MSCI MATLS INDEX 316092881 929 36,914 SH   DFND   36,914 0 0