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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

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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
ISHARES TR NA TEC-SFTWR ETF 464287515 3,926 51,467 SH   DFND 1 0 51,467 0
ISHARES TR U.S. TECH ETF 464287721 513 6,508 SH   DFND 1 0 6,508 0
ISHARES TR U.S. TELECOM ETF 464287713 310 11,254 SH   DFND 1 0 11,254 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 296 6,383 SH   DFND 1 0 6,383 0
VANGUARD WORLD FDS ENERGY ETF 92204A306 266 2,231 SH   DFND 1 0 2,231 0
VANGUARD WORLD FDS HEALTH CAR ETF 92204A504 1,671 17,944 SH   DFND 1 0 17,944 0