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

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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 3,959 46,031 SH   DFND 1 0 46,031 0
ISHARES TR U.S. TECH ETF 464287721 605 6,241 SH   DFND 1 0 6,241 0
ISHARES TR U.S. TELECOM ETF 464287713 470 15,491 SH   DFND 1 0 15,491 0
MICROSOFT CORP COM 594918104 249 5,975 SH   DFND 1 0 5,975 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 643 10,566 SH   DFND 1 0 10,566 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 768 33,771 SH   DFND 1 0 33,771 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 1,308 24,192 SH   DFND 1 0 24,192 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 557 11,224 SH   DFND 1 0 11,224 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 1,020 26,596 SH   DFND 1 0 26,596 0
VANGUARD WORLD FDS CONSUM DIS ETF 92204A108 1,028 9,418 SH   DFND 1 0 9,418 0
VANGUARD WORLD FDS CONSUM STP ETF 92204A207 1,218 10,522 SH   DFND 1 0 10,522 0
VANGUARD WORLD FDS ENERGY ETF 92204A306 802 5,573 SH   DFND 1 0 5,573 0
VANGUARD WORLD FDS HEALTH CAR ETF 92204A504 1,830 16,395 SH   DFND 1 0 16,395 0