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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
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 7,400 167,200 SH   SOLE GIRALDA 0 0 167,200
ISHARES U.S. TELECOM ETF 464287713 5,732 189,000 SH   SOLE GIRALDA 0 0 189,000
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 29,625 295,950 SH   SOLE GIRALDA 0 0 295,950
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 41,378 1,819,600 SH   SOLE GIRALDA 0 0 1,819,600
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 31,212 513,100 SH   SOLE GIRALDA 0 0 513,100
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 30,901 463,000 SH   SOLE GIRALDA 0 0 463,000
ISHARES U.S. TECH ETF 464287721 43,402 448,000 SH   SOLE GIRALDA 0 0 448,000
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 12,355 248,900 SH   SOLE GIRALDA 0 0 248,900
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 27,787 514,000 SH   SOLE GIRALDA 0 0 514,000
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 27,950 626,400 SH   SOLE GIRALDA 0 0 626,400