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
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 6,201 149,567 SH   SOLE   0 0 149,567
ISHARES TR U.S. TECH ETF 464287721 41,010 391,800 SH   SOLE   0 0 391,800
ISHARES TR U.S. TELECOM ETF 464287713 5,752 196,440 SH   SOLE   0 0 196,440
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 12,312 254,438 SH   SOLE   0 0 254,438
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 24,389 324,500 SH   SOLE   0 0 324,500
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 40,810 1,673,903 SH   SOLE   0 0 1,673,903
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 26,648 492,930 SH   SOLE   0 0 492,930
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 26,398 554,576 SH   SOLE   0 0 554,576
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 31,202 419,439 SH   SOLE   0 0 419,439
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 32,130 420,115 SH   SOLE   0 0 420,115
VANGUARD WORLD FDS INF TECH ETF 92204A702 295 2,775 SH   SOLE   0 0 2,775
FIDELITY CONSMR STAPLES 316092303 1,339 46,365 SH   SOLE   0 0 46,365
FIDELITY MSCI ENERGY IDX 316092402 1,941 89,990 SH   SOLE   0 0 89,990
FIDELITY MSCI HLTH CARE I 316092600 1,477 40,905 SH   SOLE   0 0 40,905
FIDELITY MSCI UTILS INDEX 316092865 319 11,984 SH   SOLE   0 0 11,984
FIDELITY TELECOMM SVCS 316092873 290 10,742 SH   SOLE   0 0 10,742
FIDELITY MSCI INFO TECH I 316092808 1,961 61,265 SH   SOLE   0 0 61,265
FIDELITY MSCI CONSM DIS 316092204 1,488 48,171 SH   SOLE   0 0 48,171
FIDELITY MSCI INDL INDX 316092709 1,326 47,091 SH   SOLE   0 0 47,091
FIDELITY MSCI FINLS IDX 316092501 1,953 67,378 SH   SOLE   0 0 67,378
FIDELITY MSCI MATLS INDEX 316092881 551 20,191 SH   SOLE   0 0 20,191