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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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 U.S. TECH ETF 464287721 29,156 294,800 SH   SOLE   294,800 0 0
ISHARES TR U.S. TELECOM ETF 464287713 28,801 1,066,700 SH   SOLE   1,066,700 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 29,934 1,321,020 SH   SOLE   1,321,020 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 29,773 596,778 SH   SOLE   596,778 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 30,626 649,000 SH   SOLE   649,000 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 28,823 435,197 SH   SOLE   435,197 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 30,443 409,945 SH   SOLE   409,945 0 0
VANGUARD WORLD FDS INF TECH ETF 92204A702 255 2,550 SH   SOLE   2,550 0 0
FIDELITY CONSMR STAPLES 316092303 1,776 62,586 SH   SOLE   62,586 0 0
FIDELITY MSCI HLTH CARE I 316092600 1,781 56,015 SH   SOLE   56,015 0 0
FIDELITY TELECOMM SVCS 316092873 32 1,297 SH   SOLE   1,297 0 0
FIDELITY MSCI INFO TECH I 316092808 1,784 58,949 SH   SOLE   58,949 0 0
FIDELITY MSCI CONSM DIS 316092204 1,791 60,727 SH   SOLE   60,727 0 0
FIDELITY MSCI INDL INDX 316092709 1,798 70,441 SH   SOLE   70,441 0 0
FIDELITY MSCI FINLS IDX 316092501 1,790 66,377 SH   SOLE   66,377 0 0