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
SPDR S&P 500 ETF TR TR UNIT 78462F103 304 1,450 SH   DFND   1,450 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 11,050 210,600 SH   DFND   210,600 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 13,151 283,800 SH   DFND   283,800 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 16,739 245,300 SH   DFND   245,300 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 22,998 410,600 SH   DFND   410,600 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 32,822 756,800 SH   DFND   756,800 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 22,316 404,648 SH   DFND   404,648 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 23,984 334,485 SH   DFND   334,485 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 23,930 306,563 SH   DFND   306,563 0 0
VANGUARD WORLD FDS TELCOMM ETF 92204A884 5,766 58,600 SH   DFND   58,600 0 0
VANGUARD WORLD FDS INF TECH ETF 92204A702 280 2,613 SH   DFND   2,613 0 0
FIDELITY CONSMR STAPLES 316092303 1,301 39,461 SH   DFND   39,461 0 0
FIDELITY MSCI ENERGY IDX 316092402 1,155 59,535 SH   DFND   59,535 0 0
FIDELITY MSCI HLTH CARE I 316092600 1,407 41,620 SH   DFND   41,620 0 0
FIDELITY MSCI UTILS INDEX 316092865 759 22,420 SH   DFND   22,420 0 0
FIDELITY TELECOMM SVCS 316092873 684 21,867 SH   DFND   21,867 0 0
FIDELITY MSCI INFO TECH I 316092808 1,693 52,274 SH   DFND   52,274 0 0
FIDELITY MSCI CONSM DIS 316092204 1,403 46,044 SH   DFND   46,044 0 0
FIDELITY MSCI INDL INDX 316092709 1,586 54,695 SH   DFND   54,695 0 0
FIDELITY MSCI MATLS INDEX 316092881 906 34,556 SH   DFND   34,556 0 0