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
POWERSHARES ETF TR II KBW INS PORT 73937B720 1,678 24,278 SH   DFND   24,278 0 0
BANCO SANTANDER SA ADR 05964H105 52 10,696 SH   DFND   10,696 0 0
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 264 18,087 SH   DFND   18,087 0 0
DIREXION SHS ETF TR DAILY JR GOLD MI 25490K547 703 23,663 SH   DFND   23,663 0 0
SPDR SERIES TRUST S&P OILGAS EXP 78464A730 1,674 55,411 SH   DFND   55,411 0 0
MARKET VECTORS ETF TR BIOTECH ETF 57060U183 291 2,300 SH   DFND   2,300 0 0
CREDIT SUISSE NASSAU BRH NT LKD 32 22542D399 81 20,606 SH   DFND   20,606 0 0
ANADARKO PETE CORP COM 032511107 223 4,592 SH   DFND   4,592 0 0
ISHARES TR CUR HD EURZN ETF 46434V639 225 8,732 SH   DFND   8,732 0 0
MARATHON PETE CORP COM 56585A102 228 4,401 SH   DFND   4,401 0 0
ISHARES MSCI EURZONE ETF 464286608 461 13,173 SH   DFND   13,173 0 0
MARKET VECTORS ETF TR JR GOLD MINERS E 57061R544 2,067 107,645 SH   DFND   107,645 0 0
BANK AMER CORP COM 060505104 741 44,044 SH   DFND   44,044 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 1,828 43,621 SH   DFND   43,621 0 0
ISHARES MSCI JAPAN ETF 464286848 825 68,071 SH   DFND   68,071 0 0
DIREXION SHS ETF TR DLY EMKT 3X NEW 25459Y470 845 18,004 SH   DFND   18,004 0 0
SPDR SERIES TRUST S&P BIOTECH 78464A870 5,195 74,130 SH   DFND   74,130 0 0
NOKIA CORP SPONSORED ADR 654902204 241 34,434 SH   DFND   34,434 0 0
ANNALY CAP MGMT INC COM 035710409 129 13,840 SH   DFND   13,840 0 0
REGIONS FINL CORP NEW COM 7591EP100 391 40,791 SH   DFND   40,791 0 0
PHILLIPS 66 COM 718546104 347 4,251 SH   DFND   4,251 0 0
SCHLUMBERGER LTD COM 806857108 818 11,732 SH   DFND   11,732 0 0
JPMORGAN CHASE & CO COM 46625H100 254 3,858 SH   DFND   3,858 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 31,910 156,508 SH   DFND   156,508 0 0
CHEVRON CORP NEW COM 166764100 1,178 13,104 SH   DFND   13,104 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 1,090 21,594 SH   DFND   21,594 0 0
MICROSOFT CORP COM 594918104 236 4,256 SH   DFND   4,256 0 0
POWERSHARES ETF TRUST DYNA BUYBK ACH 73935X286 431 9,490 SH   DFND   9,490 0 0
POWERSHARES ETF TRUST DYN FD & BEV 73935X849 219 6,814 SH   DFND   6,814 0 0
EXXON MOBIL CORP COM 30231G102 1,484 19,043 SH   DFND   19,043 0 0
FIRST TR EXCNGE TRD ALPHADEX SML CAP VAL AL 33737M409 914 33,758 SH   DFND   33,758 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 137 31,983 SH   DFND   31,983 0 0
UNITED STATES OIL FUND LP UNITS 91232N108 205 18,685 SH   DFND   18,685 0 0
ISHARES TR TRANS AVG ETF 464287192 263 1,954 SH   DFND   1,954 0 0
SPECTRA ENERGY CORP COM 847560109 240 10,030 SH   DFND   10,030 0 0
PENNEY J C INC COM 708160106 114 17,122 SH   DFND   17,122 0 0
FIRST TR LRG CP VL ALPHADEX COM SHS 33735J101 281 7,317 SH   DFND   7,317 0 0
ISHARES U S ETF TR ENH US SCP ETF 46431W200 242 8,181 SH   DFND   8,181 0 0
E M C CORP MASS COM 268648102 244 9,507 SH   DFND   9,507 0 0
KINDER MORGAN INC DEL COM 49456B101 253 16,962 SH   DFND   16,962 0 0
PIONEER NAT RES CO COM 723787107 329 2,631 SH   DFND   2,631 0 0
EOG RES INC COM 26875P101 380 5,373 SH   DFND   5,373 0 0
ISHARES TR U.S. TELECOM ETF 464287713 468 16,262 SH   DFND   16,262 0 0
VALERO ENERGY CORP NEW COM 91913Y100 366 5,182 SH   DFND   5,182 0 0
TESORO CORP COM 881609101 301 2,864 SH   DFND   2,864 0 0
WILLIAMS COS INC DEL COM 969457100 209 8,166 SH   DFND   8,166 0 0
ALCATEL-LUCENT SPONSORED ADR 013904305 86 22,508 SH   DFND   22,508 0 0
ISHARES MSCI GERMANY ETF 464286806 298 11,393 SH   DFND   11,393 0 0
CONOCOPHILLIPS COM 20825C104 327 7,020 SH   DFND   7,020 0 0
BARRICK GOLD CORP COM 067901108 99 13,416 SH   DFND   13,416 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 426 6,309 SH   DFND   6,309 0 0
MARKET VECTORS ETF TR SEMICONDUCTOR 57060U233 2,131 40,006 SH   DFND   40,006 0 0
ISHARES INC CORE MSCI EMKT 46434G103 1,181 30,000 SH   DFND   30,000 0 0
HALLIBURTON CO COM 406216101 317 9,341 SH   DFND   9,341 0 0
ENCANA CORP COM 292505104 74 14,627 SH   DFND   14,627 0 0
VALE S A ADR 91912E105 118 35,894 SH   DFND   35,894 0 0
ISHARES TR CORE HIGH DV ETF 46429B663 3,507 47,778 SH   DFND   47,778 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 4,343 81,929 SH   DFND   81,929 0 0
LLOYDS BANKING GROUP PLC SPONSORED ADR 539439109 67 15,439 SH   DFND   15,439 0 0
BAKER HUGHES INC COM 057224107 239 5,197 SH   DFND   5,197 0 0
KINROSS GOLD CORP COM NO PAR 496902404 30 16,935 SH   DFND   16,935 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 2,454 76,247 SH   DFND   76,247 0 0
ISHARES TR NASDQ BIOTEC ETF 464287556 3,463 10,236 SH   DFND   10,236 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 2,289 52,906 SH   DFND   52,906 0 0