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
Technology Select Sector SPDR Fund ETP 81369Y803 14,555 328,105 SH   DFND 1,, 328,105 0 0
iShares MSCI Canada ETF ETP 464286509 8,702 367,000 SH   DFND 1,, 367,000 0 0
Materials Select Sector SPDR Fund ETP 81369Y100 3,285 73,318 SH   DFND 1,, 73,318 0 0
Consumer Discretionary Select Sector SPDR Fund ETP 81369Y407 11,592 146,553 SH   DFND 1,, 146,553 0 0
Industrial Select Sector SPDR Fund ETP 81369Y704 18,178 327,708 SH   DFND 1,, 327,708 0 0
Powershares QQQ Trust Series 1 ETP 73935A104 10,284 93,900 SH   DFND 1,, 93,900 0 0
First Trust Dow Jones Internet Index Fund ETP 33733E302 0 0 SH   DFND 1,, 0 0 0
Alphabet Inc Common Stock 02079K305 3,433 4,500 SH   DFND 1,, 4,500 0 0
iShares iBoxx $ Investment Grade Corporate Bond ETF ETP 464287242 235,603 1,982,856 SH   DFND 1,2, 1,982,856 0 0
JPMorgan Chase & Co Common Stock 46625H100 3,178 53,667 SH   DFND 1,, 53,667 0 0
NICE-Systems Ltd ADR 653656108 112,081 1,729,913 SH   DFND 1,2,3 1,729,913 0 0
Market Vectors Semiconductor ETF ETP 57060U233 3,305 60,000 SH   DFND 1,, 60,000 0 0
Merck & Co Inc Common Stock 58933Y105 19,553 366,366 SH   DFND 1,2,3 366,366 0 0
iShares MSCI Brazil Capped ETF ETP 464286400 114 4,350 SH   DFND ,2, 4,350 0 0
iShares MSCI United Kingdom ETF ETP 46434V548 7,801 497,492 SH   DFND 1,, 497,492 0 0
iShares MSCI Switzerland Capped ETF ETP 464286749 9,342 314,236 SH   DFND 1,, 314,236 0 0
iShares MSCI Japan ETF ETP 464286848 25,691 2,251,648 SH   DFND 1,, 2,251,648 0 0
iShares China Large-Cap ETF ETP 464287184 112,983 3,346,169 SH   DFND 1,2,3 3,346,169 0 0
iShares MSCI Emerging Markets ETF ETP 464287234 139 4,069 SH   DFND 1,, 4,069 0 0
iShares Latin America 40 ETF ETP 464287390 4,887 194,240 SH   DFND 1,, 194,240 0 0
iShares North American Tech-Software ETF ETP 464287515 3,221 32,000 SH   DFND 1,, 32,000 0 0
iShares MSCI All Country Asia ex Japan ETF ETP 464288182 11,078 202,786 SH   DFND 1,, 202,786 0 0
iShares iBoxx $ High Yield Corporate Bond ETF ETP 464288513 173 2,114 SH   DFND ,2, 2,114 0 0
iShares U.S. Healthcare Providers ETF ETP 464288828 3,489 28,600 SH   DFND 1,, 28,600 0 0
Oracle Corp Common Stock 68389X105 6,681 163,313 SH   DFND 1,2,3 163,313 0 0
Partner Communications Co Ltd ADR 70211M109 875 187,701 SH   DFND 1,2, 187,701 0 0
iShares U.S. Medical Devices ETF ETP 464288810 3,454 28,200 SH   DFND 1,, 28,200 0 0
Pfizer Inc Common Stock 717081103 37,425 1,262,638 SH   DFND 1,2,3 1,262,638 0 0
TJX Cos Inc/The Common Stock 872540109 18,607 237,480 SH   DFND 1,2,3 237,480 0 0
Apple Inc Common Stock 37833100 58,791 539,419 SH   DFND 1,2,3 539,419 0 0
SPDR S&P500 ETF Trust ETP 78462F103 63,961 309,651 SH   DFND 1,2,3 309,651 0 0
SPDR S&P Insurance ETF ETP 78464A789 77,670 1,121,755 SH   DFND 1,2,3 1,121,755 0 0
SPDR S&P Homebuilders ETF ETP 78464A888 180,052 5,320,685 SH   DFND 1,2,3 5,320,685 0 0
Health Care Select Sector SPDR Fund ETP 81369Y209 13,187 194,549 SH   DFND 1,, 194,549 0 0
Consumer Staples Select Sector SPDR Fund ETP 81369Y308 15,036 283,380 SH   DFND 1,, 283,380 0 0
Energy Select Sector SPDR Fund ETP 81369Y506 50,706 819,296 SH   DFND 1,2,3 819,296 0 0
Financial Select Sector SPDR Fund ETP 81369Y605 20,220 898,669 SH   DFND 1,, 898,669 0 0
Teva Pharmaceutical Industries Ltd ADR 881624209 207,228 3,872,699 SH   DFND 1,2, 3,872,699 0 0
Ormat Technologies Inc Common Stock 686688102 66,605 1,615,052 SH   DFND 1,2,3 1,615,052 0 0
LivePerson Inc Common Stock 538146101 9,695 1,657,246 SH   DFND 1,2, 1,657,246 0 0
Verint Systems Inc Common Stock 92343X100 33,380 1,000,000 SH   DFND 1,2,3 1,000,000 0 0
Visa Inc Common Stock 92826C839 47,769 624,595 SH   DFND 1,2,3 624,595 0 0
Wells Fargo & Co Common Stock 949746101 39,682 820,545 SH   DFND 1,2,3 820,545 0 0
US Bancorp Common Stock 902973304 42,131 1,031,475 SH   DFND 1,2,3 1,031,475 0 0
Gilead Sciences Inc Common Stock 375558103 17,679 192,460 SH   DFND 1,2,3 192,460 0 0
MasterCard Inc Common Stock 57636Q104 42,709 451,951 SH   DFND 1,2,3 451,951 0 0
Walt Disney Co/The Common Stock 254687106 39,102 393,735 SH   DFND 1,2,3 393,735 0 0
SPDR Barclays High Yield Bond ETF ETP 78464A417 6,690 195,323 SH   DFND 1,2, 195,323 0 0
Vanguard FTSE Emerging Markets ETF ETP 922042858 3,055 88,356 SH   DFND 1,2,3 88,356 0 0
Corning Inc Common Stock 219350105 7,507 359,340 SH   DFND 1,2,3 359,340 0 0
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund ETP 72201R817 1,155 11,198 SH   DFND 1,2, 11,198 0 0
iShares Core S&P 500 ETF ETP 464287200 37,675 182,314 SH   DFND 1,2, 182,314 0 0
Vanguard S&P 500 ETF ETP 922908363 598,636 3,174,777 SH   DFND 1,2,3 3,174,777 0 0
PowerShares Fundamental High Yield Corporate Bond Portfolio ETP 73936T557 122 6,876 SH   DFND 1,2, 6,876 0 0
Market Vectors Retail ETF ETP 57060U225 5,593 72,500 SH   DFND 1,, 72,500 0 0
Vanguard FTSE Europe ETF ETP 922042874 587 12,100 SH   DFND 1,, 12,100 0 0
HP Inc Common Stock 40434L105 3,140 252,298 SH   DFND 1,2,3 252,298 0 0
iShares MSCI Mexico Capped ETF ETP 464286822 3,389 63,110 SH   DFND 1,2, 63,110 0 0
SPDR S&P China ETF ETP 78463X400 52 750 SH   DFND 1,, 750 0 0
Starbucks Corp Common Stock 855244109 29,456 493,400 SH   DFND 1,2,3 493,400 0 0
Vanguard Information Technology ETF ETP 92204A702 6,377 58,220 SH   DFND 1,, 58,220 0 0
Vanguard Short-Term Corporate Bond ETF ETP 92206C409 2,578 32,217 SH   DFND 1,2, 32,217 0 0
Vanguard Short-Term Government Bond ETF ETP 92206C102 75 1,222 SH   DFND 1,2, 1,222 0 0
Citigroup Inc Common Stock 172967424 14,929 357,571 SH   DFND 1,2,3 357,571 0 0
CVS Health Corp Common Stock 126650100 20,263 195,344 SH   DFND 1,2,3 195,344 0 0
Goldman Sachs Group Inc/The Common Stock 38141G104 16,911 107,730 SH   DFND 1,2,3 107,730 0 0
iShares U.S. Home Construction ETF ETP 464288752 2,735 101,000 SH   DFND 1,, 101,000 0 0
SPDR Barclays Intermediate Term Corporate Bond ETF ETP 78464A375 3,283 95,789 SH   DFND 1,2, 95,789 0 0
OPKO Health Inc Common Stock 68375N103 48,417 4,660,000 SH   DFND 1,2, 4,660,000 0 0
iShares MSCI Spain Capped ETF ETP 464286764 4,688 172,465 SH   DFND 1,, 172,465 0 0
Encana Corp Common Stock 292505104 7,422 1,218,704 SH   DFND 1,2,3 1,218,704 0 0
Alphabet Inc Common Stock 02079K107 62,780 84,275 SH   DFND 1,2,3 84,275 0 0
Alibaba Group Holding Ltd ADR 01609W102 12,134 153,540 SH   DFND 1,2,3 153,540 0 0
PIMCO 1-3 Year U.S. Treasury Index Exchange-Traded Fund ETP 72201R106 39 762 SH   DFND 1,2, 762 0 0
iShares MSCI India ETF ETP 46429B598 249 9,180 SH   DFND ,2, 9,180 0 0
Bristol-Myers Squibb Co Common Stock 110122108 21,307 331,580 SH   DFND 1,2,3 331,580 0 0
SPDR Barclays Intermediate Term Treasury ETF ETP 78464A672 175 2,869 SH   DFND 1,2, 2,869 0 0
ING GROEP NV DBCV 6.000%12/2 456837AE3 4,194 4,348,000 PRN   DFND 1,2, 4,348,000 0 0
Facebook Inc Common Stock 30303M102 69,172 606,242 SH   DFND 1,2,3 606,242 0 0
Kite Pharma Inc Common Stock 49803L109 9,182 200,000 SH   DFND 1,2,3 200,000 0 0
BlackRock Inc Common Stock 09247X101 14,929 43,835 SH   DFND 1,2,3 43,835 0 0
United Continental Holdings Inc Common Stock 910047109 2,323 38,800 SH   DFND 1,, 38,800 0 0
PowerShares KBW Bank Portfolio ETP 73937B746 2,691 81,400 SH   DFND 1,, 81,400 0 0
PayPal Holdings Inc Common Stock 70450Y103 23,224 601,650 SH   DFND 1,2,3 601,650 0 0
Kroger Co/The Common Stock 501044101 18,587 485,923 SH   DFND 1,2,3 485,923 0 0
Chicago Bridge & Iron Co NV Common Stock 167250109 11,081 302,850 SH   DFND 1,2,3 302,850 0 0
VMware Inc Common Stock 928563402 7,547 144,270 SH   DFND 1,2,3 144,270 0 0
Deutsche X-trackers MSCI Europe Hedged Equity ETF ETP 233051853 597 24,189 SH   DFND 1,2, 24,189 0 0
WisdomTree Europe Hedged Equity Fund ETP 97717X701 174 3,356 SH   DFND ,2, 3,356 0 0
iShares Currency Hedged MSCI Emerging Markets ETF ETP 46434G509 1,813 87,687 SH   DFND 1,2,3 87,687 0 0
iShares Currency Hedged MSCI Japan ETF ETP 46434V886 2,978 117,885 SH   DFND 1,2,3 117,885 0 0
Global X China Consumer ETF ETP 37950E408 2,332 208,000 SH   DFND 1,, 208,000 0 0
Hewlett Packard Enterprise Co Common Stock 42824C109 4,483 252,067 SH   DFND 1,2,3 252,067 0 0
Palo Alto Networks Inc Common Stock 697435105 2,284 13,999 SH   DFND 1,, 13,999 0 0
NCR Corp Common Stock 62886E108 5,912 197,630 SH   DFND 1,2,3 197,630 0 0
KraneShares CSI China Internet ETF ETP 500767306 22,266 621,080 SH   DFND 1,2,3 621,080 0 0
Expedia Inc Common Stock 30212P303 8,848 82,059 SH   DFND 1,2,3 82,059 0 0
iShares Global Energy ETF ETP 464287341 106,230 3,599,780 SH   DFND 1,2,3 3,599,780 0 0
Guggenheim S&P 500 Equal Weight Consumer Staples ETF ETP 78355W874 6,088 50,000 SH   DFND 1,, 50,000 0 0
PJT Partners Inc Common Stock 69343T107 33 1,374 SH   DFND 1,, 1,374 0 0
Guggenheim S&P 500 Top 50 ETF ETP 78355W205 4,215 29,000 SH   DFND 1,, 29,000 0 0
PowerShares Dynamic Large Cap Growth Portfolio ETP 73935X609 3,304 107,000 SH   DFND 1,, 107,000 0 0
MARKET VECTORS GOLD MINERS Common Stock 57060U100 4,433 222,000 SH   DFND 1,, 222,000 0 0
potash corp ADR 73755L107 8,510 500,000 SH   DFND 1,2,3 500,000 0 0
POWERSHARES DYN FOOD AND BEVERAG ETP 73935X849 93,249 2,871,860 SH   DFND 1,2,3 2,871,860 0 0
UTILITIES SELECT SECTOR SPDR ETP 81369Y886 5,409 109,000 SH   DFND 1,, 109,000 0 0
MICROSOFT CORP ETP 594918104 2,872 52,000 SH   DFND 1,, 52,000 0 0
MCGRAW HILL COMPANIES ETP 580645109 19,631 198,330 SH   DFND 1,2,3 198,330 0 0
NIKE INC CL B ETP 654106103 20,776 337,890 SH   DFND 1,2,3 337,890 0 0
NORTHROP GRUMMAN CORP ETP 666807102 2,494 12,600 SH   DFND 1,, 12,600 0 0
GENERAL ELECTRIC COMPANY ETP 369604103 2,305 72,000 SH   DFND 1,, 72,000 0 0
RUBY PIPELINE 6 04/22 ETP EJ0236053 38,682 34,200,000 SH   DFND ,, 34,200,000 0 0
JOHNSON & JOHNSON ETP 478160104 40,985 378,790 SH   DFND 1,2,3 378,790 0 0
EXXON MOBIL CORP ETP 30231G102 2,453 29,350 SH   DFND 1,, 29,350 0 0
VERIZON COMMUNICATION INC ETP 92343V104 3,083 57,000 SH   DFND 1,, 57,000 0 0
NEXTERA ENERGY INC ETP 65339F101 2,248 19,000 SH   DFND 1,, 19,000 0 0
MICRON TECHNOLOGY ETP 595112103 3,869 369,550 SH   DFND 1,2,3 369,550 0 0
MOODY`S ETP 615369105 21,444 222,080 SH   DFND 1,2,3 222,080 0 0
NETEASE INC ADR ADR 64110W102 7,712 53,710 SH   DFND 1,2,3 53,710 0 0
TEVA PREFERRED SHARES Common Stock EP0496760 10,793 12,210 SH   DFND 1,, 12,210 0 0