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
ENERGY SELECT ETF SECTOR SPDR COM 81369Y506 8,891 99,830 SH   DFND   0 99,830 0
FINANCIAL SELECTETF SECTOR SPD COM 81369Y605 120,234 5,382,009 SH   DFND   0 5,382,009 0
FIRST TRST HLTH CAREETF ALPHAD COM 33734X143 277,042 5,438,595 SH   DFND   0 5,438,595 0
FIRST TRUST ENERGY ETF ALPHA COM 33734X127 298,110 11,373,885 SH   DFND   0 11,373,885 0
FIRST TRUST ETF FINANCIAL ALPH COM 33734X135 294,160 13,475,037 SH   DFND   0 13,475,037 0
FIRST TRUST MATERIAL ETF ALPHA COM 33734X168 292,909 8,796,053 SH   DFND   0 8,796,053 0
FIRST TRUST TECHNLGY ETF ALPHA COM 33734X176 284,897 9,140,110 SH   DFND   0 9,140,110 0
ISHARES ETF U.S. ENERGY COM 464287796 110,513 2,167,775 SH   DFND   0 2,167,775 0
ISHARES ETF U.S. HEALTHCARE COM 464287762 106,271 863,784 SH   DFND   0 863,784 0
ISHARES ETF U.S. TECHNOLOGY COM 464287721 107,928 1,185,240 SH   DFND   0 1,185,240 0
SECTOR SPDR TR ETF TECHNOLOGY COM 81369Y803 8,655 238,109 SH   DFND   0 238,109 0
SELECT SECTOR SPDR FD HEALTH C COM 81369Y209 8,631 147,562 SH   DFND   0 147,562 0
SELECT SECTOR SPDR FD MATERIAL COM 81369Y100 119,289 2,523,033 SH   DFND   0 2,523,033 0
FIRST TR ASIA ETF PACIFIC EX-J COM 33737J109 34,894 1,220,083 SH   DFND   0 1,220,083 0
FIRST TR CANADA ETF ALPHADEX F COM 33737J208 71,956 1,981,175 SH   DFND   0 1,981,175 0
FIRST TR EMERGING ETF MARKETS COM 33737J182 161,241 6,735,193 SH   DFND   0 6,735,193 0
FIRST TR EUROPE ETF ALPHADEX F COM 33737J117 229,764 6,416,187 SH   DFND   0 6,416,187 0
ISHARES MSCI CANADA ETF INDEX COM 464286509 12,799 433,142 SH   DFND   0 433,142 0
ISHARES MSCI ETF EMERGING MARK COM 464287234 29,631 722,526 SH   DFND   0 722,526 0
ISHARES MSCI PACIFIC ETF EX-JA COM 464286665 6,373 132,528 SH   DFND   0 132,528 0
VANGUARD FTSE ETF EUROPEAN COM 922042874 38,913 660,101 SH   DFND   0 660,101 0
ISHARES ETF 7-10 YR TREASURY B COM 464287440 34,396 338,110 SH   DFND   0 338,110 0
ISHARES ETF FLOATING RATE BOND COM 46429B655 101,018 1,992,074 SH   DFND   0 1,992,074 0
ISHARES IBOXX $ ETF HIGH YIELD COM 464288513 34,182 362,131 SH   DFND   0 362,131 0
ISHARES IBOXX & ETF INVESTMENT COM 464287242 34,287 293,199 SH   DFND   0 293,199 0
PIMCO 0-5 YEAR HIGH ETF YIELD COM 72201R783 66,166 620,633 SH   DFND   0 620,633 0
PIMCO INVESTMENT ETF GRADE COR COM 72201R817 66,666 657,457 SH   DFND   0 657,457 0
PIMCO TRUST ETF 7-15 YR US TRE COM 72201R700 65,118 795,123 SH   DFND   0 795,123 0
ISHARES CORE S&P 500 ETF S&P 5 COM 464287200 111,543 592,874 SH   DFND   0 592,874 0
SPDR S&P 500 TRUST ETF COM 78462F103 71,403 381,815 SH   DFND   0 381,815 0
ISHARES ETF SHORT TREASURY BON COM 464288679 61,909 561,434 SH   DFND   0 561,434 0
PIMCO ETF TRUST ETF ENHANCED S COM 72201R833 204,544 2,017,799 SH   DFND   0 2,017,799 0
SPDR SERIES TRUST BRCLYS 1-3MT COM 78464A680 18,411 402,240 SH   DFND   0 402,240 0