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 TRUST S1 COM 78462F103 32,066 179,817 SH   DFND   0 0 32,066
VANGUARD INDEX FUNDS EUROPEAN ETF COM 922042874 26,662 470,911 SH   DFND   0 0 26,662
JPMORGAN EXCHANGE ALERIAN MLP COM 46625H365 22,578 508,095 SH   DFND   0 0 22,578
GUGGENHEIM ETF TRUST S&P 500 COM 78355W106 21,693 313,955 SH   DFND   0 0 21,693
VANGUARD INDEX FUNDS REIT ETF COM 922908553 15,285 240,989 SH   DFND   0 0 15,285
ISHARES DJ SELECT INDEX DIVIDEND FUND COM 464287168 12,769 187,565 SH   DFND   0 0 12,769
SPDR DJ INDUSTRIAL AVERAGE ETF TRUST COM 78467X109 10,140 65,926 SH   DFND   0 0 10,140
ISHARES S&P EUROPE 350 ETF COM 464287861 9,659 203,572 SH   DFND   0 0 9,659
ISHARES INC MSCI PACIFIC EX-JAPAN ETF COM 464286665 7,653 169,896 SH   DFND   0 0 7,653
VANGUARD INDEX FUNDS EMMA ETF COM 922042858 7,456 181,224 SH   DFND   0 0 7,456
ISHARES INC MSCI JAPAN ETF COM 464286848 7,439 629,565 SH   DFND   0 0 7,439
ISHARES INC MSCI EMMA ETF COM 464287234 7,406 189,096 SH   DFND   0 0 7,406
ISHARES TRUST BARCLAYS INTERMEDIATE CREDIT BOND FUND ETF COM 464288638 4,658 43,177 SH   DFND   0 0 4,658
ISHARES TRUST RUSSELL 2000 ETF COM 464287655 2,695 25,099 SH   DFND   0 0 2,695
SPDR INDEX SHARES FUNDS EMMA ASIA PAC ETF COM 78463X301 2,278 29,528 SH   DFND   0 0 2,278
APPLE INC COM 37833100 2,215 3,947 SH   DFND   0 0 2,215
POWERSHARES ETF FUND TRUST II COM 73936Q769 2,007 80,671 SH   DFND   0 0 2,007
ISHARES DOW JONES US REAL ESTATE ETF COM 464287739 1,478 23,430 SH   DFND   0 0 1,478
ISHARES TRUST IBOXX USD HIGH YIELD CORPORATE BOND ETF COM 464288513 833 8,969 SH   DFND   0 0 833
BANK OF AMERICA CORP COM 060505104 823 52,850 SH   DFND   0 0 823
ISHARES TRUST BARCLAYS 1-3 YEAR CREDIT BOND FUND ETF COM 464288646 779 7,386 SH   DFND   0 0 779
ISHARES MSCI EAFE ETF COM 464287465 761 11,350 SH   DFND   0 0 761
POTLATCH CORP COM 737630103 481 12,247 SH   DFND   0 0 481
WEYERHAEUSER CO COM 962166104 458 15,455 SH   DFND   0 0 458
PLUM CREEK TIMBER COMPANY INC REIT COM 729251108 441 10,120 SH   DFND   0 0 441
RAYONIER INC REIT COM 754907103 424 10,766 SH   DFND   0 0 424
ISHARES MSCI POLAND INVESTABLE MARKET ETF COM 46429B606 383 14,503 SH   DFND   0 0 383
MARKET VECTORS ETF TRUST BENEF INTEREST RUSSIA ETF COM 57060U506 367 14,298 SH   DFND   0 0 367
SPDR INDEX SHARES FUNDS EMMA MIDDLE EAST & AFRICA ETF COM 78463X806 147 2,143 SH   DFND   0 0 147