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 40,752 225,268 SH   DFND   0 0 40,752
VANGUARD INDEX FUNDS EUROPEAN ETF COM 922042874 39,340 692,515 SH   DFND   0 0 39,340
JPMORGAN EXCHANGE ALERIAN MLP COM 46625H365 26,993 601,799 SH   DFND   0 0 26,993
GUGGENHEIM ETF TRUST S&P 500 COM 78355W106 28,772 406,313 SH   DFND   0 0 28,772
VANGUARD INDEX FUNDS REIT ETF COM 922908553 20,933 306,160 SH   DFND   0 0 20,933
ISHARES DJ SELECT INDEX DIVIDEND FUND COM 464287168 14,782 210,257 SH   DFND   0 0 14,782
SPDR DJ INDUSTRIAL AVERAGE ETF TRUST COM 78467X109 15,584 100,863 SH   DFND   0 0 15,584
ISHARES S&P EUROPE 350 ETF COM 464287861 9,915 205,364 SH   DFND   0 0 9,915
ISHARES INC MSCI PACIFIC EX-JAPAN ETF COM 464286665 10,175 219,459 SH   DFND   0 0 10,175
VANGUARD INDEX FUNDS EMMA ETF COM 922042858 7,445 183,473 SH   DFND   0 0 7,445
ISHARES INC MSCI JAPAN ETF COM 464286848 11,206 1,014,340 SH   DFND   0 0 11,206
ISHARES INC MSCI EMMA ETF COM 464287234 11,056 281,520 SH   DFND   0 0 11,056
ISHARES TRUST BARCLAYS INTERMEDIATE CREDIT BOND FUND ETF COM 464288638 7,222 66,221 SH   DFND   0 0 7,222
ISHARES TRUST RUSSELL 2000 ETF COM 464287655 4,296 39,645 SH   DFND   0 0 4,296
SPDR INDEX SHARES FUNDS EMMA ASIA PAC ETF COM 78463X301 2,200 28,521 SH   DFND   0 0 2,200
APPLE INC COM 37833100 2,119 3,947 SH   DFND   0 0 2,119
POWERSHARES ETF FUND TRUST II COM 73936Q769 3,340 134,615 SH   DFND   0 0 3,340
ISHARES DOW JONES US REAL ESTATE ETF COM 464287739 1,224 18,095 SH   DFND   0 0 1,224
ISHARES TRUST IBOXX USD HIGH YIELD CORPORATE BOND ETF COM 464288513 892 9,448 SH   DFND   0 0 892
BANK OF AMERICA CORP COM 60505104 909 52,850 SH   DFND   0 0 909
ISHARES TRUST BARCLAYS 1-3 YEAR CREDIT BOND FUND ETF COM 464288646 155 1,472 SH   DFND   0 0 155
ISHARES MSCI EAFE ETF COM 464287465 726 10,815 SH   DFND   0 0 726
POTLATCH CORP COM 737630103 498 13,592 SH   DFND   0 0 498
WEYERHAEUSER CO COM 962166104 507 18,205 SH   DFND   0 0 507
PLUM CREEK TIMBER COMPANY INC REIT COM 729251108 486 12,195 SH   DFND   0 0 486
RAYONIER INC REIT COM 754907103 525 12,126 SH   DFND   0 0 525
ISHARES MSCI POLAND INVESTABLE MARKET ETF COM 46429B606 845 29,745 SH   DFND   0 0 845
MARKET VECTORS ETF TRUST BENEF INTEREST RUSSIA ETF COM 57060U506 599 26,596 SH   DFND   0 0 599
SPDR INDEX SHARES FUNDS EMMA MIDDLE EAST & AFRICA ETF COM 78463X806 150 2,143 SH   DFND   0 0 150
ISHARES INC MSCI TURKEY ETF COM 464286715 124 2,555 SH   DFND   0 0 124