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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
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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
NOVA MEASURING INSTRUMENTS L COM m7516k103 9,455 133,921 SH   DFND 1,2 133,921 0 0
ORMAT TECHNOLOGIES INC COM 686688102 4,203 46,554 SH   DFND 1,2 46,554 0 0
Liveperson COM 538146101 4,764 76,559 SH   DFND 1,2 76,559 0 0
SPDR TR SBI HEALTHCARE SBI HEALTHCARE 81369Y209 17,645 155,546 SH   DFND 1,2 155,546 0 0
WALMART INC COM 931142103 6,965 48,317 SH   DFND 1,2 48,317 0 0
TEVA PHARMACEUTICAL INDS LTD SPONSORED ADS 881624209 13,015 1,348,689 SH   DFND 1,2 1,348,689 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 18,483 487,677 SH   DFND 1,2 487,677 0 0
ISHARES TR EXPANDED TECH 464287515 20,573 58,098 SH   DFND 1,2 58,098 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 18,737 116,537 SH   DFND 1,2 116,537 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 8,102 218,549 SH   DFND 1,2 218,549 0 0
ISHARES TR PHLX SEMICND ETF 464287523 16,758 44,196 SH   DFND 1,2 44,196 0 0
ISHARES TR IBOXX INV CP ETF 464287242 3,218 23,300 SH   DFND 1,2 23,300 0 0
GLOBAL X FDS RBTCS ARTFL INTE 37954Y715 32,598 983,797 SH   DFND 1,2 983,797 0 0
PERRIGO CO PLC SHS g97822103 42,618 952,999 SH   DFND 1,2 952,999 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 180,896 3,609,985 SH   DFND 1,2 3,609,985 0 0
VANECK VECTORS ETF TR PHARMACEUTICAL 92189F692 9,050 136,158 SH   DFND 1,2 136,158 0 0
AMERICAN TOWER CORP NEW COM 03027X100 2,561 11,411 SH   DFND 1,2 11,411 0 0
SELECT SECTOR SPDR TR COMMUNICATION 81369Y852 30,453 451,287 SH   DFND 1,2 451,287 0 0
TOWER SEMICONDUCTOR LTD SHS NEW M87915274 9,352 362,209 SH   DFND 1,2 362,209 0 0
FREEPORT-MCMORAN INC CL B 35671D857 7,782 299,064 SH   DFND 1,2 299,064 0 0
NICE LTD SPONSORED ADR 653656108 2,530 8,922 SH   DFND 1,2 8,922 0 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363 41,787 121,583 SH   DFND 1,2 121,583 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553 262,425 3,089,896 SH   DFND 1,2 3,089,896 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 29,139 224,109 SH   DFND 1,2 224,109 0 0
GLOBAL X FDS VDEO GAM ESPRT 37954Y392 36,690 1,181,642 SH   DFND 1,2 1,181,642 0 0
FINANCIAL SELECT SECTOR SPDR TR UNIT 81369Y605 35,844 1,215,873 SH   DFND 1,2 1,215,873 0 0
ISHARES TR MSCI USA etf 46429B598 4,694 116,697 SH   DFND 1,2 116,697 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 11,039 306,481 SH   DFND 1,2 306,481 0 0
INVESCO EXCHANGE TRADED FD T S&P500 PUR VAL 46137V258 12,873 209,458 SH   DFND 1,2 209,458 0 0
SPDR SER TR S&P BK ETF 78464A797 13,583 324,807 SH   DFND 1,2 324,807 0 0
ALPHABET INC CAP STK CL C 02079K107 6,794 3,878 SH   DFND 1,2 3,878 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 90,063 240,888 SH   DFND   240,888 0 0
VANGUARD INDEX FDS REIT ETF 922908553 28,197 332,000 SH   DFND   332,000 0 0
NOVA MEASURING INSTRUMENTS L COM m7516k103 14,984 212,244 SH   DFND   212,244 0 0
ORMAT TECHNOLOGIES INC COM 686688102 6,366 70,517 SH   DFND   70,517 0 0
Liveperson COM 538146101 7,091 113,948 SH   DFND   113,948 0 0
SPDR TR SBI HEALTHCARE SBI HEALTHCARE 81369Y209 26,710 235,454 SH   DFND   235,454 0 0
WALMART INC COM 931142103 10,535 73,083 SH   DFND   73,083 0 0
TEVA PHARMACEUTICAL INDS LTD SPONSORED ADS 881624209 19,152 1,984,654 SH   DFND   1,984,654 0 0
SPDR TR SBI INT-INDS TR UNIT 81369Y704 2,096 23,665 SH   DFND   23,665 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 29,906 789,066 SH   DFND   789,066 0 0
ISHARES TR EXPANDED TECH 464287515 30,984 87,502 SH   DFND   87,502 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 27,134 168,763 SH   DFND   168,763 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 12,205 329,251 SH   DFND   329,251 0 0
ISHARES TR PHLX SEMICND ETF 464287523 27,492 72,504 SH   DFND   72,504 0 0
ISHARES TR IBOXX INV CP ETF 464287242 7,556 54,700 SH   DFND   54,700 0 0
GLOBAL X FDS RBTCS ARTFL INTE 37954Y715 50,694 1,529,935 SH   DFND   1,529,935 0 0
PERRIGO CO PLC SHS g97822103 65,697 1,469,068 SH   DFND   1,469,068 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 252,055 5,030,025 SH   DFND   5,030,025 0 0
VANECK VECTORS ETF TR PHARMACEUTICAL 92189F692 13,815 207,842 SH   DFND   207,842 0 0
AMERICAN TOWER CORP NEW COM 03027X100 3,881 17,289 SH   DFND   17,289 0 0
SELECT SECTOR SPDR TR COMMUNICATION 81369Y852 46,144 683,813 SH   DFND   683,813 0 0
TOWER SEMICONDUCTOR LTD SHS NEW M87915274 13,976 541,302 SH   DFND   541,302 0 0
FREEPORT-MCMORAN INC CL B 35671D857 11,726 450,636 SH   DFND   450,636 0 0
NICE LTD SPONSORED ADR 653656108 3,708 13,078 SH   DFND   13,078 0 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363 88,173 256,548 SH   DFND   256,548 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 36,264 96,995 SH   DFND   96,995 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553 443,030 5,216,408 SH   DFND   5,216,408 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 42,073 323,591 SH   DFND   323,591 0 0
GLOBAL X FDS VDEO GAM ESPRT 37954Y392 55,516 1,787,958 SH   DFND   1,787,958 0 0
FINANCIAL SELECT SECTOR SPDR TR UNIT 81369Y605 54,872 1,861,327 SH   DFND   1,861,327 0 0
ISHARES TR MSCI USA etf 46429B598 6,866 170,703 SH   DFND   170,703 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 16,718 464,119 SH   DFND   464,119 0 0
INVESCO EXCHANGE TRADED FD T S&P500 PUR VAL 46137V258 19,393 315,542 SH   DFND   315,542 0 0
SPDR SER TR S&P BK ETF 78464A797 19,687 470,753 SH   DFND   470,753 0 0
GLOBAL X FDS US INFR DEV ETF 37954Y673 2,288 107,860 SH   DFND   107,860 0 0
WISDOMTREE TR EM EX ST-OWNED 97717X578 4,239 106,865 SH   DFND   106,865 0 0
ALPHABET INC CAP STK CL C 02079K107 10,278 5,867 SH   DFND   5,867 0 0