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

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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
ISHARES TR MSCI ACWI ETF 464288257 27,637 422,000 SH   DFND 1 0 0 422,000
POWERSHS DB MULTI SECT COMM DB ENERGY FUND 73936B101 929 80,000 SH   DFND 1 0 0 80,000
DBX ETF TR XTRAK MSCI JAPN 233051507 1,519 39,000 SH   DFND 1 0 0 39,000
ISHARES TR EAFE VALUE ETF 464288877 677 13,100 SH   DFND 1 0 0 13,100
ISHARES TR N AMER TECH ETF 464287549 3,905 27,000 SH   DFND 1 0 0 27,000
ISHARES TR CORE S&P500 ETF 464287200 6,815 28,000 SH   DFND 1 0 0 28,000
ISHARES TR RUS 1000 VAL ETF 464287598 5,868 50,400 SH   DFND 1 0 0 50,400
ISHARES TR RUS 1000 GRW ETF 464287614 2,773 23,300 SH   DFND 1 0 0 23,300
ISHARES TR RUS MID CAP ETF 464287499 4,611 24,000 SH   DFND 1 0 0 24,000
ISHARES TR U.S. CNSM SV ETF 464287580 2,609 15,900 SH   DFND 1 0 0 15,900
ISHARES TR U.S. FINLS ETF 464287788 12,461 115,896 SH   DFND 1 0 0 115,896
ISHARES TR MSCI CHINA ETF 46429B671 766 14,000 SH   DFND 1 0 0 14,000
ISHARES TR USA MOMENTUM FCT 46432F396 1,236 13,900 SH   DFND 1 0 0 13,900
POWERSHARES ETF TRUST GOLDEN DRG CHINA 73935X401 566 15,000 SH   DFND 1 0 0 15,000
RYDEX ETF TRUST GUG S&P500 PU VA 78355W304 667 11,200 SH   DFND 1 0 0 11,200
SPDR S&P 500 ETF TR TR UNIT 78462F103 5,029 20,800 SH   DFND 1 0 0 20,800
SPDR SERIES TRUST AEROSPACE DEF 78464A631 3,921 55,700 SH   DFND 1 0 0 55,700
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 3,524 64,400 SH   DFND 1 0 0 64,400
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 2,139 27,000 SH   DFND 1 0 0 27,000