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 3,642 43,924 SH   DFND   0 43,924 0
FINANCIAL SELECTETF SECTOR SPD COM 81369Y605 25,998 1,306,079 SH   DFND   0 1,306,079 0
INDUSTRIAL SELECT ETF SECTOR S COM 81369Y704 3,641 78,455 SH   DFND   0 78,455 0
ISHARES ETF U.S. ENERGY COM 464287796 22,629 480,452 SH   DFND   0 480,452 0
ISHARES ETF U.S. INDUSTRIALS COM 464287754 22,772 251,565 SH   DFND   0 251,565 0
ISHARES ETF U.S. TECHNOLOGY COM 464287721 22,878 290,331 SH   DFND   0 290,331 0
ISHARES ETF U.S. UTILITIES COM 464287697 22,736 242,157 SH   DFND   0 242,157 0
SECTOR SPDR TR ETF TECHNOLOGY COM 81369Y803 3,621 113,013 SH   DFND   0 113,013 0
SELECT SECTOR SPDR FD CONSUMER COM 81369Y407 26,612 438,919 SH   DFND   0 438,919 0
SELECT SECTOR SPDR FD HEALTH C COM 81369Y209 3,630 71,763 SH   DFND   0 71,763 0
SELECT SECTOR SPDR FD MATERIAL COM 81369Y100 26,300 626,032 SH   DFND   0 626,032 0
SELECT SECTOR SPDR TR SBI INT- COM 81369Y886 3,614 96,707 SH   DFND   0 96,707 0
ISHARES MSCI CDA ETF COM 464286509 257 9,071 SH   DFND   0 9,071 0
ISHARES MSCI EMERGING MARKET COM 464287234 754 18,505 SH   DFND   0 18,505 0
ISHARES MSCI JAPAN ETF COM 464286848 300 25,162 SH   DFND   0 25,162 0
ISHARES MSCI PACIFIC EX JAPA COM 464286665 256 5,378 SH   DFND   0 5,378 0
VANGUARD FTSE ETF EUROPEAN COM 922042874 847 15,538 SH   DFND   0 15,538 0
ISHARES ETF 7-10 YR TREASURY B COM 464287440 229 2,244 SH   DFND   0 2,244 0
ISHARES ETF FLOATING RATE BOND COM 46429B655 20,533 405,147 SH   DFND   0 405,147 0
ISHARES IBOXX $ ETF HIGH YIELD COM 464288513 241 2,633 SH   DFND   0 2,633 0
ISHARES MBS ETF COM 464288588 20,583 194,331 SH   DFND   0 194,331 0
SPDR S&P 500 TRUST ETF COM 78462F103 412 2,452 SH   DFND   0 2,452 0
FIRST TRUST ASIA ETF PACIFIC E COM 33737J109 16,460 592,927 SH   DFND   0 592,927 0
FIRST TRUST CANADA ETF ALPHADE COM 33737J208 16,753 464,459 SH   DFND   0 464,459 0
FIRST TRUST CONSUMERETF DISCRE COM 33734X101 27,624 931,666 SH   DFND   0 931,666 0
FIRST TRUST EMERGING ETF MARKE COM 33737J182 49,391 2,031,718 SH   DFND   0 2,031,718 0
FIRST TRUST ENERGY ETF ALPHA COM 33734X127 27,762 1,210,240 SH   DFND   0 1,210,240 0
FIRST TRUST ETF FINANCIAL ALPH COM 33734X135 27,600 1,396,739 SH   DFND   0 1,396,739 0
FIRST TRUST ETF INDUSTRIALS/PR COM 33734X150 27,682 1,106,381 SH   DFND   0 1,106,381 0
FIRST TRUST ETF UTILITIES ALPH COM 33734X184 27,443 1,379,032 SH   DFND   0 1,379,032 0
FIRST TRUST EUROPE ETF ALPHADE COM 33737J117 57,648 1,869,267 SH   DFND   0 1,869,267 0
FIRST TRUST EXCH TRD ALPHA FD COM 33737J158 21,081 457,878 SH   DFND   0 457,878 0
FIRST TRUST HEALTH CARE ETF AL COM 33734X143 27,687 639,117 SH   DFND   0 639,117 0
FIRST TRUST MATERIAL ETF ALPHA COM 33734X168 27,226 937,874 SH   DFND   0 937,874 0
FIRST TRUST TECHNLGY ETF ALPHA COM 33734X176 27,737 1,019,748 SH   DFND   0 1,019,748 0
ISHARES CORE S&P 500 ETF S&P 5 COM 464287200 35,801 211,967 SH   DFND   0 211,967 0
ISHARES ETF U.S. HEALTHCARE COM 464287762 22,503 210,464 SH   DFND   0 210,464 0
PIMCO 0-5 YEAR HIGH ETF YIELD COM 72201R783 20,455 195,000 SH   DFND   0 195,000 0
PIMCO ETF TRUST ETF ENHANCED S COM 72201R833 20,580 202,970 SH   DFND   0 202,970 0
PIMCO TRUST ETF 7-15YR US COM 72201R700 20,436 248,337 SH   DFND   0 248,337 0