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
BARCLAYS BK PLC ETF 06742E711 1,934 123,432 SH   DFND 1 0 0 0
DBX ETF TR ETF 233051408 907 40,199 SH   SOLE 0 0 0 0
DBX ETF TR ETF 233051408 3,212 142,386 SH   DFND 1 0 0 0
ISHARES GOLD TRUST ETF 464285105 1,208 98,404 SH   SOLE 0 0 0 0
ISHARES GOLD TRUST ETF 464285105 4,449 362,271 SH   DFND 1 0 0 0
ISHARES TR ETF 464287457 3,381 39,772 SH   SOLE 0 0 0 0
ISHARES TR ETF 464287457 10,776 126,763 SH   DFND 1 0 0 0
ISHARES TR ETF 464287879 893 7,965 SH   SOLE 0 0 0 0
ISHARES TR ETF 464287879 3,276 29,231 SH   DFND 1 0 0 0
ISHARES TR ETF 46429B655 3,288 65,119 SH   SOLE 0 0 0 0
ISHARES TR ETF 46429B655 10,798 213,872 SH   DFND 1 0 0 0
PIMCO ETF TR ETF 72201R833 1,348 13,343 SH   SOLE 0 0 0 0
PIMCO ETF TR ETF 72201R833 4,388 43,425 SH   DFND 1 0 0 0
POWERSHARES ETF TR II ETF 73937B654 1,454 39,761 SH   SOLE 0 0 0 0
POWERSHARES ETF TR II ETF 73937B654 4,537 124,070 SH   DFND 1 0 0 0
SELECT SECTOR SPDR TR ETF 81369Y209 1,908 27,601 SH   SOLE 0 0 0 0
SELECT SECTOR SPDR TR ETF 81369Y209 6,375 92,203 SH   DFND 1 0 0 0
SELECT SECTOR SPDR TR ETF 81369Y308 2,914 54,727 SH   SOLE 0 0 0 0
SELECT SECTOR SPDR TR ETF 81369Y308 9,200 172,804 SH   DFND 1 0 0 0
SELECT SECTOR SPDR TR ETF 81369Y407 1,752 22,424 SH   SOLE 0 0 0 0
SELECT SECTOR SPDR TR ETF 81369Y407 6,304 80,713 SH   DFND 1 0 0 0
SELECT SECTOR SPDR TR ETF 81369Y506 1,861 28,643 SH   SOLE 0 0 0 0
SELECT SECTOR SPDR TR ETF 81369Y506 6,451 99,267 SH   DFND 1 0 0 0
VANGUARD TAX MANAGED INTL FD ETF 921943858 1,849 51,747 SH   SOLE 0 0 0 0
VANGUARD TAX MANAGED INTL FD ETF 921943858 6,578 184,109 SH   DFND 1 0 0 0
VANGUARD INDEX FDS ETF 922908553 2,108 24,973 SH   SOLE 0 0 0 0
VANGUARD INDEX FDS ETF 922908553 6,948 82,328 SH   DFND 1 0 0 0