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
iShares TR MSCI ACWI ETF 464288257 24,798 392,000 SH   DFND 1 0 0 392,000
DBX ETF TR XTRAK MSCI JAPN 233051507 1,463 39,000 SH   DFND 1 0 0 39,000
ISHARES TR EAFE VALUE ETF 464288877 659 13,100 SH   DFND 1 0 0 13,100
SPDR Index SHS FDS ASIA PACIFIC ETF 78463X301 2,754 32,000 SH   DFND 1 0 0 32,000
iShares TR N AMER TECH ETF 464287549 7,394 53,400 SH   DFND 1 0 0 53,400
iShares TR RUS 1000 VAL ETF 464287598 5,793 50,400 SH   DFND 1 0 0 50,400
iShares TR RUS 1000 GRW ETF 464287614 2,652 23,300 SH   DFND 1 0 0 23,300
iShares TR RUS MID CAP ETF 464287499 4,492 24,000 SH   DFND 1 0 0 24,000
iShares TR U.S. CNSM SV ETF 464287580 2,559 15,900 SH   DFND 1 0 0 15,900
iShares TR U.S. FINLS ETF 464287788 12,059 115,896 SH   DFND 1 0 0 115,896
iShares TR CHINA ETF 46429B671 699 14,000 SH   DFND 1 0 0 14,000
iShares TR USA MOMENTUM FCT 46432F396 1,149 13,900 SH   DFND 1 0 0 13,900
PowerShares ETF Trust GOLDEN DRG CHINA 73935X401 510 15,000 SH   DFND 1 0 0 15,000
Rydex ETF Trust GUG S&P500 PU VA 78355W304 659 11,200 SH   DFND 1 0 0 11,200
SPDR S&P 500 ETF TR TR UNIT 78462F103 4,903 20,800 SH   DFND 1 0 0 20,800
SPDR Series Trust AEROSPACE DEF 78464A631 3,722 55,700 SH   DFND 1 0 0 55,700
Select Sector SPDR TR TECHNOLOGY 81369Y803 6,099 114,400 SH   DFND 1 0 0 114,400