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 23,949 348,000 SH   DFND 1 0 0 348,000
DBX ETF TR XTRAK MSCI JAPN 233051507 1,581 39,000 SH   DFND 1 0 0 39,000
ISHARES TR EAFE VALUE ETF 464288877 715 13,100 SH   DFND 1 0 0 13,100
ISHARES TR N AMER TECH ETF 464287549 4,193 27,000 SH   DFND 1 0 0 27,000
ISHARES TR CORE S&P500 ETF 464287200 7,588 30,000 SH   DFND 1 0 0 30,000
ISHARES TR RUS 1000 VAL ETF 464287598 3,010 25,400 SH   DFND 1 0 0 25,400
ISHARES TR RUS 1000 GRW ETF 464287614 2,914 23,300 SH   DFND 1 0 0 23,300
ISHARES TR RUS MID CAP ETF 464287499 2,760 14,000 SH   DFND 1 0 0 14,000
ISHARES TR U.S. CNSM SV ETF 464287580 2,608 15,900 SH   DFND 1 0 0 15,900
ISHARES TR U.S. FINLS ETF 464287788 12,994 115,896 SH   DFND 1 0 0 115,896
ISHARES TR USA MOMENTUM FCT 46432F396 1,330 13,900 SH   DFND 1 0 0 13,900
RYDEX ETF TRUST GUG S&P500 PU VA 78355W304 689 11,200 SH   DFND 1 0 0 11,200
SPDR SERIES TRUST AEROSPACE DEF 78464A631 4,445 55,700 SH   DFND 1 0 0 55,700
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 2,207 27,000 SH   DFND 1 0 0 27,000