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 INTL SEL DIV ETF 464288448 2,245 66,634 SH   DFND   0 66,634 0
ISHARES JP MOR EM MK ETF 464288281 883 8,046 SH   DFND   0 8,046 0
ISHARES MRG RL ES CP ETF 464288539 590 50,356 SH   DFND   0 50,356 0
ISHARES US OIL EQ&SV ETF 464288844 2,296 45,948 SH   DFND   0 45,948 0
ISHARES EM HGHYL BD ETF 464286285 345 7,300 SH   DFND   0 7,300 0
ISHARES TR U.S. FINLS ETF 464287788 389 4,315 SH   DFND   0 4,315 0
ISHARES TR MSCI EAFE ETF 464287465 1,533 25,201 SH   DFND   0 25,201 0
ISHARES TR MSCI EMG MKT ETF 464287234 2,337 59,477 SH   DFND   0 59,477 0
ISHARES TR NASDQ BIOTEC ETF 464287556 304 1,002 SH   DFND   0 1,002 0
ISHARES TR RUS 1000 GRW ETF 464287614 501 5,240 SH   DFND   0 5,240 0
ISHARES TR SELECT DIVID ETF 464287168 483 6,084 SH   DFND   0 6,084 0
ISHARES TR US HLTHCARE ETF 464287762 274 1,901 SH   DFND   0 1,901 0
ISHARES TR RUS MD CP GR ETF 464287481 3,826 41,034 SH   DFND   0 41,034 0
MANNKIND CORP COM 56400P201 53 10,253 SH   DFND   0 10,253 0
MICROSOFT CORP COM 594918104 215 4,622 SH   DFND   0 4,622 0
POWERSHARES ETF TRUST DYNA BUYBK ACH 73935X286 5,021 104,486 SH   DFND   0 104,486 0
POWERSHARES ETF TRUST FTSE US1500 SM 73935X567 3,969 39,402 SH   DFND   0 39,402 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 4,852 46,990 SH   DFND   0 46,990 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 1,064 18,804 SH   DFND   0 18,804 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 480 11,783 SH   DFND   0 11,783 0
SPDR SERIES TRUST BRC HGH YLD BD 78464A417 1,505 38,968 SH   DFND   0 38,968 0