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 SELECT DIVID ETF 464287168 254 3,298 SH   DFND   0 0 3,298
ISHARES CREDIT BD ETF 464288620 255 2,284 SH   DFND   0 0 2,284
ISHARES IBOXX HI YD ETF 464288513 222 2,335 SH   DFND   0 0 2,335
ISHARES INTL SEL DIV ETF 464288448 2,336 58,556 SH   DFND   0 0 58,556
ISHARES JP MOR EM MK ETF 464288281 778 6,750 SH   DFND   0 0 6,750
ISHARES MRG RL ES CP ETF 464288539 641 50,688 SH   DFND   0 0 50,688
ISHARES MSCI BRZ CAP ETF 464286400 233 4,880 SH   DFND   0 0 4,880
ISHARES MSCI EAFE ETF 464287465 1,585 23,181 SH   DFND   0 0 23,181
ISHARES MSCI EMG MKT ETF 464287234 2,388 55,232 SH   DFND   0 0 55,232
ISHARES ASIA/PAC DIV ETF 464286293 246 4,217 SH   DFND   0 0 4,217
ISHARES RUS MD CP GR ETF 464287481 3,232 36,091 SH   DFND   0 0 36,091
ISHARES U.S. FINLS ETF 464287788 403 4,848 SH   DFND   0 0 4,848
ISHARES US HLTHCARE ETF 464287762 259 2,021 SH   DFND   0 0 2,021
ISHARES US OIL EQ&SV ETF 464288844 3,369 43,457 SH   DFND   0 0 43,457
ISHARES RUS 1000 GRW ETF 464287614 480 5,283 SH   DFND   0 0 5,283
MANNKIND CORP COM 56400P201 112 10,253 SH   DFND   0 0 10,253
POWERSHARES ETF TRUST DYNA BUYBK ACH 73935X286 4,699 104,770 SH   DFND   0 0 104,770
POWERSHARES ETF TRUST FTSE US1500 SM 73935X567 2,756 27,327 SH   DFND   0 0 27,327
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 4,035 42,970 SH   DFND   0 0 42,970
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 553 10,225 SH   DFND   0 0 10,225
SPDR SERIES TRUST S&P REGL BKG 78464A698 250 6,200 SH   DFND   0 0 6,200
SPDR SERIES TRUST BRC HGH YLD BD 78464A417 1,560 37,383 SH   DFND   0 0 37,383