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
Consumer Discretionary SPDR ETF 81369Y407 8 105 SH   SOLE   105 0 0
Consumer Discretionary SPDR ETF 81369Y407 2,595 33,926 SH   DFND 1 33,926 0 0
Consumer Staples Select Sector ETF 81369Y308 14 285 SH   SOLE   285 0 0
Consumer Staples Select Sector ETF 81369Y308 4,347 91,329 SH   DFND 1 91,329 0 0
Financial Select Sector SPDR ETF 81369Y605 760 31,178 SH   SOLE   31,178 0 0
Health Care Select Sector SPDR ETF 81369Y209 14 192 SH   SOLE   192 0 0
Health Care Select Sector SPDR ETF 81369Y209 4,533 60,936 SH   DFND 1 60,936 0 0
Market Vectors Semiconductor E ETF 57060U233 5,954 109,115 SH   SOLE   109,115 0 0
Materials Select Sector SPDR ETF 81369Y100 11 217 SH   SOLE   217 0 0
Materials Select Sector SPDR ETF 81369Y100 3,388 70,020 SH   DFND 1 70,020 0 0
PowerShares QQQ ETF 73935A104 792 7,398 SH   SOLE   7,398 0 0
PowerShares QQQ ETF 73935A104 3,571 33,352 SH   DFND 1 33,352 0 0
Technology Select Sector SPDR ETF 81369Y803 776 18,745 SH   SOLE   18,745 0 0
Technology Select Sector SPDR ETF 81369Y803 3,475 83,942 SH   DFND 1 83,942 0 0
Vanguard Information Technolog ETF 92204A702 745 7,016 SH   SOLE   7,016 0 0
iShares Dow Jones US Financial ETF 464287788 764 8,516 SH   SOLE   8,516 0 0
iShares Dow Jones US Financial ETF 464287770 764 8,122 SH   SOLE   8,122 0 0
iShares Dow Jones US Technolog ETF 464287721 716 6,840 SH   SOLE   6,840 0 0
iShares Goldman Sachs Software ETF 464287515 813 8,177 SH   SOLE   8,177 0 0
iShares PHLX SOX Semiconductor ETF 464287523 8 82 SH   SOLE   82 0 0
iShares PHLX SOX Semiconductor ETF 464287523 2,428 26,364 SH   DFND 1 26,364 0 0
iShares Russell Midcap Value I ETF 464287473 24 325 SH   SOLE   325 0 0
iShares Russell Midcap Value I ETF 464287473 7,840 106,285 SH   DFND 1 106,285 0 0
Altria Group COM 02209S103 585 11,970 SH   SOLE   11,970 0 0
Apple COM 037833100 281 2,240 SH   SOLE   2,240 0 0
Avago Technologies Ltd COM Y0486S104 1,321 9,940 SH   SOLE   9,940 0 0
Baxter International COM 071813109 601 8,591 SH   SOLE   8,591 0 0
Costco Wholesale COM 22160K105 563 4,169 SH   SOLE   4,169 0 0
Garmin COM H2906T109 733 16,675 SH   SOLE   16,675 0 0
Illumina Inc. COM 452327109 1,116 5,113 SH   SOLE   5,113 0 0
Keurig Green Mountain Inc COM 49271M100 559 7,289 SH   SOLE   7,289 0 0
L Brands Inc COM 501797104 504 5,876 SH   SOLE   5,876 0 0
Micron Technology COM 595112103 561 29,790 SH   SOLE   29,790 0 0
NXP Semiconductors NV COM N6596X109 1,099 11,194 SH   SOLE   11,194 0 0
Philip Morris International, I COM 718172109 553 6,896 SH   SOLE   6,896 0 0
SanDisk COM 80004C101 762 13,096 SH   SOLE   13,096 0 0
T Rowe Price Group COM 74144T108 524 6,741 SH   SOLE   6,741 0 0
The CME Group COM 12572Q105 524 5,626 SH   SOLE   5,626 0 0
Walmart Stores COM 931142103 539 7,593 SH   SOLE   7,593 0 0
Williams Companies COM 969457100 694 12,100 SH   SOLE   12,100 0 0
iShares Nasdaq Biotechnology ETF 464287556 35 94 SH   SOLE   94 0 0
iShares Nasdaq Biotechnology ETF 464287556 4,001 10,845 SH   DFND 1 10,845 0 0
Uranium Energy Corp. COM 916896103 16 10,000 SH   SOLE   10,000 0 0
Deutsche Bank X-Trackers MSCI ETF 233051507 5,184 124,071 SH   SOLE   124,071 0 0
Deutsche X-trackers MSCI EAFE ETF 233051200 11 383 SH   SOLE   383 0 0
Deutsche X-trackers MSCI EAFE ETF 233051200 3,479 121,562 SH   DFND 1 121,562 0 0
Deutsche X-trackers MSCI Em Mk ETF 233051101 18 834 SH   SOLE   834 0 0
Deutsche X-trackers MSCI Em Mk ETF 233051101 5,772 270,594 SH   DFND 1 270,594 0 0
Deutsche X-trackers MSCI Europ ETF 233051853 3,358 125,004 SH   SOLE   125,004 0 0
Vanguard FTSE Europe ETF ETF 922042874 5 100 SH   SOLE   100 0 0
Vanguard FTSE Europe ETF ETF 922042874 1,731 32,061 SH   DFND 1 32,061 0 0
iShares FTSE/Xinhua China 25 I ETF 464287184 1,866 40,481 SH   SOLE   40,481 0 0
iShares MSCI South Korea Index ETF 464286772 675 12,255 SH   SOLE   12,255 0 0
PowerShares DB US Dollar Index ETF 73936D107 14 540 SH   SOLE   540 0 0
PowerShares DB US Dollar Index ETF 73936D107 4,348 173,715 SH   DFND 1 173,715 0 0