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 23 340 SH   SOLE   340 0 0
Consumer Discretionary SPDR ETF 81369Y407 7,218 108,154 SH   DFND 1 108,154 0 0
Financial Select Sector SPDR ETF 81369Y605 1,013 44,550 SH   SOLE   44,550 0 0
Health Care Select Sector SPDR ETF 81369Y209 2,890 47,505 SH   SOLE   47,505 0 0
Health Care Select Sector SPDR ETF 81369Y209 7,600 124,934 SH   DFND 1 124,934 0 0
Market Vectors Gold Miners ETF ETF 57060U100 333 12,585 SH   SOLE   12,585 0 0
PowerShares QQQ ETF 73935A104 967 10,299 SH   SOLE   10,299 0 0
SPDR S&P ETF 78462F103 8 41 SH   SOLE   41 0 0
SPDR S&P ETF 78462F103 2,533 12,943 SH   DFND 1 12,943 0 0
SPDR S&P Dividend ETF (SDY) ETF 78464A763 13 170 SH   SOLE   170 0 0
SPDR S&P Dividend ETF (SDY) ETF 78464A763 4,209 54,960 SH   DFND 1 54,960 0 0
SPDR S&P Midcap ETF 78467Y107 8 30 SH   SOLE   30 0 0
SPDR S&P Midcap ETF 78467Y107 2,515 9,654 SH   DFND 1 9,654 0 0
Technology Select Sector SPDR ETF 81369Y803 1,001 26,105 SH   SOLE   26,105 0 0
Vanguard Information Technolog ETF 92204A702 1,017 10,507 SH   SOLE   10,507 0 0
iShares Dow Jones US Financial ETF 464287788 936 11,259 SH   SOLE   11,259 0 0
iShares Dow Jones US Financial ETF 464287770 932 11,040 SH   SOLE   11,040 0 0
iShares Goldman Sachs Software ETF 464287515 2,954 34,353 SH   SOLE   34,353 0 0
iShares Russell Midcap Value I ETF 464287473 6,252 86,100 SH   SOLE   86,100 0 0
iShares Russell Midcap Value I ETF 464287473 7,881 108,536 SH   DFND 1 108,536 0 0
iShares S&P MidCap Index ETF 464287507 14 95 SH   SOLE   95 0 0
iShares S&P MidCap Index ETF 464287507 4,252 29,718 SH   DFND 1 29,718 0 0
iShares Transportation Average ETF 464287192 2,146 14,600 SH   SOLE   14,600 0 0
ConocoPhillips COM 20825C104 1,247 14,540 SH   SOLE   14,540 0 0
First Majestic Silver Corp COM 32076V103 376 34,775 SH   SOLE   34,775 0 0
Intel COM 458140100 1,258 40,702 SH   SOLE   40,702 0 0
Yahoo COM 984332106 727 20,708 SH   SOLE   20,708 0 0
PowerShares Preferred ETF 73936T565 13 900 SH   SOLE   900 0 0
PowerShares Preferred ETF 73936T565 4,100 280,228 SH   DFND 1 280,228 0 0
iShares Nasdaq Biotechnology ETF 464287556 12,216 47,528 SH   SOLE   47,528 0 0
iShares Nasdaq Biotechnology ETF 464287556 1,672 6,507 SH   DFND 1 6,507 0 0
Gastar Exploration COM 367299203 242 27,818 SH   SOLE   27,818 0 0
Imperial Petrolium Recovery COM 453079105 0 22,000 SH   SOLE   22,000 0 0
Vanguard FTSE Europe ETF ETF 922042874 23 380 SH   SOLE   380 0 0
Vanguard FTSE Europe ETF ETF 922042874 7,330 122,274 SH   DFND 1 122,274 0 0
iShares MSCI South Korea Index ETF 464286772 843 12,970 SH   SOLE   12,970 0 0
Goldcorp ADR 380956409 445 15,940 SH   SOLE   15,940 0 0
PowerShares DB Agriculture ETF 73936B408 7,090 258,200 SH   SOLE   258,200 0 0
SPDR Gold Shares ETF 78463V107 1,440 11,250 SH   SOLE   11,250 0 0
iShares Silver Trust ETF 46428Q109 1,845 91,131 SH   SOLE   91,131 0 0