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
ALPHABET INC CAP STK CL C CAP STK CL C ADDED 02079K107 11,356 15,245 SH   DFND 1,2, 15,245 0 0
ISHARES MSCI STH KOR ETF MSCI STH KOR ETF 464286772 48,681 921,635 SH   DFND 1,2,3, 921,635 0 0
ISHARES MSCI TAIWAN ETF MSCI TAIWAN ETF 464286731 3,203 231,096 SH   DFND 1,2, 231,096 0 0
ISHARES TR MSCI EMG MKT ETF MKT ETF 464287234 116 3,388 SH   DFND 1,2, 3,388 0 0
ISHARES TR MSCI INDIA ETF MSCI INDIA ETF 46429B598 119,977 4,423,925 SH   DFND 1,2,3, 4,423,925 0 0
ISHARES TR MSCI UTD KNGDM MSCI UTD KNGDM 46434V548 5,894 375,865 SH   DFND 1,2,3, 375,865 0 0
ISHARES TR NA TEC-SFTWR ETF NA TEC-SFTWR ETF 464287515 141,106 1,401,668 SH   DFND 1,2,3, 1,401,668 0 0
ISHARES TR PHLX SEMICND ETF PHLX SEMICND ETF 464287523 72,558 791,949 SH   DFND 1,2,3, 791,949 0 0
ISHARES TR U.S. BAS MTL ETF U.S. BAS MTL ETF 464287838 19,027 259,677 SH   DFND 1,2,3, 259,677 0 0
ISHARES TR U.S. MED DVC ETF U.S. MED DVC ETF 464288810 95,627 780,754 SH   DFND 1,2,3, 780,754 0 0
ISHARES TR U.S. PFD STK ETF U.S. PFD STK ETF 464288687 5 126 SH   DFND 2 126 0 0
MARKET VECTORS ETF TR GOLD MINER ETF ETF 57060U100 1,438 72,000 SH   DFND 1 72,000 0 0
PROSHARES TR SHRT 20+YR TRE SHRT 20+YR TRE 74347X849 164 7,229 SH   DFND 1 7,229 0 0
RYDEX ETF TRUST GUG S&P500 EQ WT GUG S&P500 EQ WT 78355W106 1,274 16,218 SH   DFND 1,2, 16,218 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR SBI CONS DISCR 81369Y407 176,320 2,229,080 SH   DFND 1,2,3, 2,229,080 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS SBI CONS STPLS 81369Y308 214,047 4,034,062 SH   DFND 1,2,3, 4,034,062 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE SBI HEALTHCARE 81369Y209 78,863 1,163,514 SH   DFND 1,2,3, 1,163,514 0 0
SELECT SECTOR SPDR TR SBI INT-FINL SBI INT-FINL 81369Y605 137,256 6,100,264 SH   DFND 1,2,3, 6,100,264 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF ETF 922042858 2,282 66,000 SH   DFND 1 66,000 0 0
WISDOMTREE TR JAPN HEDGE EQT JAPN HEDGE EQT 97717W851 3,004 68,723 SH   DFND 1 68,723 0 0
SCHWAB STRATEGIC TR EMRG MKTEQ ETF ETF 808524706 417 20,079 SH   DFND 1,2, 20,079 0 0
ISHARES MSCI JAPAN ETF MSCI JAPAN ETF 464286848 19,841 1,738,901 SH   DFND 1,2, 1,738,901 0 0
ISHARES TR IBOXX HI YD ETF IBOXX HI YD ETF 464288513 39 480 SH   DFND 2 480 0 0
PIMCO ETF TR INV GRD CRP BD INV GRD CRP BD 72201R817 410 3,972 SH   DFND 2 3,972 0 0
SPDR SERIES TRUST BRC HGH YLD BD BRC HGH YLD BD 78464A417 594 17,330 SH   DFND 2 17,330 0 0
DBX ETF TR DB XTRAKR MSCI ETF 233051861 154 7,013 SH   DFND 1,2, 7,013 0 0
HSBC HLDGS PLC SDCV 5.625%12/2 SDCV 5.625%12/2 404280AR0 25,508 26,200,000 SH   DFND 1,2,3, 26,200,000 0 0
MARKET VECTORS ETF TR JP MORGAN EM LC EM LC CURR DBT 57060U522 150 8,050 SH   DFND 1,2, 8,050 0 0
ORBOTECH LTD ORD ORD M75253100 42,288 1,778,292 SH   DFND 1,2,3, 1,778,292 0 0
CHECK POINT SOFTWARE TECH LT ORD ORD M22465104 16,790 191,946 SH   DFND 1,2,3, 191,946 0 0
MELLANOX TECHNOLOGIES LTD SHS SHS M51363113 8,718 160,455 SH   DFND 1,2,3, 160,455 0 0
GENERAL ELECTRIC CO COM COM 369604103 36,504 1,140,730 SH   DFND 1,2,3, 1,140,730 0 0
BANK AMER CORP COM COM 60505104 24,775 1,832,441 SH   DFND 1,2,3, 1,832,441 0 0
CISCO SYS INC COM COM 17275R102 35,973 1,263,545 SH   DFND 1,2,3, 1,263,545 0 0
MICRON TECHNOLOGY INC COM COM 595112103 10,769 1,028,524 SH   DFND 1,2,3, 1,028,524 0 0
PFIZER INC COM COM 717081103 7,945 268,052 SH   DFND 1,2,3, 268,052 0 0
CITIGROUP INC COM NEW COM NEW 172967424 27,470 657,971 SH   DFND 1,2,3, 657,971 0 0
ALPHABET INC CAP STK CL A CAP STK CL A ADDED 02079K305 23,378 30,644 SH   DFND 1,2,3, 30,644 0 0
METLIFE INC COM COM 59156R108 24,503 557,638 SH   DFND 1,2,3, 557,638 0 0
JPMORGAN CHASE & CO COM COM 46625H100 29,242 493,793 SH   DFND 1,2,3, 493,793 0 0
AMERICAN INTL GROUP INC COM NEW COM NEW 26874784 32,227 596,239 SH   DFND 1,2,3, 596,239 0 0
AMERICAN AIRLS GROUP INC COM COM 02376R102 29,374 716,271 SH   DFND 1,2,3, 716,271 0 0
STEEL DYNAMICS INC COM COM 858119100 29,014 1,282,934 SH   DFND 1,2,3, 1,282,934 0 0
ALLERGAN PLC SHS SHS DELETED G0177J108 50,336 187,801 SH   DFND 1,2,3, 187,801 0 0
BLACKSTONE GROUP L P COM UNIT LTD COM UNIT LTD 09253U108 18,829 671,263 SH   DFND 1,2,3, 671,263 0 0
DELPHI AUTOMOTIVE PLC SHS SHS G27823106 25,008 333,351 SH   DFND 1,2,3, 333,351 0 0
MEDTRONIC PLC SHS COM UNIT LTD G5960L103 29,872 396,771 SH   DFND 1,2,3, 396,771 0 0
PJT PARTNERS INC COM CL A COM CL A 69343T107 19 782 SH   DFND 1 782 0 0
ENERGIZER HLDGS INC NEW COM NEW COM 29272W109 16,568 408,990 SH   DFND 1,2,3, 408,990 0 0
SPIRIT AIRLS INC COM COM 848577102 15,593 324,993 SH   DFND 1,2,3, 324,993 0 0
AT&T INC COM COM 00206R102 2,613 66,715 SH   DFND 1 66,715 0 0
VERIZON COMMUNICATIONS INC COM COM 92343V104 2,693 49,795 SH   DFND 1 49,795 0 0
APPLE INC COM COM 37833100 501 4,600 SH   DFND 1 4,600 0 0
NEWELL RUBBERMAID INC COM COM 651229106 17,594 397,248 SH   DFND 1,2,3, 397,248 0 0
CVS HEALTH CORP COM COM 126650100 1,037 10,000 SH   DFND 1 10,000 0 0
WALGREENS BOOTS ALLIANCE INC COM COM 931427108 1,045 12,400 SH   DFND 1 12,400 0 0
SPDR S&P 500 ETF TR TR UNIT TR UNIT 78462F103 149,225 725,042 SH   DFND 1,2,3, 725,042 0 0
ISHARES TR MSCI ACWI ETF MSCI ACWI ETF 464288257 17 300 SH   DFND 2 300 0 0
VANGUARD INDEX FDS S&P 500 ETF SHS SHS 922908363 2,205 11,696 SH   DFND 1,2, 11,696 0 0
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF ETF 922042874 41 841 SH   DFND 2 841 0 0
POWERSHARES QQQ TRUST UNIT SER 1 UNIT SER 1 73935A104 58,876 538,095 SH   DFND 1,2,3, 538,095 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY SBI INT-ENERGY 81369Y506 86,799 1,402,466 SH   DFND 1,2,3, 1,402,466 0 0
SELECT SECTOR SPDR TR TECHNOLOGY TECHNOLOGY 81369Y803 115,384 2,601,088 SH   DFND 1,2,3, 2,601,088 0 0
SELECT SECTOR SPDR TR SBI INT-INDS SBI INT-INDS 81369Y704 89,637 1,615,958 SH   DFND 1,2,3, 1,615,958 0 0
ISHARES TR U.S. TELECOM ETF TELECOM ETF 464287713 54,277 1,766,247 SH   DFND 1,2,3, 1,766,247 0 0
MARKET VECTORS ETF TR OIL SVCS ETF OIL SVCS ETF 57060U191 46,171 1,735,113 SH   DFND 1,2,3, 1,735,113 0 0
ISHARES TR TRANS AVG ETF TRANS AVG ETF 464287192 1,437 10,092 SH   DFND 2 10,092 0 0
SPDR SERIES TRUST S&P INS ETF S&P INS ETF 78464A789 110,481 1,595,626 SH   DFND 1,2,3, 1,595,626 0 0
ISHARES TR US HOME CONS ETF US HOME CONS ETF 464288752 91,544 3,380,495 SH   DFND 1,2,3, 3,380,495 0 0
SPDR SERIES TRUST S&P CAP MKTS S&P CAP MKTS 78464A771 27,031 694,169 SH   DFND 1,2,3, 694,169 0 0
SPDR SERIES TRUST S&P RETAIL ETF S&P RETAIL ETF 78464A714 159 3,440 SH   DFND 1 3,440 0 0
MARKET VECTORS ETF TR PHARMACEUTICAL PHARMACEUTICAL 57060U217 3,197 55,600 SH   DFND 1 55,600 0 0
ISHARES TR US HLTHCR PR ETF US HLTHCR PR ETF 464288828 1,060 8,687 SH   DFND 1 8,687 0 0
VANGUARD INDEX FDS REIT ETF REIT ETF 922908553 4,148 49,500 SH   DFND 1 49,500 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS TR SBI INT-UTILS 81369Y886 3,935 79,300 SH   DFND 1 79,300 0 0
SPDR SERIES TRUST AEROSPACE DEF DEF 78464A631 55,460 1,064,895 SH   DFND 1,2,3, 1,064,895 0 0
VANGUARD WORLD FDS TELCOMM ETF ETF 92204A884 76,843 828,763 SH   DFND 1,2,3, 828,763 0 0
ISHARES TR EUROPE ETF EUROPE ETF 464287861 15,499 396,293 SH   DFND 1,2,3, 396,293 0 0
SPDR INDEX SHS FDS EURO STOXX 50 EURO STOXX 50 78463X202 11,403 343,142 SH   DFND 1,2,3, 343,142 0 0
DBX ETF TR DB XTR MSCI EUR MSCI EUR 233051853 18 718 SH   DFND 2 718 0 0
ISHARES MSCI JAPAN ETF MSCI JAPAN ETF 464286848 6,418 562,450 SH   DFND ,2,3, 562,450 0 0
NOVARTIS A G SPONSORED ADR SPONSORED ADR 66987V109 1,236 17,060 SH   DFND 1 17,060 0 0
UBS GROUP AG SHS SHS NEW H42097107 21,183 1,322,268 SH   DFND 1,2,3, 1,322,268 0 0
NICE SYS LTD SPONSORED ADR SPONSORED ADR 653656108 38,030 586,967 SH   DFND 1,2,3, 586,967 0 0
TEVA PHARMACEUTICAL INDS LTD ADR ADR 881624209 239,875 4,482,801 SH   DFND 1,2,3, 4,482,801 0 0
B COMMUNICATIONS LTD SHS SHS M15629104 13,920 476,228 SH   DFND 1,2, 476,228 0 0
ELBIT SYS LTD ORD ORD M3760D101 8,594 91,630 SH   DFND 2 91,630 0 0
CELLCOM ISRAEL LTD SHS SHS M2196U109 1,395 197,526 SH   DFND 1,2, 197,526 0 0
GAZIT GLOBE LTD SHS SHS M4793C102 4,095 449,978 SH   DFND 1,2, 449,978 0 0
NOVA MEASURING INSTRUMENTS L COM COM M7516K103 10,168 976,753 SH   DFND 1,2,3, 976,753 0 0
EZCHIP SEMICONDUCTOR LIMITED ORD DELETED ORD M4146Y108 2,571 100,882 SH   DFND 1,2, 100,882 0 0
PERRIGO CO PLC SHS SHS G97822103 115,657 904,062 SH   DFND 1,2,3, 904,062 0 0
EVOGENE LTD SHS SHS M4119S104 3,906 599,981 SH   DFND 1,2,3, 599,981 0 0
ISRAEL CHEMICALS LTD SHS SHS M5920A109 2,788 649,982 SH   DFND 1,2,3, 649,982 0 0
OPKO HEALTH INC COM COM 68375N103 23,419 2,254,025 SH   DFND 1,2,3, 2,254,025 0 0
ORMAT TECHNOLOGIES INC COM COM 686688102 96,368 2,336,754 SH   DFND 1,2,3, 2,336,754 0 0
SAPIENS INTL CORP N V SHS NEW SHS NEW N7716A151 2,691 224,632 SH   DFND 1,2,3, 224,632 0 0
MYLAN N V SHS EURO SHS EURO N59465109 92,365 1,992,768 SH   DFND 1,2,3, 1,992,768 0 0