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
BP PLC SPONSORED ADR 055622104 239 7,927 SH   DFND   7,927 0 0
SPDR SERIES TRUST BRC HGH YLD BD 78464A417 429 12,538 SH   DFND   12,538 0 0
BB&T CORP COM 054937107 204 6,135 SH   DFND   6,135 0 0
FIFTH THIRD BANCORP COM 316773100 409 24,527 SH   DFND   24,527 0 0
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 331 20,281 SH   DFND   20,281 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 980 29,048 SH   DFND   29,048 0 0
VANGUARD BD INDEX FD INC TOTAL BND MRKT 921937835 299 3,618 SH   DFND   3,618 0 0
SPDR SERIES TRUST S&P OILGAS EXP 78464A730 528 17,417 SH   DFND   17,417 0 0
MARKET VECTORS ETF TR BIOTECH ETF 57060U183 597 5,767 SH   DFND   5,767 0 0
SPDR SERIES TRUST S&P RETAIL ETF 78464A714 222 4,815 SH   DFND   4,815 0 0
ISHARES MSCI FRANCE ETF 464286707 561 23,234 SH   DFND   23,234 0 0
ISHARES TR US OIL&GS EX ETF 464288851 281 5,412 SH   DFND   5,412 0 0
MICROSOFT CORP COM 594918104 216 3,913 SH   DFND   3,913 0 0
BANK AMER CORP COM 060505104 742 54,917 SH   DFND   54,917 0 0
POWERSHARES ETF TRUST DYN PHRMA PORT 73935X799 1,399 23,286 SH   DFND   23,286 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 5,117 82,655 SH   DFND   82,655 0 0
ISHARES TR MSCI INDIA ETF 46429B598 200 7,382 SH   DFND   7,382 0 0
DIREXION SHS ETF TR 20YR TRES BULL 25459W540 241 2,558 SH   DFND   2,558 0 0
GENERAL ELECTRIC CO COM 369604103 258 8,128 SH   DFND   8,128 0 0
CHIPOTLE MEXICAN GRILL INC COM 169656105 329 700 SH   DFND   700 0 0
REGIONS FINL CORP NEW COM 7591EP100 317 40,417 SH   DFND   40,417 0 0
ISHARES TR 7-10 Y TR BD ETF 464287440 1,478 13,402 SH   DFND   13,402 0 0
SUNEDISON INC COM 86732Y109 34 63,977 SH   DFND   63,977 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 254 3,750 SH   DFND   3,750 0 0
JPMORGAN CHASE & CO COM 46625H100 231 3,916 SH   DFND   3,916 0 0
ISHARES TR U.S. FINLS ETF 464287788 216 2,555 SH   DFND   2,555 0 0
ISHARES TR USA MIN VOL ETF 46429B697 453 10,320 SH   DFND   10,320 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 33,045 160,758 SH   DFND   160,758 0 0
ISHARES TR US HOME CONS ETF 464288752 554 20,480 SH   DFND   20,480 0 0
FIRST TR EXCHANGE TRADED FD DJ INTERNT IDX 33733E302 1,133 16,598 SH   DFND   16,598 0 0
POWERSHARES ETF TRUST DYNA BUYBK ACH 73935X286 1,461 32,244 SH   DFND   32,244 0 0
WISDOMTREE TR INDIA ERNGS FD 97717W422 234 12,005 SH   DFND   12,005 0 0
POWERSHARES ETF TRUST DYN FD & BEV 73935X849 740 22,771 SH   DFND   22,771 0 0
PROSHARES TR ULTSHT FT CH 50 74348A350 251 5,913 SH   DFND   5,913 0 0
ISHARES TR US HLTHCR PR ETF 464288828 364 2,985 SH   DFND   2,985 0 0
FIRST TR EXCHANGE TRADED FD NY ARCA BIOTECH 33733E203 2,391 27,321 SH   DFND   27,321 0 0
ISHARES TR U.S. ENERGY ETF 464287796 846 24,347 SH   DFND   24,347 0 0
PROSHARES TR PSHS SHRT S&P500 74347R503 278 13,654 SH   DFND   13,654 0 0
UNITED STATES OIL FUND LP UNITS 91232N108 552 56,952 SH   DFND   56,952 0 0
ISHARES TR TRANS AVG ETF 464287192 2,711 19,040 SH   DFND   19,040 0 0
FIRST TR EXCHANGE TRADED FD ENERGY ALPHADX 33734X127 251 17,820 SH   DFND   17,820 0 0
FIRST TR EXCHANGE TRADED FD HLTH CARE ALPH 33734X143 1,800 32,303 SH   DFND   32,303 0 0
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 271 5,597 SH   DFND   5,597 0 0
MARKET VECTORS ETF TR SEMICONDUCTOR 57060U233 3,206 58,211 SH   DFND   58,211 0 0
ISHARES TR US HLTHCARE ETF 464287762 494 3,517 SH   DFND   3,517 0 0
ISHARES MSCI TAIWAN ETF 464286731 243 17,543 SH   DFND   17,543 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 558 16,139 SH   DFND   16,139 0 0
ISHARES TR RUS MID-CAP ETF 464287499 240 1,475 SH   DFND   1,475 0 0
ISHARES MSCI HONG KG ETF 464286871 298 15,103 SH   DFND   15,103 0 0
ISHARES TR US OIL EQ&SV ETF 464288844 214 5,992 SH   DFND   5,992 0 0
SPDR SERIES TRUST S&P HOMEBUILD 78464A888 1,006 29,748 SH   DFND   29,748 0 0
ISHARES MSCI GERMANY ETF 464286806 605 23,536 SH   DFND   23,536 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 7,683 173,201 SH   DFND   173,201 0 0
PROSHARES TR PSHS ULTSH 20YRS 74347B201 264 7,182 SH   DFND   7,182 0 0
SPDR SERIES TRUST S&P BIOTECH 78464A870 5,418 104,888 SH   DFND   104,888 0 0
ISHARES INC CORE MSCI EMKT 46434G103 1,433 34,452 SH   DFND   34,452 0 0
ISHARES TR U.S. REAL ES ETF 464287739 3,318 42,616 SH   DFND   42,616 0 0
JOHNSON & JOHNSON COM 478160104 201 1,860 SH   DFND   1,860 0 0
ISHARES MSCI SPAN CP ETF 464286764 234 8,618 SH   DFND   8,618 0 0
CURRENCYSHARES EURO TR EURO SHS 23130C108 223 2,012 SH   DFND   2,012 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 2,181 39,332 SH   DFND   39,332 0 0
AMBEV SA SPONSORED ADR 02319V103 452 87,360 SH   DFND   87,360 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 710 31,576 SH   DFND   31,576 0 0
ISHARES TR MSCI EAFE ETF 464287465 816 14,297 SH   DFND   14,297 0 0
ISHARES TR NASDQ BIOTEC ETF 464287556 2,133 8,181 SH   DFND   8,181 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 419 8,463 SH   DFND   8,463 0 0