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
ISHARES US HOME CONS ETF 464288752 2,100 74,415 SH   DFND   74,415 0 0
HEALTH CARE REIT INC COM 42217K106 308 3,985 SH   DFND   3,985 0 0
VANGUARD SPECIALIZED PORTFOL DIV APP ETF 921908844 2,861 35,561 SH   DFND   35,561 0 0
SPDR SERIES TRUST S&P METALS MNG 78464A755 677 24,900 SH   DFND   24,900 0 0
SWEDISH EXPT CR CORP ROG TTL ETN 22 870297801 188 32,338 SH   DFND   32,338 0 0
FIRST TR EXCHANGE TRADED FD NAS CLNEDG GREEN 33733E500 629 34,014 SH   DFND   34,014 0 0
ISHARES MSCI CDA ETF 464286509 283 10,426 SH   DFND   10,426 0 0
AMAZON COM INC COM 023135106 252 679 SH   DFND   679 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 533 12,008 SH   DFND   12,008 0 0
SPDR SERIES TRUST S&P OILGAS EXP 78464A730 849 16,442 SH   DFND   16,442 0 0
SPDR SERIES TRUST S&P RETAIL ETF 78464A714 1,426 14,115 SH   DFND   14,115 0 0
ALCOA INC COM 013817101 160 12,437 SH   DFND   12,437 0 0
STATOIL ASA SPONSORED ADR 85771P102 258 14,716 SH   DFND   14,716 0 0
UNITED PARCEL SERVICE INC CL B 911312106 202 2,091 SH   DFND   2,091 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 200 1,968 SH   DFND   1,968 0 0
SIMON PPTY GROUP INC NEW COM 828806109 426 2,181 SH   DFND   2,181 0 0
BANK AMER CORP COM 060505104 508 33,055 SH   DFND   33,055 0 0
UNION PAC CORP COM 907818108 225 2,083 SH   DFND   2,083 0 0
FRONTIER COMMUNICATIONS CORP COM 35906A108 80 11,475 SH   DFND   11,475 0 0
PFIZER INC COM 717081103 324 9,323 SH   DFND   9,323 0 0
FEDEX CORP COM 31428X106 264 1,601 SH   DFND   1,601 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 377 62,792 SH   DFND   62,792 0 0
SPDR SERIES TRUST S&P BIOTECH 78464A870 2,624 11,638 SH   DFND   11,638 0 0
KRAFT FOODS GROUP INC COM 50076Q106 214 2,457 SH   DFND   2,457 0 0
PUBLIC STORAGE COM 74460D109 215 1,093 SH   DFND   1,093 0 0
SCHLUMBERGER LTD COM 806857108 332 3,981 SH   DFND   3,981 0 0
JPMORGAN CHASE & CO COM 46625H100 233 3,858 SH   DFND   3,858 0 0
NOKIA CORP SPONSORED ADR 654902204 392 51,826 SH   DFND   51,826 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 244 5,436 SH   DFND   5,436 0 0
CHEVRON CORP NEW COM 166764100 474 4,522 SH   DFND   4,522 0 0
PROSHARES TR II ULTRASHRT EURO 74347W882 500 18,563 SH   DFND   18,563 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 33,466 162,118 SH   DFND   162,118 0 0
ISHARES TR COHEN&STEER REIT 464287564 785 7,767 SH   DFND   7,767 0 0
ISHARES IBOXX HI YD ETF 464288513 241 2,669 SH   DFND   2,669 0 0
ISHARES MSCI JAPAN ETF 464286848 241 19,302 SH   DFND   19,302 0 0
WISDOMTREE TR INDIA ERNGS FD 97717W422 308 13,523 SH   DFND   13,523 0 0
POWERSHARES ETF TR II S&P500 LOW VOL 73937B779 3,197 84,307 SH   DFND   84,307 0 0
POWERSHARES ETF TRUST WATER RESOURCE 73935X575 3,886 156,090 SH   DFND   156,090 0 0
AVALONBAY CMNTYS INC COM 053484101 270 1,553 SH   DFND   1,553 0 0
VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETF 921943858 273 6,877 SH   DFND   6,877 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 42 10,429 SH   DFND   10,429 0 0
SPDR SERIES TRUST S&P DIVID ETF 78464A763 416 5,328 SH   DFND   5,328 0 0
UNILEVER N V N Y SHS NEW 904784709 282 6,767 SH   DFND   6,767 0 0
MARKET VECTORS ETF TR SEMICONDUCTOR 57060U233 8,916 161,237 SH   DFND   161,237 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 232 10,889 SH   DFND   10,889 0 0
ISHARES MSCI TAIWAN ETF 464286731 437 27,806 SH   DFND   27,806 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 487 11,923 SH   DFND   11,923 0 0
VALE S A ADR REPSTG PFD 91912E204 283 58,413 SH   DFND   58,413 0 0
ISHARES MSCI ACWI ETF 464288257 222 3,711 SH   DFND   3,711 0 0
BIOGEN INC COM 09062X103 266 631 SH   DFND   631 0 0
YAMANA GOLD INC COM 98462Y100 47 13,206 SH   DFND   13,206 0 0
ALCATEL-LUCENT SPONSORED ADR 013904305 82 21,995 SH   DFND   21,995 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 159 16,946 SH   DFND   16,946 0 0
EXXON MOBIL CORP COM 30231G102 892 10,499 SH   DFND   10,499 0 0
ISHARES MSCI AUST ETF 464286103 377 16,499 SH   DFND   16,499 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 212 2,913 SH   DFND   2,913 0 0
MICROSOFT CORP COM 594918104 295 7,277 SH   DFND   7,277 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 350 21,740 SH   DFND   21,740 0 0
MERCK & CO INC NEW COM 58933Y105 283 4,925 SH   DFND   4,925 0 0
CISCO SYS INC COM 17275R102 223 8,117 SH   DFND   8,117 0 0
MCDERMOTT INTL INC COM 580037109 45 11,738 SH   DFND   11,738 0 0
ISHARES TR S&P 100 ETF 464287101 327 3,631 SH   DFND   3,631 0 0
BARCLAYS PLC ADR 06738E204 175 12,028 SH   DFND   12,028 0 0
AMBEV SA SPONSORED ADR 02319V103 157 27,276 SH   DFND   27,276 0 0
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 81 20,313 SH   DFND   20,313 0 0
ISHARES TR NASDQ BIOTEC ETF 464287556 1,803 5,251 SH   DFND   5,251 0 0