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
Expires: July 31, 2015
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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
VANGUARD ADMIRAL FDS INC MIDCP 400 GRTH 921932869 1,766,642 12,075 SH DFND 1 12,075 0 0
ISHARES TR RUS 1000 VAL ETF 464287598 1,128,315 4,654 SH DFND 1 4,654 0 0
ISHARES TR S&P 100 ETF 464287101 11,035,393 30,162 SH DFND 1 30,162 0 0
SPDR SERIES TRUST ST STR P500GRW 78464A409 1,659,493 13,946 SH DFND 1 13,946 0 0
GLOBAL X FDS GBL X FTSE ETF 37950E648 649,680 33,130 SH DFND 1 33,130 0 0
ISHARES INC MSCI CHILE ETF 464286640 514,774 12,967 SH DFND 1 12,967 0 0
ISHARES INC MSCI EMRG CHN 46434G764 20,353,827 198,962 SH DFND 1 198,962 0 0
ISHARES TR MSCI PERU GL ETF 464289842 284,318 3,405 SH DFND 1 3,405 0 0
ISHARES INC MSCI SPAIN ETF 464286764 648,306 10,916 SH DFND 1 10,916 0 0
FRANKLIN TEMPLETON ETF TR FTSE AUSTRALIA 35473P843 309,825 9,205 SH DFND 1 9,205 0 0
FRANKLIN TEMPLETON ETF TR FTSE BRAZIL 35473P835 890,659 41,600 SH DFND 1 41,600 0 0
FRANKLIN TEMPLETON ETF TR FTSE CANADA 35473P827 4,889,182 94,991 SH DFND 1 94,991 0 0
FRANKLIN TEMPLETON ETF TR FTSE JAPAN ETF 35473P744 7,690,719 193,477 SH DFND 1 193,477 0 0
FRANKLIN TEMPLETON ETF TR FTSE MEXICO 35473P736 510,838 13,951 SH DFND 1 13,951 0 0
ISHARES TR CORE MSCI EURO 46434V738 27,519,033 366,091 SH DFND 1 366,091 0 0
ISHARES TR CORE MSCI PAC 46434V696 4,231,362 51,646 SH DFND 1 51,646 0 0
ISHARES TR CORE MSCI TOTAL 46432F834 18,620,159 195,098 SH DFND 1 195,098 0 0
GLOBAL X FDS MSCI VIETNAM ETF 37960A883 838,821 33,300 SH DFND 1 33,300 0 0
ISHARES TR CORE US AGGBD ET 464287226 20,491,487 207,027 SH DFND 1 207,027 0 0
ISHARES TR IBONDS 27 ETF 46435UAA9 5,277,480 217,898 SH DFND 1 217,898 0 0
ISHARES TR IBONDS DEC 29 46436E825 10,605,487 457,923 SH DFND 1 457,923 0 0
ISHARES TR CRE U S REIT ETF 464288521 3,256,781 49,011 SH DFND 1 49,011 0 0
SELECT SECTOR SPDR TR ST STR MATER ETF 81369Y100 2,736,926 53,845 SH DFND 1 53,845 0 0
SELECT SECTOR SPDR TR ST STR SVC ETF 81369Y852 2,483,136 23,179 SH DFND 1 23,179 0 0
SELECT SECTOR SPDR TR ST STR ENERG ETF 81369Y506 2,627,040 49,464 SH DFND 1 49,464 0 0
SELECT SECTOR SPDR TR ST STR FINL ETF 81369Y605 3,412,653 63,657 SH DFND 1 63,657 0 0
SELECT SECTOR SPDR TR ST STR INDL ETF 81369Y704 3,451,374 18,633 SH DFND 1 18,633 0 0
SELECT SECTOR SPDR TR ST STR TECHN ETF 81369Y803 18,685,657 98,077 SH DFND 1 98,077 0 0
SELECT SECTOR SPDR TR ST STR STAPL ETF 81369Y308 2,712,308 32,651 SH DFND 1 32,651 0 0
SELECT SECTOR SPDR TR ST STR REAL ETF 81369Y860 785,323 17,836 SH DFND 1 17,836 0 0
SELECT SECTOR SPDR TR ST STR CARE ETF 81369Y209 6,063,641 38,218 SH DFND 1 38,218 0 0
SELECT SECTOR SPDR TR ST STR DISCR ETF 81369Y407 4,250,630 36,243 SH DFND 1 36,243 0 0