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
ALLERGAN PLC SHS G0177J108 7,057 26,330 SH   DFND 1,2 26,330 0 0
AMIRA NATURE FOODS LTD SHS G0335L102 54 5,559 SH   DFND 1,2 5,559 0 0
BUNGE LIMITED COM G16962105 232 4,087 SH   DFND 1,2 4,087 0 0
KOSMOS ENERGY LTD SHS G5315B107 30 5,175 SH   DFND 1,2 5,175 0 0
ROWAN COMPANIES PLC SHS CL A G7665A101 74 4,571 SH   DFND 1,2 4,571 0 0
SEADRILL LIMITED SHS G7945E105 44 13,440 SH   DFND 1,2 13,440 0 0
PENTAIR PLC SHS G7S00T104 1,166 21,497 SH   DFND 1,2 21,497 0 0
ADECOAGRO S A COM L00849106 354 30,651 SH   DFND 1,2 30,651 0 0
OCEAN RIG UDW INC SHS Y64354205 3 3,526 SH   DFND 1,2 3,526 0 0
AGL RES INC COM 001204106 3,793 58,225 SH   DFND 1,2 58,225 0 0
AG MTG INVT TR INC COM 001228105 329 25,176 SH   DFND 1,2 25,176 0 0
ACADIA RLTY TR COM SH BEN INT 004239109 2,216 63,071 SH   DFND 1,2 63,071 0 0
AIRGAS INC COM 009363102 2,977 21,021 SH   DFND 1,2 21,021 0 0
ALCOA INC COM 013817101 54 5,636 SH   DFND 1,2 5,636 0 0
ALON USA ENERGY INC COM 020520102 12 1,150 SH   DFND 1,2 1,150 0 0
AMERICAN VANGUARD CORP COM 030371108 145 9,192 SH   DFND 1,2 9,192 0 0
AMERICAN WTR WKS CO INC NEW COM 030420103 1,482 21,499 SH   DFND 1,2 21,499 0 0
ANADARKO PETE CORP COM 032511107 149 3,197 SH   DFND 1,2 3,197 0 0
ANWORTH MORTGAGE ASSET CP COM 037347101 401 86,121 SH   DFND 1,2 86,121 0 0
APACHE CORP COM 037411105 114 2,338 SH   DFND 1,2 2,338 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 647 17,818 SH   DFND 1,2 17,818 0 0
ARMOUR RESIDENTIAL REIT INC COM NEW 042315507 695 32,279 SH   DFND 1,2 32,279 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 519 81,349 SH   DFND 1,2 81,349 0 0
ASTORIA FINL CORP COM 046265104 342 21,592 SH   DFND 1,2 21,592 0 0
ATMEL CORP COM 049513104 1,959 241,239 SH   DFND 1,2 241,239 0 0
BONANZA CREEK ENERGY INC COM 097793103 2 1,500 SH   DFND 1,2 1,500 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 2,175 155,032 SH   DFND 1,2 155,032 0 0
BREITBURN ENERGY PARTNERS LP COM UT LTD PTN 106776107 4 7,731 SH   DFND 1,2 7,731 0 0
CVR PARTNERS LP COM 126633106 94 11,266 SH   DFND 1,2 11,266 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 525 72,668 SH   DFND 1,2 72,668 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 1,403 53,006 SH   DFND 1,2 53,006 0 0
CHEVRON CORP NEW COM 166764100 1,112 11,661 SH   DFND 1,2 11,661 0 0
CONAGRA FOODS INC COM 205887102 534 11,964 SH   DFND 1,2 11,964 0 0
COUSINS PPTYS INC COM 222795106 1,947 187,573 SH   DFND 1,2 187,573 0 0
DENBURY RES INC COM NEW 247916208 28 12,765 SH   DFND 1,2 12,765 0 0
DU PONT E I DE NEMOURS & CO COM 263534109 8,005 126,424 SH   DFND 1,2 126,424 0 0
E M C CORP MASS COM 268648102 7,216 270,772 SH   DFND 1,2 270,772 0 0
EP ENERGY CORP CL A 268785102 6 1,301 SH   DFND 1,2 1,301 0 0
EMPIRE ST RLTY TR INC CL A 292104106 1,892 107,921 SH   DFND 1,2 107,921 0 0
FAIRCHILD SEMICONDUCTOR INTL COM 303726103 765 38,253 SH   DFND 1,2 38,253 0 0
FIRSTMERIT CORP COM 337915102 2,868 136,262 SH   DFND 1,2 136,262 0 0
GENERAL MLS INC COM 370334104 1,061 16,744 SH   DFND 1,2 16,744 0 0
GLOBAL NET LEASE INC COM 379378102 1,304 152,292 SH   DFND 1,2 152,292 0 0
GULFMARK OFFSHORE INC CL A NEW 402629208 4 717 SH   DFND 1,2 717 0 0
GULFPORT ENERGY CORP COM NEW 402635304 129 4,557 SH   DFND 1,2 4,557 0 0
HAIN CELESTIAL GROUP INC COM 405217100 117 2,857 SH   DFND 1,2 2,857 0 0
HALLIBURTON CO COM 406216101 187 5,225 SH   DFND 1,2 5,225 0 0
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 829 38,848 SH   DFND 1,2 38,848 0 0
HORMEL FOODS CORP COM 440452100 1,031 23,844 SH   DFND 1,2 23,844 0 0
HUDSON PAC PPTYS INC COM 444097109 1,982 68,539 SH   DFND 1,2 68,539 0 0
INGRAM MICRO INC CL A 457153104 1,294 36,021 SH   DFND 1,2 36,021 0 0
INGREDION INC COM 457187102 215 2,009 SH   DFND 1,2 2,009 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 782 107,661 SH   DFND 1,2 107,661 0 0
ISHARES MSCI EURZONE ETF 464286608 656 19,062 SH   DFND 1,2 19,062 0 0
ISHARES MSCI JAPAN ETF 464286848 820 71,858 SH   DFND 1,2 71,858 0 0
ISHARES TR TIPS BD ETF 464287176 2,317 20,212 SH   DFND 1,2 20,212 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 4,329 128,186 SH   DFND 1,2 128,186 0 0
ISHARES TR CORE S&P500 ETF 464287200 6 27 SH   DFND 1,2 27 0 0
ISHARES TR CORE US AGGBD ET 464287226 109,142 984,676 SH   DFND 1,2 984,676 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 52 1,508 SH   DFND 1,2 1,508 0 0
ISHARES TR IBOXX INV CP ETF 464287242 155,407 1,307,921 SH   DFND 1,2 1,307,921 0 0
ISHARES TR S&P 500 GRWT ETF 464287309 1,628 14,048 SH   DFND 1,2 14,048 0 0
ISHARES TR S&P 500 VAL ETF 464287408 16,637 184,994 SH   DFND 1,2 184,994 0 0
ISHARES TR 7-10 Y TR BD ETF 464287440 1,226 11,108 SH   DFND 1,2 11,108 0 0
ISHARES TR 1-3 YR TR BD ETF 464287457 82,782 973,577 SH   DFND 1,2 973,577 0 0
ISHARES TR MSCI EAFE ETF 464287465 28,417 497,440 SH   DFND 1,2 497,440 0 0
ISHARES TR RUS 1000 VAL ETF 464287598 46,088 466,428 SH   DFND 1,2 466,428 0 0
ISHARES TR RUS 1000 GRW ETF 464287614 3,629 36,370 SH   DFND 1,2 36,370 0 0
ISHARES TR RUS 2000 GRW ETF 464287648 55,515 418,415 SH   DFND 1,2 418,415 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 7,510 67,896 SH   DFND 1,2 67,896 0 0
ISHARES TR U.S. REAL ES ETF 464287739 135 1,728 SH   DFND 1,2 1,728 0 0
ISHARES TR EUROPE ETF 464287861 139 3,560 SH   DFND 1,2 3,560 0 0
ISHARES TR SP SMCP600GR ETF 464287887 29,347 236,289 SH   DFND 1,2 236,289 0 0
ISHARES TR EAFE SML CP ETF 464288273 4,986 100,135 SH   DFND 1,2 100,135 0 0
ISHARES TR IBOXX HI YD ETF 464288513 225 2,786 SH   DFND 1,2 2,786 0 0
ISHARES TR CORE US CR BD 464288620 4,649 42,151 SH   DFND 1,2 42,151 0 0
ISHARES TR 3-7 YR TR BD ETF 464288661 1,454 11,548 SH   DFND 1,2 11,548 0 0
ISHARES TR SHRT TRS BD ETF 464288679 46,678 422,959 SH   DFND 1,2 422,959 0 0
ISHARES TR U.S. PFD STK ETF 464288687 176 4,520 SH   DFND 1,2 4,520 0 0
ISHARES INDIA 50 ETF 464289529 6 226 SH   DFND 1,2 226 0 0
ITC HLDGS CORP COM 465685105 1,439 33,034 SH   DFND 1,2 33,034 0 0
JARDEN CORP COM 471109108 9,044 153,417 SH   DFND 1,2 153,417 0 0
JOY GLOBAL INC COM 481165108 90 5,580 SH   DFND 1,2 5,580 0 0
KLA-TENCOR CORP COM 482480100 2,688 36,919 SH   DFND 1,2 36,919 0 0
KELLOGG CO COM 487836108 767 10,016 SH   DFND 1,2 10,016 0 0
KENNEDY-WILSON HLDGS INC COM 489398107 1,845 84,250 SH   DFND 1,2 84,250 0 0
LEXINGTON REALTY TRUST COM 529043101 1,429 166,152 SH   DFND 1,2 166,152 0 0
LINN ENERGY LLC UNIT LTD LIAB 536020100 3 8,236 SH   DFND 1,2 8,236 0 0
LOUISIANA PAC CORP COM 546347105 1,196 69,845 SH   DFND 1,2 69,845 0 0
MACK CALI RLTY CORP COM 554489104 1,716 73,017 SH   DFND 1,2 73,017 0 0
MERCER INTL INC COM 588056101 299 31,603 SH   DFND 1,2 31,603 0 0
MONDELEZ INTL INC CL A 609207105 1,859 46,334 SH   DFND 1,2 46,334 0 0
MONMOUTH REAL ESTATE INVT CO CL A 609720107 633 53,200 SH   DFND 1,2 53,200 0 0
NATIONAL PENN BANCSHARES INC COM 637138108 632 59,353 SH   DFND 1,2 59,353 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 434 20,459 SH   DFND 1,2 20,459 0 0
NEW SR INVT GROUP INC COM 648691103 747 72,558 SH   DFND 1,2 72,558 0 0
NEW YORK MTG TR INC COM PAR $.02 649604501 465 98,075 SH   DFND 1,2 98,075 0 0
NEWMONT MINING CORP COM 651639106 353 13,297 SH   DFND 1,2 13,297 0 0
NEWPORT CORP COM 651824104 562 24,431 SH   DFND 1,2 24,431 0 0
NORFOLK SOUTHERN CORP COM 655844108 2,256 27,102 SH   DFND 1,2 27,102 0 0
NORTHERN TIER ENERGY LP COM UN REPR PART 665826103 50 2,114 SH   DFND 1,2 2,114 0 0
OASIS PETE INC NEW COM 674215108 47 6,497 SH   DFND 1,2 6,497 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 327 4,780 SH   DFND 1,2 4,780 0 0
OIL STS INTL INC COM 678026105 59 1,870 SH   DFND 1,2 1,870 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 1,318 60,302 SH   DFND 1,2 60,302 0 0
PHILLIPS 66 COM 718546104 292 3,371 SH   DFND 1,2 3,371 0 0
PIEDMONT NAT GAS INC COM 720186105 1,517 25,350 SH   DFND 1,2 25,350 0 0
PIONEER ENERGY SVCS CORP COM 723664108 5 2,307 SH   DFND 1,2 2,307 0 0
PIONEER NAT RES CO COM 723787107 130 924 SH   DFND 1,2 924 0 0
QUESTAR CORP COM 748356102 1,165 46,966 SH   DFND 1,2 46,966 0 0
RAIT FINANCIAL TRUST COM NEW 749227609 256 81,532 SH   DFND 1,2 81,532 0 0
RPC INC COM 749660106 32 2,224 SH   DFND 1,2 2,224 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 1,260 69,885 SH   DFND 1,2 69,885 0 0
REDWOOD TR INC COM 758075402 893 68,270 SH   DFND 1,2 68,270 0 0
RITE AID CORP COM 767754104 5,012 614,917 SH   DFND 1,2 614,917 0 0
ROUSE PPTYS INC COM 779287101 625 34,007 SH   DFND 1,2 34,007 0 0
ROYAL GOLD INC COM 780287108 89 1,738 SH   DFND 1,2 1,738 0 0
SANDERSON FARMS INC COM 800013104 681 7,549 SH   DFND 1,2 7,549 0 0
SCHLUMBERGER LTD COM 806857108 580 7,867 SH   DFND 1,2 7,867 0 0
SEABOARD CORP COM 811543107 159 53 SH   DFND 1,2 53 0 0
SMUCKER J M CO COM NEW 832696405 437 3,362 SH   DFND 1,2 3,362 0 0
SNYDERS-LANCE INC COM 833551104 0 1 SH   DFND 1,2 1 0 0
SPECTRA ENERGY CORP COM 847560109 127 4,163 SH   DFND 1,2 4,163 0 0
STONE ENERGY CORP COM 861642106 2 2,023 SH   DFND 1,2 2,023 0 0
SUMMIT HOTEL PPTYS COM 866082100 906 75,663 SH   DFND 1,2 75,663 0 0
SUPERIOR ENERGY SVCS INC COM 868157108 74 5,553 SH   DFND 1,2 5,553 0 0
TECO ENERGY INC COM 872375100 1,001 36,375 SH   DFND 1,2 36,375 0 0
TEREX CORP NEW COM 880779103 1,570 63,087 SH   DFND 1,2 63,087 0 0
TURQUOISE HILL RES LTD COM 900435108 289 113,647 SH   DFND 1,2 113,647 0 0
TYSON FOODS INC CL A 902494103 1,127 16,911 SH   DFND 1,2 16,911 0 0
VANGUARD BD INDEX FD INC SHORT TRM BOND 921937827 119,258 1,479,073 SH   DFND 1,2 1,479,073 0 0
VANGUARD BD INDEX FD INC TOTAL BND MRKT 921937835 94,005 1,135,476 SH   DFND 1,2 1,135,476 0 0
VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETF 921943858 14,407 401,771 SH   DFND 1,2 401,771 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 87 2,517 SH   DFND 1,2 2,517 0 0
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 690 14,212 SH   DFND 1,2 14,212 0 0
VANGUARD INDEX FDS REIT ETF 922908553 1,001 11,943 SH   DFND 1,2 11,943 0 0
VANGUARD INDEX FDS SML CP GRW ETF 922908595 38,734 325,501 SH   DFND 1,2 325,501 0 0
VANGUARD INDEX FDS GROWTH ETF 922908736 2,519 23,666 SH   DFND 1,2 23,666 0 0
VANGUARD INDEX FDS VALUE ETF 922908744 34,733 421,565 SH   DFND 1,2 421,565 0 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 1,781 60,980 SH   DFND 1,2 60,980 0 0
WESTERN REFNG INC COM 959319104 72 2,479 SH   DFND 1,2 2,479 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 389 29,639 SH   DFND 1,2 29,639 0 0
XENIA HOTELS & RESORTS INC COM 984017103 1,535 98,271 SH   DFND 1,2 98,271 0 0
THE ADT CORPORATION COM 00101J106 1,783 43,222 SH   DFND 1,2 43,222 0 0
ALERE INC COM 01449J105 782 15,442 SH   DFND 1,2 15,442 0 0
ALON USA PARTNERS LP UT LTDPART INT 02052T109 5 415 SH   DFND 1,2 415 0 0
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 578 48,133 SH   DFND 1,2 48,133 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 622 42,351 SH   DFND 1,2 42,351 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 851 52,221 SH   DFND 1,2 52,221 0 0
APOLLO RESIDENTIAL MTG INC COM 03763V102 381 28,418 SH   DFND 1,2 28,418 0 0
AQUA AMERICA INC COM 03836W103 673 21,144 SH   DFND 1,2 21,144 0 0
ARES COML REAL ESTATE CORP COM 04013V108 256 23,370 SH   DFND 1,2 23,370 0 0
BARCLAYS BK PLC IPATH S&P MT ETN 06740C519 236 21,611 SH   DFND 1,2 21,611 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06742E711 454 25,738 SH   DFND 1,2 25,738 0 0
BAXALTA INC COM 07177M103 5,346 132,321 SH   DFND 1,2 132,321 0 0
BOISE CASCADE CO DEL COM 09739D100 401 19,369 SH   DFND 1,2 19,369 0 0
CVR ENERGY INC COM 12662P108 15 581 SH   DFND 1,2 581 0 0
CVR REFNG LP COMUNIT REP LT 12663P107 20 1,643 SH   DFND 1,2 1,643 0 0
CABLEVISION SYS CORP CL A NY CABLVS 12686C109 2,519 76,340 SH   DFND 1,2 76,340 0 0
CALIFORNIA RES CORP COM 13057Q107 12 11,433 SH   DFND 1,2 11,433 0 0
CAPSTEAD MTG CORP COM NO PAR 14067E506 841 85,077 SH   DFND 1,2 85,077 0 0
CARETRUST REIT INC COM 14174T107 527 41,520 SH   DFND 1,2 41,520 0 0
COBALT INTL ENERGY INC COM 19075F106 40 13,412 SH   DFND 1,2 13,412 0 0
COLONY CAP INC CL A 19624R106 1,650 98,366 SH   DFND 1,2 98,366 0 0
CONOCOPHILLIPS COM 20825C104 308 7,639 SH   DFND 1,2 7,639 0 0
CONSOL ENERGY INC COM 20854P109 149 13,199 SH   DFND 1,2 13,199 0 0
CURRENCYSHS BRIT POUND STER BRIT POUND STE 23129S106 1,604 11,413 SH   DFND 1,2 11,413 0 0
CURRENCYSHARES EURO TR EURO SHS 23130C108 42,397 381,348 SH   DFND 1,2 381,348 0 0
CYRUSONE INC COM 23283R100 2,618 57,357 SH   DFND 1,2 57,357 0 0
DIAMOND OFFSHORE DRILLING IN COM 25271C102 52 2,376 SH   DFND 1,2 2,376 0 0
DYNEX CAP INC COM NEW 26817Q506 269 40,430 SH   DFND 1,2 40,430 0 0
EOG RES INC COM 26875P101 247 3,401 SH   DFND 1,2 3,401 0 0
EDUCATION RLTY TR INC COM NEW 28140H203 2,358 56,691 SH   DFND 1,2 56,691 0 0
EXXON MOBIL CORP COM 30231G102 2,175 26,017 SH   DFND 1,2 26,017 0 0
FELCOR LODGING TR INC COM 31430F101 950 116,983 SH   DFND 1,2 116,983 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 2,241 98,535 SH   DFND 1,2 98,535 0 0
FIRST NIAGARA FINL GP INC COM 33582V108 723 74,652 SH   DFND 1,2 74,652 0 0
FIRST POTOMAC RLTY TR COM 33610F109 462 50,958 SH   DFND 1,2 50,958 0 0
FLOWSERVE CORP COM 34354P105 715 16,109 SH   DFND 1,2 16,109 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 969 53,988 SH   DFND 1,2 53,988 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 905 85,283 SH   DFND 1,2 85,283 0 0
FREEPORT-MCMORAN INC CL B 35671D857 50 4,795 SH   DFND 1,2 4,795 0 0
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 1,116 62,528 SH   DFND 1,2 62,528 0 0
HATTERAS FINL CORP COM 41902R103 1,201 83,964 SH   DFND 1,2 83,964 0 0
HEARTLAND PMT SYS INC COM 42235N108 2,337 24,202 SH   DFND 1,2 24,202 0 0
ISTAR INC COM 45031U101 633 65,577 SH   DFND 1,2 65,577 0 0
IDEX CORP COM 45167R104 775 9,354 SH   DFND 1,2 9,354 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 256 35,981 SH   DFND 1,2 35,981 0 0
INFRAREIT INC COM 45685L100 482 28,267 SH   DFND 1,2 28,267 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 1,245 102,227 SH   DFND 1,2 102,227 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 804 54,756 SH   DFND 1,2 54,756 0 0
ISHARES TR MSCI INDIA ETF 46429B598 97 3,572 SH   DFND 1,2 3,572 0 0
ISHARES TR CHINA ETF 46429B671 1,735 40,786 SH   DFND 1,2 40,786 0 0
ISHARES TR USA MIN VOL ETF 46429B697 101 2,306 SH   DFND 1,2 2,306 0 0
ISHARES TR CORE MSCI EAFE 46432F842 53 1,002 SH   DFND 1,2 1,002 0 0
ISHARES INC CORE MSCI EMKT 46434G103 19 460 SH   DFND 1,2 460 0 0
JPMORGAN CHASE & CO ALERIAN ML ETN 46625H365 155 5,709 SH   DFND 1,2 5,709 0 0
KINDER MORGAN INC DEL COM 49456B101 238 13,305 SH   DFND 1,2 13,305 0 0
KITE RLTY GROUP TR COM NEW 49803T300 2,073 74,816 SH   DFND 1,2 74,816 0 0
MARATHON PETE CORP COM 56585A102 126 3,386 SH   DFND 1,2 3,386 0 0
MARKET VECTORS ETF TR JP MORGAN EM LC 57060U522 12,457 670,115 SH   DFND 1,2 670,115 0 0
MEDIA GEN INC NEW COM 58441K100 756 46,352 SH   DFND 1,2 46,352 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 2,724 209,844 SH   DFND 1,2 209,844 0 0
MONOGRAM RESIDENTIAL TR INC COM 60979P105 1,472 149,326 SH   DFND 1,2 149,326 0 0
NEW YORK REIT INC COM 64976L109 1,493 147,823 SH   DFND 1,2 147,823 0 0
NEWCASTLE INVT CORP NEW COM PAR $0.01 65105M603 225 51,972 SH   DFND 1,2 51,972 0 0
NOW INC COM 67011P100 68 3,851 SH   DFND 1,2 3,851 0 0
ORCHID IS CAP INC COM 68571X103 189 18,241 SH   DFND 1,2 18,241 0 0
PBF ENERGY INC CL A 69318G106 120 3,614 SH   DFND 1,2 3,614 0 0
PARKWAY PPTYS INC COM 70159Q104 1,185 75,681 SH   DFND 1,2 75,681 0 0
PENNYMAC MTG INVT TR COM 70931T103 853 62,518 SH   DFND 1,2 62,518 0 0
PHYSICIANS RLTY TR COM 71943U104 1,806 97,178 SH   DFND 1,2 97,178 0 0
PILGRIMS PRIDE CORP NEW COM 72147K108 298 11,725 SH   DFND 1,2 11,725 0 0
POWERSHARES DB G10 CURCY HAR COM UT BEN INT 73935Y102 22,153 947,986 SH   DFND 1,2 947,986 0 0
POWERSHARES ETF TRUST II SENIOR LN PORT 73936Q769 176,439 7,772,625 SH   DFND 1,2 7,772,625 0 0
POWERSHARES ETF TR II S&P500 LOW VOL 73937B779 71 1,772 SH   DFND 1,2 1,772 0 0
PROSHARES TR PSHS SH MSCI EMR 74347R396 571 21,083 SH   DFND 1,2 21,083 0 0
PROSHARES TR II VIX MDTRM FUTR N 74347W338 143 2,699 SH   DFND 1,2 2,699 0 0
PROSHARES TR II ULTRASHRT NEW 74347W395 291 3,507 SH   DFND 1,2 3,507 0 0
PROSHARES TR II ULTRASHORT YEN N 74347W569 539 7,046 SH   DFND 1,2 7,046 0 0
PROSHARES TR II ULTRASHRT EURO 74347W882 98 4,245 SH   DFND 1,2 4,245 0 0
PROSHARES TR ULTSHT REAL EST 74348A244 462 11,743 SH   DFND 1,2 11,743 0 0
QTS RLTY TR INC COM CL A 74736A103 1,656 34,951 SH   DFND 1,2 34,951 0 0
RESOURCE CAP CORP COM NEW 76120W708 308 27,337 SH   DFND 1,2 27,337 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 1,769 87,911 SH   DFND 1,2 87,911 0 0
REXFORD INDL RLTY INC COM 76169C100 902 49,671 SH   DFND 1,2 49,671 0 0
RYDEX ETF TRUST GUG S&P500 PU VA 78355W304 1,275 25,203 SH   DFND 1,2 25,203 0 0
RYDEX ETF TRUST GUG S&P500 PU GR 78355W403 214 2,704 SH   DFND 1,2 2,704 0 0
SM ENERGY CO COM 78454L100 47 2,486 SH   DFND 1,2 2,486 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 3,632 17,667 SH   DFND 1,2 17,667 0 0
SPDR INDEX SHS FDS S&P CHINA ETF 78463X400 662 9,479 SH   DFND 1,2 9,479 0 0
SPDR INDEX SHS FDS S&P EMKTSC ETF 78463X756 6,608 169,837 SH   DFND 1,2 169,837 0 0
SPDR INDEX SHS FDS S&P INTL SMLCP 78463X871 590 20,648 SH   DFND 1,2 20,648 0 0
SPDR SERIES TRUST BRC CNV SECS ETF 78464A359 40,621 940,283 SH   DFND 1,2 940,283 0 0
SPDR SERIES TRUST BRC HGH YLD BD 78464A417 147 4,333 SH   DFND 1,2 4,333 0 0
SPDR SERIES TRUST CITI INT GVT ETF 78464A490 298 5,475 SH   DFND 1,2 5,475 0 0
SPDR SERIES TRUST DJ REIT ETF 78464A607 118 1,240 SH   DFND 1,2 1,240 0 0
SPDR SERIES TRUST BRCLYS AGG ETF 78464A649 3,837 65,530 SH   DFND 1,2 65,530 0 0
SPDR SERIES TRUST BRCLYS 1-3MT ETF 78464A680 25,246 552,555 SH   DFND 1,2 552,555 0 0
SSGA ACTIVE ETF TR BLKSTN GSOSRLN 78467V608 38,498 828,262 SH   DFND 1,2 828,262 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 1,152 57,318 SH   DFND 1,2 57,318 0 0
SANCHEZ ENERGY CORP COM 79970Y105 11 1,933 SH   DFND 1,2 1,933 0 0
SANDISK CORP COM 80004C101 5,546 72,894 SH   DFND 1,2 72,894 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 64 1,438 SH   DFND 1,2 1,438 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 65 819 SH   DFND 1,2 819 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1,207 53,612 SH   DFND 1,2 53,612 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 131 2,952 SH   DFND 1,2 2,952 0 0
SEMGROUP CORP CL A 81663A105 36 1,611 SH   DFND 1,2 1,611 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 438 29,509 SH   DFND 1,2 29,509 0 0
SOUTHERN COPPER CORP COM 84265V105 103 3,722 SH   DFND 1,2 3,722 0 0
STAG INDL INC COM 85254J102 1,247 61,269 SH   DFND 1,2 61,269 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 4,757 57,015 SH   DFND 1,2 57,015 0 0
SYNERGY RES CORP COM 87164P103 31 4,041 SH   DFND 1,2 4,041 0 0
TESCO CORP COM 88157K101 12 1,347 SH   DFND 1,2 1,347 0 0
TESORO LOGISTICS LP COM UNIT LP 88160T107 103 2,263 SH   DFND 1,2 2,263 0 0
TIER REIT INC COM NEW 88650V208 572 42,576 SH   DFND 1,2 42,576 0 0
TIME WARNER CABLE INC COM 88732J207 10,025 48,994 SH   DFND 1,2 48,994 0 0
TITAN INTL INC ILL COM 88830M102 77 14,351 SH   DFND 1,2 14,351 0 0
VALERO ENERGY CORP NEW COM 91913Y100 205 3,194 SH   DFND 1,2 3,194 0 0
VANGUARD WORLD FDS CONSUM DIS ETF 92204A108 11 92 SH   DFND 1,2 92 0 0
VANGUARD WORLD FDS FINANCIALS ETF 92204A405 2 41 SH   DFND 1,2 41 0 0
VANGUARD WORLD FDS INF TECH ETF 92204A702 86 788 SH   DFND 1,2 788 0 0
VANGUARD WORLD FDS MATERIALS ETF 92204A801 30 308 SH   DFND 1,2 308 0 0
VANGUARD SCOTTSDALE FDS VNG RUS2000IDX 92206C664 3 38 SH   DFND 1,2 38 0 0
WP GLIMCHER IN COM 92939N102 1,576 166,074 SH   DFND 1,2 166,074 0 0
WESTERN ASSET MTG CAP CORP COM 95790D105 367 36,480 SH   DFND 1,2 36,480 0 0
WISDOMTREE TR EMERG CUR STR FD 97717W133 1,787 100,711 SH   DFND 1,2 100,711 0 0
WISDOMTREE TR INTL SMCAP DIV 97717W760 976 16,543 SH   DFND 1,2 16,543 0 0
WISDOMTREE TR EM LCL DEBT FD 97717X867 3,994 108,492 SH   DFND 1,2 108,492 0 0
XYLEM INC COM 98419M100 392 9,595 SH   DFND 1,2 9,595 0 0