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
BUNGE LIMITED COM G16962105 64 782 SH   DFND 1,2 782 0 0
PENTAIR LTD SHS H6169Q108 1,034 13,312 SH   DFND 1,2 13,312 0 0
ADECOAGRO S A COM L00849106 478 59,144 SH   DFND 1,2 59,144 0 0
OCEAN RIG UDW INC SHS Y64354205 31 1,621 SH   DFND 1,2 1,621 0 0
AG MTG INVT TR INC COM 001228105 271 17,331 SH   DFND 1,2 17,331 0 0
ACADIA RLTY TR COM SH BEN INT 004239109 855 34,431 SH   DFND 1,2 34,431 0 0
ALCOA INC COM 013817101 404 38,052 SH   DFND 1,2 38,052 0 0
ALON USA ENERGY INC COM 020520102 14 839 SH   DFND 1,2 839 0 0
ALON USA PARTNERS LP UT LTDPART INT 02052T109 6 338 SH   DFND 1,2 338 0 0
ALPHA NATURAL RESOURCES INC COM 02076X102 506 70,897 SH   DFND 1,2 70,897 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 344 20,063 SH   DFND 1,2 20,063 0 0
AMERICAN VANGUARD CORP COM 030371108 496 20,431 SH   DFND 1,2 20,431 0 0
AMERICAN WTR WKS CO INC NEW COM 030420103 491 11,620 SH   DFND 1,2 11,620 0 0
ANADARKO PETE CORP COM 032511107 53 670 SH   DFND 1,2 670 0 0
ANWORTH MORTGAGE ASSET CP COM 037347101 368 87,369 SH   DFND 1,2 87,369 0 0
APACHE CORP COM 037411105 42 493 SH   DFND 1,2 493 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 374 22,988 SH   DFND 1,2 22,988 0 0
AQUA AMERICA INC COM 03836W103 270 11,461 SH   DFND 1,2 11,461 0 0
ARBOR RLTY TR INC COM 038923108 160 24,044 SH   DFND 1,2 24,044 0 0
ARCH COAL INC COM 039380100 304 68,251 SH   DFND 1,2 68,251 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 154 3,553 SH   DFND 1,2 3,553 0 0
ARES COML REAL ESTATE CORP COM 04013V108 226 17,270 SH   DFND 1,2 17,270 0 0
ARMOUR RESIDENTIAL REIT INC COM 042315101 922 230,024 SH   DFND 1,2 230,024 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 390 47,099 SH   DFND 1,2 47,099 0 0
ASSOCIATED ESTATES RLTY CORP COM 045604105 536 33,393 SH   DFND 1,2 33,393 0 0
AVIV REIT INC MD COM 05381L101 230 9,714 SH   DFND 1,2 9,714 0 0
BPZ RESOURCES INC COM 055639108 7 3,604 SH   DFND 1,2 3,604 0 0
BAKER HUGHES INC COM 057224107 34 611 SH   DFND 1,2 611 0 0
BARCLAYS BK PLC DJUBS CMDT ETN36 06738C778 364 9,905 SH   DFND 1,2 9,905 0 0
BLYTH INC COM NEW 09643P207 61 5,608 SH   DFND 1,2 5,608 0 0
BONANZA CREEK ENERGY INC COM 097793103 48 1,111 SH   DFND 1,2 1,111 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 1,364 96,833 SH   DFND 1,2 96,833 0 0
CVR ENERGY INC COM 12662P108 25 566 SH   DFND 1,2 566 0 0
CVR PARTNERS LP COM 126633106 456 27,694 SH   DFND 1,2 27,694 0 0
CVR REFNG LP COMUNIT REP LT 12663P107 29 1,300 SH   DFND 1,2 1,300 0 0
CAMPUS CREST CMNTYS INC COM 13466Y105 376 39,956 SH   DFND 1,2 39,956 0 0
CAPITALSOURCE INC COM 14055X102 301 20,940 SH   DFND 1,2 20,940 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 255 40,709 SH   DFND 1,2 40,709 0 0
CHATHAM LODGING TR COM 16208T102 82 4,021 SH   DFND 1,2 4,021 0 0
CHEVRON CORP NEW COM 166764100 330 2,638 SH   DFND 1,2 2,638 0 0
CHIQUITA BRANDS INTL INC COM 170032809 418 35,747 SH   DFND 1,2 35,747 0 0
CLIFFS NAT RES INC COM 18683K101 127 4,845 SH   DFND 1,2 4,845 0 0
CLOUD PEAK ENERGY INC COM 18911Q102 337 18,725 SH   DFND 1,2 18,725 0 0
COEUR MNG INC COM NEW 192108504 132 12,131 SH   DFND 1,2 12,131 0 0
COLE REAL ESTATE INVTS INC COM 19329V105 2,115 150,674 SH   DFND 1,2 150,674 0 0
COLONY FINL INC COM 19624R106 957 47,146 SH   DFND 1,2 47,146 0 0
COMMONWEALTH REIT COM SH BEN INT 203233101 413 17,716 SH   DFND 1,2 17,716 0 0
CONAGRA FOODS INC COM 205887102 74 2,210 SH   DFND 1,2 2,210 0 0
CONOCOPHILLIPS COM 20825C104 121 1,712 SH   DFND 1,2 1,712 0 0
CONSOL ENERGY INC COM 20854P109 2,756 72,438 SH   DFND 1,2 72,438 0 0
COOPER TIRE & RUBR CO COM 216831107 393 16,339 SH   DFND 1,2 16,339 0 0
COUSINS PPTYS INC COM 222795106 1,144 111,034 SH   DFND 1,2 111,034 0 0
CREDIT SUISSE NASSAU BRH INVRS VIX MDTERM 22542D829 324 8,375 SH   DFND 1,2 8,375 0 0
CUBESMART COM 229663109 1,274 79,955 SH   DFND 1,2 79,955 0 0
CURRENCYSHS JAPANESE YEN TR JAPANESE YEN 23130A102 1,407 15,168 SH   DFND 1,2 15,168 0 0
CURRENCYSHARES EURO TR EURO SHS 23130C108 2,655 19,523 SH   DFND 1,2 19,523 0 0
CYRUSONE INC COM 23283R100 266 11,897 SH   DFND 1,2 11,897 0 0
DCT INDUSTRIAL TRUST INC COM 233153105 1,402 196,654 SH   DFND 1,2 196,654 0 0
DEVON ENERGY CORP NEW COM 25179M103 38 611 SH   DFND 1,2 611 0 0
DOMTAR CORP COM NEW 257559203 225 2,383 SH   DFND 1,2 2,383 0 0
DYNEX CAP INC COM NEW 26817Q506 253 31,587 SH   DFND 1,2 31,587 0 0
EOG RES INC COM 26875P101 67 401 SH   DFND 1,2 401 0 0
EDUCATION RLTY TR INC COM 28140H104 630 71,462 SH   DFND 1,2 71,462 0 0
EXXON MOBIL CORP COM 30231G102 618 6,105 SH   DFND 1,2 6,105 0 0
FELCOR LODGING TR INC COM 31430F101 565 69,199 SH   DFND 1,2 69,199 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 1,168 66,932 SH   DFND 1,2 66,932 0 0
FIRST POTOMAC RLTY TR COM 33610F109 417 35,848 SH   DFND 1,2 35,848 0 0
FLOWERS FOODS INC COM 343498101 23 1,064 SH   DFND 1,2 1,064 0 0
FLOWSERVE CORP COM 34354P105 716 9,087 SH   DFND 1,2 9,087 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 680 56,909 SH   DFND 1,2 56,909 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 1,283 34,002 SH   DFND 1,2 34,002 0 0
GENERAL MLS INC COM 370334104 175 3,513 SH   DFND 1,2 3,513 0 0
GLIMCHER RLTY TR SH BEN INT 379302102 834 89,115 SH   DFND 1,2 89,115 0 0
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 851 34,254 SH   DFND 1,2 34,254 0 0
GRAMERCY PPTY TR INC COM 38489R100 211 36,742 SH   DFND 1,2 36,742 0 0
GULFPORT ENERGY CORP COM NEW 402635304 186 2,938 SH   DFND 1,2 2,938 0 0
HALLIBURTON CO COM 406216101 65 1,282 SH   DFND 1,2 1,282 0 0
HARRIS TEETER SUPERMARKETS I COM 414585109 453 9,180 SH   DFND 1,2 9,180 0 0
HARVEST NATURAL RESOURCES IN COM 41754V103 6 1,401 SH   DFND 1,2 1,401 0 0
HEALTH MGMT ASSOC INC NEW CL A 421933102 767 58,519 SH   DFND 1,2 58,519 0 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 675 121,237 SH   DFND 1,2 121,237 0 0
HERSHEY CO COM 427866108 114 1,174 SH   DFND 1,2 1,174 0 0
HESS CORP COM 42809H107 38 452 SH   DFND 1,2 452 0 0
HI-TECH PHARMACAL INC COM 42840B101 187 4,302 SH   DFND 1,2 4,302 0 0
HILLSHIRE BRANDS CO COM 432589109 24 704 SH   DFND 1,2 704 0 0
HOME FED BANCORP INC MD COM 43710G105 66 4,433 SH   DFND 1,2 4,433 0 0
HORMEL FOODS CORP COM 440452100 4,133 91,508 SH   DFND 1,2 91,508 0 0
HUDSON PAC PPTYS INC COM 444097109 595 27,212 SH   DFND 1,2 27,212 0 0
ISTAR FINL INC COM 45031U101 704 49,368 SH   DFND 1,2 49,368 0 0
IDEX CORP COM 45167R104 392 5,313 SH   DFND 1,2 5,313 0 0
INGREDION INC COM 457187102 30 439 SH   DFND 1,2 439 0 0
INLAND REAL ESTATE CORP COM NEW 457461200 572 54,378 SH   DFND 1,2 54,378 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 1,245 84,780 SH   DFND 1,2 84,780 0 0
INVESTORS REAL ESTATE TR SH BEN INT 461730103 558 65,088 SH   DFND 1,2 65,088 0 0
ISHARES TIPS BD ETF 464287176 59,026 537,085 SH   DFND 1,2 537,085 0 0
ISHARES CORE S&P500 ETF 464287200 5 25 SH   DFND 1,2 25 0 0
ISHARES CORE TOTUSBD ETF 464287226 97,885 919,717 SH   DFND 1,2 919,717 0 0
ISHARES MSCI EMG MKT ETF 464287234 836 20,012 SH   DFND 1,2 20,012 0 0
ISHARES IBOXX INV CP ETF 464287242 13,432 117,606 SH   DFND 1,2 117,606 0 0
ISHARES 20+ YR TR BD ETF 464287432 535 5,251 SH   DFND 1,2 5,251 0 0
ISHARES 7-10 Y TR BD ETF 464287440 1,071 10,791 SH   DFND 1,2 10,791 0 0
ISHARES 1-3 YR TR BD ETF 464287457 44,423 526,462 SH   DFND 1,2 526,462 0 0
ISHARES MSCI EAFE ETF 464287465 75,551 1,126,613 SH   DFND 1,2 1,126,613 0 0
ISHARES RUS 1000 GRW ETF 464287614 121,506 1,413,679 SH   DFND 1,2 1,413,679 0 0
ISHARES RUSSELL 2000 ETF 464287655 33,683 292,110 SH   DFND 1,2 292,110 0 0
ISHARES U.S. REAL ES ETF 464287739 320 5,071 SH   DFND 1,2 5,071 0 0
ISHARES JP MOR EM MK ETF 464288281 14,519 134,238 SH   DFND 1,2 134,238 0 0
ISHARES CREDIT BD ETF 464288620 730 6,828 SH   DFND 1,2 6,828 0 0
ISHARES 3-7 YR TR BD ETF 464288661 541 4,508 SH   DFND 1,2 4,508 0 0
ISHARES SHRT TRS BD ETF 464288679 27,333 247,920 SH   DFND 1,2 247,920 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 285 15,239 SH   DFND 1,2 15,239 0 0
JOS A BANK CLOTHIERS INC COM 480838101 469 8,571 SH   DFND 1,2 8,571 0 0
JOY GLOBAL INC COM 481165108 1,917 32,768 SH   DFND 1,2 32,768 0 0
KAPSTONE PAPER & PACKAGING C COM 48562P103 180 3,225 SH   DFND 1,2 3,225 0 0
KELLOGG CO COM 487836108 120 1,969 SH   DFND 1,2 1,969 0 0
KENNEDY-WILSON HLDGS INC COM 489398107 832 37,410 SH   DFND 1,2 37,410 0 0
KEY ENERGY SVCS INC COM 492914106 37 4,629 SH   DFND 1,2 4,629 0 0
KINDER MORGAN INC DEL COM 49456B101 53 1,468 SH   DFND 1,2 1,468 0 0
KITE RLTY GROUP TR COM 49803T102 533 81,174 SH   DFND 1,2 81,174 0 0
KODIAK OIL & GAS CORP COM 50015Q100 105 9,348 SH   DFND 1,2 9,348 0 0
LEAP WIRELESS INTL INC COM NEW 521863308 177 10,169 SH   DFND 1,2 10,169 0 0
LEXINGTON REALTY TRUST COM 529043101 1,199 117,400 SH   DFND 1,2 117,400 0 0
LIFE TECHNOLOGIES CORP COM 53217V109 1,333 17,581 SH   DFND 1,2 17,581 0 0
LINDSAY CORP COM 535555106 841 10,160 SH   DFND 1,2 10,160 0 0
LOUISIANA PAC CORP COM 546347105 175 9,431 SH   DFND 1,2 9,431 0 0
MARKET VECTORS ETF TR EM LC CURR DBT 57060U522 2,346 99,627 SH   DFND 1,2 99,627 0 0
MEADWESTVACO CORP COM 583334107 446 12,084 SH   DFND 1,2 12,084 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 1,203 98,486 SH   DFND 1,2 98,486 0 0
MONDELEZ INTL INC CL A 609207105 340 9,639 SH   DFND 1,2 9,639 0 0
NATIONAL OILWELL VARCO INC COM 637071101 50 623 SH   DFND 1,2 623 0 0
NEW RESIDENTIAL INVT CORP COM 64828T102 1,062 158,963 SH   DFND 1,2 158,963 0 0
NEW YORK MTG TR INC COM PAR $.02 649604501 276 39,455 SH   DFND 1,2 39,455 0 0
NEWCASTLE INVT CORP COM 65105M108 1,243 216,506 SH   DFND 1,2 216,506 0 0
NEWMONT MINING CORP COM 651639106 1,562 67,826 SH   DFND 1,2 67,826 0 0
NORTHERN TIER ENERGY LP COM UN REPR PART 665826103 49 1,996 SH   DFND 1,2 1,996 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 104 1,093 SH   DFND 1,2 1,093 0 0
OMNICOM GROUP INC COM 681919106 1,480 19,906 SH   DFND 1,2 19,906 0 0
PVR PARTNERS L P COM UNIT REPTG L 693665101 278 10,369 SH   DFND 1,2 10,369 0 0
PARKWAY PPTYS INC COM 70159Q104 517 26,796 SH   DFND 1,2 26,796 0 0
PEABODY ENERGY CORP COM 704549104 1,662 85,077 SH   DFND 1,2 85,077 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 1,222 39,713 SH   DFND 1,2 39,713 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 778 41,005 SH   DFND 1,2 41,005 0 0
PENNYMAC MTG INVT TR COM 70931T103 941 40,976 SH   DFND 1,2 40,976 0 0
PETROQUEST ENERGY INC COM 716748108 8 1,786 SH   DFND 1,2 1,786 0 0
PHILLIPS 66 COM 718546104 66 857 SH   DFND 1,2 857 0 0
PIONEER ENERGY SVCS CORP COM 723664108 17 2,167 SH   DFND 1,2 2,167 0 0
POWERSHARES DB CMDTY IDX TRA UNIT BEN INT 73935S105 5,219 203,473 SH   DFND 1,2 203,473 0 0
POWERSHARES DB G10 CURCY HAR COM UT BEN INT 73935Y102 866 34,062 SH   DFND 1,2 34,062 0 0
POWERSHS DB MULTI SECT COMM DB GOLD FUND 73936B606 346 8,575 SH   DFND 1,2 8,575 0 0
POWERSHARES ETF TRUST II SENIOR LN PORT 73936Q769 64,229 2,581,559 SH   DFND 1,2 2,581,559 0 0
POWERSHARES GLOBAL ETF TRUST SOVEREIGN DEBT 73936T573 7,560 279,989 SH   DFND 1,2 279,989 0 0
PROSHARES TR II PSHS ULSSLVR NEW 74347W114 3 31 SH   DFND 1,2 31 0 0
PROSHARES TR II ULTRASHRT NEW 74347W395 132 1,274 SH   DFND 1,2 1,274 0 0
PROSHARES TR II ULTRASHRT EURO 74347W882 918 53,817 SH   DFND 1,2 53,817 0 0
PROSHARES TR SHT MSCI NEW 74347X575 59 2,925 SH   DFND 1,2 2,925 0 0
PROSHARES TR REAL EST NEW 11 74348A871 907 41,993 SH   DFND 1,2 41,993 0 0
QR ENERGY LP UNIT LTD PRTNS 74734R108 30 1,771 SH   DFND 1,2 1,771 0 0
RAIT FINANCIAL TRUST COM NEW 749227609 391 43,541 SH   DFND 1,2 43,541 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 643 40,858 SH   DFND 1,2 40,858 0 0
REDWOOD TR INC COM 758075402 980 50,587 SH   DFND 1,2 50,587 0 0
RESOLUTE FST PRODS INC COM 76117W109 103 6,412 SH   DFND 1,2 6,412 0 0
RESOURCE CAP CORP COM 76120W302 459 77,344 SH   DFND 1,2 77,344 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 647 43,951 SH   DFND 1,2 43,951 0 0
ROYAL GOLD INC COM 780287108 392 8,506 SH   DFND 1,2 8,506 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 32,875 178,018 SH   DFND 1,2 178,018 0 0
SPDR INDEX SHS FDS S&P EMKTSC ETF 78463X756 2,175 46,871 SH   DFND 1,2 46,871 0 0
SPDR INDEX SHS FDS DJ INTL RL ETF 78463X863 5,518 133,941 SH   DFND 1,2 133,941 0 0
SPDR SERIES TRUST BRC CNV SECS ETF 78464A359 20,310 434,624 SH   DFND 1,2 434,624 0 0
SPDR SERIES TRUST DJ REIT ETF 78464A607 164 2,302 SH   DFND 1,2 2,302 0 0
SPDR SERIES TRUST BRCLYS AGG ETF 78464A649 4,450 78,937 SH   DFND 1,2 78,937 0 0
SPDR SERIES TRUST BRCLYS 1-3MT ETF 78464A680 10,084 220,317 SH   DFND 1,2 220,317 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 608 23,273 SH   DFND 1,2 23,273 0 0
SANTARUS INC COM 802817304 541 16,930 SH   DFND 1,2 16,930 0 0
SCHLUMBERGER LTD COM 806857108 161 1,783 SH   DFND 1,2 1,783 0 0
SEABOARD CORP COM 811543107 1,107 396 SH   DFND 1,2 396 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 365 22,814 SH   DFND 1,2 22,814 0 0
SMUCKER J M CO COM NEW 832696405 63 610 SH   DFND 1,2 610 0 0
SOUTHERN COPPER CORP COM 84265V105 863 30,061 SH   DFND 1,2 30,061 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 2,130 216,720 SH   DFND 1,2 216,720 0 0
STAG INDL INC COM 85254J102 561 27,529 SH   DFND 1,2 27,529 0 0
STERLING FINL CORP WASH COM NEW 859319303 189 5,552 SH   DFND 1,2 5,552 0 0
STONE ENERGY CORP COM 861642106 58 1,678 SH   DFND 1,2 1,678 0 0
SUMMIT HOTEL PPTYS COM 866082100 470 52,208 SH   DFND 1,2 52,208 0 0
SUNOPTA INC COM 8676EP108 477 47,700 SH   DFND 1,2 47,700 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 1,516 113,161 SH   DFND 1,2 113,161 0 0
SYNERGY RES CORP COM 87164P103 19 2,071 SH   DFND 1,2 2,071 0 0
TESORO LOGISTICS LP COM UNIT LP 88160T107 61 1,175 SH   DFND 1,2 1,175 0 0
TORO CO COM 891092108 2,899 45,580 SH   DFND 1,2 45,580 0 0
TYSON FOODS INC CL A 902494103 4,065 121,483 SH   DFND 1,2 121,483 0 0
VAALCO ENERGY INC COM NEW 91851C201 13 1,930 SH   DFND 1,2 1,930 0 0
VANGUARD BD INDEX FD INC SHORT TRM BOND 921937827 74,571 932,959 SH   DFND 1,2 932,959 0 0
VANGUARD BD INDEX FD INC TOTAL BND MRKT 921937835 115,694 1,446,357 SH   DFND 1,2 1,446,357 0 0
VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETF 921943858 27,224 653,158 SH   DFND 1,2 653,158 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 968 23,536 SH   DFND 1,2 23,536 0 0
VANGUARD INDEX FDS REIT ETF 922908553 1,379 21,364 SH   DFND 1,2 21,364 0 0
VIROPHARMA INC COM 928241108 1,635 32,801 SH   DFND 1,2 32,801 0 0
WESTERN ASSET MTG CAP CORP COM 95790D105 217 14,616 SH   DFND 1,2 14,616 0 0
WESTERN REFNG INC COM 959319104 79 1,856 SH   DFND 1,2 1,856 0 0
WISDOMTREE TR DRYFS CURR ETF 97717W133 12,090 602,698 SH   DFND 1,2 602,698 0 0
WISDOMTREE TR EM LCL DEBT FD 97717X867 3,105 67,466 SH   DFND 1,2 67,466 0 0
XYLEM INC COM 98419M100 422 12,197 SH   DFND 1,2 12,197 0 0
ZOLTEK COS INC COM 98975W104 129 7,674 SH   DFND 1,2 7,674 0 0