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
ACADEMY FDS TR INNOV IBD50 FD 004006508 342 15,932 SH   DFND 1 15,932 0 0
ADOBE SYS INC COM 00724F101 317 3,308 SH   DFND 1 3,308 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 2,925 28,257 SH   DFND 1 28,257 0 0
ALPHABET INC CAP STK CL C 02079K107 646 933 SH   DFND 1 933 0 0
ALPHABET INC CAP STK CL A 02079K305 421 598 SH   DFND 1 598 0 0
ALTRIA GROUP INC COM 02209S103 300 4,352 SH   DFND 1 4,352 0 0
APPLE INC COM 037833100 283 2,963 SH   DFND 1 2,963 0 0
ARENA PHARMACEUTICALS INC COM 040047102 28 16,500 SH   DFND 1 16,500 0 0
AT&T INC COM 00206R102 254 5,875 SH   DFND 1 5,875 0 0
BARCLAYS BK PLC S&P 500 VEQTOR 06740C337 753 5,685 SH   DFND 1 5,685 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 2,994 108,188 SH   DFND 1 108,188 0 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 254 4,435 SH   DFND 1 4,435 0 0
COLONY CAP INC CL A 19624R106 1,956 127,398 SH   DFND 1 127,398 0 0
DIREXION SHS ETF TR DLY DEV MKT BULL 25459W789 207 5,102 SH   DFND 1 5,102 0 0
FACEBOOK INC CL A 30303M102 702 6,141 SH   DFND 1 6,141 0 0
FELCOR LODGING TR INC COM 31430F101 2,124 340,931 SH   DFND 1 340,931 0 0
FIRST TR EXCHANGE TRADED FD CONSUMR DISCRE 33734X101 700 20,739 SH   DFND   20,739 0 0
FIRST TR EXCHANGE TRADED FD HLTH CARE ALPH 33734X143 727 12,336 SH   DFND   12,336 0 0
FIRST TR EXCHANGE TRADED FD FIRST TR ENH NEW 33739Q408 1,537 25,658 SH   DFND   25,658 0 0
GRAMERCY PPTY TR COM 385002100 3,429 371,863 SH   DFND 1 371,863 0 0
HEALTHCARE RLTY TR COM 421946104 2,841 81,182 SH   DFND 1 81,182 0 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 5,486 190,487 SH   DFND 1 190,487 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 711 4,687 SH   DFND 1 4,687 0 0
ISHARES MSCI CDA ETF 464286509 348 14,182 SH   DFND   14,182 0 0
ISHARES MSCI GERMANY ETF 464286806 289 12,031 SH   DFND 1 12,031 0 0
ISHARES TR TIPS BD ETF 464287176 345 2,957 SH   DFND   2,957 0 0
ISHARES TR CORE US AGGBD ET 464287226 2,002 17,773 SH   DFND 1 17,773 0 0
ISHARES TR CORE US AGGBD ET 464287226 392 3,480 SH   DFND   3,480 0 0
ISHARES TR IBOXX INV CP ETF 464287242 346 2,819 SH   DFND   2,819 0 0
ISHARES TR 7-10 Y TR BD ETF 464287440 388 3,433 SH   DFND 1 3,433 0 0
ISHARES TR 7-10 Y TR BD ETF 464287440 339 2,998 SH   DFND   2,998 0 0
ISHARES TR 1-3 YR TR BD ETF 464287457 211 2,469 SH   DFND 1 2,469 0 0
ISHARES TR CORE S&P MCP ETF 464287507 83,883 561,507 SH   DFND 1 561,507 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 83,649 727,512 SH   DFND 1 727,512 0 0
ISHARES TR US HLTHCARE ETF 464287762 915 6,173 SH   DFND   6,173 0 0
ISHARES TR IBOXX HI YD ETF 464288513 361 4,264 SH   DFND   4,264 0 0
ISHARES TR MBS ETF 464288588 345 3,138 SH   DFND   3,138 0 0
ISHARES TR 3-7 YR TR BD ETF 464288661 4,377 34,372 SH   DFND 1 34,372 0 0
ISHARES TR SHRT TRS BD ETF 464288679 3,310 29,976 SH   DFND   29,976 0 0
ISHARES TR FLTG RATE BD ETF 46429B655 359 7,079 SH   DFND   7,079 0 0
ISHARES TR CORE MSCI EAFE 46432F842 545 10,496 SH   DFND 1 10,496 0 0
ISHARES TR MSCI UTD KNGDM 46434V548 197 12,791 SH   DFND 1 12,791 0 0
KRAFT HEINZ CO COM 500754106 208 2,353 SH   DFND 1 2,353 0 0
LEXINGTON REALTY TRUST COM 529043101 6,705 663,208 SH   DFND 1 663,208 0 0
MEDTRONIC PLC SHS G5960L103 481 5,544 SH   DFND 1 5,544 0 0
MICROSOFT CORP COM 594918104 585 11,437 SH   DFND 1 11,437 0 0
MONDELEZ INTL INC CL A 609207105 448 9,850 SH   DFND 1 9,850 0 0
NETFLIX INC COM 64110L106 278 3,036 SH   DFND 1 3,036 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 8,069 582,998 SH   DFND 1 582,998 0 0
NEW SR INVT GROUP INC COM 648691103 3,110 291,170 SH   DFND 1 291,170 0 0
NORTHERN TR CORP COM 665859104 333 5,022 SH   DFND 1 5,022 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 2,038 199,615 SH   DFND 1 199,615 0 0
NORTHSTAR RLTY FIN CORP COM 66704R803 1,952 170,767 SH   DFND 1 170,767 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 2,723 80,208 SH   DFND 1 80,208 0 0
ONEOK INC NEW COM 682680103 4,097 86,349 SH   DFND 1 86,349 0 0
ORACLE CORP COM 68389X105 685 16,725 SH   DFND 1 16,725 0 0
PAYPAL HLDGS INC COM 70450Y103 315 8,620 SH   DFND 1 8,620 0 0
PHILIP MORRIS INTL INC COM 718172109 951 9,353 SH   DFND 1 9,353 0 0
PIMCO ETF TR TTL RTN ACTV ETF 72201R775 688 6,410 SH   DFND 1 6,410 0 0
POWERSHARES ETF TR II S&P400 LOVL PT 73937B647 3,838 98,026 SH   DFND 1 98,026 0 0
POWERSHARES ETF TR II PWRSHS SP500 LOW 73937B654 3,919 102,467 SH   DFND 1 102,467 0 0
POWERSHARES ETF TR II S&P500 LOW VOL 73937B779 1,828 42,722 SH   DFND 1 42,722 0 0
PROCTER & GAMBLE CO COM 742718109 226 2,672 SH   DFND 1 2,672 0 0
PROSHARES TR ULTR 7-10 TREA 74347R180 349 5,407 SH   DFND 1 5,407 0 0
PROSHARES TR PSHS ULT MCAP400 74347R404 9,936 129,431 SH   DFND 1 129,431 0 0
PROSHARES TR PSHS ULTRUSS2000 74347R842 9,797 121,577 SH   DFND 1 121,577 0 0
PROSHARES TR ULTR MSCI ETF 74347X500 2,074 25,566 SH   DFND 1 25,566 0 0
RITE AID CORP COM 767754104 75 10,000 SH   DFND 1 10,000 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 3,163 62,448 SH   DFND 1 62,448 0 0
SALESFORCE COM INC COM 79466L302 325 4,093 SH   DFND 1 4,093 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 882 11,300 SH   DFND   11,300 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 341 2,699 SH   DFND   2,699 0 0
SSGA ACTIVE ETF TR SPDR TR TACTIC 78467V848 809 16,200 SH   DFND 1 16,200 0 0
STAG INDL INC COM 85254J102 5,635 236,658 SH   DFND 1 236,658 0 0
STARWOOD PPTY TR INC COM 85571B105 5,431 262,118 SH   DFND 1 262,118 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 2,093 173,422 SH   DFND 1 173,422 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 246 1,665 SH   DFND 1 1,665 0 0
UNITEDHEALTH GROUP INC COM 91324P102 535 3,786 SH   DFND 1 3,786 0 0
VANGUARD SCOTTSDALE FDS INT-TERM CORP 92206C870 1,922 21,499 SH   DFND 1 21,499 0 0
VENTAS INC COM 92276F100 3,657 50,216 SH   DFND 1 50,216 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 217 3,889 SH   DFND 1 3,889 0 0
WILLIAMS COS INC DEL COM 969457100 1,490 68,886 SH   DFND 1 68,886 0 0
YAHOO INC COM 984332106 256 6,810 SH   DFND 1 6,810 0 0