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
ABBVIE INC COM COM 00287Y109 495 7,595 SH   DFND   0 7,595 0
ACADIA PHARMACEUTICALS INC COM COM 004225108 364 10,600 SH   DFND   0 10,600 0
Advisorshares Tr Peritus High Yield ETF ETF 00768Y503 386 10,835 SH   DFND   0 10,835 0
ALPS Alerian MLP ETF ETF 00162Q866 703 55,324 SH   DFND   0 55,324 0
Global X Fds Global X Ftse Norway 30 Et ETF 37950E747 345 30,802 SH   DFND   0 30,802 0
ISHARES COHEN & STEERS REIT ETF ETF 464287564 604 6,057 SH   DFND   0 6,057 0
ISHARES CORE S&P 500 ETF ETF 464287200 743 3,133 SH   DFND   0 3,133 0
ishares Core US Value ETF ETF 464287663 1,387 27,478 SH   DFND   0 27,478 0
iShares Inc Mcsi Chile Investable ETF 464286640 623 14,297 SH   DFND   0 14,297 0
iShares JPMorgan USD Emerging Mkts Bond ETF 464288281 1,015 8,927 SH   DFND   0 8,927 0
iShares MSCI Austria Index Fund ETF 464286202 418 23,027 SH   DFND   0 23,027 0
ISHARES MSCI BRAZIL CAPPED ETF ETF 464286400 556 14,837 SH   DFND   0 14,837 0
ISHARES MSCI EAFE ETF ETF 464287465 345 5,542 SH   DFND   0 5,542 0
iShares MSCI EAFE Small-Cap ETF 464288273 398 7,359 SH   DFND   0 7,359 0
iShares MSCI Emerging Markets Asia ETF 464286426 868 14,462 SH   DFND   0 14,462 0
ishares Msci Europe Small-Cap ETF 464288497 1,687 35,484 SH   DFND   0 35,484 0
ISHARES MSCI GERMANY ETF ETF 464286806 403 14,012 SH   DFND   0 14,012 0
iShares MSCI Hong Kong Index ETF 464286871 418 18,775 SH   DFND   0 18,775 0
iShares MSCI India ETF 46429B598 551 17,490 SH   DFND   0 17,490 0
iShares MSCI Italy Capped Index ETF 46434G830 424 16,374 SH   DFND   0 16,374 0
iShares MSCI Singapore Index ETF 46434G780 379 16,740 SH   DFND   0 16,740 0
iShares MSCI South Korea Index Fund ETF 464286772 458 7,398 SH   DFND   0 7,398 0
iShares MSCI Spain Index Fund ETF 464286764 395 12,984 SH   DFND   0 12,984 0
iShares MSCI Taiwan Index Fd ETF 46434G772 492 15,232 SH   DFND   0 15,232 0
iShares MSCI Thailand Capped Index Fd ETF 464286624 449 5,758 SH   DFND   0 5,758 0
iShares MSCI United Kingdom Ind Fund ETF 46435G334 341 10,573 SH   DFND   0 10,573 0
ISHARES RUSSELL 2000 ETF ETF 464287655 2,779 20,217 SH   DFND   0 20,217 0
ISHARES RUSSELL MID-CAP ETF ETF 464287499 1,003 5,358 SH   DFND   0 5,358 0
ISHARES S&P 500 GROWTH ETF ETF 464287309 4,107 31,227 SH   DFND   0 31,227 0
iShares S&P Emerging Mkts ETF 464288216 797 25,113 SH   DFND   0 25,113 0
ISHARES S&P MID-CAP 400 VALUE ETF ETF 464287705 2,741 18,464 SH   DFND   0 18,464 0
ISHARES S&P SMALL-CAP 600 GROWTH ETF ETF 464287887 2,655 17,345 SH   DFND   0 17,345 0
ISHARES S&P SMALL-CAP 600 VALUE ETF ETF 464287879 2,605 18,788 SH   DFND   0 18,788 0
ISHARES SELECT DIVIDEND ETF ETF 464287168 1,583 17,372 SH   DFND   0 17,372 0
Ishares Tr Cre U S Reit Etf ETF 464288521 1,440 29,429 SH   DFND   0 29,429 0
iShares Tr Iboxx High Yield Corp ETF 464288513 301 3,434 SH   DFND   0 3,434 0
iShares Tr Msci All Peru Capped Index Fd ETF 464289842 472 13,836 SH   DFND   0 13,836 0
iShares Tr Msci Poland Investable ETF 46429B606 578 26,796 SH   DFND   0 26,796 0
iShares Tr S&P Global Info ETF 464287291 1,230 9,898 SH   DFND   0 9,898 0
ISHARES U.S. HEALTHCARE ETF ETF 464287762 1,484 9,533 SH   DFND   0 9,533 0
ISHARES U.S. TECHNOLOGY ETF ETF 464287721 578 4,274 SH   DFND   0 4,274 0
Market Vectors Russia ETF ETF 92189F403 483 23,389 SH   DFND   0 23,389 0
Pimco High Income Fund ETF 722014107 155 17,826 SH   DFND   0 17,826 0
Powershares ETF Trust II Intl ETF 73936Q835 1,016 40,664 SH   DFND   0 40,664 0
POWERSHARES QQQ TRUST, SERIES 1 ETF 73935A104 2,357 17,805 SH   DFND   0 17,805 0
SPDR Barclays Conv Secs ETF ETF 78464A359 1,695 35,236 SH   DFND   0 35,236 0
SPDR DOW JONES INDUSTRIAL AVERAGE ETF ETF 78467X109 2,394 11,604 SH   DFND   0 11,604 0
SPDR S&P 600 SMALL CAP VALUE ETF ETF 78464A300 1,004 8,509 SH   DFND   0 8,509 0
SPDR S&P BIOTECH ETF ETF 78464A870 452 6,522 SH   DFND   0 6,522 0
SPDR S&P China ETF ETF 78463X400 556 6,772 SH   DFND   0 6,772 0
SPDR S&P Emerging Markets Small Cap ETF 78463X756 1,278 28,168 SH   DFND   0 28,168 0
SPDR S&P MIDCAP 400 ETF ETF 78467Y107 2,811 8,996 SH   DFND   0 8,996 0
Spdr Ser Tr Db Intl Govt Inflation ETF 78464A490 847 15,449 SH   DFND   0 15,449 0
Spdr Ser Tr Dj Wilshire Large Cap ETF 78464A508 350 3,108 SH   DFND   0 3,108 0
Ssga Active Etf Tr Blackstone / Gso SR L ETF 78467V608 297 6,249 SH   DFND   0 6,249 0
VANGUARD FINANCIALS INDEX FUND ETF 92204A405 285 4,705 SH   DFND   0 4,705 0
VANGUARD FTSE DEVELOPED MARKETS ETF ETF 921943858 1,402 35,685 SH   DFND   0 35,685 0
VANGUARD FTSE EMERGING MARKETS ETF ETF 922042858 1,550 39,023 SH   DFND   0 39,023 0
VANGUARD INDEX TR 500 ETF 922908108 381 1,745 SH   DFND   0 1,745 0
Vanguard Inter-Term Corporate Bond ETF 92206C870 914 10,583 SH   DFND   0 10,583 0
VANGUARD S&P 500 ETF ETF 922908363 4,255 19,666 SH   DFND   0 19,666 0
ALLERGAN PLC SHS COM G0177J108 227 952 SH   DFND   0 952 0
ALPHABET INC CAP STK CL A COM 02079K305 340 401 SH   DFND   0 401 0
ALPHABET INC CAP STK CL C COM 02079K107 280 337 SH   DFND   0 337 0
ALTRIA GROUP INC COM COM 02209S103 361 5,050 SH   DFND   0 5,050 0
American Axle & Mfg Holdings COM 024061103 294 15,631 SH   DFND   0 15,631 0
APPLE INC COM COM 037833100 928 6,457 SH   DFND   0 6,457 0
Argan Inc Com COM 04010E109 521 7,878 SH   DFND   0 7,878 0
AT&T INC COM COM 00206R102 490 11,795 SH   DFND   0 11,795 0
Banc of California, Inc. COM 05990K106 3,090 149,298 SH   DFND   0 149,298 0
Bank Of The Ozarks Inc Com COM 063904106 537 10,333 SH   DFND   0 10,333 0
BGC PARTNERS INC CL A COM 05541T101 165 14,497 SH   DFND   0 14,497 0
Broadcom Limited Shs COM Y09827109 4,320 19,728 SH   DFND   0 19,728 0
Bunge Ltd. COM G16962105 423 5,341 SH   DFND   0 5,341 0
Capital One Financial Corporation COM 14040H105 456 5,257 SH   DFND   0 5,257 0
CDW CORP COM COM 12514G108 280 4,847 SH   DFND   0 4,847 0
CENTURYLINK INC COM COM 156700106 2,659 112,816 SH   DFND   0 112,816 0
CERNER CORP COM COM 156782104 614 10,425 SH   DFND   0 10,425 0
Chemed Corp New COM 16359R103 1,183 6,476 SH   DFND   0 6,476 0
Cinemark Hldgs Inc Com COM 17243V102 2,586 58,332 SH   DFND   0 58,332 0
COLONY NORTHSTAR INC CL A COM COM 19625W104 151 11,667 SH   DFND   0 11,667 0
Cummins Inc Formerlycummins Engine Inc COM 231021106 2,627 17,376 SH   DFND   0 17,376 0
CVS HEALTH CORP COM COM 126650100 1,487 18,947 SH   DFND   0 18,947 0
DISNEY WALT CO COM DISNEY COM 254687106 330 2,914 SH   DFND   0 2,914 0
EXXON MOBIL CORP COM COM 30231G102 390 4,754 SH   DFND   0 4,754 0
FACEBOOK INC CL A COM 30303M102 700 4,927 SH   DFND   0 4,927 0
FIDELITY ADVISOR HEALTH CARE CL I COM 315918821 478 11,453 SH   DFND   0 11,453 0
Fiserv Inc COM 337738108 678 5,883 SH   DFND   0 5,883 0
FS INVT CORP COM COM 302635107 222 22,699 SH   DFND   0 22,699 0
GENERAL ELECTRIC CO COM COM 369604103 252 8,450 SH   DFND   0 8,450 0
GILEAD SCIENCES INC COM COM 375558103 259 3,820 SH   DFND   0 3,820 0
GLOBAL NET LEASE INC COM NEW COM 379378201 226 9,387 SH   DFND   0 9,387 0
Greenbrier Companies Inc COM 393657101 2,027 47,028 SH   DFND   0 47,028 0
HAIN CELESTIAL GROUP INC COM COM 405217100 393 10,563 SH   DFND   0 10,563 0
Healthsouth Corp Com New COM 421924309 2,672 62,405 SH   DFND   0 62,405 0
Henry Jack & Associates Inc COM 426281101 571 6,133 SH   DFND   0 6,133 0
HOME DEPOT INC COM COM 437076102 436 2,967 SH   DFND   0 2,967 0
INTEL CORP COM COM 458140100 3,201 88,731 SH   DFND   0 88,731 0
INTERNATIONAL BUSINESS MACHS COM COM 459200101 2,555 14,669 SH   DFND   0 14,669 0
JOHNSON & JOHNSON COM COM 478160104 2,481 19,917 SH   DFND   0 19,917 0
JPMORGAN CHASE & CO COM COM 46625H100 2,133 24,283 SH   DFND   0 24,283 0
K12 INC COM COM 48273U102 218 11,394 SH   DFND   0 11,394 0
Kinder Morgan Inc COM 49456B101 1,655 76,140 SH   DFND   0 76,140 0
Lam Research Corp COM 512807108 798 6,220 SH   DFND   0 6,220 0
MARRIOTT INTL INC NEW CL A COM 571903202 632 6,711 SH   DFND   0 6,711 0
MONOGRAM RESIDENTIAL TR INC COM COM 60979P105 165 16,593 SH   DFND   0 16,593 0
Murphy Oil Corporation COM 626717102 2,181 76,276 SH   DFND   0 76,276 0
NETFLIX INC COM COM 64110L106 238 1,609 SH   DFND   0 1,609 0
NEW YORK REIT INC COM COM 64976L109 280 28,882 SH   DFND   0 28,882 0
Norwegian Cruise Line Hldgs Ltd Com Usd0 COM G66721104 518 10,212 SH   DFND   0 10,212 0
Novo-Nordisk As Adr-Each Cnv Into 1 COM 670100205 2,216 64,646 SH   DFND   0 64,646 0
PROCTER AND GAMBLE CO COM COM 742718109 254 2,826 SH   DFND   0 2,826 0
REALTY INCOME CORP COM COM 756109104 2,956 49,661 SH   DFND   0 49,661 0
ROWAN COMPANIES PLC SHS CL A COM G7665A101 371 23,836 SH   DFND   0 23,836 0
S&P Global Inc Com COM 78409V104 421 3,223 SH   DFND   0 3,223 0
SANCHEZ ENERGY CORP COM COM 79970Y105 290 30,449 SH   DFND   0 30,449 0
SOUTHERN CO COM COM 842587107 353 7,084 SH   DFND   0 7,084 0
Target Corp COM 87612E106 1,680 30,447 SH   DFND   0 30,447 0
Tesoro Corp Com Formerly Tesoro Pete COM 881609101 386 4,766 SH   DFND   0 4,766 0
Texas Instruments Incorporated COM 882508104 1,398 17,354 SH   DFND   0 17,354 0
United Rentals Inc COM 911363109 563 4,502 SH   DFND   0 4,502 0
UNUM GROUP COM COM 91529Y106 2,626 55,996 SH   DFND   0 55,996 0
VENTAS INC COM COM 92276F100 615 9,459 SH   DFND   0 9,459 0
VEREIT INC COM COM 92339V100 3,101 365,294 SH   DFND   0 365,294 0
VERIZON COMMUNICATIONS INC COM COM 92343V104 278 5,697 SH   DFND   0 5,697 0
VISA INC COM CL A COM 92826C839 280 3,146 SH   DFND   0 3,146 0
WAL-MART STORES INC COM COM 931142103 2,218 30,772 SH   DFND   0 30,772 0
WELLS FARGO CO NEW COM COM 949746101 3,143 56,469 SH   DFND   0 56,469 0
Wyndham Worldwide Corp COM 98310W108 2,444 28,995 SH   DFND   0 28,995 0
Zebra Technologies Corp Cl A COM 989207105 709 7,774 SH   DFND   0 7,774 0