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
ABBOTT LABORATORIES COM 002824100 3,840 86,460 SH   DFND   72,500 0 13,960
ABBVIE INC. COM 00287Y109 3,881 59,555 SH   DFND   50,000 0 9,555
AERCAP HOLDINGS N.V. COM N00985106 3,264 71,000 SH   SOLE   71,000 0 0
ALPHABET INC CAP STK CL A COM 02079K305 3 4 SH   DFND   0 0 4
ALPHABET INC. COM 02079K107 1,825 2,200 SH   SOLE   2,200 0 0
ALTRIA GROUP INC COM COM 02209S103 429 6,000 SH   DFND   0 0 6,000
AMAZON COM INC COM 023135106 457 515 SH   DFND   0 0 515
AMERICAN CAMPUS COMMUNITIES, INC. COM 024835100 2,071 43,525 SH   DFND   32,500 0 11,025
AMERICAN INTERNATIONAL GROUP, INC. COM 026874784 2,372 38,000 SH   SOLE   38,000 0 0
ANTHEM, INC. COM 036752103 2,811 17,000 SH   SOLE   17,000 0 0
APPLE INC. COM 037833100 4,483 31,205 SH   DFND   25,000 0 6,205
APPLIED MATERIALS, INC. COM 038222105 1,692 43,500 SH   SOLE   43,500 0 0
BANK OF AMERICA CORPORATION COM 060505104 5,009 212,350 SH   DFND   160,000 0 52,350
BLACKROCK, INC. COM 09247X101 2,259 5,890 SH   DFND   5,000 0 890
BP P.L.C. COM 055622104 1,651 47,830 SH   DFND   35,000 0 12,830
CARLYLE GROUP L P COM UNITS REPSTG LTD PARTNERSHIP INT COM 14309L102 467 29,275 SH   DFND   0 0 29,275
CELGENE CORPORATION COM 151020104 2,613 21,000 SH   SOLE   21,000 0 0
CHEVRON CORP NEW COM COM 166764100 27 250 SH   DFND   0 0 250
CISCO SYSTEMS, INC. COM 17275R102 3,999 118,300 SH   DFND   100,000 0 18,300
COCA COLA COMPANY COM 191216100 353 8,325 SH   DFND   0 0 8,325
COMCAST CORPORATION COM 20030N101 3,104 82,570 SH   DFND   65,000 0 17,570
COSTCO WHOLESALE CORPORATION COM 22160K105 2,643 15,760 SH   DFND   13,000 0 2,760
CVS HEALTH CORPORATION COM 126650100 4,282 54,545 SH   DFND   47,000 0 7,545
DELL TECHNOLOGIES INC CL V COM 24703L103 153 2,390 SH   DFND   0 0 2,390
DU PONT E I DE NEMOURS & CO COM COM 263534109 40 500 SH   DFND   0 0 500
EATON CORPORATION PUBLIC LIMITED COMPANY COM G29183103 3,222 43,450 SH   DFND   36,300 0 7,150
EXCO RES INC COM COM 269279402 0 550 SH   DFND   0 0 550
FACEBOOK, INC. COM 30303M102 1,175 8,270 SH   DFND   8,000 0 270
FOOT LOCKER, INC. COM 344849104 3,245 43,375 SH   DFND   36,000 0 7,375
FORD MOTOR COMPANY COM 345370860 3,256 279,750 SH   DFND   249,000 0 30,750
GENERAL ELECTRIC CO COM COM 369604103 521 17,475 SH   DFND   0 0 17,475
GENERAL MILLS INC COM COM 370334104 345 5,850 SH   DFND   0 0 5,850
GENERAL MOTORS COMPANY COM 37045V100 1,853 52,400 SH   DFND   52,000 0 400
GILEAD SCIENCES, INC. COM 375558103 3,286 48,378 SH   DFND   39,403 0 8,975
HALLIBURTON COMPANY COM 406216101 1,797 36,525 SH   DFND   25,000 0 11,525
HANESBRANDS INC. COM 410345102 2,034 98,000 SH   SOLE   98,000 0 0
HONEYWELL INTERNATIONAL INC. COM 438516106 2,266 18,150 SH   DFND   18,000 0 150
INTEL CORPORATION COM 458140100 2,639 73,150 SH   DFND   58,000 0 15,150
INTERCONTINENTAL EXCHANGE INC COM COM 45866F104 277 4,635 SH   DFND   0 0 4,635
ISHARES TR 1-3 YR CR BD ETF ETF 464288646 844 8,025 SH   DFND   0 0 8,025
ISHARES TR CMBS ETF ETF 46429B366 215 4,200 SH   DFND   0 0 4,200
ISHARES TR CORE U S AGGREGATE BD ETF ETF 464287226 233 2,145 SH   DFND   0 0 2,145
ISHARES TR FLTG RATE NT ETF ETF 46429B655 397 7,800 SH   DFND   0 0 7,800
ISHARES TR GLOBAL 100 ETF ETF 464287572 12 150 SH   DFND   0 0 150
ISHARES TR GLOBAL CONSUMER STAPLES ETF ETF 464288737 5 50 SH   DFND   0 0 50
ISHARES TR JPMORGAN USD EMERGING MKTS BD ETF ETF 464288281 975 8,575 SH   DFND   0 0 8,575
ISHARES TR MBS ETF ETF 464288588 603 5,655 SH   DFND   0 0 5,655
ISHARES TR NORTH AMERN TECH ETF ETF 464287549 21 150 SH   DFND   0 0 150
ISHARES TR RUSSELL 1000 VALUE ETF ETF 464287598 12 105 SH   DFND   0 0 105
ISHARES TR RUSSELL 2000 VALUE ETF ETF 464287630 10 88 SH   DFND   0 0 88
ISHARES TR TIPS BD ETF ETF 464287176 699 6,100 SH   DFND   0 0 6,100
ISHARES TR U S CONSUMER GOODS ETF ETF 464287812 18 150 SH   DFND   0 0 150
ISHARES TR U S CONSUMER SVCS ETF ETF 464287580 24 150 SH   DFND   0 0 150
ISHARES TR U S HEALTHCARE ETF ETF 464287762 19 125 SH   DFND   0 0 125
ISHARES TR US FINANCIALS ETF INDEX FD ETF 464287788 16 150 SH   DFND   0 0 150
ISHARES TR US INDUSTRIALS ETF ETF 464287754 16 125 SH   DFND   0 0 125
ISHARES U S ETF TR SHORT MTY BD ETF ETF 46431W507 211 4,200 SH   DFND   0 0 4,200
JOHNSON & JOHNSON COM 478160104 1,253 10,060 SH   DFND   6,500 0 3,560
JOHNSON CTLS INTL PLC SHS ISIN#IE00BY7QL619 COM G51502105 0 1 SH   DFND   0 0 1
JPMORGAN CHASE & CO. COM 46625H100 3,166 36,040 SH   DFND   29,500 0 6,540
KEYCORP COM 493267108 1,822 102,500 SH   DFND   100,000 0 2,500
KKR & CO. L.P. COM 48248M102 693 38,000 SH   SOLE   38,000 0 0
MASTERCARD INC CL A COM COM 57636Q104 567 5,045 SH   DFND   0 0 5,045
MERCK & CO., INC. COM 58933Y105 2,852 44,880 SH   DFND   35,500 0 9,380
METLIFE INC COM COM 59156R108 42 800 SH   DFND   0 0 800
MICROSOFT CORPORATION COM 594918104 2,949 44,775 SH   DFND   35,000 0 9,775
NABORS INDS LTD SHS ISIN#BMG6359F1032 COM G6359F103 269 20,575 SH   DFND   0 0 20,575
NASDAQ, INC. COM 631103108 1,468 21,135 SH   DFND   16,000 0 5,135
NAVIOS MARITIME HLDGS INC SPONSORED ADR REPSTG 1/100TH PERP PFD SER G DIV 8.75 FREQ QRTLY PERP MTY CALL@25 1/28/19 COM 63938Y100 158 10,000 SH   DFND   0 0 10,000
NAVIOS MARITIME HLDGS INC SPONSORED ADR REPSTG 1/100TH PERP PFD SER H DIV 8.625 FREQ QRTLY CALL@25 07/08/2019 COM 63938Y308 157 10,000 SH   DFND   0 0 10,000
NXP SEMICONDUCTORS N.V. COM N6596X109 1,035 10,000 SH   SOLE   10,000 0 0
OCH-ZIFF CAP MGMT GROUP CL A SHS COM 67551U105 1 500 SH   DFND   0 0 500
OFFICE DEPOT, INC. COM 676220106 583 125,000 SH   SOLE   125,000 0 0
ORACLE CORPORATION COM 68389X105 2,766 62,000 SH   SOLE   62,000 0 0
PEPSICO INC COM COM 713448108 157 1,400 SH   DFND   0 0 1,400
PFIZER INC. COM 717081103 4,056 118,550 SH   DFND   100,000 0 18,550
PHILIP MORRIS INTERNATIONAL INC. COM 718172109 1,166 10,325 SH   DFND   9,500 0 825
PIMCO ETF TR ENHANCED SHORT MAT ACTIVE ETF ETF 72201R833 333 3,275 SH   DFND   0 0 3,275
PIMCO ETF TR TOTAL RETURN ACTIVE ETF ETF 72201R775 84 800 SH   DFND   0 0 800
PROSHARES TR PROSHARES ULTRA NASDAQ BIOTECHNOLOGY ETF 74347R214 145 3,000 SH   DFND   0 0 3,000
PTC THERAPEUTICS, INC. COM 69366J200 571 58,000 SH   SOLE   58,000 0 0
QUALCOMM INC COM 747525103 485 8,460 SH   DFND   0 0 8,460
RANGE RESOURCES CORPORATION COM 75281A109 1,019 35,000 SH   SOLE   35,000 0 0
RAYTHEON COMPANY COM 755111507 1,119 7,335 SH   DFND   5,000 0 2,335
REYNOLDS AMERN INC COM COM 761713106 176 2,800 SH   DFND   0 0 2,800
SELECT SECTOR SPDR TR UTILS ETF 81369Y886 154 3,000 SH   DFND   0 0 3,000
SPDR INDEX SHS FDS S&P CHINA ETF ETF 78463X400 480 5,845 SH   DFND   0 0 5,845
SPDR S&P 500 ETF TR TR UNIT ETF 78462F103 47 200 SH   DFND   0 0 200
STANLEY BLACK & DECKER INC COM COM 854502101 27 200 SH   DFND   0 0 200
SUNOCO LOGISTICS PARTNERS L.P. COM 86764L108 1,441 59,000 SH   SOLE   59,000 0 0
TARGET CORPORATION COM 87612E106 1,214 22,000 SH   SOLE   22,000 0 0
TEVA PHARMACEUTICAL INDUSTRIES LTD COM 881624209 2,041 63,600 SH   SOLE   63,600 0 0
THE BANK OF NEW YORK MELLON CORPORATION COM 064058100 2,580 54,625 SH   DFND   44,000 0 10,625
THE BOEING COMPANY COM 097023105 4,154 23,485 SH   DFND   20,000 0 3,485
THE HOME DEPOT, INC. COM 437076102 3,501 23,845 SH   DFND   20,000 0 3,845
THE KROGER CO. COM 501044101 3,550 120,385 SH   DFND   104,000 0 16,385
THE PROCTER & GAMBLE COMPANY COM 742718109 1,334 14,845 SH   DFND   11,000 0 3,845
THE WALT DISNEY COMPANY COM 254687106 3,609 31,830 SH   DFND   26,000 0 5,830
TWENTY-FIRST CENTY FOX INC CL A COM 90130A101 420 12,975 SH   DFND   0 0 12,975
UNILEVER PLC COM 904767704 2,336 47,350 SH   DFND   36,000 0 11,350
VALERO ENERGY CORPORATION COM 91913Y100 1,127 17,000 SH   SOLE   17,000 0 0
VERIFONE SYSTEMS, INC. COM 92342Y109 3,004 160,400 SH   DFND   160,000 0 400
VERIZON COMMUNICATIONS INC COM COM 92343V104 290 5,946 SH   DFND   0 0 5,946
VISA INC. COM 92826C839 3,413 38,410 SH   DFND   36,000 0 2,410
VODAFONE GROUP PUBLIC LIMITED COMPANY COM 92857W308 2,821 106,731 SH   DFND   86,500 0 20,231
WAL-MART STORES, INC. COM 931142103 2,249 31,200 SH   DFND   25,000 0 6,200