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
BANCO SANTANDER SA ADR 05964H105 75 12,504 SH   DFND   12,504 0 0
GROUPON INC COM 399473107 200 51,080 SH   DFND   51,080 0 0
SPDR SERIES TRUST S&P RETAIL ETF 78464A714 1,409 33,362 SH   DFND   33,362 0 0
MANPOWERGROUP INC COM 56418H100 206 2,014 SH   DFND   2,014 0 0
VANECK VECTORS ETF TR SEMICONDUCTOR ET 92189F676 1,351 16,951 SH   DFND   16,951 0 0
TRANSCANADA CORP COM 89353D107 481 10,433 SH   DFND   10,433 0 0
PEPSICO INC COM 713448108 447 3,999 SH   DFND   3,999 0 0
DIREXION SHS ETF TR DLY EMKT 3X NEW 25459Y470 191 11,047 SH   DFND   11,047 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 912 89,151 SH   DFND   89,151 0 0
LOCKHEED MARTIN CORP COM 539830109 309 1,155 SH   DFND   1,155 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 200 4,758 SH   DFND   4,758 0 0
DIREXION SHS ETF TR DL RUSS BEAR 3X 25490K786 140 22,075 SH   DFND   22,075 0 0
SCHLUMBERGER LTD COM 806857108 814 10,427 SH   DFND   10,427 0 0
PROSHARES TR ULTSHT RUSS2000 74348A319 231 10,346 SH   DFND   10,346 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 37,926 160,882 SH   DFND   160,882 0 0
MICROSOFT CORP COM 594918104 271 4,128 SH   DFND   4,128 0 0
HARMONY GOLD MNG LTD SPONSORED ADR 413216300 27 11,325 SH   DFND   11,325 0 0
FIFTH THIRD BANCORP COM 316773100 261 10,287 SH   DFND   10,287 0 0
O REILLY AUTOMOTIVE INC NEW COM 67103H107 236 876 SH   DFND   876 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 118 12,263 SH   DFND   12,263 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 62 19,064 SH   DFND   19,064 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 201 2,153 SH   DFND   2,153 0 0
REGIONS FINL CORP NEW COM 7591EP100 260 17,941 SH   DFND   17,941 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 517 4,802 SH   DFND   4,802 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 488 3,553 SH   DFND   3,553 0 0
HALLIBURTON CO COM 406216101 600 12,204 SH   DFND   12,204 0 0
AES CORP COM 00130H105 132 11,811 SH   DFND   11,811 0 0
DU PONT E I DE NEMOURS & CO COM 263534109 499 6,213 SH   DFND   6,213 0 0
MANULIFE FINL CORP COM 56501R106 222 12,546 SH   DFND   12,546 0 0
TECHNIPFMC PLC COM G87110105 239 7,373 SH   DFND   7,373 0 0
VEREIT INC COM 92339V100 267 31,537 SH   DFND   31,537 0 0
ISHARES TR NASDQ BIOTEC ETF 464287556 3,328 11,350 SH   DFND   11,350 0 0
ANADARKO PETE CORP COM 032511107 543 8,774 SH   DFND   8,774 0 0
PENN WEST PETE LTD NEW COM 707887105 38 22,780 SH   DFND   22,780 0 0
BB&T CORP COM 054937107 410 9,179 SH   DFND   9,179 0 0
PROSHARES TR SHT MSCI NEW 74347X575 195 15,271 SH   DFND   15,271 0 0
INTL PAPER CO COM 460146103 396 7,814 SH   DFND   7,814 0 0
SPDR SERIES TRUST S&P BIOTECH 78464A870 6,281 90,585 SH   DFND   90,585 0 0
CREDIT SUISSE NASSAU BRH INVRS VIX STERM 22542D795 206 2,823 SH   DFND   2,823 0 0
UGI CORP NEW COM 902681105 486 9,850 SH   DFND   9,850 0 0
ISHARES TR IBOXX INV CP ETF 464287242 628 5,327 SH   DFND   5,327 0 0
POWERSHARES ETF TR II S&P500 LOW VOL 73937B779 322 7,410 SH   DFND   7,410 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 251 16,939 SH   DFND   16,939 0 0
BAKER HUGHES INC COM 057224107 263 4,399 SH   DFND   4,399 0 0
SERVICENOW INC COM 81762P102 222 2,543 SH   DFND   2,543 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 1,640 41,301 SH   DFND   41,301 0 0
TRANSOCEAN LTD REG SHS H8817H100 178 14,313 SH   DFND   14,313 0 0
PNC FINL SVCS GROUP INC COM 693475105 259 2,155 SH   DFND   2,155 0 0
MERCK & CO INC COM 58933Y105 280 4,422 SH   DFND   4,422 0 0
INTERNATIONAL FLAVORS&FRAGRA COM 459506101 493 3,722 SH   DFND   3,722 0 0
SEADRILL LIMITED SHS G7945E105 32 19,683 SH   DFND   19,683 0 0
BIODELIVERY SCIENCES INTL IN COM 09060J106 33 17,800 SH   DFND   17,800 0 0
MGM RESORTS INTERNATIONAL COM 552953101 339 12,408 SH   DFND   12,408 0 0
PROSHARES TR PSHS ULTSH 20YRS 74347B201 271 6,939 SH   DFND   6,939 0 0
PROSHARES TR ULTSHRT QQQ 74348A426 225 11,849 SH   DFND   11,849 0 0
DARDEN RESTAURANTS INC COM 237194105 326 3,902 SH   DFND   3,902 0 0
UNITED RENTALS INC COM 911363109 216 1,730 SH   DFND   1,730 0 0
PROSHARES TR PSHS ULT S&P 500 74347R107 204 2,405 SH   DFND   2,405 0 0
PROSHARES TR II VIX SHORT TERM F 74347W262 152 11,585 SH   DFND   11,585 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 297 7,742 SH   DFND   7,742 0 0
BLACKBERRY LTD COM 09228F103 86 11,098 SH   DFND   11,098 0 0
WEATHERFORD INTL PLC ORD SHS G48833100 67 10,115 SH   DFND   10,115 0 0
TCF FINL CORP COM 872275102 239 14,066 SH   DFND   14,066 0 0
ISHARES TR U.S. CNSM SV ETF 464287580 381 2,372 SH   DFND   2,372 0 0
M & T BK CORP COM 55261F104 328 2,123 SH   DFND   2,123 0 0
PFIZER INC COM 717081103 310 9,062 SH   DFND   9,062 0 0
XEROX CORP COM 984121103 237 32,388 SH   DFND   32,388 0 0
ISHARES INC MSCI TAIWAN ETF 46434G772 955 28,766 SH   DFND   28,766 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 213 17,686 SH   DFND   17,686 0 0
ISHARES TR CORE MSCI EAFE 46432F842 602 10,405 SH   DFND   10,405 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 569 6,241 SH   DFND   6,241 0 0
ISHARES MSCI AUST ETF 464286103 251 11,128 SH   DFND   11,128 0 0
NATIONAL OILWELL VARCO INC COM 637071101 212 5,309 SH   DFND   5,309 0 0
PEOPLES UNITED FINANCIAL INC COM 712704105 258 14,221 SH   DFND   14,221 0 0
BAZAARVOICE INC COM 073271108 45 10,668 SH   DFND   10,668 0 0
YAMANA GOLD INC COM 98462Y100 211 76,587 SH   DFND   76,587 0 0
BLACKROCK INC COM 09247X101 238 621 SH   DFND   621 0 0
SVB FINL GROUP COM 78486Q101 236 1,270 SH   DFND   1,270 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 506 7,781 SH   DFND   7,781 0 0
PROSHARES TR SHORT S&P 500 NE 74347B425 503 14,584 SH   DFND   14,584 0 0
PHILIP MORRIS INTL INC COM 718172109 201 1,788 SH   DFND   1,788 0 0
ROCKWELL COLLINS INC COM 774341101 301 3,100 SH   DFND   3,100 0 0
VANGUARD INDEX FDS REIT ETF 922908553 17,592 213,013 SH   DFND   213,013 0 0
ISHARES MSCI CDA ETF 464286509 212 7,904 SH   DFND   7,904 0 0
RITE AID CORP COM 767754104 212 50,050 SH   DFND   50,050 0 0
ALTRIA GROUP INC COM 02209S103 371 5,202 SH   DFND   5,202 0 0
MARATHON PETE CORP COM 56585A102 525 10,394 SH   DFND   10,394 0 0
SPDR DOW JONES INDL AVRG ETF UT SER 1 78467X109 366 1,775 SH   DFND   1,775 0 0
ZIONS BANCORPORATION COM 989701107 207 4,940 SH   DFND   4,940 0 0
GOLDCORP INC NEW COM 380956409 215 14,763 SH   DFND   14,763 0 0
ISHARES TR PHLX SEMICND ETF 464287523 300 2,192 SH   DFND   2,192 0 0
KONINKLIJKE PHILIPS N V NY REG SH NEW 500472303 224 7,000 SH   DFND   7,000 0 0
NEW YORK CMNTY BANCORP INC COM 649445103 172 12,317 SH   DFND   12,317 0 0
ISHARES TR 7-10YR TR BD ETF 464287440 799 7,568 SH   DFND   7,568 0 0
RICE ENERGY INC COM 762760106 256 10,842 SH   DFND   10,842 0 0
JPMORGAN CHASE & CO COM 46625H100 351 4,000 SH   DFND   4,000 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 444 8,151 SH   DFND   8,151 0 0
FITBIT INC CL A 33812L102 61 10,444 SH   DFND   10,444 0 0
NVR INC COM 62944T105 514 244 SH   DFND   244 0 0
GLOBAL EAGLE ENTMT INC COM 37951D102 51 16,252 SH   DFND   16,252 0 0
PENNEY J C INC COM 708160106 74 12,056 SH   DFND   12,056 0 0
MONSANTO CO NEW COM 61166W101 488 4,317 SH   DFND   4,317 0 0
DIREXION SHS ETF TR DAILY GOLD MINER 25490K570 496 55,178 SH   DFND   55,178 0 0
ENSCO PLC SHS CLASS A G3157S106 126 14,168 SH   DFND   14,168 0 0
DISCOVER FINL SVCS COM 254709108 430 6,297 SH   DFND   6,297 0 0
CITIZENS FINL GROUP INC COM 174610105 421 12,195 SH   DFND   12,195 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 1,327 40,790 SH   DFND   40,790 0 0
DIREXION SHS ETF TR DLY S&P 500 BEAR 25459Y371 163 18,002 SH   DFND   18,002 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 219 3,463 SH   DFND   3,463 0 0
ISHARES INC CORE MSCI EMKT 46434G103 2,347 49,112 SH   DFND   49,112 0 0
ISHARES TR U.S. REAL ES ETF 464287739 349 4,457 SH   DFND   4,457 0 0
JOHNSON & JOHNSON COM 478160104 339 2,724 SH   DFND   2,724 0 0
CISCO SYS INC COM 17275R102 260 7,711 SH   DFND   7,711 0 0
VALE S A ADR 91912E105 132 13,983 SH   DFND   13,983 0 0
VANECK VECTORS ETF TR RUSSIA ETF 92189F403 481 23,277 SH   DFND   23,277 0 0
ISHARES TR 20 YR TR BD ETF 464287432 545 4,520 SH   DFND   4,520 0 0
ALPHABET INC CAP STK CL A 02079K305 1,055 1,245 SH   DFND   1,245 0 0
FUELCELL ENERGY INC COM NEW 35952H502 23 16,894 SH   DFND   16,894 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 238 4,892 SH   DFND   4,892 0 0